Investment Objective

The objective of this fund is to achieve long-term investment returns through a portfolio of global equities that are sufficiently diversified to minimize investment risk. The fund may hold an aggregate of up to 5% in cash or cash equivalents.

Growth of $1,000†

Regional Mix

Annual Returns to March 31 (%)
2000	2001	2002	2003	2004	2005	2006	2007	2008	2009
—	—	—	—	—	—	—	16.6	-15.5	-35.1
Annualized Returns to March 31, 2009 (%)
Qtr*	6 mo*	1 yr	2 yr	3 yr	4 yr	5 yr	6 yr	7 yr	10 yr
-12.5	-20.7	-35.1	-25.9	-13.8	—	—	—	—	—

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) Altria Group Inc. Royal Dutch Shell PLC France Telecom S.A. Johnson & Johnson Sanofi-Aventis LG Display Co. Ltd. Automatic Data Processing Inc. Wal-Mart Stores Inc. Pfizer Inc. Kroger Co. 3.8 3.8 3.8 3.6 3.2 3.0 3.0 2.9 2.8 2.8

Regional Mix (%) Region MSCI-World Index INTEGRA Canada United States United Kingdom Europe Japan Pacific Basin Emerging Markets 4.3 50.1 9.4 20.3 11.1 4.8 — 1.1 53.5 5.8 15.7 13.9 1.0 9.0

†Growth is calculated based on compounded monthly returns.
*Performance for the quarter and 6 months to March 31 represent the actual total return of the funds for the period, and are not annualized.

Acadian Asset Management - Value Manager
Boston, MA., founded 1978, managing $37.5 billion U.S.

Acadian identifies market inefficiencies and exploits them using a structured, multi-factor process and sophisticated portfolio optimization techniques.

Global equity markets saw negative results in what was another highly volatile quarter. Dismal returns in January and February were mitigated by more favourable results in March after the U.S. initiated some well-received moves in economic policy – helping to restore investor confidence in the equity asset class.

Despite the March rally, Europe’s collective performance for the full quarter was markedly negative. Germany’s manufacturing sector continued to contract amid a sharp downturn in orders. France saw business confidence slump to its lowest level on record, while retail sales in Italy continued to languish. The U.K. saw further deterioration in consumer spending and investment as credit conditions remained tight.

Asia performed modestly better than Europe for the quarter, but was still negative. Japan’s equity market was hurt by waning factory output and a sizeable drop in exports. Australia saw favourable data on the housing front assuage the effects of near-record low business sentiment, while reports of rising unemployment in Hong Kong was tempered by news that home values saw a moderate recovery year-to-date.

The U.S. realized negative returns for the quarter, as equities were battered by the announcement of dismal fourth-quarter earnings and massive layoffs at a number of large companies. Investors reacted favourably, however, after President Obama signed a $787 billion economic stimulus plan into law and proposed a public-private partnership to absorb banks’ toxic assets.

All performance is presented in Canadian dollar terms, gross of investment management fees. Past performance is not indicative of future results.