Investment Objective

The objective of this fund is to achieve long-term investment returns through a portfolio of U.S. equities traded on the Standard & Poor 500 Index. The Fund may hold an aggregate of up to 5% in cash or cash equivalents.

Fund Details

• Fund Inception: October 1, 2000
• Net Assets: $68.4 million
• Primary Investments: Large cap U.S. stocks
• Distributions: Monthly as required
• Not RRSP eligible

Growth of $1,000*†

Industry Group Mix‡

Annual Returns to September 30 (%)*
1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
—	—	-15.3	-22.8	4.9	4.0	7.0	4.6	4.7	-16.7
Annualized Returns to September 30, 2008 (%)*
Qtr**	6 mo**	1 yr	2 yr	3 yr	4 yr	5 yr	6 yr	7 yr	10 yr
-7.0	-9.7	-16.7	-6.6	-3.0	-0.6	0.3	1.1	-2.8	—

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) Exxon Mobil Corp. Microsoft Corp. Chevron Corp. Hewlett-Packard Co. General Electric Co. Lockheed Martin Corp. McKesson Corp. Johnson & Johnson Google Inc. FedEx Corp. 5.7 4.2 3.3 3.2 2.7 2.3 2.2 2.2 2.1 2.1

Industry Group Mix (%) Sector S&P 500 Index INTEGRA‡ Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities 13.4 3.4 11.1 8.5 12.2 13.1 15.8 15.9 3.0 3.6 14.7 3.0 16.4 7.0 10.4 13.8 13.6 16.9 2.2 2.0

*Pursuant to securities legislation the fund cannot disclose performance returns prior to the date it commenced offering its units to the public by way of a prospectus.
†Growth is calculated based on compounded monthly returns.
‡Industry Group Mix excludes S&P 500 Depository Receipts.
**Performance for the quarter and 6 months to September 30 represent the actual total return of the funds for the period, and are not annualized.

Analytic Investors - Core Manager
Los Angeles, CA., founded 1970, managing $11.5 billion U.S.

Analytic Investors uses a 70-factor quantitative approach to select stocks currently ‘in favour’ and maintain risk consistent with the S&P 500 Index.

Thematically, economic uncertainty ruled the quarter, while investor sentiment swung between optimism and pessimism. In this crisis-like atmosphere, dispersion rallied and persistence waned. Value factors such as cash flow to price and dividend yield were handsomely rewarded during the month, while growth factors such as recent earnings per share growth and growth in profitability were penalized. In addition, stocks with above average price momentum and highly leveraged stocks largely underperformed their peers.

Our process is based on the premise that investor behaviour changes, but changes slowly, and is fairly persistent from month to month. Thus, market inconsistency presented a challenging environment to add value and the strategy underperformed the benchmark. Active tilts towards several growth factors such as recent earnings per share growth, growth in equity, and growth in profitability hurt performance, as did a sizeable underweight exposure to dividend yield. Our underweight position in highly leveraged stocks helped performance, but not enough to make up for other unprofitable tilts.

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