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: $60.4 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 March 31 (%)*
2000	2001	2002	2003	2004	2005	2006	2007	2008	2009
—	—	4.6	-33.1	19.8	0.2	8.0	12.4	-15.5	-22.9
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
-8.3	-14.7	-22.9	-19.3	-9.9	-5.7	-4.5	-0.8	-6.3	—

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) Exxon Mobil Corp. Microsoft Corp. Chevron Corp. Hewlett-Packard Co. Wal-Mart Stores Inc. Verizon Communications Inc. Intel Corp. Lockheed Martin Corp. Costco Wholesale Corp. Comcast Corp. 7.3 3.9 3.7 2.9 2.9 2.7 2.6 2.2 2.2 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 13.0 3.3 9.7 8.8 12.8 15.3 10.8 18.0 4.0 4.3 15.1 2.3 10.8 4.9 15.0 14.1 8.8 22.0 3.8 3.2

*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 March 31 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 $8.7 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.

The U.S. Equity strategies posted strong relative results during the quarter, benefiting primarily in January and February. Trends that began during the fourth quarter of 2008 persisted through January, February and the first nine days of March. In particular, higher-quality factors such as Interest Coverage Ratio and Asset Utilization added value during the period. As well, Leverage, the leading negative exposure in the model, added value, as investors continued to shy away from companies with this characteristic. Valuation factors, however, remained somewhat neutral to negative during the quarter. However, growth factors such as Return on Equity, Return on Assets, and Recent Earnings Growth, all with positive exposures in the model, performed well during January and February and contributed accordingly.

March painted a slightly different picture. Although many of the stock selection factors that added value during January and February continued to do so, reversals were also evident. The latter half of the month exhibited a flight to risk, as beaten-down companies, particularly in the financial sector, drove market returns. This junk rally helped factors such as Leverage rebound after the Fed announced intentions to bring liquidity back into the market.

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