Investment Objective

The objective of this fund is to maximize the total return from income and capital growth in the world bond markets through investment predominantly in government and other public securities.

Fund Details

• Term: 7.6
• Duration: 5.2
• Yield: 3.3
• Avg. Quality: AAA

Growth of $1,000†

Asset Mix

Annual Returns to September 30 (%)
1999	2000	2001	2002	2003	2004	2005	2006	2007	2008
—	—	—	—	—	—	—	3.4	1.6	2.3
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
0.5	-1.0	2.3	2.0	2.4	—	—	—	—	—

†Growth is calculated based on compounded monthly returns.
*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.

Newton Capital Management - Global Thematic Core
London, England, founded 1978, managing $75.3 billion.

Newton’s approach to global bond management is to identify the long-range driving forces or ‘themes’ acting upon bond and currency markets, select assets that will react to the themes and invest to make a difference.

The turmoil in global markets intensified in the third quarter, with volatility increasing and liquidity decreasing as investors grappled with the continuing credit crunch and deleveraging environment. The continued housing market weakness in the U.S. and Europe, and banks’ unwillingness to lend (as they collectively attempt to recapitalize) combined to push the global financial system to breaking point. The attempts of financial institutions to recapitalize were significantly, and in some cases, terminally thwarted, by the collapse in share prices, exacerbated by widespread short selling. Some of the world’s biggest financial institutions were among the casualties with bailouts and/or nationalizations witnessed in the U.S., UK and Europe.

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