Investment Objective

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

Fund Details

• Fund Inception: November 1, 2001
• Net Assets: $25.4 million
• Primary Investments: Mid to 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
—	—	—	-27.3	33.7	2.2	15.2	14.2	-19.8	-25.9
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
-9.5	-15.3	-25.9	-22.9	-12.1	-6.0	-4.4	1.1	-3.5	—

Top 10 Equity Holdings (%) (As a percentage of the total portfolio) CA Inc. AngloGold Ashanti Ltd. Noble Energy Inc. Newmont Mining Corp. Holding Co. Viacom Inc. Apache Corp. Microsoft Corp. Pitney Bowes Inc. Amgen Inc. J.P. Morgan Chase & Co. 5.5 5.1 4.8 4.7 4.3 4.0 3.8 3.8 3.5 3.4

Industry Group Mix (%) Sector Russell 1000 Index INTEGRA Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecommunication Services Utilities 12.5 3.7 9.9 9.4 12.1 14.7 11.3 18.2 3.8 4.4 15.6 12.2 12.9 6.4 9.0 9.5 14.6 15.0 3.4 1.4

†This fund is no longer offered by way of prospectus and is only available for accredited investors or members of an employer-sponsored pension plan, other than a Group RRSP or a DPSP.
*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.
**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.

NWQ Investment Management - Value Manager
Los Angeles, CA., founded 1982, managing $9.1 billion U.S.

NWQ invests in undervalued companies with perceived catalysts to improve profitability and unlock value.

The first quarter of 2009 remained a difficult period for the financial markets. Stocks posted losses from January through March 9th, almost rivaling those incurred during 2008, whereupon a rally began with the DOW, S&P 500 and Russell 1000 indices appreciating as much as 20%.

The impact of companies suggesting that “business hit a wall” became evident in fourth quarter earnings releases delivered in January and February. No doubt, first-quarter earnings releases will not be an enjoyable read either. Capacity utilization is dreadful, General Motors and Chrysler may be headed into bankruptcy soon, and commercial real estate will likely become the next significant problem for the financial sector. The U.S. government has assembled an alphabet soup of aid packages including PPIP, TARP, TALF, TLGF, and quantitative easing; all to either get credit flowing through the financial system, remove toxic assets from the banks’ balance sheets, or to improve capital positions in the sector.

During the first quarter of 2009, the relative performance was significantly ahead of the Russell 1000 Value Index, and equivalent to the S&P 500. However, the fund posted negative absolute returns. The biggest detractors to performance were the fund’s underweighting in the utilities and health care sectors, two sectors that did relatively better than the index overall. The fund benefited from its exposure to the energy, producer durables, and mining sectors.

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