ACUITY GLOBAL EQUITY FUND
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ACUITY GLOBAL EQUITY FUND ACUITY GLOBAL EQUITY FUND Document Transcript

  • ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE FOR THE PERIOD ENDED DECEMBER 31, 2008 (the “Period”) ACUITY GLOBAL EQUITY FUND (the “Fund”) This annual management report of fund performance contains financial highlights, but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1.800.461.4570, by writing to us at 40 King Street West, Scotia Plaza, 56th Floor, Toronto, Ontario, M5H 3Y2 or by visiting our website at www.acuityfunds.com or SEDAR at www.sedar.com. Unitholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, including its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates” or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future Fund action, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Fund and economic factors. Forward-looking statements are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made about the Fund. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above-mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decisions and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware that the Fund has no specific intention of updating any forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Report of Fund Performance.
  • GLOBAL EQUITY FUND Management Discussion Over the course of the year, the Fund’s sector allocation to health care and consumer staples increased from 8.4% to 15.7% of Fund Performance and 9.9% to 13.8%, respectively, while the financials sector (March 10, 2009) decreased from 16.3% to 12.1%. The Fund’s geographic allocation changed slightly with the United States and Canadian weighting decreasing from 41.8% to 39.9% and 8.2% to 6.7%, respectively. After an already weak start for the first half of the year, global equities collapsed in the fourth quarter in a reflection of INVESTMENT OBJECTIVE & STRATEGIES the global credit crisis and economic weakness, resulting in The Acuity Global Equity Fund (the “Fund”) aims to achieve double digit negative three-month returns for most sectors. long-term capital growth by investing primarily in a globally Uncertainty in the U.S. financial system and widespread diversified portfolio of large-sized companies in more developed investor fear ultimately shook market confidence worldwide. economies and markets. This Fund is designed for growth- On a sectoral basis, the consumer staples, utilities, and health oriented investors who have longer investment time horizons care sectors demonstrated relative strength as investors sought and moderate tolerance for risk. safe havens. Moreover, the Canadian dollar weakened notably in the second half of the year, particularly against the Japanese Acuity Investment Management Inc. (the “Portfolio Adviser”), yen and U.S. dollar, as carry-trades continued to be unwound seeks large capitalization companies with proven management, and the dollar symbolized security. The Fund’s performance was proprietary/strategic advantages, financial strength, above average adversely affected by its holdings in the energy and materials sales or earnings growth potential and favourable valuation levels. sectors, along with a relative overweight position in the industrials sector, which offset the beneficial impact of being The Fund’s objectives and strategies are further described in the underweight the financials sector. Fund’s simplified prospectus. OPERATIONS RISK Fees and Expenses There were no material changes to the Fund over the financial During the year, the Fund paid management fees and operating year that affected the overall level of risk associated with an expenses of $330 thousand. This amount is net of expenses investment in the Fund. The suitability and investor risk tolerance waived of $34 thousand. Acuity may stop waiving operating of the Fund remain as disclosed in the simplified prospectus. expenses at any time without notice. The management expense ratio (“MER”) for Class A unitholders was 2.94%, compared with 2.98% in 2007. The MER for Class F unitholders was 1.89%, RESULTS OF OPERATIONS compared with 1.93% in 2007. The MER for Class I unitholders The Fund’s net assets decreased by 38.0% from $19.6 million at was 0.02%, consistent with 0.02% in 2007. the end of the previous year to $12.1 million. The decrease in net assets was primarily attributable to a $6.2 million decline in the Unitholder Activity portfolio due to investment performance and net redemptions During the year, $1.2 million flowed out of the Fund as a result of $1.2 million. Cash distributions of $0.1 million also contributed of net redemptions. to the change in net assets. RECENT DEVELOPMENTS INVESTMENT PERFORMANCE We anticipate that the current state of the financial crisis Over the past year, the Fund’s Class A, Class F and Class I units and global economic downturn will likely continue to weigh declined 32.1%, 31.4% and 30.1% respectively, compared to a loss on market optimism for some time. Nevertheless, we remain of 26.5% for the benchmark MSCI World Index (net) CDN$. The sensitive to the prospects of recovery due to the unprecedented Fund’s return is after the deduction of fees and expenses paid by global government stimulus and supportive interest rate the fund. The difference in performance between the classes is environment. Consequently, our preference has been for higher primarily due to the varying levels of expenses charged to each cash balances, which will allow us to opportunistically add class. to positions in exceptional businesses at attractive valuation levels. As we look for signs of the market bottoming, we remain 1 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  • GLOBAL EQUITY FUND defensive in our positioning, favouring larger, more liquid PORTFOLIO ADVISER equities. We have positioned the Fund with stocks that possess The Portfolio Adviser, an affiliate of Acuity, provides investment defensive growth characteristics in our view, including health management services for the Fund. The Portfolio Adviser care and consumer stocks with both resilient and balanced receives a monthly investment management fee from Acuity for business models, coupled with a focus on sectors with superior managing the portfolio of assets for the Fund. longer term growth potential such as industrials. In contrast, we have maintained an underweight position in the financials and TRANSFER AGENT AND REGISTRAR technology sectors, areas which we believe are most affected by Acuity Investor Services Inc. (“Investor Services”), an affiliate of the global economic slowdown. Acuity, is the transfer agent and registrar for the units of the Fund. Investor Services provides certain administrative services On January 15, 2009 the Manager announced that it will seek as required by the Fund including bookkeeping, accounting, the approval of unitholders to merge the assets of Acuity Global valuations, registrar and transfer agency services, provision of Equity Fund into Acuity Global Dividend Fund. Unitholder office space and facilities and all services required in connection meetings will be held on or about March 12, 2009. If approved, with the provision of information to investors. Investor Services the merger is anticipated to become effective by the end of receives reimbursement of its costs in respect of all such March 2009. services plus a fee equal to 10% of such amount for providing such services to the Fund. FUTURE ACCOUNTING CHANGES On February 13, 2008 the Canadian Accounting Standards Board (AcSB) confirmed that the use of International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly accountable profit-oriented enterprises. The AcSB intends to replace Canada’s current generally accepted accounting principles with IFRS for those enterprises. As the Fund intends to dissolve prior to 2011, the Fund is not expected to adopt IFRS. ADOPTION OF NEW ACCOUNTING POLICIES On January 1, 2008, the Fund adopted CICA Handbook Section 3862, “Financial Instruments – Disclosures” and Section 3863, “Financial Instruments – Presentation”. These two new sections place increased emphasis on disclosures about the nature and extent of risks arising from financial instruments and how the entity manages those risks. The previous requirements related to presentation of financial instruments have been carried forward unchanged. The effects of the adoption of the new standards are limited to the Fund’s disclosures and do not impact the Fund’s results of operations or financial position. RELATED PARTY TRANSACTIONS MANAGER The Fund is managed by Acuity Funds Ltd. (“Acuity”). Acuity manages the overall business of the Fund, including providing fund accounting and administration services and promoting sales of the Fund’s units. For its services to the Fund, Acuity receives a monthly management fee, based on the average daily net assets of each class of the Fund. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 2
  • GLOBAL EQUITY FUND Financial Highlights Class I (Commencement of operations August 27, 2007) Dec. 31, Dec. 31, The following tables show selected key financial information For the period ended 2008 2007 about the Fund and are intended to help you understand the Net Assets, Fund’s financial performance for the fiscal periods indicated. beginning of period1 $8.88 $9.29 Increase (decrease) THE FUND’S NET ASSETS PER UNIT 1 from operations: Total revenue 0.13 0.05 Class A (Commencement of operations August 31, 1999) Total expenses (0.02) (0.01) Realized gains Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (losses) for the period (1.68) (0.13) For the period ended 2008 2007 2006 2005 2004 Unrealized gains Net Assets, (losses) for the period (1.25) (0.26) beginning of period1 $8.88 $9.55 $8.41 $8.20 $8.58 Total increase (decrease) Increase (decrease) from operations2 (2.82) (0.35) from operations: Distributions: Total revenue 0.13 0.14 0.14 0.09 0.07 From income Total expenses (0.25) (0.32) (0.26) (0.26) (0.28) (excluding dividends) - - Realized gains From dividends - - (losses) for the period (1.68) (0.38) 0.64 0.32 (0.09) From capital gains - - Unrealized gains Return of capital (0.22) (0.08) (losses) for the period (1.04) (0.27) 0.77 0.17 (0.23) Total Annual Distributions3 (0.22) (0.08) Total increase (decrease) from operations2 (2.84) (0.83) 1.29 0.32 (0.53) Net Assets, end of period $6.04 $8.88 Distributions: 1 This information is derived from the Fund’s audited annual financial statements. The From income net assets per unit presented in the financial statements may differ from the net (excluding dividends) - - - - - asset value per unit calculated for Fund pricing purposes. This difference is due to From dividends - - - - - the requirements of CICA Handbook Section 3855. A reconciliation between the net From capital gains - - - - - assets per unit in the financial statements and the net asset value per unit for Fund pricing purposes can be found in the notes to the financial statements. Section 3855 Return of capital - - - - - has been applied retroactively without restatement of prior periods. The opening net Total Annual Distributions3 - - - - - assets per unit for the period ended December 31, 2007 has been adjusted and may Net Assets, end of period $6.04 $8.88 $9.58 $8.41 $8.20 differ from the prior period closing net assets per unit. 2 Net assets and distributions are based on the actual number of units outstanding at the relevant time. The increase/decrease from operations is based on the weighted Class F (Commencement of operations March 9, 2001) average number of units outstanding over the financial period. Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, 3 Distributions were paid in cash/reinvested in additional units of the Fund or both. For the period ended 2008 2007 2006 2005 2004 Net Assets, beginning of period1 $8.88 $9.55 $8.41 $8.20 $8.83 RATIOS AND SUPPLEMENTAL DATA Increase (decrease) from operations: Class A (Commencement of operations August 31, 1999) Total revenue 0.13 0.14 0.14 0.09 0.07 For the Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Total expenses (0.17) (0.22) (0.17) (0.17) (0.19) period ended 2008 2007 2006 2005 2004 Realized gains Total net (losses) for the period (1.68) (0.38) 0.64 0.32 (0.09) asset value Unrealized gains (000’s) 1,5 $7,835 $14,867 $7,182 $4,726 $2,778 (losses) for the period (0.90) (0.28) 1.31 0.17 (0.23) Number Total increase (decrease) of units from operations2 (2.62) (0.74) 1.92 0.41 (0.44) outstanding1 1,297,075 1,670,100 750,085 562,318 338,538 Distributions: Management From income expense ratio2 2.94% 2.98% 2.99% 3.17% 3.34% (excluding dividends) - - - - - Management From dividends - - - - - expense ratio before waivers From capital gains - - - - - or absorptions 3.24% 3.25% 3.21% 3.17% 3.34% Return of capital (0.08) (0.10) (0.09) (0.09) (0.33) Trading Total Annual Distributions3 (0.08) (0.10) (0.09) (0.09) (0.33) expense ratio3 0.29% 0.41% 0.56% 0.52% n/a Net Assets, end of period $6.04 $8.88 $9.58 $8.41 $8.20 Portfolio turnover rate4 68% 77% 136% 133% 142% Net Asset Value Per Unit5 $6.04 $ 8.90 $ 9.58 $ 8.41 $ 8.20 3 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  • GLOBAL EQUITY FUND Class F (Commencement of operations March 9, 2001) Management Fees For the Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, period ended 2008 2007 2006 2005 2004 For the period ended December 31, 2008 the Fund paid Acuity Total net asset value management fees of $0.3 million. The management fee for each (000’s) 1,5 $6 $107 $32 $14 $47 class is calculated as a percentage of its net asset value, as of the Number close of each business day. The Fund’s management fees were of units outstanding1 996 12,054 3,323 1,646 5,676 used by Acuity to fund commission payments and other dealer Management compensation to registered dealers and brokers as well as pay expense ratio2 1.89% 1.93% 1.94% 2.11% 2.27% portfolio management and general administration costs. Management expense ratio before waivers Approximately 23% of total management fees were used to pay or absorptions 2.20% 2.20% 2.16% 2.11% 2.27% for dealer compensation costs (sales commissions, service fees Trading expense ratio3 0.29% 0.41% 0.56% 0.52% n/a and support of their promotional activities). The remaining 77% Portfolio of management fees were used for investment management and turnover rate4 68% 77% 136% 133% 142% other general administration. Net Asset Value Per Unit5 $6.04 $ 8.90 $ 9.58 $ 8.41 $ 8.20 The following table shows the Fund’s annual management fee rate and the maximum annual trailer fee rate for Class A and Class I (Commencement of operations August 27, 2007) Class F. Management fees in respect of Class I units, if applicable, For the Dec. 31, Dec. 31, are arranged directly between the Manager and investors and period ended 2008 2007 Total net are not expenses of the Fund. Acuity pays trailer fees to dealers asset value out of management fees. The trailer fees are a percentage of (000’s) 1,5 $4,283 $4,611 the average daily value of units of each Acuity Fund held by the Number of units dealer’s clients. The fees depend on the Fund and the sales charge outstanding1 708,997 518,273 option. It is expected that dealers will pay a portion of the trailer Management fees to their sales representatives. expense ratio2 0.02% 0.02%* Management expense ratio before waivers Class A Management Fees Trailer Fees or absorptions 0.02% 0.07%* Initial Sales Charge Option 2.60% 1.00% Trading expense ratio3 0.29% 0.41% Level Load Option 2.60% 1.00% Portfolio turnover rate4 68% 77% Deferred Sales Charge Option 2.60% 0.50% Net Asset Low Load Option 2.60% Year 1 0.25% Value Per Unit5 $6.04 $8.90 Year 2 0.50% *Annualized 1 This information is provided as at end of the period/year shown. Year 3 0.75% 2 Management expense ratio is based on total expenses (excluding commissions Thereafter 1.00% and other portfolio transaction costs) for the stated period and is expressed as an annualized percentage of daily average net asset value during the period. 3 The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net Class F Management Fees Trailer Fees asset value during that period. The trading expense ratio is a new requirement and is provided from 2005 onwards. 1.60% - 4 The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio adviser manages its portfolio investments. A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. The higher a fund’s portfolio turnover rate in a year, the greater the trading costs payable by the fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a high turnover rate and the performance of a fund. 5 Represents amount used for fund pricing purposes. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 4
  • GLOBAL EQUITY FUND Past Performance ANNUAL COMPOUND RETURNS The following table shows the Fund’s annual compound total returns for each class of units of the Fund for the periods shown The performance information shown assumes that all ended on December 31, 2008, compared to the returns of its distributions made by the investment fund in the periods shown benchmark, the MSCI World Index (net) CDN$. were reinvested in additional securities of the investment fund. The performance information does not take into account sales, A discussion of the performance of the Fund as compared to the redemption, distribution or other optional charges that would benchmark can be found in the Results of Operations section of have reduced returns or performance and past performance does this report. not necessarily indicate future performance. Since Past 5 Past 3 Past 1 YEAR-BY-YEAR RETURNS Inception Years Years Year These charts show the performance of each class of the Fund for Class A (4.9)% (6.8)% (10.4)% (32.1)% the period ended December 31, 2008 and for each of the previous MSCI World Index 12 month periods ended December 31, except where noted. The (net) CDN$ (3.6)% (1.6)% (6.6)% (26.5)% charts show in percentage terms how much an investment made on the first day of each financial year would have grown or decreased by the end of the period. Since Past 5 Past 3 Past 1 Inception Years Years Year Class F (4.8)% (5.8)% (9.5)% (31.4)% Class A MSCI World Index 40.0% 33.6 (net) CDN$ (3.8)% (1.6)% (6.6)% (26.5)% 16.3 20.0% 13.9 2.5 0.0% 18.6 Since Past 1 (3.4) (4.3) Inception Year (7.1) (20.0)% Class I (25.3)% (30.1)% (22.8) (23.7) (40.0)% (32.1) MSCI World Index 1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008 (net) CDN$ (22.3)% (26.5)% *return is for partial year from August 31, 1999. Class F Morgan Stanley Capital International (“MSCI”) World Index (net) is a market capitalization weighted index comprised of equity securities available in the 40.0% 33.7 developed global markets. The index is compromised of companies from 23 countries. 20.0% 15.0 3.5 0.0% (3.3) (9.4) (6.1) (20.0)% (22.6) (31.4) (40.0)% 2001* 2002 2003 2004 2005 2006 2007 2008 *return is for partial year from March 9, 2001. Class I 40.0% 20.0% 0.0% (3.3) (20.0)% (30.1) (40.0)% 2007* 2008 *return is for partial year from August 27, 2007. 5 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  • GLOBAL EQUITY FUND SUMMARY OF INVESTMENT PORTFOLIO AT DECEMBER 31, 2008 ASSET ALLOCATION1 TOP 25 HOLDINGS (excluding Cash & Equivalents) Equities 96.6% Security Name % of net asset value1 Cash & Cash Equivalents 3.2% CVS Caremark Corp. 3.9% Other 0.2% Nestle SA 3.3% Thermo Fisher Scientific, Inc. 3.1% SECTOR ALLOCATION1 Chattem Inc. 2.7% Cash & Cash Equivalents 3.2% AXA SA 2.6% Consumer Discretionary 8.3% Express Scripts Inc. 2.5% Consumer Staples 13.8% Synthes Inc. 2.5% Energy 10.8% Aeon Delight Co. Ltd. 2.3% Financials 12.1% Hewlett-Packard Co. 2.3% Health Care 15.7% Republic Services Inc. 2.3% Industrials 16.5% Kurita Water Industries Ltd. 2.2% Information Technology 8.1% Nitori Co. Ltd. 2.2% Materials 7.0% Yamana Gold Inc. 2.1% Telecommunication Services 1.9% Apache Corp. 2.1% Utilities 2.6% J.P. Morgan Chase & Co. 2.1% Harsco Corp. 2.0% 1 GEOGRAPHICAL ALLOCATION The Swatch Group AG 2.0% Canada 6.7% Telefonica S.A. 1.9% United States 39.9% ABB Ltd. 1.9% Europe 36.3% Diageo PLC 1.9% Asia Pacific 17.1% Nokia OYJ 1.8% Praxair Inc. 1.8% Wabtec Corp. 1.8% TOTAL NET ASSET VALUE1: Oridion Systems Ltd. 1.7% $12.1 million CSL Limited 1.7% The investment portfolio may change due to ongoing portfolio transactions of the investment fund. Quarterly updates of the Fund’s investment portfolio are available within 60 days (90 days in the case of the Fund’s subsequent annual management report of fund performance) of the end of each calendar quarter on the internet at www.acuityfunds.com. 1 Based on the net asset value used for fund pricing purposes ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 6
  • Investment solutions offered through Acuity Funds Ltd. Acuity Mutual Funds Acuity Pooled Funds A comprehensive selection of core investment options to satisfy a For private investors who seek professional investment management. broad spectrum of financial goals and risk tolerances. • Acuity Pooled Canadian Equity Fund • Acuity Canadian Equity Fund • Acuity Pooled Pure Canadian Equity Fund • Acuity All Cap 30 Canadian Equity Fund • Acuity Pooled Social Values Canadian Equity Fund • Acuity Canadian Small Cap Fund • Acuity Pooled Canadian Small Cap Fund • Acuity Natural Resource Fund • Acuity Pooled 130/30 Fund • Acuity Clean Environment Equity Fund • Acuity Pooled Global High Income Fund • Acuity Pure Canadian Equity Fund • Acuity Pooled Global Dividend Fund • Acuity Global Equity Fund • Acuity Pooled Global Balanced Fund • Acuity Global Equity (Currency Neutral) Fund • Acuity Pooled Global Equity Fund • Acuity EAFE Equity Fund • Acuity Pooled EAFE Equity Fund • Acuity Canadian Balanced Fund • Acuity Pooled U.S. Equity Fund (US$) • Acuity Conservative Asset Allocation Fund • Acuity Pooled Canadian Balanced Fund • Acuity Income Trust Fund • Acuity Pooled Conservative Asset Allocation Fund • Acuity Growth & Income Fund • Acuity Pooled Income Trust Fund • Acuity High Income Fund • Acuity Pooled Growth & Income Fund • Acuity Dividend Fund • Acuity Pooled High Income Fund • Acuity Fixed Income Fund • Acuity Pooled Dividend Fund • Acuity Global High Income Fund • Acuity Pooled Fixed Income Fund • Acuity Global High Income (Currency Neutral) Fund • Acuity Pooled Short Term Fund • Acuity Global Dividend Fund • Acuity Hedge Fund • Acuity Global Dividend (Currency Neutral) Fund • Acuity Money Market Fund Acuity Pooled Alpha Portfolios Core portfolio solutions offering individual accredited investors a Acuity SRI Funds level of diversification and investment acumen typically reserved for For individuals looking to invest in financially strong companies that institutional clients. reflect their values and concerns for the environment, society and the • Alpha Pooled Income Portfolio workplace. • Alpha Pooled Balanced Portfolio • Acuity Social Values Canadian Equity Fund • Alpha Pooled Social Values Portfolio • Acuity Social Values Global Equity Fund • Alpha Pooled Global Portfolio • Acuity Social Values Balanced Fund (formerly Acuity Clean • Alpha Pooled Growth Portfolio Environment Balanced Fund) Acuity Corporate Class Ltd. Acuity Alpha Portfolios Tax advantaged mutual fund structure that gives individuals the freedom Core portfolio solutions offering individual mutual fund investors a to switch between many of Acuity’s most popular mutual funds. level of diversification and investment acumen typically reserved for • Acuity Canadian Small Cap Class institutional clients. • Acuity All Cap 30 Canadian Equity Class • Alpha Income Portfolio • Acuity Natural Resource Class • Alpha Balanced Portfolio • Acuity High Income Class • Alpha Social Values Portfolio • Acuity Canadian Equity Class • Alpha Global Portfolio • Acuity Global Dividend Class • Alpha Growth Portfolio • Acuity Short Term Income Class Acuity Closed End Funds Acuity Registered Education Savings Plans (RESPs) • Acuity Growth & Income Trust (AIG.UN) Acuity Retirement Savings Plans (RSPs) • Acuity Focused Total Return Trust (AFU.UN) Acuity Retirement Income Funds (RIFs) • Acuity Small Cap Corporation (ASF) Acuity Group Retirement Savings Plans (GRSPs) 136 AGEQG -E 03/09 40 King St. West, 56th Floor, Scotia Plaza, Toronto, ON M5H 3Y2 Tel: 416.366.9933/800.461.4570 Fax: 416.366.2568/888.957.4125 www.acuityfunds.com