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  1. 1. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE FOR THE PERIOD ENDED DECEMBER 31, 2008 (the “Period”) ACUITY CANADIAN 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 or SEDAR at 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.
  2. 2. CANADIAN EQUITY FUND Management Discussion sector from 18.6% to 28.2%, a decrease in the financials sector from 19.4% to 13.7%, and a decrease in the industrials sector from of Fund Performance 7.4% to 3.6%. (March 10, 2009) Economic conditions deteriorated significantly in 2008 as the credit crisis intensified. Slowing consumption and business activity in the U.S. broadened to encompass Europe and Asia, INVESTMENT OBJECTIVE & STRATEGIES resulting in a global economic slowdown. After outperforming The Acuity Canadian Equity Fund (the “Fund”) aims to achieve most global stock markets during the first half of 2008, the long-term capital growth by investing in a diversified portfolio S&P/TSX Composite Index, consistent with global equity markets, of primarily large-sized Canadian companies and foreign equity declined significantly in the second half of the year. Initially, the securities, convertibles, warrants and income trusts. This Fund declines were centered on the resource sectors as commodity is designed for growth-oriented investors who have longer prices dropped. Toward the end of the year, the financial sector investment time horizons and moderate tolerance for risk. began to turn down, driven by the anticipation of substantial write downs. Despite a year-end rally, Canadian stocks finished Acuity Investment Management Inc. (the “Portfolio Adviser”), with their worst annual declines in decades. Small cap securities seeks large capitalization companies with proven management, were substantially harder hit than their more defensive large proprietary/strategic advantages, financial strength, above average cap counterparts. While the Fund benefited from elevated cash sales or earnings growth potential and favourable valuation levels. levels and superior security performance in the healthcare and The Fund’s objectives and strategies are further described in the industrial sectors, it was adversely affected by its exposure to Fund’s simplified prospectus. smaller cap materials and energy securities. As a result, the Fund underperformed its benchmark for the year. RISK OPERATIONS There were no material changes to the Fund over the financial Fees and Expenses year that affected the overall level of risk associated with an During the year, the Fund paid management fees and operating investment in the Fund. The suitability and investor risk tolerance expenses of $1.8 million. The management expense ratio (“MER”) of the Fund remain as disclosed in the simplified prospectus. for Class A unitholders was 2.95%, compared with the MER of 2.88% in 2007. The MER for Class F unitholders was 1.90%, RESULTS OF OPERATIONS compared with 1.83% in 2007. The increase in MER was mainly The Fund’s net assets decreased by 50.9% from $85.0 million due to a decrease in average assets for the year. The MER for at the end of the previous year to $41.7 million. The decrease in Class I unitholders was 0.02%, consistent with 0.02% in 2007. net assets was attributable to a decline in the portfolio due to Unitholder Activity investment performance of $33.1 million and net redemptions of During the year, $10.1 million flowed out of the Fund as a result $10.1 million. Cash distributions of $0.1 million also contributed of net redemptions. to the changes in net assets. INVESTMENT PERFORMANCE RECENT DEVELOPMENTS Over the past year, the Fund’s Class A, Class F and Class I units By late November global large cap stocks had retreated nearly declined 43.7%, 43.1% and 42.0% compared to a decline of 33.0% 50% from the peaks of a year earlier, while small and mid caps for the benchmark S&P/TSX Composite Index. The Fund’s return were even harder hit. Following declines of this magnitude, is after the deduction of fees and expenses paid by the Fund. it seemed reasonable to expect a meaningful stock market The difference in performance between the classes is primarily rebound off the lows. The beginnings of such a rally occurred in due to the varying levels of expenses charged to each class. December, reflecting in part the aggressiveness of the U.S. Federal Reserve, along with optimism regarding a potential Obama- Over the year, the Fund’s weighting in cash and cash equivalents led stimulus package in the new year. Nevertheless, economic increased from 3.5% to 7.2%. The most significant changes to equity data are likely to remain challenging for an extended period of allocations over this period were: an increase in the materials time, particularly in Canada, where the economic slowdown has 1 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  3. 3. CANADIAN EQUITY FUND lagged that of the U.S. As a result, ouroverall outlook remains ADOPTION OF NEW ACCOUNTING POLICIES cautious for the next several quarters. Bearing this view in On January 1, 2008, the Fund adopted CICA Handbook Section mind, our bias is towards a more defensive posture, with the 3862, “Financial Instruments – Disclosures” and Section 3863, largest underweight allocations in the financials and consumer “Financial Instruments – Presentation”. These two new sections discretionary sectors. However, we remain vigilant for signs of place increased emphasis on disclosures about the nature and improvement in the economy, perhaps triggered in part by the extent of risks arising from financial instruments and how the fiscal and monetary stimulus packages being introduced. In entity manages those risks. The previous requirements related to the U.S., the Obama administration’s first pass at an economic presentation of financial instruments have been carried forward stimulus bill does not appear to be sufficient to fully stem the unchanged. The effects of the adoption of the new standards are tide of declining GDP. However, we anticipate that this package limited to the Fund’s disclosures and do not impact the Fund’s is likely only one of several efforts in the coming quarters by the results of operations or financial position. U.S. and other governments to provide relief to the beleaguered global economy. While not at historical trough levels, equity RELATED PARTY TRANSACTIONS valuations have retreated significantly. Therefore, long term MANAGER return prospects for the markets, and by extension the Fund, are The Fund is managed by Acuity Funds Ltd. (“Acuity”). Acuity gradually improving in our view. manages the overall business of the Fund, including providing fund accounting and administration services and promoting On January 15, 2009 the Manager announced that it will seek sales of the Fund’s units. For its services to the Fund, Acuity the approval of unitholders to merge the assets of Acuity receives a monthly management fee, based on the average daily Pure Canadian Equity Fund into Acuity Canadian Equity Fund. net assets of each class of the Fund. Unitholder meetings will be held on or about March 12, 2009. If approved, the merger is anticipated to become effective by the PORTFOLIO ADVISER end of March 2009. The Portfolio Adviser, an affiliate of Acuity, provides investment management services for the Fund. The Portfolio Adviser receives FUTURE ACCOUNTING CHANGES a monthly investment management fee from Acuity for managing On February 13, 2008 the Canadian Accounting Standards the portfolio of assets for the Fund. Board (AcSB) confirmed that the use of International Financial Reporting Standards (“IFRS”) will be required in 2011 for all TRANSFER AGENT AND REGISTRAR publicly accountable profit-oriented enterprises. The AcSB intends Acuity Investor Services Inc. (“Investor Services”), an affiliate of to replace Canada’s current generally accepted accounting Acuity, is the transfer agent and registrar for the units of the principles with IFRS for those enterprises. As at December 31, Fund. Investor Services provides certain administrative services 2008 the Manager has developed a changeover plan to meet as required by the Fund including bookkeeping, accounting, the timetable published by the Canadian Institute of Chartered valuations, registrar and transfer agency services, provision of Accountants for changeover to IFRS. The key elements of the office space and facilities and all services required in connection plan include disclosures of the qualitative impact of adopting with the provision of information to investors. Investor Services IFRS and key activities required in the preparation of the 2011 receives reimbursement of its costs in respect of all such financial statements in accordance with IFRS. services plus a fee equal to 10% of such amount for providing Based on the Manager’s current evaluation of the differences such services to the Fund. between Canadian GAAP and IFRS, the Manager does not expect the net assets attributable to unitholders or net asset value per unit will be impacted by the changeover to IFRS. Currently, the Manager expects that the impact of IFRS on the Fund’s financial statements will result in additional disclosures and potentially different presentation of unitholder interests and certain other items. ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 2
  4. 4. CANADIAN 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 $24.78 $24.70 Increase (decrease) from operations: THE FUND’S NET ASSETS PER UNIT 1 Total revenue 0.46 0.08 Total expenses (0.13) (0.05) Class A (Commencement of operations November 30, 1998) Realized gains Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, (losses) for the period (3.17) 0.55 For the period ended 2008 2007 2006 2005 2004 Unrealized gains Net Assets, (losses) for the period (8.24) (1.17) beginning of period1 $24.78 $24.74 $22.40 $19.73 $17.96 Total increase (decrease) Increase (decrease) from operations2 (11.08) (0.59) from operations: Distributions: Total revenue 0.46 0.23 0.29 0.20 0.14 From income Total expenses (0.76) (0.88) (0.68) (0.62) (0.56) (excluding dividends) - - Realized gains From dividends - - (losses) for the period (3.17) 1.61 3.08 3.05 2.66 From capital gains - (0.24) Unrealized gains Return of capital (0.61) (0.24) (losses) for the period (6.90) (0.72) 1.06 1.01 (0.55) Total Annual Distributions3 (0.61) (0.48) Total increase (decrease) Net Assets, end of period $13.95 $24.78 from operations2 (10.37) 0.24 3.75 3.64 1.69 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 the requirements of CICA Handbook Section 3855. A reconciliation between the net From dividends - - - - - assets per unit in the financial statements and the net asset value per unit for Fund From capital gains - (0.21) (1.33) (0.99) (0.05) 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 - (0.21) (1.33) (0.99) (0.05) assets per unit for the period ended December 31, 2007 has been adjusted and may differ from the prior period closing net assets per unit. Net Assets, end of period $13.95 $24.78 $24.82 $22.40 $19.73 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 average number of units outstanding over the financial period. Class F (Commencement of operations March 2, 2001) 3 Distributions were paid in cash/reinvested in additional units of the Fund or both. Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, For the period ended 2008 2007 2006 2005 2004 Net Assets, beginning of period1 $24.78 $24.74 $22.40 $19.73 $18.37 RATIOS AND SUPPLEMENTAL DATA Increase (decrease) from operations: Class A (Commencement of operations November 30, 1998) Total revenue 0.46 0.23 0.29 0.20 0.14 For the Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Total expenses (0.53) (0.62) (0.44) (0.40) (0.38) period ended 2008 2007 2006 2005 2004 Realized gains Total net (losses) for the period (3.17) 1.61 3.08 3.05 2.66 asset value Unrealized gains (000’s) 1,5 $36,951 $80,112 $71,050 $58,879 $48,902 (losses) for the period (6.90) (0.82) 1.07 1.01 (0.55) Number Total increase (decrease) of units from operations2 (10.14) 0.40 4.00 3.86 1.87 outstanding1 2,640,542 3,223,910 2,862,500 2,628,199 2,478,208 Distributions: Management From income expense ratio2 2.95% 2.88% 2.87% 2.94% 3.07% (excluding dividends) - - - - - Management From dividends - - - - - expense ratio before waivers From capital gains - (0.48) (1.58) (1.21) (0.64) or absorptions 2.95% 2.88% 2.87% 2.94% 3.07% Return of capital (0.22) - - - - Trading Total Annual Distributions3 (0.22) (0.48) (1.58) (1.21) (0.64) expense ratio3 0.63% 0.58% 0.61% 0.70% n/a Net Assets, end of period $13.95 $24.78 $24.83 $22.40 $19.73 Portfolio turnover rate4 172% 151% 142% 192% 254% Net Asset Value Per Unit5 $13.99 $24.85 $24.83 $22.40 $19.73 3 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  5. 5. CANADIAN EQUITY FUND Class F (Commencement of operations March 2, 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 $1.6 million. The management fee for each (000’s) 1,5 $598 $1,174 $830 $221 $159 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 42,747 47,232 33,417 9,883 8,055 used by Acuity to fund commission payments and other dealer Management compensation to registered dealers and brokers as well as pay expense ratio2 1.90% 1.83% 1.81% 1.87% 2.00% portfolio management and general administration costs. Management expense ratio before waivers Approximately 25% of total management fees were used to pay or absorptions 1.90% 1.83% 1.81% 1.87% 2.00% for dealer compensation costs (sales commissions, service fees Trading expense ratio3 0.63% 0.58% 0.61% 0.70% n/a and support of their promotional activities). The remaining 75% Portfolio of management fees were used for investment management and turnover rate4 172% 151% 142% 192% 254% other general administration. Net Asset Value Per Unit5 $13.99 $24.85 $17.96 $22.40 $19.73 The following table shows the Fund’s annual management fee rate and the maximum annual trailer fee rate for Class A and Class F. Class I (Commencement of operations August 27, 2007) Management fees in respect of Class I units, if applicable, are arranged For the Dec. 31, Dec. 31, directly between the Manager and investors and are not expenses of period ended 2008 2007 Total net the Fund. Acuity pays trailer fees to dealers out of management fees. asset value The trailer fees are a percentage of the average daily value of units of (000’s) 1,5 $4,304 $3,915 each Acuity Fund held by the dealer’s clients. The fees depend on the Number of units Fund and the sales charge option. It is expected that dealers will pay outstanding1 307,540 157,542 a portion of the trailer fees to their sales representatives. Management expense ratio2 0.02% 0.02%* Management expense ratio Class A Management Fees Trailer Fees before waivers Initial Sales Charge Option 2.50% 1.00% or absorptions 0.02% 0.08%* Trading Level Load Option 2.50% 1.00% expense ratio3 0.63% 0.58% Deferred Sales Charge Option 2.50% 0.50% Portfolio turnover rate4 172% 151% Low Load Option 2.50% Year 1 0.25% Net Asset Value Per Unit5 $13.99 $24.85 Year 2 0.50% *Annualized Year 3 0.75% 1 This information is provided as at end of the period/year shown. Thereafter 1.00% 2 Management expense ratio is based on total expenses (excluding commissions 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 Class F Management Fees Trailer Fees transaction costs expressed as an annualized percentage of daily average net asset value during that period. The trading expense ratio is a new requirement and 1.50% - is provided from 2005 onwards. 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
  6. 6. CANADIAN 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. The annual compound total return distributions made by the investment fund in the periods shown is also compared to the returns of its benchmark, the S&P/TSX were reinvested in additional securities of the investment fund. Composite Index. The performance information does not take into account sales, redemption, distribution or other optional charges that would A discussion of the performance of the Fund as compared to the have reduced returns or performance and past performance does benchmark can be found in the Results of Operations section of not necessarily indicate future performance. this report. YEAR-BY-YEAR RETURNS Past 10 Past 5 Past 3 Past 1 These charts show the performance of each class of the Fund for Years Years Years Year the period ended December 31, 2008 and for each of the previous Class A 4.5% (2.8)% (12.8)% (43.7)% 12 month periods ended December 31, except where noted. The charts show in percentage terms how much an investment S&P/TSX Composite Index 5.3% 4.2% (4.8)% (33.0)% 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 3.1% (1.9)% (11.9)% (43.1)% Class A 80.0% S&P/TSX Composite Index 3.5% 4.2% (4.8)% (33.0)% 53.9 35.9 40.0% 18.6 16.7 5.6 10.2 1.0 Since Past 1 1.0 0.0% Inception Year (10.5) (9.5) Class I (32.2)% (42.0)% (40.0)% (43.7) S&P/TSX Composite Index (23.8)% (33.0)% (80.0)% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 S&P/TSX Composite Index is a broad-based market capitalization weighted index of the largest, most widely-held stocks and trusts listed on The Toronto Stock Exchange. Class F 80.0% 53.9 40.0% 19.7 17.9 10.9 2.0 0.0% (0.8) (8.5) (40.0)% (43.1) (80.0)% 2001* 2002 2003 2004 2005 2006 2007 2008 *return is for partial year from March 2, 2001. Class I 80.0% 40.0% 2.4 0.0% (40.0)% (42.0) (80.0)% 2007* 2008 *return is for partial year from August 27, 2007. 5 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008
  7. 7. CANADIAN EQUITY FUND SUMMARY OF INVESTMENT PORTFOLIO AT DECEMBER 31, 2008 ASSET ALLOCATION1 TOP 25 HOLDINGS (excluding Cash & Equivalents) Equities 92.8% Security Name % of net asset value1 Cash & Cash Equivalents 7.2% Barrick Gold Corp. 5.0% EnCana Corporation 5.0% SECTOR ALLOCATION1 Canadian Natural Resources Ltd. 4.6% Cash & Cash Equivalents 7.2% SXC Health Solutions Corp. 4.4% Consumer Discretionary 0.1% Centamin Egypt Limited 4.3% Energy 32.4% Suncor Energy Inc. 3.8% Financials 13.7% Agnico-Eagle Mines Ltd. 3.7% Health Care 4.3% Petrobank Energy and Resources Ltd. 3.3% Industrials 3.6% Research In Motion Ltd. 3.3% Information Technology 7.8% Imperial Oil Ltd. 3.1% Materials 28.2% Royal Bank of Canada 3.0% Telecommunication Services 1.7% Potash Corp. of Saskatchewan 2.9% Utilities 1.0% Yamana Gold Inc. 2.9% Manulife Financial Corp. 2.8% 1 GEOGRAPHICAL ALLOCATION Fairborne Energy Ltd. 2.5% Canada 86.8% Toronto-Dominion Bank 2.5% United States 5.8% Bank of Nova Scotia 2.5% Europe 1.7% Enbridge Inc. 2.4% Asia Pacific 5.7% Transocean Inc. 2.2% TransCanada Corp. 2.2% Hewlett-Packard Co. 1.9% GoldCorp Inc. 1.9% BCE Inc. 1.8% 1 TOTAL NET ASSET VALUE : Canadian National Railway Company 1.7% $41.9 million Nokia OYJ 1.7% The investment portfolio may change due to ongoing portfolio transactions of the investment fund. Quarterly updates of the Fund’s investment portfolio are available within 60 days (90 days in the case of the Fund’s subsequent annual management report of fund performance) of the end of each calendar quarter on the internet at 1 Based on the net asset value used for fund pricing purposes ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 6
  8. 8. Investment solutions offered through Acuity Funds Ltd. Acuity Mutual Funds Acuity Pooled Funds A comprehensive selection of core investment options to satisfy a For private investors who seek professional investment management. broad spectrum of financial goals and risk tolerances. • Acuity Pooled Canadian Equity Fund • Acuity Canadian Equity Fund • Acuity Pooled Pure Canadian Equity Fund • Acuity All Cap 30 Canadian Equity Fund • Acuity Pooled Social Values Canadian Equity Fund • Acuity Canadian Small Cap Fund • Acuity Pooled Canadian Small Cap Fund • Acuity Natural Resource Fund • Acuity Pooled 130/30 Fund • Acuity Clean Environment Equity Fund • Acuity Pooled Global High Income Fund • Acuity Pure Canadian Equity Fund • Acuity Pooled Global Dividend Fund • Acuity Global Equity Fund • Acuity Pooled Global Balanced Fund • Acuity Global Equity (Currency Neutral) Fund • Acuity Pooled Global Equity Fund • Acuity EAFE Equity Fund • Acuity Pooled EAFE Equity Fund • Acuity Canadian Balanced Fund • Acuity Pooled U.S. Equity Fund (US$) • 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) 131 AEQTG -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