August 31, 2009 G lobal Equit y

C anadian Equit y

Mackenzie Saxon World Fund Mackenzie Saxon Small Cap Fund

$327.5 million Fund numbers: Series A
total fund ASSETS: $268.5 million
total fund ASSETS: Fund numbers: Series A
2.76% FE 2952 BE 3672 LOW LOAD 4135
MER (as of March 2009): 2.66%
MER (as of March 2009): FE 2947 BE 3667 LOW LOAD 4130
Saxon Investor Series FE 4167 Saxon Investor Series FE 4155
Saxon Advisor Series FE 4168 Saxon Advisor Series FE 4156

The Portfolio Managers

Robert Tattersall, MBA, CFA Robert Tattersall, MBA, CFA
■ S enior Vice President responsible for Canadian small cap and international equities ■ S enior Vice President responsible for Canadian small cap and international equities
■ Recognized expert on small capitalization stocks in Canada ■ Recognized expert on small capitalization stocks in Canada
■ Over 36 years of investment management experience ■ Has over 36 years of investment management experience
Alan Pasnik, CA Scott Carscallen, BBA, CFA
■ Vice President and Portfolio Manager focused on US and global equity portfolios ■ Vice President responsible for Canadian small cap and micro cap investment mandates
John McKee, LL.B, M.D., CFA William Aldridge, MBA, CFA
■ A ssociate Portfolio Manager focused on global equity portfolios ■ Associate Portfolio Manager focused on Canadian small caps
■ Joined Howson Tattersall in 2004
How Your Money is Managed
How Your Money is Managed
■ T he Fund invests primarily in small capitalization Canadian stocks listed on the
■ T he Fund invests primarily in common shares of small, medium and large Toronto Stock Exchange using Saxon’s disciplined value investment style
capitalization companies throughout the world using Saxon’s disciplined value
investment style
■ Small cap stocks are defined as those with a market capitalization less than the upper
limit of the BMO Nesbitt Small Cap Index
■ An all-cap portfolio broadly diversified by security, sector and geography

Compound Annual Returns Investors Series Inception Date – December 1985 Compound Annual Returns Investors Series Inception Date – December 1985
1 3 Year 1 3 5 10 Since 1 3 Year 1 3 5 10 Since
Month Month to Date Year Year Year Year Inception Month Month to Date Year Year Year Year Inception

6.3% 13.0% 2.0% -18.8% -10.2% -3.9% 1.1% 7.5% 5.8% 13.5% 33.0% -21.2% -10.2% -0.3% 6.7% 8.2%
Performance data shown uses Saxon Investor Series, which has a management fee that is 0.25% lower than Mackenzie Series A. Performance data shown uses Saxon Investor Series, which has a management fee that is 0.40% lower than Mackenzie Series A.

Major Portfolio Allocations Major Portfolio Allocations

Consumer Discretionary.........................24.3% Energy..........................................................19.7%
Financials....................................................23.0% Materials......................................................19.6%
Industrials...................................................12.0% Consumer Discretionary.........................16.3%
Consumer Staples....................................11.1% Financials....................................................14.5%
Information Technology...........................9.2% Industrials...................................................10.6%

Major Holdings Major Holdings Represent 20.7%
Coca-Cola Femsa SAB de CV Mexico Soft Drinks 4.7%
Arkansas Best Corp. United States Trucking 4.7%
Wal-Mart Stores Inc. United States Hypermarkets & Super Centers 4.1%
Fuji Heavy Industries Ltd. Japan Automobile Manufacturers 3.6%
HCC Insurance Holdings Inc. United States Multi-Line Insurance 3.5%
Major Holdings Major Holdings Represent 16.0%
DundeeWealth Inc. Canada Investment Banking & Brokerage 3.4%
Forzani Group Ltd. Canada Specialty Stores 3.3%
Canadian Hydro Developers Inc. Canada Electrical Components/Equip. 3.3%
GMP Capital Inc. Canada Investment Banking & Brokerage 3.1%
Dorel Industries Inc. Canada Home Furnishings 2.9%

The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are selected for their overall significance in evaluating the investment portfolio. Allocation
and major holding weightings were calculated excluding currency derivatives. Please see www.mackenziefinancial.com/currency to view funds/products using currency derivatives to hedge exchange rate risk.

Key Reasons to Invest in this Fund Key Reasons to Invest in this Fund
■ Recognized for its strong long-term track record and sound investment strategy ■ A recognizing strong long-term track record, sound investment strategy with proven
■ A finalist at the Canadian Investment Awards in 2005 investment results
■ A consistent value investment style applied for over 23 years ■ A winner at the Canadian Investment Awards in 1998 and finalist in 2005
■ E xtensive valuation analysis and on-the-ground research ■ Positive annual returns in the 12 of the past 15 years
■ A dds diversification to Canadian-biased portfolios, with a greater number ■ One of the first original Saxon funds, launched in 1985, and is a hallmark of Saxon’s
of investment choices and markets available unwavering commitment to value investing, applied for over 23 years
■ Managed by recognized experts on small capitalization stocks in Canada
For detailed portfolio manager commentary, visit ■ Smaller company stocks have historically delivered above average rates of return
www.mackenziefinancial.com/saxon and offer diversification benefits within a portfolio

50
 a l so ava i l a b le : t - se r i e s f u n d August 31, 2009 C anadian Balanced
C anadian Equit y

Mackenzie Saxon Balanced Fund Mackenzie Saxon Stock Fund

total fund ASSETS: $527.1 million Fund numbers: Series A total fund ASSETS: $438.5 million Fund numbers: Series A
MER (as of March 2009): 2.26% FE 2014 BE 3023 LOW LOAD 4188 MER (as of March 2009): 2.47% FE 2946 BE 3666 LOW LOAD 4129
Saxon Investor Series FE 4143 T6 FE 2019 BE 3024 LOW LOAD 4189 Saxon Investor Series FE 4151
Saxon Advisor Series FE 4144 T8 FE 2020 BE 3025 LOW LOAD 4190 Saxon Advisor Series FE 4152

The Portfolio Managers

Richard Howson, MBA, CFA Richard Howson, MBA, CFA
■ CIO and Executive VP of Howson Tattersall ■ CIO and Executive VP of Howson Tattersall
■ Responsible for Canadian equities and balanced mandates ■ Responsible for Canadian equities and balanced mandates
Suzann Pennington, BMath, CFA Suzann Pennington, BMath, CFA
■ Senior Portfolio manager focused primarily on Canadian equity and balanced portfolios ■ Senior Portfolio manager focused primarily on Canadian equity and balanced portfolios
■ Over 22 years of experience ■ Over 22 years of experience
Steve Locke, MBA, CFA Gordon Winter, MBA, CFA
■ Senior Portfolio Manager, head of the fixed income group ■ Assistant Portfolio Manager focused on Canadian all-cap equities
■ Manages over $7 billion of institutional and high net worth portfolios Hovig Moushian, MBA, CFA
Gordon Winter, MBA, CFA ■ Assistant Portfolio Manager focused on Canadian all-cap and high income mandates
■ Assistant Portfolio Manager focused on Canadian all-cap equities
Hovig Moushian, MBA, CFA
■ Assistant Portfolio Manager focused on Canadian all-cap and high income mandates

How Your Money is Managed How Your Money is Managed

■ T he fixed income portion of the Fund invests in high quality Canadian government ■ T he equity portion of the fund invests in a broad universe of small, medium and large
and corporate bonds. The top-down approach includes interest rate anticipation, capitalization Canadian securities using Saxon’s disciplined value investment style
and bottom-up approach includes yield enhancement and relative value trades ■ A value fund that follows a strict bottom-up investment process, not seeking
■ The equity portion can fluctuate, but has been consistently between 65-70% to replicate index weights

Compound Annual Returns Investors Series Inception Date – December 1985 Compound Annual Returns Investors Series Inception Date – December 1985
1 3 Year 1 3 5 10 Since 1 3 Year 1 3 5 10 Since
Month Month to Date Year Year Year Year Inception Month Month to Date Year Year Year Year Inception

2.9% 9.2% 21.3% -5.4% 0.5% 4.8% 7.6% 7.3% 3.4% 10.9% 25.9% -11.4% -1.7% 5.0% 8.5% 8.1%
Performance data shown uses Saxon Investor Series, which has a management fee that is 0.25% lower than Mackenzie Series A. Performance data shown uses Saxon Investor Series, which has a management fee that is 0.25% lower than Mackenzie Series A.

Major Portfolio Allocations Major Portfolio Allocations

Fixed Income.............................................25.6% Materials......................................................11.9% Financials....................................................24.9% Industrials...................................................13.9%
Financials....................................................17.2% Industrials...................................................10.3% Energy..........................................................22.3% Consumer Discretionary...........................8.1%
Energy..........................................................15.0% Materials......................................................17.0%

Major Holdings Major Holdings Represent 10.4% Major Holdings Major Holdings Represent 15.3%
Suncor Energy Inc. Canada Integrated Oil & Gas 2.6% Suncor Energy Inc. Canada Integrated Oil & Gas 4.0%
Marsulex Inc. Canada Environmental/Facilities Serv 2.1% Talisman Energy Inc. Canada Oil & Gas Exploration & Prod. 2.8%
Royal Bank of Canada Canada Banks 2.0% Royal Bank of Canada Canada Banks 2.8%
Canadian Hydro Developers Inc. Canada Electrical Components/Equip. 1.9% ShawCor Ltd. Canada Oil & Gas Equipment/Services 2.8%
Toronto-Dominion Bank Canada Diversified Banks 1.8% Toronto-Dominion Bank Canada Diversified Banks 2.7%
The major holdings of the Fund may, but do not necessarily, represent the largest holdings of the Fund. Rather, the major holdings are selected for their overall significance in evaluating the investment portfolio. Allocation
and major holding weightings were calculated excluding currency derivatives. Please see www.mackenziefinancial.com/currency to view funds/products using currency derivatives to hedge exchange rate risk.

Key Reasons to Invest in this Fund Key Reasons to Invest in this Fund
■ Winner at the Canadian Investment Awards in 2005 ■ A core holding with a strong long-term track record and proven value-added
■ A history of strong performance, with an attractive risk-return profile returns over the long-term
■ Equities derived from Mackenzie Saxon Stock Fund which has a strong, long-term ■ Positive returns in 11 of the most recent 15 years
track record ■ One of the first original Saxon funds, launched in 1985, and is a hallmark of Saxon’s
■ One of the first original Saxon funds, launched in 1985, and is a hallmark of Saxon’s unwavering commitment to value investing
unwavering commitment to value investing ■ An all-cap, well-diversified portfolio of Canadian equity securities
■ A constant asset mix that only slightly deviates over time, emphasizing historically stronger ■ Saxon’s deep value investment style often results in sector weightings that do not
performing equities while limiting volatility with the conservative nature of stock selection mimic the index, giving the Fund a low correlation to the Canadian market

49
Mackenzie Saxon Balanced Fund

Fund Facts About the Fund

Inception date December 1985
• Mackenzie Saxon Balanced Fund invests in small, medium and large capitalization
Net assets $305.0m Canadian equities including stocks and income trusts using Saxon’s disciplined value
investment style
• The fixed income portion of the Fund invests in high-quality Canadian government
and corporate bonds. The top-down approach includes interest rate anticipation, and
bottom-up approach includes yield enhancement and relative value trades
• The equity portion can fluctuate, but has been consistently between 65-70%
– a constant asset mix that only slightly deviates over time, emphasizing historically
stronger performing equities while limiting volatility with the conservative nature of
stock selection
• One of the original Saxon funds, launched in 1985, and is a hallmark of Saxon’s
unwavering commitment to value investing

Proven performance
Calendar year returns for 15 years $10,000 invested for 15 years 15-year risk/return report at May 31, 2009

$55,000 20
25% Risk Low Risk High
Mackenzie Saxon Balanced Fund
20% $48,125 15 Return High Return High

15% Globe Canadian Equity Balanced Peer Index Mackenzie Saxon Balanced Investor Series
$41,250 10
10%

Return (%)
5% $34,375 5
0% $41,967
$27,500 0
$29,067
-5%
$20,625 -5
-10%
-15% $13,750 -10 Risk Low Risk High
-20% Return Low Return Low
$6,875 -15
0 10 20 30 40
-25% Risk (% Annualized Standard Deviation of Monthly Return)
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 $0
93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09
Source: Morningstar

• Positive returns in 12 of the past 15 years. With the • Outperformed its peers over the past 15 years, returning • An attractive risk-return profile
exception of 2008, the worst of those years returned -3.2% an average annual rate of return of 6.6% compared to
4.7% for the Globe Canadian Equity Balanced Peer Index
Data as of May 31, 2009
 Disciplined investment process Howson Tattersall Investment Counsel

Equity Fixed income Richard Howson, MBA, CFA

Focusing • Senior Portfolio Manager responsible for
Canadian equities and balanced mandates
Screen using classic financial ratios Top-down macroeconomic analysis determines term
• Over 34 years of experience
structure of portfolio
Selecting Suzann Pennington, BMath, CFA
In-depth financial statement analysis, Proprietary credit analysis in selecting investment- • Senior Portfolio Manager focused primarily
company visits grade corporate issues on Canadian equity and balanced mandates
• Over 22 years of experience
Monitoring
• Joined Howson Tattersall in 2005
Ensure portfolio continues to provide good value Actively manage portfolio with ‘Core-Plus’ strategy
Core holding of Canadian government & corporate
bonds supplemented by other instruments such as Steve Locke, MBA, CFA
maple bonds and real return bonds • Senior Portfolio Manager, Fixed Income
• Manages over $7B of institutional and high
net worth portfolios
Keys to Saxon’s investment success
Hovig Moushian, MBA, CFA
• Value investment style – applied consistently for over 23 years
• Assistant Portfolio Manager, focused on
• Canadian equity expertise – recognized in the industry for stock picking abilities Canadian all-cap and high income mandates
• Margin of safety – stocks purchased at a discount to their fair market value • Joined Howson Tattersall in 2001
• No single company weighting dominates the portfolio – conviction in every holding
• Lower correlation to market indices – Saxon’s bottom-up value investment process generally Gordon Winter, MBA, CFA
results in portfolios that differ from the index • Assistant Portfolio Manager focused on
Canadian all-cap equity mandates
• Risk controls – at the security level and at the portfolio level
• Joined Howson Tattersall in 2005

Sources: Globe HySales, PALTrak and Mackenzie. Blended Benchmark is 50% S&P/TSX TR Index, 45% DEX Universe Bond Index, 5% 91-Day T-Bill. Performance data shown uses Investor Series, which has a
management fee that is 0.25% lower than Mackenzie’s Series A. 1 yr. -17.9%, 3 yr. -2.0%, 5 yr. 3.0% 10 yr. 7.0% and 7.0% since inception (Dec. 1985). Commissions, trailing commissions, management fees and
expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns as of May 31, 2009
including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would
have reduced returns. The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset class, represent non-managed investment portfolios, and are
not necessarily indicative of future investment returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SAX7002 6/09
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Mackenzie Saxon Stock Fund

Fund Facts About the Fund

Inception date December 1985
• Mackenzie Saxon Stock Fund invests in a broad universe of small, medium and large
Net assets $408.0m capitalization Canadian equities including stocks and income trusts using Saxon’s
Series Front End, Back End, Low Load disciplined value investment style Company size
Fund codes Series A – SCS: 2946, RCS: 3666, Low Load: 4129 •S  axon’s value investment style often results in sector weightings that differ from the index,
Large Cap >$10b 65%
Website
resulting in a fund which bears a relatively low correlation to the Canadian stock market
www.mackenziefinancial.com/saxon
• One of the original Saxon funds, launched in 1985, and is a hallmark of Saxon’s Mid Cap $2-$10b 32%
unwavering commitment to value investing
Small Cap <$2b 3%

Proven performance
Calendar year returns for 15 years $10,000 invested for 15 years

40% $60,000
30% Mackenzie Saxon Stock Fund
$50,000
20% Globe Canadian Equity Peer Index
$40,000
10%
0% $30,000
$41,150
-10%
$20,000 $26,472
-20%
$10,000
-30%
-40% $0
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

• Positive returns in 12 of the past 15 years. With the • Outperformed its peers over the past 15 years, returning
exception of 2008, the worst of those years returned -5.1% an average annual rate of return of 9.9% compared to
6.7% for the Globe Canadian Equity Peer Index

Data as of June 30, 2009 40

 Disciplined investment process Howson Tattersall Investment Counsel

Focusing Richard Howson, MBA, CFA

• Senior Portfolio Manager responsible for
• Screen a broad universe of Canadian stocks using classic financial ratios
Canadian equities and balanced mandates
• Develop a list of statistically inexpensive securities • Over 34 years of experience
Selecting
Suzann Pennington, BMath, CFA
• In-depth proprietary financial statement analysis to find value-priced purchase candidates
• Portfolio Manager focused primarily on
• Key touchstones of value include company historical valuation range, relative and private market values Canadian equity and balanced mandates
• On-site company visits to establish management credentials • Over 22 years of experience
Monitoring • Joined Howson Tattersall in 2005

• Monitoring to ensure portfolio continues to provide value relative to the S&P/TSX Composite Index Hovig Moushian, MBA, CFA
• Assistant Portfolio Manager, focused on
Canadian all-cap and high income mandates
Keys to Saxon’s investment success
• Joined Howson Tattersall in 2001
• Value investment style – applied consistently for over 23 years
• Canadian equity expertise – recognized in the industry for stock-picking abilities Gordon Winter, MBA, CFA
• Assistant Portfolio Manager focused on
• Margin of safety – stocks purchased at a discount to their fair market value
Canadian all-cap equity mandates
• No single company weighting dominates the portfolio – conviction in every holding
• Joined Howson Tattersall in 2005
• Lower correlation to market indices – Saxon’s bottom-up value investment process generally results in
portfolios that differ from the index

Risk control measures

At the security level
• Cast a wide net – to construct broadly diversified portfolios
• Create a margin of safety – select stocks trading at a deep discount to assessed fair market value
At the portfolio level
• Broadly diversified – no large company specific risk
• Sell discipline – stocks are sold in their entirety when they exceed price targets or develop deteriorating fundamentals

Sources: Globe HySales, PALTrak and Mackenzie. Performance data shown uses Mackenzie Saxon Investor Series, which has a management fee that is 0.25% lower than Mackenzie’s Series A. 1 yr. -23.0%, 3 yr. -3.8%, 5 yr. 2.6%
10 yr. 7.9%. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the
historical annual compounded total returns as of June 30, 2009 including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or
income taxes payable by any securityholder that would have reduced returns. The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset class, represent
non-managed investment portfolios, and are not necessarily indicative of future investment returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

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Mackenzie Saxon Small Cap Fund

F u n d F ac t s About the Fund

Inception date December 1985
• Mackenzie Saxon Small Cap Fund invests primarily in small capitalization Canadian
Net assets $235.6m stocks using Saxon’s disciplined value investment style
Series Front End, Back End, Low Load • Small cap stocks are defined as those with a market capitalization of less than
Fund codes Series A – SCS: 2947, RCS: 3667, Low Load: 4130 the upper limit of the BMO Nesbitt Small Cap Index
Website www.mackenziefinancial.com/saxon •S  axon’s value investment style often results in sector weightings that differ from the index,
resulting in a fund which bears a relatively low correlation to the Canadian stock market
• One of the original Saxon funds, launched in 1985, and is a hallmark of Saxon’s
unwavering commitment to value investing

Proven performance
Calendar year returns for 15 years $10,000 invested for 15 years

50% $70,000
40% Mackenzie Saxon Small Cap Fund
$60,000
30% Globe Canadian Small or Mid Cap Equity Peer Index
20% $50,000
10%
$40,000
0%
-10% $30,000
$34,208
-20% $20,000 $26,822
-30%
-40% $10,000
-50% $0
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

• Positive returns in 12 of the past 15 years. With the • Outperformed its peers over the past 15 years, returning
exception of 2008, the worst of those years returned -8.7% an average annual rate of return of 8.5% compared to
6.8% for the Globe Canadian Small/Mid Cap Peer Index

70000
Data as of June 30, 2009
60000
 Disciplined investment process Howson Tattersall Investment Counsel

Focusing Robert Tattersall, MBA, CFA

• Senior Portfolio Manager responsible for
• Screen a broad universe of Canadian small cap stocks using classic financial ratios
Canadian small cap and international equities
• Develop a list of statistically inexpensive securities
• Recognized expert on small capitalization
Selecting stocks in Canada
• In-depth proprietary financial statement analysis to find value-priced purchase candidates • Has over 36 years of investment management
experience
• Key touchstones of value include company historical valuation range, relative and private market values

• On-site company visits to establish management credentials

Scott Carscallen, BBA, CFA
Monitoring • Portfolio Manager responsible for Canadian
small cap and micro cap investment mandates
• Monitoring to ensure portfolio continues to provide value relative to the BMO Small Cap Index (Blended)*
• Joined Howson Tattersall in 1999

Keys to Saxon’s investment success William Aldridge, MBA, CFA

• Value investment style – applied consistently for over 23 years • Assistant Portfolio Manager focused on
Canadian small caps
• Canadian equity expertise – recognized in the industry for stock-picking abilities
• Joined Howson Tattersall in 2006
• Margin of safety – stocks purchased at a discount to their fair market value
• Initially target equally weighted positions – no single company dominates the portfolio
• Lower correlation to market indices – Saxon’s bottom-up value investment process generally results in portfolios that
differ from the index

Risk control measures

At the security level
• Cast a wide net – to construct broadly diversified portfolios
• Create a margin of safety – select stocks trading at a deep discount to assessed fair market value
At the portfolio level
• Equal weight – initially target equally weighted positions for broad security diversification
• Sell discipline – stocks are sold in their entirety when they exceed price targets or develop deteriorating fundamentals

Sources: Globe HySales and Morningstar/ PALTrak and Mackenzie. Performance data shown uses Mackenzie Saxon Investor Series, which has a management fee that is 0.40% lower than Mackenzie’s Series A. 1 yr. -33.2%,
3 yr. -13.1%, 5 yr. -3.8% 10 yr. 5.5%. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates
of return are the historical annual compounded total returns as of June 30, 2009 including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional
charges or income taxes payable by any securityholder that would have reduced returns. The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset class,
represent non-managed investment portfolios, and are not necessarily indicative of future investment returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SAX7008 7/09
* Blended index includes income trusts
11360
Mackenzie Saxon World Fund

Fund Facts About the Fund

Inception date December 1985
• Mackenzie Saxon World Fund invests in a broad universe of small,
Net assets $314.6m medium and large capitalization companies from around the world
Series Front End, Back End, Low Load using Saxon’s disciplined value investment style
Fund codes Series A – SCS: 2952, RCS: 3672, Low Load: 4135 • Saxon’s value investment style often results in sector weightings that
Company size
Website
differ from the index, resulting in a fund which bears a relatively low
www.mackenziefinancial.com/saxon Large Cap >$10b 30%
correlation to the global stock market
• One of the original Saxon funds, launched in 1985, and is a hallmark of Mid Cap $2-$10b 37%
Saxon’s unwavering commitment to value investing
Small Cap <$2b 33%

Proven performance Diversified by country and company size

Calendar year returns for 15 years $10,000 invested for 15 years
Other
30% $45,000 13%
25% Mackenzie Saxon World Growth
$40,000 Belgium Portugal
20% Globe Global Equity Peer Index 3%
$35,000 3%
15%
10% $30,000 Mexico
5% $25,000 5% United States
50%
0% $20,000
United Kingdom
-5% $15,000 $20,768 6%
-10% $14,368
$10,000
-15% Japan
$5,000
-20% 12%
-25% $0
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09

• Positive returns in 10 of the past 15 years • Outperformed its peers over the past 15 years, returning
an average annual rate of return of 5.0% compared to
2.5% for the Globe Global Equity Peer Index

Data as of June 30, 2009

 Disciplined investment process Howson Tattersall Investment Counsel

Focusing Robert Tattersall, MBA, CFA

• Senior Vice President responsible for
• Screen a broad universe of global stocks using classic financial ratios
Canadian small cap and international
• Develop a list of statistically inexpensive securities equities
Selecting • Recognized expert on Small capitalization
stocks in Canada
• In-depth proprietary financial statement analysis to find value-priced purchase candidates
• Over 36 years of experience
• Key touchstones of value include company historical valuation range, relative and private market values
• On-site company visits to establish management credentials
Alan Pasnik, CA
Monitoring • Vice President focused on global equity
portfolios
• Monitoring to ensure portfolio continues to provide value relative to the MSCI World Index
• Over 14 years of investment experience

Keys to Saxon’s investment success John McKee, LL.B., M.D., CFA

• Associate Portfolio Manager focused on
• Value investment style – applied consistently for over 23 years global equity portfolios
• Manager expertise – recognized in the industry for stock-picking abilities • Joined Howson Tattersall in 2004
• Margin of safety – stocks purchased at a discount to their fair market value
• Initially target equally weighted positions – no single company dominates the portfolio
• Lower correlation to market indices – Saxon’s bottom-up value investment process generally results in portfolios
that differ from the index

Risk control measures

At the security level
• Cast a wide net – to construct broadly diversified portfolios
• Create a margin of safety – select stocks trading at a deep discount to assessed fair market value
At the portfolio level
• Equal weight – initially target equally weighted positions for broad security diversification
• Sell discipline – stocks are sold in their entirety when they exceed price targets or develop deteriorating fundamentals

Sources: Globe HySales, PALTrak and Mackenzie. Performance data shown uses Saxon Investor Series, which has a management fee that is 0.25% lower than Mackenzie’s Series A. 1 yr. -22.6%, 3 yr. -12.5%, 5 yr. -6.6%
10 yr. 0.5%. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the
historical annual compounded total returns as of June 30, 2009 including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or
income taxes payable by any securityholder that would have reduced returns. The indices cited are widely accepted benchmarks for investment performance within their relevant regions, sectors or asset class, represent
non-managed investment portfolios, and are not necessarily indicative of future investment returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SAX7007 7/09
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