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 fi nancial highlights, but does not contain the complete annual fi nancial statements of the investment fund. You can get a copy of the annual fi nancial 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 STATEMENTSThis 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

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 20081

Management Discussion of Fund Performance(March 10, 2009)

INVESTMENT OBJECTIVE & STRATEGIES The Acuity Global Equity Fund (the “Fund”) aims to achieve long-term capital growth by investing primarily in a globally diversified portfolio of large-sized companies in more developed economies and markets. This Fund is designed for growth-oriented investors who have longer investment time horizons and moderate tolerance for risk.

Acuity Investment Management Inc. (the “Portfolio Adviser”), seeks large capitalization companies with proven management, proprietary/strategic advantages, fi nancial strength, above average sales or earnings growth potential and favourable valuation levels.

The Fund’s objectives and strategies are further described in the Fund’s simplifi ed prospectus.

RISK There were no material changes to the Fund over the financial year that affected the overall level of risk associated with an investment in the Fund. The suitability and investor risk tolerance of the Fund remain as disclosed in the simplified prospectus.

RESULTS OF OPERATIONSThe Fund’s net assets decreased by 38.0% from $19.6 million at 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 portfolio due to investment performance and net redemptions of $1.2 million. Cash distributions of $0.1 million also contributed to the change in net assets.

INVESTMENT PERFORMANCEOver the past year, the Fund’s Class A, Class F and Class I units declined 32.1%, 31.4% and 30.1% respectively, compared to a loss of 26.5% for the benchmark MSCI World Index (net) CDN$. The Fund’s return is after the deduction of fees and expenses paid by the fund. The difference in performance between the classes is primarily due to the varying levels of expenses charged to each class.

Over the course of the year, the Fund’s sector allocation to health care and consumer staples increased from 8.4% to 15.7% and 9.9% to 13.8%, respectively, while the financials sector 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 the global credit crisis and economic weakness, resulting in double digit negative three-month returns for most sectors. Uncertainty in the U.S. financial system and widespread investor fear ultimately shook market confidence worldwide. On a sectoral basis, the consumer staples, utilities, and health care sectors demonstrated relative strength as investors sought safe havens. Moreover, the Canadian dollar weakened notably in the second half of the year, particularly against the Japanese yen and U.S. dollar, as carry-trades continued to be unwound and the dollar symbolized security. The Fund’s performance was adversely affected by its holdings in the energy and materials sectors, along with a relative overweight position in the industrials sector, which offset the beneficial impact of being underweight the financials sector.

OPERATIONS Fees and ExpensesDuring the year, the Fund paid management fees and operating expenses of $330 thousand. This amount is net of expenses waived of $34 thousand. Acuity may stop waiving operating 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%, compared with 1.93% in 2007. The MER for Class I unitholders was 0.02%, consistent with 0.02% in 2007.

Unitholder ActivityDuring the year, $1.2 million flowed out of the Fund as a result of net redemptions.

RECENT DEVELOPMENTSWe anticipate that the current state of the financial crisis and global economic downturn will likely continue to weigh on market optimism for some time. Nevertheless, we remain sensitive to the prospects of recovery due to the unprecedented global government stimulus and supportive interest rate environment. Consequently, our preference has been for higher cash balances, which will allow us to opportunistically add to positions in exceptional businesses at attractive valuation levels. As we look for signs of the market bottoming, we remain

defensive in our positioning, favouring larger, more liquid equities. We have positioned the Fund with stocks that possess defensive growth characteristics in our view, including health care and consumer stocks with both resilient and balanced business models, coupled with a focus on sectors with superior longer term growth potential such as industrials. In contrast, we have maintained an underweight position in the fi nancials and technology sectors, areas which we believe are most affected by the global economic slowdown.

On January 15, 2009 the Manager announced that it will seek the approval of unitholders to merge the assets of Acuity Global Equity Fund into Acuity Global Dividend Fund. Unitholder meetings will be held on or about March 12, 2009. If approved, the merger is anticipated to become effective by the end of March 2009.

FUTURE ACCOUNTING CHANGESOn 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 profi t-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 POLICIESOn 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 fi nancial instruments and how the entity manages those risks. The previous requirements related to presentation of fi nancial 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 TRANSACTIONSMANAGERThe 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.

PORTFOLIO ADVISERThe Portfolio Adviser, an affiliate of Acuity, provides investment management services for the Fund. The Portfolio Adviser receives a monthly investment management fee from Acuity for managing the portfolio of assets for the Fund.

TRANSFER AGENT AND REGISTRARAcuity Investor Services Inc. (“Investor Services”), an affiliate of Acuity, is the transfer agent and registrar for the units of the Fund. Investor Services provides certain administrative services as required by the Fund including bookkeeping, accounting, valuations, registrar and transfer agency services, provision of offi ce space and facilities and all services required in connection with the provision of information to investors. Investor Services receives reimbursement of its costs in respect of all such services plus a fee equal to 10% of such amount for providing such services to the Fund.

GLOBAL EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 2

GLOBAL EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 20083

Financial Highlights The following tables show selected key fi nancial information about the Fund and are intended to help you understand the Fund’s fi nancial performance for the fi scal periods indicated.

THE FUND’S NET ASSETS PER UNIT 1

Class A (Commencement of operations August 31, 1999) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,For the period ended 2008 2007 2006 2005 2004

Net Assets, beginning of period1 $8.88 $9.55 $8.41 $8.20 $8.58 Increase (decrease) from operations: Total revenue 0.13 0.14 0.14 0.09 0.07 Total expenses (0.25) (0.32) (0.26) (0.26) (0.28) Realized gains

(losses) for the period (1.68) (0.38) 0.64 0.32 (0.09) Unrealized gains

(losses) for the period (1.04) (0.27) 0.77 0.17 (0.23)Total increase (decrease) from operations2 (2.84) (0.83) 1.29 0.32 (0.53)Distributions: From income

(excluding dividends) - - - - - From dividends - - - - - From capital gains - - - - - Return of capital - - - - -Total Annual Distributions3 - - - - -Net Assets, end of period $6.04 $8.88 $9.58 $8.41 $8.20

Class F (Commencement of operations March 9, 2001) Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,For the period ended 2008 2007 2006 2005 2004

Net Assets, beginning of period1 $8.88 $9.55 $8.41 $8.20 $8.83 Increase (decrease) from operations: Total revenue 0.13 0.14 0.14 0.09 0.07 Total expenses (0.17) (0.22) (0.17) (0.17) (0.19) Realized gains

(losses) for the period (1.68) (0.38) 0.64 0.32 (0.09) Unrealized gains

(losses) for the period (0.90) (0.28) 1.31 0.17 (0.23)Total increase (decrease) from operations2 (2.62) (0.74) 1.92 0.41 (0.44)Distributions: From income

(excluding dividends) - - - - - From dividends - - - - - From capital gains - - - - - Return of capital (0.08) (0.10) (0.09) (0.09) (0.33) Total Annual Distributions3 (0.08) (0.10) (0.09) (0.09) (0.33) Net Assets, end of period $6.04 $8.88 $9.58 $8.41 $8.20

Class I (Commencement of operations August 27, 2007) Dec. 31, Dec. 31, For the period ended 2008 2007

Net Assets, beginning of period1 $8.88 $9.29Increase (decrease) from operations: Total revenue 0.13 0.05 Total expenses (0.02) (0.01) Realized gains (losses) for the period (1.68) (0.13)

Unrealized gains (losses) for the period (1.25) (0.26)

Total increase (decrease) from operations2 (2.82) (0.35) Distributions: From income (excluding dividends) - -

From dividends - - From capital gains - - Return of capital (0.22) (0.08)Total Annual Distributions3 (0.22) (0.08)Net Assets, end of period $6.04 $8.88

1 This information is derived from the Fund’s audited annual fi nancial statements. The net assets per unit presented in the fi nancial statements may differ from the net 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 assets per unit in the fi nancial statements and the net asset value per unit for Fund pricing purposes can be found in the notes to the fi nancial statements. Section 3855 has been applied retroactively without restatement of prior periods. The opening net 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.

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 fi nancial period.

3 Distributions were paid in cash/reinvested in additional units of the Fund or both.

RATIOS AND SUPPLEMENTAL DATA

Class A ( Commencement of operations August 31, 1999)

For the Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,period ended 2008 2007 2006 2005 2004

Total net asset value (000’s)1,5 $7,835 $14,867 $ 7,182 $ 4,726 $ 2,778

Number of units outstanding1 1,297,075 1,670,100 750,085 562,318 338,538

Management expense ratio2 2.94% 2.98% 2.99% 3.17% 3.34%

Management expense ratio before waivers or absorptions 3.24% 3.25% 3.21% 3.17% 3.34%

Trading expense ratio3 0.29% 0.41% 0.56% 0.52% n/a

Portfolio turnover rate4 68% 77% 136% 133% 142%

Net Asset Value Per Unit5 $6.04 $ 8.90 $ 9.58 $ 8.41 $ 8.20

GLOBAL EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 4

Class F ( Commencement of operations March 9, 2001)

For the Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,period ended 2008 2007 2006 2005 2004

Total net asset value (000’s)1,5 $6 $107 $32 $14 $47

Number of units outstanding1 996 12,054 3,323 1,646 5,676

Management expense ratio2 1.89% 1.93% 1.94% 2.11% 2.27%

Management expense ratio before waivers or absorptions 2.20% 2.20% 2.16% 2.11% 2.27%

Trading expense ratio3 0.29% 0.41% 0.56% 0.52% n/a

Portfolio turnover rate4 68% 77% 136% 133% 142%

Net Asset Value Per Unit5 $6.04 $ 8.90 $ 9.58 $ 8.41 $ 8.20

Class I (Commencement of operations August 27, 2007)

For the Dec. 31, Dec. 31,period ended 2008 2007 Total net asset value (000’s)1,5 $4,283 $ 4,611

Number of units outstanding1 708,997 518,273

Management expense ratio2 0.02% 0.02%*

Management expense ratio before waivers or absorptions 0.02% 0.07%*

Trading expense ratio3 0.29% 0.41%

Portfolio turnover rate4 68% 77%

Net Asset Value Per Unit5 $6.04 $8.90

*Annualized

1 This information is provided as at end of the period/year shown.

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 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 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.

Management FeesFor the period ended December 31, 2008 the Fund paid Acuity management fees of $0.3 million. The management fee for each class is calculated as a percentage of its net asset value, as of the close of each business day. The Fund’s management fees were used by Acuity to fund commission payments and other dealer compensation to registered dealers and brokers as well as pay portfolio management and general administration costs.

Approximately 23% of total management fees were used to pay for dealer compensation costs (sales commissions, service fees and support of their promotional activities). The remaining 77% of management fees were used for investment management and other general administration.

The following table shows the Fund’s annual management fee rate and the maximum annual trailer fee rate for Class A and Class F. Management fees in respect of Class I units, if applicable, are arranged directly between the Manager and investors and are not expenses of the Fund. Acuity pays trailer fees to dealers out of management fees. The trailer fees are a percentage of the average daily value of units of each Acuity Fund held by the dealer’s clients. The fees depend on the Fund and the sales charge option. It is expected that dealers will pay a portion of the trailer fees to their sales representatives.

Class A Management Fees Trailer Fees

Initial Sales Charge Option 2.60% 1.00%

Level Load Option 2.60% 1.00%

Deferred Sales Charge Option 2.60% 0.50%

Low Load Option 2.60% Year 1 0.25%

Year 2 0.50%

Year 3 0.75%

Thereafter 1.00%

Class F Management Fees Trailer Fees

1.60% -

GLOBAL EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 20085

Past Performance The performance information shown assumes that all distributions made by the investment fund in the periods shown were reinvested in additional securities of the investment fund. The performance information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance and past performance does not necessarily indicate future performance.

YEAR-BY-YEAR RETURNS These charts show the performance of each class of the Fund for the period ended December 31, 2008 and for each of the previous 12 month periods ended December 31, except where noted. The charts show in percentage terms how much an investment made on the fi rst day of each fi nancial year would have grown or decreased by the end of the period.

ANNUAL COMPOUND RETURNSThe following table shows the Fund’s annual compound total returns for each class of units of the Fund for the periods shown ended on December 31, 2008, compared to the returns of its benchmark, the MSCI World Index (net) CDN$.

A discussion of the performance of the Fund as compared to the benchmark can be found in the Results of Operations section of this report.

Since Past 5 Past 3 Past 1 Inception Years Years Year

Class A (4.9)% (6.8)% (10.4)% (32.1)%

MSCI World Index (net) CDN$ (3.6)% (1.6)% (6.6)% (26.5)%

Since Past 5 Past 3 Past 1 Inception Years Years Year

Class F (4.8)% (5.8)% (9.5)% (31.4)%

MSCI World Index (net) CDN$ (3.8)% (1.6)% (6.6)% (26.5)%

Since Past 1 Inception Year

Class I (25.3)% (30.1)%

MSCI World Index (net) CDN$ (22.3)% (26.5)%

Morgan Stanley Capital International (“MSCI”) World Index (net) is a market capitalization weighted index comprised of equity securities available in the developed global markets. The index is compromised of companies from 23 countries.

Class A

(40.0)%

(20.0)%

0.0%

20.0%

40.0%

1999* 2000 2001 2002 2003 2004 2005 2006 2007 2008*return is for partial year from August 31, 1999.

16.3

(3.4)

(22.8) (23.7)

(4.3)

33.6

13.9

2.5 18.6

(7.1)

(32.1)

Class F

(40.0)%

(20.0)%

0.0%

20.0%

40.0%

2001* 2002 2003 2004 2005 2006 2007 2008*return is for partial year from March 9, 2001.

(9.4)

(22.6)

33.7

(3.3)

3.5

15.0

(6.1)

(31.4)

Class I

(40.0)%

(20.0)%

0.0%

20.0%

40.0%

2007* 2008*return is for partial year from August 27, 2007.

(3.3)

(30.1)

GLOBAL EQUITY FUND

ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE 2008 6

SUMMARY OF INVESTMENT PORTFOLIO AT DECEMBER 31, 2008

ASSET ALLOCATION1

Equities 96.6%

Cash & Cash Equivalents 3.2%

Other 0.2%

SECTOR ALLOCATION1

Cash & Cash Equivalents 3.2%

Consumer Discretionary 8.3%

Consumer Staples 13.8%

Energy 10.8%

Financials 12.1%

Health Care 15.7%

Industrials 16.5%

Information Technology 8.1%

Materials 7.0%

Telecommunication Services 1.9%

Utilities 2.6%

GEOGRAPHICAL ALLOCATION1

Canada 6.7%

United States 39.9%

Europe 36.3%

Asia Pacifi c 17.1%

TOTAL NET ASSET VALUE1:$12.1 million

TOP 25 HOLDINGS (excluding Cash & Equivalents)

Security Name % of net asset value1

CVS Caremark Corp. 3.9%

Nestle SA 3.3%

Thermo Fisher Scientifi c, Inc. 3.1%

Chattem Inc. 2.7%

AXA SA 2.6%

Express Scripts Inc. 2.5%

Synthes Inc. 2.5%

Aeon Delight Co. Ltd. 2.3%

Hewlett-Packard Co. 2.3%

Republic Services Inc. 2.3%

Kurita Water Industries Ltd. 2.2%

Nitori Co. Ltd. 2.2%

Yamana Gold Inc. 2.1%

Apache Corp. 2.1%

J.P. Morgan Chase & Co. 2.1%

Harsco Corp. 2.0%

The Swatch Group AG 2.0%

Telefonica S.A. 1.9%

ABB Ltd. 1.9%

Diageo PLC 1.9%

Nokia OYJ 1.8%

Praxair Inc. 1.8%

Wabtec Corp. 1.8%

Oridion Systems Ltd. 1.7%

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

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40 King St. West, 56th Floor, Scotia Plaza, Toronto, ON M5H 3Y2Tel: 416.366.9933/800.461.4570 Fax: 416.366.2568/888.957.4125www.acuityfunds.com

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