Mutual Fund Monthly
April 2008
Kevin R. Choquette, CFA – (416) 863-2874
Natalie Diakun – (416) 863-7076
Robert Marck – (416) 863-7843 Diversified Financials Research
April Net LTA Sales Negligible
Dismal YTD: Net Sales Halved at $9.4B vs. $19.2B
Dismal YTD: Net LTA Net Redemptions $1.9B vs. Sales of $18.5B
Money Market Fund Sales Lead Industry
Global Balanced Fund Inflows Solid
Global Equities in Net Redemptions
Domestic Equity Funds Continue in Net Redemptions
Dynamic Leads Industry in Net LTA Sales

Contents
Mutual Fund Review 2
Net Sales 7
Net Long-Term Asset Sales 23
Gross Sales 33
Redemptions 45
Assets Under Management 59

Financials – Diversified Financials April 2008
2
Mutual Fund Review
April Net LTA Sales Negligible
Dismal YTD: Net Sales Halved at $9.4B vs. $19.2B
Dismal YTD: Net LTA Net Redemptions $1.9B vs. Sales of $18.5B
Money Market Fund Sales Lead Industry
Global Balanced Fund Inflows Solid
Global Equities in Net Redemptions
Domestic Equity Funds Continue in Net Redemptions
Dynamic Leads Industry in Net LTA Sales
A P R I L N E T L T A S A L E S N E G L I G I B L E
The Investment Funds Institute of Canada (IFIC) reported mutual fund net sales of $544 million in April
versus net sales of $2.6 billion in March and $2.5 billion a year earlier. Net sales year-to-date are less than
half of a year earlier at $9.4 billion versus net sales of $19.2 billion in 2007.
Net LTA sales in April were negligible at $29 million versus net LTA redemptions of $106 million in
March and net LTA sales of $2.5 billion a year earlier. Long-term assets on a year-to-date basis have
fallen into net redemptions of $1.9 billion versus net LTA sales of $18.5 billion in 2007.
Money Market funds led the industry in net sales at $512 million versus net redemptions of $24 million a
year earlier and net sales of $2.6 billion in March.
Global Balanced funds led the industry in net LTA sales at $475 million, followed by Domestic Fixed
Income funds and Specialty funds at $319 million and $151 million, respectively. Domestic Equity funds
had the largest net redemptions of $607 million followed by Global Equity funds at $355 million.
G R O S S L T A S A L E S D E C L I N E 1 2 %
Gross LTA sales in April declined 12% to $7.9 billion from $8.9 billion a year earlier.
Gross sales increased 8% in April to $15.1 billion from $13.9 billion a year earlier due to relatively solid
money market inflows. Gross sales in March were $16.4 billion.
A P R I L L T A R E D E M P T I O N R A T E – 1 5 . 2 %
Redemptions were $14.7 billion in April versus $14.0 billion in March and $11.6 billion a year earlier.
LTA redemptions were $8.0 billion versus $8.3 billion in March and $6.7 billion a year earlier.
The LTA redemption rate in April was 15.2%, versus 16.1% in March and 12.4% a year earlier. The
redemption rate on a 12-month trailing basis was 14.9% in April versus 14.7% in March and 14.5%
a year earlier.

A U M I N C R E A S E 2 . 6 % S E Q U E N T I A L L Y , 0 . 8 % Y O Y
AUM increased 2.6% to $705 billion in the month of April and 0.8% from a year earlier. Equity markets
were up in the month with the S&P/TSX increasing 4.4%, the Nasdaq 5.9%, and the S&P 500 increasing
4.8%. On a year-over-year basis the S&P/TSX increased 3.9%.
M O N E Y M A R K E T F U N D S A L E S L E A D I N D U S T R Y
Money Market funds were the strongest asset class with net sales of $512 million versus net redemptions
of $24 million a year earlier and net sales of $2.6 billion in March.
G L O B A L B A L A N C E D F U N D N E T S A L E S S O L I D
Global Balanced funds led the industry in net LTA sales at $475 million in April versus net sales of $1.5
billion last year and net sales of $446 million in March.
G L O B A L E Q U I T I E S I N N E T R E D E M P T I O N S
Global Equities recorded net redemptions of $355 million in April versus net sales of $1.0 billion a year
earlier and net redemptions of $64 million in March.
D O M E S T I C B A L A N C E D F U N D S I N M O D E S T N E T S A L E S
Domestic Balanced funds recorded modest net sales of $97 million in April versus $413 million a year
earlier and net redemptions of $106 million in March.
D O M E S T I C E Q U I T Y F U N D S C O N T I N U E I N N E T R E D E M P T I O N S
Domestic Equity funds continued in net redemptions of $607 million versus $632 million a year
earlier and $611 million in March. Domestic Equity funds have been in net redemptions for 23 of the past
25 months.
Domestic Equity funds net redemptions year-to-date are very large at $3.1 billion.
Income trust funds recorded net redemptions of $23 million in April versus $178 million a year earlier and
$66 million in March (Exhibit 34).
F I X E D I N C O M E F U N D S N E T S A L E S S O L I D
Fixed Income funds reported solid net sales of $353 million in April versus $118 million a year earlier.
Domestic Fixed Income funds reported net sales of $319 million versus net redemptions of $21 million a
year earlier, with Global Fixed Income funds reporting net sales of $34 million versus net sales of $139
million a year earlier.
U . S . E Q U I T Y F U N D S I N N E T R E D E M P T I O N S
U.S. Equity funds recorded net redemptions of $10 million in April versus net sales of $7 million a year
earlier and net redemptions of $84 million in March.

D Y N A M I C L E A D S I N D U S T R Y I N N E T L T A S A L E S
Dynamic led the industry with net LTA sales of $324 million followed by Fidelity at $182 million and RY
at $180 million. MD Management Ltd. and IA Clarington had net LTA sales of $165 million and $99
million rounding out the top five.
For the bank group BNS, TD, and NA reported modest net LTA sales while CIBC and BMO reported net
LTA redemptions. BNS and TD recorded net LTA sales of $90 million and $59 million versus net sales of
$136 million and $340 million a year earlier. NA recorded net sales of $48 million versus net redemptions
of $7 million a year earlier. CM and BMO recorded net redemptions of $207 million and $98 million,
versus net sales of $52 million and $149 million a year earlier.
The bank group recorded net LTA sales of $92 million in April, down from net LTA sales of $1.2 billion a
year earlier.
A G F I N N E T L T A R E D E M P T I O N S
AGF recorded net LTA redemptions of $117 million in April versus net redemptions of $34 million in
March and net sales of $252 million a year earlier. AGF mutual fund asset levels were $28.6 billion at the
end of April, down 5.1% year over year.
C I X N E T L T A S A L E S S O L I D
CIX recorded solid net LTA sales of $82 million in April versus $123 million in March and $102 million
in April 2007. CIX mutual fund asset levels were $62.3 billion at the end of April, down 0.8% year
over year.
I G M I N N E T R E D E M P T I O N S
IGM Financial recorded net LTA redemptions of $104 million in April versus net LTA redemptions of
$35 million in March and net LTA sales of $94 million a year earlier.
Investors Group (IGI) recorded net LTA redemptions of $45 million in April versus net LTA sales of $103
million a year earlier. Mutual fund assets were $60.0 billion, down 1.2% year over year.
Mackenzie recorded net LTA redemptions of $51 million in April versus $65 million in March and $19
million a year earlier. Assets under management at Mackenzie were $45.4 billion at the end of April, down
5.4% year over year.
A I M , C M , A N D A I C I N L A R G E N E T R E D E M P T I O N S
AIM, CM, and AIC recorded the largest net LTA redemptions in April at $634 million, $207 million, and
$120 million, respectively. AGF, BMO, and MKF were also in net LTA redemptions at $117 million, $98
million, and $51 million, respectively (Exhibit 37).
F I D E L I T Y – S T R O N G D I S T R I B U T I O N
In April, Fidelity recorded the largest distribution of the fund industry at $76 million, followed by Mawer
at $10 million and AGF at $7 million. Fidelity and Mawer reported net sales including distributions of
$247 million and $18 million while AGF recorded net redemptions including distributions of $121 million.

A U M M A R K E T S H A R E G A I N S A N D L O S S E S – A P R I L 2 0 0 8
Market share gains in terms of AUM in April were dominated by RY with a 147 bp gain followed by
MD Management, TD, and Dynamic at 39 bp, 34 bp, and 32 bp, respectively.
AIM had the largest market share loss at 149 bp, followed by MKF and AIC at 42 bp and
39 bp, respectively.
T O P T E N F U N D S
MD Management Limited’s Canadian Bond Pool Fund led the industry this month in LTA inflows
(Exhibit 38) with net sales of $172 million, followed by the Harbour Growth & Income Fund with net
sales of $129 million and the Phillips, Hager & North Bond Fund with net sales of $108 million.
AIM’s Trimark fund had the largest outflow this month (Exhibit 39) at $104 million followed by the
Trimark Select Growth Fund at $98 million and the Trimark Income Growth Fund at $91 million.
Global Equities sales (Exhibit 40) were led by the Mackenzie Cundill Recovery Fund with net sales of $78
million, followed by the Mutual Discovery Fund at $12 million and the Dynamic Power Global Growth
Class at $12 million.
MUTUAL FUND COMPANY RECOMMENDATIONS
Maintain 1-Sector Outperform on AGF based on valuation discount to CIX and IGM. Maintain 2-Sector
Perform rating on shares of IGM and Guardian and 3-Sector Underperform on the shares of CIX.