Creststreet Managed Equity Index Fund

Creststreet is a performance driven investment management firm focused exclusively on the energy sector. The firm was founded in 2000 with the premise that energy is an increasingly scarce commodity which will increase in value over time, providing attractive long-term investment opportunities. Our expertise extends to investing on a long and short basis in funds focused on both the conventional and alternative energy sectors.

Our mission is to achieve excellence in energy investing through strong and consistent investment performance across all of our energy investment products for our Canadian and international institutional and high net worth investors.

Creststreet Managed Equity Index Fund

For Canadian Investors Only

The Creststreet Managed Equity Index Fund (the "Fund") provides Canadian investors with exposure to broader market performance. The Fund's investment objective is to provide long-term growth of capital by investing primarily in Index Participation Units of Canadian, U.S. and other international stock exchanges. The Fund may invest up to 70 percent of the net assets in iShares CDN S&P/TSX 60 Index Fund shares, iShares CDN S&P 500 Hedge to CAD Index Fund or iShares CDN MSCI EAFE 100% Hedged to CAD Index Fund. The Fund may actively manage up to 30 percent of the net assets to enhance diversification and my be comprised of common stocks and convertible debentures of Canadian and international companies.

Tax Deferred Switching Between Funds
The Creststreet Managed Equity Index Fund is a class of Creststreet Mutual Funds Limited, an open-ended, multi-class mutual fund which offers investors tax-deferred switching between fund classes. Creststreet Mutual Funds Limited has three classes:

Fund Details

Type	Canadian Focused Equity	Minimum initial purchase	$1,000
Fund code	CAM300	Minimum subsequent purchase	$100
Distributions	Annually	Minimum account balance	$1,000
Inception date	December 31, 2004	Switch fee	None
Load type	Front-end (series A shares)	Service fee	0.50%
RRSP eligible	Yes	Short-Term trading fee	2.00%
Foreign content	None	Management fee	0.50%
Pricing	Weekly

Fund Fact Sheet

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Performance

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Creststreet Market Commentaries

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Who Should Invest in the Creststreet Managed Equity Index Fund?

The Fund is not intended to be a complete investment program and may be suitable only if you:

are seeking long-term growth of capital;
wish to add to your investment portfolio a Fund that emphasizes large capitalization Canadian equities utilizing primarily a passive style of investing;
can withstand medium volatility in the value of the Fund's securities; and
are willing to accept a medium level of investment risk.

Investment Objectives and Strategies

The investment style of the Fund is a combination of passive and active styles. The passive component will represent approximately 70% of the Fund's net assets. The Fund will invest in a portfolio of index participation units of Canadian, U.S. or other foreign equity markets or other similar instruments or directly in equity securities that constitute the Index or in a combination of those investments. The active component, representing up to 30% of net assets will follow a value-oriented, "bottom up" style, as described below.
The "bottom up" approach to investing involves a detailed analysis of the strengths of individual investments, with much less emphasis on short-term market factors. Far greater importance is placed upon an assessment of a company's balance sheet, cash flow characteristics, profitability, industry position, special strengths, future growth potential and management ability.
The portfolio manager may decide to maintain a larger portion of the Fund's assets in short-term fixed income securities during periods of high market valuations and volatility. This temporary departure from the Fund's core investment strategy may be undertaken to protect capital while awaiting more favourable market conditions.
The Fund may engage in short selling. The Fund is permitted to engage in short selling as a result of special relief it obtained from the Canadian securities regulators. This relief imposes limits and conditions on the Fund's short selling activities including that: (i) the Fund will short sell only securities of larger issuers that are traded on a stock exchange, (ii) the Fund will limit its short sale exposure to any single issuer to 5% of the Fund's total net assets and its aggregate short sale exposure to 20% of its total net assets, (iii) the Fund will place a "stop-loss" order with a dealer to immediately repurchase for the Fund the securities sold short if the trading price of the securities exceeds 120% (or a lower percentage determined by us) of the price at which the securities were sold short, (iv) the Fund will hold cash cover in an amount (including the Fund's assets deposited with lenders) that is at least 150% of the aggregate market value of all securities sold short, and (v) the Fund will deposit collateral only with lenders which fulfill certain criteria for creditworthiness. The Fund will engage in short selling as a complement to the Fund's current primary discipline of buying securities with the expectation that they will appreciate in market value. For a more detailed description of short selling and the limits within which the Fund may engage in short selling, please refer to "Investment Risks" in the first part of this document.
The Fund may choose to deviate from its investment objectives by temporarily investing most or all of its assets in cash or fixed income securities during periods of market downturn or for other reasons.
The Fund may invest in foreign securities up to a maximum of 50% of the Fund's NAV.

Investment Portfolio

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Press Releases

2010-02-02: : News Release: Creststreet Announces New Manangement Appointments [PDF file]

2008-03-07: News Release: Creststreet Mutual Fund Limited Pays Annual Capital Gains Dividend [PDF file]

2007-05-01: News Release: Creststreet Announces Appointment of Jeffrey S. Boyce and Initial Members of Independent Review Committee [More]

2007-03-05: Creststreet Mutual Funds Limited Pays Annual Capital Gain Dividend: [More]

2007-03-01: News Release: Creststreet Announces Changes to Board of Directors [More]

2006-12-14: News Release: Creststreet Managed Income Fund Declares Monthly Distribution [More]

2006-03-10: News Release: Creststreet Mutual Funds Limited Pays Annual Capital Gain Dividend [More]

2006-03-08: News Release: Creststreet Mutual Funds Limited Announces Filing of Amended Simplified Prospectus [More]

2005-01-11: News Release: Creststreet Opens Strong Performing Resource Fund for Purchase by Public and Introduces Two New Asset Classes [PDF file]

Financial Statements

2009-08-28: : Interim Report: Creststreet Managed Equity Index Fund - June 30, 2009 [PDF file]

2009-03-30: : Annual Report as at December 31, 2008 [PDF file]

2008-08-29: Interim Report: Creststreet Managed Equity Index Fund - June 30, 2008 [PDF file]

2008-03-20: Annual Report: Creststreet Managed Equity Index Fund - December 31, 2007 [PDF file]

2007-08-29: Interim Report: Creststreet Managed Equity Index Fund - June 30, 2007 [PDF file]

2007-03-19: Annual Report: Creststreet Managed Equity Index Fund - December 29, 2006 [PDF file]

2006-08-29: Interim Report: Creststreet Managed Equity Index Fund - June 30, 2006 [PDF file]

2006-03-21: Annual Report: Creststreet Managed Equity Index Fund - December 31, 2005 [PDF file]

2005-09-07: Interim Report: Creststreet Managed Equity Index Fund - June 30, 2005 Semi-Annual Report [PDF file]

2005-03-11: Annual Report: Creststreet Annual Report - December 31, 2004 [PDF file]

Investor Tax Information

2009 Investor Tax Information

No T5 tax slips will be issued for the 2009 tax year as the Fund did not have any distributions for the 2009 tax year.

Adjusted Cost Base

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Simplified Prospectus

	Dated October 8, 2009 View PDF (English)
	Dated October 8, 2009 View PDF (French)

Annual Information Form

	Dated October 8, 2009 View PDF (English)
	Dated October 8, 2009 View PDF (French)

Proxy Voting Record

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Officers & Directors

Corporate Information

Officers & Directors		Position with the Fund	Principal Occupation

Robert J. Toole Toronto, Ontario	\|	President, Chief Executive Officer and Director	President, Chief Executive Officer and Managing Director of Creststreet

Jeffrey S. Boyce¹ Calgary, Alberta	\|	Director	President, Chief Executive Officer and Director of SURE Energy Inc.

Stuart P. Hensman¹ Toronto, Ontario	\|	Director	Member of the Board of Governors of the mutual funds managed by CI Investments and a director of Rifco Inc. and Brazalta Resources Corp.

John E. Thompson¹ Calgary, Alberta	\|	Director	President, Chief Executive Officer and a director of Sirius Energy Inc.

Donna E. Shea Toronto, Ontario	\|	Vice President, Finance and Chief Financial Officer	Vice President, Finance, Chief Financial Officer and a director of Creststreet

Michael D. Clare Toronto, Ontario	\|	Vice President	Vice President and a director of Creststreet

Sheryl J. Chiddenton Toronto, Ontario	\|	Vice President, Secretary-Treasurer	Vice President, Compliance and Investment Services, Secretary-Treasurer and a director of Creststreet

¹ (Independent Director and Member of the IRC)

Legal Counsel
McCarthy Tétrault LLP
Toronto, Ontario

Auditors
KPMG LLP
Toronto, Ontario

Administrator
RBC Dexia Investor Services Trust

Custodian
RBC Dexia Investor Service Trust

Clearing and Settlement Services
FundSERV Inc.

Registered Address
Creststreet Mutual Funds Limited
c/o Creststreet Asset Management Limited.
70 University Avenue
Suite 1450
Toronto, Ontario
M5J 2M4

Tel: (416) 864-6330
Fax: (416) 862-8950
Toll-Free: 1-866-864-6330
E-mail: info@creststreet.com

CrestStreet

Excellence in energy investing