The Globe and Mail

Returns as at April 30, 2013

	Fund	Group Avg	Index*
1 Month	0.79%	0.26%	0.26%
3 Months	2.24%	0.87%	0.85%
6 Months	3.15%	0.95%	0.92%
1 Year	6.42%	2.38%	2.19%
2 Year Avg	7.34%	2.36%	2.32%
3 Year Avg	7.70%	2.49%	2.46%
4 Year Avg	8.34%	2.32%	2.24%
5 Year Avg	8.40%	2.76%	2.60%
10 Year Avg	-	2.76%	2.78%
15 Year Avg	-	3.47%	3.16%
20 Year Avg	-	4.42%	3.88%
Since Inception	8.08%	-	-
2012	5.49%	1.49%	1.39%
2011	8.97%	3.12%	2.96%
2010	11.20%	2.24%	2.29%
3 year risk	1.87	1.30	1.02
3 year beta	1.66	1.05	1.00

*Globe Cdn Short Tm Fixed Inc Peer Index

Growth of $10,000

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Start Month: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember Start Year: 2007200820092010201120122013

End date

End Month: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember End Year: 2013201220112010200920082007

Risk Measures as at April 30, 2013

Best/Worst 12 months (since inception)

Best (ending Aug 10):	14.13
Worst (ending Jan 13):	4.90

Volatility meter (Based on 3 year standard deviation from GlobeInvestor.com)

Low  High

Fund Objectives

The ACM Commercial Mortgage Fund (the 'Fund') is an open-ended private mutual fund trust created to enable eligible investors to pool capital for the purpose of investing in a diversified portfolio of Canadian commercial mortgages. The overall objective of the Fund is to maintain the security of investors' capital while providing superior investment returns over conventional fixed income products through active mortgage origination, prudent investment practices and professional management of the Fund's investments and operations.

Fund Facts

Fund Sponsor:	ACM Advisors Ltd.
Managed by:	ACM Advisors Ltd.
Fund Type:	MF Trust
Inception Date:	January 2007
Asset Class:	Canadian Short Term Fixed Income
Quartile Rank:	1 (3YR ending April 30, 2013)
Total Assets:	$236.4 million
Mgmt Exp. Ratio (MER):	0.94%
Management Fee:	0.60%
Load Type:	No Load

Globe 5-Star Rating:

RRSP Eligible:

Canadian

Min. Invest (initial):

$5,000

Subsequent:

$1,000

Min. Invest (initial RRSP):

$5,000

Subsequent RRSP:

$1,000

Closed:

No

Restricted:

Yes

Restriction:

Not Available in PQ,NB,NS,NF,PEI,NWT,NUV

 

 

Top Holdings as at June 30, 2012

Distribution Report (18 months up to May 23, 2013)

Frequency of Income Distributions: Monthly

Frequency of Capital Gain Distributions: None

Date	Income Dividend	Capital Gain	Total (Current Period)	Trailing 12-Months Total	Reinvestment Price
Apr 30, 2013	0.5000		0.5000	6.1300	113.794
Mar 28, 2013	0.5000		0.5000	6.1301	113.398
Feb 28, 2013	0.5000		0.5000	6.1301	113.346
Jan 31, 2013	0.5000		0.5000	6.1301	112.777
Dec 31, 2012	0.6300		0.6300	6.1301	113.240
Nov 30, 2012	0.5000		0.5000	6.1222	113.602
Oct 31, 2012	0.5000		0.5000	6.1222	113.405
Sep 28, 2012	0.5000		0.5000	6.1222	113.474
Aug 31, 2012	0.5000		0.5000	6.1222	113.368
Jul 31, 2012	0.5000		0.5000	6.1222	113.673
Jun 29, 2012	0.5000		0.5000	6.1222	113.733
May 31, 2012	0.5000		0.5000	6.1222	113.910
Apr 30, 2012	0.5000		0.5000	6.1222	112.848
Mar 30, 2012	0.5000		0.5000	6.1222	112.784
Feb 29, 2012	0.5000		0.5000	6.1222	113.066
Jan 31, 2012	0.5000		0.5000	6.1222	113.466
Dec 30, 2011	0.6222		0.6222	6.1222	113.301
Nov 30, 2011	0.5000		0.5000	6.0000	112.737

Portfolio Manager(s)

Graham Collings

ACM Advisors Ltd.

Start Date: May, 2007

Fund Return: 8.08%

Mr. Collings joined ACM Advisors Ltd. in March 2007 and is responsible for the sourcing and underwriting of investments for funds managed by ACM Advisors Ltd. in the role of Vice President - Investments (West). Prior to joining ACM Advisors Ltd., Graham was employed with Colliers International in Vancouver specializing in the brokerage of office towers, shopping centres, hotels and portfolios culminating in over $2.7 billion of sales transactions nationwide over 3 years. Mr. Collings holds a Bachelor of Business Administration degree (2002) from Simon Fraser University, is a registered sub-mortgage broker under the British Columbia Ministry of Finance Mortgage Brokers Act, successfully completed the Canadian Securities Course, and completed a Masters of Business Administration degree from the Queen's School of Business (2011).

View fund manager performance report

Allan W. Collings

ACM Advisors Ltd.

Start Date: May, 2007

Fund Return: 8.08%

Mr. Collings has an extensive background in business planning, financial analysis, management and administration. Prior to co-founding ACM Advisors Ltd. in 1992, Mr. Collings served as Vice President of Finance & Administration for Rogers Cablevision - Vancouver for three years. Mr. Collings also spent three years in Toronto and New York in senior financial management positions. Prior to moving to New York, Mr. Collings was employed for nine years in financial/accounting management positions primarily in British Columbia's forest industry. Mr. Collings holds a Bachelor of Commerce and Business Administration degree (Finance-Honours Dean's List) from the University of British Columbia (1975) and is a Certified General Accountant (1978). Mr. Collings has successfully completed the Canadian Securities Course.

View fund manager performance report

Gordon B. Allan

ACM Advisors Ltd.

Start Date: May, 2007

Fund Return: 8.08%

Mr. Allan has been involved in the financing of investment real estate and fund management services for the past 30 years. Prior to co-founding ACM Advisors Ltd. in 1992, Mr. Allan worked as a commercial real estate banker with Citibank Canada and the Royal Bank of Canada specializing in all areas of real estate financing including marketing, underwriting, analysis, administration and loan workouts. Mr. Allan has two real estate/finance degrees: a Bachelor of Commerce and Business Administration from the University of British Columbia (1975), and a Masters of Business Administration from the University of California-Berkeley (1976). Mr. Allan has successfully completed the Canadian Securities Course.

View fund manager performance report

Audrey L. Howe

ACM Advisors Ltd.

Start Date: May, 2007

Fund Return: 8.08%

Ms. Howe is the President of ACM Advisors Ltd. and has over 30 years of experience in real estate structuring and financing in the financial services industry throughout Canada. Ms. Howe joined ACM Advisors Ltd. in 1992 as Vice-President, Finance and Administration and in 2001 was appointed Vice President, Investments, and oversaw all of the investment underwriting for all of ACM Advisors' funds. Prior to joining ACM Advisors Ltd., she was a founder and Managing Director for four years at TerraCan Capital Corporation, a real estate venture capital company. Prior to joining TerraCan, Ms. Howe was a Vice-President of the Corporate Real Estate Group for Citibank Canada. Ms. Howe is a registered sub-mortgage broker under the British Columbia Ministry of Finance Mortgage Brokers Act, and successfully completed the Canadian Securities Course.

View fund manager performance report

Chad Mallow

ACM Advisors Ltd.

Start Date: May, 2011

Fund Return: 6.93%

Mr. Mallow is responsible for marketing and sales and the development of new client relationships for the ACM Commercial Mortgage Fund in the role of Vice President - Business Development. Mr. Mallow joined ACM Advisors Ltd. in 2004 where he spent six years leading the investment team in sourcing and underwriting lending opportunities in his role as Vice President - Investments. Previous professional experience includes four years with Scotia Capital's Corporate Banking real estate division and a year as a commercial real estate advisor. Mr. Mallow obtained his Chartered Financial Analyst designation in 2004, holds a Master of Business Administration degree from Simon Fraser University, and is a registered sub-mortgage broker under the British Columbia Ministry of Finance Mortgage Brokers Act.

View fund manager performance report