ARTISAN PORTFOLIOS · 2009. 8. 6. · class is unable to meet its financial obligations, the other...

ARTISAN PORTFOLIOSCLASS A AND CLASS F UNITS OF:

Artisan Canadian T-Bill PortfolioArtisan Most Conservative PortfolioArtisan Conservative PortfolioArtisan Moderate PortfolioArtisan Growth PortfolioArtisan High Growth PortfolioArtisan Maximum Growth PortfolioArtisan New Economy Portfolio

ARTISAN PORTFOLIOSSIMPLIFIED PROSPECTUS – JULY 25, 2009

No securities regulatory authority has expressed an opinion about these units and it is an offence to claim otherwise.

PART ASIMPLIFIED PROSPECTUS — JULY 25, 2009


A complete simplified prospectus for the mutual funds listed on this page consists of this document and an additional disclosure document that provides specific information aboutthe mutual funds in which you are investing. This document provides general information applicable to all of the Artisan Portfolios. You must be provided with the additionaldisclosure document.



ARTISAN PORTFOLIOS

PART A — TABLE OF CONTENTS

Page

INTRODUCTION 1

WHAT IS A MUTUAL FUND AND WHAT ARE THE RISKS OF INVESTING IN A MUTUAL FUND? 2

ORGANIZATION AND MANAGEMENT OF THE ARTISAN PORTFOLIOS 7

PURCHASES, SWITCHES AND REDEMPTIONS 8

Purchases 8

Switches 9

Redemptions 9

Short-term Trading 11

OPTIONAL SERVICES 11

Periodic Investment Plans 11

Artisan Investor Profile Questionnaire 12

Artisan Registered Plans 12

Automatic Withdrawal Plans 12

Automatic Switching Plan (Dollar Cost Averaging) 13

Group RRSPs 13

Automatic Reinvestment of Distributions 13

FEES AND EXPENSES 14

Impact of Sales Charges 16

DEALER COMPENSATION 17

Sales Commissions 17

Trailing Commissions 17

Other Kinds of Dealer Compensation 17

Sales Practices of the Principal Distributors 17

Disclosure of Equity Interests 18

DEALER COMPENSATION FROM MANAGEMENT FEES 18

INCOME TAX CONSIDERATIONS FOR INVESTORS 18

Units Held in a Non-Registered Account 18

Units Held in a Registered Plan 20

WHAT ARE YOUR LEGAL RIGHTS? 20

SPECIFIC INFORMATION ABOUT EACH OF THE MUTUAL FUNDS DESCRIBED IN THIS DOCUMENT 21

This document is Part A of the simplified prospectus of:

Artisan Canadian T-Bill Portfolio Artisan Most Conservative PortfolioArtisan Conservative Portfolio Artisan Moderate PortfolioArtisan Growth Portfolio Artisan High Growth PortfolioArtisan Maximum Growth Portfolio Artisan New Economy Portfolio

collectively, the “Artisan Portfolios”.

Additional information concerning each Artisan Portfolio is contained in Part B of the simplified prospectus which mustaccompany this Part A.

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The simplified prospectus contains selected importantinformation about the following Artisan Portfolios to helpyou make an informed investment decision and to helpyou understand your rights as an investor:

• Artisan Canadian T-Bill Portfolio

• Artisan Most Conservative Portfolio

• Artisan Conservative Portfolio

• Artisan Moderate Portfolio

• Artisan Growth Portfolio

• Artisan High Growth Portfolio

• Artisan Maximum Growth Portfolio

• Artisan New Economy Portfolio

(individually an “Artisan Portfolio” and collectively the“Artisan Portfolios”).

The simplified prospectus of the Artisan Portfolios isdivided into two parts: Part A and Part B. Part A, which isthis document, explains what mutual funds are, thedifferent risks you could face when investing in mutualfunds, and general information that applies to all theArtisan Portfolios. Part B, which is a separate document,contains specific information about each Artisan Portfolio.You must receive both Part A and Part B of the simplifiedprospectus. References to “we”, “us” and “our” refer toUnited Financial Corporation.

Additional information about each Artisan Portfolio isavailable in the following documents:

• the annual information form,

• the most recently filed annual financial statements andany interim financial statements filed after thoseannual financial statements, and

• the most recently filed annual management report offund performance and any interim management reportof fund performance filed after the annualmanagement report of fund performance.

These documents are incorporated by reference into this document, which means that they legally form part of this document just as if they were printed as part ofthis document. You can get a copy of these documents,at your request and at no cost, by calling us toll-free at 1-888-664-4784 or from an authorized dealer.

Alternatively, copies of these documents are available bycontacting the United Financial Service Centre [email protected]. These documents and otherinformation about the Artisan Portfolios are also availableon the Internet at www.sedar.com.

INTRODUCTION

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A mutual fund is an investment vehicle created to permitpeople with similar investment objectives to contributemoney to a common pool. Each contributor becomes a “unitholder” of the “pool” or “fund” or “portfolio”.This common pool is then managed by professionalinvestment managers. All unitholders share in the fund’sincome and expenses, as well as the gains and losses thefund makes on its investments, in proportion to thenumber of units they own.

Purchasing units of a mutual fund necessarily involvestaking on some level of investment risk. Your investmentin an Artisan Portfolio is not guaranteed. Unlike bankaccounts or GICs, mutual fund units are not covered by theCanada Deposit Insurance Corporation or any othergovernment deposit insurer.

A mutual fund will own different types of investmentsdepending upon its investment objectives. The value ofthese investments will change from day to day, reflectingchanges in interest rates, economic conditions and marketand company news. As a result, the value of a mutualfund’s units may go up and down, and the value of yourinvestment in a mutual fund may be more or less when youredeem it than when you purchased it. Under exceptionalcircumstances, a mutual fund may even suspendredemptions. Please see page 9 “Purchases, Switches andRedemptions — Redemptions”.

The level of investment risk is not, however, the same forall mutual funds. In fact, the level of investment risk mayvary considerably. A mutual fund may own securities ofdifferent types, or from different asset classes — equities,bonds, cash — depending on the mutual fund’s investmentobjectives. For example, a mutual fund whose objective islong-term capital gains will likely invest mostly in equities.A mutual fund whose main objective is to preserve capitalin the short-term will likely have most of its holdings inmoney market securities.

As a general rule, mutual funds with greater investmentrisk also offer a greater potential return. It is, therefore,important that you select the Artisan Portfolio that issuitable for your investment objectives and risk tolerances.

While your investment advisor will assist you in thisprocess, it is also important that you have a generalunderstanding of the various types of investment risk.

To assist you, we have set out below a list of variousinvestment risks of which you should be aware. As each of the Artisan Portfolios invests primarily in other mutual funds, their investment risks are directly related tothe investment risks of the mutual funds they hold.The fund-specific information in Part B of the simplifiedprospectus indicates which of the investment risks listedbelow apply (or may apply) to the underlying funds inwhich each Artisan Portfolio invests.

Class Risk

Mutual funds sometimes issue different classes of units ofthe same fund. Each class has its own fees and expenses,which the mutual fund tracks separately. However, if oneclass is unable to meet its financial obligations, the otherclasses are legally responsible for making up the difference.Similarly, certain mutual fund companies organize someor all of their funds as a single mutual fund corporation. Asingle mutual fund corporation generally has a number offunds (a group), each of which is generally called a class.Each class operates as a separate “fund” and has a differentinvestment objective. While the holdings and expenses ofeach class are tracked separately, the group as a whole islegally responsible for the financial obligations of all theclasses combined. This means that one class may have topay the expenses of another class if that other class had noassets left to pay its own expenses.

Credit (Default) Risk

Credit (or default) risk is the risk that the government,corporation or other issuer of the debt security will beunable to make interest payments or pay back the originalinvestment. Securities of an issuer that has sufferedadverse changes in financial condition have a low creditrating and generally have a high credit risk. Mutual fundsthat have investments in entities with high credit risk tendto be more volatile in the short-term. A change in thequality rating of a debt instrument can affect theinstrument’s liquidity and make the instrument moredifficult to sell. If any of these events occur, the mutualfund may even suffer a loss.

WHAT IS A MUTUAL FUND AND WHAT ARE THE RISKS OF INVESTING IN A MUTUAL FUND?

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Derivative Risk

A derivative is a kind of investment whose value is basedon the performance of other investments or on themovement of interest rates, exchange rates or marketindexes. Common types of derivatives and theirapplication include:

• a forward contract, which is an agreement to buy or sellcurrency, commodities or securities at an agreed pricefor future delivery. Forward contracts are often used toreduce risk. For example, if you knew you would bebuying goods priced in US dollars in six months time,you might buy US dollars now for delivery in sixmonths to avoid the risk of the US dollar rising invalue. This strategy is known as “hedging”.

• an option, which generally gives the buyer the right,but not the obligation, to buy or sell currency,commodities or securities at an agreed price within acertain period of time. For example, you might hedgethe share price of a stock you own by buying an optionto sell it at its current price for the next six months.If the share price falls, all you will lose is the price of theoption. Of course, if it goes up, you will not make asmuch, because you have paid for the option (eventhough you will not have used it).

Derivatives can be used to reduce potential losses orenhance income. Derivatives are often used for hedgingagainst potential losses because of changes in interest ratesor foreign exchange rates. Derivatives also allow mutualfunds to invest indirectly in foreign markets, withoutactually buying stocks on those markets. A mutual fundcannot use derivatives for speculative trading or to create aportfolio with excess leverage.

It is important to realize that derivatives have their ownunique risks. Some examples of such risks are:

• using derivatives for hedging may not always work and it could limit a mutual fund’s opportunity to makea gain

• the price of a derivative may not accurately reflect thevalue of the underlying currency or security

• there is no guarantee that a mutual fund can close aderivative contract when it determines that it is in its

best interests to do so. If an exchange imposes tradinglimits, it could also affect the ability of a mutual fundto close out its positions in derivatives. These eventscould prevent a mutual fund from making a profit orlimiting its losses

• some derivatives may limit a mutual fund’s potentialfor gain as well as loss

• derivatives traded on foreign markets may be harder totrade and have higher credit risks than derivativestraded in North America

• the cost of entering and maintaining derivativecontracts may reduce the mutual fund’s total return to investors

• the other party to a derivative contract may not be ableto live up to its agreement to complete the transaction.

Emerging Market Risk

In emerging market countries, securities markets may besmaller than in more developed countries, making it moredifficult to sell securities in order to take profits or avoidlosses. The value of mutual funds that buy theseinvestments may rise and fall substantially and fluctuategreatly from time to time.

Equity Risk

The value of mutual funds that invest in equity securitieswill be affected by changes in the market price of thosesecurities. The price of a share is influenced by the outlookfor the company that issued it and by general economicand political conditions, as well as industry and markettrends. When the economy is strong, the outlook for many(but not all) companies will be good, and share prices willgenerally rise. So will the value of the mutual funds thatown these shares. On the other hand, share prices tend todecline with a general economic or industry downturn.

Foreign Market and Currency Risk

Investments in foreign securities generally involve risks inaddition to those of Canadian securities. The value offoreign securities may be influenced by the policies offoreign governments and by political or social instability.

WHAT IS A MUTUAL FUND AND WHAT ARE THE RISKS OF INVESTING IN A MUTUAL FUND? (CONT’D)

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There may be less information about foreign companiesthan Canadian firms and there may be lower standards ofgovernment supervision and regulation in foreignfinancial markets. In addition, certain foreign capitalmarkets may be less liquid and more volatile than theCanadian market.

Also, the value of securities issued in foreign currencies, orof securities that pay income in foreign currencies, isaffected by changes in the value of the Canadian dollarrelative to those currencies and may be subject to foreigncurrency controls where applicable.

Interest Rate Risk

The value of mutual funds that invest in debt securities will be affected by changes in applicable interest rates.For example, the interest rate on a bond is set when it isissued. When interest rates fall, the price of existing bonds will rise because existing bonds pay higher ratesthan new bonds, and are therefore worth more. On theother hand, when interest rates rise, the price of existingbonds will fall, and so will the value of the mutual fundsthat hold them. The magnitude of the decline willgenerally be greater for longer-term debt securities thanshorter-term debt securities.

Mutual funds that invest in convertible securities also carryinterest rate risk. These securities provide a fixed incomestream, so their value varies inversely with interest rates,just like bond prices. However, since they can be convertedinto common shares, convertible securities are generallyless affected by interest rate fluctuations than are bonds.

Investment Trust Risk

Some mutual funds invest in real estate, royalty, incomeand other investment trusts which are investment vehiclesin the form of trusts rather than corporations. To theextent that claims, whether in contract, in tort or as a resultof tax or statutory liability, against an investment trust are not satisfied by the trust, investors in the investmenttrust, including mutual funds, could be held liable for such obligations. Investment trusts generally seek to make

this risk remote in the case of contract by includingprovisions in their agreements that the obligations of theinvestment trust will not be binding on investorspersonally. However, investment trusts could still haveexposure to damage claims such as personal injury andenvironmental claims. Certain jurisdictions have enactedlegislation to protect investors in investment trusts fromthe possibility of such liability.

The Income Tax Act (Canada) contains rules regarding the income tax treatment of “specified investment flow-throughs” or “SIFTs”, which include certain publiclytraded income trusts and limited partnerships. SIFTs aresubject to tax at corporate rates on the non-portfolioearnings portion of their distributions. Further,unitholders of SIFTs are treated as if they had received an“eligible dividend” equal to the non-portfolio earnings lessthe related distribution tax paid by the SIFT and are taxedaccordingly. These rules apply to trusts and limitedpartnerships that began to be publicly-traded afterOctober 2006, and generally will only apply beginningwith the 2011 taxation year to those income trusts andlimited partnerships that were already publicly-traded onOctober 31, 2006 unless they exceed certain growth rates.To the extent that a mutual fund invests in an income trustor limited partnership to which these rules apply, after-taxreturns may be reduced.

Large Redemption Risk

Some mutual funds may have particular investors whoown a large proportion of the outstanding units or sharesof the fund. For example, other institutions such as banksand insurance companies or other fund companies maypurchase securities of the funds for their own mutualfunds, segregated funds, structured notes or discretionarymanaged accounts. Retail investors may also own asignificant amount of a fund. If one of those investorsredeems a large amount of their investment in the fund,the fund may have to sell its portfolio investments atunfavourable prices to meet the redemption request. Thiscan result in significant price fluctuations to the net assetvalue of the mutual fund, and may potentially reduce thereturns of the fund.


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Liquidity Risk

Liquidity is a measure of how easy it is to convert aninvestment into cash. An investment may be less liquid ifit is not widely traded or if there are restrictions on theexchange where the trading takes place. Investments withlow liquidity can have dramatic changes in value.

Market Risk

The market value of a mutual fund’s investments (whetherthey are equity or debt securities) will rise and fall based oncompany-specific developments and general stock marketconditions. Market value will also vary with changes in thegeneral economic and financial conditions in the countrieswhere the investments are based. Certain mutual fundswill experience greater volatility and short-term marketvalue fluctuations than other mutual funds.

Sector Risk

Some mutual funds concentrate their investments incertain sectors of, or industries in, the economy. Thisallows them to focus on those sectors’ potential, but it alsomeans that these mutual funds are riskier than those withbroader diversification. Since securities in the sameindustry tend to be affected by the same factors, sectorspecific mutual funds tend to experience greaterfluctuations in price.

In addition, these mutual funds must continue to followtheir stated investment objectives in the particular sectorsin which they invest even during periods when thosesectors are performing poorly.

Securities Lending, Repurchase and Reverse RepurchaseTransactions Risk

Some of the underlying funds in the Artisan Portfoliosengage in securities lending, repurchase and/or reverserepurchase transactions subject to certain conditions.

A “securities lending transaction” involves a mutual fundlending securities that it owns to a third-party borrowerwhere the borrower promises to return to the mutual fundat a later date, an equal number of the same securities and

pay a fee to the mutual fund for borrowing the securities.While the securities are borrowed, the borrower providesthe mutual fund with collateral consisting of acombination of cash and/or securities. This type oftransaction allows the mutual fund to remain exposed tochanges in the value of the borrowed securities whileearning fees for lending the securities to the borrower.

A “repurchase transaction” involves a mutual fund sellingsecurities that it owns to a third party for cash while at thesame time agreeing to buy back the securities at a later date(usually at a lower price) using the cash received by themutual fund from the third party. This type of transactionallows the mutual fund to remain exposed to changes inthe value of the sold securities while earning fees foragreeing to repurchase the securities.

A “reverse repurchase transaction” involves a mutual fundpurchasing certain types of securities from a third partywhile at the same time agreeing to sell the securities backto the third party at a later date (usually at a higher price).This type of transaction enables the mutual fund to profitfrom the difference between the purchase and sale prices.

There are risks associated with securities lending,repurchase and reverse repurchase transactions. The risksarise when the third party (i.e. the borrower, seller or buyeras the case may be) fails to live up to its obligations underthe agreement evidencing the transaction. Over time, thevalue of the securities loaned under a securities lendingtransaction or sold under a repurchase transaction mightexceed the value of the collateral or cash held by themutual fund. If the third party defaults on its obligation torepay or resell the securities to the mutual fund, the cash orcollateral may be insufficient to enable the mutual fund topurchase replacement securities and the mutual fund maysuffer a loss for the difference. Likewise, over time, thevalue of the securities purchased by a mutual fund in areverse repurchase transaction may decline below theamount of cash paid by the mutual fund to the third party.If the third party defaults on its obligation to repurchasethe securities from the mutual fund, the mutual fund mayneed to sell the securities for a lower price and suffer a lossfor the difference.


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Short Selling Risk

Some of the underlying mutual funds may engage in alimited amount of short selling. A “short sale” is wherea mutual fund borrows securities from a lender whichare then sold in the open market (or “sold short”). At alater date, the same number of securities are repurchasedby the mutual fund and returned to the lender. In theinterim, the proceeds from the first sale are depositedwith the lender and the mutual fund pays compensationto the lender. If the value of the securities declinesbetween the time that the mutual fund borrows thesecurities and the time it repurchases and returns thesecurities, the mutual fund makes a profit for thedifference (less any compensation the mutual fund isrequired to pay to the lender). Short selling involvescertain risks. There is no assurance that securities willdecline in value during the period of the short salesufficient to offset the compensation paid by the mutualfund and make a profit for the mutual fund, andsecurities sold short may instead appreciate in value.

The mutual fund also may experience difficultiesrepurchasing and returning the borrowed securities if aliquid market for the securities does not exist. The lenderfrom whom the mutual fund has borrowed securitiesmay go bankrupt and the mutual fund may lose thecollateral it has deposited with the lender. Mutual fundsthat engage in short selling are required to adhere tocontrols and limits that are intended to offset these risksby short selling only securities of larger issuers for whicha liquid market is expected to be maintained and bylimiting the amount of exposure for short sales. Themutual funds also are required to deposit collateral onlywith lenders that meet certain criteria forcreditworthiness and only up to certain limits.

Smaller Capitalized Companies Risk

The share price of smaller companies is usually morevolatile than that of more established larger companies.The value of mutual funds that buy these investmentsmay rise and fall with greater frequency and magnitude.


The following entities are involved in the operation and management of the Artisan Portfolios:

Each Artisan Portfolio will not vote any of the securities it holds of underlying funds managed by us or any of our affiliatesor associates. However, we may arrange for you to vote your share of those securities.

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ORGANIZATION AND MANAGEMENT OF THE ARTISAN PORTFOLIOS

TRUSTEE The trustee holds title to the assets owned by the Artisan Portfolios on behalf of theunitholders.

United Financial CorporationToronto, Ontario

MANAGER The manager is responsible for managing the overall undertaking and operations ofthe Artisan Portfolios.

United Financial Corporation2 Queen Street East, 20th FloorToronto, Ontario M5C 3G71-888-664-4784www.unitedfinancial.ca

PORTFOLIO ADVISOR The portfolio advisor is responsible for selecting and monitoring the mutual funds inwhich each of the Artisan Portfolios invests.


CUSTODIAN The custodian holds the securities owned by the Artisan Portfolios. The custodian isindependent of the Manager.

RBC Dexia Investor Services TrustToronto, Ontario

REGISTRAR AND TRANSFER AGENT

The registrar and transfer agent is responsible for keeping track of the owners of unitsof the Artisan Portfolios, processing purchase, switch and redemption orders, issuingaccount statements and providing annual tax reporting information.

CI Investments Inc.Toronto, Ontario

AUDITOR The auditor prepares an independent auditor’s report in respect of the annualfinancial statements of the Artisan Portfolios. The auditor is independent of theArtisan Portfolios.

PricewaterhouseCoopers LLPToronto, Ontario

PRINCIPALDISTRIBUTORS

The sales representatives of the principal distributors are responsible for dealing with investors who wish to purchase, switch or redeem units of the Artisan Portfolios.Each principal distributor is a subsidiary of CI Financial Corp.

Assante Capital Management Ltd.Toronto, Ontario

Assante Financial Management Ltd.Toronto, Ontario


INDEPENDENT REVIEW COMMITTEE E

The independent review committee, or (“IRC”), provides independent oversight andimpartial judgement on conflicts of interest involving the Artisan Portfolios. Amongother matters, the IRC prepares, at least annually, a report of its activities forunitholders of the Artisan Portfolios which is available on our website atwww.unitedfinancial.com or upon request by any unitholder, at no cost, by calling:1-888-664-4784 or e-mailing to: [email protected].

The IRC currently is comprised of four members, each of whom is independent of United Financial Corporation, its affiliates and the Artisan Portfolios.Additional information concerning the IRC, including the names of its members,and governance of the Artisan Portfolios is available in the annual information form of the Artisan Portfolios.

If approved by the IRC, an Artisan Portfolio may change its auditor by sending you awritten notice of any such change at least 60 days before it takes effect. Likewise, ifapproved by the IRC, we may merge an Artisan Portfolio into another mutual fundprovided the merger fulfills the requirements of the Canadian securities regulatorsrelating to mutual fund mergers and we send you a written notice of the merger atleast 60 days before it takes effect. In either case, no meeting of unitholders of theArtisan Portfolio may be called to approve the change.

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Each Artisan Portfolio offers Class A units and Class Funits. You have the same rights as an investor regardless ofthe class of units of the Artisan Portfolio you hold. Youmay purchase, switch (transfer from one Artisan Portfolioto another or between classes of units of the same ArtisanPortfolio) or redeem units of an Artisan Portfolio througha sales representative licensed with any one of the PrincipalDistributors listed above (on page 7) or any other dealerauthorized by us. The price of a unit of a mutual fund iscalled its “net asset value per unit” or “NAV”. We calculatea separate NAV for each class of units of an ArtisanPortfolio. In general terms, this is calculated by:

• determining the value of the Artisan Portfolio’s assetsin that class of units

• subtracting the liabilities of that class of units

• dividing the result by the number of units of that classheld by all investors in the Artisan Portfolio

The NAV for each Artisan Portfolio is calculated at the closeof business on each “valuation day”. A valuation day is eachday that we are open for a full day of business. All properlycompleted requests or orders received by the ArtisanPortfolios’ registrar before 4:00 p.m. (ET) will be processedthe same day at the NAV determined at the end of that day.Orders received after 4:00 p.m. (ET) will be processed thefollowing valuation day at the NAV determined at the end ofsuch day.

Class A units are available to all investors. Class F units areavailable only to investors who participate in certainprograms or are members of certain groups, including:

• investors who participate in fee-based programsthrough their dealer. These investors pay their dealeran annual fee for ongoing financial planning advice.We pay no commissions or service fees to their dealer

• certain other groups of investors, provided we incur no distribution costs and it makes sense to charge alower fee.

We charge a lower management fee on Class F units becauseour distribution and servicing costs are reduced. You canonly buy Class F units if your dealer and we approve it first.Your dealer’s participation in the Class F program is subjectto our terms and conditions.

If we become aware that you no longer qualify to holdClass F units of an Artisan Portfolio, we may change yourunits to Class A units of the same Artisan Portfolio after wegive you 30 days’ notice.

Purchases

You may buy Class A units under a sales charge option ora deferred sales charge option. Your choice of purchaseoption affects the sales commission paid to your dealer andthe subsequent trail commission we will pay to your dealer.See the sections entitled “Fees and Expenses” on page 14and “Dealer Compensation” on page 17. The sales chargeoption and deferred sales charge option do not apply topurchases of Class F units.

Under the sales charge option, you pay a commission toyour dealer at the time of purchase. The commission isnegotiable between you and your dealer, but cannot exceed5% of the total amount you invest. For example, if youwant to invest $10,000 and agree to pay a 5% salescommission, your dealer will retain $500 and $9,500 willbe used to purchase units of the desired ArtisanPortfolio(s).

Under the deferred sales charge option, you are notrequired to pay any sales commission to your dealer whenyou buy units. Rather, we pay the sales commission to yourdealer. You will, however, be required to pay a fee if youredeem your units within a specified number of years afterthe date of your purchase. The redemption charge is basedon the cost of the units. There are two deferred salescharge options: the standard deferred sales charge and,when available, the low-load sales charge. Class A units ofArtisan Canadian T-Bill Portfolio are not available underthe standard deferred sales charge option. Under thestandard deferred sales charge, the redemption chargestarts at 5.5% in the first year and decreases each year overa seven-year period. If you hold your units for more thanseven years, you pay no redemption charge. Under thelow-load sales charge, the redemption charge starts at 3%in the first year and decreases each year over a three-yearperiod. If you hold your units for more than three years,you pay no redemption charge. See “Fees and Expenses”on page 15 for the redemption charge schedules. If youchoose the standard deferred sales charge, you can redeem

PURCHASES, SWITCHES AND REDEMPTIONS

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some of your units each year without paying a redemptioncharge. See “Redemption” below.

We may reject your purchase order within one businessday of receiving it. If rejected, any monies sent with yourorder will be returned immediately.

If we accept your order but do not receive payment withinthree business days (one business day for Artisan CanadianT-Bill Portfolio), we will redeem your units on the nextbusiness day. If the proceeds are greater than the paymentyou owe, the Artisan Portfolio is required by applicablesecurities law requirements to keep the difference. If theproceeds are less than the payment you owe, your dealerwill be required to pay the difference and is entitled tocollect this amount and any associated expenses from you.

The minimum amount for initial investment in the ArtisanPortfolios is determined by us and may be changed fromtime to time. Similarly, we may set a minimum amount forsubsequent investments. The current minimum amountsare $2,000 for an initial investment and $50 for subsequentinvestments. We reserve the right to waive such minimumamounts for any particular investor or in any particularinstance in our sole discretion.

In order to avoid the excessive administrative cost ofmaintaining small accounts, we also have the ability toclose your account if the aggregate net asset value of theunits held in it is less than $500. If this happens, you willbe given at least 30 days notice during which time you maymake an additional investment to increase the aggregatenet assets held in your account to $500 or more.

Switches

You can switch your investment from one Artisan Portfolioto another Artisan Portfolio at any time. A switch isactually a redemption of the units of the Artisan Portfolioyou then own and a corresponding purchase of units in thenew Artisan Portfolio. If you are switching units that youbought under the deferred sales charge option, the newunits will be subject to the same deferred sales chargeschedule. For the purposes of calculating the deferred salescharge, the date of purchase of such new units will be thesame as the original units.

You also can switch your investment from an ArtisanPortfolio to another mutual fund (a “Related Fund”)managed by us or our affiliate, CI Investments Inc. Heretoo, a switch is actually a redemption of the units of theArtisan Portfolio you then own and a correspondingpurchase of units or shares in the Related Fund. If you areswitching units that you bought under the deferred salescharge option, the new units or shares of the Related Fundwill be subject to the same deferred sales charge scheduleand the compensation paid to your dealer will change tothe compensation then in effect for the Related Fund.

Your dealer may charge you a fee for switching betweenArtisan Portfolios or into a Related Fund. The maximumfee chargeable is 2% of the net asset value of theinvestment switched.

You can switch your units of one class of an ArtisanPortfolio to units of another class of the same ArtisanPortfolio by contacting your dealer. You can only changeClass A units into Class F units if you are eligible topurchase them. If you purchased your Class A units underthe deferred sales charge option, you will pay to us areclassification fee equal to the redemption charge youwould pay if you redeemed your Class A units. No otherfees apply, other than the short-term trading fee, ifapplicable. Switching units from one class to another classof the same Artisan Portfolio is not a disposition for taxpurposes except to the extent that units are redeemed topay a reclassification fee. If those redeemed units are heldoutside a registered plan, you may realize a taxable capitalgain. Switching units from an Artisan Portfolio to adifferent Artisan Portfolio or Related Fund is a dispositionfor tax purposes.

Redemptions

You may redeem units at any time by submitting a writtenredemption request to us. This is most commonly done onyour behalf by your dealer. If we receive a redemptionrequest, we will attempt to notify you or your dealerpromptly if any information necessary to process therequest is missing. Your signature on your instructionsmust be guaranteed by a bank, trust company, or financialadviser if the sale proceeds are:

PURCHASES, SWITCHES AND REDEMPTIONS (CONT’D)

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• more than $25,000, or

• paid to someone other than the registered owner.

If we do not receive all of the documentation we need fromyou to complete the redemption order within 10 businessdays, we must repurchase these units for your account. Ifthe redemption proceeds are greater than the repurchaseamount, the difference will belong to the Artisan Portfolio.If the redemption proceeds are less than the repurchaseamount, you (if you submitted your redemption orderdirectly to us) or your dealer (if it submitted the order) willbe required to pay the Artisan Portfolio the difference. Ifyour dealer is required to pay the difference, it will then beentitled to collect this amount and any associated expensesfrom you.

If your redemption proceeds are to be sent by wire transfer,your bank may charge an additional fee to receive suchfunds. If you redeem units before the cheque or electronicfunds transfer for the purchase of those units has beencollected, you will not receive the proceeds until yourinitial payment has cleared. This may take up to 15 daysafter your purchase was recorded (or longer in rare cases),depending on your financial institution.

Please also note that you may be required to pay aredemption charge on units bought under the deferredsales charge option if you redeem them within seven yearsafter your purchase (under the standard deferred salescharge) or within three years after your purchase (underthe low-load sales charge). This is described in the “Feesand Expenses” table on page 15.

The redemption charge applies once you have redeemed:

• all of your units which you purchased under thestandard deferred sales charge by using the freeredemption right described below, and

• all of your units previously purchased under thedeferred sales charge option that are no longer subjectto the redemption charge.

We calculate the redemption charge as follows:

The cost per unit for calculating the redemption charge isbased on the cost and number of units of your originalinvestment. If you previously redeemed some of theseunits under the free redemption right, you will have fewerunits, so the cost per unit will be higher. If yourdistributions were reinvested in the Artisan Portfolio, youwill have more units, so the cost per unit will be lower.

The redemption charge rate depends on how long youhave held your units. See the “Fees and Expenses” table onpage 15 for the redemption charge schedules.

Each year you can redeem some of your units that wouldotherwise be subject to the standard deferred sales charge,at no charge. This is called your “free redemption right”.We calculate the available number of units as follows:

• 10% of the number of units you bought in the currentcalendar year using the standard deferred sales charge,multiplied by the number of months remaining in thecalendar year (including the month of purchase)divided by 12, plus

• 10% of the number of units you held on December 31of the preceding year that were purchased using thestandard deferred sales charge and are subject to thestandard deferred sales charge, minus

• the number of units you would have received if youhad reinvested any cash distributions you receivedduring the current calendar year.

We may modify or discontinue your free redemption rightat any time in our sole discretion. If you do not wish to sellthe units you would be entitled to sell under this freeredemption right in any year, you can ask us to changethose units from standard deferred sales charge units tosales charge units. You will not be charged a fee for thischange and your costs of owning your investments will notbe affected, but this will increase the compensation that wewill pay your dealer. See “Dealer Compensation”. The freeredemption right only applies if your units remaininvested for the full standard deferred sales chargeschedule. If you have exercised your free redemption rightand then redeem your units before the standard deferredsales charge schedule has expired, your cost per unit will beincreased to compensate us for the units redeemed underthe free redemption right. In other words, even if youredeemed units under the free redemption right, your


number of units you are redeeming

X cost per unit Xthe redemption

charge rate

1 1

standard deferred sales charge on a full redemption wouldbe the same as if you had not redeemed any units underthe free redemption right.

We also may charge you a short-term trading fee of up to2% of the total amount you redeem if you sell your unitsof an Artisan Portfolio within 30 business days of buyingthem. The short-term trading fee does not apply toArtisan Canadian T-Bill Portfolio or to units you redeemor switch under an automatic withdrawal plan or anautomatic switching plan.

If you bought units before the date of this document andredeem or switch those units, the redemption chargedescribed in the simplified prospectus that was in effectwhen you bought your units will apply.

Under extraordinary circumstances, we may be required to suspend your right to redeem units. This would mostlikely occur if one or more of the underlying funds has suspended the right to redeem its units in respect ofsuch fund(s).

Short-term trading

Redeeming or switching units of a mutual fund within 30business days after they were purchased, which is referred toas short-term trading, may have an adverse effect on otherinvestors in the mutual fund because it can increase tradingcosts to the mutual fund to the extent the mutual fundpurchases and sells portfolio securities in response to each

redemption or switch request. An investor who engages inshort-term trading also may participate in any appreciationin the net asset value of the mutual fund during the shortperiod that the investor was invested in the mutual fund,which reduces the amount of the appreciation that isexperienced by other, longer term investors in the mutualfund. Certain types of mutual funds (such as money marketfunds) are intended as short-term investments and thereforeare not adversely affected by short-term trading.

An Artisan Portfolio may charge you a fee of up to 2% of thevalue of the units you redeem or switch if you engage inshort-term trading. The short-term trading fee does notapply to Artisan Canadian T-Bill Portfolio. This fee is paid tothe Artisan Portfolio and is in addition to any other fees thatmay apply. No short-term trading fees are charged for anysystematic transactions, such as periodic switches orredemptions or trades as part of an automatic portfoliorebalancing service. We may waive the short-term trading feecharged by an Artisan Portfolio for other trades if the size ofthe trade was small enough or the short-term trade did nototherwise harm other investors in the Artisan Portfolio. Wealso may refuse to accept purchase orders from you and wehave the discretion to redeem some or all of your units of theArtisan Portfolios if we believe you may continue to engagein short-term trading. See “Short-term trading” in theannual information form for additional information.

The Artisan Portfolios do not have any arrangements, formalor informal, with any person or company to permit short-trading trading.


OPTIONAL SERVICES

We currently offer the following optional services inconnection with the sale of units in the Artisan Portfolios.Please ask your dealer for details. Certain applicable feesare described in the next section of this document.

Periodic Investment Plans

Our pre-authorized chequing plan allows you to makeregular investments in one or more of the ArtisanPortfolios in the amounts you choose. You can start theplan by completing an application, which is available fromyour dealer. Here are the plan highlights:

• your initial investment and each subsequent investmentmust be at least $50 for each Artisan Portfolio;

• we automatically transfer the money from your bankaccount to the Artisan Portfolios you choose;

• you can choose any day of the month to invest weekly,bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annually;

• if the date you choose is not a business day, your unitswill be bought the next business day;

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• you can choose either the sales charge option or thedeferred sales charge option;

• you can change or cancel the plan at any time byproviding us 48 hours notice; and

• we will confirm your initial automatic purchase and allother transactions will be reported on your semi-annual and annual statements if your investments aremade no less frequently than monthly, otherwise wewill confirm each subsequent purchase.

Unless you request it at the time you enrol in the pre-authorized chequing plan or at any other time from yourdealer, you will not receive additional copies of thesimplified prospectus or future simplified prospectuses ofthe Artisan Portfolios, or amendments thereto, inconnection with your purchases of units under this plan.These documents instead can be found on the Internet ateither www.unitedfinancial.ca or www.sedar.com. Yourrights to withdraw from an agreement to purchase unitswithin two business days of receiving the simplifiedprospectus, or to cancel your purchase within forty-eighthours of receiving confirmation of your order, will apply toyour first purchase of units under a pre-authorizedchequing plan but not to subsequent purchases. Yourrights to cancel your purchase or make a claim for damagesif there is any misrepresentation in the simplifiedprospectus (or the documents incorporated by referenceinto the simplified prospectus) apply to both your initialand subsequent purchases under a pre-authorizedchequing plan, even if you do not request copies of futuresimplified prospectuses and amendments thereto of theArtisan Portfolios. You will be reminded annually inwriting how you may request copies of simplifiedprospectuses, and amendments thereto, of the ArtisanPortfolios and of your rights described above.

Artisan Investor Profile Questionnaire

To help you and your advisor determine which ArtisanPortfolio best suits your individual needs, we havedeveloped an “Investor Profile Questionnaire”. Thisoptional risk tolerance questionnaire and score card will assist in determining how much risk you arecomfortable with, given your personal needs for income,liquidity and growth.

Artisan Registered Plans

We can set up a registered plan to hold your investment inthe Artisan Portfolios. Possible plans include:

• Registered Retirement Savings Plans (RRSPs)

• Locked-In Retirement Accounts (LIRAs)

• Registered Retirement Income Funds (RRIFs)

• Locked-In Retirement Income Funds (LRIFs)

• Life Income Funds (LIFs)

• Prescribed Retirement Income Funds (PRIFs)

• Registered Education Savings Plans (RESPs)

• Tax-Free Savings Accounts (TFSAs)

Under these “Registered Plans”, The Canada TrustCompany currently acts as trustee and holds title to theRegistered Plan’s assets. As agent of the trustee, we (or ouraffiliates) arrange to register the Registered Plan on yourbehalf under the Income Tax Act (Canada) and, ifnecessary, under the provisions of any similar legislation ofany province or territory in Canada.

Automatic Withdrawal Plans

Our automatic withdrawal plan allows you to receiveregular cash payments from your Artisan Portfolios. Youcan start the plan by completing an application, which isavailable from your dealer. Here are the plan highlights:

• the value of your units must be more than $5,000 tostart the plan;

• the minimum amount you can redeem is $50 for eachArtisan Portfolio;

• we automatically redeem the necessary number ofunits to make payments to your bank account or acheque is mailed to you;

• you can choose any day of the month to receivepayments weekly, bi-weekly, monthly, bi-monthly,quarterly, semi-annually or annually;

• if the date you choose is not a business day, your unitswill be redeemed the previous business day;

OPTIONAL SERVICES (CONT’D)

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• we will confirm your first automatic redemption andall other automatic redemptions will be reported onyour semi-annual and annual statements if yourinvestments are made no less frequently than monthly,otherwise we will confirm each subsequent purchase.

A redemption charge may apply to any units you boughtthrough the deferred sales charge option. See “Fees andExpenses” on page 15 for details.

If you withdraw more money than your units are earning,you will eventually use up your investment.

If you sell units held in a RRIF, LRIF, PRIF or LIF, anywithdrawals in excess of the minimum prescribed amountfor the year will be subject to withholding tax. You canonly choose any day between the 1st and the 25th of themonth for these plan types and withdrawals can be madeno more frequently than monthly.

Automatic Switching Plan (Dollar Cost Averaging)

You can make regular switches from the Artisan CanadianT-Bill Portfolio to any other Artisan Portfolio (dollar costaveraging). By completing the appropriate authorizationform, which can be obtained from your dealer, you mayauthorize us to automatically redeem units of the ArtisanCanadian T-Bill Portfolio and use the proceeds to buyunits of another Artisan Portfolio of your choice. Underthis plan, the new units may be bought under the salescharge option or the deferred sales charge option. If youhold your units in a non-registered account, you mayrealize a gain. Here are the plan highlights:

• the minimum switch is $50;

• we automatically redeem units you hold in the ArtisanCanadian T-Bill Portfolio and invest the proceeds inthe Artisan Portfolio you choose;

• you can choose any day of the month to make switchesmonthly, quarterly, semi-annually or annually;

• if the date you choose is not a business day, your switchwill be processed the previous business day;


• we will confirm your first automatic switch and allother automatic switches will be reported on yoursemi-annual and annual statements if yourinvestments are made no less frequently than monthly,otherwise we will confirm each subsequent purchase

Group RRSPs

Eligible employers may arrange for the registration of aspecial purpose retirement savings plan (a “Group RRSP”)under which their employees can make periodiccontributions for investment in units of the ArtisanPortfolios. In these situations, the employer generally actsas administrator of the Group RRSP.

Please note that, if you are a member of an employer-sponsored Group RRSP or other employer-sponsoredcapital accumulation plan, although the inclusion of theArtisan Portfolios on the list of available investmentopportunities may have been your employer’s decision, itwill generally disclaim any responsibility with respect tothe performance of the Artisan Portfolios. Accordingly, thedecision to purchase units of any Artisan Portfolio is solelyyours. In addition, there may be other investmentalternatives available and you should judge each on itsmerits. You should always discuss your investmentalternatives with your investment advisor.

Automatic Reinvestment of Distributions

For units held in an Artisan Registered Plan, alldistributions from an Artisan Portfolio will automaticallybe reinvested in additional units of the same ArtisanPortfolio. Distributions in respect of units held in non-registered accounts are reinvested in additional units of thesame Artisan Portfolio unless you tell us in writing thatyou want cash payments instead.

OPTIONAL SERVICES (CONT’D)

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This table lists the fees and expenses that you may have to pay if you invest in the Artisan Portfolios. You may have to paysome of these fees and expenses directly. The Artisan Portfolios may have to pay some of these fees and expenses, whichwill therefore reduce the value of your investment in the Artisan Portfolios.

FEES AND EXPENSES PAYABLE BY THE ARTISAN PORTFOLIOS

Management Fees Each class of units of an Artisan Portfolio pays an annual fee to cover management services. The fee iscalculated as a percentage of the value of the class of units of the Artisan Portfolio as set out below.

Annual Management Fee (%)

Artisan Portfolio Class A units Class F units

Artisan Canadian T-Bill Portfolio 0.70 0.45

Artisan Most Conservative Portfolio 1.80 0.80

Artisan Conservative Portfolio 2.10 1.10

Artisan Moderate Portfolio 2.20 1.20

Artisan Growth Portfolio 2.20 1.20

Artisan High Growth Portfolio 2.25 1.25

Artisan Maximum Growth Portfolio 2.25 1.25

Artisan New Economy Portfolio 2.00 1.00

Operating Expenses We bear all of the operating expenses of the Artisan Portfolios (other than certain taxes, brokerage andborrowing costs and certain new governmental fees) (the “Variable Operating Expenses”) in return for fixedannual administration fees. Not included in the Variable Operating Expenses are (a) taxes of any kindcharged directly to the Artisan Portfolios (principally income tax and G.S.T. on their management andadministration fees), (b) borrowing costs incurred by the Artisan Portfolios from time to time, and (c) any newfees that may be introduced by a securities regulator or other governmental authority in the future that iscalculated based on the assets or other criteria of the Artisan Portfolios. The purchase price of all securitiesand other property acquired by or on behalf of the Artisan Portfolios (which are considered capital costs) andbrokerage fees, commissions and service charges paid to purchase and sell such securities and other propertyalso are not included in Variable Operating Expenses. For greater certainty, we will bear all taxes (such asG.S.T. and provincial sales taxes) charged to us for providing the goods, services and facilities included in theVariable Operating Expenses. However, fees charged directly to investors are not included in the VariableOperating Expenses.

Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class of theArtisan Portfolios as set out below.

Artisan Portfolio Administration Fee (%)

Artisan Canadian T-Bill Portfolio nil

Artisan Most Conservative Portfolio 0.17

Artisan Conservative Portfolio 0.20

Artisan Moderate Portfolio 0.21

Artisan Growth Portfolio 0.22

Artisan High Growth Portfolio 0.22

Artisan Maximum Growth Portfolio 0.22

Artisan New Economy Portfolio 0.22

FEES AND EXPENSES)

1 5

IRC Costs Each IRC member (other than the Chairman) is paid, as compensation for his or her services, $33,000 perannum plus $8,250 for each meeting attended. The Chairman is paid $41,250 per annum plus $10,312 foreach meeting attended. Each year the IRC determines and discloses its compensation in its annual report tounitholders of the Artisan Portfolios. We reimburse the Artisan Portfolios for the fees and expenses of the IRC.

Underlying Funds Fees and Expenses There are fees and expenses payable by the underlying funds in addition to the fees and expenses payable bythe Artisan Portfolios. Management fees payable by the Artisan Portfolios are reduced by the aggregateamount of the management fees indirectly paid to the managers of the underlying funds. Consequently, therewill be no duplication of management fees as a result of an investment in an Artisan Portfolio rather thandirect investments in the underlying funds. Neither management fees nor incentive fees payable by the ArtisanPortfolios which, to a reasonable investor, would duplicate a fee payable by the underlying funds for the sameservice will be charged. No sales fees or redemption fees are payable by the Artisan Portfolios in relation totheir purchases or redemptions of securities of the underlying funds that, to a reasonable person, wouldduplicate a fee payable by an investor in the Artisan Portfolio, and no sales or redemption fees are payable bythe Artisan Portfolios for investing in underlying funds managed by us or any of our affiliates or associates.

FEES AND EXPENSES PAYABLE DIRECTLY BY YOU

Sales Charges If you choose to purchase Class A units of an Artisan Portfolio under the sales charge option, you may be requiredto pay a sales charge of 0-5% of the amount you invest. This amount is charged by and paid to your dealer.

Redemption Fees If you choose to purchase Class A units of an Artisan Portfolio under the deferred sales charge option, you willbe required to pay us a redemption charge at the rates described below if you redeem your units during thetime periods specified. There are two deferred sales charge options to choose from at the time of purchasingClass A units of an Artisan Portfolio: the standard deferred sales charge (which is available for all ArtisanPortfolios except the Artisan Canadian T-Bill Portfolio) and the low-load sales charge. Each deferred salescharge option has its own redemption charge schedule. The redemption charge is based on the cost of theunits you are redeeming and decreases each year as illustrated below:

Standard Deferred Sales Charge Time of Redemption Standard Deferred (calculated from date of purchase) Sales Charge Rate

During first year 5.5%During second year 5.0%During third year 5.0%During fourth year 4.0%During fifth year 4.0%During sixth year 3.0%During seventh year 2.0%Thereafter Nil

Up to 10% of your Class A units in the Artisan Portfolios that are subject to the standard deferred sales chargemay be redeemed in each calendar year without a redemption charge. Please see “Redemption” above.

Low-load Sales Charge Time of Redemption Low-load (calculated from date of purchase) Sales Charge Rate

During first year 3.0%During second year 2.5%During third year 2.0%Thereafter Nil

FEES AND EXPENSES (CONT’D)

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Switch Fees If you wish to switch your investment between Artisan Portfolios or to a Related Fund, you may be required topay a fee of up to 2% of the dollar amount that you switch. This amount is charged by and paid to your dealer.

Reclassification Fee If you are switching Class A units to Class F units, you may have to pay to us a reclassification fee if youbought your Class A units under the deferred sales charge option. The reclassification fee is equal to theredemption fee you would pay if you redeemed your Class A units. See the redemption fee schedule above.

Short-Term Trading Fee We may charge you a short-term trading fee of up to 2% of the total amount you redeem if you sell or switch yourunits of the Artisan Portfolio within 30 business days of buying them and we may refuse to accept further purchaseorders from you. This fee does not apply to Artisan Canadian T-Bill Portfolio or to units you sell or switch under anautomatic withdrawal plan or an automatic switching plan or to switches between classes of the same ArtisanPortfolio. This fee would be in addition to any other fees to which you would be subject under this document. Wewill adopt, without amendment to this document or notice to you, policies on short-term trading mandated byregulation, if and when implemented.

Artisan Registered Plan Fees None.

NSF Cheques There is a $25 charge for all cheques returned because of insufficient funds.

Impact of Sales Charges

The following table shows the amount of fees that you would have to pay under the different purchase options availableto you if you made an investment of $1,000 in an Artisan Portfolio, held that investment for one, three, five or ten yearsand redeemed immediately before the end of that period.

At Time

of Purchase 1 Year 3 Years 5 Years 10 Years

Sales Charge Option $50.00 Nil Nil Nil Nil

Standard Deferred Sales Charge (1)(2) Nil $55.00 $50.00 $40.00 Nil

Low-load Sales Charge(1) Nil $30.00 $20.00 Nil Nil

No Load Option(3) Nil Nil Nil Nil Nil

(1) Redemption charges may apply only if you redeem your units in a particular year. Redemption charges are shown under “Redemption Fees” above.The redemption charge is based upon the cost of the units you are redeeming. For purposes of the table, an annual 5% market gain has beenassumed. This table is for illustrative purposes only as real returns may be higher or lower than 5%.

(2) Up to 10% of your Class A units subject to the standard deferred sales charge may be redeemed in each calendar year without incurring a deferredsales charge. Please see “Redemptions” above for full details of this program.

(3) Class A units can be purchased only through the sales charge option or the deferred sales charge option. Class F units can be purchased only throughthe no load option.

FEES AND EXPENSES (CONT’D)

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Sales Commissions

If you buy Class A units of an Artisan Portfolio under thesales charge option, you may be required to pay your dealera sales commission at the time of purchase. The amountof the sales commission is negotiable, but cannot exceed5% of the amount you invest.

If you buy Class A units under the deferred sales chargeoption, you are not required to pay any sales commissionat the time of purchase. Rather, we pay your dealer acommission of 5% (if you purchase under the standarddeferred sales charge) or 2% (if you purchase under thelow-load sales charge) of the amount you invest. Thatcommission is not negotiable.

These commissions are not paid when you switch yourunits, but a switch fee of up to 2% of the dollar amountthat you switch may be charged by your dealer.

No commissions are paid to your dealer when you receiveunits from reinvested distributions.

Trailing Commissions

Out of the management fees that we receive, we pay yourdealer a trailing commission on Class A units at the end ofeach month. Trailing commissions are paid for theongoing advice and service that dealers generally provide.

The trailing commission varies depending on the purchaseoption and the particular Artisan Portfolio into whichfunds are invested. The table below is a summary of themaximum annual trailing commission rates we pay:

Annual Trailing Commission

Artisan Portfolio Sales Charge Option Standard Deferred Sales Charge

Artisan Canadian T-Bill Portfolio 0.25% 0.10%

All Other Artisan Portfolios 1.00% 0.50%

The standard deferred sales charge rate trailingcommission changes to the sales charge option rate on theseventh anniversary of the investment.

For Class A units purchased under the low-load salescharge, the trailing commission is paid to your dealer at the

standard deferred sales charge rate for the first three yearsfrom the date of the purchase (except Artisan Canadian T-Bill Portfolio, in respect of which no trailing commission ispaid for the first three years) and is changed to the salescharge option rate thereafter.

Other Kinds of Dealer Compensation

We pay for the marketing materials we give to dealers tohelp support their sales efforts. These materials includereports and commentaries on the markets, the ArtisanPortfolios and the services we offer investors.

We may also share with dealers up to 50% of their costs inmarketing the Artisan Portfolios. For example, we may paya portion of the costs of a dealer in advertising theavailability of the Artisan Portfolios through such dealer.We may also pay part of the costs of a dealer in running aseminar to inform you and other potential investors aboutthe Artisan Portfolios or generally about a variety offinancial planning topics including the benefits ofinvesting in mutual funds.

We may also pay up to 10% of the costs of some dealers tohold educational seminars or conferences for their salesrepresentatives to inform them about, among other things,new developments in the mutual fund industry, financialplanning or new financial products.

We also arrange seminars for representatives of certaindealers where we inform them about new developmentsregarding the Artisan Portfolios, our other products andservices and general mutual fund industry matters.

Sales Practices of the Principal Distributors

The Principal Distributors may offer certain permittedincentives for you to invest in the Artisan Portfolios. Forexample, they may absorb or waive certain fees (such as thefees for a self-directed RRSP) in the event that you makeand maintain a certain level of investment in the ArtisanPortfolios. Representatives of the Principal Distributorsmay also in certain cases reimburse you for deferred salescharges incurred in redeeming investments in othermutual funds to invest in the Artisan Portfolios. Please askyour dealer for details.

DEALER COMPENSATION

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Assante Wealth Management (Canada) Inc., which is theparent company of the Principal Distributors and anaffiliate of United Financial Corporation, runs a programwhich recognizes attributes of an advisor’s practice,including nature of investing, continuing education andobtaining and maintaining related professionaldesignations. Points awarded under the program are usedfor determining eligibility for additional professionaldevelopment and educational opportunities, additionalmarketing support and equity ownership programs.Representatives receive the same number of points forproviding to investors the investment products andservices of third parties as for comparable investmentproducts and services of United Financial Corporationand its affiliates.

Disclosure of Equity Interests

United Financial Corporation, each of the other PrincipalDistributors, CI Fund Services Inc. and Blackmont CapitalInc. are subsidiaries of CI Financial Corp. CI FinancialCorp. is an independent, Canadian-owned wealthmanagement firm, the common shares of which are tradedon the Toronto Stock Exchange.

DEALER COMPENSATION (CONT’D)

DEALER COMPENSATION FROM MANAGEMENT FEES

INCOME TAX CONSIDERATIONS FOR INVESTORS

Approximately 35.4% of the total management fees wereceived in the financial year ended December 31, 2008(from the Artisan Portfolios and all other mutual funds managed by us) were used to pay for dealercommissions and other marketing, promotional andeducational activities.

This section is a general summary of how Canadian federalincome taxes affect your investment in an ArtisanPortfolio. It assumes that you:

• are an individual (other than a trust),

• are a Canadian resident,

• deal with the Artisan Portfolios at arm’s length, and

• hold your units as capital property.

This summary also assumes that each Artisan Portfolioqualifies as a “mutual fund trust” within the meaning of theIncome Tax Act (Canada) at all material times. This section

is not exhaustive and your situation may be different.You should consult a tax advisor about your own situation.

Units Held in a Non-Registered Account

For units which are held outside a Registered Plan, youmust include in your income each year the amount ofdistributions of net income and the taxable portion of anynet capital gains paid or payable to you in the year by anArtisan Portfolio, whether you receive these amounts incash or in additional units of the Artisan Portfolio. Returnsof capital are not taxable to you and generally will reducethe adjusted cost base of your units of the Artisan Portfolio.

1 9

The price of a unit may include income and/or capital gainsthat the Artisan Portfolio has earned, but not yet realizedand/or distributed. If you buy units of an Artisan Portfoliobefore it makes a distribution, the distribution you receivemay be taxable to you even though the Artisan Portfolioearned the amount before you invested in the ArtisanPortfolio. For example, the Artisan Portfolio may make itsonly, or most significant, distribution of capital gains inDecember. If you purchase units late in the year, you mayhave to pay tax on your proportionate share of the incomeand capital gains earned by the Artisan Portfolio for thewhole year, even though you were not invested in theArtisan Portfolio during the whole year.

If an Artisan Portfolio’s portfolio has a high turnover rate,the Artisan Portfolio may recognize its accrued gains andlosses for tax purposes more frequently than an ArtisanPortfolio with a lower turnover rate. There is no necessaryrelationship between the turnover rate of an ArtisanPortfolio and its performance.

When you dispose of a unit, including a redemption or aswitch of units of an Artisan Portfolio for units of anotherArtisan Portfolio, you may realize a capital gain or loss. Yourcapital gain or loss will be equal to the difference betweenthe proceeds of disposition (generally the value receivedless any reasonable disposition costs such as redemptioncharges) and your adjusted cost base of the unit of theArtisan Portfolio. In general, the aggregate adjusted costbase of your units of a particular class of an ArtisanPortfolio is:

• the total amount paid for all your units of that class ofthe Artisan Portfolio (including any sales charges paid),

• plus reinvested distributions in additional units of thatclass of the Artisan Portfolio,

• minus the return of capital component of distributionsin respect of units of that class of the Artisan Portfolio,and

• minus the adjusted cost base of any units of that classof the Artisan Portfolio you have previously redeemed.

The adjusted cost base to you of a unit of a particular classof an Artisan Portfolio will generally be determined byreference to the adjusted cost base of all units of that classof that Artisan Portfolio held by you at the time of the

disposition divided by the total number of units of thatclass of that Artisan Portfolio held by you. You shouldkeep detailed records of the purchase cost of your unitsand distributions you receive so you can calculate theadjusted cost base of your units.

Switching units of a particular class of an Artisan Portfolioto units of another class of the same Artisan Portfolio willnot be considered to be a disposition for tax purposesexcept to the extent that units are redeemed to pay areclassification fee. If those redeemed units are heldoutside a registered plan, you may realize a taxable capitalgain. Otherwise, you will not realize a gain or a loss as aresult of such a switch.

Generally, one-half of a capital gain is included incomputing income as a taxable capital gain and one-half ofa capital loss is an allowable capital loss which must bededucted against your taxable capital gains for the year.Any excess of your allowable capital loss over your taxablecapital gains for the year may be carried back up to threetaxation years or forward indefinitely and deducted againsttaxable capital gains in other years.

If you dispose of units of an Artisan Portfolio and you,your spouse or another person affiliated with you(including a corporation controlled by you) has acquiredunits of the Artisan Portfolio within 30 days before or afteryou dispose of your units (such newly acquired units beingconsidered “substituted property”), your capital loss maybe deemed to be a “superficial loss”. If so, you will not beable to recognize the loss and it will be added to theadjusted cost base to the owner of the units which are“substituted property”.

Dividends from Canadian corporations and capital gainsdistributed to you by an Artisan Portfolio, and capital gainsrealized on the disposition of units of the Artisan Portfolio,may give rise to alternative minimum tax.

Prior to March 15th in each year, we will issue a tax slip toyou that shows you how much of each type of income andany returns of capital the Artisan Portfolio has distributedto you in the prior year. You can claim any tax credits thatapply to such types of income.

Please see the annual information form of the ArtisanPortfolios for additional tax information. You should

INCOME TAX CONSIDERATIONS FOR INVESTORS (CONT’D)

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consult your tax adviser about the tax treatment in yourparticular circumstances of any optional dealer fees youpay when investing in Class F units of an Artisan Portfolio.

Units Held in a Registered Plan

Units of the Artisan Portfolios are “qualified investments”for Registered Plans, registered disability savings plans anddeferred profit sharing plans.

If you hold your units in such a plan, you do not pay anytax on distributions paid from the Artisan Portfolio or anycapital gains realized from redeeming or switching unitsheld inside the plan. However, withdrawals from suchplans (other than a TFSA) may be subject to tax.

INCOME TAX CONSIDERATIONS FOR INVESTORS (CONT’D)

Securities legislation in some provinces gives you the rightto withdraw from an agreement to buy mutual fundswithin two business days of receiving the simplifiedprospectus, or to cancel your purchase within forty-eighthours of receiving confirmation of your order.

Securities legislation in some provinces and territories alsoallows you to cancel an agreement to buy mutual fund

units and get your money back, or to make a claim fordamages, if the simplified prospectus, annual informationform or financial statements misrepresent any facts aboutthe mutual fund. These rights must usually be exercisedwithin certain time limits.

For more information, refer to the securities legislation ofyour province or territory or consult your lawyer.

WHAT ARE YOUR LEGAL RIGHTS?

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General Information

The following explanations are provided to help you more easily understand the specific information abouteach of the Artisan Portfolios provided in Part B of thesimplified prospectus.

The Artisan Portfolios

The Artisan Portfolios were designed to provide acomprehensive range of investment options to investors witha wide range of investment objectives and risk tolerances.

Unlike traditional mutual funds, which invest in individualsecurities, the Artisan Portfolios invest primarily in a mixof other mutual funds from among the most prominentmutual fund companies in Canada. These funds are calledthe “underlying funds” and may include underlying fundsmanaged by us or any of our affiliates or associates.

Investment Process for the Artisan Portfolios

The Artisan Portfolios offer strategic asset allocation anddiversification. Asset allocation means creating adiversified portfolio by investing in different asset classes.Asset classes include equity securities like stocks, fixedincome securities like bonds, and money marketinstruments like treasury bills. A portfolio’s exactallocation to these asset classes depends on what theportfolio is trying to accomplish. Achieving the right assetmix for a given level of risk may be the single mostimportant factor in how a portfolio performs. In addition,individual security diversification within either an assetclass or an economic sector (or both) is important tomaximize return for a given level of risk.

Each Artisan Portfolio is designed to meet a specificinvestment objective. Selecting the right Artisan Portfoliodepends on your investment goals, how long you areplanning to invest your money and your tolerance for risk.

How We Select the Underlying Funds

In creating the Artisan Portfolios, we undertook adetailed portfolio development process. Initially,allocations among money market, equity and fixedincome asset classes were established to define thevarying levels of risk of each Artisan Portfolio. Withinthese categories, further allocations were made within thefollowing geographic regions - Canada, the US andinternational. Within these geographic parameters,specific underlying funds are selected.

In selecting the underlying funds, we assess a variety ofcriteria, including:

• management style

• choice of sub-advisors and other consultants

• investment performance and consistency

• risk tolerance levels

• efficiency of administration

• calibre of reporting procedures

Making Changes to the Underlying Funds

We continually review and monitor the performance of theArtisan Portfolios. The review process consists of twoparts. First, we conduct an assessment of the underlyingfunds. Factors such as adherence to stated investmentmandate, returns, risk-adjusted return measures, assets,investment management process, style, consistency andcontinued portfolio fit are considered. This process mayresult in suggested revisions to weightings of theunderlying funds, the inclusion of new underlying fundsor the removal of one or more underlying funds. Second,we conduct an assessment of industry trends and investorneeds and preferences to determine if more fundamentalchanges to the Artisan Portfolios are required or desirable.We may change the weighting for one or more underlyingfunds, and add or remove an underlying fund, at any timewithout further notice to investors.

SPECIFIC INFORMATION ABOUT EACH OF THE MUTUAL FUNDS DESCRIBED IN THIS DOCUMENT

2 2

Investment Risks

The specific fund risks based upon each Artisan Portfolio’sinvestment objectives and strategies are described in Part Bof the simplified prospectus. As each of the ArtisanPortfolios invests primarily in other mutual funds, theirinvestment risks are directly related to the investment risksof the mutual funds they hold.

Fund Expenses Indirectly Borne by Investors

Mutual funds pay their expenses out of fund assets. Thismeans investors in a fund indirectly pay for these expensesthrough lower returns.

Each of the charts set out under this heading allow you tocompare the cost of investing in the applicable ArtisanPortfolio with the cost of investing in other mutual funds.It shows the cumulative expense you would have paid overvarious time periods if you:

• invested $1,000 in an Artisan Portfolio;

• earned a total annual return of 5%, which may bedifferent from the actual return in any given year and isonly used for illustrative purposes as required by thesecurities regulators; and

• paid the same management expense ratio each year asyou did in the Artisan Portfolio’s last completedfinancial year.

This information is not currently available for certainclasses of some Artisan Portfolios because such classeswere unable to calculate a management expense ratio forthe last completed financial year of the Artisan Portfolio.

SPECIFIC INFORMATION ABOUT EACH OF THE MUTUAL FUNDS DESCRIBED IN THIS DOCUMENT (CONT’D)

ARTISAN PORTFOLIOS


Additional information about the Artisan Portfolios is available in their annual information form, management reports of fund performance and financial

statements. These documents are incorporated by reference into this simplified prospectus. That means they legally form part of this simplified

prospectus just as if they were printed in it.

You can get a copy of these documents, at your request and at no cost, by calling toll-free 1-888-664-4784, from your dealer or by e-mail at

[email protected].

These documents and other information about the Artisan Portfolios, such as information circulars and material contracts, are also available on our

Website at www.unitedfinancial.ca or at the Web site of SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com.

A complete simplified prospectus for the mutual funds listed on this cover consists of this document and an additional disclosure document that provides

specific information about the mutual funds in which you are investing. This document provides general information applicable to all of the Artisan

Portfolios. You must be provided with the additional disclosure document.

United Financial Corporation2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7Telephone: 1-888-664-4784Fax: 1-877-954-5475Email: [email protected]

United Financial and/or United Financial and design is a trademark of United Financial Corporation. ART_PRO_E (07/09)

PART BFUND SPECIFIC INFORMATION

SIMPLIFIED PROSPECTUS — JULY 25, 2009




ARTISAN PORTFOLIOS

PART B — TABLE OF CONTENTS

Page

ARTISAN CANADIAN T-BILL PORTFOLIO 1

ARTISAN MOST CONSERVATIVE PORTFOLIO 2

ARTISAN CONSERVATIVE PORTFOLIO 4

ARTISAN MODERATE PORTFOLIO 6

ARTISAN GROWTH PORTFOLIO 8

ARTISAN HIGH GROWTH PORTFOLIO 10

ARTISAN MAXIMUM GROWTH PORTFOLIO 12

ARTISAN NEW ECONOMY PORTFOLIO 14

This document provides specific information about the Artisan Canadian T-Bill Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1

ARTISAN CANADIAN T-BILL PORTFOLIO

Fund Details

Portfolio Type Income

Date Started Class A units: January 15, 1998

Class F units: July 28, 2006

Securities Offered Class A units and Class F units

Eligibility Eligible for Registered Plans.

What Does the Fund Invest In?

Investment Objective

The Artisan Canadian T-Bill Portfolio’s investmentobjective is to achieve a high degree of current incometogether with relative safety of capital.

This investment objective, which can only be changed withunitholder approval, is pursued by investing in a selectionof other publicly available mutual funds as describedbelow. Please refer to the “General Information” section ofPart A of the simplified prospectus for information onhow we select, rebalance and make changes to theseunderlying funds.

Investment Strategies

The investment strategy of the Artisan Canadian T-BillPortfolio is to acquire and maintain a portfolio of one ormore underlying funds which invest in securities of (orguaranteed by) the Government of Canada or anyprovince thereof, obligations and deposits in interest-bearing accounts in any chartered bank or trust company,government and corporate bonds and debentures,mortgages or other fixed income investments, includingpreferred stock.

The Artisan Canadian T-Bill Portfolio aims to maintain aconstant unit price of $5.00.

What are the Risks of Investing in the Fund?

Investing in the Artisan Canadian T-Bill Portfolio involvesmarket risk, derivative risk, securities lending, repurchaseand reverse repurchase transactions risk, and the

additional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk

• credit (default) risk

• interest rate risk

• large redemption risk

• although the Artisan Canadian T-Bill Portfolio aims tomaintain a constant price for its units, there is noguarantee that the price will not fluctuate

As of June 30, 2009, an investor owned approximately12.51% of the outstanding units of the Artisan CanadianT-Bill Portfolio, which results in large redemption risk.

Who Should Invest in this Fund?

The Artisan Canadian T-Bill Portfolio is suitable forinvestors with a low risk tolerance or a short-terminvestment horizon, or for the conservative portion of aninvestment portfolio.

Distribution Policy

Income is credited to unitholder accounts at the close ofbusiness each valuation day and distributed at the end ofeach month or when you redeem your units. Any capitalgains will be distributed in December of each year. You willreceive distributions in additional units unless you elect toreceive your distributions in cash. If you wish to receivedistributions in cash, you must make a written request to us.


The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Canadian T-Bill Portfoliowith the cost of investing in other mutual funds.

Fees and expenses One Three Five Tenpayable over Year Years Years Years

Class A $7.48 $23.58 $41.33 $94.09

Fund Details

Portfolio Type Balanced







The Artisan Most Conservative Portfolio’s investmentobjective is to achieve a consistent return with somepotential for capital appreciation.

This investment objective, which can only be changed withunitholder approval, is pursued by investing in a broadselection of other publicly available mutual funds asdescribed below. Please refer to the “General Information”section of Part A of the simplified prospectus forinformation on how we select, rebalance and makechanges to these underlying funds.


We use strategic asset allocation to determine the targetweightings of each asset class in order to assemble aportfolio suited for investors within a specific risktolerance range. The current approximate asset classweightings are as follows:

Once the asset class weightings are determined, we allocateassets among various underlying funds in order to achievediversification by management style, investment manager, andmarket capitalization. We may change the asset classweightings from time to time based on our long-term outlookfor the capital markets.

We also provide ongoing portfolio re-balancing to ensure thatthe asset mix is maintained.


Investing in the Artisan Most Conservative Portfolioinvolves market risk, derivative risk, securities lending,repurchase and reverse repurchase transactions risk, andthe additional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk


• emerging market risk

• equity risk

• foreign market and currency risk


• investment trust risk


• liquidity risk

• sector risk

• short selling risk

• smaller capitalized company risk


This Artisan Portfolio’s distinctive balance of risk andreturn is appropriate for investors who:

• want an investment that combines income withmoderate capital growth potential

• are planning to hold their investment for the short tomedium term and can accept medium risk

This document provides specific information about the Artisan Most Conservative Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

2

ARTISAN MOST CONSERVATIVE PORTFOLIO

U.S. Equity 8.0%

Canadian Fixed Income

30.0%

Global Real Estate10.0%

Global Fixed Income7.0%

Canadian Enhanced Income

25.0%Canadian Equity12.0%

International Equity 8.0%

• want to diversify their portfolio not only by its assetmix, but by investment manager and management style

• want professional advice in choosing and monitoringtheir asset mix.

Distribution Policy

Income is distributed quarterly and capital gains aredistributed annually. You will receive distributions inadditional units unless you elect to receive yourdistributions in cash. If you wish to receive distributions incash, you must make a written request to us.


The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Most ConservativePortfolio with the cost of investing in other mutual funds.


Class A $24.39 $76.88 $134.76 $306.76

This document provides specific information about the Artisan Most Conservative Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

3

ARTISAN MOST CONSERVATIVE PORTFOLIO (CONT’D)

This document provides specific information about the Artisan Conservative Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

4

Fund Details








The Artisan Conservative Portfolio’s investment objectiveis to achieve a consistent return together with opportunityfor long-term capital appreciation.




Once the asset class weightings are determined, we allocateassets among various underlying funds in order to achievediversification by management style, investment manager,and market capitalization. We may change the asset classweightings from time to time based on our long-termoutlook for the capital markets.

We also provide ongoing portfolio re-balancing to ensurethat the asset mix is maintained.


Investing in the Artisan Conservative Portfolio involvesmarket risk, derivative risk, securities lending, repurchaseand reverse repurchase transactions risk, and theadditional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk



• equity risk





• liquidity risk

• sector risk





• want an investment that provides balance betweenincome and capital growth potential

• are planning to hold their investment for the medium tolong term and can accept medium risk

ARTISAN CONSERVATIVE PORTFOLIO

U.S. Equity 12.0%


25.0%

Global Real Estate 10.0%

Global Fixed Income 6.0%


20.0%

Canadian Equity 16.0%


This document provides specific information about the Artisan Conservative Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

5

• want to diversify their portfolio not only by its asset mix,but also by investment manager and management style


Distribution Policy

Income is distributed quarterly and capital gains aredistributed annually. You will receive distributions inadditional units unless you elect to receive yourdistributions in cash. If you wish to receive distributions incash, you must make a written request to us.


The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Conservative Portfolio withthe cost of investing in other mutual funds.

Fees and expenses One Three Five Ten

payable over Year Years Years Years

Class A $26.85 $84.64 $148.35 $337.69

ARTISAN CONSERVATIVE PORTFOLIO (CONT’D)

This document provides specific information about the Artisan Moderate Portfolio. It should be read in conjunction with the rest of the simplified prospectusof Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfolios together constitutethe simplified prospectus.

6

Fund Details








The Artisan Moderate Portfolio’s investment objective is toachieve both long-term capital appreciation andreasonable current income.







Investing in the Artisan Moderate Portfolio involvesmarket risk, derivative risk, securities lending, repurchaseand reverse repurchase transactions risk, and theadditional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk



• equity risk





• liquidity risk

• sector risk





• want an investment that combines capital growth andmoderate income potential

• are planning to hold their investment for the long termand can accept medium risk

ARTISAN MODERATE PORTFOLIO

U.S. Equity 16.0%


21.0%


Global Fixed Income5.0%


14.0%

Canadian Equity20.0%


This document provides specific information about the Artisan Moderate Portfolio. It should be read in conjunction with the rest of the simplified prospectusof Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfolios together constitutethe simplified prospectus.

7

• want to diversify their portfolio not only by its assetmix, but by investment manager and management style

• want professional advice in choosing and monitoringtheir asset mix

Distribution Policy

Income and capital gains are distributed annually inDecember. You will receive distributions in additionalunits unless you elect to receive your distributions in cash.If you wish to receive distributions in cash, you must makea written request to us.


The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Moderate Portfolio with thecost of investing in other mutual funds.


Class A $28.18 $88.84 $155.71 $354.45

Class F $17.83 $56.21 $98.52 $224.27

ARTISAN MODERATE PORTFOLIO (CONT’D)

This document provides specific information about the Artisan Growth Portfolio. It should be read in conjunction with the rest of the simplified prospectus ofArtisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfolios together constitutethe simplified prospectus.

8

Fund Details








The Artisan Growth Portfolio’s investment objective is toachieve long-term capital appreciation.







Investing in the Artisan Growth Portfolio involves marketrisk, derivative risk, securities lending, repurchase andreverse repurchase transactions risk, and the additional risksidentified below. You will find an explanation of each riskstarting on page 2 of Part A of the simplified prospectus.

• class risk



• equity risk





• liquidity risk

• sector risk





• want an investment focused on capital growth withsome income potential


ARTISAN GROWTH PORTFOLIO

U.S. Equity 20.0%


18.0%



7.0%





Distribution Policy



The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Growth Portfolio with thecost of investing in other mutual funds.


Class A $28.08 $88.51 $155.15 $353.16

This document provides specific information about the Artisan Growth Portfolio. It should be read in conjunction with the rest of the simplified prospectus ofArtisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfolios together constitutethe simplified prospectus.

9

ARTISAN GROWTH PORTFOLIO (CONT’D)

Fund Details








The Artisan High Growth Portfolio’s investment objectiveis to achieve superior capital appreciation.







Investing in the Artisan High Growth Portfolio involvesmarket risk, derivative risk, securities lending, repurchaseand reverse repurchase transactions risk, and theadditional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk



• equity risk





• liquidity risk

• sector risk





• want an investment focused on capital growth withlimited income potential


This document provides specific information about the Artisan High Growth Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 0

ARTISAN HIGH GROWTH PORTFOLIO

U.S. Equity 24.0%


12.0%



4.0%



This document provides specific information about the Artisan High Growth Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 1



Distribution Policy



The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan High Growth Portfolio withthe cost of investing in other mutual funds.


Class A $28.28 $89.16 $156.28 $355.73

ARTISAN HIGH GROWTH PORTFOLIO (CONT’D)

This document provides specific information about the Artisan Maximum Growth Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 2

Fund Details

Portfolio Type Global Equity







The Artisan Maximum Growth Portfolio’s investmentobjective is to achieve superior capital appreciationthrough the exclusive investment in equity focused mutualfunds.







Investing in the Artisan Maximum Growth Portfolioinvolves market risk, derivative risk, securities lending,repurchase and reverse repurchase transactions risk, andthe additional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk


• equity risk





• liquidity risk

• sector risk





• want to maximize the capital growth potential of theirinvestment by focusing exclusively on equities


ARTISAN MAXIMUM GROWTH PORTFOLIO

U.S. Equity 32.0%



This document provides specific information about the Artisan Maximum Growth Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 3

• want to diversify their portfolio by investment managerand management style

• want professional advice in choosing and monitoringtheir investment portfolio.

Distribution Policy



The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan Maximum GrowthPortfolio with the cost of investing in other mutual funds.


Class A $28.38 $89.48 $156.84 $357.02

ARTISAN MAXIMUM GROWTH PORTFOLIO (CONT’D)

This document provides specific information about the Artisan New Economy Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 4

Fund Details

Portfolio Type Specialty

Date Started Class A units: November 1, 2000






The Artisan New Economy Portfolio’s investment objectiveis to achieve superior capital appreciation through theinvestment in mutual funds focused on economic sectorsconsidered by us to have the potential to experience aboveaverage growth in revenues, net sales or earnings.



We use strategic asset allocation to determine the targetweightings of each economic sector in order to assemble aportfolio suited for investors within a specific risktolerance range. The current approximate economic sectorweightings are as follows:

Within these economic sectors, we allocate assets amongvarious underlying funds in order to achieve furtherdiversification by investment manager. We may change theeconomic sector weightings from time to time based onour long-term outlook for the capital markets.

We also provide ongoing portfolio re-balancing to ensurethat the allocations among the underlying funds aremaintained.


Investing in the Artisan New Economy Portfolio involvesmarket risk, derivative risk, securities lending, repurchaseand reverse repurchase transactions risk, and theadditional risks identified below. You will find anexplanation of each risk starting on page 2 of Part A of thesimplified prospectus.

• class risk



• equity risk




• liquidity risk

• sector risk




This Artisan Portfolio’s balance of specific industryexposure is appropriate for investors who:

• want to complement a diversified portfolio by gainingexposure to specific economic sectors identified by usas having potential for above average performance overthe long term

• are planning to hold their investment for the long termand can accept high risk

ARTISAN NEW ECONOMY PORTFOLIO

Science & Technology

40.0%

Health Care40.0%

Other 20.0%

This document provides specific information about the Artisan New Economy Portfolio. It should be read in conjunction with the rest of the simplifiedprospectus of Artisan Portfolios dated July 25, 2009. This document and the document that provides general information about the Artisan Portfoliostogether constitute the simplified prospectus.

1 5

• currently invest in economic sectors with high growthpotential and want to structure or consolidate suchinvestments

• want professional advice in structuring, monitoringand maintaining their investments in the high growthpotential sectors of the economy.

Distribution Policy



The chart below allows you to compare the cost ofinvesting $1,000 in the Artisan New Economy Portfoliowith the cost of investing in other mutual funds.


Class A $28.49 $89.81 $157.41 $358.31

Class F $17.73 $55.89 $97.96 $222.98

ARTISAN NEW ECONOMY PORTFOLIO (CONT’D)

ARTISAN PORTFOLIOS


Additional information about the Artisan Portfolios is available in their annual information form, management reports of fund performance and financial

statements. These documents are incorporated by reference into this simplified prospectus. That means they legally form part of this simplified

prospectus just as if they were printed in it.

You can get a copy of these documents, at your request and at no cost, by calling toll-free 1-888-664-4784, from your dealer or by e-mail at

[email protected].

These documents and other information about the Artisan Portfolios, such as information circulars and material contracts, are also available on our

Website at www.unitedfinancial.ca or at the Web site of SEDAR (the System for Electronic Document Analysis and Retrieval) at www.sedar.com.

A complete simplified prospectus for the mutual funds listed on this cover consists of this document and an additional disclosure document that provides

specific information about the mutual funds in which you are investing. This document provides general information applicable to all of the Artisan

Portfolios. You must be provided with the additional disclosure document.

United Financial Corporation2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7Telephone: 1-888-664-4784Fax: 1-877-954-5475Email: [email protected]

United Financial and/or United Financial and design is a trademark of United Financial Corporation. ART_PRO_E (07/09)

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