In time for the 2003 RSP season, we launched a series of innovative new products that respond to the needs of a changing market. FULPaY AGF Funds-Linked Notes, AGF Trust Mutual Fund Linked GIC and AGF Trust Managed Futures Notes Series 1 represent a new product direction that offers investors capital protection as well as access to market gains.

Our portfolio management teams were honoured once again at the Canadian Mutual Fund Awards with Best European Equity Fund for AGF European Equity Class, advised by John Arnold and Rory Flynn of AGF International Advisors Co. Ltd. AGF Global Government Bond Fund, managed by Clive Coombs and Scott Colbourne of AGF Funds Inc. were recognized for Best Foreign Bond Fund.