As of December 14, 2007, record date, the Acker Finley Select Canada Focus - Series A fund will pay a distribution of $0.15758 cents per unit. This payment will be made on December 17, 2007.

As of December 14, 2007, record date, the Acker Finley Select Canada Focus - Series F fund will pay a distribution of $0.14964 cents per unit. This payment will be made on December 17, 2007.

As of December 14, 2007, record date, the Acker Finley Select US Value 50 - Series A fund will pay a distribution of $0.28699 cents per unit. This payment will be made on December 17, 2007.

As of December 14, 2007, record date, the Acker Finley Select US Value 50 - Series F fund will pay a distribution of $0.53274 cents per unit. This payment will be made on December 17, 2007.

Over the past few months the above noted fund’s net asset value (NAV) has reflected losses. Due to the systematic process and discipline applied within this fund, these losses have not been realized and therefore cannot be used to offset the realized gains. To the extent that any unrealized losses are eventually captured, this will reduce future capital gains distributions and thereby reduce future tax obligations.

These distributions represent REALIZED CAPITAL GAINS for the quarter. These distributions will result in either additional units or cash in your account. Remember the NAV (net asset value) will be reduced by the amount of the distribution.

As of June 22, 2007, record date, the Acker Finley Select Canada Focus - Series A fund will pay a distribution of $0.38095 cents per unit. This payment will be made on June 25, 2007.

As of June 22, 2007, record date, the Acker Finley Select Canada Focus - Series F fund will pay a distribution of $0.36230 cents per unit. This payment will be made on June 25, 2007.

As of June 22, 2007, record date, the Acker Finley Select US Value 50 - Series A fund will pay a distribution of $0.55294 cents per unit. This payment will be made on June 25, 2007.

As of June 22, 2007, record date, the Acker Finley Select US Value 50 - Series F fund will pay a distribution of $1.02345 cents per unit. This payment will be made on June 25, 2007.

These distributions represent REALIZED CAPITAL GAINS for the quarter. These distributions will result in either additional units or cash in your account. Remember the NAV (net asset value) will be reduced by the amount of the distribution.

As of September 25, 2006 the Acker Finley Select Canada Focus fund will pay a distribution of $0.27096 cents per unit to unitholders of record September 22, 2006.

These distributions represent REALIZED CAPITAL GAINS for the quarter. These distributions will result in either additional units or cash in your account. Remember the NAV (net asset value) will be reduced by the amount of the distribution.

Effective May 18, 2006, the QSA Funds has changed its name to Acker Finley Funds.

Old Name	New Name
QSA Canada Focus Fund	Acker Finley Canada Focus Fund
QSA Select Canada Focus Fund	Acker Finley Select Canada Focus Fund
QSA Select US Value 50 Fund	Acker Finley Select US Value 50 Fund

Note: Please allow two months for all the name changes to take effect on the Acker Finley Inc. website. Sorry for the inconvenience.