annual management report of fund performance（基金业绩的年度管理报告）.pdfVIP

2012 Annual Management Report of Fund Performance for the year ended December 31, 2012 VentureLink Innovation Fund Inc. This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling 1–800–253–1043, by writing to us at VL Advisors Inc., 3 Church Street, Suite 602, Toronto, ON M5E 1M2 or by visiting our website at or SEDAR at . Securityholders may also contact us using one of these methods to request a copy of the investment fund’s proxy voting policies and procedures, proxy voting disclosure record, or semi–annual portfolio disclosure. VENTuRELINk INNOVATION FuND INC. Management Report of Fund Performance for the year ended December 31, 2012 INVESTMENT ObjECTIVE AND STRATEgIES The Fund’s objective is to realize long –term capital appreciation by making debt and equity investments in a diversified portfolio of small and medium sized eligible Ontario businesses. The Fund’s strategy for 2013 will be to identify and invest in new opportunities and to increase the value of the current portfolio by making follow-on investments to support growth and to facilitate timely realizations. In addition to identifying and investing in growing Ontario businesses, the Fund invests a portion of the portfolio in eligible reserves, principally linked notes tracking the performance of the SP/TSX Capped Financials Total return Index and zero coupon bon