Monthly ReviewFOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS • WWW.CI.COM

MAY EDITION 2016

ADVISOR SUPPORT

Portfolio manager changes at Harbour and Signature

pg. 5

How will the 2016 Federal budget affect your clients?

pg. 7

Introducing WealthView:Bring your clients’ financial picture into view

continued on page 4

We are very excited about the launch of CI Investments WealthView™ – a Web-based proposal generating tool designed to provide support to advisor practices by helping them bring their clients’ financial goals into view today.

Powered by EquiSoft, WealthView’s comprehensive suite of easy-to-use tools will help you in choosing the CI products and solutions that are best suited to your clients’ and prospective clients’ situation and needs.

With one simple click, begin the process of creating customized proposals tailored to any investor’s particular needs. Each module can be used on its own or with any of the other integrated modules.

Ideal for use with existing clients or as part of a prospecting strategy, WealthView can help advisors define and communicate their value proposition by showcasing the benefits of working with a financial professional.

Planning modules – delve deeper for a full-view assessment

Interactive planning modules allow you to discover more about your clients and prospects for a full-view assessment of their current situation and future objectives.

Net Worth – uncover hidden “off book” assets

With this net worth calculator you can create a holistic assessment of a client’s financial well-being. This exercise encourages clients to share information about all their holdings, so that you can create a complete picture of their financial situation and uncover hidden assets that can be better put to use.

Cash Flow – identify additional contribution opportunities

The module’s quick capture data grid entry mode option makes listing all incomes and expenses easy while helping determine how much more your clients can contribute toward their financial objectives. Shared data between modules also eliminates duplication of data entry in other areas of the tool for added convenience.

Retirement Needs – define and quantify retirement goals and constraints

Encourage retirement savings by creating a sustainable retirement plan. This plan helps define and quantify retirement goals and constraints; providing concrete support for the advisor’s financial recommendations. Quickly create an alternate scenario with the sliders and interactive graphs.

Education Needs – assess future education savings needs

Calculate post-secondary education savings needs by considering such variables as a child’s current age, expected numbers of years of post-secondary education and expected costs. Use the alternate scenario sliders to immediately assess the impact of changes to the current plan.

Comprehensive. Integrated. Easy-to-use.

Net Worth

Cash Flow

RetirementSavingsNeeds

Education Savings Needs

AssetAllocation

AnalystComprehensive

Integrated

Easy to use

BLOG SPOT

What’s old is new

Just over four years ago we wrote about one of our core holdings – Brookfield Infrastructure Partners (BIP). Here is what we said:

Coincident with the launch of Cambridge Income Fund, we wanted to highlight a name we’ve owned for some time but have recently been buying for this fund. Brookfield Infrastructure Partners is a $4 billion market cap “utility-like” stock that recently reported strong results.

• The company’s three core platforms are timber (small), utilities and transportation

• It owns some of the highest quality/best return infrastructure assets globally

• It offers a 5% dividend yield on a very conservative 60% payout ratio

• More than $1 billion of liquidity and a lot of distressed sellers, we believe there is a lot of opportunity to put that money to work at very high returns (12-20%) to generate additional cash flow.

Being part of the Brookfield “network” allows the company to source mergers and acquisition opportunities that are less competitive and offer better returns. We believe the company will grow its cash flow and dividend faster than peers and we are paying a multiple of cash flow below peers. It is owned across all our funds and is a top-10 position in many. We have done very well and expect to be rewarded in the future.

Read more on the Cambridge blog at www.ci.com. Click on the Cambridge logo and then on “Blogs.”

Greg Dean, Principal and Portfolio Manager

blogspotthe

Up-to-the-minute news and views You can access the very latest thoughts and opinions from Cambridge Global Asset Management, Harbour Advisors and Signature Global Asset Management through their blogs and podcasts. Simply visit CI’s home page at www.ci/com. Click on the manager logo, then click “Blogs” or “Podcasts.” You can enter your e-mail address to subscribe for regular updates.

2 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

Slumping debt and equity markets in the first quarter of 2016 led to policy responses from central banks around the globe. These included an increase in quantitative easing by the European Central Bank, a fiscal plan to support the weakening Chinese economy and a decision by the U.S. Federal Reserve to postpone further rate increases.

These actions re-instilled confidence in the markets, and were the foundation of the market rebound that occurred later in the quarter. Signature Global Asset Management, however, views this recent rally as a temporary reprieve in investor sentiment, and continues to see several risks in the equity markets and broader global economy.

Eric Bushell, Signature’s Chief Investment Officer, is co-manager of Signature High Income Fund and Signature Diversified Yield II Fund, along with Senior Vice-President Geof Marshall. They recently provided an update for these diversified income strategies.

Value has been restored in high-yielding assets

• Most of the high-yielding asset classes in which the funds invest, including high-yield bonds, preferred shares, real estate investment trusts and infrastructure securities, are interest-rate sensitive and tend to behave similarly to bonds. Valuations for many of these securities have gone from stretched during the peak of U.S. Federal Reserve economic stimulus in 2013 to relatively cheap today, as prices have fallen and yields have gone up.

• At the same time, many of the longer-term conditions supporting these asset classes, including low interest rates, low economic growth and the demand for yield from an aging population, remain in place.

Signature High Income Fund and Signature Diversified Yield II Fund are good options for a reliable distribution in today’s uncertain market environment

• For investors whose primary objective is a predictable monthly distribution, the funds offer a reliable yield that is less volatile than that offered by equities or government bonds.

• Signature believes its diversified income products are well positioned to provide a reliable 6% monthly distribution going forward.

The funds’ defensive positioning

• A defensive stance in the latter part of 2015 and the first quarter of 2016 detracted from the funds’ relative performance. This positioning is evident in the funds’ relatively high cash positions. Signature continues to avoid energy, metals and industrials, and is trimming its bank holdings. The funds have overweight allocations to the consumer sectors, health care and telecom, and favour developed markets.

• Signature’s defensive stance is based on a lower-for-longer view on global economic growth. Secular trends of high debt, aging populations, and excess capacity are dominating the battle between inflation/growth on the one hand and deflation/stagnation on the other.

• Meanwhile, the potency of central bank policy to stimulate economic growth and remedy the situation is falling into question after eight years of ineffectiveness. Ultimately, this has produced a fragile, low-growth environment with important political and social ramifications.

Dear Advisor,

The spring has brought warmer weather and calmer financial markets. However, it has also brought unprecedented disaster to Alberta. As I write, Fort McMurray remains under an evacuation order, with more than 80,000 residents forced to leave the city and surrounding area. Our thoughts and sympathies are with the people affected by the runaway wildfire.

This month, CI held its Spring Roadshow and more than 4,000 advisors across Canada turned out to hear the latest news and views from our Signature Global Asset Management and Cambridge Global Asset Management teams. We’re pleased to provide you with the opportunity to hear directly from our portfolio managers; however, if you were unable to attend one of these sessions, the presentations will be summarized in the next issue of Monthly Review.

We are also very excited to announce the launch of WealthView, a new online tool that will help you analyze client needs, make proposals and construct portfolios. For more details, please see the article that begins on the first page of this issue. WealthView is another way we are enhancing our support for you and your practice.

I would also like to take a moment to discuss the recent federal budget, which proposed to end the tax-deferred switching among corporate class funds as of October 1, 2016. While we continue to review the impact of this proposal, it’s important to remember that CI Corporate Class continues to offer certain tax advantages, as described in the article on page 3.

Finally, I would like to highlight some funds that have maintained strong relative performance in the face of this year’s market volatility. These include the Black Creek funds, Cambridge Canadian Dividend Fund, Cambridge U.S. Dividend Fund and Cambridge Global Dividend Fund, and the Harbour balanced funds, which are profiled on page 3.

Thank you for your business and if you need any assistance, please contact your CI Sales Team.

Sincerely,

New for spring

Derek J. GreenPresident, CI Investments

LETTER TO ADVISORS

Diversified income updateFUND UPDATE

Returns as of April 30, 2016 Class F YTD 1 year 3 year 5 year 10 year Since inception

Signature High Income Fund -1.5% -6.0% 3.6% 5.7% 5.6% 8.8% (Dec. 96)

Signature Diversified Yield II Fund -2.2% -5.6% 4.5% 6.6% N/A 6.6% (Feb. 11)

3 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

CI Investments made an important investment in the Harbour Advisors brand in 2013 with the hiring of

award-winning portfolio manager Roger Mortimer to lead Harbour’s balanced funds. Since that time, Roger

has enhanced Harbour Growth & Income Fund, Harbour Growth & Income Corporate Class and Harbour

Global Growth & Income Corporate Class with a multi-asset class portfolio construction approach and

consistent, value-driven stock selection methodology that have resulted in steady, conservative returns.

Harbour’s balanced mandates combine a conservative investment approach with asset class diversification, and are a good fit for investors who recognize the need for some equity exposure in their portfolios, but who are inherently risk averse. The funds provide exposure to a conservative mix of high-quality equities, along with government bonds, investment-grade corporate bonds and cash. This multi-asset approach balances both income and growth objectives, while dampening volatility and helping to manage risk.

“The Harbour balanced funds are aimed at investors who are seeking the shallowest water in the pool,” Roger said.

Some of the qualities Roger looks for in companies to include in the Harbour balanced funds are:

• Cash flow – predictable cash generation in a range of environments

• Secular growth – businesses with some running room

• A conservative capital structure – “dry powder” that can be reinvested in the business, a margin of safety and the ability to be opportunistic

• “Self-help” – working to cut costs or otherwise create value

• Shareholder focus – thinking about how they can return capital to investors.

This discipline has paid off in the funds’ U.S. security selection, which has been particularly strong. Harbour’s balanced portfolios owned four of the top five contributors to the S&P 500 Index last year, including Alphabet, Microsoft, General Electric and Apple. The fifth, Amazon, was avoided because it was not appropriate for these mandates due to its extreme valuation.

While the value style of investing underperformed growth investing in the era of quantitative easing since 2009, it has recently returned to favour, outperforming growth for the last six months.

Harbour Global Growth & Income Corporate Class has a Sharpe ratio over three years ending February 29, 2016 of 1.28%, significantly better than the 0.98% for its peer group (Morningstar Global Equity Balanced). The Class A version of this fund has a four star Morningstar rating, and the Class F version has a five star rating, as of March 31, 2016.

Harbour’s Canadian balanced offering, Harbour Growth & Income Fund, offers strong downside protection. In the rising market of February 3, 2014 to September 3, 2014, it captured 64%

of the S&P/TSX Composite Index’s upside, and as the market fell between September 3, 2014 and January 20, 2016, the fund experienced only 33% of the index’s downside.

Harbour balanced funds FUND UPDATE

Returns as of April 30, 2016 Class F YTD 1 year 3 year 5 year 10 year Since inception

Harbour Growth & Income Fund 3.7% 0.7% 6.3% 3.8% 4.0% 6.2% (Jun. 97)

Harbour Global Growth & Income Corporate Class

-1.6% 4.5% 11.5% 8.7% 5.3% 5.8% (Dec. 02)

Roger MortimerSenior Portfolio Manager, Harbour Advisors

Morningstar ratings reflect performance as of March 31, 2016 and are subject to change monthly. The ratings are calculated from a fund’s 3, 5 and 10-year returns measured against 91-day Treasury bill and peer group returns. For each time period, the top 10% of the funds in a category get five stars. The Overall Rating is a weighted combination of the 3, 5 and 10-year ratings. For greater detail, see www.morningstar.ca. The star ratings for Harbour Global Growth & Income Corporate Class (Class A) and number of funds in the Global Equity Balanced category for each period are as follows: three years 4 stars, 594 funds, five years 4 stars, 535 funds, 10 years 3 stars, 150 funds. Harbour Global Growth & Income Corporate Class (Class F) is five stars over three years out of 594 funds.As of March 31, 2016, returns for Harbour Global Growth & Income Corporate Class (Class F) are: 1.3% (1 yr); 11.0% (3 yrs); 8.7% (5 yrs) and 5.1% (10 yrs), and Class A returns are: 0.2% (1 yr); 9.7% (3 yrs); 7.5% (5 yrs) and 4.0% (10 yrs). Returns for Harbour Growth & Income Fund (Class A) are -2.8% (1 yr); 4.4% (3 yrs); 2.2% (5 yrs) and 2.7% (10 yrs).Quartile rankings, expressed in terms of rank (1, 2, 3, or 4), are comparisons of the fund’s performance to other funds in its category, ranked out of the total number of eligible funds by time periods. Quartile rankings are based on the Canadian Investment Funds Standards Committee’s categories listed at cifsc.org, and are subject to change monthly.

Harbour Growth & Income 1st quartile year to date among tactical balanced funds

2nd quartile for 1 year and 3 years

Harbour Global Growth & Income1st quartile for 1 year, 3 years, 5 years among global equity balanced funds

4-star Morningstar ranking

The 2016 federal budget includes a proposal to change one aspect of the tax treatment of mutual fund corporations, or corporate class funds. Currently, investors are able to switch between different share classes on a tax-deferred basis. Under the proposed tax measures, switches between different share classes will be considered a disposition for tax purposes, effective October 1, 2016.

CI continues to assess the budget proposal and its potential impact on our Corporate Class structure. It is important to note that the change proposed in the budget will have no impact when corporate class funds are held in a registered plan. In addition, even after it is implemented, CI Corporate Class will continue to provide the following tax benefits for non-registered accounts:

The low dividend payout policy. Capital losses from some corporate class funds may offset gains in other funds in the structure.

Tax-efficient income. Corporate class dividends are in the form of Canadian and capital gains dividends – currently the most tax-efficient sources of income. This is the case regardless of investment mandate.

The ability to generate tax-efficient cash flow through T-Class funds. T-Class offers investors the ability to access cash flow from Corporate Class as a return of capital.

The benefit to all Corporate Class investors of aggregating expenses for all investment mandates across one corporate structure. These expenses will effectively reduce interest income and foreign dividends within the structure.

The tax-deferred switching within Corporate Class remains available until the end of September 2016. This provides advisors with time to contact affected clients and rebalance their portfolios on a tax-deferred basis. Thereafter, Corporate Class will continue to offer the tax benefits noted above and, with regards to switching, will simply be treated the same as trust funds or individual securities.

For more information about CI Corporate Class, contact your CI Sales Team.

CI Corporate Class: still a tax-efficient choice

4 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

ADVISOR SUPPORT

Investment module – build, analyze and compare portfolios

WealthView’s Asset Allocation Analyst module includes a simple four-step portfolio construction and analytics process that helps build a compelling case for your investment recommendations.

This module also includes a comprehensive list of analytics ranging from a simple investment growth chart to alpha and sortino ratio metrics, allowing you to create a proposal that is as simple or complex as required, using CI Investments products. Visual and interactive graphs are available at both the portfolio and holdings level.

Create visual, investor-friendly proposals that are easy to understand

The suite of tools is entirely Web-based, offering you the flexibility to do business how you like, where you like.

From a full comprehensive plan to simple investment review or portfolio comparison, you can quickly produce and save customized proposals tailored to any client’s or prospect’s particular needs.

These reports are a great way to showcase your value as a financial professional and help your clients stay on track to meeting their long term goals.

Visit AdvisorOnline to try WealthView today

Your CI AdvisorOnline account provides you with convenient and secure access to the tool. You can log on to AdvisorOnline to access WealthView, as well as a library of training resources, at any time.

Not registered for AdvisorOnline? If you don’t have an account, sign up now. It only takes a few minutes. To obtain your User ID and password, contact CI Client Services at 1-800-563-5181, answer a few questions and you are ready to log on.

Review current asset mix

Build a proposed portfolio of CI funds

Determine Investor Profile

Review and compare current and proposed portfolios

Asset Allocation Analyst module four-step portfolio construction

Investor-friendly proposals

The FundGrade™ A+ rating is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+ Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+ calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The funds with the highest 10% receive a grade of A, the next 20% a grade of B, the middle 40% a grade of C, the next 20% a grade of D, and the lowest 10% a grade of E. Eligible funds must have received a FundGrade rating every month in the previous year. The FundGrade A+ uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded an A+ rating. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

1

3

2

4

Highlight the value you bring with CI Investments WealthView™

continued from page 1

5 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

Portfolio manager changes at Harbour and SignaturePRODUCT NEWS

MANAGER PROFILE

CI Investments recently announced portfolio management changes that affect certain Harbour Advisors and Signature Global Asset Management funds:

• Ryan Fitzgerald has been appointed lead portfolio manager of Harbour Fund, Harbour Corporate Class, Harbour Global Equity Corporate Class and Harbour Voyageur Corporate Class.

• Signature’s Chief Investment Officer, Eric Bushell, has assumed Ryan’s prior responsibilities at Signature as co-manager of Signature High Income Fund, Signature High Income Corporate Class, Signature Diversified Yield Fund, Signature Diversified Yield Corporate Class and Signature Diversified Yield II Fund.

Ryan joins Roger Mortimer in the leadership of Harbour. They will be supported by the rest of the Harbour team, including Head of Trading Brian Huen and investment analysts Greg Chan,

Gurveer Kehal, Greg Quickmire and Jeremy Rosa. Roger continues as lead manager of Harbour’s balanced funds − Harbour Growth & Income Fund, Harbour Growth & Income Corporate Class and Harbour Global Growth & Income Corporate Class.

Eric, who was named Morningstar’s Fund Manager of the Decade in 2010, was instrumental in the design of Signature’s diversified income funds. He was lead portfolio manager of the funds at inception and for several years thereafter.

All Signature funds will continue to be supported by the award-winning Signature team, which includes over 40 investment professionals. The team’s expertise is evident in its track record, with more than 87% of Signature’s assets being ranked first and second quartile over the 10-year period ending February 29, 2016. Geof Marshall remains a co-manager of the Signature High Income and Signature Diversified Yield funds, with responsibility

for high-yield bonds. Eric and Geof believe that in today’s market conditions these income-oriented Signature funds are especially well positioned to meet the needs of investors who seek higher levels of current income than are available from traditional fixed-income funds.

“Since joining Signature in 2004, Ryan has developed into a strong portfolio manager and done a wonderful job for our clients,” said Eric. “The time is right for Ryan to take on this new position and establish

himself as a leader on the Harbour team. With Signature’s deep resources deployed across the global markets, I am extremely confident in our ability to continue to effectively manage the funds going forward.”

Changes to the affected funds are summarized in the table below:

Please tell us a little bit about your background and experience as a portfolio manager.

I have worked in the investment industry my entire career. My early experiences were on the sales side, dealing with advisors and their clients. That gave me a real appreciation for the needs of Canadian savers, and it’s something that has stayed with me after I moved over to the portfolio management side of the business about 12 years ago.

As a portfolio manager, my experience has mainly been in the bottom-up analysis of equities, with a focus on yield. I started as an income trust analyst and investor, and concentrated on that market through its frothy period and ultimate demise. After that, I continued to work on finding and analyzing high-yielding equity securities. If you work on yield long enough, it does shape your thinking. The first thing it does is force you to focus on the cash flow part of a business, because that is so crucial to supporting the yield. You need a deep understanding of the business model, of management, of the positioning of the balance sheet, and other quality metrics that Harbour has always focused on.

It also makes you realize that a security with an attractive yield does not equate with safety. Valuations for yield securities are often driven artificially higher as investors chase the yield, and with higher valuations comes more risk. I have seen it happen time and again – if the company’s business model is in any way challenged, the yield will be put in jeopardy and the valuation of that security can come crashing down to earth. So over time, yield investors tend to take on a certain level of conservativism and skepticism, based on those experiences.

What appeals to you most about your new role at Harbour Advisors?

The ability to enhance and put my personal stamp on the existing equity investment process at Harbour was a huge draw for me. The best investors have a very explicit process, one that is both identifiable and repeatable. One of my primary roles here will be to help guide the investment process and allocate our resources effectively.

I am also looking forward to working with Roger Mortimer. Roger has worked at a number of extremely well-regarded organizations, has great depth of experience and has done a fantastic job with the Harbour balanced funds over the past couple of years. Together, we want to leverage the research process to benefit the full range of Harbour portfolios as much as possible.

How does your portfolio management style fit with the Harbour Advisors philosophy?

There is the shared vision of conservatism I described earlier, and the clients in the funds I have managed have always been conservative by nature.

It’s very fashionable to say that markets are inefficient, but I think that by and large they are. My approach really is in line with what Harbour’s competitive advantage has always been – to cut through short-term noise and to focus on buying a really a good business, then marry that with the patience to wait for your investment to pay off. One of the easiest ways to add value is by taking a longer-term view, and in the context of today’s markets that can mean a base case of about three years.

It’s also worth noting that though I consider myself a value investor, I have an awareness and a healthy understanding of macroeconomic factors. Some macro factors are easier to interpret than others, but during my time at Signature, I learned that macro analysis definitely has a place in the due diligence part of the investment process.

Please describe your investment process.

To start with, we will be looking to generate unique ideas and insights by harnessing the team’s abilities, travelling, reading widely, getting out and talking to industry associations and company managements, looking for catalysts like mergers and spinoffs, and so on to find companies that may be mispriced. When we find something that’s worth digging into in greater detail, we can allocate more resources to the due diligence process and really getting to know the business.

Usually, with due diligence you can narrow down a few key drivers of the business over the next three to five years, and that is what I really want to hone in on. We want to be thorough, but usually those key drivers will shed light on where the business is going. The third step is to create a battle plan. The day before you buy the stock is the last day you have no bias. So we need to run a variety of scenarios so that we have a plan in place for the investment and what we expect to achieve. Value investors tend to hold a stock as it matures until it is no longer a value stock, and that’s the point at which it should be sold. It’s a tricky thing, so we want to put a quantifiable process around that.

Finally, the best investors are good at risk control, so an important part of the process will be taking quick, decisive action when an investment is not working out as we hoped.

What are the key characteristics you would like to bring to the Harbour equity portfolios?

Bottom-up stock pickers often say they want to buy businesses that are easy to understand. I would say we want to look at easy and understandable drivers of a business, even if we have to cut through some complexity. A large investment bank like JPMorgan, for example, is a very complex business, but there are some key drivers that really matter to that business that can be analyzed and evaluated, like interest rates. So finding those easy to

understand drivers leads us mainly to the developed world, and a close-to-home bias. We will also be looking for companies with good management, strong balance sheets and strong cash flows, which is consistent with the Harbour style.

Market conditions for value investors have been difficult for many years. What is the case for value investing now?

It has become far more difficult to execute a deep-value style of investing, meaning buying companies that are deeply out of favour and waiting for them to revert to the mean, for a number of reasons. That is partly a function of liquidity, because in today’s market there is so much capital chasing a limited number of these ideas, and it’s also about access, because more information and analysis of these stocks is far more readily available than it used to be.

I believe Harbour’s style, which simply involves buying high-quality businesses at reasonable prices, is just starting to come back after having been out of favour for several years. In the recent period of ultra-low rates and capital flowing around the globe in search of excess returns, the high-flying growth sectors of the stock market, like biotechnology, have been more in favour. But that story is maturing, and people are just starting to realize the risks they are taking on. In the meantime, high-quality value stocks haven’t really changed, just their perception, and we think that we are in the early innings of value investing coming back.

Fund Portfolio Manager

Harbour Fund Harbour Corporate ClassHarbour Global Equity Corporate ClassHarbour Voyageur Corporate Class

Ryan Fitzgerald

Signature High Income FundSignature High Income Corporate Class Signature Diversified Yield Fund Signature Diversified Yield Corporate Class Signature Diversified Yield II Fund

Eric Bushell, Geof Marshall

Signature Real Estate Pool Josh Varghese

Ryan Fitzgerald was recently named Senior Vice-President and Senior Portfolio Manager with Harbour

Advisors, with responsibility for the management of the group’s equity portfolios, including Harbour

Fund, Harbour Corporate Class, Harbour Global Equity Corporate Class and Harbour Voyageur Corporate

Class. A value-oriented investor, Ryan was previously a portfolio manager with Signature Global Asset

Management, where he co-managed the Signature High Income and Signature Diversified Yield funds.

6 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

MANAGER UPDATE

Managed solutions update

It has been challenging to generate attractive short-term results both from the equity and the bond markets. For a while now – six years to be precise – we have been “stuck” with mediocre global economic growth, frequent and dramatic central bank interventions, currency wars between countries, and a lack of outperformance from investing in high-quality companies. We have addressed the first few issues by remaining focused on long-term fundamentals in the Portfolio Series and Portfolio Select Series managed solutions, and not chasing short-lived themes in the markets. We are sensitive to valuations and have used volatility to rebalance our asset mix and currency exposure – effectively practising, “buy low and sell high.” Those decisions have added value and should continue to do so.

What we have not been able to do is to purposely own low-quality companies in our portfolios. In particular, this means companies that do not have a business model that will survive a normal economic cycle, which includes interest rates that are higher than today’s. Given the extended period of low interest rates, such companies are not only surviving but growing. Every now and then, one of them blows up, as their ability to borrow and their cost of borrowing changes overnight.

A well-known example in Canada is Valeant Pharmaceuticals. The company had been growing by acquisitions funded by borrowing. In an environment where the return on investment is above the borrowing cost, this strategy is accretive to shareholder value. The share price rose as high as $346 in 2015 but recently traded at a fraction of that, ending at $35.05 as of March 31, 2016. Its borrowing cost last year on a 10-year loan was as low as 5.45%, but jumped to 10.38% in 2016. It only takes a marginal change in company fundamentals to prompt lenders to re-price loans.

Select Income Managed Corporate Class

We made some changes to the portfolio in the first quarter with a goal of earning premium interest income and achieving lower levels of volatility. There was an immediate impact in reducing the fund’s volatility during what was a volatile quarter for capital markets.

With regards to interest income, this year we aim to collect 3% to 4% income from a diversified basket of global government bonds, corporate bonds, real estate investment trusts, and dividends from equity. This compares to 0.7% offered by a five-year Government of Canada bond. At that rate, inflation protection is not met and interest rate risk is high. Our portfolio earns a premium and we reduce and balance the inflation and interest rate risks with the appropriate amount of equity risk. Equity risk is low to begin with due to the low weighting (as stock markets rallied in the middle of the quarter, we lightened the portfolio’s equity exposure to 14%), but it is further reduced as the bond holdings tend to perform well when equities do poorly.

We were delighted to have an opportunity to add to our U.S. dollar holdings in the portfolio. The U.S. dollar is a unique asset class that generally has a negative correlation to risk and has earned safe haven status. We were hesitant to own the U.S. dollar when it was bid up to $1.46 in January and we used recent weakness to bring our exposure to 25%.

Outlook and positioning

We have always been sensitive to valuations and fundamentals, and it is also important to pay attention to central bank policies as they affect short-term valuations and fundamentals. Following seven years of unconventional policy by central banks, growth is positive, but weak and uneven from country to country. The job for active investment managers has only gotten more difficult. We have seen this challenge as a long-term trend and have positioned our portfolios accordingly. Even though

bond yields have been lower than normal, we have been committed to the asset class and have earned attractive returns. At various times, bonds have also been helpful in offsetting equity volatility. Our equity exposure is determined by the risk profile of the portfolio, the valuations of the markets and the value relative to other investments such as high-yield corporate bonds and government bonds.

We continue to utilize our expertise in multiple asset classes to optimize our portfolios for some growth and stability. As market volatility continues to increase, we have been deploying strategies to offset some of the volatility. Recently, besides adding the U.S. dollar exposure, we have also added long-term U.S. Treasury bonds and, at the margin, we have reduced equity exposure. We prefer incremental changes to dramatic moves, as the cost of being wrong is too high in an environment where returns are expected to be lower than normal.

By: Alfred Lam, Senior Vice-President and Portfolio Manager and Yoonjai Shin, Vice-President and Associate Portfolio Manager, CI Investment Consulting

Class F YTD 1 year 3 year 5 year 10 year Since inception

Select Income Managed Corporate Class

0.1% -0.3% 3.5% 4.7% n/a 4.5% (Sept. 10)

Select Income Managed Corporate ClassReturns as of April 30, 2016

Business ownerWe help align business owner investment strategies with appropriate investment solutions.

PhilanthropyWe can help navigate the tax and estate rules surrounding charitable and philanthropic giving.

RetirementWe can help navigate the complexities of retirement planning.

Tax-efficient investingUnderstanding Canada’s tax laws, we can minimize taxes payable.

Estate planningWe can explain the steps necessary to implement a tax-efficient estate plan.

Cross-borderWe help identify issues in owning foreign assets, and planning considerations for foreign taxpayers.

www.TREP.ci.com

“We continue to utilize

our expertise in multiple

asset classes to optimize

our portfolios for some

growth and stability.”

7 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

TAX TIME

How will the 2016 Federal budget affect your clients?By: Wilmot George, Vice-President, Tax, Retirement and Estate Planning

On March 22, 2016, Finance Minister Bill Morneau tabled the 2016 federal budget, the first of the new Liberal government. CI’s Tax, Retirement and Estate Planning (TREP) team has provided this summary of some of the key investment industry-related items announced in the budget. For a more detailed summary, please see our team’s “Tax highlights from the 2016 Federal budget” report, which is available on the TREP website, www.trep.ci.com.

Personal measures

Personal income tax rates

There were no changes to personal income tax rates in the budget. In December 2015, the government announced a decrease to the second bracket tax rate (from 22% to 20.5%) and an increase to the top marginal rate for income beyond $200,000 (from 29% to 33%). These changes apply as of January 1, 2016 and are reflected in the 2016 federal income tax rates shown in the table:

Taxation of shares of a mutual fund corporation

One of the larger industry-related measures announced in the budget was a change to the taxation of mutual fund corporations. This change was a surprise to the industry. Mutual fund corporations offer different investment mandates through different class funds, normally within the same mutual fund corporation, such as CI Corporate Class. A general provision in the Income Tax Act (ITA) allows investors to switch between class funds without triggering a taxable disposition.

Because the tax deferral benefit is not available to taxpayers who invest in mutual fund trusts or, on their own account, directly in securities, Budget 2016 proposes to eliminate tax-deferred switches between class funds, effective October 2016. Therefore, a taxable disposition at fair market value will occur at the time of the switch resulting in capital gain -- and presumably and where applicable -- capital losses. An exception to this rule will apply where the switch is between different series of shares within the same class fund (eg. from series A to series F of the same class fund).

While this change does take away a key benefit of mutual fund corporations, there are other benefits that remain. The ability to share expenses across the mutual fund corporation for the purpose of reducing taxable distributions does not appear to be impacted, nor does the ability to switch to the T-class version of the same corporate class fund for the purpose of accessing tax-free return of capital payments. Also, if and when corporate class distributions

are paid, they would normally consist of Canadian eligible dividends or capital gains dividends, both of which are taxed more efficiently than interest income in all provinces and territories.

For switches, this change simply balances the playing field when compared to mutual trusts and other securities. It does not put corporate class funds in a lesser position than the other options. Given the proposed change, investors should review their corporate class holdings to determine if tax-deferred switches are required before the introduction of the new rule in October.

Assistance for families

There are currently two main instruments for providing financial assistance to families with children under the age of 18: the Canada Child Tax Benefit (CCTB) and the Universal Child Care Benefit (UCCB). In their 2015 election platform, the Liberals described the current program as “confusing” and proposed to replace it with a new benefit that would be tax-free, but tied to income. Acting on this promise, Budget 2016 proposes to replace the CCTB and UCCB with a new Canada Child Benefit (CCB), effective July 2016.

The CCB will provide a maximum benefit of $6,400 per child under the age of six and $5,400 per child aged six through 17. An additional amount of $2,730 will be paid for children eligible for the federal

disability tax credit. Where family net income exceeds $30,000, the benefit will be phased out based on the number of children. See the above chart for details.

Family Tax Cut

Introduced in 2014 by the previous Conservative government, the Family Tax Cut was introduced as a new income-splitting tool for families with children under the age of 18. The provision allowed spouses to split up to $50,000 of income for tax purposes, providing tax savings where the spouses had different levels of income and were subject to tax at different rates.

While income-splitting makes sense for many families, this provision had some critics, including the new Liberal government. Concerns voiced by some critics included the fact that tax savings from the credit was limited to $2,000 per family (while an uncapped split of $50,000, would have saved families approximately $6,600 federally). According to the Canadian Centre for Policy Alternatives (CCPA), it is estimated that 89% of Canadian families would get no benefit from the credit – presumably, because differences in income are not significant enough to allow for the credit – while only 3% would get the full savings.

Effective 2016, the Family Tax Cut will no longer be available. Note, this change will not impact pension income-

splitting available to seniors with eligible pension income.

Children’s Fitness and Arts Tax Credits

The children’s fitness and arts tax credits are currently worth up to $150 and $75 per child on up to $1,000 and $500 in eligible expenses respectively. Additional benefits are available for children who are eligible for the disability tax credit. Budget 2016 proposes to eliminate both credits as of 2017.

Education and Textbook Tax Credits

The education credit provides a 15% credit based on $400/month of full-time enrolment in a qualifying program. The textbook credit provides a similar credit of 15% based on $65/month of full-time enrolment. These credits are not based on income. Budget 2016 proposes to eliminate the Education and Textbook Tax Credits, effective January 1, 2017.

A third post-secondary credit – the tuition credit – will not be impacted by these changes, and all amounts carried forward from prior years will still be claimable in 2017 and subsequent years, allowing for some grandfathering of prior year credits.

Retirement measures

Old Age Security – Restoration of Eligibility Age to 65

Budget 2016 proposes to cancel the increased age of eligibility, returning it to age 65 from 67. Corresponding increases to the age of eligibility for the Guaranteed Income Supplement (GIS) and Allowance (from 65 to 67 and 60 to 62, respectively) will also be cancelled.

Enhancing the Canada Pension Plan

All of the federal, provincial and territorial governments, past and present, agree that more needs to be done to encourage Canadians to save for retirement, but the best way to do so has been hotly debated. Some governments have suggested enhancements to voluntary savings plans (eg. increased TFSA limits, introduction of pooled registered pension plans, etc.), while others have suggested mandatory increases to the Canada Pension Plan.

Budget 2016 proposes to let Canadians decide. In the coming months, the Government will launch consultations to give Canadians an opportunity to share their views on enhancing the Canada Pension Plan, with the goal of making a decision on how to move forward before the end of 2016.

Corporate measures

Corporate income tax rates

For 2016, there were no changes to corporate income tax rates announced in the budget. Last year’s budget proposed to reduce the small business tax rate from 11% to 9% over the 2015-2019 period. Budget 2016 proposes to cancel last year’s decreases by keeping the small business rate at 10.5% for 2016 and beyond. The budget also proposes to maintain the

current gross-up factor and dividend tax credit rate applicable to non-eligible dividends at 17% and 10.5%, respectively, for 2016 and beyond, in line with the small business tax rate. 2016 corporate income tax rates are shown here:

Multiplication of the small business deduction

The ITA has rules that are intended to prevent multiplication of the small business deduction – which allows access to the small business tax rate – in certain circumstances (primarily advanced planning strategies that involve the use of multiple corporations or partnerships). Despite these rules, some taxpayers have implemented structures designed to circumvent the rules, compromising the spirit of the legislation. Budget 2016 proposes to amend the ITA to address such structures. For more information, see our team’s federal budget summary, “Tax highlights from the 2016 Federal budget” available on our team website, www.trep.ci.com.

Distributions and transfers of life insurance

Life insurance proceeds received on death are generally not subject to income tax. When received, a private corporation would typically add the proceeds to its capital dividend account (CDA), allowing the corporation to pay tax-free capital dividends to shareholders. Normally, only the portion of the proceeds that exceed the policy’s adjusted cost base (ACB) – the insurance benefit limit – may be added to the corporation’s CDA.

Some taxpayers have structured their affairs so that the insurance benefit limit may not apply as intended, resulting in an artificial increase in a corporation’s capital dividend account. This allows taxpayers to avoid tax on dividends paid by the private corporation, eroding the tax base. Budget 2016 proposes to amend the ITA to ensure that the CDA rules apply as intended. This measure will apply to proceeds received on or after March 22, 2016.

Similarly, where a policyholder disposes of an interest in a life insurance policy to a non-arm’s length person, special rules apply in calculating the transferor’s proceeds of disposition. Depending on how affairs are structured, death benefits paid to a private corporation can result in tax-free payments to shareholders in excess of what is intended under law. Budget 2016 proposes changes to the ITA to correct this issue. The changes will apply to dispositions that occur on or after March 22, 2016. For more information, see the TREP federal budget summary. Wilmot George, CFP, TEP, CLU, CHS is Vice-President with CI Investments’ Tax, Retirement and Estate Planning team. The group focuses on providing education and communication around tax, estate and general wealth planning issues, and on helping advisors deliver integrated financial planning solutions to their clients.

Canada child benefit phase-out rates and adjusted family net income thresholds

Phase-Out Rates (%)

Number of children (for phase-out rates) $30,000 - $65,000 Over $65,000

1 child 7.0 3.2

2 children 13.5 5.7

3 children 19.0 8.0

4 children 23.0 9.5

Taxable income range 2016 tax rates

$11,475 - $45,282 15.0%

$45,283 - $90,563 20.5%

$90,564 - $140,388 26.0%

$140,389 - $200,000 29.0%

$200,001 or more 33.0%

Type of income 2016 top federal marginal tax rates

Regular income 33.00%

Capital gains 16.50%

Eligible dividends 24.81%

Non-eligible dividends 26.30%

Category 2016 tax rates

General rate 15.00%

Manufacturing & processing rate 15.00%

Small business rate 10.50%

Small business limit $500,000

Investment tax rate (CCPC) 38.67%

8 | Monthly Review | MAY 2016 | FOR ADVISOR USE ONLY – NOT FOR DISTRIBUTION TO CLIENTS | WWW.CI.COM

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ®CI Investments, the CI Investments design, Signature Global Asset Management, Harbour Advisors, Harbour Funds and Cambridge are registered trademarks of CI Investments Inc. Portfolio Series and the Portfolio Select Series design are trademarks of CI Investments Inc. Cambridge Global Asset Management is a business name of CI Investments Inc. used in connection with its subsidiary, CI Global Investments Inc. Certain portfolio managers of Cambridge Global Asset Management are registered with CI Investments Inc. This report may contain forward-looking statements about the fund, its future performance, strategies or prospects, and possible future fund action. These statements reflect the portfolio managers’ current beliefs and are based on information currently available to them. Forward-looking statements are not guarantees of future performance. We caution you not to place undue reliance on these statements as number of factors could cause actual events or results to differ materially from those expressed in any forward-looking statement, including economic, political and market changes and other developments. Published May 2016. 1605-0845_E

CI Fund CodesCLASS A

Mutual Fund Trust Corporate Class

Mandate Portfolio Manager ISC DSC LL ISC DSC LL$C $US $C $US $C $US $C $US $C $US $C $US

Fixed IncomeSignature Global Bond Signature Global Asset Management 624 110 623 540 1623 1540 2302 2502 3302 3502 1302 1512Signature Canadian Bond Signature Global Asset Management 837 847 1847 2303 2503 3303 3503 1303 1503Signature Corporate Bond Signature Global Asset Management 9010 9060 1150 2308 2508 3308 3508 1308 1508Diversified IncomeCambridge High Income Cambridge Global Asset Management 6803 6813 6823CI Income CI Investment Consulting 2339 3339 1339Select Income Managed Corporate Class CI Investment Consulting 2290 3290 1420Signature Dividend Signature Global Asset Management 610 810 1810 2305 2505 3305 3505 1305 1505Signature Diversified Yield II Signature Global Asset Management 11111 574 11161 824 11461 1824Signature High Income Signature Global Asset Management 686 786 1786 2304 2504 3304 3504 1304 1504Canadian BalancedSignature Income & Growth Signature Global Asset Management 6116 6166 1166 2309 2509 3309 3509 1309 1514Cambridge Asset Allocation Corporate Class Cambridge Global Asset Management 2322 2517 3322 3517 1522 1217Harbour Growth & Income Harbour Advisors 691 891 1891 2310 2513 3310 3513 1310 1518Signature Canadian Balanced Signature Global Asset Management 685 785 1785Portfolio SeriesPortfolio Series Income CI Investment Consulting 7740 7745 1745Portfolio Series Conservative CI Investment Consulting 7770 7775 1775Portfolio Series Conservative Balanced CI Investment Consulting 2600 2700 3600 3700 1600 1707Portfolio Series Balanced CI Investment Consulting 7710 7715 1715Portfolio Series Balanced Growth CI Investment Consulting 2601 2701 3601 3701 1601 1708Portfolio Series Growth CI Investment Consulting 2602 2702 3602 3702 1602 1702Portfolio Series Maximum Growth CI Investment Consulting 2603 2703 3603 3703 1603 1704Canadian EquityCambridge Canadian Equity Corporate Class Cambridge Global Asset Management 2321 2516 3321 3516 1521 1216Cambridge Canadian Growth Companies** Cambridge Global Asset Management 11108 11158 11458CI Canadian Dividend Tetrem Capital Management 11114 11164 11464Cambridge Canadian Dividend Cambridge Global Asset Management 11112 11162 11462CI Canadian Investment Tetrem Capital Management 7420 7425 1425 2307 2507 3307 3507 1307 1507Harbour Harbour Advisors 690 890 1890 290 390 790 490 1790 1490Harbour Voyageur Corporate Class Harbour Advisors 2576 2586 3576 3586 1576 1586Signature Select Canadian Signature Global Asset Management 677 777 1777 150 164 151 017 1151 1117Synergy Canadian Corporate Class Picton Mahoney Asset Management 6103 2510 6153 3510 1153 1515U.S. EquityCambridge American Equity Cambridge Global Asset Management 212 312 812 612 1812 1612 294 394 794 194 1794 1194CI American Managers Corporate Class CI Investment Consulting 209 309 709 409 1709 1409CI American Value Epoch Investment Partners 7500 7505 1510 510 512 511 513 1511 1513Cambridge U.S. Dividend Cambridge Global Asset Management 11113 21113 11163 21163 11463 21463Global EquityBlack Creek Global Leaders Black Creek Investment Management 11106 21106 11156 21156 11456 21456 2574 2584 3574 3584 1574 1584Black Creek International Equity Black Creek Investment Management 11118 21118 11168 21168 11468 21468 2575 2585 3575 3585 1575 1585Cambridge Global Equity Corporate Class Cambridge Global Asset Management 2323 2518 3323 3518 1523 1218CI Global Value Altrinsic Global Advisors 680 180 880 580 1880 1580 206 306 706 406 1706 1406Harbour Global Equity Corporate Class Harbour Advisors 2300 2500 3300 3500 1300 1500Signature Global Dividend Signature Global Asset Management 578 579 878 879 1778 1788 2578 2588 3578 3588 1578 1588Signature Select Global Signature Global Asset Management 588 589 888 889 1688 1689 2388 2389 3388 3389 1388 1389Global BalancedBlack Creek Global Balanced Black Creek Investment Management 11115 21115 11165 21165 11465 21465 2573 2583 3573 3583 1573 1583Harbour Global Growth & Income Corporate Class Harbour Advisors 2306 2506 3306 3506 1306 1506Signature Global Income & Growth Signature Global Asset Management 2111 2402 3111 3402 1111 1402 2312 2515 3312 3515 1312 1520

Class A Performance as at April 30, 2016 YTD 1 Month 3 Month 6 Month 1YR 3YR 5YR 10YR Since Inception

Fixed IncomeSignature Global Bond -1.9 -1.9 -4.6 2.4 8.3 5.6 5.4 5.0 4.2 (AUG. 92)Signature Canadian Bond 0.9 -0.1 0.4 1.8 0.9 2.3 3.7 3.9 5.4 (JAN. 93)Signature Corporate Bond 0.9 1.4 2.3 -0.5 -1.7 2.5 4.1 4.7 4.4 (DEC. 01)Diversified IncomeCambridge High Income -0.8 -0.3 1.1 -1.3 -0.4 6.0 5.9 6.2 9.4 (JUL. 04)Select Income Managed Corporate Class -0.2 -0.1 0.4 -0.7 -1.2 2.7 3.8 N/A 3.6 (SEP. 10)Signature Diversified Yield* -2.8 0.4 -1.1 -3.4 -7.0 2.6 4.2 N/A 5.4 (NOV. 09)Signature Dividend 0.5 1.5 3.6 0.0 -4.0 6.2 5.9 4.7 6.5 (OCT. 96)Signature Diversified Yield II -2.6 0.3 -1.1 -3.0 -6.7 3.4 5.4 N/A 5.4 (FEB. 11)Signature High Income -1.7 0.7 -0.1 -2.1 -6.5 3.0 5.1 5.0 8.8 (DEC. 96)Canadian BalancedSignature Income & Growth -1.9 1.4 0.7 -3.0 -7.2 4.6 4.2 4.3 6.4 (NOV. 00)Cambridge Asset Allocation Corporate Class -0.1 0.4 1.9 -0.7 -0.2 7.2 5.6 N/A 5.5 (DEC. 07)Harbour Growth & Income 3.3 2.2 5.8 1.9 -0.4 5.1 2.7 2.9 5.2 (JUN. 97)Signature Canadian Balanced -2.1 0.8 0.2 -2.3 -6.0 5.1 3.7 4.4 7.1 (JUN. 97)Portfolio SeriesPortfolio Series Income -1.2 -0.4 -0.7 -0.6 -0.1 4.7 5.4 4.9 5.2 (DEC. 97)Portfolio Series Conservative -2.7 -0.5 -1.0 -2.2 -2.6 5.1 4.9 3.9 5.0 (DEC. 97)Portfolio Series Conservative Balanced -2.9 -0.5 -0.6 -2.6 -3.1 5.8 5.3 3.9 4.7 (DEC. 01)Portfolio Series Balanced -3.5 -0.5 -0.5 -3.2 -3.8 6.1 5.4 3.8 6.8 (NOV. 88)Portfolio Series Balanced Growth -3.6 -0.4 0.1 -3.4 -4.3 6.7 5.7 3.7 4.4 (DEC. 01)Portfolio Series Growth -3.8 -0.3 0.7 -3.6 -4.6 7.6 6.1 3.6 4.1 (DEC. 01)Portfolio Series Maximum Growth -4.6 -0.4 0.7 -4.5 -5.4 8.7 6.4 3.3 3.8 (DEC. 01)Canadian EquityCambridge Canadian Equity Corporate Class 1.6 1.8 4.9 -0.2 -1.2 9.4 10.0 N/A 7.4 (DEC. 07)Cambridge Canadian Growth Companies** 0.4 2.1 6.0 -2.4 -7.8 9.8 17.2 N/A 17.0 (FEB. 11)CI Canadian Dividend 3.4 0.1 4.4 -0.4 -4.2 5.9 5.2 4.4 5.5 (FEB. 05)Cambridge Canadian Dividend 6.1 2.0 9.3 3.3 5.3 12.7 7.8 6.1 8.1 (FEB. 05)CI Canadian Investment -0.2 0.4 3.4 -2.3 -7.0 6.5 2.9 3.2 8.3 (NOV. 32)Harbour -1.8 -0.3 1.7 -4.5 -10.4 1.6 0.9 2.5 6.3 (JUN. 97)Harbour Voyageur Corporate Class -2.3 -0.4 2.4 -2.0 -5.5 6.2 N/A N/A 7.6 (AUG. 11)Signature Select Canadian -0.3 2.1 4.3 -1.8 -7.0 7.2 4.2 4.3 9.0 (MAY 98)Synergy Canadian Corporate Class -3.6 1.1 1.3 -4.1 -7.8 7.1 4.1 3.1 8.1 (DEC. 97)U.S. EquityCambridge American Equity -7.2 -2.3 1.1 -8.8 -1.9 13.8 9.8 3.1 6.9 (MAY 89)CI American Managers® Corporate Class -5.0 -1.8 1.6 -5.8 -2.2 14.6 12.3 5.1 4.3 (JUL. 00)CI American Value -11.3 -4.9 -6.0 -8.7 -3.5 14.4 11.7 5.8 8.6 (MAY 57)Cambridge U.S. Dividend -5.0 -2.9 -1.2 -5.4 3.1 15.1 13.6 N/A 6.7 (JUN. 06)Global EquityBlack Creek Global Leaders -2.4 -2.3 0.9 2.3 5.3 16.4 11.3 6.3 5.9 (FEB. 05)Black Creek International Equity -8.5 -1.6 0.5 -4.5 -2.4 12.7 10.3 N/A 11.7 (SEP. 08)Cambridge Global Equity Corporate Class -6.2 -0.6 -1.1 -6.4 -7.6 8.5 7.6 N/A 5.8 (DEC. 07)CI International Value -7.2 0.2 -2.4 -5.7 -5.8 8.2 5.7 1.7 2.2 (JUN. 96)Harbour Global Equity Corporate Class -6.3 -0.4 -1.0 -6.2 -10.0 6.3 5.8 2.8 3.0 (DEC. 01)Signature Select Global -9.8 -0.7 -3.9 -6.6 -6.1 8.4 7.3 N/A 8.7 (JUL. 10)Global BalancedBlack Creek Global Balanced -3.5 -1.0 1.2 -2.7 -1.0 10.1 9.2 N/A 5.4 (FEB. 07)Harbour Global Growth & Income Corporate Class -1.9 2.0 2.1 0.0 3.4 10.3 7.5 4.2 4.7 (DEC. 02)Signature Global Income & Growth -8.2 -1.2 -6.4 -5.1 -4.3 6.8 6.4 N/A 3.5 (FEB. 07)

* Closed. ** Soft capped.