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Reunited & Ready • Fall 2011

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Perspective

Reunited & Ready

Robert Swanson joins the Cambridge Advisors team. See interview P.2.

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Table of contentsAll commentaries are published by CI Investments Inc., the manager of all the funds described herein. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentaries is accurate at the time of publication. However, CI Investments Inc. cannot guarantee their accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

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. Returns are for Class A securities, unless otherwise indicated. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and there can be no assurances that the CI Money Market Funds will maintain its net asset value per security at a constant amount or that the full amount of your investment in these funds will be returned to you.

The offering of units of the CI Global Opportunities Fund and Trident Global Opportunities Fund are made pursuant to their respective Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements.

Transamerica Life Canada is the sole issuer of the individual variable annuity contracts providing for investment in CI Guaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variable annuity contract is contained in the CI Guaranteed Investment Funds or Legacy Funds Information Folder.

Unity Life of Canada has entered into an agreement with CI Investments Inc. pursuant to which CI is responsible for certain marketing and administrative services in relation to the CI Segregated Funds. Unity Life of Canada established the individual variable annuity contract providing for investment in the CI Segregated Funds. A description of the key features of the individual variable annuity contract is contained in the CI Segregated Funds Information Folder.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contracts providing for investment in SunWise, SunWise Elite and Clarica segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the SunWise or Clarica Information Folder.

®CI Investments, the CI Investments design, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Cambridge, Global Managers, Signature Global Advisors, American Managers, Insight and Insight Program, Legacy Funds and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, and Signature Funds are trademarks of CI Investments Inc.®TRANSAMERICA is a registered trademark of Transamerica Corporation. Transamerica Life Canada is licensed to use such marks. Transamerica Life Canada is registered to carry on business under the name “Transamerica Life Canada”. ®SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada. ®True North, Fidelity NorthStar and Fidelity Investments and the Fidelity design are registered trademarks of FMR Corp.®Franklin Templeton Investments, Franklin Templeton Investments Quotential Program and/or Franklin Templeton Investments and design are registered trademarks of Franklin Templeton Investment corp.Cambridge Advisors is the business name of CI Global Holdings Inc. Certain portfolio managers of Cambridge Advisors are registered with CI Investments Inc.

Nothing herein should be read to constitute an offer or solicitation by Trident Investment Management, LLC or its principal to provide investment advisory services to any person or entity.

For Advisor Use only For Advisor Use only

Message from Derek J. Green 1

MARket UPdAte

Cambridge Q&A – Interview with Bob Swanson 2Signature Report – New regulations have put Wall Street’s risk transfer machine in flux 6Signature Market Roundup 12Spotlight on Richard Jenkins 18CI Income Opportunities – Fund Highlights 20CI Private Investment Management 22

MAnAgeRS’ CoMMentARy 24

CI Investment Consulting 24Harbour Advisors 26Cambridge Advisors 30Picton Mahoney Asset Management 31Epoch Investment Partners, Inc. 34Tetrem Capital Management Ltd. 36Altrinsic Global Advisors 38Black Creek Investment Management 39

SCoReCARd 75

CI Corporate Class 76Signature Funds™ 77Harbour Funds® 77Synergy Funds 78CI Funds® 78Portfolio Series™ 78Portfolio Select™ Series 79Insight® Units/Shares 79Hedge Funds 79Labour-sponsored Funds 80CI GIFs 81CI Segregated Funds 82Legacy Segregated Funds® I & II 82Clarica MVP Segregated Funds 83Clarica Portfolio Segregated Funds 84SunWise® I 86SunWise® II 87SunWise® Elite 95SunWise® Essential Series 100

CI SAleS teAM 104

globefUnd PRofIleS as at september 30, 2011 42

Portfolio SeriesPortfolio Series Income Fund 43Portfolio Series Conservative Fund 44Portfolio Series Conservative Balanced Fund 45Portfolio Series Balanced Fund 46Portfolio Series Balanced Growth Fund 47Portfolio Series Growth Fund 48Portfolio Series Maximum Growth Fund 49

global equity fundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56

American equity fundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58

Canadian equity fundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63

balanced fundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67

Industry-specific fundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69

Income fundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74

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Heightened levels of volatility have become the “new normal” for fi nancial markets. Stocks declined sharply in the third quarter, only to rally in October. At CI, we remain committed to helping you navigate these uncertain times

with useful information and a wide choice of investments that will meet your clients’ needs.

To that end, in September, we held our fi rst “Digital Roadshow,” consisting of a full afternoon of webcast presentations by selected portfolio management teams. We followed that with our Fall Roadshow, in which portfolio managers from Signature Global Advisors, Cambridge Advisors and Black Creek Investment Management visited 21 cities across Canada. If you missed either event, you can read summaries of the presentations, along with other manager commentaries, on our CI Market Outlook page at www.ci.com.

We believe it’s important for you to have the opportunity to hear directly from our portfolio managers and we are keeping the communication channels open. We will continue to provide regular commentaries, podcasts and webcasts by our managers throughout this fall and winter (all available on our Market Outlook page). Furthermore, we are also planning a second Digital Roadshow for next January.

One of the managers featured in our Fall Roadshow was Robert Swanson, who joined Cambridge Advisors in September. Bob is a very experienced and accomplished manager and we’re delighted to have him at CI. If you are not familiar with the Cambridge team, I urge you to have a look at this talented lineup of managers and analysts. An interview with Bob starts on page 2 of this issue of Perspective.

We continue to enhance our product lineup to give you more options to serve your clients. This quarter, we launched CI Private Investment Management (PIM), a program for high net worth investors with a truly exceptional combination of benefi ts. For clients, PIM’s advantages include access to CI’s portfolio management expertise, a tax-effi cient platform, account consolidation and preferred pricing. For advisors, PIM represents an opportunity to consolidate assets and provides a high level of fl exibility in compensation and portfolio construction. For more information, see page 22, visit www.ci.com/pim, or contact your CI Sales Team.

Also this fall, we are launching CI Mobile, an app for the iPad, giving you easy access to the CI information you need, including account access, commentaries and fund information. Again, it’s part of our commitment to support you in building your business. Finally, we are pleased to announce that our second annual Leadership Forum will be held May 15-18, 2012 in Las Vegas. We are developing an even bigger program for next year’s conference, with a broad range of educational content. Be sure to save the date and watch for the registration announcement. We look forward to seeing you at this exciting event.

Please contact us if you need any assistance. Thank you for your support.

Derek J. GreenPresidentCI Investments

We believe it’s important for you to have the opportunity to hear directly from our portfolio managers and we are keeping the communication channels open.

Dear Advisor,

Fall 2011

Cambridge Q&A

Robert Swanson joined Cambridge Advisors in September as Principal and Portfolio Manager. The team also includes Chief Investment Officer Alan Radlo, Portfolio Manager Brandon Snow and analysts Greg Dean, Stephen Groff and Emi Winterer.

Bob is co-manager of Cambridge Canadian Asset Allocation Corporate Class and is providing guidance to the team on portfolio construction and risk management. His investment career spans 27 years, and includes extensive experience in managing Canadian equity, income and balanced portfolios. At his previous fi rm, he was lead portfolio manager of several mutual funds with combined assets under management of $25 billion and head of its Canadian asset allocation team. In the past two years, funds he managed won an impressive seven Lipper Fund Awards. In this interview, Bob discusses his decision to join Cambridge Advisors, the Cambridge investment philosophy and the team’s outlook.

Interview with Bob Swanson


Cambridge Q&A

[Q] Bob, why did you decide to join Cambridge Advisors?

SWANSON: The most compelling reason was to work with a team of people in which I have a high degree of confi dence. I have known and worked with Alan for many years and am very impressed with his investment insights and have a great deal of respect for how he manages money.

The second reason was more philosophical. The Cambridge approach is a focus on absolute returns, rather than relative returns. A strategy that focuses on relative return works well when the equity markets go up year after year, but when there are declining markets, clients don’t want to hear that they’re down 6% and that’s good because the market is down 10%. Given the demographic changes, most of our clients are older and can’t withstand another downturn in the equity markets because they have fewer savings years ahead. This has led them to question equity markets as a place to invest for retirement. I wanted to align myself with a team that believes in an absolute performance approach, which is more attuned to client needs. That’s the philosophy that Alan, Brandon and I share. We focus on providing growth for clients but with protection on the downside.

The third reason is the fl exibility of the Cambridge mandates – that they have few benchmark or sector constraints – and the nimbleness of the funds. We’re able to invest in areas of the market which offer the greatest opportunity and not be constrained by liquidity.

Those are the three main reasons, but a fourth is the opportunity to build a business. Alan has established a solid track record at Cambridge over the past three years. Within the team, there’s a strong desire to continue to grow the business and I wanted to share in that growth. It’s an entrepreneurial spirit.

[Q] What do you bring to the Cambridge team?

SWANSON: For Cambridge, my greatest contribution is my experience and expertise in asset allocation, portfolio construction and risk management. My income experience will also be invaluable because we are expanding our fi xed-income positions in Cambridge Canadian Asset Allocation fund and CI is considering a Cambridge monthly income fund. We see that as being a key addition and a complement to our current lineup.

[Q] Have you made many changes to Cambridge Canadian Asset Allocation fund?

SWANSON: We repositioned the fund somewhat in the last half of September. We increased the cash level to about one-third of the portfolio at quarter-end. We also made the portfolio even more defensive by emphasizing sectors such as consumer products. We’re looking at more yield instruments and multinationals that pay attractive dividends.

[Q] I understand you are also providing guidance to the Cambridge team on the macroeconomic picture. Can you explain?

SWANSON: I look at economic indicators, economic cycles and market cycles, and we incorporate that into our equity research. We tie economic cycles into equity cycles and markets. You can talk about the different components of the economy, but there is a wide disconnect between economics and the markets. I conduct what we call regime analysis. During certain parts of the economic and market cycles – the various “regimes” – there are sectors investors have tended to focus on historically. For example, when the economy begins to slow, you want to focus on defensive sectors, such as health care, consumer staples and technology, and less on cyclical sectors. In the economic recovery phase, you want more cyclicality and beta, so you want early cyclical stocks, such as energy and materials. The playbook is never the same for each cycle, so you have to pay attention to the market forces and what is different each time. For instance, fi nancials may have been a place to hide in the past, but not this cycle, because of the deleveraging that is happening, or will be happening, on a global basis.

I run a lot of models – valuation models, momentum models, etcetera – that help to determine which sectors might be the leaders in a regime. For example, in an economic slowdown you would typically not want to own consumer cyclical stocks. But our analysis uncovered the theme of discount retailers. In this cycle, low-end retailers such as Dollarama in Canada and the Dollar Store in the U.S. have worked out well. They are growing their earnings by about 20% quarter-over-quarter.

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That’s how we fi nd regime leaders. It’s based on where we are in the economic cycle, tying it into the market cycle and then drilling down into the areas of the market that should do well. From there, we look at stock selection within those sectors. In this cycle, balance sheet items garner more attention than income items. We look at stocks that have good cash fl ow and cash fl ow generation, price to cash fl ow, price to book, net asset values, and lower debt levels because those types of companies are more likely to do well in this environment. What we are doing is narrowing the search. It’s a way of directing our attention and focusing on areas that may offer the best return opportunities.

[Q] Are we going to see the regime leaders showing up in the Cambridge portfolios?

SWANSON: It’s one aspect of how we manage money and generate ideas for the funds. Overall, we have made the portfolios a little more defensive, with more consumer staples and stable, large-cap companies because, in this environment, those are the ones that are doing well and represent the best value. Companies with good dividend yields are another example. If you segment the market by quality – from AAA to below investment grade – the highest-quality companies have the highest dividend yields, because they are in the best fi nancial shape. They’re generating a lot of cash and paying that out as dividends or buying back stock. In fact, yields on AAA stocks exceed the yields on BBB bonds. So we are moving to higher-yielding stocks instead of holding bonds.

[Q] Cambridge Canadian Asset Allocation has never had a large bond content. Is that likely to continue?

SWANSON: Recently, I went through the entire Canadian bond universe and there are only a handful of bonds that are yielding more than 5%, and you typically need to go out 20 or 30 years to get those yields. Yet, you can look at the stock market and there are lots of stocks yielding 4.5% or 5%. I believe that rates are eventually going to be higher and I don’t want to be locked in with lower bond yields. Eventually, you will begin to see more bonds in the portfolio, but for now, we’re waiting for more attractive levels.

[Q] What is your outlook for the world economy?

SWANSON: The European debt situation is clearly hinging on politics. Until that is resolved, it will be a black cloud hanging over the marketplace – that’s why we are defensively positioned.

China is a concern because things are slowing down and the question is, will they be able to turn it around? If things slow down, there could be a cascading effect throughout the global economy because if China is not going to buy endless supplies of commodities, what does that say for economic activity – and for Canada? Three-quarters of the Canadian market is resources and fi nancials and the biggest global concerns currently are those two areas.

The U.S. picture is still mixed. There are the issues with high unemployment and the economy not gaining momentum. But the biggest problem is the political gridlock – nothing will be passed to stimulate the economy without it being fought in both houses of Congress. That remains a concern until we see more cooperation and some efforts to revive the economy. The good news is that corporate America is in great shape. Revenues and earnings are coming in nicely and companies are generating a lot of cash. Despite the problems, the U.S. is a relatively safe haven. One would think that Canada, from a political and economic standpoint, is ahead of the U.S., but the proportion of exposure to resources and fi nancials has me concerned. I think when people look around the globe, they’re saying, “Well, for all the problems, the U.S. is still the world’s largest economy and historically, they have worked things out. So let’s go hide in the U.S.” The U.S. equity markets are holding up a bit better than other global markets, as is the bond market and the dollar.

Cambridge Q&A


Cambridge Q&A

[Q] Is that good news for Canada despite the exposure to resources and materials?

SWANSON: It’s often noted that the Canadian stock market is not Canada – and that’s a good point. Mining, for example, is not the typical Canadian business, but it has a disproportionate representation within Canadian equity markets. So I may have concerns about the prospects for the equity market, but I think the country is in great shape. If the U.S. starts to do well, all those other non-resource businesses will also do well. It bodes well for the country, but those sectors are not highly represented in the TSX. There is a divergence between the Canadian economy and Canadian equity markets.

[Q] How does that relate back to the economic and market cycles?

SWANSON: There are segments of the Canadian economy that are doing well, so we’ll focus on those – consumer products, for example. However, there aren’t a lot of Canadian consumer stocks. If you look at the TSX, you’re going to see energy and materials with the greatest number of holdings, a handful of media stocks, a couple of telecoms, six banks, and maybe six to 12 consumer companies. For the longest time, the focus was on the banks, then oil companies, and then materials. At some point, the focus will be on other areas and we’ll see more companies going public or being added to the index – but that’s going to take time.

[Q] Bob, is there anything that you would like to add?

SWANSON: Let’s go back to our cycle analysis. It shows that equity bear markets usually last 10-15 years. Well, it’s now been 12 years, so we should be coming to the tail end of this bear cycle. We don’t know when it’s the beginning or end of these cycles, but at both ends there’s a lot of volatility. Given the market’s behaviour over the past several months, that suggests that we may be getting closer to a transition period.

I think the fear now is that the issues in Europe may materialize into something worse. On the other hand, there are lots of stocks with attractive valuations. The problem is, people keep selling them and they keep getting cheaper. I believe that once we fl ush the pessimism from the system, there will be good opportunities to add stocks at very cheap levels. You can’t begin a bull market from high level valuations, it has to be from a depressed level, and we’re getting there. So, from a longer-term market perspective and from a valuation perspective, we may be getting close to a turnaround. The good news is that history suggests that the next cycle should be another 10 years or more of a bull market. That’s what has us optimistic about the future.

Once this blows over, we should be in for a very nice equity rally.

Thank you, Robert.


Signature Report

What is this man talking about? Risk intermediation? Risk warehousing?

Jon Corzine was right, though it did not work out well for him. Regulatory changes have put the Wall Street risk intermediation process into fl ux. This is creating a need for new participants to bridge risk in fi nancial markets globally. Let me explain.

MF Global is a U.S.-based brokerage that suffered losses on European sovereign debt inventories of US$6.4 billion in August 2011. The fi rm’s capital base of $1.5 billion was leveraged roughly 25 times to support assets of $40 billion. Moody’s downgraded the fi rm to junk status on October 24. That led customers, depositors and lenders to cease dealings with the fi rm and its stock price collapsed. At time of writing, MF Global had fi led for bankruptcy and Jon Corzine had resigned.

What does Wall Street do?The public has a narrow concept of Wall Street. The conventional view is that of overpaid and under-qualifi ed professionals trading fi nancial instruments within the fi nancial community without any benefi t to society. This view neglects the critical role that Wall Street provides in sourcing capital and providing risk management to the real economy. All global businesses rely on Wall Street for these critical business functions.

A more accurate concept of Wall Street is that of a giant “risk transfer machine”. It stands between producers and consumers, corporate and government issuers and investors. It doesn’t matter whether it’s credit risk, commodity risk, interest rate risk, foreign exchange risk, or equity risk – Wall Street acts as an intermediary between the participants and moves risk from one party to another (see Figure 1).

In its simplest form, Wall Street performs an agency function of matching buyers and sellers. For example, brokerages match up railroads with oil refi ners to help both manage business risks. Rarely is a trade so simple, because the buyer and seller are often mismatched in many dimensions, such as volume and timing. (In fact, there may be no buyer at all at any given time.) In such cases, Wall Street fi rms stand in as a principal taking a long (owned) position in the seller’s asset and taking a short (owed) position in the buyer’s asset. The fi rm has performed a risk intermediation for both clients and it needs to hedge its principal exposures (also known as the risk warehouse or inventory) until they can be liquidated. In this way, Wall Street fi rms bridge mismatched risks across the economy and charge fees to compensate the fi rm’s shareholders and to offset routine losses on the risks taken.

In our view, without a market-making intermediary willing to carry principal risk on certain non-fungible assets, markets will not function satisfactorily.

“ The fact that there is derisking and deleveraging going on among the bulge bracket (banks), both from a regulatory standpoint and from a strategy standpoint, is creating a demand for some other institutions to fill that space of warehousing and managing the risk intermediation process.”

– Jon Corzine, Chief Executive, MF GlobalSummer 2011, The Financial Times

New regulations have put Wall Street’s risk transfer machine in fl ux

Signature Report


The capacity of brokerages to safely hold mismatched risks on their balance sheets increases the fungibility of assets in specifi c markets – such as bonds issued by different phone companies or electricity contracts in different months. When asset markets become more fungible they grow larger and more liquid (more easily converted into money). More liquid assets transact on tighter bid/offer spreads and therefore are less costly to liquidate. Asset buyers apply large price discounts to illiquid assets and small discounts to liquid ones. The more illiquid an asset becomes, the smaller the set of prospective buyers.

Regulatory shift Society has rightly decided that excessive risk was taken by the banks and brokerage fi rms in the years leading up to and during the fi nancial crisis. In the future, banks benefi ting from taxpayer-insured deposits will be prevented from running risky inventories on leveraged balance sheets. We agree. However, society must recognize that there are trade-offs. Lower risk is like buying insurance – it’s not free. The cost of capital will rise and liquidity in fi nancial assets

will fall – these are the unintended consequences of the recent fi nancial regulation.

In the aftermath of the fi nancial crisis, new regulations in the form of Dodd-Frank and Basel III are having far-reaching implications for global credit markets. The Dodd-Frank Act was passed in 2010 to promote U.S. fi nancial stability by improving accountability and transparency in the fi nancial system. Basel III, which was released in February of this year, is the new global regulatory standard for bank capital adequacy and liquidity levels. Together, they are changing the business of the global banks and broker dealers and incapacitating the Wall Street risk transfer machine.

The combination of Dodd-Frank and Basel III will decrease risk considerably, mainly by increasing the amount of equity in the banking system. A clear consequence, however, is a reduction of return on equity for global banks and broker dealers. Consider that if bank capital doubles, all else being equal, returns on capital are cut in half. To preserve returns as best as possible, banks will pursue offsets such as repricing assets and lowering compensation.

2007

2011onwards

Risk buyerRisk seller

20142011 MF Global

First attempt

New fragmented risk transfer capacity will emerge from asset management and non-banks in partnership with Wall Street’s risk-sourcing networks.

Figure 1: This graphic depicts the fl ows of risk through the Wall Street risk transfer machine. In 2007, broker dealers and banks had large inventories before the fi nancial crisis. In 2011, the fi nancial industry is undergoing regulatory reform, adapting to the new rules and shrinking its role. By 2014, we expect a new structure to evolve with institutions – such as asset managers, pension funds and private equity – becoming participants.

Wall Street’s shrinking risk transfer capacity


The summer of 2007 was the end of that era for the warehouse-and-distribute model of the risk transfer machine. The warehouse was full of leveraged buyout loans and leverage was at 50 to 60 times the capital of the bank. Under Dodd-Frank, banks will be prohibited from holding principal positions. Wall Street’s inventory has been whittled down, (see Chart 1).

These two regulations have locked the door of Wall Street’s warehouse so that the banks no longer have the capacity to inventory risk and gradually deplete it. Instead, the risk is forced directly into the market all at once.

When it comes to the markets, Dodd-Frank will change their structure in terms of volume, pricing, participants and volatility. Equity, rates, foreign exchange, credit and commodities markets will all see change, but not evenly. For investment banks, equity and foreign exchange businesses do not consume a lot of capital, so they will be less affected. (They are known as fl ow businesses where inventories tend to be low.) However, the rates, derivative and credit markets are more capital intensive and will suffer from reduced participation, higher costs and greater volatility.

In the past, regulators applied small capital charges for assets on the trading book because they were viewed as liquid securities that could be easily sold. That created an incentive for banks to hold more assets on their trading books because they could generate higher returns on equity.

Basel III is saying, “Our old policy incentivized higher risk taking, so we are changing the rules to incentivize lower risk by requiring higher capital requirements for trading assets.” As this goes into force, global investment banks will shrink the inventories that underpin their trading operations. This is “game over” for the legendary risk taking on leveraged dealer trading desks and leveraged hedge funds, all of whom now fall under regulatory scrutiny. With profi tability impaired, expect fi xed-income business units to shrink their staffi ng levels considerably.

Without the warehouse-and-distribute mechanism in some markets, volatility goes up and liquidity goes down because one of the principal functions of a broker is to supply securities from inventory. Without that function, fi nancial markets have to reprice the asset.

There still needs to be fl exibility in the system to absorb risk. But it’s moving from the brokers to new participants like the ill-fated MF Global, as well as the institutions that are mandated to take on risk. We expect more participation from the asset management community, including fund managers, hedge funds, pension funds and private equity, whose business model permits them to be more natural holders of risk. Structurally, those institutions should now hold more cash so that they can become the stabilizing factor when the market becomes distorted.

Another important test of the reduced risk transfer machine will come when the European banks begin to shrink their balance sheets by a trillion dollars in the wake of the European sovereign debt crisis. They have to move that credit risk through the system to Asia and North America, to banks, insurers and mutual funds. We will be watching the price distortions this causes.

Bankers are resisting the rule changes on proprietary trading and risk warehousing. In response, Paul Volcker, former head of the U.S. Federal Reserve, recently said that if the banks didn’t like his rule they should look at the Glass-Steagall Act, the more draconian 1930s-era response to bank excesses that forcibly separated commercial and investment banking.

Dealer inventories & credit spreads

Source: Federal Reserve, Morgan Stanley Research

Chart 1: Already, Wall Street is showing signs that regulatory changes are starting to affect the intermediation process. Since earlier this year, primary dealers’ inventories of corporate bonds have fallen off signifi cantly, as a result, corporate bond spreads widened sharply.

Signature Report

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Signature Report

ConsequencesSo what does this mean for us as investors?

For the economy, lower systematic risk in fi nancial markets comes at a cost of new, higher borrowing costs. Capital will become a larger barrier to entry in industry advantaging incumbents over new entrants. This will lower growth.

For markets, it means less liquid assets are going to be repriced to compensate for lower liquidity. Some balance sheets will shrink and there may be credit rationing. Less liquidity means more volatility.

For investors, such as Signature, it’s an opportunity. With our multi-assets and fl exible mandates, we will benefi t because when risk is being liquidated there will be bigger price distortions in markets. It also means that less liquid assets are going to have to be repriced to compensate for this new dynamic. The Signature funds have the fl exibility to take advantage of these opportunities. This is the case for our income funds, such as Signature High Income and Signature Diversifi ed Yield, where we can look forward to higher yields as the global banking system adjusts to the new post-crisis regulatory world.

Eric BushellSenior Vice-President,Portfolio Managementand Chief Investment Offi cerSignature Global Advisors

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Realize your potential with CI Investments’ new website for financial advisorswww.ci.com/pd

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This site covers many topics and trends that are relevant to an advisor’s practice. It also provides presentations and tools to help you develop your business and realize your potential. www.ci.com/pd

Managing your business focuses on business management strategies that will help advisors achieve their business goals through all lifecycle stages of a practice: building, sustaining and transitioning.

Managing your clients focuses on client strategies to help advisorsbuild deeper relationships and educate clients on fi nancial matters.

Managing your capabilitiesfocuses on professional development strategies that will help advisors increase their knowledge, skills and fi nancial leadership capabilities.

The site is organized into three key development areas that are the primary drivers of success for advisors:


Market Roundup

Signature Market Roundup

Global outlook

Drummond BrodeurVice-President,Portfolio Managementand Global Strategist

As we move into the fi nal quarter of 2011, markets have been gripped by fears of a double-dip recession in the U.S, a sovereign debt crisis in Europe and the risk of a hard landing in China. At the core of each of these concerns is the fact that while the risks are economic, the solutions are all about politics. Much of the recent market sell-off has been a repricing of risk, but it has also refl ected a growing dismay over the ability of global politicians to rise to the economic challenges they face.

In Europe, there are signs that the debate has shifted from denial to an analysis of how solutions can be implemented from a legal perspective. Ultimately, Europe must recapitalize its banks, provide a backstop to sovereign issuers faced with liquidity problems and manage an orderly default in Greece. This will require the use of the European Financial Stability Facility to help the banks and the backstop of the European Central Bank to protect the sovereigns. Legally and institutionally this is not simple. The EFSF is big enough to help the banks and the ECB has unlimited fi repower to support the sovereigns, but it does not have the legal authority to enforce the conditions attached to the loan when it provides support – as it discovered when Italy reneged on its promise of increased fi scal austerity. Ultimately, either the EFSF or the International Monetary Fund – both of which have the ability to enforce conditionality upon sovereign governments – must be enlisted along with the ECB. At Signature, we believe that the tightening of fi nancial conditions and deleveraging of banks will cause a mild European recession in the coming quarters.

In the U.S., we expect a modest bounce in GDP in the fi nal quarter, as the drag from higher oil prices and supply disruptions from the Japanese tsunami reverse. We believe that the pre-conditions for a recession do not exist. Markets will vacillate between focusing on improving economic data and fears of political paralysis as the U.S. approaches moves towards the 2012 election. As for China, we believe that the tightening policies are slowing down the overheated economy. China cannot sustain 10% growth rates and must adjust toward a normal trend of around 8%. This is a slowing, not a hard landing, and in the event that growth slows considerably more than expected, the government has substantial fl exibility to ease fi scal and monetary policy. The heart of the issue in China is a massive level of savings and limited leverage – the polar opposite of the challenges facing the U.S.



Interest rates

James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager

In the past several months, global government bond yields have diverged signifi cantly on the market’s perception of credit risk. Across Europe, Germany is seen as the ultimate safe haven and yields are at record lows. Other AAA-rated countries, such as Austria and France, have seen their yields fall – but not to the same degree. With one exception, peripheral European countries are being subjected to default risk premiums and rising yields. Ireland is the exception, where yields have fallen dramatically since the summer – but are still elevated in an historical context. Due in part to the intervention by the European Central Bank, Italian and Spanish bonds have stabilized, but a comprehensive Euro-wide policy initiative is needed to attract large amounts of private capital.

In North America, a weakening economic backdrop and policy paralysis triggered a 20% drop in the S&P 500 Index. The U.S., despite losing its coveted AAA status, saw 10-year U.S. Treasury yields decline to below 2% – modestly outperforming Canadian bonds. Also added to the mix is the U.S. Federal Reserve’s latest bond buying program, in which short-dated bonds are sold and mid- and long-dated bonds are purchased. In Canada, we expect rates to remain low because of the combination of strong credit fundamentals and soft growth appeals to both domestic and international investors.

Emerging markets

Matthew StraussVice-President, Portfolio Management, Portfolio Managerand Global Strategist

The mid-cycle correction in emerging markets, which saw equity markets losing 1.0% in second quarter, turned more violent in the third quarter as European sovereign debt concerns triggered a global rush to safer assets. Concerns about a hard landing in China also stoked fears late in the third quarter. Emerging market equities, as measured by the MSCI Emerging Markets Index, fell by 22.5% in U.S. dollars in the third quarter, with all the countries recording declines. Peru, which was down 4.7%, was the best performer following the presidential election, the announcement of a new cabinet and sensible economic policies. Hungary and Poland recorded the largest quarterly losses.

Compelling emerging market equity valuations, slowing infl ation and still strong economic fundamentals should lure investors back into these markets in the fourth quarter. Admittedly, if the European situation deteriorates further, or China is unable to avoid a hard landing, fear selling will quickly return. We consider these as low probability events. Nonetheless, the presence of these risks highlights the important role of policymakers in driving returns in the foreseeable future. Given that policymakers in emerging markets are in a much stronger position than their developed market counterparts, we see emerging equities outperforming developed market equities in the quarters ahead.



Preferred Shares

John Shaw Vice-President, Portfolio Management,Portfolio Manager

Despite global market volatility, the preferred share market in Canada remained relatively calm during the quarter. Bank-issued perpetual preferred shares continued to outperform the market, as investors expect the banks to redeem them at par on their redemption dates or sooner. To date, banks have called three perpetual share issues. These moves are a result of decisions earlier this year by Canada’s bank regulator, the Offi ce of the Superintendent of Financial Institutions, affecting bank capital levels.

On the downside, fl oating rate preferreds declined sharply, refl ecting a slowing global economy and the Bank of Canada’s indications that it would keep interest rates low for longer. Another negative was BCE’s decision to lower the dividend rate on its next series of reset preferreds, which disappointed the market and was notable given the large size of the issues.

During the quarter, there were seven new preferred issues in the market worth a healthy $2.1 billion, while there were $970 million in redemptions of bank shares.

Health care

Rui CardosoVice-President,Portfolio Managementand Portfolio Manager

Through the market volatility of the third quarter, health care performance held up reasonably well as defensive, high-yielding pharmaceutical companies outperformed. We remain positive in our outlook for the group because we expect the overhang of the U.S. health care reform issues to dissipate, while fundamentals for some subsectors in health care start to improve. Most big pharma companies have spent the last fi ve years revamping their drug pipelines. We expect to see increasing fl ow of data on new drugs in development. The U.S. Food & Drug Administration is becoming more rational in its risk/benefi t analysis, leading to an increase in new drug approvals. Year-to-date, it has approved 21 new drugs, compared to 21 in all of 2010 and only 11 in 2006. Pharmaceutical companies trade at low multiples, have relatively clean balance sheets and pay good dividends. We remain cautious on the health care services sector in developed markets (hospitals, insurers and distributors) and medical device companies because they have the greatest leverage to austerity measures. We continue to view health care services as the preferred way to gain exposure to the expansion of health care coverage in the emerging markets middle class.



Consumer products

Stephane ChampagneVice-President,Portfolio Managementand Portfolio Manager

Consumer activity slowed during the third quarter due to higher gasoline prices, food infl ation and slower employment rate. Overall, the S&P 500 Index underperformed the consumer discretionary index by 50 basis points and the consumer staples index by 980 bps. Consumer staples have been helped by the European sovereign debt uncertainty, weak employment and fears of a double-dip recession in the U.S.

In U.S. retail sales, lower consumer confi dence and slower employment provided negative momentum in July and August, but September, with back-to-school shopping, showed good results. High-end and off-price retailers remained strong during September, while trends at low-price commoditized basics retailers were weaker. After a shaky start to the month, due to Hurricane Irene, shoppers returned to the mall later in the month, ending the back-to-school season on a high note. Overall, mall-based retailers managed slightly higher sales than 2010, but remain on course to decelerate from the stronger pace set in the fi rst quarter.

Retailers usually enter October with good inventories. However, it is largely a clearance month and has little impact on earnings. We continue to believe that global growth specialty retailers are best positioned for further outperformance as top-line visibility and margin expansion opportunities offset domestic uncertainties and offer meaningful long-term earnings growth. We will also favour discounters and drugstore chains due to cheap valuations and earnings visibility. The hotel sector underperformed the discretionary sector due to fear of a global recession.

Defensive sectors performed better than the overall market. Household and personal care stocks outperformed food, tobacco and beverage stocks, which outperformed staples retailers.

We remain confi dent in our stock choices due their cheap equity valuations compared to historical prices, good free cash fl ow generation, high-quality balance sheets, and a high return to shareholders (through dividends, share buybacks and M&A activity). We are taking a conservative approach, which should help temper volatility and taking advantage of opportunities when there are market pullbacks. In the shorter term, we remain in consumer staples and emerging market stocks.



Technology & telecommunications

Malcolm WhiteVice-President,Portfolio Managementand Portfolio Manager

Information technology generally outperformed the broader market during the quarter as investors were more concerned with fi nancials and resources that are more levered to the fi nancial problems in Europe. However, issues in the general economy are expected to lower global growth rates and this will be a perceived negative for technology companies in the months ahead.

High-quality telecommunication stocks were solid, as investors looked for places to hide in stormy market conditions. The concept of relatively high dividend yields and must-have services such as wireless, made this sector look attractive, despite moderating growth as consumers rationalize spending.

Media stocks were subject to selling pressure. Investors view this sector as discretionary and dependent on a healthy economy – all of which are being questioned. Concerns of a softer advertising environment are making investors nervous.

Now, balance sheets matter much more to the market as a whole and investors are gravitating toward cash-rich, investment grade companies and selling companies with higher leverage ratios and cash generation problems.

Foreign exchange

James DutkiewiczVice-President,Portfolio Managementand Portfolio Manager

Currency has recently followed the well-travelled path of “risk on” and “risk off.” Mounting concerns about the health of the global economy resulted in currencies with signifi cant exposure to commodities – such as Canada and Australia – weakening compared to the U.S. dollar. Many emerging market currencies performed quite well throughout the summer, but September was not kind, with many experiencing a 5%-15% drop compared to the U.S. dollar. The euro, with its sovereign debt problems, succumbed in September, falling more than 7% against the U.S. dollar. Even the Swiss franc, traditionally seen as a bastion of safety, fell as the Swiss National Bank publicly announced devaluation against the euro.

The outlook for the foreign exchange market is for more volatility until a unifi ed European solution is found. Washington is no closer to striking a ‘Grand Bargain’ than it was during the summer. It is likely that some of the lustre of the U.S. dollar will fade as the markets come to appreciate the chasm that divides the Republican and the Democratic parties. The Canadian dollar is approximately 10% overvalued, given current commodity prices, and we expect further weakness. However, it is unlikely to become “cheap” in a fi scally focused world.



Investment-grade bonds

John ShawVice-President,Portfolio Managementand Portfolio Manager

In bond markets, Government of Canada bonds and U.S. Treasuries performed well, refl ecting investor interest in safe havens during the European sovereign debt crisis. The yield spreads on corporate bonds widened, primarily as a result of the decline in government yields and concerns about an economic slowdown. North American corporate issues outperformed European ones.

The Canadian investment-grade market was split – with higher-rated utility and infrastructure bonds outperforming lower-rated industrial issues – refl ecting general fears of a slowing economy. Issuance dropped sharply in July and August, with new issuers having to raise yields to complete a deal. Nevertheless, the cost of issuance remained favourable for corporations. Overall, corporate balance sheets are in very good shape and the credit market remains fairly strong for non-fi nancial corporations, showing that the corporate bond market’s underperformance during the quarter was a result of economic factors and not company-specifi c fundamentals.

High-yield bonds

Geof MarshallVice-President,Portfolio Managementand Portfolio Manager

No public market has proven immune to the vagaries of the “risk-off” trade precipitated by the European sovereign debt and banking crisis. The high-yield bond market is no exception – despite very good fundamentals. At these levels, we think there is excellent value in the high-yield market. Fundamentally, it is well positioned, given that we have just come through two years of balance sheet repair, cost cutting and refi nancings. Credit risk, namely leverage, is at its lowest level in years. While the new issue window was temporarily closed in August and September, it matters less than it did in 2008 because few issuers are facing debt maturities now as companies have spent the last two years extending their debt maturities.

From a technical perspective, there are three important points to make on the high-yield bond market. First, the third quarter sell-off was based on very little volume so it has not been a broad-based capitulation. Second, U.S. mutual fund fl ows have recently been positive, which is supportive of valuations. And third, compared to 2008, when there were a lot of leveraged investors in the system, we have seen little leverage employed since then. This is key, because leverage in a down market creates forced sellers.


Richard Jenkins, Chairman and Managing Director of Black Creek Investment Management, has been a life-long student of investing. In his teens, he started reading investment books on the bus between hockey games, while the other boys were reading comics and car magazines. Today, he is completing his PhD in behavioural investing.

Richard started his career at the Heritage Fund in Alberta and later moved on to one of the large banks. After several years, it was suggested that he was better suited for a career in global investment management than banking. That led to his 14-year stint at Trimark (now Invesco Trimark).

During that time, Richard co-managed the Trimark Fund and was the lead manager of the top-performing Trimark Europlus Fund and the Trimark Global Balanced Fund, which had $10 billion in assets combined. Under his

direction, the funds were fi ve-time Canadian Investment Award winners from 2004-2006, in the global balanced and European equity categories. Recently, his Castlerock International Equity and Castlerock Global Balanced funds won Lipper Fund Awards in 2010-2011.

Richard left Trimark several years after it was purchased by Invesco and started working on his PhD, with the intention of teaching. But, he says, “I was too young to retire.” So, after a little coaxing by Bill Kanko, a former colleague from Trimark who founded Black Creek in 2005, Richard decided to join him in 2008. Bill was working as a sub-advisor for Hartford Investments Canada, managing what is now Castlerock Global Leaders Fund. With Richard joining Black Creek, the Castlerock International Equity and Balanced funds were launched to showcase his expertise.

Spotlight on Richard Jenkins

Spotlight Richard Jenkins

Richard JenkinsManaging Director & Portfolio ManagerBlack Creek Investment Management Inc.


Richard and Bill, who also managed the Trimark Fund, have a very distinct investment style, which they summarize as Unique Insights. Proprietary Ideas. The global portfolios are concentrated, with no more than 25 companies – each a proprietary idea. They invest in growing businesses that are market leaders, gaining market share and have sustainable competitive advantages over their competitors.

As Richard says, “We try to buy companies in areas where we think the market will eventually realize it’s good, and sometimes we’re well ahead of the game. One of the benefi ts we have is that we think long term. Another is that we try to stick to fundamental economics and not get caught up in whatever the latest, greatest thing is.”

At Black Creek, Richard and Bill work in teams of two. Bill manages the Black Creek Global Leaders fund, while Richard manages both the Black Creek International Equity fund and the Black Creek Global Balanced fund. The funds are modelled on the equivalent Castlerock funds. Richard works with Evelyn Huang, Director of Global Equities. Evelyn spent fi ve years with Invesco Trimark as an investment analyst and was co-manager of Trimark Select Growth Fund and Trimark International Companies Fund. He says, “It was a culture that was learned in our prior fi rm, and it works for our style of investing.”

Richard says, “We believe in focusing on having a few ideas, studying them a lot, and only acting on a few things. But, with that you’re subject to certain risks in how you make an investment. You can get carried away, so you need someone to look over your shoulder and tell you why you’re wrong. For our way of doing it, where you have a unique idea, which is a personal idea, you need someone to work with that knows your biases and can complement what you do.

The managers at Black Creek, he says, “look for either a normal growing company at a really inexpensive price or a business that people think is dull and we think is going to have a brighter future.” He uses the example of Atlas Copco in Sweden. “We invested in Atlas Copco in 1995 with a view that the demand for minerals and metals globally over the next 10 to 20 years would be very strong because of all these emerging countries. Lo and behold, the stock went from Kronor 40 to a split – adjusted price of Kronor 280. It’s still a great company. But when we invested, it was small, and hardly anyone knew it.”

Two of Richard’s current favourites are Adidas and Invensys. Richard likes Adidas for one reason – demographics. But, not just for the aging baby boomers that are staying physically active later in life, but also for the growing demand in emerging markets of Asia and South America, where a whole new generation is discovering sports. The company, he says, “is growing faster than Nike. It has no debt and is using its cash to increase dividends and buy back shares.”

Invensys, is a British company that is a leader in software and systems to manage power plants. And while the stock was hurt by the nuclear disaster in Japan in March, the company had no direct exposure to Japan. Richard expects it to benefi t from software upgrades as tougher safety requirements come into effect because of the meltdown in Japan and from the increasingly complexity of power sources.

About the current market challenges, Richard says “every time the situation is different, but they all have some similarities. With experience, you can put them in perspective and make proper decisions.”

When asked about the benefi ts of global investing, Richard responds with a question: “Don’t think about investing globally, think about, ‘What is the benefi t of investing in the best 25 businesses you can fi nd?”

Spotlight Richard Jenkins


CI Investments offers a comprehensive selection of income funds to meet investor needs. These range from traditional bond funds to diversified income funds that offer enhanced yields by investing in higher-yielding asset classes, such as high-yield corporate bonds, infrastructure, REITs and other real estate-related securities. To assist you in choosing the appropriate funds for your clients, we present this monthly communication featuring highlights of seven key income offerings. This piece will be e-mailed to you on a monthly basis. Please contact your CI sales team to ensure delivery. We hope you will find it useful and informative in discussions with your clients.

CI Income Opportunities – Fund Highlights


Income Opportunitiesas at September 30, 2011 (Class A)

SignatureDiversifi ed

Yield

Signature High

Income

Signature Corporate

Bond

Signature Income & Growth

PS Income

Select Income

Advantage Managed

Signature Canadian

Bond

CI Income Advantage

Monthly per unit distribution $0.05 $0.07 Variable $0.025 $0.04 N/A Variable $0.035

Annualized distribution payout 6.3% 6.4% Variable 7.0% 4.4% N/A Variable 4.4%

Portfolio yield (approx.) 6.3% 6.3% 7.3% 3.8% 4.7% 4.3% 3.2% 4.3%

Dividend characteristicsROC, income

& capital gains

ROC, income & capital

gainsIncome Income &

capital gainsIncome &

capital gains N/A Income ROC & capital gains

Current asset mix*

Cash 21% 13% 7% 17% 10% 15% 8% 15%

Government and investment grade corporate bonds 5% 8% 32% 14% 42% 50% 92% 50%

High-yield bonds 43% 35% 61% 17% 19% 17% 0% 17%

REITs, trusts, & equities 31% 44% 0% 52% 29% 18% 0% 18%

Duration

In years (bond portion) 2.9 2.9 4.1 3.3 4.7 5.0 6.2 5.0

Credit quality

Average credit quality BBB BBB BB+ A A A AA- A

% under Single B 5% 5% 4% 3% 2% 1% 0% 1%

Currency exposure*‡

CAD 81% 93% 94% 87% 69% 74% 99% 74%

USD 13% 3% 6% 5% 11% 9% 1% 9%

EUR 0% 0% 0% 1% 7% 6% 0% 6%

Other 6% 4% 0% 7% 13% 11% 0% 11%

Management fees

Class A 1.90% 1.25% 1.70% 2.00% 1.65% 1.65% 1.35% 1.50%

Class F 0.90% 0.75% 0.85% 1.00% 0.90% 0.90% 0.85% 0.75%

PMA ($500K level)† 0.95% 0.95% 0.95% 0.95% 0.95% 0.70% 0.70% 0.70%

PMA ($1M level)† 0.85% 0.85% 0.85% 0.85% 0.85% 0.65% 0.65% 0.65%

Trailer fees

Class A (ISC/DSC) 1.00%/0.50% 0.50%/0.25% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 1.00%/0.50% 0.50%/0.25% 0.75%/0.30%

Fund codes

Trust Class A FE 619 686 9010 6116 7740 N/A 837 2339

Trust Class A DSC 819 786 9060 6166 7745 N/A 847 3339

Trust Class A LL 1619 1786 1150 1166 1745 N/A 1847 1339

Corp Class FE 2319 2304 2308 2309 N/A 2265 2303 N/A

Corp Class DSC 3319 3304 3308 3309 N/A 3265 3303 N/A

Corp Class LL 1319 1304 1308 1309 N/A 1465 1303 N/A

Source: CI Investment Consulting, RBC Dexia, Wilshire Atlas, Wilshire Axiom* Aggregate exposure may not equal 100% due to rounding.† Includes both management and administration fees.‡ Currency exposure includes the effect of hedging.

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PIM Quick Facts


CI Investment Consulting

Alfred LamVice-President CI Investment Consulting

Market overviewWith the economic recovery proceeding at a slower pace than investors had previously expected, fears of a renewed global recession and uncertainties in the Eurozone helped to drive stock and energy prices sharply lower, government bond yields to record lows, and gold prices to new highs during a volatile third quarter.

In Canada, stock prices as measured by the S&P/TSX Composite Index lost 12.0%. World stock markets, as represented by the MSCI World Index, declined by 10.2% in Canadian dollar terms for the same period. The Canadian dollar depreciated against major currencies, augmenting returns for Canadians on their foreign investments. Bonds, on the other hand, rallied during the quarter, with the DEX Universe Bond Index gaining 5.1%.

Earlier this year, we scaled back some of the risk in our portfolios. This was not because we expected to see the extreme volatility that occurred in the third quarter. Rather,

after looking at valuations of the different asset classes in conjunction with our asset mix research provider, State Street Global Advisors, we concluded that some of our overweight allocations had started to look expensive and some of our underweight positions had started to look more attractive. The adjustments we made have worked out well and added value.

We rebalanced the portfolios to include more global bonds and large-cap stocks, while reducing corporate bonds and small-cap stocks. The decision to hold more U.S. dollar-denominated investments through global bonds was diffi cult at the time, as the Canadian dollar was reaching new highs against the U.S. dollar. However, the U.S. dollar gained 9% versus the Canadian currency this quarter.

We have monitored the portfolios’ sector exposure closely to ensure a balanced strategy and to avoid excessive exposure to the resource sectors. We do not want the portfolios’ performance to be too heavily infl uenced by resource prices, as this adds an extra layer of volatility.

OutlookWe expect capital markets to remain volatile, but the reasons for this volatility vary by asset class. Stocks, to some degree, are a leading indicator of the economy. Investors are looking for some sort of resolution to the sovereign debt crisis in Europe, and have reacted dramatically to every piece of

Returns in % 1 year 3 years 5 years 10 yearsSince

inception

Portfolio Series Income Fund 2.9 6.6 3.7 5.0 4.9 (Dec. 97)

Portfolio Series Balanced Fund -1.7 2.3 0.1 3.9 6.5 (Nov. 88)

Portfolio Series Growth Fund -3.5 0.8 -1.3 n/a 1.6 (Dec. 01)

Select 70i30e Managed Portfolio -1.2 3.6 n/a n/a 1.1 (Nov. 06)

Select 50i50e Managed Portfolio -2.0 2.6 n/a n/a -0.3 (Nov. 06)

Select 30i70e Managed Portfolio -2.6 1.6 n/a n/a -1.8 (Nov. 06)

S&P/TSX Composite Index -3.6 2.7 2.6 8.0 n/a

S&P 500 Index (C$) 2.0 0.6 -2.6 -1.4 n/a

MSCI World Index (C$) -3.5 -0.7 -3.6 -0.5 n/a

DEX Universe Bond Index 6.7 8.1 6.1 6.5 n/a

Source: CI, Bloomberg, PC Bond; All fund returns are for Class A units/shares.

Commentary


news. Although we are surprised by how much investors are reacting to daily events, it is unrealistic to assume there would be no aftershocks from the fi nancial crisis.

We also expect the performance of government bonds to be volatile because they are overpriced. The yield for 10-year Treasuries is about 2% in Canada, and even lower in the United States. After factoring in infl ation and income tax, the yield is negative. This guarantees a loss of purchasing power for investors.

Despite ongoing volatility, we are constructive on stocks for a few reasons. First, stocks look inexpensive on both an absolute and relative basis. The price-to-earnings ratio on the S&P 500 Index was 11.7 times at the end of September; which is below the historical average. In addition, dividend yields are higher than bond yields. This suggests that even with no earnings growth and if the P/E does not expand over the next 10 years, stocks will still outperform bonds.

The chart below shows the historical relationship between stock valuations as measured by the price-earnings (P/E) ratio and subsequent returns of the S&P 500 Index.

It is important to remember that although news will turn from positive to negative and back again, what drives portfolio performance over the long term is what you own (stock selection) and the price you pay (valuations).

P/E and subsequent performance of S&P 500 Average monthly rolling periods from Jan. 1954 to Sept. 2011

Source: CI Investment Consulting

Chart 1: The chart shows the historical relationship between stock valuations as measured by the price-earnings ratio and subsequent returns of the S&P 500 Index. When the P/E has been less than 15, returns have been in the double digits over the following one, three, fi ve and 10-year periods. The P/E for the index at September 30 was 11.7.

Portfolio positioningWe have gradually reduced the cash positions in our funds, believing that corporate bonds and stocks will outperform cash in the longer term.

In the fi xed-income portion of our portfolios, we are cautious about government bonds, believing that yields are unsustainable at the current levels. We have discussed our views with Signature Global Advisors, the fi xed-income portfolio manager. They plan to mitigate risk by shortening the duration of the bond portfolio and increasing corporate bond weightings as they see fi t. Nevertheless, we are maintaining an underweight position in government bonds. Although this portion of the portfolios can continue to offset equity risk in an adverse environment, it will add little to fund returns.

Corporate bonds have corrected along with equities, despite very strong corporate balance sheets. With yields now above 7%, this asset class will become an important source of income for our portfolios.

With oil prices having fallen from US$114 to about $80 in just a few months and expectations for energy companies declining with them, our equity managers are feeling more comfortable owning stocks in this sector. We have also taken advantage of recent market weakness to increase exposure to emerging markets equities. It has taken a while to accumulate our desired positions as we were not willing to pay a premium. The current weightings range from 2% in the balanced portfolio up to 6% in the maximum growth portfolio. We are comfortable with these weightings, as we expect this asset class to add value in terms of both diversifi cation and long-term returns.

Analysts: Yoonjai Shin, Neelam Mistry, Lewis Harkes, Tony Mallozzi

-5%

0%

5%

10%

15%

20%

<10 10-15 15-20 20-25 >25

1 Year 3 Year 5 Year 10 Year

12-month trailing P/E

Ann

ualiz

ed R

etur

n


Commentary

Harbour Advisors

Gerry ColemanSenior Vice-President, Investments and Chief Investment Offi cer

Harbour Fund and Harbour Growth & Income FundThe past quarter for equity markets was among the worst that we can recall. While the early months of 2011 were certainly challenging, our results at the mid-year point were nonetheless hovering around the zero mark, versus where we are now, at quarter-end, with both funds being down in the low double digits. While stock markets here at home and in the United States were down in the range of some 12-14%, certain other leading world stock markets, including France, Germany and Hong Kong, were down a much greater degree (20%-25%). All in all, a very challenging and diffi cult time for equity investors worldwide.

At quarter-end, Harbour Fund was 94.9% invested in common stocks (Canadian stocks 50.8%; foreign stocks 44.1%), while the fund’s cash and equivalent position stood at 5.1%. Harbour Growth & Income Fund, in contrast, was 75.2% invested in common stocks (Canadian stocks 46.5%; foreign stocks 28.7%), carried a bond position of 6.6% and held a cash reserve position of 18.2%.

In terms of portfolio activity, the past quarter saw us establish small new equity holdings in Anheuser-Busch InBev (Belgium) and BNY Mellon (U.S.). A brief description of each of these fi rms follows. During the past quarter, we also added to our existing holdings of Manulife Financial and Talisman Energy. On the sale side of the ledger, we liquidated our holdings in Exxon, TD Bank, and TMX Group. Exxon and TD were eliminated because while we admire both fi rms, due to their respective valuations, we felt that better appreciation opportunities existed elsewhere within their respective industry sectors.

Anheuser-Busch InBev is headquartered in Belgium and is the leading global brewer with number one or number two market positions in 19 key world markets. It is one of the world’s top fi ve consumer product companies. The company manages a portfolio of over 200 brands, which include global brands such as Budweiser, Stella Artois, and Becks, fast-growing multi-country brands Leffe and Hoegaarden, and strong local brands such as Bud Lite, Skol, Brahma, Michelob, Harbin and Juplier, to name a few. The company owns a 50% equity interest in Grupo Modelo, Mexico’s leading brewer and owner of the global Corona brand. Anheuser’s portfolio includes four of the top-selling 10 brands worldwide and it has 14 individual brands with sales greater than $1 billion. The company also produces and distributes soft drinks, principally in Latin America.

BNY Mellon Corp., headquartered in New York, operates a global fi nancial services franchise with notable presence in 36 countries servicing both institutional and high net worth private clients. While BNY Mellon is a new holding in Harbour and Harbour Growth & Income funds, it has been a holding for some time now in Harbour Foreign Equity and Harbour Foreign Growth & Income. BNY Mellon’s major business areas are securities servicing and asset and wealth management. They are the number one global player in securities servicing, and the U.S. leader in clearing services and stock transfer. In the custody and administration arena, its assets exceed $24 trillion. The company also has strong market positions in treasury services and asset and wealth management, where assets under management exceed $1 trillion. BNY processes on average over $1.5 trillion in global payments daily. While the company is named Bank of New York Mellon, it is anything but your typical U.S. bank.

The extreme degree of pessimism that we observed in the markets at mid-year persisted through the past quarter, as investor concerns about the European sovereign debt crisis and European banking situation continued apace. Additionally, ongoing concerns about slowing economic growth globally and a possible recession in the United States continued to garner investor attention. For our part, while the


Commentaryeconomic data points now clearly suggest a slowing global economy, we see little likelihood of the global economy experiencing recession and continue to expect slow and moderate growth. The same would hold true in the United States, where again the data suggests that things are slowing, yet we believe a recession will be avoided.

While political leadership in the U.S. leaves a great deal to be desired, the situation in Europe has been more problematic and has suffered from a truly abhorrent lack of leadership on the part of the various Eurozone political leaders. Encouragingly, however, there are now glimmering signs of hope emerging that steps are fi nally being formulated to strengthen the capital position of the overleveraged European banking system. While this nascent initiative to strengthen the European banking situation is by no means in itself the solution to the sovereign debt crisis, it will go a long way towards its eventual resolution.

Global equity markets are not currently trading on fundamentals, but are rather being driven by fear – irrational fear. The same can be said of the bond market, where fundamentals also appear to have gone out the window, with fear being the principal driver again behind price movements. While current investor angst is almost exclusively centered on the diffi culties in Europe and anxiety about global economic growth, it has gone virtually unnoticed that corporate earnings are in fact performing superbly, resulting in very attractive stock valuation levels. For example, the S&P 500 Index is now trading at a little more than 10 times current earnings, which is not far off the low valuation experienced in 2008. It is our belief that currently equity markets are likely in a bottoming phase of admittedly unknown duration. It could be months or it may only be a matter of weeks, but there is little doubt in our mind that long-term investors are now being presented with an attractive buying opportunity not often seen. In sum, we continue to counsel that investors overweight stocks and underweight bonds.

As an interesting aside, but perhaps an important one, the dividend yield on the S&P 500 is now greater than the yield on 10-year U.S. Treasuries. Historically this is quite rare and in over 80% of previous cases, the market (S&P 500) has risen signifi cantly over the following 12 months, i.e. 20% plus. While there were several such occurrences in the mid-1950s, there have been very few since. Notably, the last time it happened was in March 2009, when the S&P hit its low point. Thereafter, it almost doubled.

Stephen JenkinsSenior Vice-President, Investments

Harbour Foreign Equity Corporate Class and Harbour Foreign Growth & Income Corporate ClassStock prices fell sharply during the third quarter, as fear of global recession became a widespread and growing concern for anxious investors. A still unresolved European debt crisis and a belief that policymakers aren’t dealing with this lingering and important issue with the immediacy required contributed to investor angst. Unfortunately, the breadth of market declines meant there were few places to hide during the quarter. All major stock indexes around the world experienced marked declines in value, particularly the French and German markets, each of which lost over 25%. At the time of writing, there appears to be encouraging yet nascent signals out of Europe that credible and decisive remedies for their economies are in the works. Time of course will tell, but the slightest hint of a less uncertain environment has had a very positive impact on stock prices, a testament to how depressed and undervalued many stocks have become in recent months.

At Harbour, we are bottom-up, fundamentally based, long-term investors. We don’t key off the macro scene when making investment decisions for our portfolios. Unfortunately, though, it’s been the macro news that has dominated stock markets day in and day out for a number of months now; and when the macro dominates, as it has, psychology (fear) is all too often the main driver of investor decisions. When fundamentals take a back seat to investor psychology, as they have in recent months, wonderful opportunities emerge for rational, long-term investors. With that thought in mind, we have been selectively taking advantage of the opportunities created by the recent environment with a focus on upgrading and refreshing our portfolios in terms of overall quality, growth and valuation characteristics.

Harbour Foreign Equity ended the quarter with 93.8% of fund assets invested in 35 stocks and a 6.2% cash reserve. Portfolio activity during the three-month period was somewhat brisk and included both buying and selling of stocks. Selling in cases where the stock price of an individual company hadn’t fallen as far as other established holdings, and purchasing where the reverse was the case and the relative valuation was


more attractive. For example, we sold our long-time holding in Nestlé. Nestlé remains a great, world-leading food business, but with a P/E multiple of close to 17 times expected earnings, valuation expansion in our mind had largely run its course. In contrast, Aryzta, a smaller, more specialized Swiss-based food manufacturer is being accorded a very modest valuation today of approximately 10 times expected earnings. We added to our holdings in Aryzta.

In addition, we sold our stake in Australian beer company Foster’s Group after it was placed under a takeover offer by global brewer SAB Miller. The other position that was fully disposed of during the quarter was TD Bank. Relative valuations also played a role in this decision, as we felt that better returns lie ahead for our U.S. fi nancial holdings such as BNY Mellon, a position that we increased.

Additional portfolio activity included adding to our holdings in Atlas Copco, General Electric, Hess Corporation, Holcim, Nidec, Patterson-UTI, Suncor, Travis Perkins and Ultra Petroleum. We also initiated two new positions during the quarter. Both are small companies, both are involved in the food and food services industry, and both are benefi ting from structural growth drivers within their respective niches. One is based in the U.K., the other in Ireland. We are in the process of building positions in these two companies and we aim to disclose them at year-end.

Harbour Foreign Growth & Income emerged from the quarter with an asset mix of 81.3% stocks, 9.8% bonds and 8.9% cash. Given the poor yields offered in the bond market, we have continued to focus on obtaining “income” through the ownership of quality, growing, dividend-paying equities.The recent market weakness allowed us to make some good progress on this front. In particular, we built a large position in Canadian Imperial Bank of Commerce and bolstered positions in BAE Systems, Diageo, GlaxoSmithKline and Penn West Petroleum – all of which have robust dividend yields and a demonstrated ability to increase their payouts over time. At quarter-end, approximately half of the equity exposure within the fund (or about 40% of fund assets) was invested in businesses with the aforementioned dividend qualities. Together, these holdings currently produce a net weighted average yield of close to 4%, which of course compares very favourably to 10-year Government bonds that in many cases are yielding less than 2.5%.

Our two foreign fund portfolios are in excellent shape. The companies we own have grown in value over the recent years by expanding their businesses, increasing their competitive positioning and by maintaining their fi nancial strength.

The market is suggesting that these businesses have actually done the opposite and destroyed value over the past few years. This is clearly not the case and we are shown tangible evidence of this through our daily research efforts. Many fi ne companies have seen their stock prices fall considerably in recent months to levels that don’t refl ect the fair value of their business. At times like these, it’s important not to lose sight of a very basic investment truism – when businesses are accorded high current valuations, future returns are usually poor. The reverse is, of course, also true – low current valuations are often a precursor to above-average future returns. Encouragingly, this is the environment we fi nd ourselves in today.

Aleksy WojcikSenior Vice-President, Investments

Harbour Voyageur Corporate Class The launch of our new fund, Harbour Voyageur Corporate Class, in August came at a time of immense challenges for global economies, with the consequences being played out in the equity markets. Attractive valuations allowed us to amass a broad complement of companies for the portfolio from day one. That said, valuations continued to come our way as the quarter progressed and we capitalized on this opportunity to deploy additional cash infl ows into our companies.

The addition of Harbour Voyageur rounds out our suite of funds at Harbour. We have uncovered numerous ideas over the years that for one reason or another never did make their way into our funds and now, Harbour Voyageur will allow us to take full advantage of these ideas. We are applying our consistent investment style and process to companies regardless of market capitalization both inside and outside of Canada, relying on the skills of our team of investment analysts.

At quarter-end, Harbour Voyageur was 80.7% invested in common stocks (Canadian stocks 41.2%; foreign stocks 39.5%), while the fund’s cash and equivalent position stood at 19.3%. Additionally, the fund held 39 common stocks from eight different nations.

The fund experienced a decline in its net asset value over the past two months. Our belief is that the declines over the past couple of quarters in global equity markets will be reversed in the not-too-distant future and we are positioned to capitalize on this on behalf of our unitholders. We believe our companies

Commentary


are well positioned to weather any temporary economic slowdown and emerge in a position of strength.

Fear and pessimism dominate the psyche of investors today with European sovereign debt troubles and U.S. unemployment continuing to drive uncertainty. In many cases, quality companies with solid balance sheets and robust future earnings potential were and continue to be indiscriminately punished in this marketplace. Irrational behaviour is part of life in world stock markets and it is our responsibility to sift through the opportunities in times such as these and take action. We did capitalize on such opportunities over the past two months and will continue to do so in the future. Our goal will always be focused on creating unitholder wealth and we believe this is a tremendous buying opportunity for long-term investors.

We are pleased to provide profi les of eight representative companies held in Harbour Voyageur.

Canadian Natural Resources (Canada) is one of the largest independent crude oil and natural gas producers in the world. Areas of focus include North America, the North Sea and offshore West Africa. Management is focused on creating shareholder value by maintaining a strong balance sheet and cash fl ow generation to fund a disciplined approach to production and reserve growth.

Dollarama (Canada) is Canada’s largest operator of dollar stores. Dollarama’s seasoned management team focuses on value for its customers with a consistent shopping experience across 10 provinces promoting solid brand awareness. This niche operator is successfully expanding its reach into the underdeveloped Canadian marketplace.

Intact Financial (Canada) is the largest provider of property and casualty insurance in Canada. The company distributes its products under the following brands: Intact Insurance, belairdirect, Grey Power and Canada BrokerLink. Intact Financial, formerly known as ING Canada, became a widely held Canadian company on February 19, 2009 following the completion of a private placement and a secondary offering whereby institutional and retail investors acquired ING Groep’s shares in the company.

Kerry Group (Ireland) is the global leader in food ingredients and fl avours with sales in well over 100 countries. The company mostly services the packaged food industry but also the beverage and pharmaceutical industries. Kerry Group also produces and distributes branded consumer foods and private label foods in Ireland and the U.K.

Major Drilling Group International (Canada) is a world-leading drilling service company primarily serving the mining industry. The company categorizes its drilling services into three types: specialized drilling, conventional drilling and underground drilling. Specialized drilling is any drilling project that, by virtue of its scope, technical complexity or location, creates barriers to entry for smaller drilling companies. Operations are approximately equally divided geographically between North America, South and Central America and Australia, Asia and Africa.

Michelin (France) is a leading tire manufacturer worldwide. The group is organized around three divisions: passenger tires, truck tires and specialty tires. Michelin is the world leader in brand recognition led by investments in R&D providing a superior technological advantage over its peers especially in fuel effi ciency and safety.

Xstrata (Switzerland) is a global diversifi ed mining company. The company has a meaningful presence across seven major commodity markets, including copper, thermal coal, coking coal, nickel, ferrochrome, zinc and vanadium. Xstrata has operations in Australia, the Americas, South Africa and Europe. Xstrata Coal is the world’s largest exporter of thermal coal and the fi fth-largest producer of hard coking coal. Xstrata Alloys is the world’s largest producer of ferrochrome. Xstrata Zinc is one of the world’s largest miners and producers of zinc. Xstrata is also the fourth-largest global copper producer and the fourth-largest global nickel producer.

YUM! Brands (United States) is one the world’s largest restaurant companies in terms of system restaurants with more than 37,000 restaurants in over 110 countries and territories. Three of its restaurant brands (KFC, Pizza Hut and Taco Bell) are the global leaders of the chicken, pizza and Mexican-style food categories. The company operates its business through the following three segments: U.S., Yum Restaurants International and the China Division. During 2010, the company opened approximately four new restaurants each day of the year outside of the U.S., making it one of the largest retail developers in the world. Analysts: Greg Chan, Douglas Cooper, Phil D’Iorio, Jeremy Rosa, Aleksy Wojcik

Commentary


Commentary

Cambridge AdvisorsCambridge Advisors

Alan RadloSenior Vice-President, Portfolio Management and Chief Investment Offi cer

Global equity markets declined during the third quarter amid escalating concerns about sovereign debt in Europe and its impact on the region’s banks. Uncertainty and a shaky euro sent investors seeking the relative safety of U.S. stocks and currency. Canadian stocks fell as the cooling global economy dealt a blow to resource shares.

However, while global growth is slowing, many economic indicators suggest this is a mid-cycle correction as opposed to a full recession. Nonetheless, we maintained a defensive position in our portfolios during the quarter.

Cambridge Canadian Equity Corporate Class outper-formed the benchmark, based to an extent on a large overweight position in the consumer staples sector and large underweighting positions in energy and materials. Offsetting absolute performance was our large position in fi nancials and an overweight position in industrials. We spread assets more evenly across more sectors and reduced the number of individual stocks. We reduced our energy and Canadian banks positions, and raised consumer staples. At quarter-end, the fund began to reduce positions in the industrials and materials sectors. The portfolio’s cash position had been boosted to more than 20% from less than 5% at beginning of the period. Zarlink Semiconductor, Franco Nevada, and Couche-Tarde were the individual securities that made the biggest contributions to fund performance during the quarter, while JPMorgan Chase was the biggest detractor.

Cambridge Canadian Asset Allocation Corporate Class underperformed the benchmark due in part to overweight positions in industrials and information technology. Offsetting those sectors were overweight positions in consumer staples and utilities and underweight holdings in energy and fi nancials. We increased our cash level to nearly 30% from about 20%. Exposure to fi nancials and resources was

dramatically reduced, cutting back in particular on holdings in banks and oil producers. We continue to favour stock dividends over interest-bearing instruments for the income section of the portfolio. Even bonds at the low end of the investment-grade scale are producing yields lower than that of high-quality stocks. BF Goodrich, Apple Computer and Brookfi eld Infrastructure made the biggest contributions to performance, while Jones LaSalle Lang was the biggest detractor. Robert Swanson was named co-lead manager of the fund in September.

Cambridge American Equity Fund underperformed the benchmark, due almost entirely to currency hedging. We had expected the Canadian dollar to maintain its strength against its U.S. counterpart, based on Canada’s continuing global leadership in fi scal health, controlled infl ation and strong employment statistics. However, global debt worries caused a fl ight to the U.S. dollar during the third quarter. Currency factors aside, performance was aided by an overweight position in health care and an underweighting in fi nancials. Negative factors were an overweight position in industrials and an underweight holding of consumer staples. We reduced our cash position to 11% from 26%. The U.S.-dollar cash in our portfolio and our BF Goodrich position made the biggest performance contributions, while Jones LaSalle Lang was the biggest detractor.

Currency hedging caused Cambridge Global Equity Corporate Class to underperform the benchmark. The fund’s performance was aided by an overweight position in health care and an underweighting in fi nancials. It was held back by an overweight position in industrials and an underweight in consumer staples. We were almost fully invested, compared with a cash level of about 6% at the beginning of the period. BF Goodrich, Apple Computer and Perrigo contributed the most to fund performance, while Wacker Chemie was the biggest detractor.

Portfolio managers: Brandon Snow, Robert SwansonAnalysts: Greg Dean, Stephen Groff, Emi Winterer

Commentary


Picton Mahoney Asset Management

David PictonPresident and Chief Investment Offi cer

“ It would be so nice if something made sense for a change.”

– Alice in Alice in Wonderland.

Now we know how Alice felt. We have watched the clumsy and often confusing political theatre that transpired this past quarter in Europe and the U.S. without understanding how any of it would translate into concrete solutions for the economic and debt problems facing both regions. In the midst of softening global economic growth, we saw a seemingly endless number of emergency government get-togethers and the news conferences, press releases and policy changes that emerged from them.

Meanwhile, credit markets were in revolt and equity markets remained highly volatile. This turmoil was refl ected in the third-quarter double-digit losses of the MSCI World, S&P 500 and S&P/TSX Composite indexes. Corporate and European peripheral credit markets were rocked as well, although the U.S. Treasury market soared as 10-year yields fell to new lows – which is a particularly impressive performance given the U.S. credit rating downgrade and the lack of any consensus by U.S. politicians on how to deal with America’s ever-growing defi cit levels. Markets were battered by the economic and psychological fall-out from increased concerns about sovereign default risk in Europe, as well as the brinksmanship of U.S. politicians who delayed approving a simple increase in the U.S. debt ceiling. Many CEOs stopped in their tracks and waited to see whether U.S. politicians would cause an unnecessary government debt default or not. Corporations continued to sit on their large cash positions and postponed capital spending as well as new hiring.

In our opinion, the world is not about to experience a re-enactment of 2008. While economic conditions have not recovered, they also haven’t deteriorated to a great extent either. Even if a recession were to occur, we believe its magnitude and/or duration would pale in comparison to what happened three years ago.

There are several reasons why we are more confi dent about today’s economy. We still believe that the preconditions for a typical recession are lacking, especially in the still all-important U.S. economy. The U.S. housing market has already sharply corrected, massive amounts of housing construction jobs have already disappeared and banks have already effectively ring-fenced many of the bad loans associated with the excesses of the last cycle. Personal balance sheets have undergone signifi cant repairs due to an increase in personal savings rates that have averaged over 5% since 2008 compared to 3% in the fi ve years prior to the crisis. U.S. consumers will also benefi t from recent declines in fi nancing costs and gasoline prices. Meanwhile, Corporate America has very strong balance sheets and cash fl ows. The U.S. inventory to sales ratio is fairly low, suggesting that a big purge in inventories, which would hurt the economy, is less likely to occur. While the unemployment rate remains frustratingly high in the U.S., it is also a sign that corporations have delayed new hiring, which limits the size of potential headcount reductions. Slowing global growth is a concern, but it appears that at least some of the lost momentum is due to a crisis in confi dence, rather than a serious deterioration in economic fundamentals.

Of course, Europe remains a source of great uncertainty for the economy and for capital markets. The bond market has clearly priced in that Greece will likely default on its debt. Perhaps most concerning is the recent break-downs in the debt markets of Spain and Italy which seemed indicative of an escalation in the European crisis. At some point, hopefully soon, the pressure being applied by falling capital markets should force policymakers into serious, concerted action to stem the crisis before the problems of the peripheral countries infect the core countries in Europe. There are serious threats building in the European banking system which is awash in holdings of debt from the problem peripheral nations.

Commentary


The market is in need of bold, correct and decisive action by European policymakers. One potential step in the plan could be the implementation of a large scale quantitative easing program by the European Central Bank that stems defl ationary pressures and injects stimulus into the European economy. Other potential pillars in the European action plan could include: 1) a restructuring/default of certain sovereign (i.e. Greece) debt obligations to get debt loads down to serviceable levels 2) some sort of plan that provides a government backstop to the banking system and prevents further contagion as debts are restructured and 3) the implementation of credible fi scal plans for all countries affected that will satisfy lenders that defaults won’t occur again. We can only hope that the recent market turmoil provides the needed motivation for European (and eventually American) policymakers to adequately address these pressing issues. This would help build a foundation for better market gains down the road.

The consensus view has been that the global economy could count on the strong growth of emerging market economies to lend support to the recovery. But there are increasing risks with this assumption. For instance, China has been so focused on fi ghting infl ation that its aggressive tightening policy has resulted in a major slowdown in various economic indicators in that country. The massive loans that Chinese banks were forced to lend to fi ght the recession in 2008 and 2009 are now starting to come due. Many of the original borrowers that need to refi nance will have trouble doing so under today’s much tighter monetary conditions. Another headwind for China is falling export demand from Europe and the U.S. The odds of a hard landing have increased in China, although this also increases the chances of a dramatic and bullish policy U-turn which would help inject life back into its economy. The deteriorating conditions in China are also being seen to varying degrees in other emerging markets.

Stocks enjoy good valuation support, which should limit further losses. Most measures comparing equity earnings, free cash fl ow or dividend yields to government and/or corporate bond yields suggest that stocks are very attractively valued. Emerging markets appear to be even cheaper, trading at 15% to 20% discounts to developed markets, and with two to three times the potential economic and earnings growth. Various sentiment indicators suggest that stock market participants are very bearish, which has historically been a positive contrary indicator for share prices. For example, Chart 1 is an indicator from Credit Suisse that uses market movements in various asset classes to measure appetite for equity risk.

This indicator suggests that the recent global turmoil caused the appetite of equity investors to plummet to levels that existed during the dark days of the 2008 fi nancial crisis. It appears that at least some of investors’ concerns are already refl ected in share prices and that a “wall of worry” is being built for markets to eventually climb.

Equity risk appetite

Source: Credit Suisse

Chart 1: Credit Suisse tracks market movements in various assets classes to create a measure of “Equity Risk Appetite” by investors. The recent global turmoil in the fi rst quarter caused the indicator to plummet to levels not seen since the middle of the fi nancial crisis in 2008.

For now, our portfolios remain somewhat neutrally positioned. We are waiting for a catalyst such as a realistic European debt plan or stabilizing economic data before we become more aggressive in our portfolios. As witnessed in Europe, markets have begun forcing governments to start to balance their books. However, we still believe that the medicine required to truly change the debt-driven recovery culture of the developed world will likely mean a period of below-trend economic growth, earnings growth and wealth accumulation.

We are maintaining an underweight allocation to the materials sector. Chinese economic indicators continue to signal an ongoing slowdown and weakening demand for many resources. We remain selective in our base metals and bulks positioning, focusing on producers with positive change catalysts. Labrador Iron Ore Royalty remains a favourite position. Operating partner Rio Tinto expects to more than double production at the Iron Ore Company of Canada, which gives Labrador Iron Ore a growth profi le most materials companies would envy. Also, we recently initiated a position in Methanex. Methanol prices remain strong and methanol use as a household fuel continues to grow in Asia.

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Commentary


Fertilizer prices remain robust. We continue to hold positions in Potash Corporation of Saskatchewan and Agrium.

Energy is our preferred beta play in the oversold, cyclical sectors. There are numerous reasons to be bullish on oil as a commodity. Oil demand in the U.S. shows no signs of recession while demand in China continues to grow. Global oil demand growth continues to outstrip growth in supply. This constructive view of the oil commodity contrasts signifi cantly with the massive declines in most crude levered equities which have underperformed the commodity by an average of 30% over the last four months. We continue to focus on companies with strong execution and solid growth prospects such as Canadian Natural Resources and Baytex Energy.

We favour life insurer Manulife Financial and believe that management has taken the right steps to catch up on the hedging required in the company’s variable annuity exposure while generating increasing sales and return on equity in key target markets. Also, we continue to add to our large position in property and casualty insurer Intact Financial. Intact has just closed its acquisition of AXA’s Canadian assets which should lead to signifi cant cost synergies.

We continue to have overweight allocations to industrials, consumer discretionary and technology. Many stocks within these sectors have the potential to generate positive change and earnings growth without requiring a powerful economic tailwind. In industrials and consumer discretionary, we believe that companies with strong franchises, late-cycle exposures and a history of strong execution should be rewarded. Canadian National Railway remains a core position for us. The company’s volumes remain steady and offer upside to any improvement in the economy. Pricing power remains intact and the company continues to execute on cost control. Auto parts giant Magna International should benefi t from the building pent-up demand that exists in the auto sector. Inventories of U.S. automobiles are near long-term lows while the average age of a U.S. automobile on the road today is approaching 11 years, which is a long-term high.

We continue to believe that the technology sector has strong, secular growth characteristics. Free cash fl ow yields are high across corporate America, balance sheets remain pristine and 35% of large-cap non-fi nancial companies are currently spending below their depreciation rate.

Managers: Michael Mahoney, James LawsonAnalysts: Elan Gore, Michael Kimmel, Michael Kuan, Philip Mesman, Timothy Shiu, Peter Yik

Commentary


William PriestChief Executive Offi cer, Co-Chief Investment Offi cer

Equity markets declined sharply in the third quarter as a slowdown was seen in real growth in virtually every country of the world. While a deceleration does not necessarily result in an economic contraction, the global economy is in a vulnerable state with the developed world pursuing fi scal policies of austerity and few levers available to policymakers.

At the heart of the problem is the necessity to delever the sovereign balance sheets of the developed world. Debt to GDP for the combined countries of Europe, the U.K., Japan and the U.S. total 300% of GDP (See Chart 1). As Rogoff and Reinhart point out in their book, This Time Is Different, when debt levels approach 90% of a country’s GDP, growth slows considerably (100 to 150 basis points below potential) and employment increases ever so slowly, resulting in unemployment levels well above historical norms. Furthermore, with sovereign nations of the developed world deleveraging, is it any surprise that a slowdown in emerging countries is also occurring, given their mercantilist economic models that rely so heavily on exports?

What we have now is a full-fl edged delevering cycle that has gone global. History teaches us that balance sheet recessions are not the same as plain vanilla manufacturing inventory cycles. Deleveraging implies debt reduction, asset defl ation and rising savings rates. In the midst of this slow-growth global economy, if one throws in the crisis of

the euro and the potential for a hard landing in China, we have the ingredients for a sudden shift from a “slow-grind” economy to a global recession.

The greatest potential for a recession-inducing shock is centered in Europe. The sovereign debt crisis is on the verge of becoming a banking crisis that could choke off credit to a struggling economy and possibly end in the dissolution of the euro. The magnitude of such a dislocation would be extraordinary. A positive outcome is far from certain, increasing the likelihood for volatility across the capital markets.

The basis for a solution lies in the recognition that if the Eurozone remains on its current course, there are no winners. While any step toward a fi scal union is a touchy subject with voters, several policy hurdles were overcome in September. Germany’s courts upheld the legality of euro bailouts while its parliament ratifi ed enlarging the European Financial Stability Facility to 440 billion euros and allowing it to be used for purchasing sovereign debt and recapitalizing banks. Policymakers appear committed to providing the euro with a fi rmer foundation, even if the political process appears slow to outsiders.

Although constructive acts, these actions are far too little for the size of the problem and more steps are necessary, including the possibility of a “Euroland” bond guaranteed by the members of the European Union. The only answer for the euro problem is default or fi scal union in some fashion. Time is running short but it is our belief the authorities will act simply because the cost of not saving the euro vastly exceeds the cost of saving it.

Epoch Investment Partners, Inc.

Commentary


Net government debt and structural budget defi cits in 2010 as percentage of GDP

Source: OECD, Independent Strategy

Chart 1: The chart shows the net government debt and structural budget defi cits as a percentage of gross domestic product. Research suggests that a debt-to-GDP ratio approaching 80% or more will have a signifi cant impact on economic growth.

Fear of a hard landing in China is exacerbating concerns about economic growth as well. The fact that the Chinese economy is slowing directly refl ects what happens to an export-led economy dependent on growing economies in the developed world. Fears have centered on a property bubble and infl ation. These certainty are problems, but we believe they are manageable, barring an implosion in Europe. According to Morgan Stanley, for 46 of 70 Chinese

cities, property prices declined or stayed the same in August compared with only 31 cities in July. China still expects 15 million people per year to move to the cities from the countryside and this should address the “ghost” cities often discussed in the media. Infl ation is a problem but the Chinese have raised their benchmark policy interest rate fi ve times in the last 12 months and it is now above the August infl ation rate of 6.2% by 30 basis points. A slowdown is coming for sure, but a hard landing is far from a certainty at this moment.

While the risks to economic growth are evident, it is trickier to assess the degree to which fi nancial markets have already discounted a poor operating environment for companies. As markets sell off, we see a growing number of high-quality companies that generate free cash fl ow, have very strong balance sheets, possess management teams with sound capital allocation policies that reward shareholders and are reasonably priced given a long-term outlook. We continue on the same course, favouring businesses that have the brand or intellectual property that enable them to raise prices and preserve margins in an environment of slow growth and elevated costs.

Managers: Emily Baker, Janet Navon, David Pearl, Eric Sappenfield, Michael Welhoelter, Eric Citerne,Analysts: William Booth, Dina Dicenso, Kenneth Hightower, Thomas Hu, John Reddan, David Siino, Jeffrey Smith, Richard Watt, Kera Van Valen, Chris Wolters

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Commentary


Tetrem Capital Management Ltd.

Daniel BubisPresident and Chief Investment Offi cer

Living in one of the coldest cities on the planet, Winnipeggers aren’t known to happily anticipate the onset of winter. This is particularly the case after a summer of exceptional weather and a mosquito population that went AWOL. Thanks to the terrible performance of global equity markets throughout the summer and early fall, all of us at Tetrem are more than happy to transition into down-fi lled parkas. While the days will be shorter and the nights much colder, we believe equities are poised to reclaim a summer of investment discontent.

It has been our view that the decade-long bear market for U.S. equities reached its lows in the fi rst quarter of 2009, and that we are in the early stages of a bull market. Volatility will persist as the tug-of-war between defl ationary and refl ationary forces continues. Refl ationary policies will ultimately prevail, barring a major policy error on the part of government offi cials, which is the primary risk. It is more important than ever for investors to have fortitude and take a long-term viewpoint to avoid being a casualty of the volatility. Memories of the 2008 “fi nancial earthquake” run deep, and the fear of a repeat arises with each fi nancial aftershock. Although each aftershock has harboured economic risk and led to market volatility, the bull market has marched on. We expect the pattern to continue. The alternative of investing in government bonds at historically low yields, or hiding in cash at no yield, is unappealing. This is particularly true when equities are outright cheap, offer a yield premium to government bonds and are priced for a 25% decline in earnings.

Recent market volatility has been driven by the sovereign debt aftershock, of which the epicentre is Greece. Much has been written about the country’s profl igate ways while pseudo-scholarly pieces have attempted to divine multiple paths to a solution. To our simple Midwestern way of thinking, the

situation is easier to understand through an analogy. The Germans decided to host a party called the EU (catered by the French). Rightly or wrongly, we’ve blamed Germans for letting the situation get out of hand (sorry, guys). They invited a large number of guests to make sure it was going to be a big party and, in particular, one that the rest of the world would look upon with envy. A strong euro was served to all attendees, most of whom could handle it.

The Greeks were invited even though they had a history of fi nancial substance abuse. Not wanting to be left out of a party that promised good times for all, the Greeks came and even managed to put on an Olympic Games. Germany’s manufacturing base benefi ted from a party animal that helped keep the euro globally competitive. German exports grew and unemployment declined while the Greeks continued to binge on cheap euro fi nancing that allowed its public sector to expand without anyone having to pay pesky taxes. It sure didn’t hurt that the Greeks bought more Mercedes and BMWs than they could afford. Everyone was happy, and it was a great dysfunctional relationship that worked as long as the party kept going. However, early in 2010, “Stairway to Heaven” was queued, the lights went on and the party was over.

The Germans have a choice. They can let the Greeks drive home inebriated on excessive debt, with the near certainty that they get into a fatal crash, taking innocent bystanders with them. This would be morally wrong, which is why in the real world a legal liability exists for the host if an intoxicated guest has a car accident when leaving a party. The analogy may not be perfect, but it is highly doubtful that policymakers in Berlin and Brussels did not know that Greece had an issue with fi nancial substance abuse (limited tax collection, etc.) when the invitations to join the EU were sent out.

Unfortunately for Germany, there is little choice but to write a cheque to clean up after the unruly partygoers. At least, this was our thinking up until mid-August. Since then, it has become clear that the Greek government has done little to abide by its agreed-to austerity measures, i.e. there is little sign of sobriety! Writing a cheque would only delay the inevitable and lead to more of the same down the road.

Commentary


So now Germany, with the help of the rest of the EU’s sober partygoers, is in the midst of engineering an intervention in order to break the dysfunctional relationship.

Interventions aren’t easy. Ultimately, whoever has the substance abuse problem has to agree to reform, and this is where Greece is now, though some citizens are still in the denial stage. European countries cannot unconditionally bail out their friends in the south – doing so would ensure that the problem persists. To get help, Greece fi rst needs to make the painful decision to restructure. If it does not, their friends’ best choice is to cut ties and do what can be done to limit the fallout back home, particularly as it relates to the banking sector. To convince Greece of the stark choices, its European friends have taken on roles of bad cop and good cop.

The good news is that there is strong motivation to make the intervention work. The economic cost to Europe of ignoring the problem and allowing it to metastasize are estimated at four to fi ve times the cost of stopping it today. Greece would be worse off, tax riots notwithstanding.

This is important because we are approaching an infl ection point in the aftermath of the 2008 fi nancial crisis. Europe needs to avoid a policy blunder that could trigger a global recession. A reasonable intervention in Greece will set the stage for a sharp rally in equity prices but it will not be an economic elixir. Europe will not fi nd a solution that fi xes its debt and demographic problems overnight. It will be tough economic slogging for a few years, at the very least. North American equities do not need a strong Europe to rally; they just need Europe to avoid a sharp economic contraction.

In early 2009, there was a risk that the world was on the brink of “Great Depression II.” However, while the risk existed, the odds were against that outcome. Investing is never certain; it is an exercise in probabilities. Equities today are supported by tremendous value and offer compelling opportunity. In our work, the average upside for equity securities in Tetrem’s Canadian and U.S. portfolios was over 70% within our three-to-fi ve-year framework, and over one-third were doubles. The scenarios we use to derive each outlook are conservative; they do not incorporate pie-in-the sky earnings and valuation forecasts. We have been using the recent volatility to position portfolios to profi t from the value opportunities that are being created in the current environment. It has been diffi cult but we have had the courage of our conviction to sell what has held up in order to buy what offers the best value.

An old stock market adage is that making money in the market is actually quite simple over the long term: “all” you have to do is sell greed and buy fear. Like many adages, it is much easier said than done. Buying into fear is an investment cornerstone at Tetrem and we believe we have been executing on this philosophy. The accompanying chart from Credit Suisse measures levels of global market “risk appetite” over the past 30 years. Recent readings of extreme low risk appetite indicate a level of fear in the marketplace that is consistent with levels that have historically preceded signifi cant equity rallies. Macro risks are elevated once again. History has shown that this is precisely the time that probabilities favour investors who accept risk.

Global Risk Appetite

Source: Credit Suisse

Chart 1: According to Credit Suisse, the global appetite for risk has reached its lowest level in 30 years, indicating a high level of fear. Historically, such low points have been followed by strong rallies in equity markets.

Managers: Aaron Clark, Alec MacIsaacAnalysts: Ben Boult, Steve Maksymyk

-8

-6

-4

-2

0

2

4

6

8

10

Oct.11

Jan.09

Jan.05

Jan.01

Jan.97

Jan.93

Jan.89

Jan.85

Jan.81

-5.37 -5.76 -5.54

-6.61

Commentary


John HockChief Investment Offi cer

Global equities suffered a substantial decline during the third quarter as the European fi nancial crisis escalated. The fear of global fi nancial contagion was further exacerbated by poor economic data from the world’s largest economies, including the United States and China.

In previous communications, we have highlighted many of the long-term macro issues that have overwhelmed stock-specifi c factors in the global equity markets. Given the enormity of these forces, their consequences, and the associated range of possible outcomes, we believe that it is imperative to factor them into the assessment of individual company and aggregate portfolio risk.

These issues include:

The ongoing tug of war between massive defl ationary forces and the infl ationary consequences of policy responses. On one hand, the necessary deleveraging of the mountains of excessive private and public sector debt in Western nations imposes long-term defl ationary pressures on economies and asset prices. On the other hand, the response of the developed world’s central bankers has been to produce excess liquidity and pursue policies with infl ationary consequences.

Policy issues remain an ongoing concern. The problem is that the necessary policies that can address the core problems -- too much debt in Western economies, structural budget imbalances, and an undercapitalized and poorly funded European fi nancial system -- are politically unpalatable. Therefore, policymakers and politicians are resorting to short-term fi xes that have their own set of long-term consequences.

Property values remain a risk in many developed markets with bubble conditions existing in areas of important emerging markets, including China.

Uncertainty remains regarding China’s economic strength, and there are indications of persistent infl ation in China and other developing countries. Due to the currency linkage of the U.S. dollar to several large emerging market economies, their domestic interest rate policies follow that of the United States rather than the needs of their own economic circumstances. This has resulted in excess liquidity in emerging market countries. Much of this liquidity has gone into property and fi xed-asset investments that have reached “bubble” territory in several developing economies. In emerging markets, wage pressures are combining with potential long-term infl ationary pressures of high energy and food prices.

Europe is in crisis with limited policy options. We anticipate sovereign defaults, bank recapitalizations, and diffi cult austerity measures. These measures would provide a pathway for an arduous long-term recovery.

These factors have contributed to the heightened volatility, weak market performance and declines in the valuation of global equities. Historically, many of the greatest investment opportunities have emerged during environments of tremendous change and uncertainty. There is no shortage of either today.

Policymakers face very serious issues and the corrective measures being applied are having myriad consequences, not the least of which is market weakness and volatility. Until sensible policies are put forth, markets will demand them and uncertainty will remain elevated. As the low valuations of many companies suggest, these conditions are ripe for the identifi cation of compelling and undervalued opportunities.

Managers: John DeVita, Andrew WaightAnalysts: Rehan Chaudhri, Srinivas Polaki, Ken Dennig

Altrinsic Global Advisors

Commentary


Black Creek Investment Management

Bill KankoPresident & Portfolio Manager

Black Creek Global Leaders Corporate Class What just happened? We feel like we’ve just been trampled by a sloth of bears. (Apparently, groups of bears are called sloths. Although bears tend to be solitary animals, they can sometimes aggregate in large numbers within various markets.) Our performance for the quarter just ended was not good relative to the market, and it puts the year-to-date performance below average as well. That’s the bad news. We think our longer-term results remain quite good, at least in a relative sense.

And despite the trampling of stock prices in the quarter, the results of our companies continue to remain solid and even somewhat better than expected. As a result, our holdings look pretty cheap to us and we have become more bullish.

There seems to be a real disconnect between the headlines and the markets, and what companies are seeing in the way of business. The news over the last few months has focused on the European crisis and political inertia in the U.S. Worries about a Greek default, German and French banks, Spain and Italy, the euro itself and other conditions in Europe have caused investors to sell and avoid stocks in Europe or any company that has signifi cant business there. Partisan politics in the U.S. has caused many investors to lose faith in the U.S. authorities’ ability to fi x government balance sheets and fi scal defi cits. Emerging markets have been hit by a combination of rising infl ation, tightening of credit, currency appreciation, rising wage rates and a slowing of demand. As a result, equity investors have gravitated towards perceived “stable” or “safe” stocks, or have fl ed the market entirely for “safe” U.S. treasuries at sub-2% rates.

At the same time, our updates with the companies that we own have indicated that most have not seen any signifi cant downturn in business overall, and that their expectations really have not changed much. As mentioned above, the fi nancial results that have been reported have generally been good. This positive view of the business world is also true for the many companies that we have seen recently at various investment conferences. While some companies might be cautious, most continue to look for improving growth. We have not seen any big cutbacks in advertising or capital spending amongst our companies, or companies in general, and these tend to be leading indicators.

So while the headlines and the equity markets fret, the business world seems to be doing all right. Of course, the headlines and markets could prove to be “right” if they lead to a sudden and large loss of confi dence among business leaders. Politicians and governments must also be careful not to impose trade barriers with the objective of reviving their own domestic economies. Collective self-interest could be bad for the global economy.

So why have we become more bullish? It’s simply because the valuations of the businesses we own in the portfolio are very attractive. Just over half of the companies we own sell at less than 10 times normalized earnings and for under 10 times trailing cash fl ow per share. The fi nancial positions of these companies are solid, and they will all likely be much bigger and more profi table fi ve to 10 years from now. In a world of low but positive economic growth, low infl ation and low interest rates, these valuations do not make sense to us. We would much rather own these businesses over the next 10 years than hold cash or bonds. (We could even make a case for many of our stocks to be up by 70% or 80% over the next three to fi ve years but that might seem extreme, our lawyers might disown us, and we could be labelled “nutcakes”.) Only a handful of companies in the list sell at P/E ratios of over 15 times, and generally these are the ones where we would expect much better than average growth over the long term.


Of course, just because companies look cheap doesn’t mean that they can’t get cheaper. If the world really is in another Great Depression, which we doubt, then we should all buy farmland and a shotgun. We prefer to remain optimistic.

During the quarter in the Global Leaders portfolio, signifi cant negative contributors included BBVA, Devry, Erste Bank, Estacio, Northrop Grumman, Publicis and Wienerberger, while there was positive relative contribution from Aramex, eBay, Hamamatsu Photonics, Oracle and Zimmer. During the quarter, we sold the positions in Applied Materials, Zimmer and Murata Manufacturing. We bought new positions in Corning and Invensys. We also bought and sold, at a signifi cant profi t, Nalco Holding, which was subject to a takeover bid in the quarter.

On a year-to-date basis, signifi cant negative contributors included Adobe Systems, Carnival, Erste Bank, Estacio and Wienerberger. It’s fair to say that all of these companies reported better-than-expected results for the recent quarter, and all of them suggested that the outlook for business was getting better. We added to each of these positions during the quarter despite the negative outlook that the market seems to have for these companies. Positive contributors included adidas, eBay, Galp Energia, Hamamatsu Photonics and Zimmer.

It’s tough to sell a good business that is cheap as well, but that’s what we did with Applied Materials, in order to buy Corning. We think that we got a better business with better long-term growth prospects at an even cheaper price. We could have held both in theory, but there was signifi cant overlap in their businesses and we chose to maintain the diversifi cation benefi ts of divesting Applied Materials. We sold Zimmer as the stock held up remarkably well in this market downturn and it began to look more expensive than some of our other holdings. We also have concerns about the growth of orthopedic implants, as pricing will be tough and volumes will also be under pressure. We sold Murata in order to add to some of our other holdings.

Corning is a global leader in technologies involving specialty glass, ceramic and other materials, and it has leading market shares in glass for LCD screens, fi bre-optic cables, automotive catalyst substrates and other products. The markets and product areas where Corning competes are expected to have much better than average growth over the next fi ve to 10 years, and we judge the stock to be pretty cheap despite near-term concerns over the demand for LCD glass.

Invensys provides measurement and control products and systems for the rail signalling market, process and electricity industries and for appliance manufacturers worldwide. Its products help to improve the effi ciency and reduce the environmental impact of its customers’ products and processes. Invensys has leading market positions in each of its business areas.

It has been a tough quarter and an even tougher past fi ve years. While we have added value over time, absolute positive and attractive returns for this portfolio remain elusive. As investors in the portfolios we manage, we constantly question and scrutinize our efforts. We have made mistakes, but we also think that we have learned from them, and it seems that we have made fewer mistakes than many of our competitors. Our process and our execution have been pretty consistent, but we are in a market where that has not seemed to matter; equities are judged to be risky and not very popular at the moment. We remain convinced that the potential for signifi cant returns from this portfolio are there given today’s prices, but we also assume that an economic depression is not in the cards. We cannot predict what the market will do from here, especially in the short term. The economic outlook may remain murky for a while yet. The acid test for us is this: Where else would we put our money to work today? The answer to that question has not changed – we remain happy owners of the businesses in the portfolio.

Commentary

Commentary


Richard JenkinsManaging Director & Portfolio Manager

Black Creek International Equity Corporate Class and Black Creek Global Balanced Corporate ClassThe funds had a weak performance in the quarter. While on the surface, the reasons for this are clear – global worries about Europe and infl ation in Asia -- the effects on the portfolio were indiscriminate and less clear. In other words, we continue to own a portfolio of strong global leading companies that are taking market share within their respective industries and whose individual fi nancial strength is well above average. Yet, our investment experience over the quarter was to see their share prices go down to levels not seen since other years of “crises,” such as 2008, 2001 or 1997. Overall, we continue to witness a global economy slowly recovering from the shocks of the 2008 recession but also embedded with further challenges, as the cost of the clean-up has been moved to the governmental levels.

We had strong performances from Topdanmark, GlaxoSmithKline, Aramex and Hamamatsu Photonics. Negative contributors were Erste Bank, Wienerberger, Estacio, Publicis and Adidas. During the quarter, performance was affected as we maintained a fully invested stance and sold slower-growing companies and defensive businesses to reinvest in businesses with stronger long-term growth potential and lower valuations.

Of note, in the international portfolio, we sold all of our holding of Topdanmark, the Danish Property insurer whose share price had doubled over the past three years. We sold down our weighting in GlaxoSmithKline, as it has gone up strongly in a down market.

We initiated a new investment in Randstad Holdings, the number three competitor in temporary and permanent staffi ng globally and whose share price has fallen 50% over the past six months. We initiated a holding in Wuxi Pharmatech, a leading Chinese research fi rm in the global pharmaceutical outsourcing market. We increased our investment in Invensys, a market leader in appliance controls, railway signalling, and in power plant control systems.

In the global balanced portfolio, we sold all of our position in Zimmer, the American maker of medical implants, due to better opportunities arising elsewhere. Positive contributions were made by GlaxoSmithkline, Aramex, Hamamatsu Photonics, eBay, Oracle, Zimmer and FTI Consulting. Negatives contributors were Erste Bank, Northrop Grumman, Estacio, Wienerberger and Publicis.

We do not know if the euro will survive this current challenge. What we do know is that a number of the world’s most competitive economies reside in Europe and they are built on highly competitive companies. They will survive and prosper over the longer term, particularly those exposed to the global economy. We do not know if the American government will eventually solve its problems, but its people and politicians are fi nally debating the right issues.

A cloud exists over all publicly listed Chinese companies today with concerns about accounting standards, corruption and the prospects for a huge downturn in the Chinese economy. Even if these all were to be warranted, which we do not believe, many stronger global leading companies will emerge and be easier to identify as the pace of growth in the Chinese economy slows. For the fi rst time in our history of global investing, we are identifying businesses we wish to own directly in China.

Our portfolios today are valued at a large discount to the overall market, and the market is valued well below its longer-term average. Something has to give! The economy is going to get much worse than we currently expect, or the current level of selling pressure will subside and valuations will lift. As we watch events unfold, we are not seeing the gloom and doom in the operations of the companies we own. Yet, we are mindful of the adage from Lee Iacocca: “Make sure you don’t die waiting for prosperity to come.”

Director of Equities: Matias Galarce, Evelyn Huang


GlobefundThe information on these pages/profiles is for informational purposes only. CTVglobemedia Publishing Inc., its affiliates and content licensors assume no liability for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon. The information contained about each individual and firm has been supplied by such individual or firm without verification by us. Past performance is not necessarily indicative of future performance. Prior to making any investment decision, it is recommended that you consult directly with the individual or firm and seek advice from a qualified investment advisor.

CI Investments Inc. disclaimerCommissions, 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. All commentaries are published by CI Investments Inc. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentary is accurate at the time of publication. However, CI Investments Inc. cannot guarantee the accuracy of the commentary or of the information provided by Globefund. CI Investments Inc. accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

September 2011


Global Equity FundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56

American Equity FundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58

Canadian Equity FundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63

Balanced FundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67

Industry-specific FundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69

Income FundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74

*Assets under management are at the end of the most recent quarter ending March 31, June 30, September 30 or December 31.


Managed Solutions (Class A)

Portfolio Series Income Fund (Class A) Also available: Class F & IFund Codes Class A

ISC CIG7740

DSC CIG7745

LSC CIG1745

Fund Facts as at September 30, 2011

Managed By: CI Investments Inc.

Advisors: CI Investment Consulting

Assets Under Management*: $495.8 million

Portfolio Manager: Multi−manager

Asset Class: Asset Allocation

Inception Date: November 1997

NAV: $10.82

Min. Initial Investment: $500

Subsequent Purchase(s): $50

Min. PAC Investment: $50

Management Expense Ratio: 2.00%

Top Holdings as at September 30, 2011

Volatility Meter

Based on 3−year standard deviation relative to other fundsin its category, from Globe HySales.

Equity Style and Capitalization Overview

CI Signature Canadian Bond Class I 19.81%

CI Global Bond 19.30%

CI Glb High Dividend Adv. Corp Cl 14.16%

CI Signature Corporate Bond 13.42%

CI Signature High Income 12.23%

CI Signature Income & Growth 9.36%

CI Signature Div Yield Corp Class 7.49%

CI Signature Div Corporate Class 2.95%

Total 98.72%

Low High

Blend Growth ValueLarge

Mid

Small

OBJECTIVEThis portfolio’s objective is to emphasize income by investing primarily in income−oriented mutual funds. The portfolio may also invest inequity mutual funds to achieve modest capital appreciation. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 40% MSCI World, 60% Barclays Cap. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*November 17, 1997

Performance DataThis chart shows you the fund´s annual performance and how an investment would have changed over time.

−20%

0%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Income

8.8 14.6

−7.5 −1.1 7.1 6.2 7.7 8.5 3.6 5.1

YTD 1Mo 3Mo 1Yr 3Yr 5Yr 10YrSince

Inception*

Qrtl 1 1 2 1 1 1 1 {N/A}Return 1.34 −0.73 −1.53 2.91 6.59 3.7 5.05 4.84Grp Avg −1.79 −2.25 −3.51 0.35 4.92 2.1 3.09 {N/A}Ind Ret 4.0 3.19 3.3 2.74 5.15 2.21 1.21 {N/A}

Asset Class

Income 70.0%

American Equities 5.0%

International Equities 5.0%

Canadian Equities 20.0%

Current Value of a $10,000 Investment

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

Dec01 Dec03 Dec05 Dec07 Dec09 Sep11

CI Portfolio Series Income

$16,080

Source: CI Investments and CTVglobemedia Publishing Inc.



Portfolio Series Conservative Fund (Class A) Also available: Class F & IFund Codes Class A

ISC CIG7770

DSC CIG7775

LSC CIG1775








NAV: $12.80






Volatility Meter







CI Synergy Canadian Corporate Class 5.56%

CI Signature Select Cdn Corp Cl 5.48%

CI Canadian Investment Corp Class 5.39%


CI American Value Corporate Class 5.15%

CI International Value Corp Class 4.39%

Total 89.66%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide a balance between income and capital growth at lower than average levels of volatility byinvesting in income and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.


*November 17, 1997


−20%

0%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Conservative

8.9 15.1

−13.9 −1.5 9.8 8.7 9.1 11.2

−1.0 2.8


Inception*

Qrtl 1 2 1 1 2 1 2 {N/A}Return −2.96 −2.29 −4.83 0.45 4.14 1.64 4.46 4.43Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class

Income 55.0%





$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


CI Portfolio Series Conservative

$15,196




Portfolio Series Conservative Balanced Fund (Class A) Also available: Class F & IFund Codes Class A

ISC CIG2600

DSC CIG3600

LSC CIG1600







Inception Date: December 2001

NAV: $11.94






Volatility Meter












CI International Corporate Class 4.15%

Total 80.60%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide a conservative total return with lower than average volatility by investing directly in other mutualfunds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholdersheld for that reason.


*December 17, 2001


−20%

0%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Conserv Bal

8.6 15.7

−16.0 −2.3 10.6 8.6 8.6 10.8

−3.7


Inception*

Qrtl 2 2 2 1 2 2 {N/A} {N/A}Return −4.4 −2.77 −5.98 −0.47 3.24 0.9 {N/A} 3.42Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class




Income 45.0%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Portfolio Series Conserv Bal

$13,698




Portfolio Series Balanced Fund (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG7710

DSC CIG7715

LSC CIG1715




Assets Under Management*: $1,391.2 million




NAV: $21.33






Volatility Meter













Total 76.26%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide a balance between income and long−term capital growth while diversifying risk by investing inincome and equity mutual funds. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.


*November 9, 1988


−20%

0%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Balanced

8.7 16.2

−18.4 −2.5 12.5 11.2 9.9 13.2

−6.8 −0.2


Inception*

Qrtl 2 2 2 1 2 1 1 {N/A}Return −6.32 −3.62 −7.7 −1.7 2.32 0.15 3.88 6.49Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class




Income 35.0%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Portfolio Series Balanced

$14,339




Portfolio Series Balanced Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG2601

DSC CIG3601

LSC CIG1601








NAV: $11.44






Volatility Meter










CI Harbour Corporate Class 4.50%


CI American Managers Corp Class 4.32%

Total 72.32%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide long−term capital growth with a moderate level of risk and volatility by investing directly in othermutual funds managed by CI. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.


*December 17, 2001


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Balanced Growth

9.3 18.1−21.6 −2.5 12.3 8.6 8.4 11.7 −7.2


Inception*

Qrtl 2 2 2 2 2 2 {N/A} {N/A}Return −7.89 −4.35 −8.92 −2.37 1.84 −0.42 {N/A} 2.45Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class


Income 25.0%




$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Portfolio Series Balanced Growth

$12,465




Portfolio Series Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG2602

DSC CIG3602

LSC CIG1602








NAV: $10.80






Volatility Meter











CI Cambridge Global Eqt CC 5.35%

CI Canadian Small/Mid Cap 5.06%

Total 72.48%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide long−term capital growth by investing directly in other mutual funds managed by CI. Any change tothe investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.


*December 17, 2001


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Growth

9.5 17.9−24.1 −3.0

13.4 8.8 8.7 12.8−11.6


Inception*

Qrtl 3 3 3 2 3 3 {N/A} {N/A}Return −9.55 −5.1 −10.37 −3.47 0.78 −1.31 {N/A} 1.64Grp Avg −8.5 −4.51 −9.14 −3.93 1.44 −1.3 2.18 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class

Income 20.0%





$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Portfolio Series Growth

$11,504




Portfolio Series Maximum Growth Fund (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG2603

DSC CIG3603

LSC CIG1603








NAV: $10.01






Volatility Meter










CI Emerging Markets 6.20%

CI Cambridge Global Eqt CC 6.16%

CI Canadian Small/Mid Cap 5.85%

Total 81.56%

Low High


Mid

Small

OBJECTIVEThis portfolio’s objective is to provide above−average long−term capital growth by investing directly in other mutual funds managed byCI. The portfolio may have a medium to higher level of risk and volatility. Any change to the investment objective must be approved by amajority of votes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI World ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*December 17, 2001


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Portfolio Series Maximum Growth

9.9 19.6−28.8 −3.3

15.7 9.2 9.6 14.9−17.8


Inception*

Qrtl 3 3 3 2 2 2 {N/A} {N/A}Return −12.73 −6.62 −13.18 −5.24 −0.79 −2.63 {N/A} 0.55Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class





$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Portfolio Series Maximum Growth

$10,328



Mutual Funds (Class A)

Cambridge Global Equity Corporate Class (Class A) Also available: Class F, W, I & TFund Codes Class A

ISC CIG2323

DSC CIG3323

LSC CIG1523



Advisors: Cambridge Advisors


Portfolio Manager: Alan Radlo, MBA, BA, BrandonSnow and Robert Swanson

Asset Class: Global Equity


NAV: $8.80






Volatility Meter



Abbott Labs 2.08%

Volkswagen A G 2.04%

Schroders PLC 2.03%

Merck & Company 1.99%

PNC Financial Services 1.96%

Bertrandt AG 1.96%

Apple 1.94%

Sigma−Aldrich 1.88%

Esterline Technologies 1.84%

JP Morgan Chase & Co. 1.84%

Total 19.56%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of companieslocated anywhere in the world. Indirect investments may include convertible securities, derivatives, equity−related securities andsecurities of other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast byshareholders at a meeting called to consider the change


*December 31, 2007


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Cambridge Global Eqt CC

9.1 20.7−17.8


Inception*

Qrtl 4 4 4 4 3 {N/A} {N/A} {N/A}Return −18.37 −9.56 −18.59 −11.14 −1.67 {N/A} {N/A} −3.26Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class

United States Equity 54.1%

Canadian Equity 2.1%

Cash 0.0%

International Equity 43.8%

Equity Sectors

Cash 0.0%

Materials 8.1%

Consumer Discretionary 15.7%

Energy 9.4%

Other 11.8%

Information Technology 16.2%

Health Care 17.8%Industrials 21.0%

Geographic Composition

United States 54.1%

Norway 3.0%

Other 10.3%

Switzerland 3.0%

Sweden 2.1%

Germany 11.0%

France 3.7%United Kingdom 12.8%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Dec07 Dec08 Dec09 Dec10 Sep11

CI Cambridge Global Eqt CC

$8,832




CI Global Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG654 CIG660

DSC CIG644 CIG667

LSC CIG1644 CIG1667



Advisors: Signature Global Advisors


Portfolio Manager: Scott Vali and Eric Bushell


Inception Date: February 1986

NAV: $9.26






Volatility Meter



SPDR Gold E.T.F. 4.67%

Eli Lilly & Co. 2.27%

Wells Fargo & Co. 1.94%

Novartis AG 1.72%


Bayer Ag Sponsored Adr 1.58%

BARCLAYS 1.27%

HSBC Holdings PLC 1.27%

Vodafone Group PLC 1.27%

Baxter International 1.24%

Total 18.82%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain long−term capital growth. It invests primarily in equity and equity−related securities of establishedcompanies throughout the world that the portfolio advisor believes have good growth potential. The fund may make large investments inany country, including emerging markets or emerging industries of any market. Any change to the investment objective must be approvedby a majority of votes cast at a meeting of unitholders held for that reason.


*June 3, 1986


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Global

6.9 16.6−34.5−12.6

16.5 7.3 5.2 20.4

−19.5−26.6


Inception*

Qrtl 3 3 2 2 3 4 3 {N/A}Return −12.48 −5.22 −11.73 −5.7 −2.76 −6.77 −1.13 4.35Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class


Cash 10.9%



Equity Sectors


Industrials 8.8%

Cash 10.9%

Health Care 9.6%

Energy 9.9%

Materials 11.4%

Other 20.2%Financials 20.8%


Canada 2.0%

Brazil 2.4%

Switzerland 5.7%

Germany 5.2%

Australia 5.4%

United Kingdom 13.6%

Other 27.3%United States 38.5%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Global

$8,727




CI Global High Dividend Advantage Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG2810 CIG2311

DSC CIG3810 CIG3311

LSC CIG1610 CIG1311



Advisors: Epoch Investment Partners, Inc.


Portfolio Manager: William Priest


Inception Date: January 2006

NAV: $6.22

Min. Initial Investment: $5,000





Volatility Meter



BCE Inc. 2.02%

Imperial Tobacco Group PLC 1.98%

Vodafone Group PLC 1.98%

Swisscom Ag Adr 1.96%

Pearson PLC 1.87%

Vivendi SA 1.74%

Nisource 1.71%

National Grid PLC 1.67%

Nestle S.A. 1.67%

Altria Group Inc. 1.57%

Total 18.17%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve tax−efficient returns through exposure primarily to dividend−paying common and preferred shares,debentures, income trusts, equity−related securities and convertible securities of issuers anywhere in the world that are expected togenerate a consistently high level of dividends and interest income. The fund may achieve such exposure through the use of derivativesand investments in other mutual funds. Any change to the investment objective must be approved by a majority of the votes cast byshareholders at a meeting called to consider the change.


*February 28, 2006


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Global High Dividend Advantage

6.1 8.3−24.1 −4.0


Inception*

Qrtl 1 1 1 1 1 1 {N/A} {N/A}Return 0.43 −0.56 −5.03 3.71 2.0 −1.31 {N/A} −0.98Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class

Cash 1.8%




Equity Sectors

Cash 1.8%

Industrials 8.9%


Energy 9.5%

Utilities 14.9%

Telecommunication Services 15.2%

Consumer Staples 18.7%Other 20.8%


France 6.8%

Canada 3.6%

Belgium 2.1%

Germany 3.0%

Switzerland 5.2%

Other 12.4%

United Kingdom 20.2%United States 46.6%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Feb06 Dec06 Dec07 Dec08 Dec09 Dec10 Sep11

CI Global High Dividend Advantage

$9,464




Harbour Foreign Equity Corporate Class (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG2300

DSC CIG3300

LSC CIG1300



Advisors: Harbour Advisors


Portfolio Manager: Stephen Jenkins and GeraldColeman



NAV: $9.53






Volatility Meter



Mastercard 6.02%

Diageo PLC 5.57%

Aryzta AG 5.12%

GlaxoSmithKline PLC 4.36%

Ultra Petroleum 4.33%

Air Liquide(L) 4.08%

CVS Caremark 3.94%

Taiwan Semiconductor 3.64%

Bank of New York Mellon 3.63%

Discover Financial Services 3.58%

Total 44.27%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain long−term capital growth consistent with the preservation of capital. It invests primarily in equity andequity−related securities of large and mid−capitalization companies around the world that the portfolio advisor believes have goodpotential for future growth and are attractively priced. The fund will make investments chiefly in leading industrialized nations and mayfrom time to time invest in emerging markets. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.


*December 31, 2001


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Harbour Foreign Eq Corp Class

8.7 37.9

−40.8 −1.8 16.6 3.5 4.9 4.2 −4.4


Inception*

Qrtl 3 3 3 1 3 2 {N/A} {N/A}Return −12.89 −6.48 −14.76 −3.58 −1.34 −3.19 {N/A} −0.44Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class

Cash 3.4%




Equity Sectors

Cash 3.4%

Industrials 8.1%

Financials 12.4%

Other 11.4%

Materials 12.2%

Energy 12.4%

Consumer Staples 16.3%Information Technology 23.8%


Switzerland 8.4%

France 4.1%

Germany 3.9%

Australia 4.0%

Canada 4.9%




$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Harbour Foreign Eq Corp Class

$9,574




Synergy Global Corporate Class (Class A) Also available: Class F, I & TFund Codes Class A

ISC CIG6109

DSC CIG6159

LSC CIG1159



Advisors: Picton Mahoney Asset Management


Portfolio Manager: Michael Mahoney


Inception Date: March 1999

NAV: $3.76






Volatility Meter



Apple 1.77%

Sanofi 1.54%

Aeon Co Ltd. 1.46%

Novartis AG 1.40%

National Australia Bank 1.33%

BT Group PLC 1.28%

Qualcomm 1.24%

Sumitomo Mitsui Financial Grp 1.11%

Wells Fargo & Co. 1.03%

Chevron Corp. 1.02%

Total 13.18%

Low High


Mid

Small

OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of global momentum companiessituated in the developed markets represented in the MSCI World Index − C$ which currently includes 22 of the world’s developedmarkets. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.


*March 30, 1999


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Synergy Global Corporate Class

8.0 7.3−29.0 −4.6 17.7 12.1 12.2 16.8

−17.5−21.7


Inception*

Qrtl 3 2 3 2 3 3 2 {N/A}Return −12.15 −4.57 −13.96 −5.09 −3.09 −5.0 0.91 −2.24Grp Avg −11.45 −5.4 −12.64 −6.28 −0.93 −3.97 −0.1 {N/A}Ind Ret −7.9 −2.95 −10.06 −2.99 −0.17 −3.07 −0.03 {N/A}

Asset Class


Cash 3.0%



Equity Sectors

Cash 3.0%

Industrials 10.3%


Health Care 10.8%

Energy 11.6%


Financials 16.2%Other 24.1%


United Kingdom 7.7%

Germany 3.0%

South Korea 2.9%

Switzerland 2.9%

France 3.9%

Japan 11.1%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Synergy Global Corporate Class

$10,524




CI International Value Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG681 CIG205

DSC CIG881 CIG705

LSC CIG1881 CIG1705



Advisors: Altrinsic Global Advisors, LLC


Portfolio Manager: John Hock

Asset Class: International Equity

Inception Date: June 1996

NAV: $9.29






Volatility Meter



GlaxoSmithKline PLC 3.41%

Roche Holdings 3.33%

Suzuki Motor Corp 2.84%

Diageo PLC 2.73%

Bank of Yokohama 2.64%

Covidien 2.44%

Nestle S.A. 2.42%

Sumitomo Mitsui Trust Holdings 2.26%

Heineken NV 2.18%

Willis Group Holdings Plc 2.17%

Total 26.42%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies whose primary operations are outside of North America. The fund may make significant investments in any country includingemerging markets and emerging industries of any market. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI EAFE ($ Cdn). The returns listed below are percentages. Performance of the fund versus its official benchmark can befound in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*June 7, 1996


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI International Value

4.1 9.5−21.5−11.7 19.5

4.8 10.8 14.4−10.2−11.8


Inception*

Qrtl 1 1 1 1 1 1 2 {N/A}Return −9.54 −3.23 −10.41 −4.16 0.43 −4.5 0.76 0.14Grp Avg −14.51 −5.71 −15.27 −11.16 −3.13 −6.46 −0.39 {N/A}Ind Ret −10.82 −3.9 −12.68 −8.13 −1.32 −4.37 1.16 {N/A}

Asset Class



Cash 1.1%


Equity Sectors

Cash 1.1%


Energy 11.5%

Health Care 11.1%

Industrials 12.2%

Consumer Staples 16.0%



Canada 3.5%

Ireland 4.0%

Switzerland 13.0%


Germany 10.3%

France 5.3%

Japan 26.1%Other 21.8%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI International Value

$10,456




CI Emerging Markets Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG662 CIG277

DSC CIG646 CIG276

LSC CIG1646 CIG1276





Portfolio Manager: Matthew Strauss and EricBushell

Asset Class: Emerging Markets Equity

Inception Date: September 1991

NAV: $14.02






Volatility Meter




Samsung Electronics Co. 2.34%

Yahoo! 1.90%

Vale S.A. 1.72%

Royal Dutch Shell PLC 1.65%

Taiwan Semiconductor 1.64%

Turkiye Garanti Bankasi AS 1.41%

Komercni Banka AS 1.32%

Itau Unibanco Holding S.A. 1.32%

Petroleo Bras Sa Petro 1.30%

Total 19.16%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth.It invests primarily in equity and equity−related securities ofcompanies that the portfolio advisor believes have good growth potential. These companies are located in emerging markets andemerging industries of any market. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark MSCI Emerging Markets Free ($ Cdn). The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*September 10, 1991


−100%

0%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Emerging Markets

11.5 51.3

−45.6 16.5 34.1 26.7 4.7 22.8−14.6 −2.6


Inception*

Qrtl 1 1 1 1 3 3 4 {N/A}Return −18.63 −7.21 −12.1 −15.8 1.61 1.14 5.84 6.36Grp Avg −21.85 −10.98 −18.34 −18.49 2.33 1.47 9.01 {N/A}Ind Ret −17.84 −8.95 −16.28 −14.56 5.88 3.75 11.67 {N/A}

Asset Class




Cash 19.1%

Equity Sectors



Materials 13.0%

Energy 9.3%


Other 14.2%

Cash 19.1%Financials 20.5%


China 7.7%

Hong Kong 6.1%

Thailand 3.9%

Taiwan 4.2%

South Korea 6.8%

United States 8.0%

Brazil 14.9%Other 48.5%


$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Emerging Markets

$17,082




CI American Managers® Corporate Class (Class A) Also available: Class F & IFund Codes Class A

ISC CIG209

DSC CIG709

LSC CIG1709


Managed By: CI Investment Consulting




Asset Class: American Equity

Inception Date: July 2000

NAV: $9.57






Volatility Meter



Apple 2.76%

Merck & Company 2.01%

TJX Companies 1.92%

Aetna 1.88%

Biomarin Pharmaceuticals 1.69%

Microsoft 1.68%

Prudential Financial Inc. 1.57%

Abbott Labs 1.32%

Oracle Corp. 1.25%

Praxair 1.22%

Total 17.30%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies that the portfolio advisors believe have good growth potential. These companies are located in countries that have signedthe North American Free Trade Agreement (NAFTA) (or its successor). These countries currently include the United States, Canada andMexico, but may also include countries that become members of NAFTA in the future. The fund uses a "multi−manager" approach, whichmeans that it’s managed by more that one portfolio advisor. Any change to the investment objective must be approved by a majority ofvotes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*July 17, 2000


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI American Managers Corp Class

6.3 18.3−26.6−10.9

13.0 0.8 9.8 19.2−22.6 3.0


Inception*

Qrtl 2 3 2 2 2 2 2 {N/A}Return −8.33 −3.04 −10.06 −1.74 −0.99 −3.71 −0.8 −0.36Grp Avg −9.37 −3.87 −11.22 −1.84 −1.72 −4.72 −1.83 {N/A}Ind Ret −4.61 −1.28 −7.2 2.04 0.56 −2.57 −1.4 {N/A}

Asset Class




Cash 5.9%

Equity Sectors

Cash 5.9%

Energy 9.0%


Financials 10.1%

Other 12.0%

Industrials 13.4%

Health Care 18.5%Information Technology 20.1%


United States 88.6%

Israel 0.5%

Ireland 1.4%

United Kingdom 0.4%

Switzerland 0.4%

Bermuda 1.8%

Canada 0.6%Other 6.3%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI American Managers Corp Class

$9,169




CI American Value Corporate Class (Class A)Also available: Class F, I & TFund Codes Class A Corporate Class

ISC CIG7500 CIG510

DSC CIG7505 CIG511

LSC CIG1510 CIG1511

Fund Factsas at September 30, 2011


Advisors: Epoch Investment Partners, Inc.


Portfolio Manager: William Priest and David Pearl

Asset Class: American Equity


NAV: $9.40






Volatility Meter



Microsoft 3.65%

Exxon Mobil 3.42%

Praxair 3.02%

Comcast Corp. 2.96%

Visa Inc. 2.79%

Oracle Corp. 2.68%

Apple 2.50%

Thermo Fisher Scientific 2.47%

Boeing Co. 2.44%

TJX Companies 2.39%

Total 28.32%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to provide superior returns with a limited level of risk by investing in a diversified portfolio of high qualityundervalued companies. It invests primarily in equity and equity−related securities of companies in the United States. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P 500 Composite Total Return Idx($Cdn). The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*July 31, 2001


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI American Value Corporate Class

5.6 9.4−23.4 −4.0 15.3

1.8 9.2 10.8−22.1


Inception*

Qrtl 1 1 2 2 2 1 2 {N/A}Return −6.47 −0.95 −9.44 −0.74 −1.24 −2.56 −0.49 −0.61Grp Avg −9.37 −3.87 −11.22 −1.84 −1.72 −4.72 −1.83 {N/A}Ind Ret −4.61 −1.28 −7.2 2.04 0.56 −2.57 −1.4 {N/A}

Asset Class



Cash 3.6%

Equity Sectors

Cash 3.6%

Energy 10.0%

Other 12.0%

Industrials 10.4%


Health Care 13.1%

Financials 19.2%Information Technology 19.4%


United States 94.9%

Ireland 1.4%

Other 3.6%



$15,000

$10,000

$5,000

$0

$9,411

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08 Dec09 Dec10 Sep11



Cambridge Canadian Equity Corporate Class (Class A) Also available: Class F, W, I & TFund Codes Class A

ISC CIG2321

DSC CIG3321

LSC CIG1521





Portfolio Manager: Alan Radlo, MBA, BA andBrandon Snow

Asset Class: Canadian Equity


NAV: $9.74






Volatility Meter




Alimentation Couche−Tard 3.41%

Brookfield Infrastructure LP 3.36%

Metro Inc. 3.18%

Onex Corporation 3.07%

Shoppers Drug Mart 3.00%

MI Developments 2.58%

Research In Motion 2.56%

Progressive Waste Solutions 2.50%

George Weston 2.41%

Total 29.49%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing, directly or indirectly, primarily in equity securities of Canadiancompanies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutualfunds. Any change to the investment objective must be approved by a majority of the votes cast by shareholders at a meeting called toconsider the change.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark S&P/TSX Total Return. The returns listed below are percentages. Performance of the fund versus its official benchmark canbe found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*December 31, 2007


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Cambridge Canadian Eqt Corp Cl

12.5 23.8−23.6


Inception*

Qrtl 1 1 1 1 1 {N/A} {N/A} {N/A}Return −7.59 −6.35 −11.13 1.91 2.98 {N/A} {N/A} −0.46Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class




Cash 21.6%

Equity Sectors

Energy 8.8%

Other 8.9%



Financials 11.7%


Cash 21.6%Industrials 13.6%


Canada 58.2%

United Kingdom 0.6%

Switzerland 1.3%

United States 17.4%

Brazil 0.9%Other 21.6%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000


CI Cambridge Canadian Eqt Corp Cl

$9,829




CI Canadian Investment Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG7420 CIG2307

DSC CIG7425 CIG3307

LSC CIG1425 CIG1307



Advisors: Tetrem Capital Management Ltd.


Portfolio Manager: Daniel Bubis



NAV: $21.40






Volatility Meter



TD Bank 6.52%

Barrick Gold Corp. 5.46%

Potash Corp. of Saskatchewan 3.76%

Suncor Energy 3.69%

Royal Bank of Canada 3.20%

Power Corp of Canada 2.51%

Bank of Nova Scotia 2.30%

EnCana Corp. 2.25%

Manulife Financial 2.16%

Goldcorp Inc. 2.05%

Total 33.90%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve long−term capital growth by investing primarily in shares of major Canadian corporations. Any changeto the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.


*January 29, 1977


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Canadian Investment

13.2 27.6

−27.4 1.5 14.3 22.0 15.2 19.6 0.0 8.9


Inception*

Qrtl 3 4 4 3 2 1 1 {N/A}Return −15.38 −9.63 −16.34 −7.08 0.39 −0.2 6.46 9.26Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class



Cash 2.2%


Bond 0.5%

Equity Sectors

Cash 2.2%


Other 8.7%


Industrials 9.2%

Materials 18.1%

Energy 22.8%Financials 26.4%


Canada 71.5%

United Kingdom 1.9%

Japan 3.2%

Germany 1.2%

Netherlands 0.8%

Other 5.9%

Switzerland 2.4%United States 13.0%


$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Canadian Investment

$18,796




Harbour Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG690 CIG290

DSC CIG890 CIG790

LSC CIG1890 CIG1790





Portfolio Manager: Gerald Coleman and StephenJenkins



NAV: $18.53






Volatility Meter



Suncor Energy −

Canadian National Railway −

BHP Billiton Limited −

Tim Hortons −

CIBC −

Cisco Systems −

Potash Corp. of Saskatchewan −

Bank of Nova Scotia −

Petsmart −

Barrick Gold Corp. −

Total 41.85%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities of highquality, large and mid−capitalization Canadian companies that the portfolio adviser believes have good potential for future growth. Anychange to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.


*June 27, 1997


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Harbour

9.5 26.9

−24.5 6.2 15.2 23.5 15.8 10.6 −0.9 7.3


Inception*

Qrtl 2 2 3 1 2 1 1 {N/A}Return −13.33 −7.49 −13.97 −4.44 −0.19 1.09 6.57 6.64Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class



Cash 5.1%


Equity Sectors

Cash 5.1%


Other 9.6%

Industrials 8.8%


Energy 17.6%

Materials 19.1%Financials 20.5%


Canada 50.8%

Taiwan 2.8%

Other 5.1%

Belgium 0.6%

China 0.6%

Australia 6.2%



$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Harbour

$18,593




Signature Select Canadian Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG677 CIG150

DSC CIG777 CIG151

LSC CIG1777 CIG1151





Portfolio Manager: Eric Bushell


Inception Date: May 1998

NAV: $16.46






Volatility Meter




TD Bank 4.26%

CIBC 2.96%

Canadian Natural Resources 2.75%


Suncor Energy 2.16%


Talisman Energy 1.98%

Brookfield Asset Management 1.81%

Goldcorp Inc. 1.72%

Total 26.87%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to seek capital appreciation over the long−term coupled with dividend income. It invests primarily in commonshares and convertible securities of Canadian companies and preferred shares that pay regular income. The fund’s investments arediversified across industry sectors. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.


*May 13, 1998


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Select Canadian

10.3 28.0

−26.0 3.0 21.0 22.9 12.9 20.2

−5.8 9.7


Inception*

Qrtl 2 3 3 2 1 1 1 {N/A}Return −13.23 −7.89 −14.0 −5.4 1.4 0.77 7.13 9.0Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class

Cash 16.0%




Equity Sectors



Other 14.9%

Energy 14.9%

Materials 14.2%

Industrials 7.4%

Financials 19.1%Cash 16.0%


Brazil 1.1%

Ireland 1.2%

Switzerland 3.9%

Germany 1.8%

United Kingdom 5.1%

Other 21.5%

United States 26.7%Canada 38.7%


$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Signature Select Canadian

$19,268




Synergy Canadian Corporate Class (Class A) Also available: Class F & IFund Codes Class A

ISC CIG6103

DSC CIG6153

LSC CIG1153



Advisors: Picton Mahoney Asset Management


Portfolio Manager: David K Picton



NAV: $12.65






Volatility Meter



TD Bank 4.41%

Royal Bank of Canada 2.69%


CIBC 2.06%

Suncor Energy 1.96%

Intact Financial 1.87%


Canadian National Railway 1.77%

Bank of Montreal 1.68%


Total 22.31%

Low High


Mid

Small

OBJECTIVEThe fund seeks long−term capital growth by investing primarily in equity and equity−related securities of Canadian companies thatrepresent the growth style. The fund may also invest in foreign securities. The fundamental investment objective of the fund cannot bechanged without obtaining securityholder approval.


*December 29, 1997


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Synergy Canadian Corporate Class

13.5 26.0

−33.8 5.8 17.9 19.2 17.9 32.0

−12.8−11.1


Inception*

Qrtl 2 2 2 1 1 2 1 {N/A}Return −12.82 −6.99 −13.36 −4.45 0.98 −0.68 6.85 7.97Grp Avg −13.67 −7.68 −13.8 −6.44 −0.7 −1.69 4.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class



Cash 5.0%


Equity Sectors

Cash 5.0%


Other 12.5%


Industrials 8.6%

Materials 14.6%

Energy 21.0%Financials 22.8%


Canada 65.7%

France 1.2%

Japan 3.2%

Australia 0.9%

Germany 0.8%

Other 11.2%



$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Synergy Canadian Corporate Class

$19,011




Cambridge Canadian Asset Allocation Corporate Class(Class A)Fund Codes Class A

ISC CIG2322

DSC CIG3322

LSC CIG1522





Portfolio Manager: Alan Radlo, MBA, BA andRobert Swanson



NAV: $10.73






Volatility Meter



Keyera Corp. 3.63%

Inter Pipeline Fund 3.20%

Brookfield Infrastructure LP 2.68%

Provident Energy Ltd. 2.57%

Pembina Pipeline Corp. 2.56%

Tourmaline Oil 2.16%

CGI Group 1.97%

McDonald’s Corp. 1.84%

Shoppers Drug Mart 1.63%

Cenovus Energy 1.61%

Total 23.85%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve a superior total investment return by investing, directly or indirectly, in a combination of primarilyequity and fixed income securities of Canadian companies. Indirect investments may include convertible securities, derivatives, equity−related securities and securities of other mutual funds. Any change to the investment objective must be approved by a majority of thevotes cast by shareholders at a meeting called to consider the change.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Tactical Balanced Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*December 31, 2007


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Cambridge Cdn Asset All. CC

13.0 23.9−20.0


Inception*

Qrtl 1 2 2 1 1 {N/A} {N/A} {N/A}Return −3.33 −4.45 −8.13 6.04 5.58 {N/A} {N/A} 2.14Grp Avg −7.99 −4.18 −8.07 −2.36 0.62 0.25 3.88 {N/A}Ind Ret −7.71 −4.18 −8.09 −3.64 2.54 0.59 3.6 {N/A}

Asset Class

Bond 1.2%




Cash 28.4%

Equity Sectors


Health Care 5.8%

Financials 9.8%


Industrials 9.3%

Other 13.1%

Energy 19.2%Cash 28.4%


United Kingdom 0.6%

Switzerland 0.4%

Germany 1.0%

United States 21.7%

Other 28.4%Canada 47.9%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Cambridge Cdn Asset All. CC

$10,827




Harbour Growth & Income Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG691 CIG2310

DSC CIG891 CIG3310

LSC CIG1891 CIG1310





Portfolio Manager: Gerald Coleman and StephenJenkins

Asset Class: Canadian Balanced


NAV: $16.70






Volatility Meter



Tim Hortons −

Suncor Energy −

Intact Financial −

Canadian National Railway −

BHP Billiton Limited −

Bank of Nova Scotia −

Barrick Gold Corp. −

CIBC −

Potash Corp. of Saskatchewan −

George Weston −

Total 34.99%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain long−term total return through a prudent balance of income and capital appreciation. It invests primarilyin equity and equity−related securities of mid− to large−capitalization Canadian companies and fixed income securities issued byCanadian governments and companies. The proportion of the fund’s assets invested in equity and fixed income securities may varyaccording to market conditions. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*June 27, 1997


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Harbour Growth & Income

8.0 21.2−19.7 3.8 11.2 17.3 12.3 8.1 1.3 8.9


Inception*

Qrtl 3 3 3 2 2 2 1 {N/A}Return −10.74 −5.38 −10.6 −3.02 −0.25 0.62 5.26 4.91Grp Avg −7.99 −4.18 −8.07 −2.36 0.62 0.25 3.88 {N/A}Ind Ret −2.48 −3.42 −3.66 1.7 5.83 4.75 7.54 {N/A}

Asset Class



Bond 5.7%


Cash 19.0%

Equity Sectors


Industrials 7.0%

Other 13.3%

Materials 15.0%

Energy 12.3%


Cash 19.0%Financials 19.5%


Canada 52.2%

Taiwan 2.2%

United Kingdom 3.7%

Belgium 0.6%

China 0.3%

United States 18.7%

Australia 3.2%Other 19.0%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


CI Harbour Growth & Income

$16,398




Signature Income & Growth Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG6116 CIG2309

DSC CIG6166 CIG3309

LSC CIG1166 CIG1309





Portfolio Manager: Eric Bushell and JamesDutkiewicz



NAV: $4.29






Volatility Meter




TD Bank 2.58%

CIBC 1.80%



Telstra Corporation Ltd 1.02%

Suncor Energy 0.98%



Goldcorp Inc. 0.85%

Total 14.49%

Low High


Mid

Small

OBJECTIVEThe fund seeks to provide a steady flow of current income while preserving capital by investing in a diversified portfolio of securitiescomposed mainly of equity, equity−related and fixed income securities of Canadian issuers. The fund may also invest in foreignsecurities. The fundamental investment objective of the fund cannot be changed without obtaining securityholder approval.


*November 13, 2000


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Income & Growth

10.3 27.6

−21.2 1.8 12.7 14.7 13.3 15.6 −2.4 9.1


Inception*

Qrtl 3 4 4 2 2 1 1 {N/A}Return −7.25 −4.54 −8.73 −1.72 3.93 2.08 6.69 6.05Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class

Other 0.4%

Cash and Equivalents 18.4%

Foreign Bonds 15.0%

Income and Royalty Trusts 0.6%

Canadian Bonds 14.5%

REITs 0.9%

Canadian Equity 25.3%Foreign Equity 24.9%

Equity Sectors

Energy 8.6%



Industrials 4.1%

Materials 7.5%

Financials 13.2%

Cash 18.4%Other 40.5%


Australia 2.5%

Germany 1.0%

Bermuda 1.0%

Switzerland 2.4%

United Kingdom 3.1%

Other 23.9%



$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Signature Income & Growth

$18,838




Signature Canadian Balanced Fund (Class A) Also available: Class F & IFund Codes Class A

ISC CIG685

DSC CIG785

LSC CIG1785





Portfolio Manager: Eric Bushell and JamesDutkiewicz



NAV: $14.38






Volatility Meter




TD Bank 2.60%

CIBC 1.81%



Gov’t of Canada, 4.00%, June 1, 2041 1.51%

Gov’t of Canada, 2.75%, September 1,2016

1.37%


Province of Ontario, 4.20%, June 2,2020

1.28%

Suncor Energy 1.27%

Total 17.69%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve an attractive total return, consisting of income and capital gains. It invests primarily in a mix ofCanadian equity and equity−related securities and fixed income securities. The fund is not limited to how much it invests or keepsinvested in each asset class. The mix may vary according to market conditions. Any change to the investment objective must beapproved by a majority of votes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Blend: 50% S&P/TSX, 50% DEX Universe. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*June 25, 1997


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Canadian Balanced

9.4 21.3−15.5 2.5 14.4 17.1 10.4 14.9

−7.3 −3.3


Inception*

Qrtl 4 4 4 3 1 1 1 {N/A}Return −7.17 −4.64 −8.17 −1.33 4.13 2.84 5.9 7.25Grp Avg −4.79 −3.24 −5.76 −1.26 2.98 1.23 4.28 {N/A}Ind Ret −2.48 −3.42 −3.66 1.7 5.83 4.75 7.54 {N/A}

Asset Class


Cash 19.0%



Bond 30.0%

Equity Sectors

Energy 9.3%

Industrials 4.0%



Materials 5.6%

Financials 15.5%



United Kingdom 3.6%

Germany 1.2%

Brazil 0.7%

Ireland 0.8%

Switzerland 2.5%

United States 19.1%

Other 22.8%Canada 49.3%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


CI Signature Canadian Balanced

$17,636




Signature Canadian Resource Fund (Class A) Also available: Class FFund Codes Class A Corporate Class

ISC CIG611 CIG013

DSC CIG811 CIG344

LSC CIG1811 CIG1344





Portfolio Manager: Scott Vali

Asset Class: Industry−Specific

Inception Date: April 1997

NAV: $18.77






Volatility Meter





Goldcorp Inc. 3.34%


Eldorado Gold 2.93%

Iamgold Corp. 2.71%

Suncor Energy 2.58%


BHP Billiton PLC 2.28%

Celtic Exploration 2.00%

Total 28.66%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofCanadian companies engaged in or related to the energy, commodity and natural resource industries. Any change to the investmentobjective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*April 11, 1997


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Canadian Resource

15.4 41.8

−29.6 18.9 28.2

49.8 19.3

34.8 11.0 12.5


Inception*


Asset Class


Cash 12.7%



Equity Sectors

Energy 39.6%

Cash 12.7%

Materials 47.6%


Canada 55.8%

Netherlands 1.5%

United Kingdom 7.8%

Australia 0.2%

Switzerland 1.9%



$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000


CI Signature Canadian Resource

$39,411




Signature Global Energy Corporate Class (Class A) Also available: Class FFund Codes Class A

ISC CIG281

DSC CIG781

LSC CIG1781





Portfolio Manager: Scott Vali

Asset Class: Industry−Specific


NAV: $40.38






Volatility Meter




Suncor Energy 3.60%

Chevron Corp. 3.10%

Apache Corp. 3.05%

Cenovus Energy 2.93%

Continental Resources 2.73%

Occidental Petroleum 2.69%


Celtic Exploration 2.40%

Exxon Mobil 2.37%

Total 29.91%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth. It invests primarily in equity and equity−related securities ofcompanies around the world that are engaged in the exploration, development, production and distribution of oil, gas, coal and relatedenergy products, including geothermal, solar and other energy sources. The fund may also invest in companies that supply goods andservices to these companies. Any change to the investment objective must be approved by a majority of votes cast at a meeting ofunitholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Natural Resources Peer Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*June 11, 1998


−100%

0%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Global Energy Corp Cl

11.8 35.8−30.1 12.4 6.1

61.6 39.1 23.8 −4.4 0.3


Inception*

Qrtl 1 1 2 2 3 3 3 {N/A}Return −18.57 −11.33 −18.51 −5.67 −0.99 1.92 11.85 11.41Grp Avg −23.08 −15.49 −18.93 −6.91 2.73 2.04 12.73 {N/A}Ind Ret −23.07 −15.49 −18.87 −6.6 3.86 2.44 12.84 {N/A}

Asset Class


Cash 15.4%



Equity Sectors

Energy 82.5%

Materials 1.6%

Utilities 0.4%

Cash 15.4%


Netherlands 3.8%

Other 15.4%

United Kingdom 2.0%

Canada 48.9%

United States 29.9%


$0

$10,000

$20,000

$30,000

$40,000


CI Signature Global Energy Corp Cl

$27,655




Signature Canadian Bond Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG837 CIG2303

DSC CIG847 CIG3303

LSC CIG1847 CIG1303





Portfolio Manager: James Dutkiewicz

Asset Class: Canadian Fixed Income

Inception Date: January 1993

NAV: $5.84






Volatility Meter


Fixed Income and Capitalization Overview


5.88%


Province of Ontario, 4.20%, June 2,2020

3.44%


Gov’t of Canada, 1.75%, March 1,2013

2.42%

Ontario School Boards Fin., 5.90%,June 2, 2033

2.17%




1.62%


Total 27.47%

Low High

Spread Rate BlendLong

Blend

Short

OBJECTIVEThis fund’s objective is to obtain long−term total return. It invests primarily in fixed income securities of Canadian governments andcompanies that the portfolio advisor believes offers an attractive yield and the opportunity for capital gains. Any change to theinvestment objective must be approved by a majority of votes cast at a meeting of shareholders held for that reason.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark DEX Universe Bond Total Return Index. The returns listed below are percentages. Performance of the fund versus its officialbenchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this web page.

*January 20, 1993


0.0%

5.0%

10.0%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Canadian Bond

6.1 4.5 3.2 2.1 2.7

4.9 4.7 3.7 6.9 6.3


Inception*

Qrtl 2 3 3 2 3 2 3 {N/A}Return 5.45 1.14 3.73 4.44 6.12 4.37 4.6 2.16Grp Avg 5.18 1.1 3.46 4.32 6.6 4.35 4.84 {N/A}Ind Ret 7.43 1.81 5.12 6.66 8.1 6.08 6.48 {N/A}

Bond Type

Provincial Bonds 9.8%

Other 14.1%

Municipal Bonds 4.0%

Corporate Debentures 43.2%

Federal Bonds 29.0%

Bond Term

Other 14.1%

5−10 years maturity 24.3%



More than 20 years maturity 26.1%


Canada 79.1%

Spain 0.7%

United Kingdom 1.6%

France 0.3%

Germany 0.3%

United States 2.9%

Austria 1.0%Other 14.1%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Signature Canadian Bond

$15,155




Signature Dividend Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG610 CIG2305

DSC CIG810 CIG3305

LSC CIG1810 CIG1305






Asset Class: Canadian Dividend

Inception Date: October 1996

NAV: $11.33






Volatility Meter



TD Bank 3.45%

CIBC 2.21%



BCE Inc. 1.70%

BCE Inc. 1.56%

Novartis AG 1.56%

Bayer Ag Sponsored Adr 1.47%

BCE Inc. 1.37%


Total 18.71%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to generate a high level of dividend income and to preserve capital. It invests primarily in preferred shares anddividend paying common shares of Canadian companies. It may also invest in other common shares, fixed income securities and incometrusts. The fund may also invest in foreign securities. Any change to the investment objective must be approved by a majority of votescast at a meeting of unitholders held for that reason.


*October 29, 1996


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Dividend

9.4 32.2

−23.0 −5.1 10.8 11.7 9.6 12.9 −2.3 5.7


Inception*


Asset Class



Cash 6.8%


Bond 0.8%

Equity Sectors


Energy 6.7%

Health Care 4.9%

Materials 5.1%

Cash 6.8%


Other 13.0%Financials 45.1%


Canada 56.8%

Germany 3.0%

United Kingdom 5.1%

Australia 1.7%

Brazil 1.6%

Other 11.3%

Switzerland 3.2%United States 17.3%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


CI Signature Dividend

$15,456




Signature High Income Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG686 CIG2304

DSC CIG786 CIG3304

LSC CIG1786 CIG1304






Asset Class: Canadian Balanced Income


NAV: $13.09






Volatility Meter




Inter Pipeline Fund 2.16%

Cdn. Real Estate Investment 1.92%

Cominar REIT 1.86%

Allied Properties REIT 1.54%

Transurban Group 1.51%

Vermilion Energy Inc. 1.50%

Westfield Group 1.39%

H&R Real Estate Invest. Trust 1.34%

Veresen Inc. 1.32%

Total 16.94%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to generate a high level of income and long−term capital growth. It invests primarily in high−yielding equitysecurities and Canadian corporate bonds. Any change to the investment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.


*December 18, 1996


−50%

0%

50%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature High Income

15.3 30.6

−21.5 0.1 6.7 16.6 19.9 22.7 8.3 15.0


Inception*

Qrtl 1 1 1 1 1 1 1 {N/A}Return −0.05 −1.5 −4.26 3.53 7.25 3.6 9.61 9.46Grp Avg −5.74 −3.65 −6.89 −2.02 3.23 0.69 3.37 {N/A}Ind Ret −0.03 1.15 −1.28 0.93 3.57 0.58 0.92 {N/A}

Asset Class

Other 0.5%

Income and Royalty Trusts 3.8%

Foreign Equity 10.9%

REITs 6.1%

Canadian Bonds 8.7%

Cash and Equivalents 15.0%

Canadian Equity 25.8%Foreign Bonds 29.2%

Equity Sectors

Energy 11.7%

Utilities 4.6%


Industrials 4.3%


Cash 15.0%



Australia 5.4%

Bermuda 0.9%

Spain 0.8%

France 0.9%

United Kingdom 1.2%

Other 19.4%



$0

$10,000

$20,000

$30,000


CI Signature High Income

$24,542




Signature Diversified Yield Fund (Class A) Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG619 CIG2319

DSC CIG819 CIG3319

LSC CIG1619 CIG1319






Asset Class: Diversified Income


NAV: $9.51






Volatility Meter




Westfield Group 2.15%

Koninklijke Vopak NV 2.03%


Ascendas REIT 1.48%

Telstra Corporation Ltd 1.46%

Macquarie Airports 1.38%

Capitacommercial Trust 1.20%

Transurban Group 1.15%

Bank of America, 8.00%, January 30,2049

1.05%

Total 16.64%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to achieve tax−efficient returns through exposure to a portfolio of fixed income and high−yielding equitysecurities throughout the world. The fund will obtain this exposure primarily by entering into derivatives, but may hold fixed income andequity securities directly from time to time.


*November 10, 2009


0%

10%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Diversified Yield

10.1


Inception*

Qrtl 3 3 4 3 {N/A} {N/A} {N/A} {N/A}Return −4.25 −1.44 −6.6 −2.77 {N/A} {N/A} {N/A} 3.14Grp Avg −2.65 −2.09 −3.14 −1.11 1.79 −0.1 2.14 {N/A}Ind Ret −11.88 −8.66 −12.02 −3.55 2.66 2.61 7.95 {N/A}

Asset Class


Other 1.1%

Canadian Bonds 7.4%

REITs 3.2%

Foreign Equity 28.2%

Cash and Equivalents 21.8%Foreign Bonds 33.6%

Equity Sectors

Industrials 8.7%

Health Care 2.7%

Materials 0.7%

Utilities 2.3%


Financials 13.1%



Australia 8.2%

Netherlands 2.0%

France 2.0%

Canada 12.6%

Singapore 3.5%

United Kingdom 2.1%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Dec09 Dec10 Sep11

CI Signature Diversified Yield

$10,601




Signature Corporate Bond Corporate Class (Class A) Also available: Class FFund Codes Class A Corporate Class

ISC CIG9010 CIG2308

DSC CIG9060 CIG3308

LSC CIG1150 CIG1308





Portfolio Manager: Geof Marshall, John Shaw andJames Dutkiewicz

Asset Class: Canadian Fixed Income


NAV: $13.72






Volatility Meter


Fixed Income and Capitalization Overview

Harvest Operations Corp., 6.88%,October 1, 2017

1.04%

International Lease Finance, 8.75%,March 15, 2017

1.03%

Lincoln National Corp., 7.00%, May17, 2066

0.85%

National Money Mart Company,10.38%, December 15, 2016

0.84%

CBRE GROUP INC., 11.63%, June 15,2017

0.83%

Calpine Corp., 7.50%, February 15,2021

0.82%


SunGard Data Systems, 10.25%,August 15, 2015

0.79%

Digicel, 12.00%, April 1, 2014 0.78%

Multiplan Inc, 9.88%, September 1,2018

0.73%

Total 8.52%

Low High

Spread Rate BlendLong

Blend

Short

OBJECTIVEThe fund’s investment objective is to achieve a yield advantage by using fundamental value analysis to evaluate investments. The fundwill invest mainly in fixed−income securities that are investment grade and below investment grade. The fundamental investmentobjective of the fund can only be changed with the approval of a majority of the votes cast by unitholders at a meeting called specificallyto vote on the change to the investment objectives.

Compound Returns and Quartile Rankings (as at September 30, 2011)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe High Yield Fixed Income Peer Index. The returns listed below are percentages. Performance of the fund versus itsofficial benchmark can be found in the Management Report of Fund Performance (MRFP). See the related document section on this webpage.

*July 15, 2003


−20%

0%

20%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

CI Signature Corp Bond Corp Class

8.7 17.6

−7.6 −0.9 5.0 3.2 4.5


Inception*

Qrtl 2 1 2 3 4 3 {N/A} {N/A}Return −0.15 −1.22 −2.7 0.87 6.12 3.5 {N/A} 3.97Grp Avg −0.92 −2.6 −4.05 0.72 8.1 4.47 5.24 {N/A}Ind Ret −1.18 −2.6 −4.11 0.28 7.09 3.44 4.98 {N/A}

Bond Type

Corporate Debentures 88.3%

Federal Bonds 2.0%

Municipal Bonds 0.3%

Other 9.4%

Bond Term


More than 20 years maturity 10.8%

Other 9.4%




United Kingdom 1.5%

Luxembourg 1.3%

Cayman Islands 1.2%

Marshall Islands 1.3%

Bermuda 1.6%

Other 13.3%

Canada 38.3%United States 41.5%


No chart available at this time.


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ON /

CITE

RNE

298

/ 798

/ 17

98

39

8 / 1

98 /

1198

$7.2

2

$ 10

.5

-14.

76

-5.7

4 -1

5.65

-5

.50

2.05

-0

.84

1.08

-2

.73

(FEB

.’00)

CI

GLO

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COR

PORA

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LASS

JO

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OCK

206

/ 706

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06

30

6 / 4

06 /

1406

$10.

57

$ 43

.0

-8.0

1 -2

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0.27

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4 0.

39 (J

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LL /

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195

09

5 / 9

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196

$8

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100.

2

-6.1

0 -2

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1.93

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(AUG

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14

6 / 1

47 /

1147

$7.5

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$ 25

8.6

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2.75

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34

-7.3

9 -3

.81

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30

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1405

$10.

09

$ 37

6.9

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0.07

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0.64

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0.74

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07 (J

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8.0

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0.51

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EC.’9

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1664

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64

$7

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7.7

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2.45

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-8.9

7 -5

.21

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4 -2

.70

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3 1.

73 (J

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RATE

CLA

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2313

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13 /

1313

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$10.

16

$ 16

0.3

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68 /

1668

361

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$10.

38

$ 11

4.0

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29

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(JUL

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$11.

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18

1.23

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AUG.

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$5

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$

134.

9

-17.

86

-9.1

1 -1

7.86

-1

4.43

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-13.

88

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(DEC

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HA

RBOU

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KIN

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2.38

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1.70

3.1

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2.61

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-15.

83

-3.8

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1.12

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43

6.11

(JUN

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$9

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469.

6

-12.

89

-6.4

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4.30

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4 -3

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(DEC

.’01)

HA

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3306

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06

25

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3506

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$1

0.98

$

154.

6

-11.

81

-5.1

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2.79

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3513

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$1

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476.

3

-10.

84

-5.6

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3.28

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5 0.

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48 (

AUG.

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HA

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3586

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$9

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$ 46

1.3

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61

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84

4.54

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1348

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$ 21

1.3

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8.73

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4.58

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1.92

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.50

2.28

6.

17

14.7

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3.72

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422.

0

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87

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50

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97 (J

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534.

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541.

7

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4.87

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20

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74 (

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281

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1481

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38

$ 14

2.8

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8.57

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4.76

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8 1.

92

11.8

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$8.8

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$ 78

.4

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3.82

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54.3

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27

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75

$ 98

2.0

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3.37

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86

3.43

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601.

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15

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6.43

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1.49

0.

97

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99 (

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0.9

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2.56

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$12.

65

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1

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82

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6.28

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0.98

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6.85

7.

97

(DEC

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M

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6109

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59 /

1159

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59 /

1259

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1.2

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74

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91

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57

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1891

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11

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0.62

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26

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1.82

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90

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12

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1.86

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94

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1.42

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4.85

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4.48

5.

87

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180.

1

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4 -2

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3.89

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SI

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86

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5.53

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3.53

7.

25

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61

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4.15

9.6

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08

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$

51.7

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19

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91

2.70

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72

3.97

(JUN

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1777

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6.49

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1.40

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77

7.13

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99

(MAY

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quity

II

MO

NT

HLY

PE

RFO

RM

AN

CE

SC

OR

EC

AR

D A

S A

T S

EP

TE

MB

ER

30,

201

1

83

FOR

DE

ALE

R U

SE

ON

LY

LEAD

MAN

AGER

CDN

$FU

ND

CODE

: CIG

ISC

/ DSC

/ LS

C

US $

FUN

D CO

DE: C

IGIS

C / D

SC /

LSC

NAV

(C

DN)

FUN

D

ASSE

TS($

MM

)Y–

T–D

(%)

1 M

TH

(%)*

6

MTH

(%

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(%)

3 YR

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)5

YR

(%)

10 Y

R (%

)

SIN

CEIN

CEPT

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(%

)

*sim

ple

rate

s of

retu

rn

CL

ARIC

A M

VP A

SIAN

-PAC

IFIC

NON

-RSP

EQU

ITY

WIL

LIAM

PRI

EST

9250

/ –

/ –

– $1

0.95

$

0.1

-1

2.68

-1

.97

-9.1

3 -5

.60

-1.3

9 -2

.61

0.19

0.

45 (

JUL.

’97)

CL

ARIC

A M

VP 19

87 A

SIAN

-PAC

IFIC

NON

-RSP

EQU

ITY

WIL

LIAM

PRI

EST

9262

/ –

/ –

– $1

1.01

$

0.0

-1

2.55

-1

.96

-9.0

8 -5

.33

-1.2

1 -2

.51

0.25

0.

49 (

JUL.

’97)

CL

ARIC

A M

VP A

SIAN

-PAC

IFIC

RSP

EQU

ITY

WIL

LIAM

PRI

EST

9251

/ –

/ –

– $1

1.73

$

1.0

-1

2.72

-1

.92

-9.1

4 -5

.56

-1.3

8 -2

.64

0.62

1.

09 (

DEC.

’96)

CL

ARIC

A M

VP 19

87 A

SIAN

-PAC

IFIC

RSP

EQU

ITY

WIL

LIAM

PRI

EST

9263

/ –

/ –

– $1

1.79

$

0.1

-1

2.54

-1

.91

-9.0

3 -5

.30

-1.2

1 -2

.54

0.67

1.

12 (

DEC.

’96)

CL

ARIC

A M

VP B

ALAN

CED

BUSH

ELL

/ DUT

KIEW

ICZ

/ SHA

W

9252

/ –

/ –

– $4

2.18

$

45.1

-7

.48

-4.6

6 -9

.91

-1.8

4 3.

65

2.47

5.

71

5.98

(DE

C.’8

6)

CL

ARIC

A M

VP 19

87 B

ALAN

CED

BUSH

ELL

/ DUT

KIEW

ICZ

/ SHA

W

9264

/ –

/ –

– $4

2.41

$

2.8

-7

.30

-4.6

3 -9

.79

-1.5

8 3.

84

2.58

5.

77

6.01

(DE

C.’8

6)

CL

ARIC

A M

VP B

OND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

9253

/ –

/ –

– $3

8.91

$

9.9

5.

02

1.12

5.

33

3.87

5.

63

3.99

4.

18

5.64

(DE

C.’8

6)

CL

ARIC

A M

VP 19

87 B

OND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

9265

/ –

/ –

– $3

9.13

$

0.3

5.

24

1.11

5.

50

4.15

5.

83

4.11

4.

24

5.66

(DE

C.’8

6)

CL

ARIC

A M

VP D

IVID

END

BUSH

ELL

/ HAD

WEN

/ SH

AW

9257

/ –

/ –

– $1

4.34

$

3.5

-5

.60

-3.8

2 -9

.07

-1.5

1 3.

83

0.24

3.

16

2.65

(DE

C.’9

7)

CL

ARIC

A M

VP 19

87 D

IVID

END

BUSH

ELL

/ HAD

WEN

/ SH

AW

9269

/ –

/ –

– $1

4.42

$

0.2

-5

.38

-3. 8

0 -8

.91

-1.2

3 4.

03

0.35

3.

22

2.69

(DE

C.’9

7)

CLAR

ICA

MVP

EQU

ITY

DAVI

D PI

CTON

92

54 /

– / –

–

$34.

48

$24

.8

-13.

10

-6.9

9 -1

6.43

-4

.94

0.57

-0

.97

5.36

5.

13 (

DEC.

’86)

CL

ARIC

A M

VP 19

87 E

QUIT

Y DA

VID

PICT

ON

9266

/ –

/ –

– $3

4.68

$

3.5

-1

2.93

-6

.97

-16.

31

-4.6

7 0.

76

-0.8

6 5.

42

5.15

(DE

C.’8

6)

CLAR

ICA

MVP

EUR

OPEA

N G

ROW

TH

BUSH

ELL /

D’A

NGE

LO /

BROD

EUR

9258

/ –

/ –

– $7

.93

$

1.1

-1

1.40

-3

.41

-13.

14

-7.2

5 -6

.56

-7.9

4 -1

.53

-1.6

7 (D

EC.’9

7)

CLAR

ICA

MVP

1987

EUR

OPEA

N G

ROW

TH

BUSH

ELL /

D’A

NGE

LO /

BROD

EUR

9270

/ –

/ –

– $7

.98

$

0.0

-1

1.14

-3

.39

-12.

88

-6.8

8 -6

.36

-7.8

2 -1

.47

-1.6

2 (D

EC.’9

7)

CLAR

ICA

MVP

GLO

BAL E

QUIT

Y E.

BUS

HELL

/ S.

VAL

I 92

55 /

– / –

–

$9.7

5

$1.

4

-12.

79

-5.1

6 -1

2.95

-6

.16

-3.1

7 -7

.09

-1.9

2 -0

.17

(DEC

.’96)

CL

ARIC

A M

VP 19

87 G

LOBA

L EQU

ITY

E. B

USHE

LL /

S. V

ALI

9267

/ –

/ –

– $9

.81

$

0.1

-1

2.57

-5

.22

-12.

88

-5.9

4 -2

.97

-6.9

7 -1

.86

-0.1

3 (D

EC.’9

6)

CLAR

ICA

MVP

GRO

WTH

W

. PRI

EST

/ D. P

EARL

92

56 /

– / –

–

$39.

27

$37

.4

-11.

37

-4.7

1 -1

3.86

-3

.47

-0.8

5 -3

.04

2.95

7.

56 (

DEC.

’92)

CL

ARIC

A M

VP 19

87 G

ROW

TH

W. P

RIES

T / D

. PEA

RL

9268

/ –

/ –

– $3

9.49

$

1.0

-1

1.18

-4

.68

-13.

74

-3.1

9 -0

.67

-2.9

3 3.

01

7.60

(DE

C.’9

2)

CLAR

ICA

MVP

MON

EY M

ARKE

T PA

UL S

IMON

92

60 /

– / –

–

$1.6

4

$2.

7

0.02

-0

.02

0.01

0.

02

-0.0

6 1.

13

1.34

2.

51 (J

AN.’8

8)

CLAR

ICA

MVP

1987

MON

EY M

ARKE

T PA

UL S

IMON

92

72 /

– / –

–

$1.2

6

$0.

0

0.00

0.

00

0.00

0.

00

-8.3

9 -4

.01

-1.2

7 1.

18 (J

AN.’8

8)

CLAR

ICA

MVP

SM

ALL C

AP A

MER

ICAN

W

. PRI

EST

/ D. P

EARL

92

59 /

– / –

–

$16.

46

$1.

1

-11.

79

-4.8

0 -1

4.18

-4

.08

-1.4

0 -3

.57

-0.8

7 3.

69 (

DEC.

’97)

CL

ARIC

A M

VP 19

87 S

MAL

L CAP

AM

ERIC

AN

W. P

RIES

T / D

. PEA

RL

9271

/ –

/ –

– $1

6.56

$

0.0

-1

1.59

-4

.77

-14.

02

-3.7

8 -1

.20

-3.4

5 -0

.81

3.74

(DE

C.’9

7)

CLAR

ICA

MVP

US.

EQU

ITY

A. R

ADLO

/ B.

SN

OW

9261

/ –

/ –

– $1

0.12

$

2.0

-1

7.99

-9

.07

-17.

92

-14.

60

-8.0

8 -1

3.99

-8

.47

-0.0

4 (D

EC.’9

2)

CLAR

ICA

MVP

1987

US.

EQU

ITY

A. R

ADLO

/ B.

SN

OW

9273

/ –

/ –

– $1

0.16

$

0.1

-1

7.93

-9

.04

-17.

87

-14.

48

-7.9

6 -1

3.92

-8

.43

-0.0

2 (D

EC.’9

2)

Clar

ica

MVP

Se

greg

ated

Fun

ds

Issu

ed b

y Su

n Li

fe A

ssur

ance

Com

pany

of C

anad

a

MO

NT

HLY

PE

RFO

RM

AN

CE

SC

OR

EC

AR

D A

S A

T S

EP

TE

MB

ER

30,

201

1

84

FOR

DE

ALE

R U

SE

ON

LY

LEAD

MAN

AGER

CDN

$FU

ND

CODE

: CIG

ISC

/ DSC

/ LS

CN

AV

(CDN

)

FUN

D

ASSE

TS($

MM

)Y–

T–D

(%)

1 M

TH

(%)*

6

MTH

(%

)*1

YR

(%)

3 YR

(%

)5

YR

(%)

10 Y

R (%

)

SIN

CEIN

CEPT

ION

(%

)

CL

ARIC

A SF

CAM

BRID

GE A

MER

ICAN

EQU

ITY

- DSC

1 A.

RAD

LO /

B. S

NOW

–

/ 921

9 / –

$5

.14

$

1.6

-1

6.15

-8

.87

-17.

50

-8.0

5 -4

.76

-7.8

4 -4

.45

-5.4

5 (F

EB.’9

9)

CLAR

ICA

SF C

AMBR

IDGE

AM

ERIC

AN E

QUIT

Y - F

E2 A.

RAD

LO /

B. S

NOW

91

69 /

– / –

$5

.13

$

7.3

-1

6.31

-8

.88

-17.

52

-8.0

6 -4

.82

-7.8

7 -4

.52

-5.1

4 (F

EB.’9

9)

CLAR

ICA

SF C

I ALP

INE

GROW

TH E

QUIT

Y - D

SC

TED

WHI

TEHE

AD

– / 9

202 /

–

$18.

56

$4.

1

-21.

62

-12.

45

-23.

43

-10.

55

7.05

1.

21

7.31

5.

75 (

JAN

.’98)

CL

ARIC

A SF

CI A

LPIN

E GR

OWTH

EQU

ITY

- FE

TED

WHI

TEHE

AD

9152

/ –

/ –

$18.

49

$15

.0

-21.

62

-12.

45

-23.

44

-10.

55

7.03

1.

20

7.30

4.

58 (

JAN

.’98)

CL

ARIC

A SF

CI A

MER

ICAN

SM

ALL C

OMPA

NIE

S - D

SC

W. P

RIES

T / D

. PEA

RL

– / 9

212 /

–

$7.1

2

$2.

3

-11.

44

-4.6

9 -1

3.91

-3

.65

-1.0

5 -3

.25

-0.6

7 -2

.82

(JAN

.’00)

CL

ARIC

A SF

CI A

MER

ICAN

SM

ALL C

OMPA

NIE

S - F

E W

. PRI

EST

/ D. P

EARL

91

62 /

– / –

$7

.10

$

4.5

-1

1.36

-4

.70

-13.

83

-3.5

3 -1

.06

-3.2

6 -0

.68

-2.8

4 (J

AN.’0

0)

CLAR

ICA

SF C

I ASI

AN A

ND

PACI

FIC

- DSC

W

ILLI

AM P

RIES

T –

/ 920

3 / –

$5

.83

$

0.5

-1

3.37

-2

.18

-9.6

1 -6

.57

-2.2

9 -3

.56

0.06

-4

.85

(JAN

.’01)

CL

ARIC

A SF

CI A

SIAN

AN

D PA

CIFI

C - F

E W

ILLI

AM P

RIES

T 91

53 /

– / –

$5

.80

$

0.8

-1

3.30

-2

.03

-9.5

2 -6

.45

-2.3

6 -3

.64

0.03

-4

.89

(JAN

.’01)

CL

ARIC

A SF

CI C

ANAD

IAN

INVE

STM

ENT

- DSC

DA

NIE

L BUB

IS

– / 9

206 /

–

$17.

72

$19

.5

-15.

62

-9.5

9 -1

9.49

-7

.56

-0.2

1 -0

.76

4.33

4.

93 (

JAN

.’00)

CL

ARIC

A SF

CI C

ANAD

IAN

INVE

STM

ENT

- FE

DAN

IEL B

UBIS

91

56 /

– / –

$1

7.66

$

45.4

-1

5.58

-9

.58

-19.

47

-7.5

4 -0

.21

-0.7

5 4.

32

4.91

(JA

N.’0

0)

CLAR

ICA

SF C

I CAN

ADIA

N S

MAL

L/M

ID C

AP -

DSC

J. LA

WSO

N /

D. P

ICTO

N

– / 9

225 /

–

$14.

14

$8.

2

-11.

68

-8.0

0 -1

4.67

0.

50

8.08

0.

81

6.42

3.

64 (

JAN

.’98)

CL

ARIC

A SF

CI C

ANAD

IAN

SM

ALL/

MID

CAP

- FE

J.

LAW

SON

/ D.

PIC

TON

91

75 /

– / –

$1

4.14

$

51.6

-1

1.74

-8

.00

-14.

67

0.50

8.

08

0.80

6.

41

2.56

(JA

N.’9

8)

CLAR

ICA

SF C

I EM

ERGI

NG

MAR

KETS

- DS

C E.

BUS

HELL

/ M

. STR

AUSS

–

/ 922

4 / –

$1

4.23

$

3.2

-1

9.33

-7

.30

-15.

04

-16.

83

0.35

-0

.04

7.14

1.

8 3 (

JAN

.’98)

CL

ARIC

A SF

CI E

MER

GIN

G M

ARKE

TS -

FE

E. B

USHE

LL /

M. S

TRAU

SS

9174

/ –

/ –

$14.

13

$6.

3

-19.

40

-7.2

8 -1

5.08

-1

6.93

0.

26

-0.1

4 7.

05

2.55

(JA

N.’9

8)

CLAR

ICA

SF C

I EUR

OPEA

N -

DSC

BUSH

ELL /

D’A

NGE

LO /

BROD

EUR

– / 9

207 /

–

$6.2

1

$0.

8

-11.

54

-3.4

2 -1

3.15

-7

.45

-6.8

4 -8

.25

-3.4

1 -3

.93

(JAN

.’00)

CL

ARIC

A SF

CI E

UROP

EAN

- FE

BU

SHEL

L / D

’AN

GELO

/ BR

ODEU

R 91

57 /

– / –

$6

.14

$

2.2

-1

1.53

-3

.31

-13.

15

-7.5

3 -6

.90

-8.3

4 -3

.50

-4.0

2 (J

AN.’0

0)

CLAR

ICA

SF C

I GLO

BAL

E. B

USHE

LL /

S. V

ALI

9188

/ 92

38 /

– $9

.82

$

1.5

-1

3.02

-5

.12

-13.

17

-6.4

8 -3

.57

-7.4

9 s.

o.

-0.2

1 (A

PR.’0

3)

CLAR

ICA

SF C

I GLO

BAL B

OND

- DSC

J.

DUT

KIEW

ICZ

/ J. S

HAW

–

/ 920

9 / –

$1

1.92

$

3.7

5.

58

0.76

8.

27

1.02

6.

60

5.16

1.

12

1.49

(JA

N.’0

0)

CLAR

ICA

SF C

I GLO

BAL B

OND

- FE

J. D

UTKI

EWIC

Z / J

. SHA

W

9159

/ –

/ –

$11.

89

$6.

8

5.60

0.

76

8.29

1.

02

6.62

5.

17

1.12

1.

47 (

JAN

.’00)

CL

ARIC

A SF

CI G

LOBA

L SCI

ENCE

& T

ECHN

OLOG

Y - D

SC

M. W

HITE

/ J.

YEU

NG

– / 9

216 /

–

$6.4

6

$1.

7

-4.0

1 3.

53

-6.2

4 2.

22

12.1

5 2.

75

-0.3

5 -3

.62

(FEB

.’99)

CL

ARIC

A SF

CI G

LOBA

L SCI

ENCE

& T

ECHN

OLOG

Y - F

E M

. WHI

TE /

J. Y

EUN

G 91

66 /

– / –

$6

.56

$

8.6

-3

.81

3.63

-6

.15

2.34

12

.15

2.74

-0

.40

-3.2

8 (F

EB.’9

9)

CLAR

ICA

SF C

I HAR

BOUR

- DS

C G.

COL

EMAN

/ S.

JEN

KIN

S –

/ 922

9 / –

$2

2.05

$

19.5

-1

3.29

-7

.28

-16.

41

-4.5

9 -0

.66

0.60

5.

82

6.17

(JA

N.’9

8)

CLAR

ICA

SF C

I HAR

BOUR

- FE

G.

COL

EMAN

/ S.

JEN

KIN

S 91

79 /

– / –

$2

2.00

$

56.9

-1

3.32

-7

.33

-16.

45

-4.6

4 -0

.66

0.60

5.

82

5.91

(JA

N.’9

8)

CLAR

ICA

SF C

I HAR

BOUR

FORE

IGN

EQU

ITY

CORP

ORAT

E CL

ASS

- DSC

S.

JEN

KIN

S / G

. COL

EMAN

–

/ 923

0 / –

$1

1.87

$

2.5

-1

3.29

-6

.46

-14.

48

-4.2

0 -1

.89

-3.7

0 -0

.88

-0.2

1 (J

AN.’9

8)

CLAR

ICA

SF C

I HAR

BOUR

FORE

IGN

EQU

ITY

CORP

ORAT

E CL

ASS

- FE

S. J

ENKI

NS

/ G. C

OLEM

AN

9180

/ –

/ –

$11.

85

$12

.5

-13.

25

-6.4

7 -1

4.50

-4

.20

-1.9

2 -3

.69

-0.8

9 1.

25 (

JAN

.’98)

CL

ARIC

A SF

CI H

ARBO

UR G

LOBA

L EQU

ITY

- DSC

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77.4

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22.9

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$19.

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JAN

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JAN

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8743

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JAN

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SU

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8725

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53 /

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5.91

$

5.1

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.52

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.98

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0.48

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3.68

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8747

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3.56

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48 (

JAN

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SU

NW

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CI M

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SIM

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8728

/ 87

56 /

– $1

2.71

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1.0

0.

24

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16

0.24

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1.21

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36

1.88

(JA

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87

26 /

8754

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8

4.77

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57

5.30

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3.93

3.

84 (

JAN

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SU

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87

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8751

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$15.

64

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4.83

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58

5.31

3.

59

3.79

3.

54 (

JAN

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SU

NW

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RIES

T / D

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8792

/ 88

20 /

– $7

.64

$

0.3

-7

.51

-1.0

4 -1

0.43

-1

.93

-2.1

3 -3

.35

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.07

(JAN

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SU

NW

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88

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8828

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$18.

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87

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8816

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$9.3

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-9.6

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8796

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24 /

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5.68

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5.02

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8825

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34 (J

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8799

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27 /

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0.42

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0.3

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3.69

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82

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1 0.

70

0.18

5.

69

5.71

(JAN

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SU

NW

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CI D

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BUSH

ELL

/ HAD

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AW

8809

/ 88

37 /

– $1

6.47

$

2.1

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.34

-3.8

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.85

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36

0.73

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68

3.96

(JAN

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SU

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S. J

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8803

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31 /

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4.63

$

2.7

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1.06

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.43

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33

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.67

0.28

3.

56

3.00

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SU

NW

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ONEY

MAR

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PAUL

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8812

/ 88

40 /

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2.91

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31

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23

0.39

0.

18

1.32

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47

2.01

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SU

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IGN

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88

10 /

8838

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$16.

82

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7

4.99

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83

5.56

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4.19

4.

13 (J

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88

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8835

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59

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7

5.05

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86

5.60

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84

4.04

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51 (J

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88

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8839

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4.97

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79

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83

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8795

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8819

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8786

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14 /

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0.2

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8817

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59

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24 (J

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8790

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18 /

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1.72

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87

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8785

/ 88

13 /

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0.8

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8822

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99 (J

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98

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31

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8793

/ 88

21 /

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0.23

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1.54

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20

0.45

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64

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54

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8804

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5 1.

68

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39

3.39

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8806

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34 /

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8805

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1.3

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6 3.

46

1.05

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85

3.49

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8787

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27

1.32

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8836

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37

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41

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39 (J

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77

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8727

/ 87

55 /

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6.30

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0.3

4.

82

1.12

5.

37

3.56

5.

30

3.58

3.

89

3.87

(JA

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SUN

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8711

/ 87

39 /

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6.23

$

0.9

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4.08

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.89

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2 0.

02

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8707

/ 87

35 /

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$

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8 -1

0.81

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-2.7

0 -3

.97

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9 -4

.40

(JAN

.’99)

SU

NW

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8730

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$6.8

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3

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-9.8

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4 -5

.64

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.’99)

SU

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N

OAH

BLAC

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IN

8705

/ 87

33 /

– $7

.25

$

0.7

2.

55

1.12

-7

.88

12.7

5 7.

11

4.78

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7 (J

AN.’9

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SUN

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IN

8718

/ 87

46 /

– $1

8.08

$

12.0

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-4.9

4 -9

.60

-2.6

4 2.

52

2.09

4.

90

4.71

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SUN

WIS

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ICA

JOHN

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8706

/ 87

34 /

– $4

.73

$

0.2

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2.24

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.07

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21

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.78

-8.9

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8701

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29 /

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$

0.9

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3.62

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3.9

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1.69

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8720

/ 87

48 /

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4.42

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4.0

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6 1.

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8703

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31 /

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8012

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0.0

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5.70

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8120

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0.2

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.02

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3.85

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.81

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SU

NW

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2001

AIC

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8020

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20 /

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$

0.0

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3.94

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s.o.

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(DEC

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SU

NW

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BON

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DEX

TD A

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MGN

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8152

/ 82

52 /

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5.56

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1.1

6.

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C.’0

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RIES

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8116

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16 /

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0.5

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-1.0

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0.39

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-2.0

9 -3

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(DEC

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SU

NW

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2001

CI A

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RIES

T / D

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8016

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0.1

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81

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8221

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8021

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– $1

4.17

$

0.3

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.11

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4.02

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3 -4

.14

s.o.

3.

61 (

DEC.

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SU

NW

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CI C

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81

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8206

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$2.

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-18.

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8 -1

8.82

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1.71

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EC.’0

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2001

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80

06 /

8906

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$7.1

6

$0.

8

-18.

73

-9.4

8 -1

8.91

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1.82

-8

.90

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SUN

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CAN

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8125

/ 82

25 /

– $1

4.37

$

0.0

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5.62

-9

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-19.

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-7.4

7 -0

.23

-0.7

2 s.

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3.76

(DE

C.’0

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SUN

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01 C

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NIE

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8167

/ 82

67 /

– $1

4.43

$

0.3

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5.56

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48

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8226

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$16.

68

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9.58

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8 -0

.84

s.o.

5.

34 (

DEC.

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SU

NW

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2001

CI C

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STM

ENT

FUN

D DA

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8168

/ 82

68 /

– $1

6.68

$

3.3

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5.72

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61

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4 -0

.28

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4 s.

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5.34

(DE

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SU

NW

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CI D

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8150

/ 82

50 /

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5.64

$

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1 -8

.86

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0.85

s.

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4.65

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2001

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8184

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8102

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02 /

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.74

$

0.4

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2.94

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.15

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13

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EC.’0

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8002

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02 /

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.74

$

0.1

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3.03

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8160

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1.36

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1.79

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36

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8194

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$1

1.34

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08

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62

1.61

7.

30

5.81

s.

o.

1.46

(JAN

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SU

NW

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CI G

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8203

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9 -2

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7 -3

.63

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6 -4

.85

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(DEC

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SU

NW

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2001

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8903

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$7.1

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SU

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CI H

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G. C

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S. J

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8122

/ 82

22 /

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7.06

$

10.1

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3.31

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.28

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45

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0.57

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6.45

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8129

/ 82

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5.54

$

15.3

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1.47

(JAN

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SU

NW

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CI IN

TERN

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NAL

BAL

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D CO

RPOR

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E. B

USHE

LL /

J. D

UTKI

EWIC

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08 /

8208

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$8.8

4

$0.

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-6.3

6 -2

.96

-7.1

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.64

1.72

-2

.63

s.o.

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(DEC

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SU

NW

ISE

2001

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AL B

ALAN

CED

CORP

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BUS

HELL

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DUT

KIEW

ICZ

8008

/ 89

08 /

– $8

.83

$

0.0

-6

.46

-2.9

7 -7

.25

-2.6

5 1.

68

-2.6

5 s.

o.

-1.2

6 (D

EC.’0

1)

SUN

WIS

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INTE

RNAT

ION

AL V

ALUE

1 JO

HN H

OCK

8107

/ 82

07 /

– $9

.01

$

0.6

-9

.99

-3.1

2 -1

0.44

-4

.96

-0.2

6 -5

.07

s.o.

-1

.05

(DEC

.’01)

SU

NW

ISE

2001

CI I

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RNAT

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AL V

ALUE

2 JO

HN H

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8007

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07 /

– $9

.02

$

0.1

-9

.98

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s.o.

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(DEC

.’01)

SU

NW

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CI M

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MAR

KET

PAUL

SIM

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8153

/ 82

53 /

– $1

1.57

$

3.4

0.

26

0.00

0.

17

0.35

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1.31

s.

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1.49

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SUN

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81

87 /

8287

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$11.

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0.35

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0.17

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8017

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0.0

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SU

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8156

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-4.6

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8290

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$10.

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8231

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$16.

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.79

3.69

2.

46

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5.

17 (

DEC.

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SU

NW

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CI S

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81

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8273

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$16.

42

$0.

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-7.4

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3 -1

.79

3.69

2.

46

s.o.

5.

17 (

DEC.

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SU

NW

ISE

CI S

IGN

ATUR

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NAD

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BON

D DU

TKIE

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HAW

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81

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8262

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$14.

04

$2.

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5.01

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5.48

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85

5.64

3.

93

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99 (J

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I SIG

NAT

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CAN

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/ SHA

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SIM

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8196

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96 /

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0.5

5.

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55

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5.

71

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8149

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– $1

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53

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81

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8283

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$14.

85

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5

5.02

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09

5.47

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85

5.63

3.

91

s.o.

4.

10 (

DEC.

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SU

NW

ISE

CI S

IGN

ATUR

E DI

VIDE

ND

BUSH

ELL

/ HAD

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8161

/ 82

61 /

– $1

4.82

$

5.1

-5

.18

-3.7

7 -8

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-0.9

4 4.

36

0.65

s.

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4.64

(JAN

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SU

NW

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CI S

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VIDE

ND

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/ HAD

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8195

/ 82

95 /

– $1

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$

0.4

-5

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.81

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31

0.62

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4.62

(JAN

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COM

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8148

/ 82

48 /

– $2

2.51

$

12.6

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2.83

6.

53

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8282

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$22.

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83

6.53

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00

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60 (

DEC.

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SU

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IGN

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COM

E &

GRO

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BU

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L / D

UTKI

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ARSH

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8164

/ 82

64 /

– $1

3.35

$

4.0

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.55

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$13.

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81

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$12.

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2.29

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29

2.11

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27

s.o.

2.

31 (

DEC.

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SU

NW

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2001

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IGNA

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81

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2.29

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8224

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$17.

32

$5.

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-13.

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6.81

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.07

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0.

14

s.o.

5.

75 (

DEC.

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SU

NW

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2001

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6 ER

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8166

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66 /

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7.34

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0.9

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.81

-16.

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81

32 /

8232

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$16.

12

$0.

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-7.5

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.78

-9.9

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3.52

2.

03

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DUT

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8174

/ 82

74 /

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6.13

$

0.3

-7

.51

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8 -9

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-1.7

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54

2.04

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4.98

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SUN

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81

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8233

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$13.

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-7.5

0 -4

.73

-9.9

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.80

1.25

-1

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s.o.

2.

77 (

DEC.

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SU

NW

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2001

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IGN

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LECT

CAN

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N B

ALAN

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BUSH

ELL /

DUT

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8175

/ 82

75 /

– $1

3.07

$

1.4

-7

.57

-4.7

4 -9

.99

-1.8

8 1.

23

-1.2

4 s.

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2.76

(DE

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SIG

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LOBA

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COM

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UTKI

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8110

/ 82

10 /

– $1

2.25

$

2.1

-8

.24

-2.0

8 -8

.79

-3.7

7 -2

.24

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$12.

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$0.

2

-8.2

4 -2

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9 -3

.77

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4 -3

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s.o.

2.

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SU

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CI S

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GY C

ANAD

IAN

DA

VID

PICT

ON

8163

/ 82

63 /

– $1

3.65

$

0.8

-1

3.28

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.02

-16.

56

-5.1

4 0.

32

-1.2

6 s.

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4.37

(JUN

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SUN

WIS

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CAN

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N

DAVI

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81

97 /

8297

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$13.

64

$0.

0

-13.

34

-6.9

6 -1

6.57

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.21

0.29

-1

.27

s.o.

4.

36 (J

UNE.

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SU

NW

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CI S

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81

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8205

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8

$0.

3

-12.

68

-4.5

4 -1

5.07

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.81

-3.8

0 -5

.60

s.o.

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.52

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SU

NW

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2001

CI S

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GY G

LOBA

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MIC

HAEL

MAH

ONEY

80

05 /

8905

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$7.7

8

$0.

4

-12.

68

-4.6

6 -1

5.07

-5

.93

-3.8

0 -5

.60

s.o.

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.52

(DEC

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SU

NW

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CI V

ALUE

TRU

ST C

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LO /

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81

15 /

8215

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$4.2

2

$0.

9

-18.

22

-9.0

5 -1

8.06

-1

4.92

-8

.28

-14.

13

s.o.

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(DEC

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SU

NW

ISE

2001

CI V

ALUE

TRU

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ORPO

RATE

A.

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LO /

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80

15 /

8915

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$4.2

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$0.

1

-18.

22

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8.06

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4.92

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.28

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SU

NW

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CI W

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04 /

8204

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-8.6

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.08

-9.3

0 -3

.61

-0.4

1 -4

.82

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SU

NW

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2001

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$8.0

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.82

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SU

NW

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DYN

AMIC

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MER

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OAH

BLAC

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8111

/ 82

11 /

– $9

.62

$

0.4

2.

89

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75

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8911

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2.88

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81

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8272

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$3.

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-7.8

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3.06

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02 (

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MIC

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8109

/ 82

09 /

– $1

0.09

$

0.4

-3

.26

1.20

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8 3.

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0.20

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8213

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$7.0

9

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-13.

01

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3.96

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-2.7

6 -7

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SU

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2001

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MIC

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8001

/ 89

01 /

– $7

.10

$

0.3

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2.99

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.70

-13.

94

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ORTH

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®

D. D

UPON

T / J

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LIN

GHAS

T 81

65 /

8265

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$9.3

6

$2.

1

-11.

36

-4.2

9 -1

1.95

-5

.26

0.76

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.69

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MAR

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SU

NW

ISE

2001

FID

ELIT

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STAR

®

D. D

UPON

T / J

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LIN

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99 /

8299

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$9.3

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9

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1.95

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0.76

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MAR

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NW

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FIDE

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81

23 /

8223

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$16.

54

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6

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5.09

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4 0.

63

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SU

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2001

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80

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8923

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$16.

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MAC

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R / L

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8128

/ 82

28 /

– $1

3.20

$

0.8

-9

.34

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5.49

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2.83

0.

93

s.o.

2.

86 (

DEC.

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SU

NW

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2001

MAC

KEN

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CAN

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R / L

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8170

/ 82

70 /

– $1

3.19

$

0.1

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.41

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5.56

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2.80

0.

92

s.o.

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86 (

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MAC

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8119

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3.10

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0.9

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1.78

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35

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8134

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34 /

– $1

3.45

$

8.4

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88

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3.06

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BALA

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8176

/ 82

76 /

– $1

3.45

$

1.0

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88

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8192

/ 82

92 /

– $1

3.46

$

0.3

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4 -9

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2 1.

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7 s.

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3.48

(JAN

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PORT

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INVE

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8135

/ 82

35 /

– $1

4.37

$

4.8

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61

1.20

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8177

/ 82

77 /

– $1

4.38

$

0.5

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63

1.21

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8157

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57 /

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4.23

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8191

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91 /

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4.22

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0.1

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82

0.53

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8139

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0.65

$

3.2

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8281

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$10.

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1.98

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37 /

8237

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$15.

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0.98

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6.08

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8159

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59 /

– $1

2.67

$

0.4

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8193

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0.0

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8136

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36 /

– $1

4.05

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0.3

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8278

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$14.

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1.62

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52 (

DEC.

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8238

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$11.

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CI

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8180

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80 /

– $1

1.80

$

0.0

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2.98

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MGN

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8118

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– $6

.19

$

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18 /

8918

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$6.1

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8312

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12 /

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.43

$

0.3

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5.94

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.65

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71

-8.8

9 -5

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96

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SU

NW

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2001

AIC

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R HA

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8042

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.43

$

0.0

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5.94

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.65

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96

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8320

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20 /

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$

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4.03

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SU

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2001

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8050

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50 /

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$

0.0

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4.04

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SU

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8352

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5.47

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83

86 /

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6.09

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3.97

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8.49

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SU

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.74

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8321

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3.67

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1.6

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81

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SU

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8306

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06 /

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.89

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2.2

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8.94

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16.5

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0.

66

s.o.

4.

48 (

DEC.

’01)

SU

NW

ISE

CI G

LOBA

L E.

BUSH

ELL /

S. V

ALI

8302

/ 84

02 /

– $7

.39

$

0.4

-1

3.26

-5

.26

-13.

36

-6.8

1 -3

.76

-7.6

5 s.

o.

-3.0

3 (D

EC.’0

1)

SUN

WIS

E 20

01 C

I GLO

BAL

E. BU

SHEL

L / S

. VAL

I 80

32 /

8932

/ –

$7.4

0

$0.

1

-13.

15

-5.1

3 -1

3.35

-6

.80

-3.7

1 -7

.62

s.o.

-3

.02

(DEC

.’01)

SU

NW

ISE

CI G

LOBA

L BO

ND

J. DU

TKIE

WIC

Z / J

. SHA

W

8360

/ 84

60 /

– $1

1.21

$

0.2

6.

16

0.81

8.

62

1.63

7.

28

5.79

s.

o.

1.32

(JAN

.’03)

SU

NW

ISE

2001

CI G

LOBA

L BO

ND

J. DU

TKIE

WIC

Z / J

. SHA

W

8394

/ 84

94 /

– $1

1.21

$

0.0

6.

16

0.81

8.

62

1.63

7.

28

5.79

s.

o.

1.32

(JAN

.’03)

SU

NW

ISE

CI G

LOBA

L VA

LUE

JOHN

HOC

K 83

03 /

8403

/ –

$6.9

4

$0.

4

-8.9

2 -2

.12

-9.5

2 -3

.88

-0.7

6 -5

.15

s.o.

-3

.65

(DEC

.’01)

SU

NW

ISE

2001

CI G

LOBA

L VA

VLUE

JO

HN H

OCK

8033

/ 89

33 /

– $6

.93

$

0.1

-8

.94

-2.1

2 -9

.53

-4.0

2 -0

.80

-5.1

8 s.

o.

-3.6

6 (D

EC.’0

1)

SUN

WIS

E CI

HAR

BOUR

G.

COL

EMAN

/ S. J

ENKI

NS

8322

/ 84

22 /

– $1

6.48

$

12.2

-1

3.54

-7

.31

-16.

60

-4.9

0 -0

.97

0.28

s.

o.

5.21

(DE

C.’01

)

SUN

WIS

E 20

01 C

I HAR

BOUR

G.

COL

EMAN

/ S. J

ENKI

NS

8052

/ 89

52 /

– $1

6.48

$

1.9

-1

3.54

-7

.36

-16.

60

-4.9

6 -0

.97

0.28

s.

o.

5.21

(DE

C.’01

)

SUN

WIS

E CI

HAR

BOUR

GRO

WTH

& IN

COM

E G.

COL

EMAN

/ S. J

ENKI

NS

8329

/ 84

29 /

– $1

5.23

$

18.8

-1

1.20

-5

.40

-13.

42

-3.7

3 -0

.84

0.15

s.

o.

4.37

(DE

C.’01

)

SUN

WIS

E 20

01 C

I HAR

BOUR

GRO

WTH

& IN

COM

E G.

COL

EMAN

/ S. J

ENKI

NS

8371

/ 84

71 /

– $1

5.23

$

3.1

-1

1.14

-5

.40

-13.

42

-3.7

3 -0

.84

0.15

s.

o.

4.37

(DE

C.’01

)

SUN

WIS

E CI

INTE

RNAT

ION

AL

BUSH

ELL /

D’A

NGEL

O / B

RODE

UR

8354

/ 84

54 /

– $1

0.74

$

0.3

-1

3.73

-5

.62

-13.

11

-8.9

1 -5

.23

-8.5

7 s.

o.

0.83

(JAN

.’03)

SU

NW

ISE

2001

CI I

NTE

RNAT

ION

AL

BUSH

ELL /

D’A

NGEL

O / B

RODE

UR

8388

/ 84

88 /

– $1

0.75

$

0.0

-1

3.65

-5

.62

-13.

10

-8.9

0 -5

.21

-8.5

5 s.

o.

0.84

(JAN

.’03)

SU

NW

ISE

CI IN

TERN

ATIO

NAL

BAL

ANCE

D E.

BUSH

ELL /

J. D

UTKI

EWIC

Z 83

55 /

8455

/ –

$11.

18

$0.

2

-7.9

8 -3

.04

-7.4

5 -4

.44

1.00

-2

.10

s.o.

1.

29 (J

AN.’0

3)

SUN

WIS

E 20

01 C

I IN

TERN

ATIO

NAL

BAL

ANCE

D E.

BUSH

ELL /

J. D

UTKI

EWIC

Z 83

89 /

8489

/ –

$11.

18

$0.

1

-8.0

6 -3

.04

-7.4

5 -4

.53

1.00

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.10

s.o.

1.

29 (J

AN.’0

3)

SUN

WIS

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INTE

RNAT

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AL B

ALAN

CED

CORP

ORAT

E E.

BUSH

ELL /

J. D

UTKI

EWIC

Z 83

08 /

8408

/ –

$8.6

7

$0.

1

-6.5

7 -2

.91

-7.2

7 -2

.91

1.55

-2

.79

s.o.

-1

.44

(DEC

.’01)

SU

NW

ISE

2001

CI I

NTE

RNAT

ION

AL B

ALAN

CED

CORP

ORAT

E E.

BUSH

ELL /

J. D

UTKI

EWIC

Z 80

38 /

8938

/ –

$8.6

7

$0.

0

-6.5

7 -3

.02

-7.2

7 -2

.91

1.55

-2

.79

s.o.

-1

.44

(DEC

.’01)

SU

NW

ISE

CI IN

TERN

ATIO

NAL

VAL

UE

JOHN

HOC

K 83

07 /

8407

/ –

$8.6

0

$0.

4

-10.

42

-3.2

6 -1

0.70

-5

.49

-0.6

9 -5

.45

s.o.

-1

.52

(DEC

.’01)

SU

NW

ISE

2001

CI I

NTE

RNAT

ION

AL V

ALUE

JO

HN H

OCK

8037

/ 89

37 /

– $8

.62

$

0.0

-1

0.30

-3

.15

-10.

67

-5.3

8 -0

.61

-5.4

0 s.

o.

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0 (D

EC.’0

1)

SUN

WIS

E CI

MON

EY M

ARKE

T PA

UL S

IMON

83

53 /

8453

/ –

$11.

51

$3.

0

0.26

0.

00

0.17

0.

35

0.09

1.

24

s.o.

1.

44 (

DEC.

’01)

SU

NW

ISE

2001

CI M

ONEY

MAR

KET

PAUL

SIM

ON

8387

/ 84

87 /

– $1

1.52

$

0.2

0.

26

0.00

0.

17

0.35

0.

12

1.26

s.

o.

1.45

(DE

C.’01

)

SUN

WIS

E CI

PRE

MIE

R AM

ERIC

AN V

ALUE

COR

PORA

TE5

W. P

RIES

T / D

. PEA

RL

8317

/ 84

17 /

– $6

.35

$

0.1

-7

.43

-1.0

9 -1

0.44

-1

.85

-1.6

7 -3

.43

s.o.

-4

.51

(DEC

.’01)

SU

NW

ISE

2001

CI P

REM

IER

AMER

ICAN

VAL

UE C

ORPO

RATE

6 W

. PRI

EST

/ D. P

EARL

80

47 /

8947

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$6.3

5

$0.

0

-7.3

0 -1

.09

-10.

31

-1.8

5 -1

.67

-3.4

3 s.

o.

-4.5

1 (D

EC.’0

1)

SUN

WIS

E CI

SIG

NAT

URE

CAN

ADIA

N B

ALAN

CED

BUSH

ELL

/ DUT

KIEW

ICZ

/ SHA

W

8331

/ 84

31 /

– $1

6.10

$

3.7

-7

.68

-4.7

3 -1

0.06

-2

.07

3.48

2.

30

s.o.

4.

96 (

DEC.

’01)

SU

NW

ISE

2001

CI S

IGN

ATUR

E CA

NAD

IAN

BAL

ANCE

D BU

SHEL

L / D

UTKI

EWIC

Z / S

HAW

83

73 /

8473

/ –

$16.

11

$1.

1

-7.6

8 -4

.73

-10.

05

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7 3.

50

2.31

s.

o.

4.97

(DE

C.’01

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*sim

ple

rate

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retu

rn

1 fo

rmer

ly S

unW

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ark

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dian

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ss

4 fo

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unW

ise

2001

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ark

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row

th

2 fo

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ly S

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2001

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ark

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5 fo

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pani

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3 fo

rmer

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unW

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ark

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row

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6 fo

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ark

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pani

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SU

NW

ISE

CI S

IGN

ATUR

E CA

NAD

IAN

BON

D DU

TKIE

WIC

Z / S

HAW

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MON

83

62 /

8462

/ –

$13.

97

$5.

1

5.04

1.

09

5.43

3.

87

5.58

3.

86

s.o.

3.

93 (J

AN.’0

3)

SUN

WIS

E 20

01 C

I SIG

NAT

URE

CAN

ADIA

N B

OND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

8396

/ 84

96 /

– $1

3.99

$

0.2

5.

11

1.16

5.

51

3.94

5.

63

3.89

s.

o.

3.95

(JAN

.’03)

SU

NW

ISE

CI S

IGN

ATUR

E CA

NAD

IAN

PRE

MIE

R BO

ND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

8349

/ 84

49 /

– $1

4.59

$

0.0

4.

89

1.11

5.

42

3.70

5.

40

3.71

s.

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3.92

(DE

C.’01

)

SUN

WIS

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I SIG

NAT

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CAN

ADIA

N P

REM

IER

BON

D DU

TKIE

WIC

Z / S

HAW

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MON

83

83 /

8483

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$14.

62

$0.

7

4.95

1.

11

5.41

3.

76

5.47

3.

75

s.o.

3.

94 (

DEC.

’01)

SU

NW

ISE

CI S

IGN

ATUR

E DI

VIDE

ND

BUSH

ELL

/ HAD

WEN

/ SH

AW

8361

/ 84

61 /

– $1

4.74

$

12.8

-5

.27

-3.7

9 -8

.84

-1.0

7 4.

25

0.55

s.

o.

4.57

(JAN

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SU

NW

ISE

2001

CI S

IGN

ATUR

E DI

VIDE

ND

BUSH

ELL

/ HAD

WEN

/ SH

AW

8395

/ 84

95 /

– $1

4.73

$

0.6

-5

.27

-3.7

9 -8

.85

-1.0

1 4.

23

0.54

s.

o.

4.56

(JAN

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SU

NW

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CI S

IGN

ATUR

E HI

GH IN

COM

E M

ARSH

ALL

/ FIT

ZGER

ALD

/ D’A

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LO

8348

/ 84

48 /

– $2

2.14

$

24.8

-0

.72

-1.5

1 -4

.53

2.64

6.

36

2.86

s.

o.

8.42

(DE

C.’01

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SUN

WIS

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I SIG

NAT

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HIGH

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ME

MAR

SHAL

L / F

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83

82 /

8482

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$22.

16

$2.

4

-0.7

2 -1

.51

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2 2.

69

6.39

2.

88

s.o.

8.

43 (

DEC.

’01)

SU

NW

ISE

CI S

IGN

ATUR

E IN

COM

E &

GRO

WTH

BU

SHEL

L / D

UTKI

EWIC

Z / M

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ALL

8364

/ 84

64 /

– $1

3.22

$

5.5

-7

.68

-4.6

2 -1

0.43

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3.31

1.

64

s.o.

4.

38 (M

AR.’0

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98 /

8498

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23

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5

-7.6

8 -4

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43

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9 3.

33

1.65

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4.39

(MAR

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SU

NW

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CI S

IGN

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D PA

UL S

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83

51 /

8451

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$12.

27

$0.

0

2.08

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49

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07

1.80

2.

02

s.o.

2.

10 (

DEC.

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SU

NW

ISE

2001

CI S

IGN

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ORT-

TERM

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D PA

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83

85 /

8485

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$12.

34

$0.

1

2.24

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49

2.32

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31

1.99

2.

14

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2.

16 (

DEC.

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SU

NW

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CI S

IGN

ATUR

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LECT

CAN

ADIA

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83

24 /

8424

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$16.

76

$5.

5

-13.

83

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6 -1

6.95

-6

.37

0.42

-0

.13

s.o.

5.

39 (

DEC.

’01)

SU

NW

ISE

2001

CI S

IGN

ATUR

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LECT

CAN

ADIA

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83

66 /

8466

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$16.

78

$0.

6

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77

-7.8

5 -1

6.89

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.26

0.46

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s.o.

5.

41 (

DEC.

’01)

SU

NW

ISE

CI S

IGN

ATUR

E PR

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R CA

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BAL

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D1 BU

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L / D

UTKI

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HAW

83

32 /

8432

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$15.

82

$1.

6

-7.6

5 -4

.76

-10.

06

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8 3.

33

1.88

s.

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4.78

(DE

C.’01

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SUNW

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2001

CI S

IGNA

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PRE

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NADI

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DUT

KIEW

ICZ

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8374

/ 84

74 /

– $1

5.84

$

0.2

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.58

-4.7

5 -1

0.05

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3.37

1.

91

s.o.

4.

79 (

DEC.

’01)

SU

NW

ISE

CI S

IGN

ATUR

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LECT

CAN

ADIA

N B

ALAN

CED3

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ELL /

DUT

KIEW

ICZ

/ SHA

W

8333

/ 84

33 /

– $1

2.83

$

7.4

-7

.70

-4.7

5 -1

0.09

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.06

1.06

-1

.38

s.o.

2.

57 (

DEC.

’01)

SU

NW

ISE

2001

CI S

IGN

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LECT

CAN

ADIA

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ALAN

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BUSH

ELL /

DUT

KIEW

ICZ

/ SHA

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8375

/ 84

75 /

– $1

2.84

$

1.4

-7

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-4.7

5 -1

0.02

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.98

1.09

-1

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s.o.

2.

58 (

DEC.

’01)

SU

NW

ISE

CI S

IGN

ATUR

E SE

LECT

GLO

BAL

INCO

ME

& G

ROW

TH5

BUSH

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DUT

KIEW

ICZ

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SHAL

L 83

10 /

8410

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$12.

11

$2.

3

-8.3

3 -2

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-8.8

1 -3

.97

-2.3

9 -3

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s.o.

1.

97 (

DEC.

’01)

SU

NW

ISE

2001

CI S

IGNA

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AL IN

COM

E &

GROW

TH6

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DUT

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L 80

40 /

8940

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$12.

11

$0.

1

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3 -2

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-8.8

1 -3

.97

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9 -3

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s.o.

1.

97 (

DEC.

’01)

SU

NW

ISE

CI S

YNER

GY A

MER

ICAN

DA

VID

PICT

ON

8356

/ 84

56 /

– $1

0.05

$

0.1

-1

0.11

-3

.55

-13.

36

-2.4

3 -5

.05

-5.4

6 s.

o.

0.06

(JAN

.’03)

SU

NW

ISE

2001

CI S

YNER

GY A

MER

ICAN

DA

VID

PICT

ON

8390

/ 84

90 /

– $1

0.05

$

0.0

-1

0.11

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.55

-13.

36

-2.4

3 -5

.05

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6 s.

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0.06

(JAN

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SU

NW

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CI S

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GY C

ANAD

IAN

DA

VID

PICT

ON

8363

/ 84

63 /

– $1

3.47

$

0.7

-1

3.43

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.98

-16.

65

-5.4

1 0.

05

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3 s.

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4.18

(JUN

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SUN

WIS

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01 C

I SYN

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CAN

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83

97 /

8497

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$13.

46

$0.

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44

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4 -1

6.71

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4.

17 (J

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SU

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83

05 /

8405

/ –

$7.4

7

$0.

4

-12.

84

-4.6

0 -1

5.21

-6

.16

-4.1

0 -5

.93

s.o.

-2

.92

(DEC

.’01)

SU

NW

ISE

2001

CI S

YNER

GY G

LOBA

L CO

RPOR

ATE

MIC

HAEL

MAH

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80

35 /

8935

/ –

$7.4

7

$0.

2

-12.

94

-4.7

2 -1

5.21

-6

.27

-4.1

0 -5

.93

s.o.

-2

.92

(DEC

.’01)

SU

NW

ISE

CI V

ALUE

TRU

ST C

ORPO

RATE

A.

RAD

LO / B

. SNO

W

8315

/ 84

15 /

– $4

.10

$

0.4

-1

8.49

-9

.29

-18.

33

-15.

29

-8.6

6 -1

4.51

s.

o.

-8.6

7 (D

EC.’0

1)

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I VAL

UE T

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80

45 /

8945

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$4.1

1

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1

-18.

29

-9.0

7 -1

8.13

-1

5.26

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.58

-14.

47

s.o.

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.65

(DEC

.’01)

SU

NW

ISE

CI W

ORLD

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ITY

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K 83

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8404

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$7.7

0

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1

-8.9

8 -2

.16

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2 -3

.99

-0.8

1 -5

.17

s.o.

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.62

(DEC

.’01)

SU

NW

ISE

2001

CI W

ORLD

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ITY

JOHN

HOC

K 80

34 /

8934

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$7.7

1

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0

-8.9

7 -2

.03

-9.5

1 -3

.99

-0.8

1 -5

.17

s.o.

-2

.62

(DEC

.’01)

SU

NW

ISE

DYN

AMIC

POW

ER A

MER

ICAN

GRO

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NO

AH B

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8411

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$9.2

6

$0.

3

2.43

1.

09

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5 12

.79

7.23

5.

04

s.o.

-0

.78

(DEC

.’01)

SU

NW

ISE

2001

DYN

AMIC

POW

ER A

MER

ICAN

GRO

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NO

AH B

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STEI

N 80

41 /

8941

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$9.2

7

$0.

1

2.43

1.

09

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4 12

.77

7.27

5.

07

s.o.

-0

.77

(DEC

.’01)

SU

NW

ISE

FIDE

LITY

CAN

ADIA

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SSET

ALL

OCAT

ION

D.

YOU

NG / G

. STE

IN

8330

/ 84

30 /

– $1

5.92

$

10.2

-7

.92

-4.9

0 -9

.49

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3 2.

90

2.53

s.

o.

4.84

(DE

C.’01

)

SUN

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IDEL

ITY

CAN

ADIA

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SSET

ALL

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ION

D.

YOU

NG / G

. STE

IN

8372

/ 84

72 /

– $1

5.92

$

2.1

-7

.92

-4.9

0 -9

.44

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7 2.

90

2.53

s.

o.

4.84

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C.’01

)

SUN

WIS

E FI

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SET

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MIC

HAEL

STR

ONG

8309

/ 84

09 /

– $9

.91

$

0.4

-3

.41

1.12

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.27

-1.3

9 3.

11

0.04

s.

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8939

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0

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1 1.

22

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.29

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0.

08

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SU

NW

ISE

FIDE

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GRO

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ERIC

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83

13 /

8413

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25

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7 -1

3.39

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-3.5

8 -8

.73

s.o.

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.13

(DEC

.’01)

SU

NW

ISE

2001

FID

ELIT

Y GR

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80

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8943

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SU

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8401

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-13.

28

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4.16

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3 -7

.83

s.o.

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.86

(DEC

.’01)

SU

NW

ISE

2001

FID

ELIT

Y IN

TERN

ATIO

NAL

POR

TFOL

IO

MIC

HAEL

STR

ONG

8031

/ 89

31 /

– $6

.82

$

0.2

-1

3.23

-4

.62

-14.

00

-9.0

7 -2

.99

-7.7

5 s.

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®

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8465

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3

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6

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62

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0.40

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MAR

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2001

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®

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T / J

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8499

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3

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62

-4.3

0 -1

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0.40

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MAR

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NW

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83

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8423

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$15.

98

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3

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32

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5.23

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s.o.

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88 (

DEC.

’01)

SU

NW

ISE

2001

FID

ELIT

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8953

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$16.

01

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7

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5.16

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4 0.

38

s.o.

4.

90 (

DEC.

’01)

SU

NW

ISE

MAC

KEN

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DILL

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ADIA

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ALAN

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4

-9.4

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59

-1.9

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63

0.78

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D D.

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8370

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2.93

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0.1

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65 (

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8512

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12 /

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.26

$

2.0

-1

6.11

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.72

-18.

70

-9.0

0 -5

.49

-13.

26

s.o.

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(DEC

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SU

NWIS

E 20

01 A

IC A

MER

ICAN

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R HA

MIL

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80

72 /

8972

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5

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2

-16.

13

-7.7

3 -1

8.86

-9

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5 -1

3.29

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20 /

8620

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0

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3

-8.4

4 -7

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-14.

18

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9 -5

.48

-5.4

2 s.

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8 (D

EC.’0

1)

SUNW

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2001

AIC

DIV

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FIED

CANA

DA

JAM

ES C

OLE

8080

/ 89

80 /

– $8

.90

$

0.3

-8

.44

-7.8

7 -1

4.18

-7

.39

-5.4

8 -5

.42

s.o.

-1

.18

(DEC

.’01)

SU

NWIS

E BO

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DEX

TD A

SSET

MGN

T IN

C.

8552

/ 86

52 /

– $1

5.33

$

6.7

5.

94

1.73

6.

75

4.71

6.

03

4.20

s.

o.

4.44

(DE

C.’01

)

SUNW

ISE

2001

BON

D IN

DEX

TD A

SSET

MGN

T IN

C.

8586

/ 86

86 /

– $1

5.33

$

0.7

5.

94

1.73

6.

75

4.71

6.

03

4.20

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4.44

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85

27 /

8627

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$14.

32

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2

-14.

05

-8.7

9 -1

7.89

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.77

-0.8

5 -0

.71

s.o.

3.

72 (

DEC.

’01)

SU

NWIS

E 20

01 C

ANAD

IAN

EQUI

TY IN

DEX

TD A

SSET

MGN

T IN

C.

8569

/ 86

69 /

– $1

4.32

$

0.1

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4.05

-8

.79

-17.

89

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1 s.

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3.72

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85

14 /

8614

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6

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6

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8.30

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5.47

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86

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8074

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$

0.2

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8.63

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-8.9

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8516

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$

2.3

-8

.01

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0.81

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6 -4

.07

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80

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8976

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8521

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3.26

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8.5

-8

.49

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53

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.76

s.o.

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91 (

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8981

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26

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-8.4

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0.53

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-9

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8066

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– $6

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$

1.5

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9.13

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13

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29

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SU

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NIE

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8567

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67 /

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3.38

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0.7

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5.95

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.66

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8568

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8.6

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6.03

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44 (

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2001

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8334

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3.22

$

15.6

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4 -8

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69

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8376

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1.2

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-8.3

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9 1.

23

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2001

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83

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8335

/ 84

35 /

– $1

4.09

$

13.0

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.36

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6 -5

.05

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1 3.

50

1.10

s.

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3.55

(DE

C.’01

)

SUN

WIS

E 20

01 P

ORTF

OLIO

SER

IES

CON

SERV

ATIV

E CI

INVE

STM

ENT

CONS

ULTI

NG

8377

/ 84

77 /

– $1

4.09

$

1.4

-3

.36

-2.3

6 -5

.05

-0.2

1 3.

50

1.10

s.

o.

3.55

(DE

C.’01

)

SUN

WIS

E PO

RTFO

LIO

SERI

ES C

ONSE

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IVE

BALA

NCE

D CI

INVE

STM

ENT

CONS

ULTI

NG

8357

/ 84

57 /

– $1

4.19

$

7.1

-4

.83

-2.8

1 -6

.46

-1.0

5 2.

65

0.40

s.

o.

4.11

(JAN

.’03)

SU

NW

ISE

2001

POR

TFOL

IO S

ERIE

S CO

NSE

RVAT

IVE

BALA

NCE

D CI

INVE

STM

ENT

CONS

ULTI

NG

8391

/ 84

91 /

– $1

4.20

$

0.6

-4

.83

-2.8

1 -6

.46

-1.0

5 2.

67

0.41

s.

o.

4.12

(JAN

.’03)

SU

NW

ISE

PORT

FOLI

O SE

RIES

GRO

WTH

CI

INVE

STM

ENT

CONS

ULTI

NG

8339

/ 84

39 /

– $1

0.25

$

3.2

-1

0.32

-5

.18

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17

-4.5

6 -0

.23

-2.2

1 s.

o.

0.25

(DE

C.’01

)

SUN

WIS

E 20

01 P

ORTF

OLIO

SER

IES

GROW

TH

CI IN

VEST

MEN

T CO

NSUL

TING

83

81 /

8481

/ –

$10.

25

$0.

1

-10.

32

-5.1

8 -1

2.17

-4

.56

-0.2

3 -2

.21

s.o.

0.

25 (

DEC.

’01)

SU

NW

ISE

PORT

FOLI

O SE

RIES

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ME

CI IN

VEST

MEN

T CO

NSUL

TING

83

37 /

8437

/ –

$15.

30

$9.

0

0.92

-0

.78

-0.6

5 2.

27

6.04

3.

20

s.o.

4.

42 (

DEC.

’01)

SU

NW

ISE

2001

POR

TFOL

IO S

ERIE

S IN

COM

E CI

INVE

STM

ENT

CONS

ULTI

NG

8379

/ 84

79 /

– $1

5.30

$

0.8

0.

99

-0.7

8 -0

.58

2.27

6.

04

3.20

s.

o.

4.42

(DE

C.’01

)

SUN

WIS

E PO

RTFO

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SERI

ES M

AXIM

UM G

ROW

TH

CI IN

VEST

MEN

T CO

NSUL

TING

83

59 /

8459

/ –

$12.

46

$1.

0

-13.

41

-6.7

4 -1

5.41

-6

.32

-1.8

3 -3

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s.o.

2.

57 (J

AN.’0

3)

SUN

WIS

E 20

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ORTF

OLIO

SER

IES

MAX

IMUM

GRO

WTH

CI

INVE

STM

ENT

CONS

ULTI

NG

8393

/ 84

93 /

– $1

2.47

$

0.1

-1

3.34

-6

.66

-15.

34

-6.2

4 -1

.80

-3.5

9 s.

o.

2.58

(JAN

.’03)

SU

NW

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PORT

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RIES

SUM

MIT

BAL

ANCE

D GR

OWTH

CI

INVE

STM

ENT

CONS

ULTI

NG

8336

/ 84

36 /

– $1

3.60

$

0.2

-8

.29

-4.3

6 -9

.99

-3.0

0 1.

26

-0.9

0 s.

o.

3.18

(DE

C.’01

)

SUNW

ISE

2001

POR

TFOL

IO S

ERIE

S SU

MM

IT B

ALAN

CED

GROW

TH

CI IN

VEST

MEN

T CO

NSUL

TING

83

78 /

8478

/ –

$13.

63

$0.

0

-8.2

2 -4

.35

-9.9

7 -2

.92

1.33

-0

.86

s.o.

3.

20 (

DEC.

’01)

SU

NW

ISE

PORT

FOLI

O SE

RIES

SUM

MIT

MAX

IMUM

GRO

WTH

CI

INVE

STM

ENT

CONS

ULTI

NG

8338

/ 84

38 /

– $1

1.30

$

0.0

-1

3.21

-6

.69

-15.

29

-6.0

7 -1

.63

-3.3

9 s.

o.

1.25

(DE

C.’01

)

SUNW

ISE

2001

POR

TFOL

IO S

ERIE

S SU

MM

IT M

AXIM

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83

80 /

8480

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$11.

31

$0.

0

-13.

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-6.6

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5.34

-6

.14

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1.

26 (

DEC.

’01)

SU

NW

ISE

US. M

ARKE

T IN

DEX

TD A

SSET

MGN

T IN

C.

8318

/ 84

18 /

– $5

.90

$

0.0

-6

.79

-1.1

7 -9

.23

-0.8

4 -2

.62

-5.3

3 s.

o.

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3 (D

EC.’0

1)

SUN

WIS

E 20

01 U

S. M

ARKE

T IN

DEX

TD A

SSET

MGN

T IN

C.

8048

/ 89

48 /

– $5

.77

$

0.0

-8

.70

0.00

-1

1.23

-3

.03

-3.3

4 -5

.75

s.o.

-5

.44

(DEC

.’01)

*sim

ple

rate

s of

retu

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1 fo

rmer

ly S

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ark

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t Cla

ss

3 fo

rmer

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ark

Sele

ct G

row

th

2 fo

rmer

ly S

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ise

2001

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ark

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dian

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t Cla

ss

4 fo

rmer

ly S

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ark

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CE

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201

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ALE

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AGER

CDN

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ND

CODE

: CIG

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/ DSC

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D

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MM

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1 M

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6

MTH

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)*1

YR

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3 YR

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YR

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10 Y

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)

SU

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DIV

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D BU

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L / H

ADW

EN /

SHAW

85

50 /

8650

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$14.

05

$0.

0

-5.5

8 -3

.83

-9.0

0 -1

.33

1.54

-0

.98

s.o.

3.

52 (

DEC.

’01)

SU

NWIS

E 20

01 C

I DIV

IDEN

D BU

SHEL

L / H

ADW

EN /

SHAW

85

84 /

8684

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$15.

13

$2.

2

-5.5

0 -3

.75

-8.9

7 -1

.30

4.08

0.

50

s.o.

4.

30 (

DEC.

’01)

SU

NWIS

E CI

GLO

BAL

E. B

USHE

LL /

S. V

ALI

8502

/ 86

02 /

– $7

.17

$

2.1

-1

3.41

-5

.28

-13.

51

-7.0

0 -4

.06

-8.0

0 s.

o.

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3 DE

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)

SUNW

ISE

2001

CI G

LOBA

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BUS

HELL

/ S.

VAL

I 80

62 /

8962

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$7.1

8

$0.

2

-13.

39

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8 -1

3.39

-6

.99

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2 -7

.98

s.o.

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SU

NWIS

E CI

GLO

BAL B

OND

J. D

UTKI

EWIC

Z / J

. SHA

W

8560

/ 86

60 /

– $1

1.08

$

2.1

6.

13

0.82

8.

52

1.56

7.

18

5.69

s.

o.

1.19

(JAN

.’03)

SU

NWIS

E 20

01 C

I GLO

BAL B

OND

J. D

UTKI

EWIC

Z / J

. SHA

W

8594

/ 86

94 /

– $1

1.08

$

0.1

6.

13

0.82

8.

63

1.56

7.

18

5.69

s.

o.

1.19

(JAN

.’03)

SU

NWIS

E CI

GLO

BAL V

ALUE

JO

HN H

OCK

8503

/ 86

03 /

– $6

.69

$

2.4

-8

.98

-2.1

9 -9

.59

-4.0

2 -1

.02

-5.4

9 s.

o.

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1 (D

EC.’0

1)

SUNW

ISE

2001

CI G

LOBA

L VAL

UE

JOHN

HOC

K 80

63 /

8963

/ –

$6.6

9

$0.

1

-9.1

0 -2

.19

-9.5

9 -4

.15

-1.0

2 -5

.49

s.o.

-4

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(DEC

.’01)

SU

NWIS

E CI

HAR

BOUR

G.

COL

EMAN

/ S.

JEN

KIN

S 85

22 /

8622

/ –

$15.

94

$73

.2

-13.

70

-7.3

3 -1

6.68

-5

.18

-1.2

8 -0

.05

s.o.

4.

86 (

DEC.

’01)

SU

NWIS

E 20

01 C

I HAR

BOUR

G.

COL

EMAN

/ S.

JEN

KIN

S 80

82 /

8982

/ –

$15.

94

$6.

5

-13.

70

-7.3

3 -1

6.68

-5

.18

-1.2

8 -0

.05

s.o.

4.

86 (

DEC.

’01)

SU

NWIS

E CI

HAR

BOUR

GRO

WTH

& IN

COM

E G.

COL

EMAN

/ S.

JEN

KIN

S 85

29 /

8629

/ –

$14.

77

$83

.8

-11.

40

-5.5

0 -1

3.58

-4

.03

-1.1

9 -0

.22

s.o.

4.

05 (

DEC.

’01)

SU

NWIS

E 20

01 C

I HAR

BOUR

GRO

WTH

& IN

COM

E G.

COL

EMAN

/ S.

JEN

KIN

S 85

71 /

8671

/ –

$14.

79

$9.

0

-11.

38

-5.4

3 -1

3.56

-4

.02

-1.1

5 -0

.19

s.o.

4.

06 (

DEC.

’01)

SU

NWIS

E CI

INTE

RNAT

IONA

L BU

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L / D

’AN

GELO

/ BR

ODEU

R 85

54 /

8654

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$9.6

6

$2.

5

-13.

83

-5.5

7 -1

3.21

-9

.13

-5.5

4 -8

.89

s.o.

-0

.40

(JAN

.’03)

SU

NWIS

E 20

01 C

I INT

ERNA

TION

AL

BUSH

ELL

/ D’A

NGE

LO /

BROD

EUR

8588

/ 86

88 /

– $9

.66

$

0.1

-1

3.83

-5

.57

-13.

21

-9.1

3 -5

.54

-8.8

9 s.

o.

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0 (J

AN.’0

3)

SUNW

ISE

CI IN

TERN

ATIO

NAL B

ALAN

CED

E. B

USHE

LL /

J. D

UTKI

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Z 85

55 /

8655

/ –

$10.

84

$0.

8

-8.2

1 -3

.04

-7.5

9 -4

.75

0.65

-2

.43

s.o.

0.

93 (J

AN.’0

3)

SUNW

ISE

2001

CI I

NTER

NATI

ONAL

BAL

ANCE

D E.

BUS

HELL

/ J.

DUT

KIEW

ICZ

8589

/ 86

89 /

– $1

0.85

$

0.1

-8

.21

-3.0

4 -7

.50

-4.7

4 0.

69

-2.4

1 s.

o.

0.94

(JAN

.’03)

SU

NWIS

E CI

INTE

RNAT

IONA

L BAL

ANCE

D CO

RPOR

ATE

E. B

USHE

LL /

J. D

UTKI

EWIC

Z 85

08 /

8608

/ –

$8.4

4

$1.

3

-6.8

4 -2

.99

-7.4

6 -3

.21

1.21

-3

.12

s.o.

-1

.71

(DEC

.’01)

SU

NWIS

E 20

01 C

I INT

ERNA

TION

AL B

ALAN

CED

CORP

ORAT

E E.

BUS

HELL

/ J.

DUT

KIEW

ICZ

8068

/ 89

68 /

– $8

.44

$

0.3

-6

.74

-2.9

9 -7

.35

-3.1

0 1.

21

-3.1

2 s.

o.

-1.7

1 (D

EC.’0

1)

SUNW

ISE

CI IN

TERN

ATIO

NAL V

ALUE

JO

HN H

OCK

8507

/ 86

07 /

– $8

.29

$

1.3

-1

0.48

-3

.15

-10.

76

-5.5

8 -0

.99

-5.7

9 s.

o.

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9 (D

EC.’0

1)

SUNW

ISE

2001

CI I

NTER

NATI

ONAL

VAL

UE

JOHN

HOC

K 80

67 /

8967

/ –

$8.3

0

$0.

1

-10.

46

-3.1

5 -1

0.75

-5

.57

-0.9

5 -5

.77

s.o.

-1

.88

(DEC

.’01)

SU

NWIS

E CI

MON

EY M

ARKE

T PA

UL S

IMON

85

53 /

8653

/ –

$11.

46

$31

.9

0.17

0.

00

0.09

0.

26

0.03

1.

17

s.o.

1.

40 (

DEC.

’01)

SU

NWIS

E 20

01 C

I MON

EY M

ARKE

T PA

UL S

IMON

85

87 /

8687

/ –

$11.

46

$1.

2

0.17

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00

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0.

17

0.03

1.

17

s.o.

1.

40 (

DEC.

’01)

SU

NWIS

E CI

PRE

MIE

R AM

ERIC

AN V

ALUE

COR

PORA

TE1

W. P

RIES

T / D

. PEA

RL

8517

/ 86

17 /

– $6

.14

$

0.6

-7

.67

-1.1

3 -1

0.50

-2

.23

-2.0

3 -3

.77

s.o.

-4

.84

(DEC

.’01)

SU

NWIS

E 20

01 C

I PRE

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R AM

ERIC

AN V

ALUE

COR

PORA

TE2

W. P

RIES

T / D

. PEA

RL

8077

/ 89

77 /

– $6

.14

$

0.1

-7

.53

-1.1

3 -1

0.50

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.23

-2.0

3 -3

.77

s.o.

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.84

(DEC

.’01)

SU

NWIS

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BALA

NCED

BU

SHEL

L / D

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Z / S

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85

31 /

8631

/ –

$15.

63

$14

.4

-7.9

0 -4

.70

-10.

17

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7 3.

15

1.95

s.

o.

4.65

(DE

C.’01

)

SUNW

ISE

2001

CI S

IGNA

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CAN

ADIA

N BA

LANC

ED

BUSH

ELL /

DUT

KIEW

ICZ

/ SHA

W

8573

/ 86

73 /

– $1

5.64

$

2.4

-7

.89

-4.7

5 -1

0.22

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.37

3.18

1.

96

s.o.

4.

65 (

DEC.

’01)

SU

NWIS

E CI

SIG

NATU

RE C

ANAD

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BOND

DU

TKIE

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Z / S

HAW

/ SI

MON

85

62 /

8662

/ –

$13.

89

$23

.8

4.99

1.

09

5.47

3.

73

5.50

3.

79

s.o.

3.

86 (J

AN.’0

3)

SUNW

ISE

2001

CI S

IGNA

TURE

CAN

ADIA

N BO

ND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

8596

/ 86

96 /

– $1

3.89

$

1.2

4.

99

1.09

5.

47

3.73

5.

50

3.79

s.

o.

3.86

(JAN

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SU

NWIS

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RE C

ANAD

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PREM

IER

BOND

DU

TKIE

WIC

Z / S

HAW

/ SI

MON

85

49 /

8649

/ –

$14.

35

$0.

0

4.74

1.

06

5.28

3.

46

5.22

3.

54

s.o.

3.

74 (

DEC.

’01)

SU

NWIS

E 20

01 C

I SIG

NATU

RE C

ANAD

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PREM

IER

BOND

DU

TKIE

WIC

Z / S

HAW

/ SI

MON

85

83 /

8683

/ –

$14.

38

$1.

6

4.81

1.

13

5.35

3.

60

5.29

3.

58

s.o.

3.

76 (

DEC.

’01)

SU

NWIS

E CI

SIG

NATU

RE D

IVID

END

BUSH

ELL

/ HAD

WEN

/ SH

AW

8561

/ 86

61 /

– $1

4.70

$

53.6

-5

.28

-3.8

0 -8

.87

-1.0

8 4.

21

0.51

s.

o.

4.54

(JAN

.’03)

SU

NWIS

E 20

01 C

I SIG

NATU

RE D

IVID

END

BUSH

ELL

/ HAD

WEN

/ SH

AW

8595

/ 86

95 /

– $1

4.69

$

2.0

-5

.29

-3.8

0 -8

.81

-1.0

8 4.

18

0.50

s.

o.

4.53

(JAN

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SU

NWIS

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NATU

RE H

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ME

MAR

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L / F

ITZG

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D / D

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GELO

85

48 /

8648

/ –

$21.

71

$12

4.1

-0

.87

-1.5

4 -4

.66

2.45

6.

15

2.65

s.

o.

8.21

(DE

C.’01

)

SUNW

ISE

2001

CI S

IGNA

TURE

HIG

H IN

COM

E M

ARSH

ALL

/ FIT

ZGER

ALD

/ D’A

NGE

LO

8582

/ 86

82 /

– $2

1.71

$

9.0

-0

.91

-1.5

4 -4

.66

2.41

6.

15

2.65

s.

o.

8.21

(DE

C.’01

)

SUNW

ISE

CI S

IGNA

TURE

INCO

ME

& GR

OWTH

BU

SHEL

L / D

UTKI

EWIC

Z / M

ARSH

ALL

8564

/ 86

64 /

– $1

2.93

$

32.4

-7

.84

-4.6

5 -1

0.58

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.56

3.01

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29

s.o.

4.

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AR.’0

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ISE

2001

CI S

IGNA

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8598

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98 /

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96 (

DEC.

’01)

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NWIS

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I SIG

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8585

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85 /

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8532

/ 86

32 /

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5.31

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66 (

DEC.

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8070

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8556

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8597

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97 /

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8065

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65 /

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0.3

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8075

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8064

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8071

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8630

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43

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51 (

DEC.

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8572

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5.7

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59

2.18

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8073

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2001

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8061

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8523

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8691

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8579

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5.18

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96

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8559

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59 /

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2.07

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7.2

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3.66

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54

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8593

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93 /

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2.08

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1.0

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47

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8538

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38 /

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0.99

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0.5

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3.40

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46

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8680

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$10.

98

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-13.

41

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5.41

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96 (

DEC.

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85

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8618

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$5.7

2

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8078

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0.0

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7361

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41 /

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0.65

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7507

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57 /

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0.73

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21.4

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5.

51

5.15

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75

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7572

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$10.

86

$3.

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4.

92 (

JAN

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75

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7558

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$9.4

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7571

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73

65 /

7845

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$9.2

0

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02

0.99

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.48

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SUNW

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GLOB

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QUIT

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7355

/ 78

35 /

– $6

.64

$

3.7

-1

8.83

-9

.54

-18.

93

-11.

82

-8.9

6 -9

.83

s.o.

-6

.69

(OCT

.’05)

SU

NWIS

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ITE

CI C

AMBR

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GLO

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EQUI

TY C

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RAD

LO /

B. S

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75

09 /

7559

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$8.6

8

$8.

9

-18.

88

-9.5

8 -1

8.95

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1.88

-2

.45

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SUN

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DAN

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S 73

66 /

7846

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$10.

56

$36

.6

-15.

86

-9.6

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9.70

-7

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4 -0

.94

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93 (

OCT.

’05)

SU

NW

ISE

ELIT

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GLO

BAL

E. B

USHE

LL /

S. V

ALI

7350

/ 78

30 /

– $7

.27

$

2.5

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3.14

-5

.22

-13.

25

-6.6

8 -3

.58

-7.4

0 s.

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SUN

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CI G

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J. D

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7386

/ 78

66 /

– $1

2.85

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1.2

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11

0.78

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62

1.66

7.

34

5.89

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4.33

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SUN

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CI G

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GE

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LIAM

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7395

/ 78

75 /

– $7

.79

$

4.5

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-0.6

4 -2

.75

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18

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K 73

51 /

7831

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$8.2

5

$0.

5

-8.8

4 -2

.02

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.73

-0.5

6 -4

.91

s.o.

-3

.20

(OCT

.’05)

SU

NW

ISE

ELIT

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HAR

BOUR

G.

COL

EMAN

/ S.

JEN

KIN

S 73

67 /

7847

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$11.

34

$85

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50

-7.2

8 -1

6.62

-4

.87

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4 0.

50

s.o.

2.

15 (

OCT.

’05)

SU

NW

ISE

ELIT

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HAR

BOUR

BAL

ANCE

D BU

NDL

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ULTI

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AGER

75

13 /

7563

/ –

$10.

09

$19

.8

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.36

-10.

47

-0.8

8 s.

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s.

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0.52

(JA

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SUN

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CI H

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MUL

TI-M

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7512

/ 75

62 /

– $9

.63

$

16.3

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.87

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S. J

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7393

/ 78

73 /

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.97

$

11.2

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3.42

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.44

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58

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9 -2

.11

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73

94 /

7874

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1

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2.93

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73 /

7853

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3.7

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35

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.71

0.24

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TERN

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NAL

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DUT

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7357

/ 78

37 /

– $9

.32

$

1.8

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2 -7

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1 1.

10

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SUN

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TERN

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K 73

52 /

7832

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7

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4

-10.

16

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0.53

-5

.14

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8 -5

.14

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.38

(OCT

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SU

NW

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ELIT

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73

90 /

7870

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81

$39

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13

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32 (

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SU

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SIG

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CAN

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/ DUT

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7372

/ 78

52 /

– $1

1.80

$

14.3

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.52

-4.7

6 -9

.99

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3 3.

48

2.00

s.

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2.84

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SUN

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CI S

IGN

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NAD

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BON

D DU

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73

85 /

7865

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$12.

51

$20

.9

5.04

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05

5.48

3.

82

5.61

3.

86

s.o.

3.

86 (

OCT.

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SU

NW

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SIG

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BUN

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MUL

TI-M

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7514

/ 75

64 /

– $9

.61

$

16.9

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0.85

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66

-4.9

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75

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7561

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71

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66

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4.

07 (

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73

88 /

7868

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27

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.9

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4.31

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69

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2.

04 (

OCT.

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SU

NW

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AL IN

COM

E &

GRO

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L / D

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7501

/ 75

51 /

– $9

.88

$

3.6

-8

.26

-2.0

8 -8

.86

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0 3.

43

s.o.

s.

o.

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4 (M

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IGN

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7389

/ 78

69 /

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3.06

$

102.

2

-0.6

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75

6.47

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96

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4.

61 (

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76 /

7856

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24

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.7

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-10.

33

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8 3.

50

1.74

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3.47

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LECT

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73

68 /

7848

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56

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.9

-13.

73

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1 -1

6.83

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.24

0.52

0.

05

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2.

48 (

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’05)

SU

NW

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ELIT

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NAT

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D3 BU

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UTKI

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73

77 /

7857

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5

$8.

2

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3 -4

.69

-9.9

5 -1

.87

1.13

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.31

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NWIS

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GRO

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UTKI

EWIC

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ARSH

ALL

7359

/ 78

39 /

– $9

.37

$

6.9

-8

.23

-2.0

9 -8

.76

-3.8

0 -2

.28

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2 s.

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9 (O

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SUN

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ITE

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ICAN

DA

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7362

/ 78

42 /

– $7

.89

$

0.7

-9

.83

-3.5

5 -1

3.20

-1

.99

-4.6

8 -5

.10

s.o.

-3

.93

(OCT

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SU

NW

ISE

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SYN

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DAVI

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73

69 /

7849

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$10.

66

$8.

2

-13.

33

-6.9

8 -1

6.52

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.24

0.19

-1

.33

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1.

09 (

OCT.

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SU

NWIS

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GY G

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TE

MIC

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MAH

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73

53 /

7833

/ –

$8.0

1

$2.

6

-12.

75

-4.6

4 -1

5.15

-5

.99

-3.8

8 -5

.73

s.o.

-3

.68

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

VAL

UE T

RUST

COR

PORA

TE

A. R

ADLO

/ B.

SN

OW

7363

/ 78

43 /

– $4

.37

$

1.9

-1

8.32

-9

.15

-18.

16

-14.

98

-8.3

7 -1

4.22

s.

o.

-13.

05 (

OCT.

’05)

SU

NW

ISE

ELIT

E DY

NAM

IC C

ORE

BUN

DLE

MUL

TI-M

ANAG

ER

7524

/ 75

74 /

– $9

.53

$

5.7

-1

1.35

-5

.74

-12.

57

-6.4

8 s.

o.

s.o.

s.

o.

-2.7

6 (J

AN.’1

0)

SUN

WIS

E EL

ITE

DYN

AMIC

GLO

BAL

VALU

E CH

UK W

ONG

7391

/ 78

71 /

– $6

.60

$

8.1

-2

5.34

-9

.47

-22.

63

-25.

09

-0.6

5 s.

o.

s.o.

-8

.90

(APR

.’07)

SU

NW

ISE

ELIT

E DY

NAM

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ERIC

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ROW

TH

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73

60 /

7840

/ –

$11.

43

$4.

3

2.97

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24

-7.6

7 13

.39

7.93

5.

71

s.o.

2.

28 (

OCT.

’05)

SU

NW

ISE

ELIT

E FI

DELI

TY C

ANAD

IAN

ASS

ET A

LLOC

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N

D. Y

OUN

G / G

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IN

7374

/ 78

54 /

– $1

2.26

$

70.7

-7

.82

-4.8

9 -9

.39

-2.2

3 2.

94

2.53

s.

o.

3.50

(OC

T.’0

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SUN

WIS

E EL

ITE

FIDE

LITY

DIS

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COR

E BU

NDL

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ULTI

-MAN

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75

23 /

7573

/ –

$9.9

5

$3.

2

-9.5

5 -5

.78

-11.

71

-3.7

7 s.

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o.

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9 (J

AN.’1

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SUN

WIS

E EL

ITE

FIDE

LITY

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TION

M

ICHA

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G 73

58 /

7838

/ –

$10.

46

$2.

8

-3.3

3 1.

26

-2.1

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.23

3.22

0.

17

s.o.

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76 (

OCT.

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ple

rate

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fe A

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anad

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of C

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a

SU

NW

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ELIT

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AM

ERIC

AN V

ALUE

W

. PRI

EST

/ D. P

EARL

72

61 /

7061

/ –

$8.5

4

$11

.4

-7.9

7 -1

.04

-10.

76

-2.6

2 -2

.73

-3.8

6 S.

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CT.’0

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SUNW

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ANAD

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LO /

R. S

WAN

SON

76

07 /

7657

/ –

$10.

67

$67

.3

-3.8

7 -4

.48

-11.

08

5.23

4.

84

S.O.

S.

O.

1.86

(M

AR.’0

8)

SUN

WIS

E EL

ITE

CI C

AMBR

IDGE

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ANCE

D BU

NDL

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ULTI

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76

22 /

7672

/ –

$10.

53

$19

.6

-4.9

6 -4

.01

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9 1.

35

S.O.

S.

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3.

05

(JAN

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SU

NW

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ELIT

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CAM

BRID

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ANAD

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ITY

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LO /

B. S

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76

08 /

7658

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$9.2

0

$19

.8

-8.5

5 -6

.50

-14.

34

0.44

1.

72

S.O.

S.

O.

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8)

SUN

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76

21 /

7671

/ –

$10.

24

$12

.7

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8 -5

.27

-11.

27

0.79

S.

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S.O.

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CANA

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RAD

LO /

B. S

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72

65 /

7065

/ –

$8.9

9

$6.

5

-8.5

5 -6

.45

-14.

30

0.45

-1

.96

-4.6

6 S.

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CT.’0

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SUNW

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CAM

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GLOB

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QUIT

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A. R

ADLO

/ B.

SN

OW

7255

/ 70

55 /

– $6

.43

$

7.4

-1

9.22

-9

.56

-19.

22

-12.

40

-9.4

8 -1

0.34

S.

O.

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9 (O

CT.’0

5)

SUN

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E EL

ITE

CI C

AMBR

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GLO

BAL

EQUI

TY C

ORPO

RATE

A.

RAD

LO /

B. S

NOW

76

09 /

7659

/ –

$8.3

0

$25

.3

-19.

10

-9.5

9 -1

9.18

-1

2.35

-2

.91

S.O.

S.

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AR.’0

8)

SUN

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ANAD

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DAN

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S 72

66 /

7066

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$10.

49

$12

0.2

-1

6.08

-9

.65

-19.

86

-8.2

2 -0

.87

-1.3

5 S.

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0.81

(O

CT.’0

5)

SUN

WIS

E EL

ITE

CI G

LOBA

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BUS

HELL

/ S.

VAL

I 72

50 /

7050

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$7.0

2

$2.

9

-13.

44

-5.2

6 -1

3.55

-7

.14

-4.0

6 -7

.86

S.O.

-5

.80

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

GLO

BAL

BON

D J.

DUT

KIEW

ICZ

/ J. S

HAW

72

86 /

7086

/ –

$12.

80

$4.

9

6.05

0.

79

8.57

1.

59

7.20

5.

75

S.O.

4.

26

(OCT

.’05)

SU

NW

ISE

ELIT

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GLO

BAL

HIGH

DIV

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D AD

VAN

TAGE

W

ILLI

AM P

RIES

T 72

95 /

7095

/ –

$7.6

3

$10

.8

-0.6

5 -0

.65

-3.0

5 2.

28

0.66

S.

O.

S.O.

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.75

(APR

.’07)

SU

NW

ISE

ELIT

E FI

DELI

TY G

ROW

TH A

MER

ICA

JOHN

POW

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7364

/ 78

44 /

– $6

.35

$

1.0

-1

2.05

-3

.05

-13.

13

-3.7

9 -3

.43

-8.4

2 s.

o.

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9 (O

CT.’0

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SUN

WIS

E EL

ITE

FIDE

LITY

NOR

THST

AR®

D.

DUP

ONT

/ J. T

ILLI

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AST

7354

/ 78

34 /

– $8

.92

$

11.3

-1

1.60

-4

.29

-12.

12

-5.6

1 0.

53

-2.8

4 s.

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SUN

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73

70 /

7850

/ –

$11.

45

$21

.2

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38

-6.6

1 -1

5.25

-3

.78

-0.5

2 0.

53

s.o.

2.

31 (

OCT.

’05)

SW

E FR

ANKL

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EMPL

ETON

QUO

TEN

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BAL

ANCE

D GR

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ST

EVE

LIN

GARD

/ BR

ENT

SMIT

H 94

51 /

9951

/ –

$12.

38

$7.

2

-6.7

1 -3

.88

-7.7

5 -3

.28

s.o.

s.

o.

s.o.

7.

52 (

OCT.

’08)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TEN

TIAL

BAL

ANCE

D IN

COM

E ST

EVE

LIN

GARD

/ BR

ENT

SMIT

H 94

50 /

9950

/ –

$12.

98

$2.

4

-3.3

5 -2

.70

-4.1

4 -1

.44

s.o.

s.

o.

s.o.

9.

26 (

OCT.

’08)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TEN

TIAL

CAN

ADIA

N G

ROW

TH

STEV

E LI

NGA

RD /

BREN

T SM

ITH

9454

/ 99

54 /

– $1

5.22

$

0.3

-1

2.12

-7

.53

-16.

24

-2.8

1 s.

o.

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3 (O

CT.’0

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IVER

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SMIT

H 94

49 /

9949

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$12.

54

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4

0.40

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.34

-0.7

1 0.

97

s.o.

s.

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s.o.

7.

99 (

OCT.

’08)

SW

E FR

ANKL

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EMPL

ETON

QUO

TEN

TIAL

GLO

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D ST

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GARD

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ENT

SMIT

H 94

52 /

9952

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$12.

09

$0.

6

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0 -3

.43

-7.2

9 -4

.65

s.o.

s.

o.

s.o.

6.

66 (

OCT.

’08)

SW

E FR

ANKL

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EMPL

ETON

QUO

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GROW

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STEV

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NGA

RD /

BREN

T SM

ITH

9455

/ 99

55 /

– $1

1.02

$

0.9

-1

1.49

-4

.51

-11.

84

-7.8

6 s.

o.

s.o.

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3.35

(OC

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8)

SWE

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KLIN

TEM

PLET

ON Q

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AL G

ROW

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STEV

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RD /

BREN

T SM

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9453

/ 99

53 /

– $1

2.60

$

0.7

-9

.87

-4.5

5 -1

0.95

-5

.55

s.o.

s.

o.

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8.

16 (

OCT.

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SW

E FR

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LIN

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H 94

56 /

9956

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$12.

29

$0.

4

-11.

96

-5.3

9 -1

3.81

-6

.61

s.o.

s.

o.

s.o.

7.

25 (

OCT.

’08)

SU

NW

ISE

ELIT

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ACKE

NZI

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NDI

LL C

ANAD

IAN

BAL

ANCE

D D.

SLA

TER

/ L. C

HIN

73

75 /

7855

/ –

$10.

86

$5.

5

-9.3

5 -6

.38

-15.

49

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2 2.

79

0.89

s.

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1.40

(OC

T.’0

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SUN

WIS

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ITE

MAC

KEN

ZIE

CUN

DILL

CAN

ADIA

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ITY

D. S

LATE

R / L

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7371

/ 78

51 /

– $1

0.13

$

3.0

-1

1.84

-8

.41

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36

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0 2.

20

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2 s.

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(OC

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SUN

WIS

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ITE

MAC

KEN

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CUN

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VAL

UE

A. M

ASSI

E / D

. TIL

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7392

/ 78

72 /

– $7

.06

$

14.9

-1

7.91

-9

.83

-20.

76

-10.

41

-3.6

4 s.

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.51

(APR

.’07)

SU

NW

ISE

ELIT

E M

ANUL

IFE

GLOB

AL M

ONTH

LY IN

COM

E DA

NN

Y TO

MKA

75

03 /

7553

/ –

$8.7

6

$0.

6

-9.4

1 -1

.79

-9.5

0 -7

.98

-1.4

8 s.

o.

s.o.

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.83

(MAR

.’08)

SU

NW

ISE

ELIT

E M

ANUL

IFE

GLOB

AL O

PPOR

TUN

ITIE

S CH

RIST

OPHE

R AR

BUTH

NOT

75

04 /

7554

/ –

$8.2

5

$0.

4

-30.

26

-11.

00

-29.

85

-28.

69

6.14

s.

o.

s.o.

-5

.38

(MAR

.’08)

SU

NW

ISE

ELIT

E N

ORTH

WES

T GR

OWTH

AN

D IN

COM

E M

ULTI

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AGER

75

02 /

7552

/ –

$9.0

0

$0.

2

-5.3

6 -4

.15

-9.4

6 -2

.91

1.06

s.

o.

s.o.

-2

.96

MAR

.’08)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES B

ALAN

CED

CI IN

VEST

MEN

T CO

NSU

LTIN

G 73

78 /

7858

/ –

$10.

77

$81

.6

-6.7

5 -3

.67

-8.5

0 -2

.27

1.80

-0

.24

s.o.

1.

26 (

OCT.

’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES B

ALAN

CED

GROW

TH

CI IN

VEST

MEN

T CO

NSU

LTIN

G 73

81 /

7861

/ –

$10.

37

$44

.7

-8.2

3 -4

.34

-9.9

8 -2

.90

1.39

-0

.75

s.o.

0.

62 (

OCT.

’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES C

ONSE

RVAT

IVE

CI IN

VEST

MEN

T CO

NSU

LTIN

G 73

79 /

7859

/ –

$11.

47

$20

.1

-3.3

7 -2

.38

-5.0

5 -0

.09

3.58

1.

17

s.o.

2.

34 (

OCT.

’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES C

ONSE

RVAT

IVE

BALA

NCE

D CI

INVE

STM

ENT

CON

SULT

ING

7382

/ 78

62 /

– $1

1.08

$

30.6

-4

.73

-2.8

1 -6

.42

-1.0

7 2.

80

0.53

s.

o.

1.75

(OC

T.’0

5)

SUN

WIS

E EL

ITE

PORT

FOLI

O SE

RIES

GRO

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CI

INVE

STM

ENT

CON

SULT

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7383

/ 78

63 /

– $9

.81

$

23.9

-1

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-5

.22

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02

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14

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0 s.

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SUN

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G 73

80 /

7860

/ –

$12.

45

$26

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0.97

-0

.80

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4 2.

30

6.08

3.

23

s.o.

3.

77 (

OCT.

’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES M

AXIM

UM G

ROW

TH

CI IN

VEST

MEN

T CO

NSU

LTIN

G 73

84 /

7864

/ –

$9.2

2

$8.

2

-13.

02

-6.5

9 -1

5.18

-5

.92

-1.4

1 -3

.08

s.o.

-1

.36

(OCT

.’05)

SU

NW

ISE

ELIT

E RB

C CA

NAD

IAN

DIV

IDEN

D S.

KED

WEL

L / D

. RAY

MON

D 73

98 /

7878

/ –

$9.1

6

$19

.8

-7.4

7 -4

.88

-12.

76

-2.8

6 0.

81

s.o.

s.

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7273

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73 /

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457.

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55 (

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SU

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57 /

7057

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SU

NW

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7252

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0.53

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.90

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7290

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90 /

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31 (

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79

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64 (

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7285

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7664

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7288

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63 (

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53

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39 (

OCT.

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SU

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7268

/ 70

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36 (

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SU

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59 /

7059

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SU

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62 /

7062

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19

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3.43

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.38

(OCT

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NW

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72

69 /

7069

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$10.

27

$13

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62

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6.77

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.78

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9 -1

.81

S.O.

0.

45 (

OCT.

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SU

NW

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7253

/ 70

53 /

– $7

.87

$

5.5

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.72

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38

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63 /

7063

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7260

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36

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0.8

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7673

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$17

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7058

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34

$11

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-3.5

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57 (

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SU

NW

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7264

/ 70

64 /

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.13

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1.4

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2.43

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42

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.31

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7070

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5.43

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3 0.

02

S.O.

1.

83 (

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SW

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9429

/ 99

29 /

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41

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9430

/ 99

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2.55

$

11.7

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9431

/ 99

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– $1

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$

22.5

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/ 99

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4.8

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9435

/ 99

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0.7

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9436

/ 99

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4.24

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SunW

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Elit

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SU

NW

ISE

ELIT

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AM

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ALUE

W

. PRI

EST

/ D. P

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71

61 /

7011

/ –

$8.2

3

$4.

6

-8.3

5 -1

.08

-11.

03

-3.0

6 -3

.22

-4.3

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CT.’0

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SUNW

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ASSE

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77

07 /

7757

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$10.

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$23

.4

-4.2

0 -4

.55

-11.

24

4.69

4.

43

s.o.

s.

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1.40

(MAR

.’08)

SU

NW

ISE

ELIT

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CAM

BRID

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ANAD

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EQU

ITY

CORP

ORAT

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RAD

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B. S

NOW

77

08 /

7758

/ –

$9.1

1

$9.

7

-8.9

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.47

-14.

54

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20

s.o.

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AR.’0

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SUNW

ISE

ELIT

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CAM

BRID

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CANA

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EQU

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ORAT

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RAD

LO /

B. S

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71

65 /

7015

/ –

$8.8

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$10

.3

-8.8

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.43

-14.

46

0.00

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.36

-5.0

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CT.’0

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SUNW

ISE

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CAM

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GLOB

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ADLO

/ B.

SN

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7155

/ 70

05 /

– $6

.23

$

8.7

-1

9.61

-9

.71

-19.

51

-12.

99

-9.9

4 -1

0.83

s.

o.

-7.6

8 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI C

AMBR

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GLO

BAL

EQUI

TY C

ORPO

RATE

A.

RAD

LO /

B. S

NOW

77

09 /

7759

/ –

$8.1

3

$7.

9

-19.

58

-9.6

7 -1

9.43

-1

2.86

-3

.44

s.o.

s.

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-5.7

5 (M

AR.’0

8)

SUN

WIS

E EL

ITE

CI C

ANAD

IAN

INVE

STM

ENT

DAN

IEL

BUBI

S 71

66 /

7016

/ –

$10.

00

$84

.7

-16.

53

-9.7

5 -2

0.13

-8

.76

-1.3

6 -1

.85

s.o.

0.

00 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI G

LOBA

L E.

BUS

HELL

/ S.

VAL

I 71

50 /

7000

/ –

$6.8

9

$3.

1

-13.

77

-5.3

6 -1

3.77

-7

.64

-4.5

4 -8

.32

s.o.

-6

.10

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

GLO

BAL

BON

D J.

DUT

KIEW

ICZ

/ J. S

HAW

71

86 /

7036

/ –

$12.

74

$6.

1

5.99

0.

79

8.52

1.

51

7.14

5.

69

s.o.

4.

18 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI G

LOBA

L HI

GH D

IVID

END

ADVA

NTA

GE

WIL

LIAM

PRI

EST

7195

/ 70

45 /

– $7

.44

$

6.1

-1

.20

-0.8

0 -3

.38

1.64

0.

09

s.o.

s.

o.

-6.2

8 (A

PR.’0

7)

SUN

WIS

E EL

ITE

CI G

LOBA

L VA

LUE

JOHN

HOC

K 71

51 /

7001

/ –

$7.7

8

$2.

6

-9.5

3 -2

.26

-10.

06

-4.7

7 -1

.58

-5.8

6 s.

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5 (O

CT.’0

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SUN

WIS

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G. C

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S. J

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7167

/ 70

17 /

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0.82

$

187.

0

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13

-7.3

6 -1

7.02

-5

.75

-1.7

5 -0

.44

s.o.

1.

34 (O

CT.’0

5)

SUN

WIS

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ITE

CI H

ARBO

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OREI

GN E

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RPOR

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S. J

ENKI

NS

/ G. C

OLEM

AN

7193

/ 70

43 /

– $6

.71

$

9.8

-1

4.19

-6

.68

-15.

17

-5.4

9 -3

.17

s.o.

s.

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6 (A

PR.’0

7)

SUNW

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FORE

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GROW

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INCO

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S / G

. COL

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71

94 /

7044

/ –

$7.7

9

$9.

6

-12.

57

-5.2

3 -1

3.25

-5

.58

-1.3

7 s.

o.

s.o.

-5

.45

(APR

.’07)

SU

NW

ISE

ELIT

E CI

HAR

BOUR

GRO

WTH

& IN

COM

E G.

COL

EMAN

/ S.

JEN

KIN

S 71

73 /

7023

/ –

$10.

69

$23

4.4

-1

1.51

-5

.48

-13.

58

-4.2

1 -1

.37

-0.3

9 s.

o.

1.13

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

INTE

RNAT

ION

AL B

ALAN

CED

BUSH

ELL

/ D’A

NGE

LO /

BROD

EUR

7157

/ 70

07 /

– $9

.10

$

2.9

-8

.36

-3.0

9 -7

.71

-5.0

1 0.

44

-2.5

8 s.

o.

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9 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI IN

TERN

ATIO

NAL

VAL

UE

JOHN

HOC

K 71

52 /

7002

/ –

$8.1

4

$6.

1

-10.

84

-3.3

3 -1

1.04

-6

.11

-1.3

9 -6

.12

s.o.

-3

.42

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

MON

EY M

ARKE

T PA

UL S

IMON

71

90 /

7040

/ –

$10.

73

$70

.5

0.19

0.

00

0.09

0.

19

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9 1.

00

s.o.

1.

20 (O

CT.’0

5)

SUN

WIS

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ITE

CI S

IGN

ATUR

E CA

NAD

IAN

BAL

ANCE

D BU

SHEL

L / D

UTKI

EWIC

Z / S

HAW

71

72 /

7022

/ –

$11.

37

$14

.1

-8.0

1 -4

.77

-10.

33

-2.4

9 2.

79

1.36

s.

o.

2.19

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

SIG

NAT

URE

CAN

ADIA

N B

OND

DUTK

IEW

ICZ

/ SHA

W /

SIM

ON

7185

/ 70

35 /

– $1

2.40

$

49.9

4.

91

1.14

5.

44

3.68

5.

43

3.70

s.

o.

3.70

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

SIG

NAT

URE

DIVI

DEN

D BU

SHEL

L / H

ADW

EN /

SHAW

71

88 /

7038

/ –

$11.

08

$67

.7

-5.6

2 -3

.82

-9.0

3 -1

.42

3.97

0.

38

s.o.

1.

75 (O

CT.’0

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72

75 /

7075

/ –

$10.

87

$13

.8

-9.4

9 -6

.45

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61

-1.9

8 2.

55

0.66

S.

O.

1.42

(OC

T.’05

)

SUN

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MAC

KEN

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CAN

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R / L

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7271

/ 70

71 /

– $9

.90

$

5.8

-1

2.08

-8

.42

-20.

55

-0.4

0 1.

81

-1.0

0 S.

O.

-0.1

7 (O

CT.’0

5)

SUN

WIS

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ITE

MAC

KEN

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CUN

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VAL

UE

A. M

ASSI

E / D

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EY

7292

/ 70

92 /

– $6

.90

$

28.2

-1

8.25

-9

.80

-20.

96

-10.

85

-4.1

3 S.

O.

S.O.

-7

.98

(APR

.’07)

SU

NW

ISE

ELIT

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AL M

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COM

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NN

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MKA

76

03 /

7653

/ –

$8.8

8

$3.

1

-9.5

7 -1

.88

-9.6

6 -8

.36

-1.7

4 S.

O.

S.O.

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.34 (

MAR

.’08)

SU

NW

ISE

ELIT

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ANUL

IFE

GLOB

AL O

PPOR

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ITIE

S CH

RIST

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R AR

BUTH

NOT

76

04 /

7654

/ –

$8.2

3

$1.

3

-30.

61

-11.

12

-30.

08

-29.

11

5.54

S.

O.

S.O.

-5

.42 (

MAR

.’08)

SU

NW

ISE

ELIT

E N

ORTH

WES

T GR

OWTH

AN

D IN

COM

E M

ULTI

-MAN

AGER

76

02 /

7652

/ –

$9.3

7

$6.

1

-5.7

3 -4

.19

-9.6

4 -3

.30

0.76

S.

O.

S.O.

-1

.84 (

MAR

.’08)

SU

NW

ISE

ELIT

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RTFO

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SERI

ES B

ALAN

CED

CI IN

VEST

MEN

T CO

NSU

LTIN

G 72

78 /

7078

/ –

$10.

78

$25

2.1

-6

.91

-3.6

6 -8

.64

-2.5

3 1.

56

-0.4

4 S.

O.

1.28

(OC

T.’05

)

SUN

WIS

E EL

ITE

PORT

FOLI

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RIES

BAL

ANCE

D GR

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CI

INVE

STM

ENT

CON

SULT

ING

7281

/ 70

81 /

– $1

0.20

$

151.

5

-8.4

4 -4

.40

-10.

13

-3.2

3 1.

14

-0.9

9 S.

O.

0.34

(OC

T.’05

)

SUN

WIS

E EL

ITE

PORT

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RIES

CON

SERV

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INVE

STM

ENT

CON

SULT

ING

7279

/ 70

79 /

– $1

1.51

$

102.

7

-3.5

2 -2

.37

-5.1

9 -0

.35

3.40

1.

04

S.O.

2.

40 (

OCT.

’05)

SU

NWIS

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ITE

PORT

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CON

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CI IN

VEST

MEN

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NSU

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G 72

82 /

7082

/ –

$11.

00

$89

.2

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6 -2

.83

-6.4

6 -1

.17

2.65

0.

40

S.O.

1.

62 (

OCT.

’05)

SU

NW

ISE

ELIT

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RTFO

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ROW

TH

CI IN

VEST

MEN

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NSU

LTIN

G 72

83 /

7083

/ –

$9.5

9

$52

.4

-10.

29

-5.2

4 -1

2.10

-4

.58

-0.1

7 -2

.09

S.O.

-0

.70

(OCT

.’05)

SU

NW

ISE

ELIT

E PO

RTFO

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SERI

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COM

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INVE

STM

ENT

CON

SULT

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7280

/ 70

80 /

– $1

2.33

$

98.2

0.

90

-0.8

0 -0

.64

2.15

5.

97

3.13

S.

O.

3.60

(OC

T.’05

)

SUN

WIS

E EL

ITE

PORT

FOLI

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MAX

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GRO

WTH

CI

INVE

STM

ENT

CON

SULT

ING

7284

/ 70

84 /

– $8

.99

$

14.8

-1

3.31

-6

.65

-15.

43

-6.2

6 -1

.75

-3.4

6 S.

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-1.7

8 (O

CT.’0

5)

SUN

WIS

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ITE

RBC

CAN

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N D

IVID

END

S. K

EDW

ELL

/ D. R

AYM

OND

7298

/ 70

98 /

– $9

.02

$

71.8

-7

.68

-4.8

5 -1

2.77

-3

.22

0.45

S.

O.

S.O.

-2

.29

(APR

.’07)

SU

NWIS

E EL

ITE

RBC

O.’S

HAUG

HNES

SY IN

TERN

ATIO

NAL

EQUI

TY

JIM

O.’S

HAUG

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SY

7297

/ 70

97 /

– $5

.01

$

4.0

-1

4.21

-5

.29

-15.

80

-10.

54

-7.0

1 S.

O.

S.O.

-1

4.35

(APR

.’07)

SU

NW

ISE

ELIT

E TD

CAN

ADIA

N B

OND

S. R

AI /

G. W

ILSO

N

7296

/ 70

96 /

– $1

2.21

$

158.

9

5.35

1.

33

5.90

4.

09

6.78

S.

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S.O.

4.

58 (A

PR.’0

7)

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SU

NW

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BU

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EWIC

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ALL

7701

/ 77

51 /

– $9

.76

$

2.3

-8

.79

-2.2

0 -9

.21

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0 2.

74

s.o.

s.

o.

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9 (M

AR.’0

8)

SUN

WIS

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CI S

IGN

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GH IN

COM

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ARSH

ALL

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7189

/ 70

39 /

– $1

2.75

$

138.

9

-1.0

9 -1

.62

-4.7

8 2.

16

5.89

2.

37

s.o.

4.

19 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI S

IGN

ATUR

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COM

E &

GRO

WTH

BU

SHEL

L / D

UTKI

EWIC

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ARSH

ALL

7176

/ 70

26 /

– $1

1.79

$

89.0

-8

.03

-4.6

9 -1

0.68

-2

.80

2.78

1.

09

s.o.

2.

82 (O

CT.’0

5)

SUN

WIS

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ITE

CI S

IGN

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LECT

CAN

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N

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BUS

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71

68 /

7018

/ –

$10.

95

$70

.1

-14.

39

-7.9

8 -1

7.23

-7

.12

-0.3

9 -0

.89

s.o.

1.

55 (O

CT.’0

5)

SUN

WIS

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CI S

IGN

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LECT

CAN

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ALAN

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/ DUT

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7177

/ 70

27 /

– $9

.61

$

17.2

-8

.04

-4.7

6 -1

0.27

-2

.54

0.53

-1

.90

s.o.

-0

.67

(OCT

.’05)

SU

NWIS

E ELIT

E CI S

IGNA

TURE

SEL

ECT G

LOBA

L INC

OME &

GRO

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COR

P.2 BU

SHEL

L / D

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EWIC

Z / M

ARSH

ALL

7159

/ 70

09 /

– $9

.05

$

13.6

-8

.68

-2.0

6 -9

.05

-4.4

4 -2

.88

-3.6

2 s.

o.

-1.6

7 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI S

YNER

GY A

MER

ICAN

DA

VID

PICT

ON

7162

/ 70

12 /

– $7

.50

$

1.4

-1

0.50

-3

.60

-13.

69

-3.1

0 -5

.65

-6.0

7 s.

o.

-4.7

5 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI S

YNER

GY C

ANAD

IAN

DA

VID

PICT

ON

7169

/ 70

19 /

– $1

0.05

$

8.8

-1

4.03

-7

.12

-17.

01

-6.2

5 -0

.78

-2.2

8 s.

o.

0.08

(OCT

.’05)

SU

NW

ISE

ELIT

E CI

SYN

ERGY

GLO

BAL

CORP

ORAT

E M

ICHA

EL M

AHON

EY

7153

/ 70

03 /

– $7

.66

$

4.4

-1

3.35

-4

.61

-15.

45

-6.9

3 -4

.84

-6.6

1 s.

o.

-4.4

0 (O

CT.’0

5)

SUN

WIS

E EL

ITE

CI V

ALUE

TRU

ST C

ORPO

RATE

A.

RAD

LO /

B. S

NOW

71

63 /

7013

/ –

$4.1

6

$1.

6

-18.

75

-9.1

7 -1

8.43

-1

5.79

-9

.27

-15.

04

s.o.

-1

3.77

(OCT

.’05)

SU

NW

ISE

ELIT

E DY

NAM

IC G

LOBA

L VA

LUE

CHUK

WON

G 71

91 /

7041

/ –

$6.3

0

$7.

3

-25.

88

-9.4

8 -2

2.98

-2

5.88

-1

.69

s.o.

s.

o.

-9.8

4 (A

PR.’0

7)

SUN

WIS

E EL

ITE

DYN

AMIC

POW

ER A

MER

ICAN

GRO

WTH

N

OAH

BLAC

KSTE

IN

7160

/ 70

10 /

– $1

0.75

$

9.7

2.

09

1.13

-8

.20

12.1

0 6.

82

4.64

s.

o.

1.23

(OCT

.’05)

SU

NW

ISE

ELIT

E FI

DELI

TY C

ANAD

IAN

ASS

ET A

LLOC

ATIO

N

D. Y

OUN

G / G

. STE

IN

7174

/ 70

24 /

– $1

1.79

$

107.

2

-8.3

2 -5

.00

-9.7

2 -2

.88

2.25

1.

86

s.o.

2.

82 (O

CT.’0

5)

SUN

WIS

E EL

ITE

FIDE

LITY

GLO

BAL

ASSE

T AL

LOCA

TION

M

ICHA

EL S

TRON

G 71

58 /

7008

/ –

$10.

09

$4.

4

-3.8

1 1.

10

-2.5

1 -1

.94

2.53

-0

.49

s.o.

0.

15 (O

CT.’0

5)

SUN

WIS

E EL

ITE

FIDE

LITY

GRO

WTH

AM

ERIC

A JO

HN P

OWER

71

64 /

7014

/ –

$6.0

0

$1.

9

-12.

79

-3.0

7 -1

3.67

-4

.76

-4.4

1 -9

.35

s.o.

-8

.27

(OCT

.’05)

SU

NW

ISE

ELIT

E FI

DELI

TY N

ORTH

STAR

®

D. D

UPON

T / J

. TIL

LIN

GHAS

T 71

54 /

7004

/ –

$8.4

0

$23

.2

-12.

32

-4.4

4 -1

2.59

-6

.56

-0.4

7 -3

.85

s.o.

-2

.90

(OCT

.’05)

SU

NW

ISE

ELIT

E FI

DELI

TY T

RUE

NOR

TH®

M

AXIM

E LE

MIE

UX

7170

/ 70

20 /

– $1

0.81

$

58.7

-1

1.97

-6

.65

-15.

61

-4.6

7 -1

.44

-0.4

2 s.

o.

1.32

(OCT

.’05)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TENT

IAL

DIVE

RSIF

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INCO

ME

STEV

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NGA

RD /

BREN

T SM

ITH

9409

/ 99

09 /

– $1

2.58

$

3.2

0.

32

-1.3

3 -0

.79

0.80

s.

o.

s.o.

s.

o.

8.10

(OCT

.’08)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TENT

IAL

BALA

NCED

INCO

ME

STEV

E LI

NGA

RD /

BREN

T SM

ITH

9410

/ 99

10 /

– $1

2.82

$

3.7

-3

.90

-2.7

3 -4

.54

-2.2

1 s.

o.

s.o.

s.

o.

8.80

(OCT

.’08)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TENT

IAL

BALA

NCED

GRO

WTH

ST

EVE

LIN

GARD

/ BR

ENT

SMIT

H 94

11 /

9911

/ –

$12.

82

$2.

8

-7.2

4 -3

.90

-8.1

0 -3

.97

s.o.

s.

o.

s.o.

8.

80 (O

CT.’0

8)

SWE

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KLIN

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NTI

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LAN

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STEV

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NGA

RD /

BREN

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ITH

9412

/ 99

12 /

– $1

2.14

$

0.1

-7

.54

-3.5

0 -7

.68

-5.4

5 s.

o.

s.o.

s.

o.

6.81

(OCT

.’08)

SW

E FR

ANKL

IN T

EMPL

ETON

QUO

TEN

TIAL

GRO

WTH

ST

EVE

LIN

GARD

/ BR

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SMIT

H 94

13 /

9913

/ –

$12.

75

$1.

2

-10.

46

-4.6

4 -1

1.40

-6

.46

s.o.

s.

o.

s.o.

8.

60 (O

CT.’0

8)

SWE

FRAN

KLIN

TEM

PLET

ON Q

UOTE

NTIA

L CA

NADI

AN G

ROW

TH

STEV

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NGA

RD /

BREN

T SM

ITH

9414

/ 99

14 /

– $1

4.52

$

1.9

-1

2.74

-7

.63

-16.

65

-3.8

4 s.

o.

s.o.

s.

o.

13.5

0 (O

CT.’0

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SWE

FRAN

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PLET

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9915

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$10.

75

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2

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03

-4.5

3 -1

2.17

-8

.74

s.o.

s.

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s.o.

2.

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CT.’0

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SWE

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NGA

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BREN

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ITH

9416

/ 99

16 /

– $1

1.25

$

0.6

-1

2.59

-5

.46

-14.

19

-7.5

6 s.

o.

s.o.

s.

o.

4.08

(OCT

.’08)

SU

NW

ISE

ELIT

E M

ACKE

NZI

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NDI

LL C

ANAD

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BAL

ANCE

D D.

SLA

TER

/ L. C

HIN

71

75 /

7025

/ –

$10.

59

$17

.7

-9.8

7 -6

.53

-15.

82

-2.4

0 2.

10

0.23

s.

o.

0.97

(OCT

.’05)

SU

NW

ISE

ELIT

E M

ACKE

NZI

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NDI

LL C

ANAD

IAN

SEC

URIT

Y D.

SLA

TER

/ L. C

HIN

71

71 /

7021

/ –

$10.

23

$9.

1

-12.

41

-8.5

0 -2

0.76

-0

.97

1.30

-1

.49

s.o.

0.

38 (O

CT.’0

5)

SUN

WIS

E EL

ITE

MAC

KEN

ZIE

CUN

DILL

VAL

UE

A. M

ASSI

E / D

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EY

7192

/ 70

42 /

– $6

.74

$

18.1

-1

8.60

-9

.89

-21.

26

-11.

43

-4.6

3 s.

o.

s.o.

-8

.47

(APR

.’07)

SU

NW

ISE

ELIT

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ANUL

IFE

GLOB

AL M

ONTH

LY IN

COM

E DA

NN

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MKA

77

03 /

7753

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$8.7

7

$0.

7

-9.8

7 -1

.90

-9.8

7 -8

.74

-2.1

5 s.

o.

s.o.

-3

.72 (

MAR

.’08)

SU

NW

ISE

ELIT

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ANUL

IFE

GLOB

AL O

PPOR

TUN

ITIE

S CH

RIST

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77

04 /

7754

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$7.8

6

$2.

0

-30.

75

-11.

09

-30.

20

-29.

38

5.10

s.

o.

s.o.

-6

.80 (

MAR

.’08)

SU

NW

ISE

ELIT

E N

ORTH

WES

T GR

OWTH

AN

D IN

COM

E M

ULTI

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AGER

77

02 /

7752

/ –

$9.0

2

$1.

0

-5.9

4 -4

.25

-9.8

0 -3

.63

0.33

s.

o.

s.o.

-2

.90 (

MAR

.’08)

SU

NW

ISE

ELIT

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RTFO

LIO

SERI

ES B

ALAN

CED

CI IN

VEST

MEN

T CO

NSU

LTIN

G 71

78 /

7028

/ –

$10.

58

$15

1.0

-7

.19

-3.7

3 -8

.79

-2.9

4 1.

13

-0.8

7 s.

o.

0.96

(OCT

.’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES B

ALAN

CED

GROW

TH

CI IN

VEST

MEN

T CO

NSU

LTIN

G 71

81 /

7031

/ –

$9.9

7

$66

.9

-8.7

0 -4

.41

-10.

26

-3.5

8 0.

75

-1.3

7 s.

o.

-0.0

5 (O

CT.’0

5)

SUN

WIS

E EL

ITE

PORT

FOLI

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CON

SERV

ATIV

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INVE

STM

ENT

CON

SULT

ING

7179

/ 70

29 /

– $1

1.09

$

70.7

-3

.73

-2.3

8 -5

.29

-0.7

2 3.

00

0.64

s.

o.

1.76

(OCT

.’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES C

ONSE

RVAT

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BALA

NCE

D CI

INVE

STM

ENT

CON

SULT

ING

7182

/ 70

32 /

– $1

0.67

$

49.6

-5

.16

-2.8

2 -6

.73

-1.5

7 2.

22

-0.0

2 s.

o.

1.10

(OCT

.’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES G

ROW

TH

CI IN

VEST

MEN

T CO

NSU

LTIN

G 71

83 /

7033

/ –

$9.3

9

$23

.7

-10.

66

-5.3

4 -1

2.32

-5

.06

-0.6

3 -2

.56

s.o.

-1

.06

(OCT

.’05)

SU

NW

ISE

ELIT

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RTFO

LIO

SERI

ES IN

COM

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INVE

STM

ENT

CON

SULT

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7180

/ 70

30 /

– $1

2.29

$

46.2

0.

82

-0.8

1 -0

.73

2.08

5.

86

3.04

s.

o.

3.55

(OCT

.’05)

SU

NW

ISE

ELIT

E PO

RTFO

LIO

SERI

ES M

AXIM

UM G

ROW

TH

CI IN

VEST

MEN

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NSU

LTIN

G 71

84 /

7034

/ –

$8.7

8

$9.

6

-13.

67

-6.7

0 -1

5.58

-6

.70

-2.2

1 -3

.93

s.o.

-2

.17

(OCT

.’05)

SU

NW

ISE

ELIT

E RB

C CA

NAD

IAN

DIV

IDEN

D S.

KED

WEL

L / D

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MON

D 71

98 /

7048

/ –

$8.8

5

$35

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0 -4

.84

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06

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0 0.

00

s.o.

s.

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71

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7047

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$4.9

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1 -1

5.92

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0.89

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.43

s.o.

s.

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74 (A

PR.’0

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SUN

WIS

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ANAD

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WIL

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71

96 /

7046

/ –

$12.

16

$41

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5.28

1.

33

5.83

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s.

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s.o.

4.

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$

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20

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s.

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s.o.

s.

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0.29

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20.1

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s.o.

s.

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SU

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74 /

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0.33

$

47.2

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3 -4

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2.79

s.

o.

s.o.

s.

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3.18

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43

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s.o.

s.

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710

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10 /

– $9

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$

4.2

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1.82

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86

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o.

s.o.

s.

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EPT.

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NW

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28 /

– $9

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$

24.8

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0.78

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s.o.

s.

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$9.2

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9 -2

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1 -7

.30

s.o.

s.

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s.o.

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SEN

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/ 128

29 /

– $9

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$

10.4

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3 -9

.78

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s.o.

s.

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$9.6

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$2.

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2 -2

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-8.6

1 -3

.11

s.o.

s.

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s.o.

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SUN

WIS

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$9.8

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$30

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s.

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12

731

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31 /

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.86

$

17.4

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-4.9

2 -9

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s.o.

s.

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s.o.

s.

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s.o.

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T.’1

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SUN

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SEN

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12

739

/ 128

39 /

– $9

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1 0 4 F A L L 2 0 1 1 P E R S P E C T I V E A S A T S E P T E M B E R 3 0 , 2 0 1 1

Head Office 2 Queen Street East, 20th Floor, Toronto, Ontario M5C 3G7

Client Services: E-1-800-563-5181 F-1-800-668-3528www.ci.com

National AccountsTEL: 416-364-1145 TOLL-FREE: 1-800-268-9374

Peter Glaab Senior Vice-President [email protected] Siksna Vice-President [email protected] Graham Sales Assistant [email protected]

VancouverTEL: 604-681-3346 TOLL-FREE: 1-800-665-6994

Roy Ratnavel Senior Vice-President [email protected] Hirtle Vice-President [email protected] Nijjar Vice-President [email protected] Rawal Vice-President [email protected] Shrigley Vice-President [email protected] Tsiakos Vice-President [email protected] Young Vice-President [email protected] Salter Inside Sales [email protected] Sinclair Inside Sales [email protected] Ramos Inside Sales [email protected] Anderson Sales Assistant [email protected] Obermeier Sales Assistant [email protected] Thal Sales Assistant [email protected]

CalgaryTEL: 403-205-4396 TOLL-FREE: 1-800-776-9027

Roy Ratnavel Senior Vice-President [email protected] Clare Vice-President [email protected] deMunnik Vice-President [email protected] Grant Vice-President [email protected] Johnstone Vice-President [email protected] Matugas Vice-President [email protected] Pesclovitch Vice-President [email protected] Sturdy Vice-President [email protected] Brisley Inside Sales [email protected] Chauhan Inside Sales [email protected] Marusiak Inside Sales [email protected] Ho Sales Assistant [email protected] Newman Sales Assistant [email protected] Soby Sales Assistant [email protected]

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CI Sales Team

Table of contentsAll commentaries are published by CI Investments Inc., the manager of all the funds described herein. They are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in the commentaries is accurate at the time of publication. However, CI Investments Inc. cannot guarantee their accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein.

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. Returns are for Class A securities, unless otherwise indicated. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer and there can be no assurances that the CI Money Market Funds will maintain its net asset value per security at a constant amount or that the full amount of your investment in these funds will be returned to you.

The offering of units of the CI Global Opportunities Fund and Trident Global Opportunities Fund are made pursuant to their respective Offering Memorandum only to those investors in jurisdictions of Canada who meet certain eligibility or minimum purchase requirements.

Transamerica Life Canada is the sole issuer of the individual variable annuity contracts providing for investment in CI Guaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variable annuity contract is contained in the CI Guaranteed Investment Funds or Legacy Funds Information Folder.

Unity Life of Canada has entered into an agreement with CI Investments Inc. pursuant to which CI is responsible for certain marketing and administrative services in relation to the CI Segregated Funds. Unity Life of Canada established the individual variable annuity contract providing for investment in the CI Segregated Funds. A description of the key features of the individual variable annuity contract is contained in the CI Segregated Funds Information Folder.

Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies, is the sole issuer of the individual variable annuity contracts providing for investment in SunWise, SunWise Elite and Clarica segregated funds. A description of the key features of the applicable individual variable annuity contract is contained in the SunWise or Clarica Information Folder.

®CI Investments, the CI Investments design, Perspective, Synergy Mutual Funds, Harbour Advisors, Harbour Funds, Cambridge, Global Managers, Signature Global Advisors, American Managers, Insight and Insight Program, Legacy Funds and CI Guaranteed Investment Funds are registered trademarks of CI Investments Inc. ™Portfolio Select Series, Portfolio Series, and Signature Funds are trademarks of CI Investments Inc.®TRANSAMERICA is a registered trademark of Transamerica Corporation. Transamerica Life Canada is licensed to use such marks. Transamerica Life Canada is registered to carry on business under the name “Transamerica Life Canada”. ®SunWise and Clarica are registered trademarks of Sun Life Assurance Company of Canada. ®True North, Fidelity NorthStar and Fidelity Investments and the Fidelity design are registered trademarks of FMR Corp.®Franklin Templeton Investments, Franklin Templeton Investments Quotential Program and/or Franklin Templeton Investments and design are registered trademarks of Franklin Templeton Investment corp.Cambridge Advisors is the business name of CI Global Holdings Inc. Certain portfolio managers of Cambridge Advisors are registered with CI Investments Inc.

Nothing herein should be read to constitute an offer or solicitation by Trident Investment Management, LLC or its principal to provide investment advisory services to any person or entity.

For Advisor Use only For Advisor Use only

Message from Derek J. Green 1

MARket UPdAte

Cambridge Q&A – Interview with Bob Swanson 2Signature Report – New regulations have put Wall Street’s risk transfer machine in flux 6Signature Market Roundup 12Spotlight on Richard Jenkins 18CI Income Opportunities – Fund Highlights 20CI Private Investment Management 22

MAnAgeRS’ CoMMentARy 24

CI Investment Consulting 24Harbour Advisors 26Cambridge Advisors 30Picton Mahoney Asset Management 31Epoch Investment Partners, Inc. 34Tetrem Capital Management Ltd. 36Altrinsic Global Advisors 38Black Creek Investment Management 39

SCoReCARd 75

CI Corporate Class 76Signature Funds™ 77Harbour Funds® 77Synergy Funds 78CI Funds® 78Portfolio Series™ 78Portfolio Select™ Series 79Insight® Units/Shares 79Hedge Funds 79Labour-sponsored Funds 80CI GIFs 81CI Segregated Funds 82Legacy Segregated Funds® I & II 82Clarica MVP Segregated Funds 83Clarica Portfolio Segregated Funds 84SunWise® I 86SunWise® II 87SunWise® Elite 95SunWise® Essential Series 100

CI SAleS teAM 104

globefUnd PRofIleS as at september 30, 2011 42


global equity fundsCambridge Global Equity Corporate Class 50CI Global Fund 51CI Global High Dividend Advantage Fund 52Harbour Foreign Equity Corporate Class 53Synergy Global Corporate Class 54CI International Value Fund 55CI Emerging Markets Fund 56

American equity fundsCI American Managers® Corporate Class 57CI American Value Corporate Class 58

Canadian equity fundsCambridge Canadian Equity Corporate Class 59CI Canadian Investment Fund 60Harbour Fund 61Signature Select Canadian Fund 62Synergy Canadian Corporate Class 63

balanced fundsCambridge Canadian Asset Allocation Corp. Class 64Harbour Growth & Income Fund 65Signature Income & Growth Fund 66Signature Canadian Balanced Fund 67

Industry-specific fundsSignature Canadian Resource Fund 68Signature Global Energy Corporate Class 69

Income fundsSignature Canadian Bond Fund 70Signature Dividend Fund 71Signature High Income Fund 72Signature Diversified Yield Fund 73Signature Corporate Bond Fund 74

Reunited & Ready • Fall 2011

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Fall 2011www.ci.com/perspective

Perspective

Reunited & Ready

Robert Swanson joins the Cambridge Advisors team. See interview P.2.

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