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CANADIAN EQU ITY FUNDSCambridge Canadian Equity Corporate Class 52

CI Canadian Investment Fund 53

Harbour Fund 54

Signature Select Canadian Fund 55

Synergy Canadian Corporate Class 56

BALANCED FUNDSCambridge Canadian Asset Allocation Corp. Class 57

CI International Balanced Fund 58

CI Global Balanced Corporate Class 59

Harbour Growth & Income Fund 60

Signature Income & Growth Fund 61

INDUSTRY-SPECIFIC FUNDSSignature Canadian Resource Fund 62

Signature Global Energy Corporate Class1 63

INCOME FUNDSSignature Canadian Bond Fund2 64

Signature Dividend Fund 65

Signature High Income Fund 66

PORTFOL IO SER IESPortfolio Series Income Fund 34

Portfolio Series Conservative Fund 35

Portfolio Series Conservative Balanced Fund 36

Portfolio Series Balanced Fund 37

Portfolio Series Balanced Growth Fund 38

Portfolio Series Growth Fund 39

Portfolio Series Maximum Growth Fund 40

GLOBAL EQUITY FUNDSCambridge Global Equity Corporate Class 41

CI Global Fund 42

CI Global High Dividend Advantage Fund 43

CI Global Value Fund 44

Harbour Foreign Equity Corporate Class 45

Synergy Global Corporate Class 46

CI Global Small Companies Fund 47

CI International Value Fund 48

AMER ICAN EQU ITY FUNDSCI American Managers® Corporate Class 49

CI American Value Corporate Class 50

CI Value Trust Corporate Class 51

Table of Contents

1Message from Derek Green

2-4Interview with Alan Radlo

6-9Sterling’s World Report

10-11Tool Kit

Canadian Market Recovery 10

Staying the Course in Challenging Markets 12

Road to Recovery 13

14Managers’ Commentary

33Globefund Profiles

(Prepared by The Globe and Mail)

67ScorecardCI Funds® 67

Portfolio Series™ 67

Portfolio Select™ Series 68

Insight® Units/Shares 68

CI Corporate Class 69

Harbour Funds® 70

Signature Funds™ 70

Synergy Mutual Funds® 70

Knight Bain Funds 71

Labour-sponsored Funds 71

CI GIFs (Class A units) 72

CI GIFs (Class B units) 72

CI Segregated Funds 73

Legacy Segregated Funds® I & II 73

Hedge Funds 74

Clarica MVP Segregated Funds 74

Clarica Portfolio Segregated Funds 75

SunWise® I Funds (Basic Guarantee) 77

SunWise® I Funds (Full Guarantee) 77

SunWise® II Funds (Basic Guarantee) 78

SunWise® II Funds (Combined Guarantee) 80

SunWise® II Funds (Full Guarantee) 81

SunWise® Elite (Basic Guarantee) 83

SunWise® Elite (Combined Guarantee) 84

SunWise® Elite (Full Guarantee) 86

89CI Sales Team

March 2009

For more information on CI Investments visit our website @ www.ci.com.

1Formerly CI Global Energy Corporate Class2 Formerly CI Canadian Bond Fund

Spring 2009

Dear Advisor,

As I write this, the Canadian stock market is in an impressive rally, moving into positive territory for the year-to-date. Whether thisMarch was the low point of this cycle is not yet known. Despite the encouraging signs, equity values – and many investors’ portfolios– remain significantly below their levels of a year ago.

So, we continue to face a difficult environment and the demanding task of helping many clients deal with these setbacks. DougTowill, our specialist in advisor professional development, says that today’s environment requires advisors to provide “financialleadership.” Many clients are feeling disillusioned and disappointed, and leadership is required to restore their confidence, regaintheir trust and rebuild their wealth.

CI is here to help you as you deal with these challenges. For example, we are currently staging our spring roadshow, and the responsehas been exceptional. About 4,000 advisors will have attended our presentations in 20 cities across Canada. Our “Road to Recovery”theme emphasizes the need to look forward, despite today’s gloomy economic news.

We are recording the sessions from the roadshow and will be posting them on a dedicated website, www.ci.com/roadtorecovery,along with other resources such as Doug Towill’s presentation, Financial Leadership in Uncertain Times. If you were unable toattend the roadshow, or would like to hear portfolio manager presentations from other locations, please visit the site, which will beavailable in late May. In addition, we continue to post the latest commentaries from our portfolio managers on ci.com under“Staying the Course in Challenging Markets.”

As you know, the events of the past nine months have significantly affected most segments of the financial services industry. Onearea that concerns CI and many advisors is segregated funds. The good news is that segregated funds have performed as expectedthrough the market decline, by helping to preserve clients’ assets and income, in the case of SunWise Elite Plus funds with theGuaranteed Minimum Withdrawal Benefit.

For insurance companies, however, the market volatility has increased the risks and liabilities of their segregated funds business. Thisinevitably means that we can expect changes to the costs, structure and benefits of segregated fund programs. Nevertheless, we arecertain that the SunWise Elite Plus Segregated Funds will continue to offer compelling benefits to your clients, including aguaranteed income for life and the 5% annual guaranteed income bonus.

In closing, I would like to draw your attention to the interview with Alan Radlo, on page 2. Alan and his team have performedadmirably since the launch of the Cambridge Funds just over a year ago. Alan has proven to be a strong addition to our industry-leading lineup of portfolio managers.

I thank you for your support and if you have any questions about our products and services, please contact your CI sales team.

Sincerely,

Derek J. GreenPresident and National Sales ManagerCI Investments Inc.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

PAGE 1 • S PR ING 2 0 0 9 P ERSPECT I V E AS AT MARCH 3 1 , 2 0 0 9

• S PR ING 2 0 0 9 P ERSPECT I V E AS AT MARCH 3 1 , 2 0 0 9

4Will the trillions of dollars pumped into the U.S.economy by the government and the Federal Reservelead to an economic recovery?

Radlo: Since conventional monetary policy measures have been

ineffective in their normal form, the U.S. government and the

Fed have implemented them through direct investment in the

banks. What we are now seeing are the results of this with the

early stages of stabilization in the housing sector – a strength that

will eventually find its way into the broader economic recovery.

That, coupled with the savings consumers are realizing from

refinancing mortgages at lower rates and significantly lower

energy prices, should lead to further strength in the economy.

But, the U.S. banking situation remains very fluid and there is a

lot of manoeuvring going on. Barring any further unexpected

commercial mortgage or credit card problems that may arise, we

are now seeing slow progress in the confidence level of financial

institutions and are beginning to witness a slight strengthening in

bank balance sheets.

We believe that any economic recovery must start with the

financials. Recently, we increased our financial holdings in all

INTERVIEW WITH Alan RadloChief Investment Officer – Cambridge Advisors4

The Cambridge Funds were launched in January 2008 to provide the portfolio management skills of Alan Radlo to Canadian investors.

Though the first 15 months of the funds were marked by extremely difficult financial markets, Mr. Radlo has demonstrated the skill and

experience for which he had become known in his 25-year investment career. The funds have performed well against their benchmarks and

all three are first quartile over one year. In this April 2009 interview, Mr. Radlo discusses the current positioning of his funds. Profiles of the

funds are on pages 41, 52 and 57.

Manager Interview


portfolios to approximately 20%. In the Cambridge Canadian

Equity and Cambridge Asset Allocation funds, we added

National Bank to our existing holdings in Royal and TD. In

Cambridge Global Equity fund, we initiated new positions in

several large foreign banks and insurers, such as Allianz, Credit

Suisse and HSBC Holdings.

4Economists are predicting that sharp increases ininflation will result from today’s stimulus packages.How would inflation affect your portfolios?

Radlo: The massive stimulus package is unlikely to cause sharply

higher inflation because of the current low level of economic

activity, lower energy prices and tighter, more stringent lending

conditions by the banks. We do not believe that the economy will

move directly from being in recession and deflation into reflation

without experiencing a period of recovery where inflation is kept

under control.

4Forecasters expect sharp price increases for energy andother commodities when the economy rebounds. Is nowthe time to start building positions in those stocks?

Radlo: Once the economy starts to rebound, prices are likely to

rise and some inflation will occur, but until the rebound in

industrial and consumer demand is really quite solid, it will be

controlled. In all three funds, we continue to hold commodity-

related positions in companies that continue to build value, even

in an environment of flat commodity prices. In both the

Canadian equity and asset allocation funds, we hold energy

companies, such as Keyera Facilities Income Fund and

Canadian Natural Resources and have exposure to other

commodities through our holdings in Canadian National

Railway. We also hold Keyera in Cambridge Global Equity fund,

as well as Murphy Oil. All three funds are currently underweight

gold and other metals.

4Are there some areas of the market, such as technologyand health care, that are insulated from the effects ofthe recession? What are your views on these sectors?

Radlo: Outside of Research In Motion, there are very few

Canadian stocks in the technology or heath care sectors. Most of

these companies are found in world equity markets. All of the

funds have holdings in the medical and technology field,

predominately in the U.S. Over the past six months, we

significantly increased holdings in pharma, biotech and other

health care sectors. These types of companies will always be able

to sell their products, plus they have good cost containment and

currently represent good value. However, there is a need for

caution in the U.S. health care sector because of potential price

cuts and cost containment measures that could be introduced by

the Democratic administration. Technology is another area

where we have recently been placing an emphasis on selected

technology stocks, such as Microsoft.

4What other companies will do well in the currenteconomic environment?

Radlo: Companies that are expected to do well in this cycle, or

in any cycle for that matter, are those that are low-cost producers

and providers of value-added services that can build value

through solid earnings. It doesn’t matter what industry or sector

these companies are in, since we make no attempt to target a

specific industry. But we have found that solid fundamentals of

one company in a particular industry may also be present in

other companies in the same industry. That is one way that

themes in the portfolio start to take shape in the portfolios.

4What are the themes in the portfolios?

Radlo: Currently, the main themes in the portfolios are financial

services, medical-related stocks and health care, as well as

technology and industrials.


4Recent estimates show that corporate profits are likelyto experience the sharpest and deepest decline in morethan a century. Were there any positive signs amongfirst quarter earnings?

Radlo: We are beginning to see positive corporate earnings out of

the financial sector and more strongly in the technology area.

Medical-related stocks continue to have solid earnings, but there

is a lack of momentum in pharmaceuticals. However, that is

offset by the valuations we are seeing in the sector as a result of

the current wave of takeovers.

4What are the cash levels of the funds, particularlyCambridge Canadian Asset Allocation fund?

Radlo: In April, we lowered the cash position in all three funds

considerably. In addition to the financials, we added Loblaw Cos.

and Microsoft to the portfolios. Both the Canadian and global

equity funds are close to what we consider fully invested, with

cash at approximately 10%. Currently, the asset allocation fund

has a 75% equity content, which includes income-producing

equities.

4How is your global portfolio positioned? Whatcompanies or countries have you been buying recently?

Radlo: The global portfolio is approximately 50% U.S., 14%

Canada and 25% international, which includes Germany,

England, Switzerland and Japan. We feel that the Canadian

companies we own, such as WestJet, Canadian National and

CAE, are world-class and superior to their global counterparts, so

that is why they are held in the portfolio. U.S. equities are diverse

with a heavier exposure to science and technology. The fund is

becoming more global in nature. Recent purchases have been in

industrials and German and Swiss financials, as well as

companies in Japan and Hong Kong.

4When do you expect an economic recovery to occur?What regions and sectors do you think will lead theturnaround?

Radlo: We believe the economic recovery has already begun in

the U.S. While there may be another major bump or two ahead,

which will affect confidence levels, we expect the recovery to

migrate to the rest of the world over the next six to 12 months. As

in the past, global growth in world economies will be leveraged

off of a U.S. recovery.

Thank you Alan.

At CI, we offer a broad and diverse lineup of funds and a wide selection of portfolio managers with strong track records. Our funds andmanagers received additional recognition at 2009 Lipper Fund Awards, announced on April 29, 2009.

About the Lipper awards The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance,relative to peers. Lipper designates award-winning funds in most individual classifications for the three, five, and 10-year periods.

Congratulations to… Signature Canadian Resource Fund, managed by Signature Global Advisors A triple winner – best fund over three, five, and 10 years in the Canadian natural resources equity classification

CI Can-Am Small Cap Corporate Class, managed by QV InvestorsA double winner – best fund over one and five years in the Canadian small/mid-cap equity classification

CI Pacific Fund, managed by Epoch Investment PartnersA double winner – best fund over three and five years in the Asian-Pacific equity classification

CI American Small Companies Corporate Class, managed by Epoch Investment PartnersWinner – best fund over three years in the U.S. small/mid-cap equity classification

CI Japanese Corporate Class, managed by Epoch Investment PartnersWinner – best fund over one year in the Japanese equity classification

CI Global Financial Services Corporate Class, managed by Altrinsic Global Advisors Winner – best fund over one year in the financial services equity classification

CI Global Biotechnology Corporate Class, managed by Trilogy Global AdvisorsWinner – best fund over one year in the health care equity classification

Congratulations to our Lipper Fund Award winners

These comments were made a few days after the S&P 500had posted a devilishly low intra-day mark of 666:

“One striking statistic suggests the magnitude of theopportunity that is before us in restoring our economy to itspotential. Earlier this week, the Dow Jones IndustrialAverage adjusting for inflation according to the StandardConsumer Price Index was at the same level as it was in1966. … While there are many ways that one couldquestion the precise details of this calculation, that themarket would be at essentially the same real level as in 1966when there were no PCs, no Internet, no flexiblemanufacturing, no software industry, our workforce washalf as large as today, and our capital stock was a third aslarge as today, will be regarded (by) some as suggesting thepresence of the sale of the century.”

This was a compelling observation from one of the world’smost influential economists, even discounting the fact thatMr. Summers must now play an official role as a cheerleaderfor the administration’s policies. With many other measuressuggesting that stocks in the U.S. and around the world offerattractive valuations, the fact that real stock prices have beentrading close to levels last seen more than 40 years ago offersan intriguing reason for optimism amid the unrelenting badnews of recent months.

We did, however, have one nagging thought: We wonderedif one of Herbert Hoover’s economic advisors could havemade a similar statement back in 1931, just ahead of furtherbrutal declines in the U.S. stock market. Unfortunately, theanswer is yes. As we show in Chart 1, in October 1931 theU.S. stock market was below its level of June 1886 – 44 yearsearlier – after adjusting for inflation. So one of Hoover’sadvisors indeed could have also called it the “sale of thecentury,” noting that the labour force in 1886 was muchsmaller and that back then they didn’t have radios,automobiles, and so on. That didn’t stop the market fromfalling another 50% over the next eight months.

In any event, Mr. Summers’s key point still holds. Economicpolicy is critical to the outlook for both the economy andfinancial markets. It clearly did not help in the early 1930s thatthe U.S. clung stubbornly to the gold standard even as manyother nations abandoned it, creating a kind of deflationarydoomsday machine while it lasted. It is now widely agreed byeconomic historians (see, for example, Barry J. Eichengreen,Golden Fetters), that the strict monetary regime of the gold

Sale of the Century?

Sale of the Century?Real S&P Composite Index in 2008 U.S. Dollars

Source: Global Financial Data

Logarithmic Scale2,000

1,500

1,000

500

400

300

1875 1900 1925 1950 1975 2000

January 1966

March 2009June 1886October 1931

June 1932(50% Lower than October 1931)

200

150

100

50

Chart 1: In early March, the U.S. stock market was priced at aboutthe same level that prevailed 43 years earlier (adjusted forinflation). A similar comparison could have been made in 1931.


Sterling’s

WorldReport

We were intrigued by comments made

by White House economic advisor Larry

Summers in mid-March, suggesting that the

U.S. stock market was being offered at prices

that made it the “sale of the century” for

investors with a long-term perspective.

standard helped turn the recession of 1929-1931 into theGreat Depression of 1931-1941 by preventing governmentsfrom fighting the recession in a timely and effective manner.

News Flash: These Are Not the 1930s!

It is admittedly rather unsettling that so much economic andmarket commentary has to refer back to the 1930s as areference point for the challenges currently facing the worldeconomy and financial markets. In view of the truly horribleeconomic data posted virtually everywhere in recent months,the current recession is unquestionably the most severeglobal recession in more than half a century.

In the wake of an estimated decline in global GDP at ashocking annual rate of 5% in the fourth quarter of 2008,international officials now project the first annual decline inglobal output in 60 years. Recent official 2009 forecasts nowdiffer only in their degree of severity: (1) the IMF expects theglobal economy to contract by 0.5% to 1.0%; (2) the WorldBank projects a global contraction of 1.7%; and (3) theOrganization of Economic Cooperation and Developmentprojects a global contraction of 2.7%.

We also believe that most analysts would agree with the keyrisk to the global outlook as articulated by the IMF: “Delays

in implementing comprehensive policies to stabilizefinancial conditions would result in a further intensificationof the negative feedback loops between the real economyand the financial system, leading to an even deeper andprolonged recession.” This warning takes on even greaterurgency in the wake of the political firestorm caused by AIG’sbonus payments. Policymakers now fear that if anotherfinancial brush fire breaks out, a populist Congress might justlet the fire rage.

Despite such risks, we think it is worth calling attention to arather obvious fact: These are not the 1930s! Policymakers arenot standing by and letting thousands of banks collapse orpermitting the money supply to fall by 25%. The G20 nationshave announced fiscal stimulus measures worth nearly 2% oftheir collective GDP for 2009 and nearly 1.5% for 2010. Thereis no gold standard to prevent central banks from fightingrecession with aggressive monetary easing. The U.S. and theU.K. have embarked on radical quantitative easing measures.Central bankers in Japan, Canada and other regions, perhapseven Europe, are moving toward more radical monetarymeasures as well. Economist Ed Hyman of ISI Groupestimates that there have been over 450 recession-fightingpolicy initiatives announced around the world in the last sixmonths, more than four times as many as in the previous sixmonths. The most telling illustration of how today is differentfrom the 1930s is in Chart 2, which shows the recent massiveexpansion of the balance sheet of the U.S. Federal Reserve – atrend that is slated to continue in coming months.

Thus, an unprecedented shock to the world economy is beingmet with an unprecedented policy response, which is a keyreason for optimism. It remains to be seen whether thecurrently planned measures are sufficient to generate a self-sustaining recovery. But we believe that the Fed is determinedto continue with both “credit easing” in the form of targetedprograms to restore credit flows, and “quantitative easing” inthe form of expanding its liabilities (in effect, “printingmoney”). If the move from a balance sheet of US$800 billionlast August to $3.5 trillion in a few months is not sufficient,more quantitative easing should be forthcoming.

Fed Balance Sheet Heading to $3.5 Trillion?Total factors supplying reserve funds, end of period (Millions of $US)

Source: U.S. Federal Reserve Board, Trilogy Global Advisors

0

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

‘94 ‘96 ‘98 ‘00 ‘02 ‘04 ‘06 ‘08 ‘10

Chart 2: Recent announcements by the U.S. Federal Reserve systempoint to a Fed balance sheet that may approach $3.5 trillion by mid-2009, up dramatically from its mid-2008 level.


Sterling’s

WorldReport

An Inventory Boomerang?

We would also note that much of the violence of the globaldownturn in recent months appears to be rooted in a massiveinventory correction. As firms found themselves surprised bythe downturn in demand in the fourth quarter, theyresponded promptly with huge inventory reductions. Thecorresponding drop in output was clearly exacerbated by adrying up of trade financing, which led to a collapse in globaltrade. We also saw a synchronized decline around the worldin purchases of consumer durables and capital goods asconsumers and businesses responded to the massive increasein global uncertainty.

In recent months, however, global output has been fallingmuch faster than global demand, as we show in Chart 3.Even in a world of “just-in-time” inventory management, itappears that many firms have run down their stock ofinventories to bare-bones levels. Accordingly, it will not takemuch of an improvement in final demand to create aboomerang effect based on inventory restocking as the yearprogresses. Such inventory restocking effects can havesurprisingly powerful impacts on output, industrial pricingpower, and corporate profits. In other words, the veryviolence of the downturn in recent months has increased the

odds for a V-shaped economic and stock market recovery asthe year progresses. That’s because it has set the stage for aninventory rebound and has frightened policymakers intoproviding unprecedented stimulus.

With rates on 30-year fixed mortgages having fallen recentlyto 4.8%, there is even some reason to hope that the U.S.housing market may finally be close to reaching a bottom.Following months of sharp declines, home prices havebecome quite reasonable relative to household incomes inmany parts of the country. As shown in Chart 4, America’shousing affordability index has now soared to the best level inmany decades. That should help establish an improvementin housing turnover and a bottom for house prices in thespring and summer of this year. Since the U.S. housingmarket was Patient Zero of the global economic epidemic,this is good news indeed.

Some other hopeful signs include better-than-expected retailsales and durable goods orders in the U.S. in recent months,a stabilization of business sentiment indicators in Europe,indications that industrial production may rise in Japan,China and other Asian nations over the next few months, andthe recent rally in global stock markets, especially incyclically sensitive sectors like materials, energy, industrialsand emerging markets. While none of these “green shoots”provides any assurance of economic recovery later this year,they must all give pause to those who expect a deeper andmore prolonged recession (or worse).

But What about the Banks?

Of course the perilous state of many U.S. and Europeanbanks remains an important wild card for the global outlook.It is easy to argue that more than $1 trillion of new debtwritedowns may be needed on top of the $1.3 trillion thathave been announced to date. That would effectively meanthat many major banks are insolvent “zombies” that will beincapable of making positive contributions toward globaleconomic recovery.

Source: Barclays Capital, Datastream

Global Output is falling much faster than sales

-16

-12

-8

-4

0

4

8

Global Retail SalesGlobal Manufacturing Output

‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08

Chart 3: Global output is falling at a much faster pace than retailsales, which could be setting the stage for a surge in inventoryrestocking once final demand stabilizes.


Accordingly, many influential commentators continue toargue for aggressive programs of bank nationalization. Thosewho combine a high degree of self-regard for their gift ofprophecy with a limited appreciation of financial history alsoargue for imposing severe losses on bank debtholders – evenif that risks another shock larger than Lehman’s bankruptcy.Some bolster such arguments with theoretical calculationsthat suggest repairing the health of the global economy andfinancial system would require short-term interest rates ofnegative six percent. In a world where interest rates cannotfall below zero, the argument is that bank nationalization isthe only viable option.

In contrast, supporters of the Obama administration’scurrent policy believe that there is a viable substitute fornegative interest rates, even if it has the politicallyunpalatable effect of making financial institutionsprofitable again. This policy involves massive quantitativeeasing combined with targeted measures to boost risky assetprices (and lower risky loan rates, most notably mortgagerates). In every other postwar business cycle, massive Fedeasing has accomplished this goal through reductions inshort-term rates that steepened the yield curve. Suchinterest rate cuts temporarily penalized savers, but suchpolicies also permitted financial institutions to effectively

mint money by borrowing short-term funds at low rates andusing those funds to make loans with very generousmargins.

In the colourful words of the late economist Hyman Minsky,this process historically permitted “parades of walkingzombies” in both financial and non-financial sectors to wakefrom the dead and enable a resumption of economicgrowth. Specifically, successful implementation of theGeithner-Bernanke reflation plan should mean a virtuouscircle by which bank writedowns are replaced by asset pricemarkups, while downward revisions to economic growth arereplaced by upward revisions, and so on. Unless derailed byfurther political shocks, we believe the global economy isclose to a “Minsky moment,” where the process of financialshock therapy will have its desired effects. And the morecentral banks that join in this process, the higher thelikelihood of success.

If we are correct in this assessment, it means that stocksshould outperform bonds, inflation fears will replacedeflation fears, currencies of the most aggressive centralbanks will weaken relative to the laggards, while allcurrencies may weaken relative to gold and othercommodities. If we are incorrect, then hopeful comparisonsof the Obama Administration to that of Franklin DelanoRoosevelt may be replaced by more dour comparisons to thatof Herbert Hoover. Against that rather binary assessment, inour portfolios we are emphasizing companies that will enjoyoperating leverage from a global economic recovery, buthave the balance sheet strength to survive deeper and moreprotracted recession.

William SterlingChief Investment OfficerTrilogy Global Advisors, LLC

60

80

100

120

140

160

180

Composite Housing Affordability Index

Source: National Association of Realtors/Haver Analytics

‘75 ‘80 ‘85 ‘90 ‘95 ‘00 ‘05

Chart 4: Housing has become dramatically more affordablerecently. Lower prices and record low mortgage rates should helpU.S. home prices bottom out sometime around mid-2009.


Sterling’s

WorldReport

PA G E 1 0 • S P R I N G 2 0 0 9 P E R S P E C T I V E A S AT M A R C H 3 1 , 2 0 0 9

40

20

0

–20

–40

100% Return

80

60

–1.6% –1.3%

6.0%

–1.4%

2.8%8.7%

–5.0%

12.3%7.7% 9.8%

14.7%

–7.9%

14.7%

–8.5%

–0.1%

14.6%

22.9%

–10.3%

33.2%

52.7%

43.1% 44.1%

28.0%

60%stocks

40%bonds

After 3 years After 5 yearsAfter 1 month After 6 months After 1 year

Portfolio78.9%

18.3%

October 1987:Stock market crash

August 1989:U.S. savings and

loan crisis

September 1998:Long-Term Capital

Management’s bailout

March 2000:The dot-com crash

September 2001:Terrorist attack on U.S.

All values are represented in CAD. Past performance is no guarantee of future results. Returns reflect the percentage change in the index level from the end of the monthin which the event occurred to one month, six months, one year, three years and five years after. This is for illustrative purposes only and not indicative of any investment.An investment cannot be made directly in an index. © 2008 Morningstar, Inc. All rights reserved.

Canadian Market RecoveryAfter Financial Crises

During financial crises, stock prices suffer. However, they typically recover over time.

TOOL KIT STRATEGY

1 • S PR ING 2 0 0 9 P ERSPECT I V E AS AT MARCH 3 1 , 2 0 0 9

During financial crises, stock prices suffer. However, they typically recover over time.

These images illustrate the cumulative returns of a balanced

(60% stock/40% bond) portfolio after five historical financial crises. In

the short term, uncertainty from such external shocks can create

sudden drops in value. For example, the portfolio posted a negative

return one month after the October 1987 stock-market crash. Over a

longer period of time, however, returns were much more attractive,

and investors who stayed the course reaped considerable rewards.

Fear and uncertainty might lead investors to sell their investments

during tough times, putting downward pressure on prices. Trading

based on these emotions can be detrimental to a portfolio’s value. By

selling during downward price pressures, investors might realize

short-term losses. This is compounded as investors wait and hesitate

to get back into the market, possibly missing some or all of the

potential recovery. The lesson here is that patience can pay dividends.

Diversification can also limit losses during turbulent market

conditions. The dot-com crash in 2000 resulted in a loss for the

portfolio. However, it was less severe one year and three years after

the crisis. Moreover, after five years, the portfolio had generated a

28% gain. One of the main advantages of diversification is reducing

risk, not necessarily increasing return, over the long run. A diversified

portfolio can help mitigate extreme swings in value.

Government bonds are guaranteed by the full faith and credit of

the Canadian government as to the timely payment of principal and

interest, while returns and principal invested in stocks are not

guaranteed. Stocks have been more volatile than bonds.

Diversification does not eliminate the risk of experiencing investment

losses.

About the data

Stocks in this example are represented by the S&P/TSX Composite

Index. Bonds are represented by a Morningstar-calculated total return

series for the Scotia Capital 10+ year government bond until

December 2006 and the Citigroup Canada 10+ year government bond

thereafter. Calculations assume monthly data. The data assumes

reinvestment of all income and does not account for taxes or

transaction costs. For the U.S. savings and loan crisis, August 1989

was chosen because that was the month the Financial Institutions

Reform, Recovery and Enforcement Act of 1989 was signed into law.

For Long-term Capital Management’s bailout, September 1998 was

chosen because that was the month the hedge fund was bailed out by

various financial institutions.

©2007 and earlier, Morningstar, Inc. All rights reserved under the International, Universal, and Pan American Copyright Conventions. No part of thisgraphic may be reproduced, stored in a retrieval system or transmitted, in any form or by any means — electronic, mechanical, photocopying,recording, videotape, or otherwise without the prior written permission of Morningstar, Inc.


TOOL KIT STRATEGY

Stay up to date with CI Investments

CI remains committed to supporting youduring these difficult times with the rightinvestment solutions and strategies. Wealso believe it is important to provide up-to-date information from our portfoliomanagers – their views on the marketsand how are they positioning theirportfolios.

You can find this information is oneconvenient location – our “Staying theCourse in Challenging Markets” page.Simply go to www.ci.com, and click on“Staying the Course in ChallengingMarkets” under What’s New.

Here you will find:

• The most recent commentary from ourPMs, including written comments,presentations and conference calls.

• Materials to use with your clientsproviding long-term perspective oninvesting and the markets.

Information about our portfolio managersand their commentaries can also be foundon the manager mini-sites. Go to ci.comand click on the manager logo on thehome page.

Staying the Course inChallenging Markets

TOOL KIT STRATEGY

PAGE 1 3 • S PR ING 2 0 0 9 P ERSPECT I V E AS AT MARCH 3 1 , 2 0 0 9

The theme for this year’s spring roadshow from CI Investments was theRoad to Recovery. We presented timely information to help you deal withthe current environment and to prepare for a turnaround.

Over 4,000 advisors attended, and we have had tremendous positivefeedback from across the country. As a result, we are creating a websiteto host the presentations and other resources. It will includepresentations from CI and these portfolio managers – Signature GlobalAdvisors, Tetrem Capital Management, Epoch Investment Partners andAltrinsic Global Advisors. This site will be available in late May.

CE credits will be available through the site.

Go to www.ci.com/roadtorecovery.

Investment Par tners

ALTRINSICG L O B A L A D V I S O R S


COMMENTARY

Signature Global Advisors

From last fall until the early part of this year, credit markets

were effectively closed because many people believed there

would be a number of liquidity-based insolvencies and a

spike in bankruptcies. But, as different channels within the

capital markets – bank lending, debt and equity – gradually

reopen, this risk is diminishing. The first chaotic chapter of

this credit shock has now ended, and the markets are

beginning to stabilize. We’re clearly on the path to recovery.

The banks

In the last few years, when capital and risk seeking were

abundant, banks sought to increase returns not only from high-

yield debt and securitizations, but also from risky geographies.

Global financial institutions such as Citibank and Royal Bank

of Scotland poured billions of dollars into emerging markets.

But now banks are now retrenching and their new masters –

the governments of their home countries – are looking for a

political and economic return on their investment.

Banks are shrinking, deleveraging and withdrawing from

foreign countries to concentrate on their domestic markets.

Governments and their regulators now feel that banks need to

be reduced into smaller entities that are easier to manage and

to supervise. This retrenchment will be going on for some

time and is resulting in less capacity and fewer providers. As a

source of capital, the banks are in disarray, so don’t expect

them to be a driver of growth in the near term.

Public debt and equity markets

In contrast to the banks, the public credit markets have

proven to be resilient. The U.S. commercial paper market

was effectively restarted when the Federal Reserve stepped

in and provided US$300 billion in backing. Since January,

in corporate debt markets, there have been US$450 billion

of U.S. high-grade bonds issued, US$30 billion in low-grade

bonds and another 15 convertible bond deals. A revival that

started with A-rated paper is now moving along the risk

spectrum as investors take advantage of high yields.

At Signature, we believe that when the banks and others

have pulled back, there are many attractive opportunities

for us to step up and be the lender. Investment-grade

corporate bonds, for example, are offering compelling

spreads over government bonds of 8% to 10%, and we have

been boosting our corporate bond holdings in a number of

fixed-income and balanced funds.

During 2006 and 2007, many companies “de-capitalized.”

Record low corporate bond spreads gave companies an

incentive to borrow for acquisitions, to pay special dividends

or do large share buybacks. It seemed like the right thing to

do at the time because the cost of credit was cheap, but

things have changed.

Companies with the biggest problems today are those that

have made acquisitions over the past 24 months that were

financed with lines of credit or term funding. Whether it’s

Precision Drilling, Teck Cominco or CP Rail, these

companies didn’t secure longer-term financing, so they

have come into this downturn with the wrong capital

structure and too much debt.

COMMENTARY

This year, companies like that and others are being forced

to “recapitalize” by issuing equity, cutting dividends and

divesting assets to shore up their balance sheets. Another

one of our investment themes is that 2009 will be the year

of the “recap.” There are going to be many of interesting

opportunities for buyers like us who have the cash to buy

shares and other assets at discounted prices from distressed

sellers. For example, Dutch bank ING Groep was forced to

divest its Canadian insurance subsidiary in February, and

buyers such as Signature drove a hard bargain.

This process is being assisted by the normalization of equity

markets, particularly in countries with stronger banking

systems. There were successful equity issues in Australia in

November, and in Canada, there were more than

$10 billion in deals in December. The U.S. equity market

remained closed until the middle of March, when two issues

– Johnson Controls and Alcoa – were oversubscribed in a

single day. That restarted the U.S. equity market. Since then

there has been activity in sectors from utilities to financials.

What it means for Signature

Here are some examples of how we are positioning our

funds to take advantages of the opportunities in this market.

There continues to be a strong appetite for income, and this

will support higher-yielding common stocks with low risk

profiles. We expect a rebound in the preferred share

market, which suffered in recent months from the general

market decline and a massive supply of new issues from the

banks, as they shored up their capital bases.

As we said earlier, demand is growing for corporate bonds,

and we are finding atractive yields plus the potential for

capital gains. This includes investment grade and, in

moderation, high yield. We are also prepared to take

advantage of “recap” situations and have identified

companies in each sector where we would be interested in

participating in a deal.

We expect continued volatility and the health of the global

banking system remains a concern. But the financing

window is staying open and we believe the worst is over for

the capital markets. And, as companies get access to capital,

their psychology will change from from cutting and

retrenchment, to seeking renewed growth.

This is a summary of a roadshow presentation by Eric

Bushell, Chief Investment Officer of Signature Global

Advisors. The full presentation will be made available at

www.ci.com/roadtorecovery.

Managers: Eric Bushell, James Dutkiewicz, Joe D’Angelo,

Paul Simon, Scott Vali, Malcolm White, John Shaw,

Massimo Bonansinga, Drummond Brodeur,

Stephane Champagne, Geof Marshall, Rui Cardoso,

Bill Vieira and John Hadwen

Analysts: Yvonne Lau, Ryan Fitzgerald, Hoa Hong,

Jeremy Yeung, Brad Benson, Leanne Ongaro,

Kevin McSweeney and Emmanuel Nault


COMMENTARY

CI Investment Consulting

Stock markets rallied sharply in March, with the primary

catalyst being the announcement by the U.S. government

that it would partner with the private sector to purchase banks’

toxic assets, as well as expand other programs in support of the

financial system. Momentum continued to grow on better-

than-expected economic data and loosening credit markets.

Major global markets rebounded 15% to 20% from their lows

of early March, but were still in negative territory for the

quarter as a whole.

The return of positive investor sentiment was brought on by a

number of reasons, in addition to government programs to

ensure banks had capital and access to funding. The

corporate bond market returned to life in January, with many

U.S. investment-grade issues being well received, which led to

the high-yield corporate bond market opening up again. The

positive response to the new corporate issues provided

reassurance to many investors who had been waiting for signs

that the market was stabilizing before deploying cash. A

healthy credit market, including a functioning bond market,

is the first step in recovery, so the progress in the first quarter

gives reason to be cautiously optimistic.

The consensus view among economists is that the U.S.

economy will start recovering by the end of this year, or early

in 2010. Our managers believe that may be probable, but it

will depend on the success of global fiscal and monetary

stimulus programs. Early signs of stabilization in economic

data, especially in China and the U.S., may have played a role

in quelling nervous investor expectations and allowing stock

markets to bounce sharply off their early March lows. Rational

investors – those who make investment decisions and not

emotional decisions – likely will return to the markets before

the global economy begins to turn around.

The S&P/TSX Composite Index declined 2.0% during the

quarter, while the MSCI World Index fell 9.2% in Canadian

dollar terms. U.S markets, as measured by the S&P 500 Index,

were down 8.4% in Canadian dollar terms on the quarter.

Canadian markets benefited from the relatively strong

financial position of our banks compared to global banks, and

our market’s significant weightings in energy and other

commodities, which outperformed over the three months.

Fund performance

The Portfolio Series and Portfolio Select Series funds posted

negative performance during the quarter, but generally

outperformed their benchmarks and many competitors. This

was because the portfolios held fewer financial stocks and

avoided the major U.S. and European banks. Energy holdings

such as Suncor and Petro-Canada provided positive returns as

the two firms announced a merger and oil prices rose above

US$50 a barrel in March from a low of US$34 in February.

Relative to market indexes, our portfolios have performed well

over this past year, but the decline in global markets has been

so deep and broad-based that all asset categories, with the

exception of government bonds, have been dragged down.

Outlook and fund positioning

The managers used the market weakness in the early part of

the year to reposition their portfolios. Several of our equity

management teams, including Tetrem Capital Partners and


Harbour Advisors, were active buyers in the market. This

resulted in increased exposure to energy and information

technology. Our funds continue to have an overweight

exposure to defensive sectors such as health care and

consumer staples and an underweight exposure to financials.

In the fixed-income portion of the funds, the exposure to U.S.

government bonds was reduced and reallocated to larger

positions in corporate bonds and inflation-indexed bonds.

Our managers believe there is a mispricing in the fixed-

income markets because of the flight to safety last fall. As a

result, we expect corporate bonds to significantly outperform

government bonds going forward.

The outlook for both the global economy and capital markets

will be greatly impacted by policy action. The recent G20

conference highlights the coordinated efforts by global

policymakers to bring stability to the financial system.

Unconventional policies are being pursued by central banks,

international agencies and governments, and these policies

will influence asset prices.

Our managers are beginning to see evidence of the bottoming

of the severe inventory cycle that has produced a steep decline

in industrial production throughout the global economy. This

will give companies greater visibility into final demand and

reduce the level of uncertainty, which has paralyzed business

activity. Growth in coming quarters will be sub-par, but world

economies will begin to demonstrate signs of recovery in the

coming months and investors are perhaps underestimating

the coming positive effects of the massive monetary and fiscal

stimulus being applied by governments around the world.

Alfred Lam, Vice-President

CI Investment Consulting

COMMENTARY


CI Investments congratulates Portfolio Manager Gerry Coleman of Harbour Advisors

for being named Morningstar Fund Manager of the Year for 2008. The award is the

latest recognition for Mr. Coleman and the Harbour team, who have achieved solid

long-term returns for investors.

The fact that Mr. Coleman also won this prestigious award in 2001 speaks to his

discipline and consistency as an investment manager. Two Harbour funds were also

winners in their categories in 2008 – making each fund a two-time winner. Harbour

Fund was the top fund in the Canadian equity fund category, which it also won in

2002. Harbour Growth & Income Fund was the winner of the Canadian balanced

fund category in 2008 and 2006.

Harbour’s expertise is also available in two global funds: Harbour Foreign Equity

Corporate Class andHarbour Foreign Growth & Income Corporate Class.

Portfolio management you can trust

For more information, please visit www.ci.com.

Harbour Fund and Harbour Growth & Income FundThe past three months saw minor declines in the net asset

value of both Harbour Fund and Harbour Growth & Income

Fund. However, in relative terms, our results were

considerably better than the major stock market benchmarks.

At the end of March, Harbour Fund was 91.7% invested in

common stocks (Canadian stocks 48.7%, foreign stocks

43.0%), while the fund’s cash and equivalent position stood at

8.3%. Harbour Growth & Income, in contrast, was 72.8%

invested in common stocks (Canadian stocks 43.1%, foreign

stocks 29.7%), with an unchanged bond position from the

previous quarter of 4.4% and a cash reserve position of 22.8%.

During the first quarter, we were reasonably active in both

portfolios, with virtually all our efforts concentrated on the

purchase side of the ledger. Examples of where we added to

existing positions included Cameco, Canadian Oil Sands,

General Electric, Manulife Financial, and Microsoft. We also

established two new Canadian holdings, ING Canada and

Royal Bank of Canada, and three new foreign holdings:

Caterpillar, Cummins and Procter & Gamble. All five new

holdings presently represent small “marker” positions. It has

yet to be determined whether after further research, we will be

comfortable expanding these holdings. In the case of Royal

Bank, we fortuitously liquidated our previous holding in the

bank in September 2008 when the shares were trading around

$48-49. We began to re-establish our holding in Royal Bank

in the latter part of February, when the shares were trading in

the $26 price range. The only notable sale activity was the

elimination of our small holding in Class B shares of AGF

Management.

A thumbnail sketch of each new holding follows:

• Caterpillar, headquartered in Peoria, Illinois, is the world’s

largest manufacturer of earth-moving equipment. Major

markets are road building, mining, petroleum, agriculture,

logging, and general construction. Its products include

tractors, graders, scrapers, loaders, compactors and

off-highway truck engines. Foreign sales account for

roughly 60% of the total.

• Cummins, headquartered in Columbus, Indiana, designs,

manufactures, distributes, and services diesel engines for

the heavy-duty, medium-duty and light-duty truck, bus,

auto, and industrial markets, electric-power generation

systems, and engine-related components. Cummins is

also a true multinational company, serving customers in

over 150 countries around the world. Foreign sales

comprise over 50% of the total.

• ING Canada, headquartered in Toronto, is the leading

property and casualty insurer in Canada. Its focus is chiefly

on personal lines and small-to-mid sized businesses, with

the bulk of products distributed through its broker channel

and the remainder through direct distribution.

• Procter & Gamble, headquartered in Cincinnati, Ohio, is

a powerhouse multinational manufacturer of detergents,

soaps, toiletries, foods, paper and industrial products. Well-

known brands include Olay, Head & Shoulders, Pantene,

Downy, Tide, Bounty, Pampers, Pringles, Gillette, Braun,

and Duracell.

• Royal Bank of Canada, headquartered in Montreal, is

Canada’s largest chartered bank. Royal has over

1,700 branches, 5,000 ATMs, and some 400 offices in over

30 foreign countries. Total assets currently exceed

$700 billion.

While the stock market has rallied sharply in recent weeks,

the relative attractiveness of stocks versus bonds remains in

favour of stocks, in our view. Bond yields remained near

COMMENTARY

Harbour Advisors


historically low levels during the past quarter; however,

benchmark 10-year Government of Canada yields did rise

from 2.21% to 2.67%, while benchmark 30-year term

Government of Canada bonds saw their yields rise from

2.68% to 3.54%. At this time, price inflation is certainly not an

issue for the economy, or the bond market; nonetheless, we

expect higher rates of inflation in two to three years’ time, as

world economies recover, which will result in higher future

yields.

It now appears that the stock market lows experienced in

March 2009 will likely hold. We remain pleased with the

significant buying we did in final quarter of 2008, when we

significantly boosted our equity holdings, drawing down our

then large cash reserve positions of some 22% in Harbour

Fund and 33% in Harbour Growth & Income.

In closing, we continue to feel that world economies will

begin to demonstrate signs of recovery in the coming months

and believe that investors are perhaps underestimating the

coming positive effects of the massive monetary and fiscal

stimulus being applied by governments around the world. As

always, at Harbour, we endeavour to populate our portfolios

with best-of-breed companies and discipline ourselves to get

involved only when such are trading at attractive valuations.

Harbour Foreign Equity Corporate Class andHarbour Foreign Growth & Income Corporate ClassFor the leading stock markets of the world, the first quarter of

2009 can best be described as a roller-coaster ride. While the

Harbour foreign funds both ended the period with modest

declines in their net asset values, in relative terms we fared

quite well.

The optimism that was present during the first few trading

sessions of the year quickly evaporated, sending global stock

markets into a steady downward slide that lasted through the

first week of March. During this period, the market lows of

late 2008 were tested and breached. Fortunately, many of the

stocks owned within our portfolios did not set new lows during

this period, which served to reinforce the strong buying

initiatives we undertook during the latter months of 2008. And

while we are certainly not out of the woods yet in terms of the

current economic slump, we continue to feel very good about

our recent buying spree.

At quarter-end, Harbour Foreign Equity was 93.3% invested in

common stocks, with the remaining 6.7% held in cash and

equivalents. The geographic exposure was as follows: U.S. (16

companies) 36.6%, Western Europe (10 companies) 29.6%,

U.K. and Ireland (five companies) 14%, Asia-Pacific (four

companies) 9%, and Brazil (one company) 4.1%. Harbour

Foreign Growth & Income was 69% invested in common

stocks (with a similarly proportional geographic exposure),

and 11.2% in bonds. The remaining 19.8% was held in cash

and equivalents.

Activity was brisk within the two portfolios during the quarter.

The massive market movements provided us with

opportunities as both a buyer and a seller. We took advantage

of some very strong price advances to trim weightings in a

handful of holdings, including Anadarko Petroleum,

American Eagle Outfitters, Petrobras, Ross Stores, and Rio

Tinto. In contrast, we selectively and opportunistically

boosted weightings in others, including Baldor Electric,

Discover Financial, General Electric, Microsoft and Nestlé.

We are also very excited to announce the addition of five new

holdings that were initiated during the quarter: Alcon,

Covance, CVS Caremark, Mitsubishi, and Oracle. A brief

description of each company follows:

• Alcon, headquartered in Hunenberg, Switzerland, is the

largest specialized eye-care company in the world. It is

involved in three core businesses: pharmaceuticals for eye

diseases such as glaucoma; ophthalmic surgical products;

and consumer vision care, including contact lens care

products and eye drops to treat allergies. Alcon, which

distributes its products in more than 180 countries

worldwide, is 52% owned by Nestlé and 25% owned by

pharmaceutical company Novartis.


COMMENTARY

• Covance, headquartered in Princeton, New Jersey, is one

of the world’s largest and most comprehensive contract

research organizations serving both the global

pharmaceutical and biotechnology industries. The

company provides an extensive array of services and

solutions that extend from the pre-clinical phase through

to drug commercialization. Covance has operations in

more than 20 countries and it manages the world’s largest

central laboratory network.

• CVS Caremark, headquartered in Woonsocket, Rhode

Island, is the only fully integrated pharmacy health-care

company in the United States. CVS combines the largest

drug store chain in America with one of the country’s

largest pharmacy benefit managers. It fills more than one

billion prescriptions per year and has a retail footprint of

over 6,900 stores in 40 states.

• Mitsubishi, headquartered in Tokyo, Japan, is the largest of

the Japanese conglomerates or trading companies. With

more than 500 subsidiaries and affiliates, the various

Mitsubishi businesses span the globe and cover a broad

spectrum of industries, including mining, energy,

machinery, chemicals, transportation equipment,

commerce, textiles, construction, food and packaging.

• Oracle, headquartered in Redwood City, California, is the

world’s largest enterprise software company. Oracle

develops, manufactures, markets, distributes and services

database and related software applications that allow

customers better ways to access and manage information at

a lower total cost of ownership. The company is highly

profitable and generates over 50% of its revenue from

outside the U.S.

We continue to believe that the sovereign bond markets of

the developed world offer little appeal over the next few

years. When compared to broad-based equity valuations,

government bonds appear deeply overvalued at current yield

levels. Dividend yields alone are higher than the yields of the

respective 10-year notes in most markets, not to mention the

attractive long-term capital appreciation potential offered by

today’s depressed stock valuations. Relative to government

bonds, stocks remain the overwhelming investment of choice

when looking over the medium term. We are not, however,

ignoring the higher yields available within the corporate bond

market. Select opportunities may allow us to increase our

overall bond exposure within Harbour Foreign Growth &

Income with some high-quality corporate credits. Our focus is

largely high-graded securities (A rated or higher) and on

credits where we can leverage our extensive equity research.

Looking back on the purchases we made over the past several

months, we remain convinced that the Harbour foreign funds

are positioned extremely well to ride out the current

economic troubles and prosper when the major economies of

the world regain their footings. Harbour Foreign Equity has

never been positioned as well as it is today. We continue to

own good-quality, well-managed, financially sound global

businesses with exciting long-term growth prospects – but

never have we seen such businesses valued as inexpensively as

we have in recent months. This reality forms the foundation

of our long-term optimism.

Managers: Gerry Coleman, Stephen Jenkins

Analysts: Douglas Cooper, Phil D’Iorio, Robert Durfy,

Jared Spice, Aleksy Wojcik

COMMENTARY


Synergy Asset Management

Global equity markets extended their 2008 declines into the

first quarter of 2009. However, the past three months offered

an illustration of the emerging clash we have been

highlighting between massive bearish and bullish forces. The

bearish forces include de-leveraging, consumer retrenchment

and weakness in the banking sector, while the bullish forces

include record fiscal and monetary stimulus combined with

deeply oversold capital markets.

The bearish forces were clearly apparent in the first quarter,

with negative headlines contributing to large equity market

declines, including significant job loss reports and AIG

announcing the biggest quarterly loss in U.S. corporate

history. However, after trading down 26% by early March, the

S&P 500 Index then advanced 21% in 14 trading days – the

biggest gain over a period that size since 1938, according to

Standard and Poor’s. When all was said and done, the MSCI

World Index ended the quarter down 10.6% (9.2% in

Canadian dollars), while Canada’s S&P/TSX Composite

Index fell 2.0%.

Early signs of stabilization in economic data, especially in

China and the U.S., may have played a role in quelling

nervous investor expectations and allowing stock markets to

bounce sharply off their early March lows. U.S. retail sales

have been positive for two months in a row, while U.S.

durable goods orders increased for the first time since July.

Even new home sales in the U.S. rose on a month-over-

month basis for the first time in seven months. Various

commodity prices are also improving. Overall, the news on

the global economy is not great, but the world is probably past

the most intense declines of this recession. Chart 1 from the

Bank Credit Analyst summarizes data from the past six bear

markets corresponding to the past six recessions, excluding

2000-2002. In these recessions, stocks bottomed somewhere

between two and six months before the economic contraction

ended. This analysis may not have held up in the 2000-2002

recession due to the unusual factors of the 9/11 terrorist

attacks and corporate scandals. Stock markets generally look

beyond the valley of recessions, with improving rates of

change in bad economic data suggesting a better outlook for

stock markets.

Stock markets may be susceptible to some profit-taking

following their recent gains, especially since investors must

deal with imminent obstacles such as daunting first quarter

earnings releases and cautious 2009 guidance, as well as the

outcome of U.S. banking system stress tests. Any weakness

should be viewed as a test of whether the recent market

strength is more enduring than other rallies of the past six

months. Stronger markets will likely require some actual

COMMENTARY

S&P 500 Index and Economic Recessions

150

140

130

120

110

100

150

140

130

120

110

100

*Includes bear markets of 1957, 1960, 1970, 1974, 1982 and 1990.S&P 500 is rebased to 100 at bottom.**Institute for Supply Management.

6

4

2

0

60%

56

52

48

44

40

Ann% ChgPrevious U.S. Recession Cycles*S&P 500 (LS) Real GDP (RS)

Composite Index (RS)S&P 500 (LS) ISM* Manufacturing

Source: BCA Research

Chart 1: In the six most recent recessions (excluding 2000-2002), the stock market began its recovery well before the economy turnedaround, as shown by changes in real GDP and the ISM ManufacturingComposite Index.


“good” economic and earnings news as opposed to just “less

bad” data. We think this may occur sooner rather than later

and, when combined with attractively priced stocks and the

massive buying power currently on the sidelines, should lead

to continuing gains for equity investors this year.

Why might there be more short-term buoyancy in the

economy than expected? First of all, the bar has been set very

low today with comparisons to the Japanese deflationary

environment of the 1990s, the stagflationary environment of

the 1970s or even the Great Depression of the 1930s. While

the current economy must adjust to the purging of

tremendous excesses from the system, there are massive and

unprecedented fiscal and monetary measures being taken by

the world’s governments and central banks to help counteract

this. Aggressive monetary policy has led to short-term interest

rates being slashed towards zero and central bankers have

embarked upon quantitative easing (“printing money”) to

provide further stimulus. The U.S. Federal Reserve’s balance

sheet, in particular, has been expanded with numerous new

initiatives directed at replacing the “shadow banking system”

that was decimated by the credit crunch. Mortgage rates in

the U.S. have fallen significantly, which is helping to push

housing affordability to its best levels in decades.

One other very promising development that could benefit the

economy in the near term is the inventory replenishment

cycle. When the financial crisis hit home and stock markets

collapsed last fall, most businesses began cutting inventory to

reduce costs and improve their flexibility. This contributed to

a general sense that the economy had ground to a halt, as

businesses waited to see what would happen. Chart 2 shows

the resulting gap between consumption growth and output

growth in the U.S. economy. Consumption growth is

stabilizing, but output growth has plunged as inventories

continue to be depleted. The difference between these two

forces is at an extreme last seen during the 1974 recession.

Unless there is another leg downward in demand very soon,

this condition will soon give way to at least some recovery in

production. As manufacturers boost their output, it helps to

stabilize income and employment, which provides an

additional boost to final demand. Eventually, this process

leads to other follow-on effects such as higher confidence

levels and increased risk-taking behaviour, which should

contribute to further gains in stock markets.

If economic expectations stabilize and improve, then the

stock market’s depressed valuation measures are likely to

rebound as well. Equity valuations are attractive on a number

of measures. Price/earnings ratios are excessively low when

compared to government bond yields. The high dividend

yields available in equities today are very attractive when

compared to corporate bond yields, even at a time when

corporate spreads are considerably higher than usual. Stock

market capitalization compared to the size of the economy

has contracted towards the lower end of historical bounds, as

have stock market price to book value ratios.

Investors remain generally pessimistic in their outlook for

stock markets, which is another positive from a contrarian

point of view. Examples of this pessimism include the

significant cash hoards that exist around the world. According

to the Investment Companies Institute, the cash in U.S.

money market funds represents over 40% of the stock market’s

total capitalization. Not all of this cash will be earmarked for

investment in equities, but even a modest improvement in

confidence can lead to significant flows of money into riskier

assets.

We believe the conditions are ripe for a continued recovery

rally in share prices. However, while we think investors may

be pleasantly surprised by the economic and stock market

recovery over the next year or so, we also believe that they may

be disappointed in the lack of follow-through once this


COMMENTARY

bounce takes place. Stabilizing the economic system is one

thing, but dealing with the excesses that created the problems

in the first place is quite another.

We expect that the global economy will respond to the

significant stimulus but it could take years to work through the

ill effects of large fiscal imbalances, public sector debt and

continued private sector de-leveraging. Even as credit markets

start to normalize, we expect overall lending to be constrained

for some time as financial institutions struggle to rebuild their

balance sheets. At the same time, consumers in many

countries, especially the U.S., will be forced to rebuild their

savings for years to come.

We are also unclear about the potentially negative long-term

consequences of the Fed embarking on a monetary policy of

printing money. We welcome the massive monetary stimulus

in place today to stave off deflation, but it seems possible that

there could be an overshoot that eventually rekindles

inflationary expectations, which would not be positive for

long-term share price valuations. Furthermore, the increased

government involvement in the economy could also

negatively affect the long-term economic and capital market

outlook.

We believe the return of a secular bull market of the type we

saw in 1982-2000 will require purging the excesses created

over the past decade, removing government supports and

excessive central bank monetary policies, and rebuilding

strong consumer and corporate balance sheets that can

support future buying power. These steps will take

considerable time. In the meantime, the coming years are

bound to feature dramatically reduced borrowing and

consumption, as well as below-trend global economic growth.

Investors are facing an environment where economic growth

should stabilize but where acceleration prospects are

constrained, where interest rates are low but credit spreads

remain stubbornly high, and where equity valuations appear

attractive but where price-earnings multiple compression is a

risk in the longer term if liquidity-induced inflation pressures

eventually re-emerge. Given these significant cross-currents,

we expect equity markets will be caught in a tug-of-war for

some time to come, meandering back and forth within a

longer-term trading range. We are bullish on the near-term

recovery prospects for the economy and equity markets, but

we will be keeping an eye on the exits should the market

experience a strong rally or renewed systematic pressures

emerge from some unforeseen economic developments.

Managers: David Picton, Michael Mahoney, James Lawson

Analysts:Michael Bentz, Michael Kimmel,

Michael Kuan, Timothy Shiu, Peter Yik,

Dashmeet Singh Mayal

COMMENTARY

U.S Real Consumer Spending - 3 Month % Change Annual RatesMinus Industrial Production - 3 Month % Change Annual Rates

40

30

20

10

0

-10

-20

-30

-40

-50

1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Source: TD Securities

Chart 2: The gap between consumption growth and output growth in the U.S. economy is at an extreme level not seen since the 1974recession. Consumption is stabilizing but output growth has plunged as businesses continue to deplete their inventories. This suggests thatindustrial production may rebound soon.


Epoch Investment Partners, Inc. Investment Par tners

A recent study by the London Business School and Credit

Suisse Group disclosed that U.S. equities returned an

average of 6% per annum since 1900, adjusted for inflation.

Take away dividends, however, and this annual gain drops

to 1.7% – a return lower than that of long-term Treasury

bonds over the same period. The message here is that

dividends really matter, and capturing them in a low-cost,

diversified manner is both important and rewarding for

investors.

Laurence Booth, finance professor at the University of

Toronto, makes the point in this fashion: “Ultimately, what

you get out of investing in stocks is the cash flow from

dividends.” Graham and Dodd, in the sixth edition of their

famous book, Security Analysis, also make this point very

bluntly by stating, “The prime purpose of a business

corporation is to pay dividends to its owners.”

At Epoch Investment Partners, we believe that a broad

definition of dividends comprises three separate elements:

cash dividends, share repurchases, and corporate debt

reductions that result when cash flow is deployed to reduce

financial leverage.

The trick for investors is to discern whether a company’s

free cash flow is best utilized by paying a dividend or by

reinvesting in internal projects or acquisitions. Under

which scenario is the shareholder better off? The gating

factor is the firm’s cost of capital. If the firm can earn a

return on the incremental cash flow available for

investment that equals or exceeds the cost of raising a new

dollar of capital, it should pursue those internal investment

opportunities or make accretive acquisitions.

However, if a company is profitable and generates free cash

flow but lacks reinvestment opportunities or acquisitions

that would return more than their cost of capital, all or

some of the company’s free cash flow should be returned to

shareholders via one of three dividend mechanisms: cash,

share buybacks, or debt reduction. This policy was recently

reiterated by the CEO of Merck when he said his company

would boost dividends or share buybacks in the event that

Merck’s fast-growing cash position could not be profitably

utilized through internal and external investments. In

effect, he is saying that if he has excess free cash flow, and if

this capital is neither invested nor returned to shareholders,

long-term returns on capital will be sub-optimal.

Although companies are not required to pay dividends,

nearly 75% of the firms on the S&P 500 do. That compares

to only 40% for all common stocks traded on the NYSE,

AMEX, and Nasdaq combined. Moreover, in 2008, 45% of

the dividend-paying firms on the S&P 500 raised their

dividend, compared to only 21% for all listed U.S.

companies. Even in today’s difficult economic

environment, Howard Silverblatt of S&P expects

200 companies within the S&P 500 to sweeten their cash

dividend disbursements in 2009, albeit by a modest

percentage.

However, given the rapidly declining state of the economy,

the 40% estimate implied by Silverblatt may prove too

optimistic. The risk that companies will cut, as opposed to

increase, their dividend payments reflects nearly two years

of bleak conditions in the finance sector and an expectation

for at least another year of the same. For example, General

Electric – which is really a finance company with industrial

COMMENTARY


subsidiaries – has a dividend policy that’s on uncertain

ground. Nevertheless, because of the decline in market

values, common shares of many companies with well-

covered dividends have become even more attractive given

the rise in their current yields. These firms often have

leading market share positions in their industries, strong

balance sheets, and capital sources from a variety of both

internal and external sources.

Epoch expects dividends for the S&P 500 to fall in 2009

and this forecast also applies to non-U.S. companies.

Although dividends for the S&P 500 and the MSCI indices

may fall by as much as 15% to 20% this year, current share

prices for many firms’ equities already reflect such a

decline. That being said, however, it is certainly possible in

this current economic environment to build portfolios with

cash yields that will not experience declines of this

magnitude.

In CI Global High Dividend Advantage Fund, we have

successfully avoided the pitfalls that have felled the

financial sector, where many of the aforementioned

dividend cuts have taken place. This achievement alone

would have resulted in strong relative performance for the

fund. However, through the careful implementation of

proprietary data screens and extensive due diligence on the

candidates considered for inclusion within the portfolio, we

have provided substantial additional value.

What really makes this fund successful is its emphasis on

free cash flow metrics rather than the traditional accounting

metrics of price-to-book and price-to-earnings. In our view,

the difference between these two approaches is like the

difference between astronomy and astrology: one is a

legitimate science, while the other is a hodge-podge of

speculations and superstitions. Unfortunately for some

investment firms, this comparison has proved all too

accurate in recent years.

By combining our definition of free cash flow (cash

available for distribution to shareholders after all planned

capital expenditures and all cash taxes) with an

understanding of the role of the cost of capital in making

capital allocations, we have successfully identified a

collection of companies that are most likely to increase

shareholder value. And the key to this increase is the

existence of prudent dividend payout policies in the forms

of cash, share repurchases, and debt paydowns – our

definition of shareholder yield.

Managers: William Priest, David Pearl, Eric Sappenfield,

Michael Welhoelter, Emily Baker

Analysts: Dina Dicenso, Kenneth Hightower, Thomas Hu,

Janet Navon, John Reddan, David Siino, Richard

Watt, Chris Wolters

COMMENTARY


Tetrem Capital Management

When equities sold off in February, we were struck by thepervasive state of fear within the investment community.Chart 1 shows historical data from the American Associationof Individual Investors Sentiment Survey. Bearish sentiment,a good gauge of fear, spiked in February and March. As partof our investment process, we use quantitative models, whichhelp us to identify and exploit situations where emotionalextremes are expressed in market valuations. These modelsincorporate behavioural factors, such as the trend in sell-sideearnings revisions. Such factors often indicate when analysts’views have become suffused with one of the two polaremotions that influence short-term stock prices: fear andgreed. When emotions take over, it becomes possible to takeadvantage of price inefficiencies through analysis and rationalthought.

In February, the market seemed the polar opposite of theheyday of the Internet bubble, when Bay and Wall Streetanalysts would put out unrealistically high price targets on thestocks they followed, only to see investors get swept up by theeuphoria, causing the stocks to reach these optimistic targetsin a matter of days. In a notorious example of hubris, a PaineWebber analyst offered up a US$1,000 price target onQualcomm on December 29, 1999, sending the stock up31% that same day, when it closed at $652. It peaked at $791three days later and for the next two-and-a-half years, it was alldownhill until the stock bottomed 88% lower in August 2002.

In today’s environment, many analysts are engaging insimilarly emotional behaviour, only this time they are beingunreasonably pessimistic. They are applying trough multiplesto trough earnings to come up with their price targets. As itwas in 1999, so it is in 2009: Their vision has become evenmore myopic than usual, and their characteristic impulse is tooverreact to the most recent negative data points byextrapolating a similar trend into perpetuity. In our view,many companies are likely “worth” a number that is verydifferent from today’s sell-side analysts’ targets, and this

provides investment opportunities for those brave enough tothink long term. We believe that when we look back at today’senvironment three to five years from now, we will shake ourheads in amazement at just how short-sighted the market hadbecome. For instance, one analyst’s recent price target of $8for high-quality insurer Aflac will likely, in hindsight, look justas far-fetched as 1999’s call on Qualcomm.

Market Review and OutlookThe late 2008 rally fizzled early in the new year and byFebruary’s end, the S&P/TSX Composite index was re-testingits recent lows, only to record strong gains once more inMarch. In the end, the index fell 2% over the quarter. CICanadian Investment Fund underperformed, hurt on arelative basis by its position in energy services companies andby under-representation in Potash Corporation. Our tradingactivity was higher than normal as we raised cash andredeployed it within a few weeks into new opportunities – inmany cases, at or near market lows.

Economic indicators stayed weak, with the North Americanautomobile industry providing a poignant example. From

COMMENTARY

PA G E 2 7 • S P R I N G 2 0 0 9 P E R S P E C T I V E A S AT M A R C H 3 1 , 2 0 0 9

Bearish Sentiment Highest on RecordAmerican Association of Individual Investors(% Bears) 4 week moving average

Source: American Association of Individual Investors, Tetrum Capital Management

0

10

20

30

40

50

60

70

80

01-04-9601-04-97

01-04-9801-04-99

01-04-0001-04-01

01-04-0201-04-03

01-04-0401-04-05

01-04-0601-04-07

01-04-0801-04-09

One week high hit March 5th, 2009

Chart 1: In the American Association of Individual InvestorsSentiment Survey, the percentage reporting “bearish” sentimentsreach its highest level ever. This shows a high level of fear in themarket and may be a positive contrary indicator.

2000 to 2007, U.S. light vehicle sales averaged nearly17 million units annually; this declined to 13.2 million in2008 and fell precipitously to 9.6 million (the seasonallyadjusted and annualized rate) in January 2009 – a 43%decline from the 2000-07 run rate. Chart 2 shows that autosales are at their lowest levels since the early 1980s.

We took advantage of the extreme pessimism and initiated aposition in Magna, the Ontario-based auto partsmanufacturer. Investors are concerned that one or more ofDetroit’s Big Three automakers may file for bankruptcy, andother cash-strapped companies have gone under. In our view,when all is said and done, people are going to buy cars, andlikely at a higher run rate than today’s levels. If one companystops production, the others will pick up the slack and theindustry will continue to rely on parts suppliers such asMagna. The company has an enviable liquidity position, withnearly half of its market value (approximately $39/share) innet cash (over $17/share after subtracting the small debt),which gives us confidence the company will emerge from theturmoil a winner.

The energy sector looks undervalued from a long-termperspective as well, and our view is shared by the companiesthemselves as shown by the announcement that fund

holdings Suncor and Petro-Canada intend to merge. It ischeaper for Suncor to take over Petro-Canada in the stockmarket than it is to find and develop new oil and gas supplieson its own. It would not surprise us if this foreshadows moreM&A in the sector, which should be positive for valuations.

We also initiated a position in Research In Motion. We havealways liked the company’s products, but optimistic earningsexpectations and a persistently high valuation had kept us onthe sidelines until recently, when the shares traded below $50.The company is well positioned competitively for the productupgrade cycle, has a flexible cost structure that helps protectprofit margins, and has over $3 per share in net cash. We wereable to buy shares at a forward price to earnings ratio that wasapproximately 20% cheaper than that of the market, despiteRIM’s much stronger sales growth profile. Subsequent to thequarter’s end, RIM reported earnings that beat expectationsand the shares have risen sharply.

We believe that the U.S. administration’s unprecedentedstimulus spending and the Federal Reserve’s policy actionscould lead to inflation. We are favouring stocks that stand tobenefit, notably those with long-life reserves in the groundsuch as energy and basic materials, two sectors that are wellrepresented in the Canadian market.

The poor economy notwithstanding, we are seeing somepositive signs for the market. In general, the Street hasreduced earnings estimates to levels that are finally realistic,or in some cases overly pessimistic. Analysts who were indenial have been forced to readjust their expectations, andwhen this happens, it becomes increasingly possible thatsurprises will be to the upside.

Manager: Daniel Bubis

Analysts: Ben Boult, Aaron Clark, Sean Hayward,

Alec MacIsaac, Steve Maksymyk, Eileen Mueller

Automobile Sales at Multi-Decade LowsUS Light Vehicle Sales - Seasonally adjusted annualized rate (SAAR)

Source: Ward’s Automotive, BMO Capital Markets

0

10

12

14

16

18

20

22

’80 ’82 ’84 ’86 ’88 90 ’92 ’94 ’96 ’98 ’00 ’02 ’04 ’06 ’08

Millions of Units

Chart 2: U.S. auto sales are at their lowest annualized level since the early 1980s, which has led to the collapse of many partssuppliers and threatening to bankrupt General Motors and Chrysler.

COMMENTARY


COMMENTARY

Legg Mason Capital Management

The recent behaviour of the economy and stock market is, in

many respects, without precedent in the postwar era. Not

since the Great Depression era of the 1930s have we witnessed

some of the things we are seeing today. Until very recently, the

parallels have all been about how bad things are now, with this

or that market or economic condition being the worst “since

the Great Depression.” We should all probably agree to use

the acronym STGD as short-hand for “since the Great

Depression” to save time and ink. In this vein, Barrons’s writer

Michael Santoli recently noted that, at their early March low,

the broad indexes were as far below their 200-day moving

averages as they had been at any time since 1938, and that

large companies were on track to cut their dividends by a

larger percentage than any year since 1938. We have noted

that the trailing 10-year return on the S&P 500 has recently

reached an all-time record low, worse even than the decade

from 1929 to 1939, the previous record holder.

We think it is quite likely that all the recent references by news

commentators, market pundits and political leaders to this

being the worst economy STGD have served to exacerbate

the downturn, as both businesses and consumers have been

frozen into inaction fearing that we might be facing another

depression.

More happily, the market’s rally in March is without

precedent since the 1930s as well. According to Robert Farrell,

the S&P 500’s 10-day gain of 21.6% through Monday, March

23 was its best since the 10 days ending April 29, 1933. So far,

it is unclear whether the market’s recent strength is a bear

market rally or the start of a new bull market. We’ve wrongly

called “the turn” a couple of times in the last year, so we want

to be somewhat cautious in calling it now, but we believe that

a plausible case can be made for March 6, when the S&P 500

began its rally, as being “the low” for this market cycle.

Outlook

There have been a number of encouraging developments in

the last month on the economic, policy and regulatory fronts

that, in combination, give us growing confidence that we may

be near an important inflection point, both in terms of the

economy and the stock market. We believe these

developments, together with the brutal market decline

through early March that discounted an enormous amount of

bad news, have set the stage for the best rally in the market in

over two years, one which could take the S&P 500 to the 1050

to 1100 level by year-end 2009.

On the economic front, we think the economy may have

bottomed in the first quarter of 2009. We expect the U.S.

economy to have contracted at about the same rate in the first

three months of 2009 as it did in the fourth quarter of 2008

(-6.3%). Things have been so bad for the last 180 days that

mathematically, they almost have to get better. We’re seeing

that in car sales, which despite falling 34% year-over-year in

March, were at an annualized pace of 9.86 million vehicles,

up over 8% from February’s 9.12 million annualized rate.

We’re also seeing it in the manufacturing sector generally,

where the Institute of Supply Manufacturers (ISM)

Composite Index was up in March for the third month in a

row. Recent data on housing activity is also coming in better

than expected.

On the policy front, we believe the Treasury’s recently

announced Public-Private Investment Program, designed to

assist banks in removing legacy assets from their balance


COMMENTARY

sheets, has a reasonably good chance of working. The devil is

always in the details, but we think the size of the program is

meaningful, and we like the shared risk/shared profits aspect

of the program. With the non-recourse leverage the

government is providing buyers, the returns from the program

should be reasonably attractive, even if asset pricing is not

as distressed as it might have been without the refinements

in mark-to-market accounting regulations that were

approved recently by the Financial Accounting Standards

Board (FASB).

It is these regulatory changes with respect to mark-to-market

accounting that we find most encouraging. In our opinion,

the key issue is determining what best constitutes “fair value”

for an asset. The “mark-to-model” regime that existed prior to

the implementation of FASB 157 in November 2007 led to

substantial abuses. FASB 157 was an honest effort to curb

those abuses by requiring that “observable market inputs” be

the primary determinant of fair value in pricing securities.

When credit markets became dysfunctional, however, we

believe “market” prices began giving overly pessimistic signals

as to what many assets were worth. In our view, forcing banks

and other financial institutions to mark assets to these

increasingly distressed and illiquid “market” prices greatly

exacerbated the banking crisis and subsequent economic

downturn. In our opinion, the latest modification of fair value

guidelines allowing greater use of cash flow based valuation

methodologies takes a more balanced and sensible approach

to how securities should be valued when markets are under

great stress, as they have been for the last year or so.

Now that a more balanced interpretation of the mark- to-

market accounting rules have been put in place, we have two

items left on our wish list: (1) reinstating the “uptick” rule and

(2) reining in abusive practices in the credit default swap

(CDS) market. In our opinion, these changes would “re-level”

the financial playing field, which we believe has been tilted in

favour of the bear since 2007.

The uptick rule was instituted in 1938 and remained in

place until July 2007, when intense lobbying by a number

of hedge funds convinced the SEC to rescind the rule.

Since the elimination of the uptick rule, the downside

volatility of stocks, especially financial stocks, has been

enormous. Shorts have used the absence of the uptick rule

in conjunction with purchases of credit default swaps to

initiate “bear raids” on financial institutions regularly since

mid-2007. The shorts’ playbook has been very effective, in

our judgment: Blow out the CDS spreads while

simultaneously shorting the stock, then lobby the rating

agencies to downgrade the company because of the poor

market action of its CDS, bonds and stock price.

As George Soros argued recently (The Wall Street Journal,

Tuesday, March 24, 2009), the shorts’ playbook was

particularly effective against financial companies because

their business is so dependent upon trust and confidence, and

once confidence is shaken, bear raids can be self-validating.

Soros opines that “AIG, Bear Stearns, Lehman Brothers and

others were destroyed by bear raids in which the shorting of

stocks and buying CDS mutually amplified and reinforced

each other. The unlimited shorting of stocks was made

possible by the abolition of the uptick rule, which would have

hindered bear raids by allowing short selling only when prices

were rising. The unlimited shorting of bonds was facilitated by

the CDS market. The two made a lethal combination.”

Managers: Bill Miller, Mary Chris Gay


The storm that developed with the unwinding of dislocationsin the housing and structured finance sectors two years ago isnow a full-scale global economic tempest. While significantfundamental economic challenges remain before us, webelieve that the scope for meaningful outsized three-to-fiveyear returns at the stock-specific level far outweighs theassociated near-term risk in global equity markets. As hasgenerally been the case historically, periods of the mostpainful near-term uncertainty will coincide with periods ofthe most significant long-term investment opportunities.

Global equity markets were volatile in the first quarter of2009, declining steeply in January and February beforerallying in early March. Our global portfolio outperformedthe benchmark, driven by positions in North Americanhealth-care companies, Japanese industrials, materials, andan underweight exposure to utility stocks.

We would make the following observations about the currentinvestment environment:

• Deleveraging headwinds and growing regulatory riskswill continue to increase the long-term risk premiumsassociated with equities. The unwinding of excessiveleverage will continue to have far-reaching effects, andmany governments are overreacting, which will lead toover-regulation, increased risk of protectionism and thepotential crowding out of the borrowing capacity of theprivate sector.

• Many stocks are providing uniquely compellinginvestment opportunities on a three-to-five-yearinvestment horizon. With five consecutive quartersof negative S&P 500 returns, equity markets atlevels not seen since 1996, and valuations skirtingthose of the 1970s, many stocks have gone fromsubstantial overvaluation two years ago to significantundervaluation, even under quite conservative, long-term normalized earnings forecasts. Over thepast six months, we have been purchasing leading,

well-capitalized, undervalued companies, withtremendous long-term upside potential.

Current portfolio positioningChart 1, which shows the historical global price-to-book valueratio, puts the current market turmoil in perspective.Effectively, a generation of wealth has been wiped out withthe collapse in equities, and equities as an asset class are beingquestioned. Risk has been mispriced for a number of years.Prior to the current market downturn, risk was being pricedfar too cheaply; now, risk premiums are becoming too wide.While many companies richly deserve this, others do not.

As portfolio managers, we are dealing with an abundance ofinvestment opportunities. We are seeking the bestundervalued, risk-adjusted names with substantial long-termupside, while acknowledging that the markets will continueto be volatile. We are finding the greatest opportunities in thefollowing areas:

• Financials: Largely because the representation offinancial companies in equity benchmarks has shrunk sosubstantially, our aggregate exposure to financialcompanies is effectively neutral versus benchmarkweights. However, our composition is quite different –we are significantly underweight Western financials andmeaningfully overweight in Japan, where low valuations,strong liquidity positions, excess capital, and the scopefor improving profitability are common anddifferentiated ingredients of our holdings. Our Westernfinancials are primarily concentrated in strong insurancefranchises, which are trading at exceedingly depressedvaluations.

• Technology: We are finding some of the mostcompelling long-term opportunities in the globaltechnology sector, where we now have an overweightexposure. Leading technology companies, having faced adecade-long bear market, have net cash on their balancesheets and enjoy dominant market share. Major research

Altrinsic Global Advisors, LLC

ALTRINSICG L O B A L A D V I S O R S

COMMENTARY


COMMENTARY

and development requirements have created significantbarriers to entry, while many second- and third-tierplayers have exited businesses.

• Consumer staples: We continue to have meaningfulexposure to well-capitalized and high-quality companieswithin the consumer staples sector, most notably amongEuropean-based global franchises, as opposed to theirmore highly valued North American peers. Although wehave taken some capital out of these stocks to deploy tonew ideas, we continue to have strong conviction in thelong-term absolute return prospects of our food,beverage, and household and personal care companies.

• Industrials, materials and energy: We have allocatedgreater capital to these sectors over the past six months,bringing our positions closer to the benchmarkweightings. In the previous bull market, manycompanies in these segments reached unsustainablyhigh valuations, and due to our discipline, we werecompelled to sell at our target prices. Today, we ownseveral leading-edge Japanese industrial companies withstrong global market share, high net cash on the balancesheet, and the ability to repurchase shares through thedownturn. Increasingly, we are selecting Westernindustrials, having purchased defence companies,infrastructure-related businesses, and industrial

automation niche players, many of which are pricing inan extensive multi-year downturn. In commodities, weacquired the stocks of quality, low-cost producers withgood balance sheets, largely in precious metals andcopper, during the period when hedge funds were forcedsellers. Additionally, we have purchased energycompanies, increasing our exposure to North Americannatural gas.

• Other sectors. There are no meaningful themes in othersectors, but there are stock-specific opportunities. Theseinclude: cable and media franchises with consistentreturns; selected wireless franchises; and a small numberof pharmaceutical and specialty/device companies. Ourunderweight exposure to health care is due in part to theacquisition of portfolio holdings ImClone and Wyeth.

Although we remain keenly engaged in our bottom-upinvestment opportunities, we wish to highlight some risks thatare becoming more structural in nature. For example, we areemerging from an era of under-regulation to one of over-regulation, higher taxation, and greater governmentinvolvement in employment, which will hinder the long-termgrowth potential of many companies. We believe that barriersto global trade will increase, and that we must be prepared forthe rise of political unrest in many areas. Currency issues alsocould have long-term impacts on trade. We are exploringthese issues to understand how they might affect thecompanies we own and our portfolios, and adjusting ourmodels as necessary.

Recent times have been difficult for us all. Although we havesignificantly outperformed benchmarks during thisdownturn, the absolute performance delivered has beenbelow our expectations. Organizationally, we have takenadvantage of this environment to add to our investmentresearch and operations staff. We are confident that whenlooking back on this period, it will be viewed as one of thegreatest buying opportunities of our generation.

Managers: John Hock, John DeVita, Andrew Waight

Analysts: Rehan Chaudhri, Srinivas Polaki

MSCI World IndexHistorical Price to Book Value Ratio

Source: As of 04/01/2009

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.0

03/75 03/80 03/85 03/90 03/95 03/00 03/05 03/09

Chart 1: The price to book value ratio of the MSCI World Index hasfallen to levels not seen since the late 1970s and early 1980s,suggesting that stocks may be significantly undervalued.


March 2009

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 actionstaken in reliance thereon. The information contained about each individual andfirm has been supplied by such individual or firm without verification by us. Pastperformance is not necessarily indicative of future performance. Prior to makingany 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 beforeinvesting. Unless otherwise indicated and except for returns for periods less thanone year, the indicated rates of return are the historical annual compounded totalreturns 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 investmentadvice or an offer or solicitation to buy or sell securities. Every effort has beenmade to ensure that the material contained in the commentary is accurate at thetime of publication. However, CI Investments Inc. cannot guarantee the accuracyof 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 theinformation contained herein.

Managed Solutions (Class A)

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

ISC CIG7740

DSC CIG7745

LSC CIG1745

Fund Facts as at March 31, 2009

Managed By: CI Investments Inc.

Advisors: CI Investment Consulting

Assets Under Management: $424.2 million

Portfolio Manager: Multi−manager

Asset Class: Asset Allocation

Inception Date: December 1997

NAV: $9.54

Min. Initial Investment: $500

Subsequent Purchase(s): $50

Min. PAC Investment: $50

Management Expense Ratio: 1.91%

Top Holdings as at March 31, 2009

Volatility Meter

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

Equity Style and Capitalization Overview

CI Signature High Income 16.92%

CI Global Bond 16.11%

CI Signature Corporate Bond 15.41%

CI Signature Canadian Bond 10.81%

CI Knight Bain Canadian Bond−Cl A 10.80%

CI Signature Income & Growth 9.41%

CI Global High Dividend Advantage 9.18%

CI Knight Bain Diversif Mnth Inc−A 6.61%

CI Signature Dividend 4.63%

Total 99.88%

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 March 31, 2009)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.

*December 1, 1997

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

−10.0%

0.0%

10.0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Income

−7.5 −1.1

7.1 6.2 7.7 8.5 3.6 5.1

8.2

−2.4

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

Inception*

Qrtl 2 4 2 1 1 2 1 {N/A}Return −1.41 1.81 −1.41 −9.58 −1.84 1.36 3.42 3.66Grp Avg −2.03 3.05 −2.03 −12.9 −1.9 1.07 2.87 {N/A}Ind Ret −2.66 2.84 −2.66 0.56 0.5 0.52 1.12 {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

Mar99 Dec00 Dec02 Dec04 Dec06 Dec08

CI Portfolio Series Income

$13,994

Source: CI Investments and CTVglobemedia Publishing Inc.



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

ISC CIG7770

DSC CIG7775

LSC CIG1775








NAV: $10.64






Volatility Meter








CI Canadian Investment 5.73%

CI Synergy Canadian Corporate Class 5.63%

CI Signature Select Canadian 5.60%

CI American Value Corporate Class 5.11%

CI International Value 5.09%

Total 88.05%

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.


*December 1, 1997


−20%

0%

20%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Conservative

−13.9 −1.5 9.8 8.7 9.1 11.2

−1.0 2.8 8.3

1.7


Inception*

Qrtl 2 4 2 1 1 1 2 {N/A}Return −2.03 3.1 −2.03 −14.49 −4.27 0.86 3.17 3.46Grp Avg −3.09 3.9 −3.09 −20.27 −6.04 −0.63 1.92 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {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

$13,658





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

ISC CIG2600

DSC CIG3600

LSC CIG1600








NAV: $9.92






Volatility Meter











CI International 4.62%


Total 78.88%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Conserv Bal

−16.0 −2.3 10.6 8.6 8.6 10.8

−3.7


Inception*

Qrtl 2 3 2 1 2 2 {N/A} {N/A}Return −2.55 3.66 −2.55 −16.49 −5.37 0.15 {N/A} 1.67Grp Avg −3.09 3.9 −3.09 −20.27 −6.04 −0.63 1.92 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {N/A}

Asset Class




Income 45.0%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08

CI Portfolio Series Conserv Bal

$11,118




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

ISC CIG7710

DSC CIG7715

LSC CIG1715




Assets Under Management: $1,770.8 million



Inception Date: November 1988

NAV: $17.77






Volatility Meter













Total 80.40%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Balanced

−18.4 −2.5

12.5 11.2 9.9 13.2

−6.8 −0.2 6.6

11.5


Inception*


Asset Class




Income 35.0%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


CI Portfolio Series Balanced

$13,305




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

ISC CIG2601

DSC CIG3601

LSC CIG1601








NAV: $9.39






Volatility Meter











CI Harbour 4.93%

CI American Managers Corp Class 4.77%

Total 81.18%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Balanced Growth

−21.6 −2.5 12.3 8.6 8.4 11.7

−7.2


Inception*

Qrtl 2 3 2 2 2 2 {N/A} {N/A}Return −3.4 4.68 −3.4 −21.29 −7.65 −1.21 {N/A} 0.41Grp Avg −4.06 5.08 −4.06 −23.76 −8.06 −2.04 0.36 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {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

$10,129




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

ISC CIG2602

DSC CIG3602

LSC CIG1602








NAV: $8.93






Volatility Meter








CI Harbour 5.92%


CI Synergy American 4.93%



Total 73.41%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Growth

−24.1 −3.0 13.4 8.8 8.7 12.8

−11.6


Inception*

Qrtl 3 2 3 3 3 2 {N/A} {N/A}Return −4.08 5.06 −4.08 −23.78 −8.94 −1.89 {N/A} −0.52Grp Avg −4.06 5.08 −4.06 −23.76 −8.06 −2.04 0.36 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {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

$9,446




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

ISC CIG2603

DSC CIG3603

LSC CIG1603








NAV: $8.32






Volatility Meter






CI Harbour 8.05%



CI Knight Bain Pure Cdn Eqt−Cl A 7.23%


CI Synergy American 6.11%

CI American Managers Corp Class 5.62%

Total 84.49%

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 March 31, 2009)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.

*December 17, 2001


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Portfolio Series Maximum Growth

−28.8 −3.3 15.6 9.2 9.6 14.9

−17.8


Inception*

Qrtl 1 2 1 1 1 1 {N/A} {N/A}Return −4.81 6.26 −4.81 −28.05 −11.01 −2.85 {N/A} −1.8Grp Avg −7.61 6.12 −7.61 −32.11 −13.13 −5.26 −2.73 {N/A}Ind Ret −9.22 6.71 −9.22 −29.13 −11.04 −3.75 −3.55 {N/A}

Asset Class





$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Portfolio Series Maximum Growth

$8,570



Mutual Funds (Class A)

Cambridge Global Equity Corporate Class 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

Asset Class: Global Equity


NAV: $7.98






Volatility Meter



Research In Motion 3.07%

Keyera Facilities Income Fund 2.48%

Murphy Oil 2.04%

Southwest Airlines 2.00%

Apple 1.98%

Genzyme 1.97%

CVS Caremark 1.85%

Johnson & Johnson 1.85%

Nestle S.A. 1.78%

Goodrich Corp. 1.73%

Total 20.75%

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


−20%

−10%

0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Cambridge Global Eqt CC

−17.8


Inception*

Qrtl 1 3 1 1 {N/A} {N/A} {N/A} {N/A}Return −2.92 5.42 −2.92 −21.76 {N/A} {N/A} {N/A} −16.48Grp Avg −7.61 6.12 −7.61 −32.11 −13.13 −5.23 −2.73 {N/A}Ind Ret −9.22 6.71 −9.22 −29.13 −11.04 −3.75 −3.55 {N/A}

Asset Class

Canadian Equity 14.1%

International Equity 18.2%

Cash 18.5%

United States Equity 49.2%

Equity Sectors

Financials 6.4%

Other sectors 9.1%

Other 14.9%

Energy 9.4%

Information Technology 10.1%

Industrials 15.4%

Health Care 16.2%Cash 18.5%

Geographic Composition

Japan 4.6%

Hong Kong 2.7%

Germany 1.5%

Australia 2.6%

Switzerland 3.9%

Canada 14.1%

Other 21.4%United States 49.2%


No chart available at this time.




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

ISC CIG654 CIG660

DSC CIG644 CIG667

LSC CIG1644 CIG1667



Advisors: Trilogy Global Advisors, LLC


Portfolio Manager: William Sterling, RobertBeckwitt and Greg Gigliotti


Inception Date: February 1986

NAV: $8.04






Volatility Meter



Samsung Electronics Co. 2.22%

Oracle Corp. 2.02%

Walt Disney 1.75%

Microsoft 1.69%

Hutchison Whampoa 1.59%

Toyota Motor Corporation 1.59%

Google 1.58%

Li & Fung Limited 1.55%

Cisco Systems 1.47%

Qualcomm 1.44%

Total 16.90%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Global

−34.5−12.6 16.5 7.3 5.2

20.4−19.4−26.6 −3.9

37.1


Inception*

Qrtl 1 3 1 3 4 4 3 {N/A}Return −5.3 5.51 −5.3 −32.78 −16.24 −7.6 −3.82 4.19Grp Avg −7.61 6.12 −7.61 −32.11 −13.13 −5.23 −2.73 {N/A}Ind Ret −9.22 6.71 −9.22 −29.13 −11.04 −3.75 −3.55 {N/A}

Asset Class


Cash 3.0%



Other 0.2%

Equity Sectors

Cash 3.0%

Consumer Staples 7.9%

Health Care 11.0%

Industrials 10.5%

Consumer Discretionary 12.1%

Financials 14.0%

Information Technology 19.7%Other 21.9%


Hong Kong 6.5%

Switzerland 5.4%

France 2.8%

Germany 4.9%

United Kingdom 6.1%

Japan 10.6%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Global

$6,773




CI Global High Dividend Advantage Fund 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: $6.11






Volatility Meter



Anheuser−Busch InBev NV 2.41%

Astrazeneca PLC 2.27%

France Telecom 2.10%

Verizon Communications 1.99%

Lorillard 1.98%

Swisscom Ag Adr 1.96%

Nestle S.A. 1.91%

Diageo PLC 1.80%

Altria Group Inc. 1.72%

AT&T Inc. 1.71%

Total 19.85%

Low High


Mid

Small

OBJECTIVEThis fund’s objectives are to provide investors with a stable stream of tax efficient monthly distributions, consisting mostly of capitalgains and returns of capital, of $0.05 per unit ($0.60 per annum) and endeavour to preserve and enhance the net asset value of the fund.Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.


*February 28, 2006


−40%

−20%

0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Global High Dividend Advantage

−24.1 −4.0


Inception*

Qrtl 3 4 3 1 1 {N/A} {N/A} {N/A}Return −8.34 3.19 −8.34 −24.63 −9.01 {N/A} {N/A} −8.81Grp Avg −7.61 6.12 −7.61 −32.11 −13.13 −5.23 −2.73 {N/A}Ind Ret −9.22 6.71 −9.22 −29.13 −11.04 −3.75 −3.55 {N/A}

Asset Class


Cash 4.2%



Equity Sectors

Cash 4.2%

Health Care 6.5%

Other sectors 10.6%

Energy 9.1%


Telecommunication Services 17.6%

Utilities 18.2%Other 21.0%


France 6.5%

Belgium 3.8%

Australia 3.1%

Italy 3.5%

Switzerland 3.9%

United Kingdom 13.2%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

Feb06 Dec06 Dec07 Dec08

CI Global High Dividend Advantage

$7,518




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

ISC CIG680 CIG206

DSC CIG880 CIG706

LSC CIG1880 CIG1706



Advisors: Altrinsic Global Advisors, LLC


Portfolio Manager: John Hock


Inception Date: June 1996

NAV: $8.63






Volatility Meter



GlaxoSmithKline PLC 2.79%

Carrefour SA 2.67%

Liberty Media − Entertainment 2.51%

VIVENDI 2.46%

Experian PLC 2.44%

Total SA 2.39%

Covidien Ltd. 2.36%

Heineken NV 2.33%

BP PLC 2.22%

Nestle S.A. 2.15%

Total 24.32%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term capital growth by identifying securities that the portfolio advisor believes areundervalued and have the potential for future growth. It invests primarily in equity and equity−related securities of companies aroundthe world. The fund may make large investments in any country, including emerging markets or emerging industries of any market. Anychange to the investment objective must be approved by a majority of votes cast at a meeting of unitholders held for that reason.


*June 12, 1996


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Global Value

−18.9−15.7 14.8 2.6 8.2 17.5

−15.8 −7.0 −3.8 26.7


Inception*

Qrtl 3 3 3 1 2 3 1 {N/A}Return −7.7 5.63 −7.7 −19.38 −12.26 −5.48 −0.73 −0.6Grp Avg −7.61 6.12 −7.61 −32.11 −13.13 −5.23 −2.73 {N/A}Ind Ret −9.22 6.71 −9.22 −29.13 −11.04 −3.75 −3.55 {N/A}

Asset Class


Cash 3.3%



Equity Sectors

Cash 3.3%

Energy 9.0%

Health Care 12.0%

Industrials 11.6%



Financials 15.1%Other 23.2%



Bermuda 3.8%

Netherlands 2.5%

Germany 4.8%

France 10.0%

Japan 15.1%

United States 32.0%Other 18.2%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Global Value

$9,297




Harbour Foreign Equity Corporate Class 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: $6.90






Volatility Meter



AIR LIQUIDE −

Anadarko Petroleum −

Baldor Electric −

Cisco Systems −

Diageo PLC −

Nestle S.A. −

Petroleo Bras Sa Petro −

Schneider Electric SA −

Travis Perkins PLC −

Ultra Petroleum −

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Harbour Foreign Eq Corp Class

−40.8 −1.7 16.6

3.4 4.9 4.2 −4.4


Inception*


Asset Class


Cash 6.8%


Equity Sectors

Cash 6.8%

Other 10.0%



Materials 12.1%

Energy 15.5%

Information Technology 15.5%Industrials 17.4%



Brazil 4.1%

Germany 3.3%

Japan 4.9%

France 8.7%

Switzerland 14.8%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Harbour Foreign Eq Corp Class

$6,900




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

ISC CIG6109

DSC CIG6159

LSC CIG1159



Advisors: Synergy Asset Management


Portfolio Manager: Michael Mahoney


Inception Date: March 1999

NAV: $3.46






Volatility Meter



Abbott Labs 1.84%

Oracle Corp. 1.80%

Cephalon Inc. 1.72%

McDonald’s Corp. 1.51%

Thermo Fisher Scientific 1.51%

Qualcomm 1.42%

Total SA 1.26%

Nintendo Co. 1.24%

Baxter International 1.19%

Noble Energy Inc. 1.14%

Total 14.63%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Synergy Global Corporate Class

−29.0 −4.6 17.7 12.1 12.2 16.8

−17.5−21.7−11.1


Inception*


Asset Class


Cash 4.6%



Equity Sectors

Cash 4.6%

Energy 8.0%


Industrials 8.4%

Financials 8.6%

Health Care 13.9%

Other sectors 17.3%Other 27.5%


United States 50.6%

Switzerland 5.4%

United Kingdom 7.4%

South Korea 2.9%

Hong Kong 2.9%

Japan 7.5%

France 5.4%Other 17.9%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Dec00 Dec02 Dec04 Dec06 Dec08

CI Synergy Global Corporate Class

$7,223




CI Global Small Companies Fund Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG215 CIG298

DSC CIG815 CIG798

LSC CIG1815 CIG1798





Portfolio Manager: William Priest


Inception Date: April 1993

NAV: $16.83






Volatility Meter



NALCO Holding Company 2.27%

Silgan Holdings 2.14%

DaVita 1.86%

NSTAR 1.83%

Duff & Phelps 1.77%

Sybase Inc. 1.74%

Diagnosticos da America SA 1.52%

Vectren 1.50%

Hong Kong Aircraft Engineering 1.48%

Solera Holdings 1.48%

Total 17.59%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to seek maximum long−term capital growth. It invests primarily in equity and equity−related securities of small tomid−capitalization companies around the world. The fund may make large investments in any country including developed and emergingmarkets and emerging industries of any market. Any change to the investment objective must be approved by a majority of votes cast ata meeting of unitholders held for that reason.

Compound Returns and Quartile Rankings (as at March 31, 2009)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Global Small/Mid Cap Eqt Peer Indx. The returns listed below are percentages.

*April 7, 1993


−100%

0%

100%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Global Small Companies

−25.3 −6.3 23.7 7.5 9.4 22.8

−33.7 −4.8 5.1

76.5


Inception*

Qrtl 2 4 2 1 1 1 2 {N/A}Return −6.03 3.63 −6.03 −25.63 −9.8 −2.45 2.85 7.2Grp Avg −6.11 6.57 −6.11 −37.84 −16.26 −5.72 2.79 {N/A}Ind Ret −6.16 6.57 −6.16 −38.04 −15.7 −5.07 2.13 {N/A}

Asset Class


Cash 10.2%


Equity Sectors

Financials 8.0%


Cash 10.2%

Utilities 9.5%

Health Care 10.5%

Industrials 14.9%

Other 16.3%Other sectors 21.9%


United Kingdom 6.6%

Brazil 4.0%

Spain 2.7%

Cayman Islands 3.3%

Japan 6.5%

Hong Kong 6.7%



$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Global Small Companies

$13,242




CI International Value Fund 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


NAV: $8.37






Volatility Meter



Heineken NV 2.74%

VIVENDI 2.73%

GlaxoSmithKline PLC 2.71%

Carrefour SA 2.57%

Vodafone Group PLC 2.56%

Total SA 2.55%

Experian PLC 2.54%

BP PLC 2.28%

Nipponkoa Insurance Co 2.25%

Sanofi−Aventis 2.23%

Total 25.16%

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 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 March 31, 2009)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.

*June 12, 1996


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI International Value

−21.5−11.7 19.5

4.8 10.8 14.3−10.2−11.8 −8.0

22.4


Inception*


Asset Class




Cash 2.7%

Equity Sectors

Cash 2.7%

Energy 8.8%

Industrials 14.1%

Other sectors 8.9%


Financials 16.6%

Consumer Staples 16.9%Other 22.6%


Netherlands 2.9%


France 14.9%

Switzerland 3.1%

Germany 8.8%

Italy 3.4%

Japan 24.7%Other 24.1%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI International Value

$8,970




CI American Managers Corporate Class 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: $7.83






Volatility Meter



Microsoft 3.56%

Oracle Corp. 2.49%

Everest Re Group 2.44%

Cisco Systems 2.30%

Praxair 2.30%


Qualcomm 1.90%

Apple 1.85%

Comcast Corp. 1.85%

Google 1.76%

Total 22.43%

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 March 31, 2009)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.

*July 17, 2000


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI American Managers Corp Class

−26.6−10.9 13.0

0.8 9.8 19.2−22.6 3.0


Inception*


Asset Class


Cash 6.4%


Equity Sectors

Cash 6.4%




Financials 11.1%

Industrials 7.8%

Health Care 19.7%Other 20.1%


United States 87.3%

Israel 0.3%

Switzerland 2.0%

Bermuda 3.6%

Singapore 0.5%Other 6.3%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

Dec00 Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08

CI American Managers Corp Class

$7,822




CI American Value Corporate ClassFund Codes Class A Corporate Class

ISC CIG7500 CIG510

DSC CIG7505 CIG511

LSC CIG1510 CIG1511





Portfolio Manager: William Priest and David Pearl


Inception Date: July 2001

NAV: $8.32






Volatility Meter



Exxon Mobil 4.65%

Microsoft 4.38%

Visa Inc. 4.29%

DaVita 3.36%

Praxair 3.14%

Everest Re Group 3.06%

Laboratory Corp. of America 2.89%

Oracle Corp. 2.79%


Scana Corp. 2.51%

Total 33.59%

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.



50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI American Value Corporate Class


Inception*


Asset Class



Cash 8.0%

Equity Sectors

Utilities 7.3%

Cash 8.0%

Industrials 10.7%

Energy 10.5%

Health Care 12.2%


Other 16.1%Financials 19.5%


United States 88.0%

Bermuda 3.1%

Switzerland 1.0%

Other 8.0%



$15,000

$10,000

$5,000

$0

$8,320




CI Value Trust Corporate Class Also available: Class F, I & TFund Codes Class A

ISC CIG2301

DSC CIG3301

LSC CIG1301



Advisors: Legg Mason Capital Management


Portfolio Manager: Bill Miller, CFA



NAV: $4.87






Volatility Meter



AES Corp. 6.03%

Aetna 5.75%

UnitedHealth Group 5.15%

eBay 4.14%

Sears Holdings 4.04%

Yahoo! 4.02%

Amazon.com 4.01%

CA Inc. 3.96%

IBM 3.93%

Cisco Systems 3.87%

Total 44.90%

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 companies inthe United States. Any change to the investment objective must be approved by a majority of votes cast at a meeting of unitholders heldfor that reason.


*December 31, 2001


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Value Trust Corporate Class

−46.6−21.4 5.0 0.9 1.9 16.3

2.0


Inception*


Asset Class


Cash 2.5%

Equity Sectors


Other sectors 4.4%

Cash 2.5%

Other 5.9%

Utilities 6.2%

Health Care 16.2%

Financials 19.1%Information Technology 29.8%


United States 97.5%

Other 2.5%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI Value Trust Corporate Class

$4,870




Cambridge Canadian Equity Corp Class Also available: Class F, W, I & TFund Codes Class A

ISC CIG2321

DSC CIG3321

LSC CIG1521






Asset Class: Canadian Equity


NAV: $7.36






Volatility Meter





Canadian Natural Resources 2.35%

TransCanada Corp. 2.29%

Metro Inc. 2.19%

Canadian National Railway 2.17%

Churchill Corporation 2.17%

WestJet Airlines 2.13%

TD Bank 2.09%

Shoppers Drug Mart 2.08%

Total 24.58%

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 March 31, 2009)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.

*December 31, 2007


−40%

−20%

0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Cambridge Canadian Eqt Corp Cl

−23.6


Inception*

Qrtl 3 4 3 1 {N/A} {N/A} {N/A} {N/A}Return −3.66 6.2 −3.66 −26.91 {N/A} {N/A} {N/A} −21.71Grp Avg −2.52 7.13 −2.52 −33.34 −9.56 0.93 4.03 {N/A}Ind Ret −2.0 7.79 −2.0 −32.42 −7.83 2.76 4.91 {N/A}

Asset Class



Bond 0.3%


Cash 25.3%

Equity Sectors

Other sectors 5.8%

Financials 6.2%

Energy 11.5%

Other 10.8%


Health Care 11.8%

Industrials 17.9%Cash 25.3%


Cayman Islands 1.6%

United Kingdom 0.3%

Japan 1.1%

Australia 0.3%

Other 25.3%

United States 23.3%Canada 48.0%






CI Canadian Investment Fund 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: $17.02






Volatility Meter



Barrick Gold Corp. 4.83%

Goldcorp Inc. 4.63%

EnCana Corp. 4.05%

Power Corp of Canada 3.71%

Petro−Canada 3.59%

Imperial Oil 3.32%

TD Bank 3.24%

Royal Bank of Canada 2.84%

Talisman Energy 2.49%


Total 35.07%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Canadian Investment

−27.4 1.4 14.2 22.0 15.2 19.6

0.0 8.9 18.0 6.8


Inception*

Qrtl 2 1 2 2 2 1 1 {N/A}Return −3.73 8.62 −3.73 −27.76 −8.78 2.03 6.6 9.2Grp Avg −4.08 6.7 −4.08 −30.4 −10.42 −0.52 3.27 {N/A}Ind Ret −2.0 7.79 −2.0 −32.42 −7.83 2.76 4.91 {N/A}

Asset Class



Cash 3.7%


Equity Sectors

Cash 3.7%


Other 12.4%

Materials 14.0%

Industrials 9.5%


Financials 23.0%Energy 25.5%


Canada 72.1%

France 1.7%

Japan 2.8%

Germany 1.0%

Bermuda 0.8%

Other 7.9%

United Kingdom 2.0%United States 11.8%


$0

$10,000

$20,000

$30,000


CI Canadian Investment

$18,953




Harbour Fund 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: $15.25






Volatility Meter



BHP Billiton Limited −

CIBC −

Canadian National Railway −

Cisco Systems −

EnCana Corp. −

Goldcorp Inc. −

Petro−Canada −

Suncor Energy −

Talisman Energy −

Tim Hortons −

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Harbour

−24.5 6.2 15.2 23.5 15.7 10.6 −0.9 7.3 18.4 14.5


Inception*


Asset Class

Cash 8.3%




Equity Sectors

Other 8.1%

Cash 8.3%


Financials 15.6%


Industrials 9.6%

Energy 17.3%Materials 18.4%


Australia 4.8%

Taiwan 2.6%

Brazil 0.9%

Switzerland 1.4%

United Kingdom 4.2%

Other 8.3%



$0

$10,000

$20,000

$30,000


CI Harbour

$20,453




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

ISC CIG677 CIG150

DSC CIG777 CIG151

LSC CIG1777 CIG1151



Advisors: Signature Global Advisors


Portfolio Manager: Eric Bushell


Inception Date: May 1998

NAV: $13.00






Volatility Meter



SPDR Gold E.T.F. 6.19%


CIBC 3.02%

TD Bank 2.91%


TELUS Corp. 1.69%




Thomson Reuters PLC 1.46%

Total 25.32%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Select Canadian

−26.0 3.0 21.0 22.9 12.9 20.2

−5.8 9.7 34.3 27.5


Inception*


Asset Class


Cash 19.4%

Bond 1.7%



Equity Sectors

Industrials 6.8%


Energy 9.6%

Financials 18.1%

Other sectors 10.9%

Materials 7.4%

Cash 19.4%Other 20.6%


Switzerland 3.2%

Mexico 1.1%

Netherlands 0.7%

Australia 2.0%

United Kingdom 4.5%

Other 22.2%



$0

$10,000

$20,000

$30,000

$40,000


CI Signature Select Canadian

$25,695




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

ISC CIG6103

DSC CIG6153

LSC CIG1153



Advisors: Synergy Asset Management


Portfolio Manager: David Picton



NAV: $9.94






Volatility Meter




EnCana Corp. 3.45%



TD Bank 1.88%

CIBC 1.76%

Goldcorp Inc. 1.75%


CGI Group 1.62%

Agrium 1.61%

Total 22.33%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Synergy Canadian Corporate Class

−33.8 5.7 17.9 19.2 17.8

32.0

−12.8−11.1 12.8

42.9


Inception*


Asset Class



Cash 3.4%


Equity Sectors

Cash 3.4%

Other sectors 7.2%

Materials 14.3%

Financials 17.7%

Industrials 10.4%


Energy 18.4%Other 20.8%


Canada 68.9%

France 1.7%

Japan 2.3%

Switzerland 1.6%

Australia 1.1%

Other 8.7%

United Kingdom 2.2%United States 13.5%


$0

$10,000

$20,000

$30,000


CI Synergy Canadian Corporate Class

$17,232




Cambridge Canadian Asset Allocation Corporate Class Also available: Class F, W, I & TFund Codes Class A

ISC CIG2322

DSC CIG3322

LSC CIG1522








NAV: $7.84






Volatility Meter








TD Bank 2.34%


Metro Inc. 2.04%

Inter Pipeline Fund 1.99%


Total 24.05%

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 March 31, 2009)This table shows the historical annual compound total return of the fund compared with the Globefund Group Average and Globefund’sbenchmark Globe Canadian Eqt Balanced Peer Index. The returns listed below are percentages.

*December 31, 2007


−20%

−10%

0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Cambridge Cdn Asset All. CC

−20.0


Inception*

Qrtl 2 2 2 3 {N/A} {N/A} {N/A} {N/A}Return −2.0 5.09 −2.0 −21.29 {N/A} {N/A} {N/A} −17.66Grp Avg −2.41 4.5 −2.41 −20.87 −6.3 0.17 3.33 {N/A}Ind Ret −2.3 4.5 −2.3 −20.65 −6.41 0.38 3.1 {N/A}

Asset Class



Bond 1.6%


Cash 35.2%

Equity Sectors

Health Care 11.3%



Financials 6.7%

Other 8.4%

Energy 12.7%

Industrials 12.7%Cash 35.2%


United Kingdom 0.1%

United States 18.8%

Japan 0.7%

Canada 45.2%

Other 35.2%






CI International Balanced Fund Also available: Class F & IFund Codes Class A Corporate Class

ISC CIG630 CIG093

DSC CIG830 CIG094

LSC CIG1830 CIG1195






Asset Class: International Balanced

Inception Date: September 1994

NAV: $13.90






Volatility Meter



Nota Do Tesouro Nacional, 10.00%,January 1, 2017

2.58%

Republic of Germany, 5.00%, January4, 2012

2.22%

Government of France, 5.00%,October 25, 2016

1.88%

Canada Housing Trust, 4.05%, March15, 2011

1.84%

Republic of Germany, 4.75%, July 4,2034

1.72%


U.K. Treasury, 5.00%, March 7, 2025 1.36%

Oracle Corp. 1.31%

Republic of Germany, 4.75%, July 4,2028

1.25%


Total 16.73%

Low High


Mid

Small

OBJECTIVEThis fund’s objective is to obtain maximum long−term total return. It invests primarily in equities, equity−related securities and fixedincome securities of issuers located throughout the world. The fund is not limited to how much it invests in a country or asset class orkeeps invested in each asset class. This will 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.


*September 29, 1994


−20%

0%

20%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI International Balanced

−13.2 −9.4

12.3

1.6 3.8 11.4

−13.1−17.4 1.5

19.8


Inception*

Qrtl 2 4 2 1 1 3 4 {N/A}Return −3.14 3.96 −3.14 −15.81 −6.42 −3.0 −1.25 3.4Grp Avg −4.06 5.08 −4.06 −23.76 −8.06 −1.99 0.36 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {N/A}

Asset Class

Cash 13.1%

Bond 24.5%

Other 0.6%


United States Equity 26.1%International Equity 35.2%

Equity Sectors

Financials 9.0%

Industrials 7.1%

Energy 4.9%

Health Care 6.4%





Canada 3.5%

Hong Kong 3.7%

Germany 7.8%

France 5.4%

United Kingdom 6.7%

Japan 8.2%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000


CI International Balanced

$8,820




CI Global Balanced Corporate Class Also available: Class F & IFund Codes Class A

ISC CIG280

DSC CIG780

LSC CIG1780






Asset Class: Global Balanced


NAV: $9.88






Volatility Meter



Canada Housing Trust, 4.05%, March15, 2011

2.20%



Nintendo Co. 1.25%

Oracle Corp. 1.25%

Japan Tobacco Inc. 1.16%

Nota Do Tesouro Nacional, 10.00%,January 1, 2017

1.11%

Hutchison Whampoa 1.07%

Microsoft 1.07%

Google 1.01%

Total 13.61%

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 target the rapidly growing segments of the population. It invests a portion of its assets in fixed incomesecurities. The fund is not limited to how much it invests in a country or asset class or keeps invested in each asset class. These willvary according to market conditions. Any change to the investment objective must be approved by a majority of votes cast at a meetingof unitholders held for that reason.


*June 11, 1998


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Global Balanced Corporate Class

−23.0 −9.3 14.2 2.6 2.8

15.2−20.0−26.8 5.8

42.8


Inception*

Qrtl 1 3 1 1 3 4 4 {N/A}Return 0.0 4.77 0.0 −20.0 −8.86 −4.4 −1.87 0.17Grp Avg −4.06 5.08 −4.06 −23.76 −8.06 −1.99 0.36 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {N/A}

Asset Class

Bond 10.8%


Other 0.6%

Cash 17.0%

United States Equity 27.4%International Equity 43.5%

Equity Sectors

Energy 5.9%

Industrials 7.7%

Financials 10.8%

Health Care 7.8%





Switzerland 3.8%

France 4.0%

United Kingdom 6.6%

Hong Kong 4.5%

Germany 5.3%

Japan 9.3%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000


CI Global Balanced Corporate Class

$8,283




Harbour Growth & Income Fund 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: $14.24






Volatility Meter



Barrick Gold Corp. −

BHP Billiton Limited −

Canadian National Railway −

EnCana Corp. −

Goldcorp Inc. −

Microsoft −

Petro−Canada −

Potash Corp. of Saskatchewan −

Suncor Energy −

Tim Hortons −

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 investsprimarily in equity and equity−related securities of mid− to large−capitalization Canadian companies and fixed income securities issuedby Canadian 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 March 31, 2009)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.

*June 27, 1997


−20%

0%

20%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Harbour Growth & Income

−19.7 3.8 11.2

17.3 12.3 8.1

1.3 8.9

16.3

2.6


Inception*

Qrtl 1 1 1 3 3 1 1 {N/A}Return −0.35 7.88 −0.35 −19.74 −4.57 3.67 5.65 4.56Grp Avg −1.85 4.32 −1.85 −17.05 −4.43 1.38 3.23 {N/A}Ind Ret −0.15 4.79 −0.15 −14.98 −1.03 4.31 5.86 {N/A}

Asset Class



Bond 4.4%


Cash 22.8%

Equity Sectors


Industrials 7.2%

Financials 13.0%


Other 9.8%

Materials 14.1%

Energy 17.8%Cash 22.8%


United Kingdom 3.4%

Taiwan 1.5%

Brazil 0.6%

Switzerland 1.0%

Australia 3.0%

United States 20.2%

Other 22.8%Canada 47.6%


$0

$5,000

$10,000

$15,000

$20,000

$25,000


CI Harbour Growth & Income

$17,332




Signature Income & Growth Fund 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

Asset Class: Canadian Balanced


NAV: $3.80






Volatility Meter





CIBC 1.74%

TD Bank 1.52%


TELUS Corp. 0.96%

JP Morgan Chase & Co., 7.90%,December 31, 2049

0.87%




Total 13.85%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Income & Growth

−21.2 1.8 12.7 14.7 13.3 15.6 −2.4 9.0


Inception*

Qrtl 1 3 1 3 2 1 {N/A} {N/A}Return −1.88 3.93 −1.88 −21.07 −5.62 2.07 {N/A} 4.3Grp Avg −3.09 3.9 −3.09 −20.27 −6.04 −0.63 1.92 {N/A}Ind Ret −4.82 4.13 −4.82 −10.19 −3.36 −0.82 −0.34 {N/A}

Asset Class

REITs 0.8%

Canadian Bonds 19.5%

Foreign Bonds 18.0%

Other 1.5%

Cash and Equivalents 15.2%

Income and Royalty Trusts 2.4%

Foreign Equity 22.3%Canadian Equity 20.3%

Equity Sectors

Energy 7.0%

Industrials 4.4%


Materials 4.2%

Other sectors 6.1%

Financials 11.4%



Australia 1.9%

Mexico 0.7%

France 0.6%

Switzerland 1.8%

United Kingdom 2.7%

Other 18.4%



$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000

Dec00 Dec01 Dec02 Dec03 Dec04 Dec05 Dec06 Dec07 Dec08

CI Signature Income & Growth

$14,231




Signature Canadian Resource Fund 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: $14.89






Volatility Meter





Goldcorp Inc. 3.99%



Chevron Corp. 3.44%

EnCana Corp. 3.22%


CF Industries 2.46%

Nexen Inc. 2.40%

Total 35.74%

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 March 31, 2009)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.

*April 11, 1997


−50%

0%

50%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Canadian Resource

−29.6 18.9 28.1

49.8

19.3 34.8

11.0 12.5 32.4 24.4


Inception*

Qrtl 2 2 2 1 1 1 1 {N/A}Return 4.71 8.37 4.71 −28.21 0.04 14.24 17.73 10.05Grp Avg 4.75 8.54 4.75 −44.3 −12.28 4.68 11.3 {N/A}Ind Ret 4.54 8.54 4.54 −43.03 −12.77 4.18 10.39 {N/A}

Asset Class


Cash 18.9%

Bond 1.8%



Equity Sectors

Other sectors 13.7%

Utilities 0.9%


Other 1.8%

Industrials 3.1%

Cash 18.9%

Materials 24.1%Energy 37.1%


United Kingdom 5.2%

Australia 1.9%

Switzerland 3.2%

Brazil 1.7%

United States 22.9%

Other 18.8%Canada 46.3%


$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

$80,000

$90,000


CI Signature Canadian Resource

$51,152




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

ISC CIG281

DSC CIG781

LSC CIG1781





Portfolio Manager: Scott Vali

Asset Class: Industry−Specific


NAV: $32.86






Volatility Meter



Chevron Corp. 5.30%




Apache Corp. 3.70%

EnCana Corp. 3.63%

Exxon Mobil 3.31%

XTO Energy 2.89%

Imperial Oil 2.80%

Occidental Petroleum 2.71%

Total 36.83%

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 March 31, 2009)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.

*June 11, 1998


−100%

0%

100%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Global Energy Corp Cl

−30.1 12.4 6.1

61.6 39.1 23.8 −4.4 0.3

38.9 31.4


Inception*

Qrtl 3 3 3 1 2 1 2 {N/A}Return −0.48 6.9 −0.48 −30.34 −7.7 11.91 13.47 11.96Grp Avg 4.75 8.54 4.75 −44.3 −12.28 4.68 11.3 {N/A}Ind Ret 4.54 8.54 4.54 −43.03 −12.77 4.18 10.39 {N/A}

Asset Class


Cash 19.0%

Bond 0.4%



Equity Sectors

Energy 62.2%

Industrials 1.4%

Materials 5.4%

Other 0.4%

Utilities 1.5%

Other sectors 10.0%Cash 19.0%


Brazil 3.2%

Australia 2.2%

France 1.8%

United Kingdom 2.2%

Switzerland 3.4%

Other 19.0%



$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000


CI Signature Global Energy Corp Cl

$35,371




Signature Canadian Bond Fund 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: $5.50






Volatility Meter


Fixed Income and Capitalization Overview

Gov’t of Canada, 3.50%, June 1, 2013 4.90%



Mortage & R/E 2.37%


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

1.97%


Province of Ontario, 4.30%, March 8,2017

1.64%

Province of Quebec, 6.00%, October1, 2029

1.61%


Total 24.72%

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 unitholders held for that reason.

Compound Returns and Quartile Rankings (as at March 31, 2009)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.

*January 20, 1993


−10.0%

0.0%

10.0%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Canadian Bond

3.2 2.1 2.7 4.9 4.7 3.7 6.9 6.3 8.1

−2.2


Inception*

Qrtl 4 3 4 3 3 2 3 {N/A}Return 0.19 1.53 0.19 0.81 2.95 3.06 3.97 1.53Grp Avg 1.11 1.63 1.11 1.62 3.06 3.25 4.28 {N/A}Ind Ret 1.52 1.8 1.52 4.93 5.39 5.21 6.07 {N/A}

Bond Type

Provincial Bonds 9.6%

Other 11.3%

Municipal Bonds 3.4%

Federal Bonds 29.9%

Corporate Debentures 45.8%

Bond Term

Other 11.3%

More than 20 years maturity 22.3%

10−20 years maturity 6.8%




Canada 84.1%

Ireland 0.6%

France 0.8%

Germany 0.5%

Sweden 0.4%

Austria 1.4%

United Kingdom 0.6%Other 11.6%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000


CI Signature Canadian Bond

$14,760




Signature Dividend Fund 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: $8.92






Volatility Meter





TD Bank 2.77%

CIBC 2.54%

Power Corp of Canada 2.00%

TELUS Corp. 1.97%

Fortis Inc. 1.55%

Thomson Reuters PLC 1.54%


Bank of Nova Scotia 1.43%

Total 21.52%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature Dividend

−23.0 −5.1 10.8 11.7 9.6 12.9

−2.3 5.7 24.3

−0.7


Inception*

Qrtl 1 4 1 1 2 3 3 {N/A}Return −2.37 3.58 −2.37 −22.92 −8.65 −1.1 3.33 4.18Grp Avg −4.35 5.67 −4.35 −26.65 −9.54 −0.31 4.59 {N/A}Ind Ret −2.0 7.79 −2.0 −32.42 −7.83 2.76 4.91 {N/A}

Asset Class


Cash 8.4%



Bond 1.8%

Equity Sectors

Financials 51.0%

Energy 5.0%

Cash 8.4%

Utilities 4.0%



Other 7.2%Other sectors 11.7%


Canada 73.6%

Switzerland 1.2%

United Kingdom 4.0%

Netherlands 0.8%

Germany 0.3%

Other 9.0%

Australia 1.3%United States 9.6%


$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

$20,000


CI Signature Dividend

$13,879




Signature High Income Fund 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: $10.14






Volatility Meter




Cdn. Real Estate Investment 1.68%

Vermilion Energy Trust 1.52%

Gerdau AmeriSteel, 10.38%, July 15,2011

1.51%

Inter Pipeline Fund 1.47%

Bell Aliant 1.36%

Cominar REIT 1.23%

Transurban Group 1.17%

AES Corp., 8.75%, May 15, 2013 1.08%

Allied Properties REIT 0.99%

Total 17.30%

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%

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CI Signature High Income

−21.5 0.1 6.7 16.6 19.9 22.6 8.3 15.0 17.2 7.1


Inception*


Asset Class

Income and Royalty Trusts 13.3%

Foreign Equity 4.2%


REITs 4.3%

Other 4.9%

Canadian Bonds 15.3%

Cash and Equivalents 24.0%Foreign Bonds 30.8%

Equity Sectors

Financials 8.0%

Industrials 2.7%

Utilities 1.1%


Other sectors 6.4%

Energy 9.8%

Other 45.7%Cash 24.0%


Bermuda 0.9%

Sweden 0.5%

Singapore 0.3%

France 0.6%

Australia 3.1%

Other 25.0%



$0

$10,000

$20,000

$30,000


CI Signature High Income

$21,644


F O R D E A L E R U S E O N LY • V I S I T U S AT WWW.C I . COM F O R A L L T H E L AT E S T F U N D A N D M A N A G E R I N F O R M AT I O N • M O N T H LY P E R F O R M A N C E S C O R E C A R D PA G E 6 7

as at March 31, 2009

CI ALPINE GROWTH EQUITY TED WHITEHEAD 9022 / 9372 / 1372 – $12.22 $38.2 0.7 7.3 -22.4 -39.3 -14.9 -2.3 3.4 1.5(JUNE ’97)

CI AMERICAN EQUITY R. BECKWITT / F. CAMPEAU 212 / 812 / 1812 312 / 612 / 1612 $5.01 $254.5 -1.0 7.5 -21.5 -28.0 -15.7 -8.3 -6.4 5.2 (MAY’89)

CI AMERICAN SMALL COMPANIES W. PRIEST / D. PEARL 213 / 813 / 1813 313 / 613 / 1613 $18.67 $276.9 -7.8 6.2 -22.2 -22.2 -13.4 -6.7 0.4 6.6 (APR.’91)

CI AMERICAN VALUE W. PRIEST / D. PEARL 7500 / 7505 / 1510 – $12.83 $259.9 -4.4 5.4 -14.7 -21.5 -8.1 -2.6 -3.3 8.1 (MAY‘57)

CI CANADIAN INVESTMENT DANIEL BUBIS 7420 / 7425 / 1425 – $17.02 $3,530.6 -3.7 8.6 -20.3 -27.8 -8.8 2.0 6.6 8.3 (NOV.‘32)

CI CANADIAN SMALL/MID CAP J. LAWSON / D. PICTON 9023 / 9373 / 1850 – $14.63 $389.6 -1.9 4.4 -18.5 -34.0 -13.4 -3.8 0.9 4.7 (NOV.’92)

CI EMERGING MARKETS PABLO SALAS 662 / 646 / 1646 546 / 549 / 1549 $10.33 $117.8 1.2 12.0 -22.7 -40.2 -9.4 1.5 3.8 5.4 (SEPT.’91)

CI EUROPEAN G. GIGLIOTTI / F. CAMPEAU 669 / 647 / 1647 114 / 840 / 1840 $5.20 $66.0 -12.9 0.8 -25.9 -44.7 -15.3 -4.5 -2.9 1.6 (SEPT.’91)

CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 654 / 644 / 1644 113 / 543 / 1543 $8.04 $611.0 -5.3 5.5 -20.2 -32.8 -16.2 -7.6 -3.8 4.1 (FEB.’86)

CI GLOBAL BOND R. GLUCK / D. RUNKLE 624 / 623 / 1623 110 / 540 / 1540 $4.06 $361.8 -2.7 0.5 22.4 16.4 8.7 2.4 2.9 4.7 (SEPT.’92)

CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 2810 / 3810 / 1610 2811 / 3811 / 1611 $6.11 $388.1 -8.3 3.2 -15.7 -24.6 -9.0 N/A N/A -8.5 (JAN.’06)

CI GLOBAL SMALL COMPANIES W. PRIEST / E. BAKER / D. PEARL 215 / 815 / 1815 315 / 615 / 1615 $16.83 $135.4 -6.0 3.7 -15.1 -25.6 -9.8 -2.4 2.8 7.2 (APR.’93)

CI GLOBAL VALUE JOHN HOCK 680 / 880 / 1880 180 / 580 / 1580 $8.63 $89.3 -7.7 5.6 -11.8 -19.4 -12.3 -5.5 -0.7 -0.6 (JUNE’96)

CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 864 / 874 / 1874 564 / 174 / 1174 $10.40 $326.6 -8.8 2.7 -22.7 -39.8 -17.2 -7.8 N/A 2.3 (AUG.’99)

CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 630 / 830 / 1830 130 / 530 / 1530 $13.90 $206.4 -3.1 4.0 -3.8 -15.8 -6.4 -3.0 -1.2 3.4 (SEPT.’94)

CI INTERNATIONAL VALUE JOHN HOCK 681 / 881 / 1881 181 / 581 / 1581 $8.37 $463.3 -8.0 4.0 -9.7 -22.0 -11.3 -3.7 -1.1 -0.7 (JUNE’96)

CI PACIFIC W. PRIEST / E. BAKER 651 / 641 / 1641 544 / 547 / 1547 $10.49 $75.0 -12.0 2.1 -12.1 -25.3 -9.7 -2.0 -1.0 6.1 (OCT.’81)

CI MONEY MARKET CI INVESTMENTS 649 / 648 / 1648 – $10.00 $1,816.2 0.1 0.0 0.4 1.4 2.7 2.3 2.6 4.0 (OCT.’90)

CI US MONEY MARKET(a) CI INVESTMENTS – 125 / 525 / 1525 $10.00 $43.3 0.0 0.0 0.3 1.0 3.0 2.5 2.6 3.3 (FEB.’95)

CI Funds®

LEAD MANAGER

CDN $FUND CODE: CIGISC / DSC / LSC

US $FUND CODE: CIGISC / DSC / LSC

NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

*simple rates of return (a)may not be held in a CI Registered Plan

Portfolio Series™

PORTFOLIO SERIES BALANCED CI INVESTMENTS 7710 / 7715 / 1715 – $17.77 $1,151.4 -3.1 4.0 -12.3 -18.7 -6.3 0.4 2.9 6.3 (NOV.‘88)

PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 2601 / 3601 / 1601 2701 / 3701 / 1708 $9.39 $607.4 -3.4 4.7 -14.2 -21.3 -7.6 -1.2 N/A 0.4 (DEC.’01)

PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7770 / 7775 / 1775 – $10.64 $350.8 -2.0 3.1 -9.0 -14.5 -4.3 0.9 3.2 3.5 (DEC.‘97)

PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 2600 / 3600 / 1600 2700 / 3700 / 1707 $9.92 $342.9 -2.6 3.7 -10.7 -16.5 -5.4 0.2 N/A 1.7 (DEC.’01)

PORTFOLIO SERIES GROWTH CI INVESTMENTS 2602 / 3602 / 1602 2702 / 3702 / 1702 $8.93 $250.9 -4.1 5.1 -15.9 -23.8 -8.9 -1.9 N/A -0.5 (DEC.’01)

PORTFOLIO SERIES INCOME CI INVESTMENTS 7740 / 7745 / 1745 – $9.54 $236.2 -1.4 1.8 -5.6 -9.6 -1.8 1.4 3.4 3.7 (DEC.‘97)

PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 2603 / 3603 / 1603 2703 / 3703 / 1704 $8.32 $102.1 -4.8 6.3 -19.0 -28.0 -11.0 -2.8 N/A -1.8 (DEC.’01)

LEAD MANAGER



NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SELECT INCOME MANAGED CORPORATE CLASS MULTIPLE MANAGERS† 2215 / 3215 / 1415 – $10.17 $118.1 -0.2 1.5 -1.6 -4.1 0.3 N/A N/A 0.5 (JAN.’06)

SELECT CANADIAN EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS†† 2216 / 3216 / 1416 – $8.11 $47.6 -3.7 7.6 -21.9 -31.7 -9.7 N/A N/A -6.0 (JAN.’06)

SELECT U.S. EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS††† 2217 / 3217 / 1417 – $6.78 $37.1 -5.8 5.8 -25.2 -31.8 -14.2 N/A N/A -10.8 (JAN.’06)

SELECT INTERNATIONAL EQUITY MANAGED CORPORATE CLASS MULTIPLE MANAGERS†††† 2218 / 3218 / 1418 – $6.93 $31.1 -6.6 4.5 -18.8 -31.7 -14.1 N/A N/A -10.2 (JAN.’06)

SELECT STAGING FUND CI INVESTMENTS 2230 / 3230 / 1430 – $10.00 $0.1 0.0 0.0 0.0 0.0 0.0 N/A N/A 0.0 (JAN.’06)

SELECT 100e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2248 / 3248 / 1328 – $6.53 $5.9 -4.7 6.2 -20.8 -29.9 N/A N/A N/A -16.6 (NOV.’06)

SELECT 100i MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2240 / 3240 / 1320 – $9.92 $15.7 -0.2 1.2 -1.1 -3.4 N/A N/A N/A -0.3 (NOV.’06)

SELECT 20i80e MANAGED PORTFOLIO CORPORATE CLASS CI INVESTMENTS 2247 / 3247 / 1327 – $7.15 $16.1 -3.8 5.1 -16.9 -24.9 N/A N/A N/A -13.3 (NOV.’06)







Portfolio Select Series™

CI AMERICAN VALUE INSIGHT UNITS W. PRIEST / D. PEARL 5904 / – / – – $9.94 $3.8 -4.2 5.4 -14.4 -20.8 -7.2 -1.7 N/A 0.6 (JULY’03)

CI CANADIAN INVESTMENT INSIGHT UNITS DANIEL BUBIS 5900 / – / – – $11.05 $4.2 -3.5 8.8 -19.9 -27.0 -7.8 3.1 N/A 5.1 (JULY’03)

CI GLOBAL BOND INSIGHT UNITS R. GLUCK / D. RUNKLE 5913 / – / – – $8.96 $3.6 -2.6 0.4 23.0 17.3 9.4 3.2 N/A 3.6 (JULY’03)

CI GLOBAL INSIGHT UNITS STERLING / GIGLIOTTI / BECKWITT 5908 / – / – – $8.30 $3.2 -5.0 5.6 -19.8 -32.2 -15.5 -6.8 N/A -3.2 (JULY’03)

CI GLOBAL SMALL COMPANIES INSIGHT UNITS W. PRIEST / D. PEARL / E. BAKER 5910 / – / – – $11.05 $1.6 -5.8 3.8 -14.7 -24.8 -8.8 -1.4 N/A 1.8 (JULY’03)

CI INTERNATIONAL INSIGHT UNITS STERLING / GIGLIOTTI / BECKWITT 5907 / – / – – $7.94 $1.3 -8.5 2.7 -22.4 -39.2 -16.5 -6.9 N/A -2.2 (JULY’03)

CI INTERNATIONAL VALUE INSIGHT UNITS JOHN HOCK 5906 / – / – – $9.34 $1.6 -7.8 4.0 -9.2 -21.2 -10.5 -2.8 N/A 0.7 (JULY’03)

CI MONEY MARKET INSIGHT UNITS CI INVESTMENTS 5914 / – / – – $10.00 $1.5 0.1 0.0 0.5 1.6 2.9 2.5 N/A 2.4 (JULY’03)

CI VALUE TRUST CORP. CLASS INSIGHT SHARES BILL MILLER 5915 / – / – – $4.36 $2.3 -9.2 7.7 -27.9 -40.6 -25.7 N/A N/A -15.7 (JULY’03)

SIGNATURE CANADIAN BOND INSIGHT UNITS1 JAMES DUTKIEWICZ 5912 / – / – – $9.99 $8.5 0.5 1.7 2.8 1.4 3.5 3.6 N/A 4.1 (JULY’03)

SIGNATURE CORPORATE BOND INSIGHT UNITS DUTKIEWICZ / SHAW / MARSHALL 5911 / – / – – $8.77 $5.7 1.6 1.1 -4.6 -5.7 0.2 1.9 N/A 3.0 (JULY’03)

SIGNATURE SELECT CANADIAN INSIGHT UNITS ERIC BUSHELL 5902 / – / – – $9.17 $2.4 -3.0 6.6 -17.2 -24.6 -5.2 5.1 N/A 7.1 (JULY’03)

SYNERGY CANADIAN CORP. CLASS INSIGHT SHARES DAVID PICTON 5916 / – / – – $11.04 $4.3 -3.8 6.9 -20.4 -32.1 -9.2 N/A N/A 3.0 (JULY’03)

Insight® Units/Shares



*simple rates of return† Signature Advisors and Trilogy Global Advisors†† Tetrem Capital Partners, Synergy Asset Management and QVGD Investors Inc.††† Epoch Investment Partners, Synergy Asset Management, Trilogy Global Advisors and KBSH Capital Management†††† Altrinsic Global Advisors, Synergy Asset Management and Trilogy Global Advisors

1 formerly CI Canadian Bond Insight Units

LEAD MANAGER



NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)CI Corporate ClassCAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE CLASS ALAN RADLO 2322 / 3322 / 1522 2517 / 3517 / 1217 $7.84 $186.0 -2.0 5.1 -14.8 -21.3 N/A N/A N/A -17.8 (DEC.’07)

CAMBRIDGE CANADIAN EQUITY CORPORATE CLASS ALAN RADLO 2321 / 3321 / 1521 2516 / 3516 / 1216 $7.36 $208.0 -3.7 6.2 -18.2 -26.9 N/A N/A N/A -21.9 (DEC.’07)

CAMBRIDGE GLOBAL EQUITY CORPORATE CLASS ALAN RADLO 2323 / 3323 / 1523 2518 / 3518 / 1218 $7.98 $207.5 -2.9 5.4 -14.1 -21.8 N/A N/A N/A -16.6 (DEC.’07)

CI AMERICAN EQUITY CORPORATE CLASS R. BECKWITT / F. CAMPEAU 294 / 794 / 1794 394 / 194 / 1194 $3.39 $5.1 -0.6 7.6 -19.7 -26.5 -15.1 -7.9 N/A -11.2 (FEB.’00)

CI AMERICAN MANAGERS® CORPORATE CLASS MULTIPLE MANAGERS†† 209 / 709 / 1709 309 / 409 / 1409 $7.83 $242.3 -6.0 7.7 -20.8 -25.9 -13.3 -5.7 N/A -2.8 (JULY’00)

CI AMERICAN SMALL COMPANIES CORPORATE CLASS WILLIAM PRIEST 297 / 797 / 1797 397 / 497 / 1497 $4.54 $2.9 -7.5 6.3 -21.7 -21.5 -13.0 -6.3 N/A -8.3 (FEB.’00)

CI AMERICAN VALUE CORPORATE CLASS W. PRIEST / D. PEARL 510 / 511 / 1511 512 / 513 / 1513 $8.32 $297.1 -4.4 5.4 -14.8 -21.1 -8.0 -2.9 N/A -2.4 (AUG.’01)

CI CANADIAN INVESTMENT CORPORATE CLASS DANIEL BUBIS 2307 / 3307 / 1307 2507 / 3507 / 1507 $12.64 $174.7 -3.5 8.6 -19.7 -27.1 -8.7 1.8 N/A 4.2 (JULY’03)

CI CAN-AM SMALL CAP CORPORATE CLASS L. PULLEN / J. JUGOVIC 6104 / 6154 / 1154 2512 / 3512 / 1517 $9.75 $80.3 -5.4 2.5 -18.4 -23.6 -8.4 2.0 7.6 6.5 (DEC.’97)

CI EMERGING MARKETS CORPORATE CLASS PABLO SALAS 277 / 276 / 1276 377 / 476 / 1476 $9.80 $51.9 1.2 12.0 -22.3 -39.8 -9.2 1.7 3.8 4.6 (SEPT.’92)

CI EUROPEAN CORPORATE CLASS G. GIGLIOTTI / F. CAMPEAU 275 / 274 / 1274 375 / 474 / 1474 $5.98 $11.5 -12.6 0.8 -25.3 -44.7 -15.5 -4.8 -3.1 1.4 (SEPT.’92)

CI GLOBAL BALANCEDCORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 280 / 780 / 1780 380 / 480 / 1480 $9.88 $177.3 0.0 4.8 -6.4 -20.0 -8.9 -4.4 -1.9 0.2 (JUNE’98)

CI GLOBAL BIOTECHNOLOGY CORPORATE CLASS BRADLEY WILDS 221 / 721 / 1721 321 / 421 / 1421 $7.76 $43.1 1.8 8.8 2.4 14.1 -7.2 -6.3 N/A -2.6 (AUG.’99)

CI GLOBAL BOND CORPORATE CLASS R. GLUCK / D. RUNKLE 2302 / 3302 / 1302 2502 / 3502 / 1512 $11.30 $15.5 -2.8 0.3 22.3 16.4 8.6 2.2 N/A 1.9 (AUG.’02)

CI GLOBAL CONSUMER PRODUCTS CORPORATE CLASS J. HOCK / J. DEVITA 211 / 711 / 1711 311 / 411 / 1411 $19.46 $10.4 -9.2 4.0 -12.9 -22.1 -8.4 -4.2 2.3 6.5 (APR.’97)

CI GLOBAL FINANCIAL SERVICES CORPORATE CLASS JOHN HOCK 200 / 700 / 1700 300 / 400 / 1400 $12.63 $24.3 -16.5 9.2 -26.1 -34.2 -21.3 -10.4 -4.3 2.8 (JULY’96)

CI GLOBAL HEALTH SCIENCES CORPORATE CLASS ANDREW WAIGHT 201 / 701 / 1701 301 / 401 / 1401 $15.56 $99.0 -4.8 4.6 -17.9 -20.3 -12.7 -4.8 -0.1 4.3 (JULY’96)

CI GLOBAL HIGH DIVIDEND ADVANTAGE CORPORATE CLASS PRIEST / SAPPENFIELD / WELHOELTER 2311 / 3311 / 1311 2514 / 3514 / 1519 $6.78 $43.3 -7.0 3.0 -13.5 -21.8 N/A N/A N/A -16.9 (FEB.’07)

CI GLOBAL MANAGERS® CORPORATE CLASS MULTIPLE MANAGERS††† 293 / 793 / 1793 393 / 493 / 1493 $7.31 $36.7 -2.1 5.6 -5.9 -14.5 -6.9 -2.0 N/A -3.4 (FEB.’00)

CI GLOBAL CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 660 / 667 / 1667 360 / 467 / 1467 $9.77 $72.7 -4.6 5.7 -20.7 -33.2 -16.4 -7.8 -4.0 3.9 (JULY’87)

CI GLOBAL SCIENCE & TECHNOLOGY CORPORATE CLASS FRANÇOIS CAMPEAU 203 / 703 / 1703 303 / 403 / 1403 $8.72 $81.7 13.1 8.9 -2.4 -5.4 -9.6 -7.0 -8.4 0.2 (JULY’96)

CI GLOBAL SMALL COMPANIES CORPORATE CLASS W. PRIEST / D. PEARL / E. BAKER 298 / 798 / 1798 398 / 198 / 1198 $5.82 $10.0 -5.5 3.7 -14.7 -24.4 -9.7 -2.7 N/A -5.8 (FEB.’00)

CI GLOBAL VALUE CORPORATE CLASS JOHN HOCK 206 / 706 / 1706 306 / 406 / 1406 $9.24 $30.4 -8.0 5.7 -12.1 -19.7 -12.3 -5.5 -0.7 -0.6 (JULY’96)

CI INTERNATIONAL BALANCED CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 093 / 094 / 1195 095 / 096 / 1196 $8.05 $4.3 -3.9 3.6 -4.7 -15.8 -7.1 -3.9 N/A -2.8 (AUG.’01)

CI INTERNATIONAL CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT† 144 / 145 / 1145 146 / 147 / 1147 $6.59 $7.7 -8.6 3.0 -22.3 -39.7 -17.4 -8.1 N/A -5.3 (AUG.’01)

CI INTERNATIONAL VALUE CORPORATE CLASS JOHN HOCK 205 / 705 / 1705 305 / 405 / 1405 $9.12 $17.2 -7.7 4.2 -8.1 -20.4 -11.1 -3.3 -1.1 -0.7 (JULY’96)

CI JAPANESE CORPORATE CLASS W. PRIEST / E. BAKER 250 / 750 / 1750 350 / 450 / 1450 $7.60 $6.7 -14.9 -0.5 -12.7 -20.6 -15.8 -6.9 -3.3 -2.4 (DEC.’98)

CI PACIFIC CORPORATE CLASS W. PRIEST / E. BAKER 657 / 664 / 1664 357 / 464 / 1464 $6.44 $12.3 -12.3 2.2 -12.6 -26.1 -10.1 -2.0 -1.5 1.5 (JULY’87)

CI SHORT-TERM ADVANTAGE CORPORATE CLASS CI INVESTMENTS 2313 / 3313 / 1313 – $10.09 $209.5 0.1 0.1 0.4 N/A N/A N/A N/A 0.9 (MAY’08)

CI SHORT-TERM CORPORATE CLASS CI INVESTMENTS 661 / 668 / 1668 361 / 468 / – $10.21 $415.9 0.3 0.1 0.7 1.5 2.6 2.2 2.5 3.4 (JULY’87)

CI SHORT-TERM US$ CORPORATE CLASS CI INVESTMENTS – 101 / 501 / 1509 US $10.00 $25.6 0.4 0.1 0.4 0.9 2.8 2.3 N/A 1.7 (AUG.’01)

CI VALUE TRUST CORPORATE CLASS BILL MILLER 2301 / 3301 / 1301 2501 / 3501 / 1501 $4.87 $286.7 -9.3 7.7 -28.3 -41.3 -26.5 -16.1 N/A -9.4 (DEC.’01)

HARBOUR CORPORATE CLASS G. COLEMAN / S. JENKINS 290 / 790 / 1790 390 / 490 / 1490 $18.62 $449.4 -0.5 9.4 -17.5 -23.6 -5.2 4.7 7.0 5.7 (JUNE’97)

HARBOUR FOREIGN EQUITY CORPORATE CLASS S. JENKINS / G. COLEMAN 2300 / 3300 / 1300 2500 / 3500 / 1500 $6.90 $390.4 -5.9 8.8 -30.8 -41.6 -16.0 -7.5 N/A -5.0 (DEC.’01)

HARBOUR FOREIGN GROWTH & INCOME CORPORATE CLASS S. JENKINS / G. COLEMAN 2306 / 3306 / 1306 2506 / 3506 / 1506 $8.77 $130.8 -4.3 7.0 -21.1 -30.3 -10.7 -5.0 N/A -2.1 (DEC.’02)

HARBOUR GROWTH & INCOME CORPORATE CLASS G. COLEMAN / S. JENKINS 2310 / 3310 / 1310 2513 / 3513 / 1518 $8.76 $361.4 -0.3 7.7 -15.2 -19.6 N/A N/A N/A -4.8 (AUG.’06)

SIGNATURE CANADIAN RESOURCE CORPORATE CLASS SCOTT VALI 013 / 344 / 1344 345 / 348 / 1348 $29.49 $98.5 4.9 8.6 -15.5 -27.7 0.5 14.1 N/A 15.1 (AUG.’01)

SIGNATURE CANADIAN BOND CORPORATE CLASS1 JAMES DUTKIEWICZ† 2303 / 3303 / 1303 2503 / 3503 / 1503 $12.55 $310.4 0.3 1.7 3.5 2.2 3.3 3.0 N/A 3.5 (AUG.’02)



*simple rates of return†Lead Manager of the Underlying Fund ††J. Hock, W. Priest, D. Pearl, D. Picton, R. Beckwitt and S. MacMillan†††R. Beckwitt, F. Campeau, J. Hock, N. Narayanan and W. Priest

1 formerly CI Canadian Bond Corporate Class

LEAD MANAGER



NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)



CI Corporate Class cont’d

HARBOUR G. COLEMAN / S. JENKINS 690 / 890 / 1890 – $15.25 $4,410.5 -0.8 9.5 -18.2 -23.9 -5.4 5.0 7.4 6.3 (JUNE’97)

HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 691 / 891 / 1891 – $14.24 $6,622.7 -0.3 7.9 -15.4 -19.7 -4.6 3.7 5.7 4.6 (JUNE’97)

SIGNATURE CANADIAN ASSET ALLOCATION2 E. BUSHELL / J. DUTKIEWICZ 7720 / 7725 / 1725 – $13.30 $260.2 -2.0 4.5 -9.7 -15.4 -3.4 2.4 2.7 5.4 (SEPT.‘92)

SIGNATURE CANADIAN BOND3 JAMES DUTKIEWICZ 837 / 847 / 1847 – $5.50 $1,546.6 0.2 1.5 2.4 0.8 2.9 3.1 4.0 6.0 (JAN.’93)

SIGNATURE CANADIAN BALANCED ERIC BUSHELL 685 / 785 / 1785 – $11.94 $1,155.0 -1.8 4.6 -10.1 -15.8 -2.6 4.2 4.5 6.8 (JUNE’97)

SIGNATURE CANADIAN RESOURCE SCOTT VALI 611 / 811 / 1811 – $14.89 $451.7 4.7 8.4 -15.6 -28.2 0.0 14.2 17.7 10.0 (APR.’97)

SIGNATURE CORPORATE BOND DUTKIEWICZ / SHAW / MARSHALL 9010 / 9060 / 1150 – $8.38 $758.8 1.3 1.0 -5.1 -6.7 -1.0 0.8 N/A 1.8 (JAN.’02)

SIGNATURE DIVIDEND ERIC BUSHELL 610 / 810 / 1810 – $8.92 $1,125.1 -2.4 3.6 -18.2 -22.9 -8.6 -1.1 3.3 4.2 (OCT.’96)

SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 2111 / 3111 / 1111 2402 / 3402 / 1402 $5.89 $68.5 -4.2 3.3 -14.4 -22.8 N/A N/A N/A -16.4 (FEB.’07)

SIGNATURE HIGH INCOME ERIC BUSHELL 686 / 786 / 1786 – $10.14 $2,411.8 -1.2 0.8 -19.0 -21.9 -7.4 1.9 8.0 7.7 (DEC.’96)

SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 6116 / 6166 / 1166 – $3.80 $2,001.1 -1.9 3.9 -15.7 -21.1 -5.6 2.1 N/A 4.3 (NOV.’00)

SIGNATURE LONG-TERM BOND4 JAMES DUTKIEWICZ 7210 / 7215 / 1215 – $13.13 $96.0 -0.7 2.2 1.5 -2.1 1.9 3.2 4.0 7.0 (JUNE‘89)

SIGNATURE MORTGAGE5 JAMES DUTKIEWICZ 9002 / 9352 / 1342 – $10.26 $49.7 -0.2 -0.2 2.0 2.1 2.7 2.1 3.2 4.2 (JUNE’93)

SIGNATURE SELECT CANADIAN ERIC BUSHELL 677 / 777 / 1777 – $13.00 $2,795.8 -3.3 6.6 -17.7 -25.5 -6.2 3.9 9.9 8.8 (MAY’98)

SIGNATURE SHORT-TERM BOND6 JAMES DUTKIEWICZ 7220 / 7225 / 1225 – $5.40 $115.0 1.4 0.7 3.5 3.8 3.8 2.6 3.8 7.4 (MAY‘76)

SYNERGY AMERICAN DAVID PICTON 622 / 621 / 1621 545 / 548 / 1548 $9.30 $230.3 -5.1 5.6 -17.8 -25.7 -11.4 -3.8 -4.3 5.4 (SEPT.’92)

SYNERGY FOCUS CANADIAN EQUITY DAVID PICTON 6121 / 6171 / 1171 – $5.21 $40.5 -1.7 8.1 -18.5 -29.8 -8.1 2.1 N/A 0.5 (APR.’00)

SYNERGY FOCUS GLOBAL EQUITY D. PICTON / M. MAHONEY 6114 / 6164 / 1164 6214 / 6264 / 1264 $5.47 $41.2 -5.7 6.2 -15.1 -29.0 -12.4 -2.8 N/A 1.5 (JAN.’01)

SYNERGY TACTICAL ASSET ALLOCATION MULTIPLE MANAGERS† 6115 / 6165 / 1165 – $6.24 $189.9 -3.7 4.3 -8.9 -15.6 -4.7 1.9 4.0 4.8 (SEPT.’98)

Signature Funds™

Harbour Funds®

Synergy Funds

SIGNATURE CORPORATE BOND CORPORATE CLASS DUTKIEWICZ / SHAW / MARSHALL 2308 / 3308 / 1308 2508 / 3508 / 1508 $10.92 $47.2 1.3 1.0 -5.2 -6.9 -1.0 0.5 N/A 1.6 (JULY’03)

SIGNATURE DIVIDEND CORPORATE CLASS ERIC BUSHELL 2305 / 3305 / 1305 2505 / 3505 / 1505 $10.96 $136.4 -2.1 3.5 -17.0 -21.7 -8.1 -1.1 N/A 1.4 (AUG.’02)

SIGNATURE GLOBAL ENERGY CORPORATE CLASS1 SCOTT VALI 281 / 781 / 1781 381 / 481 / 1481 $32.86 $122.8 -0.5 6.9 -21.9 -30.3 -7.7 11.9 13.5 12.0 (JUNE’98)

SIGNATURE GLOBAL INCOME & GROWTH CORPORATE CLASS ERIC BUSHELL 2312 / 3312 / 1312 2515 / 3515 / 1520 $6.83 $19.7 -4.2 3.3 -14.3 -22.7 N/A N/A N/A -16.6 (FEB.’07)

SIGNATURE HIGH INCOME CORPORATE CLASS ERIC BUSHELL 2304 / 3304 / 1304 2504 / 3504 / 1504 $14.09 $275.5 -1.3 0.6 -17.8 -20.5 -6.8 1.9 N/A 5.3 (AUG.’02)

SIGNATURE INCOME & GROWTH CORPORATE CLASS E. BUSHELL / J. DUTKIEWICZ 2309 / 3309 / 1309 2509 / 3509 / 1514 $10.04 $271.6 -2.0 4.1 -15.0 -20.4 -5.5 N/A N/A 0.1 (MAR.’05)

SIGNATURE SELECT CANADIAN CORPORATE CLASS ERIC BUSHELL 150 / 151 / 1151 164 / 017 / 1117 $14.31 $178.9 -3.0 6.6 -17.2 -24.5 -5.9 4.0 N/A 4.8 (AUG.’01)

SYNERGY AMERICAN CORPORATE CLASS DAVID PICTON 279 / 278 / 1278 379 / 478 / 1478 $8.41 $14.5 -4.5 5.5 -16.8 -24.4 -11.1 -3.5 -4.2 4.3 (SEPT.’92)

SYNERGY CANADIAN CORPORATE CLASS DAVID PICTON 6103 / 6153 / 1153 2510 / 3510 / 1515 $9.94 $917.2 -4.1 6.8 -20.8 -32.9 -10.3 0.9 5.6 7.3 (DEC.’97)

SYNERGY CAN. STYLE MANAGEMENT CORP. CLASS MULTIPLE MANAGERS† 6105 / 6155 / 1155 2511 / 3511 / 1516 $7.55 $163.5 -4.4 6.5 -19.2 -30.0 -10.3 0.1 4.4 4.5 (DEC.’97)

SYNERGY GLOBAL CORPORATE CLASS M. MAHONEY / D. PICTON 6109 / 6159 / 1159 6209 / 6259 / 1259 $3.46 $158.1 -6.5 5.8 -16.4 -29.4 -12.1 -2.3 -3.6 -3.6 (MAR’99)

SYNERGY GLOBAL STYLE MANAGEMENT CORPORATE CLASS MULTIPLE MANAGERS †† 6110 / 6160 / 1160 6210 / 6260 / 1260 $3.64 $77.2 -7.1 4.9 -15.7 -27.3 -13.2 -5.1 -4.0 -3.0 (SEPT.’98)

*simple rates of return† David Picton and Daniel Bubis† †D. Picton, W. Sterling, M. Mahoney,J. Hock, W. Priest and B. Miller

4 formerly CI Long-Term Bond5 formerly CI Mortgage6 formerly CI Short-Term Bond

1 formerly CI Global Energy Corporate Class2 formerly CI Canadian Asset Allocation3 formerly CI Canadian Bond

1 formerly CI Global Energy Corporate Class2 formerly CI Canadian Asset Allocation3 formerly CI Canadian Bond

LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)



Knight Bain Funds

*simple rates of return

KNIGHT BAIN DIVERISFIED MONTHLY INCOME GEOFFREY HOLLANDS 6804 / 6814 / 6824 $6.90 $28.7 -0.5 2.7 -16.3 -20.4 N/A N/A N/A -7.8 (SEPT.’06)

KNIGHT BAIN PURE CANADIAN EQUITY BILL VIEIRA 6805 / 6815 / 6825 $6.46 $32.2 -5.0 6.8 -26.0 -35.1 N/A N/A N/A -15.4 (SEPT.’06)

KNIGHT BAIN CORPORATE BOND GEOFFREY HOLLANDS 6807 / 6817 / 6827 $7.30 $2.0 4.8 1.6 -6.4 -10.0 N/A N/A N/A -7.2 (SEPT.’06)

KNIGHT BAIN SMALL CAP RUI CARDOSO 6808 / 6818 / 6828 $5.80 $0.2 -0.5 6.0 -17.8 -25.3 N/A N/A N/A -19.0 (SEPT.’06)

KNIGHT BAIN CANADIAN BOND GEOFFREY HOLLANDS 2112 / 3112 / 1112 $10.10 $180.2 1.6 2.1 3.8 1.4 N/A N/A N/A 3.9 (JUL.’07)

COVINGTON II FUND INC. (ONTARIO ONLY) G. BROWN / C. VALLIS – / 912 / – $7.45 $86.7 3.3 3.0 4.9 3.5 -5.3 -1.5 N/A -3.1 (DEC.’99)

ENSIS GROWTH FUND INC. (MANITOBA ONLY) ENSIS MANAGEMENT 508 / 509 / – $9.01 $75.3 -2.5 -1.4 19.8 11.6 2.0 -0.3 -0.8 -0.9 (JAN.’98)

VENTURELINK BALANCED FUND INC. VENTURELINK LP – / 6942 / – $10.29 $36.4 -0.1 1.2 -10.1 -11.3 N/A N/A N/A 1.1 (SEPT.’01)

VENTURELINK BRIGHTER FUTURE FUND INC. SERIES I VENTURELINK LP – / 6940 / – $11.77 $33.0 -0.4 -0.2 -8.6 -9.8 N/A N/A N/A 6.3 (SEPT.’01)

VENTURELINK BRIGHTER FUTURE FUND INC. SERIES II VENTURELINK LP – / 6941 / – $11.89 $2.5 -0.3 -0.2 -8.5 -9.6 N/A N/A N/A 6.7 (SEPT.’01)

VENTURELINK BRIGHTER FUTURE FUND INC. SERIES III* VENTURELINK LP – / 6943 / – $11.94 $16.5 -0.3 -0.1 -8.4 -9.6 N/A N/A N/A 6.8 (JAN.’04)

VENTURELINK BRIGHTER FUTURE FUND INC. SERIES IV* VENTURELINK LP – / 6944 / – $11.92 $9.7 -0.4 -0.2 -8.5 -9.7 N/A N/A N/A 6.8 (JAN.’04)

VENTURELINK BRIGHTER FUTURE FUND INC. SERIES V VENTURELINK LP – / 6945 / – $11.90 $1.0 -0.4 -0.1 -8.5 -9.6 N/A N/A N/A 6.7 (OCT.’00)

VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES I VENTURELINK LP – / 6930 / – $8.16 $5.8 -0.5 0.7 -17.2 -21.6 -10.2 -3.9 N/A -3.0 (NOV.’02)

VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES II VENTURELINK LP – / 6931 / – $8.10 $0.8 -0.5 0.7 -17.3 -21.7 -10.3 -4.1 N/A -3.1 (NOV.’02)

VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES III * VENTURELINK LP – / 6933 / – $7.99 $24.7 -0.5 0.8 -17.4 -21.9 -10.6 -4.5 N/A -3.9 (JAN.’04)

VENTURELINK DIVERSIFIED INCOME FUND INC. SERIES IV* VENTURELINK LP – / 6934 / – $7.98 $12.5 -0.5 0.8 -17.4 -21.9 -10.7 -4.5 N/A -3.9 (JAN.’04)

VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES I VENTURELINK LP – / 6910 / – $8.95 $48.6 -2.2 3.1 -20.1 -21.6 -8.5 -3.3 N/A -1.3 (SEPT.’01)

VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES II VENTURELINK LP – / 6911 / – $8.88 $6.5 -2.1 3.1 -20.1 -21.6 -8.5 -3.3 N/A -1.4 (SEPT.’01)

VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES III* VENTURELINK LP – / 6913 / – $8.41 $35.0 -2.2 3.1 -20.1 -21.8 -8.9 -3.8 N/A -3.2 (JAN.’04)

VENTURELINK FINANCIAL SERVICES INNOVATION FUND INC. SERIES IV* VENTURELINK LP – / 6914 / – $8.42 $11.7 -2.2 3.1 -20.2 -21.9 -9.0 -3.8 N/A -3.2 (JAN.’04)

Labour-sponsored Funds



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

*simple rates of return1Class A units: 100% Maturity Guarantee and 100% Death Benefit Guarantee2Class B units: 75% Maturity Guarantee and 100% Death Benefit Guarantee

CI GIFs (Class A units)1

Issued by Transamerica Life Canada

CI AMERICAN EQUITY GIF R. BECKWITT / F. CAMPEAU 047 / 947 / – $3.21 $7.3 -1.5 7.4 -22.3 -29.6 -17.7 -10.4 N/A -11.6 (JAN.’00)

CI GLOBAL BALANCED CORPORATE CLASS GIF STERLING / GIGLIOTTI / BECKWITT 036 / 936 / – $6.78 $27.6 -0.6 4.5 -7.5 -21.9 -11.1 -6.7 -4.0 -3.8 (FEB.’99)

CI GLOBAL GIF STERLING / GIGLIOTTI / BECKWITT 034 / 934 / – $5.63 $22.6 -5.9 5.2 -20.9 -34.1 -18.1 -9.7 -5.7 -5.5 (FEB.’99)

CI GLOBAL VALUE GIF JOHN HOCK 046 / 946 / – $7.63 $2.2 -8.3 5.4 -13.0 -21.6 -14.7 -8.1 -3.1 -2.6 (FEB.’99)

CI HARBOUR GIF G. COLEMAN / S. JENKINS 030 / 930 / – $17.34 $52.7 -1.4 9.3 -19.1 -25.7 -7.7 2.4 5.2 5.6 (FEB.’99)

CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 031 / 931 / – $15.08 $40.6 -0.9 7.6 -16.2 -21.3 -6.4 1.7 4.0 4.1 (FEB.’99)

CI INTERNATIONAL GIF STERLING / GIGLIOTTI / BECKWITT 051 / 951 / – $3.53 $3.4 -9.3 2.6 -23.4 -41.0 -19.1 -10.4 N/A -10.7 (JAN.’00)

CI INTERNATIONAL BALANCED GIF STERLING / GIGLIOTTI / BECKWITT 038 / 938 / – $7.60 $15.6 -3.6 3.7 -4.8 -17.3 -8.1 -4.8 -2.8 -2.7 (FEB.’99)

CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 040 / 940 / – $14.99 $14.9 -2.3 4.4 -10.9 -17.3 -4.4 2.3 4.0 4.1 (FEB.’99)

CI SIGNATURE CANADIAN BOND GIF3 JAMES DUTKIEWICZ 044 / 944 / – $13.49 $8.0 -0.1 1.4 1.7 -0.4 1.7 1.8 2.9 3.0 (FEB.’99)

CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 042 / 942 / – $11.36 $19.0 -2.9 3.4 -19.0 -24.6 -10.7 -3.4 1.3 1.3 (FEB.’99)

CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 052 / 952 / – $19.06 $28.2 -1.5 0.7 -19.5 -23.1 -8.7 0.3 N/A 7.2 (JAN.’00)

CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 041 / 941 / – $14.45 $22.9 -3.9 6.3 -18.6 -27.2 -8.4 1.4 3.5 3.7 (FEB.’99)

CI SYNERGY AMERICAN GIF DAVID PICTON 032 / 932 / – $5.33 $5.9 -5.5 5.3 -18.6 -27.3 -13.3 -6.0 -6.2 -6.0 (FEB.’99)

CI MONEY MARKET GIF CI INVESTMENTS 045 / 945 / – $12.09 $14.3 -0.2 -0.1 -0.1 0.5 1.9 1.4 1.9 1.9 (FEB.’99)

CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENTS 053 / 953 / – $11.47 $21.1 -2.0 2.9 -9.3 -15.1 -5.1 -0.1 N/A 1.9 (SEPT.’01)

CI MODERATE PORTFOLIO GIF CI INVESTMENTS 054 / 954 / – $10.53 $43.0 -3.4 3.9 -12.9 -19.7 -7.3 -0.7 N/A 0.7 (SEPT.’01)

CI GROWTH PORTFOLIO GIF CI INVESTMENTS 055 / 955 / – $9.14 $24.6 -3.7 4.5 -14.9 -22.4 -8.9 -2.5 N/A -1.2 (SEPT.’01)

CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENTS 056 / 956 / – $7.86 $6.3 -5.4 6.1 -19.5 -28.9 -12.6 -4.9 N/A -3.2 (SEPT.’01)

CI AMERICAN EQUITY GIF R. BECKWITT / F. CAMPEAU 079 / 771 / – $5.38 $0.2 -1.5 7.2 -22.0 -29.0 -16.8 -9.5 N/A -8.0 (SEPT.’01)

CI GLOBAL BALANCED CORPORATE CLASS GIF STERLING / GIGLIOTTI / BECKWITT 068 / 758 / – $7.34 $0.7 -0.3 4.7 -6.9 -21.0 -10.0 -5.6 N/A -4.1 (SEPT.’01)

CI GLOBAL GIF STERLING / GIGLIOTTI / BECKWITT 066 / 756 / – $6.71 $1.4 -5.5 5.3 -20.8 -33.6 -17.2 -8.7 N/A -5.2 (SEPT.’01)

CI GLOBAL VALUE GIF JOHN HOCK 078 / 770 / – $7.16 $0.3 -8.1 5.4 -12.5 -20.6 -13.6 -7.0 N/A -4.4 (SEPT.’01)

CI HARBOUR GIF G. COLEMAN / S. JENKINS 062 / 752 / – $13.63 $13.2 -1.2 9.4 -18.7 -24.9 -6.7 3.6 N/A 4.2 (SEPT.’01)

CI HARBOUR GROWTH & INCOME GIF G. COLEMAN / S. JENKINS 063 / 753 / – $13.07 $18.6 -0.5 7.7 -15.7 -20.4 -5.3 2.8 N/A 3.7 (SEPT.’01)

CI INTERNATIONAL GIF STERLING / GIGLIOTTI / BECKWITT 083 / 775 / – $5.64 $0.2 -9.0 2.5 -23.1 -40.4 -18.3 -9.5 N/A -7.4 (SEPT.’01)

CI INTERNATIONAL BALANCED GIF STERLING / GIGLIOTTI / BECKWITT 070 / 760 / – $8.58 $1.5 -3.4 3.9 -4.1 -16.4 -7.0 -3.7 N/A -2.0(SEPT.’01))

CI SIGNATURE CANADIAN BALANCED GIF ERIC BUSHELL 072 / 762 / – $13.10 $3.7 -2.0 4.5 -10.5 -16.4 -3.4 3.3 N/A 3.7 (SEPT.’01)

CI SIGNATURE CANADIAN BOND GIF3 JAMES DUTKIEWICZ 076 / 768 / – $12.48 $1.3 0.1 1.5 2.1 0.2 2.3 2.4 N/A 3.0 (SEPT.’01)

CI SIGNATURE DIVIDEND GIF ERIC BUSHELL 074 / 764 / – $9.91 $5.2 -2.7 3.4 -18.6 -23.8 -9.8 -2.3 N/A -0.1 (SEPT.’01)

CI SIGNATURE HIGH INCOME GIF ERIC BUSHELL 084 / 782 / – $15.16 $6.1 -1.4 0.7 -19.3 -22.5 -8.1 1.1 N/A 5.7 (SEPT.’01)

CI SIGNATURE SELECT CANADIAN GIF ERIC BUSHELL 073 / 763 / – $12.53 $4.0 -3.6 6.4 -18.2 -26.4 -7.4 2.6 N/A 3.1 (SEPT.’01

CI SYNERGY AMERICAN GIF DAVID PICTON 064 / 754 / – $6.36 $0.4 -5.5 5.3 -18.3 -26.6 -12.4 -5.0 N/A -5.9 (SEPT.’01)

CI MONEY MARKET GIF CI INVESTMENTS 077 / 769 / – $11.35 $7.3 0.0 0.0 0.3 1.1 2.4 1.9 N/A 1.7 (SEPT.’01)

CI CONSERVATIVE PORTFOLIO GIF CI INVESTMENTS 085 / 783 / – $11.67 $6.5 -1.9 2.9 -9.0 -14.8 -4.7 0.3 N/A 2.1 (SEPT.’01)

CI MODERATE PORTFOLIO GIF CI INVESTMENTS 086 / 788 / – $10.74 $17.1 -3.2 4.0 -12.8 -19.3 -6.9 -0.2 N/A 1.0 (SEPT.’01)

CI GROWTH PORTFOLIO GIF CI INVESTMENTS 087 / 789 / – $9.51 $5.5 -3.5 4.5 -14.6 -21.9 -8.4 -1.9 N/A -0.7 (SEPT.’01)

CI AGGRESSIVE GROWTH PORTFOLIO GIF CI INVESTMENTS 088 / 799 / – $7.91 $0.8 -5.3 6.0 -19.4 -28.6 -12.2 -4.4 N/A -3.1 (SEPT.’01)

CI GIFs (Class B units)2 Issued by Transamerica Life Canada

3 formerly CI Canadian Bond GIF


LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

CI Segregated FundsIssued by Unity Life of Canada

Legacy Segregated Funds I Issued by Transamerica Life Canada

CI AMERICAN EQUITY I R. BECKWITT / F. CAMPEAU 134 / 234 / – $7.03 $3.5 -1.1 7.3 -21.8 -29.1 -17.5 -10.4 -8.2 -3.1 (DEC.’97)

CI AMERICAN SMALL COMPANIES I WILLIAM PRIEST / D. PEARL 133 / 233 / – $6.40 $0.5 -7.9 6.1 -22.6 -23.7 -15.7 -6.7 -3.5 -3.9 (DEC.’97)

CI GLOBAL I STERLING / GIGLIOTTI / BECKWITT 135 / 235 / – $5.69 $6.1 -5.5 5.4 -20.4 -33.8 -17.9 -10.6 -8.4 -4.9 (DEC.’97)

CI INTERNATIONAL I STERLING / GIGLIOTTI / BECKWITT 136 / 236 / – $6.09 $3.5 -9.0 2.5 -23.0 -40.7 -19.0 -10.4 -7.0 -4.3 (DEC.’97)

SIGNATURE CANADIAN I ERIC BUSHELL 131 / 231 / – $11.31 $4.2 -3.3 6.5 -18.0 -26.7 -8.3 1.5 2.2 1.1 (DEC.’97)

SIGNATURE CANADIAN BALANCED I ERIC BUSHELL 137 / 237 / – $14.21 $11.1 -1.9 4.5 -10.3 -16.8 -4.3 2.3 3.0 3.2 (DEC.’97)

SIGNATURE CANADIAN BOND I1 JAMES DUTKIEWICZ 140 / 240 / – $14.18 $1.0 0.1 1.5 2.2 -0.1 1.8 1.8 3.0 3.2 (DEC.’97)

SIGNATURE DIVIDEND INCOME I ERIC BUSHELL 139 / 239 / – $13.68 $11.1 -2.3 3.6 -18.0 -23.2 -9.4 -2.0 3.0 2.8 (DEC.’97)

SIGNATURE HIGH INCOME I ERIC BUSHELL 138 / 238 / – $18.05 $5.8 -1.2 0.8 -19.1 -22.6 -8.6 0.3 6.7 5.4 (DEC.’97)

SIGNATURE HIGH INCOME B I ERIC BUSHELL 141 / 241 / – $16.25 $1.1 -1.2 0.8 -19.1 -22.7 -8.6 0.4 4.9 4.9 (FEB.’99)

SIGNATURE SELECT CANADIANI ERIC BUSHELL 132 / 232 / – $20.90 $5.4 -3.3 6.5 -18.0 -26.7 -8.3 1.5 7.7 7.5 (FEB.’99)

CI MONEY MARKET I CI INVESTMENTS 142 / 242 / – $12.84 $2.4 0.0 0.0 0.2 0.8 2.1 1.5 2.0 2.2 (DEC.’97)

Legacy Segregated Funds II Issued by Transamerica Life Canada

CI AMERICAN EQUITY II R. BECKWITT / F. CAMPEAU 334 / 434 / – $6.94 $6.2 -1.7 7.3 -22.4 -29.7 -17.7 -10.5 -8.4 -8.0 (FEB.’99)

CI AMERICAN SMALL COMPANIES II WILLIAM PRIEST / D. PEARL 333 / 433 / – $6.32 $0.4 -8.4 5.9 -23.3 -24.4 -16.0 -6.8 -3.7 -3.8 (FEB.’99)

CI GLOBAL II STERLING / GIGLIOTTI / BECKWITT 335 / 435 / – $5.62 $8.9 -5.7 5.2 -21.0 -34.2 -18.1 -10.7 -8.5 -8.3 (FEB.’99)

CI INTERNATIONAL II STERLING / GIGLIOTTI / BECKWITT 336 / 436 / – $6.01 $3.0 -9.2 2.6 -23.5 -41.1 -19.2 -10.5 -7.1 -7.4 (FEB.’99)

SIGNATURE CANADIAN II ERIC BUSHELL 331 / 431 / – $11.11 $3.1 -3.9 6.3 -18.7 -27.3 -8.6 1.3 2.0 1.5 (FEB.’99)

SIGNATURE CANADIAN BALANCED II ERIC BUSHELL 337 / 437 / – $14.03 $6.7 -2.3 4.3 -10.9 -17.3 -4.5 2.2 2.9 2.4 (FEB.’99)

SIGNATURE CANADIAN BOND II2 JAMES DUTKIEWICZ 340 / 440 / – $14.10 $0.8 -0.1 1.4 1.8 -0.4 1.7 1.8 2.9 2.8 (FEB.’99)

SIGNATURE DIVIDEND INCOME II ERIC BUSHELL 339 / 439 / – $13.54 $6.7 -2.6 3.5 -18.4 -23.6 -9.5 -2.1 2.9 2.7 (FEB.’99)

SIGNATURE HIGH INCOME II ERIC BUSHELL 338 / 438 / – $17.86 $5.4 -1.5 0.7 -19.5 -23.0 -8.8 0.2 6.6 6.7 (FEB.’99)

SIGNATURE HIGH INCOME B II ERIC BUSHELL 341 / 441 / – $16.25 $1.2 -1.6 0.6 -19.6 -23.1 -8.8 0.3 4.9 4.9 (FEB.’99)

SIGNATURE SELECT CANADIAN II ERIC BUSHELL 332 / 432 / – $20.65 $6.8 -3.8 6.3 -18.6 -27.2 -8.5 1.4 7.6 7.4 (FEB.’99)

CI MONEY MARKET II CI INVESTMENTS 342 / 442 / – $12.78 $1.7 -0.2 -0.1 -0.1 0.6 2.0 1.4 2.0 2.0 (FEB.’99)

CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 025 / 925 / – $7.69 $3.3 -5.5 5.3 -20.5 -33.3 -17.0 -8.5 -4.7 -2.3 (OCT.’97)

CI GLOBAL VALUE JOHN HOCK 024 / 924 / – $7.84 $0.8 -7.9 5.5 -12.2 -20.1 -13.1 -6.4 -1.7 -2.1 (OCT.’97)

CI HARBOUR G. COLEMAN / S. JENKINS 021 / 921 / – $19.46 $13.0 -1.1 9.4 -18.4 -24.5 -6.2 4.1 6.5 6.0 (OCT.’97)

CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 022 / 922 / – $15.81 $12.0 -0.5 7.8 -15.6 -20.2 -5.3 2.9 4.8 4.1 (OCT.’97)

CI MONEY MARKET CI INVESTMENTS 020 / 920 / – $12.97 $1.6 0.0 -0.1 0.2 1.0 2.3 1.9 2.2 2.3 (OCT.’97)

CI SYNERGY AMERICAN DAVID PICTON 023 / 923 / – $7.77 $1.0 -5.4 5.6 -18.1 -26.4 -12.1 -4.7 -5.2 -2.2 (OCT.’97)



1 formerly CI Canadian Bond I2 formerly CI Canadian Bond II

LEAD MANAGER



NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)



Hedge Funds


CLARICA MVP ASIAN-PACIFIC NON-RSP EQUITY W. PRIEST / E. BAKER 9250 / – / – – $10.04 $0.1 -11.9 2.1 -12.1 -25.2 -9.8 -2.2 -1.6 -0.2 (JUL.’97)

CLARICA MVP ASIAN-PACIFIC RSP EQUITY W. PRIEST / E. BAKER 9251 / – / – – $10.75 $1.5 -12.0 2.1 -12.1 -25.4 -9.9 -2.2 -1.3 0.6 (DEC.’96)

CLARICA MVP BALANCED ERIC BUSHELL 9252 / – / – – $34.04 $53.3 -1.9 4.5 -10.1 -15.8 -2.8 3.9 4.2 5.7 (DEC.’86)

CLARICA MVP BOND JAMES DUTKIEWICZ 9253 / – / – – $33.76 $11.6 0.1 1.5 2.3 0.6 2.7 2.8 3.6 5.6 (DEC.’86)

CLARICA MVP DIVIDEND ERIC BUSHELL 9257 / – / – – $10.46 $3.6 -2.4 3.6 -18.3 -23.4 -9.3 -1.8 0.7 0.4 (DEC.’97)

CLARICA MVP EQUITY DAVID PICTON 9254 / – / – – $26.87 $31.1 -4.1 6.7 -20.7 -32.8 -10.3 0.5 3.6 4.5 (DEC.’86)

CLARICA MVP EUROPEAN GROWTH G. GIGLIOTTI / F. CAMPEAU 9258 / – / – – $7.19 $1.6 -13.0 0.7 -26.0 -44.9 -15.8 -5.2 -5.2 -2.9 (DEC.’97)

CLARICA MVP GLOBAL EQUITY STERLING / GIGLIOTTI / BECKWITT 9255 / – / – – $8.58 $2.1 -5.3 5.5 -20.1 -32.8 -16.4 -7.8 -5.1 -1.2 (DEC.’96)

CLARICA MVP GROWTH W. PRIEST / D. PEARL 9256 / – / – – $31.35 $43.3 -7.8 6.1 -22.2 -22.2 -13.6 -4.2 1.9 7.3 (DEC.’92)

CLARICA MVP MONEY MARKET CI INVESTMENTS 9260 / – / – – $1.26 $6.3 0.0 0.0 0.3 1.2 2.6 2.1 2.3 2.9 (JAN.’88)

CLARICA MVP SMALL CAP AMERICAN W. PRIEST / D. PEARL 9259 / – / – – $13.34 $1.5 -7.7 6.1 -22.3 -22.5 -14.0 -7.3 3.7 2.6 (DEC.’97)

CLARICA MVP U.S. EQUITY BILL MILLER 9261 / – / – – $9.37 $2.8 -9.4 7.6 -28.1 -41.2 -26.4 -16.1 -12.3 -0.5 (DEC.’92)

Clarica MVP Segregated Funds Issued by Sun Life Assurance Company of Canada

CI GLOBAL OPPORTUNITIES NANDU NARAYANAN 218 / 818 / – 318 / 618 / – $25.69 $26.0 1.7 -1.2 17.2 37.2 42.2 22.6 14.7 22.2 (MAR.’95)

TRIDENT GLOBAL OPPORTUNITIES NANDU NARAYANAN 261 / 761 / – 177 / 577 / – $260.46 $249.3 2.2 -1.4 18.2 31.6 39.5 22.7 N/A 15.7 (FEB.’01)



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

CLARICA SF CI ALPINE GROWTH EQUITY - DSC TED WHITEHEAD – / 9202 / – $11.72 $3.5 0.5 7.2 -22.5 -39.6 -15.6 -3.0 N/A 2.2 (JAN ’98)

CLARICA SF CI ALPINE GROWTH EQUITY - FE TED WHITEHEAD 9152 / – / – $11.68 $14.0 0.5 7.2 -22.5 -39.6 -15.5 -3.0 2.8 1.4 (JAN ’98)

CLARICA SF CI AMERICAN EQUITY - DSC R. BECKWITT / F. CAMPEAU – / 9219 / – $4.65 $2.1 -1.5 7.1 -21.8 -28.6 -16.4 -9.0 N/A -7.8 (FEB.’99)

CLARICA SF CI AMERICAN EQUITY - FE R. BECKWITT / F. CAMPEAU 9169 / – / – $4.65 $10.3 -1.5 7.1 -21.8 -28.6 -16.3 -9.0 -7.4 -7.3 (FEB.’99)

CLARICA SF CI AMERICAN SMALL COMPANIES - DSC W. PRIEST / D. PEARL – / 9212 / – $5.71 $2.7 -7.9 5.9 -22.3 -22.5 -13.8 -7.1 N/A -5.8 (JAN.’00)

CLARICA SF CI AMERICAN SMALL COMPANIES - FE W. PRIEST / D. PEARL 9162 / – / – $5.69 $5.6 -7.9 6.0 -22.4 -22.5 -13.8 -7.1 N/A -5.8 (JAN.’00)

CLARICA SF CI ASIAN AND PACIFIC - DSC W. PRIEST / E. BAKER – / 9203 / – $5.47 $0.7 -12.2 2.1 -12.5 -26.1 -10.8 -3.2 N/A -7.0 (JAN.’01)

CLARICA SF CI ASIAN AND PACIFIC - FE W. PRIEST / E. BAKER 9153 / – / – $5.44 $1.4 -12.4 1.9 -12.7 -26.3 -10.9 -3.3 N/A -7.0 (JAN.’01)

CLARICA SF CI CANADIAN INVESTMENT - DSC DANIEL BUBIS – / 9206 / – $14.20 $22.1 -3.8 8.5 -20.4 -28.0 -9.2 1.9 N/A 3.8 (JAN.’00)

CLARICA SF CI CANADIAN INVESTMENT - FE DANIEL BUBIS 9156 / – / – $14.15 $53.3 -3.8 8.5 -20.4 -28.0 -9.2 1.9 N/A 3.8 (JAN.’00)

CLARICA SF CI CANADIAN SMALL/MID CAP - DSC J. LAWSON / D. PICTON – / 9225 / – $9.11 $7.4 -2.1 4.2 -18.7 -34.3 -13.9 -4.5 N/A -0.2 (JAN.’98)

CLARICA SF CI CANADIAN SMALL/MID CAP - FE J. LAWSON / D. PICTON 9175 / – / – $9.11 $48.5 -2.1 4.2 -18.7 -34.3 -13.9 -4.5 0.5 -0.8 (JAN.’98)

CLARICA SF CI EMERGING MARKETS - DSC PABLO SALAS – / 9224 / – $10.83 $3.6 0.9 11.9 -23.1 -40.8 -10.4 0.4 N/A -0.6 (JAN.’98)

CLARICA SF CI EMERGING MARKETS - FE PABLO SALAS 9174 / – / – $10.78 $7.6 0.8 11.8 -23.1 -40.8 -10.5 0.3 1.9 0.7 (JAN.’98)

CLARICA SF CI EUROPEAN - DSC G. GIGLIOTTI / F. CAMPEAU – / 9207 / – $5.67 $1.3 -13.0 0.7 -26.2 -45.2 -16.2 -5.6 N/A -5.9 (JAN.’00)

CLARICA SF CI EUROPEAN - FE G. GIGLIOTTI / F. CAMPEAU 9157 / – / – $5.61 $3.6 -13.2 0.7 -26.3 -45.3 -16.3 -5.7 N/A -6.0 (JAN.’00)

CLARICA SF CI GLOBAL BOND - DSC R. GLUCK / D. RUNKLE – / 9209 / – $12.00 $6.3 -2.9 0.3 22.0 15.7 8.1 1.7 N/A 2.0 (JAN.’00)

CLARICA SF CI GLOBAL BOND - FE R. GLUCK / D. RUNKLE 9159 / – / – $11.97 $11.7 -2.8 0.3 22.0 15.8 8.1 1.7 N/A 1.9 (JAN.’00)

CLARICA SF CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 9188 / 9238 / – $8.71 $2.2 -5.5 5.3 -20.5 -33.2 -16.8 -8.3 N/A -2.3 (APR.’03)

CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - DSC FRANÇOIS CAMPEAU – / 9216 / – $4.46 $1.8 12.9 8.8 -2.6 -6.1 -10.3 -6.3 N/A -8.3 (FEB.’99)

CLARICA SF CI GLOBAL SCIENCE & TECHNOLOGY - FE FRANÇOIS CAMPEAU 9166 / – / – $4.52 $10.0 12.7 8.7 -2.8 -6.2 -10.3 -6.4 -7.1 -7.5 (FEB.’99)

CLARICA SF CI HARBOUR - DSC G. COLEMAN / S. JENKINS – / 9229 / – $18.37 $20.7 -1.0 9.4 -18.3 -24.2 -5.9 4.7 N/A 5.8 (JAN.’98)

CLARICA SF CI HARBOUR - FE G. COLEMAN / S. JENKINS 9179 / – / – $18.33 $70.9 -1.0 9.4 -18.3 -24.2 -5.9 4.7 5.3 5.5 (JAN.’98)

CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - DSC S. JENKINS / G. COLEMAN – / 9230 / – $8.71 $2.8 -5.9 8.7 -30.7 -41.7 -16.3 -8.0 N/A -3.5 (JAN.’98)

CLARICA SF CI HARBOUR FOREIGN EQUITY CORPORATE CLASS - FE S. JENKINS / G. COLEMAN 9180 / – / – $8.69 $13.9 -6.1 8.6 -30.8 -41.7 -16.3 -8.0 -2.9 -1.2 (JAN.’98)

CLARICA SF CI HARBOUR GLOBAL EQUITY - DSC S. JENKINS / G. COLEMAN – / 9217 / – $8.94 $6.2 -6.0 8.8 -30.9 -41.8 -16.6 -8.9 N/A -1.2 (FEB.’99)

CLARICA SF CI HARBOUR GLOBAL EQUITY - FE S. JENKINS / G. COLEMAN 9167 / – / – $8.88 $26.9 -6.0 8.7 -30.9 -41.9 -16.6 -9.0 -1.6 -1.2 (FEB.’99)

CLARICA SF CI HARBOUR GROWTH & INCOME - DSC G. COLEMAN / S. JENKINS – / 9231 / – $16.25 $24.6 -0.4 7.8 -15.5 -20.1 -5.0 3.0 N/A 4.7 (JAN.’98)

CLARICA SF CI HARBOUR GROWTH & INCOME - FE G. COLEMAN / S. JENKINS 9181 / – / – $16.19 $105.9 -0.5 7.8 -15.5 -20.0 -5.0 3.0 4.3 4.4 (JAN.’98)

CLARICA SF CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 9191 / 9241 / – $10.33 $2.7 -3.3 3.8 -4.2 -16.4 -7.1 -3.7 N/A 0.5 (APR.’03)

CLARICA SF CI INTERNATIONAL VALUE - DSC JOHN HOCK – / 9226 / – $7.11 $6.4 -8.1 3.9 -9.9 -22.3 -11.8 -4.1 N/A -6.8 (JAN.’98)

CLARICA SF CI INTERNATIONAL VALUE - FE JOHN HOCK 9176 / – / – $7.07 $20.4 -8.2 4.0 -9.9 -22.4 -11.8 -4.2 -5.7 -3.0 (JAN.’98)

CLARICA SF CI MONEY MARKET CI INVESTMENTS 9183 / 9233 / – $10.93 $51.7 -0.1 -0.1 0.1 0.7 2.1 1.6 N/A 1.5 (APR.’03)

CLARICA SF CI PACIFIC - DSC W. PRIEST / E. BAKER – / 9200 / – $12.07 $1.4 -12.2 2.0 -12.5 -26.0 -10.7 -3.1 N/A -2.2 (JAN.’98)

CLARICA SF CI PACIFIC - FE W. PRIEST / E. BAKER 9150 / – / – $11.94 $5.7 -12.1 2.1 -12.5 -26.1 -10.8 -3.2 0.5 1.6 (JAN ’98)

CLARICA SF CI SIGNATURE CANADIAN - DSC ERIC BUSHELL – / 9215 / – $14.12 $6.4 -3.4 6.5 -17.9 -25.9 -7.0 -0.8 N/A 3.7 (FEB.’99)

CLARICA SF CI SIGNATURE CANADIAN - FE ERIC BUSHELL 9165 / – / – $14.02 $24.2 -3.4 6.5 -17.9 -25.9 -7.0 -0.8 2.9 3.4 (FEB.’99)

CLARICA SF CI SIGNATURE CANADIAN BALANCED - DSC1 ERIC BUSHELL – / 9201 / – $14.45 $7.7 -2.0 4.5 -10.4 -16.4 -3.3 3.4 N/A 4.0 (FEB.’99)

CLARICA SF CI SIGNATURE CANADIAN BALANCED - FE2 ERIC BUSHELL 9151 / – / – $14.40 $39.7 -2.0 4.5 -10.4 -16.4 -3.4 3.4 3.7 3.6 (FEB.’99)

Clarica Portfolio Segregated FundsIssued by Sun Life Assurance Company of Canada

*simple rates of return 1 formerly Clarica SF CI Canadian Balanced - DSC2 formerly Clarica SF CI Canadian Balanced - FE



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

Clarica PortfolioSegregated Funds cont’dIssued by Sun Life Assurance Company of CanadaCLARICA SF CI SIGNATURE CANADIAN BOND - DSC JAMES DUTKIEWICZ – / 9221 / – $14.76 $14.4 0.1 1.5 2.1 0.3 2.4 2.4 N/A 4.2 (JAN.’98)

CLARICA SF CI SIGNATURE CANADIAN BOND - FE JAMES DUTKIEWICZ 9171 / – / – $14.65 $45.6 0.1 1.5 2.2 0.3 2.4 2.4 3.4 3.5 (JAN.’98)

CLARICA SF CI SIGNATURE CANADIAN RESOURCE - DSC ERIC BUSHELL – / 9204 / – $24.34 $20.2 4.5 8.3 -16.0 -28.8 -0.8 13.1 N/A 13.8 (JAN ’98)

CLARICA SF CI SIGNATURE CANADIAN RESOURCE - FE ERIC BUSHELL 9154 / – / – $24.10 $54.4 4.5 8.3 -16.0 -28.8 -0.8 13.1 13.9 8.2 (JAN ’98)

CLARICA SF CI SIGNATURE CORPORATE BOND - DSC JAMES DUTKIEWICZ – / 9205 / – $12.75 $4.4 1.2 1.0 -5.3 -7.3 -1.6 0.0 N/A 2.6 (FEB.’99)

CLARICA SF CI SIGNATURE CORPORATE BOND - FE JAMES DUTKIEWICZ 9155 / – / – $12.57 $12.2 1.1 1.0 -5.4 -7.4 -1.8 -0.1 2.3 2.3 (FEB.’99)

CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - DSC ERIC BUSHELL – / 9223 / – $13.19 $11.6 -2.0 4.5 -10.3 -16.2 -3.1 3.7 N/A 1.8 (JAN ’98)

CLARICA SF CI SIGNATURE DIVERSIFIED CANADIAN BALANCED - FE ERIC BUSHELL 9173 / – / – $13.17 $90.1 -1.9 4.5 -10.3 -16.2 -3.1 3.7 2.1 2.5 (JAN ’98)

CLARICA SF CI SIGNATURE MORTGAGE - DSC1 JAMES DUTKIEWICZ – / 9227 / – $13.86 $5.3 -0.4 -0.3 1.7 1.5 2.2 1.6 N/A 3.0 (JAN.’98)

CLARICA SF CI SIGNATURE MORTGAGE - FE2 JAMES DUTKIEWICZ 9177 / – / – $13.82 $12.1 -0.4 -0.3 1.7 1.5 2.2 1.6 2.8 2.9 (JAN.’98)

CLARICA SF CI SIGNATURE SELECT CANADIAN - DSC ERIC BUSHELL – / 9222 / – $12.10 $23.9 -3.4 6.5 -17.7 -25.7 -6.7 3.4 N/A 0.3 (JAN ’98)

CLARICA SF CI SIGNATURE SELECT CANADIAN - FE ERIC BUSHELL 9172 / – / – $12.09 $115.0 -3.4 6.5 -17.8 -25.7 -6.7 3.4 1.3 1.7 (JAN ’98)

CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - DSC ERIC BUSHELL – / 9213 / – $16.44 $27.5 -2.1 4.3 -10.5 -16.4 -3.4 0.0 N/A 5.4 (FEB.’99)

CLARICA SF CI SIGNATURE SELECT CANADIAN BALANCED - FE ERIC BUSHELL 9163 / – / – $16.27 $82.9 -2.1 4.4 -10.5 -16.4 -3.4 0.0 4.6 4.9 (FEB.’99)

CLARICA SF CI SIGNATURE SHORT TERM BOND - DSC3 JAMES DUTKIEWICZ – / 9232 / – $13.02 $3.4 1.3 0.7 3.3 3.5 3.4 2.2 N/A 2.9 (JAN.’00)

CLARICA SF CI SIGNATURE SHORT TERM BOND - FE4 JAMES DUTKIEWICZ 9182 / – / – $12.89 $7.2 1.3 0.6 3.2 3.3 3.3 2.1 N/A 2.7 (JAN.’00)

CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - DSC ERIC BUSHELL – / 9228 / – $17.42 $19.9 -3.4 6.5 -17.7 -25.7 -6.6 3.4 N/A 6.0 (JAN.’98)

CLARICA SF CI SIGNATURE SUMMIT SELECT CANADIAN - FE ERIC BUSHELL 9178 / – / – $17.28 $55.6 -3.4 6.5 -17.7 -25.7 -6.6 3.4 6.0 5.0 (JAN.’98)

CLARICA SF CI SYNERGY AMERICAN DAVID PICTON 9192 / 9242 / – $8.29 $1.7 -5.3 5.5 -18.0 -26.2 -12.0 -4.5 N/A -3.1 (APR.’03)

CLARICA SF CI SYNERGY CANADIAN CLASS - DSC DAVID PICTON – / 9218 / – $14.84 $12.5 -4.2 6.7 -20.9 -33.2 -10.9 0.2 N/A 4.3 (FEB.’99)

CLARICA SF CI SYNERGY CANADIAN CLASS - FE DAVID PICTON 9168 / – / – $14.86 $63.6 -4.1 6.7 -20.9 -33.2 -10.9 0.2 3.9 4.0 (FEB.’99)

CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - DSC MULTIPLE MANAGERS† – / 9214 / – $13.37 $17.6 -3.8 4.3 -9.2 -16.2 -5.4 1.2 N/A 3.1 (FEB.’99)

CLARICA SF CI SYNERGY TACTICAL ASSET ALLOCATION - FE MULTIPLE MANAGERS† 9164 / – / – $13.35 $102.6 -3.9 4.2 -9.2 -16.2 -5.4 1.2 2.9 2.9 (FEB.’99)

CLARICA SF CI VALUE TRUST CORPORATE CLASS - DSC BILL MILLER – / 9211 / – $2.45 $2.2 -9.3 7.9 -28.4 -41.5 -26.9 -16.7 N/A -13.9 (JAN.’00)

CLARICA SF CI VALUE TRUST CORPORATE CLASS - FE BILL MILLER 9161 / – / – $2.43 $4.4 -9.3 7.5 -28.3 -41.6 -27.0 -16.8 N/A -14.0 (JAN.’00)

CLARICA SF GROWTH - DSC TED WHITEHEAD – / 9208 / – $11.69 $1.9 0.7 7.2 -22.4 -39.4 -15.1 -2.4 N/A 1.9 (JAN.’01)

CLARICA SF GROWTH - FE TED WHITEHEAD 9158 / – / – $11.61 $3.2 0.6 7.3 -22.4 -39.4 -15.2 -2.5 N/A 1.8 (JAN.’01)

CLARICA SF PORTFOLIO SERIES BALANCED CI INVESTMENTS 9193 / 9243 / – $10.98 $96.9 -3.3 4.0 -12.6 -19.3 -7.0 -0.3 N/A 1.7 (SEPT.’03)

CLARICA SF PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 9186 / 9236 / – $10.88 $42.8 -3.5 4.6 -14.5 -21.8 -8.3 -1.9 N/A 1.4 (APR.’03)

CLARICA SF PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 9184 / 9234 / – $11.85 $41.0 -2.2 3.0 -9.4 -15.1 -5.0 0.1 N/A 2.9 (APR.’03)

CLARICA SF PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 9187 / 9237 / – $11.51 $28.9 -2.7 3.6 -11.0 -17.1 -6.1 -0.6 N/A 2.4 (APR.’03)

CLARICA SF PORTFOLIO SERIES GROWTH CI INVESTMENTS 9189 / 9239 / – $10.63 $20.5 -4.2 5.0 -16.2 -24.3 -9.6 -2.6 N/A 1.0 (APR.’03)

CLARICA SF PORTFOLIO SERIES INCOME CI INVESTMENTS 9185 / 9235 / – $11.74 $28.8 -1.6 1.7 -5.9 -10.2 -2.5 0.6 N/A 2.7 (APR.’03)

CLARICA SF PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 9190 / 9240 / – $10.43 $5.1 -4.9 6.2 -19.2 -28.5 -11.6 -3.5 N/A 0.7 (APR.’03)

CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - DSC5 JAMES DUTKIEWICZ – / 9210 / – $14.23 $10.6 0.1 1.5 2.2 0.4 2.5 2.5 N/A 3.8 (JAN.’00)

CLARICA SF PREMIER CI SIGNATURE CANADIAN BOND - FE6 JAMES DUTKIEWICZ 9160 / – / – $14.11 $16.0 0.1 1.5 2.2 0.3 2.4 2.4 N/A 3.7 (JAN.’00)

CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - DSC BILL MILLER – / 9220 / – $3.75 $2.2 -9.4 7.4 -28.3 -41.4 -26.6 -16.4 N/A -12.0 (JAN.’98)

CLARICA SF PREMIER CI VALUE TRUST CORPORATE CLASS - FE BILL MILLER 9170 / – / – $3.75 $9.7 -9.2 7.8 -28.2 -41.3 -26.7 -16.4 -11.1 -8.4 (JAN.’98)

*simple rates of return† David Picton and Daniel Bubis

1 formerly Clarica SF CI Mortgage - DSC 2 formerly Clarica SF CI Mortgage - FE3 formerly Clarica SF CI Short Term Bond - DSC 4 formerly Clarica SF CI Short Term Bond - FE

1 formerly Clarica SF CI Mortgage - DSC 2 formerly Clarica SF CI Mortgage - FE3 formerly Clarica SF CI Short Term Bond - DSC 4 formerly Clarica SF CI Short Term Bond - FE

5formerly Clarica SF Premier CI Canadian Bond - DSC 6 formerly Clarica SF Premier CI Canadian Bond - FE



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® I Funds Basic GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8792 / 8820 / – $6.93 $0.3 -4.5 5.3 -15.0 -21.9 -8.5 -3.2 -3.8 -3.5 (JAN.’99)

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8796 / 8824 / – $15.05 $1.8 -3.8 8.6 -20.4 -28.1 -9.3 1.4 4.0 4.0 (JAN.’99)

SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8797 / 8825 / – $17.66 $4.3 -3.9 8.5 -20.4 -28.0 -9.2 1.4 6.1 5.6 (JAN.’99)

SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8799 / 8827 / – $16.44 $0.4 -3.3 6.5 -17.8 -25.7 -6.6 3.5 5.1 4.9 (JAN.’99)

SUNWISE CI DIVIDEND ERIC BUSHELL 8809 / 8837 / – $11.86 $2.3 -2.4 3.7 -18.2 -23.0 -8.8 -1.3 1.9 1.7 (JAN.’99)

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8803 / 8831 / – $12.63 $3.3 -0.4 7.8 -15.4 -19.8 -4.8 3.4 2.4 2.3 (JAN.’99)

SUNWISE CI MONEY MARKET CI INVESTMENTS 8812 / 8840 / – $12.89 $1.5 0.1 0.0 0.4 1.4 2.7 2.2 2.4 2.5 (JAN.’99)

SUNWISE CI SIGNATURE CANADIAN BOND1 JAMES DUTKIEWICZ 8810 / 8838 / – $14.62 $0.7 0.1 1.7 2.2 0.3 2.5 2.6 3.7 3.7 (JAN.’99)

SUNWISE CI SIGNATURE CANADIAN SELECT BOND2 JAMES DUTKIEWICZ 8807 / 8835 / – $13.54 $1.3 0.1 1.6 2.3 0.3 2.5 2.6 3.3 3.0 (JAN.’99)

SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND3 JAMES DUTKIEWICZ 8811 / 8839 / – $14.51 $0.7 0.1 1.6 2.3 0.3 2.6 2.6 3.7 3.7 (JAN.’99)

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8795 / 8823 / – $14.34 $0.3 -3.4 6.5 -17.9 -25.9 -6.7 3.4 3.7 3.5 (JAN.’99)

SUNWISE CI U.S. EQUITY W. PRIEST / D. PEARL 8791 / 8819 / – $5.76 $0.0 -4.5 5.5 -14.8 -21.8 -8.5 -3.2 -5.6 -5.2 (JAN.’99)

SUNWISE CI WORLD EQUITY JOHN HOCK 8786 / 8814 / – $6.77 $0.3 -7.8 5.5 -12.1 -19.7 -12.7 -6.0 -3.3 -3.7 (JAN.’99)

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8789 / 8817 / – $4.67 $0.6 -7.3 4.9 -27.1 -39.4 -15.3 -6.2 -8.7 -7.1 (JAN.’99)

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8802 / 8830 / – $15.40 $11.9 -0.4 5.1 -12.6 -18.3 -3.5 2.8 4.1 4.3 (JAN.’99)

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8790 / 8818 / – $4.85 $0.1 -5.8 8.5 -17.5 -29.6 -17.9 -9.9 -7.6 -6.7 (JAN.’99)

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO DICK HABERMANN 8785 / 8813 / – $6.05 $1.3 -7.1 6.5 -18.9 -33.9 -17.2 -8.1 -5.4 -4.7 (JAN.’99)

SUNWISE FIDELITY TRUE NORTH® STEPHEN BINDER 8794 / 8822 / – $18.50 $2.5 -0.4 7.4 -23.1 -31.9 -7.4 2.5 5.5 6.1 (JAN.’99)

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 8801 / 8829 / – $12.76 $0.8 -6.9 2.9 -17.8 -20.2 -7.6 -1.8 1.8 2.4 (JAN.’99)

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY PETER CUNDILL 8793 / 8821 / – $13.81 $0.5 -9.7 4.6 -26.2 -28.0 -12.8 -4.2 2.6 3.2 (JAN.’99)

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8804/ 8832 / – $12.78 $3.8 -3.2 4.0 -12.5 -19.0 -6.6 0.0 2.4 2.4 (JAN.’99)

SUNWISE PORTFOLIO SERIES BALANCED GROWTH2 CI INVESTMENTS 8806 / 8834 / – $12.86 $0.3 -3.6 4.5 -14.3 -21.4 -7.8 0.0 2.3 2.5 (JAN.’99)

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8805 / 8833 / – $12.74 $1.2 -2.2 2.9 -9.3 -14.9 -4.7 0.3 2.6 2.4 (JAN.’99)

SUNWISE PORTFOLIO SERIES GROWTH4 CI INVESTMENTS 8787 / 8815 / – $9.91 $0.5 -4.2 5.1 -16.2 -24.2 -9.4 -2.4 -0.7 -0.1 (JAN.’99)

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8808 / 8836 / – $13.68 $1.1 -1.4 1.8 -5.6 -9.8 -2.0 1.1 3.2 3.1 (JAN.’99)

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8798 / 8826 / – $11.62 $0.2 -4.8 6.2 -19.0 -28.2 -10.9 -1.1 1.3 1.5 (JAN.’99)

SUNWISE TRIMARK SELECT CANADIAN GROWTH HEATHER HUNTER 8800 / 8828 / – $13.92 $0.9 -9.3 5.6 -23.1 -28.9 -10.6 -2.7 3.2 3.2 (JAN.’99)

SUNWISE TRIMARK SELECT GROWTH B. HARROP / E. HUANG 8788 / 8816 / – $9.68 $0.7 -10.2 5.3 -21.7 -32.6 -15.0 -7.5 -0.6 -0.3 (JAN.’99)


SunWise® I Funds Full GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8708 / 8736 / – $6.82 $0.8 -4.7 5.2 -15.3 -22.3 -9.2 -3.9 -4.4 -3.6 (JAN.’99)

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8712/ 8740 / – $14.39 $2.0 -4.1 8.4 -20.7 -28.6 -9.9 0.7 3.3 3.6 (JAN.’99)

SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8713 / 8741 / – $16.72 $6.3 -4.1 8.4 -20.7 -28.5 -9.9 0.7 5.3 5.1 (JAN.’99)

SUNWISE CI CANADIAN STOCK ERIC BUSHELL 8715 / 8743 / – $15.16 $1.0 -3.4 6.5 -18.1 -26.2 -7.3 2.8 4.1 4.1 (JAN.’99)

SUNWISE CI DIVIDEND ERIC BUSHELL 8725 / 8753 / – $11.53 $4.8 -2.5 3.7 -18.3 -23.2 -9.0 -1.5 1.7 1.4 (JAN.’99)

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8719 / 8747 / – $12.00 $4.6 -0.5 7.7 -15.6 -20.2 -5.3 2.9 2.0 1.8 (JAN.’99)

SUNWISE CI MONEY MARKET CI INVESTMENTS 8728 / 8756 / – $12.73 $1.9 0.0 0.0 0.3 1.3 2.6 2.1 2.3 2.4 (JAN.’99)

SUNWISE CI SIGNATURE CANADIAN BOND1 JAMES DUTKIEWICZ 8726 / 8754 / – $14.21 $2.7 0.1 1.6 2.2 0.1 2.3 2.4 3.4 3.5 (JAN.’99)

1 formerly SunWise CI Canadian Bond2 formerly SunWise CI Canadian Select Bond 3 formerly SunWise CI Canadian Special Bond

1 formerly SunWise CI Canadian Bond2 formerly SunWise CI Canadian Select Bond 3 formerly SunWise CI Canadian Special Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® I Funds Full Guarantee cont’dIssued by Sun Life Assurance Company of CanadaSUNWISE CI SIGNATURE CANADIAN SELECT BOND1 JAMES DUTKIEWICZ 8723 / 8751 / – $13.68 $2.9 0.1 1.6 2.2 0.1 2.3 2.4 3.1 3.1 (JAN.’99)

SUNWISE CI SIGNATURE CANADIAN SPECIAL BOND2 JAMES DUTKIEWICZ 8727 / 8755 / – $14.26 $0.6 0.1 1.6 2.1 0.1 2.3 2.4 3.5 3.5 (JAN.’99)

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8711 / 8739 / – $13.27 $0.9 -3.6 6.4 -18.2 -26.4 -7.4 2.7 3.0 2.8 (JAN.’99)

SUNWISE CI U.S. EQUITY D. PEARL / W. PRIEST 8707 / 8735 / – $5.17 $0.1 -4.6 5.3 -15.1 -22.4 -9.2 -3.8 -6.5 -6.2 (JAN.’99)

SUNWISE CI WORLD EQUITY JOHN HOCK 8702 / 8730 / – $6.19 $0.4 -7.9 5.5 -12.3 -20.3 -13.4 -6.8 -4.1 -4.5 (JAN.’99)

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8705 / 8733 / – $4.28 $0.9 -7.6 4.9 -27.5 -39.8 -15.8 -6.8 -9.3 -7.9 (JAN.’99)

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8718 / 8746 / – $14.63 $13.6 -0.5 5.1 -12.8 -18.7 -4.0 2.4 3.6 3.7 (JAN.’99)

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8706 / 8734 / – $4.37 $0.2 -5.8 8.7 -17.7 -30.1 -18.5 -10.6 -8.3 -7.7 (JAN.’99)

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO DICK HABERMANN 8701 / 8729 / – $5.57 $1.6 -7.3 6.3 -19.2 -34.4 -17.9 -8.8 -6.1 -5.5 (JAN.’99)

SUNWISE FIDELITY TRUE NORTH® STEPHEN BINDER 8710 / 8738 / – $17.03 $4.4 -0.6 7.3 -23.4 -32.4 -8.1 1.7 4.7 5.3 (JAN.’99)

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 8717 / 8745 / – $12.24 $1.3 -7.1 2.9 -18.0 -20.5 -8.0 -2.2 1.3 2.0 (JAN.’99)

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY PETER CUNDILL 8709 / 8737 / – $12.77 $1.1 -9.9 4.5 -26.5 -28.6 -13.5 -4.9 1.8 2.4 (JAN.’99)

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8720 / 8748 / – $12.18 $4.6 -3.3 3.9 -12.6 -19.3 -7.1 -0.5 1.9 1.9 (JAN.’99)

SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8722 / 8750 / – $12.33 $0.3 -3.7 4.5 -14.4 -21.8 -8.3 -0.5 1.9 2.0 (JAN.’99)

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8721 / 8749 / – $12.41 $1.3 -2.3 2.9 -9.4 -15.3 -5.2 -0.1 2.1 2.1 (JAN.’99)

SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8703 / 8731 / – $8.74 $1.0 -4.4 4.9 -16.5 -24.8 -10.1 -3.3 -1.6 -1.3 (JAN.’99)

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8724 / 8752 / – $13.32 $2.1 -1.4 1.8 -5.7 -10.0 -2.3 0.9 2.9 2.8 (JAN.’99)

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8714 / 8742 / – $10.64 $0.4 -5.0 6.1 -19.3 -28.8 -11.6 -1.9 0.5 0.6 (JAN.’99)

SUNWISE TRIMARK SELECT CANADIAN GROWTH HEATHER HUNTER 8716 / 8744 / – $13.02 $0.9 -9.5 5.4 -23.5 -29.5 -11.4 -3.5 2.5 2.6 (JAN.’99)

SUNWISE TRIMARK SELECT GROWTH B. HARROP / E. HUANG 8704 / 8732 / – $8.88 $0.8 -10.4 5.1 -22.1 -33.2 -15.8 -8.3 -1.3 -1.1 (JAN.’99)

SunWise® II FundsBasic GuaranteeIssued by Sun Life Assurance Company of Canada

SUNWISE AIC AMERICAN FOCUSED ARIEL INVESTMENTS 8112 / 8212 / – $4.73 $0.4 -12.7 4.9 -27.6 -30.1 -25.8 -15.0 N/A -9.7 (DEC.’01)

SUNWISE AIC DIVERSIFIED CANADA JONATHAN WELLUM 8120 / 8220 / – $7.97 $0.3 -8.2 7.6 -27.9 -30.1 -13.7 -4.9 N/A -3.0 (DEC.’01)

SUNWISE AIM CANADIAN FIRST CLASS J. HOLZER / C.OLSSON / R. NIELD 8121 / 8221 / – $11.19 $2.5 -5.1 5.6 -24.1 -33.6 -14.1 -1.6 N/A 1.5 (DEC.’01)

SUNWISE BOND INDEX TD ASSET MGNT INC. 8152 / 8252 / – $13.68 $1.4 1.0 1.6 5.1 3.3 3.8 3.8 N/A 4.4 (DEC.’01)

SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8127 / 8227 / – $11.52 $0.2 -2.5 7.7 -25.5 -34.2 -10.1 0.5 N/A 1.9 (DEC.’01)

SUNWISE CI AMERICAN GROWTH BILL MILLER 8114 / 8214 / – $3.67 $0.2 -9.4 7.9 -28.2 -41.3 -26.6 -16.3 N/A -12.8 (DEC.’01)

SUNWISE CI AMERICAN VALUE W. PRIEST / D. PEARL 8116 / 8216 / – $7.75 $0.8 -4.6 5.3 -14.8 -21.8 -8.5 -3.1 N/A -3.4 (DEC.’01)

SUNWISE CI CANADIAN EQUITY DANIEL BUBIS 8125 / 8225 / – $11.51 $0.3 -3.9 8.6 -20.5 -28.0 -9.1 1.6 N/A 1.9 (DEC.’01)

SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8126 / 8226 / – $13.37 $23.8 -3.9 8.6 -20.5 -28.2 -9.3 1.4 N/A 4.0 (DEC.’01)

SUNWISE CI DIVIDEND ERIC BUSHELL 8150 / 8250 / – $11.22 $0.3 -2.4 3.7 -18.2 -22.9 -8.7 -1.2 N/A 1.6 (DEC.’01)

SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8102 / 8202 / – $6.85 $0.8 -5.4 5.5 -20.3 -33.0 -16.6 -8.0 N/A -5.0 (DEC.’01)

SUNWISE CI GLOBAL BALANCED CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 8108 / 8208 / – $7.86 $0.2 0.0 4.8 -6.4 -20.1 -9.0 -4.6 N/A -3.2 (DEC.’01)

SUNWISE CI GLOBAL BOND R. GLUCK / D. RUNKLE 8160 / 8260 / – $11.24 $0.3 -2.8 0.4 22.4 16.5 8.8 2.6 N/A 1.9 (JAN.’03)

SUNWISE CI GLOBAL VALUE JOHN HOCK 8103 / 8203 / – $6.39 $0.9 -7.7 5.6 -12.0 -19.6 -12.6 -5.9 N/A -5.9 (DEC.’01)

SUNWISE CI HARBOUR G. COLEMAN / S. JENKINS 8122 / 8222 / – $14.23 $17.6 -0.9 9.5 -18.3 -24.3 -5.9 4.4 N/A 4.9 (DEC.’01)

SUNWISE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 8129 / 8229 / – $13.40 $27.7 -0.4 7.7 -15.5 -19.9 -4.8 3.4 N/A 4.1 (DEC.’01)

*simple rates of return 1 formerly SunWise CI Canadian Select Bond 2 formerly SunWise CI Canadian Special Bond

1 formerly SunWise CI Canadian Select Bond 2 formerly SunWise CI Canadian Special Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8154 / 8254 / – $10.05 $1.2 -8.9 2.7 -22.8 -40.0 -17.7 -8.3 N/A 0.1 (JAN.’03)

SUNWISE CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 8155 / 8255 / – $10.54 $0.4 -3.1 4.0 -3.8 -15.8 -6.6 -3.2 N/A 0.9 (JAN.’03)

SUNWISE CI INTERNATIONAL VALUE JOHN HOCK 8107 / 8207 / – $8.19 $1.1 -8.2 3.9 -9.8 -22.3 -11.7 -3.5 N/A -2.7 (DEC.’01)

SUNWISE CI MONEY MARKET CI INVESTMENTS 8153 / 8253 / – $11.56 $9.9 0.1 0.0 0.3 1.3 2.7 2.2 N/A 2.0 (DEC.’01)

SUNWISE CI SYNERGY AMERICAN DAVID PICTON 8156 / 8256 / – $9.83 $0.1 -5.3 5.6 -18.0 -26.0 -11.8 -4.4 N/A -0.3 (JAN.’03)

SUNWISE CI SIGNATURE CANADIAN ASSET ALLOCATION1 E. BUSHELL / J. DUTKIEWICZ 8132 / 8232 / – $13.13 $1.6 -2.0 4.4 -9.6 -15.6 -3.7 2.1 N/A 3.8 (DEC.’01)

SUNWISE CI SIGNATURE CANADIAN BALANCED ERIC BUSHELL 8131 / 8231 / – $13.23 $7.2 -1.9 4.5 -10.2 -15.9 -2.9 3.9 N/A 3.9 (DEC.’01)

SUNWISE CI SIGNATURE CANADIAN BOND2 JAMES DUTKIEWICZ 8162 / 8262 / – $12.19 $3.3 0.2 1.7 2.4 0.4 2.7 2.8 N/A 3.3 (JAN.’03)

SUNWISE CI CANADIAN PREMIER BOND3 JAMES DUTKIEWICZ 8149 / 8249 / – $12.89 $0.7 0.1 1.7 2.3 0.4 2.6 2.7 N/A 3.5 (DEC.’01)

SUNWISE CI SIGNATURE DIVIDEND ERIC BUSHELL 8161 / 8261 / – $10.65 $6.6 -2.6 3.5 -18.3 -23.3 -9.1 -1.6 N/A 1.0 (JAN.’03)

SUNWISE CI SIGNATURE HIGH INCOME ERIC BUSHELL 8148 / 8248 / – $15.09 $17.2 -1.2 0.8 -19.0 -22.1 -7.7 1.4 N/A 5.8 (DEC.’01)

SUNWISE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 8164 / 8264 / – $10.17 $4.3 -1.9 4.0 -15.5 -21.0 -5.6 N/A N/A 0.4 (MAR.’05)

SUNWISE CI SIGNATURE SHORT-TERM BOND4 JAMES DUTKIEWICZ 8151 / 8251 / – $12.12 $0.1 1.1 0.6 3.1 3.3 3.3 2.2 N/A 2.7 (DEC.’01)

SUNWISE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 8124 / 8224 / – $13.95 $10.1 -3.3 6.5 -17.7 -25.7 -6.7 3.4 N/A 4.6 (DEC.’01)

SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8163 / 8263 / – $10.70 $1.3 -4.1 6.7 -20.9 -33.0 -10.6 N/A N/A 1.4 (JUNE’04)

SUNWISE CI SYNERGY GLOBAL CORPORATE CLASS DAVID PICTON 8105 / 8205 / – $7.29 $1.4 -6.5 5.8 -16.6 -29.7 -12.5 -3.4 N/A -4.2 (DEC.’01)

SUNWISE CI VALUE TRUST CORPORATE CLASS BILL MILLER 8115 / 8215 / – $3.93 $2.0 -9.2 7.7 -28.2 -41.2 -26.5 -16.2 N/A -12.0 (DEC.’01)

SUNWISE CI WORLD EQUITY JOHN HOCK 8104 / 8204 / – $7.13 $0.1 -7.6 5.6 -12.0 -19.6 -12.6 -5.9 N/A -4.5 (DEC.’01)

SUNWISE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 8111 / 8211 / – $5.60 $0.6 -7.3 5.1 -27.2 -39.4 -15.1 -4.7 N/A -7.6 (DEC.’01)

SUNWISE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 8130 / 8230 / – $12.92 $21.6 -0.3 5.1 -12.6 -18.2 -3.4 3.0 N/A 3.6 (DEC.’01)

SUNWISE FIDELITY GLOBAL ASSET ALLOCATION DICK HABERMANN 8109 / 8209 / – $8.75 $0.8 -2.2 6.3 -4.4 -17.2 -5.2 -1.7 N/A -1.8 (DEC.’01)

SUNWISE FIDELITY GROWTH AMERICA JOHN POWER 8113 / 8213 / – $5.05 $0.2 -5.6 8.6 -17.3 -29.6 -17.9 -9.9 N/A -8.9 (DEC.’01)

SUNWISE FIDELITY INTERNATIONAL PORTFOLIO DICK HABERMANN 8101 / 8201 / – $6.27 $1.1 -7.0 6.5 -18.7 -33.6 -16.9 -7.8 N/A -6.2 (DEC.’01)

SUNWISE FIDELITY NORTHSTAR® MO / GOUDIE / TILLINGHAST 8165 / 8265 / – $7.33 $4.3 -5.5 5.5 -19.9 -31.3 -14.2 N/A N/A -7.5 (MAR.’05)

SUNWISE FIDELITY TRUE NORTH® STEPHEN BINDER 8123 / 8223 / – $12.87 $8.5 -0.4 7.3 -23.0 -31.8 -7.4 2.5 N/A 3.5 (DEC.’01)

SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 8128 / 8228 / – $9.97 $1.6 -6.9 2.9 -17.9 -20.2 -7.6 -2.0 N/A 0.0 (DEC.’01)

SUNWISE MACKENZIE CUNDILL CANADIAN SECURITY PETER CUNDILL 8119 / 8219 / – $9.01 $1.7 -9.8 4.6 -26.3 -28.1 -13.0 -4.3 N/A -1.4 (DEC.’01)

SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8134 / 8234 / – $11.15 $12.2 -3.1 4.0 -12.3 -18.9 -6.5 0.2 N/A 1.5 (DEC.’01)

SUNWISE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 8158 / 8258 / – $11.07 $6.3 -3.4 4.6 -14.3 -21.4 -7.8 -1.5 N/A 1.7 (JAN.’03)

SUNWISE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 8135 / 8235 / – $11.74 $7.7 -2.1 3.0 -9.1 -14.7 -4.5 0.5 N/A 2.2 (DEC.’01)

SUNWISE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 8157 / 8257 / – $11.67 $2.7 -2.6 3.6 -10.8 -16.7 -5.6 -0.1 N/A 2.5 (JAN.’03)

SUNWISE PORTFOLIO SERIES GROWTH CI INVESTMENTS 8139 / 8239 / – $8.91 $4.2 -4.2 5.1 -16.1 -24.0 -9.3 -2.4 N/A -1.6 (DEC.’01)

SUNWISE PORTFOLIO SERIES INCOME CI INVESTMENTS 8137 / 8237 / – $12.23 $5.7 -1.4 1.8 -5.6 -9.9 -2.1 1.0 N/A 2.8 (DEC.’01)

SUNWISE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 8159 / 8259 / – $10.71 $0.8 -4.9 6.1 -19.1 -28.4 -11.5 -3.4 N/A 1.1 (JAN.’03)

SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8136 / 8236 / – $11.50 $0.6 -3.5 4.5 -14.1 -21.2 -7.6 0.2 N/A 1.9 (DEC.’01)

SUNWISE PORTFOLIO SERIES SUMMIT MAXIMUM GROWTH CI INVESTMENTS 8138 / 8238 / – $9.92 $0.2 -4.9 6.2 -19.1 -28.2 -10.9 -1.1 N/A -0.1 (DEC.’01)

SUNWISE TRIMARK GLOBAL BALANCED R. CHONG / B. HARROP / A. SAMSON 8110 / 8210 / – $11.05 $4.0 -6.3 3.5 -15.7 -23.1 -8.3 -2.9 N/A 1.4 (DEC.’01)

SUNWISE TRIMARK INCOME GROWTH R. CHONG / G. LEW / L. WHEATLEY 8133 / 8233 / – $10.78 $12.6 -4.5 3.9 -14.4 -19.4 -7.7 -2.3 N/A 1.0 (DEC.’01)

SUNWISE TRIMARK SELECT GROWTH B. HARROP / E. HUANG 8106 / 8206 / – $7.42 $7.9 -10.2 5.2 -21.6 -32.5 -14.9 -7.4 N/A -4.0 (DEC.’01)

SUNWISE TRIMARK U.S. COMPANIES JIM YOUNG 8117 / 8217 / – $5.80 $0.2 -6.3 8.4 -15.7 -20.2 -11.1 -7.6 N/A -7.2 (DEC.’01)

SUNWISE U.S. MARKET INDEX TD ASSET MGNT INC. 8118 / 8218 / – $5.37 $0.3 -9.6 7.8 -18.8 -25.5 -12.9 -7.7 N/A -8.1 (DEC.’01)

SunWise® II FundsBasic Guarantee cont’d

Issued by Sun Life Assurance Company of Canada

*simple rates of return 1 formerly SunWise CI Canadian Asset Allocation2 formerly SunWise CI Canadian Bond3 formerly SunWise CI Canadian Premier Bond 4 formerly SunWise CI Short-Term Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® II Funds Combined Guarantee Issued by Sun Life Assurance Company of Canada






SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8327 / 8427 / – $11.20 $0.9 -2.6 7.7 -25.6 -34.4 -10.4 0.1 N/A 1.6 (DEC.’01)




SUNWISE CI CANADIAN INVESTMENT FUND DANIEL BUBIS 8326 / 8426 / – $13.03 $21.7 -4.0 8.6 -20.6 -28.4 -9.6 1.1 N/A 3.7 (DEC.’01)


SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8302 / 8402 / – $6.60 $0.7 -5.4 5.4 -20.4 -33.3 -16.9 -8.4 N/A -5.5 (DEC.’01)

SUNWISE CI GLOBAL BALANCED CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 8308 / 8408 / – $7.75 $0.3 0.0 4.7 -6.4 -20.2 -9.1 -4.7 N/A -3.4 (DEC.’01)





SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8354 / 8454 / – $9.72 $0.4 -9.0 2.5 -23.0 -40.3 -18.0 -8.6 N/A -0.5 (JAN.’03)







SUNWISE CI SIGNATURE CANADIAN PREMIER BOND3 JAMES DUTKIEWICZ 8349 / 8449 / – $12.73 $0.6 0.1 1.6 2.2 0.2 2.5 2.5 N/A 3.3 (DEC.’01)







SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8363 / 8463 / – $10.63 $0.7 -4.2 6.7 -21.0 -33.2 -10.9 N/A N/A 1.3 (JUNE’04)











SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 8328 / 8428 / – $9.83 $2.0 -6.9 2.9 -17.9 -20.2 -7.7 -2.1 N/A -0.2 (DEC.’01)

1 formerly SunWise CI Canadian Asset Allocation2 formerly SunWise CI Canadian Bond


3 formerly SunWise CI Canadian Premier Bond 4 formerly SunWise CI Short-Term Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® II FundsCombined Guarantee cont’d


SunWise® II FundsFull GuaranteeIssued by Sun Life Assurance Company of Canada





SUNWISE CANADIAN EQUITY INDEX TD ASSET MGNT INC. 8527 / 8627 / – $10.91 $2.4 -2.7 7.6 -25.7 -34.7 -10.7 -0.3 N/A 1.2 (DEC.’01)




SUNWISE CI CANADIAN INVESTMENT DANIEL BUBIS 8526 / 8626 / – $12.76 $108.8 -4.1 8.5 -20.8 -28.7 -9.9 0.7 N/A 3.4 (DEC.’01)


SUNWISE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 8502 / 8602 / – $6.45 $3.4 -5.6 5.4 -20.6 -33.6 -17.3 -8.8 N/A -5.8 DEC.’01)

SUNWISE CI GLOBAL BALANCED CORPORATE CLASS STERLING / GIGLIOTTI / BECKWITT 8508 / 8608 / – $7.60 $1.8 -0.1 4.7 -6.6 -20.5 -9.5 -5.1 N/A -3.7 (DEC.’01)





SUNWISE CI INTERNATIONAL STERLING / GIGLIOTTI / BECKWITT 8554 / 8654 / – $8.81 $3.3 -9.0 2.6 -23.1 -40.5 -18.3 -9.0 N/A -2.0 (JAN.’03)




SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8334 / 8434 / – $11.01 $20.1 -3.2 4.0 -12.4 -19.0 -6.5 0.1 N/A 1.3 (DEC.’01)







SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8336 / 8436 / – $11.23 $0.4 -3.6 4.5 -14.3 -21.5 -7.9 -0.1 N/A 1.6 (DEC.’01)










LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)





SUNWISE CI SIGNATURE CANADIAN PREMIER BOND3 JAMES DUTKIEWICZ 8549 / 8649 / – $12.58 $2.0 0.1 1.6 2.1 0.1 2.3 2.4 N/A 3.2 (DEC.’01)







SUNWISE CI SYNERGY CANADIAN DAVID PICTON 8563 / 8663 / – $9.94 $2.8 -4.3 6.5 -21.2 -33.5 -11.2 N/A N/A -0.1 (JUNE’04)











SUNWISE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 8528 / 8628 / – $9.61 $5.8 -7.0 2.9 -18.0 -20.5 -8.1 -2.5 N/A -0.5 (DEC.’01)


SUNWISE PORTFOLIO SERIES BALANCED CI INVESTMENTS 8534 / 8634 / – $10.72 $69.6 -3.2 4.0 -12.6 -19.2 -6.9 -0.3 N/A 1.0 (DEC.’01)







SUNWISE PORTFOLIO SERIES SUMMIT BALANCED GROWTH CI INVESTMENTS 8536 / 8636 / – $11.05 $2.1 -3.6 4.5 -14.3 -21.6 -8.1 -0.4 N/A 1.4 (DEC.’01)







SunWise® II FundsFull Guarantee cont’d


*simple rates of return 1 formerly SunWise CI Canadian Asset Allocation2 formerly SunWise CI Canadian Bond


3 formerly SunWise CI Canadian Premier Bond 4 formerly SunWise CI Short-Term Bond



LEAD MANAGER

CDN $FUND CODE† : CIGISC / DSC / LSC

NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® Elite Funds Basic GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE ELITE AIM CANADIAN FIRST CLASS J. HOLZER / C.OLSSON / R. NIELD 7365 / 7845 / – $7.31 $2.8 -5.2 5.5 -24.0 -33.5 -14.0 N/A N/A -8.8 (OCT.’05)

SUNWISE ELITE CI AMERICAN VALUE W. PRIEST / D. PEARL 7361 / 7841 / – $8.11 $6.8 -4.5 5.5 -14.8 -21.8 -8.4 N/A N/A -5.9 (OCT.’05)

SUNWISE ELITE CI CAMBRIDGE CANADIAN ASSET ALLOCATION CORPORATE ALAN RADLO 7507 / 7557/ – $7.88 $9.5 -2.0 5.1 -14.6 -21.2 N/A N/A N/A -21.2 (MAR.’08)

SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7508 / 7558 / – $7.22 $6.4 -3.6 6.2 -18.1 N/A N/A N/A N/A -27.8 (MAR.’08)

SUNWISE ELITE CI CAMBRIDGE GLOBAL EQUITY CORPORATE ALAN RADLO 7509 / 7559 / – $8.03 $8.3 -2.8 5.4 -14.1 -22.0 N/A N/A N/A -19.4 (MAR.’08)

SUNWISE ELITE CI CANADIAN INVESTMENT DANIEL BUBIS 7366 / 7846 / – $8.50 $32.5 -4.0 8.6 -20.6 -28.2 -9.3 N/A N/A -4.6 (OCT.’05)

SUNWISE ELITE CI GLOBAL STERLING / GIGLIOTTI / BECKWITT 7350 / 7830 / – $6.47 $2.4 -5.3 5.5 -20.2 -33.0 -16.6 N/A N/A -12.0 (OCT.’05)

SUNWISE ELITE CI GLOBAL BOND R. GLUCK / D. RUNKLE 7386 / 7866 / – $12.73 $1.5 -2.8 0.4 22.5 16.6 8.9 N/A N/A 7.3 (OCT.’05)

SUNWISE ELITE CI GLOBAL HIGH DIVIDEND ADVANTAGE PRIEST / SAPPENFIELD / WELHOELTER 7395 / 7875 / – $6.32 $3.9 -8.4 3.1 -16.0 -25.0 N/A N/A N/A -20.9 (APR.’07)

SUNWISE ELITE CI GLOBAL VALUE JOHN HOCK 7351 / 7831 / – $7.38 $0.6 -7.7 5.6 -12.0 -19.7 -12.7 N/A N/A -8.5 (OCT.’05)

SUNWISE ELITE CI HARBOUR G. COLEMAN / S. JENKINS 7367 / 7847 / – $9.50 $63.9 -0.8 9.4 -18.3 -24.2 -5.9 N/A N/A -1.5 (OCT.’05)

SUNWISE ELITE CI HARBOUR FOREIGN EQUITY CORPORATE S. JENKINS / G. COLEMAN 7393 / 7873 / – $5.14 $8.2 -5.9 8.9 -30.8 -41.7 N/A N/A N/A -28.8 (APR.’07)

SUNWISE ELITE CI HARBOUR FOREIGN GROWTH & INCOME CORP. S. JENKINS / G. COLEMAN 7394 / 7874 / – $6.45 $5.9 -4.3 7.0 -21.1 -30.4 N/A N/A N/A -20.1 (APR.’07)

SUNWISE ELITE CI HARBOUR GROWTH & INCOME G. COLEMAN / S. JENKINS 7373 / 7853 / – $9.59 $103.8 -0.4 7.8 -15.4 -19.9 -4.8 N/A N/A -1.2 (OCT.’05)

SUNWISE ELITE CI INTERNATIONAL BALANCED STERLING / GIGLIOTTI / BECKWITT 7357 / 7837 / – $8.67 $1.7 -3.1 4.0 -3.9 -15.9 -6.5 N/A N/A -4.1 (OCT.’05)

SUNWISE ELITE CI INTERNATIONAL VALUE JOHN HOCK 7352 / 7832 / – $7.91 $3.0 -8.1 3.9 -9.8 -22.2 -11.7 N/A N/A -6.6 (OCT.’05)

SUNWISE ELITE CI MONEY MARKET CI INVESTMENTS 7390 / 7870 / – $10.82 $58.5 0.0 0.0 0.3 1.1 2.4 N/A N/A 2.3 (OCT.’05)

SUNWISE ELITE CI SIGNATURE CANADIAN ASSET ALLOCATION1 E. BUSHELL / J. DUTKIEWICZ 7372 / 7852 / – $9.63 $5.7 -1.9 4.4 -9.6 -15.5 -3.7 N/A N/A -1.1 (OCT.’05)

SUNWISE ELITE CI SIGNATURE CANADIAN BOND2 JAMES DUTKIEWICZ 7385 / 7865 / – $10.87 $9.3 0.2 1.7 2.4 0.4 2.6 N/A N/A 2.5 (OCT.’05)

SUNWISE ELITE CI SIGNATURE DIVIDEND ERIC BUSHELL 7388 / 7868 / – $8.12 $12.1 -2.5 3.7 -18.2 -23.1 -8.8 N/A N/A -5.9 (OCT.’05)

SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7501 / 7551 / – $7.64 $1.5 -4.1 3.4 -14.4 N/A N/A N/A N/A -23.6 (MAR.’08)

SUNWISE ELITE CI SIGNATURE HIGH INCOME ERIC BUSHELL 7389 / 7869 / – $8.77 $32.0 -1.1 0.8 -18.9 -22.0 -7.7 N/A N/A -3.8 (OCT.’05)

SUNWISE ELITE CI SIGNATURE INCOME & GROWTH E. BUSHELL / J. DUTKIEWICZ 7376 / 7856 / – $9.33 $33.3 -1.9 4.1 -15.5 -21.1 -5.7 N/A N/A -2.0 (OCT.’05)

SUNWISE ELITE CI SIGNATURE SELECT CANADIAN ERIC BUSHELL 7368 / 7848 / – $9.35 $35.8 -3.3 6.6 -17.8 -25.8 -6.7 N/A N/A -1.9 (OCT.’05)

SUNWISE ELITE CI SYNERGY AMERICAN DAVID PICTON 7362 / 7842 / – $7.48 $0.6 -5.2 5.5 -17.9 -25.9 -11.7 N/A N/A -8.1 (OCT.’05)

SUNWISE ELITE CI SYNERGY CANADIAN DAVID PICTON 7369 / 7849 / – $8.38 $7.8 -4.2 6.6 -20.9 -33.1 -10.6 N/A N/A -5.0 (OCT.’05)

SUNWISE ELITE CI SYNERGY GLOBAL CORPORATE DAVID PICTON 7353 / 7833 / – $7.52 $2.8 -6.6 5.8 -16.6 -29.7 -12.6 N/A N/A -8.0 (OCT.’05)

SUNWISE ELITE CI VALUE TRUST CORPORATE BILL MILLER 7363 / 7843 / – $4.07 $2.5 -9.4 7.7 -28.3 -41.4 -26.6 N/A N/A -23.1 (OCT.’05)

SUNWISE ELITE DYNAMIC GLOBAL VALUE CHUK WONG 7391 / 7871 / – $5.56 $6.2 0.0 8.2 -17.4 -39.0 N/A N/A N/A -25.9 (APR.’07)

SUNWISE ELITE DYNAMIC POWER AMERICAN GROWTH NOAH BLACKSTEIN 7360 / 7840 / – $6.64 $4.0 -7.3 5.1 -27.0 -39.0 -14.9 N/A N/A -11.3 (OCT.’05)

SUNWISE ELITE FIDELITY CANADIAN ASSET ALLOCATION SWANSON / MIRON / DUPONT / NEWMAN 7374 / 7854 / – $9.82 $38.0 -0.4 5.1 -12.6 -18.3 -3.5 N/A N/A -0.5 (OCT.’05)

SUNWISE ELITE FIDELITY GLOBAL ASSET ALLOCATION DICK HABERMANN 7358 / 7838 / – $9.10 $2.3 -2.2 6.3 -4.3 -17.0 -5.3 N/A N/A -2.7 (OCT.’05)

SUNWISE ELITE FIDELITY GROWTH AMERICA JOHN POWER 7364 / 7844 / – $5.80 $0.8 -5.7 8.6 -17.7 -30.0 -17.9 N/A N/A -14.7 (OCT.’05)

SUNWISE ELITE FIDELITY NORTHSTAR® MO / GOUDIE / TILLINGHAST 7354 / 7834 / – $7.04 $9.4 -5.4 5.5 -19.8 -31.0 -14.2 N/A N/A -9.8 (OCT.’05)

SUNWISE ELITE FIDELITY TRUE NORTH® STEPHEN BINDER 7370 / 7850 / – $8.95 $15.2 -0.3 7.4 -23.0 -32.0 -7.4 N/A N/A -3.2 (OCT.’05)

SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9449 / 9949 / – $9.99 $0.3 -1.4 2.1 N/A N/A N/A N/A N/A -0.1 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9450 / 9950 / – $10.32 $0.4 -0.9 3.5 N/A N/A N/A N/A N/A 3.2 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9451 / 9951 / – $9.65 $1.2 -1.4 4.6 N/A N/A N/A N/A N/A -3.5 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9452 / 9952 / – $9.79 $0.2 -1.4 4.9 -2.1 N/A N/A N/A N/A -2.1 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9453 / 9953 / – $9.84 $0.5 -2.8 6.0 N/A N/A N/A N/A N/A -1.6 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL CANADIAN GROWTH FRANKLIN TEMPLETON INVESTMENTS 9454 / 9954 / – $10.34 $0.0 3.4 9.3 N/A N/A N/A N/A N/A 3.4 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9455 / 9955 / – $9.13 $0.2 -6.9 5.7 N/A N/A N/A N/A N/A -8.7 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9456 / 9956 / – $9.28 $0.2 -5.0 4.6 N/A N/A N/A N/A N/A -7.2 (OCT.’08)

SUNWISE ELITE MACKENZIE CUNDILL CANADIAN BALANCED PETER CUNDILL 7375 / 7855 / – $8.21 $5.4 -6.9 2.8 -17.9 -20.3 -7.7 N/A N/A -5.6 (OCT.’05)

*simple rates of return†For the SunWise Elite Plus (the Guaranteed Minimum Withdrawal Benefit) fund code, add a "P" to the end of the SunWise Elite fund code.

1 formerly SunWise Elite CI Canadian Asset Allocation 2 formerly SunWise Elite CI Canadian Bond1 formerly SunWise Elite CI Canadian Asset Allocation 2 formerly SunWise Elite CI Canadian Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® Elite Funds Basic Guarantee cont’d



SunWise® Elite Funds Combined GuaranteeIssued by Sun Life Assurance Company of CanadaSUNWISE ELITE AIM CANADIAN FIRST CLASS J. HOLZER / C.OLSSON / R. NIELD 7265 / 7065 / – $7.23 $6.2 -5.2 5.4 -24.2 -33.8 -14.4 N/A N/A -9.1 (OCT.’05)



SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7608 / 7658 / – $7.14 $13.2 -3.8 6.1 -18.3 N/A N/A N/A N/A -28.6 (MAR.’08)













SUNWISE ELITE CI MONEY MARKET CI INVESTMENTS 7290 / 7090 / – $10.82 $155.4 0.0 -0.1 0.2 0.9 2.3 N/A N/A 2.3 (OCT.’05)




SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7601 / 7651 / – $7.74 $1.9 -4.2 3.3 -14.5 -22.8 N/A N/A N/A -22.4 (MAR.’08)

SUNWISE ELITE MACKENZIE CUNDILL CANADIAN SECURITY PETER CUNDILL 7371 / 7851 / – $6.99 $2.6 -9.8 4.6 -26.3 -28.2 -13.0 N/A N/A -10.0 (OCT.’05)

SUNWISE ELITE MACKENZIE CUNDILL VALUE PETER CUNDILL 7392 / 7872 / – $6.18 $16.9 -11.5 4.6 -21.7 -27.6 N/A N/A N/A -21.8 (APR.’07)

SUNWISE ELITE MANULIFE GLOBAL MONTHLY INCOME ALAN WICKS / DANNY TOMKA 7503 / 7553 / – $8.32 $0.2 -3.4 4.5 -9.2 N/A N/A N/A N/A -16.8 (MAR.’08)

SUNWISE ELITE MANULIFE GLOBAL OPPORTUNITIES TIMOTHY M. MALLOY 7504 / 7554 / – $6.36 $0.2 6.7 15.0 -7.8 N/A N/A N/A N/A -36.4 (MAR.’08)

SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD L. FOGLER 7502 / 7552 / – $7.06 $0.0 -7.7 4.9 -19.0 N/A N/A N/A N/A -29.4 MAR.’08)

SUNWISE ELITE PORTFOLIO SERIES BALANCED CI INVESTMENTS 7378 / 7858 / – $8.95 $51.4 -3.1 4.1 -12.3 -18.9 -6.4 N/A N/A -3.2 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES BALANCED GROWTH CI INVESTMENTS 7381 / 7861 / – $8.53 $28.6 -3.6 4.5 -14.3 -21.4 -7.8 N/A N/A -4.5 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE CI INVESTMENTS 7379 / 7859 / – $9.38 $13.9 -2.1 3.1 -9.1 -14.8 -4.6 N/A N/A -1.9 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES CONSERVATIVE BALANCED CI INVESTMENTS 7382 / 7862 / – $9.10 $15.8 -2.7 3.6 -10.8 -16.7 -5.5 N/A N/A -2.7 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES GROWTH CI INVESTMENTS 7383 / 7863 / – $8.20 $19.6 -4.1 5.0 -16.1 -23.9 -9.2 N/A N/A -5.6 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES INCOME CI INVESTMENTS 7380 / 7860 / – $9.85 $10.7 -1.4 1.8 -5.6 -9.9 -2.1 N/A N/A -0.4 (OCT.’05)

SUNWISE ELITE PORTFOLIO SERIES MAXIMUM GROWTH CI INVESTMENTS 7384 / 7864 / – $7.79 $8.0 -4.8 6.1 -19.0 -28.1 -11.2 N/A N/A -7.0 (OCT.’05)

SUNWISE ELITE RBC CANADIAN DIVIDEND S. KEDWELL / D. RAYMOND 7398 / 7878 / – $6.89 $11.9 -3.8 7.3 -22.9 -26.8 N/A N/A N/A -17.3 (APR.’07)

SUNWISE ELITE RBC O’SHAUGHNESSY INTERNATIONAL EQUITY JIM O’SHAUGHNESSY 7397 / 7877 / – $4.65 $1.7 -15.0 5.0 -25.7 -41.6 N/A N/A N/A -32.4 (APR.’07)

SUNWISE ELITE TD CANADIAN BOND S. RAI / G. WILSON 7396 / 7876 / – $10.36 $8.8 1.4 1.7 3.1 0.5 N/A N/A N/A 1.8 (APR.’07)

SUNWISE ELITE TRIMARK GLOBAL BALANCED R. CHONG / B. HARROP / A. SAMSON 7359 / 7839 / – $8.47 $8.4 -6.2 3.5 -15.6 -22.9 -8.2 N/A N/A -4.7 (OCT.’05)

SUNWISE ELITE TRIMARK INCOME GROWTH R. CHONG / G. LEW / L. WHEATLEY 7377 / 7857 / – $8.23 $7.4 -4.5 3.8 -14.4 -19.5 -7.7 N/A N/A -5.5 (OCT.’05)

SUNWISE ELITE TRIMARK SELECT GROWTH B. HARROP / E. HUANG 7355 / 7835 / – $6.90 $6.2 -10.3 5.0 -21.6 -32.3 -14.8 N/A N/A -10.3 (OCT.’05)

1 formerly SunWise Elite CI Canadian Asset Allocation 2 formerly SunWise Elite CI Canadian Bond



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® Elite Funds Combined Guarantee cont’d

Issued by Sun Life Assurance Company of CanadaSUNWISE ELITE CI SIGNATURE HIGH INCOME ERIC BUSHELL 7289 / 7089 / – $8.83 $74.0 -1.1 0.8 -19.0 -22.2 -7.8 N/A N/A -3.6 (OCT.’05)







SUNWISE ELITE DYNAMIC GLOBAL VALUE CHUK WONG 7291 / 7091 / – $5.51 $10.1 -0.2 8.0 -17.8 -39.4 N/A N/A N/A -26.2 (APR.’07)







SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9429 / 9929 / – $9.81 $0.3 -1.9 2.1 N/A N/A N/A N/A N/A -1.9 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9430 / 9930 / – $10.02 $0.9 -0.9 3.5 N/A N/A N/A N/A N/A 0.2 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9431 / 9931 / – $9.63 $3.1 -1.4 4.6 N/A N/A N/A N/A N/A -3.7 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9432 / 9932 / – $10.07 $0.0 -1.5 4.9 N/A N/A N/A N/A N/A 0.7 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9433 / 9933 / – $9.30 $4.3 -2.8 6.0 N/A N/A N/A N/A N/A -7.0 (OCT.’08)



SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9436 / 9936 / – $10.86 $0.0 8.6 N/A N/A N/A N/A N/A N/A 8.6 (OCT.’08)






SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD L. FOGLER 7602 / 7652 / – $7.41 $0.8 -7.8 4.8 -19.1 -26.2 N/A N/A N/A -25.7 (MAR.’08)

















LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® Elite Funds Full GuaranteeIssued by Sun Life Assurance Company of Canada


1 formerly SunWise Elite CI Canadian Asset Allocation 2 formerly SunWise Elite CI Canadian Bond

SUNWISE ELITE AIM CANADIAN FIRST CLASS J. HOLZER / C.OLSSON / R. NIELD 7165 / 7015 / – $7.22 $9.9 -5.2 5.4 -24.2 -34.0 -14.8 N/A N/A -9.1 (OCT.’05)



SUNWISE ELITE CI CAMBRIDGE CANADIAN EQUITY CORPORATE ALAN RADLO 7708 / 7758 / – $7.15 $7.8 -3.9 5.9 -18.7 -28.5 N/A N/A N/A -28.5 (MAR.’08)













SUNWISE ELITE CI MONEY MARKET CI INVESTMENTS 7190 / 7040 / – $10.78 $161.8 0.0 0.0 0.2 0.9 2.3 N/A N/A 2.2 (OCT.’05)




SUNWISE ELITE CI SIGNATURE GLOBAL INCOME & GROWTH ERIC BUSHELL 7701 / 7751 / – $7.68 $1.0 -4.4 3.2 -14.7 -23.2 N/A N/A N/A -23.2 (MAR.’08)

SUNWISE ELITE CI SIGNATURE HIGH INCOME ERIC BUSHELL 7189 / 7039 / – $8.69 $87.1 -1.3 0.8 -19.1 -22.5 -8.1 N/A N/A -4.0 (OCT.’05)







SUNWISE ELITE DYNAMIC GLOBAL VALUE CHUK WONG 7191 / 7041 / – $5.45 $5.4 -0.4 7.9 -17.8 -39.6 N/A N/A N/A -26.6 (APR.’07)







SWE FRANKLIN TEMPLETON QUOTENTIAL DIVERSIFIED INCOME FRANKLIN TEMPLETON INVESTMENTS 9409 / 9909 / – $10.05 $0.2 -1.5 2.0 N/A N/A N/A N/A N/A 0.5 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED INCOME FRANKLIN TEMPLETON INVESTMENTS 9410 / 9910 / – $10.36 $0.8 -0.9 3.5 3.6 N/A N/A N/A N/A 3.6 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL BALANCED GROWTH FRANKLIN TEMPLETON INVESTMENTS 9411 / 9911 / – $10.17 $1.6 -1.6 4.5 1.7 N/A N/A N/A N/A 1.7 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GLOBAL BALANCED FRANKLIN TEMPLETON INVESTMENTS 9412 / 9912 / – $10.01 $0.0 0.1 4.8 N/A N/A N/A N/A N/A 0.1 (OCT.’08)

SWE FRANKLIN TEMPLETON QUOTENTIAL GROWTH FRANKLIN TEMPLETON INVESTMENTS 9413 / 9913 / – $10.17 $0.9 -2.9 5.9 N/A N/A N/A N/A N/A 1.7 (OCT.’08)



LEAD MANAGER


NAV(CDN)

FUND ASSETS($MM)

Y-T-D(%)

1 MTH(%)*

6 MTH(%)*

1 YR (%)

3 YR (%)

5 YR (%)

10 YR(%)

SINCEINCEPTION

(%)

SunWise® Elite Funds Full Guarantee cont’d





SWE FRANKLIN TEMPLETON QUOTENTIAL MAXIMUM GROWTH FRANKLIN TEMPLETON INVESTMENTS 9416 / 9916 / – $8.69 $0.3 -5.0 4.7 N/A N/A N/A N/A N/A -13.1 (OCT.’08)






SUNWISE ELITE NORTHWEST GROWTH AND INCOME RICHARD L. FOGLER 7702 / 7752 / – $7.20 $0.5 -7.9 4.8 -19.4 N/A N/A N/A N/A -28.0 (MAR.’08)














All commentaries are published by CI Investments Inc., themanager of all the funds described herein. They are provided as ageneral source of information and should not be consideredpersonal investment advice or an offer or solicitation to buy or sellsecurities. Every effort has been made to ensure that the materialcontained in the commentaries is accurate at the time ofpublication. However, CI Investments Inc. cannot guarantee theiraccuracy or completeness and accepts no responsibility for anyloss arising from any use of or reliance on the informationcontained herein.

Commissions, trailing commissions, management fees and expensesall may be associated with mutual fund investments. Please readthe prospectus before investing. Unless otherwise indicated andexcept for returns for periods less than one year, the indicatedrates of return are the historical annual compounded total returnsincluding changes in security value. All performance data assumereinvestment of all distributions or dividends and do not take intoaccount sales, redemption, distribution or optional charges orincome taxes payable by any securityholder that would havereduced returns. Mutual funds are not guaranteed, their valueschange frequently and past performance may not be repeated.Mutual fund securities are not covered by the Canada DepositInsurance Corporation or by any other government deposit insurerand there can be no assurances that the CI Money Market Fundswill maintain its net asset value per security at a constant amountor that the full amount of your investment in these funds will bereturned to you.

The offering of units of the CI Global Opportunities Fund andTrident Global Opportunities Fund are made pursuant to theirrespective 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 CIGuaranteed Investment Funds and Legacy Funds. A description of the key features of the applicable individual variableannuity contract is contained in the CI Guaranteed InvestmentFunds or Legacy Funds Information Folder.

Unity Life of Canada has entered into an agreement withCI Investments Inc. pursuant to which CI is responsible for certainmarketing and administrative services in relation to theCI 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 theCI Segregated Funds Information Folder.

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

SUBJECT TO ANY APPLICABLE DEATH AND MATURITYGUARANTEES, ANY PART OF THE PREMIUM OR OTHER AMOUNTTHAT IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THERISK OF THE CONTRACTHOLDER AND MAY INCREASE ORDECREASE IN VALUE ACCORDING TO FLUCTUATIONS IN THEMARKET VALUE OF THE ASSETS OF THE RELEVANT SEGREGATEDFUND.

®CI Investments, the CI Investments design, Perspective, SynergyMutual Funds, Harbour Advisors, Harbour Funds, Global Managers,American Managers, Insight and Insight Program, Legacy Fundsand CI Guaranteed Investment Funds are registered trademarksof CI Investments Inc. ™Portfolio Select Series, Portfolio Series and Signature Fundsare trademarks of CI Investments Inc.®TRANSAMERICA is a registered trademark of TransamericaCorporation. Transamerica Life Canada is licensed to usesuch marks. Transamerica Life Canada is registered to carry onbusiness under the name “Transamerica Life Canada”. ®SunWise and Clarica are registered trademarks of Sun LifeAssurance Company of Canada. ®True North and Fidelity NorthStar are registered trademarks ofFMR Corp.™Franklin Templeton Investments, Franklin Templeton InvestmentsQuotential Program and/or Franklin Templeton Investments and designare registered trademarks of Franklin Templeton Investment corp.

†AIM, the chevron logo and all associated trademarks are trademarks of AIM Management Group Inc., used under license.*TRIMARK and all associated trademarks are trademarks of AIMFund Management Inc. ®Fidelity Investments and the Fidelity designare registered trademarks of FMR Corp.

Nothing herein should be read to constitute an offer or solicitationby Trident Investment Management, LLC or its principal to provideinvestment advisory services to any person or entity.


Vancouver TEL: 604-681-3346 TOLL-FREE: 1-800-665-6994Roy Ratnavel . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Sean Hirtle . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Nijjar . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Rawal . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Shrigley . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Young . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Elijah Clare . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Mooney . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Rutledge . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Kristyne Melbarde . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Thal . . . . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Anderson . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . [email protected]

Calgary TEL: 403-205-4396 TOLL-FREE: 1-800-776-9027Roy Ratnavel . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Jodie deMunnik . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Jensen . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Johnstone . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Mantrop . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Sturdy . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Walker . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Scott Brown . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Chong . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Messecar . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Nicole Hryn . . . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Mcguire . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]

Montreal TEL: 514-875-0090 TOLL-FREE: 1-800-268-1602Patrick Lefrançois . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Jacen Campbell . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Gould . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Liard . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Prévost . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Kostas Brikas . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Moucaddem . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Tremblay . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Nancy Brodeur . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Haikel . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]ée Tremblay . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]

Skylon TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374David McBain . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Jane Conti . . . . . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . . [email protected]

Neal KerrSenior Vice-President

Patrick LefrançoisSenior Vice-President

Roy RatnavelSenior Vice-President

Derek J. GreenPresident, CI Investments

[email protected]

CI Sales Team

Head Office2 Queen Street East, 20th Floor, Toronto, Ontario M5C 3G7

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

Ontario TEL: 416-364-1145 TOLL-FREE: 1-800-268-9374Neal Kerr . . . . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Kevin Bonello . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Bowes . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Boucher . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Hobson . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Koenig . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Lalonde . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] McBain . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Perri . . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Rose . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Salehzadeh . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Sinopoli . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Steele . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Vigilanti . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Warus . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Sharad Appadoo . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Katz . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Keefe . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Reeves . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Siksna . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Varghese . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Varley . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Giovanna Cerilli . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Channer . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Hasiuk . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] MacPhail . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Mirecki . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Tymburski . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Wong . . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]

Halifax TOLL-FREE: 1-800-268-9374 Neal Kerr . . . . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Andrew Lacas . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Walsh . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Sarah Varley . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Natasha Brennick . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]

CI Institutional Asset ManagementTEL: 416-364-1145 TOLL-FREE: 1-800-268-9374Chris Boyle . . . . . . . . . . . . . . . .Senior Vice-President . . . . . . [email protected]

Ed Lee . . . . . . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Hunt . . . . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Jewell . . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected] Stansfield . . . . . . . . . . . .Vice-President . . . . . . . . . . . . [email protected]

Erik Brandt . . . . . . . . . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected] Mohammed . . . . . . . .Inside Sales . . . . . . . . . . . . . . . [email protected]

Nicolette Cutz . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected] Mitchell . . . . . . . . . . . . . .Sales Assistant . . . . . . . . . . . . [email protected]

MON

PER-05/09

Many advisors have told us that SunWise Elite Plus has been a “lifesaver” for their businesses. That’s because it allows you to offeryour clients security and peace of mind.

Here are the top five reasons to offer SunWise Elite Plus to your clients:

1. Principal guarantees2. Guaranteed income for life3. 5% annual guaranteed income bonus 4. Enhanced growth potential5. Financial strength.

For more information, contact your CI Sales Team or visit www.sunwiseeliteplus.com.

Five percent annual guaranteed income bonus is awarded for everyyear a client makes no withdrawals, for up to 15 years.

Reth ink ing Ret i rement P lann ing

issued by Sun Life Assurance Company of Canadamanaged by CI Investments Inc.

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