Portfolio Select Series. Portfolio Review Second Quarter 2012

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1 Portfolio Select Series Portfolio Review Second Quarter 2012 Q2

2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed Portfolio 18 Select 50i50e Managed Portfolio 22 Select 40i60e Managed Portfolio We are pleased to provide Portfolio Review, your latest quarterly report on Portfolio Select Series Portfolio Review provides an enhanced level of detail on the holdings and activity in the Portfolio Select Series funds. A separate report is available for each of the nine Portfolios. The information provided in Portfolio Review includes: Underlying fund allocations Top 10 holdings by individual security Performance Allocations by sector, region, asset class and market cap, and their change over the prior quarter. In addition, each report includes detailed commentary explaining the fund s performance for the quarter. The commentary is provided by CI Investment Consulting, CI s in-house team of investment analysts responsible for managing and monitoring the Portfolio Select Series portfolios. We hope you find Portfolio Review to be useful and informative. 26 Select 30i70e Managed Portfolio 30 Select 20i80e Managed Portfolio 34 Select 100e Managed Portfolio

3 Select Income Advantage Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 100.0% Bond Information Portfolio yield (approx.) 3.9% Duration in years 4.2 Top Ten Holdings U.S. Treasury Note 2% % Canada Gov t 4% % Eli Lilly and Company 1.4% Canada Gov t 2.75% % Royal Dutch Shell 1.1% Westfield Group 1.1% British Columbia Prov 3.7% % Koninklijke Vopak 0.9% Brookfield Asset Management Inc. 0.9% Sweden (Kingdom of) 3% % International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. Portfolio Select Series 3

4 Select Income Advantage Managed Portfolio Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (September 2010) 0.9% 1.8% 4.4% 5.2% N/A N/A N/A 3.9% Asset Allocation Overview and Activity Different types of investments will respond differently to the markets, reinforcing the importance of a multi-level diversification strategy. A balanced asset mix ensures that investors are not dependent on any one asset class or security type to provide returns. CI Investment Consulting combines its portfolio construction expertise with ongoing comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create portfolios designed to capture evolving opportunities in the various asset classes. This report is designed to provide you with an up-to-date portfolio overview of the Select Income Advantage Managed Portfolio, including the allocations across asset class, currency exposure and bond maturity breakdown. The arrows indicate whether the allocation for each category has increased or decreased since the previous quarter-end. Asset Class 40.7% 21.1% 19.5% 18.7% Government & investment-grade bonds Cash REITs, trusts & equities High-yield bonds Maturity Breakdown Currency Exposure 48.0% 36.1% 15.9% Short term (1-5 years) Medium term (5-10 years) Long term (10+ years) 72% 16% 4% 9% Canadian dollar U.S. dollar Euro Other 4 Portfolio Select Series

5 Select Income Advantage Managed Portfolio Portfolio Commentary The portfolio gained 1.8% during the quarter, underperforming its benchmark (DEX Universe Bond Index), which rose 2.3%. Strong absolute performance was driven by each of the income-producing asset classes. An underweight allocation to government bonds led to the modest underperformance. A higher cash weight also detracted, although this was somewhat offset by our allocation to U.S. dollars. The portfolio ended the first six months of the year well ahead of the benchmark and firmly in positive territory. During the quarter, government bonds were back in vogue as investors sought refuge from a number of global economic and political issues. Foreign currencies, such as the Japanese yen and the U.S. dollar, performed well as safe haven currencies. As the broad equity markets gave back some of their gains achieved since the lows of last October, dividend-oriented stocks and defensive sectors such as consumer staples and telecommunications delivered solid gains. Our allocation to dividend-paying equities was the largest contributor to performance, particularly from our positions in real estate securities. Global government bonds also added value, due mainly to foreign currency appreciation. The portfolio s target allocation is 20% in each of Canadian government bonds, foreign government bonds, investment-grade corporate bonds, high-yield corporate bonds, and high-yielding equities. We held a higher than normal allocation to cash while holding less government bonds. We took some profits from currency gains by decreasing our U.S. dollar holdings and increasing our Canadian dollar holdings throughout the quarter. The portfolio s interest rate risk is reduced through exposure to corporate bonds with shorter durations and higher yields, as well as to alternative sources of income such as high-yielding equities that have lower sensitivity to interest rate movements. A large portion of the portfolio s foreign currency exposure is strategically hedged back to the Canadian dollar, dampening volatility from currency movements. However, depending on the level of exchange rates, we will adjust the portfolio s exposure to foreign currencies to benefit from changing market conditions. We believe Canadian government bonds remain overvalued, with real interest rates close to zero and the expectation of rate hikes by the Bank of Canada in the next three to five years. Rate hikes would lead to disappointing results for many fixed-income investors. Therefore, we are continuing to favour corporate bonds and global bonds while maintaining underweight allocations to Canadian government bonds. Having a diversified and flexible framework allows us to benefit from changes in valuations in the market and continue providing steady income returns with low volatility. We expect to achieve modest growth and inflation protection through our allocation to high-quality dividend-paying equities. Alfred Lam, CFA, Vice-President and Portfolio Manager Yoonjai Shin, CFA, Director Lewis Harkes, CFA, Analyst Andrew Ashworth, Analyst Portfolio Select Series 5

6 Select 80i20e Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 80.4% Select U.S. Equity Managed Fund 7.1% Select Canadian Equity Managed Fund 6.5% Select International Equity Managed Fund 6.0% Top Ten Holdings U.S. Treasury Note 2% % Canada Gov t 4% % Eli Lilly and Company 1.2% Canada Gov t 2.75% % Royal Dutch Shell 0.9% Westfield Group 0.9% British Columbia Prov 3.7% % Brookfield Asset Management Inc. 0.8% Koninklijke Vopak 0.7% Sweden (Kingdom of) 3% % International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. 6 Portfolio Select Series

7 Select 80i20e Managed Portfolio Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 2006) 1.1% 0.7% 4.3% 3.4% 6.3% 3.0% N/A 2.7% Asset Allocation Overview and Activity Different types of investments will respond differently to the markets, reinforcing the importance of a multi-level diversification strategy. A balanced asset mix ensures that investors are not dependent on any one asset class or security type to provide returns. CI Investment Consulting combines its portfolio construction expertise with ongoing comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create portfolios designed to capture evolving opportunities in the various asset classes. This report is designed to provide you with an up-to-date portfolio overview of the Select 80i20e Managed Portfolio, including the allocations across asset class, geographic region, equity sector and market capitalization. The arrows indicate whether the allocation for each category has increased or decreased since the previous quarter-end. Asset Class Geographic Regions 25.0% 22.7% 18.6% 10.6% 8.1% 6.7% 6.3% 1.1% 0.8% Foreign bond Canadian bond Cash U.S. equity Canadian equity European equity Asian equity Emerging markets equity Other equity 30.8% 24.6% 18.6% 4.7% 4.0% 2.3% 2.1% 1.6% 1.5% 1.3% Canada U.S. Cash Others Australia Emerging Markets France Netherlands Germany United Kingdom Singapore Equity Market Cap Equity Industry Sector 70.5% 24.0% 5.6% Large cap Mid-cap Small cap 28.6% 15.2% 10.2% 7.9% 6.7% 6.3% 5.8% 5.3% 5.0% 5.0% 4.1% Financial services Industrials Energy Health care Information technology Consumer discretionary Utilities Telecommunications Consumer staples Others Materials Portfolio Select Series 7

8 Select 80i20e Managed Portfolio Portfolio Commentary The portfolio gained 0.7% during the quarter, matching its benchmark (80% DEX Universe Bond Index and 20% S&P/TSX Composite Index). Performance was driven by each of the income-producing asset classes. An underweight allocation to Canadian and other government bonds and overweight position in cash detracted somewhat from returns. A meaningful allocation to U.S. dollars provided some positive offset. The portfolio ended the first six months of the year well ahead of the benchmark and firmly in positive territory. Government bonds were back in vogue as investors sought refuge from a number of global economic and political issues. Foreign currencies, such as the Japanese yen and the U.S. dollar, performed well as safe haven currencies. As the broad equity markets gave back some of their gains achieved since the lows of last October, dividend-oriented stocks and defensive sectors such as consumer staples and telecommunications delivered solid gains. Within the income portion of the portfolio, the allocation to dividend-paying equities was the largest contributor to performance, particularly positions in real estate securities. Global government bonds also added value, due mainly to foreign currency appreciation. The portfolio s target allocation is 20% in each of Canadian government bonds, foreign government bonds, investment-grade corporate bonds, high-yield corporate bonds, and high-yielding equities. We held a higher than normal allocation to cash while holding less government bonds. We took some profits from currency gains by decreasing our U.S. dollar holdings and increasing our Canadian dollar holdings throughout the quarter. The portfolio s interest rate risk is reduced through exposure to corporate bonds with shorter durations and higher yields, as well as to alternative sources of income such as high-yielding equities that have lower sensitivity to interest rate movements. A large portion of the portfolio s foreign currency exposure is strategically hedged back to the Canadian dollar, dampening volatility from currency movements. However, depending on the level of exchange rates, we will adjust the portfolio s exposure to foreign currencies to benefit from changing market conditions. We believe Canadian government bonds remain overvalued, with real interest rates close to zero and the expectation of rate hikes by the Bank of Canada in the next three to five years. Rate hikes would lead to disappointing results for many fixed-income investors. Therefore, we are continuing to favour corporate bonds and global bonds while maintaining underweight allocations to Canadian government bonds. 8 Portfolio Select Series

9 Select 80i20e Managed Portfolio Having a diversified and flexible framework allows us to benefit from changes in valuations in the market and continue providing steady income returns with low volatility. We expect to achieve modest growth and inflation protection through our allocation to high-quality dividend-paying equities. The equity portion of the portfolio performed slightly better than the broad market indexes and contributed modestly to relative performance. Among the portfolio s three equity funds, Select Canadian Equity Managed Fund continued to outperform its benchmark, thanks to strong stock selection. We added value through an overweight allocation to U.S. equities, an underweight position in Canadian equities and a neutral allocation to international equities. Select U.S. Equity Managed Fund underperformed its benchmark. Its holdings in economically sensitive sectors, though generally offering better valuations than the overall market, were more negatively affected than the general market by broad macroeconomic concerns stemming from Europe and China. The sector allocation of the portfolio s overall equity portion is more diversified than that of the Canadian economy and the S&P/TSX Composite Index, which has over 75% of its value concentrated in three sectors: energy, materials and financials. We continue to focus on company fundamentals and valuations to add value and avoid undue concentration in any one sector. Alfred Lam, CFA, Vice-President and Portfolio Manager Yoonjai Shin, CFA, Director Lewis Harkes, CFA, Analyst Andrew Ashworth, Analyst Portfolio Select Series 9

10 Select 70i30e Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 70.5% Select Canadian Equity Managed Fund 10.5% Select U.S. Equity Managed Fund 10.1% Select International Equity Managed Fund 9.0% Top Ten Holdings U.S. Treasury Note 2% % Canada Gov t 4% % Eli Lilly and Company 1.0% Canada Gov t 2.75% % Royal Dutch Shell 0.8% Westfield Group 0.8% Brookfield Asset Management Inc. 0.7% British Columbia Prov 3.7% % Koninklijke Vopak 0.7% Microsoft Corp. 0.6% International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. 10 Portfolio Select Series

11 Select 70i30e Managed Portfolio Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 2006) 1.3% 0.1% 4.3% 2.3% 6.4% 2.2% N/A 2.2% Asset Allocation Overview and Activity Different types of investments will respond differently to the markets, reinforcing the importance of a multi-level diversification strategy. A balanced asset mix ensures that investors are not dependent on any one asset class or security type to provide returns. CI Investment Consulting combines its portfolio construction expertise with ongoing comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create portfolios designed to capture evolving opportunities in the various asset classes. This report is designed to provide you with an up-to-date portfolio overview of the Select 70i30e Managed Portfolio, including the allocations across asset class, geographic region, equity sector and market capitalization. The arrows indicate whether the allocation for each category has increased or decreased since the previous quarter-end. Asset Class Geographic Regions 22.0% 20.0% 17.2% 13.2% 11.0% 7.6% 6.5% 1.7% 0.9% Foreign bond Canadian bond Cash U.S. equity Canadian equity European equity Asian equity Emerging markets equity Other equity 31.1% 25.5% 17.2% 4.3% 4.2% 2.2% 2.0% 1.9% 1.6% 1.2% Canada U.S. Cash & Others Australia Emerging Markets France Netherlands United Kingdom Germany Singapore Equity Market Cap Equity Industry Sector 72.5% 22.6% 4.9% Large cap Mid-cap Small cap 26.1% 13.9% 11.4% 8.2% 7.8% 7.3% 6.3% 5.3% 5.2% 4.9% 3.6% Financial services Industrials Energy Information technology Health care Consumer discretionary Consumer staples Utilities Materials Telecommunications Other Portfolio Select Series 11

12 Select 70i30e Managed Portfolio Portfolio Commentary The portfolio gained 0.1% during the quarter, in line with its benchmark (70% DEX Universe Bond Index, 20% S&P/TSX Composite Index and 10% MSCI World Index C$), which rose 0.2%. Performance was driven by each of the income-producing asset classes, while incurring some losses from weakness in the overall equity markets. An underweight allocation to Canadian and other government bonds led to the modest underperformance. A higher cash weight also detracted, although this was somewhat offset by our allocation to U.S. dollars. Despite the challenging quarter, the portfolio ended the first six months of the year well ahead of the benchmark and firmly in positive territory. During the quarter, government bonds were back in vogue as investors sought refuge from a number of global economic and political issues. Foreign currencies, such as the Japanese yen and the U.S. dollar, performed well as safe haven currencies. As the broad equity markets gave back some of their gains achieved since the lows of last October, dividend-oriented stocks and defensive sectors such as consumer staples and telecommunications delivered solid gains. Within the income portion of the portfolio, the allocation to dividend-paying equities was the largest contributor to performance, particularly positions in real estate securities. Global government bonds also added value, due mainly to foreign currency appreciation. The portfolio s target allocation is 20% in each of Canadian government bonds, foreign government bonds, investment-grade corporate bonds, high-yield corporate bonds, and high-yielding equities. We held a higher than normal allocation to cash while holding less government bonds. We took some profits from currency gains by decreasing our U.S. dollar holdings and increasing our Canadian dollar holdings throughout the quarter. The portfolio s interest rate risk is reduced through exposure to corporate bonds with shorter durations and higher yields, as well as to alternative sources of income such as high-yielding equities that have lower sensitivity to interest rate movements. A large portion of the portfolio s foreign currency exposure is strategically hedged back to the Canadian dollar, dampening volatility from currency movements. However, depending on the level of exchange rates, we will adjust the portfolio s exposure to foreign currencies to benefit from changing market conditions. We believe Canadian government bonds remain overvalued, with real interest rates close to zero and the expectation of rate hikes by the Bank of Canada in the next three to five years. Rate hikes would lead to disappointing results for many fixed-income investors. Therefore, we are continuing to favour corporate bonds and global bonds while maintaining underweight allocations to Canadian government bonds. 12 Portfolio Select Series

13 Select 70i30e Managed Portfolio Having a diversified and flexible framework allows us to benefit from changes in valuations in the market and continue providing steady income returns with low volatility. We expect to achieve modest growth and inflation protection through our allocation to high-quality dividend-paying equities. The equity portion of the portfolio performed slightly better than the broad market indexes and contributed modestly to relative performance. Among the portfolio s three equity funds, Select Canadian Equity Managed Fund continued to outperform its benchmark, thanks to strong stock selection. We added value through an overweight allocation to U.S. equities, an underweight position in Canadian equities and a neutral allocation to international equities. Select U.S. Equity Managed Fund underperformed its benchmark. Its holdings in economically sensitive sectors, though generally offering better valuations than the overall market, were more negatively affected than the general market by broad macroeconomic concerns stemming from Europe and China. The sector allocation of the portfolio s overall equity portion is more diversified than that of the Canadian economy and the S&P/TSX Composite Index, which has over 75% of its value concentrated in three sectors: energy, materials and financials. We continue to focus on company fundamentals and valuations to add value and avoid undue concentration in any one sector. Alfred Lam, CFA, Vice-President and Portfolio Manager Yoonjai Shin, CFA, Director Lewis Harkes, CFA, Analyst Andrew Ashworth, Analyst Portfolio Select Series 13

14 Select 60i40e Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 60.4% Select U.S. Equity Managed Fund 14.2% Select Canadian Equity Managed Fund 13.5% Select International Equity Managed Fund 11.9% Top Ten Holdings U.S. Treasury Note 2% % Canada Gov t 4% % Eli Lilly and Company 0.9% Canada Gov t 2.75% % Microsoft Corp. 0.8% Royal Dutch Shell 0.7% Westfield Group 0.7% Brookfield Asset Management Inc. 0.7% British Columbia Prov 3.7% % Koninklijke Vopak 0.6% International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. 14 Portfolio Select Series

15 Select 60i40e Managed Portfolio Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 2006) 1.4% -0.5% 4.2% 1.5% 6.4% 1.5% N/A 1.6% Asset Allocation Overview and Activity Different types of investments will respond differently to the markets, reinforcing the importance of a multi-level diversification strategy. A balanced asset mix ensures that investors are not dependent on any one asset class or security type to provide returns. CI Investment Consulting combines its portfolio construction expertise with ongoing comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create portfolios designed to capture evolving opportunities in the various asset classes. This report is designed to provide you with an up-to-date portfolio overview of the Select 60i40e Managed Portfolio, including the allocations across asset class, geographic region, equity sector and market capitalization. The arrows indicate whether the allocation for each category has increased or decreased since the previous quarter-end. Asset Class Geographic Regions 18.9% 17.2% 16.5% 16.0% 13.4% 8.5% 6.5% 2.2% 1.0% Foreign bond Canadian bond U.S. equity Cash Canadian equity European equity Asian equity Emerging markets equity Other equity 30.4% 27.1% 16.0% 4.3% 3.8% 2.3% 2.0% 1.8% 1.7% 1.6% Canada U.S. Cash & Others Emerging Markets Australia United Kingdom France Netherlands Germany Japan Equity Market Cap Equity Industry Sector 74.6% 21.2% 4.3% Large cap Mid-cap Small cap 24.1% 13.0% 12.1% 9.6% 8.2% 7.9% 7.1% 5.9% 4.8% 4.5% 2.7% Financial services Industrials Energy Information technology Consumer discretionary Health care Consumer staples Materials Utilities Telecommunications Other Portfolio Select Series 15

16 Select 60i40e Managed Portfolio Portfolio Commentary The portfolio declined 0.5% during the quarter, in line with its benchmark (60% DEX Universe Bond Index, 20% S&P/TSX Composite Index and 20% MSCI World Index C$), which lost 0.3%. Performance was driven by each of the income-producing asset classes, while incurring some losses from weakness in the overall equity markets. An underweight allocation to Canadian and other government bonds led to the modest underperformance. A higher cash weight also detracted, although this was somewhat offset by our allocation to U.S. dollars. Despite the challenging quarter, the portfolio ended the first six months of the year well ahead of the benchmark and firmly in positive territory. During the quarter, government bonds were back in vogue as investors sought refuge from a number of global economic and political issues. Foreign currencies, such as the Japanese yen and the U.S. dollar, performed well as safe haven currencies. As the broad equity markets gave back some of their gains achieved since the lows of last October, dividend-oriented stocks and defensive sectors such as consumer staples and telecommunications delivered solid gains. Within the income portion of the portfolio, the allocation to dividend-paying equities was the largest contributor to performance, particularly positions in real estate securities. Global government bonds also added value, due mainly to foreign currency appreciation. The portfolio s target allocation is 20% in each of Canadian government bonds, foreign government bonds, investment-grade corporate bonds, high-yield corporate bonds, and high-yielding equities. We held a higher than normal allocation to cash while holding less government bonds. We took some profits from currency gains by decreasing our U.S. dollar holdings and increasing our Canadian dollar holdings throughout the quarter. We believe Canadian government bonds remain overvalued, with real interest rates close to zero and the expectation of rate hikes by the Bank of Canada in the next three to five years. Rate hikes would lead to disappointing results for many fixed-income investors. Therefore, we are continuing to favour corporate bonds and global bonds while maintaining underweight allocations to Canadian government bonds. Having a diversified and flexible framework allows us to benefit from changes in valuations in the market and continue providing steady income returns with low volatility. We expect to achieve modest growth and inflation protection through our allocation to high-quality dividend-paying equities. The equity portion of the portfolio performed slightly better than the broad market indexes and contributed modestly to relative performance. Among the portfolio s three equity funds, Select Canadian Equity Managed Fund continued to outperform its benchmark, thanks to strong stock selection. We added value through an overweight allocation to U.S. equities, an underweight position in Canadian equities and a neutral allocation to international equities. Select U.S. Equity Managed Fund underperformed its benchmark. Its holdings in economically sensitive sectors, though generally offering better valuations than the overall market, were more negatively affected than the general market by broad macroeconomic concerns stemming from Europe and China. The sector allocation of the portfolio s overall equity portion is more diversified than that of the Canadian economy and the S&P/TSX Composite Index, which has over 75% of its value concentrated in three sectors: energy, materials and financials. We continue to focus on company fundamentals and valuations to add value and avoid undue concentration in any one sector. 16 Portfolio Select Series

17 Select 60i40e Managed Portfolio Select Canadian Equity Fund is positioned quite differently from its benchmark, the S&P/TSX Composite Index. The fund has underweight allocations to the resources and financials sectors and overweight positions in other areas such as information technology, consumer staples and consumer discretionary. The portion of the fund managed by Cambridge Advisors was the largest contributor, outperforming the S&P/TSX Composite Index by a wide margin due to strong stock selection, in particular Tourmaline Oil and Alimentation Couche-Tard. QV Investors mandate also made a large contribution due to defensive sector allocations and strong stock selection in the resource sectors. Geographically, the international fund had an overweight allocation to emerging markets and Germany, and underweight positions in Japan, Australia and Europe. We maintained a defensive bias in light of uncertainties in Europe, where sovereign debt and a fragile banking system continue to threaten the viability of the Continent s monetary union. We like emerging markets due to attractive valuations and strong economic fundamentals, while carefully monitoring the potential risks in these markets. Over the long term, we expect to see sustained above-average growth from China, in particular, fuelled by rising personal wealth and domestic consumption. Select U.S. Equity Managed Fund lagged its benchmark. The portion managed by Tetrem Capital Management had the weakest performance, hampered by underweight allocations to defensive sectors and weak selection in the energy and consumer discretionary sectors. The fund is positioned with a bias towards an economic recovery, as its managers are, on the whole, maintaining underweight allocations to defensive sectors in favour of opportunities within the cyclical sectors. Hedging a small portion of the U.S. dollar exposure detracted modestly from performance. Alfred Lam, CFA, Vice-President and Portfolio Manager Yoonjai Shin, CFA, Director Lewis Harkes, CFA, Analyst Andrew Ashworth, Analyst Select International Equity Fund modestly underperformed the MSCI EAFE Index. The portion of the portfolio managed by Picton Mahoney Asset Management was the largest detractor, as weak stock selection in information technology and energy hurt performance. Signature Global Advisors large-cap portion provided some positive offset, benefiting from defensive sector positioning and strong selection in health care. The fund had underweight allocations to industrials, consumer discretionary and utilities, and an overweight position in cash. Portfolio Select Series 17

18 Select 50i50e Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 50.5% Select Canadian Equity Managed Fund 17.6% Select U.S. Equity Managed Fund 17.2% Select International Equity Managed Fund 14.8% Top Ten Holdings U.S. Treasury Note 2% % Microsoft Corp. 1.0% Canada Gov t 4% % Eli Lilly and Company 0.7% Canada Gov t 2.75% % Brookfield Asset Management Inc. 0.6% Royal Dutch Shell 0.6% Westfield Group 0.6% Suncor Energy Inc. 0.5% Canadian National Railway Co. 0.5% International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. 18 Portfolio Select Series

19 Select 50i50e Managed Portfolio Portfolio Performance (Class A) 1 Month 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Since Inception (November 2006) 1.5% -1.1% 4.2% 0.5% 6.5% 0.8% N/A 1.1% Asset Allocation Overview and Activity Different types of investments will respond differently to the markets, reinforcing the importance of a multi-level diversification strategy. A balanced asset mix ensures that investors are not dependent on any one asset class or security type to provide returns. CI Investment Consulting combines its portfolio construction expertise with ongoing comprehensive research and recommendations from State Street Global Advisors, a world leader in asset allocation, to create portfolios designed to capture evolving opportunities in the various asset classes. This report is designed to provide you with an up-to-date portfolio overview of the Select 50i50e Managed Portfolio, including the allocations across asset class, geographic region, equity sector and market capitalization. The arrows indicate whether the allocation for each category has increased or decreased since the previous quarter-end. Asset Class Geographic Regions 19.0% 16.1% 15.8% 14.9% 14.3% 9.4% 6.6% 2.7% 1.1% U.S. equity Canadian equity Foreign bond Cash Canadian bond European equity Asian equity Emerging markets equity Other equity 30.6% 27.9% 14.9% 4.5% 3.4% 2.7% 2.0% 1.9% 1.8% 1.7% Canada U.S. Cash & Others Emerging Markets Australia United Kingdom Japan France Germany Netherlands Equity Market Cap Equity Industry Sector 75.6% 20.5% 3.9% Large cap Mid-cap Small cap 22.9% 12.7% 12.3% 10.3% 8.8% 7.9% 7.8% 6.4% 4.6% 4.3% 2.0% Financial services Energy Industrials Information technology Consumer discretionary Health care Consumer staples Materials Utilities Telecommunications Other Portfolio Select Series 19

20 Select 50i50e Managed Portfolio Portfolio Commentary The portfolio declined 1.1% during the quarter, in line with its benchmark (50% DEX Universe Bond Index, 20% S&P/TSX Composite Index, 15% MSCI World Index C$ and 15% MSCI World Index local currency), which lost 1.0%. The portfolio s modest loss was due largely to weakness in the overall equity markets, offset in part by the performance of some income-producing assets. Despite the challenging quarter, the portfolio ended the first six months of the year well ahead of the benchmark and firmly in positive territory. During the quarter, government bonds were back in vogue as investors sought refuge from a number of global economic and political issues. Foreign currencies, such as the Japanese yen and the U.S. dollar, performed well as safe haven currencies. As the broad equity markets gave back some of their gains achieved since the lows of last October, dividend-oriented stocks and defensive sectors such as consumer staples and telecommunications delivered solid gains. Within the income portion of the portfolio, the allocation to dividend-paying equities was the largest contributor to performance, particularly positions in real estate securities. Global government bonds also added value, due mainly to foreign currency appreciation. The portfolio s target allocation is 20% in each of Canadian government bonds, foreign government bonds, investment-grade corporate bonds, high-yield corporate bonds, and high-yielding equities. We held a higher than normal allocation to cash while holding less government bonds. We took some profits from currency gains by decreasing our U.S. dollar holdings and increasing our Canadian dollar holdings throughout the quarter. We believe Canadian government bonds remain overvalued, with real interest rates close to zero and the expectation of rate hikes by the Bank of Canada in the next three to five years. Rate hikes would lead to disappointing results for many fixed-income investors. Therefore, we are continuing to favour corporate bonds and global bonds while maintaining underweight allocations to Canadian government bonds. Having a diversified and flexible framework allows us to benefit from changes in valuations in the market and continue providing steady income returns with low volatility. We expect to achieve modest growth and inflation protection through our allocation to high-quality dividend-paying equities. The equity portion of the portfolio performed slightly better than the broad market indexes and contributed modestly to relative performance. Among the portfolio s three equity funds, Select Canadian Equity Managed Fund continued to outperform its benchmark, thanks to strong stock selection. We added value through an overweight allocation to U.S. equities, an underweight position in Canadian equities and a neutral allocation to international equities. Select U.S. Equity Managed Fund underperformed its benchmark. Its holdings in economically sensitive sectors, though generally offering better valuations than the overall market, were more negatively affected than the general market by broad macroeconomic concerns stemming from Europe and China. The sector allocation of the portfolio s equity section was more diversified than that of the Canadian economy and the S&P/TSX Composite Index, which has over 75% of its value concentrated in three sectors: energy, materials and financials. We continue to focus on company fundamentals and valuations to add value and avoid undue concentration in any one sector. 20 Portfolio Select Series

21 Select 50i50e Managed Portfolio Select Canadian Equity Fund is positioned quite differently from its benchmark, the S&P/TSX Composite Index. The fund has underweight allocations to the resources and financials sectors and overweight positions in other areas such as information technology, consumer staples and consumer discretionary. The portion of the fund managed by Cambridge Advisors was the largest contributor, outperforming the S&P/TSX Composite Index by a wide margin due to strong stock selection, in particular Tourmaline Oil and Alimentation Couche-Tard. QV Investors mandate also made a large contribution due to defensive sector allocations and strong stock selection in the resource sectors. Select U.S. Equity Managed Fund lagged its benchmark. The portion managed by Tetrem Capital Management had the weakest performance, hampered by underweight allocations to defensive sectors and weak selection in the energy and consumer discretionary sectors. The fund is positioned with a bias towards an economic recovery, as its managers are, on the whole, maintaining underweight allocations to defensive sectors in favour of opportunities within the cyclical sectors. Hedging a small portion of the U.S. dollar exposure detracted modestly from performance. in health care. The fund had underweight allocations to industrials, consumer discretionary and utilities, and an overweight position in cash. Geographically, the fund had an overweight allocation to emerging markets and Germany, and an underweight position in Japan, Australia and Europe. We maintained a defensive bias in light of uncertainties in Europe, where sovereign debt and a fragile banking system continue to threaten the viability of the Continent s monetary union. We like emerging markets due to attractive valuations and strong economic fundamentals, while carefully monitoring the potential risks in these markets. Over the long term, we expect to see sustained aboveaverage growth from China, in particular, fuelled by rising personal wealth and domestic consumption. Alfred Lam, CFA, Vice-President and Portfolio Manager Yoonjai Shin, CFA, Director Lewis Harkes, CFA, Analyst Andrew Ashworth, Analyst Select International Equity Fund modestly underperformed the MSCI EAFE Index. The portion of the fund managed by Picton Mahoney Asset Management was the largest detractor, as weak stock selection in information technology and energy hurt performance. Signature Global Advisors large-cap portion provided some positive offset, benefiting from defensive sector positioning and strong selection Portfolio Select Series 21

22 Select 40i60e Managed Portfolio Portfolio Managers Economic Overview Europe s ongoing debt crisis dominated capital market activity once again through the second quarter of 2012 as investors grew increasingly concerned about the health of the European banks and the possibility that Greece could make a disorderly exit from the Eurozone. At the same time, the recession in Europe contributed to slower growth worldwide. Recognizing the need for continued economic stimulus, the U.S. Federal Reserve extended its Operation Twist program, which seeks to suppress interest rates. Investors sought refuge in the perceived safety of U.S. and Canadian government debt. With yields for 10-year Treasuries falling to record lows, government bonds in both countries posted modest returns for the quarter. Corporate bond valuations were affected by the decline in equity markets but still posted positive results. Canadian real estate investment trusts and income trusts turned in strong results. Canadian equity prices continued to lag those of other developed markets during the second quarter. The S&P/TSX Composite Index declined 5.7% as slowing economic growth in China and other emerging economies raised concerns about the global recovery, resulting in sharply lower prices for energy, metals and other commodities that are exported by Canada. Investor sentiment improved sharply in the last day of the period, as European leaders agreed to support their banking system with direct loans. U.S. equities delivered relatively better results than many other developed markets as investors gravitated toward investment in large, profitable enterprises. The S&P 500 Index declined 0.8% in Canadian dollar terms for the quarter. Underlying Fund Allocations Select Income Advantage Managed Fund 40.4% Select U.S. Equity Managed Fund 21.3% Select Canadian Equity Managed Fund 20.6% Select International Equity Managed Fund 17.7% Top Ten Holdings Microsoft Corp. 1.2% U.S. Treasury Note 2% % Canada Gov t 4% % Suncor Energy Inc. 0.6% Canadian National Railway Co. 0.6% Eli Lilly and Company 0.6% Brookfield Asset Management Inc. 0.6% Canada Gov t 2.75% % Abbott Laboratories 0.5% Royal Dutch Shell 0.5% International markets, as reflected by the MSCI EAFE Index, declined 5% in Canadian dollars, with most European bourses posting quarterly losses. In Asia, many markets were negatively impacted as economic growth in China continued to slow. Japan s Nikkei Index lost more than 10% in local currency terms, while China s Shanghai Index slid almost 2%. 22 Portfolio Select Series

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