CANADIAN EQUITY GROWTH CORPORATE CLASS

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1 This annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the investment fund. You can get a copy of the annual financial statements at your request, and at no cost, by calling , by writing to us at United Financial, 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at financial or SEDAR at Securityholders may also contact us using one of these methods to request a copy of the investment fund s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. INVESTMENT OBJECTIVE AND STRATEGIES The objective of the Canadian Equity Growth Corporate Class (the Fund ) is to provide long-term capital appreciation by investing primarily in a diversified portfolio of Canadian equity securities with strong growth potential. This Fund also may invest in other mutual funds. The portfolio advisor looks for those companies that are believed to have a reasonable prospect of above-average earnings growth or long-term capital appreciation. The portfolio advisor intends to diversify its investments to capture appropriate returns and diversification benefits by looking for an array of companies with a history of consistent earnings growth, expectations of future earnings growth, evidence of accelerating earnings, revenues, cash flows or other appropriate measures, evidence of leadership in their field, and demonstration that they are increasing in market share. CI Global Investments Inc. Global stock and bond markets performed well during the 12-month period. The global economy grew, boosted by stimulus packages in the United States, Europe and Japan, low interest rates and healthy corporate balance sheets. However, markets remained volatile amid concern over sustainable growth in China and the emerging markets, as well as ongoing fiscal challenges in Europe. The U.S. economy continued to improve from post-recessionary levels, led by encouraging housing and employment statistics, and the U.S. became the market of refuge. While the Canadian economy remained healthy, slow growth in other countries, particularly China, reduced demand for commodities a key driver of the domestic equity market. Canadian stocks achieved solid returns but underperformed major global markets, held back by lacklustre results in the resource and financial sectors, particularly early and late in the period. Investments may be made in fixed-income securities and cash equivalents when the portfolio advisor deems such investments appropriate or in the event of adverse market, economic, and/or political conditions. However, generally the assets of the Fund will be invested principally in equity securities. The Fund may invest up to 3% of its assets in foreign securities. The Fund may also use derivatives such as options, futures, forward contracts and swaps. The Fund may, from time to time, engage in active and frequent trading of investments. This increases the possibility that an investor will receive taxable capital gains dividends. This can increase trading costs, which will reduce the Fund s performance. RISK The risks of investing in the Fund remain as discussed in the prospectus. This Fund is suitable for investors who want a medium risk investment focused on generating capital growth and are planning to hold their investment for the medium and/or long term. This Fund is designed for investors who want to defer tax on capital gains outside a registered plan. The portfolio significantly outperformed the benchmark, due to overweight positions in the consumer staples, consumer discretionary, information technology and industrials sectors, and an underweighting allocation to the materials sector. The portfolio s absence from telecommunications services detracted from performance. Although slightly underweight energy, this was the portfolio s biggest sector on average during the period, and made the largest contribution to performance. The focus was on natural gas-related stocks, particularly toward the end of the period, as a colder winter improved prospects for producers, as well as refiners and service/infrastructure providers. The weather also prompted a reduction in holdings of retail and transportation stocks. Profits were taken in a number of sectors, and the portfolio s cash position stood at 14% at the end of the period. We began rebuilding some of the reduced positions as prices became favourable. Among key energy stocks added during the final quarter were Canelson Drilling, Kelt Exploration, Cequence Energy and Delek. Tourmaline Oil, Artek and Keyera were other large energy positions. RESULTS OF OPERATIONS The net asset value of the Fund increased by $5.8 million to $36.3 million from March 31, 12 to March 31, 13. The Fund had net redemptions of $2.5 million during the period. The portfolio s performance increased assets by $8.7 million. The Fund paid distributions totalling $.4 million. The one-year return for Class A shares, Class E shares, Class ET8 shares, Class F shares, Class I shares, Class IT8 shares, Class W shares and Class WT8 shares was 27.6%, 28.5%, 28.3%, 29.3%, 31.4%, 31.3%, 31.2% and 31.2%, respectively, compared to the return of the S&P/TSX Composite Total Return Index of 6.1% for the same period. Consumer staples stocks, Loblaw and Alimentation Couche-Tard, were two of the portfolio s biggest individual holdings at period end. Shoppers Drug Mart was reacquired late in the period after being sold off last summer. Metro was sold off in the spring. A key new addition late in the period was Whole Foods, along with Dollarama within the consumer discretionary sector. Information technology also was prominent among the top holdings, including CGI Group and Sylogist, a new acquisition in this sector along with Symbility, Micron and Activision. CIG

2 Among financials, we sold off Onex and Dundee International Real Estate. Key positions in this sector remain Stewart Information and Signature Bank of New York. The manager is increasingly favouring regional U.S. banks due to their exposure to the recovering U.S. hosing market. Among industrials, transportation-related companies figured prominently, including Transforce and Trinity Industries, the latter acquired late in the period. The biggest individual contributors to performance during the period were DHX Media, Alimentation Couche-Tard and Tourmaline Oil, while Pinecrest Energy was the biggest detractor. RECENT DEVELOPMENTS CI Global Investments Inc. Continued efforts by central banks around the world to stimulate economic growth should sustain equity markets in North America and Europe. However, European economic growth will remain strained due to fiscal austerity measures. Interest rates around the world remain severely depressed as a result of central bank intervention designed to drive rates lower. Ultimately, this should serve to stimulate growth or lead to higher levels of inflation; either of which would signal the end to declining rates. Management fee and fixed administration fee rates as at March 31, 13, for each of the classes are shown below: Annual management fee rate (%) The Manager received $.3 million in management fees and $.1 million in fixed administrative fees for the period. Annual fixed administration fee rate (%)T A Shares 2.5. E Shares 1.9. F Shares 1.5. I Shares W Shares Paid directly by investor Paid directly by investor. ET8 Shares 1.9. IT8 Shares WT8 Shares Paid directly by investor Paid directly by investor. International Financial Reporting Standards As previously confirmed by the Canadian Accounting Standards Board ( AcSB ), most Canadian publicly accountable entities adopted International Financial Reporting Standards ( IFRS ), as published by the International Accounting Standards Board, on January 1, 11. However, the AcSB has allowed most investment funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 14. Accordingly, the Fund will adopt IFRS for its fiscal period beginning April 1, 14, and will issue its initial financial statements in accordance with IFRS, including comparative information, for the interim period ending September 3, 14. RELATED PARTY TRANSACTIONS Manager and Registrar CI Investments Inc. is the Manager and Registrar of the Fund. CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in consideration for management fees, provided management services required in the day-to-day operations of the Fund. The Manager bears all of the operating expenses of the Fund (other than taxes, borrowing costs and new governmental fees) in return for a fixed administration fee. Management Fees Approximately 28% of total management fees were used to pay for sales and trailing commissions and other services required. The remaining 72% of management fees were used to pay for investment management and other general administration. Principal Distributor The Manager has the exclusive right to arrange for the distribution of shares of the Fund. Pursuant to a series of agreements, the right to distribute such shares has been granted, on a collective basis, to the following dealers, each of which is an affiliate of the Manager. Assante Capital Management Ltd. Assante Financial Management Ltd. Broker commissions During the period, the Fund did not pay brokerage commissions to The Bank of Nova Scotia or its subsidiaries. The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of CI Investments Inc. Independent Review Committee The Fund received standing instructions from the Board of Governors ( BoG ) in its capacity as the Independent Review Committee ( IRC ) with respect to the following Related Party Transactions:

3 a) trades in securities of CI Financial Corp. and The Bank of Nova Scotia; b) purchases or sales of securities of an issuer from or to another investment fund managed by the Manager (referred to as Inter-Fund Trades ); and c) mergers of funds with another fund that is subject to National Instrument ( Fund Mergers ). The applicable standing instructions require that Related Party Transactions be conducted in accordance with the Manager s policies and procedures. The Manager is required to advise the BoG of any material breach of a condition of the standing instructions. The standing instructions require, among other things, that the investment decision in respect to Related Party Transactions (a) are made by the Manager free from any influence by any entities related to the Manager and without taking into account any consideration to any affiliate of the Manager; (b) represent the business judgment of the Manager uninfluenced by considerations other than the best interests of the Fund; and (c) are made in compliance with the Manager s policies and procedures. Transactions made by the Manager under the standing instructions are subsequently reviewed by the BoG on a quarterly basis to monitor compliance. The Fund relied on the BoG s standing instructions regarding Related Party Transactions during this reporting period.

4 FINANCIAL HIGHLIGHTS The following tables show selected key financial information about the Fund and are intended to help you understand the Fund s financial performance for the past five years, as applicable. The shown below are based on net asset values. A Shares Commencement of operations October 22, 7 Year ended Year ended Year ended Year ended Year ended March 31, 13 March 31, 12 March 31, 11 March 31, 1 March 31, 9 $ $ $ $ $ (.28) (.23) (.23) (.) (.21) (.15) (1.) 1.82 (.7) (2.9) 2. (.44) (3.5) (.12) (.9) (.12) (.9) Total net asset value ($ s) (7) Number of shares outstanding ( s) ,

5 E Shares Commencement of operations November 1, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, 1 March 31, 9 $ $ $ $ $ (.33) (.26) (.26) (.23) (.7) (.17) (.8) 3.8 (.68) (.) (.17) (.14) (.17) (.14) Total net asset value ($ s) (7) Number of shares outstanding ( s) 1,

6 F Shares Commencement of operations May 22, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, 1 March 31, 9 $ $ $ $ $ (.21) (.5) (.14) (.12) (.9) (.35) (1.5) 3.22 (1.16) (3.37) 3.91 (1.1) (4.96) (.13) (.13) Total net asset value ($ s) (7) Number of shares outstanding ( s)

7 I Shares Commencement of operations October 31, 8 Period from Year ended Year ended Year ended Year ended Inception to March 31, 13 March 31, 12 March 31, 11 March 31, 1 March 31, 9 $ $ $ $ $ (.2) (.4) (1.7) 3.14 (.87) (.4) (.87) (.19) (.14) (.19) (.14) Total net asset value ($ s) (7) Number of shares outstanding ( s) 5,386 4,592 4,461 2,

8 W Shares Commencement of operations October 22, 7 Year ended Year ended Year ended Year ended Year ended March 31, 13 March 31, 12 March 31, 11 March 31, 1 March 31, 9 $ $ $ $ $ (.2).1 (.1) (.1) (.18) (1.11) 2.31 (.7) (2.36) 3.9 (.13) (3.48) (.14) (.1) (.14) (.1) Total net asset value ($ s) (7) Number of shares outstanding ( s) 27,917 24,325 3,11 38,226 33,613 2,123 2,398 2,931 4,9 5,

9 ET8 Shares Commencement of operations December 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ (.26) (.7) (.13) (.82) (.) (.95) (.) Total net asset value ($ s) (7) Number of shares outstanding ( s)

10 IT8 Shares Commencement of operations December 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ (.14) (.83) (.) (.97) (.) Total net asset value ($ s) (7) Number of shares outstanding ( s)

11 The Fund s Net Assets per Share ($) (1) (2) WT8 Shares Commencement of operations June 22, 11 Period from Year ended Inception to March 31, 13 March 31, 12 $ $ (.2) (.3) (.12) (.1) (.75) (.59) (.87) (.69) Total net asset value ($ s) (7) Number of shares outstanding ( s) 1, (1) This information is derived from the Fund s audited annual financial statements. (2) Net assets per share and dividends per share are based on the actual number of shares outstanding for the relevant class at the relevant time. The increase (decrease) from operations per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal year. (3) Dividends were paid in cash or automatically reinvested in additional shares of the Fund. (4) Management expense ratio is calculated based on expenses charged to the Fund (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of daily average net asset value for the period. As of July 1, 1, Ontario combined the federal goods and services tax ( GST - 5%) with the provincial retail sales tax ( PST - 8%). The combination resulted in a Harmonized sales tax ( HST ) rate of 13%. The Effective HST tax rate is calculated using the attribution percentage for each province based on shareholder residency and can be different from 13%. For any particular year, the rate shown will be prorated based on the different rates in effect during that year. For the year ended March 31, 11, the rate applied is 5% for the period April 11, 11 to June 3, 1 and the Fund s Effective HST rate for the period from July 1, 1 to March 31, 11. The rate shown for the year ended March 31, 11 is the time weighted average of these rates. Beginning April 1, 11, the HST rate is based on the residency of the shareholder. (5) The Fund s portfolio turnover rate indicates how actively the Fund s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 1% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the fiscal year. The higher a Fund s portfolio turnover rate in a year, the greater the trading costs payable by the Fund in the year, and the greater the chance of an investor receiving taxable capital gains in the year. There is not necessarily a relationship between a higher turnover rate and the performance of a Fund. Portfolio turnover rate is calculated by dividing the lesser of the cost of purchases and the proceeds of sales of portfolio securities for the year, and excluding cash and short term investments maturing in less than one year, and before assets acquired from a merger, if applicable, by the average of the market value of investments during the year. (6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the Statements of Operations expressed as an annualized percentage of daily average net asset value of the Fund during the year. (7) Section 14.2 of National Instrument requires the net assets of an investment fund to be calculated using the fair value of the Fund s assets and liabilities. Canadian GAAP requires a different valuation method for calculating net assets for financial statement purposes. For the purpose of processing shareholder transactions, net assets are calculated based on the closing market price (referred to as Net Asset Value ), while for financial statement purposes net assets are calculated based on bid/ask price (referred to as Net Assets ). The Fund is not impacted by Section 14.2, as the Fund invests in units of Underlying Pool. The Underlying Pool will continue to be valued at its net asset value as reported by the fund manager.

12 PAST PERFORMANCE This section describes how the Fund has performed in the past. Past returns do not indicate how the Fund will perform in the future. The information shown assumes that distributions made by the Fund in the years shown were reinvested in additional shares of the relevant classes of the Fund. In addition, the information does not take into account sales, redemption, distribution or other optional charges that would have reduced returns or performance. Year-by-Year Returns The following charts show the Fund s annual performance for each of the years shown and illustrate how the Fund s performance has changed from year to year. In percentage terms, the charts show how much an investment made on the first day of each financial year would have grown or decreased by the last day of each financial year, except where noted * Mar. 8 Mar. 9 *This figure is for the period from October 22, 7 to March 31, 8. **This figure is for the period from November 1, 8 to March 31, Mar Mar Mar * Mar * Mar Mar Mar Mar Mar. 13 *This figure is for the period from May 22, 8 to March 31, 9. **This figure is for the period from October 31, 8 to March 31, ** Mar ** 33.7 Mar Mar Mar. 12 Mar. 9 Mar. 1 Mar. 11 Mar ** Mar Mar. 13 A Shares E Shares F Shares I Shares Annual Compound Returns The following table shows the Fund s annual compound returns for each period indicated, compared to the S&P/TSX Composite Total Return Index. The S&P/TSX Composite Total Return Index is a float adjusted market capitalization weighted index which is the principal broad measure of the Canadian equity market. It includes common stocks and income trust units of companies incorporated in Canada which are listed on the Toronto Stock Exchange. A discussion of the performance of the Fund as compared to the benchmark is found in the Results of Operations section of this report. One Three Five Ten Since Years Years Years Years Inception A Shares (%) n/a 2.8 S&P/TSX Composite Total Return Index (%) n/a.4 E Shares (%) n/a n/a 12.5 S&P/TSX Composite Total Return Index (%) n/a n/a 1.9 F Shares (%) n/a n/a 5.4 S&P/TSX Composite Total Return Index (%) n/a n/a. I Shares (%) n/a n/a 14.2 S&P/TSX Composite Total Return Index (%) n/a n/a 9.4 W Shares (%) n/a 5.6 S&P/TSX Composite Total Return Index (%) n/a.4 ET8 Shares (%) 28.3 n/a n/a n/a.1 S&P/TSX Composite Total Return Index (%) 6.1 n/a n/a n/a.5 IT8 Shares (%) 31.3 n/a n/a n/a 22.2 S&P/TSX Composite Total Return Index (%) 6.1 n/a n/a n/a.5 WT8 Shares (%) 31.2 n/a n/a n/a 17.8 S&P/TSX Composite Total Return Index (%) 6.1 n/a n/a n/a.5 Mar. 8 Mar. 9 Mar. 1 Mar. 11 Mar * Mar Mar. 13 *This figure is for the period from December 22, 11 to March 31, 12. **This figure is for the period from June 22, 11 to March 31, IT8 Shares WT8 Shares Mar. 13 Mar. 12 Mar ** Mar Mar. 13 *This figure is for the period from October 22, 7 to March 31, 8. **This figure is for the period from December 22, 11 to March 31, 12. W Shares ET8 Shares

13 Summary of Investment Portfolio as at March 31, 13 Portfolio Breakdown* Percentage of Category Net Asset Value (%) Portfolio Breakdown (cont d)* Percentage of Category Net Asset Value (%) Top 25 Holdings* Percentage of Security Name Net Asset Value (%) Country allocation Canada U.S.A Cash & Equivalents Cayman Islands....8 Other Net Assets (Liabilities)....4 Sector allocation Energy Consumer Staples Cash & Equivalents Information Technology Industrials Consumer Discretionary Financials Health Care Materials Other Net Assets (Liabilities)....4 Cash & Equivalents Loblaw Co. Ltd CGI Group Inc Alimentation Couche-Tard Inc., Class B Sylogist Ltd Tourmaline Oil Corp DHX Media Ltd Artek Exploration Ltd Keyera Corp Shoppers Drug Mart Corp CanElson Drilling Inc ZCL Composites Inc Brick Brewing Co., Ltd Graham Corp Orbital Sciences Corp Kelt Exploration Ltd Dollarama Inc Perpetual Energy Inc Raging River Exploration Inc Whole Foods Market Inc TransForce Inc Cequence Energy Ltd Olin Corp Delek US Holdings Inc Symbility Solutions Inc Total Net Asset Value (in $ s) $36,276 *These are holdings and allocations of the Underlying Pool. The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates are available on a quarterly basis. A NOTE ON FORWARD-LOOKING STATEMENTS This report may contain forward-looking statements about the Fund, its future performance, strategies or prospects, and possible future Fund action. The words may, could, should, would, suspect, outlook, believe, plan, anticipate, estimate, expect, intend, forecast, objective, and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance. Forward-looking statements involve inherent risks and uncertainties, both about the Fund and general economic factors, so it is possible that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution you not to place undue reliance on these statements as a number of important factors could cause actual events or results to differ materially from those expressed or implied in any forward-looking statement made by the Fund. These factors include, but are not limited to, general economic, political and market factors in Canada, the United States and internationally, interest and foreign exchanges rates, global equity and capital markets, business competition, technological changes, changes in laws and regulations, judicial or regulatory judgments, legal proceedings and catastrophic events. The above list of important factors that may affect future results is not exhaustive. Before making any investment decisions, we encourage you to consider these and other factors carefully. All opinions contained in forward-looking statements are subject to change without notice and are provided in good faith but without legal responsibility.