Synergy Global Corporate Class

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

INVESTMENT OBJECTIVE AND STRATEGIES

The objective of the Synergy Global Corporate Class (the “Fund”) is long-term

capital growth by investing primarily in equity and equity-related securities of

global momentum companies situated in the developed markets represented

in the MSCI World Index – C$, which currently includes 23 of the world’s

developed markets.

Momentum managers invest in companies that are changing for the better and

whose underlying fundamentals are improving more rapidly than the overall

stock market. Momentum managers are usually willing to give up some of

the initial price movement in a stock in order to obtain confirmation that the

company’s underlying fundamentals are actually improving. They typically have

a much shorter investment horizon than other types of fund managers. They seek

to be rewarded by significant upward movements in stock prices that can occur

over shorter time periods. Since change is the catalyst, this style tends to generate

relatively high portfolio turnover.

A quantitative model assists in the search for global stocks that exhibit

characteristics such as upward changes in analysts’ earnings forecasts for a

company, positive earnings surprises, and strong relative stock price performance.

Once a list of potential investments exhibiting these criteria is identified, the major

fundamental aspects of each company are analyzed, including the quality of the

company’s earnings streams and how it’s positioned to benefit from the current

economic environment. The fund is broadly diversified on a regional, country

and industry basis in order to minimize risk and boost returns. The portfolio

advisors sell discipline is as strong as their buy discipline. They continually

monitor the portfolio to identify companies with deteriorating fundamentals so

they can be sold before their relative performance declines significantly.

The Fund may use derivatives for non-hedging purposes, but only as permitted

by securities regulations. In order to earn additional income, the Fund may

enter into securities lending transactions, repurchase transactions and reverse

repurchase transactions, to the extent permitted by securities regulations.

RISK

The risks associated with investing in this Fund remain as discussed in the

prospectus. The Fund is suitable for investors who want to add global momentum

to a diversified portfolio, are comfortable investing outside Canada, are investing

for the medium and/or long term and can tolerate medium risk.

RESULTS OF OPERATIONS

The net asset value of the Fund decreased by $32.9 million to $194.4 million

from March 31, 2015 to March 31, 2016. The Fund had net redemptions of

$13.7 million during the year. The portfolio’s performance decreased assets by

$9.6 million. The Fund paid distributions totalling $9.6 million. The one-year

return for Class A shares was -5.1%, Class AT5 shares was -5.2%, Class AT8 shares

was -5.3%, Class F shares was -4.0%, Class I shares was -2.7%, Class IT8 shares

was -2.8%, Class O shares was -2.8% , Class Y shares was -4.0% and Class Z shares

was -5.1%, as compared to the return of its benchmark of -0.4%. The benchmark

is the MSCI World Total Return Index.

For much of the past 12 months, European stocks have been in favour as global

investors embraced the European Central Bank’s quantitative easing program

and the resulting weaker euro, which drove earnings growth. While most

investors focused on exporters, we concentrated our investments in domestic

companies that would benefit disproportionately from various monetary/fiscal

stimulus (one such theme was investing in property and property developers).

Emerging markets sold off on the stronger U.S. dollar, weaker commodity prices,

and a deteriorating macro backdrop in China. We limited our exposure in both

energy and materials to companies that had better balance sheets and higher free

cash flow generation. Our core holdings remain the secular growth stories in

consumer discretionary, technology, and health care.

Within the U.S., breadth in the markets has been dismal. There was significant

crowding in secular growth names (i.e. “FANG stocks”: Facebook, Amazon,

Netflix, Google) which seemed to mask the fact that the rest of the U.S. market

was effectively in a bear market. The only way to outperform was to concentrate

portfolios in those “FANG” stocks, but that required embracing a level of risk we

were not willing to accept. Over the last few months we have seen swift reversals

in the market conditions that have added to high levels of volatility in the S&P

500 Index so far in 2016.

During the 12-month period ended March 31, 2016, the portfolio underperformed

the MSCI World Total Return Index.

Our positioning in consumer staples and consumer discretionary provided the

largest positive contribution to relative performance during the period. Top

performing holdings were Take-Two Interactive Software Inc. and Alphabet Inc.

(Class A). Our positioning in financials and information technology detracted

from relative performance. The largest individual detractors were Anadarko

Petroleum Corp. and Microsoft Corp.

CIG - 6109 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 1-800-563-5181, by writing to us at CI Investments Inc., 2 Queen Street East, Twentieth Floor, Toronto, ON, M5C 3G7 or by visiting our website at www.ci.com or SEDAR at www.sedar.com.

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.

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

RECENT DEVELOPMENTS

While we prefer to err on the side of bullishness as we look out to the latter half of

2016, we also prefer to be buyers of dips along the way—and we do expect there

will be dips to buy. Looking over the long-term, we expect low global growth

and intertwined financial systems to form the new reality. Risk assets can work in

a slow growth environment; however, it will be more difficult for the “average”

company to succeed as there is no longer a rising tide to lift all boats. We expect

positive and negative inflections will occur more frequently and that sentiment

and flows will be more powerful forces in driving markets.

RELATED PARTY TRANSACTIONS

Manager, Portfolio Advisor and Registrar

CI Investments Inc. is the Manager, Portfolio Advisor and Registrar of the Fund.

CI Investments Inc. is a subsidiary of CI Financial Corp. The Manager, in

consideration for management fees, provides 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 fee and fixed administration fee rates as at March 31, 2016, for each

of the classes are shown below:

Annual management

fee rate (%)

Annual fixed administration

fee rate (%)

A Shares

2.00

0.22 AT5 Shares

2.00

0.22 AT8 Shares

2.00

0.22 E Shares

1.95

0.15 EF Shares

0.95

0.15 EFT5 Shares

0.95

0.15 EFT8 Shares

0.95

0.15 ET5 Shares

1.95

0.15 ET8 Shares

1.95

0.15 F Shares

1.00

0.22 I Shares

Paid directly by investor

-IT8 Shares

Paid directly by investor

-O Shares

Paid directly by investor

0.15 OT5 Shares

Paid directly by investor

0.15 OT8 Shares

Paid directly by investor

0.15 Y Shares

1.00

0.22 Z Shares

2.00

0.22 The Manager received $3.5 million in management fees and $0.4 million in

fixed administrative fees for the year.

Management Fees

Approximately 27% of total management fees were used to pay for sales and

trailing commissions. The remaining 73% of management fees were used for

investment management and other general administration.

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:

a) trades in securities of CI Financial Corp.;

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

81-102 (“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 year.

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

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.

Net Assets per Share ($) (1) (2) (8) _*

*Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. A Shares

Commencement of operationsMarch 30, 1999 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

Total expenses (excluding distributions) Realized gains (losses) for the year Unrealized gains (losses) for the year Total increase (decrease) from operations(2) Dividends:

From net investment income (excluding dividends) From dividends

From capital gains Return of capital Total dividends (2, 3)

Net assets at the end of the year shown (2) Ratios and Supplemental Data Total net assets ($000’s) (8)

Number of shares outstanding (000’s) (8)

Portfolio turnover rate (%) (5)

Trading expense ratio (%) (6)

Management expense ratio before taxes (%) (4)

Harmonized sales tax (%) (4)

Management expense ratio after taxes (%) (4)

Effective HST rate for the year (%) (4)

Year Ended Year Ended Year Ended Year Ended Year Ended Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 7.19 6.20 4.89 4.34 4.41 0.11 0.11 0.10 0.10 0.09 (0.18) (0.16) (0.14) (0.10) (0.10) 0.87 0.89 1.16 0.32 (0.07) (1.16) 0.34 0.26 0.18 (0.03) (0.36) 1.18 1.38 0.50 (0.11) - - - (0.04) (0.04) (0.07) (0.02) (0.01) (0.30) (0.19) - - - - - - (0.34) (0.23) (0.07) (0.02) (0.01) 6.49 7.19 6.20 4.88 4.34 107,404 124,787 117,321 102,266 111,563 16,553 17,364 18,925 20,931 25,688 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 2.22 2.22 2.22 2.22 2.22 0.24 0.24 0.24 0.24 0.23 2.46 2.46 2.46 2.46 2.45 10.98 10.97 10.90 9.99 10.25 AT5 Shares

Commencement of operationsOctober 26, 2007 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

$ $ $ $ $ $ 9.33 8.45 6.96 6.48 6.94 0.14 0.15 0.14 0.15 0.14 (0.22) (0.22) (0.19) (0.16) (0.16) 0.95 1.22 1.66 0.45 (0.10) (1.52) 0.63 0.33 0.20 0.01 (0.65) 1.78 1.94 0.64 (0.11) - - - (0.04) (0.05) (0.10) (0.03) (0.02) (0.37) (0.25) - - - (0.44) (0.42) (0.34) (0.30) (0.33) (0.85) (0.72) (0.44) (0.33) (0.35) 8.02 9.33 8.45 6.95 6.48 314 269 186 103 127 39 29 22 15 20 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 2.22 2.22 2.22 2.22 2.22 0.23 0.29 0.26 2.27 0.27 2.45 2.51 2.48 2.49 2.49 10.52 12.71 11.69 12.08 12.04

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. AT8 Shares

Commencement of operationsOctober 22, 2007 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

E Shares

Commencement of operationsJuly 29, 2015 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

Period from

Inception to Year Ended Year Ended Year Ended

Mar. 31, 2016 Mar. 31, 2013^ Mar. 31, 2012^ Mar. 31, 2011^

$ $ $ $ $ 10.00 - - - 0.10 - - - (0.13) - - - (0.04) - - - (0.38) - - - (0.45) - - - - - - (0.05) - - - - (0.39) - - - - - - - (0.44) - - - - 8.52 - - - 660 - - - 77 - - - 112.50 - - - 0.25 - - - 2.10 - - - 0.14 - - - 2.24 - - - 11.44 - - -

Year Ended Year Ended Year Ended Year Ended Year Ended

Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 7.39 6.90 5.84 5.60 6.20 0.11 0.12 0.11 0.12 0.12 (0.18) (0.17) (0.16) (0.13) (0.14) 0.81 0.94 1.40 0.43 (0.08) (1.15) 0.25 0.25 0.28 (0.02) (0.41) 1.14 1.60 0.70 (0.12) - - - (0.03) (0.04) (0.08) (0.02) (0.02) (0.28) (0.20) - - - (0.56) (0.55) (0.46) (0.41) (0.47) (0.87) (0.79) (0.54) (0.43) (0.49) 6.16 7.39 6.90 5.83 5.60 523 449 509 199 184 85 61 74 34 33 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 2.22 2.22 2.21 2.22 2.22 0.29 0.29 0.27 0.27 0.25 2.51 2.51 2.48 2.49 2.47 12.96 13.09 11.95 11.25 11.87

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5

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. EF Shares

Period from

Mar. 31, 2016 Mar. 31, 2013^ Mar. 31, 2012^ Mar. 31, 2011^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.08) - - - - 0.51 - - - - (1.50) - - - - (0.98) - - - - - - - (0.05) - - - - (0.40) - - - - - - - (0.45) - - - - 8.58 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 1.10 - - - - 0.15 - - - - 1.25 - - - - 13.00 - - - - EFT5 Shares

Period from

Mar. 31, 2016 Mar. 31, 2013^ Mar. 31, 2012^ Mar. 31, 2011^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.08) - - - - 0.50 - - - - (1.48) - - - - (0.97) - - - - - - - (0.05) - - - - (0.38) - - - - (0.33) - - - - (0.76) - - - - 8.28 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 1.10 - - - - 0.15 - - - - 1.25 - - - - 13.00 - - - -

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6

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. EFT8 Shares

Period from

Mar. 31, 2016 Mar. 31, 2013^ Mar. 31, 2012^ Mar. 31, 2011^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.07) - - - - 0.50 - - - - (1.46) - - - - (0.94) - - - - - - - (0.04) - - - - (0.37) - - - - (0.52) - - - - (0.93) - - - - 8.10 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 1.10 - - - - 0.15 - - - - 1.25 - - - - 13.00 - - - - ET5 Shares

Period from

Inception to Year Ended Year Ended Inception to

Mar. 31, 2016 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.14) - - - - 0.50 - - - - (1.47) - - - - (1.02) - - - - - - - (0.04) - - - - (0.38) - - - - (0.33) - - - - (0.75) - - - - 8.22 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 2.10 - - - - 0.29 - - - - 2.39 - - - - 13.00 - - - -

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7

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. F Shares

Commencement of operationsNovember 13, 2000 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

$ $ $ $ $ $ 8.43 7.19 5.60 4.92 4.95 0.14 0.13 0.11 0.11 0.10 (0.11) (0.10) (0.09) (0.07) (0.06) 1.03 1.05 1.36 0.39 (0.08) (1.19) 0.44 0.24 0.18 (0.03) (0.13) 1.52 1.62 0.61 (0.07) - - - (0.04) (0.04) (0.08) (0.02) (0.01) (0.35) (0.23) - - - - - - (0.39) (0.27) (0.08) (0.02) (0.01) 7.70 8.43 7.19 5.60 4.92 7,658 10,738 8,695 5,332 5,466 995 1,274 1,209 952 1,110 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 1.22 1.22 1.22 1.22 1.22 0.10 0.11 0.11 0.12 0.11 1.32 1.33 1.33 1.34 1.33 8.32 8.98 9.33 8.84 8.62 ET8 Shares

Period from

Mar. 31, 2016 Mar. 31, 2013^ Mar. 31, 2012^ Mar. 31, 2011^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.14) - - - - 0.50 - - - - (1.46) - - - - (1.01) - - - - - - - (0.04) - - - - (0.37) - - - - (0.52) - - - - (0.93) - - - - 8.04 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 2.10 - - - - 0.29 - - - - 2.39 - - - - 13.00 - - - -

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. I Shares

Commencement of operationsSeptember 2, 2004 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

$ $ $ $ $ $ 24.47 20.60 15.84 13.73 13.61 0.39 0.38 0.32 0.32 0.27 - - - 2.98 3.02 3.83 0.97 (0.31) (4.01) 1.18 0.79 0.53 0.19 (0.64) 4.58 4.94 1.82 0.15 - - - (0.12) (0.12) (0.23) (0.06) (0.04) (1.04) (0.66) - - - - - - (1.16) (0.78) (0.23) (0.06) (0.04) 22.65 24.47 20.60 15.82 13.73 31,883 35,052 29,169 19,660 22,447 1,408 1,432 1,416 1,241 1,634 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 - - - - - - - - - - - - IT8 Shares

Commencement of operationsFebruary 17, 2012 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

Period from

Year Ended Year Ended Year Ended Year Ended Inception to Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 14.34 13.04 10.75 10.11 10.00 0.25 0.32 0.25 0.19 0.03 - - - 2.29 1.92 2.92 1.02 0.20 (3.11) (0.32) (1.35) 1.56 0.01 (0.57) 1.92 1.82 2.77 0.24 - - - (0.07) (0.07) (0.15) (0.04) - (0.57) (0.38) - - - (1.09) (1.04) (0.84) (0.80) (0.13) (1.73) (1.49) (0.99) (0.84) (0.13) 12.27 14.34 13.04 10.74 10.11 20 120 126 12 - 2 8 10 1 - 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 - - - - - - - - - - - -

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9

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

O Shares

Period from

Year Ended Year Ended Inception to Inception to

Mar. 31, 2016 Mar. 31, 2015 Mar. 31, 2014 Mar. 31, 2012^

$ $ $ $ $ $ 14.09 11.88 10.00 - - 0.20 0.22 0.15 - - (0.02) (0.02) (0.01) - - 1.42 2.04 1.88 - - (3.10) 1.34 (1.95) - - (1.50) 3.58 0.07 - - - - - (0.07) (0.07) (0.13) - - (0.60) (0.38) - - - - - - (0.67) (0.45) (0.13) - - 13.02 14.09 11.88 - - 5,467 819 130 - - 420 58 11 - - 112.50 129.05 151.38 - - 0.25 0.31 0.41 - - 0.15 0.15 0.15 - - 0.02 0.02 0.02 - - 0.17 0.17 0.17 - - 10.76 12.77 13.00

-*Footnotes for the tables are found at the end of the Financial Highlights section. OT5 Shares

Period from

Mar. 31, 2016 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.01) - - - - 0.50 - - - - (1.48) - - - - (0.90) - - - - - - - (0.05) - - - - (0.38) - - - - (0.33) - - - - (0.76) - - - - 8.34 - - - - 9 - - - - 1 - - - - 112.50 - - - - 0.25 - - - - 0.15 - - - - 0.03 - - - - 0.18 - - - - 13.00 - - - -

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10

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

*Footnotes for the tables are found at the end of the Financial Highlights section. ^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. OT8 Shares

Period from

Mar. 31, 2016 Mar. 31, 2014 Mar. 31, 2013^ Mar. 31, 2012^

$ $ $ $ $ $ 10.00 - - - - 0.09 - - - - (0.01) - - - - 0.31 - - - - (0.91) - - - - (0.52) - - - - - - - (0.04) - - - - (0.38) - - - - (0.53) - - - - (0.95) - - - - 8.16 - - - - 35 - - - - 4 - - - - 112.50 - - - - 0.25 - - - - 0.15 - - - - 0.03 - - - - 0.18 - - - - 13.00 - - - - Y Shares

Commencement of operationsAugust 14, 2009 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

$ $ $ $ $ $ 20.11 17.16 13.37 11.75 11.80 0.32 0.31 0.28 0.27 0.25 (0.28) (0.25) (0.21) (0.16) (0.15) 2.50 2.50 3.12 0.91 (0.14) (3.18) 1.05 0.62 0.53 (0.21) (0.64) 3.61 3.81 1.55 (0.25) - - - (0.10) (0.10) (0.19) (0.05) (0.03) (0.85) (0.54) - - - - - - (0.95) (0.64) (0.19) (0.05) (0.03) 18.36 20.11 17.16 13.36 11.75 422 521 445 501 485 23 26 26 37 41 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 1.22 1.22 1.22 1.22 1.22 0.14 0.14 0.15 0.13 0.13 1.36 1.36 1.37 1.35 1.35 11.72 11.75 11.90 10.18 10.65

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

FINANCIAL HIGHLIGHTS (cont’d)

Net Assets per Share ($) (1) (2) (8)

Z Shares

Commencement of operationsAugust 14, 2009 Net assets at the beginning of year (1) Increase (decrease) from operations: Total revenue

$ $ $ $ $ $ 18.91 16.31 12.86 11.42 11.60 0.30 0.30 0.26 0.26 0.24 (0.47) (0.42) (0.36) (0.28) (0.26) 2.36 2.32 3.04 0.88 (0.20) (3.03) 0.81 0.68 0.57 (0.06) (0.84) 3.01 3.62 1.43 (0.28) - - - (0.09) (0.10) (0.18) (0.05) (0.03) (0.79) (0.51) - - - - - - (0.88) (0.61) (0.18) (0.05) (0.03) 17.07 18.91 16.31 12.85 11.42 39,983 54,577 58,733 52,437 53,152 2,342 2,886 3,601 4,078 4,651 112.50 129.05 151.38 167.01 156.28 0.25 0.31 0.41 0.42 0.39 2.22 2.22 2.22 2.22 2.22 0.24 0.24 0.24 0.24 0.22 2.46 2.46 2.46 2.46 2.44 10.76 10.75 10.77 9.99 10.11

^Historical figures are based on Canadian GAAP, for more details refer to footnote 7. (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) in net assets attributable to holders of redeemable shares per share is based on the weighted average number of shares outstanding for the relevant class over the fiscal year.

(3) Dividends are 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 assets for the year. As of July 1, 2010, 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%.

(5) The Fund’s portfolio turnover rate indicates how actively the Fund’s portfolio advisor manages its portfolio investments. A portfolio turnover rate of 100% 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 monthly fair value of investments during the year.

(6) The trading expense ratio represents total commissions and other portfolio transaction costs disclosed in the statements of comprehensive income expressed as an annualized percentage of daily average net assets of the Fund during the year.

(7) For financial years beginning on or after April 1, 2013 the financial highlights are derived from the financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”). IFRS allows net assets to be calculated based on the last traded market price for financial assets and financial liabilities where the last traded price falls within the day’s bid-ask spread. There are no differences between the net assets calculated for purpose of processing shareholders transactions and the net assets attributable to holders of redeemable shares used for financial statement reporting purposes. For financial years before April 1, 2013, the financial highlights are derived from the financial statements prepared in accordance with Canadian GAAP. Under Canadian GAAP net assets for financial statement purposes were calculated based on bid/ask price while for purpose of processing shareholder transactions net assets were calculated based on the closing market price.

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

PAST PERFORMANCE

This section describes how the Fund has performed in the past. Remember, 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.

13.2 14.7 9.4 -12.2 -29.4 11.3 -1.3 A Shares 28.3 19.7 Mar . 2007 Mar . 2008 Mar . 2009 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2007 Mar . 2008 Mar . 2009 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2007 Mar . 2008 Mar . 2009 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2008 Mar . 2009 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 Mar . 2008 Mar . 2009 Mar . 2010 Mar . 2011 Mar . 2012 Mar . 2013 Mar . 2014 Mar . 2015 Mar . 2016 -40 -30 -20 -10 0 10 20 30 40 5.2 5 O Shares 22.4 -40 -30 -20 -10 0 10 20 30 40 14.2 -0.1 5.2 3 12.5 Y Shares 29.9 21.0 -40 -30 -20 -10 0 10 20 30 40 1.1 4 15.7 20.2 5 IT8 Shares 31.7 22.5 -40 -30 -20 -10 0 10 20 30 40 14.1 16.1 -11.3 10.7 -28.6 12.5 -0.1 F Shares 29.9 21.0 -40 -30 -20 -10 0 10 20 30 40 13.0 14.8 -29.4 -6.7 2 -1.2 11.1 AT5 Shares 28.4 19.5 -40 -30 -20 -10 0 10 20 30 40 15.8 12.2 17.6 -10.1 -27.8 1.2 14.0 I Shares 31.6 22.6 -40 -30 -20 -10 0 10 20 30 40

1 _{This figure is for the period from October 22, 2007 to March 31, 2008.} 2 _{This figure is for the period from October 26, 2007 to March 31, 2008.} 3 _{This figure is for the period from August 14, 2009 to March 31, 2010.} 4 _{This figure is for the period from February 17, 2012 to March 31, 2012.} 5 _{This figure is for the period from July 26, 2013 to March 31, 2014.}

13.0 4.5 3 -1.3 11.3 Z Shares 28.4 19.7 -40 -30 -20 -10 0 10 20 30 40 12.9 11.2 -6.3 1 -29.3 -1.2 14.7 AT8 Shares 28.5 19.4 -5.1 -2.8 -4.0 -2.8 -4.0 -5.2 -2.7 -5.1 -5.3 -40 -30 -20 -10 0 10 20 30 40

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13

Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

The following table shows the Fund’s annual compound returns for each year

indicated, compared to the MSCI World Total Return Index.

The MSCI World Total Return Index is a free float-adjusted market capitalization

weighted index that is designed to measure the equity market performance of

developed markets. The Index consists of the following 23 developed market

country indices: Australia, Austria, Belgium, Canada, Denmark, Finland,

France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New

Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United

Kingdom and the United States of America.

A discussion of the performance of the Fund as compared to the benchmark is

found in the Results of Operations section of this report.

Annual Compound Returns

One Year (%) Three Years (%) Five Years (%) Ten Years (%) Since Inception (%)

A Shares (5.1) 13.4 10.2 3.5 n/a

MSCI World Total Return Index (0.4) 16.6 13.6 6.0 n/a

AT5 Shares (5.2) 13.3 10.2 n/a 3.7

MSCI World Total Return Index (0.4) 16.6 13.6 n/a 6.4

AT8 Shares (5.3) 13.3 10.2 n/a 3.8

F Shares (4.0) 14.7 11.5 4.6 n/a

I Shares (2.7) 16.2 13.0 6.0 n/a

IT8 Shares (2.8) 16.2 n/a n/a 10.4

MSCI World Total Return Index (0.4) 16.6 n/a n/a 6.4

O Shares (2.8) n/a n/a n/a 14.8

MSCI World Total Return Index (0.4) n/a n/a n/a 16.1

Y Shares (4.0) 14.7 11.5 n/a 11.3

Z Shares (5.1) 13.4 10.2 n/a 10.1

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Synergy Global Corporate Class

Management Report of Fund Performance for the year ended March 31, 2016

The summary of investment portfolio may change due to ongoing portfolio transactions of the Fund and updates will be available on a quarterly basis.

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.

A NOTE ON FORWARD-LOOKING STATEMENTS

Summary of Investment Portfolio as at March 31, 2016

Country allocation

U.S.A. ... 52.5 Japan... 7.3 Cash & Equivalents ... 7.0 U.K. ... 5.5 Switzerland ... 3.1 France ... 2.6 South Korea ... 2.1 Cayman Islands ... 2.0 Jersey Island ... 1.9 Spain ... 1.9 Italy... 1.8 Netherlands ... 1.6 Germany ... 1.5 Australia ... 1.5 Ireland ... 1.3 Sweden ... 0.8 Panama... 0.7 Foreign Currency Forward Contracts ... 0.6 Denmark ... 0.6 Singapore ... 0.6 Israel... 0.4 Luxembourg ... 0.3 Other Net Assets (Liabilities) ... 0.3 Canada ... 0.3 Bermuda ... 0.3 Mexico ... 0.3 Portugal ... 0.2 Philippines ... 0.2 Malaysia ... 0.2 Belgium ... 0.2 Finland ... 0.2 Brazil... 0.1 Norway ... 0.1 Sector allocation Financials ... 17.9 Information Technology ... 13.7 Industrials ... 13.1 Consumer Discretionary ... 11.6 Health Care ... 11.5 Consumer Staples ... 10.8 Cash & Equivalents ... 7.0 Energy... 5.5 Utilities ... 3.4 Materials ... 3.1 Telecommunication Services ... 1.4 Foreign Currency Forward Contracts ... 0.6 Other Net Assets (Liabilities) ... 0.3 Exchange-Traded Funds ... 0.1

Cash & Equivalents ... 7.0 Apple Inc. ... 2.1 Thermo Fisher Scientific Inc. ... 1.7 Wells Fargo & Co. ... 1.6 Synchrony Financial ... 1.6 Alphabet Inc., Class A ... 1.5 Honeywell International Inc... 1.4 UnitedHealth Group Inc. ... 1.3 Arch Capital Group Ltd. ... 1.3 Edwards Lifesciences Corp. ... 1.3 Microsoft Corp. ... 1.2 CK Hutchinson Holdings Ltd. ... 1.1 Goodyear Tire & Rubber Co. ... 1.1 Newfield Exploration Co. ... 1.1 Procter & Gamble Co. ... 1.1 Dollar General Corp. ... 1.0 CVS Health Corp. ... 1.0 Stanley Black & Decker Inc. ... 1.0 ACE Ltd. ... 0.9 Facebook Inc. ... 0.9 Northrop Grumman Corp... 0.9 SBA Communications Corp. ... 0.9 ConAgra Foods Inc. ... 0.9 Zoetis Inc. ... 0.9 Sumitomo Mitsui Financial Group Inc. ... 0.9

Total Net Assets (in $000’s) $194,423 Portfolio Breakdown

Category

Percentage of Net Assets (%)

Portfolio Breakdown (cont’d) Category Percentage of Net Assets (%) Top 25 Holdings Security Name Percentage of Net Assets (%)