Scotia Wealth Management's Recommended Mutual Funds and ETFs

 
Scotia Wealth Management's Recommended Mutual Funds and ETFs
Scotia Wealth
   Management’s
   Recommended
   Mutual Funds
   and ETFs
   Enriched Thinking®

  Global Portfolio Advisory Group
James Gauthier, CFA
   Scotia Capital Inc.
416.350.3369
j.gauthier@scotiabank.com
   JamesDavids,
Denise    Gauthier, CFA
                MBA
   416.350.3369 | j.gauthier@scotiabank.com
647.428.8220
denise.davids@scotiawealth.com
  Denise Davids, MBA
  647.428.8220
Joel Beriault   | denise.davids@scotiawealth.com
416.863.5912
  Joel Beriault
joel.beriault@scotiawealth.com
  416.863.5912 | joel.beriault@scotiawealth.com
?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

2
?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                           3
?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

4
Contents

    Words from James Gauthier ....................................................................................................................................................................
                                                                                                                                                                                        4

    Scotia Wealth Management’s Recommended Mutual Funds and ETFs 2017 ............................................................................
                                                                                                                                        5

    Changes to the 2017 Recommended List ............................................................................................................................................
                                                                                                                                                                           6

    The Mutual Fund Numbers Game .........................................................................................................................................................
                                                                                                                                                                                9

    Reference table 1 — The Funds by Category ......................................................................................................................................
                                                                                                                                                                          11

    Reference table 2 — Recommended Funds by Company ...............................................................................................................
                                                                                                                                                          12

    The Recommended Funds

            Canadian Balanced ............................................................................................................................................................................
                                                                                                                                                                                                13
            Canadian Equity ..................................................................................................................................................................................
                                                                                                                                                                                                    21
            Canadian Equity Income / Dividend ..............................................................................................................................................
                                                                                                                                                                                  32
            Canadian Small-Cap ..........................................................................................................................................................................
                                                                                                                                                                                               41
            Canadian Fixed Income .....................................................................................................................................................................
                                                                                                                                                                                             46
            High Yield Bond .................................................................................................................................................................................
                                                                                                                                                                                                   54
            U.S. Equity .............................................................................................................................................................................................
                                                                                                                                                                                                           59
            International Equity............................................................................................................................................................................
                                                                                                                                                                                                  69
                                                                                                                                                                                                    76
            Global Balanced ..................................................................................................................................................................................
                                                                                                                                                                                                       80
            Global Equity .......................................................................................................................................................................................

                                                                                                                                                                               90
    Appendix I – Performance Summary.....................................................................................................................................................

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                           5
Words from James Gauthier

    Dear Advisor,

    2017’s Recommended List is the 15th edition of this annual publication and we are delighted to be bringing it to
    the Scotia Wealth Management channel for the first time. This piece represents the cornerstone of the efforts of the
    GPAG fund research team. Producing it is a long and tedious process, but we truly love putting in the effort and take
    a lot of pride in the results.

    Thanks again to all of the advisors who have helped give our work traction. We really hope this report becomes an
    important part of your practice too. If you are only going to read one publication the GPAG research team puts out,
    this should be that piece.

    The magnitude of the mutual fund and ETF asset bases under the Scotia umbrella, along with the strength of the
    relationships we’ve cultivated with manufacturers and money managers over the years mean we have peerless
    access to PMs, fund company executives and other key players in the investment industry. This matters because
    when the quality and the quantity of the information we have access to increases, the quality of the research we
    provide is also enhanced.

    Sincerely,

    James Gauthier
    Director, Investment Fund Research

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

4
Scotia Wealth Management’s
    Recommended Mutual Funds and ETFs 2017
    We are pleased to present the 2017 edition of Scotia Wealth’s Recommended Fund List. While this list is being
    launched for the first time into the Scotia Wealth channel, it has been a regular publication for HollisWealth and its
    predecessor company since 2003. The list is the cornerstone of the GPAG fund research team’s efforts and its purpose is
    to help you cut through the ever-present clutter that can blur the vision of even the most astute market follower.

    For the first time, all of the performance reporting for the mutual funds listed in the pages that follow refers to the
    F-class version of each product.

    Selection
    When it comes to selecting the list’s mutual fund constituents, quantitative and qualitative factors are both critical
    considerations. On the qualitative side of the equation, our preference is for funds that are overseen by managers
    with a well thought out investment philosophy and a clearly defined process. In addition, the quality of the
    professionals actually making the investment decisions is a crucial consideration. There must be enough analytical
    horsepower working on the fund to ensure that management can effectively stick with and execute its stated
    philosophy and process. We conduct rigorous and ongoing due diligence to ensure all funds that are represented on
    this List are performing on the highest level on all of these fronts

    From a quantitative perspective, we favour funds that have displayed attractive return and risk characteristics
    throughout their histories relative to their direct competition.

    Key factors considered for the ETFs that are on the list include cost, bid/ask spread and liquidity.

    The list represents what we believe are some of the best mutual funds and ETFs in Canada, but it is not intended
    as the be-all and end-all of fund selection, nor is it intended to be a prediction of what we expect will be the best
    performing products in the short-term. Rather, we see the list as being a tool and we believe that diversified portfolio
    built using the funds found in these pages will be solid portfolios indeed.

    The list only includes categories that we have deemed to be core, and the classifications we consider are similar to
    those that the CIFSC has established. We have always and will continue to cover some of the more obscure regional
    or sector-specific categories in our regular research publications.

    The list is a very important part of our mandate, and although it is an annual publication, its constituents are
    monitored constantly. If there is something you need to know about any of the products on the list throughout the
    year, our job is to ensure you know it.

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                           5
Changes to the 2017 Recommended List

    Mutual Fund Removals
    Global Small/Mid Cap Equity Category

    We have elected to discontinue formal coverage of this category. This means that Mackenzie Cundill Recovery,
    Templeton Global Smaller Companies and Trimark Global Smaller Companies are being removed from the
    Recommended List. This is a category that represents just 1% of mutual fund industry assets, and we believe our
    resources would be more productively deployed elsewhere.

    Funds with Hard Caps

    To make room for the ETFs which are now a part of this list, we are removing BMO Enterprise and Manulife Monthly
    High Income, both of which are hard capped. We continue to love both funds and investors in either should consider
    themselves lucky. There is no need to do anything if you have allocated capital to these funds; however, we wish this
    list to be a showcase for funds that new investors are able to purchase.

    CI American Value

    We have replaced CI American Value with the Epoch U.S. Large Cap Value fund available from TD. The portfolios are
    virtually identical, but the F-class version of the TD fund has an MER that comes in 20 basis points lower than the CI
    product. Note that Epoch is wholly owned by TD. There’s nothing wrong with continuing to hold the CI version; just
    note that a cheaper alternative exists.

    NEI Special Equity

    Here we have a fund that is identical to the IA Clarington Canadian Small Cap, with the minor exception that the
    Ethical fund may, from time to time, leave out a company or two when the ethical screen is not passed. Additionally,
    the F-class version of the IA fund most recently came in with an MER that was 23 basis points cheaper. Similar situation
    to the CI fund above – no need to make a change, but it makes sense to allocate new capital to the cheaper option

    Mutual Funds Placed Under Review
    Dynamic Power Canadian Growth

    This is an issue of product dynamics. When Alex Lane took over this fund in 2013, his aim was to better diversify the
    portfolio plus smooth returns and dampen volatility. At the same time, Dynamic elected to shift 20% of the portfolio
    into Power American Growth. We are big fans of Power American Growth, but it can be extremely volatile and its
    inclusion has not assisted in Lane’s goal to dampen volatility.

    We are not totally clear as to why Dynamic insists on the 20% allocation to Power American Growth, but if the firm is
    not comfortable giving Lane complete oversight of this portfolio, we are not comfortable recommending it. We are
    waiting to see whether Dynamic addresses this issue.

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

6
Changes to the 2017 Recommended List

   Mutual Fund Additions
   Epoch U.S. Large Cap Value

   As noted in the Removals section, we have replaced CI American Value with the Epoch U.S. Large Cap Value fund
   available from TD. The portfolios are virtually identical, but the F-class version of the TD fund has an MER that comes
   in 20 basis points lower than the CI product.

   Fidelity Small Cap America

   This fund has done what few others have managed - it has been returned to the Recommended List. We removed
   it a number of years ago after numerous manager changes and problematic performance. Duties on the fund were
   then shifted to Toronto-based manager Steve MacMillan in 2011 and he immediately began to apply his portfolio
   management skills. This fund focuses on smaller U.S. domiciled names. 70% of the portfolio has to be smaller
   than the largest company in the Russell 2000. MacMillan made dramatic changes to the portfolio at the outset by
   focusing on quality companies with good valuations and growth potential. We will stress quality again, as the focus
   here is helpful in avoiding big losers. Things seem to be working, as the fund’s historical volatility has been far less
   than that of its benchmark. MacMillan also brought down the number of names in the portfolio (there will be about
   40 stocks in the fund, on average) and annual portfolio turnover has been reduced to 20-25%. Both of these factors
   indicate that MacMillan has strong conviction in the names he owns. We’ve been keeping track of MacMillan’s
   efforts here for some time and we believe this fund is Worthy of being returned to the Recommended List fold.

   Manulife Dividend Income

   This offering is overseen by Toronto-based Alan Wicks and his 10-person investment team. The group has a track
   record of success on multiple Manulife funds, including the firm’s flagship Monthly High Income offering. Stocks are
   evaluated using a discounted cash flow approach, but the key to the process is determining the appropriate discount
   rate. This figure will be a function of risks related to the company, its industry, etc. That said, if they identify any
   uncertainty with respect to a company, they simply don’t invest in it. Cash can be high at times and management
   is not shy about investing in the U.S. While this fund does have an enviable track record, we believe it is the team
   backing it that makes it worthy of our Recommended List.

   PIMCO Monthly Income

    PIMCO, the US$1.6 trillion Newport Beach, California-based money management firm has just about all of its assets
    in bonds or similar vehicles, and virtually all of company’s 700 investment professionals spend most of their time
    focused on the space. To suggest the firm is perhaps the global subject matter expert is reasonable. The fund strives to
    generate a monthly income equal to about 4-4.5% annually. Half of the exposure is to higher yielding assets and the
    other half is in higher quality assets that are a bit more defensive. Derivatives are used liberally to provide the exposure
    the PMs are looking for. Duration can range from zero to eight years and it can have up to 50% in HY bonds and up to
    20% in EM bonds. Additionally, at least 90% of its currency exposure must be hedged back to CAD. The fund is more
    conservative than a typical HY bond fund and it is not subject to big currency swings, like many global bond funds
    are. At this time, duration is under three years and the bulk of the exposure is to mortgage bonds and sovereign debt
                                                                                                                                                                                                     ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
    at this
the course        time.
           of viewing         The
                      it on-line,      fund
                                  and (ii)          hasof CIFSC
                                           in the course                classifies
                                                          printing off single             this
                                                                              copies of web pages as  a global
                                                                                                  on which it appears forbond
                                                                                                                          the use of fund,      butto we
                                                                                                                                     those authorized view it are
                                                                                                                                                              on-line),placing        it among
                                                                                                                                                                        adapted or distributed;          the two high yield
                                                                                                                                                                                                and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. Trademark of The Bank of Nova Scotia, used under license.
                                                                     TM

    bond funds on the Recommended List. Frankly speaking, this fund is quite unique and defies classification.
                                                                                                                                                                                                                          7
Changes to the 2017 Recommended List

    ETF Additions
    For the first time, ETFs are a part of this list. 13 offerings have been added.

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

8
-20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       -10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 -5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        0
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            5
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   10
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                20
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      25
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             30
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Dy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  na

    ©2016. Morningstar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        mi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          cP

              Source: IFIC,
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 rec

                                                                                                                                                                                                                               the land.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  RB                                                                                                                                                                                 Me
                                                                                                                                                                                                                                                                                                                                                                          RInBv                                                                                                                                        CA                                                                                                                                                          TD                  tal
                                                                                                                                                                                                                                                                                                                                                                                  CeSs                                                                                                                                                                                                                                                                                                                    s         F

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        29.7
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            sseR                                                                                                                                                          Sci
                                                                                                                                                                                                                                                                                                                                                                                         etoler                                                                                                                                  t BMC                                                                                                                                                       en
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                c

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Source: Morningstar
                                                                                                                                                                                                                                                                                                                                                                  Fid                           cstD                                                                                                                                    gGmAM                                                                                                                                                       e&
                                                                                                                                                                                                                                                                                                                                                                                                      Ciov
                                                                                                                                                                                                                                                                                                                                                                       elit                                   nidse                                                                                                  CI                       t                    66,327                                                                                                                                   Tec
                                                                                                                                                                                                                                                                                                                                                                               yRBC                                   Pnfld                                                                                              Inv                                                                                                                                                      Fid                           h

                          Inc.Morningstar
                                                                                                                                                                                                                                                                                                                                                                                       Cdn                                   A   11,991                                                                                                                                                                                                                                                                             F

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        28.6
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Source: Morningstar

                                                                                                                                                                                                                                                                                                                                                                                           SeA                                                                                                                                est                                                                                                                                                     elit
                                                                                                                                                                                                                                                                                                                                                                                                 lescs                                                                                                                              mTeD                                                                                                                                                  yG
                                                                                                                                                                                                                                                                                                                                                                                                       teBt                                                                                                                               nAtsM                                                                                                                                                  lob
                                                                                                                                                                                                                                                                                                                                                                                                                aAl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Inv C                                          58,260                                                                                                                              al T
                                                                                                                                                                                                                                                                                                                                                                               RB                                    lPlofl                                                                                             esItIn
                                                                                                                                                                                                                                                                                                                                                                                      CRC                                   cA   8,820                                                                                       orvses                                                                                                                                                                        ech
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Gm                                                                                                                                                Exc                           F

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        25.2
                                                                                                                                                                                                                                                                                                                                                                                           BdCn                                                                                                                                                                                                                                                                                           el
                                                                                                                                                                                                                                                                                                                                                                                                    BDaiv                                                                                                          Fid                 roeun
                                                                                                                                                                                                                                                                                                                                                                      RB
                                                                                                                                                                                                                                                                                                                                                                           CM                              liadne                                                                                                      elit                 pts                    53,993                                                                                                 Re                   Ind
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ia S
                                                                                                                                                                                                                                                                                                                                                                                                                    cnedd                                                                                                     y In                                                                                                                                          dw
                                                                                                                                                                                                                                                                                                                                                                                       onR                                   A   8,723                                                                                              vC                                                                                                                                          oo                          eri
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               es
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     TDan                                                                                                                                            dG                           F

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        23.2
                                                                                                                                                                                                                                                                                                                                                                                             tBhCl
                                                                                                                                                                                                                                                                                                                                                                                                     yBIno                                                                                                                              AaM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          da                                                                                                                                               lob
                                                                                                                                                                                                                                                                                                                                                                                                               ncod                                                                                                                                                47,285                                                                                                                        Sm
                                                                                                                                                                                                                                                                                                                                                                            RInBv                                     mA                                                                                                        Sco                                                                                                                                        Pe                           Ca
                                                                                                                                                                                                                                                                                                                                                                                   CesCt
                                                                                                                                                                                                                                                                                                                                                                                           odrns
                                                                                                                                                                                                                                                                                                                                                                                                                           dev   8,576                                                                                       CIBtia                                                                                                                                           n  de                        p
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  CG                                                                                                                                               rS                            Cl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    F
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        22.5
                                                                                                                                                                                                                                                                                                                                                                                                    DDiiv                                                                                                                            AAMM                                                                                                                                                 ma
                                                                                                                                                                                                                                                                                                                                                                         TD                                vidide
                                                                                                                                                                                                                                                                                                                                                                                                                   ennd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  AIM                                              46,166                                                                                                                      ll C
                                                                                                                                                                                                                                                                                                                                                                                 Ca                                        dA                                                                                            Tri C                                                                                                                                                                     ap
                                                                                                                                                                                                                                                                                                                                                                                        nTa                                      8,214                                                                                       m                                                                                                                                             TD                            Op
                                                                                                                                                                                                                                                                                                                                                                  Tri                       DdiaC
                                                                                                                                                                                                                                                                                                                                                                                                     ndBn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             MaIn               aIrBkC                                                                                                                                          US
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Lo                    p    sF
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        21.3

                                                                                                                                                                                                                                                                                                                                                                      maF
                                                                                                                                                                                                                                                                                                                                                                            ridke                            oBn                                                                                                ckvees
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ntzors
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      InAvM                        44,876                                                                                                                w
                                                                                                                                                                                                                                                                                                                                                                                                                   odn-                                                                                                                                                                                                                                                                       Vo
                                                                                                                                                                                                                                                                                                                                                                                   Inlitcy                                 dA    8,183
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         ie FGr                                                                                                                                                                  la
                                                                                                                                                                                                                                                                                                                                                                                           oM moe                                                                                                                             inoaup                                                                                                                                       Sco                        tili
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          ty
                                                                                                                                                                                                                                                                                                                                                                  TDTriC                             nG                                                                                                       FidBM                 ncIn                                                                                                                                          tia                        S   er
                                                                                                                                                                                                                                                                                                                                                                                                        thrl                                                                                                                                                       43,389                                                                                                             P                             F
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        21.2

                                                                                                                                                                                                                                                                                                                                                                        mdan                                    oy w                                                                                             elitO                  ialc.                                                                                                                                           riv
                                                                                                                                                                                                                                                                                                                                                                                 rCko                               Intc                                                                                              y IFnin                                                                                                                                                              ate
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      energy and precious metals-focused names.

                                                                                                                                                                                                                                                                                                                                                                                                                           hA

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            To September 30, 2006
                                                                                                                                                                                                                                                                                                                                                                                        Sre
                                                                                                                                                                                                                                                                                                                                                                                             lePlcu                              7,246                                                                                      vaCnci                                                                                                                                                               US

                                                                                                                                                                                                                                                                                                                                                                                                                                          To November 30, 2006
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                anal G                                                                                                                                                                  LC
                                                                                                                                                                                                                                                                                                                                                                    RCBIB
                                                                                                                                                                                                                                                                                                                                                                         CCS
                                                                                                                                                                                                                                                                                                                                                                                                     tsGB                                                                                                                            ad rp
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         a                         36,108                                                                                                       TD                         G     rl F
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        20.4

                                                                                                                                                                                                                                                                                                                                                                                                             roonwd                                                                                                    Ma                                                                                                                                                             He

                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Largest Funds in Canada ($ millions)
                                                                                                                                                                                                                                                                                                                                                                                 eMl V oen                               t-hA                                                                                                   cke                                                                                                                                                     alt
                                                                                                                                                                                                                                                                                                                                                                                            rtyh                                 6,555                                                                  Dy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           na                         nPz                                                                                                                                                  hS
                                                                                                                                                                                                                                                                                                                                                                                                  Clyo                                                                                                          mi                       Hie&F                                                                                                                                                    cie
                                                                                                                                                                                                                                                                                                                                                                                                        Innsc                                                                                                        cM                      Nin.                  17,247                                                                                                      TD                    nc
                                                                                                                                                                                                                                                                                                                                                                        FCid.I                                   Po om                                                                                                                                                                                                                                                            U                          es
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        19.7

                                                                                                                                                                                                                                                                                                                                                                                .eCli
                                                                                                                                                                                                                                                                                                                                                                                      tdyn                              rteA                                                                                                utMua                                                                                                                                                     SM                            F
                                                                                                                                                                                                                                                                                                                                                                                           CIdn                                  6,545                                                                                          anl uFl                                                                                                                                                    id-
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Ca
                                                                                                                                                                                                                                                                                                                                                                                                  nvBe                                                                                                                                uifne I
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           dns v                                                                                                                                                 p
                                                                                                                                                                                                                                                                                                                                                                                                          ostnm
                                                                                                                                                                                                                                                                                                                                                                                                                 d eS                                                                                                                                              16,518                                                                                                                               Gr
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Cl
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                -
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        18.9

                                                                                                                                                                                                                                                                                                                                                                                                                         nr tA                                                                                                                                                                                                                                                                                      F
                                                                                                                                                                                                                                                                                                                                                                                                                                 6,410
                                                                                                                                                                                                                                                                                                                                                                             RB
                                                                                                                                                                                                                                                                                                                                                                                C
                                                                                                                                                                                                                                                                                                                                                                                In

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Largest Fund Companies in Canada ($ millions)
                                                                                                                                                                                                                                                                                                                                                                                 vSees                                                                                                                                          RBRB
                                                                                                                                                                                                                                                                                                                                                                                        lteocr                                                                                                                                     CCGG
                                                                                                                                                                                                                                                                                                                                                                                              ts CD                                                                                                                                   AAMM
                                                                                                                                                                                                                                                                                                                                                                         Fid
                                                                                                                                                                                                                                                                                                                                                                            ReBli
                                                                                                                                                                                                                                                                                                                                                                                                      oivnid
                                                                                                                                                                                                                                                                                                                                                                                                             sePn                                                                                                                                        194,471
                                                                                                                                                                                                                                                                                                                                                                                   StySC                          fld            22,721                                                                                                                                                                                                                                                                                 Bro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -19.6

                                                                                                                                                                                                                                                                                                                                                                                          ealen                                                                                                                                      TTDD                                                                                                                                                                                   m

    proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.
                                                                                                                                                                                                                                                                                                                                                                                                catd                                                                                                                                     AAM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           M                                                                                                                                                                                    pto
                                                                                                                                                                                                                                                                                                                                                                                                        Biaan
                                                                                                                                                                                                                                                                                                                                                                                                              l PAflA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  CIC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        InI Ivn                          123,928                                                                                                                                                                     nR
                                                                                                                                                                                                                                                                                                                                                                                                                                 22,121                                                                                        evsets                                                                                                                                                                                                    eso
                                                                                                                                                                                                                                                                                                                                                                                       RBC                                                                                                                                            m
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      tme                                                                                                                                                                               Ma                    urc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -18.6

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           FidF                                                                                                                                                                                                            rq                     eS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             The Mutual Fund Numbers Game

                                                                                                                                                                                                                                                                                                                                                                                                  BCad                                                                                                                                      ennt
                                                                                                                                                                                                                                                                                                                                                                         RB                              lann                                                                                                  eidliet                           sts     113,200                                                                                                                                                                ue                     eri
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           es
                                                                                                                                                                                                                                                                                                                                                                              CM                               D
                                                                                                                                                                                                                                                                                                                                                                                                               cei d
                                                                                                                                                                                                                                                                                                                                                                                                                   v
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      ylitIyn                                                                                                                                                                                                       st R                       F
                                                                                                                                                                                                                                                                                                                                                                                      on                                         17,538                                                                                       Ivnv
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  CCa a                                                                                                                                                                                                 eso
                                                                                                                                                                                                                                                                                                                                                                                            tRhl                                                                                                                                        nnaa                                                                                                                                                                            Ma                    urc
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -18.3

                                                                                                                                                                                                                                                                                                                                                                                                ByCIn                                                                                                                                         ddaa                                                                                                                                                                           rqu                  eC
                                                                                                                                                                                                                                                                                                                                                                          InvR                            Bcoo                                                                                                                                           104,916                                                                                                                                                                  est                  las
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           sF
                                                                                                                                                                                                                                                                                                                                                                                                                nmde                                                                                                     ScSo
                                                                                                                                                                                                                                                                                                                                                                               eBsCt
                                                                                                                                                                                                                                                                                                                                                                                       oCrds                                     17,062                                                                                        ctoia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    tiaG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Exp
                                                                                                                                                                                                                                                                                                                                                                                              nDD                                                                                                                                                                                                                                                                                                                                          lor
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          GAAM                                                                                                                                                                          Qw                     er
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  F
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -18.0

                                                                                                                                                                                                                                                                                                                                                                             TD
                                                                                                                                                                                                                                                                                                                                                                                                   iviivdi
                                                                                                                                                                                                                                                                                                                                                                                                            dee                                                                                                                                  M       96,306                                                                                                                                                               est
                                                                                                                                                                                                                                                                                                                                                                                                                nndd                                                                                                                                                                                                                                                                                                              En
                                                                                                                                                                                                                                                                                                                                                                                    CTa                                          16,715                                                                                         CCIBI                                                                                                                                                                                                 erg
                                                                                                                                                                                                                                                                                                                                                                  Fid                   DnaC
                                                                                                                                                                                                                                                                                                                                                                                               ddia                                                                                                       InvIn                       BCC                                                                                                                                                                                                 yC
                                                                                                                                                                                                                                                                                                                                                                      elit                          nnBB                                                                                                      evset s                      AAM  M                                                                                                                                                                       Fra                    dn
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         90,924
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -15.8

                                                                                                                                                                                                                                                                                                                                                                           y TMr                             oonn                                                                                                    otros rs                                                                                                                                                                                               nk                     Re
                                                                                                                                                                                                                                                                                                                                                                                iomna                             dd             15,533                                                                  BM                   GrGro                                                                                                                                                                                             lin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Bis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        sC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   ouu                                                                                                                                                                                                                      l Se
                                                                                                                                                                                                                                                                                                                                                                   TD T
                                                                                                                                                                                                                                                                                                                                                                                         trhklIn
                                                                                                                                                                                                                                                                                                                                                                                               y Icno                                                                                                       OF                          p  pI                                                                                                                                                                                           set
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            t
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 rF
                                                                                                                                                                                                                                                                                                                                                                       Crdim                             cmoe                                                                                                 BM  inOa                       Inncv.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         78,881                                                                                                                                                         Mi                    E ne
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -10.1

                                                                                                                                                                                                                                                                                                                                                                            naCrk                              mGer                                                                                                       nFic                                                                                                                                                                                              dd                     rgy
                                                                                                                                                                                                                                                                                                                                                                                    oSre                                         13,529                                                                   Ma                  niaa l
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   nG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               lefi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    eld                  Co
                                                                                                                                                                                                                                                                                                                                                                                            lPec                                                                                                                                      ciaro                                                                                                                                                                                                                   rC
                                                                                                                                                                                                                                                                                                                                                                    RB                          l  t
                                                                                                                                                                                                                                                                                                                                                                                                  usGr                                                                                                        cke                          lGup                                                                                                                                                                                          Glo                     lF
                                                                                                                                                                                                                                                                                                                                                                       CCISB                              Boow                                                                                                       nM                          rp      68,129                                                                                                                                                                                En
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            To September 30, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -9.5

                                                                                                                                                                                                                                                                                                                                                                             eCl M                              ndth                                                                                                     ziae                                                                                                                                                                                           Fro                       erg
                                                                                                                                                                                                                                                                                                                                                                                  Veo                                            12,757                                                                                        cFkie                                                                                                                                                                                         nt

                                                                                                                                                                                                                                                                                                                                                                                                                                          To November 30, 2016
                                                                                                                                                                                                                                                                                                                                                                                        rnyth                                                                                                            Ma                        nnaz                                                                                                                                                                                          St                     yC
                                                                                                                                                                                                                                                                                                                                                                                              Cloy                                                                                                          nu                           niec                                                                                                                                                                                       Re                      lF
                                                                                                                                                                                                                                                                                                                                                                                                     nInsc                                                                                                      life                          iFainl                                                                                                                                                                                    sG
                                                                                                                                                                                                                                                                                                                                                                           FCidI                             Poom                                                                                                       IM
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         nva                         .   49,144                                                                                                                                                                            ra
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -8.9

                                                                                                                                                                                                                                                                                                                                                                                                                  rte            11,842
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Tri                     nd
                                                                                                                                                                                                                                                                                                                                                                                  eClditn
                                                                                                                                                                                                                                                                                                                                                                                          yC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               ensut
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     am
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           ma
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                rk                  I n cC
                                                                                                                                                                                                                                                                                                                                                                                             Inv

                              All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       lifeen

    the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
                                                                                                                                                                                                                                                                                                                                                                                                denst                                                                                                                                         Intsv                                                                                                                                                                                 En                      lF
                                                                                                                                                                                                                                                                                                                                                                                                          Bm onen                                                                                                                                   .    48,701                                                                                                                                                                        erg
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           yC
                                                                                                                                                                                                                                                                                                                                                                                                                  dt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -8.8

                                                                                                                                                                                                                                                                                                                                                                                                                                 10,826                                                                                                                                                                                                                                                                                 Fro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             nt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                las
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    s
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Str                  Se
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ee                   rie
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        tG                    sF
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            ro
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               -6.9

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Fid                    wt
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            elit                  hS
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 yF                     eri
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            es
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     ron
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         tie                   F

                                                                                                                                                                                                                               There’s clearly a bit of a conservative tilt to today’s biggest funds. And RBC’s line-up boasts five of the ten largest funds in
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Best/Worst Performing Funds in Canada for the Three Years Ended 11/30/16 (Annualized)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             rE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      The past three years have been good for funds focused on U.S.-listed technology and health care names. Not so much for

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 M
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Sr
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        F

9
                             ?
Share of Global Fund Industry By Region ($USD Trillion) To June 30, 2016

         By Region                                      Assets to 6/30/16                               Share
              Americas                                                          $20                    52.0%                                                                                      Globally
              Europe                                                             $14                  36.0%                                                                                     $39.3 Trillion
              Asia and Pacific                                                         $5              12.0%
                                                                              $39.3                     100%

        Given the dominance of the U.S. market, the North American region has the biggest share of the global fund business.
        Source: ICI

         Selected Market Metrics

                                                                                                                                                                                                              Oct. 31, 2006
                                                                                                                                                                                                              Oct. 31, 2016
                                                                                                                $58.73

                                                                                                                         $46.67
                                               12,274

                                                        14,787

                                                                                                     $1,277

                                                                                                                                                                            $49.30

                                                                                                                                                                                       $72.09
                                                                                                                                                      4.03%

                                                                                                                                                              1.19%
                        1,378

                                2,126

                                                                      1,958

                                                                               1,666

                                                                                             $607

                                                                                                                                  0.89

                                                                                                                                         0.75
                       S&P 500              S&P/TSX                  MSCI EAFE              Gold (USD)         WTI Crude          CAD/USD             Canada                 Shares
                                           Composite                                                                                                  10 Year                of BNS
                                                                                                                                                     Bond Yield

         It hasn’t been a straight line, but someone who socked money away in stocks (especially U.S. stocks), bonds, oil or gold ten
         years ago and held all the way through would be better off today.
        Source: Bloomberg

         Market Share by Fund Category
         October 2006                                                                                                                    October 2016

                                        7.2%                                           Equity Funds                                                      1.7%
                                                                                                                                                     14.3%                                      Balanced funds have built
                                12.1%                                                  Balanced Funds                                                             30.2%
                                           54.1%                                                                                                                                                a dominant position in the
                                26.5%                                                  Bond Funds
                                                                                                                                                        53.8%                                   Canadian mutual fund business.
                                                                                       Money Market Funds

        Source: IFIC

        Did You Know?

                 $1.32                                            33%                                         31%                   $17 billion                                $7 billion                                  192,600
                trillion                                         (4.9 million)
                                                                                                    Mutual Funds as % of               Total Economic                                 Total Provincial               Fund Industry-Related
                                                            Percentage of                           Canadians’ Financial            Footprint of Canadian                            and Federal Taxes                  Jobs in Canada
              Canadian Fund
                                                        Canadian Households                               Wealth                    Fund Industry in 2012                              Generated by
              Industry Assets
                                                        Holding Mutual Funds                                                                                                         Canadian Mutual
                (10/31/16)
                                                                                                                                                                                          Funds

         Source: IFIC

                                                                                                                                                                                                                             ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

10
Reference Table 1:
                        Recommended Funds by Category
                        Canadian Balanced                                                                                                                 High-Yield Bond
                        CI Cambridge Asset Allocation                                                                                                     Fidelity American High Yield (Curr Neutral)
                        Dynamic Dividend Income                                                                                                           Horizons Active High Yield Bond ETF NEW
                        Fidelity Canadian Balanced                                                                                                        Mackenzie Corporate Bond
                        Mackenzie Income                                                                                                                  PIMCO Monthly Income NEW
                        Mackenzie Ivy Canadian Balanced
                        TD Dividend Income                                                                                                                U.S. Equity
                        Trimark Income Growth
                                                                                                                                                          AGF American Growth
                                                                                                                                                          BMO US Dividend ETF NEW
                        Canadian Equity                                                                                                                   Dynamic Power American Growth
                        BMO S&P/TSX Capped Composite ETF NEW                                                                                              Epoch U.S. Large Cap Value NEW
                        CI Canadian Investment                                                                                                            Fidelity Small Cap America NEW
                        CI Signature Select Canadian                                                                                                      Franklin Mutual U.S. Shares
                        CI Synergy Canadian Corporate Class                                                                                               Horizons S&P 500 ETF NEW
                        Dynamic Power Canadian Growth UNDER REVIEW                                                                                        Mackenzie U.S. Mid Cap Growth (Unhedged)
                        EdgePoint Canadian Portfolio                                                                                                      RBC O’Shaughnessy US Value
                        Fidelity Canadian Disciplined Eq
                        Fidelity Canadian Large Cap                                                                                                       International Equity
                        Franklin Bissett Canadian Equity
                                                                                                                                                          BMO International Dividend ETF NEW
                        Horizons S&P/TSX 60 ETF NEW
                                                                                                                                                          BMO MSCI EAFE ETF NEW
                                                                                                                                                          CI Black Creek International Equity
                        Canadian Equity Income / Dividend                                                                                                 CI International Value
                        BMO Canadian Dividend ETF NEW                                                                                                     Invesco International Growth
                        BMO Monthly High Income II                                                                                                        Manulife World Investment Class
                        CI Signature Dividend
                        Dynamic Equity Income                                                                                                             Global Balanced / Asset Allocation
                        Franklin Bissett Canadian Dividend
                                                                                                                                                          EdgePoint Global Growth & Income Portfolio
                        Horizons Active Preferred Share ETF                               NEW
                                                                                                                                                          Mackenzie Ivy Global Balanced
                        IA Clarington Strat Equity Income
                                                                                                                                                          Trimark Global Balanced
                        Manulife Dividend Income NEW

                                                                                                                                                          Global Equity
                        Canadian Small-Cap
                                                                                                                                                          Capital Group Global Equity
                        Dynamic Small Business
                                                                                                                                                          CI Black Creek Global Leaders
                        Fidelity Canadian Opportunities
                                                                                                                                                          CI Synergy Global Corporate Class
                        IA Clarington Canadian Small Cap
                                                                                                                                                          Dynamic Global Discovery
                        Manulife Growth Opportunities
                                                                                                                                                          Franklin Mutual Global Discovery
                                                                                                                                                          Horizons Active Global Dividend ETF                              NEW
                        Canadian Bond                                                                                                                     Mackenzie Ivy Foreign Equity
                        BMO Aggregate Bond ETF NEW                                                                                                        Templeton Growth
                        Dynamic Canadian Bond                                                                                                             Trimark Global Endeavour
                        Fidelity Canadian Bond
                        Horizons Active Corporate Bond ETF NEW
                        PH&N Total Return Bond
                        TD Canadian Bond
                        Vanguard Canadian Short-Term Bond ETF                                       NEW

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                                 11
Reference Table 2:
                      Recommended Funds by Company
                      AGF                                                                                                                   Franklin Templeton
                      AGF American Growth                                                                                                   Franklin Bissett Canadian Dividend
                                                                                                                                            Franklin Bissett Canadian Equity
                      BMO                                                                                                                   Franklin Mutual Global Discovery
                                                                                                                                            Franklin Mutual U.S. Shares
                      BMO Aggregate Bond ETF NEW
                                                                                                                                            Templeton Growth
                      BMO Canadian Dividend ETF NEW
                      BMO International Dividend ETF NEW
                      BMO Monthly High Income II                                                                                            Horizons ETFs
                      BMO MSCI EAFE ETF NEW                                                                                                 Horizons Active Corporate Bond ETF NEW
                      BMO S&P/TSX Capped Composite ETF                                 NEW                                                  Horizons Active Global Dividend ETF NEW
                      BMO US Dividend ETF NEW                                                                                               Horizons Active High Yield Bond ETF NEW
                                                                                                                                            Horizons Active Preferred Share ETF NEW
                      Capital Group                                                                                                         Horizons S&P 500 ETF NEW
                                                                                                                                            Horizons S&P/TSX 60 ETF NEW
                      Capital Group Global Equity
                                                                                                                                            IA Clarington
                                                                                                                                            IA Clar. Strat Equity Inc.
                      CI                                                                                                                    IA Clarington Canadian Small Cap
                      CI Black Creek Global Leaders
                      CI Black Creek International Equity                                                                                   Invesco
                      CI Cambridge Asset Allocation
                                                                                                                                            Invesco International Growth
                      CI Canadian Investment
                                                                                                                                            Trimark Global Balanced
                      CI International Value
                                                                                                                                            Trimark Global Endeavour
                      CI Signature Dividend
                                                                                                                                            Trimark Income Growth
                      CI Signature Select Canadian
                      CI Synergy Canadian Corporate Class
                      CI Synergy Global Corporate Class                                                                                     Manulife
                                                                                                                                            Manulife Dividend Income NEW
                      Dynamic                                                                                                               Manulife Growth Opportunities
                                                                                                                                            Manulife World Investment Class
                      Dynamic Canadian Bond
                      Dynamic Dividend Income
                      Dynamic Equity Income                                                                                                 Mackenzie
                      Dynamic Global Discovery                                                                                              Mackenzie Corporate Bond
                      Dynamic Power American Growth                                                                                         Mackenzie Income
                      Dynamic Power Canadian Growth                             UNDER REVIEW                                                Mackenzie Ivy Canadian Balanced
                      Dynamic Small Business                                                                                                Mackenzie Ivy Foreign Equity
                                                                                                                                            Mackenzie Ivy Global Balanced
                      Edgepoint                                                                                                             Mackenzie U.S. Mid Cap Growth (Unhedged)
                      EdgePoint Canadian Portfolio
                      EdgePoint Global Growth & Income Portfolio                                                                            PIMCO
                                                                                                                                            PIMCO Monthly Income                     NEW
                      Fidelity
                      Fidelity American High Yield (Curr Neutral)                                                                           RBC Asset Management
                      Fidelity Canadian Balanced                                                                                            PH&N Total Return Bond
                      Fidelity Canadian Bond                                                                                                RBC O’Shaughnessy US Value
                      Fidelity Canadian Disciplined Eq
                      Fidelity Canadian Large Cap                                                                                           TD Mutual Funds
                      Fidelity Canadian Opportunities
                                                                                                                                            Epoch U.S. Large Cap Value                     NEW
                      Fidelity Small Cap America NEW
                                                                                                                                            TD Canadian Bond
                                                                                                                                            TD Dividend Income

                                                                                                                                            Vanguard
                                                                                                                                                                                                                     ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
                                                                                                                                                     Vanguard
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized                Canadian
                                                                                                                                                        to view it on-line),             Short-Term
                                                                                                                                                                             adapted or distributed;         Bond ETF NEW
                                                                                                                                                                                                     and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

12
Canadian Balanced
Benchmark
Morningstar CAN Bal 50/50 CAD

Performance as of 11-30-2016
Funds                                                                                    Trailing Returns                                                                                Standard Deviation                    Statistics

                                                                                          1 Mo       3 Mo      6 Mo        YTD        1 Yr         3 Yr    5 Yr       10 Yr                     3 Yr          5 Yr              Eqt. Style      FI Style         MER
1      CI Cambridge Asset Alloc Corp Cl F                                                   0.9        1.5       5.3       7.1        5.7          8.1     9.6         —                        4.7           5.1                       7            —           1.34
2      Dynamic Dividend Income Series F                                                    -0.1       -0.5       2.5       2.5        3.2          5.6     6.9         5.3                      4.5           4.4                       4            2           1.10
3      Fidelity Canadian Balanced Class F                                                  -0.5        0.0       4.2       6.4        6.7          8.1     8.9         7.0                      6.2           5.4                       7            8           0.91
4      Mackenzie Income F                                                                  -0.3       -0.2       3.2       6.6        6.6          6.2     6.3         4.8                      4.1           3.8                       4            8           1.01
5      Mackenzie Ivy Canadian Balanced F                                                    2.7        3.3       5.9      14.6       12.6          9.3    10.1         5.2                      6.1           5.6                       4            8           1.12
6      TD Dividend Income - F                                                               1.9        4.1       8.3      16.1       13.0          7.9     9.9         5.8                      6.9           6.3                       1            8           0.94
7      Trimark Income Growth F                                                              3.2        3.5       5.8      11.0        9.1          7.9    10.7         5.0                      6.3           6.1                       4            2           1.29
       Morningstar CAN Bal 50/50 CAD                                                        0.1        0.4       3.8        9.5       8.5          5.5     5.1         4.7                      4.4           4.3                       —            —             —

5 Year Risk/Returns as of 11-30-2016
    Fund              Category                                                                                                                                                                                                                        5 Yr Return
                                                                                                                                                                                                                                                                 12.0

                                                                                                                                                                                                                                                                 11.0
                                                                                                                                                                                                                                   7
                                                                                                                                                                                                                       5                                         10.0
                                                                                                                                                                                                                                          6
                                                                                                                                                                                                          1
                                                                                                                                                                                                                 3                                               9.0

                                                                                                                                                                                                                                                                 8.0

                                                                                                                                                                                     2                                                                           7.0
                                                                                                                                                                  4
                                                                                                                                                                                                                                                                 6.0

                                                                                                                                                                                                                                                                 5.0

                                                                                                                                                                                                                                                                 4.0

                                                                                                                                                                                                                                                                 3.0

-2.0                     -1.0                         0.0                         1.0                          2.0                           3.0                        4.0                         5.0                         6.0                        7.0
5 Yr Standard Deviation

Category Description
Canadian balanced funds are generally amongst the                                        income allocations should be taken into account when                                       designed to be standalone portfolio solutions. Multiple
most diversi ed in that they have broad exposure to                                      making head-to-head comparisons between balanced                                           portfolio managers also generally contribute to the
Canadian equity and xed income securities and many                                       offerings. The Canadian balanced fund category also                                        cause. Fund-of-funds are intentionally excluded from the
have a foreign equity component as well. These products                                  includes a wide array of fund-of-funds. Such products,                                     Recommended List.
often pay regular distributions, or are available in                                     which typically target a speci c asset mix and usually
versions that pay regular distributions. Equity and xed                                  come with an automatic rebalancing feature, are

                                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line,
the course
and           of course
     (ii) in the viewingofitprinting
                             on-line, off
                                      andsingle
                                          (ii) in copies
                                                  the course  of printing
                                                         of web   pages onoffwhich
                                                                              singleitcopies of for
                                                                                       appears   webthepages onthose
                                                                                                         use of whichauthorized
                                                                                                                      it appearstoforview
                                                                                                                                       the ituse of those
                                                                                                                                              on-line),   authorized
                                                                                                                                                        adapted      to view it and
                                                                                                                                                                or distributed; on-line), adapted or distributed;
                                                                                                                                                                                    (3) Morningstar               and (3) Morningstar
                                                                                                                                                                                                     proprietary information is not warranted to be accurate, complete
proprietary
or timely. TMinformation
                Trademark isof not
                               Thewarranted
                                    Bank of Novato beScotia,
                                                      accurate,
                                                             usedcomplete    or timely. TM Trademark of The Bank of Nova Scotia, used under license.
                                                                   under license.

                                                                                                                                                                                                                                                                  13
CI Cambridge Asset Allocation Corporate Class F
 Fund Stats
Fund Manager                                     Robert Swanson, B.S.                 Total Assets as of 09-30-2016                                     $3,870 Mil               Fund Code            Benchmark
                                                  Brandon Snow, B.A.                                                                                                             CIG4322              Morningstar CAN Bal Glbl 60/40 CAD
                                                                                      MER %                                                                      1.34
                                                                                                                                                                                                      Category
Manager Start Date                                                Jun 2011            Trailing Yield %                                                            0.4                                 Canadian Balanced
                                                                  Jun 2011

Fund Inception                                      December 31, 2007

 Portfolio As of 03-31-2016
Asset Allocation                                                      % Port          Morningstar Style BoxTM                                                                  Top 5 Holdings                                       % Assets
                                           Cash                          19.0         Equity Style                                    Fixed Income Style                       Cambridge Bond Fund                                     23.7
                                           Fixed Income                   8.5                                                                                                  Walgreens Boots Alliance Inc                             3.0

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                           Canadian Equity               21.3                                                                                                  Tourmaline Oil Corp                                      2.5
                                           US Equity                     18.5                                                                                                  PrairieSky Royalty Ltd                                   2.2

                                                                                                                                                                  Medium Low
                                           International Equity           7.4                                                                                                  Brookfield Infrastructure Partners LP                    1.8
                                                                                                                    Small
                                           Other                         25.2                                                                                                  % Portfolio in Top 5 holdings                           33.3
                                                                                                                                                                               Total Number of Portfolio Holdings                      152
                                                                                      Value Blend Growth                              Ltd    Mod       Ext

 Performance As of 11-30-2016
                                                                                                                                      25                                       Compound Returns %                    Fund   Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      22                                       1 Mth                                  0.9    -0.6        1
                                                                                                                                                Fund
                                                                                                                                      19                                       3 Mth                                  1.5    -0.5        1
                                                                                                                                                     Benchmark
                                                                                                                                      16                                       6 Mth                                  5.3     3.2        1
                                                                                                                                      13
                                                                                                                                                                               1 Yr                                   5.7     4.8        1
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                   6.6     9.5        1
                                                                                                                                       7
                                                                                                                                                                               3 Yr                                   8.1    10.8        1
     2006      2007        2008        2009       2010        2011        2012       2013        2014        2015               YTD          Calendar Year                     5 Yr                                   9.6    12.2        1
      —          —        -17.3        25.1       14.3          0.4        4.7       19.9        11.5         5.2               —            Total Return %                    10 Yr                                  —       —         —
                          -14.0        23.9       10.2         -1.8       -3.4       -1.7        -0.9       -13.1                            +/- Benchmark %
                            *           &          *            *          (          &           &           &                 &            Quartile

Statistics                                           3 Year              5 Year                                                             3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                  % Rtrn
Alpha                                                  3.92                3.97     Standard Deviation                                       4.68                5.12          Fund                                                   -26.6
Beta                                                   0.33                0.42     Bmrk Standard Deviation                                  7.89                6.63          Benchmark                                              -12.8
R-Squared                                              0.31                0.29     Upside Capture                                           0.57                0.69
Information Ratio                                     -0.43               -0.44     Downside Capture                                         0.20                0.36

 GPAG's Take
This offering is classified as a "Tactical Balanced" fund,                            amounts of cash. We've seen the weighting there get as                                   decision. A total of 11 PMs and analysts contribute to
meaning management has a good deal of flexibility in                                  high as 45%. Industry veteran Bob Swanson heads up                                       the security selection effort, and Swanson's input also
determining the portfolio's asset mix. Indeed, that has                               the effort and his models, along with discussions with                                   drives the composition of the portfolio's equity and fixed
been the case here. During its existence, the fund's                                  the other investment professionals at Cambridge, help                                    income sleeves.
equity exposure has been as low as about 45% and as                                   determine the asset mix. Where we are in the business/
high as 93%. There's also no fear in holding huge                                     economic cycle is a big driver behind the asset mix

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

14
Dynamic Dividend Income Series F
Fund Stats

Fund Manager                                   Michael McHugh, M.A.                  Total Assets as of 12-12-2016                                           $673 Mil            Fund Code            Benchmark
                                                 Oscar Belaiche, B.A.                                                                                                            DYN254               Morningstar CAN Bal 50/50 CAD
                                                                                     MER %                                                                       1.10
                                                                                                                                                                                                      Category
Manager Start Date                                                Jan 2003           Trailing Yield %                                                             4.3                                 Canadian Balanced
                                                                  Jan 2003

Fund Inception                                           January 2, 2003

Portfolio As of 08-31-2016
Asset Allocation                                                      % Port         Morningstar Style BoxTM                                                                   Top 5 Holdings                                       % Assets
                                          Cash                          14.8         Equity Style                                     Fixed Income Style                       Dynamic Aurion Total Return Bond                          5.0
                                          Fixed Income                  29.1                                                                                                   US Treasury Bond 3% 15-11-2045                            3.2

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity               23.4                                                                                                   Visa Inc Class A                                          2.1
                                          US Equity                     29.4                                                                                                   Royal Bank of Canada                                      2.1

                                                                                                                                                                  Medium Low
                                          International Equity           3.3                                        Small                                                      Canadian Imperial Bank of Commerce                        2.0
                                          Other                          0.0                                                                                                   % Portfolio in Top 5 holdings                           14.4
                                                                                                                                                                               Total Number of Portfolio Holdings                       604
                                                                                     Value Blend Growth                               Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      20                                       Compound Returns %                   Fund    Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      18                                       1 Mth                                 -0.1     0.1         3
                                                                                                                                                Fund
                                                                                                                                      16                                       3 Mth                                 -0.5     0.4         4
                                                                                                                                                     Benchmark
                                                                                                                                      14                                       6 Mth                                  2.5     3.8         3
                                                                                                                                      12
                                                                                                                                                                               1 Yr                                   3.2     8.5         4
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                   3.7     3.4         2
                                                                                                                                       8
                                                                                                                                                                               3 Yr                                   5.6     5.5         2
   2006        2007        2008       2009        2010        2011       2012        2013        2014       2015                YTD          Calendar Year                     5 Yr                                   6.9     5.1         2
     9.5         4.3      -20.0       20.6        11.5         8.0         5.7       12.0         7.5         4.6               —            Total Return %                    10 Yr                                  5.3     4.7         1
    -0.8        -3.3       -7.5        4.8        -0.6         7.7         0.9        6.8        -1.6         7.0                            +/- Benchmark %
     (           &          )          *           &           &           (          *           (           &                 )            Quartile

Statistics                                           3 Year             5 Year                                                              3 Year             5 Year          Crisis Test 08-31-2008 to 02-26-2009                  % Rtrn
Alpha                                                 1.54                2.97     Standard Deviation                                        4.45                4.44          Fund                                                   -20.5
Beta                                                  0.69                0.71     Bmrk Standard Deviation                                   4.39                4.28          Benchmark                                              -18.6
R-Squared                                             0.47                0.46     Upside Capture                                            0.79                0.87
Information Ratio                                     0.02                0.52     Downside Capture                                          0.48                0.24

HollisWealth's
GPAG's Take Take
This income-oriented fund provides investors with                                    preferred shares, but management doesn't see much                                         30% to 40% of the fund most of the time, so despite its
exposure to a basket of higher yielding equities and fixed                           value there at this point and is keeping exposure at next                                 name, this offering really is a balanced fund. This
income securities. The common equity component                                       to nothing. Oscar Belaiche and his team run the equity                                    product spits out a monthly distribution that equates to a
consists of high yielding securities from a host of                                  portion of the fund while Michael McHugh oversees the                                     yield of roughly 4%, and note that a good chunk of that
sectors, and U.S. names now make up a fairly large                                   fixed income component. The two managers work closely                                     payout comes in the form of return of capital.
portion of this part of the fund. The portfolio was also                             together to ensure the portfolio is firing on all cylinders.
originally designed to provide some exposure to                                      The fixed income/cash portion of the fund will represent

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                                         15
Fidelity Canadian Balanced Class F
Fund Stats

Fund Manager                                           Geoffrey Stein                Total Assets as of 11-30-2016                                      $1,117 Mil               Fund Code            Benchmark
                                                  Darren Lekkerkerker                                                                                                            FID626               Morningstar CAN Bal 50/50 CAD
                                                                                     MER %                                                                       0.91
                                                                                                                                                                                                      Category
Manager Start Date                                               May 2012            Trailing Yield %                                                             0.8                                 Canadian Balanced
                                                                 Nov 2009

Fund Inception                                     September 26, 2001

Portfolio As of 09-30-2016
Asset Allocation                                                      % Port         Morningstar Style BoxTM                                                                   Top 5 Holdings                                       % Assets
                                          Cash                  1.9                  Equity Style                                     Fixed Income Style                       Royal Bank of Canada                                      4.1
                                          Fixed Income         45.4                                                                                                            Bank of Nova Scotia                                       3.7

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity      44.9                                                                                                            Canadian Pacific Railway Ltd                              2.7
                                          US Equity             7.1                                                                                                            Restaurant Brands International Inc                       2.7

                                                                                                                                                                  Medium Low
                                          International Equity 0.5                                                  Small
                                                                                                                                                                               Brookfield Asset Management Inc Class A                   2.6
                                          Other                 0.1                                                                                                            % Portfolio in Top 5 holdings                           15.8
                                                                                                                                                                               Total Number of Portfolio Holdings                       661
                                                                                     Value Blend Growth                               Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      25                                       Compound Returns %                   Fund    Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      22                                       1 Mth                                 -0.5     0.1         4
                                                                                                                                                Fund
                                                                                                                                      19                                       3 Mth                                  0.0     0.4         3
                                                                                                                                                     Benchmark
                                                                                                                                      16                                       6 Mth                                  4.2     3.8         1
                                                                                                                                      13
                                                                                                                                                                               1 Yr                                   6.7     8.5         2
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                   5.7     3.4         1
                                                                                                                                       7
                                                                                                                                                                               3 Yr                                   8.1     5.5         1
     2006      2007        2008       2009        2010        2011       2012        2013        2014       2015                YTD          Calendar Year                     5 Yr                                   8.9     5.1         1
     11.7       9.6       -17.8       23.6        14.6         0.0         7.2       14.0        12.4         4.8               —            Total Return %                    10 Yr                                  7.0     4.7         1
      1.3       2.0        -5.3        7.8         2.5        -0.3         2.3        8.8         3.3         7.1                            +/- Benchmark %
      &         &           (          &           &           *           *          &           &           &                 *            Quartile

Statistics                                           3 Year             5 Year                                                              3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                  % Rtrn
Alpha                                                  2.47               3.81      Standard Deviation                                       6.22                5.44          Fund                                                   -20.8
Beta                                                   1.02               0.97      Bmrk Standard Deviation                                  4.39                4.28          Benchmark                                              -18.6
R-Squared                                              0.52               0.58      Upside Capture                                           1.10                1.18
Information Ratio                                      0.60               1.10      Downside Capture                                         0.60                0.46

GPAG's Take
The asset allocation here will tend to be more stable                                into CAD). The asset mix of the fund is overseen by a pair                                investment grade fixed income component while Harley
than that of Fidelity's Canadian Asset Allocation offering,                          of asset allocation pros at the shop (but again, asset                                    Lank, lead manager of Fidelity American High Yield runs
and here investors get exposure to Canadian equities,                                class shifts will be limited). Darren Lekkerkerker runs the                               the high yield bond allocation.
Canadian investment grade bonds and high yield bonds                                 equity component of the portfolio (a third of which is
(limited to 10% with all currency exposure hedged back                               foreign); Catriona Martin oversee the Canadian

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

16
Mackenzie Income Fund - F
Fund Stats

Fund Manager                                     Steve Locke, M.B.A.                 Total Assets as of 11-30-2016                                      $1,156 Mil               Fund Code            Benchmark
                                              Darren McKiernan, B.S.                                                                                                             MFC057               Morningstar CAN Bal Cdn Con CAD
                                                                                     MER %                                                                       1.01
                                                                                                                                                                                                      Category
Manager Start Date                                               Jun 2010            Trailing Yield %                                                             3.2                                 Canadian Balanced
                                                                 Dec 2013

Fund Inception                                         October 22, 2001

Portfolio As of 09-30-2016
Asset Allocation                                                      % Port         Morningstar Style BoxTM                                                                   Top 5 Holdings                                       % Assets
                                          Cash                  3.2                  Equity Style                                     Fixed Income Style                       Canada Govt 3.5% 01-12-2045                               4.3
                                          Fixed Income         66.9                                                                                                            Prov Of Quebec 3.5% 01-12-2045                            3.2

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity      14.7                                                                                                            Canada Govt 1.25% 01-12-2047                              1.6
                                          US Equity             8.2                                                                                                            Ontario Prov Cda 2.8% 02-06-2048                          1.5

                                                                                                                                                                  Medium Low
                                          International Equity 6.7                                                  Small                                                      British Columbia Prv Cda 2.8% 18-06-2048                  1.5
                                          Other                 0.3                                                                                                            % Portfolio in Top 5 holdings                           12.0
                                                                                                                                                                               Total Number of Portfolio Holdings                       623
                                                                                     Value Blend Growth                               Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      20                                       Compound Returns %                   Fund    Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      18                                       1 Mth                                 -0.3    -0.2         2
                                                                                                                                                Fund
                                                                                                                                      16                                       3 Mth                                 -0.2    -0.3         1
                                                                                                                                                     Benchmark
                                                                                                                                      14                                       6 Mth                                  3.2     2.1         1
                                                                                                                                      12
                                                                                                                                                                               1 Yr                                   6.6     4.9         1
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                   4.6     3.6         1
                                                                                                                                       8
                                                                                                                                                                               3 Yr                                   6.2     5.2         1
   2006        2007       2008        2009        2010       2011        2012        2013        2014       2015                YTD          Calendar Year                     5 Yr                                   6.3     5.0         1
    8.5         1.1        -8.8       13.9         8.3         4.0         5.0        7.1         8.8         2.7               —            Total Return %                    10 Yr                                  4.8     4.3         1
    0.9        -3.2        -5.4        7.2         0.6         0.3         0.9        1.9         0.4         0.4                            +/- Benchmark %
    &           *           (          *           &           *           (          *           &           *                 &            Quartile

Statistics                                          3 Year              5 Year                                                              3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                  % Rtrn
Alpha                                                -0.38               -0.06     Standard Deviation                                        4.11                3.75          Fund                                                   -13.2
Beta                                                  1.31                1.32     Bmrk Standard Deviation                                   3.01                2.71          Benchmark                                               -8.5
R-Squared                                             0.91                0.90     Upside Capture                                            1.24                1.30
Information Ratio                                     0.66                0.90     Downside Capture                                          1.37                1.44

GPAG's Take
This conservative balanced fund is a long-standing                                   management change late in 2013, as Hovig Moushian,                                        were announced, and we believe the managers running
member of our Recommended List. The bond portion of                                  who oversees a number of dividend-oriented strategies                                     the show today will continue to deliver decent levels of
the fund will always be at least 60% of the portfolio, and                           at Mackenzie, was put in charge of the Canadian equity                                    income and limited amounts of volatility to investors.
that component is overseen by Steve Locke and                                        exposure. Darren McKiernan, the firm's global dividend
Mackenzie’s fixed income team, a group we are big fans                               guru, now runs the fund's foreign equity exposure. We
of. The equity portion of the fund underwent a                                       were supportive of the management changes when they

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                                         17
Mackenzie Ivy Canadian Balanced Fund - F
Fund Stats
Fund Manager                                         Paul Musson, B.C.                Total Assets as of 11-30-2016                                     $1,000 Mil               Fund Code            Benchmark
                                                   Steve Locke, M.B.A.                                                                                                           MFC078               Morningstar CAN Bal Cdn Agg CAD
                                                                                      MER %                                                                      1.12
                                                                                                                                                                                                      Category
Manager Start Date                                               Jan 2009             Trailing Yield %                                                            0.5                                 Canadian Balanced
                                                                 May 2013

Fund Inception                                        December 6, 1999

Portfolio As of 09-30-2016
Asset Allocation                                                      % Port          Morningstar Style BoxTM                                                                  Top 5 Holdings                                       % Assets
                                          Cash                  0.0                   Equity Style                                    Fixed Income Style                       Brookfield Asset Management Inc Class A                   3.8
                                          Fixed Income         22.7                                                                                                            Manulife Financial Corp                                   3.6

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity      50.1                                                                                                            Pembina Pipeline Corp                                     3.2
                                          US Equity            17.0                                                                                                            Onex Corp                                                 3.0

                                                                                                                                                                  Medium Low
                                          International Equity 6.2                                                  Small
                                                                                                                                                                               Shaw Communications Inc Class B                           3.0
                                          Other                 3.9                                                                                                            % Portfolio in Top 5 holdings                           16.6
                                                                                                                                                                               Total Number of Portfolio Holdings                       454
                                                                                      Value Blend Growth                              Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      20                                       Compound Returns %                    Fund   Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      18                                       1 Mth                                 2.7      0.7         1
                                                                                                                                                Fund
                                                                                                                                      16                                       3 Mth                                 3.3      1.4         1
                                                                                                                                                     Benchmark
                                                                                                                                      14                                       6 Mth                                 5.9      4.9         2
                                                                                                                                      12
                                                                                                                                                                               1 Yr                                 12.6      8.2         1
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                  7.1      5.4         1
                                                                                                                                       8
                                                                                                                                                                               3 Yr                                  9.3      7.6         1
     2006      2007        2008       2009        2010        2011        2012       2013        2014        2015               YTD          Calendar Year                     5 Yr                                 10.1      8.3         1
      8.2       -2.0      -10.4        5.8          8.1        1.4         6.9       16.4        12.1         1.0               —            Total Return %                    10 Yr                                 5.2      5.2         1
     -5.2       -5.6        7.5      -10.5         -3.1        2.6        -0.5        2.9         1.4        -1.4                            +/- Benchmark %
      )          )          &          )            )          &           (          &           &           *                 &            Quartile

Statistics                                           3 Year              5 Year                                                             3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                  % Rtrn
Alpha                                                  1.78               2.31      Standard Deviation                                       6.10                5.64          Fund                                                   -14.5
Beta                                                   0.97               0.91      Bmrk Standard Deviation                                  5.31                5.14          Benchmark                                              -23.7
R-Squared                                              0.71               0.69      Upside Capture                                           1.10                1.04
Information Ratio                                      0.50               0.56      Downside Capture                                         0.91                0.70

GPAG's Take
Paul Musson has headed up this fund and the Ivy team                                  for – patience. Management is willing to devote                                          attractive, but the team will not buy a stock simply
since early 2009. Upon taking over, big focus of his was                              tremendous amounts of time to understanding a                                            because it is cheap – the business itself must be strong.
to improve the quality of the investment team, expand                                 company and the team is willing to wait for a company's                                  Steve Lock and Mackenzie's fixed income team oversee
the team's breadth of coverage and improve returns,                                   story to unfold. The first key to the approach involves                                  the bond part of the portfolio. A "core-plus" approach is
particularly for the team's Canadian funds. So far, things                            truly looking at the business. Meeting management is a                                   employed there; meaning up to a quarter of the fixed
have worked out well. Stocks are chosen using a                                       must and growth in both top and bottom line numbers is                                   income exposure may be to high yield issues. A portion
collaborative research effort, although all team members                              desired. Musson likes to see a return on capital figure                                  of the fund's foreign currency exposure is hedged back
have specific sector and/or geographical responsibilities.                            that is expanding, or at least being maintained.                                         into Canadian dollars.
The Ivy philosophy is very simple but it stresses                                     Additionally, it is important for companies to have at
something that many investors do not have the discipline                              least 10 years of financial history. Valuations must be

                                                                                                                                                                                                                            ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

18
TD Dividend Income - F
Fund Stats

Fund Manager                                           Geoff Wilson                  Total Assets as of 11-30-2016                                      $4,304 Mil               Fund Code            Benchmark
                                               Michael Lough, M.B.A.                                                                                                             TDB455               Morningstar CAN Bal Cdn Agg CAD
                                                                                     MER %                                                                       0.94
                                                                                                                                                                                                      Category
Manager Start Date                                               Jan 2010            Trailing Yield %                                                             2.5                                 Canadian Balanced
                                                                 Feb 2000

Fund Inception                                       November 1, 2005

Portfolio As of 08-31-2016
Asset Allocation                                                      % Port         Morningstar Style BoxTM                                                                   Top 5 Holdings                                       % Assets
                                          Cash                  0.8                  Equity Style                                     Fixed Income Style                       The Toronto-Dominion Bank                                     7.4
                                          Fixed Income         18.2                                                                                                            Royal Bank of Canada                                          7.1

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity      73.5                                                                                                            Bank of Montreal                                              6.4
                                          US Equity             2.4                                                                                                            Bank of Nova Scotia                                           6.2

                                                                                                                                                                  Medium Low
                                          International Equity 1.3                                                  Small                                                      Canadian Imperial Bank of Commerce                            6.1
                                          Other                 3.8                                                                                                            % Portfolio in Top 5 holdings                            33.3
                                                                                                                                                                               Total Number of Portfolio Holdings                        370
                                                                                     Value Blend Growth                               Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      25                                       Compound Returns %                   Fund   Bmark       Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      22                                       1 Mth                                 1.9     0.7              2
                                                                                                                                                Fund
                                                                                                                                      19                                       3 Mth                                 4.1     1.4              1
                                                                                                                                                     Benchmark
                                                                                                                                      16                                       6 Mth                                 8.3     4.9              1
                                                                                                                                      13
                                                                                                                                                                               1 Yr                                 13.0     8.2              1
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                  4.8     5.4              1
                                                                                                                                       7
                                                                                                                                                                               3 Yr                                  7.9     7.6              1
   2006        2007       2008        2009        2010       2011        2012        2013        2014       2015                YTD          Calendar Year                     5 Yr                                  9.9     8.3              1
   14.5         1.2      -28.0        32.1        10.2         2.7       10.7        13.9        12.3        -4.5               —            Total Return %                    10 Yr                                 5.8     5.2              1
    1.0        -2.5      -10.1        15.7        -1.0         3.9        3.3         0.4         1.6        -6.8                            +/- Benchmark %
    &           (          )           &           (           &          &           *           &           (                 &            Quartile

Statistics                                          3 Year              5 Year                                                              3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                   % Rtrn
Alpha                                                 0.98                2.10     Standard Deviation                                        6.92                6.32          Fund                                                    -32.3
Beta                                                  0.91                0.92     Bmrk Standard Deviation                                   5.31                5.14          Benchmark                                               -23.7
R-Squared                                             0.48                0.55     Upside Capture                                            1.04                1.04
Information Ratio                                     0.06                0.36     Downside Capture                                          1.03                0.74

GPAG's Take
Managers Doug Warwick and Mike Lough handle the                                      preferreds. For the common equity portion of the fund,                                    primarily of corporate debt, including some high yield.
equity component of this well-diversified fund while                                 management prefers non-cyclical names with below                                          The fund has virtually no foreign exposure because
Geoff Wilson and Elaine Lindhorst take care of the bond                              average risk profiles. And of course, these names have to                                 management is more comfortable staying in Canada,
exposure. The names in this fund are very similar to what                            pay a dividend and the preference is for companies that
                                                                                                                                                                               plus dividends from Canadian companies are more tax
you'd find in TD's very popular Monthly Income fund, but                             are growing their payout. Management wants companies
this offering has a smaller allocation to fixed income.                              with modest growth potential, low levels of industry                                      efficient. The fund is pretty plain-vanilla in nature and
Look for a quarter of this mandate to be in bonds and                                change, sustainable cash flow, and low capital                                            there's not all that much activity in the portfolio, but it
cash. The portfolio will also have a sliver of its assets in                         investment requirements. The bond component consists                                      has delivered over time.

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

                                                                                                                                                                                                                                             19
Trimark Income Growth F
Fund Stats
Fund Manager                                Jennifer Hartviksen, B.A.                Total Assets as of 11-30-2016                                      $2,904 Mil               Fund Code            Benchmark
                                            Clayton Zacharias, B.B.A.                                                                                                            AIM1547              Morningstar CAN Bal Cdn Agg CAD
                                                                                     MER %                                                                       1.29
                                                                                                                                                                                                      Category
Manager Start Date                                               Sep 2013            Trailing Yield %                                                             0.9                                 Canadian Balanced
                                                                 Jun 2012

Fund Inception                                        February 11, 2000

Portfolio As of 11-30-2016
Asset Allocation                                                      % Port         Morningstar Style BoxTM                                                                   Top 5 Holdings                                      % Assets
                                          Cash                  8.7                  Equity Style                                     Fixed Income Style                       Brookfield Asset Management Inc Class A                  5.1
                                          Fixed Income         23.2                                                                                                            Onex Corp                                                3.5

                                                                                                                    Large Mid

                                                                                                                                                                  High
                                          Canadian Equity      37.6                                                                                                            Bank of Nova Scotia                                      3.4
                                          US Equity            29.6                                                                                                            The Toronto-Dominion Bank                                3.1

                                                                                                                                                                  Medium Low
                                          International Equity 0.9                                                  Small                                                      CarMax Inc                                               3.1
                                          Other                 0.0                                                                                                            % Portfolio in Top 5 holdings                          18.2
                                                                                                                                                                               Total Number of Portfolio Holdings                      129
                                                                                     Value Blend Growth                               Ltd    Mod       Ext

Performance As of 11-30-2016
                                                                                                                                      20                                       Compound Returns %                   Fund   Bmark     Quart
                                                                                                                                            Growth of $10,000
                                                                                                                                      18                                       1 Mth                                 3.2     0.7         1
                                                                                                                                                Fund
                                                                                                                                      16                                       3 Mth                                 3.5     1.4         1
                                                                                                                                                     Benchmark
                                                                                                                                      14                                       6 Mth                                 5.8     4.9         2
                                                                                                                                      12
                                                                                                                                                                               1 Yr                                  9.1     8.2         2
                                                                                                                                      10
                                                                                                                                                                               2 Yr                                  6.3     5.4         1
                                                                                                                                       8
                                                                                                                                                                               3 Yr                                  7.9     7.6         1
     2006      2007        2008       2009        2010        2011       2012        2013        2014       2015                YTD          Calendar Year                     5 Yr                                 10.7     8.3         1
     13.4      -7.6      -15.8        18.4         7.3        -2.3       10.0        21.4         8.9         2.3               —            Total Return %                    10 Yr                                 5.0     5.2         1
      0.0     -11.3        2.0         2.0        -3.9        -1.2        2.6         8.0        -1.9         0.0                            +/- Benchmark %
      &         )          &           (           )           *          &           &           *           &                 *            Quartile

Statistics                                           3 Year             5 Year                                                              3 Year           5 Year            Crisis Test 08-31-2008 to 02-26-2009                 % Rtrn
Alpha                                                 0.47                2.48     Standard Deviation                                        6.26                6.08          Fund                                                  -20.0
Beta                                                  0.98                0.96     Bmrk Standard Deviation                                   5.31                5.14          Benchmark                                             -23.7
R-Squared                                             0.68                0.66     Upside Capture                                            1.02                1.12
Information Ratio                                     0.08                0.66     Downside Capture                                          1.00                0.80

GPAG's Take
Lead manager Clayton Zacharias picked up responsibility                              equity side of the fund, and he has allocated a quarter of                                determinant of intrinsic value. To supplement that and to
on this fund in spring 2012. Zacharias, who also oversees                            the portfolio to Invesco's Toronto-based fixed income                                     provide other data points, Zacharias considers at P/E and
Trimark Canadian Endeavour, quickly moved to better                                  team. If he feels the need to position the fund more                                      EV/EBITDA multiples as secondary metrics. He is
align the equity component of Income Growth with                                     conservatively, he will simply increase the cash                                          assisted by Mark Uptigrove and Alan Mannick on the
Canadian Endeavour. There is not complete overlap,                                   allocation in his 75% sleeve. Neither P/E nor EV/EBITDA                                   mandate and a junior equity analyst also contributes to
however, as Endeavour is a much smaller portfolio than                               has ever been a primary valuation metric. He places the                                   the cause.
this one and has a bit more flexibility as a result.                                 greatest emphasis on discounted free cash flow when
Zacharias generally sticks with 25 to 35 names on the                                determining buy/sell prices. He thinks this is a great

                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in
the course of viewing it on-line, and (ii) in the course of printing off single copies of web pages on which it appears for the use of those authorized to view it on-line), adapted or distributed; and (3) Morningstar
proprietary information is not warranted to be accurate, complete or timely. TM Trademark of The Bank of Nova Scotia, used under license.

20
Canadian Equity
Benchmark
S&P/TSX Composite TR

Performance as of 11-30-2016
Funds                                                                                    Trailing Returns                                                                               Standard Deviation                     Statistics

                                                                                          1 Mo       3 Mo      6 Mo        YTD        1 Yr         3 Yr         5 Yr   10 Yr                    3 Yr         5 Yr               Eqt. Style      FI Style         MER
1      BMO S&P/TSX Capped Composite ETF                                                     2.2        4.1       8.8      19.0       15.4           7.1          7.4       —                    8.3          8.4                        4            —          0.06
2      CI Canadian Investment Class F                                                       2.7        3.7       7.8      11.6        8.6           6.0          9.5       4.7                  8.7          9.0                        4            —          1.32
3      CI Signature Select Canadian Class F                                                 4.6        6.1      10.7      12.6        9.9           8.4         10.4       5.8                  8.4          8.2                        4            —          1.32
4      CI Synergy Canadian Corporate Class F                                                2.0        3.0       5.7       4.4        3.3           6.1          9.2       4.4                  8.2          8.1                        4            —          1.32
5      Dynamic Power Canadian Growth Class Sr F                                             2.7        2.1       4.6       0.8        0.6           7.4          7.9       3.8                 10.5         10.5                        7            —          1.35
6      EdgePoint Canadian Portfolio Series F                                                4.3        6.7      11.4      20.9       15.7          10.0         12.7       —                    8.9          8.8                        5            —          1.00
7      Fidelity Canadian Disciplined Eq Cl F                                                0.9        2.7       6.8      12.6       10.8           9.0          9.6       6.1                  7.2          7.5                        4            —          1.15
8      Fidelity Canadian Large Cap Class F                                                  1.9        2.3       4.4      10.9       10.1           9.5         14.2       —                    5.8          6.7                        4            —          1.14
9      Franklin Bissett Cdn Equity Corp Cl F                                                2.9        3.6       8.9      20.5       16.6           7.5         11.5       6.4                  8.4          7.9                        7            —          1.18
10     Horizons S&P/TSX 60 ETF                                                              2.5        5.1       9.8      19.4       15.7           7.9          8.2       —                    8.1          8.4                        4            —          0.03
       S&P/TSX Composite TR                                                                 2.2        4.1       8.8      19.1       15.5           7.2          7.5       4.7                  8.3          8.4                        —            —             —

5 Year Risk/Returns as of 11-30-2016
     Fund             Category                                                                                                                                                                                                                        5 Yr Return
                                                                                                                                                                                                                                                                16.0

                                                                                                                                                                                                                                                                15.0

                                                                                                       8                                                                                                                                                        14.0

                                                                                                                                                                                                                                                                13.0
                                                                                                                                                                       6
                                                                                                                                                                                                                                                                12.0
                                                                                                                                         9
                                                                                                                                                                                                                                                                11.0
                                                                                                                                                       3
                                                                                                                                                                                                                                                                10.0
                                                                                                                             7                                              2
                                                                                                                                                   4
                                                                                                                                                                                                                                                                9.0
                                                                                                                                                           10
                                                                                                                                                                                                                    5                                           8.0
                                                                                                                                                            1
                                                                                                                                                                                                                                                                7.0

3.0                       4.0                         5.0                         6.0                          7.0                           8.0                           9.0                     10.0                        11.0                      12.0
5 Yr Standard Deviation

Category Description
Canadian equity funds provide investors with the                                         services sectors, and many of the players in those                                         such products.
opportunity to participate in the nancial success of                                     sectors are world-class companies. Many Canadian
Canadian businesses. The Canadian equity market has                                      equity funds also provide material exposure to foreign
signi cant weightings in the resource and nancial                                        securities, which enhance the diversi cation bene ts of

                                                                                                                                                                                                                                           ?
©2016. Morningstar Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar, (2) Morningstar proprietary information may not be copied (save (i) as incidentally necessary in the course of viewing it on-line,
the course
and           of course
     (ii) in the viewingofitprinting
                             on-line, off
                                      andsingle
                                          (ii) in copies
                                                  the course  of printing
                                                         of web   pages onoffwhich
                                                                              singleitcopies of for
                                                                                       appears   webthepages onthose
                                                                                                         use of whichauthorized
                                                                                                                      it appearstoforview
                                                                                                                                       the ituse of those
                                                                                                                                              on-line),   authorized
                                                                                                                                                        adapted      to view it and
                                                                                                                                                                or distributed; on-line), adapted or distributed;
                                                                                                                                                                                    (3) Morningstar               and (3) Morningstar
                                                                                                                                                                                                     proprietary information is not warranted to be accurate, complete
proprietary
or timely. TMinformation
                Trademark isof not
                               Thewarranted
                                    Bank of Novato beScotia,
                                                      accurate,
                                                             usedcomplete    or timely. TM Trademark of The Bank of Nova Scotia, used under license.
                                                                   under license.

                                                                                                                                                                                                                                                                  21
You can also read