2010 Simplified Prospectus – dated July 23, 2010

No securities regulatory authority has expressed an opinion about these securities

and it is an offence to claim otherwise.

Lakeview Disciplined Leadership Canadian Equity Fund (Class A, F and I units)

Lakeview Disciplined Leadership U.S. Equity Fund (Class A, F and I units)

Lakeview Disciplined Leadership High Income Fund (Class A, F and I units)

Table of Contents

Part A

Introduction 1

What is a mutual fund and what are the risks of investing in a mutual fund? 2

Organization and management of the Lakeview Disciplined Leadership Funds 5

Purchases, switches and redemptions 6

Optional services 9

Fees and expenses 11

Dealer compensation 16

Canadian federal income tax considerations for investors 17

What are your legal rights? 19

Specific information about each of the mutual funds described in this document 20

This document is Part A of the simplified prospectus of:

Lakeview Disciplined Leadership Canadian Equity Fund

Lakeview Disciplined Leadership U.S. Equity Fund

Lakeview Disciplined Leadership High Income Fund

which are also referred to as the “Lakeview Disciplined LeadershipFunds”.

Additional information concerning each Lakeview DisciplinedLeadership Fund is contained in Part B of the simplified prospectus,which must accompany this Part A.

Part B

Lakeview Disciplined Leadership Canadian Equity Fund (Class A, F and I units) 1

Lakeview Disciplined Leadership U.S. Equity Fund (Class A, F and I units) 3

Lakeview Disciplined Leadership High Income Fund (Class A, F and I units) 4

Lakeview Disciplined Leadership Canadian Equity Fund (Class A, F and I units)

Lakeview Disciplined Leadership U.S. Equity Fund (Class A, F and I units)

Lakeview Disciplined Leadership High Income Fund (Class A, F and I units)

Lakeview Disciplined Leadership FundsSimplified Prospectus | July 23, 2010 | Part A

No securities regulatory authority has expressed an opinion about these securitiesand it is an offence to claim otherwise.

A complete simplified prospectus for the mutual funds listed on this page consists of thisdocument and an additional disclosure document that provides specific information aboutthe mutual funds in which you are investing. This document provides general informationapplicable to all of the Lakeview Disciplined Leadership Funds. You must be provided withthe additional disclosure document.

Introduction · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 1

What is a mutual fund and what are the risks

of investing in a mutual fund? · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 2

Organization and management of the

Lakeview Disciplined Leadership Funds · · · · · · · · · · · · · · · · · · · · · · · · · · · · 5

Purchases, switches and redemptions · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 6

Optional services · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 9

Fees and expenses · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 11

Dealer compensation · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 16

Canadian federal income tax considerations for investors · · · · · · · · · · · · · 17

What are your legal rights? · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 19

Specific information about each of the

mutual funds described in this document · · · · · · · · · · · · · · · · · · · · · · · · · · 20

This document is Part A of the simplified prospectus of:

Lakeview Disciplined Leadership Canadian Equity Fund

Lakeview Disciplined Leadership U.S. Equity Fund

Lakeview Disciplined Leadership High Income Fund

which are also referred to as the “Lakeview Disciplined Leadership Funds”.

Additional information concerning each Lakeview Disciplined Leadership

Fund is contained in Part B of the simplified prospectus, which must

accompany this Part A.

Table of Contents

1 - P A R T A

In this document, we, us, CI and our refer to CI Investments Inc., the managerof the funds. A fund is any of the Lakeview Disciplined Leadership Fundsdescribed in this simplified prospectus. Financial advisor means a broker ordealer who is qualified to sell units of the funds described in this document.

The simplified prospectus contains selected important information tohelp you make an informed investment decision about the funds and tounderstand your rights as an investor.

The simplified prospectus of the funds is divided into two parts: Part A andPart B. Part A, which is this part, explains what mutual funds are, thedifferent risks you could face when investing in mutual funds, and generalinformation that applies to all of the funds. Part B, which is a separate part,contains specific information about each fund. You must receive both Part Aand Part B of the simplified prospectus.

Additional information about each fund is available in the followingdocuments:

• the annual information form;• the fund’s most recently filed annual financial statements;• any interim financial statements filed after those

annual financial statements;• the most recently filed annual management

report of fund performance; and• any interim report of fund performance filed

after that annual management report of fund performance.

These documents are incorporated by reference into this simplifiedprospectus which means they legally form part of this simplifiedprospectus just as if they were printed in it.

You can get a copy of these documents at your request and at no cost by calling 1-800-205-8175, by e-mailing info@lakeviewfunds.com, or byasking your financial advisor. You will also find these documents on ourwebsite at www.lakeviewfunds.com.

These documents and other information about the funds are alsoavailable at www.sedar.com.

Introduction

Building an investment portfolio is one of the most important financialdecisions you can make. Choosing the right investments can help youachieve your financial goals, such as preparing for retirement or savingfor a child’s education.

However, investing successfully can be difficult to do on your own. Youneed accurate and timely information along with the right experience tobuild and maintain a portfolio of individual investments.Mutual funds can make it easier.

A mutual fund brings together many different investors with similar goals.Each investor puts money into the mutual fund. A professional portfolioadvisor uses that cash to buy a variety of investments for the mutual fund,depending on the mutual fund’s objectives.

When the investments make money, everyone who invests in the mutualfund benefits. If the value of the investments falls, everyone shares in theloss. The size of your share depends on how much you invested. The moreyou put in, the more units of the mutual fund you own and the greater yourportion of the gains or losses. Mutual fund investors also share the mutualfund’s expenses.

Most mutual funds invest in securities like stocks, bonds and moneymarket instruments. The funds also may invest in other mutual funds,called underlying funds.

Advantages of mutual funds

Investing in a mutual fund has several advantages over investing inindividual stocks, bonds and money market instruments on your own:

• Professional money management. Professional portfolio advisors havethe skills and the time to do research and make decisions about whichinvestments to buy, hold or sell.

• Diversification. Investment values are always changing. Owning severalinvestments can improve long-term results because the ones thatincrease in value can compensate for those that do not. Mutual fundstypically hold 30 or more different investments.

• Accessibility. You can sell your investment back to the mutual fund atany time. This is called a redemption, and in some cases may result in aredemption fee or a short-term trading fee. With many other investments,your money is locked in or you have to find a specific buyer before youcan sell.

• Record keeping and reporting. Mutual fund companies use sophisticatedrecord keeping systems and send you regular financial statements, taxslips and reports.

Mutual funds are not guaranteed

While mutual funds have many advantages, it is important to remember thatan investment in a mutual fund is not guaranteed. Unlike bank accounts orguaranteed investment certificates, mutual fund investments are not coveredby the Canada Deposit Insurance Corporation or any other governmentdeposit insurer.

Under exceptional circumstances, a mutual fund may suspend your rightto sell your investment. See “Suspending your right to sell units” on page8 for details.

Risk and potential return

As with most other investments, mutual funds come with a certain amountof risk. The value of the investments in a mutual fund changes from day today because of changes in interest rates, economic conditions and marketor company news. As a result, the value of mutual fund units will vary.When you sell your units of a mutual fund, you could get less money thanyou put in.

The amount of risk depends on the kind of mutual fund you buy. Moneymarket funds generally have low risk. They hold relatively safe short-terminvestments such as government treasury bills and other high quality moneymarket instruments. Income funds, which typically invest in bonds, have ahigher amount of risk because their prices can change when interest rateschange. Equity funds generally have the highest risk because they investmostly in stocks whose prices can rise and fall daily.

Before you invest in a mutual fund, you need to decide what level of risk you are comfortable with. The answer depends in part on the kind of returns you expect. Generally, higher risk investments have a higherpotential for gains and losses, while lower risk investments have a lowerpotential for gains and losses.

Another important factor is time. Think about how soon you will need themoney. If you are saving to buy a house in the near future, you will probablywant a lower risk investment to reduce the chance of the mutual fund valuedropping just when you need the cash. If you are investing for retirement in20 years, your investment horizon is much longer. You may be able to affordto put more emphasis on equity funds because there is more time for themutual funds to recover if prices should fall.

But potential return and your time horizon are not the only yardsticks forsuccessful investing. Your choice of mutual fund also depends on how youfeel about risk. An investor who checks mutual fund prices every week andworries when investments temporarily lose value has low risk tolerance. If that describes you, you might be more comfortable with money marketfunds, bond funds, balanced funds and perhaps very conservative equityfunds. An investor who is willing to take on more risk might prefer a higherproportion of equity funds or more aggressive mutual funds that specializein one industry or country.

Types of risk

Mutual funds change in value when the investments they hold change invalue. These investments (whether they are equity or debt securities) will rise and fall based on company-specific developments and general stockmarket conditions. Market value will also vary with changes in the generaleconomic and financial conditions in the countries where the investmentsare based. This is called market risk and it applies to all mutual funds, thoughcertain mutual funds will experience greater volatility and short-term marketvalue fluctuations than other mutual funds.

2 - P A R T A

What is a mutual fund and what are the risks of investing in a mutual fund?

3 - P A R T A3 - P A R T A

Below are some of the most common risks that affect value. To find outwhich of these specific risks apply to a fund you are considering, see theindividual fund descriptions in Part B of this simplified prospectus.

❖ Class riskMutual funds sometimes issue different classes of units of the samemutual fund. Each class has its own fees and expenses, which the mutualfund tracks separately. However, if one class is unable to meet its financialobligations, the other classes are legally responsible for making up thedifference.

❖ Credit riskWhen a company or government issues a fixed income security, it promisesto pay interest and repay a specified amount on the maturity date. Creditrisk is the risk that the company or government will not live up to thatpromise. Credit risk is lowest among issuers that have good credit ratingsfrom recognized credit rating agencies. The riskiest fixed income securitiesare those with a low credit rating or no credit rating at all. These securitiesusually offer higher interest rates to compensate for the increased risk.

❖ Currency riskWhen a mutual fund buys an investment priced in a foreign currency andthe exchange rate between the Canadian dollar and the foreign currencychanges unfavourably, it could reduce the value of the mutual fund’sinvestment. Of course, changes in the exchange rate can also increase the value of an investment.

❖ Derivatives riskMutual funds may use derivatives to protect against losses from changesin stock prices, exchange rates or market indices. This is called hedging.Mutual funds may also use derivatives to make indirect investments. Formore information about how the funds use derivatives, see page 20.

The use of derivatives comes with a number of risks:

• hedging with derivatives may not always work and it could restrict a mutual fund’s ability to increase in value;

• there is no guarantee that a mutual fund will be able to obtain a derivative contract when it needs to, and this could prevent the mutual fund from making a profit or limiting a loss;

• a securities exchange could impose limits on trading of derivatives, making it difficult to complete a contract;

• the other party in the derivative contract might not be able to honour the terms of the contract;

• the price of a derivative might not reflect the true value of the underlying security or index;

• the price of a derivative based on a stock index could be distorted if some or all of the stocks that make up the indextemporarily stop trading;

• derivatives traded on foreign markets may be harder to close than those traded in Canada; and

• in some circumstances, investment dealers and futures brokers may hold some or all of a mutual fund’s assets on deposit as collateral in a derivative contract. This increases risk becauseanother party is responsible for the safekeeping of the assets.

❖ Emerging market riskIn emerging market countries, securities markets may be smaller than in more developed countries, making it more difficult to sell securities inorder to take profits or avoid losses. The value of mutual funds that buythese investments may rise and fall substantially and fluctuate greatlyfrom time to time.

❖ Equity riskEquities such as common shares give you part ownership in a company.The value of an equity security changes with the fortunes of the companythat issued it. General market conditions and the health of the economy asa whole can also affect equity prices. Equity-related securities, which giveyou indirect exposure to the equities of a company, can also be affected byequity risk. Examples of equity-related securities are warrants andconvertible securities.

❖ Foreign investment riskInvestments in foreign companies are influenced by economic and marketconditions in the countries where the companies operate. Equities andfixed income securities issued by foreign companies and governments are often considered riskier than Canadian investments. One reason for this is that many countries have lower standards for accounting, auditingand reporting. Some countries are less politically stable than Canada andthere is often less available information about individual investments. Insome countries, there is a risk of nationalization, expropriation or currencycontrols. It can be difficult to trade investments on foreign markets and thelaws of some countries do not fully protect investor rights. These risks andothers can contribute to larger and more frequent price changes amongforeign investments. U.S. investments are not considered to have foreigninvestment risk.

❖ Interest rate riskMutual funds that invest in fixed income securities such as bonds andmoney market instruments are sensitive to changes in interest rates. In general, when interest rates are rising, the value of these investmentstends to fall. When rates are falling, fixed income securities tend to increasein value. Fixed income securities with longer terms to maturity are usuallymore sensitive to changes in interest rates.

❖ Investment trust riskSome mutual funds invest in real estate, royalty, income and otherinvestment trusts which are investment vehicles in the form of trusts rather than corporations. To the extent that claims, whether in contract, in tort or as a result of tax or statutory liability, against an investment trustare not satisfied by the trust, investors in the investment trust, includingmutual funds, could be held liable for such obligations. Investment trustsgenerally seek to make this risk remote in the case of contract by includingprovisions in their agreements that the obligations of the investment trustwill not be binding on investors personally. However, investment trustscould still have exposure to damage claims such as personal injury andenvironmental claims. Certain jurisdictions have enacted legislation toprotect investors in investment trusts from the possibility of such liability.

The Income Tax Act (Canada) (“Tax Act”) contains rules regardingthe income tax treatment of “specified investment flow-throughs” or

“SIFTs”, which include certain publicly traded income trusts and limitedpartnerships. SIFTs are subject to tax at corporate rates on the non-portfolio earnings portion of their distributions. Further, unitholders of SIFTs are treated as if they had received an “eligible dividend” equal to the non-portfolio earnings less the related distribution tax paid by theSIFT and are taxed accordingly. These rules apply to trusts and limitedpartnerships that began to be publicly-traded after October 2006, andgenerally will only apply beginning with the 2011 taxation year to thoseincome trusts and limited partnerships that were already publicly-traded on October 31, 2006 unless they exceed certain growth rates. To the extent that a mutual fund invests in an income trust or limited partnership to which these rules apply, after-tax returns may be reduced.

4 - P A R T A

❖ Large redemption riskSome mutual funds may have particular investors who own a largeproportion of the outstanding units of the mutual fund. For example, other institutions such as banks and insurance companies or other mutual fund companies may purchase securities of the mutual funds for their own mutual funds, segregated funds, structured notes ordiscretionary managed accounts. Retail investors may also own asignificant amount of a mutual fund.

If one of those investors redeems a large amount of their investment in themutual fund, the mutual fund may have to sell its portfolio investments atunfavourable prices to meet the redemption request. This can result insignificant price fluctuations to the net asset value of the mutual fund, andmay potentially reduce the returns of the mutual fund.

❖ Liquidity riskLiquidity is a measure of how easy it is to convert an investment into cash.An investment may be less liquid if it is not widely traded or if there arerestrictions on the exchange where the trading takes place. Investmentswith low liquidity can have dramatic changes in value.

❖ Securities lending riskCertain mutual funds may enter into securities lending transactions,repurchase transactions and reverse repurchase transactions in orderto earn additional income. There are risks associated with these kinds oftransactions. Over time, the value of the securities loaned under a securitieslending transaction or sold under a repurchase transaction might exceed the value of the cash or collateral held by the mutual fund. If the third partydefaults on its obligation to return or resell the securities to the mutual fund, the cash or collateral may be insufficient to enable the mutual fund to purchase replacement securities and the mutual fund may suffer a loss for the difference. Likewise, over time, the value of the securities purchasedby a mutual fund under a reverse repurchase transaction may decline belowthe amount of cash paid by the mutual fund to the third party. If the thirdparty defaults on its obligation to repurchase the securities from the mutualfund, the mutual fund may need to sell the securities for a lower price andsuffer a loss for the difference. For more information about how the fundsengage in these transactions, see “What does the fund invest in?” under“Specific information about each of the mutual funds described in thisdocument” on page 20.

❖ Short selling riskCertain mutual funds may engage in a disciplined amount of short selling.A short sale is where a mutual fund borrows securities from a lender andthen sells the borrowed securities (or sells short the securities) in the openmarket. At a later date, the same number of securities are repurchased by the mutual fund and returned to the lender. In the interim, the proceedsfrom the first sale are deposited with the lender and the mutual fund pays compensation to the lender. If the value of the securities declinesbetween the time that the mutual fund borrows the securities and the timeit repurchases and returns the securities, the mutual fund makes a profitfor the difference (less any compensation the mutual fund pays to thelender). Short selling involves certain risks. There is no assurance thatsecurities will decline in value during the period of the short sale sufficientto offset the compensation paid by the mutual fund and make a profit for the mutual fund, and securities sold short may instead increase invalue. The mutual fund may also experience difficulties repurchasing and returning the borrowed securities if a liquid market for the securitiesdoes not exist. The lender from whom the mutual fund has borrowedsecurities may go bankrupt and the mutual fund may lose the collateral it has deposited with the lender. Each mutual fund that engages in shortselling adheres to controls and limits that are intended to offset these risksby selling short only securities of larger issuers for which a liquid market isexpected to be maintained and by limiting the amount of exposure for shortsales. The mutual funds also deposit collateral only with lenders that meet

certain criteria for creditworthiness and only up to certain limits. Althoughsome mutual funds may not themselves engage in short selling, they maybe exposed to short selling risk because the underlying mutual funds inwhich they invest may be engaged in short selling.

5 - P A R T A

ManagerCI Investments Inc.2 Queen Street EastTwentieth FloorToronto, OntarioM5C 3G7

TrusteeCI Investments Inc.Toronto, Ontario

CustodianRBC Dexia Investor Services TrustToronto, Ontario

RegistrarCI Investments Inc.Toronto, Ontario

AuditorsPricewaterhouseCoopers LLPToronto, Ontario

Portfolio advisorBarometer Capital Management Inc.Toronto, Ontario

Independent Review Committee

Organization and management of the Lakeview Disciplined Leadership Funds

As manager, we are responsible for the day-to-day operations of the funds and provide allgeneral management and administrative services.

As trustee, we hold title to the property of the fund (e.g. cash and securities) on behalf of the unitholders of the fund.

The custodian holds each fund’s investments and cash on behalf of the fund. The custodian is independent from us.

As registrar, we keep a record of all unitholders of the funds, processes orders and issuesaccount statements and tax slips to unitholders.

The auditors of the funds prepare an independent auditors’ report in respect of the financialstatements of the funds. The auditors have advised us that they are independent with respect to the funds within the meaning of the Rules of Professional Conduct of the Institute of CharteredAccountants of Ontario.

The portfolio advisor manages the investment portfolio of each fund.

The independent review committee, or IRC, provides independent oversight and impartialjudgment on conflicts of interest involving the funds. Among other matters, the IRC prepares, at least annually, a report of its activities for unitholders of the funds which is available at www.lakeviewfunds.com or upon request by any unitholder, at no cost, by calling: 1-800-205-8175 or e-mailing to: info@lakeviewfunds.com.

The IRC currently is comprised of four members, each of whom is independent of us, ouraffiliates and the funds. Additional information concerning the IRC, including the names of its members, and governance of the funds is available in the annual information form of the funds.

If approved by the IRC, a fund may change its auditor by sending you a written notice of any such change at least 60 days before it takes effect. Likewise, if approved by the IRC, we may merge a fund into another mutual fund provided the merger fulfills the requirements of the Canadian securities regulators relating to mutual fund mergers and we send you awritten notice of the merger at least 60 days before it takes effect. In either case, no meeting of unitholders of the fund may be called to approve the change.

Each fund that invests in an underlying fund managed by us or any of our affiliates or associates will not vote any of the securities it holds in the underlyingfund. However, we may arrange for you to vote your share of those securities.

6 - P A R T A

You can buy funds, switch from one fund to another fund or switch betweendifferent classes of units of the same fund through your financial advisor.

You can sell your fund investment either through your financial advisor or bycontacting us directly. Selling your investment is also known as redeeming.

Whether you are buying, selling or switching fund investments, we base thetransaction on the value of a fund unit. The price of a unit is called the netasset value, or NAV, per unit, or the unit value. We calculate a separateNAV for each class of a fund’s units by taking the value of the assets in theclass of units, subtracting any liabilities of the class of units, and dividing thebalance by the number of units investors in that class hold.

We calculate NAV at 4:00 p.m. Eastern time on each day that we are open fora full day of business. This is called a valuation day. Lakeview DisciplinedLeadership U.S. Equity Fund is valued and may be bought in either Canadianor U.S. dollars.

When you place your order through a financial advisor, your financialadvisor sends it to us. If we receive your properly completed order before4:00 p.m. Eastern time on a valuation day, we will process it using that day’sNAV. If we receive your order after that time, we will use the NAV on thenext valuation day. The valuation day used to process your order is calledthe trade date.

About different types of units

Each fund offers Class A, Class F and Class I units.

Class A units are available to all investors. Class F units are available toinvestors who participate in certain programs or are members of certaingroups, including:

• investors who participate in fee-based programs through their financialadvisor. These investors pay their financial advisor an investmentadvisory fee for ongoing services. We pay no commissions or service fees to their financial advisor.

• certain other groups of investors, provided we incur no distribution costs and it makes sense to charge a lower fee.

If you invest in Class F units of a fund, your financial advisor will generallyadminister and collect your investment advisory fee (which fee is negotiatedwith your financial advisor), in addition to a management fee paid by thefund. If instructed by you and your financial advisor, we will deduct theinvestment advisory fee from your account five business days prior to thecalendar quarter end, by redeeming units from your account, and we willremit the investment advisory fee on your behalf to your financial advisor.Where we collect the investment advisory fee on behalf of your financialadvisor, the investment advisory fee must not exceed 1.50%.

We charge a lower management fee on Class F and I units because ourdistribution and servicing costs are reduced. You can only buy Class F unitsif your financial advisor and we approve it first. Your financial advisor’sparticipation in the Class F program is subject to our terms and conditions.

Class I units are only available to institutional clients and investors who havebeen approved by us and have entered into a Class I Account Agreementwith us. The criteria for approval may include the size of the investment, theexpected level of account activity and the investor’s total investment with us.No management fees are charged to the funds with respect to the Class Iunits; each investor instead negotiates a separate fee which is payabledirectly to us. Service fees payable to the dealer will be negotiated anddisclosed in the Class I Account Agreement. Class I units also are availableto directors and employees of us and our affiliates.

How to buy units in the funds

You can invest in any of the funds by completing a purchase application,which you can get from your financial advisor.

The minimum initial investment for Class A and F units of each fund is $500.The minimum for each subsequent investment is $50.

The minimum initial investment for Class I units is determined when youenter into a Class I Account Agreement with us.

Your financial advisor or we will send you a confirmation once we haveprocessed your order. If you buy through the pre-authorized chequing plan described on page 7, we will send you a confirmation only for the first transaction and all other transactions will be reported on yoursemi-annual and annual statements if your investments are made no less frequently than monthly, otherwise we will confirm each subsequentpurchase. A confirmation shows details of your transaction, includingthe name of the fund, the number and class of units you bought, thepurchase price and the trade date. We do not issue certificates ofownership for the funds.

We may reject your purchase order within one business day of receiving it.If rejected, any monies sent with your order will be returned immediately,without interest, once the payment clears. If we accept your order but donot receive payment within three business days, we will redeem your unitson the next business day. If the proceeds are greater than the payment youowe, the difference will belong to the fund. If the proceeds are less than thepayment you owe, your financial advisor will be required to pay thedifference and is entitled to collect this amount and any associatedexpenses from you.

Purchase options

There is usually a charge for investing in Class A units. You have twooptions: the initial sales charge or the deferred sales charge. If you do notmake a choice, we will apply the standard deferred sales charge option.

Initial sales charge optionWith the initial sales charge option, you usually pay a sales commissionto your financial advisor when you buy your fund units. The commissionis negotiable between you and your financial advisor, but cannot exceed5% of the amount you invest. See “Dealer compensation” on page 16 fordetails and “Fees and expenses” starting on page 11.

Purchases, switches and redemptions

7 - P A R T A

Deferred sales charge optionUnder the deferred sales charge, there are two options: the standarddeferred sales charge and the low-load sales charge. If you choose adeferred sales charge option, you pay no commission when you invest in a fund. The entire amount of your investment goes toward buying fund units and we pay your financial advisor’s commission directly. See “Dealer compensation” on page 16 for details. However, if you sellyour fund units within seven years of buying them (under the standarddeferred sales charge) or within three years of buying them (under thelow-load sales charge), you will pay a redemption fee based on the costof the units redeemed.

Standard deferred sales chargeFor the standard deferred sales charge, the redemption fee starts at 5.5% inthe first year and decreases each year over a seven year period. If you holdyour fund units for more than seven years, you pay no redemption fee. See“Fees and expenses” starting on page 11 for the redemption fee schedule.

If you choose the standard deferred sales charge, you can sell some of yourunits each year without paying a fee and change some of your units eachyear so that they are no longer subject to a redemption fee. See “Freeredemption of standard deferred sales charge units” on page 7 for details.

Low-load sales chargeFor the low-load sales charge, the redemption fee starts at 3% for thefirst year and decreases each year over a three year period. If you holdyour fund units for more than three years, you pay no redemption fee.See “Fees and expenses” on page 11 for the redemption fee schedule. If you choose the low-load sales charge, you may not sell your units untilthe beginning of the fourth year without paying a redemption fee.

Investment advisory fee optionWhen you invest in Class F units, you do not pay any charges to buy, sell or switch these units. Instead, you may pay an investment advisoryfee to your financial advisor. The investment advisory fee is negotiatedbetween you and your financial advisor. Your financial advisor willgenerally administer and collect the investment advisory fee, although if instructed by you and your financial advisor, we will deduct yourinvestment advisory fee from your account on your financial advisor’sbehalf five business days prior to the calendar quarter end by redeemingunits from your account, and remit the investment advisory fee on yourbehalf to your financial advisor. See “Fees and expenses” on page 11.

How to sell your units

To sell your units, send your signed instructions in writing to your financialadvisor or to us. Once we receive your order, you cannot cancel it. We willsend you a confirmation once we have processed your order. We will sendyour payment within three business days of receiving your properlycompleted order.

Your signature on your instructions must be guaranteed by a bank, trustcompany, or financial advisor if the sale proceeds are:

• more than $25,000, or• paid to someone other than the registered owner.

If the registered owner of the units is a corporation, partnership, agent,fiduciary or surviving joint owner, we may require additional information.If you are unsure whether you need to provide a signature guarantee oradditional information, check with your financial advisor or us.

Selling deferred sales charge unitsIf you invest under a deferred sales charge option and you sell those unitsbefore the deferred sales charge schedule has expired, we will deduct theredemption fee from your sale proceeds. If you sell units within 30 businessdays of buying them, a short-term trading fee may also apply. The short-term trading fee does not apply to systematic transactions or to switchesas part of the automatic rebalancing service. See “Fees and expenses”on page 11 for details about these fees.

We sell deferred sales charge units in the following order:

• units that qualify for the free redemption right described below,• units that are no longer subject to the redemption fee, and• units that are subject to the redemption fee.

All units are sold on a first bought, first sold basis. We sell units you receivedfrom reinvested distributions in the same proportion as we sell units from theoriginal investment.

Free redemption of standard deferred sales charge unitsEach year, you can sell some of your standard deferred sales chargeunits that would otherwise be subject to the redemption fee at nocharge. This is called your free redemption right. We calculate theavailable number of units as follows:

• 10% of the number of standard deferred sales charge units you bought in the current calendar year, multiplied by the number of months remaining in the calendar year (including the month of purchase) divided by 12, plus

• 10% of the number of standard deferred sales charge units you held on December 31 of the preceding year that are subject to the redemption fee, minus

• the number of units you would have received if you had reinvested any cash distributions you received during the current calendar year.

We may modify or discontinue your free redemption right at any time inour sole discretion. The free redemption right only applies if your unitsremain invested for the full deferred sales charge schedule. If you haveexercised your free redemption right and then redeem your units beforethe deferred sales charge schedule has expired, your cost per unit willbe increased to compensate us for the units redeemed under the freeredemption right. In other words, even if you redeemed units under thefree redemption right, your deferred sales charge on a full redemptionwould be the same as if you had not redeemed any units under the freeredemption right.

If you do not wish to sell the units you would be entitled to sell under thisfree redemption right in any year, you can ask us to change those unitsfrom standard deferred sales charge units to initial sales charge units. Youwill not be charged a fee for these changes and your costs of owning yourinvestment will not be affected, but this will increase the compensation thatwe will pay your financial advisor. See “Dealer Compensation” on page 16for details.

How we calculate the redemption fee

The redemption fee applies once you have sold:

• all of your deferred sales charge units under the free redemption right, and

• all of your deferred sales charge units that are no longer subject to the redemption fee.

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We calculate the redemption fee as follows:

number of units cost the redemption you are selling X per unit X fee rate

The cost per unit for calculating the redemption fee is based on the costand number of units of your original investment. If you previously soldsome of these units under the free redemption right, you will have fewerunits, so the cost per unit will be higher. See “Free redemption of standarddeferred sales charge units”. If your distributions were reinvested in thefund, you will have more units, so the cost per unit will be lower.

The redemption fee rate depends on how long you have held your units.See “Fees and expenses” on page 11 for the redemption fee schedules.

Minimum balance

If the value of your units in a fund is less than $500, we can sell your units andsend you the proceeds. We will give you 10 days’ notice first. The minimumdoes not apply to accounts with an active pre-authorized chequing plan.

If we become aware that you no longer qualify to hold Class F or I units, wemay change your units to Class A units of the same fund after we give you 30days’ notice.

Suspending your right to sell units

Securities regulations allow us to temporarily suspend your right to sellyour units and postpone payment of your sale proceeds:

• during any period when normal trading is suspended on any exchange on which securities or derivatives that make up more than 50% of the fund’s value or its underlying market exposure are traded, provided those securities or derivatives are not traded on any other exchange that is a reasonable alternative for the fund,

• during any period when the right to redeem units is suspended for any underlying fund in which a fund invests all of its assets, or

• with the approval of securities regulators.

We will not accept orders to buy fund units during any period when wehave suspended investors’ rights to sell units of that fund.

How to switch your units

Switching to another fundYou can switch from one fund to another fund by contacting your financialadvisor. To effect a switch, give your financial advisor the name of the fundand the class of units you hold, the dollar amount or number of units youwant to switch and the name of the other fund and the class to which you are switching.

If you switch units you bought under a deferred sales charge option, thesame deferred sales charge option will apply to your new units. You payno redemption fee when you switch units you bought under a deferredsales charge option, but you may have to pay a redemption fee when you sell the new units. If the redemption fee applies, we will calculate it based on the cost of the original units and the date you bought theoriginal units.

You may have to pay your financial advisor a transfer fee based on the value of the units you are switching. However, the transfer fee isnegotiable. If you have held the units for 30 business days or less, you may also have to pay a short-term trading fee. Transfer fees and short-termtrading fees do not apply to switches as part of the automatic rebalancingservice or systematic transfer plan. See “Fees and expenses” on page 11for details about these fees.

Any switch to another fund is a disposition for tax purposes. If you hold yourunits outside a registered plan, you may realize a taxable capital gain.

Switching to another class of the fundYou can switch your units of one class to units of another class of thesame fund by contacting your financial advisor. You can only switchunits into a different class if you are eligible to buy that other class. If you bought your units under a deferred sales charge option, you willpay to us a reclassification fee at the time you switch to a different classequal to the redemption fee you would pay if you redeemed your units.No other fees apply to this type of switch.

Switching units from one class to another class of the same fund is not adisposition for tax purposes except to the extent that units are redeemedto pay a reclassification fee. If those redeemed units are held outside aregistered plan, you may realize a taxable capital gain.

Short-term tradingRedeeming or switching units of a mutual fund within 30 business days after they were purchased, which is referred to as short-term trading, may have an adverse effect on other investors in the mutual fundbecause it can increase trading costs to the mutual fund to the extent themutual fund purchases and sells portfolio securities in response to eachredemption or switch request. An investor who engages in short-termtrading also may participate in any appreciation in the net asset value ofthe mutual fund during the short period that the investor was invested inthe mutual fund, which reduces the amount of the appreciation that isexperienced by other, longer term investors in the mutual fund. Certaintypes of mutual funds (such as money market funds) are intended asshort-term investments and therefore are not adversely affected byshort-term trading.

A fund may charge you a fee of up to 2% of the value of the units you redeemor switch if you engage in short-term trading. This fee is paid to the fund andis in addition to any other fees that may apply. No short-term trading fees are charged for any systematic transactions, such as periodic switches orredemptions or trades as part of an automatic portfolio rebalancing service.We may waive the short-term trading fee charged by a fund for other tradesif the size of the trade was small enough or the short-term trade did nototherwise harm other investors in the fund. We also may refuse to acceptpurchase orders from you and we have the discretion to redeem some or allof your units of the funds if we believe you may continue to engage in short-term trading. See “Short-term trading” in the annual information form foradditional information.

The funds do not have any arrangements, formal or informal, with anyperson or company to permit short-trading trading.

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Optional services

You can take advantage of the following plans and services when youinvest in the funds.

Registered plansWe offer the following registered plans. Not all of these plans may beavailable in all provinces or territories. Ask your financial advisor for details and an application.

• Registered Retirement Savings Plans (RRSPs)• Locked-in Retirement Accounts (LIRAs)• Locked-in Registered Retirement Savings Plans (LRSPs)• Registered Retirement Income Funds (RRIFs)• Locked-in Retirement Income Funds (LRIFs)• Life Income Funds (LIFs)• Registered Education Savings Plans (RESPs)• Prescribed Retirement Income Funds (PRIFs)• Tax-Free Savings Accounts (TFSAs)• Québec Education Savings Incentive (QESI)

These plans are available only in Canadian dollars.

Automatic rebalancing service

We offer an automatic portfolio rebalancing service to all investors in the funds.This service can be applied to any account and monitors when the value of yourinvestments within the funds deviates from your target allocations. There is nofee for this service.

In order to utilize the automatic rebalancing service, you and your financialadvisor must define the following rebalancing criteria:

• Frequency date: You must decide if you want your account rebalancedon a monthly, quarterly, semi-annual or annual basis. Your account willbe reviewed and, if necessary, rebalanced on the first Friday in thecalendar period of the frequency you selected. For accounts which arerebalanced annually, the review and, if necessary, rebalancing insteadwill occur on the first Friday in December.

• Variance percentage: You must determine by what percentage you willallow the actual values of your investments in the funds to differ fromyour target allocations before triggering a rebalancing.

When the current value of your investment in any fund varies on thefrequency date by more than the percentage variance you have selected,we will automatically switch your investments to return to your target fundallocations for all funds. If 100% of a fund within your account is redeemedor switched, your target allocations will be updated and proportionatelyallocated to the remaining active funds in your target fund allocations.

The following example shows how the automatic rebalancing service works:

Frequency Date: Quarterly Variance Target Current Percentage: 2.5% Allocation Value DifferenceFund A 25.0% 28.1% +3.1%Fund B 25.0% 26.3% +1.3%Fund C 25.0% 21.7% -3.3%Fund D 25.0% 23.9% -1.1%

At the end of the calendar quarter, we would review your account andautomatically:

• Switch units out of Fund A equal to 3.1% of your portfolio into units of Fund C

• Switch units out of Fund B equal to 1.1% to Fund D and 0.2% to Fund C

As described under “Switching to another fund”, a switch between fundsmade by the automatic rebalancing service may cause you to realize ataxable capital gain.

Pre-authorized chequing plan

Our pre-authorized chequing plan allows you to make regular investmentsin one or more funds in the amounts you choose. You can start the plan bycompleting an application, which is available from your financial advisor.Here are the plan highlights:

• your initial investment and each subsequent investment must be at least $50 for each class of a fund;

• we automatically transfer the money from your bank account to the funds you choose;

• you can choose any day of the month to invest weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annually;

• if the date you choose falls on a day that is not a business day, your units will be bought the next business day;

• you can choose either the initial sales charge option or a deferred sales charge option;

• you can change or cancel the plan at any time by providing us 48 hours notice;

• we will confirm your first automatic purchase and all other transactions will be reported on your semi-annual and annual statements if your investments are made no less frequently than monthly, otherwise we will confirm each subsequent purchase; and

• to increase your regular investments under the plan, you need to contact your financial advisor.

We are not required to send a simplified prospectus to investors who participatein our pre-authorized chequing plan unless they request it at the time they enrolin the plan or subsequently request it from their financial advisor. The simplifiedprospectus and any amendments thereto may be found at www.sedar.com orwww.lakeviewfunds.com. You will not have a withdrawal right for purchasesunder the pre-authorized chequing plan, other than the initial purchase or sale,but you will have the rights described under “What are your legal rights?” onpage 19 for any misrepresentation about the fund contained in the simplifiedprospectus, annual information form or financial statements.

Systematic redemption plan

Our systematic redemption plan allows you to receive regular cash paymentsfrom your funds. You can start the plan by completing an application, which is available from your financial advisor. Here are the plan highlights:

• the value of your units must be more than $5,000 to start the plan;• the minimum amount you can sell is $50 for each class of a fund;

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• we automatically sell the necessary number of units to make paymentsto your bank account or a cheque is mailed to you;

• you can choose any day of the month to receive payments weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annuallyexcept if you hold your units in a RRIF, LRIF or LIF, in which case you can only choose a day between the 1st and the 25th of the month forthese plan types;

• if the date you choose is not a business day, your units will be sold the previous business day;

• you can change or cancel the plan at any time by providing us 48 hoursnotice; and

• we will confirm your first automatic redemption and all other automaticredemptions will be reported on your semi-annual and annual statementsif your redemptions are made no less frequently than monthly, otherwisewe will confirm each subsequent redemption.

A redemption fee may apply to any units you bought through a deferredsales charge option. See “Fees and expenses” starting on page 11 fordetails.

If you withdraw more money than your units are earning, you will eventuallyuse up your investment.

If you sell units held in a RRIF, LRIF or LIF, any withdrawals in excess of theminimum prescribed amount for the year will be subject to withholding tax.

Systematic transfer plan

Our systematic transfer plan allows you to make regular switches from onefund to another. You can start the plan by completing an application, whichis available from your financial advisor. Here are the plan highlights:

• the minimum switch is $50;• we automatically redeem the units you hold in the fund, class

and sales charge option you specify and switch your investment toanother fund of your choice in the same class and sales charge option;

• you can only switch between funds and classes priced in the samecurrency;

• you can choose any day of the month to make switches weekly, bi-weekly, monthly, bi-monthly, quarterly, semi-annually or annually;

• if the date you choose is not a business day, your switch will beprocessed the previous business day;

• you can change or cancel the plan at any time by providing us 48 hoursnotice; and

• we will confirm your first automatic switch and all other automaticswitches will be reported on your semi-annual and annual statements if your switches are made no less frequently than monthly, otherwise we will confirm each subsequent switch.

You may have to pay your financial advisor a transfer fee based on the valueof the units you are switching. See “Fees and expenses” on page 11 fordetails about these fees.

You pay no redemption fee when you switch units you bought under adeferred sales charge option, but you may have to pay a redemption feewhen you sell them. If the redemption fee applies, we will calculate itbased on the cost of the original units and date you bought them.Any switch to another fund is a disposition for tax purposes. If you holdyour units outside a registered plan, you may realize a taxable capital gain.

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The table below shows the fees and expenses you may have to pay if you invest in funds. You may have to pay some of these fees and expenses directly.The fund may have to pay some of these fees and expenses, which will reduce the value of your investment.

Fees and expenses

Fees and expenses payable by the funds

Management fees Each class of units of a fund (other than Class I units) pays us a management fee for providing general management andadministrative services. The fee is calculated as a fixed annual percentage of the net asset value of each class of the fund and paiddaily. The maximum annual rate of the management fee for each class are as follows:

Maximum annual management fee (%)

Fund Class A units Class F units

Lakeview Disciplined Leadership Canadian Equity Fund 1.95 0.95Lakeview Disciplined Leadership U.S. Equity Fund 2.05 1.05Lakeview Disciplined Leadership High Income Fund 1.95 0.95

No management fees are charged to the funds for Class I units. Instead, each investor and their dealer negotiate a separate feewhich is payable directly to us.

Each class of units of a fund also pays us a performance fee for providing general management and administration services. In the case ofClass I units, the performance fee is paid directly by Class I unitholders rather than by the funds. The performance fee is equal to 20% of theamount by which the unit value of the class at the end of the calendar quarter (also called the ending unit value) exceeds the benchmark unitvalue, multiplied by the number of units of the class outstanding at the end of such calendar quarter. The benchmark unit value is the unitvalue on the most recent date that the performance fee was previously paid (also called the beginning unit value) and adjusted for suchpayment, multiplied by the sum of one plus the return during the same period of the fund’s benchmark for this purpose. No performance fee ispayable if the ending unit value does not exceed the beginning unit value, regardless of the performance of the fund relative to its benchmark.The benchmarks used by the funds for purposes of the performance fees are the following:

Lakeview Disciplined Leadership Canadian Equity Fund uses the S&P/TSX Composite Total Return Index, which is a capitalizationweighted index that measures the performance of the broad Canadian market. It currently is comprised of approximately 95%, bymarket capitalization, of the companies listed on the Toronto Stock Exchange.

Lakeview Disciplined Leadership U.S. Equity Fund uses the S&P 500 Composite Total Return Index, which includes a market weightedrepresentative sample of 500 leading companies in leading industries of the U.S. economy.

Lakeview Disciplined Leadership High Income Fund uses a 50/50 blend of the S&P/TSX Bond Broad Market Index and the S&P/TSXCapped Income Trust Total Return Index. The S&P/TSX Bond Broad Market Index is designed to represent the returns of investment-grade bonds issued by Canadian companies and by issuers in the government sector. To qualify for inclusion in this index, the bonds musthave a minimum credit rating (by Standard & Poors) of BBB, a minimum term to maturity of 18 months and a minimum par amount of $100million in the case of Canada or federally-guaranteed bonds and private placements ($50 million for all other bonds). The S&P/TSX CappedIncome Trust Total Return Index is a broad-based, market capitalization weighted composite index which may encompass any or all GICSsectors of the income trust marketplace. Income trusts that qualify for inclusion must derive their distribution income from actualoperating entities. Individual constituent income trusts in this index have their relative weights capped at 25%. Subject to receivingregulatory approval, the fund intends to replace the S&P/TSX Bond Broad Market Index with the DEX Universe Bond Index. The DEXUniverse Bond Index is a broad measure of the Canadian investment-grade fixed income market. Returns are calculated daily and areweighted by market capitalization.

Performance fees, if any, are paid at the end of each calendar quarter (or on a prorated basis at the time of redemption) and are accrueddaily such that, to the extent possible, the unit value on each day reflects any performance fees payable at the end of such calendar quarter.

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Fees and expenses payable by the funds cont’d

Management and performance fee reductions We may reduce or waive the management and performance fees that we are entitled to charge. We can charge

the maximum rate of the annual management and performance fees without giving notice to unitholders.

If you make a large investment in a fund, we may reduce our usual management and performance fees that wouldapply to your investment in the fund. The fund pays you the amount of the reduction in the form of a distribution. Wewill reinvest the distribution in the fund, unless you tell us you want to receive it in cash or reinvest it in another fund.

Operating expenses We bear all of the operating expenses of the funds (other than certain taxes, brokerage and borrowing costs andcertain new governmental fees) (the “Variable Operating Expenses”) in return for fixed annual administration fees(“Administration Fees”). Not included in the Variable Operating Expenses are (a) taxes of any kind charged directly tothe funds (principally income tax and G.S.T. or H.S.T. on its management and Administration Fees), (b) borrowing costsincurred by the funds from time to time, and (c) any new fees that may be introduced by a securities regulator or othergovernmental authority in the future that is calculated based on the assets or other criteria of the funds. The purchaseprice of all securities and other property acquired by or on behalf of the funds (including brokerage fees, commissionsand service charges paid to purchase and sell such securities and other property) are considered capital costs andtherefore not included in Variable Operating Expenses. For greater certainty, we will bear all taxes (such as G.S.T. andprovincial sales taxes) charged to us for providing the goods, services and facilities included in the Variable OperatingExpenses. However, fees charged directly to investors are not included in the Variable Operating Expenses.

Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class of the fundas set out below. No Administration Fee applies in respect of Class I units because separate fee and expensearrangements are established in each Class I Account Agreement.

Fund Administration Fee (%)

Lakeview Disciplined Leadership Canadian Equity Fund 0.20Lakeview Disciplined Leadership U.S. Equity Fund 0.21Lakeview Disciplined Leadership High Income Fund 0.20

Each IRC member (other than the Chairman) is paid, as compensation for his or her services, $34,000 per annumplus $9,000 for each meeting attended. The Chairman is paid $42,500 per annum plus $11,000 for each meetingattended. Each year the IRC determines and discloses its compensation in its annual report to unitholders of thefunds. We reimburse the funds out of our administration fees for the fees and expenses of the IRC.

Underlying fund fees and expenses There are fees and expenses payable by the underlying funds in addition to the fees and expenses payable byfunds that invest in underlying funds. Management fees are reduced by the aggregate amount of the managementfees indirectly paid on the underlying funds. Consequently, there will be no duplication of management fees as aresult of an investment in a fund rather than direct investments in the underlying funds.

No management fees payable by a fund which, to a reasonable investor, would duplicate a fee payable by anunderlying fund for the same services will be charged. No sales or redemption fees are payable by a fund forinvesting in underlying funds managed by us or any of our affiliates or associates.

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Fees and expenses payable directly by you

Sales chargeInitial sales charge option You may have to pay your financial advisor a sales charge when you buy Class A units under the initial sales charge option.

You can negotiate this charge with your financial advisor, but it must not exceed 5% of the amount you invest.

Redemption fee Standard deferred sales charge option You do not pay a sales charge to your financial advisor when you buy Class A units under the standard deferred sales

charge option. You will pay a redemption fee if you sell them within seven years of buying them, unless you qualify for afree redemption. The table below shows the redemption fee schedule for the standard deferred sales charge option:

Units sold during the following period after you bought them Redemption fee rateduring the first year 5.5%during the second year 5.0%during the third year 5.0%during the fourth year 4.0%during the fifth year 4.0%during the sixth year 3.0%during the seventh year 2.0%after the seventh year none

The redemption fee applies after you have sold all of your deferred sales charge units under the free redemption right and all of your deferred sales charge units that are no longer subject to the redemption fee.

Low-load sales charge option You do not pay a sales charge to your financial advisor when you buy Class A units under the low-load sales chargeoption. You will pay a redemption fee if you sell them within three years of buying them. The table below shows theredemption fee schedule for the low-load sales charge option:

Units sold during the followingperiod after you bought them Redemption fee rateduring the first year 3.0%during the second year 2.5%during the third year 2.0%

Transfer fee You may have to pay your financial advisor a transfer fee of up to 2% of the value of the units you are switching. You can negotiate this fee with your financial advisor.

You pay no redemption fee when you switch units you bought under a deferred sales charge option, but you may have to pay a redemption fee when you sell the new units. We calculate the redemption fee based on the cost of the original units and the date you bought the original units.

Reclassification fee If you are changing Class A units to a different class of units of a fund, you may have to pay to us a reclassification fee if you bought your Class A units under a deferred sales charge option. The reclassification fee is equal to theredemption fee you would pay if you redeemed your Class A units. We will redeem a sufficient number of units to pay the reclassification fee. See the redemption fee schedules above.

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Fees and expenses payable directly by you cont’d

Short-term trading fee We may charge you a short-term trading fee of up to 2% of the total amount you redeem or switch, if you redeem or switch your units within 30 business days of buying them. We will redeem a sufficient number of units to pay the short-term trading fee. This fee does not apply to systematic transactions or to switches as part of theautomatic rebalancing service. We may also refuse to accept further purchase orders from you.

We will adopt policies on short-term trading mandated by regulation, if and when implemented by securitiesregulators. These policies will be adopted without amendment to the simplified prospectus or notice to you, unless otherwise required by securities laws.

The short-term trading fee is in addition to any other fees you would otherwise be subject to under this simplifiedprospectus.

Registered plan fees None

Other fees• Pre-authorized chequing plan None

• Systematic redemption plan None

• Systematic transfer plan None

• Investment advisory fee Investors in Class F units may be charged an investment advisory fee by their financial advisor. The amount of the investment advisory fee is to be negotiated between you and your financial advisor. We may have an arrangementto collect the investment advisory fee on your financial advisor’s behalf by redeeming (without charges) a sufficientnumber of units from your account five business days before the calendar quarter end. Where we collect theinvestment advisory fee on behalf of your financial advisor, the investment advisory fee must not exceed 1.50%. The collected investment advisory fee is then remitted by us on your behalf to your financial advisor.

• Class I Account Agreement fee Investors in Class I units are charged a management fee directly by us that is negotiated between the investor and us, as well as the performance fee described above.

• Administrative fees There is a $25 charge for all cheques returned because of insufficient funds.

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Impact of sales charges

The table below shows the fees you would have to pay if you boughtunits of a fund under our different purchase options. It assumes that:

• you invest $1,000 in the fund for each period and sell all of your units immediately before the end of that period;

• the sales charge under the initial sales charge option is 5%; and• you have not exercised your free redemption right under the

standard deferred sales charge option.

When you buy 1 3 5 10 your units year years years years

Initial sales charge option

Class A units only $50.00 – – – –

Standard deferred sales charge option

Class A units only – $55.00 $50.00 $40.00 –

Low-load sales charge option

Class A units only – $30.00 $20.00 – –

No load option

Class F and I units only n/a n/a n/a n/a n/a

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This section explains how we compensate your financial advisor when youinvest in the funds.

Sales commissions

Your financial advisor may receive a commission when you buy Class Aunits of a fund. The amount of the commission depends on the purchaseoption you choose:

• up to 5% of the amount you invest when you buy Class A units under the initial sales charge option. The commission is paid by you and is deducted from your investment.

• 5% of the amount you invest when you buy Class A units under the standard deferred sales charge option. The commission is not deducted from your investment - we pay your financial advisordirectly.

• 2% of the amount you invest when you buy Class A units under the low-load sales charge option. The commission is not deducted from your investment - we pay your financial advisor directly.

Transfer fees

You may have to pay your financial advisor a fee of up to 2% of the value ofthe units you are switching, which is deducted from the amount you switchby redeeming a sufficient number of units.

Investment advisory fees

When you invest in Class F units, you will be charged by your financialadvisor an investment advisory fee for the services being provided to youby your financial advisor. See “Fees and expenses” above.

Service fees

We pay financial advisors a service fee on Class A units for ongoing servicesthey provide to investors, including investment advice, account statementsand newsletters. We do not pay service fees on Class F units. Service feesmay be negotiated for Class I units. The rate of the service fee depends onthe purchase option you choose:

The standard deferred sales charge service fee rate changes to theinitial sales charge service fee rate on the seventh anniversary of theinvestment.

The low-load sales charge service fee paid to financial advisors equalsthe standard deferred sales charge service fee rate for the first threeyears from the date of the investment and is changed to the initial salescharge service fee rate on the third anniversary of the investment.

The service fees are calculated monthly and payable monthly or quarterlybased on the total client assets invested in Class A units held by all of afinancial advisor’s clients throughout the month. We can change or cancelservice fees at any time.

You may ask us to change the Class A units subject to your free redemptionright from deferred sales charge units to initial sales charge units. If you dothis, we will pay your financial advisor the initial sales charge service feefrom the date that we receive your change request.

Co-operative marketing programs

We may reimburse your financial advisor for expenses incurred in sellingthe funds, including:

• advertising and other marketing expenses• educational and sales seminars attended by financial advisors

or their clients, and• other marketing programs.

We can change or cancel co-operative marketing programs at any time.

Dealer compensation from management fees

We paid financial advisors sales and service commissions equal toapproximately 46.5% of the total management fees we received from allthe mutual funds we managed during the year ended December 31, 2009.

Disclosure of Equity Interests

Each of CI Investments Inc., Assante Capital Management Ltd., AssanteFinancial Management Ltd. and CI Fund Services Inc. is a subsidiary of CI Financial Corp. CI Financial Corp. is an independent, Canadian-ownedwealth management firm, the common shares of which are traded on theToronto Stock Exchange. An affiliate of each of Scotia Capital Inc.,Scotia Securities Inc., CPA Securities Inc., Integra Capital Corporationand Scotia Asset Management L.P. owns approximately 36% of thecommon shares of CI Financial Corp.

Dealer compensation

Purchase option Annual service fee rate

Initial sales charge up to 1.00%

Deferred sales charge up to 0.50%

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This section is a summary of how Canadian federal income taxes can affectyour investment in a fund. It assumes that you:

• are an individual, other than a trust,• are a Canadian resident,• deal with the fund at arm’s length, and• hold your units as capital property.

Everyone’s tax situation is different. You should consult your tax advisorabout your situation.

The funds

In general, a fund pays no income tax as long as it distributes its netincome and net capital gains to its unitholders. The funds generallyintend to distribute enough of their net income and net realized capitalgains each year so they will not have to pay income tax.

How your investment can generate income

Your investment in a fund can generate income for tax purposes in twoways:

• Distributions. When a fund earns net income from its investments orrealizes a net capital gain by selling securities, it may pass theseamounts on to you as a distribution.

• Capital gains (or losses). You can realize a capital gain (or loss) whenyou sell or switch your units of a fund for more (or less) than you paidfor them plus reasonable costs of disposition. You will not realize acapital gain (or loss) when you switch units of one class to units ofanother class of the same fund.

Funds held in a registered plan

Units of each fund are qualified investments under the Tax Act for trustsgoverned by registered retirement savings plans, registered retirementincome funds, registered education savings plans, deferred profit sharingplans, registered disability savings plans and tax-free savings accounts(“registered plans”).

If you hold units of a fund in a registered plan, you generally pay no taxon distributions paid on those units or on any capital gains that yourregistered plan realizes from selling or switching units. However,withdrawals from registered plans (other than TFSAs) are generallytaxable at your personal tax rate.

Funds held in a non-registered account

If you hold units of a fund in a non-registered account, you must includethe following in calculating your income each year:

• Any net income and the taxable portion of any net capital gains (computedin Canadian dollars) distributed to you by the fund, whether you receivethe distributions in cash or they are reinvested in units of the fund.

• The taxable portion of any capital gains you realize from selling yourunits (including selling units to pay fees described in this document) orswitching your units (other than a switch between classes of the samefund) when the value of the units is greater than their adjusted costbase plus reasonable costs of disposition (including any redemptionfees). If the value of units sold is less than their adjusted cost baseplus reasonable costs of disposition (including any redemption fees),you will have a capital loss. You may use capital losses you realize tooffset capital gains.

• The amount of any management fee or performance fee distributionspaid to you out of the fund’s income.

We will issue a tax slip to you each year for each fund that shows youhow much of each type of income the fund distributed to you and anyreturn of capital. You can claim any tax credits that apply to that income.For example, if distributions by a fund include Canadian dividend incomeor foreign income, you will qualify for tax credits to the extent permittedby the Tax Act.

Dividends and capital gains distributed by a fund and capital gains realizedon the disposition of units may give rise to alternative minimum tax.

You should consult your tax advisor about the tax treatment in your particularcircumstances of any investment advisory fees you pay to your financialadvisor when investing in the funds.

Distributions

Distributions from the funds may include a return of capital. When a fund earns less income for tax purposes than the amount distributed, thedifference is called a return of capital. A return of capital is not taxable,but will reduce the adjusted cost base of your units of the fund. If theadjusted cost base of your units of a fund becomes a negative amount at any time in a taxation year, you will be deemed to realize a capital gain equal to that amount and the adjusted cost base of your units will be reset to zero.

Distributions may include foreign exchange gains because the funds are required to report income and net realized capital gains in Canadiandollars for tax purposes.

The unit price of a fund may include income and capital gains that the fundhas earned, but not yet realized (in the case of capital gains) and/or paidout as a distribution. If you buy units of a fund just before it makes adistribution, you will be taxed on that distribution. You may have to pay taxon income or capital gains that the fund earned before you owned it. Forexample, if a fund distributes its net income and net capital gains once ayear in December and you buy units late in the year, you may have to paytax on the net income and net capital gains it earned for the whole year.

The higher a fund’s portfolio turnover rate in a year, the greater the chancethat you will receive a distribution from the fund. There is no necessaryrelationship between a fund’s turnover rate and its performance.

Canadian federal income tax considerations for investors

1 8 - P A R T A

Calculating your capital gain or loss

Your capital gain or loss for tax purposes is the difference between theamount you receive when you sell or switch your units (after deductingany redemption fees or other charges) and the adjusted cost base ofthose units.

Changing one class of units to another class of units of the same fund will notresult in a disposition for tax purposes, so no capital gain or loss will ariseexcept to the extent that units are redeemed to pay a reclassification fee. Ifthose redeemed units are held outside a registered plan, you may realize ataxable capital gain.

In general, the adjusted cost base of each of your units of a particular classof a fund at any time equals:

• your initial investment for all your units of that class of the fund (includingany sales charges paid), plus

• your additional investments for all your units of that class of the fund(including any sales charges paid), plus

• distributions or management and performance fee distributions reinvestedin additional units of that class of the fund, minus

• any return of capital distributions by the fund in respect of units of thatclass of the fund, minus

• the adjusted cost base of any units of that class of the fund previouslydisposed of,

all divided by

• the number of units of that class of the fund that you hold at that time.

You should keep detailed records of the purchase cost of your investmentsand distributions you receive on those units so you can calculate theiradjusted cost base. Other factors may affect the calculation of the adjustedcost base and you may want to consult a tax advisor.

In certain situations where you dispose of units of a fund and wouldotherwise realize a capital loss, the loss will be denied. This may occur if you, your spouse or another person affiliated with you (including acorporation controlled by you) has acquired units of the same fund(which are considered to be “substituted property”) within 30 daysbefore or after you dispose of your units. In these circumstances, yourcapital loss may be deemed to be a “superficial loss” and denied. Theamount of the denied capital loss will be added to the adjusted cost baseto the owner of the units which are substituted property.

1 9 - P A R T A

Securities legislation in some provinces gives you the right to withdraw froman agreement to buy mutual funds within two business days of receiving thesimplified prospectus, or to cancel your purchase within 48 hours of receivingconfirmation of your order.

Securities legislation in some provinces and territories also allows you tocancel an agreement to buy mutual fund securities and get your moneyback, or to make a claim for damages, if the simplified prospectus,annual information form or financial statements misrepresent any factsabout the mutual fund. These rights must usually be exercised withincertain time limits.

For more information, refer to the securities legislation of your provinceor territory or consult your lawyer.

What are your legal rights?

2 0 - P A R T A

In Part B of the simplified prospectus, you will find detailed descriptionsof each of the funds. All of the descriptions are organized in the sameway, under the headings provided below.

Fund details

This section gives you a snapshot of the fund with information such asthe fund’s creation date, the classes of units it offers and its eligibility forregistered plans.

What does the fund invest in?

This section includes the fund’s fundamental investment objective and thestrategies it uses in trying to achieve its objective. Any change to theinvestment objective must be approved by a majority of votes cast at ameeting of unitholders held for that reason.

Disciplined Leadership ApproachThe funds are provided with portfolio advice by the Disciplined LeadershipTeam, a division of Barometer Capital Management Inc. the portfolio advisorto the funds. The Disciplined Leadership Team focuses on both sides ofinvesting: buying and selling. In order to capture opportunity, the portfolioadvisor believes it is not only necessary to identify what to buy, but alsowhen to buy and, more importantly, when to sell. This focus on capitalpreservation has always been a key component of the Disciplined LeadershipApproachTM - it stems from the portfolio advisor’s roots in managing portfoliosfor families who are more interested in absolute rather than relative returns.

The portfolio advisor manages each fund in a consistent manner: throughthe application of the portfolio advisor’s clearly defined investmentprocess, the portfolio advisor places as much emphasis on protectingcapital as it does on capturing opportunity.

Capturing opportunityThe portfolio advisor believes that performance in a portfolio is influencedby three key factors: the impact of market, industry group and underlyingbusiness exposure. As a result, the portfolio advisor bases its decision-making models focus on identifying key market and sector trends. Theportfolio advisor then uses specific fundamental and quantitative criteria to identify leading companies appropriate for the current investmentenvironment. Investment styles circulate in and out of favour as marketschange. The portfolio advisor believes it is important to have a process thatrecognizes those changes and allows for the orderly transition of portfoliosas change occurs.

Identifying opportunities with the potential for superior performance requiresconstant vigilance. The Disciplined Leadership Team runs detailed analysesof the fund portfolios daily, in an effort to ensure that each holding continuesto meet the portfolio advisor’s tests and compares favourably to newopportunities as they arise.

Managing riskProtecting your money is of utmost importance to the portfolio advisor.The portfolio advisor seeks to protect capital by using its carefully definedmonitoring and selling strategies along with its constant assessments of

market and sector specific risks. Each investment position has a pre-determined selling price, set below the entry price, that triggers a sale in the event that the market price falls below an acceptable level. If theportfolio advisor’s DL Market Risk ModelTM indicates risk is high, or thatthere are not clear market leaders, the proceeds will remain in cash orshort-term interest bearing notes until the portfolio advisor assesses thatrisk levels have become acceptable and new leadership emerges. Thistactical use of cash and stop losses helps the portfolio advisor to protectfund assets during periods of market volatility as well as in periods wheninvestments do not meet the portfolio advisor’s expectations.

Investing in underlying fundsAll of the funds may invest in underlying funds. In selecting underlyingfunds, we assess a variety of criteria, including:

• management style• investment performance and consistency• risk tolerance levels• calibre of reporting procedures• quality of the manager and/or portfolio advisor.

We review and monitor the performance of the underlying funds in whichwe invest. The review process consists of an assessment of the underlyingfunds. Factors such as adherence to stated investment mandate, returns,risk adjusted return measures, assets, investment management process,style, consistency and continued portfolio fit may be considered. Thisprocess may result in suggested revisions to weightings of the underlyingfunds, the inclusion of new underlying funds or the removal of one or moreunderlying funds.

How the funds use derivativesA derivative is an investment that derives its value from another investment- called the underlying investment. This could be a stock, bond, currency ormarket index. Derivatives usually take the form of a contract with anotherparty to buy or sell an asset at a later time. Some examples of derivativesare options, futures and forward contracts.

All of the funds may use derivatives as permitted by securities regulations.They may use them to:

• hedge their investments against losses from factors like currencyfluctuations, stock market risks and interest rate changes

• invest indirectly in securities or financial markets, provided theinvestment is consistent with the fund’s investment objective.

When a fund uses derivatives for purposes other than hedging, it holdsenough cash or money market instruments to fully cover its position in thederivative, as required by securities regulations.

How the funds engage in securities lending transactionsAll the funds may enter into securities lending transactions, repurchasetransactions and reverse repurchase transactions.

A securities lending transaction is where a fund lends portfolio securities thatit owns to a third party borrower. The borrower promises to return to thefund at a later date an equal number of the same securities and to pay a feeto the fund for borrowing the securities. While the securities are borrowed,

Specific information about each of the mutual funds described in this document

2 1 - P A R T A

the borrower provides the fund with collateral consisting of a combination ofcash and securities. In this way, the fund retains exposure to changes in thevalue of the borrowed securities while earning additional fees.

A repurchase transaction is where a fund sells portfolio securities that itowns to a third party for cash and simultaneously agrees to buy back thesecurities at a later date at a specified price using the cash received by thefund from the third party. While the fund retains its exposure to changes inthe value of the portfolio securities, it also earns fees for participating in therepurchase transaction.

A reverse repurchase transaction is where a fund purchases certain typesof debt securities from a third party and simultaneously agrees to sell thesecurities back to the third party at a later date at a specified price. Thedifference between the fund’s purchase price for the debt instruments andthe resale price provides the fund with additional income.

As indicated above, securities lending, repurchase and reverserepurchase transactions enable the funds to earn additional income and thereby enhance their performance.

A fund will not enter into a securities lending transaction or a repurchasetransaction if, immediately thereafter, the aggregate market value of allsecurities loaned by the fund and not yet returned to it or sold by the fundin repurchase transactions and not yet repurchased would exceed 50% ofthe total assets of the fund (exclusive of collateral held by the fund forsecurities lending transactions and cash held by the fund for repurchasetransactions).

How the funds engage in short sellingSubject to providing existing unitholders with 60 days’ notice, the funds have received permission from the Canadian securities regulatory authoritiesto deviate from National Instrument 81-102 by selling securities short, byproviding a security interest over fund assets in connection with the shortsales and by depositing fund assets with dealers as security in connectionwith such transactions. A short sale by a fund involves borrowing securitiesfrom a lender and selling those securities in the open market (or selling short the securities). At a later date, the same number of securities arerepurchased by that fund and returned to the lender. In the interim, theproceeds from the first sale are deposited with the lender and the fund payscompensation to the lender on the borrowed securities. If the value of thesecurities declines between the time that the fund borrows the securities andthe time it repurchases and returns the securities to the lender, the fund willmake a profit for the difference (less any compensation the fund is requiredto pay to the lender). Selling short provides the funds with more opportunitiesfor profits when markets are generally volatile or declining.

The funds will engage in short selling only within certain controls andlimitations. Securities will be sold short only for cash and the fund willreceive the cash proceeds within normal trading settlement periods for the market in which the short sale is made. All short sales will be effectedonly through market facilities through which those securities normally arebought and sold and a fund will short sell a security only if: (i) the security is listed and posted for trading on a stock exchange and the issuer of thesecurity has a market capitalization of not less than $100 million at the time the short sale is made or the portfolio manager has pre-arranged toborrow securities for the purposes of such short sale; or (ii) the security is a bond, debenture or other evidence of indebtedness of or guaranteed by the Government of Canada or any province or territory of Canada or theGovernment of the U.S.A. At the time securities of a particular issuer are soldshort by a fund, the aggregate market value of all securities of that issuersold short will not exceed 5% of the total assets of the fund. The fund alsowill place a “stop-loss” order (effectively a standing instruction) with a dealer

to immediately repurchase for the fund the securities sold short if the tradingprice of the securities exceeds 120% (or a lower percentage determined byus) of the price at which the securities were sold short. The aggregatemarket value of all securities sold short by a fund will not exceed 20% of itstotal assets on a daily marked-to-market basis.

Portfolio turnover rateEach fund may, from time to time, engage in trading which results in a portfolio turnover rate greater than 70%. The larger trading costsassociated with a high portfolio turnover rate would reduce the fund’sperformance.

What are the risks of investing in the fund?

This section shows the specific risks associated with an investment in the fund. For an explanation of these risks, see “Types of risk” starting on page 2.

Who should invest in this fund?

This section tells you the type of investment portfolio or investor the fundmay be suitable for. This is meant as a general guide only. For advice aboutyour own circumstances, you should consult your financial advisor.

Distribution policy

If a fund pays a distribution, it will be paid in the same currency in whichyou hold your fund units. Distributions are automatically reinvested withoutcharge in additional units of the same fund unless you ask in writing to havethem invested in another fund. You can ask to receive your distributions incash for funds you hold in non-registered accounts. We may change thedistribution policy of a fund at our discretion. For more information aboutdistributions, see “Canadian federal income tax considerations forinvestors” on page 17.

Some terms used in this simplified prospectus

We have written this document in plain language, but this simplifiedprospectus includes financial terms that may be new to you. This sectionexplains a number of these terms.

Asset-backed securities - bonds or other fixed income securities backed by assets such as real property, accounts receivable ormortgages. They are generally issued by lenders such as banks andcredit card companies and typically make regular payments.

Bonds - fixed income securities issued by governments and corporationsto finance their operations or pay for major projects. When you buy abond you are in effect lending money to the issuer. In return you receiveinterest payments and the face amount of the bond on a future datecalled the maturity date.

Commercial paper - short-term fixed income securities that generallymature in less than one year. They are generally issued by banks,corporations and other borrowers and are usually not backed by anyassets.

2 2 - P A R T A

Common share - an equity security representing part ownership in acompany. Common shares usually come with rights such as the right to vote at shareholder meetings.

Convertible securities - bonds, debentures or preferred shares that theowner may exchange for shares of the company.

Debentures - fixed income securities issued by a government orcorporation usually backed only by the general credit of the issuer.

Derivative - an investment that derives its value from another investment,which is called the underlying investment. This could be a stock, bond,currency or market index. Derivatives usually take the form of a contractwith another party to buy or sell an asset at a later time. Some examplesof derivatives are options, futures and forward contracts.

Equity securities - securities representing part ownership of a company.A typical example is common shares.

Equity-related securities - securities that behave like equity securities.They include warrants and convertible securities.

Fixed income securities - securities that generate interest or dividendincome, such as bonds, debentures, commercial paper, treasury bills and other money market instruments and preferred shares.

Forward contract - an agreement for the future delivery or sale of aforeign currency, commodity or other asset, with the price set at the time the agreement is made.

Futures contract - similar to a forward contract, except that it is astandardized contract traded on a futures exchange. The price is setthrough the exchange.

Maturity - the date on which a fixed income security repays the faceamount of the investment. Also known as the date the security comesdue.

Money market instruments - short-term fixed income securities thatmature in less than a year. They include government treasury bills,commercial paper and bankers’ acceptances.

Options - the right, but not the obligation, to buy or sell specific securitiesor properties at a specified price within a specified time.

Preferred share - a security that usually entitles the owner to a fixeddividend ahead of a company’s common shares and to a maximum stateddollar value per share if the company is dissolved.

CI Investments Inc.2 Queen Street EastTwentieth FloorToronto, OntarioM5C 3G7

You can find additional information about each fund in the annualinformation form, management reports of fund performance and financialstatements. These documents are incorporated by reference into thissimplified prospectus. That means they legally form part of this documentjust as if they were printed in it.

You can get a copy of these documents at your request and at no cost, bycalling 1-800-205-8175 or by e-mailing info@lakeviewfunds.com, or byasking your financial advisor.

These documents and other information about the funds, such asinformation circulars and material contracts, are also available atwww.lakeviewfunds.com or at www.sedar.com.

LAKEVIEW DISCIPLINED LEADERSHIP FUNDS

A complete simplified prospectus for the mutual funds listed on the front cover consists of thisdocument and an additional disclosure document that provides specific information about the mutualfunds in which you are investing. This document provides general information applicable to all of theLakeview Disciplined Leadership Funds. You must be provided with the additional disclosuredocument.

LAKEVIEW_PARTAPRO-07/10E

PART B - Fund Specific Information

Lakeview Disciplined Leadership Canadian Equity Fund (Class A, F and I units) · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 1

Lakeview Disciplined Leadership U.S. Equity Fund (Class A, F and I units) · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 3

Lakeview Disciplined Leadership High Income Fund (Class A, F and I units) · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 4

Lakeview Disciplined Leadership Funds Simplified Prospectus | dated July 23, 2010 | Part B

No securities regulatory authority has expressed an opinion about these securities

and it is an offence to claim otherwise.

1 - P A R T B

This document provides specific information about Lakeview Disciplined Leadership Canadian Equity Fund. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

CIG-

690

What does the fund invest in?

Investment objectiveThis fund’s objective is to achieve long-term capitalappreciation by investing primarily in Canadian equitysecurities.

Any change to the investment objective must beapproved by a majority of the votes cast byunitholders at a meeting called to consider thechange.

Investment strategiesThe portfolio advisor uses the Disciplined LeadershipApproach investment management process describedunder “Specific information about each of the mutualfunds described in this document” in Part A of thesimplified prospectus.

In order to achieve its objectives, the fund investsprimarily in equity securities of Canadian issuersdisplaying clearly defined characteristics deemedfavourable by the portfolio advisor. The portfolio advisorseeks out Canadian securities that the portfolio advisorbelieves offer the opportunity for substantial growth and gains through capital appreciation and/or income.The fund may invest up to 49% of its assets in foreignsecurities.

The fund may use derivatives such as options, futures,forward contracts and swaps to:• protect against losses from changes in interest

rates and the prices of its investments, and fromexposure to foreign currencies

• gain exposure to individual securities and marketsinstead of buying the securities directly.

Derivatives will only be used as permitted bysecurities regulations.

The fund also may enter into securities lendingtransactions, repurchase transactions and reverserepurchase transactions, to the extent permitted bysecurities regulations, to earn additional income. The fund may not have more than 50% of its totalassets committed under securities lending orrepurchase transactions at any time (excludingcollateral held under securities lending transactionsand cash held under repurchase transactions).

Subject to providing existing unitholders with 60 days’notice, the fund also may engage in short selling. Indetermining whether securities of a particular issuershould be sold short, the portfolio advisor uses thesame analysis that is described above for decidingwhether to purchase the securities. The fund willengage in short selling as a complement to the fund’scurrent primary discipline of buying securities with theexpectation that they will appreciate in market value.

The fund is permitted to engage in short selling as aresult of special relief it obtained from the Canadiansecurities regulators. For a more detailed descriptionof short selling and the limits within which the fundmay engage in short selling, please refer to “Specificinformation about each of the mutual funds describedin this document” on page 20 in Part A of thesimplified prospectus.

The portfolio advisor may also from time to timeinvest a portion of the fund’s assets in securities ofunderlying funds. See “What does the fund investin?” in Part A of the simplified prospectus.

In the event of adverse market, economic and/orpolitical conditions, the portfolio advisor may investthis fund’s assets in cash and cash equivalentsecurities.

The portfolio advisor may engage in active or frequenttrading of investments. This increases the possibilitythat an investor will receive taxable distributions.

What are the risks of investing in the fund?

This fund is affected by the following risks:

• class risk• currency risk• derivatives risk• equity risk• foreign investment risk• investment trust risk• large redemption risk• liquidity risk• market risk• securities lending risk• short selling risk.

You will find an explanation of each risk on page 2 inPart A of the simplified prospectus.

Who should invest in this fund?

This fund may be suitable for you if you:• are growth-oriented and are seeking a disciplined

approach to investing in Canadian stocks• are investing for the long term• can tolerate medium risk.

Distribution policy

The fund expects to distribute any net income and netcapital gains each December.

Fund type

Canadian equity fund

Date created

July 5, 2004

Type of securities

Class A, F and I units

Registered plan eligibility

Eligible

Portfolio advisor

Barometer CapitalManagement Inc.

LakeviewDisciplinedLeadershipCanadian Equity Fund

Fund details

2 - P A R T B

This document provides specific information about Lakeview Disciplined Leadership Canadian Equity Fund. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

L A K E V I E W D I S C I P L I N E D L E A D E R S H I P C A N A D I A N E Q U I T Y F U N D

Fund expenses indirectly borne by investors

You do not pay the fund’s expenses directly, but they will reduce the fund’sreturns. This table shows the expenses the fund would pay on a $1,000investment with a 5% annual return.

Fees and expenses payable over1 year 3 years 5 years 10 years

Class A units $23.16 $73.01 $127.97 $291.29

Class F units $12.40 $39.09 $68.51 $155.96

Class I units $2.15 $6.78 $11.89 $27.07

3 - P A R T B

This document provides specific information about Lakeview Disciplined Leadership U.S. Equity Fund. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

CIG-

691

What does the fund invest in?

Investment objectiveThis fund’s objective is to generate income and long-term capital appreciation by investing primarily in U.S.equity securities.

Any change to the investment objective must beapproved by a majority of the votes cast by unitholdersat a meeting called to consider the change.

Investment strategiesThe portfolio advisor uses the Disciplined LeadershipApproach investment management process describedunder “Specific information about each of the mutualfunds described in this document” in Part A of thesimplified prospectus.

In order to achieve its objectives, the fund investsprimarily in U.S. equity securities displaying clearlydefined characteristics deemed favourable by theportfolio advisor. The portfolio advisor seeks out U.S.securities that the portfolio advisor believes offer theopportunity for substantial growth and gains throughcapital appreciation and/or income.

The fund may use derivatives such as options, futures,forward contracts and swaps to:

• protect against losses from changes in interest rates and the prices of its investments, and from exposure to foreign currencies

• gain exposure to individual securities and markets instead of buying the securities directly.

Derivatives will only be used as permitted by securitiesregulations.

The fund also may enter into securities lendingtransactions, repurchase transactions and reverserepurchase transactions, to the extent permitted bysecurities regulations, to earn additional income. The fund may not have more than 50% of its totalassets committed under securities lending orrepurchase transactions at any time (excludingcollateral held under securities lending transactionsand cash held under repurchase transactions).

Subject to providing existing unitholders with 60 days’notice, the fund also may engage in short selling. Indetermining whether securities of a particular issuershould be sold short, the portfolio advisor uses the sameanalysis that is described above for deciding whether topurchase the securities. The fund will engage in shortselling as a complement to the fund’s current primarydiscipline of buying securities with the expectation thatthey will appreciate in market value. The fund ispermitted to engage in short selling as a result of specialrelief it obtained from the Canadian securities regulators.For a more detailed description of short selling and thelimits within which the fund may engage in short selling,please refer to “Specific information about each of themutual funds described in this document” on page 20 inPart A of the simplified prospectus.

The portfolio advisor may also from time to time invest aportion of the fund’s assets in securities of underlyingfunds. See “What does the fund invest in?” in Part A ofthe simplified prospectus.

In the event of adverse market, economic and/or politicalconditions, the portfolio advisor may invest this fund’sassets in cash and cash equivalent securities.

The portfolio advisor may engage in active or frequenttrading of investments. This increases the possibility that an investor will receive taxable distributions.

What are the risks of investing in the fund?

This fund is affected by the following risks:• class risk• currency risk• derivatives risk• equity risk• foreign investment risk• large redemption risk• liquidity risk• market risk• securities lending risk• short selling risk.

You will find an explanation of each risk on page 2 in PartA of the simplified prospectus.

Who should invest in this fund?

This fund may be suitable for you if you:• are growth-oriented and are seeking a disciplined

approach to investing in U.S.stocks• are investing for the long term• can tolerate medium risk.

Distribution policy

The fund expects to distribute any net income and netcapital gains each December.

Fund expenses indirectly borne by investors

You do not pay the fund’s expenses directly, but theywill reduce the fund’s returns. This table shows theexpenses the fund would pay on a $1,000 investmentwith a 5% annual return.

Fees and expenses payable over1 year 3 years 5 years 10 years

Class A units $24.29 $76.56 $134.20 $305.47

Class F units $13.53 $42.64 $74.74 $170.13

Class I units $2.25 $7.11 $12.46 $28.36

Fund type

U.S. equity fund

Date created

July 5, 2004

Type of securities

Class A, F and I units

Registered plan eligibility

Eligible

Portfolio advisor

Barometer CapitalManagement Inc.

LakeviewDisciplinedLeadership U.S. EquityFund

Fund details

4 - P A R T B

This document provides specific information about Lakeview Disciplined Leadership High Income Fund. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

What does the fund invest in?

Investment objectiveThis fund’s objective is to achieve a high level of incomeby investing primarily in Canadian income trusts,Canadian fixed income securities and other Canadianincome producing securities.

Any change to the investment objective must beapproved by a majority of the votes cast byunitholders at a meeting called to consider thechange.

Investment strategiesThe portfolio advisor uses the Disciplined LeadershipApproach investment management process describedunder “Specific information about each of the mutualfunds described in this document” in Part A of thesimplified prospectus. The fund invests primarily inmoney market instruments, Canadian government orcorporate bonds, convertible securities, income trustsand mortgage securities. The fund may invest up to 49%of its assets in foreign securities.

In order to achieve the fund’s objectives, the portfolioadvisor seeks out Canadian income producing securitieswith a history of steady interest or distributions payouts.The fund may use derivatives such as options, futures,forward contracts and swaps to:

• protect against losses from changes in interest rates and the prices of its investments, and fromexposure to foreign currencies

• gain exposure to individual securities and marketsinstead of buying the securities directly.

Derivatives will only be used as permitted by securitiesregulations.

The fund also may enter into securities lendingtransactions, repurchase transactions and reverserepurchase transactions, to the extent permitted bysecurities regulations, to earn additional income. The fund may not have more than 50% of its totalassets committed under securities lending orrepurchase transactions at any time (excludingcollateral held under securities lending transactionsand cash held under repurchase transactions).

Subject to providing existing unitholders with 60 days’notice, the fund also may engage in short selling. Indetermining whether securities of a particular issuershould be sold short, the portfolio advisor uses the sameanalysis that is described above for deciding whether topurchase the securities. The fund will engage in shortselling as a complement to the fund’s current primarydiscipline of buying securities with the expectation thatthey will appreciate in market value. The fund ispermitted to engage in short selling as a result of specialrelief it obtained from the Canadian securities regulators.

For a more detailed description of short selling and thelimits within which the fund may engage in short selling,please refer to “Specific information about each of themutual funds described in this document” on page 20 inPart A of the simplified prospectus.

The portfolio advisor may also from time to time invest aportion of the fund’s assets in securities of underlyingfunds. See “What does the fund invest in?” in Part A ofthe simplified prospectus.

In the event of adverse market, economic and/or politicalconditions, the portfolio advisor may invest this fund’sassets in cash and cash equivalent securities.

The portfolio advisor may engage in active or frequenttrading of investments. This increases the possibility thatan investor will receive taxable distributions.

What are the risks of investing in the fund?

This fund is affected by the following risks:• class risk• credit risk• currency risk• derivatives risk• equity risk• foreign investment risk• investment trust risk• interest rate risk• large redemption risk• liquidity risk• market risk• securities lending risk• short selling risk.

You will find an explanation of each risk on page 2 in PartA of the simplified prospectus.

Who should invest in this fund?

This fund may be suitable for you if you:• are growth-oriented and are seeking a

disciplined approach to investing income and dividend producing Canadian securities

• are investing for the long term, but have a need for regular monthly earnings

• can tolerate medium risk.

Distribution policy

The fund expects to distribute any net income monthlyand any net capital gains each December.

Fund type

Canadian fixed income and income trust

Date created

July 5, 2004

Type of securities

Class A, F and I units

Registered plan eligibility

Eligible

Portfolio advisor

Barometer CapitalManagement Inc.

LakeviewDisciplinedLeadership High IncomeFund

Fund details

5 - P A R T B

This document provides specific information about Lakeview Disciplined Leadership High Income Fund. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

L A K E V I E W D I S C I P L I N E D L E A D E R S H I P H I G H I N C O M E F U N D

Fund expenses indirectly borne by investors

You do not pay the fund’s expenses directly, but they will reduce the fund’sreturns. This table shows the expenses the fund would pay on a $1,000investment with a 5% annual return.

Fees and expenses payable over1 year 3 years 5 years 10 years

Class A units $23.16 $73.01 $127.97 $291.29

Class F units $12.40 $39.09 $68.51 $155.96

Class I units $2.15 $6.78 $11.89 $27.07

This document provides specific information about Lakeview Disciplined Leadership Funds. It should be read in conjunction with the rest of the simplified prospectus of the Lakeview Disciplined Leadership Fundsdated July 23, 2010. This document and the document that provides general information about the Lakeview Disciplined Leadership Funds together constitute the simplified prospectus.

LAKEVIEW_PROS-07-10E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

CI Investments Inc.2 Queen Street EastTwentieth FloorToronto, OntarioM5C 3G7

You can find additional information about each fund in its annualinformation form, management reports of fund performance and financialstatements. These documents are incorporated by reference into thissimplified prospectus. That means they legally form part of this documentjust as if they were printed in it.

You can get a copy of these documents at your request and at no cost, bycalling 1-800-205-8175 or by emailing info@lakeviewfunds.com, or by askingyour financial advisor.

These documents and other information about the funds, includinginformation circulars and material contracts, are also available at ourwebsite at www.lakeviewfunds.com or at www.sedar.com.

Lakeview Disciplined Leadership Funds