2011 Simplified Prospectus – dated July 27, 2011

CASTLEROCK PORTFOLIOS Castlerock Growth Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Balanced Growth Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Balanced Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Conservative Portfolio (Series A, B, F, T(A) and T(B) units) FOREIGN EQUITY Castlerock Capital Appreciation Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Global Leaders Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock International Equity Fund (Series A, B, F, I, T(A) and T(B) units) Castlerock U.S. Dividend Growth Fund (Series A, B, D, F, I, T(A) and T(B) units)2 DOMESTIC EQUITY Castlerock Canadian Dividend Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Canadian Dividend Growth Fund (Series A, B, D, F and I units)2 Castlerock Canadian Growth Companies Fund (Series A, B, F, T(A) and T(B) units) Castlerock Canadian Stock Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Canadian Value Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Pure Canadian Equity Fund (Series A, B, F, I, T(A) and T(B) units)

CANADIAN AND GLOBAL BALANCED Castlerock Canadian Balanced Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Global Balanced Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Total Return Fund (Series A, B, F, T(A) and T(B) units) INCOME Castlerock Canadian Bond Fund (Series A, B, D, F and I units)2 Castlerock Enhanced Yield Fund (Series A, B, F and I units) Castlerock Global High Income Fund (Series A, B, F and I) MONEY MARKET Castlerock Canadian Money Market Fund (Series A and B units)3

No securities regulatory authority has expressed an opinion about these units. It is an offence to claim otherwise. The Funds and the securities offered under this Simplified Prospectus are not registered with the United States Securities and Exchange Commission and can only be sold in the United States in reliance on exemptions from registration.
1 Effective February 14, 2011 the Hartford Mutual Funds changed their name to Castlerock Mutual Funds. 2 3

Series D units closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9, 2008, and through automatically reinvested distributions. Series D also available.

Castlerock Mutual Funds1
Simplified Prospectus |
dated July 27, 2011

| Part A and Part B

CASTLEROCK PORTFOLIOS
Castlerock Growth Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Balanced Growth Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Balanced Portfolio (Series A, B, F, T(A) and T(B) units) Castlerock Conservative Portfolio (Series A, B, F, T(A) and T(B) units)

FOREIGN EQUITY
Castlerock Capital Appreciation Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Global Leaders Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock International Equity Fund (Series A, B, F, I, T(A) and T(B) units) Castlerock U.S. Dividend Growth Fund (Series A, B, D, F, I, T(A) and T(B) units)2

DOMESTIC EQUITY
Castlerock Canadian Dividend Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Canadian Dividend Growth Fund (Series A, B, D, F and I units)2 Castlerock Canadian Growth Companies Fund (Series A, B, F, T(A) and T(B) units) Castlerock Canadian Stock Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Canadian Value Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Pure Canadian Equity Fund (Series A, B, F, I, T(A) and T(B) units)

CANADIAN AND GLOBAL BALANCED
Castlerock Canadian Balanced Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Global Balanced Fund (Series A, B, D, F, I, T(A) and T(B) units)2 Castlerock Total Return Fund (Series A, B, F, T(A) and T(B) units)

INCOME
Castlerock Canadian Bond Fund (Series A, B, D, F and I units)2 Castlerock Enhanced Yield Fund (Series A, B, F and I units) Castlerock Global High Income Fund (Series A, B, F and I)

MONEY MARKET
Castlerock Canadian Money Market Fund (Series A and B units)3

No securities regulatory authority has expressed an opinion about these units. It is an offence to claim otherwise. The Funds and the securities offered under this Simplified Prospectus are not registered with the United States Securities and Exchange Commission and can only be sold in the United States in reliance on exemptions from registration.
1 Effective February 14, 2011 the Hartford Mutual Funds changed their name to Castlerock Mutual Funds. 2

Series D units closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9, 2008, and through automatically reinvested distributions. 3 Series D also available.

Table of contents
Page PART A: General information about Castlerock Mutual Funds · · · · · · · · · · · · · · · · · · Introduction · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · What is a mutual fund and what are the risks of investing in a mutual fund? · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · Organization and management of castlerock mutual funds · · · · · · · · · · · · Purchases, switches and redemptions · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 2 6 9 1 1 PART B: Specific information about each of the mutual funds described in this document · · · · · · · · · · · · · · · · · · · · · · · · · · 26 Castlerock Growth Portfolio · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 27 Castlerock Balanced Growth Portfolio · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 29 Castlerock Balanced Portfolio · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 31 Castlerock Conservative Portfolio · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 33 Castlerock Capital Appreciation Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 35 Castlerock Global Leaders Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 37 Castlerock International Equity Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 39 Castlerock U.S. Dividend Growth Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 41 Castlerock Canadian Dividend Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 43 Castlerock Canadian Dividend Growth Fund · · · · · · · · · · · · · · · · · · · · · · · · · 45 Castlerock Canadian Growth Companies Fund · · · · · · · · · · · · · · · · · · · · · · · 47 Castlerock Canadian Stock Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 49 Castlerock Canadian Value Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 51 Castlerock Pure Canadian Equity Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 53 Castlerock Canadian Balanced Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 55 Castlerock Global Balanced Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 57 Castlerock Total Return Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 59 Castlerock Canadian Bond Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 61 Castlerock Enhanced Yield Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 63 Castlerock Global High Income Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 65 Castlerock Canadian Money Market Fund · · · · · · · · · · · · · · · · · · · · · · · · · · · 67 Page

Optional services · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 14 Fees and expenses · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 15 Dealer compensation · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 21 Dealer compensation from management fees · · · · · · · · · · · · · · · · · · · · · · · · 22 Income tax considerations for investors · · · · · · · · · · · · · · · · · · · · · · · · · · · · 23 What are your legal rights? · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · 25

PA R T A

com.sedar. and at no cost. dated August 25. These documents and other information are also available on the Internet site of SEDAR at www. at your request. The second part.PA R T A . Castlerock Mutual Funds in which Castlerock Portfolios invest are called the Underlying Funds. Collectively. This document contains selected important information to help you make an informed decision about investing in the Funds and to help you understand your rights as an investor. from pages 26 through 68. dated January 8. the Fund’s most recently f iled annual management report of fund performance and any interim management report of fund performance for the Fund filed after that annual management report of fund performance. The Funds are open-ended mutual fund trusts established by declarations of trust under the laws of the Province of Ontario dated July 3. Castlerock Pure Canadian Equity Fund. from pages 1 through 25 contains general information applicable to all of the Funds. Castlerock Canadian Dividend Growth Fund and Castlerock Canadian Dividend Fund. 2008 for Castlerock International Equity Fund. Dividend Growth Fund. we. and Castlerock Fund. dated January 25.ca or by writing to Castlerock Investments. dated June 9. Toronto. 2004 for Castlerock Canadian Value Fund. the Fund or a Fund refer to any one of these mutual funds. the Trustee. Castlerock Portfolios refers collectively to Castlerock Growth Portfolio. Castlerock Funds refers to all of the Funds other than Castlerock Portfolios. Twentieth Floor. These documents are incorporated by reference into this document. Castlerock Balanced Growth Portfolio. This document is divided into two parts. the most recently filed annual financial statements and any interim financial statements of the Fund filed after the annual financial statements. the Registrar and Castlerock Investments (formerly Hartford Investments) refer to CI Investments Inc. Castlerock Balanced Portfolio and Castlerock Conservative Portfolio and Castlerock Portfolio refers to any one of Castlerock Portfolios. dated September 22.PART A: General Information about Castlerock Mutual Funds Introduction In this document. our. Castlerock Canadian Balanced Fund. You can get a copy of these documents. the Principal Portfolio Advisor. us. Ontario M5C 3G7. the Manager. Additional information about each of the Funds is available in the Fund’s Annual Information Form. the most recently filed fund facts. Castlerock Canadian Stock Fund. Castlerock Portfolios may invest in Castlerock Funds. The first part. contains specific information about each of the Funds. Castlerock Canadian Bond Fund and Castlerock Canadian Money Market Fund. 1 . 2000 for Castlerock Capital Appreciation Fund. 2009 for Castlerock Portfolios and dated February 9. dated April 18. by calling us toll-free at 1-800-268-9374 or from your dealer. 2008 for Castlerock Global High Income Fund. 2011 for Castlerock Canadian Growth Companies Fund. consolidated and restated (collectively the “Declarations of Trust” and individually a “Declaration of Trust”).S.castlerockinvestments. refers to any one of such mutual funds. 2006 for Castlerock U. In this document. 2 Queen Street East. Castlerock Mutual Funds or the Funds refer to all of the mutual funds managed by Castlerock Investments listed on the cover page and Castlerock Mutual Fund. which means that they legally form part of this document just as if they were printed as part of this document. These documents are also available at www. 2007 for Castlerock Global Balanced Fund. Castlerock Global Leaders Fund. Castlerock Total Return Fund and Castlerock Enhanced Yield Fund as (where applicable) amended and restated or as amended.

offers an additional two series of units. Such concentration will reduce the diversification of the Funds. Mutual fund security holders share the fund’s income. today you might pay $10 for a unit of a Fund. offers an unlimited number of Series D units. 2008. offers an unlimited number of Series F units. What are the Specific Risks of Investing in a Mutual Fund? In addition to the general risks of mutual fund investing. Under exceptional circumstances. Each Castlerock Portfolio invests primarily in a mix of Underlying Funds rather than directly in securities. For example. If you sell your units in a Fund when the price is lower than you paid for them. Reinvesting these prepayments at a time when interest rates are falling could result in a reduction in income. As a result. Castlerock Total Return Fund and Castlerock Enhanced Yield Fund. reducing the values of those securities or in some cases rendering them worthless. Please see “Suspending your right to redeem units”. For example. Mutual funds own different kinds of investments – stocks. Effective May 9. a mutual fund may suspend redemptions. Castlerock Total Return Fund and Castlerock Enhanced Yield Fund. other than Castlerock Portfolios. an unexpectedly high rate of defaults on the mortgages held by a mortgage pool may limit substantially the pool’s ability to make payments of principal or interest to the Fund as a holder of such subordinated securities. Prepayment risk is the risk that falling interest rates could cause faster than expected prepayments of the mortgages and loans underlying mortgage and asset backed securities. mutual fund units are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. and market and company news. offers an unlimited number of Series I units. What are the General Risks of Investing in a Mutual Fund? Mutual funds are subject to the risk that your investment may not perform as hoped or expected over a certain period of time and that you may suffer monetary losses. Mutual funds are generally designed to be held as long-term investments. The value of these investments will change from day to day. Castlerock Global High Income Fund. namely the Series T(A) units and Series T(B) units. Castlerock Canadian Money Market Fund and Castlerock Canadian Growth Companies Fund. because the value of the Fund has changed. reflecting changes in interest rates. The assets of each Fund are managed as one pool of assets regardless of whether those assets arose from the sale of one series of units or another. Such defaults and/or changes in value of the underlying property may have an adverse impact on the value of any related mortgage backed or asset backed securities. bonds. There are various degrees and types of risks. Although we manage the Funds to earn as high a return as possible consistent with preservation of capital. To reduce this risk. There is also a risk that a borrower or mortgagor may default on its obligations or there may be a drop in the value of a property secured by the loan or mortgage. The value of an investment in a mutual fund is realized by redeeming the units held. The risk of such defaults is generally higher in the case of mortgage pools that include so-called “subprime” mortgages or that include mortgages related to areas that have been subject to sharp declines in the value of the underlying property. ❖ Concentration Risk The Funds may invest a significant portion of their assets in a relatively small number of issuers. each mutual fund carries specific risks depending on its particular investments and strategies described below. which could increase the interest rate sensitivity of mortgage and asset backed securities. 2 . ❖ Cash Deposit Risk To the extent that assets of the Funds are placed on deposit with a financial institution. the value of a mutual fund’s units may go up and down. Each Fund.What is a mutual fund and what are the risks of investing in a mutual fund? What is a Mutual Fund? A mutual fund is a pool of money contributed by people with similar investment objectives. the Funds are exposed to a risk that the financial institution may be unable to meet its obligations to the Funds. Each unit of any series or version of a series of a Fund is redeemable. which may have an impact on the Funds’ returns. derivatives. Extension risk is the risk that rising interest rates could cause mortgage and loan prepayments to slow. The Manager may re-open these series of units to new subscriptions in the future. A mutual fund is managed by investment professionals who select the securities which are held by the fund. cash. It may also increase the volatility in the Funds’ unit prices and. Unlike bank accounts or GICs. Asset Backed and Mortgage Backed Securities Risk Asset backed securities are debt obligations that are backed by pools of consumer or business loans. For this reason each Castlerock Portfolio is exposed to the risks associated with its Underlying Funds in proportion to the amount of its assets allocated to any one Underlying Fund. income trusts – depending on the fund’s investment objectives. Castlerock Pure Canadian Equity Fund. you will lose money on your investment. There will inevitably be periods where a Fund will experience a drop in the price of its units. Castlerock Canadian Growth Companies Fund. Castlerock International Equity Fund. we cannot guarantee that the full amount of your original investment will be returned. and the value of your investment in a mutual fund may be more or less when you redeem it than when you purchased it.PA R T A . if there is a shortage of buyers willing to purchase those securities. and tomorrow the price might be $10. Castlerock Canadian Money Market Fund. Each Fund. other than Castlerock Canadian Dividend Growth Fund. Mortgage backed securities are debt obligations backed by pools of mortgages on commercial or residential real estate. 2008 and through automatically reinvested distributions. the illiquidity of the Funds’ portfolio. other than Castlerock Canadian Money Market Fund. Each Fund. the Funds generally only place cash on deposit with the Funds’ Custodian or sub-custodians or with major financial institutions. Series D units of all of the Funds were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. expenses. and any gains and losses the fund makes on its investments in proportion to the units they own. Castlerock Global High Income Fund. Each Fund. Units of the Funds are denominated in Canadian dollars. People who contribute money become unitholders of the mutual fund. economic conditions. other than Castlerock Portfolios. entitles the holder of a whole unit of a series of the Fund to one vote per unit at any meeting of unitholders of the Fund (other than meetings at which holders of a series are entitled to vote separately as a series) and represents an equal undivided beneficial interest in the Fund’s net assets attributable to that series.95 for such unit.05 or $9. Castlerock Canadian Bond Fund. Each Fund offers an unlimited number of Series A units and an unlimited number of Series B units. Exposure to these securities can result in prepayment or extension risk.

These securities face the same risks as set out in the Market Risk section below.S. starting in 2014. income trusts fall into one of four sectors: business trusts. certain jurisdictions have enacted legislation to protect investors from some of this liability.❖ Credit Risk The issuer of a bond or other fixed income security may not be able to pay interest or repay principal when it is due. certain publicly traded trusts (including income trusts) and partnerships (other than certain real estate investment trusts) have been enacted. markets or financial and management resources and the securities of such companies may be less liquid and more 3 .e. resource trusts and real estate investment trusts. the value of a portfolio of such securities can be expected to decline.. companies in emerging countries may have limited product lines. ❖ Income Trust Risk Income trusts usually hold debt or equity securities in. Typically. which may be provided by the Funds to U.S. Such investments may be considered speculative. unless the security is removed from the applicable index being replicated. and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. as with traditional mutual funds. an underlying business. To the extent that any of the Funds use income trusts. a Fund can lose money if any interest rate sensitive securities it owns are downgraded in credit rating or go into default. Changes relating to the taxation of income of. To the extent that an ETF tracks a particular market segment. confiscatory taxation or nationalization of assets. Therefore.S. An ETF represents a portfolio of securities designed to track a particular market segment or index. In addition. and the establishment of foreign exchange controls exists. the possibility of expropriation. Conversely. or are entitled to receive royalties from. Reinvesting these repayments at a time when interest rates are falling could result in a reduction in income. Foreign Security Risk • the effect of local market conditions on the availability of public information. its value may decline significantly.S. In addition. Returns on income trusts are neither fixed nor guaranteed. and distributions by. where an income trust is not able to satisfy claims against the trust. income trusts are also subject to general risks associated with business cycles. utility trusts. such as real estate. ❖ Interest Rate Sensitive Securities In the case of interest rate sensitive securities. Many fixed income securities issued by companies and governments are rated by third party sources to help to describe the creditworthiness of an issuer. ETFs charge asset-based fees. could be held responsible for such obligations. strategies and policies. a Fund may be subject to income risk. such ETFs would not necessarily sell a security because the security’s issuer was in financial trouble. In situations where an income trust is unable to meet distribution targets. interest rates and other economic factors. • in some countries. In addition. investors in the income trust (which include a fund that invests in the income trust). withholding tax being imposed on U. When interest rates decline. In addition. the value of the ETF will fluctuate as the value of the particular market segment it tracks fluctuates. The Funds may invest in interest rate sensitive securities. the value of a security may change as the general level of interest rates fluctuates. source income and proceeds of disposition received by the Funds or on certain amounts (including distributions) paid by the Funds to certain unitholders. ❖ International Investment Exposure Certain of the Funds. and transaction costs and administrative practices. the value of a portfolio of such securities can be expected to rise. Accordingly.PA R T A . but not limited to. all bonds and other fixed income instruments. including: Currency Risk • the potential effect of changes in the rate of exchange between the Canadian dollar. one that is not exchange-traded) that has the same investment objectives. This new tax could affect the return on investment in respect of publicly traded income trusts or limited partnerships that may be held by a Fund. As a result. The Funds may invest in securities denominated or traded in currencies other than the Canadian dollar. (ii) an active trading market for an ETF’s units may not develop or be maintained. Similar to other equity securities. In general. which is the potential for a decline in a Fund’s income due to falling interest rates. Securities with a low credit rating (high yield securities or junk bonds) have the potential to offer better returns and higher interest rates than securities with high ratings. the changes tax such trusts and partnerships on the amount of certain distributions or income allocations made by them. Moreover. Credit risk is generally lowest among issuers that have a high credit rating from an independent agency. The price of an ETF can fluctuate and a Fund could lose money investing in an ETF. an ETF may fail to accurately track the market segment or index that underlies its investment objective. Generally. the volume of trading and the liquidity of securities. the performance of which is linked principally to foreign markets and those with more modest exposure to foreign markets. including.S. accounting and financial reporting standards. tax authorities in order to avoid a U. lowerrated bonds have higher credit risks. unitholders of the Funds may be required to provide identity and residency information to the Funds. ETFs are subject to the following risks that do not apply to conventional funds: (i) the market price of the ETF’s units trade at a premium or a discount to their net asset value. commodity prices. income trusts are more volatile than fixed-income securities and preferred shares. For example. The risks associated with income trusts will vary depending on the sector and the underlying assets. • securities of some companies in certain countries may be less liquid and more volatile than securities of comparable Canadian companies. when interest rates rise. Any Fund that invests in ETFs will indirectly pay a proportional share of the asset-based fees of such ETFs. and • the Funds might have greater difficulty taking appropriate legal action with respect to foreign investments in non-Canadian courts than with respect to domestic issuers in non-Canadian courts. but they also are more exposed to credit risk and have a greater potential for substantial loss. ❖ Investments in Emerging Countries Investments in companies of emerging countries may involve greater risks than investments in more established companies listed on stock exchanges in North America. dollar and other currencies in which such investments are denominated. Pursuant to the Foreign Account Tax Compliance Act of 2009 (“FATCA”). and certain non-U. ETFs in which a Fund invests may not be “actively” managed. These distributions or allocations are treated as eligible dividends in the hands of investors. Consequently. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i. In addition. such use will be limited to those jurisdictions which have enacted such legislation. the Canadian dollar equivalent of a Fund’s investment may be adversely affected by reductions in the value of the applicable foreign currencies relative to the Canadian dollar and may be positively affected by increases in the value of the applicable foreign currencies relative to the Canadian dollar. There is the potential risk that falling interest rates could cause a bond issuer to “call” or repay bonds held by the Fund before their maturity date. the U. ❖ Exchange-Traded Fund Risk Most exchange-traded funds (“ETFs”) are mutual funds whose units are purchased and sold on a securities exchange. the performance of an ETF may be lower than the performance of an actively managed fund. Generally. may involve certain considerations not typically associated with investing in securities issued by Canadian issuers or traded in Canadian dollars.

therefore. be relatively illiquid. shares of many smaller companies trade less frequently and in smaller volume. share registration problems and fraud. options and options on futures to hedge against changes in interest rates. There can be no assurance that any use of derivatives by the Funds will result in any gains for the Funds and there is no guarantee that hedging will be effective. ❖ Risks of Investing in Bank Loans and Loan Participations Bank loans are subject to the credit risk of non-payment of principal or interest. futures. As a result..PA R T A . fluctuations and interest rates and dropping prices on stock markets. swaps. The value of these equities varies according to how the market reacts to specific company developments. and may be subject to more abrupt or erratic price movements than shares of large companies. Similarly. or lose all or substantially all of its value subsequent to investment. It is not a direct investment in the underlying asset. Derivatives may be used both for hedging purposes (i. a Fund will be unable to value part of its portfolio and may be unable to redeem units. These circumstances may affect the Fund’s net asset value because the Fund may have to sell some of its portfolio at an unfavourable time. of uninsured loss due to lost. in order to gain access to the strategies pursued by those Underlying Funds.volatile. unsecured loans are subject to greater risk of non-payment in the event of default than secured loans. 4 . indexes. Substantial increases in interest rates may cause an increase in loan defaults. markets or financial and management resources. such as a stock. Derivatives are generally useful in: • reducing transaction costs. which could prevent the Fund from closing out positions. ❖ Risks of Using Derivatives A derivative is a contract between two parties the value of which is based on. custodians and listed companies than in Canada. there is no guarantee that a market will exist for these investments when the Fund wishes to close out its position. ongoing fluctuations in the relative levels of purchases and redemptions of units in a Fund over time can affect the portfolio investment management of the Fund which can impact the Fund’s net asset value and/or its investment performance. derivatives may be used to adjust market and currency exposure and to equitize cash through the purchase and sale of listed and over the counter forwards. • achieving exposure to a security without directly investing in it. some companies may have limited product lines. • providing greater liquidity. Similar instruments may be used to enhance returns. there is less governmental supervision and regulation of business and industry practices. There is an increased risk. market activity or the economy in general. If an Underlying Fund that is not traded on an exchange suspends redemptions. In some countries. brokers. and the Fund may not benefit directly from any collateral supporting the loan in which they have purchased the participation. ❖ Risks of Investments in Other Mutual Funds A mutual fund may pursue its investment objectives indirectly by investing in securities of other mutual funds. interest rates and currencies. more established companies.. the market for bank loans and loan participations is not highly liquid. stock exchanges. the Fund may have to purchase or sell a large portion of its portfolio to accommodate such request. Mutual funds that purchase equities. • futures exchanges may impose daily trading limits on certain derivatives. This will also have an adverse impact on the Fund’s ability to dispose of particular bank loans or loan participations when necessary to meet the Fund’s liquidity needs or when necessary in response to a specific economic event. currency exchange rates and security prices for positions held or intended to be held. Although the loans may be fully collateralized at the time of acquisition. In addition. a Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan. For example. particularly during periods of deteriorating economic conditions. Investments may be in second lien loans (secured loans with a claim on collateral subordinate to a senior lender’s claim on such collateral) and unsecured loans. • hedging against changes in currency exchange rates. and that in such cases. the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. like other investors. • providing a more effective exposure to foreign markets than direct investments. to offset or reduce a risk associated with an investment or group of investments) and for the purpose of making a profit. ❖ Market Risk Companies issue equities. there may be a lack of liquidity when the Fund wishes to close out its position. and • increasing flexibility and speed in making portfolio changes. acquire ownership in these companies. or stocks. futures. exchange-traded funds). Holders’ claims under unsecured loans are subordinated to claims of creditors holding secured indebtedness and possibly other series of creditors holding unsecured debt. The lack of a highly liquid secondary market for bank loans and loan participations also may make it more difficult for a Fund to value these securities for purposes of calculating its net asset value. In connection with purchasing loan participations. there is also a greater risk of political and social instability and corruption. options on futures and options on securities. Since they do not afford the lender recourse to collateral. stolen or counterfeit share certificates. Unsecured loans have a greater risk of default than secured loans. the lack of a highly liquid secondary market may have an adverse impact on the value of such securities. or a market index such as The Standard & Poor’s/Toronto Stock Exchange Composite Index. or derived from. ❖ Risks of Large Unitholders and of Unit Transactions Funds having unitholders that individually have significant holdings in the Fund are subject to the risk that if such large unitholder makes a request for a significant purchase or redemption of units of a Fund. In respect of implementing non-hedging strategies. In addition. including index participation units (i. and thus may be considered speculative. such as deterioration in the creditworthiness of the borrower. nor any rights of set-off against the borrower. Hedging strategies may be implemented through the purchase and sale of listed and over the counter forwards. In certain cases. the Fund may be subject to the credit risk of both the borrower and the lender that is selling the participation. an underlying asset. bond or currency. ❖ Investments in Small and Mid-Sized Companies Investments in small and midsized companies on a global basis may involve greater risks than investments in larger. swaps. Additional risks include the fact that: • in the case of over-the-counter options and forward contracts.e. In the event of the insolvency of the lender selling a participation. The securities of small and mid-sized companies may also be more sensitive to market changes than the securities of large companies. There can be no assurance that any use of such multi-layered fund of fund structures will result in any gains for a Fund. Many loans are relatively illiquid and may be difficult to value. • in the case of exchange-traded options and futures contracts.e. to help finance their operations and future growth. the portfolio manager could allocate a Fund’s assets in a manner that results in that Fund underperforming its peers. In many emerging countries. the collateral may decline in value.

or sold by the Fund and not yet repurchased would exceed 50% of the total value of its assets. Under certain market conditions and depending on the Fund’s investments. the Fund could experience a loss. The yields of certain Funds will fluctuate on a daily basis. Reverse Repurchase and Securities Lending Agreements One or more of the Funds may enter into repurchase agreements. In a reverse repurchase agreement. the Fund may not be able to sell the security in the market at the same price it paid to the counterparty for the security if the market value of the security purchased by the Fund decreases relative to the value of the collateral held by the Fund. In a repurchase or securities lending agreement.PA R T A . it also earns fees for participating in the repurchase transaction. average portfolio maturity. ❖ Risks of Using Repurchase. will be available to a Fund due to registration limitations. including the fact that the other party may default under the agreement or go bankrupt. Therefore. as applicable. A securities lending agreement is an agreement whereby the Fund loans portfolio securities to a counterparty for a fee and the counterparty simultaneously commits to return the securities on demand. reverse repurchase agreements and securities lending agreements to the extent permitted by the Canadian securities regulators. it could have an adverse effect on the derivative. the types and quality of portfolio securities held and operating expenses. qualified securities or securities that can be immediately converted into identical securities to those that are on loan. and • The Fund’s total exposure to any one counterparty is limited to 10% of the total value of the Fund’s assets. the cost of implementing such a strategy or otherwise. While the Fund retains its exposure to changes in the value of portfolio securities. Each series of units of the Funds has its own fees and expenses allocated to it and paid out of the investments and other assets attributable to that series. Each Fund as a whole is responsible for the financial obligations of all of its series and if there are not enough assets attributable to a series of units of a Fund to pay its expenses. The collateral is marked to market daily. there can be no assurance that a particular derivatives strategy. the value of the units of the other series will decline by the proportionate amount of any shortfall paid. ❖ Series Risk All of the Funds offer more than one series of units. including hedging strategies. the counterparty provides the Fund with collateral consisting of a combination of cash and/or securities. a Fund’s yield may be less than the management expense ratio for one or more series of units of the Fund. While the securities are on loan. yields for past periods of these Funds are not an indication or representation of future yields. valued as at least 102% of the market value of the securities sold or loaned. Furthermore. ❖ Risks of Yield Fluctuations One or more Funds may be subject to the risk that the yield on a Fund’s units will fluctuate. and • if a derivative is based on a stock market index and trading is halted on a substantial number of stocks in the index or there is a change in the composition of the index. The difference between the Fund’s purchase price for the securities and the resale price provides the Fund with additional income. The use of these types of agreements may be subject to certain risks. To minimize these risks: • The Funds require that the other party to the transaction establish collateral. the other series of the Fund are responsible for making up the shortfall. 5 . or 102% of the cash paid for the securities. In such circumstances. • The collateral held by the Fund may consist only of cash. • derivative investments in some foreign markets are less secure.• if the other party to the derivative in the case of over-the-counter transactions is unable to fulfil its obligations. the Fund could incur a loss if the value of the security sold or loaned increased such that it is more than the original amount of cash paid or the collateral held by the Fund. In such a case. the Manager may voluntarily choose to absorb some or all of the expenses of the Fund or may choose to waive its right to receive all or a portion of its management fee charged to the Fund. A reverse repurchase agreement is an agreement whereby the Fund agrees to buy portfolio securities from a counterparty and simultaneously commits to sell the same securities back to the counterparty on a pre-determined date at a pre-negotiated price. • A Fund cannot enter into a repurchase or securities lending agreement if the market value of the securities loaned by the Fund and not yet returned. A Fund’s yield is affected by changes in interest rates. A repurchase agreement is an agreement whereby the Fund agrees to sell portfolio securities to a counterparty for cash and simultaneously commits to buy back the same securities from the counterparty on a pre-determined date at a pre-negotiated price using the cash received by the Fund from the counterparty.

Massachusetts. The portfolio sub-advisors provide day-to-day analysis.PA R T A . an affiliate of the Manager. we hold title to each Fund’s investments in trust for unitholders under the terms described in a declaration of trust. Castlerock Canadian Dividend Growth Fund and Castlerock Canadian Balanced Fund.. Tetrem Capital Management Ltd.. Castlerock Canadian Growth Companies Fund. Castlerock Total Return Fund. Castlerock Enhanced Yield Fund. is the portfolio sub-advisor of Castlerock Canadian Value Fund. investment advice and portfolio management relating to the investment of the Funds’ assets. Castlerock International Equity Fund and the equity component of Castlerock Global Balanced Fund. The portfolio sub-advisors are third party companies retained by us to help manage the investment portfolio of the Funds. based in Toronto. Black Creek Investment Management Inc. Ontario. Castlerock Global High Income Fund. Castlerock Canadian Money Market Fund.. Portfolio Sub-Advisors The portfolio sub-advisors vary between Funds. We may and do engage third party portfolio sub-advisors to perform certain services on our behalf. As Trustee. is not an affiliate of the Manager. 6 . Greystone Managed Investments Inc. Saskatchewan is the portfolio sub-advisor of Castlerock U. based in Winnipeg. Greystone Managed Investments Inc. Manitoba. is not an affiliate of the Manager. Ontario Principal Portfolio Advisor CI Investments Inc.Organization and management of Castlerock mutual funds The table below provides you with information about Castlerock Investments and Castlerock Mutual Funds. Ontario As Manager. Dividend Growth Fund. based in Boston. Manager CI Investments Inc. Black Creek Investment Management Inc. It may be difficult to enforce any legal rights against CI Global Holdings Inc. is the portfolio sub-advisor of Castlerock Canadian Growth Companies Fund and Castlerock Pure Canadian Equity Fund. based in Toronto. 2 Queen Street East Twentieth Floor Toronto. because it is a foreign company and their assets are located outside Canada. CI Investments Inc. Ontario is the portfolio sub-advisor of Castlerock Global Leaders Fund. we are responsible for managing the overall business and day-to-day operations of the Funds and we provide or arrange for the provision of all general management and administrative services. Toronto.. We are responsible for the investment advice and portfolio management services provided by our portfolio sub-advisors. Castlerock Pure Canadian Equity Fund. Ontario M5C 3G7 1-800-268-9374 (416) 364-1145 Trustee CI Investments Inc. is the portfolio sub advisor of the Castlerock Portfolios. and the fixed income component of Castlerock Global Balanced Fund. Castlerock Canadian Bond Fund. Toronto. CI Global Holdings Inc.. Castlerock Canadian Stock Fund. As Principal Portfolio Advisor we are responsible for the management of the investment portfolio of the Funds and we provide or arrange for the provision of all investment advice and portfolio management services.S. Castlerock Canadian Dividend Fund and Castlerock Capital Appreciation Fund. We may and do engage third parties to perform certain services on our behalf. based in Regina.

The IRC is composed of four members. at least annually. at no cost. a report of its activities for unitholders of the Funds which will be available to any unitholders. including the names of the members. your approval may not be required under securities legislation to effect a merger of Funds or a change in the auditor of a Fund. The firm examines the Funds’ financial statements and provides an opinion as to whether they fairly present the Funds’ financial position and results of operations in accordance with Canadian generally accepted accounting principles. In accordance with National Instrument 81-107 Independent Review Committee for Investment Funds (“NI 81-107”). Independent Review Committee 7 . It carries out the mandate prescribed in NI 81-107 or otherwise required under applicable securities legislation. Twentieth Floor. Ontario Registrar CI Investments Inc. The auditor is an independent chartered accounting firm. As Registrar. We may and do engage third parties to assist us in providing these services. you will receive at least 60 days written notice before the date of the merger. through SEDAR at www.Custodian RBC Dexia Investor Services Trust Toronto. The IRC provides independent oversight and impartial judgment on conflicts of interest involving the Funds. The IRC prepares. Where the IRC is permitted under securities legislation to approve a merger of Funds in place of unitholders.com or by writing to us at CI Investments Inc. we have established an independent review committee (“IRC”) for the Funds. In certain circumstances. Additional information about the IRC. but you will receive at least 60 days written notice before the change takes effect.ca. Ontario M5C 3G7 or by visiting our website at www. 2 Queen Street East.sedar. The IRC considers conflict of interest matters referred to it by the Manager and makes recommendations to the Manager on whether or not the proposed action achieves a fair and reasonable result for the Funds.. is available in the Funds’ Annual Information Form. Toronto.castlerockinvestments. The custodian is independent of the Manager.PA R T A . each of whom is independent within the meaning of NI 81-107. your approval will not be obtained. Ontario The custodian (or its sub-custodians) holds the investments of the Funds and keeps them safe to ensure that they are used only for the benefit of investors. Ontario Auditor PricewaterhouseCoopers LLP Toronto. Toronto. For a change in the auditor of a Fund. we are responsible for maintaining or arranging for the maintenance of a record of the names of all unitholders of the Funds and a record of the number of units held.

because it is resident outside Canada and all or substantially all of its assets are located outside Canada.3 billion. Signature is the largest in-house portfolio management group at CI Investments Inc. Greystone had investment management authority with respect to approximately $35. structured products and other fee-earning investment products for Canadian investors. it will not vote those securities. trade unions. purchased all of the outstanding shares of Hartford Investments Canada Corp. trusts and charities. The principal business of CI is the management.. a wholly-owned subsidiary of CI Investments Inc. portfolio management and trading operations. Tetrem follows a valuebased. is an affiliate of and connected with the Manager. 2010. including those that may be managed by the Manager or an affiliate or associate of the Manager. a wholly-owned subsidiary of CI. 2011 the Manager became the manager of the Castlerock Mutual Funds when it amalgamated with its affiliate.. Signature Global Advisors (“Signature”) of Toronto. As of December 31. changed its name to Castlerock Investments Inc. hospitals and cultural organizations. distribution and administration of mutual funds. This responsibility cannot be waived. Black Creek had investment management authority with respect to approximately $613 million in assets under management for various clients. Investments in Other Mutual Funds Managed by the Manager The Funds are permitted to invest in securities of other mutual funds. The Manager has agreed to be responsible to the Funds for all advice and services provided to the Manager and each of the Funds by the respective portfolio sub advisors. and manages approximately $26. Portfolio Sub-Advisors Tetrem Capital Management Ltd.. (“Black Creek”) is an investment management firm based in Toronto.. Ontario is a division of CI Investments Inc. 8 . the Manager may arrange for such securities to be voted by the beneficial unitholders of the applicable Fund. Ontario that manages international equity portfolios for its clients. independent financial planners and insurance advisors. and effective June 30. 2010 as CI Investments Inc. Manitoba. As of December 31. There was a change of control of the manager on December 15. They are distributed primarily through brokers. Black Creek Investment Management Inc. foundations. Castlerock Investments Inc. its administrative support and investments in technology that support Cambridge’s research. contrarian investment approach and manages assets of over $8 billion. CI and its subsidiaries. religious orders. that provides services to corporate and public pension funds. Effective January 12. Instead. marketing. Saskatchewan. segregated funds. It may be difficult to enforce legal rights against CI Global Holdings Inc. one of the largest independent investment firms in Canada. investment funds. CI is one of the largest independent investment firms in Canada and Cambridge benefits from CI’s financial strength. Cambridge Advisors (“Cambridge”) of Boston. Greystone Managed Investments Inc. is a diversified wealth management firm and one of Canada’s largest independent investment fund companies. (“Greystone”) is an investment management firm based in Regina.PA R T A . a wholly-owned subsidiary of CI. headquartered in Toronto. Ontario. CI Investments Inc. Massachusetts is a division of CI Global Holdings Inc. 2010. then the manager of the Castlerock Mutual Funds. educational institutions.The Manager The Manager is a wholly-owned subsidiary of CI Financial Corp. If a Fund invests in securities of a mutual fund managed by the Manager or an affiliate or associate of the Manager. (“Tetrem”) is an independent investment management firm based in Winnipeg. (“CI”). The Manager is responsible for the fees of the sub advisors.4 billion of assets under management for various clients. 2011 Hartford Investments Canada Corp.

Castlerock Total Return Fund. offers an additional two series of units. Series D and Series F units of the Funds Series T(A) and Series T(B) units of (excluding Castlerock Portfolios) Minimum Subsequent Investment Purchase Price Your choice of series of units will require you to pay different fees and expenses. (Toronto time) on each valuation day. Each of the Funds currently offers at least two series of units. Any closing of a Fund or series will not impact redemption rights of unitholders. Series B.000. Generally speaking. If we receive your order after that time. The minimum investment in units of a Fund under a systematic investment program is $50 per purchase. “Fees and Expenses” and “Dealer Compensation” below) and will affect the purchase price you pay for your units.m. redemptions and transfers (also sometimes referred to as switches) of units and for the reinvestment of distributions. Each Fund. We calculate NAV at 4 p. offers an unlimited number of Series D units. • subtracting the expenses of that series and the proportionate share of the common expenses of the Fund allocated to that series. Series of Units All of the Funds are organized as mutual fund trusts. how much it will cost and other important details. Castlerock Canadian Growth Companies Fund. When you buy units in a Fund. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day. the minimum initial investment and subsequent investment requirements are set forth in the following table: Minimum Initial Investment Series A. The NAV per unit is the basis for all purchases. which are typically only available to investors who participate in dealer fee-based programs. $500 $50 $5. 2008.Purchases. calculated as of the day of your purchase. Castlerock Canadian Growth Companies Fund and Castlerock Total Return Fund. Castlerock Canadian Money Market Fund. Purchases of units outside Canada or by or on behalf of persons located outside Canada are not permitted where the purchase would violate the laws of the jurisdiction in which the registered or beneficial purchaser is located. A Fund or series that has been closed may be reopened for investment at our discretion. subject to certain minimum investment requirements and are designed for investors seeking regular monthly cash flows from a Fund. Castlerock Canadian Money Market Fund. 2008 and automatically reinvested distributions. we will process your order as of the next business day. Series T(A) units and Series T(B) units are available to all investors. other than Castlerock Portfolios. Purchase of Units Units of the Funds are offered for sale on a continuous basis in all of the provinces and territories of Canada through registered dealers at a price equal to their NAV in the manner and at the time described above (we are not licensed to sell units of the Funds directly to you). which are available to all investors. you buy them at the net asset value (“NAV”) of the unit. Castlerock Global High Income Fund. For illustration purposes. to close each Fund or series to new investors or new purchases.PA R T A . Each Fund. other than Castlerock Canadian Dividend Growth Fund. We calculate a separate NAV for each series of units of a Fund. the minimum initial investment may be waived. which are available to all investors. offers an unlimited number of Series I units. from time to time. Series Closures Effective May 9. the minimum initial investment in units of a Fund is $500 and the minimum amount of each subsequent purchase of units of a Fund is $50. namely Series A and Series B units. We reserve the right. switches and redemptions The following pages tell you how to invest in the Funds. Under a systematic investment program. The minimum initial investment in Series T(A) units and Series T(B) units of any applicable Fund is $5. The units of the Funds have not been qualified for sale in any jurisdiction outside Canada. In addition. Castlerock Canadian Bond Fund. 9 .000 $50 We may waive these minimum investment thresholds at any time in our sole discretion.m. as long as we receive your purchase request in good order prior to 4 p. which are available to institutional investors and each Fund. Castlerock Pure Canadian Equity Fund. Castlerock Enhanced Yield Fund and Castlerock Global High Income Fund. the NAV per unit of each series is calculated by: • taking the proportionate share of the assets of the Fund allocated to that series. each Fund other than Castlerock Canadian Money Market Fund offers an unlimited number of Series F units. other than Castlerock Portfolios. will affect the amount of compensation paid to your Dealer (see “Purchase Options”. namely the Series T(A) units and Series T(B) units. Series D units of all of the Funds were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. Castlerock Total Return Fund and Castlerock Enhanced Yield Fund. and • dividing the resulting number by the total number of units in that series held by investors. Minimum Investments Except as described below. which is any day that we are open for a full day of business.

Series T(A) units are not generally recommended for use in registered plans. Under these purchase options of Series T(B) units. 1 0 .You have three different options when purchasing Series B units: • DSC Option: A contingent deferred sales charge at the time of redemption if redeemed within six years from the date of investment (the “DSC Option”). Series T(A) units are designed for investors seeking regular monthly cash flows from a Fund.Redemption Fees” below. Series T(B) units are not generally recommended for use in registered plans. any distributions may be reinvested in additional units. Execution of Purchase Orders Detailed procedures for processing purchase orders are contained in the Funds’ Annual Information Form. This is equivalent to a maximum of 5. • Series T(B): You have three different options when purchasing Series T(B) units: • DSC Option: A contingent deferred sales charge at the time of redemption if redeemed within six years from the date of investment (the “DSC Option”). which can be paid in cash or reinvested in additional units at the option of the unitholder.Minimum Investments”). Purchase orders received by a Fund prior to 4:00 p. the entire amount of your purchase order is invested in units at a price equal to their NAV. or • Low Load L3 Option: A contingent deferred sales charge at the time of redemption if redeemed within three years from the date of investment (the “Low Load L3 Option”). Purchase orders are priced when the Fund has received the order. subject to settlement. However. • Series T(A): A commission negotiated between you and your investment professional not exceeding 5% of the total amount (including commissions) paid by you. • Series F: This series of units is typically only available to investors who participate in fee based programs through their dealer. Participants in these programs are subject to periodic asset based fees by their dealer rather than commissions on each transaction. Switches and Redemptions . Series T(B) units are designed for investors seeking regular monthly cash flows from a Fund. If you hold Series T(A) units in a registered plan. each Series I investor negotiates a separate fee that is paid directly to Castlerock Investments. which can be paid in cash or reinvested in additional units at the option of the unitholder. However.m. in the amounts shown in the table under the heading “Fees and Expenses Payable Directly by You . If an investor chooses to withdraw from a fee based program. This is equivalent to a maximum of 5. Please see page 1 for information about how you can obtain the Fund’s Annual Information Form. Placing Purchase Orders Units of a Fund may be purchased by submitting a purchase order to a registered dealer. to any other investor for whom Castlerock Investments does not incur distribution costs. • Series B .PA R T A . Series T(A) units are available to all investors. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day or at any time on a non business day are priced using the net asset value per unit determined on the next business day. The sales commission is paid by us to the dealer without being deducted from your purchase order. if redeemed within the applicable six.26% of the net amount invested by such unitholder.Redemption Fees” below. Series T(B) units are available to all investors. the entire amount of your purchase order is invested in units at a price equal to their NAV. Monthly distributions for each Fund are expected to consist of return of capital. • Series I: This series of units is a special purpose series not sold to the general public. in the amounts shown in the table under the heading “Fees and Expenses Payable Directly by You .m. any distributions may be reinvested in additional units. or • Low Load L1 Option: A contingent deferred sales charge at the time of redemption if redeemed within two years from the date of investment (the “Low Load L1 Option”). No management fees are charged to the Funds with respect to Series I units and instead. or • Low Load L3 Option: A contingent deferred sales charge at the time of redemption if redeemed within three years from the date of investment (the “Low Load L3 Option”).A commission negotiated between you and your dealer not exceeding 5% (2% for Series A units of Castlerock Canadian Money Market Fund) of the total amount (including commissions) paid by you. generally through dealers. units purchased on such a basis are subject to redemption charges paid to us. Castlerock Investments may also make these units available.Purchase Options The sales charges you pay depend on the series of units purchased and are described below: • Series A . Series I units are generally for institutional investors who meet a certain minimum investment threshold and who have entered into a Series I Subscription Agreement with Castlerock Investments. If you hold Series T(B) units in a registered plan. or • Low Load L1 Option: A contingent deferred sales charge at the time of redemption if redeemed within two years from the date of investment (the “Low Load L1 Option”). units purchased on such a basis are subject to redemption charges paid to us. The minimum investment threshold could vary for institutional accounts that are expected to grow their investment significantly within a period of time acceptable to Castlerock Investments.26% of the net amount invested by you (2. Monthly distributions for each Fund are expected to consist of return of capital. the Series F units held by an investor may be either redeemed or switched to an equivalent value of Series A units or Series B units of a Fund subject to applicable sales or redemption fees or charges (see “How to Transfer Units Between Funds” and “How to Transfer Units Between Series of the Same Fund”) or minimum investment requirements (see “Purchases. The management fee charged in respect of Series T(B) units is higher than that charged in respect of the Series T(A) units to compensate the Manager for funding such up front sales commissions. if redeemed within the applicable six. The management fee charged in respect of Series B units is higher than that charged in respect of the Series A units to compensate the Manager for funding such up front sales commissions. three or two years from the date of investment. Under these purchase options. three or two years from the date of investment. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day are priced using the net asset value per unit determined on that day.04% for Series A units of Castlerock Canadian Money Market Fund). The sales commission is paid by us to the dealer without being deducted from your purchase order. Purchase orders received by a Fund after 4:00 p. There are no sales commissions payable to dealers on the sales of these Series I units. subject to certain minimum investment requirements. subject to certain minimum investment requirements.

For any of these permitted transfers there may be applicable transfer fees (see “Fees and Expenses Payable Directly by You . Transferring Series A Units Between Funds You can transfer Series A units of a Fund into Series A units. you will have to pay a redemption fee (see “Fees and Expenses Payable Directly By You”) except if you have held your Series T(B) units for at least the six. Series F units.Series F units”). three or two years applicable to the redemption charges that applied to the original units or if you use your free annual withdrawal amount applicable to the transfer of Series B units (see “Purchases. Transferring Series D Units Between Funds You can transfer Series D units of a Fund into Series A units. Series B units. transfer all or part of your units of a series of a Fund into units of a series of another Fund at their respective net asset values per unit (subject to applicable fees or charges and minimum investment requirements). Switches and Redemptions . including obtaining your prior consent to such transfers. For any transfer into Series F units of another Fund you will be required to meet the fee-based program requirements established by your dealer (see “Purchase Options . Any monies received with that order will be immediately refunded. in certain circumstances. The Funds do not issue a certificate when units of a Fund are purchased. Series T(A) units or Series T(B) units of another Fund at their respective net asset values per unit. Transferring Series T(A) Units Between Funds You can transfer Series T(A) units of a Fund into Series A units. as specified below. you can redeem units in one Fund and use the proceeds to buy units in another Fund (or. Transferring Series F Units Between Funds You can transfer Series F units of a Fund into Series A units.Minimum Investments”). Series B units. Series F units or Series T(A) units of another Fund at their respective net asset values per unit. Series B units of a Fund should only be transferred into Series B units or Series T(B) units of another Fund. as noted above. This is called transferring or switching (or redesignating).Series F units”). three or two years applicable to the redemption charges that applied to the original units or if you use your free annual withdrawal amount applicable to the transfer of Series T(B) units (see “Purchases. there may be sales or redemption fees or charges when transferring Series B units. T(B) units of a Fund issued on such transfer will continue to be subject to the redemption charges that applied to the original units. Series T(A) units or Series T(B) units of another Fund will be treated on the same basis as an initial purchase of such latter units such that sales charges or redemption fees will be applicable but no transfer fees will be charged (see “Fees and Expenses Payable Directly by You”). See “Income Tax Considerations for Investors”. Series F units. in certain circumstances. Series T(B) units or Series B units of a Fund issued on such transfer of units will continue to be subject to the redemption charges that applied to the original units. Transferring Series B Units Between Funds Although you can transfer Series B units of a Fund into Series A units. For any transfer into Series F units of another Fund you will be required to meet the fee-based program requirements established by your dealer (see “Purchase Options . Series B units or Series 1 1 . Transferring Series I Units Between Funds You can transfer Series I units of a Fund into Series I units of another Fund at their respective net asset values per unit. A transfer of Series F units of a Fund into Series A units. you will have to pay a redemption fee (see “Fees and Expenses Payable Directly By You”) except if you have held your Series B units for at least the six. in order to avoid unnecessary redemption fees.PA R T A . Certain transfers may result in an increased service fee or trailing commission paid to qualified dealers (see “Dealer Compensation . For any transfer into Series F units of another Fund you will be required to meet the fee-based program requirements established by your dealer (see “Purchase Options . as appropriate. For any transfer into Series F units of another Fund you will be required to meet the fee based program requirements established by your dealer (see “Purchase Options . Series F units or Series T(B) units. Your dealer may request that you transfer or redesignate units that are subject to redemption fees or charges into units that are subject to sales charges. Series T(A) units or Series T(B) units of another Fund at their respective net asset values per unit. Switches and Redemptions . Series F units or Series T(A) units of another Fund. Series B units. Series F units or Series T(A) units of another Fund at their respective net asset values per unit. the following transfers of all or part of your units of a Fund into units of another Fund are the only permitted transfers. Series T(B) units of a Fund should only be transferred into Series T(B) units or Series B units of another Fund.Series F units”). Series F units or Series T(A) units of another Fund at their respective net asset values per unit. How to Transfer Between the Funds/Series In certain circumstances. Series B units. Switches and Redemptions 10% Free Redemption Entitlement”). Subject to the terms of the series closures noted on the cover page. including upon the occurrence of a change in the fundamental investment objective or the termination of the Fund. in order to avoid unnecessary redemption fees.10% Free Redemption Entitlement”).Transfer Fees”) and minimum investment requirements (see “Purchases. Transferring Series T(B) Units Between Funds Although you can transfer Series T(B) units of a Fund into Series A units.Series F units”). including upon the occurrence of a change in the fundamental investment objective or the termination of the Fund.Minimum Investments”) and. If you transfer Series T(B) units of a Fund into either Series A units. It is the Manager’s expectation that a dealer making such a request will act in accordance with regulations of the Mutual Fund Dealers Association of Canada or Investment Industry Regulatory Organization of Canada. There may be applicable sales. A confirmation of each purchase of units is sent to a unitholder shortly after the applicable settlement date.Service Fees”). If you transfer Series B units of a Fund into Series A units. units of another series of the same Fund). Series F units or Series T(A) units of another Fund at their respective net asset values per unit. Switches and Redemptions .Series F units”). transfer and/or redemption fees or charges (see “Fees and Expenses Payable Directly by You”) or minimum investment requirements (see “Purchases. Series F units.Each Fund reserves the right to reject any order for the purchase of units within one business day of receipt of the order. The transfer of units between Funds may result in you realizing a capital gain or loss for tax purposes. We may change these transfer rules at any time. For any transfer into Series F units of another Fund you will be required to meet the fee-based program requirements established by your dealer (see “Purchase Options . Series F units or Series T(A) units of another Fund at their respective net asset values per unit. Unitholders will be provided with a regular statement showing how many units are owned by the unitholder and their value. How to Transfer Units Between Funds Through your dealer you may.

Redesignating Series A Units Between Series of the Same Fund You can redesignate Series A units of a Fund into Series F units or Series T(A) units of the same Fund at their respective net asset values per unit. For any redesignation into Series F units of the same Fund. or trades as part of an automatic portfolio rebalancing service. A redesignation of units between series of the same Fund does not necessarily result in the unitholder receiving an equal number of units of the newly held series compared to the number of units originally held. This fee is paid to the fund and is in addition to any other fees that may apply. the redemption charges that applied to the original Series T(B) units would continue to apply to the Series B units. you will receive units of the new series in an equal dollar value to the value of your original units. For any redesignation into Series F units of the same Fund you will be required to meet the fee based program requirements established by your dealer (see “Purchase Options .10% Free Redemption Entitlement”) can you redesignate Series T(B) units of a Fund into either Series A units. • You or your authorized representatives may place an order through a registered dealer. Series T(A) units or Series T(B) units of the same Fund at their respective net asset values per unit. A redesignation of units between series of the same Fund does not result in a capital gain or capital loss. You can also redesignate Series B units of a Fund into either Series A units. Series T(A) units or Series T(B) units of the same Fund will be treated on the same basis as an initial purchase of such units and thus sales charges or redemption fees will be applicable (see “Fees and Expenses Payable Directly by You”). We may change these redesignation rules at any time. For any of these permitted redesignations. no transfer fee will apply but there may be applicable minimum investment requirements (see “Purchases.PA R T A . with any person or company to permit short-trading trading. 1 2 . Series T(A) units or Series F units of the same Fund at their respective net asset values per unit. In certain circumstances. three or two years applicable to the redemption charges that applied to the original units or if the free annual withdrawal amount is then applicable to the Series B units to be redesignated (see “Purchases. • Units of the Fund are transferred into units of the other Fund (or redesignated into units of another series of the same Fund) based on the applicable respective net asset values of such units. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day will be priced using the net asset value per unit determined on that day. Orders received prior to 4:00 p. Accordingly. Accordingly. Redesignating Series T(A) Units Between Series of the Same Fund You can redesignate Series T(A) units of a Fund into either Series A units or Series F units of the same Fund at their respective net asset values per unit. It is our policy that a fund may charge a fee of up to 2% of the value of the units or shares redeemed or switched if the redemption or switch involved short-term trading. such as periodic switches or redemptions. However. Redesignating Series F Units Between Series of the Same Fund You can redesignate Series F units of a Fund into Series A units. We may waive the short-term trading fee charged by a fund for other trades if the size of the trade was small enough or the short-term trade did not otherwise harm other investors in the fund. Series F units or Series T(A) units of the same Fund at their respective net asset values per unit provided no redemption fees would be applicable on a redemption of such Series B units at the time of the redesignation (see “Fees and Expenses Payable Directly By You”). formal or informal. Transfer Procedures The following procedures apply to the processing of transfer and redesignation orders.Series F units”). The funds do not have any arrangements. Series B units. Redesignating Series B Units Between Series of the Same Fund You can redesignate Series B units of a Fund into Series T(B) units of the same Fund at their respective net asset values per unit. Series B units. No short-term trading fees are charged for any systematic transactions. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day or at any time on a non business day will be priced using the net asset value per unit determined on the next business day. only if you have held your Series B units for at least the six.m. Switches and Redemptions . provided no redemption fees would be applicable on a redemption of such Series T(B) units at the time of the transfer (see “Fees and Expenses Payable Directly By You”). the redemption charges that applied to the original Series B units would continue to apply to the Series T(B) units. since different series of the same Fund have different NAVs.Series F units”). Orders received after 4:00 p. Subject to the series closures noted on the cover page. A redesignation of Series F units of a Fund into Series A units. Accordingly. See “Income Tax Considerations for Investors”.How to Transfer Units Between Series of the Same Fund Transfers of units between series of the same Fund are effected as redesignations. you may redesignate through your dealer units of one series into units of another series of the same Fund. Series F units or Series T(A) units of the same Fund at their respective net asset values per unit. Excessive Trading (Short-term Trading) We have computerized systems in place for detecting short-term trading in units or shares of the funds.m. You can also redesignate Series T(B) units of a Fund into either Series A units. Switches and Redemptions .Minimum Investments”) and a sales charge or redemption fee may be applicable when redesignating Series B units. For any redesignation into Series F units of the same Fund you will be required to meet the fee based program requirements established by your dealer (see “Purchase Options .Series F units”).Series F units”). For any redesignation into Series F units of the same Fund you will be required to meet the fee based program requirements established by your dealer (see “Purchase Options . Redesignating Series D Units Between Series of the Same Fund You can redesignate Series D units of a Fund into Series A units.10% Free Redemption Entitlement”) can you redesignate Series B units of a Fund into either Series A units. you will be required to meet the fee based program requirements established by your dealer (see “Purchase Options . For any redesignation into Series F units of the same Fund you will be required to meet the fee-based program requirements established by your dealer (see “Purchase Options .Series F units”). Switches and Redemptions . only if you have held your Series T(B) units for at least the six. Redesignating Series T(B) Units Between Series of the Same Fund You can redesignate Series T(B) units of a Fund into Series B units of the same Fund at their respective net asset values per unit. the following redesignations of all or part of your units of one series of a Fund into units of another series of the same Fund are the only permitted redesignations. Series F units or Series T(B) units. Series F units or Series T(A) units of the same Fund at their respective net asset values per unit. Accordingly. Series F units or Series T(A) units of the same Fund at their respective net asset values per unit. three or two years applicable to the redemption charges that applied to the original units or if the free annual withdrawal amount is then applicable to the Series T(B) units to be redesignated (see “Purchases.

The Fund may require the signature(s) on any redemption order to be guaranteed by a Canadian chartered bank or trust company or by any member firm of a recognized stock exchange in Canada or by another guarantor acceptable to the Fund. Unitholders will be notified that the value of the units in their account for a particular Fund is less than $500 and allowed 30 days to make an additional investment to increase the aggregate net asset value of the units for that Fund in their account to not less than $500 before the redemption is processed. If you sell units within 30 business days of buying them. Execution of Redemption Orders Detailed procedures for processing redemption orders are contained in the Funds’ Annual Information Form. the Manager will deduct the amount of any cash distributions received by the unitholder from the unitholder’s free redemption entitlement. a unitholder or his authorized representatives may request that a Fund redeem all or any part of the unitholder’s units at any time by delivering a written order to do so to the Fund or to a registered dealer for delivery to the Fund. Redemption charges continue to apply upon the occurrence of a change in the fundamental investment objective of a Fund or the termination of the Fund. subject to settlement. For Series T(B) units. There may be redemption fees payable upon a redemption of units (see “Fees and Expenses Payable Directly by You”). Redemption orders are priced when the Fund has received the order. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day are priced using the net asset value per unit determined on that day. Please see page 1 for information about how you can obtain the Fund’s Annual Information Form. The original redemption request must be signed by all authorized accountholders. Suspending Your Right to Redeem Units On rare occasions. and subject to a minimum partial redemption amount of $50. Redemption orders received by a Fund after 4:00 p. The Fund may also require evidence that the person signing a redemption request has the authority to do so. The policies will be adopted without amendment to the simplified prospectus or annual information form or notice to you. a short-term trading fee may also apply.We will adopt policies on short-term trading mandated by regulation if and when implemented by securities regulators. and (ii) the number of units of that particular Fund acquired by the unitholder during the current calendar year. Any unused portion is not carried forward to the next calendar year. 10% Free Redemption Entitlement Unitholders of Series B units or Series T(B) units that would otherwise be subject to applicable redemption fees are entitled to a free annual withdrawal equal to 10% of the sum of: (i) the number of units held by the unitholder in a particular Fund as of December 31 in the preceding year. Redemption by a Fund Each Fund reserves the right to redeem the units of such Fund in a unitholder’s account at their net asset value if at any time the aggregate net asset value of the units (with the exception of units purchased under a systematic investment program) is less than $500. The redemption charge will be deducted from the aggregate net asset value of the units being redeemed and will be paid to the Manager.PA R T A . If we receive your order to redeem on a day when we’ve suspended the calculation of net asset value per unit. How to Redeem the Funds Except as described below.m. Alternatively. 1 3 . Redemption orders received by a Fund prior to 4:00 p. unless the redemption is made pursuant to the 10% free redemption entitlement noted below. you can redeem your units based on the net asset value per unit calculated on the first day after the suspension ends. Each Fund also reserves the right to redeem units in a unitholder’s account at their net asset value if the Fund at any time becomes aware that the original purchase of the units was made by or on behalf of a person located outside the jurisdictions in which the sale of units of the Funds is qualified by this simplified prospectus in violation of the laws of the jurisdiction in which the registered or beneficial purchaser was then located. The portion eligible for the waiver of the deferred sales charge is reduced by the aggregate of the number of all units redeemed during each calendar year. we may temporarily suspend your right to redeem your Fund units and postpone paying your sale proceeds. you can withdraw your order before the end of the suspension period. (Toronto time) (or such other time the Toronto Stock Exchange closes) on a business day or at any time on a non business day are priced using the net asset value per unit determined on the next business day.m. unless otherwise required by securities laws. We can only do this without regulatory approval if normal trading is suspended on any exchange on which securities or derivatives that make up more than half of a Fund’s total assets by value are traded and these securities or derivatives aren’t traded on any other exchange that is a reasonable alternative for the Fund.

Units of the Funds are qualified investments under theTax Act for RRSPs. 1 4 . LIRAs. Alternatively. as further described below under “Income Tax Considerations for Investors”. quarterly. Only a systematic investment program established prior to May 9. Systematic Investment Program Purchasers may make systematic purchases of units of a Fund through pre authorized payments made from his or her bank account on a monthly. Investors may establish a Castlerock Investments RRSP. quarterly. restrictions and procedures are applicable to such transfers. 2008 may continue to allow unitholders to make systematic purchases of Series D units of each applicable Fund. Unitholders may make changes to the target Fund. Under the systematic transfer plan. RLSPs and all other registered plans. PRIFs. Registered Tax Plans Registered plans receive special treatment under the Income Tax Act (Canada) (the “Tax Act”). RRIFs. the frequency of the transfer and the amount to be transferred on three business days’ written notice to the Manager.Optional services The following plans are available to make it easier to buy and redeem units of the Funds. amending and terminating registered plans. The following Castlerock Investments registered tax plans are available: • • • • • • • • • Life Income Funds (LIFs) Locked-in Retirement Accounts (LIRAs) Locked-in Retirement Savings Plans (LRSPs) Prescribed Retirement Income Funds (PRIFs) Registered Retirement Savings Plans (RRSPs) Registered Retirement Income Funds (RRIFs) Restricted Life Income Funds (RLIFs) Restricted Locked-in Savings Plans (RLSPs) Tax Free Savings Accounts (TFSAs) Systematic Transfer Plan Unitholders may transfer a minimum of $50 worth of units to another Fund on a monthly. The program may be terminated at any time upon notice to the Fund. There are no service charges associated with establishing a systematic investment program. There are no charges under the systematic withdrawal program other than applicable redemption charges on Series B units and Series T(B) units (see “Fees and Expenses Payable Directly by You . bi monthly. such withdrawals will reduce or possibly exhaust such unitholder’s original capital. To participate in a plan or program. bi monthly. Unitholders may terminate the program at any time upon notice to the Fund. The amount and frequency of each regular investment may be selected by the purchaser. If withdrawals are in excess of net income and net capital appreciation of the Fund attributable to such unitholder’s units. Systematic Withdrawal Program Unitholders may choose to establish a systematic withdrawal program to provide monthly. the $25 fee for transfers in excess of four (4) per calendar year will not be charged. semi annual or annual basis at the net asset value per unit on the specified date of each such pre authorized payment. Only a systematic transfer plan established prior to May 9. semi annual or annual cash payments through the automatic redemption of units subject to a minimum $50 per withdrawal. LIFs.PA R T A . All other fees. subject to a minimum of $50 per purchase. All other fees and procedures in respect of purchases of units are applicable to investments under this program. RLIFs. quarterly. A key benefit is that you generally don’t pay tax on the money you earn in these plans until you withdraw it (withdrawals from tax free savings accounts are not taxable). bi monthly. semi annual or annual basis. 2008 may continue to allow unitholders to transfer a minimum of $50 worth of units to Series D units of each applicable Fund. Investors are encouraged to consult their tax advisors for full details of the tax implications of establishing.Deferred Sales Charge”). units of the Funds may be purchased by the investor’s own self administered registered plan. contributions to a registered retirement savings plan are deductible from your taxable earnings up to your allowable limit. Units will be redeemed at their net asset value per unit on the specified date of each withdrawal under this program. contact your investment professional. In addition. RRIF or TFSA (with a trust company appointed as trustee from time to time by the Manager) for the purpose of purchasing units of the Funds. LRSPs. TFSAs. contributing to.

00% 2.00% 2.95% 0. You may have to pay some of these fees and expenses directly.75% 2.00% N/A N/A N/A N/A 2. Series T(A) units and Series T(B) units have a different management fee and the management fees differ depending on the type of Fund.20% 2.00% 2.00% Series T(B) Units 1.00% 1.00% 0.00% 1. • the costs of furnishing research data.65% Series F Units 0.PA R T A .00% 2.20% 2. sponsorship and promotional costs and expenses. registration.75% N/A 1.20% 2. Management fees for Series I units are negotiated and paid directly by the investor. marketing. co-ordinating and supervising all other services required by the Fund. The fee is calculated.20% 2.95% 0.90% 1.00% 2.20% 1.00% 2. Each Fund pays as an expense an aggregate annual management fee to Castlerock Investments that is allocated among the series in accordance with their respective specified rates and net asset values.20% 2.00% 1.50% 0.20% N/A N/A N/A N/A 1.20% N/A 2. Series B units.00% 1.90% 2.20% Fund Castlerock Conservative Portfolio Castlerock Balanced Portfolio Castlerock Balanced Growth Portfolio Castlerock Growth Portfolio Castlerock Canadian Dividend Growth Fund Castlerock Global High Income Fund Castlerock Canadian Bond Fund Castlerock Canadian Money Market Fund Castlerock International Equity Fund Castlerock Canadian Growth Companies Fund Castlerock Enhanced Yield Fund Castlerock Total Return Fund Castlerock Pure Canadian Equity Fund All other Funds Operating Expenses Operating expenses of the Funds (“Operating Expenses”) include and are not limited to: • legal. The following table shows the management fee as a percentage of average daily net asset value (per annum): Series A Series B Series D Units Units Units 1.95% 1. Fees and Expenses Payable by the Funds Management fees Each of the Series A units.00% 2. Series F units.65% N/A 0.20% 2.20% 2. transfer agency.00% 2. On or before December 31.75% 2. regulatory filing and bank fees and expenses and costs relating to the IRC. including salaries.95% 2. accrued and paid daily. and • the costs of processing.20% 2.20% 2.00% 1. • brokerage commissions and fees on portfolio transactions.95% 2.00% 2.Fees and expenses The following table shows the fees and expenses you may have to pay if you invest in the Funds. audit.00% 1.00% N/A 2. The Funds may have to pay some of these fees and expenses. See Fixed Administration Fee section on page 17 for additional information.00% 0.00% Series T(A) Units 1.90% 2. From this fee. up to a maximum of 1.20% 2. • the costs of unitholder reports.75% N/A N/A N/A N/A N/A 1. record keeping.65% 1. income taxes (including withholding taxes) and sales taxes. custodial. clerical help. The management fees charged in respect of Series A units are higher than the management fees charged in respect of Series D and Series F units to compensate the Manager for the higher service fees or trailer commissions payable to dealers in respect 1 5 .10% 2. Series D units. which will reduce the value of your investment in the Fund. 2012.20% 2.75% 2. proxies and prospectuses. • administrative expenses. rent and insurance costs.20% depending on the asset class of the investment.45% 0.00% 2.00% 1.00% 1.00% 1.00% 2.20% 2. the Manager will implement fixed administration expenses that will replace Operating Expenses for all Funds (other than Series A and Series D of Castlerock Canadian Money Market Fund). not by the Fund (which fees will not exceed the management fees applicable to the Series D units). The higher management fees charged in respect of the Series B units and Series T(B) units compensate the Manager for funding the up front sales commissions payable to registered dealers on the sale of Series B units and Series T(B) units.20% N/A N/A N/A N/A 2. unit pricing and the internal accounting services required by the Fund in the ordinary course of its operations. the Manager is responsible for all investment management fees (including those of the portfolio sub advisors) as well as all fees and costs associated with dealer compensation programs pertaining to the offering and sale of units of the Funds and any advertising.95% 0.

Reduced management fees are determined by us in our sole discretion and may be changed at any time. income taxes (including withholding taxes) and capital taxes. would duplicate a fee payable by the other mutual fund for the same service.00% 4 plus brokerage commissions and fees on portfolio transactions. to the Manager or other parties. over the long term. Maximum Aggregate Annual Management Fees and Expenses4 that may be charged without unitholder approval (expressed as a percentage of the average daily net asset value of the particular series of units of a Fund) Name of Fund and Series Castlerock Canadian Money Market Fund: Series D 1. transfer agency. including other mutual funds managed by the Manager or an affiliate or associate of the Manager. there are fees and expenses payable by the other mutual fund in addition to the fees and expenses payable by the Fund. See “Risks of Investments in Other Mutual Funds”. and (c) no sales fees or redemption fees are payable by the Fund in relation to its purchase or redemptions of securities of the other mutual fund that. custodial. In effect. the Operating Expenses incurred by or on behalf of a Fund with respect to all matters (other than legal. the expenses of holding meetings of the holders of only one series of units of a Fund. including. including insurance and the cost of outside advisors. regulatory filing and bank fees and expenses and costs relating to the IRC) are the direct responsibility of that Fund and will be paid. The Manager is responsible for the expenses of Series I units of all the Funds (other than in respect of brokerage commissions and fees on portfolio transactions and income and capital taxes). to a reasonable person. The members of the committee are paid an annual retainer of $36. The following rules apply in respect of any investment by a Fund in another mutual fund: (a) no management fees or incentive fees are payable by the Fund that. significant investments in units of the Funds. The expenses of the Funds’ IRC include the compensation payable to the members of the committee and. Management fee distributions (where applicable) will be calculated and credited daily and distributed semi-annually or on such other basis as the Manager may determine.625 ($11. at the blended rate of the amount of the fees and expenses. The Funds expect that all expenses of each Fund will be common to all series of units of each Fund. Each Fund is required to pay sales tax including federal harmonized sales tax (“HST”) on the fees that it pays to the Manager as well as on most other fees and expenses which it incurs. Expenses that are only attributable to a particular series of units of a Fund will only be charged against such series. In some cases. Where a Fund invests in securities of another mutual fund. (b) no sales fees or redemption fees are payable by the Fund in relation to its purchase or redemptions of the securities of the other mutual fund if the other mutual fund is managed by the Manager or an affiliate or associate of the Manager. other than the management fees (inclusive of taxes thereon) and other expenses which the Manager determines are attributable only to one or more series. if applicable. the Manager may waive its rights to receive a management fee and/or may voluntarily absorb a portion of the expenses attributable to a series of units of a Fund.000 for the chair) and $9. There are no maximums maintained on expenses with respect to any other series of units of any other Fund. to a reasonable person. We do this by reducing or rebating the management fee charged to the Fund and having the Fund pay out the amount of the reduction or rebate to these investors as a distribution. provided such investment is consistent with the Fund’s investment objective and is permitted by Canadian securities laws. registration. 1 6 . but not limited to. audit. would duplicate a fee payable by an investor in the Fund. The HST or other applicable sales taxes are not included in the Operating Expenses of the Funds.500 ($45. income taxes (including withholding taxes) and capital taxes) shall not exceed the percentages of the average daily net asset value of the particular series specified below. In addition to the management fees payable to the Manager.625 for the chair) for each meeting of the IRC. as applicable. In some cases. these investors receive a rebate for the management fees that apply to their units.PA R T A . The IRC acts in respect of all the funds managed by the Manager and the amount of their expenses are allocated to each fund by the Manager on a proportionate basis. We may reduce the management fee to selected unitholders (generally institutional investors or investors which meet predetermined asset levels within a series of a Fund) who are expected to make. Fees in Respect of Investments in Other Mutual Funds Each of the Funds is permitted to invest some or all of its assets in securities of other mutual funds. These fees and expenses cannot be increased without the prior approval of unitholders of the particular series.Fees and Expenses Payable by the Funds cont’d of Series A units (see “Dealer Compensation -Service Fees”). Maximum Aggregate Annual Management Fees and Expenses The maximum aggregate annual management fees and expenses attributable to Castlerock Canadian Money Market Fund Series D units (exclusive of brokerage commissions and fees on portfolio transactions. the expenses incurred by the IRC in the course of its affairs. These are called “management fee distributions”. we may waive our right to receive a portion of the management fees.

1 7 .20% 0. Not included in the Variable Operating Expenses are (a) taxes of any kind charged directly to the Funds (principally income tax and H.20% 0. and provincial sales taxes) charged to us for providing the goods. For greater certainty. 2011.15% Unitholder consent was given to implement this change during a unitholder meeting held by the Manager on April 28. Fixed Administration Fee On or before December 31.Fees and Expenses Payable by the Funds cont’d Changes in Expenses of the Funds Except as described below.20% 0.20% 0.20% 0. and (d) costs associated with forward agreements. Dividend Growth Fund Castlerock Canadian Dividend Fund Castlerock Canadian Dividend Growth Fund Castlerock Canadian Growth Companies Fund Castlerock Canadian Stock Fund Castlerock Canadian Value Fund Castlerock Pure Canadian Equity Fund Castlerock Canadian Balanced Fund Castlerock Global Balanced Fund Castlerock Total Return Fund Castlerock Canadian Bond Fund Castlerock Enhanced Yield Fund Castlerock Global High Income Fund Castlerock Canadian Money Market Fund (Series B only) Administration Fee (%) 0.21% 0. Each Administration Fee will be calculated as a fixed annual percentage of the net asset value of each series of the Funds.20% 0.S. However. we will bear all taxes (such as H. services and facilities included in the Variable Operating Expenses. Further. unitholder approval is required before the basis of the calculation of the fees or other expenses that are charged to a Fund (or the Manager on behalf of the Fund) or directly to its unitholders is changed in a way that could result in an increase in charges to a Fund (or the Manager on behalf of the Fund) or its unitholders.20% 0.20% 0.22% 0.T. provided unitholders are given written notice of at least sixty days prior to the effective date of any such change in the basis of the calculation of any fees or expenses which could result in an increase in charges to a Fund (or the Manager on behalf of the Fund) or its unitholders. on its management and administration fees).17% 0.T.S.20% 0.PA R T A . certain new governmental fees and certain forward agreement costs) (the “Variable Operating Expenses”).22% 0. The Administration Fees will be fixed as follows: Fund Castlerock Growth Portfolio Castlerock Balanced Growth Portfolio Castlerock Balanced Portfolio Castlerock Conservative Portfolio Castlerock Capital Appreciation Fund Castlerock Global Leaders Fund Castlerock International Equity Fund Castlerock U. (c) any new fees that may be introduced by a securities regulator or other governmental authority in the future that is calculated based on the assets or other criteria of the Funds. No Administration Fees will apply in respect of Series I units because separate fee and expense arrangements have been established with each of the holders of Series I units. the costs of complying with any new regulatory requirements or taxes are not included in the Variable Operating Expenses.22% 0. borrowing costs. the purchase price of all securities and other property acquired by or on behalf of the Fund (including brokerage fees.22% 0.20% 0. (b) borrowing costs incurred by the Funds from time to time.22% 0.21% 0.20% 0. For greater certainty. commissions and service charges paid to purchase and sell such securities and other property) are considered capital costs and therefore not included in Variable Operating Expenses. fees charged directly to investors are not included in the Variable Operating Expenses. Such approval is required to be obtained at a meeting of unitholders convened for such purpose. 2012 the Funds (other than Series A and Series D of Castlerock Canadian Money Market Fund) will implement a fixed annual administration fee (the “Administration Fee”) in return for bearing all of the operating expenses of the Funds (other than certain taxes.20% 0. Unitholder approval is not required before the basis of the calculation of the fees or expenses that are charged to a Fund (or the Manager on behalf of the Fund) or its unitholders is changed in a way that could result in an increase in charges to a Fund (or the Manager on behalf of the Fund) or its unitholders if the Fund is at arm’s length to the person or company charging the fees or expenses.S.

(1) There are no sales charges if you choose to buy Series T(B) units. (For transfers of units of Castlerock Canadian Money Market Fund which were issued on the transfer of units of other Funds. We deduct the charge from the value of units you redeem. • Series B • Series D • Series F • Series I • Series T(A) • Series T(B) Transfer Fees A negotiable amount not exceeding 2% of the net asset value of the units being transferred from one Fund into units of another Fund is payable by you to your dealer. In the case of permitted transfers of other units of Castlerock Canadian Money Market Fund to Series A or Series D units of other Funds. The sales charge can be from 0% to 5% on Series T(A) units.0% Nil Nil Nil Nil 1 8 .0% 1. a sales charge negotiated between you and your investment professional not exceeding 5% of the net asset value of the units being transferred is payable by you to your dealer in lieu of a transfer fee.0% 1. There are no sales charges if you choose to buy Series I units. The charge is based on the original cost of your units and how long you held them. except if transferred under a systematic transfer plan. If you choose to buy Series F units through a dealer fee based program.0% Nil 2.(1) There are no sales charges if you choose to buy Series F units. The table below shows the deferred sales charge schedule applicable to DSC units.(1) There are no sales charges if you choose to buy Series B units. The charge is paid to us. Series T(A) units or Series T(B) units of another Fund. the 2% maximum transfer fee will apply. If redeemed during the following period after issue Redemption charge as % of cost of purchase of Series B Units or Series T(B) Units under: DSC Option Low Load L1 Option Low Load L3 Option During the 1st year During the 2nd year During the 3rd year During the 4th year During the 5th year During the 6th year Thereafter 6.0% 5.) Each transfer in excess of four (4) per calendar year may incur an additional $25.0% 3. save and except for permitted transfers of Series F units into Series A units. within two years of buying the original DSC units under the Low Load L1 Option or within three years of buying the original DSC units under the Low Load L3 Option. The sales charge can be from 0% to 2% on Series D units of Castlerock Canadian Money Market Fund and 0% to 5% on all other Funds.PA R T A .0% 2.0% 4. which transfers are treated on the same basis as an initial purchase of units of the series being transferred to such that sales charges or redemption fees will be applicable. There may be redemption charges (see “Redemption Fees”). Redemption Fees • Deferred Sales Charge(2) You’ll pay a deferred sales charge if you choose to buy Series B units or Series T(B) units and you redeem your DSC units (including units of other Funds issued as a result of the transfer of such units) within six years of buying the original DSC units under the DSC Option. Series B units.0% 3. you will pay to your dealer periodic asset based fees rather than commissions on each transaction.Fees and Expenses Payable Directly by You Sales Charges • Series A The sales charge can be from 0% to 2% on Series A units of Castlerock Canadian Money Market Fund and 0% to 5% on all other Funds.0% 2.00 charge at the discretion of the Fund.5% Nil Nil Nil Nil Nil 4. Series D units. There may be redemption charges (see “Redemption Fees”).

(2) Notwithstanding the foregoing. No annual administration fee. If you request courier delivery or wire order of your redemption proceeds. Courier/Wire Charges Notes: (1) You may have to pay a sales charge if you choose to buy Series A or Series T(A) units. We deduct the sales charge from the amount you invest and pay it to your dealer as a commission. unitholders are entitled to a 10% free annual withdrawal (see “Purchases. 1 9 . Redemption fees may apply. Switches and Redemptions10% Free Redemption Entitlement”).Fees and Expenses Payable Directly by You cont’d Castlerock Registered Tax Plan Fees Systematic Investment Program NSF Chequing Fee Systematic Withdrawal Program Systematic Transfer Plan No annual administration fee. the $25 fee for transfers in excess of four (4) per calendar year will not be charged. You and your investment professional negotiate the amount you pay. All other fees and procedures are applicable to such transfers. we may charge for such services.PA R T A . No annual administration fee. Charges levied by a bank or other financial institution for cheques returned to a Fund as NSF. Under the systematic transfer plan.

Impact of Sales Charges
The table below shows the fees you would have to pay if you bought units of one of the Funds under our different purchase options. It assumes that: • You invested $1,000 in units of the Fund and redeemed all of your units immediately before the end of one, three, five or ten years. • The sales charge under the Series A and Series T(A) option is 5%. • The deferred sales charge under the Series B and Series T(B) option applies only if you redeem your Series B units or Series T(B) units within six years of buying them under the DSC Option, within two years of buying them under the Low Load L1 Option or within three years of buying them under the Low Load L3 Option. See “Fees and Expenses” for the deferred sales charge schedule.

When you buy your units

1 year

3 years

5 years

10 years

Initial sales charge option(1)
(Series A and Series T(A)) $50 -----

DSC Option(1)
(Series B and Series T(B)) -$60 $40 $20 --

Low Load L1 Option(1)
(Series B and Series T(B)) -$20 ----

Low Load L3 Option(1)
(Series B and Series T(B)) -$40 $20 ---

Notes: (1) No sales charges or redemption fees apply to Series F units or Series I units. Series D units are not referred to in this section as they are subject to the series closures noted on the cover page.

2 0 - PA R T A

Dealer Compensation
How Your Investment Professional and Dealer are Paid
Your investment professional usually is the person from whom you buy your Funds. Your investment professional could be a broker, financial planner or other person who’s registered to sell mutual funds. Your dealer is the firm your investment professional works for. We can change or cancel service fees at any time, subject to applicable securities legislation. The following table shows the maximum service fee rates:

Maximum Annual Service Fee Rate(1) Series A Series B Series D Series T(A) Series T(B) Units Units Units Units Units
Castlerock Canadian Bond Fund(2) 0.25% 0.25% 0.25% 0.25% 0.25%

Commissions
Your investment professional usually receives a commission when you invest in units of the Funds. The commission depends on how you invest in the Funds.

Castlerock Canadian Money Market Fund(3) Castlerock Global High Income Fund(4)

0.10% 0.50%

0.10% 0.25% 0.50%(5) 0.50% 1.00%(7) 0.50% 1.00%(7) 0.50% 1.00%(7)

0.10% N/A

0.10% N/A

0.10% N/A

Initial Sales Charge Option
You and your investment professional decide on the percentage you’ll be charged when you buy Series A units or Series T(A) units under the initial sales charge option. The percentage ranges from 0% to 5% (0% to 2% for Series A units of Castlerock Canadian Money Market Fund). The sales charge is deducted from the amount you invest and is paid to your dealer as a commission. See “Fees and Expenses” for details.

Castlerock International 1.00% Equity Fund(6) Castlerock Portfolios(6) All other Funds(6) 1.00%

N/A

1.00%

0.50% 1.00%(7) 0.50% 1.00%(7) 0.50% 1.00%(7)

N/A

1.00%

1.00%

0.50%

1.00%

Deferred Sales Charge Option
When you choose the DSC Option to buy Series B units or Series T(B) units, we pay your dealer a commission of 5% of the amount you invest. You won’t pay a charge unless you redeem your units within six years of buying them. See “Fees and Expenses” for details. When you choose the Low Load L1 Option to buy Series B units or Series T(B) units, we pay your dealer a commission of 1% of the amount you invest. You won’t pay a charge unless you redeem your units within two years of buying them. See “Fees and Expenses” for details. When you choose the Low Load L3 Option to buy Series B units or Series T(B) units, we pay your dealer a commission of 3% of the amount you invest. You won’t pay a charge unless you redeem your units within three years of buying them. See “Fees and Expenses” for details.

Transfer Charge
When you transfer from one Fund to another Fund, you may have to pay your dealer a transfer charge. You negotiate the charge with your investment professional. The charge is paid by redeeming units of the Fund out of which you’re transferring. See “Fees and Expenses” for details.

Service Fees
We may pay service fees or trailing commissions to qualified dealers. Generally, the trailing commission is calculated based on the average daily net asset value of units of a Fund held by your dealer’s customers and is paid to your dealer at least quarterly in arrears. The trailing commission is determined by us in our sole discretion and may be changed at any time. It is expected that dealers will pay a portion of the trailing commissions to sales representatives for providing ongoing services to customers.

Notes: (1) Service fees are not paid to dealers on Series F units or Series I units. (2) A permitted transfer of Series A units, Series B units or Series D units of Castlerock Canadian Bond Fund to Series A units, Series B units or Series D units (or Series T(A) units or Series T(B) units if applicable) of all other Funds with the exception of Castlerock Canadian Money Market Fund may result in a higher service fee rate. (3) A permitted transfer of Series A units, Series B units or Series D units of Castlerock Canadian Money Market Fund to Series A units, Series B units or Series D units (or Series T(A) units or Series T(B) units if applicable) of all other Funds may result in a higher service fee rate. (4) A permitted transfer of Series B units of Castlerock Global High Income Fund to Series A units or Series B units (or Series T(A) units or Series T(B) units if applicable) of all other Funds with the exception of Castlerock Canadian Bond Fund or Castlerock Canadian Money Market Fund may result in a higher service fee rate. (5) The service fee rate in respect of a Series B unit of Castlerock Global High Income Fund is a maximum of 0.25% during the first 6 years following an investor’s purchase of such unit under the DSC Option and a maximum of 0.25% during the first 3 years following an investor’s purchase of such unit under the Low Load L3 Option. For units of this series purchased under the DSC Option or Low Load L3 Option on or after January 25, 2007, upon the expiry of the applicable redemption fee schedule, the service fee rate will increase to a maximum of 0.50%. The service fee rate is a maximum of 0.50% in respect of a Series B unit of Castlerock Global High Income Fund purchased under the Low Load L1 Option. (6) A permitted transfer of Series B units or Series T(B) units of a Fund to Series A units or Series B units (or Series T(A) units or Series T(B) units if applicable) of another Fund with the exception of Castlerock Canadian Bond Fund or Castlerock Canadian Money Market Fund may result in a higher service fee rate. (7) The service fee rate in respect of a Series B unit or Series T(B) unit is a maximum of 0.50% during the first 6 years following an investor’s purchase of such unit under the DSC Option and a maximum of 0.50% during the first 3 years following an investor’s purchase of such unit under the Low Load L3 Option. For units of these series purchased under the DSC Option or Low Load L3 Option on or after January 25, 2007, upon the expiry of the applicable redemption fee schedule, the service fee rate will increase to a maximum of 1.00%. The service fee rate is a maximum of 1.00% in respect of a Series B unit or Series T(B) unit purchased under the Low Load L1 Option.

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Marketing Support Program
We may engage in cooperative marketing and education programs with dealers and sales representatives by subsidizing such portion of the cost as permitted by applicable laws, rules and regulations and may also engage in other marketing and education programs that comply with applicable laws, rules and regulations. Marketing and education programs typically involve advertising seminars and conferences by the dealer or sales representatives through which sales of units of Funds are promoted. Marketing and education programs do not involve any direct or indirect costs to the Funds except for those borne by the Manager which may be paid out of management fees as described under “Dealer Compensation From Management Fees”.

Disclosure of Equity Interests
CI Investments Inc., each of the Principal Distributors and CI Fund Services Inc. are subsidiaries of CI Financial Corp. CI Financial Corp. is an independent, Canadian-owned wealth management firm, the common shares of which are traded on the Toronto Stock Exchange. An affiliate of Scotia Capital Inc., Scotia Securities Inc., CPA Securities Inc., Integra Capital Corporation, Scotia Asset Management L.P., Waterstreet Family Capital Counsel Inc., Dundee Private Investors Inc. and DWM Securities Inc. owns approximately 36% of the common shares of CI Financial Corp.

Dealer Compensation From Management Fees
We paid dealers compensation of approximately 61.39% of the total management fees we received from all Castlerock Mutual Funds we managed in respect of our financial period ended December 31, 2010.

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however special rules apply to registered education savings plans and registered disability savings plans. Income may include dividend income from taxable Canadian corporations. A transfer of units of one Fund to units of another Fund is considered for tax purposes to be a redemption of units and a reinvestment which will give rise to the tax consequences described immediately above. How the Funds Aim to Make Money A Fund can make money two ways. Some or all of this tax may be credited against the Canadian income tax you pay. You don’t pay tax immediately on a return of capital. or income from Underlying Funds. Tax laws may change between the time this summary is prepared and the time you read this summary. the gain is realized. This applies whether your distributions were reinvested in additional units of the Fund or were paid to you in cash. the Funds pay out a sufficient amount of their income (after deducting expenses) and realized capital gains so that the Funds don’t have to pay income tax. you’ll have a return of capital. as well as any allowable tax credits. Other income is fully taxable. The adjusted cost base of a unit is the average of the cost of all the units you hold in the Fund. 2 3 . Buying Units Late in the Year The unit price of a Fund may include income and/or capital gains that the Fund has earned. owning and disposing of units of a Fund may vary according to your situation and the province or territory where you reside. One half of a capital gain is generally included in calculating your income. If the Fund has earned foreign income. The summary only applies to individual unitholders (other than trusts) who are residents of Canada. Examples are interest paid on bonds. to the extent of the negative amount of the adjusted cost base and the adjusted cost base of your units will be increased by the amount of such gain. This summary is a general tax summary only and the tax considerations of purchasing. you will likely have paid various prices. Any payments received from a registered plan other than a TFSA will generally be subject to tax. the gain is unrealized. you will realize a capital gain. particularly if it’s late in the year. First. individuals may also have to pay alternative minimum tax on the capital gains or dividends they earn. Transferring Units Funds You Hold in a Registered Plan If you hold your units in a registered plan. deal with the Funds at arm’s length and who hold their units as capital property. after deducting any costs of redeeming the unit. dividends paid on stocks.Income Tax Considerations for Investors This section is a summary of how taxes affect your investment in the Funds. Please consult your tax advisor about your own circumstances. Capital gains distributed by the Funds will be treated as if you realized them directly. How Your Fund Investment is Taxed The tax you pay on your Fund investment depends on whether you hold your units in a registered plan or in a non registered account. but not yet realized and/or distributed. If the Fund sells an investment at a gain. Funds You Hold in a Non-Registered Account If you hold your units in a non-registered account. you may end up paying tax on income and capital gains the Fund earned before you bought your units. As long as no withdrawal is made from your registered plan. Distributions on Series T(A) units and Series T(B) units are expected to consist primarily of a return of capital. foreign income and other income. You must include the income shown on the tax slip as part of your annual income. If the adjusted cost base of your units is reduced to less than zero. In certain cases. If you buy units. Instead. The following is based on the assumption that each of the Funds will qualify effective at all material times as a mutual fund trust under the Tax Act. after deducting any costs of redeeming your units. Each year. You should consider how this tax cost might affect you when you buy units. A redesignation to a different series of units within the same Fund does not result in a capital gain or loss and the aggregate adjusted cost base of your units remains the same. it reduces the adjusted cost base of your units of the Fund. This is known as a distribution. If the Fund continues to hold the investment. Dividends paid by Canadian companies will be taxed subject to the applicable gross up and dividend tax credit. If you have bought units at various times. RRSPs and RRIFs are included under a registered plan. This can happen when the Fund makes a distribution in December of its net income and net realized gains for the whole year. net capital gains and returns of capital for the previous year (which may include management fee distributions). It shows your share of the Fund’s distributions of income. Capital Gains and Losses When You Redeem Your Units You will realize a capital gain if the money you make from redeeming a unit is more than the adjusted cost base of the unit. You will incur a capital loss if the money you receive from a redemption is less than the adjusted cost base. A Fund can also have capital gains if the value of its holdings goes up. we will send you a tax slip within 90 days of the year end of the Fund each year.PA R T A . you don’t have to pay any taxes on distributions your plan receives from the Fund or on any capital gains your plan realizes from redeeming or transferring units. If you receive more in distributions in a year than your share of the Fund’s income and capital gains for the year. it may have paid foreign withholding tax. you may transfer units of a Fund for units of another Fund within your registered plan without paying any tax on the transfer. That includes units you received through reinvestments of distributions. it can earn income.

which will affect the adjusted cost base of your units. Here’s how adjusted cost base is generally calculated: • start with your initial investment. To calculate adjusted cost base. you’ll need to keep detailed records of the price you paid for your investments and the distributions you received on those units. the greater the trading costs payable by the Fund in the year and the greater the chance of an investor receiving taxable distributions in the year. The higher the portfolio turnover rate in a year.How to Calculate Adjusted Cost Base Adjusted cost base is determined separately for each series of units owned by an investor. Although the larger trading costs associated with a high portfolio turnover rate would reduce the Fund’s performance. For more information.PA R T A . It is expected that the monthly distributions on Series T(A) and Series T(B) units will frequently include a return of capital. 2 4 . Portfolio Turnover Rate A portfolio turnover rate of 100% is equivalent to the Fund buying and selling all of the securities in its portfolio once in the course of the year. There is not necessarily a relationship between a high turnover rate and the performance of a mutual fund. including any sales charges you paid • add any additional investments including sales charges you paid • add any distributions you reinvested • subtract any distributions that were a return of capital • subtract the adjusted cost base of any previous redemptions. contact your tax advisor. We will provide you with information regarding any distributions that are a return of capital.

What are your Legal Rights? Securities law in several provinces gives you the right to withdraw from an agreement to buy mutual fund securities within two business days after you receive a Simplified Prospectus or to cancel your purchase within 48 hours after you receive confirmation of your purchase. 2 5 .PA R T A . You can find out more by referring to the securities legislation in your province or territory or by consulting a legal advisor. If you buy mutual fund securities under a contractual plan. You must act within the time limit set by the securities legislation in your province or territory. the time period for your right to withdraw from the purchase may be longer. securities law also gives you the right to cancel an agreement to buy mutual fund securities and get your money back or. In several provinces and territories. claim damages if the Simplified Prospectus or Annual Information Form or financial statements misrepresent any facts about the Fund. in some jurisdictions.

• Low to Medium – for Funds with a level of risk that is typically associated with investments in balanced funds and global and/or corporate fixed income funds. The manner in which we identify risks is available on request. This tells you the nature of the units offered. related to a geographical region. Here is an explanation of what you will find under each heading. Investors are encouraged to consult the Annual Information Form of the Funds for further information concerning the restrictions on investments and on investment policies and practices of the Fund in pursuing its objectives. This is the date that the Fund started offering units to the public. Each Fund is assigned an investment risk rating in one of the following categories: • Low – for Funds with a level of risk that is typically associated with investments in money market funds and Canadian fixed income funds. whether money market. We review the fund type and standard deviation of a Fund. a copy of which may be obtained from the Funds upon request. they reduce the Fund’s return. emerging markets.g. You’ll find more information about the costs of investing in the Funds in “Fees and Expenses”. bond. In addition to the specific investment restrictions and practices described herein. Investment Strategy This explains how a Fund through the applicable portfolio sub-advisor plans to achieve its investment objective. at no cost. and market capitalization thresholds. see pages 2 to 5 of this document. beneficially hold more than 10% of the units of the Fund. Fund expenses indirectly borne by investors The information in this table provides an example of the share of the expenses of each series of units of each Fund indirectly borne by investors. What are the risks of investing in this fund? This is where the specific risks of the Fund are set out. precious metals).PA R T B . 2011. the Funds have adopted the standard investment restrictions and practices set forth in National Instrument 81-102 Mutual Funds. and the kinds of securities it uses to achieve this objective.. Who should invest in this fund? We determine the risk level for a Fund using both quantitative and qualitative considerations. by contacting us using the information found at the back of this prospectus. regional classifications. For details about the meaning of each risk. Each Fund shall at all times conduct its activities so as to qualify as a “mutual fund trust” as that phrase is defined for purposes of the Tax Act. equity. This tells you whether units of the Fund are qualified investments for registered plans. Funds with higher standard deviations are generally classified as being more risky. Distribution policy This section tells you how and when distributions or dividends are paid by the Fund. The investment activities of each Fund are subject to the investment restrictions determined from time to time by the Manager. or any rule or national instrument reformulating or replacing same. 2 6 . • Medium – for Funds with a level of risk that is typically associated with investments in equity portfolios that are diversified among a number of large-capitalization Canadian and/or international equity securities. sector. Standard deviation is a common statistic used to measure the volatility and risk of an investment. • Medium to High – for Funds with a level of risk that is typically associated with investments in equity funds that may concentrate their investments in specific regions or in specific sectors of the economy. Each series of units of a Fund is responsible for its own expenses and its proportionate share of common Fund expenses. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Large Unitholders These are the unitholders of the Fund which.PART B: Specific information about each of the mutual funds described in this document General information Information about each Fund is summarized on the following pages. as of June 30. While you don’t pay these costs directly. We review the risk levels on an annual basis. It contains the information described below. Type of Fund This tells you how the Fund is classified. Fund details In each Fund summary you will find a chart that looks like this one. Start Date Securities Offered Eligible for Registered Plans Portfolio Sub Advisor This tells you the name of the portfolio sub advisor of the Fund What does the fund invest in? This section is divided into two parts: Investment Objective The investment objective of each Fund is described. Fund types are broken down by broad asset types. developed or emerging markets. and • High – for Funds with a level of risk that is typically associated with investment in equity portfolios that may concentrate their investments in specific regions or in specific sectors of the economy where there is a substantial risk of loss (e. or some other type.

See “Risks of Using Repurchase. To the extent the Fund is in a defensive position. and may purchase or sell ETFs in order to increase or decrease the Fund’s exposure to specific sectors of the market. units are qualified investments for RRSPs. as part of its principal investment strategy. See “Risks of Investments in Other Mutual Funds”. The Fund may from time to time use repurchase. The portfolio sub advisor will monitor and periodically rebalance the Fund’s assets back to the target asset allocation. swaps. The portfolio sub-advisor selects for the Fund the appropriate ETFs. Series B. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. LRSPs. Series F. ETFs. managed by the manager or an affiliate or associate of the manager and. or the percentage of the Fund’s assets invested in a particular Underlying Fund or ETF at any time in its sole discretion. PRIFs. to use derivatives like options. LIRAs. LIFs. in the opinion of the Manager and its portfolio sub-advisors.PA R T B CIG-690 . Investment Strategy To fulfill this objective. The Fund does not currently intend to enter into repurchase. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators.(1) forward contracts. Series B units. economic or political conditions. Investing in and using derivative instruments are subject to certain risks. the portfolio sub advisor will follow a strategic asset allocation strategy whereby all or substantially all of the Fund’s assets will be invested in a combination of other Castlerock Mutual Funds. each Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. Subject to compliance with applicable registration and proficiency requirements. The Fund’s ability to achieve its overall investment objective is directly related to the Underlying Funds’ and ETFs’ ability to achieve their individual investment objectives. Investing in and using repurchase. The Fund may from time to time use these instruments to. global and emerging market equity and fixed income securities. Reverse Repurchase and Securities Lending Agreements. reverse repurchase and securities lending agreements are subject to certain risks. These percentages may vary from time to time depending on the portfolio sub advisor’s view of market conditions. To the extent a Fund is in a defensive position. the portfolio sub-advisor considers the investment objectives and strategies of each Underlying Fund as well as its investment style and performance record. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. Equity investments may include small. In making this selection. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. The portfolio sub advisor may change the Underlying Funds and ETFs in which the Fund is invested. adequate resources and financial strength. gain exposure to the underlying securities. What are the risks of investing in this fund? The Fund uses strategic asset allocation in order to invest in a mix of different Underlying Funds and ETFs. This strategy helps to reduce the Fund’s volatility but also makes the Fund’s performance dependent on the performance of the Underlying Funds and ETFs in which it invests. Fund details Type of Fund Asset Allocation Portfolio Start Date January 16. The portfolio sub advisor will also regularly review and adjust the target asset allocations. the Fund may lose the benefit of market upswings and limit its ability to meet its investment objective. Under normal market conditions. the Fund is permitted. indexes or currencies without investing in them directly. and to a lesser degree. Series F units. exchange-traded funds (ETFs). 2 7 . but not required. The Fund will invest in a combination of domestic and international equity and fixed income funds. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used.” The Fund may enter into repurchase. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. including by buying and selling units of the Underlying Funds. namely Series A units. economic or political conditions. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. Series T(A) and Series T(B) units Securities Offered Five series of units of a mutual fund trust. From time to time. the portfolio sub-advisor considers the index that each ETF is designed to replicate or represent. to a lesser extent.” The Fund will limit these transactions to parties that have. reverse repurchase or securities lending agreements. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. In making this selection. manage risks and implement investment strategies more efficiently. The Underlying Funds and ETFs may invest in a variety of domestic.What does the fund invest in? Castlerock Growth Portfolio Investment Objective The fundamental investment objective of Castlerock Growth Portfolio is to seek long term capital appreciation by investing primarily in a portfolio of equity and fixed income mutual funds. 2009 for Series A. futures. See “Risks of Using Derivatives. while fixed income investments may include high quality as well as high yield or other lower quality debt securities. medium and large capitalization securities. among other reasons. RRIFs. index participation units and other similar instruments for hedging and non-hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. approximately 80% of the Fund’s assets are expected to be invested in quity funds and approximately 20% of the Fund’s assets are expected to be invested in fixed income funds. The portfolio sub-advisor selects for the Fund the appropriate Underlying Funds. See “Risks of Using Repurchase. RLIFs.

62 $12. 2010. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year.CASTLEROCK GROWTH PORTFOLIO The Fund is subject to its own risks and to risks relating to the Underlying Funds and ETFs it holds.56 $70. • Risks of Using Repurchase. For Series T(A) units and Series T(B) units. up to 9.69 $80.62 3 years $72. Any additional income and capital gains distributed by the Fund must be reinvested in 2 8 . If the cash distributions to you are greater than the net increase in value of your investment. • Risks of Large Unitholders and of Unit Transactions. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. • Market Risk. The Fund may distribute capital at any time on one or more series of units. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. • Credit Risk. • Cash Deposit Risk. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. Please also see “Fees and Expenses Payable Directly by You”.76 5 years $127. and the Fund’s management expense ratios during the periods indicated remain for each series as that incurred in respect of the Fund’s financial year ended December 31. The manner in which we identify risks is available on request. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder.78 $127. up to 10.00 $322. management fees and other special expenses. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. and • Series Risk.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.40 $141.81 $23.22 Distribution policy The Fund has a taxation year end of December 31. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units Series T(A) units Series T(B) units $23. Although your costs may be higher or lower. • Interest Rate Sensitive Securities. • Risks of Investing in Bank Loans and Loan Participations.11 $290. The character.56 10 years $290. which will be expressed as a fixed amount per unit. These allocations vary between series to reflect different net asset values. • International Investment Exposure. the Fund expects to make monthly distributions of return of capital. In addition. and up to 12. up to 15. the distributions will erode the value of your investment. Additional distributions may be made at the Manager’s discretion. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. the Fund intends to distribute income earned by the Fund at the end of March. June and September of each year.38 $72. Reverse Repurchase and Securities Lending Agreements. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. if any. up to 10. the Fund held up to 20. up to 17. additional units of the Fund. based on the net asset value per unit of the series as at December 31 of the previous year.69 $80.06 $25. • Risks of Using Derivatives. No sales charge is payable upon automatic reinvestment of distributions.97% of its net assets in units of Castlerock Canadian Dividend Fund. depending upon market conditions and the impact of the distribution on the Fund. your investment has an annual return of 5%.56% of its net assets in units of Castlerock Global Leaders Fund.20% of its net assets in units of Castlerock Canadian Value Fund. We review the risk levels on an annual basis.22 $161. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. In accordance with its investment objectives. At the beginning of each year. We do not believe that these investments resulted in any additional risk to the Fund. Who should invest in this fund? This Fund is intended for those investors seeking long-term capital growth with reduced volatility through a diversified portfolio of equity and fixed income funds. The timing of such distributions is within the discretion of the Manager. The investment risks of the Fund and Underlying Funds and ETFs held by the Fund may include: • Asset Backed and Mortgage Backed Securities Risk. You will find an explanation of each risk starting on page 2 of this document. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on December 31 to ensure there is no income tax payable by the Fund under the Tax Act. See “Who Should Invest In This Fund” on page 26 for additional information. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units.PA R T B .10% of its net assets in units of Castlerock Global High Income Fund.06 $25.76 $40. • Investments in Emerging Countries. The information presented in the table assumes that you invest $1. Funds with higher standard deviations are generally classified as being more risky. • Investments in Small and Mid-Sized Companies. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. at no cost.65% of its net assets in units of Castlerock International Equity Fund. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. for Canadian tax purposes.40 $141. This distribution amount for any series of units may be changed. by contacting us using the information found at the back of this prospectus. up to 14.82% of its net assets in units of Castlerock Capital Appreciation Fund.44% of its net assets in units of Castlerock Canadian Stock Fund during the last year. Details of distributions are included in the Fund’s financial statements and/or management reports of fund performance.00 $322. • Exchange Traded Fund Risk.88% of its net assets in units of Castlerock Canadian Bond Fund.

The investment risks of the Fund and Underlying Funds and ETFs held by the Fund may include: • Asset Backed and Mortgage Backed Securities Risk. manage risks and implement investment strategies more efficiently. Fund details Type of Fund Asset Allocation Portfolio Start Date January 16. reverse repurchase and securities lending agreements are subject to certain risks. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. These percentages may vary from time to time depending on the portfolio sub advisor’s view of market conditions. approximately 65% of the Fund’s assets are expected to be invested in equity funds and approximately 35% of assets are expected to be invested in fixed income funds. and to a lesser degree. gain exposure to the underlying securities. in the opinion of the Manager and its portfolio sub-advisors. PRIFs. See “Risks of Using Derivatives. exchange-traded funds (ETFs).” The Fund will limit these transactions to parties that have. the portfolio sub-advisor considers the index that each ETF is designed to replicate or represent. 2009 for Series A. LIRAs. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. The portfolio sub-advisor will also regularly review and adjust the target asset allocations. • Exchange Traded Fund Risk. The portfolio sub-advisor selects for the Fund the appropriate ETFs. to a lesser extent. futures.(1) Investment Strategy To fulfill this objective. while fixed income investments may include high quality as well as high yield or other lower quality debt securities. The Underlying Funds and ETFs may invest in a variety of domestic. medium and large capitalization securities. The Fund may from time to time use repurchase. See “Risks of Investments in Other Mutual Funds”. To the extent the Fund is in a defensive position. The portfolio sub advisor may change the Underlying Funds and ETFs in which the Fund is invested. • Interest Rate Sensitive Securities. derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. The Fund will invest in a combination of domestic and international equity and fixed income funds.” The Fund may enter into repurchase. swaps. Reverse Repurchase and Securities Lending Agreements.PA R T B . Subject to compliance with applicable registration and proficiency requirements. to use derivatives like options. RLIFs. The portfolio subadvisor will monitor and periodically rebalance the Fund’s assets back to the target asset allocation. indexes or currencies without investing in them directly. To the extent a Fund is in a defensive position. as part of its principal investment strategy. ETFs. and may purchase or sell ETFs in order to increase or decrease the Fund’s exposure to specific sectors of the market. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. The Fund is subject its own risks and to risks relating to the Underlying Funds and ETFs it holds. In making this selection. adequate resources and financial strength. managed by the manager or an affiliate or associate of the manager and. economic or political conditions. Investing in and using derivative instruments are subject to certain risks. Series B units. economic or political conditions. • Cash Deposit Risk. CIG-691 Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. See “Risks of Using Repurchase. the portfolio sub advisor considers the investment objectives and strategies of each Underlying Fund as well as its investment style and performance record. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. From time to time. among other reasons. Derivatives can only be used if sufficient cash or cashequivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. RRIFs. the portfolio sub-advisor will follow a strategic asset allocation strategy whereby all or substantially all of the Fund’s asset will be invested in a combination of other Castlerock Mutual Funds. Series F. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Equity investments may include small. This strategy helps to reduce the Fund’s volatility but also makes the Fund’s performance dependent on the performance of the Underlying Funds and ETFs in which it invests. In making this selection. the Fund may lose the benefit of market upswings and limit its ability to meet its investment objective. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes.What does the fund invest in? Castlerock Balanced Growth Portfolio Investment Objective The fundamental investment objective of Castlerock Balanced Growth Portfolio is to seek long term capital appreciation and some income by investing primarily in a portfolio of equity and fixed income mutual funds. LIFs. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. LRSPs. or the percentage of the Fund’s assets invested in a particular Underlying Fund or ETF at any time in its sole discretion. Series T(A) and Series T(B) units Securities Offered Five series of units of a mutual fund trust. The portfolio sub-advisor selects for the Fund the appropriate Underlying Funds. Investing in and using repurchase. including by buying and selling units of the Underlying Funds. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. reverse repurchase or securities lending agreements. See “Risks of Using Repurchase. Under normal market conditions. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of What are the risks of investing in this fund? The Fund uses strategic asset allocation in order to invest in a mix of different Underlying Funds and ETFs. Series F units. but not required. The Fund’s ability to achieve its overall investment objective is directly related to the Underlying Funds’ and ETFs’ ability to achieve their individual investment objectives. Series B. 2 9 . the Fund is permitted. forward contracts. The Fund may from time to time use these instruments to. • Credit Risk. The Fund does not currently intend to enter into repurchase. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. namely Series A units. units are qualified investments for RRSPs. each Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. global and emerging market equity and fixed income securities.

No sales charge is payable upon automatic reinvestment of distributions. See “Who Should Invest In This Fund” on page 26 for additional information. depending upon market conditions and the impact of the distribution on the Fund. You will find an explanation of each risk starting on page 2 of this document.69 $80. The information presented in the table assumes that you invest $1.62 3 years $72.22% of its net assets in units of Castlerock Canadian Bond Fund. June and September of each year. based on the net asset value per unit of the series as at December 31 of the previous year. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. and the Fund’s management expense ratios during the periods indicated remain for each series as that incurred in respect of the Fund’s financial year ended December 31. This distribution amount for any series of units may be changed. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. Risks of Large Unitholders and of Unit Transactions. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. we will determine an annual distribution rate for Series T(A) units and Series T(B) units.62 $12. Reverse Repurchase and Securities Lending Agreements. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. management fees and other special expenses.38 $72. and up to 11.76 5 years $127.57% of its net assets in units of Castlerock International Equity Fund. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. up to 18. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. which will be expressed as a fixed amount per unit.81 $23. the Fund held up to 15. at no cost.11 $290. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Details of distributions are included in the Fund’s financial statements and/or management reports of fund performance.40 $141.00 $322. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. Please also see “Fees and Expenses Payable Directly by You”. We review the risk levels on an annual basis. Additional distributions may be made at the Manager’s discretion. If the cash distributions to you are greater than the net increase in value of your investment. for Canadian tax purposes. up to 11. The manner in which we identify risks is available on request.35% of its net assets in units of Castlerock Capital Appreciation Fund during the last year. Although your costs may be higher or lower. the Fund expects to make monthly distributions of return of capital. The Fund may distribute capital at any time on one or more series of units. The timing of such distributions is within the discretion of the Manager. Risks of Using Derivatives. if any. In accordance with its investment objectives.04% of its net assets in units of Castlerock Canadian Dividend Fund. In addition. the Fund intends to distribute income earned by the Fund at the end of March. Investments in Emerging Countries. At the beginning of each year. 2010. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder.PA R T B . 3 0 . Who should invest in this fund? This Fund is intended for those investors seeking long-term capital growth with reduced volatility through a diversified portfolio of equity and fixed income funds.22 $161.53% of its net assets in units of Castlerock Canadian Value Fund. Risks of Using Repurchase.47% of its net assets in units of Castlerock Global High Income Fund.CASTLEROCK BALANCED GROWTH PORTFOLIO • • • • • • • • International Investment Exposure. up to 10. and • Series Risk. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. Risks of Investing in Bank Loans and Loan Participations. by contacting us using the information found at the back of this prospectus.69 $80. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital.40 $141. up to 15. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined.56 10 years $290. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. Funds with higher standard deviations are generally classified as being more risky. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.00 $322. Investments in Small and Mid Sized Companies.56 $70.06 $25. We do not believe that these investments resulted in any additional risk to the Fund. your investment has an annual return of 5%. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on December 31 to ensure there is no income tax payable by the Fund under the Tax Act. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units Series T(A) units Series T(B) units $23.06 $25.78 $127. The character. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year.81% of its net assets in units of Castlerock Canadian Stock Fund. These allocations vary between series to reflect different net asset values.76 $40.22 Distribution policy The Fund has a taxation year end of December 31. Market Risk. For Series T(A) units and Series T(B) units. up to 19. This Fund may be suitable if you are investing for the medium term and are willing to accept a low to medium degree of risk. the distributions will erode the value of your investment.

swaps. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. the portfolio sub-advisor considers the investment objectives and strategies of each Underlying Fund as well as its investment style and performance record. In making this selection. RLIFs. futures. LIFs. managed by the manager or an affiliate or associate of the manager and. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. These percentages may vary from time to time depending on the portfolio sub-advisor’s view of market conditions. exchangetraded funds (ETFs). Subject to compliance with applicable registration and proficiency requirements. To the extent the Fund is in a defensive position. Series B units. reverse repurchase or securities lending agreements. See “Risks of Using Repurchase. or the percentage of the Fund’s assets invested in a particular Underlying Fund or ETF at any time in its sole discretion. The Fund may from time to time use these instruments to. adequate resources and financial strength. LRSPs. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. while fixed income investments may include high quality as well as high yield or other lower-quality debt securities. Investing in and using derivative instruments are subject to certain risks.What does the fund invest in? Castlerock Balanced Portfolio Investment Objective The fundamental investment objective of Castlerock Balanced Portfolio is to seek a balance of long term capital appreciation and income by investing primarily in a portfolio of equity and fixed income mutual funds. Series B. to use derivatives like options. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. The portfolio sub-advisor may change the Underlying Funds and ETFs in which the Fund is invested. Investing in and using repurchase. The portfolio sub-advisor selects for the Fund the appropriate Underlying Funds. among other reasons. The portfolio sub-advisor selects for the Fund the appropriate ETFs. the Fund may lose the benefit of market upswings and limit its ability to meet its investment objective. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. including by buying and selling units of the Underlying Funds. Equity investments may include small. but not required. The portfolio sub-advisor will also regularly review and adjust the target asset allocations. 2009 for Series A. What are the risks of investing in this fund? The Fund uses strategic asset allocation in order to invest in a mix of different Underlying Funds and ETFs. economic or political conditions. forward contracts. global and emerging market equity and fixed income securities. reverse repurchase and securities lending agreements are subject to certain risks. See “Risks of Using Repurchase. as part of its principal investment strategy. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. Reverse Repurchase and Securities Lending Agreements. the portfolio sub-advisor will follow a strategic asset allocation strategy whereby all or substantially all of the Fund’s assets will be invested in a combination of other Castlerock Mutual Funds. Fund details Type of Fund Asset Allocation Portfolio Start Date January 16. The Fund will invest in a combination of domestic and international equity and fixed income funds. Series F units.PA R T B . Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. The Fund may from time to time use repurchase. manage risks and implement investment strategies more efficiently. and may purchase or sell ETFs in order to increase or decrease the Fund’s exposure to specific sectors of the market. The Underlying Funds and ETFs may invest in a variety of domestic. RRIFs. gain exposure to the underlying securities. units are qualified investments for RRSPs. Series T(A) and Series T(B) units Securities Offered Five series of units of a mutual fund trust. economic or political conditions. In making this selection. PRIFs. See “Risks of Using Derivatives. Series F. namely Series A units.” The Fund will limit these transactions to parties that have. The Fund does not currently intend to enter into repurchase. and to a lesser degree. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. each Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. medium and large capitalization securities. 3 1 . This strategy helps to reduce the Fund’s volatility but also makes the Fund’s performance dependent on the performance of the Underlying Funds and ETFs in which it invests. To the extent a Fund is in a defensive position. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. The Fund’s ability to achieve its overall investment objective is directly related to the Underlying Funds’ and ETFs’ ability to achieve their Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. The portfolio sub-advisor will monitor and periodically rebalance the Fund’s assets back to the target asset allocation. in the opinion of the Manager and its portfolio sub-advisors.(1) Investment Strategy To fulfill this objective. ETFs. Under normal market conditions. the portfolio sub-advisor considers the index that each ETF is designed to replicate or represent. the Fund is permitted. indexes or currencies without investing in them directly. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used.” The Fund may enter into repurchase. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. From time to time. to a lesser extent. LIRAs. approximately 50% of the Fund’s assets are expected to be invested in equity funds and approximately 50% of assets are expected to be invested in fixed income funds.

3 2 . You will find an explanation of each risk starting on page 2 of this document. Additional distributions may be made at the Manager’s discretion.69 $80. and • Series Risk. 2010. • Market Risk. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. • Risks of Using Repurchase. Funds with higher standard deviations are generally classified as being more risky. • Risks of Using Derivatives. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year.78 $127.85% of its net assets in units of Castlerock Canadian Dividend Fund. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on December 31 to ensure there is no income tax payable by the Fund under the Tax Act. at no cost.11 $290.00 $322.22 $161. if any.56 $70.56 10 years $290.22 Distribution policy The Fund has a taxation year end of December 31.03% of its net assets in units of Castlerock Canadian Bond Fund.69 $80. Details of distributions are included in the Fund’s financial statements and/or management reports of fund performance. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. based on the net asset value per unit of the series as at December 31 of the previous year This distribution amount for any series of units may be changed. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. No sales charge is payable upon automatic reinvestment of distributions. Who should invest in this fund? This Fund is intended for those investors seeking long-term capital growth with reduced volatility through a diversified portfolio of equity and fixed income funds. and the Fund’s management expense ratios during the periods indicated remain for each series as that incurred in respect of the Fund’s financial year ended December 31. • Cash Deposit Risk. In addition. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units Series T(A) units Series T(B) units $23. The manner in which we identify risks is available on request.CASTLEROCK BALANCED PORTFOLIO individual investment objectives. Please also see “Fees and Expenses Payable Directly by You”. Although your costs may be higher or lower.06 $25. the distributions will erode the value of your investment.06 $25. • Investments in Emerging Countries. The information presented in the table assumes that you invest $1.00 $322. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. depending upon market conditions and the impact of the distribution on the Fund. The character. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. At the beginning of each year. This Fund may be suitable if you are investing for the medium term and are willing to accept a low to medium degree of risk. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. • Credit Risk.40 $141. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. The investment risks of the Fund and Underlying Funds and ETFs held by the Fund may include: • Asset Backed and Mortgage Backed Securities Risk. The timing of such distributions is within the discretion of the Manager. by contacting us using the information found at the back of this prospectus. For Series T(A) units and Series T(B) units.40 $141. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. If the cash distributions to you are greater than the net increase in value of your investment. up to 19.62 $12. the Fund intends to distribute income earned by the Fund at the end of March. The Fund may distribute capital at any time on one or more series of units. • Risks of Investing in Bank Loans and Loan Participations. See “Who Should Invest In This Fund” on page 26 for additional information. the Fund expects to make monthly distributions of return of capital. up to 12. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. In accordance with its investment objectives.38 $72.14% of its net assets in units of Castlerock Global High Income Fund. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. • Interest Rate Sensitive Securities.76 5 years $127.81 $23. June and September of each year.PA R T B . Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. and up to 17. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. These allocations vary between series to reflect different net asset values.72% of its net assets in units of Castlerock International Equity Fund during the last year. management fees and other special expenses. your investment has an annual return of 5%. • Exchange Traded Fund Risk. for Canadian tax purposes. We review the risk levels on an annual basis. • Investments in Small and Mid Sized Companies.76 $40. The Fund is subject its own risks and to risks relating to the Underlying Funds and ETFs it holds. We do not believe that these investments resulted in any additional risk to the Fund.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Reverse Repurchase and Securities Lending Agreements. See “Risks of Investments in Other Mutual Funds”.62 3 years $72. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. the Fund held up to 29. • Risks of Large Unitholders and of Unit Transactions. which will be expressed as a fixed amount per unit. • International Investment Exposure.

managed by the manager or an affiliate or associate of the manager and. reverse repurchase or securities lending agreements. exchange-traded funds (ETFs). Investing in and using repurchase. The portfolio sub-advisor will monitor and periodically rebalance the Fund’s assets back to the target asset allocation. Series B units. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. the portfolio sub-advisor considers the index that each ETF is designed to replicate or represent. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. or the percentage of the Fund’s assets invested in a particular Underlying Fund or ETF at any time in its sole discretion. approximately 35% of the Fund’s assets are expected to be invested in equity funds and approximately 65% of assets are expected to be invested in fixed income funds. What are the risks of investing in this fund? The Fund uses strategic asset allocation in order to invest in a mix of different Underlying Funds and ETFs. reverse repurchase and securities lending agreements are subject to certain risks. The Underlying Funds and ETFs may invest in a variety of domestic. See “Risks of Investments in Other Mutual Funds”. LIFs. Series F units. These percentages may vary from time to time depending on the portfolio sub-advisor’s view of market conditions. among other reasons. Series B. Series F. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. The portfolio sub-advisor will also regularly review and adjust the target asset allocations. adequate resources and financial strength. The portfolio sub-advisor may change the Underlying Funds and ETFs in which the Fund is invested. the portfolio sub advisor considers the investment objectives and strategies of each Underlying Fund as well as its investment style and performance record. namely Series A units. To the extent the Fund is in a defensive position. each Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. and may purchase or sell ETFs in order to increase or decrease the Fund’s exposure to specific sectors of the market. as part of its principal investment strategy. 3 3 . In making this selection. The Fund may from time to time use these instruments to. ETFs. swaps. including by buying and selling units of the Underlying Funds. RLIFs. while fixed income investments may include high quality as well as high yield or other lower-quality debt securities. but not required. 2009 for Series A. This strategy helps to reduce the Fund’s volatility but also makes the Fund’s performance dependent on the performance of the Underlying Funds and ETFs in which it invests. economic or political conditions. The Fund may from time to time use repurchase. indexes or currencies without investing in them directly. The portfolio sub-advisor selects for the Fund the appropriate Underlying Funds. futures. and to a lesser degree. The Fund’s ability to achieve its overall investment objective is directly related to the Underlying Funds’ and ETFs’ ability to achieve their individual investment objectives. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. See “Risks of Using Repurchase. Reverse Repurchase and Securities Lending Agreements. To the extent a Fund is in a defensive position. to a lesser extent.” The Fund may enter into repurchase. to use derivatives like options.(1) Subject to compliance with applicable registration and proficiency requirements. Fund details Type of Fund Asset Allocation Portfolio Start Date January 16. Under normal market conditions. gain exposure to the underlying securities. economic or political conditions. forward contracts. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. units are qualified investments for RRSPs. The portfolio sub-advisor selects for the Fund the appropriate ETFs. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. in the opinion of the Manager and its portfolio sub-advisors. Investment Strategy To fulfill this objective.” The Fund will limit these transactions to parties that have. The Fund will invest in a combination of domestic and international equity and fixed income funds.PA R T B . From time to time. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes.What does the fund invest in? Castlerock Conservative Portfolio Investment Objective The fundamental investment objective of Castlerock Conservative Portfolio is to seek a combination of current income with the potential for long term capital appreciation by investing primarily in a portfolio of equity and fixed income mutual funds. manage risks and implement investment strategies more efficiently. See “Risks of Using Derivatives. RRIFs. LIRAs. the Fund is permitted. PRIFs. index participation units and other similar instruments for hedging and non-hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. the portfolio sub-advisor will follow a strategic asset allocation strategy whereby all or substantially all of the Fund’s assets will be invested in a combination of other Castlerock Mutual Funds. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. LRSPs. See “Risks of Using Repurchase. the Fund may lose the benefit of market upswings and limit its ability to meet its investment objective. medium and large capitalization securities. Investing in and using derivative instruments are subject to certain risks. global and emerging market equity and fixed income securities. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. Equity investments may include small. Series T(A) and Series T(B) units Securities Offered Five series of units of a mutual fund trust. In making this selection. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. The Fund does not currently intend to enter into repurchase.

Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Although your costs may be higher or lower. up to 6. management fees and other special expenses. depending upon market conditions and the impact of the distribution on the Fund.61 $72. • Cash Deposit Risk. • Risks of Using Derivatives. and • Series Risk. • Credit Risk. These allocations vary between series to reflect different net asset values.00 Distribution policy The Fund has a taxation year end of December 31. up to 10. the Fund expects to make monthly distributions of return of capital.29% of its net assets in units of Castlerock Canadian Value Fund. We do not believe that these investments resulted in any additional risk to the Fund.40 $65. Reverse Repurchase and Securities Lending Agreements. • Market Risk. reinvested in additional units of the Fund. and up to 13. the distributions will erode the value of your investment. up to 22.22 $257. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. Who should invest in this fund? This Fund is intended for those investors seeking long-term capital growth with reduced volatility through a diversified portfolio of equity and fixed income funds. • Risks of Investing in Bank Loans and Loan Participations. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. June and September of each year. If the cash distributions to you are greater than the net increase in value of your investment. The timing of such distributions is within the discretion of the Manager.69 5 years $113.00 $148. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. the Fund held up to 40. Additional distributions may be made at the Manager’s discretion.25 $127. Funds with higher standard deviations are generally classified as being more risky. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. The Fund may distribute capital at any time on one or more series of units.40 10 years $257. • International Investment Exposure.49% of its net assets in units of Castlerock International Equity Fund during the last year.41% of its net assets in units of Castlerock Capital Appreciation Fund.15 $64.06 3 years $64.12 $113. No sales charge is payable upon automatic reinvestment of distributions.78 $290. The investment risks of the Fund and Underlying Funds and ETFs held by the Fund may include: • Asset Backed and Mortgage Backed Securities Risk. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. by contacting us using the information found at the back of this prospectus.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. which will be expressed as a fixed amount per unit. at no cost. You will find an explanation of each risk starting on page 2 of this document. We review the risk levels on an annual basis.PA R T B . In addition.49 $23.61 $72.C A S T L E R O C K C O N S E R V AT I V E P O R T F O L I O The Fund is subject its own risks and to risks relating to the Underlying Funds and ETFs it holds. and the Fund’s management expense ratios during the periods indicated remain for each series as that incurred in respect of the Fund’s financial year ended December 31. The character. At the beginning of each year. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. up to 6.78 $290. • Investments in Small and Mid Sized Companies. Please also see “Fees and Expenses Payable Directly by You”. For Series T(A) units and Series T(B) units.27% of its net assets in units of Castlerock Canadian Bond Fund. • Exchange-Traded Fund Risk.69 $37. • Risks of Large Unitholders and of Unit Transactions. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on December 31 to ensure there is no income tax payable by the Fund under the Tax Act. 2010. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units Series T(A) units Series T(B) units $20.78 $20. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. The manner in which we identify risks is available on request. Any additional income and capital gains distributed by the Fund must be 3 4 . • Investments in Emerging Countries. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year.06 $11. based on the net asset value per unit of the series as at December 31 of the previous year.12% of its net assets in units of Castlerock Canadian Dividend Fund. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. This distribution amount for any series of units may be changed. Details of distributions are included in the Fund’s financial statements and/or management reports of fund performance. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash.89% of its net assets in units of Castlerock Global High Income Fund. the Fund intends to distribute income earned by the Fund at the end of March. if any.49 $23. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. In accordance with its investment objectives. The information presented in the table assumes that you invest $1. • Interest Rate Sensitive Securities. See “Who Should Invest In This Fund” on page 26 for additional information. for Canadian tax purposes. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. your investment has an annual return of 5%. • Risks of Using Repurchase.25 $127. This Fund may be suitable if you are investing for the medium term and are willing to accept a low to medium degree of risk.

Manitoba(2) Notes: (1) Effective May 9. Series I units. futures. the Fund generally will not invest in securities of companies having market capitalizations less than U. 2008. • Risks of Using Repurchase. The Fund may from time to time use repurchase. manage risks and implement investment strategies more efficiently. but not required. LIRAs. The Fund may from time to time use these instruments to. indexes or currencies without investing in them directly. Companies are selected primarily on the basis of dynamic earnings growth potential and/or the expectation of a significant event that the sub-advisor believes will trigger an increase in stock price. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. 3 5 . The Fund is permitted to invest some of its assets in securities of other mutual funds. management quality. the investment policy of the Fund is to invest a majority of its total assets in common stocks of medium and large U. dividends and other related measures or indicators of value. Winnipeg. Reverse Repurchase and Securities Lending Agreements. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. 2006 for Series F units and Series I units and July 7. other mutual funds. adequate resources and financial strength.PA R T B . RLIFs. units are qualified investments for RRSPs.S. the Fund does not intend to purchase securities of. among other reasons. Series B units. • Investments in Emerging Countries. PRIFs. • From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. companies. Series F units. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws.” What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. The Manager may re-open Series D units of this Fund to new subscriptions in the future. The Fund may enter into repurchase. To the extent the Fund is in a defensive position. income statement. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. • Risks of Investments in Other Mutual Funds. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. See “Risks of Investments in Other Mutual Funds. • Risks of Large Unitholders and of Unit Transactions. $2 billion. anticipated earnings. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. You will find an explanation of each risk starting on page 2 of this document. Investment Strategy Through fundamental analysis.S. See “Risks of Using Repurchase. Although not limited. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes.What does the fund invest in? Castlerock Capital Appreciation Fund Investment Objective The fundamental investment objective of Castlerock Capital Appreciation Fund is to seek growth of capital by investing primarily in United States stocks selected on the basis of potential for capital appreciation. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. See “Risks of Using Repurchase. or enter into specified derivative transactions for which the underlying interest is based on the securities of. • Risks of Using Derivatives. such as business environment. To fulfil this objective.” With the exception of index participation units. 2005 for Series A units. See “Risks of Using Derivatives. In analyzing a prospective investment. To the extent the Fund is in a defensive position. swaps. revenues. • Market Risk. Equity Start Date May 1. LIFs. reverse repurchase and securities lending agreements are subject to certain risks. RLSPs and TFSAs Portfolio Sub-Advisor Tetrem Capital Management Ltd. RRIFs.. The Fund may invest up to 35% of its total assets in the securities of non-U. economic or political conditions. This strategy is sometimes referred to as a “stock picking” approach. 2000 (February 1. economic or political conditions. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. the sub-advisor looks at a number of factors. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. and • Series Risk. The Fund does not currently intend to enter into reverse repurchase agreements or securities lending agreements. the Fund is permitted.” The Fund will limit these transactions to parties that have. forward contracts. in the opinion of the Manager and its portfolio sub-advisors. • Interest Rate Sensitive Securities. the sub-advisor identifies companies that it believes have substantial near term capital appreciation potential regardless of company size or industry sector. companies. The Fund may implement hedging strategies. Investing in and using repurchase. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used.S. 2008 and automatically reinvested distributions. Reverse Repurchase and Securities Lending Agreements. June 13. Subject to compliance with applicable registration and proficiency requirements. • International Investment Exposure. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. to use derivatives like options. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. Series D units(1). gain exposure to the underlying securities. LRSPs. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units.S. Fund details Type of Fund U. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Investing in and using derivative instruments are subject to certain risks. balance sheet.

C A S T L E R O C K C A P I TA L A P P R E C I AT I O N F U N D Who should invest in this fund? This Fund may be suitable to you if you want a U. depending upon market conditions and the impact of the distribution on the Fund. The timing of such distributions is within the discretion of the Manager.06 $147. Although your costs may be higher or lower. Additional distributions may be made at the Manager’s discretion.22 10 years $302. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. by contacting us using the information found at the back of this prospectus.61 $43. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund.06 $147. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.22 $113.S. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. for Canadian tax purposes.92 $83. The manner in which we identify risks is available on request.49 $13.PA R T B . No sales charge is payable upon automatic reinvestment of distributions.78 $174. 2010. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Please also see “Fees and Expenses Payable Directly by You”. based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $24. Fund expenses indirectly borne by investors Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.11 $257. At the beginning of each year. the Fund expects to make monthly distributions of return of capital. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine.44 $133. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. which will be expressed as a fixed amount per unit.99 5 years $133. The character. For Series T(A) units and Series T(B) units. See “Who Should Invest In This Fund” on page 26 for additional information.61 $75. The information presented in the table assumes that you invest $1.11 3 6 .92 $83. you are investing for the medium and/or long term. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. your investment has an annual return of 5%.64 $20. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. The Fund pays for some expenses out of Fund assets. based on the net asset value per unit of the series as at December 31st of the previous year.00 $302. These allocations vary between series to reflect different net asset values. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of the Fund’s financial year ended December 31. The Fund may distribute capital at any time on one or more series of units. This distribution amount for any series of units may be changed. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. equity fund that focuses on value. management fees and other special expenses. and you are willing to accept a medium degree of risk.89 $335. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. The Fund has made such an election.09 $26. Funds with higher standard deviations are generally classified as being more risky.99 $64.09 $26. if any.25 $76. the distributions will erode the value of your investment. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. If the cash distributions to you are greater than the net increase in value of your investment. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. at no cost. We review the risk levels on an annual basis.89 $335.83 $24. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund.64 3 years $75. not by the Fund (which fees will not exceed the management fees applicable to the Series D units).

Series I units. gain exposure to the underlying securities.” With the exception of index participation units. The Fund may from time to time use repurchase. RRIFs. The Fund may invest in a broad range of market capitalizations but tends to focus on mid to large capitalization companies. economic or political conditions.. which may include Canada. Under normal market and economic conditions. industry and company. The Fund may implement hedging strategies. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. Reverse Repurchase and Securities Lending Agreements. adequate resources and financial strength. swaps. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. industries and companies. RLSPs and TFSAs Portfolio Sub-Advisor Black Creek Investment Management Inc. Under normal market and economic conditions. to use derivatives like options. See “Risks of Using Repurchase.What does the fund invest in? Castlerock Global Leaders Fund Investment Objective The fundamental investment objective of Castlerock Global Leaders Fund is to seek growth of capital by investing primarily in stocks issued by companies worldwide. regional or country competitive positions. 2008 and automatically reinvested distributions. Toronto. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. trends and technological changes in the business. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. Ontario(2) Notes: (1) Effective May 9. Although diversified by country. Series B units. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. the Fund will diversify its investments in securities of companies among a number of different countries throughout the world. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. The sub-advisor analyzes historical financial performance. the Fund will invest a majority of its total assets in common stocks of high quality growth companies worldwide. See “Risks of Using Derivatives. futures. forward contracts. 2005 for Series A units. indexes or currencies without investing in them directly. other mutual funds. The sub-advisor strives to select companies with industry leadership. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Investment Strategy The approach of the sub-advisor is to invest in globally competitive companies within growing sectors. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. There are no limits on the amount of the Fund’s assets that may be invested in each country. LRSPs. See “Risks of Investments in Other Mutual Funds. To the extent the Fund is in a defensive position. the Fund does not intend to purchase securities of. Securities in which the Fund may invest are denominated in many currencies and may trade in markets around the world. sensitivities to economic factors. with the Fund’s objectives and is permitted by Canadian securities laws. June 13. LIFs. Fund details Type of Fund Global Equity Start Date May 1. 2006 for Series F units and Series I units and July 7. Series D units(1). The Fund may from time to time use these instruments to. or enter into specified derivative transactions for which the underlying interest is based on the securities of. LIRAs. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. reverse repurchase and securities lending agreements are subject to certain risks. PRIFs. Series F units. The Fund will invest primarily in a diversified portfolio of common stocks covering a broad range of countries. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. among other reasons. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. manage risks and implement investment strategies more efficiently. units are qualified investments for RRSPs. Subject to compliance with applicable registration and proficiency requirements. in the opinion of the Manager and its portfolio sub-advisors. and other factors which may affect the future economics of the business.” The Fund will limit these transactions to parties that have. Investing in and using derivative instruments are subject to certain risks. but not required. the Fund’s portfolio is focused and concentrated. 2000 (February 1. The Fund does not currently intend to enter into reverse repurchase agreements or securities lending agreements. The Manager may re-open Series D units of this Fund to new subscriptions in the future. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. RLIFs. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent 3 7 . See “Risks of Using Repurchase.PA R T B . The sub-advisor takes a long-term view of the world and strives to understand the economics and characteristics of different businesses and industries. To the extent the Fund is in a defensive position. Investing in and using repurchase. growing profits and potential for capital appreciation.” The Fund is permitted to invest some of its assets in securities of other mutual funds. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. These companies will be those identified by the Fund as leaders in their respective industries as indicated by an established market presence and strong global. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. 2008. the Fund is permitted. The Fund may enter into repurchase. strong management. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. economic or political conditions.

11 Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. the Fund expects to make monthly distributions of return of capital.25 $76.PA R T B . • Risks of Using Derivatives.22 10 years $302.08 $26. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. We review the risk levels on an annual basis. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash.49 $13.22 $113. not by the Fund (which fees will not exceed the management fees applicable to the Series D units). based on the net asset value per unit of the series as at December 31st of the previous year.89 $335. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. Who should invest in this fund? This Fund is intended for those investors seeking growth of capital associated with quality growth companies worldwide. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility.11 $257.89 $335. • Risks of Using Repurchase. The character. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. • Risks of Investments in Other Mutual Funds. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance.08 $26. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units.83 $24. depending upon market conditions and the impact of the distribution on the Fund. The Fund may distribute capital at any time on one or more series of units. See “Who Should Invest In This Fund” on page 26 for additional information. management fees and other special expenses.00 $302.92 $83. The Fund has made such an election.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund.44 $133. The timing of such distributions is within the discretion of the Manager. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of the Fund’s financial year ended December 31. • Market Risk. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. • Investments in Emerging Countries. • Interest Rate Sensitive Securities. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. • Risks of Large Unitholders and of Unit Transactions. For Series T(A) units and Series T(B) units. by contacting us using the information found at the back of this prospectus. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. and • Series Risk. At the beginning of each year. based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $24. Funds with higher standard deviations are generally classified as being more risky. No sales charge is payable upon automatic reinvestment of distributions. You will find an explanation of each risk starting on page 2 of this document. 3 8 . These allocations vary between series to reflect different net asset values.61 $43.99 5 years $133. • International Investment Exposure. Reverse Repurchase and Securities Lending Agreements. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act.99 $64.64 $20. The manner in which we identify risks is available on request. which will be expressed as a fixed amount per unit. If the cash distributions to you are greater than the net increase in value of your investment. This distribution amount for any series of units may be changed.64 3 years $75.CASTLEROCK GLOBAL LEADERS FUND What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. 2010. Additional distributions may be made at the Manager’s discretion.06 $147.78 $174.92 $83. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. Although your costs may be higher or lower. the distributions will erode the value of your investment. your investment has an annual return of 5%. if any. The information presented in the table assumes that you invest $1. for Canadian tax purposes. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. at no cost.61 $75.06 $147. Please also see “Fees and Expenses Payable Directly by You”.

” The Fund will limit these transactions to parties that have. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund.” The Fund may enter into repurchase. • Risks of Using Repurchase. reverse repurchase and securities lending agreements are subject to certain risks. Investing in and using derivative instruments are subject to certain risks. the Fund is permitted. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. the sub-advisor evaluates the merits of each company in terms of its leadership position within its industry. Series I units. To the extent the Fund is in a defensive position. sensitivity to economic factors as well as other factors which may affect the future economics of the business. Toronto. Series T(A) and Series T(B) – September 25. What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. See “Risks of Investments in Other Mutual Funds. • Concentration Risk. the Fund will primarily invest in a portfolio of equity securities of companies domiciled in countries outside of Canada and the United States. RLSPs and TFSAs Portfolio Sub-Advisor Black Creek Investment Management Inc. profit growth and the potential for capital appreciation. and may hold cash and cash-equivalent securities. the Fund’s portfolio may hold larger positions in a smaller number of securities. units are qualified investments for RRSPs. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. gain exposure to the underlying securities. The Fund may from time to time use repurchase. and • Series Risk. LIRAs. forward contracts. LRSPs. The Fund may from time to time use these instruments to. RRIFs. It may invest in small. Series I. See “Risks of Using Repurchase. • International Investment Exposure. • Investments in Emerging Countries.What does the fund invest in? Castlerock International Equity Fund Investment Objective The fundamental investment objective of Castlerock International Equity Fund is to seek long-term capital growth by investing primarily in equity securities of companies located outside of Canada and the United States. to use derivatives like options. economic or political conditions. Ontario(1) Investment Strategy To fulfill this objective. trends and technological changes in the business. in the opinion of the Manager and its portfolio sub-advisors. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. industry and company. including companies located in emerging markets. • Risks of Using Derivatives. When selecting securities for the Fund. the strength of management. The Fund is permitted to invest some of its assets in securities of other mutual funds. manage risks and implement investment strategies more efficiently. Series F.” At present. PRIFs. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. RLIFs. You will find an explanation of each risk starting on page 2 of this document. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. among other reasons. Series B units. namely Series A units. 3 9 . the sub advisor also considers overall macro-economic conditions. See “Risks of Using Derivatives. • Risks of Investments in Other Mutual Funds. Subject to compliance with applicable registration and proficiency requirements. To the extent the Fund is in a defensive position. the Fund does not invest in securities of other mutual funds. • Investments in Small and Mid-Sized Companies • Market Risk. 2008 Securities Offered Six series of units of a mutual fund trust. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. Reverse Repurchase and Securities Lending Agreements. reverse repurchase or securities lending agreements. The sub advisor will select such investments based on the Fund’s investment objective. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. In order to develop a proprietary view of the company. See “Risks of Using Repurchase. futures. Although diversified by country. economic or political conditions. medium and large companies. historical financial performance of the company. swaps. but not required. Investing in and using repurchase.. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. indexes or currencies without investing in them directly. Reverse Repurchase and Securities Lending Agreements. The Fund does not currently intend to enter into repurchase. LIFs. Series B. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor.PA R T B . Series F units. adequate resources and financial strength. • Risks of Large Unitholders and of Unit Transactions. provided such investments are permitted by Canadian securities laws. Fund details Type of Fund International Equity Start Date Series A. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust.

Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. depending upon market conditions and the impact of the distribution on the Fund. by contacting us using the information found at the back of this prospectus. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund.99 5 years $133. the distributions will erode the value of your investment. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. The Fund has made such an election.89 $335. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units Series T(A) units Series T(B) units $24. 2010. The timing of such distributions is within the discretion of the Manager. The Fund pays for some expenses out of Fund assets. for Canadian tax purposes. The Fund may distribute capital at any time on one or more series of units.64 3 years $75.44 $133.06 $147.11 4 0 .11 $174. Although your costs may be higher or lower. if any. If the cash distributions to you are greater than the net increase in value of your investment.08 $26.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.64 $13. For Series T(A) units and Series T(B) units. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. and the Fund’s management expense ratios during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31.89 $335.61 $75.PA R T B . Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance.06 $147.99 $43. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. This distribution amount for any series of units may be changed. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. Additional distributions may be made at the Manager’s discretion. management fees and other special expenses. At the beginning of each year. Please also see “Fees and Expenses Payable Directly by You”. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. which will be expressed as a fixed amount per unit.22 $76. Fund expenses indirectly borne by investors Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.92 $83. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. not by the Fund (which fees will not exceed the management fees applicable to the Series A units).C A S T L E R O C K I N T E R N AT I O N A L E Q U I T Y F U N D Who should invest in this fund? This Fund is intended for those investors seeking capital growth associated with quality companies located primarily outside of Canada and the United States. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. We review the risk levels on an annual basis.92 $83.83 $24. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. at no cost. The manner in which we identify risks is available on request. your investment has an annual return of 5%. Funds with higher standard deviations are generally classified as being more risky. See “Who Should Invest In This Fund” on page 26 for additional information. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. based on the net asset value per unit of the series as at December 31st of the previous year. The character. These allocations vary between series to reflect different net asset values. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year.00 $302.08 $26. No sales charge is payable upon automatic reinvestment of distributions. the Fund expects to make monthly distributions of return of capital.22 10 years $302. The information presented in the table assumes that you invest $1.

Series F units. equities and. See “Risks of Using Repurchase. focusing primarily on larger capitalization companies with high dividend yields and predictable levels of profitability. The sub-advisor’s quantitative tools automatically identify those companies worthy of personal attention. among other reasons. Emphasis is also placed on earnings quality and financial strength all of which facilitate dividend growth. RLSPs and TFSAs Portfolio Sub-Advisor Greystone Managed Investments Inc. to a lesser extent. manage risks and implement investment strategies more efficiently. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. Investing in and using repurchase. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. 2008.” With the exception of index participation units. futures. indexes or currencies without investing in them directly. RLIFs. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. Dividend Growth Fund Investment Objective The fundamental investment objective of Castlerock U. the sub-advisor looks 4 1 . other mutual funds. The Fund may from time to time use repurchase. See “Risks of Investments in Other Mutual Funds. The sub-advisor’s disciplined approach uses both quantitative and qualitative tools to build an incomeoriented portfolio. Dividend Growth Fund is to provide modest longterm capital appreciation and dividend income by investing in an actively managed portfolio of primarily U. units are qualified investments for RRSPs.S. equities. to use derivatives like options. Income on equities in the Fund comes from selecting a base of companies that exhibit predictable levels of profitability. Saskatchewan(2) Notes: (1) Effective May 9. which will facilitate dividend growth into the future. in the opinion of the Manager and its portfolio sub-advisors. The Fund may enter into repurchase. The portfolio management process focuses on mature companies with high dividend yields and predictable levels of profitability. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. Investment Strategy The Fund’s sub-advisor follows a focused investment strategy by normally causing the Fund to hold a diversified portfolio of approximately 25 selected equities.What does the fund invest in? Castlerock U. Typically.S. economic or political conditions. More specifically. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Reverse Repurchase and Securities Lending Agreements. An equity security is more likely to be included in the Fund’s portfolio if its profitability is greater than the market and if realized results meet or exceed market expectations. LIRAs. companies that show financial strength. Series I units. U. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Dividend Start Date June 13. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. LRSPs.” The Fund will limit these transactions to parties that have. The Fund may from time to time use these instruments to. The Manager may re-open Series D units of this Fund to new subscriptions in the future. To the extent the Fund is in a defensive position. The Fund’s portfolio is built from the bottom-up as new companies replace holdings whose growth in the opinion of the sub-advisor show deterioration. balanced by a desire for the Fund’s portfolio to show above-average growth rates. The sub-advisor favours U. 2008 and automatically reinvested distributions. but not required. for companies with earnings growth. Analysis is undertaken in the context of the overall market and accordingly growth characteristics are assessed on a relative basis. Fund details Type of Fund U.” The Fund is permitted to invest some of its assets in non-U.S. swaps. or enter into specified derivative transactions for which the underlying interest is based on the securities of. PRIFs. gain exposure to the underlying securities. reverse repurchase or securities lending agreements. adequate resources and financial strength. 2006 (July 7. Series D units(1).S. See “Risks of Using Repurchase. LIFs. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. the sub-advisor attempts to produce a modest long term capital appreciation and dividend income by selecting a base of mature companies with predictable levels of profitability. The Fund is permitted to invest some of its assets in securities of other mutual funds. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. because rising earnings mean a current income stream that could be used to fund dividends and often the capital appreciation of higher stock prices. The Fund does not currently intend to enter into repurchase. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. Investing in and using derivative instruments are subject to certain risks. Subject to compliance with applicable registration and proficiency requirements. See “Risks of Using Derivatives.. equities. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes.S. the investment policy of the Fund is to invest a majority of the Fund’s assets in a diversified portfolio of U.S. reverse repurchase and securities lending agreements are subject to certain risks. The sub-advisor supplements quantitative information with an in-depth knowledge of the companies in each industry and its economic requirements.PA R T B .S. equity equivalents. forward contracts. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. Regina. Series B units. RRIFs. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. The Fund may implement hedging strategies. the Fund is permitted.S. the Fund does not intend to purchase securities of. To fulfill its objective. Emphasis is also placed on earnings quality and financial strength.

Although your costs may be higher or lower. • Risks of Large Unitholders and of Unit Transactions.78 $161.38 $72. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. DIVIDEND GROWTH FUND From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market.69 $80.62 Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. based on the net asset value per unit of the series as at December 31st of the previous year. the distributions will erode the value of your investment.11 $290. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets.56 10 years $290. Who should invest in this fund? This Fund is intended for those investors seeking capital preservation and modest capital appreciation through investments in high quality U.S. Reverse Repurchase and Securities Lending Agreements. We review the risk levels on an annual basis. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. • Risks of Investments in Other Mutual Funds. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. The manner in which we identify risks is available on request. At the beginning of each year.69 $80.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. • Interest Rate Sensitive Securities. economic or political conditions. What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk.76 5 years $127. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.78 $127.22 $257. management fees and other special expenses. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. at no cost. by contacting us using the information found at the back of this prospectus. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. and the Fund’s management expense ratios during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31.81 $23. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. your investment has an annual return of 5%. and • Series Risk. 4 2 . which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. The information presented in the table assumes that you invest $1. To the extent the Fund is in a defensive position. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined.25 $70. See “Who Should Invest In This Fund” on page 26 for additional information. for Canadian tax purposes.00 $322. equities.00 $322. • Risks of Using Repurchase. • Market Risk. The Fund has made such an election.61 $40.49 $12. if any.PA R T B .62 $20. You will find an explanation of each risk starting on page 2 of this document. depending upon market conditions and the impact of the distribution on the Fund. the Fund expects to make monthly distributions of return of capital. the Fund intends to distribute income earned by the Fund at the end of March. The timing of such distributions is within the discretion of the Manager. This distribution amount for any series of units may be changed. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. as management fees for Series I units are negotiated and paid directly by the investor. 2010. June and September of each year.40 $141. based on these assumptions your costs would be: 1 year 3 years $72. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance.CASTLEROCK U. which will be expressed as a fixed amount per unit. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. No information is provided in respect of Series I units. Additional distributions may be made at the Manager’s discretion. Please also see “Fees and Expenses Payable Directly by You”. These allocations vary between series to reflect different net asset values. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. No sales charge is payable upon automatic reinvestment of distributions. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. • Risks of Using Derivatives.56 $113.S. The Fund may distribute capital at any time on one or more series of units. If the cash distributions to you are greater than the net increase in value of your investment. • International Investment Exposure. The character.40 $141. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year.06 $25. • Investments in Emerging Countries. For Series T(A) units and Series T(B) units.06 $25.22 Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $23. In addition. Funds with higher standard deviations are generally classified as being more risky. not by the Fund (which fees will not exceed the management fees applicable to the Series D units).76 $64.

The Fund may also purchase equity securities of foreign corporations and debt securities of foreign corporations and governmental entities provided that the Fund may only invest a maximum of 30% of its assets (book value) in foreign securities. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. The sub-advisor employs a bottom-up investment approach in constructing the investment portfolio of the Fund. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. The Fund may implement hedging strategies. The Fund does not currently intend to enter into repurchase.” The Fund is permitted to invest some of its assets in securities of other mutual funds. Subject to compliance with applicable registration and proficiency requirements. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. RRIFs. reverse repurchase or securities lending agreements. 2004 (February 1. The Fund may from time to time use repurchase. PRIFs. The sub-advisor chooses the investments by seeking out reputable stocks that are undervalued on the market compared to their true worth. Investing in and using derivative instruments are subject to certain risks. The sub-advisor directs research efforts to identify free cash flow generating companies trading at a sufficient discount to their intrinsic value. See “Risks of Using Derivatives” What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. 2006 for Series F units and Series I units and July 7. other mutual funds. to a lesser extent. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. The Fund may enter into repurchase. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. To the extent the Fund is in a defensive position. focusing on small. • Interest Rate Sensitive Securities. the Fund may also purchase Canadian debt securities.. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. among other reasons. manage risks and implement investment strategies more efficiently. To the extent the Fund is in a defensive position. Series D units(1). a record of dividend payments. See “Risks of Using Repurchase. See “Risks of Investments in Other Mutual Funds. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. in high-yield preferred shares and interest bearing securities. The Manager may re-open Series D units of this Fund to new subscriptions in the future. or enter into specified derivative transactions for which the underlying interest is based on the securities of. Series B units. for a description of the nature of each type of derivative which may be used. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. mid and large capitalization Canadian corporations in a variety of industries while favouring equity securities.What does the fund invest in? Castlerock Canadian Dividend Fund Investment Objective The fundamental investment objective of Castlerock Canadian Dividend Fund is to achieve a balance between high dividend income and capital growth by investing mainly in a diversified portfolio of Canadian common stocks that are paying a dividend or are expected to pay a dividend and. adequate resources and financial strength. Fund details Type of Fund Canadian Dividend Start Date September 1. swaps. Manitoba(2) Notes: (1) Effective May 9. RLSPs and TFSAs Portfolio Sub-Advisor Tetrem Capital Management Ltd. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. • Income Trust Risk. See “Risks of Using Repurchase. See “Risks of Using Derivatives. 2008. To fulfill its objective. indexes or currencies without investing in them directly. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. futures. LRSPs. Series I units.” With the exception of index participation units. units are qualified investments for RRSPs. that provide a stable income. both governmental and corporate. including preferred stock. LIRAs. the investment policy of the Fund is to invest a majority of the Fund’s total assets in a diversified portfolio primarily composed of shares of free cash flow generating Canadian companies providing a stable income stream and trading at a significant discount to their intrinsic value. economic or political conditions. potential for dividend increases or an expectation of dividend payments within 6 to 12 months. Investing in and using repurchase. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. in the opinion of the Manager and its portfolio sub-advisors. June 13. 2008 and automatically reinvested distributions. the Fund is permitted. From time-to-time. Reverse Repurchase and Securities Lending Agreements. Investment Strategy The sub-advisor focuses on the Fund investing in securities with strong fundamentals. Series F units. The Fund may from time to time use these instruments to. gain exposure to the underlying securities. 4 3 . RLIFs.PA R T B . LIFs. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. but not required. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. reverse repurchase and securities lending agreements are subject to certain risks. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. The sub-advisor uses quantitative and qualitative methods in the stock selection process. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. Winnipeg. the Fund does not intend to purchase securities of. to use derivatives like options.” The Fund will limit these transactions to parties that have. 2005 for Series A units. forward contracts. economic or political conditions.

69 $80. Who should invest in this fund? This Fund is intended for those investors seeking current income balanced by the prospect of capital growth through investments in dividend paying Canadian equity securities. Risks of Using Derivatives. Investments in Emerging Countries. Risks of Using Repurchase. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. Market Risk. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. your investment has an annual return of 5%. 2010.00 $322. which will be expressed as a fixed amount per unit.06 $25.40 $141.00 $322. This Fund may be suitable if you are investing for a medium and/or long term and are willing to accept a medium degree of risk.56 10 years $290. depending upon market conditions and the impact of the distribution on the Fund. In addition.78 $127. not by the Fund (which fees will not exceed the management fees applicable to the Series D units). Funds with higher standard deviations are generally classified as being more risky. and the Fund’s management expense ratios during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31.22 4 4 . The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year.69 $80. at no cost. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. if any. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. and • Series Risk. Please also see “Fees and Expenses Payable Directly by You”. June and September of each year. Reverse Repurchase and Securities Lending Agreements.25 $70. No sales charge is payable upon automatic reinvestment of distributions.11 $290. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund.81 $23. Although your costs may be higher or lower. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Risks of Large Unitholders and of Unit Transactions.38 $72. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. The Fund has made such an election. the distributions will erode the value of your investment. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. the Fund expects to make monthly distributions of return of capital. Risks of Investments in Other Mutual Funds. For Series T(A) units and Series T(B) units. The character. management fees and other special expenses. based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $23. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital.76 $64.62 3 years $72. We review the risk levels on an annual basis. the Fund intends to distribute income earned by the Fund at the end of March. The timing of such distributions is within the discretion of the Manager. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. by contacting us using the information found at the back of this prospectus. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. See “Who Should Invest In This Fund” on page 26 for additional information. At the beginning of each year.22 $257.76 5 years $127. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year.PA R T B .49 $12. based on the net asset value per unit of the series as at December 31st of the previous year.06 $25. Additional distributions may be made at the Manager’s discretion. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. This distribution amount for any series of units may be changed. The manner in which we identify risks is available on request. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. These allocations vary between series to reflect different net asset values. The Fund may distribute capital at any time on one or more series of units. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. for Canadian tax purposes.56 $113. You will find an explanation of each risk starting on page 2 of this document.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. If the cash distributions to you are greater than the net increase in value of your investment. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.CASTLEROCK CANADIAN DIVIDEND FUND • • • • • • • International Investment Exposure. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine.62 $20.40 $141.78 $161. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. The information presented in the table assumes that you invest $1.61 $40.

units are qualified investments for RRSPs. 2005 for Series A units and June 13. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. the sub-advisor looks for stocks with earnings growth. other mutual funds. or enter into specified derivative transactions for which the underlying interest is based on the securities of. To the extent the Fund is in a defensive position. 2008 and automatically reinvested distributions. 2008. indexes or currencies without investing in them directly. By using carefully selected factors. the sub-advisor attempts to produce superior dividend income and modest long-term capital appreciation by selecting a base of mature companies with predictable and growing levels of profitability. the investment policy of the Fund is to invest a majority of the Fund’s total assets in a diversified portfolio of primarily Canadian stocks and equivalent securities with high dividend yields that have predictable levels of profitability and earnings which facilitate dividend growth.. The Fund may enter into repurchase. The Fund may from time to time use repurchase. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. The sub-advisor’s quantitative tools automatically identify those companies worthy of personal attention. See “Risks of Investments in Other Mutual Funds”. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. reverse repurchase or securities lending agreements. The Fund may from time to time use these instruments to. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. RLSPs and TFSAs Portfolio Sub-Advisor Greystone Managed Investments Inc. LIRAs. See “Risks of Using Derivatives. Reliable income on equities in the Fund comes from selecting a base of companies that exhibit predictable and growing levels of profitability. manage risks and implement investment strategies more efficiently. Castlerock Canadian Dividend Growth Fund Investment Objective The fundamental investment objective of Castlerock Canadian Dividend Growth Fund is to provide primarily a predictable stream of income and. The sub-advisor’s disciplined approach uses both quantitative and qualitative tools to build an incomeoriented portfolio. The sub-advisor favours Canadian companies that show financial strength. the Fund does not intend to purchase securities of. Typically. because rising earnings mean a current income stream that could be used to fund dividends and often the capital appreciation of higher stock prices. LIFs. A security is more likely to be included in the Fund’s portfolio if its profitability is growing faster than the market rate and if realized results meet or exceed market expectations. secondarily. in the opinion of the Manager and its portfolio sub-advisors. among other reasons. To fulfill its objective.PA R T B . the sub-advisor screens the entire Canadian market every day to isolate possible opportunities. Series F units and Series I units Eligible for Registered Plans Yes. to use derivatives like options. Series D units. Fund details Type of Fund Canadian Dividend Start Date September 1. LRSPs. reverse repurchase and securities lending agreements are subject to certain risks. Series B units. forward contracts. Investment Strategy The Fund’s sub-advisor follows a focused investment strategy by normally causing the Fund to hold a diversified portfolio of approximately 25 selected stocks. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. economic or political conditions. See “Risks of Using Repurchase. swaps. PRIFs. balanced by a desire for the Fund’s portfolio to show above-average growth rates. Investing in and using repurchase. See “Risks of Using Repurchase. The sub-advisor supplements quantitative information with an in-depth knowledge of the companies in each industry and its economic requirements. Saskatchewan(2) Notes: (1) Effective May 9. RLIFs.” The Fund will limit these transactions to parties that have. With the exception of index participation units. modest long-term capital appreciation. adequate resources and financial strength. Reverse Repurchase and Securities Lending Agreements. The Fund’s portfolio is built from the bottom-up as new companies replace holdings whose growth in the opinion of the sub-advisor shows deterioration. RRIFs. Investing in and using derivative instruments are subject to certain risks. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. 2006 for Series F units and Series I units) Securities Offered Five series of units of a mutual fund trust namely Series A units. The Fund does not currently intend to enter into repurchase. The Fund may implement hedging strategies.” The Fund is permitted to invest some of its assets in securities of other mutual funds. Regina. but not required. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators.What does the fund invest in? The Fund may invest a maximum of 30% of its assets (book value) in foreign securities. gain exposure to the underlying securities. by investing in an actively managed portfolio of primarily Canadian stocks. 4 5 . the Fund is permitted. Subject to compliance with applicable registration and proficiency requirements. 2004 (February 1. More specifically. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. futures.

56 $113. The timing of such distributions is within the discretion of the Manager. See “Who Should Invest In This Fund” on page 26 for additional information.25 $70.11 Who should invest in this fund? This Fund is intended for those investors seeking income and the potential for modest capital appreciation through investments in Canadian equity securities. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. • Investments in Emerging Countries.69 $80.61 $40. if any. at no cost. the Fund intends to distribute income earned by the Fund at the end of March. Additional distributions may be made at the Manager’s discretion. We review the risk levels on an annual basis. What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. Although your costs may be higher or lower. • Risks of Large Unitholders and of Unit Transactions. • Income Trust Risk. You will find an explanation of each risk starting on page 2 of this document.62 $20. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. • Risks of Investments in Other Mutual Funds. The information presented in the table assumes that you invest $1. and • Series Risk. • Market Risk.PA R T B .78 10 years $290. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. Distributions paid by a Fund on units are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. The Fund may distribute capital at any time. and the Fund’s management expense ratios during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31.00 $322.06 $25. by contacting us using the information found at the back of this prospectus. Please also see “Fees and Expenses Payable Directly by You”. The manner in which we identify risks is available on request.78 $161. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units.49 $12.40 $141. Allocations of distributions among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility.38 5 years $127. • Risks of Using Derivatives. economic or political conditions. Reverse Repurchase and Securities Lending Agreements. 2010. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. 4 6 . not by the Fund (which fees will not exceed the management fees applicable to the Series D units). based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units $23. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. To the extent the Fund is in a defensive position. management fees and other special expenses. In addition. These allocations vary between series to reflect different net asset values. June and September of each year. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. Funds with higher standard deviations are generally classified as being more risky. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. • Interest Rate Sensitive Securities. The Fund has made such an election. • Risks of Using Repurchase. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.CASTLEROCK CANADIAN DIVIDEND GROWTH FUND From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.81 3 years $72.76 $64. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine.22 $257. • International Investment Exposure. your investment has an annual return of 5%. No sales charge is payable upon automatic reinvestment of distributions.

Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. risk adjusted return measures. The Fund may from time to time use these instruments to. indexes or currencies without investing in them directly. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. government agency or company to try to protect it during a market downturn or for other reasons. We review and monitor the performance of the Underlying Funds in which we invest. and securities lending transactions (described on page 5). to use derivatives like options. because it is a foreign company and its assets are located outside Canada. the portfolio manager examines each company’s potential for success in light of its current financial condition. units are qualified investments for RRSPs. namely Series A units. gain exposure to the underlying securities. returns. its industry position and economic and market conditions. which lower the Fund’s returns. RRIFs. the Fund is permitted. investment management process. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. swaps. reverse repurchase transactions. This process may result in suggested revisions to weightings of the Underlying Funds.. including: • management style • investment performance and consistency • risk tolerance levels • calibre of reporting procedures • quality of the manager and/or portfolio advisor. The Fund may also invest a portion of its assets in securities of other funds. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. The Fund may invest in equity securities of large companies and may also enter into repurchase transactions. other mutual funds. The Fund will focus on small and medium size companies. which may be managed by CII. the Fund does not intend to purchase securities of. forward contracts. LIFs. See “Risks of Using Repurchase. LIRAs. Series B units. government. This can increase trading costs.What does the fund invest in? Castlerock Canadian Growth Companies Fund Fund details Type of Fund Canadian Equity Start Date February 9. See “Risks of Investments in Other Mutual Funds. index participation units and other similar instruments for hedging and nonhedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. The portfolio manager may actively trade the Fund’s investments.PA R T B .S. The Fund may enter into securities lending transactions. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. the portfolio manager will assess a variety of criteria. LRSPs. 4 7 . The Fund may from time to time use repurchase. Investing in and using derivative instruments are subject to certain risks. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. There may be difficulty enforcing any legal rights against CI Global Holdings Inc.” Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub advisor. or enter into specified derivative transactions for which the underlying interest is based on the securities of.” In selecting other mutual funds. the inclusion of new Underlying Funds or the removal of one or more Underlying Funds. Investment Strategy When buying and selling securities for the Fund. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. The Fund may implement hedging strategies. RLIFs. See “Risks of Using Derivatives. economic or political conditions. and CI Global Holdings Inc. Factors such as adherence to stated investment mandate. Subject to compliance with applicable registration and proficiency requirements. PRIFs. in accordance with its investment objectives. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. The review process consists of an assessment of the Underlying Funds. With the exception of index participation units. economic or political conditions. assets. consistency and continued portfolio fit may be considered. The portfolio manager considers factors like growth potential. but not required. The Fund will only do so if there are suitable counterparties available and if the transactions are considered appropriate. It also increases the possibility that you’ll receive taxable capital gains if you hold the fund in a non-registered account. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. manage risks and implement investment strategies more efficiently. Series F units. 2011 Securities Offered Five series of units of a mutual fund trust. futures. style. To the extent the Fund is in a defensive position. The Fund may depart from its investment objective by temporarily investing most or all of its assets in cash or fixed-income securities issued or guaranteed by a Canadian or U. The Fund is permitted to invest up to 100% of its assets in securities of other mutual funds. Boston. Massachusetts (1) Investment Objective The fundamental investment objective of Castlerock Canadian Growth Companies Fund is to provide longterm capital growth by investing primarily in common shares of Canadian companies. earnings estimates and quality of management. It may invest up to approximately 49% of its assets in foreign securities and may hold cash and fixed-income securities. repurchase transactions and reverse repurchase transactions to the extent permitted by the Canadian securities regulators. either directly or by gaining exposure to other mutual funds through derivatives. among other reasons.

in the opinion of the Manager and its portfolio sub-advisors. • Risks of Large Unitholders and of Unit Transactions. but they will reduce the Fund’s returns. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. Since this is a new Fund there is no data currently available. • Income Trust Risk. which will be expressed as a fixed amount per unit. depending upon market conditions and the impact of the distribution on the Fund.. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. Reverse Repurchase and Securities Lending Agreements. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. See “Who Should Invest In This Fund” on page 26 for additional information. 2011. This distribution amount for any series of units may be changed. No sales charge is payable upon automatic reinvestment of distributions. • Market Risk. Funds with higher standard deviations are generally classified as being more risky. The Fund intends to make such an election. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. The Fund may distribute capital at any time on one or more series of units. • Risks of Using Derivatives. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. • Interest Rate Sensitive Securities. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. • Risks of Using Repurchase.C A S T L E R O C K C A N A D I A N G R O W T H C O M PA N I E S F U N D To the extent the Fund is in a defensive position. • International Investment Exposure. and • Series Risk. 4 8 . the only unitholder of the Fund which. Additional distributions may be made at the Manager’s discretion. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. at no cost. the Fund expects to make monthly distributions of return of capital. If the cash distributions to you are greater than the net increase in value of your investment. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Large Unitholders As at June 30. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. You will find an explanation of each risk starting on page 2 of this document. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. • Investments in Small and Mid-Sized Companies.PA R T B . See “Risks of Using Repurchase. beneficially held more than 10% of the units of the Fund was CI Investments Inc. Who should invest in this fund? This Fund is intended for those investors seeking growth of capital associated with Canadian equity securities. by contacting us using the information found at the back of this prospectus. management fees and other special expenses. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.14% of the outstanding units of the Fund. if any. The character. The manner in which we identify risks is available on request. adequate resources and financial strength. At the beginning of each year. What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. reverse repurchase and securities lending agreements are subject to certain risks. We review the risk levels on an annual basis. based on the net asset value per unit of the series as at December 31st of the previous year. Fund expenses indirectly borne by investors You do not pay the Fund’s expenses directly. which held 60. These allocations vary between series to reflect different net asset values. we will determine an annual distribution rate for Series T(A) units and Series T(B) units.” The Fund will limit these transactions to parties that have. to the knowledge of the Manager. The timing of such distributions is within the discretion of the Manager. • Risks of Investments in Other Mutual Funds. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. For Series T(A) units and Series T(B) units. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. Investing in and using repurchase. for Canadian tax purposes. Reverse Repurchase and Securities Lending Agreements. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. the distributions will erode the value of your investment.

From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. the investment policy of the Fund is to invest a majority of the Fund’s total assets in a diversified portfolio of primarily Canadian stocks and equivalent securities. An internally developed quantitative process of the sub-advisor is utilized to screen the market on an ongoing basis to isolate possible opportunities for the Fund. The Fund’s portfolio is broadly diversified by industry and company. The sub-advisor then supplements quantitative information with its in-depth knowledge of the companies in each industry and its economic requirements in deciding to add or remove a security from the Fund’s portfolio. RLIFs.What does the fund invest in? Castlerock Canadian Stock Fund Investment Objective The fundamental investment objective of Castlerock Canadian Stock Fund is to seek long-term growth of capital and current income by investing primarily in Canadian equity securities. the investment is formally reviewed. LRSPs. 2000 (February 1. Reverse Repurchase and Securities Lending Agreements. The Fund may invest a maximum of 30% of its assets (book value) in foreign securities. futures. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. Series D units(1). cash flow. The Fund may from time to time use repurchase. the Fund does not intend to purchase securities of. Series I units. To the extent the Fund is in a defensive position. Similar to buy decisions. not required. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. Consideration is also made to the market environment. a large emphasis is placed on quality and sustainability of earnings growth.PA R T B . See “Risks of Using Repurchase. economic or political conditions. earnings surprise and quarterly earnings revisions related to a particular issuer. This means tracking and ranking daily the latest valuations. The Fund may implement hedging strategies. The primary consideration when adding a stock is confidence in a company’s ability to grow its earnings and therefore a growing ability to pay income. indexes or currencies without investing in them directly. PRIFs. Investment Strategy The sub-advisor uses both quantitative and qualitative methods to evaluate a security for purchase or sale by the Fund. LIFs. In the event of a holding falling below a threshold. other mutual funds. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. to use derivatives like options. In addition. Saskatchewan(2) Notes: (1) Effective May 9. 2006 for Series F units and Series I units and July 7. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. in the opinion of the Manager and its portfolio sub-advisors. gain exposure to the underlying securities. 2008. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. See “Risks of Using Derivatives. The Fund may enter into repurchase.” The Fund is permitted to invest some of its assets in securities of other mutual funds. sales. but 4 9 . To the extent the Fund is in a defensive position. RLSPs and TFSAs Portfolio Sub-Advisor Greystone Managed Investments Inc. See “Risks of Using Repurchase. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. Investing in and using derivative instruments are subject to certain risks. Once securities are acquired for the Fund. The Fund does not currently intend to enter into reverse repurchase agreements or securities lending agreements. The Manager may re-open Series D units of this Fund to new subscriptions in the future. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. the Fund is permitted. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. The emphasis on a company’s quality of earnings and its ability to grow earnings is expected to result in a portfolio of securities that will generate dividend income. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. forward contracts. and Canadian securities convertible into stocks. or enter into specified derivative transactions for which the underlying interest is based on the securities of. LIRAs. Fund details Type of Fund Canadian Equity Start Date May 1.. units are qualified investments for RRSPs. earnings surprises. 2005 for Series A units. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. Series F units. Investing in and using repurchase. swaps. etc.” With the exception of index participation units. among other reasons. index participation units and other similar instruments for hedging and nonhedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. The quantitative process considers various factors for screening securities. adequate resources and financial strength. RRIFs. The Fund may from time to time use these instruments to. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. June 13. See “Risks of Investments in Other Mutual Funds. The quantitative process provides the sub advisor potential targets for further review and ultimate consideration for inclusion in the Fund’s portfolio.” The Fund will limit these transactions to parties that have. they are continuously monitored for changes in performance outlook. therefore allowing earnings growth to be measured on a relative basis. including earningsper-share momentum. manage risks and implement investment strategies more efficiently. Subject to compliance with applicable registration and proficiency requirements. reverse repurchase and securities lending agreements are subject to certain risks. decisions to sell portfolio securities of the Fund are made after qualitative assessment. Series B units. Regina. 2008 and automatically reinvested distributions. To fulfil its objective. economic or political conditions. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units.

You will find an explanation of each risk starting on page 2 of this document. the Fund expects to make monthly distributions of return of capital. We review the risk levels on an annual basis. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. • Investments in Emerging Countries.78 $161. The Fund has made such an election.11 $290.00 $322. based on these assumptions your costs would be: 1 year 3 years $72.69 $80. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.22 $257. for Canadian tax purposes. The manner in which we identify risks is available on request. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. the distributions will erode the value of your investment.61 $40. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. The Fund may distribute capital at any time on one or more series of units. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. by contacting us using the information found at the back of this prospectus. The character. • International Investment Exposure. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of the Fund’s financial year ended December 31. and • Series Risk.40 $141. The timing of such distributions is within the discretion of the Manager.78 $127.49 $12.81 $23. not by the Fund (which fees will not exceed the management fees applicable to the Series D units). depending upon market conditions and the impact of the distribution on the Fund.40 $141. 5 0 . which will be expressed as a fixed amount per unit.00 $322. • Interest Rate Sensitive Securities.PA R T B . based on the net asset value per unit of the series as at December 31st of the previous year. • Risks of Using Repurchase.25 $70. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act.CASTLEROCK CANADIAN STOCK FUND What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk.56 $113. See “Who Should Invest In This Fund” on page 26 for additional information.06 $25. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. • Risks of Using Derivatives. 2010.62 $20.76 5 years $127.38 $72. If the cash distributions to you are greater than the net increase in value of your investment. • Income Trust Risk.76 $64.69 $80. • Risks of Large Unitholders and of Unit Transactions. at no cost.62 Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. Additional distributions may be made at the Manager’s discretion. if any. Please also see “Fees and Expenses Payable Directly by You”. your investment has an annual return of 5%. These allocations vary between series to reflect different net asset values. • Market Risk.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. For Series T(A) units and Series T(B) units. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. Although your costs may be higher or lower. No sales charge is payable upon automatic reinvestment of distributions. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. • Risks of Investments in Other Mutual Funds. Who should invest in this fund? This Fund is intended for those investors seeking growth of capital associated with Canadian equity securities. The information presented in the table assumes that you invest $1. This distribution amount for any series of units may be changed. management fees and other special expenses. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash.06 $25.56 10 years $290. Funds with higher standard deviations are generally classified as being more risky.22 Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $23. At the beginning of each year. Reverse Repurchase and Securities Lending Agreements.

in the opinion of the Manager and its portfolio sub-advisors. See “Risks of Using Repurchase. Subject to compliance with applicable registration and proficiency requirements. The sub-advisor directs research to identify free cash flow generating companies trading at a sufficient discount to their intrinsic value. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. If short-term results fall short of expectations. reverse repurchase or securities lending agreements. • Investments in Emerging Countries. To fulfill its objective. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. 2006 for Series F units and Series I units and July 7. • Risks of Using Derivatives. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. • Market Risk. manage risks and implement investment strategies more efficiently. The subadvisor uses quantitative and qualitative methods in the stock selection process and attempts to buy the best economic value in the market regardless of what sector the issuer operates in.” The Fund will limit these transactions to parties that have. The Fund may from time to time use these instruments to. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. LIRAs. adequate resources and financial strength. To the extent the Fund is in a defensive position. futures. Reverse Repurchase and Securities Lending Agreements.” With the exception of index participation units. gain exposure to the underlying securities. RLSPs and TFSAs Portfolio Sub-Advisor Tetrem Capital Management Ltd. • Income Trust Risk. but not required. The Fund does not currently intend to enter into repurchase. RRIFs. to use derivatives like options. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. See “Risks of Using Repurchase.What does the fund invest in? Castlerock Canadian Value Fund Investment Objective The fundamental investment objective of Castlerock Canadian Value Fund is to seek long term capital appreciation by primarily investing in common shares of established Canadian issuers that are undervalued relative to their intrinsic value. other mutual funds.” What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. swaps. The Fund may enter into repurchase. Series I units. • Risks of Using Repurchase. Fund details Type of Fund Canadian Equity Start Date September 1. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. PRIFs. the intrinsic value of the underlying assets of the issuer should provide important downside protection. forward contracts. Manitoba(2) The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. 2004 (February 1. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Investing in and using derivative instruments are subject to certain risks.PA R T B . The Fund may implement hedging strategies. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. • Risks of Investments in Other Mutual Funds. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. Winnipeg.. Series F units. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. and • Series Risk. reverse repurchase and securities lending agreements are subject to certain risks. among other reasons. 2008. Notes: (1) Effective May 9. economic or political conditions. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. units are qualified investments for RRSPs. The Fund is permitted to invest some of its assets in securities of other mutual funds. You will find an explanation of each risk starting on page 2 of this document. June 13. Series B units. LIFs. 2008 and automatically reinvested distributions. The Fund may from time to time use repurchase. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. Series D units(1). the Fund does not intend to purchase securities of. 5 1 . • Risks of Large Unitholders and of Unit Transactions. Reverse Repurchase and Securities Lending Agreements. LRSPs. the Fund is permitted. or enter into specified derivative transactions for which the underlying interest is based on the securities of. economic or political conditions. • International Investment Exposure. • Interest Rate Sensitive Securities. Investment Strategy The sub-advisor employs a bottom-up investment approach in constructing the investment portfolio of the Fund. the investment policy of the Fund is to invest a majority of the Fund’s total assets in a diversified portfolio primarily composed of shares of free cash flow generating Canadian companies trading at a significant discount to their intrinsic value. See “Risks of Using Derivatives. The Fund may invest a maximum of 30% of its assets (book value) in foreign securities. To the extent the Fund is in a defensive position. Research efforts are directed to identify stocks that are undervalued in relation to the asset or business value of the issuer. See “Risks of Investments in Other Mutual Funds. RLIFs. indexes or currencies without investing in them directly. The Manager may re-open Series D units of this Fund to new subscriptions in the future. 2005 for Series A units. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. Investing in and using repurchase. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust.

This distribution amount for any series of units may be changed. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. No sales charge is payable upon automatic reinvestment of distributions.69 $80. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.PA R T B .22 $257. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day.CASTLEROCK CANADIAN VALUE FUND Who should invest in this fund? This Fund is intended for those investors seeking growth of capital associated with Canadian equity securities perceived to be under-valued by the broader market.40 $141. The timing of such distributions is within the discretion of the Manager. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. Additional distributions may be made at the Manager’s discretion. the distributions will erode the value of your investment. Although your costs may be higher or lower.25 $70. management fees and other special expenses.56 10 years $290. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. See “Who Should Invest In This Fund” on page 26 for additional information. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. based on the net asset value per unit of the series as at December 31st of the previous year. if any. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk.78 $127. 2010. and the Fund’s management expense ratios during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31. based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $23. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine.76 5 years $127. We review the risk levels on an annual basis. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder.69 $80. The Fund may distribute capital at any time on one or more series of units. which will be expressed as a fixed amount per unit. Fund expenses indirectly borne by investors Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. Please also see “Fees and Expenses Payable Directly by You”. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act.11 $290. The Fund has made such an election.78 $161. for Canadian tax purposes. For Series T(A) units and Series T(B) units. at no cost.22 5 2 .76 $64.56 $113. the Fund expects to make monthly distributions of return of capital. The Fund pays for some expenses out of Fund assets. your investment has an annual return of 5%. If the cash distributions to you are greater than the net increase in value of your investment. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units.61 $40.49 $12. The character. depending upon market conditions and the impact of the distribution on the Fund. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. At the beginning of each year. The information presented in the table assumes that you invest $1. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund.06 $25. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units.00 $322.38 $72. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor.62 $20. Funds with higher standard deviations are generally classified as being more risky. by contacting us using the information found at the back of this prospectus.40 $141.06 $25. The manner in which we identify risks is available on request. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility.62 3 years $72.81 $23. These allocations vary between series to reflect different net asset values.00 $322. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. not by the Fund (which fees will not exceed the management fees applicable to the Series D units).

Factors such as adherence to stated investment mandate. in the opinion of the Manager and its portfolio sub-advisors. To the extent the Fund is in a defensive position. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. adequate resources and financial strength. cash and fixed income securities. Investing in and using repurchase. but not required. 5 3 . units are qualified investments for RRSPs. See “Risks of Investments in Other Mutual Funds. forward contracts. LIFs. returns. because it is a foreign company and its assets are located outside Canada. See “Risks of Using Repurchase. The Fund may enter into securities lending transactions.What does the fund invest in? Castlerock Pure Canadian Equity Fund Investment Objective The fundamental investment objective of Castlerock Pure Canadian Equity Fund is to achieve long-term capital growth by investing. RLIFs. including: • management style • investment performance and consistency • risk tolerance levels • calibre of reporting procedures • quality of the manager and/or portfolio advisor. investment management process. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. consistency and continued portfolio fit may be considered. This can increase trading costs. gain exposure to the underlying securities. Boston. The Fund may invest in common and preferred shares of small. its industry positioning. other mutual funds. It also increases the possibility that you’ll receive taxable capital gains if you hold the fund in a non-registered account. See “Risks of Using Derivatives. primarily in equity securities of Canadian companies. 2011 Securities Offered Six series of units of a mutual fund trust. The portfolio manager may actively trade the Fund’s investments. manage risks and implement investment strategies more efficiently. which lower the fund’s returns. Series B units. Indirect investments may include convertible securities. Series F units. The review process consists of an assessment of the Underlying Funds. LRSPs. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. Investment Strategy When buying and selling securities for the Fund. the Fund is permitted. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. assets. It may invest up to approximately 10% of its assets in foreign securities and may hold income trust units. With the exception of index participation units. Subject to compliance with applicable registration and proficiency requirements. The Fund may from time to time use these instruments to. See “Risks of Using Repurchase. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. repurchase transactions and reverse repurchase transactions to the extent permitted by the Canadian securities regulators. among other reasons. economic or political conditions. Series I units. indexes or currencies without investing in them directly. quality of management and current market value of the securities. RRIFs. and CI Global Holdings Inc. swaps. The portfolio manager considers factors like growth potential. PRIFs. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. directly or indirectly. LIRAs. We review and monitor the performance of the Underlying Funds in which we invest. Reverse Repurchase and Securities Lending Agreements. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. The Fund may from time to time use repurchase. economic or political conditions. The Fund may implement hedging strategies. reverse repurchase and securities lending agreements are subject to certain risks.. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. and economic and market conditions. equity-related securities and securities of other mutual funds. Massachusetts(1) The Fund is permitted to invest up to 100% of its assets in securities of other mutual funds. or enter into specified derivative transactions for which the underlying interest is based on the securities of. the portfolio manager examines each company’s potential for success in light of its current financial condition.” The Fund will limit these transactions to parties that have. To the extent the Fund is in a defensive position.” In selecting other mutual funds.” Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub advisor. style. the inclusion of new Underlying Funds or the removal of one or more Underlying Funds. Fund details Type of Fund Canadian Equity Start Date February 9. earning estimates. to use derivatives like options. namely Series A units. medium and large companies and in other types of equity securities or equity-type securities. derivatives. There may be difficulty enforcing any legal rights against CI Global Holdings Inc. risk adjusted return measures. either directly or by gaining exposure to other mutual funds through derivatives. the Fund does not intend to purchase securities of.PA R T B . This process may result in suggested revisions to weightings of the Underlying Funds. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. Investing in and using derivative instruments are subject to certain risks. the portfolio manager will assess a variety of criteria. futures.

any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. See “Who Should Invest In This Fund” on page 26 for additional information. for Canadian tax purposes. • Concentration Risk. which held 75. • Market Risk. The manner in which we identify risks is available on request. by contacting us using the information found at the back of this prospectus. The Fund intends to make such an election. • Risks of Using Repurchase.20% of the outstanding units of the Fund. if any. The timing of such distributions is within the discretion of the Manager. Who should invest in this fund? This Fund is intended for those investors seeking growth of capital associated with Canadian equity securities perceived to be under-valued by the broader market. which will be expressed as a fixed amount per unit. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. No sales charge is payable upon automatic reinvestment of distributions. The Fund may distribute capital at any time on one or more series of units. Additional distributions may be made at the Manager’s discretion. • Risks of Large Unitholders and of Unit Transactions. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. based on the net asset value per unit of the series as at December 31st of the previous year. • Investments in Small and Mid-Sized Companies. to the knowledge of the Manager. • Risks of Investments in Other Mutual Funds. The character. This Fund may be suitable if you are investing for the medium and/or long term and are willing to accept a medium degree of risk. At the beginning of each year. • Interest Rate Sensitive Securities. at no cost. 5 4 . Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. the Fund expects to make monthly distributions of return of capital. depending upon market conditions and the impact of the distribution on the Fund. This distribution amount for any series of units may be changed. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. beneficially held more than 10% of the units of the Fund was CI Investments Inc.PA R T B . Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Large Unitholders As at June 30. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. • Risks of Using Derivatives. These allocations vary between series to reflect different net asset values. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. We review the risk levels on an annual basis. and • Series Risk. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. but they will reduce the Fund’s returns. You will find an explanation of each risk starting on page 2 of this document. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. we will determine an annual distribution rate for Series T(A) units and Series T(B) units.CASTLEROCK PURE CANADIAN EQUITY FUND What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. the distributions will erode the value of your investment. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. For Series T(A) units and Series T(B) units. Since this is a new Fund there is no data currently available.. Reverse Repurchase and Securities Lending Agreements. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. the only unitholder of the Fund which. 2011. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. Funds with higher standard deviations are generally classified as being more risky. Fund expenses indirectly borne by investors You do not pay the Fund’s expenses directly. If the cash distributions to you are greater than the net increase in value of your investment. • International Investment Exposure. management fees and other special expenses.

” With the exception of index participation units. To the extent the Fund is in a defensive position. Series B units. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. 2008. reverse repurchase and securities lending agreements are subject to certain risks. The Fund may from time to time use repurchase. PRIFs.PA R T B . Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. but not required. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. indexes or currencies without investing in them directly. There is no limit on the amount of fund assets that may be allocated to each asset category and the allocation is in the discretion of the Manager and the sub-advisor. The equity securities in which the Fund will invest are a diversified portfolio of primarily Canadian stocks and equivalent securities. 2000 (February 1. RLIFs. adequate resources and financial strength. The Fund may invest a maximum of 30% of its assets (book value) in foreign securities. See “Risks of Investments in Other Mutual Funds. and Canadian securities convertible into stocks. index participation units and other similar instruments for hedging and non-hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. 2006 for Series F units and Series I units and July 7. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. the Fund does not intend to purchase securities of. June 13. To the extent the Fund is in a defensive position. Reverse Repurchase and Securities Lending Agreements. gain exposure to the underlying securities. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. swaps. the attractiveness of each asset category and expected future returns of each asset category. corporate bonds. The Fund does not currently intend to enter into reverse repurchase agreements or securities lending agreements. See “Risks of Using Repurchase. Risk will be monitored throughout the process and managed at the portfolio level. economic or political conditions. bonds and other debt securities and money market instruments. Series D units(1). relative fundamental values. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. The fixed income decision making process involves top-down and bottom-up strategies that are based upon fundamentally-oriented qualitative and quantitative analysis. Series F units. to use derivatives like options. Series I units. forward contracts. See “Risks of Using Derivatives. The Manager may re-open Series D units of this Fund to new subscriptions in the future. The debt securities in which the Fund will invest are a diversified portfolio of primarily Canadian fixed income securities. the Fund is permitted. The Fund may from time to time use these instruments to. LRSPs. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. LIFs. and asset allocation is at the sub-advisor’s discretion. assetbacked mortgage securities and short-term money market instruments. Saskatchewan(2) Notes: (1) Effective May 9. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market.” The Fund will limit these transactions to parties that have. The following active management techniques are employed by the sub-advisor: (1) interest rate anticipation. other mutual funds. Asset allocation decisions are based on the subadvisor’s judgment of the proposed investment environment for financial assets. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. Investing in and using derivative instruments are subject to certain risks. RLSPs and TFSAs Portfolio Sub-Advisor Greystone Managed Investments Inc. Fund details Type of Fund Canadian Balanced Start Date May 1. The Fund is not restricted to any specific maturity term. manage risks and implement investment strategies more efficiently. Subject to compliance with applicable registration and proficiency requirements. in the opinion of the Manager and its portfolio sub-advisors. 5 5 .. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. including Canadian federal. Regina. units are qualified investments for RRSPs. As a result. (3) sector rotation.” The Fund is permitted to invest some of its assets in securities of other mutual funds. (4) credit quality strategies. among other reasons. 2008 and automatically reinvested distributions.What does the fund invest in? Castlerock Canadian Balanced Fund Investment Objective The fundamental investment objective of Castlerock Canadian Balanced Fund is to seek the growth of long-term total return by investing primarily in Canadian stocks. RRIFs. Investing in and using repurchase. See “Risks of Using Repurchase. The Fund may enter into repurchase. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. 2005 for Series A units. futures. shifts in asset allocation are expected to be gradual and continuous and the Fund will normally have some portion of its assets invested in each asset category. and (5) individual security selection. provincial or municipal government bonds. The sub-advisor does not attempt to engage in short term market timing among asset categories. The Fund may implement hedging strategies. LIRAs. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. economic or political conditions. (2) yield curve positioning. Investment Strategy The sub-advisor uses both quantitative and qualitative methods to evaluate equity securities for purchase or sale in the same manner employed by Castlerock Canadian Stock Fund. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. or enter into specified derivative transactions for which the underlying interest is based on the securities of.

• Cash Deposit Risk.61 $40. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. You will find an explanation of each risk starting on page 2 of this document.38 $72. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. at no cost.22 Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units $23. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.40 $141. which may reduce your returns. Who should invest in this fund? This Fund is intended for those investors seeking growth and income with reduced volatility through diversified exposure to both equity and fixed income securities. For Series T(A) units and Series T(B) units.62 Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. The timing of such distributions is within the discretion of the Manager. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. the distributions will erode the value of your investment. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.81 $23.76 $64. • International Investment Exposure. based on the net asset value per unit of the series as at December 31st of the previous year.CASTLEROCK CANADIAN BALANCED FUND The Fund’s portfolio turnover rate may be higher than 70%. These costs are an expense of the Fund and are paid out of Fund assets. Please also see “Fees and Expenses Payable Directly by You”.78 $161.56 $113. See “Who Should Invest In This Fund” on page 26 for additional information. • Risks of Using Repurchase. • Risks of Using Derivatives. Although your costs may be higher or lower. • Market Risk.69 $80. which will be expressed as a fixed amount per unit. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. 2010. We review the risk levels on an annual basis. by contacting us using the information found at the back of this prospectus. if any. not by the Fund (which fees will not exceed the management fees applicable to the Series D units).78 $127. No sales charge is payable upon automatic reinvestment of distributions.00 $322.11 $290. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. • Risks of Large Unitholders and of Unit Transactions. Additional distributions may be made at the Manager’s discretion. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. and • the greater the trading costs of the Fund. The manner in which we identify risks is available on request.40 $141. for Canadian tax purposes. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of the Fund’s financial year ended December 31. the Fund expects to make monthly distributions of return of capital. If the cash distributions to you are greater than the net increase in value of your investment.PA R T B .69 $80. • Income Trust Risk.22 $257. This Fund may be suitable if you are investing for a medium term and are willing to accept a low to medium degree of risk. based on these assumptions your costs would be: 1 year 3 years $72. At the beginning of each year.06 $25. Reverse Repurchase and Securities Lending Agreements. Funds with higher standard deviations are generally classified as being more risky. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. and • Series Risk. depending upon market conditions and the impact of the distribution on the Fund.56 10 years $290. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. The Fund has made such an election. These allocations vary between series to reflect different net asset values.06 $25. • Risks of Investments in Other Mutual Funds. 5 6 .62 $20. The character.49 $12. management fees and other special expenses. The Fund may distribute capital at any time on one or more series of units. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. • Investments in Emerging Countries.76 5 years $127. your investment has an annual return of 5%. The higher a Fund’s portfolio turnover rate: • the greater the chance you may receive taxable capital gains. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. • Interest Rate Sensitive Securities. The information presented in the table assumes that you invest $1.00 $322. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets.25 $70. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk. This distribution amount for any series of units may be changed.

Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. Toronto. CI Investments Inc. Black Creek as sub advisor analyzes historical financial performance. Series D units(1). The investment team then selects individual securities to buy or sell. Higher yielding. lower quality fixed income securities may include non-investment grade debt securities that are rated below BBB by Standard & Poors (or the equivalent rating from another rating agency). security selection. futures. (“Black Creek”). (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisors. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. forward contracts. other mutual funds. Series B units. RLIFs. Toronto. will endeavour to ensure that at all times. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. To a lesser extent. Ontario(2) The global equity securities in which the Fund will invest are a diversified portfolio of primarily globally competitive companies within growing sectors. swaps. This fixed income component of the Fund will primarily be invested in global debt securities such as high quality government.” The Fund is permitted to invest some of its assets in securities of other mutual funds. The Fund may enter into repurchase. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. The sub-advisors do not attempt to engage in short-term market timing among asset categories. adjustment of foreign Notes: (1) Effective May 9. but not limited to. to use derivatives like options. manage risks and implement investment strategies more efficiently. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. 2008 for Series T(A) units and Series T(B) units) Securities Offered Seven series of units of a mutual fund trust namely Series A units. The Fund does not currently intend to enter into repurchase. sensitivities to economic factors. convertible securities and preferred stocks. 2008 and automatically reinvested distributions. nongovernment and corporate bonds. indexes or currencies without investing in them directly. The Fund may from time to time use these instruments to. To achieve its objective.PA R T B . the attractiveness of each asset category and expected future returns of each asset category. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. See “Risks of Using Repurchase. this component of the Fund may also invest in higher yielding. second lien or unsecured variable. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. as well as debt obligations of issuers located in emerging markets. There is no limit on the amount of Fund assets that may be allocated to each asset category and the allocation is in the discretion of the Manager and the sub-advisors. Investment Strategy The global equities component of the Fund’s portfolio will be invested by Black Creek Investment Management Inc. supra-national agencies or corporations anywhere in the world.. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. 5 7 . which from a total return perspective. units are qualified investments for RRSPs. but not required. The debt securities in which the Fund will invest are a diversified portfolio of primarily convertible and fixed income investments issued by governments. and other factors which may affect the future economics of the business. LRSPs. the Fund does not intend to purchase securities of.. Series F units. Series I units. or enter into specified derivative transactions for which the underlying interest is based on the securities of. convertible and fixed income investments issued globally. bank loans or loan participation interests in secured. Black Creek as sub-advisor takes a long-term view of the world and strives to understand the economics and characteristics of different businesses and industries. See “Risks of Investments in Other Mutual Funds. appear either attractive or unattractive. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. 2007 (July 7. LIFs. the average credit quality of the fixed income component of the portfolio remains investment grade. To the extent the Fund is in a defensive Fund details Type of Fund Global Balanced Start Date January 31. RLSPs and TFSAs Portfolio Sub-Advisor Black Creek Investment Management Inc. including credit analysis. PRIFs. convertible and fixed income securities issued by governments. reverse repurchase or securities lending agreements. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. shifts in asset allocation are expected to be gradual and continuous and the Fund will normally have some portion of its assets invested in each asset category. 2008. Black Creek as sub advisor strives to select companies with industry leadership. trends and technological changes in the business. LIRAs. Subject to compliance with applicable registration and proficiency requirements. The Fund may implement hedging strategies. relative fundamental values.What does the fund invest in? Castlerock Global Balanced Fund Investment Objective The fundamental investment objective of Castlerock Global Balanced Fund is to seek the growth of long-term total return by investing primarily in a balanced portfolio of equities. Investing in and using derivative instruments are subject to certain risks. strong management. The fixed income component of the Fund’s portfolio will be invested by CI Investments Inc. as sub-advisor uses quantitative and qualitative factors. Asset allocation decisions are based on the judgment of both sub-advisors of the Fund in respect of the proposed investment environment for financial assets. corporations and supra-national organizations throughout the world. The Manager may re-open Series D units of this Fund to new subscriptions in the future. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. In choosing investments. the investment policy of the Fund is to invest a majority of the Fund’s assets in a portfolio consisting of equities. among other reasons. CI Investments Inc. As a result. economic or political conditions. lower quality fixed income securities as well as other asset classes including. exchange exposure and the Fund’s average maturity. The Fund may from time to time use repurchase. gain exposure to the underlying securities. The investment team uses “top-down” analysis to determine which securities may benefit or be harmed from changes in the economy. growing profits and potential for capital appreciation. the Fund is permitted. fixed or floating rate loans. RRIFs. See “Risks of Using Derivatives.” With the exception of index participation units. Ontario and CI Investments Inc.

64 3 years $75. The character. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash.49 $13. The manner in which we identify risks is available on request. Funds with higher standard deviations are generally classified as being more risky. If the cash distributions to you are greater than the net increase in value of your investment. and the Fund’s management expense ratio during the periods indicated remain the same as that incurred in respect of the Fund’s financial year ended December 31. To the extent the Fund is in a defensive position. at no cost. your investment has an annual return of 5%. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. • Risks of Investing in Bank Loans and Loan Participations. 2010. and • Series Risk.06 $147. • Risks of Investments in Other Mutual Funds. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined.92 $83. reverse repurchase and securities lending agreements are subject to certain risks. • Credit Risk. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.PA R T B . additional units of the Fund.89 $335. This Fund may be suitable if you are investing for a medium term and are willing to accept a low to medium degree of risk. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. the Fund expects to make monthly distributions of return of capital.61 $43. See “Risks of Using Repurchase.08 $26.06 $147.11 $257. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective.00 $302. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market.22 $113. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance.08 $26. No sales charge is payable upon automatic reinvestment of distributions. for Canadian tax purposes. Reverse Repurchase and Securities Lending Agreements. the distributions will erode the value of your investment. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. not by the Fund (which fees will not exceed the management fees applicable to the Series D units). The Fund has made such an election. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. This distribution amount for any series of units may be changed.78 $174. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year.92 $83.83 $24. • Cash Deposit Risk. which will be expressed as a fixed amount per unit. • Interest Rate Sensitive Securities. economic or political conditions.25 $76. The Fund may distribute capital at any time on one or more series of units.11 Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31.64 $20. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk.61 $75. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. These allocations vary between series to reflect different net asset values. Any additional income and capital gains distributed by the Fund must be reinvested in 5 8 . We review the risk levels on an annual basis.89 $335. Additional distributions may be made at the Manager’s discretion. • Risks of Using Repurchase. Please also see “Fees and Expenses Payable Directly by You”. based on these assumptions your costs would be: Series A units Series B units Series D units Series F units Series T(A) units Series T(B) units 1 year $24. • Market Risk. The information presented in the table assumes that you invest $1.22 10 years $302. depending upon market conditions and the impact of the distribution on the Fund. • Risks of Using Derivatives.99 $64. based on the net asset value per unit of the series as at December 31st of the previous year. Although your costs may be higher or lower. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. adequate resources and financial strength. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.44 $133. by contacting us using the information found at the back of this prospectus. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. You will find an explanation of each risk starting on page 2 of this document. in the opinion of the Manager and its portfolio sub-advisors. Who should invest in this fund? This Fund is intended for those investors seeking growth and income with reduced volatility through diversified exposure to both global equity and fixed income securities versus global equity securities alone. Investing in and using repurchase. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. Reverse Repurchase and Securities Lending Agreements.” The Fund will limit these transactions to parties that have. The timing of such distributions is within the discretion of the Manager. if any. See “Who Should Invest In This Fund” on page 26 for additional information. • Investments in Emerging Countries. • Risks of Large Unitholders and of Unit Transactions. • International Investment Exposure.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. At the beginning of each year. For Series T(A) units and Series T(B) units.99 5 years $133. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. management fees and other special expenses. we will determine an annual distribution rate for Series T(A) units and Series T(B) units.CASTLEROCK GLOBAL BALANCED FUND position.

economic or political conditions. swaps. When deciding to buy or sell an investment. The portfolio advisor may also choose to invest the Fund’s assets in foreign securities. bank loans and floating rate debt instruments. See “Risks of Using Repurchase. The Fund may also generate income by investing in real estate investment trusts (REITs). investment management process. the inclusion of new Underlying Funds or the removal of one or more Underlying Funds. This may include securities that are unrated or have credit rating below investment grade. directly or indirectly. It is currently expected that investments in foreign securities will generally be no more than 49% of the Fund’s assets. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. The Fund may from time to time use these instruments to. Investing in and using derivative instruments are subject to certain risks. Series T(A) units and Series T(B) units Eligible for Registered Plans Yes. either directly or by gaining exposure to other mutual funds through derivatives. RLIFs. futures. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. The term to maturity of these securities will vary depending on the portfolio advisor’s outlook for interest rates. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. meaning corporate debt rated below BBB. the Fund does not intend to purchase securities of. The Fund may implement hedging strategies. To the extent the Fund is in a defensive position. The portfolio advisor may seek to produce additional income through covered call writing and other derivative strategies. including: • management style • investment performance and consistency • risk tolerance levels • calibre of reporting procedures • quality of the manager and/or portfolio advisor. manage risks and implement investment strategies more efficiently. Ontario(1) Investment Strategy The portfolio advisor seeks to achieve the Fund’s investment objective by investing in a combination of equity. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. RRIFs. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. futures. style. The portfolio advisor uses a combination of top down macro analysis and fundamental analysis for bottom-up security selection. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. but not required. debentures. the portfolio manager will assess a variety of criteria. fixed income and derivatives. index participation units and other similar instruments for hedging and non-hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. in a combination of equity and fixed income securities of primarily Canadian companies. With the exception of index participation units. The Fund may also invest in foreign securities. and cash components of the Fund. The portfolio advisor may also choose to use warrants and derivatives such as options. See “Risks of Investments in Other Mutual Funds. Series F units. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used.” In selecting other mutual funds. namely Series A units. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. LRSPs. Fund details Type of Fund Canadian Balanced Start Date February 9. units are qualified investments for RRSPs.What does the fund invest in? Castlerock Total Return Fund Investment Objective The fundamental investment objective of Castlerock Total Return Fund is to generate long term capital growth and income by investing. LIRAs. Series B units. these will include preferred and common shares broadly diversified by sector and style. other mutual funds.PA R T B . forward contracts and swaps to: • hedge against losses from changes in the prices of the fund’s investments and from exposure to foreign currencies • gain exposure to individual securities and markets instead of buying the securities directly. Factors such as adherence to stated investment mandate. royalty trusts and other similar high yielding instruments. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. PRIFs. forward contracts. We review and monitor the performance of the Underlying Funds in which we invest. Investing in and using repurchase. To achieve its objective. See “Risks of Using Derivatives. or enter into specified derivative transactions for which the underlying interest is based on the securities of. repurchase transactions and reverse repurchase transactions to the extent permitted by the Canadian securities regulators. assets. 5 9 . Subject to compliance with applicable registration and proficiency requirements.. LIFs. gain exposure to the underlying securities. The review process consists of an assessment of the Underlying Funds. fixed income. the portfolio advisor will actively manage the equity. To the extent the Fund invests in equity securities. returns. the Fund is permitted.” The Fund is permitted to invest up to 100% of its assets in securities of other mutual funds. The Fund may from time to time use repurchase. the portfolio advisor also considers whether the investment is a good value relative to its current price. risk adjusted return measures. This process may result in suggested revisions to weightings of the Underlying Funds. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. indexes or currencies without investing in them directly. At no time will the Fund invest more than 50% of its assets in non-investment grade corporate debt. among other reasons. consistency and continued portfolio fit may be considered. The Fund may enter into securities lending transactions. Toronto. The Fund is limited to investing no more than 80% of its assets in equity securities. Fixed income may consist of high-yielding government and corporate bonds. 2011 Securities Offered Five series of units of a mutual fund trust. to use derivatives like options.

and Shou or Hongman Zhou & Li Rujie. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. which held 37. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. No sales charge is payable upon automatic reinvestment of distributions. The character. Additional distributions may be made at the Manager’s 6 0 . This distribution amount for any series of units may be changed. Funds with higher standard deviations are generally classified as being more risky. the distributions will erode the value of your investment. which can be paid in cash or reinvested in additional units of the Fund at the option of the unitholder. If the cash distributions to you are greater than the net increase in value of your investment.PA R T B . We review the risk levels on an annual basis. You will find an explanation of each risk starting on page 2 of this document. The current intention is to distribute approximately 6% of the net asset value per unit of the Series T(A) and Series T(B) units each year. which will be expressed as a fixed amount per unit. for Canadian tax purposes. • Risks of Using Derivatives. Who should invest in this fund? This Fund may be suitable to you if you want both equity securities and fixed income securities in a single fund and prefer to have the portfolio advisor make the asset mix decisions. • Interest Rate Sensitive Securities. Large Unitholders As at June 30. based on the net asset value per unit of the series as at December 31st of the previous year.” The Fund will limit these transactions to parties that have. The Fund intends to make such an election.49% and 11. For Series T(A) units and Series T(B) units. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. to the knowledge of the Manager. See “Risks of Using Repurchase. you are investing for the medium term. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. adequate resources and financial strength. beneficially held more than 10% of the units of the Fund were CI Investments Inc. Fund expenses indirectly borne by investors You do not pay the Fund’s expenses directly. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. and you are willing to accept a low to medium degree of risk.74% respectively of the units of the Fund. Since this is a new Fund there is no data currently available. by contacting us using the information found at the back of this prospectus. discretion. • International Investment Exposure. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. if any. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. the only unitholders of the Fund which. The manner in which we identify risks is available on request. To the extent the Fund is in a defensive position. we will determine an annual distribution rate for Series T(A) units and Series T(B) units. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. The timing of such distributions is within the discretion of the Manager. but they will reduce the Fund’s returns. • Income Trust Risk. • Risks of Using Repurchase. Distributions paid by the Fund on units (other than Series T(A) units or Series T(B) units) are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. the Fund expects to make monthly distributions of return of capital. Any additional income and capital gains distributed by the Fund must be reinvested in additional units of the Fund. management fees and other special expenses.C A S T L E R O C K T O TA L R E T U R N F U N D reverse repurchase and securities lending agreements are subject to certain risks. See “Who Should Invest In This Fund” on page 26 for additional information. • Credit Risk. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. At the beginning of each year. Allocations of distributions on account of income and capital gains among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. economic or political conditions. in the opinion of the Manager and its portfolio sub-advisors. These allocations vary between series to reflect different net asset values. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk. • Investments in Emerging Countries. Reverse Repurchase and Securities Lending Agreements. • Cash Deposit Risk. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. • Risks of Investments in Other Mutual Funds. • Market Risk. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. and • Series Risk. Distributions on Series T(A) units and Series T(B) units are not guaranteed to occur on a specific date and the Fund is not responsible for any fees or charges incurred by you because the Fund did not effect a distribution on a particular day. • Risks of Large Unitholders and of Unit Transactions. depending upon market conditions and the impact of the distribution on the Fund. at no cost. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. of monthly distributions made on Series T(A) units and Series T(B) units during the year will not be determined with certainty until after the end of the Fund’s taxation year. 2011. The Fund may distribute capital at any time on one or more series of units. Reverse Repurchase and Securities Lending Agreements.

economic or political conditions. The investments are primarily denominated in Canadian dollars. 6 1 . Investing in and using repurchase. RRIFs. See “Risks of Using Repurchase. To fulfil its fundamental investment objective. to use derivatives like options. provincial or municipal government bonds. among other reasons. LIRAs. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. index participation units and other similar instruments for hedging and nonhedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. including credit analysis. To the extent the Fund is in a defensive position. but not required. • Interest Rate Sensitive Securities. (2) Investment Strategy In analyzing a prospective investment. Series B units. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. the Fund focuses on intermediate to long term bonds.PA R T B . Reverse Repurchase and Securities Lending Agreements. units are qualified investments for RRSPs. 2000 (February 1. market sentiment and technical conditions. See “Risks of Using Derivatives” for a description of the nature of each type of derivative that may be used. • International Investment Exposure. gain exposure to the underlying securities. corporate bonds and asset-backed mortgage securities and to invest in money market instruments. The Fund may from time to time use repurchase. The sub-advisor intends to meet the Fund’s investment objective by using “top-down” analysis to determine which industries may benefit from current and future changes in the economy. The sub-advisor assesses such factors as a company’s business environment. Notes: (1) Effective May 9. balance sheet. the investment policy of the Fund is to invest in a wide variety of Canadian bond issues including Canadian federal. economic or political conditions. Subject to compliance with applicable registration and proficiency requirements. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. or enter into specified derivative transactions for which the underlying interest is based on the securities of. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. RLIFs.” The Fund is permitted to invest some of its assets in securities of other mutual funds. 2008. The Fund may implement hedging strategies. Series D units(1). The Manager may re-open Series D units of this Fund to new subscriptions in the future. other mutual funds. The Fund may enter into repurchase.” The Fund will limit these transactions to parties that have. The investment process includes an investment strategy about the economic environment using such indicators as global monetary and fiscal policies. the Fund is permitted. 2006 for Series F units) Securities Offered Five series of units of a mutual fund trust namely Series A units. current economic data. 2008 and automatically reinvested distributions. PRIFs. the sub-advisor uses quantitative and qualitative factors. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. • Cash Deposit Risk. security selection and adjustment of the Fund’s average maturity. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. indexes or currencies without investing in them directly. swaps. anticipated earnings and management team. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. in the opinion of the Manager and its portfolio sub-advisors. • Risks of Investments in Other Mutual Funds. adequate resources and financial strength. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. The Fund may invest a maximum of 30% of its assets (book value) in foreign securities. 2005 for Series A units and June 13. Fund details Type of Fund Canadian Bond Start Date May 1. LIFs. See “Risks of Investments in Other Mutual Funds. income statement. reverse repurchase and securities lending agreements are subject to certain risks. See “Risks of Using Repurchase. forward contracts.” With the exception of index participation units. Investing in and using derivative instruments are subject to certain risks. See “Risks of Using Derivatives. (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. • Investments in Emerging Countries. • Credit Risk. LRSPs. The Fund may from time to time use these instruments to. The sub-advisor then selects individual securities that appear comparatively undervalued within selected industries by using fundamental analysis to identify specific sectors and securities to fulfil the objective of the Fund. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk. To the extent the Fund is in a defensive position.What does the fund invest in? Castlerock Canadian Bond Fund Investment Objective The fundamental investment objective of Castlerock Canadian Bond Fund is to seek a high level of current income consistent with prudent risk by investing primarily in high quality Canadian bonds. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. The Fund does not currently intend to enter into reverse repurchase agreements or securities lending agreements. manage risks and implement investment strategies more efficiently. Although there is no minimum or maximum average term to maturity. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. Series F units and Series I units Eligible for Registered Plans Yes. the Fund does not intend to purchase securities of. futures.

any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. not by the Fund (which fees will not exceed the management fees applicable to the Series D units).81 $10.11 $225. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. You will find an explanation of each risk starting on page 2 of this document. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of the Fund’s financial year ended December 31. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. the only unitholder of the Fund which. by contacting us using the information found at the back of this prospectus. The Fund pays for some expenses out of Fund assets. 6 2 . Reverse Repurchase and Securities Lending Agreements. Distributions paid by a Fund on units are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash.53 $40. The Fund has made such an election.PA R T B . Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance.62 10 years $161. These allocations vary between series to reflect different net asset values. The information presented in the table assumes that you invest $1. We review the risk levels on an annual basis. • Risks of Using Derivatives. Although your costs may be higher or lower. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. See “Who Should Invest In This Fund” on page 26 for additional information.30 5 years $70. Allocations of distributions among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units.80 $56. based on these assumptions your costs would be: 1 year Series A units Series B units Series D units Series F units $12.38 $32. Please also see “Fees and Expenses Payable Directly by You”. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund.58% of the outstanding units of the Fund.25 3 years $40.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.81 $17.09 $70. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 2010. The Fund may distribute capital at any time.11 $128. 2011. the Fund intends to distribute income earned by the Fund monthly on or about the last day of the month. your investment has an annual return of 5%. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Additional distributions may be made at the Manager’s discretion.38 $56. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. and • Series Risk. The timing of such distributions is within the discretion of the Manager. beneficially held more than 10% of the units of the Fund was the Castlerock Balanced Portfolio Fund. management fees and other special expenses. if any. Funds with higher standard deviations are generally classified as being more risky. • Risks of Using Repurchase. In addition.CASTLEROCK CANADIAN BOND FUND • Risks of Large Unitholders and of Unit Transactions. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. at no cost.56 $161.80 $99. Fund expenses indirectly borne by investors Large Unitholders As at June 30. No sales charge is payable upon automatic reinvestment of distributions. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. which held 11.89 Who should invest in this fund? This Fund is intended for those investors seeking a high current income from investments primarily in mid to long-term bonds.93 $12. to the knowledge of the Manager. This Fund may be suitable if you are investing for a short and/or medium term and are willing to accept a low degree of risk. The manner in which we identify risks is available on request.

futures. including: • management style • investment performance and consistency • risk tolerance levels • calibre of reporting procedures • quality of the manager and/or portfolio advisor. style. LIRAs. The review process consists of an assessment of the Underlying Funds. but not required. Factors such as adherence to stated investment mandate. investment management process. See “Risks of Using Derivatives.PA R T B . The portfolio advisor to the Fund decides how much of the Fund’s assets are invested in equity and fixed income securities according to market conditions. but offer a higher yield than investment grade bonds. assets. The Fund is not limited to how much it invests in each geographic region. As part of this evaluation. We review and monitor the performance of the Underlying Funds in which we invest. Fund details Type of Fund Diversified Income Start Date February 9. With the exception of index participation units. RLIFs. RRIFs. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Fund in order that a leveraged portfolio cannot be created. swaps. 6 3 . Equity investments may include common shares. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. risk adjusted return measures. either directly or by gaining exposure to other mutual funds through derivatives. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. This will vary according to market conditions. among other reasons. consistency and continued portfolio fit may be considered. preferred shares and real estate investment trusts (REITs). and similar high yielding investments. The portfolio advisor to the Fund will actively manage the equity. or enter into specified derivative transactions for which the underlying interest is based on the securities of. and cash components of the fund. This process may result in suggested revisions to weightings of the Underlying Funds.What does the fund invest in? Castlerock Enhanced Yield Fund Investment Objective The fundamental investment objective of Castlerock Enhanced Yield Fund is to generate a high level of income through exposure to a portfolio of fixed income and highyielding equity securities throughout the world. fixed income. manage risks and implement investment strategies more efficiently. These investments may be denominated in or have exposure to foreign currencies. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. meaning corporate debt rated below BBB. Investing in and using derivative instruments are subject to certain risks. Series F units and Series I units Eligible for Registered Plans Yes. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. to use derivatives like options. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. forward contracts and swaps to: • hedge against losses from changes in the prices of the Fund’s investments and from exposure to foreign currencies • gain exposure to individual securities and markets instead of buying the securities directly. The Fund may also invest in emerging market bonds. The Fund may also invest in corporate bonds that have a below-investment grade credit rating or are unrated. other mutual funds.” The Fund is permitted to invest up to 100% of its assets in securities of other mutual funds. The Fund may from time to time use these instruments to. indexes or currencies without investing in them directly. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. The portfolio advisor to the Fund may use techniques such as underlying fundamental analysis to assess growth and value potential. When deciding to buy or sell an investment. See “Risks of Investments in Other Mutual Funds. royalty trusts. Fixed income securities may include investment grade corporate and government fixed income securities throughout the world. convertible bonds and floating rate debt instruments. forward contracts. its industry and the overall economy. where possible. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. units are qualified investments for RRSPs. gain exposure to the underlying securities.(1) Investment Strategy The Fund invests primarily in companies throughout the world that have the potential for growth and value in their industry and then considers the impact of economic trends. the Fund does not intend to purchase securities of. the portfolio advisor to the Fund: • analyzes credit ratings • analyzes financial data and other information sources • assesses the quality of management • conducts company interviews. At no time will the Fund invest more than 50% of its assets in non-investment grade corporate debt. Series B units. futures. LIFs. Subject to compliance with applicable registration and proficiency requirements. LRSPs. The Fund may implement hedging strategies. PRIFs. The portfolio advisor to the Fund may also choose to use warrants and derivatives such as options. 2011 Securities Offered Four series of units of a mutual fund trust namely Series A units. This means evaluating the financial condition and management of each company. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. the Fund is permitted. It may also invest in bank loans. the inclusion of new Underlying Funds or the removal of one or more Underlying Funds.” In selecting other mutual funds. the portfolio manager will assess a variety of criteria. returns. the portfolio advisor to the Fund considers whether the investment is a good value relative to its current price.

PA R T B . No sales charge is payable upon automatic reinvestment of distributions. These allocations vary between series to reflect different net asset values. by contacting us using the information found at the back of this prospectus. reverse repurchase and securities lending agreements are subject to certain risks. • Risks of Using Derivatives. In addition. Reverse Repurchase and Securities Lending Agreements. See “Who Should Invest In This Fund” on page 26 for additional information. • Investments in Emerging Countries. The manner in which we identify risks is available on request. Reverse Repurchase and Securities Lending Agreements.CASTLEROCK ENHANCED YIELD FUND The Fund may enter into securities lending transactions. repurchase transactions and reverse repurchase transactions to the extent permitted by the Canadian securities regulators. and you are willing to accept a low to medium degree of risk. you are investing for the medium term. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. beneficially held more than 10% of the units of the Fund was CI Investments Inc. the difference is a return of capital. • Interest Rate Sensitive Securities. To the extent the Fund is in a defensive position. Allocations of distributions among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. 6 4 . Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. at no cost. if any. • Risks of Investments in Other Mutual Funds. Investing in and using repurchase.” The Fund will limit these transactions to parties that have. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. You will find an explanation of each risk starting on page 2 of this document. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. We review the risk levels on an annual basis. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. The Fund may distribute capital at any time. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. economic or political conditions. adequate resources and financial strength. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. the only unitholder of the Fund which. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility. If the Fund earns less than the amount distributed.. Distributions paid by a Fund on units are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. • Risks of Using Repurchase. To the extent the Fund is in a defensive position. See “Risks of Using Repurchase. • Market Risk.54% of the outstanding units of the Fund. in the opinion of the Manager and its portfolio sub-advisors. • Cash Deposit Risk. management fees and other special expenses. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. it will distribute the excess each December. but they will reduce the Fund’s returns. The Fund intends to make such an election. Funds with higher standard deviations are generally classified as being more risky. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. which held 25. • Credit Risk. You do not pay the Fund’s expenses directly. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. Additional distributions may be made at the Manager’s discretion. 2011. Since this is a new Fund there is no data currently available. Fund expenses indirectly borne by investors Large Unitholders As at June 30. • Risks of Large Unitholders and of Unit Transactions. If the Fund earns more income or capital gains than the fixed distribution. • International Investment Exposure. The timing of such distributions is within the discretion of the Manager. the Fund expects to make a fixed distribution each month on or about the last day of the month. and • Series Risk. Who should invest in this fund? This Fund may be suitable to you if you want to receive income. The Fund may from time to time use repurchase. economic or political conditions. See “Risks of Using Repurchase. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. to the knowledge of the Manager. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk.

Series F units and Series I units Eligible for Registered Plans Yes. The Fund may enter into repurchase. The Fund may implement hedging strategies. The investment team uses “top-down” analysis to determine which securities may benefit or be harmed from current and future changes in the economy. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. or enter into specified derivative transactions for which the underlying interest is based on the securities of. The overall investment approach of the sub-advisor’s team emphasizes security selection and maturity management. lower quality fixed income securities including debt obligations of issuers located in emerging markets. including credit analysis. 6 5 . and preferred stock. asset backed securities and commercial mortgage backed securities. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. In the case of “split-rated” securities (i. convertible securities. The Fund will generally hold a diversified portfolio of investments in various sectors. Investing in and using derivative instruments are subject to certain risks. Non investment grade debt securities are commonly referred to as “high yield” or “junk bonds”.e. appear either attractive or unattractive. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. but not required. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. or securities. The Fund may from time to time use these instruments to. PRIFs. Derivatives can only be used if sufficient cash or cash-equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. economic or political conditions. including but not limited to bank loans or loan participation interests in secured. LIFs.(1) The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Subject to compliance with applicable registration and proficiency requirements. manage risks and implement investment strategies more efficiently. Notes: (1) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisors. LRSPs. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. reverse repurchase or securities lending agreements. The Fund may invest in debt securities of any maturity. the lower (i. LIRAs. among other reasons.What does the fund invest in? Castlerock Global High Income Fund Investment Objective The fundamental investment objective of Castlerock Global High Income Fund is to provide a high level of current income with the potential for capital appreciation. which if unrated are determined by the Fund’s sub-advisor. from a yield perspective. reverse Fund details Type of Fund Global Bond Start Date July 7. This may include high quality government. Investment Strategy The Fund seeks to achieve its goal by investing primarily in global debt securities. second lien or unsecured variable.. 2008 Securities Offered Four series of units of a mutual fund trust namely Series A units. forward contracts. Non-investment grade debt securities are those securities rated below BBB by Standard & Poor’s (or the equivalent rating from another rating agency). securities assigned non-equivalent credit quality ratings. The Fund does not currently intend to enter into repurchase. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective.” The Fund may use derivatives to minimize exposure to currency fluctuations between global currencies and the Canadian dollar. but are not limited to securities issued by sovereign governments. non-government and corporate bonds as well as higher yielding. the Fund does not intend to purchase securities of. swaps.” With the exception of index participation units. the sub-advisor uses quantitative and qualitative factors. in highly rated securities as well as non-investment grade debt securities and foreign debt securities. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. RLIFs. although the Fund is not required to invest in all sectors at all times and may invest 100% of assets in one sector if conditions warrant.e. units are qualified investments for RRSPs. The Fund is permitted to invest some of its assets in securities of other mutual funds. The Fund focuses its investments. such as Baa by Moody’s but BB by Standard & Poor’s but B by Fitch) the Fund’s sub-advisor will determine whether a particular security is considered investment grade or below investment grade as follows: (a) if all three credit rating agencies have rated a security the median credit rating is used for this determination and (b) if only two credit rating agencies have rated a security. RRIFs. See “Risks of Using Derivatives” for a description of the nature of each type of derivative which may be used. See “Risks of Investments in Other Mutual Funds. security selection. In choosing investments. Highly rated securities include. futures.PA R T B . other mutual funds. in each case rated AA or higher by Standard & Poor’s (or the equivalent rating from another rating agency). most conservative) credit rating is used. The Fund may also invest in other asset classes of Canadian or foreign issuers. to be of comparable quality. Foreign securities are securities issued by foreign governments or corporations. indexes or currencies without investing in them directly. the Fund is permitted. including issuers located in emerging markets. gain exposure to the underlying securities. The investment team then selects individual securities to buy or sell which. Investing in and using repurchase. under normal circumstances. fixed or floating rate loans. To fulfill its objective the investment policy of the Fund is to invest primarily in global debt securities. Series B units. to use derivatives like options. The Fund may from time to time use repurchase. To the extent the Fund is in a defensive position. adjustment of foreign exchange exposure and the Fund’s average maturity. See “Risks of Using Derivatives. See “Risks of Using Repurchase.

See “Risks of Using Repurchase.98 $11. This Fund may be suitable if you are investing for a medium term and are willing to accept a low to medium degree of risk. by contacting us using the information found at the back of this prospectus. in the opinion of the Manager and its portfolio sub-advisors. • Investments in Emerging Countries. • Risks of Investing in Bank Loans and Loan Participations. Distribution policy Income tax legislation allows a qualifying mutual fund to elect to have a taxation year end of December 15 instead of December 31. See “Who Should Invest In This Fund” on page 26 for additional information. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. Although your costs may be higher or lower.PA R T B .16%. In addition. and • Series Risk. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. your investment has an annual return of 5%. based on these assumptions your costs would be: 1 year Series A units Series B units Series F units $18. The manner in which we identify risks is available on request. if any. The Fund distributes the income earned by the Fund and the net capital gains made by the Fund at least annually on a day between December 15 and December 31 to ensure there is no income tax payable by the Fund under the Tax Act. • Market Risk.000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods. • Interest Rate Sensitive Securities. and Castlerock Conservative Portfolio. as that incurred (on an annualized basis) in respect of the Fund’s financial year ended December 31. Distributions paid by a Fund on units are automatically reinvested in whole or fractional units of the Fund unless the unitholder makes a written request for payments in cash. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. Reverse Repurchase and Securities Lending Agreements.22 Who should invest in this fund? This Fund is intended for those investors seeking a high level of income with the potential for some capital gains through exposure to a diversified portfolio of fixed income securities. Castlerock Balanced Portfolio. • Credit Risk. To the extent the Fund is in a defensive position. which held 21. Additional distributions may be made at the Manager’s discretion. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. Funds with higher standard deviations are generally classified as being more risky. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. The information presented in the table assumes that you invest $1. the Fund intends to distribute income earned by the Fund monthly on or about the last day of the month. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. beneficially held more than 10% of the units of the Fund were Castlerock Balanced Growth Portfolio. • Risks of Large Unitholders and of Unit Transactions. • International Investment Exposure. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility.CASTLEROCK GLOBAL HIGH INCOME FUND repurchase and securities lending agreements are subject to certain risks. • Risks of Investments in Other Mutual Funds.99 $37. We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund.15 5 years $101. • Concentration Risk. The Fund has made such an election. From time to time the Fund may invest some or all of its assets in cash or high quality money market securities for temporary defensive purposes in response to adverse market. at no cost. economic or political conditions.65% and 15. • Cash Deposit Risk. and the Fund’s management expense ratio during the periods indicated remain.” The Fund will limit these transactions to parties that have. These allocations vary between series to reflect different net asset values. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. 2010. We review the risk levels on an annual basis.45 $19. Allocations of distributions among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. What are the risks of investing in this fund? The risks of investing in this Fund are: • Asset Backed and Mortgage Backed Securities Risk. Please also see “Fees and Expenses Payable Directly by You”. No sales charge is payable upon automatic reinvestment of distributions. Reverse Repurchase and Securities Lending Agreements. • Risks of Using Repurchase. • Risks of Using Derivatives. the only unitholders of the Fund which.15 $62. management fees and other special expenses. Large Unitholders As at June 30.00 $251. 2011. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined. not by the Fund (which fees will not exceed the management fees applicable to the Series A units). The Fund may distribute capital at any time.12 10 years $232. 6 6 .92 $110.62% respectively of the units of the Fund. The timing of such distributions is within the discretion of the Manager. to the knowledge of the Manager. No information is provided in respect of Series I units as management fees for Series I units are negotiated and paid directly by the investor. adequate resources and financial strength. 22. You will find an explanation of each risk starting on page 2 of this document.78 3 years $58.41 $65.33 $148.

Eligible for Registered Plans Yes. and • Series Risk.” With the exception of index participation units. In addition. commercial paper. reverse repurchase and securities lending agreements are subject to certain risks.(2) The Fund may enter into repurchase.What does the fund invest in? Castlerock Canadian Money Market Fund Investment Objective The fundamental investment objective of Castlerock Canadian Money Market Fund is to seek current income while preserving invested capital by investing primarily in short term Canadian money market instruments. index participation units and other similar instruments for hedging and non hedging purposes and for the purpose of making a profit provided the use of derivatives is consistent with the Fund’s objectives and is permitted by Canadian securities laws. and • Risks of Yield Fluctuations. Investing in and using derivative instruments are subject to certain risks. Reverse Repurchase and Securities Lending Agreements” for a description of the nature of each type of agreement which may be used. 2000 (February 1. • Interest Rate Sensitive Securities. manage risks and implement investment strategies more efficiently. although this cannot be guaranteed. In order to qualify as a “money market fund” within the meaning of National Instrument 81-102 (“NI 81-102”). economic or political conditions. It may be changed by the Manager only with the sanction of a resolution passed by a majority of the votes cast at a meeting of the unitholders of the Fund duly convened for that purpose and held in accordance with the applicable provisions of its Declaration of Trust. provided such investment is consistent with the Fund’s objective and is permitted by Canadian securities laws. See “Risks of Using Derivatives” for a description of the nature of each type of derivative that may be used. but not required. RRIFs. including other mutual funds managed by the Manager or an affiliate or associate of the Manager or securities of a foreign mutual fund. Fund details Type of Fund Canadian Money Market Start Date May 1. reverse repurchase and securities lending agreements to the extent permitted by the Canadian securities regulators. Notes: (1) Effective May 9.” The Fund will limit these transactions to parties that have. Subject to compliance with applicable registration and proficiency requirements. or enter into specified derivative transactions for which the underlying interest is based on the securities of. LIFs. gain exposure to the underlying securities. Although the Fund intends to maintain a constant price for its units. • Risk of Using Derivatives. Investment Strategy The Fund attempts to preserve invested capital. The Fund purchases securities that the sub-advisor believes offer attractive returns relative to the risks undertaken. The Fund may from time to time use repurchase. produce a steady income stream and maintain a stable net asset value. forward contracts. To fulfil its fundamental investment objective. Reverse Repurchase and Securities Lending Agreements. PRIFs. to use derivatives like options. This Fund may be suitable if you are investing for a short term and are willing to accept a low degree of risk. reverse repurchase and securities lending agreements to maximize returns and for temporary defensive purposes in response to adverse market. Derivatives can only be used if sufficient cash or cash equivalent securities are held by the Funds in order that a leveraged portfolio cannot be created. Who should invest in this fund? This Fund is intended for those investors seeking a steady source of income with stability of capital as well as for those investors wishing to diversify an investment or retirement account with a conservative and liquid investment with minimal risk of a fluctuation in the Fund’s net asset value. (ii) Series B units. the Fund is permitted. short-term government securities. other mutual funds. RLSPs and TFSAs Portfolio Sub-Advisor CI Investments Inc. the Fund does not intend to purchase securities of. RLIFs. 2005 for Series A units) Securities Offered Three series of units of a mutual fund trust namely: (i) Series A units. reverse repurchase or securities lending agreements. there is no guarantee that the price will not go up and down. 2008 and automatically reinvested distributions. indexes or currencies without investing in them directly. See “Risks of Investments in Other Mutual Funds. The Manager may re-open any of these series of units of this Fund to new subscriptions in the future. but not limited to.PA R T B . 2008. The fundamental investment objective of the Fund is contained and/or incorporated by reference in its Declaration of Trust. Reverse Repurchase and Securities Lending Agreements. units are qualified investments for RRSPs. bankers acceptances and other short-term instruments. Castlerock Canadian Money Market Fund has adopted the standard restrictions related to investments of money market funds set out in NI 81-102. in the opinion of the Manager and its portfolio sub-advisors. The Fund does not currently intend to enter into repurchase. futures. swaps. You will find an explanation of each risk starting on page 2 of this document. Series D units of this Fund were closed to new subscriptions other than purchases through systematic investment programs or systematic transfer plans established prior to May 9. The Fund may implement hedging strategies. See “Risks of Using Derivatives. LRSPs.” The Fund is permitted to invest some of its assets in securities of other mutual funds. Investing in and using repurchase. • International Investment Exposure. See “Risks of Using Repurchase. the average maturity of the portfolio will be adjusted in anticipation of interest rate changes. (iii) Series D units(1). among other reasons. • Risks of Using Repurchase. the investment policy of the Fund is to invest in Canadian money market instruments including. What are the risks of investing in this fund? The risks of investing in this Fund are: • Cash Deposit Risk. To the extent the Fund is in a defensive position. adequate resources and financial strength. the Fund may lose the benefit of upswings and limit its ability to meet its investment objective. LIRAs. The Fund may from time to time use these instruments to. • Risks of Large Unitholders and of Unit Transactions. 6 7 . (2) The Manager is responsible for the investment advice and portfolio management services provided by the portfolio sub-advisor. See “Risks of Using Repurchase.

See “Who Should Invest In This Fund” on page 26 for additional information. These allocations vary among series to reflect different net asset values. Additional distributions may be made at the Manager’s discretion. Please also see “Fees and Expenses Payable Directly by You”. Allocations of distributions among series of units are generally made based upon the income and capital gains of the Fund attributable to each series of units. The following table is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. but paid monthly to ensure there is no income tax payable by the Fund under the Tax Act. income is accrued and credited as a distribution daily. We review the risk levels on an annual basis. Management fee distributions will generally be paid first out of net income and/or net capital gains of the Fund and otherwise as a return of capital. by contacting us using the information found at the back of this prospectus. based on these assumptions your costs of investing in units of Castlerock Canadian Money Market Fund would be: 1 year Series A units Series B units Series D units $4. For the Fund. Distributions are only made to those unitholders who are unitholders of record at the time the amounts of such distributions are determined.13 $59.71 $4.89 5 years $23.35 10 years $54. Funds with higher standard deviations are generally classified as being more risky. Although your costs may be higher or lower.30 $4. and the Fund’s management expense ratios during the periods indicated remain as that incurred in respect of each Fund’s financial year ended December 31. The information presented in the table assumes that you invest $1.CASTLEROCK CANADIAN MONEY MARKET FUND We determine the risk level for the Fund by reviewing the fund type and standard deviation of the Fund.42 Distribution policy The Fund distributes sufficient net taxable income and net taxable capital gains (if any) to its unitholders in the year earned to ensure there is no income tax payable by the Fund under the Tax Act. at no cost. 2010. Where a unitholder who is entitled to management fee distributions redeems all of the applicable units. Distributions paid by a Fund on units are automatically reinvested in whole or fractional units of the Fund of the same series or series as the units in respect of which such distribution is made unless the unitholder makes a written request for payments in cash.41 3 years $13. Fund expenses indirectly borne by investors The Fund pays for some expenses out of Fund assets. Historical performance may not be indicative of future returns and a Fund’s historical volatility may not be an indication of its future volatility.86 $13. if any. Management fee distributions (where applicable) will be calculated and credited daily and distributed quarterly or on such other basis as the Manager may determine. your investment has an annual return of 5%. No sales charge is payable upon automatic reinvestment of distributions.78 $26. The Fund may distribute capital at any time. Details of distributions will be included in the Fund’s financial statements and/or management reports of fund performance. The timing of such distributions is within the discretion of the Manager. Where a unitholder has redeemed all his units of a particular series or series distributions in respect of such units shall be paid to the unitholder in cash at the time of the redemption payment. any unpaid management fee distributions shall be paid in cash at the time of the redemption rather than being reinvested in units. management fees and other special expenses.57 $14. Distributions of income are expected to be made monthly on or about the last day of the month. The manner in which we identify risks is available on request. 6 8 .000 in units of the Fund for the time periods indicated and then sell all of your units at the end of those periods.29 $55.PA R T B .05 $24.

such as information circulars and material contracts. Ontario M5C 3G7 Telephone toll free number 1 800 268 9374 Auditor PricewaterhouseCoopers LLP Royal Trust Tower.com or by writing to the Manager at the address above. Suite 3000 Toronto. 2 Queen Street East. Toronto. management report of fund performance and financial statements. These documents and other information about the Funds.sedar. Dividend Growth Fund Castlerock Canadian Dividend Fund Castlerock Canadian Dividend Growth Fund Castlerock Canadian Growth Companies Fund Castlerock Canadian Stock Fund Castlerock Canadian Value Fund Castlerock Pure Canadian Equity Fund Castlerock Canadian Balanced Fund Castlerock Global Balanced Fund Castlerock Total Return Fund Castlerock Canadian Bond Fund Castlerock Enhanced Yield Fund Castlerock Global High Income Fund Castlerock Canadian Money Market Fund Manager.CA Castlerock Mutual Funds Simplified Prospectus dated July 27.com. Twentieth Floor. registrar and transfer agent CI Investments Inc. by calling toll free at 1 800 268 9374 or.TORONTO | 2 Queen Street East. CR_PRO_07/11E . 12th Floor Toronto. TD Centre. from your dealer. You can get a copy of these documents at your request. which means that they legally form part of this document just as if they were printed as part of this document. and at no cost.CASTLEROCKINVESTMENTS. These documents are incorporated by reference into this Simplified Prospectus. Ontario M5K 1G8 Custodian RBC Dexia Investor Services Trust Royal Trust Tower.S. or by e mail at castlerockservice@ci. are also available at www. Ontario M5W 1P9 Additional information about the Funds is available in each Fund’s Annual Information Form. 77 King Street West. 2011 Castlerock Growth Portfolio Castlerock Balanced Growth Portfolio Castlerock Balanced Portfolio Castlerock Conservative Portfolio Castlerock Capital Appreciation Fund Castlerock Global Leaders Fund Castlerock International Equity Fund Castlerock U. Ontario M5C 3G7 | 1-800-268-9374 or 416-364-1145 | CALGARY | 1-800-776-9027 or 403-205-4396 | MONTREAL | 1-800-268-1602 or 514-875-0090 | VANCOUVER | 1-800-665-6994 or 604-681-3346 | CLIENT SERVICES | 1-877-540-4828 or 416-306-6091 | WWW. Twentieth Floor Toronto.

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