Fund Facts
as at April 30, 2013

Top Holdings
as at April 30, 2013

Volatility Meter

Low	High
Based on 3-year standard deviation relative to other funds in its category, from Globe Investor.

Equity Style and Capitalization Overview

(Class A)

Objective

The fund's objective is to obtain income and capital appreciation through exposure to high yield corporate bonds and other income-producing securities throughout the world. The fund will obtain this exposure primarily by entering into drivatives, but may hold fixed income adn equity securities directly from time to time.

Compound Returns and Quartile Rankings
as at April 30, 2013

Performance Data

This chart shows you the fund´s annual performance and how an investment would have changed over time.

Current Value of a $10,000 Investment

Compare With CI Peer	CI Signature High Yield Bond (US$) CI Signature High Yld Bd CC CI Signature High Yld Bd CC (US$) CI Signature High Yld Bd CC-AT5 CI Signature High Yld Bd CC-AT8
Initial Investment Amount
Time Frame	Start
	End

Fund Advisor Profile

Commentary

As at March 31, 2013

At Signature, we started 2013 with a positive outlook for equities on the basic premise that, led by the U.S., global economies and financial markets would continue to recover, but that the recovery would remain slower than traditional economic recoveries because of the dual headwinds of deleveraging and fiscal restraint.

We believed that so long as credit and capital markets remain open and functioning, then the U.S Federal Reserve's policies will force investors out of risk-free assets that now earn zero (negative returns after inflation) and toward global equities. While nothing has changed with respect to our views on the Fed, the dramatic change in policy at the Bank of Japan in early April only reinforces our view.

Having laid out our call for stronger global equity markets, it is also worth expressing our view on the key economic drivers around the world. In a nutshell, we remain most upbeat on the outlook for the U.S. private sector, followed by China's ability to manage slower yet still strong growth. In Japan, we expect a strong year but remain skeptical about longer-term structural reform. Europe will remained mired in a stagnant state of mild recession as it continues its internal rebalancing and debating what it should look like when it grows up. Ultimately, we expect the policy debate in Europe to shift from austerity and towards growth, but not before German elections in September. It is, however, important to bear in mind that buying European companies is not the same as buying into the European economies, and the concerns in Europe have resulted in attractive valuations for many European-listed multinationals with strong global franchises.

Source: The Globe and Mail Inc.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ^*Assets under management are as at the end of the most recent quarter ending March 31, June 30, September 30 or December 31.
* In light of the recent federal budget announcement, this fund is currently closed to new purchases as of April 15, 2013.

© 2013 CI Financial Corp.