IA Clarington Target Click 2020

Industrial Alliance Investment Management Inc. assumed portfolio advisory responsibilities for the Fund, effective
December 5th, 2011. For Fund fact sheets with performance to November 30, 2011 the performance data contained herein reflects the performance of the Fund under the management of the Fund's former sub-advisor, BNP Paribas Investment Partners Canada Ltd.

Effective July 1st, 2010, the management fee of Series A units of the Fund decreased from 2.35% to 2.30%, as
disclosed in the Fund's simplified prospectus, which is expected to lower the MER of the Fund over time. The equity
component of the Fund is invested in another mutual fund, (the "Underlying Fund") which aims to obtain enhanced
exposure to equity markets around the world through the use of derivatives. The Underlying Fund's performance is
magnified in relation to the performance (positive  and negative) of its benchmark index, the MSCI World Index
(local currency). For the most recent 12 month period ending June 30, 2011, the magnification of the Underlying
Fund is 2.3X and has ranged from 2.06 to 3.29 times on a calendar year basis. Over shorter time periods, the
effective magnification has varied significantly from these averages. The graphical representation is intended to
illustrate the concept of this enhancement based on the historical magnification of the Underlying Fund's
performance in relation to its benchmark since inception. The actual future enhancement of the Underlying Funds
performance, if any, will depend on a number of factors, including currency fluctuations, the cost and availability
of suitable derivative instruments and general market conditions, and could vary significantly from the amount
shown above. Please consult the Fund's simplified prospectus for more information about the Underlying Fund.


Important Information on the Guarantee

Each of the IA Clarington Target Click Funds (the "Funds") holds fixed income securities issued by the Canadian
federal or provincial governments that support payment on the Fund's maturity date of the highest month-end net
asset value per unit achieved during the life of the Fund. In normal circumstances, it is expected that this fixed
income component would ensure payment of the guaranteed value. In addition to the fixed income component,
Industrial Alliance Insurance and Financial Services Inc. ("Industrial Alliance"), the parent company of the
Portfolio Advisor to the Funds, has provided a guarantee to each of the Funds that it will pay any shortfall to
the Fund if the net asset value of any Fund is less than its guaranteed value at maturity. If such a payment were
required to be made, it would be subject to the creditworthiness of Industrial Alliance.

Each Fund's maturity date will occur on June 30 of the year specified in the Fund's name. The guaranteed amount
will benefit the investors who hold units of the Fund on that maturity date. In some circumstances, the maturity
date for a Fund may be accelerated, in which case the Fund will pay the greater of the net asset value on that
accelerated maturity date and the net present value of the guaranteed amount, less any applicable redemption
charges.

*IA Clarington Investments Inc., manager of the IA Clarington Target Click 2020 (the "Fund"), currently waives some of its management fees or absorbs some expenses that would normally be charged to the Fund. This is done at the manager’s discretion, and may continue for an indeterminate period of time but may also be terminated at any time. The management expense ratio ("MER") for this series of the Fund published above is calculated after waivers and absorptions have been taken into account, using information available from the interim period ending 06/30/2011. The actual MER of the this series of the Fund before waivers and or absorptions is 2.71%
Important information and disclaimer