2009 Semi-Annual Financial Statement – as at September 30, 2009
A look inside
Overview ..................................................................................................................................1
About the CI Funds Board of Governors and
Letter from the CI Funds Board of Governors...................................................................2
Equity Funds
CI American Equity Corporate Class..............................................................................................3
CI American Managers® Corporate Class .....................................................................................9
CI American Small Companies Corporate Class .........................................................................15
CI American Value Corporate Class.............................................................................................20
CI Canadian Investment Corporate Class....................................................................................26
CI Can-Am Small Cap Corporate Class ......................................................................................36
CI Emerging Markets Corporate Class ........................................................................................41
CI European Corporate Class .......................................................................................................47
CI Global Corporate Class............................................................................................................51
CI Global Health Sciences Corporate Class ................................................................................58
CI Global High Dividend Advantage Corporate Class.................................................................65
CI Global Managers® Corporate Class ........................................................................................73
CI Global Science & Technology Corporate Class.......................................................................79
CI Global Small Companies Corporate Class ..............................................................................84
CI Global Value Corporate Class..................................................................................................90
CI International Corporate Class..................................................................................................96
CI International Value Corporate Class .....................................................................................101
CI Japanese Corporate Class.....................................................................................................106
CI Pacific Corporate Class..........................................................................................................110
CI Value Trust Corporate Class ..................................................................................................115
Harbour Corporate Class............................................................................................................122
Harbour Foreign Equity Corporate Class ...................................................................................131
Signature Canadian Resource Corporate Class ........................................................................140
Signature Global Energy Corporate Class ................................................................................147
Signature Select Canadian Corporate Class .............................................................................153
Synergy American Corporate Class...........................................................................................163
Synergy Canadian Corporate Class ...........................................................................................169
Synergy Global Corporate Class ................................................................................................179
Balanced Funds
CI International Balanced Corporate Class ...............................................................................189
Harbour Foreign Growth & Income Corporate Class ................................................................199
Harbour Growth & Income Corporate Class..............................................................................208
Signature Global Income & Growth Corporate Class ...............................................................215
Signature Income & Growth Corporate Class...........................................................................222
Income Funds
CI Global Bond Corporate Class ................................................................................................236
CI Short-Term Corporate Class ..................................................................................................241
CI Short-Term US$ Corporate Class ..........................................................................................246
Signature Canadian Bond Corporate Class ..............................................................................251
Signature Corporate Bond Corporate Class ..............................................................................258
Signature Dividend Corporate Class .........................................................................................267
Signature High Income Corporate Class ...................................................................................276
Specialty Funds
CI Short-Term Advantage Corporate Class................................................................................287
Notes to the Financial Statements ....................................................................................292
Legal Notice..........................................................................................................................299
CI Investments Inc., the manager of the Funds, appoints independent auditors to audit the
Funds’ Annual Financial Statements. Under Canadian securities laws (National Instrument
81-106), if an auditor has not reviewed the Semi-Annual Financial Statements, this must be
disclosed in an accompanying notice.
The Funds’ independent auditors have not performed a review of these Semi-Annual Financial
Statements in accordance with standards established by the Canadian Institute of Chartered
Accountants.
– 1 –
Enclosed are the Financial Statements for your CI Investments mutu-
al funds for the six months ending September 30, 2009.
These financial statements also include a complete list of portfolio
holdings for each fund.
Additional information about your funds can be found on our website,
www.ci.com.
If you have any questions about your investments, please contact your
financial advisor. CI is proud to partner with advisors across Canada.
We believe investors are most successful when they follow an invest-
ment plan developed with the assistance of a qualified advisor.
You may also contact CI Client Services at 1-800-792-9355.
Thank you for investing with us.
ABOUT CI INVESTMENTS
CI has been investing on behalf of Canadians since 1965 and has
grown to become one of Canada’s largest investment fund companies.
We manage over $53 billion on behalf of two million Canadians.
CI is a subsidiary of CI Financial Corp., a TSX-listed financial
services firm with over $93.8 billion in fee-earning assets at
September 30, 2009.
CI provides one of the industry’s widest selections of investment prod-
ucts and services and a strong lineup of leading portfolio management
teams. Our portfolio management expertise is offered through several
platforms, including mutual funds, tax-efficient funds, segregated
funds, and managed solutions.
2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com
Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299
Semi-Annual Financial Statements as at September 30, 2009 – 2 –
The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the first
such fund governance bodies in Canada.
The Board of Governors acts as an independent governance body the Funds, providing impartial judg-
ment on conflicts of interest with a view to the best interests of the Funds and investors. The Board of
Governors recommends the best course of action to achieve a fair and reasonable result on any conflict
of interest issues, and CI takes into account its recommendation in accordance with its fiduciary duty to
the Funds. All of the members of the Board are independent of CI.
The Board of Governors mandate is set out in a separate charter and reviewed annually by
the Board to ensure its mandate conforms to the expectations and requirements of Canadian securi-
ties regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts
as an audit committee for the Funds for the purpose of reviewing the financial statements of the Funds
with the auditors of the Funds and reviews holdings, purchases and sales by the Funds of securities
of The Bank of Nova Scotia and CI Financial Corp.
The Board also reviews and discusses on a regular basis matters including compliance of the Funds
with CI’s relevant policies and procedures, approval of the Funds’ auditors and the fees paid to those
auditors, and the performance of the Board and its members.
The Board of Governors adheres to the requirements set out by Canadian securities regulators in
National Instrument 81-107 Independent Review Committee for Investment Funds which requires all
mutual funds in Canada to have independent review committees.
The Board of Governors are compensated as recommended by the Canadian securities regulators in
their rule and as set out in its mandate. These expenses are paid by CI and charged to the Funds as
part of their administration fee.
The members of the Board of Governors are:
William Harding, Managing Partner, Alpine Asset Advisors AG
Governor since June 2005
Stuart P. Hensman, Corporate Director
Governor since December 2004
Christopher M. Hopper, President, KLQ Mechanical Ltd.
Governor since May 2007
Sharon M. Ranson, President, The Ranson Group
Governor since December 2004
Further information regarding the Board is available at www.ci.com including the Board’s
full mandate.
About the CI Funds Board of Governors
The Funds Board of Governors is pleased to report on its activities in respect of the semi-annual peri-
od ended September 30, 2009 and to date. The Governors are appointed pursuant to the Declarations
of Trust governing the Funds.
The Governors have reviewed, commented on and approved the CI Code of Ethics and Conduct, which
establishes rules of conduct designed to ensure fair treatment of the Funds’ securityholders and that,
at all times, the interests of the Funds and their securityholders are placed above personal interests
of employees, officers and directors of the Manager and each of its subsidiaries and affiliates, the
subadvisers, and the Governors, through the application of the highest standards of integrity and eth-
ical business conduct. The CI Code of Ethics and Conduct requires the prior clearance of personal
trades and restricts the ability of staff to trade any securities held by the Funds. The objective is not
only to remove any potential for real conflict of interest but to avoid any perception of conflict. The
Manager's year 2008 report on compliance with the CI Code of Ethics and Conduct and other relevant
policies has been provided to the Governors in a timely and satisfactory manner.
The Governors report that management has been open and cooperative, permitting the Governors to
meet with subadvisers, to meet with individual department heads and personnel to review control
mechanisms and compliance procedures, including those relating to the personal securities trading
activity of employees, and to consider other matters that affect the Funds. During 2008, the Governors
also acted as the audit committee of the Funds. The audit committee reviewed, with the Funds’ audi-
tors, the planning, scope and results of the audit of the financial statements of the Funds for the year
2008. In March 2009, the Board of Governors received and accepted the Annual Financial Statements
of the Funds.
Stuart P. Hensman
Chair, Board of Governors
September, 2009
Letter from the CI Funds Board of Governors
– 3 –
CI American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INFORMATION TECHNOLOGY (26.0%) 3,800 Accenture PLC 130,952 151,632
535 Apple Computer Inc. 60,662 106,088 8,974 Cisco Systems Inc. 231,070 225,885
279 Google Inc., Class A 130,616 148,042 3,068 Hewlett-Packard Co. 135,007 154,876 1,223 International Business Machines Corp. 142,912 156,474
10,210 Microsoft Corp. 289,179 281,810 8,713 Oracle Corp. 180,705 194,221 2,148 QUALCOMM Inc. 103,508 102,983 9,732 Xerox Corp. 83,126 80,439
1,487,737 1,602,450 HEALTH CARE (16.1%)
3,177 Abbott Laboratories Inc. 166,934 168,066 1,756 Celgene Corp. 99,416 105,077 2,000 Gilead Sciences Inc. 105,924 98,821 2,594 Medco Health Solutions Inc. 127,686 153,472 6,600 Pfizer Inc. 111,023 116,735 2,996 St. Jude Medical Inc. 128,724 124,939 3,800 UnitedHealth Group Inc. 112,192 101,753 3,083 Vertex Pharmaceuticals Inc. 92,270 124,639
944,169 993,502 FINANCIALS (13.8%)
2,443 ACE Ltd. 127,637 139,752 3,605 Ameriprise Financial Inc. 154,873 140,262 1,300 Arch Capital Group Ltd. 87,720 93,880 3,800 Assurant Inc. 120,437 130,232 2,089 Endurance Specialty Holdings Ltd. 66,426 81,546 2,565 JP Morgan Chase & Co.* 95,406 120,175 6,058 US Bancorp 135,419 141,654
787,918 847,501 ENERGY (10.6%)
1,500 Anadarko Petroleum Corp. 69,737 100,615 1,600 EOG Resources Inc. 128,939 143,039
400 Noble Energy Inc. 27,397 28,218 3,000 Southwestern Energy Co. 134,536 136,829 1,100 Transocean Ltd. 94,888 100,730 3,300 XTO Energy Inc. 146,745 145,813
602,242 655,244 CONSUMER DISCRETIONARY (10.0%)
4,693 DIRECTV Group Inc.* 134,770 138,578 4,099 DR Horton Inc. 71,908 49,986 5,462 Urban Outfitters Inc. 106,944 176,373 8,591 Walt Disney Co. 231,753 252,208
545,375 617,145 INDUSTRIALS (8.3%)
1,268 Apollo Group Inc. 91,310 99,959 1,900 CSX Corp. 94,784 85,031 1,839 Danaher Corp. 127,030 132,253 2,300 Fastenal Co.* 90,942 95,225 1,400 General Dynamics Corp. 94,267 96,725
498,333 509,193
CONSUMER STAPLES (5.8%) 3,471 Hansen Natural Corp. 123,917 136,386
10,010 Kroger Co. 266,485 220,882 390,402 357,268
MATERIALS (3.9%) 2,693 Ecolab Inc. 107,813 133,236 1,278 Monsanto Co. 132,791 105,755
240,604 238,991 UTILITIES (3.7%)
7,300 AES Corp. 62,753 115,595 3,674 NRG Energy Inc. 97,331 110,809
160,084 226,404
Commission and other portfolio transaction costs (7,356)
Total Investments (98.2%) 5,649,508 6,047,698
Other Assets (net) (1.8%) 115,838
Total Net Assets (100.0%) 6,163,536
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 294
– 4 –
CI American Equity Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesAT5 SharesFT5 SharesAT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesAT5 SharesFT5 SharesAT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesAT5 SharesFT5 SharesAT8 Shares
6,048 4,903105 198
- -- -- -- -- -- -- -8 -- -- -3 2
6,164 5,103
- -- -- -- -- -- 3- 18- -- -- -- -- 21
6,164 5,082
5,650 5,286- -
5,622 4,635368 29255 4614 12
105 97
3.96 3.384.71 4.008.20 7.177.70 6.695.98 5.30
1,420,486 1,371,44878,045 72,805
6,737 6,4151,776 1,789
17,558 18,239
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesAT5 SharesFT5 SharesAT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesAT5 SharesFT5 SharesAT8 Shares
36 24- 2- 7- -- -- -
(4) (3)32 30
55 746 8- -- -3 4
64 86(32) (56)
- -(32) (56)
173 (1,073)(26) 2
(8) (18)- -
781 559920 (530)888 (586)
807 (535)53 (34)
8 (1)2 (2)
18 (14)
0.58 (0.36)0.68 (0.36)1.21 (0.46)1.17 (0.71)0.84 (0.96)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 5 –
CI American Equity Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
4,635 6,984
721 405- -
(594) (670)53 (115)
180 (380)
- -- -- -- -
807 (535)5,622 6,069
292 526
1 2- -
(16) (46)38 (4)23 (48)
- -- -- -- -
53 (34)368 444
46 7
2 55- -- -- -2 55
- -- -
(1) (1)(1) (1)8 (1)
55 60
12 17
- -- -- -- -- -
- -- -- -- -2 (2)
14 15
97 84
- 64- -- -
(5) 7(5) 71
- -- -
(5) (6)(5) (6)18 (14)
105 135
5,082 7,618
724 526- -
(610) (716)86 (112)
200 (302)
- -- -
(6) (7)(6) (7)
888 (586)6,164 6,723
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 6 –
CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,371,448 1,518,346194,493 85,550
- -(161,493) (141,347)
16,038 (24,232)1,420,486 1,438,317
72,805 97,467136 354
- -(3,912) (7,819)9,016 (627)
78,045 89,375
6,415 700322 5,789
- -- -- -
6,737 6,489
1,789 1,816- -- -
(13) (14)- -
1,776 1,802
18,239 10,570- 7,889- -- (48)
(681) 97017,558 19,381
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
3.96 4.22- -
3.96 4.22
4.71 4.970.01 0.014.72 4.98
8.20 9.220.01 0.018.21 9.23
7.70 8.570.01 0.017.71 8.58
5.98 6.98- -
5.98 6.98
– 7 –
CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
352 534359 570
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
8 18- 2
Annual management fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares
Annual fixed administration fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares
2.001.002.001.002.00
0.210.210.210.210.21
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 8 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Information Technology .......................................................................................................... 27.1Health Care ............................................................................................................................. 15.6Financials ................................................................................................................................ 13.9Consumer Discretionary .......................................................................................................... 11.8Energy ..................................................................................................................................... 7.1Industrials ............................................................................................................................... 6.9Materials ................................................................................................................................. 5.8Consumer Staples ................................................................................................................... 5.2Cash & Equivalents ................................................................................................................. 3.9Utilities .................................................................................................................................... 3.1Other Assets ........................................................................................................................... -0.4
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in the United States.
As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $605,000 (March 31, 2009 - $490,000). In practice, the actual results may differfrom this analysis and the difference may be material.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 6,155 99.9 Total - 6,155 99.9
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 5,095 100.3 Total - 5,095 100.3
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $616,000 (March 31, 2009 - $510,000).In practice, the actual results may differ from this analysis and the difference may be material.
CI American Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 9 –
CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INFORMATION TECHNOLOGY (20.9%) 41,600 Accenture PLC 1,428,139 1,659,974 12,400 Adobe Systems Inc. 448,612 438,244 18,300 Aecom Technology Corp. 557,034 531,752 13,800 Analog Devices Inc. 370,903 407,051 24,650 Apple Computer Inc. 2,998,204 4,887,985 32,900 Broadcom Corp.* 809,416 1,072,937 20,000 Check Point Software Technologies Ltd. 561,898 607,060
221,676 Cisco Systems Inc. 5,246,645 5,579,815 5,800 Google Inc., Class A 2,841,220 3,077,569
49,100 Hewlett-Packard Co. 2,123,956 2,478,630 76,200 Intel Corp. 1,259,010 1,594,962
6,100 International Business Machines Corp. 610,415 780,452 15,100 Lam Research Corp. 466,384 551,775
2,800 Mastercard Inc., Class A 616,909 605,501 89,500 Micron Technology Inc. 787,830 784,794
346,363 Microsoft Corp.* 9,244,928 9,560,110 89,400 ON Semiconductor Corp. 545,470 789,660
102,700 Oracle Corp. 1,891,571 2,289,284 7,400 Palm Inc.* 128,553 138,095
46,400 QUALCOMM Inc. 2,177,559 2,224,593 57,300 Seagate Technology 764,223 933,109 37,600 Skyworks Solutions, Inc. 410,782 532,191 48,700 Sybase Inc. 1,910,224 2,026,712 20,700 Tessera Technologies Inc. 341,328 618,112 68,310 Xerox Corp. 389,260 564,612
38,930,473 44,734,979 HEALTH CARE (16.0%)
30,700 Abbott Laboratories Inc. 1,510,820 1,624,059 66,480 Aetna Inc. 2,773,651 1,975,873 13,900 Amgen Inc. 945,341 896,347
8,099 Beckman Coulter Inc. 489,346 597,793 100,340 BioMarin Pharmaceuticals Inc. 1,674,470 1,936,950 141,010 Boston Scientific Corp. 2,637,610 1,597,291
51,340 Covidien PLC 2,143,890 2,377,335 43,100 DaVita Inc. 2,465,879 2,607,661 51,400 Eli Lilly and Co. 2,629,890 1,816,591 75,450 Endo Pharmaceuticals Holdings Inc. 1,713,715 1,828,068 29,400 Gilead Sciences Inc. 1,535,093 1,452,672
100,967 HealthSouth Corp. 2,728,208 1,690,693 32,500 Johnson & Johnson 2,132,006 2,115,957 32,050 Laboratory Corp. of America Holdings* 2,116,036 2,254,457 16,900 Medco Health Solutions Inc. 858,045 999,876 62,000 Merck & Co., Inc. 2,096,402 2,096,294 30,900 St. Jude Medical Inc. 1,241,609 1,288,589 71,200 Thermo Fisher Scientific Inc. 3,695,385 3,323,648 40,600 Vertex Pharmaceuticals Inc. 1,412,569 1,641,370
36,799,965 34,121,524 FINANCIALS (14.7%)
17,600 ACE Ltd. 928,599 1,006,807 29,500 Ameriprise Financial Inc. 1,486,530 1,147,771 38,500 Assurant Inc. 1,242,240 1,319,456 90,400 Bank of America Corp. 1,292,587 1,631,828 33,900 Bank of New York Mellon Corp. 1,205,496 1,052,195
FINANCIALS (14.7%) (cont’d)2,300 BlackRock Inc. (USD)* 357,042 531,826
26,000 Brookfield Properties Corp. (USD)* 268,674 313,444 44,780 Everest Re Group Ltd. 4,482,276 4,203,713 5,200 Franklin Resources Inc. 533,430 559,189 6,500 Goldman Sachs Group Inc. 823,778 1,280,431
68,270 JP Morgan Chase & Co. 2,788,629 3,198,569 12,400 Lazard Ltd. 515,134 548,170 62,600 MetLife Inc. 2,160,402 2,551,559 15,000 MSCI Inc. 372,940 474,888 21,600 PNC Financial Services Group Inc. 1,072,729 1,121,615 24,000 Principal Financial Group Inc. 332,806 702,262 26,830 Protective Life Corp.* 1,134,226 613,579 17,920 Prudential Financial Inc. 758,661 956,043 11,800 State Street Corp. 581,561 663,269 35,390 Torchmark Corp. 2,377,698 1,642,548 47,200 US Bancorp 1,064,057 1,103,680 46,392 Ventas Inc. 1,819,761 1,911,787 31,000 Visa Inc., Class A 2,146,141 2,291,785 22,600 Wells Fargo & Co. 722,724 679,928
30,468,121 31,506,342 ENERGY (10.6%)
21,900 Anadarko Petroleum Corp. 978,924 1,468,972 9,776 Apache Corp. 747,241 960,110
30,520 Baker Hughes Inc. 1,222,632 1,392,991 18,400 Baytex Energy Trust 396,038 434,188 18,400 Chesapeake Energy Corp. 572,013 558,495 18,500 Chevron Corp. 1,575,117 1,392,833 13,600 ConocoPhillips 1,102,208 656,987 17,100 EOG Resources Inc. 1,408,628 1,528,731 22,000 Marathon Oil Corp. 781,508 750,206 34,500 National Oilwell Varco Inc. 2,068,715 1,593,115 34,408 Noble Energy Inc. 2,204,992 2,427,322 7,000 Occidental Petroleum Corp. 617,360 586,750
19,900 Peabody Energy Corp. 686,227 791,730 18,900 Petrohawk Energy Corp. 470,081 488,481 53,810 Southwestern Energy Co. 2,345,757 2,454,263 33,884 Suncor Energy Inc. (USD) 1,303,539 1,253,767 31,500 Transocean Ltd. 3,019,862 2,884,546 20,500 Ultra Petroleum Corp. 986,981 1,074,592
22,487,823 22,698,079 CONSUMER DISCRETIONARY (9.9%)
25,600 Bally Tehnologies Inc. 1,018,259 1,050,575 14,400 BorgWarner Inc. 464,900 466,530
163,000 Comcast Corp., Class A 3,132,737 2,945,836 141,025 Comcast Corp., Special Class A 2,899,189 2,424,879
46,100 DIRECTV Group Inc.* 1,147,172 1,361,268 12,900 Dollar Tree Stores Inc. 643,081 672,202 63,400 DR Horton Inc.* 976,513 773,146 66,100 GameStop Holding Co. 1,914,670 1,873,285 87,850 KB Home 1,629,170 1,560,402 21,300 Liberty Media Corp., Entertainment Series A 476,861 709,004 10,400 Target Corp. 513,935 519,326 18,800 Time Warner Cable Inc. 677,167 865,113
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 209
– 10 –
CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CONSUMER DISCRETIONARY (9.9%) (cont’d)14,500 TJX Cos., Inc. 526,763 575,957 15,600 Tupperware Brands Corp. 645,445 665,749 63,100 Urban Outfitters Inc.* 1,267,211 2,037,554 89,800 Walt Disney Co.* 2,532,727 2,636,284
20,465,800 21,137,110 INDUSTRIALS (7.4%)
21,250 Alliant Techsystems Inc.* 2,255,007 1,771,194 31,850 Boeing Co. 1,515,405 1,844,484 45,600 CSX Corp. 2,162,395 2,040,749 18,300 Danaher Corp. 1,285,146 1,316,058 19,290 Northrop Grumman Corp.* 1,120,990 1,067,961 29,200 Rockwell Collins Inc.* 1,519,322 1,585,349 20,600 Shaw Group Inc. 693,716 706,215 18,300 Tyco International Ltd. 667,880 675,564 41,500 Union Pacific Corp. 2,307,839 2,588,613 72,350 Waste Management Inc. 2,664,328 2,306,035
16,192,028 15,902,222 CONSUMER STAPLES (7.1%)
40,000 CVS Corp. 1,546,443 1,530,605 8,500 Energizer Holdings Inc. 524,643 603,093
22,400 Kellogg Co. 1,039,765 1,179,225 73,600 Kroger Co. 2,004,946 1,624,068 30,480 Lorillard Inc. 2,282,873 2,422,057 39,636 Molson Coors Brewing Co., Class B (USD)* 1,640,086 2,065,803 10,100 PepsiCo Inc. 624,006 634,325 49,260 Phillip Morris International Inc. 2,362,071 2,565,290 30,400 Procter & Gamble Co. 2,123,855 1,882,241 11,700 The J. M. Smucker Co. 675,021 663,160
14,823,709 15,169,867
MATERIALS (5.0%) 15,030 Agrium Inc. (USD) 839,524 801,216 28,500 AK Steel Holding Corp. 691,379 601,423 18,200 Albemarle Corp. 671,656 673,432 21,400 Dow Chemical Co. 482,853 596,398 45,300 Gold Fields Ltd., ADR 638,351 668,338 11,300 Monsanto Co. 1,231,508 935,083 32,760 Newmont Mining Corp.* 1,100,565 1,543,983 42,900 Praxair Inc. 3,606,665 3,749,346
105,730 Yamana Gold Inc. 1,042,264 1,208,977 10,304,765 10,778,196
TELECOMMUNICATION SERVICES (1.7%) 57,000 AT&T Inc.* 1,638,639 1,645,293 75,490 Metropcs Communications Inc.* 999,988 755,700 39,800 SBA Communications Corp.* 1,212,520 1,151,801
3,851,147 3,552,794 UTILITIES (0.4%)
59,300 AES Corp. 494,887 939,012
Commission and other portfolio transaction costs (250,512)
Total Equities (93.7%) 194,568,206 200,540,125
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.4%) (see Schedule A) 929,285
Total Investments (94.1%) 194,568,206 201,469,410
Other Assets (net) (5.9%) 12,316,093
Total Net Assets (100.0%) 213,785,503
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (14,000,000) US $ 15,257,480 Canadian $ 270,358 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (27,384,000) US $ 29,740,119 Canadian $ 422,963 1 Royal Bank of Canada A-1+ 1.09 30-Nov-09 (3,000,000) US $ 3,279,750 Canadian $ 68,080 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (3,000,000) US $ 3,264,060 Canadian $ 52,545 1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (6,500,000) US $ 7,073,625 Canadian $ 115,339
Total Foreign Currency Forward Contracts Value 929,285
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 11 –
CI American Managers® Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
200,540 226,50812,110 16,786
- -- -- -- -
929 456- -- -
94 2591,709 710
- -92 214
215,474 244,933
- -- -- -- 2,719- -
1,604 19047 85
- -- -- -
37 281,688 3,022
213,786 241,911
194,568 261,776- -
212,519 175,988271 202996 65,721
9.44 7.8210.39 8.5611.17 9.15
22,519,587 22,515,24926,118 23,57489,139 7,184,649
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
1,542 1,8035 204
11 25- -- -- -
(202) (257)1,356 1,775
1,966 1,016207 107
- -9 10
109 562,291 1,189(935) 586
- -(935) 586
(872) (10,073)(2,259) 550
(360) (230)- -
44,432 (6,982)40,941 (16,735)40,006 (16,149)
36,588 (9,946)44 (28)
3,374 (6,175)
1.62 (1.03)1.89 (0.63)1.54 (0.37)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 12 –
CI American Managers® Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
175,988 33,672
6,800 3,773- -
(6,520) (5,631)(337) 177,229
(57) 175,371
- -- -- -- -
36,588 (9,946)212,519 199,097
202 533
14 10- -
(18) (53)29 3125 (12)
- -- -- -- -
44 (28)271 493
65,721 266,207
2,842 7,750- -
(70,989) (11,039)48 (177,501)
(68,099) (180,790)
- -- -- -- -
3,374 (6,175)996 79,242
241,911 300,412
9,656 11,533- -
(77,527) (16,723)(260) (241)
(68,131) (5,431)
- -- -- -- -
40,006 (16,149)213,786 278,832
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 13 –
CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
22,515,249 3,192,806793,473 357,333
- -(749,346) (529,541)
(39,789) 17,124,87622,519,587 20,145,474
23,574 46,6481,382 854
- -(1,968) (4,441)3,130 2,697
26,118 45,758
7,184,649 22,070,102289,684 628,755
- -(7,389,848) (889,929)
4,654 (14,878,562)89,139 6,930,366
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
9.44 9.880.01 0.019.45 9.89
10.39 10.770.01 0.01
10.40 10.78
11.17 11.430.02 0.01
11.19 11.44
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
14,896 34,87815,243 37,268
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
359 22934 32
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.210.21
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 14 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Health Care ............................................................................................................................. 18.4Information Technology .......................................................................................................... 18.4Financials ................................................................................................................................ 11.9Consumer Discretionary .......................................................................................................... 10.4Industrials ............................................................................................................................... 8.9Consumer Staples ................................................................................................................... 8.7Energy ..................................................................................................................................... 7.4Materials ................................................................................................................................. 7.1Cash & Equivalents ................................................................................................................. 6.0Utilities .................................................................................................................................... 1.5Telecommunication Services .................................................................................................. 1.0Other Assets ........................................................................................................................... 0.3
During the six-month period the Fund’s exposure currency risk changed significantly as disclosed inthe section below. For details relating to other price risk, credit risk and interest rate risk, refer tothe audited annual financial statements as at March 31, 2009, as the Fund’s exposure to those risksremains unchanged.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (57,691) 151,342 70.8 Total (57,691) 151,342 70.8
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (119,593) 119,861 49.5 Total (119,593) 119,861 49.5
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $15,134,000 (March31, 2009 - $11,986,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.
CI American Managers® Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 15 –
CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (20.3%) 1,100 Ameriprise Financial Inc. 27,796 42,798 2,600 Arthur J. Gallagher & Co. 57,318 67,727 1,900 Federated Investors Inc., Class B 54,918 53,541 3,800 First Niagara Financial Group Inc.* 53,598 50,124 1,250 Hanover Insurance Group Inc. 53,813 55,232 2,350 Hudson City Bancorp Inc. 33,318 33,086 3,900 Investors Bancorp. Inc. 40,205 44,136 1,950 Platinum Underwriters Holdings, Ltd. 74,634 74,826
850 UMB Financial Corp.* 36,989 36,748 2,700 Validus Holdings Ltd. 74,863 74,524 1,850 Ventas Inc. 74,017 76,237 2,450 Waddell & Reed Financial Inc. 31,670 74,444 4,950 Washington Federal Inc. 88,599 89,353
701,738 772,776 HEALTH CARE (14.4%)
3,655 Alkermes Inc. 44,902 35,923 950 Bio-Reference Labs Inc. 26,534 34,897
5,900 Cambrex Corp. 104,363 39,670 1,900 DaVita Inc. 105,972 114,955 3,240 Endo Pharmaceuticals Holdings Inc. 97,585 78,502
750 Haemonetics Corp. 41,200 45,064 1,290 Inverness Medical Innovations Inc.* 58,124 53,464
500 Laboratory Corp. of America Holdings 37,868 35,171 6,320 Service Corp. International 62,290 47,298 2,250 SonoSite Inc. 73,363 63,597
652,201 548,541 INFORMATION TECHNOLOGY (13.6%)
5,350 3Com Corp. 29,254 29,900 4,070 ADC Telecommunications Inc. 57,194 36,298 1,890 DTS Inc. 40,583 55,344 1,350 Fiserv Inc. 62,050 69,638 2,050 MEMC Electronic Materials Inc. 96,488 36,412 3,800 Perot Systems Corp., Class A 61,555 120,834 1,550 Rovi Corp. 39,510 55,643 2,050 Sybase Inc. 46,606 85,313 3,575 THQ Inc.* 63,450 26,181
496,690 515,563 CONSUMER DISCRETIONARY (12.9%)
1,450 GameStop Holding Co. 35,827 41,093 1,700 Genuine Parts Co. 71,927 69,255 4,050 KB Home* 61,452 71,937 8,120 Multimedia Games Inc. 85,335 44,425 2,200 Ryland Group Inc. 47,064 49,629 5,753 Shuffle Master Inc. 103,651 57,837
950 The Warnaco Group Inc.* 34,414 44,611 1,950 Tupperware Brands Corp. 63,863 83,219 1,190 Wabco Holdings Inc. 56,272 26,756
559,805 488,762 UTILITIES (12.7%)
3,150 CMS Energy Corp.* 46,366 45,125 1,620 DPL Inc. 42,397 45,217 2,880 Nalco Holding Co. 62,866 63,057 1,550 NSTAR 53,655 52,739
UTILITIES (12.7%) (cont’d)1,850 ONEOK Inc. 79,782 72,395 3,100 Southern Union Co. 92,470 68,903 2,950 Vectren Corp. 83,377 72,707 3,050 Westar Energy Inc. 80,034 63,579
540,947 483,722 INDUSTRIALS (10.7%)
650 Alliant Techsystems Inc.* 54,616 54,178 1,450 Armstrong World Industries Inc. 38,110 53,435 1,000 Curtiss-Wright Corp. 45,242 36,509 1,970 Hexcel Corp. 44,485 24,108
920 IHS Inc., Class A 42,610 50,334 1,650 Kennametal Inc. 59,078 43,475 1,410 Masco Corp. 14,068 19,504
700 Rockwell Collins Inc. 36,083 38,005 1,000 Teleflex Inc. 56,786 51,616
900 Wabtec Corp. 37,664 36,096 428,742 407,260
MATERIALS (5.7%) 1,000 International Flavors & Fragrances Inc. 51,726 40,546 2,585 Methanex Corp. (USD) 40,434 47,908 1,170 Sensient Technologies Corp. 31,359 34,786 1,640 Silgan Holdings Inc.* 94,575 92,411
218,094 215,651 TELECOMMUNICATION SERVICES (3.3%)
2,400 NeuStar Inc., Class A 56,482 57,969 3,700 Syniverse Holdings Inc. 61,005 69,246
117,487 127,215 ENERGY (2.6%)
5,070 Cal Dive International Inc. 49,680 53,631 500 SEACOR Holdings Inc. 37,609 43,693
87,289 97,324 CONSUMER STAPLES (2.1%)
700 Church & Dwight Co., Inc. 37,862 42,487 1,200 Corn Products International Inc. 29,984 36,642
67,846 79,129
Commission and other portfolio transaction costs (7,683)
Total Investments (98.3%) 3,863,156 3,735,943
Other Assets (net) (1.7%) 62,150
Total Net Assets (100.0%) 3,798,093
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 297
– 16 –
CI American Small Companies Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
3,736 2,77360 170
- -- -- -- -- -- -- -5 -
10 -- -4 3
3,815 2,946
- -6 41 1- -- -- 17 1- -- -- -3 3
17 103,798 2,936
3,863 3,829- -
3,153 2,424600 50145 11
5.47 4.546.62 5.46
13.29 11.02
576,296 534,58590,698 91,860
3,368 977
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
30 29- 2- -- -- -- -
(4) (5)26 26
31 374 4- -1 -2 2
38 43(12) (17)
- -(12) (17)
(271) (111)(8) 1(4) (3)- -
929 165646 52634 35
524 24107 11
3 -
0.94 0.051.17 0.102.23 -
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 17 –
CI American Small Companies Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,424 3,135
337 141- -
(148) (218)16 (74)
205 (151)
- -- -- -- -
524 243,153 3,008
501 801
3 5- -
(3) (18)(8) (35)(8) (48)
- -- -- -- -
107 11600 764
11 -
47 -- -- -
(16) -31 -
- -- -- -- -3 -
45 -
2,936 3,936
387 146- -
(151) (236)(8) (109)
228 (199)
- -- -- -- -
634 353,798 3,772
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 18 –
CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
534,585 543,83966,916 22,539
- -(28,816) (35,307)
3,611 (12,044)576,296 519,027
91,860 116,661514 707
- -(511) (2,364)
(1,165) (4,833)90,698 110,171
977 -3,790 -
- -- -
(1,399) -3,368 -
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
5.47 5.800.01 -5.48 5.80
6.62 6.93- 0.01
6.62 6.94
13.29 -0.01 -
13.30 -
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
385 458393 489
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
4 3- -
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.210.21
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 19 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Health Care ............................................................................................................................. 18.8Financials ................................................................................................................................ 15.7Utilities .................................................................................................................................... 15.2Information Technology .......................................................................................................... 11.5Consumer Discretionary .......................................................................................................... 9.8Industrials ............................................................................................................................... 9.7Materials ................................................................................................................................. 7.8Cash & Equivalents ................................................................................................................. 5.8Consumer Staples ................................................................................................................... 2.6Telecommunication Services .................................................................................................. 1.7Energy ..................................................................................................................................... 1.6Other Assets ........................................................................................................................... -0.2
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in the United States.
As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $380,000 (March 31, 2009 - $277,000). In practice, the actual results may differfrom this analysis and the difference may be material.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 3,770 99.3Total - 3,770 99.3
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 2,816 95.9 Total - 2,816 95.9
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $377,000 (March 31, 2009 - $282,000). In practice, the actual results may differ from this analysis and thedifference may be material.
CI American Small Companies Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 20 –
CI American Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (24.7%)198,000 Ameriprise Financial Inc. 6,570,867 7,703,686 233,465 Bank of New York Mellon Corp. 9,701,693 7,246,336 102,800 Everest Re Group Ltd. 10,637,211 9,650,329 87,000 Franklin Resources Inc.* 6,409,539 9,355,660
115,750 Hudson City Bancorp Inc. 1,602,975 1,629,653 169,788 MetLife Inc. 5,943,849 6,920,514 179,800 NYSE Euronext* 4,653,914 5,551,795
84,700 Prudential Financial Inc. 4,388,079 4,518,796 163,301 Ventas Inc. 4,911,289 6,729,538 183,900 Visa Inc., Class A * 10,953,758 13,595,459 359,350 Western Union Co.* 8,159,262 7,267,719
73,932,436 80,169,485 INFORMATION TECHNOLOGY (17.3%)
45,200 Apple Computer Inc. 3,001,902 8,962,958 115,200 Automatic Data Processing Inc.* 5,852,512 4,843,528 287,910 Corning Inc. 5,000,234 4,710,083 178,920 Electronic Arts Inc.* 9,302,044 3,645,408 130,100 Fiserv Inc.* 6,319,101 6,711,082 205,800 MEMC Electronic Materials Inc.* 8,053,512 3,655,445 567,690 Microsoft Corp. 17,313,281 15,669,049 367,320 Oracle Corp. 6,200,918 8,187,924
61,043,504 56,385,477 HEALTH CARE (11.6%)
195,200 Aetna Inc. 7,011,994 5,801,600 432,750 Boston Scientific Corp. 10,387,689 4,901,976 182,150 DaVita Inc.* 8,238,509 11,020,542 117,750 Laboratory Corp. of America Holdings* 7,465,774 8,282,754 168,100 Thermo Fisher Scientific Inc. 7,263,640 7,846,982
40,367,606 37,853,854 ENERGY (11.0%)
91,604 ConocoPhillips 4,590,315 4,425,191 80,650 Cooper Cameron Corp. 3,803,291 3,262,232 61,850 Diamond Offshore Drilling Inc.* 4,599,990 6,322,671
162,400 Exxon Mobil Corp. 11,541,927 11,915,581 108,900 National Oilwell Varco Inc. 4,677,176 5,028,701
57,150 Peabody Energy Corp.* 3,518,522 2,273,738 115,880 Weatherford International Ltd. (Switzerland) 3,497,539 2,571,914
36,228,760 35,800,028 INDUSTRIALS (10.8%)
75,800 Alliant Techsystems Inc.* 6,455,192 6,317,952 138,200 Boeing Co. 8,284,907 8,003,381 88,300 Danaher Corp.* 7,047,519 6,350,158 76,650 Deere & Co. 3,046,634 3,514,865 67,100 Rockwell Collins Inc.* 3,549,612 3,643,046
232,650 Waste Management Inc.* 8,778,944 7,415,328 37,162,808 35,244,730
UTILITIES (8.3%)37,350 Entergy Corp. 3,197,377 3,188,712
117,600 NSTAR* 4,095,530 4,001,379 142,900 ONEOK Inc.* 5,854,167 5,592,012 295,086 Southern Union Co.* 8,195,017 6,558,801 157,250 Wisconsin Energy Corp.* 7,688,885 7,594,723
29,030,976 26,935,627
MATERIALS (4.7%)157,550 EI Du Pont de Nemours & Co. 7,485,194 5,414,669 111,350 Praxair Inc.* 7,947,560 9,731,695
15,432,754 15,146,364 CONSUMER DISCRETIONARY (4.2%)
411,180 Comcast Corp., Special Class A* 10,123,192 7,070,107 292,800 International Game Technology 10,084,103 6,724,296
20,207,295 13,794,403 CONSUMER STAPLES (3.9%)
50,350 Colgate-Palmolive Co. 3,724,851 4,112,052 59,850 Phillip Morris International Inc. 2,979,819 3,116,780
262,500 Safeway Inc. 7,663,947 5,533,800 14,368,617 12,762,632
Commission and other portfolio transaction costs (463,004)
Total Investments (96.5%) 327,311,752 314,092,600
Other Assets (net) (3.5%) 10,943,464
Total Net Assets (100.0%) 325,036,064
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 510
– 21 –
CI American Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
314,093 275,36610,891 20,842
- -- -- -- -- -- -- -
125 328- -- -
168 330325,277 296,866
- -- -- -- -- -- 56
187 89- -- -- -
54 46241 191
325,036 296,675
327,312 321,724- -
293,690 265,4689,369 8,902
20,682 21,59093 64
562 15- -
538 636102 -
9.12 8.309.56 8.66
12.35 11.127.38 6.907.99 7.42
- -7.19 6.83
10.21 -
32,217,010 31,972,868979,876 1,027,690
1,674,062 1,941,21912,564 9,34470,342 2,053
- -74,776 93,14410,000 -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 22 –
CI American Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,869 2,6923 267
20 15- -- -- -
(403) (475)2,489 2,499
2,878 1,583307 172
- -59 10
159 883,403 1,853
(914) 646- -
(914) 646
(1,784) (9,936)(905) 475(57) (157)
- -
33,139 (13,485)30,393 (23,103)29,479 (22,457)
26,162 (18,956)911 (784)
2,283 (2,641)8 (5)
52 (2)- (11)
60 (58)3 -
0.81 (1.30)0.89 (0.81)1.21 (0.22)0.66 (0.79)1.10 (0.65)
- (1.21)0.67 (1.48)0.36 -
265,468 52,705
12,260 7,921- -
(9,428) (7,695)(772) 256,744
2,060 256,970
- -- -- -- -
26,162 (18,956)293,690 290,719
8,902 9,776
958 2,048- -
(1,459) (924)57 520
(444) 1,644
- -- -- -- -
911 (784)9,369 10,636
21,590 262,439
2,098 8,407- -
(5,252) (7,138)(37) (256,749)
(3,191) (255,480)
- -- -- -- -
2,283 (2,641)20,682 4,318
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 23 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
636 218
124 389- -
(44) (3)(212) 194(132) 580
- -- -
(26) (18)(26) (18)60 (58)
538 722
- -
100 -- -- -- -
100 -
- -- -
(1) -(1) -3 -
102 -
296,675 325,212
16,063 18,780- -
(16,183) (15,760)(958) 793
(1,078) 3,813
- -- -
(40) (22)(40) (22)
29,479 (22,457)325,036 306,546
64 53
17 15- -- -6 -
23 15
- -- -
(2) (2)(2) (2)8 (5)
93 61
15 21
506 -- -- -- -
506 -
- -- -
(11) (1)(11) (1)52 (2)
562 18
- -
- -- -- -- 84- 84
- -- -- (1)- (1)- (11)- 72
CI American Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 24 –
CI American Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
31,972,868 5,009,4921,409,780 742,603
- -(1,078,376) (732,639)
(87,262) 24,782,58032,217,010 29,802,036
1,027,690 899,126104,780 185,804
- -(158,964) (83,098)
6,370 48,185979,876 1,050,017
1,941,219 19,052,418179,322 586,296
- -(442,636) (491,595)
(3,843) (18,812,714)1,674,062 334,405
9,344 5,7402,440 1,594
- -- -
780 -12,564 7,334
2,053 2,08468,304 -
- -(15) (16)
- -70,342 2,068
- -- -- -- (43)- 8,400- 8,357
93,144 22,91317,362 41,305
- -(6,247) (308)
(29,483) 21,71274,776 85,622
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
- -10,000 -
- -- -- -
10,000 -
– 25 –
CI American Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
49,017 30,19149,997 32,259
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
56 155- -
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
0.210.21
-0.210.21
-0.210.21
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
9.12 9.760.01 -9.13 9.76
9.56 10.130.01 0.019.57 10.14
12.35 12.910.02 0.01
12.37 12.92
7.38 8.350.01 0.017.39 8.36
7.99 8.940.01 -8.00 8.94
- 8.62- 0.01- 8.63
7.19 8.430.01 0.017.20 8.44
10.21 -0.01 -
10.22 -
– 26 –
CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
ENERGY (27.1%) 11,300 Anadarko Petroleum Corp. 603,592 757,963 8,780 BP PLC, ADR 620,793 500,379
76,255 Canadian Natural Resources Ltd. 3,073,279 5,513,236 159,690 Canadian Oil Sands Trust 3,116,943 4,910,468 148,254 EnCana Corp.* 7,827,883 9,191,748
11,110 Eni SpA* 379,507 296,093 129,705 Imperial Oil Ltd. 4,257,067 5,285,479
20,200 Marathon Oil Corp. 655,556 688,826 500,000 Mullen Group Income Fund 10% 07/01/2018 500,000 728,798 165,800 Mullen Group Ltd. 2,941,451 2,614,666
31,000 Nabors Industries Ltd. 769,990 692,680 421,300 Precision Drilling Trust 6,410,613 2,982,804 135,400 Savanna Energy Services Corp. 842,879 901,764 11,792 Schlumberger Ltd. 933,323 751,574 43,400 Spectra Energy Corp. 922,041 878,678 12,200 Statoil ASA 299,987 293,751
272,941 Suncor Energy Inc. 9,548,576 10,207,993 297,300 Talisman Energy Inc. 5,654,567 5,538,699
6,540 Total SA 535,291 416,019 75,327 TransCanada Corp.* 2,435,092 2,513,662 11,688 Transocean Ltd. 1,108,570 1,070,304
264,100 Trican Well Service Ltd.* 4,209,119 3,668,349 22,000 XTO Energy Inc. 1,007,788 972,088
58,653,907 61,376,021 FINANCIALS (25.8%)
26,000 Aflac Inc. 684,041 1,189,752 2,153 Allianz AG, Registered Shares* 474,787 288,450
46,320 Bangkok Bank PCL, Foreign Registered Shares 163,601 181,835 59,200 Bank of America Corp. 806,711 1,068,631 86,900 Bank of Montreal 2,520,153 4,707,373 62,642 Bank of Nova Scotia 2,595,665 3,061,315 45,334 Bank of Yokohama Ltd. 309,147 236,265
2,165 BNP Paribas SA* 200,089 185,208 2,165 BNP Paribas SA, Rights (13Oct09) - 5,020
89,950 Brookfield Properties Corp. 1,032,371 1,082,098 26,501 Cheung Kong Holdings Ltd. 357,757 356,955 23,445 DBS Group Holdings Ltd. 244,957 236,287 46,606 Experian Group Ltd. 346,720 419,421
6,582 Great-West Lifeco Inc.,4.85% Preferred, Series H 159,614 135,655
66,200 IGM Financial Inc.* 2,586,231 2,801,584 76,000 Intact Financial Corp. 2,281,006 2,573,360 50,546 Joyo Bank Ltd. 347,046 263,428 19,400 JP Morgan Chase & Co. 825,523 908,924
2,237 KB Finanical Group Inc., ADR 216,505 122,986 214,000 Manulife Financial Corp. 5,046,902 4,815,000
49 Mid REIT Inc. 262,080 117,692 7,417 Mitsui Sumitomo Insurance Group Holdings Inc. 251,562 217,599 7,642 National Australia Bank Ltd. 262,087 221,981
60,840 Nipponkoa Insurance Co., Ltd. 594,266 406,322 34,800 Nomura Holdings Inc. 375,517 228,263
331,809 Power Corp. of Canada 9,383,598 9,715,368 27,658 Power Financial Corp.* 907,592 850,484
FINANCIALS (25.8%) (cont’d)124,438 Royal Bank of Canada 4,822,135 7,161,407
15,740 Royal Bank of Canada4.45% Preferred, Series AA 393,500 319,994
5,810 Standard Chartered PLC 196,217 153,279 13,000 State Street Corp. 599,964 730,720 31,624 Sumitomo Trust & Banking Co., Ltd. 312,744 178,390
129,200 Sun Life Financial Inc. 3,797,694 4,334,660 119,658 Toronto-Dominion Bank 6,045,206 8,286,316
20 United Urban Investment Corp. 135,179 125,461 27,100 Wells Fargo & Co. 722,559 815,312
50,260,726 58,502,795 MATERIALS (13.0%)
3,910 Agrium Inc. (USD) 194,838 208,433 6,760 Anglo American PLC 192,247 230,388 7,999 Antofagasta PLC 59,373 103,667
220,270 Barrick Gold Corp. 7,678,844 8,929,746 24,400 Barrick Gold Corp. (USD) 865,688 989,313
2,100 BASF AG 136,068 118,942 7,400 BHP Billiton Ltd., ADR* 372,126 522,907
75,000 Cameco Corp. 1,710,699 2,228,250 38,600 CCL Industries Inc., Class B 835,183 850,358 48,450 Gerdau Ameristeel Corp. 393,684 410,856
5,901 Gold Fields Ltd., ADR 83,856 87,061 167,800 Goldcorp Inc. 5,654,337 7,212,044
2,009 Inmet Mining Corp. 70,458 120,460 4,000 Monsanto Co. 382,454 331,003 8,310 Newcrest Mining Ltd. 160,619 250,412
11,900 Newmont Mining Corp.* 577,205 560,848 46,200 Potash Corp. of Saskatchewan Inc. 4,735,385 4,486,944 22,569 Sumitomo Metal Mining Co., Ltd. 342,832 394,853 95,700 Thompson Creek Metals Co., Inc.* 1,329,775 1,235,487 20,790 Yamana Gold Inc. 205,794 237,725
25,981,465 29,509,697 INDUSTRIALS (9.1%)
5,650 Ansaldo STS SpA 80,622 123,844 20,900 BAE Systems PLC 207,447 124,866 8,750 Boeing Co. 559,953 506,726
72,210 Canadian National Railway Co. 3,155,428 3,807,633 95,700 Canadian Pacific Railway Ltd. 4,539,722 4,792,656
262,100 Celestica Inc. 1,793,340 2,655,073 9,800 Eaton Corp. 485,548 593,450 2,280 Fanuc Ltd. 185,283 217,529
12,500 Finning International Inc. 334,499 200,000 9,500 Flour Corp. 423,034 516,392 5,772 Foster Wheeler AG 142,156 197,136
46,400 General Electric Co. 1,244,163 813,730 11,410 Henkel KGaA, Preferred, Non-Voting Shares 599,269 525,763
1,107 Keyence Corp. 240,244 252,159 2,220 Metro AG 176,399 134,504
20,450 Mitsubishi Corp. 445,473 441,433 19,260 Mitsui & Co., Ltd. 284,940 268,512 19,400 Norfolk Southern Corp. 817,438 895,423 4,349 Secom Co., Ltd. 205,099 232,360
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2307
– 27 –– 27 –
CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INDUSTRIALS (9.1%) (cont’d)3,791 Siemens AG, Registered Shares 386,474 374,853
64,178 Sime Darby Berhad 146,303 168,555 2,030 SMC Corp. 239,572 265,822
10,658 Suzuki Motor Corp.* 265,486 265,018 209,500 WestJet Airlines Ltd.* 2,661,570 2,312,880
19,619,462 20,686,317 CONSUMER DISCRETIONARY (5.7%)
6,560 Adidas AG 280,212 371,862 12,800 Best Buy Co., Inc. 468,420 513,502 29,054 Canadian Tire Corp., Ltd.,
Class A, Non-Voting Shares 1,440,712 1,676,997 12,800 Comcast Corp., Class A 220,572 231,329 26,000 eBay Inc. 621,400 656,674 11,600 Fortune Brands Inc. 450,095 532,799 16,300 Harley-Davidson Inc. 380,414 401,388 21,500 Linamar Corp. 267,506 305,730 47,200 Magna International Inc., Class A 1,772,723 2,146,184 28,470 Reed Elsevier PLC 233,647 228,007 26,300 Shaw Communications Inc., Class B 518,295 509,694
107,300 Thomson Corp. 4,109,081 3,852,070 12,970 Vivendi Universal SA 566,097 429,692 19,900 Walt Disney Co. 487,380 584,210 46,410 WPP PLC 745,267 425,995
12,561,821 12,866,133 CONSUMER STAPLES (5.3%)
27,321 Cadbury PLC 354,048 374,881 9,242 Carrefour SA 612,158 448,887
25,660 Diageo PLC 573,169 421,235 55,222 Empire Co., Ltd., Class A 2,072,077 2,408,784
8,725 Energizer Holdings Inc. 525,541 619,057 28,020 George Weston Ltd. 2,369,418 1,561,835
4,000 George Weston Ltd., 5.2% Preferred 99,220 83,400 10,803 George Weston Ltd., 5.2% Preferred, Series IV 270,499 223,838 10,910 Heineken NV 598,453 538,449 13,731 KOSE Corp. 414,522 356,986 23,500 Kraft Foods Inc., Class A 698,171 660,207 65,900 Loblaw Cos. Ltd. 2,849,795 2,079,804
3,065 L'Oreal SA 380,786 326,309 10,050 Nestle SA, Registered Shares 451,865 458,381
5,960 Phillip Morris International Inc. 309,921 310,376 19,010 Seven & I Holdings Co., Ltd. 562,595 482,897 12,100 Sugi Pharmacy Co., Ltd. 288,654 274,755 21,621 Symrise AG 447,799 441,058
13,878,691 12,071,139 INFORMATION TECHNOLOGY (3.7%)
15,000 Accenture PLC 547,742 598,548 38,300 Applied Materials Inc. 712,865 548,250
6,000 Canon Inc. 245,649 257,601 23,700 Cisco Systems Inc. 568,151 596,554 50,600 Dell Inc. 748,343 826,711 20,900 EMC Corp. 287,155 380,850 36,500 Intel Corp. 675,622 763,991 49,800 Microsoft Corp. 1,389,959 1,374,551 21,978 Nokia OYJ 496,516 345,725 17,890 Nomura Research Institute Ltd. 419,227 452,313
INFORMATION TECHNOLOGY (3.7%) (cont’d)10,600 Research In Motion Ltd. 531,126 767,228
255 Samsung Electronics Co., Ltd. 162,181 188,895 7,690 SAP AG* 380,896 400,856
103,324 Taiwan Semiconductor Manufacturing Co., Ltd. 163,486 223,012 37,796 Telefonaktiebolaget LM Ericsson, Class B 635,798 405,738 10,975 UbiSoft Entertainment 205,304 222,509
8,170,020 8,353,332 HEALTH CARE (2.7%)
9,700 Amgen Inc. 610,252 625,508 11,770 Covidien PLC 501,973 545,018 27,420 GlaxoSmithKline PLC 823,149 576,792 21,700 Johnson & Johnson 1,479,481 1,412,808 21,900 Medtronic Inc. 831,831 861,688 20,300 Merck & Co., Inc. 840,593 686,367 3,280 Novartis AG, Registered Shares 199,835 175,562 7,440 Sanofi-Aventis 654,800 584,359
11,600 WellPoint Inc. 848,859 588,191 6,790,773 6,056,293
TELECOMMUNICATION SERVICES (1.4%) 103,200 BCE Inc. 2,845,602 2,723,448
23,080 Vodafone Group PLC, ADR 702,374 555,990 3,547,976 3,279,438
UTILITIES (1.1%) 48,713 Atco Ltd., Class I 1,665,630 2,036,203 41,000 Energias de Portugal SA 261,565 200,873 12,969 Scottish and Southern Energy PLC 377,352 259,606
2,304,547 2,496,682
Commission and other portfolio transaction costs (198,842)
Total Bonds & Equities (94.9%) 201,570,546 215,197,847
Short Term Notes (1.3%) 2,924,873 2,929,230
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%) (see Schedule A) 229,643
Total Investments (96.3%) 204,495,419 218,356,720
Other Assets (net) (3.7%) 8,061,952
Total Net Assets (100.0%) 226,418,672
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 28 –– 28 –– 28 –
CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.1%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Toronto-Dominion Bank A-1+ 1.08 05-Oct-09 (1,000,000) US $ 1,081,000 Canadian $ 10,359 1 Toronto-Dominion Bank A-1+ 1.07 09-Nov-09 (1,000,000) US $ 1,073,850 Canadian $ 3,279 1 Bank of Nova Scotia†† A-1+ 1.07 16-Nov-09 (1,100,000) US $ 1,175,130 Canadian $ (2,479)1 Royal Bank of Canada A-1+ 1.07 23-Nov-09 (1,400,000) US $ 1,498,056 Canadian $ (703)1 Bank of Nova Scotia†† A-1+ 1.07 26-Oct-09 (2,000,000) US $ 2,147,000 Canadian $ 5,805 1 Toronto-Dominion Bank A-1+ 1.08 23-Nov-09 (2,000,000) US $ 2,157,000 Canadian $ 15,899 1 Royal Bank of Canada A-1+ 1.09 30-Nov-09 (2,500,000) US $ 2,719,500 Canadian $ 43,125 1 Toronto-Dominion Bank A-1+ 1.08 16-Nov-09 (3,500,000) US $ 3,770,375 Canadian $ 23,410 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (8,500,000) US $ 9,231,000 Canadian $ 130,948
Total Foreign Currency Forward Contracts Value 229,643
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 29 –
CI Canadian Investment Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
215,198 165,3296,267 5,5342,929 1,799
- -1,569 1,569
- -233 21
- -- -
294 418214 -
- -316 358
227,020 175,028
- -- -- -3 259- -
148 60376 561
- -- -- -
74 61601 941
226,419 174,087
201,571 197,158- -
203,587 157,7348,554 6,8136,902 5,1131,887 1,109
29 231,021 8074,372 2,476
67 12- -
16.26 12.6117.42 13.4410.97 8.427.98 6.338.91 7.038.52 6.677.60 6.117.81 6.24
- -
12,522,060 12,510,336490,977 506,941629,031 607,584236,541 175,212
3,261 3,284119,815 120,983574,930 405,166
8,587 2,001- -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 30 –
CI Canadian Investment Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,585 2,70299 97528 10
7 -- -- -
(102) (126)2,617 3,561
1,908 2,337200 245
- -13 24
105 1292,226 2,735
391 826- -
391 826
4,664 (4,708)(195) 177(103) (98)
- -
45,922 (18,499)50,288 (23,128)50,679 (22,302)
45,757 (20,317)1,969 (840)1,568 (544)
343 (143)7 (3)
243 (77)777 (366)15 (4)
- (8)
3.65 (1.56)4.02 (1.37)2.55 (1.05)1.72 (1.07)2.06 (0.85)2.02 (0.78)1.68 (1.10)1.58 (2.22)
- (0.74)
157,734 225,354
13,643 17,688- -
(12,612) (18,773)(935) (1,269)
96 (2,354)
- -- -- -- -
45,757 (20,317)203,587 202,683
6,813 13,164
402 671- -
(764) (2,393)134 (933)(228) (2,655)
- -- -- -- -
1,969 (840)8,554 9,669
5,113 5,066
889 2,051- -
(1,073) (733)405 111221 1,429
- -- -- -- -
1,568 (544)6,902 5,951
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 31 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,476 2,253
1,430 1,727- -
(217) (153)28 (144)
1,241 1,430
- -- -
(122) (132)(122) (132)777 (366)
4,372 3,185
12 -
- 20- -
(18) -61 143 21
- -- -
(3) (1)(3) (1)15 (4)67 16
- -
- 123- -- (1)- (111)- 11
- -- -- (3)- (3)- (8)- -
1,109 1,038
683 426- -
(60) (1)(153) 5470 430
- -- -
(35) (32)(35) (32)
343 (143)1,887 1,293
23 34
- -- -- -- -- -
- -- -
(1) (1)(1) (1)7 (3)
29 30
807 885
- 123- -
(9) (9)- (112)
(9) 2
- -- -
(20) (25)(20) (25)
243 (77)1,021 785
CI Canadian Investment Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 32 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
174,087 247,794
17,047 22,829- -
(14,753) (22,063)(460) (2,452)
1,834 (1,686)
- -- -
(181) (194)(181) (194)
50,679 (22,302)226,419 223,612
CI Canadian Investment Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 33 –
CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
12,510,336 13,021,232916,185 994,489
- -(849,177) (1,067,414)
(55,284) (62,885)12,522,060 12,885,422
506,941 720,73224,983 37,444
- -(48,842) (129,587)
7,895 (48,937)490,977 579,652
607,584 448,75289,841 174,810
- -(108,659) (60,646)
40,265 10,080629,031 572,996
175,212 112,95390,870 45,316
- -(7,953) (88)
(21,588) 571236,541 158,752
3,284 3,334- -- -
(23) (25)- -
3,261 3,309
120,983 94,144- 12,755- -
(1,168) (963)- (12,698)
119,815 93,238
405,166 244,659196,370 183,554
- -(29,661) (16,250)
3,055 (15,158)574,930 396,805
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
2,001 -- 2,001- -
(2,387) (6)8,973 68,587 2,001
- -- 12,500- -- (56)- (12,444)- -
– 34 –
CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
7,983 9,2008,223 9,830
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
101 927 9
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
1.951.00
Paid directly by investor1.951.00
Paid directly by investor1.951.00
Paid directly by investor
0.200.20
-0.200.20
-0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
16.26 15.730.01 0.02
16.27 15.75
17.42 16.680.02 0.02
17.44 16.70
10.97 10.390.01 0.01
10.98 10.40
7.98 8.150.01 -7.99 8.15
8.91 9.000.01 0.018.92 9.01
8.52 8.420.01 0.018.53 8.43
7.60 8.030.01 -7.61 8.03
7.81 8.16- 0.01
7.81 8.17
- -- -- -
– 35 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Energy ..................................................................................................................................... 25.7Financials ................................................................................................................................ 23.0Materials ................................................................................................................................. 13.8Industrials ............................................................................................................................... 9.4Consumer Staples ................................................................................................................... 6.7Consumer Discretionary .......................................................................................................... 5.6Information Technology .......................................................................................................... 5.3Cash & Equivalents ................................................................................................................. 3.0Health Care ............................................................................................................................. 2.6Telecommunication Services .................................................................................................. 1.7Utilities .................................................................................................................................... 1.3Short Term Investments .......................................................................................................... 1.0Other Assets ........................................................................................................................... 0.9
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world.
As at September 30, 2009, had the Canadian and global markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $21,470,000 (March 31, 2009 - $16,533,000). In practice, the actualresults may differ from this analysis and the difference may be material.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (24,625) 8,634 3.8Euro - 6,784 3.0Japanese Yen - 5,942 2.6British Pound - 3,339 1.5Swiss Franc - 634 0.3Australian Dollar - 473 0.2Swedish Krona - 406 0.2Hong Kong Dollar - 359 0.2Taiwan Dollar - 353 0.2Norwegian Krone - 294 0.1Singapore Dollar - 236 0.1Korean Won - 189 0.1Thai Baht - 183 0.1Malaysian Ringgit - 169 0.1Total (24,625) 27,995 12.5
CI Canadian Investment Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency Risk (cont’d)
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Euro - 6,443 3.7 Japanese Yen - 4,864 2.8 US Dollar (22,188) 4,448 2.6 British Pound - 3,065 1.8 Swiss Franc - 584 0.3 Australian Dollar - 412 0.2 Swedish Krona - 391 0.2 Taiwan Dollar - 314 0.2 Norwegian Krone - 272 0.2 Korean Won - 239 0.1 Hong Kong Dollar - 166 0.1 Singapore Dollar - 163 0.1 Malaysian Ringgit - 131 0.1 Thai Baht - 77 0.1 Total (22,188) 21,569 12.5
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $2,800,000 (March 31, 2009 - $2,157,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 36 –
CI Can-Am Small Cap Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (20.8%) 211,900 Canadian Western Bank 4,053,244 4,204,096 360,400 Crombie REIT 3,067,160 3,697,704
4,675 E-L Financial Corp. Ltd. 2,057,508 2,221,794 196,300 GMP Capital Corp. 2,513,808 2,642,198 161,500 Industrial Alliance Insurance and Financial
Services Inc. 4,837,586 4,728,720 54,700 Intact Financial Corp. 1,588,895 1,852,142 15,000 iShares CDN S&P/TSX SmallCap 171,600 189,750 5,800 Ship Finance International Ltd. 125,742 76,318
18,415,543 19,612,722 ENERGY (17.0%)
326,800 AltaGas Income Trust 7,406,912 5,738,608 257,000 Mullen Group Ltd. 4,185,645 4,052,890 331,300 Pason Systems Inc.* 4,278,835 4,111,433 246,860 Savanna Energy Services Corp.* 2,781,611 1,644,088
17,000 Vermilion Energy Trust 502,989 502,860 19,155,992 16,049,879
CONSUMER STAPLES (11.6%) 70,500 Alberto-Culver Co. 2,361,084 2,085,540 91,400 Empire Co., Ltd., Class A 3,689,660 3,986,868 51,200 Metro Inc., Class A 1,506,640 1,786,880 93,400 Saputo Inc. 1,556,574 2,347,142 25,000 WD-40 Co.* 806,538 759,628
9,920,496 10,966,058 TELECOMMUNICATION SERVICES (11.3%)
200,100 Bell Aliant Regional Communications Income Fund 4,696,002 5,582,790
152,950 Manitoba Telecom Services Inc.* 5,619,622 5,094,764 10,315,624 10,677,554
INDUSTRIALS (8.6%) 117,764 Miller Industries Inc. 2,588,439 1,386,927 112,600 Richelieu Hardware Ltd. 2,290,032 2,182,188 367,300 Transcontinental Inc., Class A 5,136,141 4,510,444
10,014,612 8,079,559 CONSUMER DISCRETIONARY (7.9%)
94,750 Astral Media Inc., Class A, Non-Voting Shares* 3,054,845 3,136,225
40,000 Gentex Corp. 557,422 602,563 362,200 Leon's Furniture Ltd.* 4,377,163 3,748,770
7,989,430 7,487,558 INFORMATION TECHNOLOGY (7.5%)
128,700 Aastra Technologies Ltd.* 2,870,632 3,029,598 13,800 CGI Group Inc. 168,084 173,052
225,000 Total System Services Inc.* 4,182,313 3,878,438 7,221,029 7,081,088
MATERIALS (7.4%) 264,000 Canam Manac Group Inc., Class A 2,385,625 1,853,280 237,600 Canfor Corp.* 1,231,057 1,439,856 168,250 CCL Industries Inc., Class B 4,738,240 3,706,548
8,354,922 6,999,684
UTILITIES (5.1%) 65,300 Atco Ltd., Class I 2,672,922 2,729,540 58,000 WGL Holdings Inc.* 1,958,523 2,054,817
4,631,445 4,784,357 HEALTH CARE (1.0%)
127,600 Mediware Information Systems Inc. 998,935 974,067
Commission and other portfolio transaction costs (175,372)
Total Investments (98.2%) 96,842,656 92,712,526
Other Assets (net) (1.8%) 1,475,902
Total Net Assets (100.0%) 94,188,428
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 6104
– 37 –
CI Can-Am Small Cap Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
92,713 73,0732,776 3,055
- 3,499- -- -- -- -- -- -
60 149- -- -
335 28895,884 80,064
- -- -- -- -- -
1,525 -109 194
- -- -- -
62 481,696 242
94,188 79,822
96,843 96,858- -
57,660 53,8792,305 2,273
34,223 23,670
12.14 9.7011.20 8.9011.89 9.39
4,750,955 5,556,889205,717 255,343
2,878,295 2,520,853
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
995 645698 664
9 13- -- -- -
(21) (12)1,681 1,310
592 57960 59
- -13 1733 32
698 687983 623
- -983 623
(606) 1,603(123) 84
(64) (66)- -
19,652 (7,524)18,859 (5,903)19,842 (5,280)
12,455 (3,503)547 (228)
6,840 (1,549)
2.38 (0.80)2.36 (0.90)2.46 (0.60)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 38 –
CI Can-Am Small Cap Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
53,879 56,993
5,167 3,783- -
(3,598) (4,805)(10,467) (732)
224 -(8,674) (1,754)
- -- -- -- -
12,455 (3,503)57,660 51,736
2,273 2,131
256 1,081- -
(511) (152)(260) 267
- -(515) 1,196
- -- -- -- -
547 (228)2,305 3,099
23,670 31,186
11,024 1,224- -
(6,421) (2,619)(890) -
- -3,713 (1,395)
- -- -- -- -
6,840 (1,549)34,223 28,242
79,822 90,310
16,447 6,088- -
(10,530) (7,576)(11,617) (465)
224 -(5,476) (1,953)
- -- -- -- -
19,842 (5,280)94,188 83,077
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 39 –
CI Can-Am Small Cap Corporate Class Financial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
5,556,889 4,484,831466,256 296,026
- -(322,649) (376,379)(969,098) (56,715)
19,557 -4,750,955 4,347,763
255,343 184,50625,604 91,023
- -(50,163) (13,018)(25,067) 22,532
- -205,717 285,043
2,520,853 2,593,2671,050,452 101,816
- -(612,160) (215,912)
(80,850) -- -
2,878,295 2,479,171
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
12.14 11.900.04 0.05
12.18 11.95
11.20 10.870.04 0.05
11.24 10.92
11.89 11.390.04 0.05
11.93 11.44
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
12,435 8,00412,684 8,553
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
63 662 5
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 40 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Consumer Staples ................................................................................................................... 17.5Financials ................................................................................................................................ 17.4Consumer Discretionary .......................................................................................................... 13.3Energy ..................................................................................................................................... 12.5Industrials ............................................................................................................................... 11.2Telecommunication Services .................................................................................................. 7.5Information Technology .......................................................................................................... 6.9Materials ................................................................................................................................. 5.4Short Term Investments .......................................................................................................... 4.4Cash & Equivalents ................................................................................................................. 3.8Other Assets ........................................................................................................................... 0.1
During the six-month period the Fund’s exposure to other price risk changed significantly as dis-closed in the section below. For details relating to credit risk, currency risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in Canadian stocks and therefore sensitive to changes in gen-eral economic conditions in Canada.
As at September 30, 2009, had the Canadian markets increased or decreased by 10%, with allother variables held constant, net assets of the Fund would have increased or decreased, respec-tively, by approximately $9,271,000 (March 31, 2009 - $7,307,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
CI Can-Am Small Cap Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 41 –
CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
BRAZIL (11.0%) 46,200 Banco Bradesco SA, Preferred, ADR 858,213 983,842 56,527 BM&F Bovespa SA 455,198 446,162 36,422 Companhia de Concessoes Rodoviarias 538,470 667,181 36,323 Energias do Brasil SA 578,983 641,001 11,400 Gafisa S.A., ADR* 373,856 370,557 69,329 Itau Unibanco Banco Multiplo SA, ADR 1,099,012 1,495,679 43,307 MRV Engenharia e Participacoes SA 909,646 889,879 40,537 Net Servicos de Comunicacao SA, Preferred 537,672 503,696 28,000 Petroleo Brasileiro SA, ADR 1,026,351 1,375,703 65,700 Vale SA, ADR 1,205,060 1,625,600
7,582,461 8,999,300 SOUTH KOREA (10.8%)
12,570 KB Finanical Group Inc., ADR 964,423 691,073 7,085 KT&G Corp. 537,046 459,712 3,217 Megastudy Co., Ltd. 635,749 709,351 7,330 NHN Corp. 1,344,543 1,157,337 9,165 S1 Corp. 373,913 430,367 2,955 Samsung Electronics Co., Ltd. 1,962,178 2,188,963
14,048 Shinhan Financial Group Co., Ltd. 656,690 600,215 2,850 Shinsegae Co., Ltd. 1,466,641 1,543,186
31,247 Woongjin Coway Co., Ltd. 886,793 1,070,606 8,827,976 8,850,810
INDIA (7.9%) 177,600 Bharti Tele Ventures Ltd. 1,576,126 1,664,864
13,202 Housing Development Finance Corp., Ltd. 485,985 817,675 18,500 Infosys Technologies Ltd., ADR 614,430 957,672 76,700 Power Finance Corp., Ltd. 385,604 394,811
108,500 Rolta India Ltd. 700,092 431,348 12,742 State Bank of India Ltd., GDR 929,357 1,235,988 52,700 Sterlite Industries India Ltd. 791,151 915,942
5,482,745 6,418,300 TAIWAN (7.8%)
531,812 Acer Inc. 1,199,551 1,457,499 138,422 Delta Electronics Inc. 438,509 423,368 31,450 High Tech Computer Corp. 404,472 370,976
201,295 Hon Hai Precision Industry Co., Ltd. 1,013,227 865,571 86,166 MediaTek Inc. 1,130,933 1,542,610
230,209 Synnex Technology International Corp. 434,971 526,920 542,384 Taiwan Semiconductor Manufacturing Co., Ltd. 1,103,603 1,170,666
1,766 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 19,770 20,685
5,745,036 6,378,295 RUSSIA (7.4%)
12,600 Lukoil, ADR (London Stock Exchange) 841,566 729,821 18,400 Mobile Telesystems OJSC, ADR 1,104,367 950,919 21,100 NovaTek OAO, Registered GDR 951,886 1,113,725 73,700 OAO Gazprom, ADR 3,274,655 1,834,590 35,954 OAO TMK, Registered GDR 1,333,352 601,280 97,200 Rosneft Oil Co. 791,462 782,587
8,297,288 6,012,922
HONG KONG (7.1%) 19,200 China Mobile (Hong Kong) Ltd., ADR 1,193,316 1,008,298
336,400 China Overseas Land & Investment Ltd. 562,252 777,961 249,000 China Yurun Food Group Ltd. 407,109 570,336 11,700 CNOOC Ltd., ADR 1,363,037 1,693,977
469,000 New World Department Store China 289,787 401,709 3,460,000 Renhe Commercial Holdings 896,504 745,671
924,000 Want Want China Holdings Ltd. 433,312 582,081 5,145,317 5,780,033
SOUTH AFRICA (6.4%) 57,400 Absa Group Ltd.* 884,518 981,847 72,682 Aspen Pharmacare Holdings Ltd. 383,087 637,166 54,368 Massmart Holdings Ltd. 574,530 682,918 37,000 MTN Group Ltd.* 524,922 643,499 50,400 Naspers Ltd. 1,220,456 1,824,798 17,700 SABMiller PLC (ZAR)* 409,817 455,156
3,997,330 5,225,384 MEXICO (6.2%)
29,300 America Movil SAB de C.V., ADR, Series L 1,574,405 1,373,384 420,166 Corporacion GEO SAB de CV, Series B 1,112,266 1,214,870
13,100 Desarrolladora Homex SA, ADR 340,887 528,623 120,604 Grupo Financiero Banorte SA de CV 488,604 430,512 404,970 Grupo Mexico SA de CV 899,237 799,254 199,577 Wal-Mart de Mexico SA de CV* 557,204 740,914
4,972,603 5,087,557 CHINA (6.2%)
297,000 China Communications Construction Co., Ltd. 403,298 343,833 1,016,200 China Construction Bank Corp., Class H 743,710 868,993
201,600 China Shenhua Energy Co., Ltd., Class H 553,842 941,356 440,000 Harbin Power Equipment Co., Ltd. 768,744 443,126
2,191,000 Industrial & Commercial Bank of China 1,652,399 1,767,673 5,900 PetroChina Co., Ltd., ADR 818,014 718,542
4,940,007 5,083,523 ISRAEL (3.5%)
8,600 Elbit Systems Ltd. 490,108 623,126 86,900 ICL-Israel Chemicals Ltd. 782,693 1,064,228 21,100 Teva Pharmaceutical Industries Ltd., ADR 935,759 1,142,189
2,208,560 2,829,543 CAYMAN ISLANDS (2.8%)
247,000 China High Speed Transmission Equipment Group Co., Ltd. 400,000 542,551
230,500 Parkson Retail Group Ltd. 250,188 361,739 34,800 SINA Corp. 1,088,897 1,413,968
1,739,085 2,318,258 CZECH REPUBLIC (2.8%)
16,530 CEZ Group 946,874 945,638 6,229 Komercni Banka AS 1,217,810 1,322,958
2,164,684 2,268,596 THAILAND (2.8%)
152,100 Bangkok Bank PCL, Foreign Registered Shares 544,146 597,087 69,400 Banpu Public Co., Ltd. 553,514 951,865
254,900 Kasikornbank PCL, Foreign Registered Shares 543,223 718,827 1,640,883 2,267,779
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 277
– 42 –
CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
TURKEY (2.4%) 119,841 Akbank TAS 697,661 739,167
29,951 Anadolu Efes Biracilik ve Malt Sanayii AS 280,736 350,024 220,000 Turkiye Garanti Bankasi AS 652,672 888,754
1,631,069 1,977,945 CHILE (1.9%)
13,000 Banco Santander Chile SA, ADR 624,016 800,869 54,900 Lan Airlines SA, ADR 826,499 772,354
1,450,515 1,573,223 EGYPT (1.7%)
73,000 Commercial International Bank 718,812 794,077 12,469 Orascom Construction Industries 864,560 558,190
1,583,372 1,352,267 U.K. (1.4%)
39,573 Billiton PLC 998,035 1,151,593
COLOMBIA (1.2%) 21,700 Bancolombia SA, ADR 758,992 997,399
BERMUDA (0.8%) 1,666,800 GOME Electrical Appliances Holdings Ltd. 653,172 476,651
166,000 Huabao International Holdings Ltd. 192,538 190,571 845,710 667,222
INDONESIA (0.7%) 1,156,473 PT Bank Mandiri 394,703 600,155
PORTUGAL (0.5%) 44,000 Jeronimo Martins SGPS SA 334,282 411,563
POLAND (0.5%) 31,191 Powszechna Kasa Oszczédnosci Bank Polski SA 378,385 390,286
Commission and other portfolio transaction costs (147,843)
Total Investments (93.8%) 70,971,195 76,641,953
Other Assets (net) (6.2%) 5,037,280
Total Net Assets (100.0%) 81,679,233
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 43 –
CI Emerging Markets Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
76,642 51,0723,484 622
- -- -- -- -- -- -- -
1,807 6820 84
- -148 134
82,101 51,980
- -- -- -- -- -
396 5022 93
- -- -- -4 1
422 14481,679 51,836
70,971 67,489- -
46,463 26,9282,382 1,844
32,834 23,064
13.84 9.7816.49 11.5910.00 6.97
3,356,823 2,753,675144,387 159,063
3,284,064 3,307,940
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
1,311 1,804- 342 11- -- -- -
(118) (134)1,195 1,715
408 59945 65
- -8 4
22 33483 701712 1,014
- -712 1,014
(347) 974(135) (120)(71) (114)
- -
22,088 (20,153)21,535 (19,413)22,247 (18,399)
11,522 (11,582)729 (877)
9,996 (5,940)
4.02 (3.65)5.01 (4.27)3.03 (2.42)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 44 –
CI Emerging Markets Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
26,928 50,325
9,550 4,815- -
(2,788) (4,449)1,251 (965)8,013 (599)
- -- -- -- -
11,522 (11,582)46,463 38,144
1,844 3,716
48 172- -
(136) (606)(103) 454(191) 20
- -- -- -- -
729 (877)2,382 2,859
23,064 16,869
99 15,347- -
(129) (86)(196) 1,205(226) 16,466
- -- -- -- -
9,996 (5,940)32,834 27,395
51,836 70,910
9,697 20,334- -
(3,053) (5,141)952 694
7,596 15,887
- -- -- -- -
22,247 (18,399)81,679 68,398
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 45 –
CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
2,753,675 3,104,016733,615 302,224
- -(229,067) (283,570)
98,600 (79,528)3,356,823 3,043,142
159,063 195,2313,271 10,183
- -(10,190) (34,334)
(7,757) 22,226144,387 193,306
3,307,940 1,497,27211,612 1,471,739
- -(14,718) (8,023)(20,770) 143,016
3,284,064 3,104,004
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
13.84 12.540.02 0.07
13.86 12.61
16.49 14.790.04 0.09
16.53 14.88
10.00 8.830.02 0.05
10.02 8.88
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,513 1,0122,564 1,081
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
64 1093 10
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.251.25
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 46 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Hong Kong ............................................................................................................................... 14.2Brazil ....................................................................................................................................... 12.7South Korea ............................................................................................................................ 11.1Mexico .................................................................................................................................... 7.2Russia ...................................................................................................................................... 6.6Taiwan ..................................................................................................................................... 6.6India ........................................................................................................................................ 6.1South Africa ............................................................................................................................ 5.4Israel ....................................................................................................................................... 4.6Chile ........................................................................................................................................ 3.6Cayman Islands ....................................................................................................................... 3.4Thailand .................................................................................................................................. 2.9U.K. .......................................................................................................................................... 2.8Czech Republic ........................................................................................................................ 2.7China ....................................................................................................................................... 2.5Turkey ...................................................................................................................................... 2.4Indonesia ................................................................................................................................. 1.4Cash & Equivalents ................................................................................................................. 1.2Colombia ................................................................................................................................. 1.2Egypt ....................................................................................................................................... 0.7Bermuda .................................................................................................................................. 0.5Other Assets ........................................................................................................................... 0.2
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $7,664,000 (March 31, 2009 - $5,107,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
CI Emerging Markets Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 26,507 32.5Hong Kong Dollar - 8,887 10.9Korean Won - 8,160 10.0Taiwan Dollar - 6,503 8.0South Africa Rand - 6,132 7.5Indian Rupee - 4,225 5.2Brazilian Real - 3,196 3.9Mexican Peso - 3,186 3.9Thai Baht - 2,291 2.8Czech Koruna - 2,269 2.8Turkish Lira - 1,978 2.4Israeli Shekel - 1,687 2.1Egyptian Pound - 1,352 1.7Indonesian Rupiah - 600 0.7Euro - 412 0.5Polish Zloty - 400 0.5Argentine Peso - 54 0.1Philippine Peso - 16 0.1 Total - 77,855 95.6
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 18,502 35.7 Hong Kong Dollar - 6,711 12.9 Korean Won - 5,317 10.3 South Africa Rand - 4,343 8.4 Taiwan Dollar - 3,969 7.7 Brazilian Real - 2,333 4.5 Mexican Peso - 2,106 4.1 Indian Rupee - 1,918 3.7 Thai Baht - 1,481 2.9 Czech Koruna - 1,414 2.7 Israeli Shekel - 1,357 2.6 Turkish Lira - 1,273 2.5 Indonesian Rupiah - 726 1.4 Egyptian Pound - 374 0.7 Argentine Peso - 69 0.1 Philippine Peso - 19 0.1 Total - 51,912 100.3
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $7,786,000 (March31, 2009 - $5,191,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.
– 47 –
CI European Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.K. (20.9%) 11,900 BHP Billiton PLC 297,669 347,742 5,295 British American Tobacco PLC 164,405 177,741 2,400 Carnival PLC 84,822 87,379
80,965 Centrica PLC 368,090 348,523 12,086 Diageo PLC 198,281 198,404 12,783 Imperial Tobacco Group PLC 535,804 395,197
6,500 Inmarsat PLC 54,641 61,164 78,300 Man Group PLC 420,452 443,417 11,700 Royal Dutch Shell PLC, Class A* 318,096 356,911 15,000 Standard Chartered PLC 333,291 395,730
2,775,551 2,812,208 GERMANY (14.6%)
7,825 DaimlerChrysler AG, Registered Shares* 332,149 422,973 4,441 Deutsche Boerse AG 407,521 388,609 7,044 Fresenius AG 541,955 439,471
714 Fresenius SE 58,890 37,633 2,288 Muenchener Rueckversicherungs AG,
Registered Shares* 355,874 391,675 5,338 SAP AG 265,007 278,253
1,961,396 1,958,614 FRANCE (13.6%)
6,615 Alstom 380,371 516,867 6,600 Bouygues SA 418,521 358,980 7,000 Publicis Groupe* 225,777 300,564 2,900 Societe Generale, Class A* 247,616 249,902 6,314 Total SA 401,811 401,643
1,674,096 1,827,956 DENMARK (9.4%)
55 AP Moller - Maersk A/S 375,819 404,002 6,800 FLSmidth & Co. A/S 259,508 395,730 7,000 Novo Nordisk A/S 387,335 468,511
1,022,662 1,268,243 SWITZERLAND (6.4%)
419 Givaudan SA 299,895 335,106 94 SGS SA, Registered Shares 127,391 135,011
1,506 Zurich Financial Services AG 306,161 383,437 733,447 853,554
SWEDEN (5.9%) 13,600 Electrolux AB, Series B* 133,211 333,136 46,900 Volvo AB, Series B* 323,804 464,574
457,015 797,710 NORWAY (5.3%)
15,974 Statoil ASA 345,947 384,621 10,100 Telenor ASA 73,889 125,057 6,172 Yara International ASA 301,035 207,412
720,871 717,090 FINLAND (4.2%)
11,700 Fortum OYJ 300,103 321,166 15,700 Nokia OYJ 249,934 246,969
550,037 568,135 U.S.A. (3.0%)
9,800 iShares S&P Europe 350 Index Fund 413,699 402,908
IRELAND (2.9%) 13,100 CRH PLC 339,047 389,562
NETHERLANDS (2.6%) 19,400 Royal KPN NV 279,338 344,534
PORTUGAL (2.4%) 34,439 Jeronimo Martins SGPS SA 236,001 322,132
ITALY (2.1%) 10,600 Eni SpA* 273,617 282,501
SPAIN (1.9%) 15,100 Banco Santander Central Hispano SA 261,547 260,243
AUSTRIA (1.5%) 4,200 Erste Bank der Oesterreichischen
Sparkassen AG 193,126 199,126
Commission and other portfolio transaction costs (30,871)
Total Investments (96.7%) 11,860,579 13,004,516
Other Assets (net) (3.3%) 437,379
Total Net Assets (100.0%) 13,441,895
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 275
– 48 –
CI European Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
13,005 11,184422 221
- -- -- -- -- -- -- -4 1- 47- -
20 3113,451 11,484
- -- -- -- -- -- -7 18- -- -- -2 19 19
13,442 11,465
11,861 12,762- -
12,966 11,083476 382
7.39 5.9710.63 8.53
1,753,806 1,857,62544,817 44,786
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
325 548- 4
18 33- -- -- -
(44) (74)299 511
123 24714 28
- -1 -7 14
145 289154 222
- -154 222
(138) (1,414)(41) (28)(30) (65)
- -
2,722 (5,280)2,513 (6,787)2,667 (6,565)
2,574 (6,345)93 (220)
1.43 (2.70)2.10 (3.61)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 49 –
CI European Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
11,083 27,181
411 1,063- -
(832) (2,512)(270) (1,658)(691) (3,107)
- -- -- -- -
2,574 (6,345)12,966 17,729
382 1,018
10 185- -
(8) (365)(1) (17)1 (197)
- -- -- -- -
93 (220)476 601
11,465 28,199
421 1,248- -
(840) (2,877)(271) (1,675)(690) (3,304)
- -- -- -- -
2,667 (6,565)13,442 18,330
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 50 –
CI European Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,857,625 2,519,04161,699 102,278
- -(124,951) (249,234)
(40,567) (155,585)1,753,806 2,216,500
44,786 66,736914 14,056
- -(754) (26,869)(129) (1,094)
44,817 52,829
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
7.39 8.000.01 0.017.40 8.01
10.63 11.380.01 0.01
10.64 11.39
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,722 2,9112,776 3,111
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
29 631 6
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 51 –
CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (42.7%) 17,543 Abbott Laboratories Inc. 914,971 928,041 40,177 AES Corp. 335,291 636,201
6,729 Alliance Data Systems Corp.* 341,699 440,046 19,906 Ameriprise Financial Inc. 868,294 774,493
8,489 Anadarko Petroleum Corp.* 378,924 569,411 6,761 Apollo Group Inc. 485,430 532,984 2,771 Apple Computer Inc. 314,196 549,477 7,152 Arch Capital Group Ltd. 484,048 516,485
20,747 Assurant Inc. 666,190 711,033 8,817 Biogen Idec Inc. 485,333 476,717 7,977 Celgene Corp. 453,192 477,334
49,659 Cisco Systems Inc. 1,320,286 1,249,969 10,300 CSX Corp. 513,863 460,959
9,843 Danaher Corp. 680,020 707,866 26,269 DIRECTV Group Inc.* 768,741 775,687 22,841 DR Horton Inc.* 440,103 278,540 14,930 Ecolab Inc. 591,978 738,659
8,819 EOG Resources Inc. 736,489 788,414 12,700 Fastenal Co.* 502,225 525,807
7,700 General Dynamics Corp. 518,470 531,987 10,100 Gilead Sciences Inc. 532,759 499,047
1,357 Google Inc., Class A 683,479 720,045 19,386 Hansen Natural Corp. 694,083 761,733 15,467 Hewlett-Packard Co. 670,094 780,794 5,956 International Business Machines Corp. 677,711 762,028
14,444 JP Morgan Chase & Co. 524,041 676,727 55,290 Kroger Co. 1,479,172 1,220,037 14,325 Medco Health Solutions Inc. 702,179 847,528 56,630 Microsoft Corp. 1,756,226 1,563,068 6,635 Monsanto Co. 726,690 549,051 2,400 Noble Energy Inc. 164,380 169,309
20,427 NRG Energy Inc. 545,026 616,084 50,249 Oracle Corp. 1,047,759 1,120,100 33,701 Pfizer Inc. 565,546 596,076
9,750 Phillip Morris International Inc. 482,374 507,746 11,858 QUALCOMM Inc. 590,084 568,518 16,310 Southwestern Energy Co. 732,669 743,896 16,509 St. Jude Medical Inc. 712,057 688,457 16,067 UnitedHealth Group Inc. 473,973 430,226 27,501 Urban Outfitters Inc. 521,743 888,031 33,720 US Bancorp 753,324 788,476 17,040 Vertex Pharmaceuticals Inc. 540,773 688,890 47,934 Walt Disney Co. 1,351,859 1,407,212 53,765 Xerox Corp. 459,719 444,391 18,674 XTO Energy Inc. 831,588 825,126
30,019,051 31,532,706 JAPAN (9.4%)
7,500 Canon Inc. 347,791 322,001 21,660 Credit Saison Co., Ltd. 739,748 271,749 8,000 FamilyMart Co., Ltd. 261,053 274,297 3,400 Fanuc Ltd. 287,109 324,386
15,500 Honda Motor Co., Ltd.* 433,589 507,419 36 Inpex Holdings Inc. 377,502 326,723
256 Japan Tobacco Inc. 1,162,589 934,231
JAPAN (9.4%) (cont’d)642 Jupiter Telecommunication Co. 513,325 656,924
16,000 Mitsubishi Corp. 235,837 345,376 89,900 Mitsubishi UFJ Financial Group Inc. 542,636 513,557 14,300 Nikon Corp.* 252,837 279,005
2,800 Nintendo Co., Ltd. 1,163,173 758,681 6,800 Nitori Co., Ltd. 465,053 617,955
72 Sony Financial Holding Inc. 220,013 221,279 14,000 Toyota Motor Corp. 820,183 592,720
7,822,438 6,946,303 U.K. (6.6%)
8,288 AstraZeneca PLC 350,719 397,604 20,875 BHP Billiton PLC 523,315 610,010 31,545 Diageo PLC 502,372 517,843 32,650 Imperial Tobacco Group PLC 1,226,428 1,009,402
131,206 Man Group PLC 702,330 743,027 25,157 Royal Dutch Shell PLC, Class A* 691,847 767,420 30,600 Standard Chartered PLC 678,239 807,288
4,675,250 4,852,594 HONG KONG (6.1%)
10,400 China Mobile (Hong Kong) Ltd., ADR 660,367 546,161 350,600 CNOOC Ltd. 430,264 505,660 78,800 Esprit Holdings Ltd. 532,050 560,635
161,300 Hutchison Whampoa Ltd. 1,803,141 1,237,842 256,500 Li & Fung Ltd. 967,027 1,117,978 32,600 Sun Hung Kai Properties Ltd. 402,562 514,316
4,795,411 4,482,592 GERMANY (4.9%)
16,542 DaimlerChrysler AG, Registered Shares* 714,776 894,162 7,152 Deutsche Boerse AG 650,850 625,835
12,146 Fresenius AG 886,800 757,781 3,991 Muenchener Rueckversicherungs AG,
Registered Shares* 614,154 683,207 12,154 SAP AG 629,756 633,550
3,496,336 3,594,535 FRANCE (3.6%)
16,338 Alstom 858,588 1,276,578 11,903 Publicis Groupe* 382,146 511,088
1,200 Societe Generale, Class A* 106,992 103,408 12,118 Total SA 772,484 770,843
2,120,210 2,661,917 NORWAY (3.0%)
30,528 Statoil ASA 665,408 735,051 73,794 Telenor ASA 546,483 913,709 17,420 Yara International ASA 731,265 585,405
1,943,156 2,234,165 SWITZERLAND (2.7%)
13,887 ACE Ltd. 731,903 794,405 6,000 Transocean Ltd. 517,569 549,437 2,630 Zurich Financial Services AG 537,352 669,614
1,786,824 2,013,456 DENMARK (2.5%)
135 AP Moller - Maersk A/S 935,937 991,640 12,271 Novo Nordisk A/S 669,216 821,300
1,605,153 1,812,940
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 660
– 52 –
CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
IRELAND (2.4%) 21,162 Accenture PLC 726,299 844,432 30,600 CRH PLC 816,820 909,969
1,543,119 1,754,401 SOUTH KOREA (1.7%)
5,659 KT&G Corp. 353,850 367,186 2,400 Samsung Electronics Co., Ltd., GDR 671,380 876,222
1,025,230 1,243,408 FINLAND (1.7%)
25,912 Fortum OYJ 652,591 711,286 32,031 Nokia OYJ 518,570 503,864
1,171,161 1,215,150 TAIWAN (1.5%)
96,090 Hon Hai Precision Industry Co., Ltd. 398,734 413,188 58,445 Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR 588,081 684,563 986,815 1,097,751
SWEDEN (1.4%) 101,247 Volvo AB, Series B* 693,099 1,002,915
BRAZIL (1.3%) 33,700 Redecard SA 572,326 554,997 16,100 Vale SA, ADR 525,176 398,359
1,097,502 953,356 AUSTRALIA (1.2%)
15,532 Rio Tinto Ltd.* 522,660 868,587
JERSEY ISLAND (1.1%) 12,800 Housing Development Finance Ltd. 623,286 784,300
PORTUGAL (1.0%) 80,201 Jeronimo Martins SGPS SA 555,788 750,176
RUSSIA (1.0%) 28,100 OAO Gazprom, ADR 931,762 699,484
NETHERLANDS (0.8%) 33,945 Royal KPN NV 484,131 602,846
CHINA (0.8%) 713,500 Industrial & Commercial Bank of China 491,848 575,643
SPAIN (0.7%) 30,700 Banco Santander Central Hispano SA 531,758 529,103
BERMUDA (0.6%) 11,338 Endurance Specialty Holdings Ltd. 358,130 442,590
INDIA (0.6%) 44,000 Bharti Airtel Ltd.,
Participating Notes (JP Morgan) 413,374 410,077
CZECH REPUBLIC (0.3%) 4,152 CEZ Group 182,640 237,525
Commission and other portfolio transaction costs (129,863)
Total Investments (99.6%) 69,746,269 73,298,520
Other Assets (net) (0.4%) 546,907
Total Net Assets (100.0%) 73,845,427
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 53 –
CI Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
73,299 70,816532 1,139
- -- -- -
307 577- -- -- -
52 51- 69- -
104 17874,294 72,830
- -- -- -- -- -
146 19292 307
- -- -- -
11 10449 336
73,845 72,494
69,746 82,424- -
70,505 69,1961,429 1,6681,673 1,556
58 1730 26
150 31
11.75 9.766.34 5.247.99 6.567.28 6.207.60 6.436.07 5.24
5,998,321 7,092,961225,403 318,441209,310 237,229
7,918 2,6673,988 4,017
24,628 6,007
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 54 –
CI Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
1,238 1,504- 47
35 61- -- -- -
(119) (197)1,154 1,415
723 1,32081 149
- -33 140 73
877 1,543277 (128)
- -277 (128)
(1,139) (14,494)(240) 42(131) (329)
- -
15,160 (6,735)13,650 (21,516)13,927 (21,644)
13,263 (19,173)306 (387)331 (2,070)
7 (1)5 (6)
15 (7)
2.03 (2.13)1.13 (1.15)1.44 (1.40)1.41 (0.72)1.35 (1.49)0.97 (1.70)
69,196 140,529
1,618 4,631- -
(11,356) (17,797)(2,216) (4,936)
(11,954) (18,102)
- -- -- -- -
13,263 (19,173)70,505 103,254
1,668 2,641
(63) 264- -
(325) (197)(157) (175)(545) (108)
- -- -- -- -
306 (387)1,429 2,146
1,556 14,441
68 300- -
(148) (427)(134) (1,298)(214) (1,425)
- -- -- -- -
331 (2,070)1,673 10,946
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 55 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
72,494 157,709
1,734 5,263- -
(11,829) (18,436)(2,475) (6,444)
(12,570) (19,617)
- -- -
(6) (4)(6) (4)
13,927 (21,644)73,845 116,444
17 31
3 44- -- -
32 (51)35 (7)
- -- -
(1) (1)(1) (1)7 (1)
58 22
26 41
- -- -- -- -- -
- -- -
(1) (1)(1) (1)5 (6)
30 34
31 26
108 24- -- (15)- 16
108 25
- -- -
(4) (2)(4) (2)
15 (7)150 42
CI Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 56 –
CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
7,092,961 9,631,743149,825 323,022
- -(1,041,140) (1,304,550)
(203,325) (261,825)5,998,321 8,388,390
318,441 340,943(6,508) 33,781
- -(60,879) (25,399)(25,651) (22,753)225,403 326,572
237,229 1,507,2649,559 31,595
- -(20,881) (42,975)(16,597) (157,772)
209,310 1,338,112
2,667 3,161428 4,442
- -- -
4,823 (4,936)7,918 2,667
4,017 4,078- -- -
(29) (31)- -
3,988 4,047
6,007 2,95918,640 2,808
- -(19) (1,638)
- 1,87724,628 6,006
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
11.75 12.310.02 0.01
11.77 12.32
6.34 6.570.01 0.016.35 6.58
7.99 8.180.02 0.018.01 8.19
7.28 8.080.02 0.017.30 8.09
7.60 8.320.02 0.017.62 8.33
6.07 6.990.01 0.016.08 7.00
– 57 –
CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
7,160 12,3797,303 13,227
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
127 3216 28
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares
2.001.00
Paid directly by investor2.001.002.00
0.220.22
-0.220.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 58 –
CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (67.3%) 443,952 Advocat Inc. 8,640,130 3,422,291
55,660 Amgen Inc. 3,724,418 3,589,257 201,900 Angiodynamics Inc.* 3,557,094 2,974,426 465,126 Angiotech Pharmaceuticals Inc. (USD) 3,682,951 861,520 150,000 Aphton Corp., Restricted Shares 363 337 119,095 Arena Pharmaceuticals Inc.* 1,299,428 568,692 494,900 BioMarin Pharmaceuticals Inc.* 6,703,851 9,553,481 809,700 Boston Scientific Corp.* 18,789,158 9,171,878 100,000 Brookdale Senior Living Inc. 1,658,679 1,937,881 221,301 Capital Senior Living Corp.* 1,945,753 1,445,312
83,500 Celgene Corp. 4,581,452 4,996,536 151,500 Cooper Cos., Inc. 6,329,651 4,822,320
52,725 Cubist Pharmaceuticals Inc. 1,129,432 1,139,728 185,000 EV3 Inc.* 2,166,815 2,438,250
6,976 Exelixis Inc. 36,650 47,577 59,050 Genzyme Corp. 3,566,110 3,581,528 64,400 Gilead Sciences Inc. 3,183,246 3,182,043 15,000 Hansen Medical Inc.* 221,203 55,406
565,000 HealthSouth Corp.* 14,316,327 9,460,927 132,250 Hospira Inc.* 5,141,778 6,306,587 250,000 Human Genome Sciences Inc.* 1,269,318 5,032,066 265,900 Idenix Pharmaceuticals Inc.* 3,997,228 876,834 333,800 ImmunoGen Inc.* 2,639,185 2,898,382 267,700 Inspire Pharmaceuticals Inc.* 1,426,225 1,490,391 150,000 Merck & Co., Inc. 5,183,575 5,071,680 318,155 NovaMed Inc.* 1,405,871 1,529,444 118,700 Onyx Pharmaceuticals Inc. 3,941,168 3,807,510 205,000 Psychiatric Solutions Inc.* 7,224,067 5,871,190
1,267,500 Rite Aid Corp. 5,093,576 2,198,424 87,401 Wright Medical Group Inc.* 1,529,369 1,670,333 55,998 Zimmer Holdings Inc. 2,740,998 3,204,562
160,000 ZymoGenetics Inc.* 2,586,973 1,032,965 129,712,042 104,239,758
AUSTRALIA (5.5%) 1,900,000 Healthscope Ltd.* 6,541,684 8,561,227
IRELAND (5.5%) 150,000 Covidien PLC 6,670,238 6,945,857 200,100 Elan Corp. PLC, ADR 2,060,618 1,521,086
8,730,856 8,466,943 U.K. (5.4%)
307,201 GlaxoSmithKline PLC 9,978,050 6,462,106 163,874 Synergy Health PLC 1,284,092 1,836,430
11,262,142 8,298,536 FRANCE (3.6%)
70,000 Sanofi-Aventis* 6,056,854 5,498,002
CANADA (2.8%) 1,437,139 Patheon Inc.* 7,499,839 4,268,303
SWITZERLAND (2.1%) 18,400 Roche Holding AG 3,133,539 3,182,740
GERMANY (1.9%) 100,000 Stada Arzneimittel AG* 3,790,613 2,915,785
BRAZIL (1.4%) 325,000 Medial Saude SA 3,794,810 2,097,725
SINGAPORE (1.1%) 800,000 Biosensors International Group 493,195 376,988
1,239,000 Raffles Medical Group Ltd. 1,062,039 1,271,310 1,555,234 1,648,298
JAPAN (1.0%) 70,080 Sugi Pharmacy Co., Ltd.* 1,559,038 1,591,307
Commission and other portfolio transaction costs (381,309)
Total Equities (97.6%) 183,255,342 150,768,624
DERIVATIVE INSTRUMENTS
Short Option Contracts (-0.1%) (see Schedule A) (39,882) (23,929)
Total Investments (97.5%) 183,215,460 150,744,695
Other Assets (net) (2.5%) 4,097,919
Total Net Assets (100.0%) 154,842,614
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 201
– 59 –
CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AShort Option Contracts (-0.1%)
Contracts No. of underlying interest Underlying Interest Expiry Date Strike Price ($) Premium Paid (Received) ($) Fair Value ($)
(1,490) (149,000) Rite Aid Corp. Call 16-Jan-10 2.50 (39,882) (23,929)
Total Short Option Contracts Value (39,882) (23,929)
– 60 –
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesY SharesZ Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesY SharesZ Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesY SharesZ Shares
CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
150,769 96,8353,537 1,457
- -- -- -- -
16 -- -- -
132 48802 1,095
- -383 470
155,639 99,905
- -- -- -- -
40 -230 909502 371
- -- -- -
24 6796 1,286
154,843 98,619
183,255 171,928- -
113,627 95,6912,938 2,408
637 520587 -
37,054 -
20.17 15.5112.21 9.3411.43 8.6810.46 -10.44 -
5,632,793 6,170,525240,676 257,869
55,747 59,94056,089 -
3,547,797 -
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesY SharesZ Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesY SharesZ Shares
1,030 816- 19
45 147- 130- -- -
(180) (145)895 967
1,146 1,444128 161
- 151 364 80
1,389 1,689(494) (722)
- -(494) (722)
(11,799) (580)(485) 44(86) (74)
- -
42,623 (2,755)30,253 (3,365)29,759 (4,087)
27,237 (4,005)726 (77)155 (5)
27 -1,614 -
4.65 (0.55)2.88 (0.25)2.73 (0.05)0.47 -0.46 -
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 61 –
CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Y SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Z SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
95,691 150,028
2,823 3,597- -
(11,195) (17,785)(929) (929)
- -(9,301) (15,117)
- -- -- -- -
27,237 (4,005)113,627 130,906
2,408 4,331
131 463- -
(392) (1,130)65 (337)
- -(196) (1,004)
- -- -- -- -
726 (77)2,938 3,250
520 1,362
2 2- -
(3) (236)(37) (496)
- -(38) (730)
- -- -- -- -
155 (5)637 627
- -
133 -- -- -
(2) -429 -560 -
- -- -- -- -
27 -587 -
- -
1,573 -- -
(1,193) -(114) -
35,174 -35,440 -
- -- -- -- -
1,614 -37,054 -
98,619 155,721
4,662 4,062- -
(12,783) (19,151)(1,017) (1,762)35,603 -26,465 (16,851)
- -- -- -- -
29,759 (4,087)154,843 134,783
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 62 –
CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
6,170,525 7,705,401159,280 182,655
- -(641,823) (900,518)
(55,189) (48,636)- -
5,632,793 6,938,902
257,869 373,27312,771 39,035
- -(36,970) (96,272)
7,006 (28,427)- -
240,676 287,609
59,940 127,828223 221
- -(334) (22,006)
(4,082) (46,016)- -
55,747 60,027
- -13,310 -
- -(2) -
(161) -42,942 -56,089 -
- -157,257 -
- -(115,780) -
(11,073) -3,517,393 -3,547,797 -
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Y SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Z SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
20.17 18.870.04 0.08
20.21 18.95
12.21 11.300.02 0.05
12.23 11.35
11.43 10.440.02 0.04
11.45 10.48
10.46 -0.02 -
10.48 -
10.44 -0.02 -
10.46 -
– 63 –
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
82 6512 9
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
29,319 40,87429,906 43,675
CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Annual management fee rateA SharesF SharesI SharesY SharesZ Shares
Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ Shares
2.001.00
Paid directly by investor1.002.00
0.220.22
-0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 64 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 62.9Australia .................................................................................................................................. 6.9U.K. .......................................................................................................................................... 6.9France ...................................................................................................................................... 5.0Bermuda .................................................................................................................................. 4.2Canada .................................................................................................................................... 3.5Germany .................................................................................................................................. 2.3Finland ..................................................................................................................................... 1.8Japan ...................................................................................................................................... 1.6Cash & Equivalents ................................................................................................................. 1.5Ireland ..................................................................................................................................... 1.3Brazil ....................................................................................................................................... 0.9Singapore ................................................................................................................................ 0.8Other Assets ........................................................................................................................... 0.4
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $15,079,000 (March 31, 2009 - $9,684,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
CI Global Health Sciences Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (24) 116,749 75.4Australian Dollar - 8,758 5.7Euro - 8,414 5.4British Pound - 8,392 5.4Swiss Franc - 3,183 2.1Brazilian Real - 2,098 1.4Singapore Dollar - 1,648 1.1Japanese Yen - 1,596 1.0Total (24) 150,838 97.5
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 69,440 70.4 Euro - 8,736 8.9 Australian Dollar - 6,919 7.0 British Pound - 6,869 7.0 Japanese Yen - 1,614 1.6 Brazilian Real - 936 0.9 Singapore Dollar - 825 0.8 Total - 95,339 96.6
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $15,084,000 (March 31, 2009 - $9,534,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 65 –
CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
EQUITIES SUBJECT TO FORWARD (112.8%) 38,596 Agnico-Eagle Mines Ltd. 2,464,365 2,794,736
206,284 Celtic Exploration Ltd. 2,809,588 3,907,019 371,334 CGI Group Inc. 3,609,366 4,656,528 258,320 Eldorado Gold Corp. 2,464,373 3,138,588 586,552 HudBay Minerals Inc. 3,554,505 7,566,521 398,524 Ivanhoe Mines Ltd. 2,809,594 5,435,867 577,968 Red Back Mining Inc. 3,554,503 6,947,175
47,600 Research In Motion Ltd. 4,362,064 3,445,288 287,349 RONA Inc. 3,554,507 4,310,235 154,181 Stantec Inc. 3,609,378 4,132,051 140,909 Teck Resources Ltd. 4,061,012 4,155,406 273,041 Viterra Inc. 2,809,592 2,913,347
Commission and other portfolio transaction costs -
Total Equities Subject to Forward (112.8%) 39,662,847 53,402,761
DERIVATIVE INSTRUMENTS
Forward Contract (-19.2%) (see Schedule A) (9,082,852)
Total Investments (93.6%) 39,662,847 44,319,909
Other Assets (net) (6.4%) 3,026,833
Total Net Assets (100.0%) 47,346,742
Schedule AForward Contract (-19.2%)
No. of Shares/Face Amount Investments sold forward Fair Value $
38,596 Agnico-Eagle Mines Ltd. (2,794,736)206,284 Celtic Exploration Ltd. (3,940,024)371,334 CGI Group Inc. (4,656,528)258,320 Eldorado Gold Corp. (3,141,171)586,552 HudBay Minerals Inc. (7,566,521)398,524 Ivanhoe Mines Ltd. (5,483,690)577,968 Red Back Mining Inc. (6,952,955)
47,600 Research In Motion Ltd. (3,445,288)287,349 RONA Inc. (4,310,235)154,181 Stantec Inc. (4,132,051)140,909 Teck Resources Ltd. (4,156,816)273,041 Viterra Inc. (2,916,078)
(53,496,093)
Notional Shares Underlying Accounts Fair Value $
221,730 National Bank of Canada Global BB Units (See Schedule 1) 16,781,270 264,224 National Bank Financial Inc. BB Units (See Schedule 2) 27,631,971
44,413,971
Total Forward Contracts Value (9,082,852)
Due date April 6, 2011 Credit Rating of the Counterparty* A-1
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service,Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2311
– 66 –– 66 –
CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2009)
No. of Shares/ Average Fair Face Amount Cost ($) Value ($)
4,600 Air Liquide 521,592 560,360 73,500 BAE Systems PLC 447,014 439,121 12,300 Banco Santander Central Hispano SA 217,421 211,986
5,600 BASF AG 348,406 317,706 12,000 BCE Inc. 322,513 316,680
8,500 Belgacom SA 378,089 354,516 13,300 British American Tobacco PLC 463,527 446,678 10,020 Companhia Brasileira de Meios de Pagamento 89,511 106,459 34,600 Compass Group PLC 216,203 226,310 73,100 Enel SpA 705,379 496,782
184,001 Far EasTone Telecommunications Co., Ltd. 280,316 231,512 26,500 France Telecom SA 918,308 755,868 24,700 Imperial Tobacco Group PLC 890,305 764,044 15,540 InBev NV 506,747 759,774 23,840 InBev VVPR Strip - 112 11,500 Manitoba Telecom Services Inc. 469,258 383,180 7,014 MediaTek Inc. 97,373 125,805
54,600 Meggitt PLC 219,628 217,750 4,300 Mobistar SA 306,004 318,601
54,300 National Grid PLC 708,239 561,125 16,200 Nestle SA, Registered Shares 702,135 739,217 10,800 Next PLC 295,988 331,119 35,300 Pearson PLC 415,237 465,642 19,480 Redecard SA 284,939 320,811
5,800 RWE AG, Class A 676,635 576,774 15,700 Scor SE 399,676 459,500 19,700 Scottish and Southern Energy PLC 396,632 395,355 20,800 Shaw Communications Inc., Class B 414,232 403,104
1,700 Swisscom AG, Registered Shares 579,046 651,265 109,700 Taiwan Semiconductor Manufacturing Co., Ltd. 222,942 236,773
24,100 Telefonica SA 677,938 711,955 12,100 Telekom Austria AG 310,021 233,564 97,400 Terna SpA 400,108 406,692 52,200 Toll Holdings Ltd. 290,490 420,614
6,600 Total SA 474,166 419,887 56,336 United Utilities PLC 667,945 440,093
9,500 Vinci SA 478,489 575,433 18,000 Vivendi Universal SA 646,855 596,334
186,400 Vodafone Group PLC 586,692 447,113 15,932 Westpac Banking Corp. 310,381 395,061
Total Investments 17,336,380 16,820,675
Other Assets (39,405)
Total Net Asset Value 16,781,270
Schedule 2National Bank Financial Inc. BB Units Investment Portfolio (as at September 30, 2009)
No. of Shares/ Average Fair Face Amount Cost ($) Value ($)
37,100 Altria Group Inc. 793,371 707,435 12,200 Arthur J. Gallagher & Co. 273,348 318,320 11,200 AstraZeneca PLC, ADR 466,077 539,009 22,900 AT&T Inc. 819,566 662,230 5,100 Automatic Data Processing Inc. 208,211 214,591 5,900 Ball Corp. 274,625 310,789 5,700 BHP Billiton Ltd., ADR 302,079 402,840 7,900 BP PLC, ADR 432,450 450,228
21,400 Bristol-Myers Squibb Co. 515,818 515,977 15,000 CenturyTel Inc. 549,235 539,609
4,000 Chevron Corp. 354,861 301,624 20,695 Chunghwa Telecom Co., Ltd., ADR 550,795 399,715
4,000 Coca-Cola Co. 213,569 229,976 5,500 ConocoPhillips 423,734 265,929 3,900 DaVita Inc. 211,471 236,503
12,400 Diageo PLC, ADR 971,844 816,347 3,200 Diamond Offshore Drilling Inc. 361,947 327,260
35,600 Duke Energy Corp. 657,281 599,934 8,900 EI Du Pont de Nemours & Co. 403,668 306,256
10,900 Emerson Electric Co. 416,153 467,738 4,200 Eni SpA, ADR 274,764 224,162 4,400 Exxon Mobil Corp. 387,552 323,213 7,400 Federated Investors Inc., Class B 210,889 208,925
25,400 Frontier Communications Corp. 233,704 205,047 10,800 Genuine Parts Co. 454,730 440,090
7,300 H.J. Heinz Co. 299,306 310,677 12,900 Honeywell International Inc. 477,238 513,094 10,900 Johnson & Johnson 772,147 710,593
3,900 Kellogg Co. 203,522 205,562 6,800 Kimberly-Clark Corp. 406,217 429,400 7,400 Kinder Morgan Energy Partners LP 427,859 427,991
14,000 Kraft Foods Inc., Class A 427,249 393,765 9,300 Lorillard Inc. 683,036 739,810 8,500 McDonald's Corp. 553,215 519,368
13,800 Merck & Co., Inc. 411,676 467,333 5,600 MetLife Inc. 195,693 228,255 3,300 MetLife Inc., 6.5% Preferred 78,632 83,842
22,400 Microsoft Corp. 531,262 620,910 7,500 Nicor Inc. 318,504 293,814
23,100 NiSource Inc. 329,298 343,528 11,100 NSTAR 375,715 378,157 4,400 Nucor Corp. 219,946 221,458 3,600 NYSE Euronext 83,744 111,352
12,800 OGE Energy Corp. 397,311 453,340 9,200 ONEOK Inc. 318,484 360,707
13,000 Oracle Corp. 306,642 290,061 8,672 Philippine Long Distance Telephone Co., ADR 551,324 477,233
14,600 Phillip Morris International Inc. 748,966 761,880 9,800 Progress Energy Inc. 429,540 409,833 4,600 Reynolds American Inc. 267,104 219,261 7,000 Royal Dutch Shell PLC, Class A, ADR 489,170 428,614 5,400 SCANA Corp. 205,311 201,775
14,700 Southern Co. 534,632 498,441 20,900 Statoil ASA, ADR 546,286 504,369 16,600 SUPERVALU Inc. 335,124 267,659 18,700 TECO Energy Inc. 313,081 281,898
8,100 Tupperware Brands Corp. 326,796 346,198 8,000 Vectren Corp. 213,296 197,343 2,700 Ventas Inc. 114,192 111,294
20,900 Verizon Communications Inc. 770,426 677,341 9,400 Waste Management Inc. 304,488 300,112
14,100 Westar Energy Inc. 327,194 294,527 8,100 WGL Holdings Inc. 330,287 287,399
41,800 Windstream Corp. 489,832 453,351
Total Investments 25,875,487 24,835,292
Other Assets 2,796,679
Total Net Asset Value 27,631,971
– 67 –
CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsUnrealized gain on forward contractMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsUnrealized loss on forward contractPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
53,403 36,8533,228 4,536
- -- 1,655- -- -- -- -- -- -
112 129- -- -5 5
56,748 43,178
- -- -- -- -
9,083 -- -- -
252 49- -
23 21- -- -
43 99,401 79
47,347 43,099
39,663 39,321- -
30,334 28,3842,870 2,440
10,568 9,3291,519 1,078
- 1892,050 1,674
6 5- -
7.56 6.757.84 6.968.03 7.087.17 6.57
- 9.496.67 6.216.99 6.48
- -
4,014,095 4,204,516366,134 350,446
1,316,598 1,317,177211,857 164,065
- 19,946307,425 269,471
839 839- -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 68 –
CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Expenses absorbed by the managerNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsForward feesChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- -1 52
28 -- -- -9 18- -
38 70
325 35939 44
- 134 1018 19
416 433- -
(378) (363)
343 (1,208)(39) 26
- -- -
(131) (130)
5,469 (3,435)5,642 (4,747)5,264 (5,110)
3,331 (3,340)302 (269)
1,254 (1,226)142 (96)19 -
215 (168)1 (6)- (5)
0.81 (0.80)0.87 (0.84)0.94 (0.74)0.78 (0.93)0.93 -0.73 (0.91)0.80 (0.77)
- (0.52)
28,384 35,501
2,556 4,999- -
(2,800) (2,945)- -
(1,137) (1,732)(1,381) 322
- -- -- -- -
3,331 (3,340)30,334 32,483
2,440 2,465
441 1,140- -
(385) (499)- -
72 (110)128 531
- -- -- -- -
302 (269)2,870 2,727
9,329 13,746
571 1,369- -
(502) (1,775)- -
(84) 714(15) 308
- -- -- -- -
1,254 (1,226)10,568 12,828
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 69 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
5 56
- -- -- -- -- -- -
- -- -- (2)- (2)1 (6)6 48
- 97
- 1- -- (1)- -- (88)- (88)
- -- -- (4)- (4)- (5)- -
43,099 53,963
4,482 8,219- -
(3,881) (5,462)- -
(1,499) (1,113)(898) 1,644
- -- -
(118) (105)(118) (105)
5,264 (5,110)47,347 50,392
1,078 708
327 232- -
(14) (35)- -
20 69333 266
- -- -
(34) (26)(34) (26)
142 (96)1,519 852
189 -
- -- -
(1) -- -
(204) -(205) -
- -- -
(3) -(3) -
19 -- -
1,674 1,390
587 478- -
(179) (207)- -
(166) 34242 305
- -- -
(81) (73)(81) (73)
215 (168)2,050 1,454
CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 70 –
CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
4,204,516 4,106,310367,405 586,224
- -(400,115) (345,472)(157,711) (201,764)
4,014,095 4,145,298
350,446 279,47658,515 132,497
- -(52,050) (58,666)
9,223 (14,003)366,134 339,304
1,317,177 1,552,75778,195 156,038
- -(66,837) (210,405)(11,937) 80,787
1,316,598 1,579,177
164,065 79,22047,042 25,676
- -(1,972) (3,820)2,722 7,235
211,857 108,311
19,946 -- -- -
(106) -(19,840) -
- -
269,471 158,51690,849 54,292
- -(27,467) (24,670)(25,428) 3,614
307,425 191,752
839 6,215- -- -- (51)- -
839 6,164
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
- 11,181- 64- -- (101)- (11,144)- -
– 71 –
CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
- -- -
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Annual management fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.101.10
Paid directly by investor2.10
Paid directly by investor2.101.10
Paid directly by investor
0.220.22
-0.22
-0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
7.56 7.840.01 -7.57 7.84
7.84 8.040.01 0.017.85 8.05
8.03 8.120.01 0.018.04 8.13
7.17 7.870.01 0.017.18 7.88
- -- -- -
6.67 7.580.01 0.016.68 7.59
6.99 7.860.01 0.017.00 7.87
- -- -- -
– 72 –
Portfolio Breakdown of the Underlying Accounts as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Telecommunication Services .................................................................................................. 16.9Consumer Staples ................................................................................................................... 16.7Utilities .................................................................................................................................... 16.4Cash & Equivalents ................................................................................................................. 10.5Energy ..................................................................................................................................... 9.0Materials ................................................................................................................................. 6.4Health Care ............................................................................................................................. 5.8Other Assets ........................................................................................................................... 4.9Consumer Discretionary .......................................................................................................... 4.5Industrials ............................................................................................................................... 3.6Financials ................................................................................................................................ 2.8Information Technology .......................................................................................................... 2.5
During the six-month period the Fund’s exposure to currency risk changed significantly as disclosedin the section below. For details relating to other price risk, credit risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.
CI Global High Dividend Advantage Fund (the “Fund”) is exposed to the financial instruments’ risksof the National Bank of Canada Global BB units and National Bank Financial Inc BB units (the“Underlying Accounts”). The Fund was created to obtain exposure to an actively managed portfolioof global equities by virtue of the Forward Agreement. By entering into the Forward Agreement, theFund eliminated the direct risk exposure to its common share portfolio and assumed the risk expo-sure of the National Bank of Canada Global BB units and National Bank Financial Inc., BB units aswell as credit risk to the Counterparty of the Forward Agreement. For details of the credit rating ofthe Counterparty to the Forward Agreement please refer to the “Statement of Investment Portfolio”- Schedules A and B.
Currency RiskThe tables below summarize the Underlying Accounts’ exposure to currency risk, net of derivativeinstruments,as applicable.
as at September 30, 2009Net
AssetsCurrency (%)US Dollar 31.8 Euro 17.2 British Pound 10.9 Swiss Franc 3.1 Australian Dollar 1.9 Taiwan Dollar 1.4 Brazilian Real 0.9 Total 67.2
CI Global High Dividend Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency Risk (cont’d)
as at March 31, 2009Net
AssetsCurrency (%)US Dollar 26.4 Euro 19.9 British Pound 8.2 Swiss Franc 3.6 Australian Dollar 3.4 Brazilian Real 1.2 Taiwan Dollar 0.9 Swedish Krona 0.6 Norwegian Krone 0.1 Total 64.3
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Accounts, with all other variables held con-stant, net assets of the Fund would have decreased or increased, respectively, by approximately$3,182,000 (March 31, 2009 - $2,490,000). In practice, the actual results may differ from this analy-sis and the difference may be material.
– 73 –
CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (54.7%) 5,400 Abbott Laboratories Inc. 292,753 285,665 5,700 Alliance Data Systems Corp.* 245,756 372,754 3,300 Apollo Group Inc. 247,261 260,146 3,550 Apple Computer Inc. 416,880 703,949
10,150 Bank of New York Mellon Corp. 329,026 315,038 13,200 Charles Schwab Corp.* 227,263 270,216 13,590 Cisco Systems Inc. 271,723 342,074 13,460 Comcast Corp., Class A 245,905 243,257 13,800 Comcast Corp., Special Class A 242,763 237,287 60,000 Consumer Staples Select Sector SPDR Fund 1,844,053 1,634,886 16,050 Corning Inc. 290,556 262,571
2,000 Danaher Corp. 145,672 143,831 6,450 DaVita Inc. 358,340 390,242
47,100 Dow Jones Euro Stoxx 50 Fund 2,147,552 2,084,178 3,740 EOG Resources Inc. 246,401 334,354
820 Google Inc., Class A 380,429 435,105 5,500 Hansen Natural Corp. 203,513 216,111
38,000 iShares MSCI EMU Index Fund 1,387,123 1,544,801 80,000 iShares MSCI Japan Index Fund 995,168 849,670 15,700 Kroger Co. 443,289 346,438
4,000 Laboratory Corp. of America Holdings 305,968 281,367 7,780 Marathon Oil Corp. 276,370 265,300 1,250 Mastercard Inc., Class A 270,222 270,313
13,400 MEMC Electronic Materials Inc. 268,711 238,012 12,570 Merck & Co., Inc.* 431,300 425,007
9,600 MetLife Inc. 322,402 391,293 43,350 Microsoft Corp. 1,224,941 1,196,521 3,200 Monsanto Co. 298,107 264,802 2,400 New Oriental Education &
Technology Group, ADR 177,228 206,722 4,450 Noble Energy Inc. 241,125 313,927 4,590 Northrop Grumman Corp. 247,042 254,118
14,850 Oracle Corp. 324,782 331,021 7,050 Phillip Morris International Inc. 352,928 367,140 2,250 Praxair Inc. 196,335 196,644 2,200 Priceline.com Inc.* 190,950 389,942 6,740 Prudential Financial Inc. 277,115 359,583
21,500 SPDR Gold Trust 1,133,208 2,275,200 8,750 Sybase Inc. 352,536 364,142 6,850 Thermo Fisher Scientific Inc. 318,203 319,761 5,400 Tupperware Brands Corp. 228,603 230,451 8,800 Urban Outfitters Inc. 155,368 284,160
10,500 US Bancorp 210,174 245,522 3,600 Visa Inc., Class A 257,184 266,143 8,300 Wal-Mart Stores Inc. 530,412 435,612 6,600 XTO Energy Inc. 296,162 291,626
19,848,802 21,736,902 JAPAN (7.2%)
31,875 Bank of Yokohama Ltd. 219,026 166,121 6,469 Canon Inc. 269,738 277,736 2,100 Fanuc Ltd. 177,855 200,356
12,870 Mitsubishi Corp. 300,301 277,811 3,257 Mitsui Sumitomo Insurance
Group Holdings Inc. 108,697 95,553 152,300 Mizuho Financial Group Inc. 909,527 321,489
JAPAN (7.2%) (cont’d)650 Nintendo Co., Ltd. 248,965 176,122
47,230 Nipponkoa Insurance Co., Ltd. 469,738 315,427 12,015 Nomura Research Institute Ltd. 295,509 303,775 15,930 Seven & I Holdings Co., Ltd. 415,061 404,658 19,376 Sumitomo Metal Mining Co., Ltd. 326,908 338,990
3,741,325 2,878,038 GERMANY (5.3%)
6,340 Adidas AG 268,258 359,391 1,733 Allianz AG, Registered Shares* 270,631 232,180 5,100 Bayer AG 343,175 378,035 3,300 Deutsche Boerse AG 298,656 288,766 9,170 SAP AG 432,340 478,004 3,790 Siemens AG, Registered Shares 293,007 374,754
1,906,067 2,111,130 SWITZERLAND (3.8%)
2,200 Alcon Inc. 223,818 326,628 6,250 Nestle SA, Registered Shares 277,887 285,063 4,250 Roche Holding AG 678,921 735,144 1,550 Transocean Ltd. 141,445 141,938
1,322,071 1,488,773 U.K. (3.6%)
16,908 Cadbury PLC 206,173 232,001 21,160 GlaxoSmithKline PLC 606,890 445,110 10,200 Standard Chartered PLC 232,295 269,096 20,025 Vodafone Group PLC, ADR 522,907 482,396
1,568,265 1,428,603 FRANCE (3.5%)
3,900 Alstom 282,365 304,729 4,400 Groupe Danone* 240,995 283,372 5,000 Publicis Groupe* 151,044 214,689
13,029 UbiSoft Entertainment 324,207 264,152 9,510 Vivendi Universal SA 276,184 315,063
1,274,795 1,382,005 IRELAND (2.0%)
11,962 Covidien PLC 442,460 553,909 8,200 Ryanair Holdings PLC, ADR 275,195 254,952
717,655 808,861 BERMUDA (1.6%)
6,840 Everest Re Group Ltd. 573,538 642,104
DENMARK (1.2%) 3,500 Novo Nordisk A/S 199,312 234,256 2,900 Vestas Wind Systems A/S 156,698 224,463
356,010 458,719 CANADA (1.0%)
4,200 Barrick Gold Corp. (USD) 167,584 170,292 21,120 Yamana Gold Inc. 205,106 241,498
372,690 411,790 NETHERLANDS (0.9%)
7,100 Heineken NV 357,645 350,411
NORWAY (0.9%) 14,500 Statoil ASA 495,304 349,130
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 293
– 74 –
CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
HONG KONG (0.9%) 18,357 Cheung Kong Holdings Ltd. 234,948 247,259
650 CNOOC Ltd., ADR 98,174 94,110 333,122 341,369
BELGIUM (0.8%) 6,320 InBev NV 157,416 308,994
10,720 InBev VVPR Strip - 50 157,416 309,044
ITALY (0.8%) 32,400 Geox SpA 261,301 298,237
BRAZIL (0.7%) 10,300 Diagnosticos da America SA 170,598 285,224
SWEDEN (0.7%) 25,616 Telefonaktiebolaget LM Ericsson, Class B 412,069 274,986
RUSSIA (0.7%) 10,600 OAO Gazprom, ADR 417,878 263,862
CHINA (0.6%) 3,150 China Life Insurance Co., Ltd., ADR 229,102 221,240
CAYMAN ISLANDS (0.5%) 450 Baidu Inc., ADR 184,549 188,309
PORTUGAL (0.5%) 19,500 Jeronimo Martins SGPS SA 158,172 182,397
Commission and other portfoliotransaction costs (55,588)
Total Equities (91.9%) 34,802,786 36,411,134
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%)(see Schedule A) 56,932
Total Investments (92.0%) 34,802,786 36,468,066
Other Assets (net) (8.0%) 3,283,108
Total Net Assets (100.0%) 39,751,174
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
Schedule AForeign Currency Forward Contracts (0.1%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (1,200,000) US $ 1,307,784 Canadian $ 23,174 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (2,886,000) US $ 3,116,332 Canadian $ 26,752 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (400,000) US $ 435,208 Canadian $ 7,006
Total Foreign Currency Forward Contracts Value 56,932
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 75 –
CI Global Managers® Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
36,411 34,4283,387 1,212
- -- -- -- -
57 278- -- -
57 3621 594
- -50 94
39,983 36,642
- -- -- -- -- -
81 33126 93
- -- -- -
25 18232 144
39,751 36,498
34,803 36,084- -
37,747 34,812182 179
1,822 1,507
8.42 7.288.74 7.51
11.60 9.91
4,481,151 4,780,23120,783 23,842
157,098 152,022
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
477 653- 48
15 21- -- -- -
(60) (83)432 639
366 48040 53
- -7 9
20 27433 569
(1) 70- -
(1) 70
2,825 (1,530)(235) 126(48) (50)
- -
3,044 (2,862)5,586 (4,316)5,585 (4,246)
5,293 (4,120)27 (22)
265 (104)
1.14 (0.73)1.24 (0.75)1.71 (0.90)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 76 –
CI Global Managers® Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
34,812 51,791
1,470 642- -
(3,959) (6,773)131 (840)
(2,358) (6,971)
- -- -- -- -
5,293 (4,120)37,747 40,700
179 271
1 13- -
(48) (60)23 9
(24) (38)
- -- -- -- -
27 (22)182 211
1,507 1,328
105 99- -
(80) (144)25 (17)50 (62)
- -- -- -- -
265 (104)1,822 1,162
36,498 53,390
1,576 754- -
(4,087) (6,977)179 (848)
(2,332) (7,071)
- -- -- -- -
5,585 (4,246)39,751 42,073
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 77 –
CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
4,780,231 6,067,457185,969 74,657
- -(503,127) (794,370)
18,078 (98,115)4,481,151 5,249,629
23,842 31,140209 1,450
- -(5,952) (7,068)2,684 1,000
20,783 26,522
152,022 117,0329,510 8,574
- -(7,358) (12,782)2,924 (1,444)
157,098 111,380
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
8.42 7.750.01 0.028.43 7.77
8.74 7.960.01 0.028.75 7.98
11.60 10.430.02 0.03
11.62 10.46
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,022 4,9642,063 5,304
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
48 4812 7
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 78 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 65.1Japan ...................................................................................................................................... 5.3France ...................................................................................................................................... 4.5U.K. .......................................................................................................................................... 4.3Cash & Equivalents ................................................................................................................. 4.1Switzerland ............................................................................................................................. 3.1Germany .................................................................................................................................. 2.4Bermuda .................................................................................................................................. 2.2Other Assets ........................................................................................................................... 1.5Brazil ....................................................................................................................................... 1.0Belgium ................................................................................................................................... 1.0Netherlands ............................................................................................................................ 0.9Norway .................................................................................................................................... 0.9Sweden ................................................................................................................................... 0.7Italy ......................................................................................................................................... 0.7Russia ...................................................................................................................................... 0.7Jersey Island ........................................................................................................................... 0.6Denmark .................................................................................................................................. 0.5Cayman Islands ....................................................................................................................... 0.5
During the six-month period the Fund’s exposure to currency risk changed significantly as disclosedin the section below. For details relating to other price risk, credit risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.
CI Global Managers® Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (4,803) 23,201 58.4Euro - 4,718 11.9Japanese Yen - 2,895 7.3Swiss Franc - 1,021 2.6British Pound - 955 2.4Danish Krone - 459 1.2Norwegian Krone - 349 0.9Brazilian Real - 306 0.8Swedish Krona - 275 0.7Hong Kong Dollar - 248 0.6Total (4,803) 34,427 86.8
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (8,582) 18,953 51.9 Euro - 3,595 9.8 Japanese Yen - 1,957 5.4 British Pound - 1,239 3.4 Swiss Franc - 700 1.9 Swedish Krona - 265 0.7 Norwegian Krone - 314 0.9 Brazilian Real - 375 1.0 Danish Krone - 182 0.5 Total (8,582) 27,580 75.5
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $3,443,000(March 31, 2009 - $2,758,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 79 –
CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (82.9%) 36,400 Abbott Laboratories Inc. 1,950,350 1,925,594 49,700 Adobe Systems Inc.* 1,152,233 1,756,509 42,300 Alliance Data Systems Corp.* 1,831,829 2,766,227 97,200 Altera Corp. 1,824,417 2,133,382 95,300 Amdocs Ltd. 2,440,620 2,742,652 22,100 Apollo Group Inc. 1,589,970 1,742,190 29,800 Apple Computer Inc. 3,620,848 5,909,207 28,600 Baxter International Inc. 1,846,649 1,745,684 38,700 Broadcom Corp. 820,687 1,262,087
430,900 Cadence Design Systems Inc. 2,194,737 3,363,198 18,700 Celgene Corp. 838,674 1,118,985
194,700 Cisco Systems Inc. 5,271,074 4,900,801 39,700 Citrix Systems Inc.* 1,452,820 1,667,042 71,787 Cognizant Technology Solutions Corp.* 1,949,496 2,971,366 51,400 Concur Technologies Inc.* 1,268,681 2,183,101
6,250,000 Consilient Inc., Private Placement^ 7,775,001 67 2,083,334 Consilient Inc., Warrants, Private Placement^ - 22
43,000 DIRECTV Group Inc.* 1,151,482 1,269,729 107,800 EMC Corp. 1,930,039 1,964,386
8,600 Google Inc., Class A 4,540,962 4,563,292 77,300 Hansen Natural Corp. 2,635,949 3,037,344 32,300 Medtronic Inc. 1,393,856 1,270,891
306,786 Microsoft Corp. 11,032,652 8,467,728 96,800 Network Appliance Inc.* 2,493,515 2,763,020
108,700 Nuance Communications Inc. 1,666,723 1,741,043 143,900 Oracle Corp. 2,843,584 3,207,672
21,600 Priceline.com Inc.* 1,820,004 3,828,524 50,900 QUALCOMM Inc. 2,224,065 2,440,340 93,800 SAVVIS Inc. 1,635,431 1,587,754
149,000 Time Warner Telecom Inc., Class A 1,545,252 2,142,450 45,800 Vertex Pharmaceuticals Inc. 1,423,312 1,851,595
325,100 Xerox Corp. 1,938,077 2,687,093 78,102,989 81,010,975
IRELAND (3.2%) 77,200 Accenture PLC 2,672,010 3,080,528
GERMANY (2.9%) 54,600 SAP AG 2,786,500 2,846,129
CAYMAN ISLANDS (1.9%) 46,300 SINA Corp. 1,324,064 1,881,227
CANADA (1.6%) 750,000 Elysium Boardband Inc., Private Placement^ 750,000 8
21,100 Research In Motion Ltd. (USD) 1,288,607 1,526,684 2,038,607 1,526,692
FINLAND (1.2%) 77,600 Nokia OYJ, Class A, ADR 2,007,113 1,212,175
BRAZIL (1.1%) 20,700 Totvs SA 971,202 1,087,136
U.K. (0.4%) 12,800 Autonomy Corp. PLC 347,765 356,523
Commission and other portfolio transaction costs (157,605)
Total Investments (95.2%) 90,092,645 93,001,385
Other Assets (net) (4.8%) 4,669,168
Total Net Assets (100.0%) 97,670,553
* Denotes all or part of securities lent.^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 203
– 80 –
CI Global Science & Technology Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
93,001 77,6654,825 2,904
- -- -- -- -- -- -- -
59 70- 3,075- -
36 2197,921 83,735
- -- -- -- -- -- 2,099
240 108- -- -- -
10 7250 2,214
97,671 81,521
90,093 97,657- -
96,538 80,633842 634291 254
11.01 8.712.88 2.27
12.07 9.43
8,765,780 9,259,515292,113 279,74224,102 26,964
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
438 455- 45
34 20- -- -- -
(60) (66)412 454
905 957100 106
- -48 350 53
1,103 1,119(691) (665)
- -(691) (665)
(430) (8,338)(593) 183(85) (167)
- -
22,901 6,83421,793 (1,488)21,102 (2,153)
20,857 (2,399)179 6
66 240
2.32 (0.24)0.61 0.012.62 0.26
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 81 –
CI Global Science & Technology Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
80,633 89,776
2,888 4,288- -
(7,945) (11,567)105 10,535
(4,952) 3,256
- -- -- -- -
20,857 (2,399)96,538 90,633
634 1,078
85 10- -
(102) (318)46 2629 (282)
- -- -- -- -
179 6842 802
254 14,645
- 125- -
(2) (794)(27) (13,956)(29) (14,625)
- -- -- -- -
66 240291 260
81,521 105,499
2,973 4,423- -
(8,049) (12,679)124 (3,395)
(4,952) (11,651)
- -- -- -- -
21,102 (2,153)97,671 91,695
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 82 –
CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
9,259,515 9,754,607291,279 436,855
- -(796,139) (1,184,655)
11,125 1,158,4338,765,780 10,165,240
279,742 454,61732,831 3,991
- -(39,554) (121,972)19,094 10,598
292,113 347,234
26,964 1,504,789- 12,552- -
(200) (76,330)(2,662) (1,413,827)
24,102 27,184
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
11.01 8.920.02 0.01
11.03 8.93
2.88 2.310.01 -2.89 2.31
12.07 9.550.02 0.01
12.09 9.56
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
16,870 6,70917,208 7,169
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
84 1664 15
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 83 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 79.8Cayman Islands ....................................................................................................................... 4.0Cash & Equivalents ................................................................................................................. 3.6Germany .................................................................................................................................. 3.0Switzerland ............................................................................................................................. 2.6Canada .................................................................................................................................... 2.3France ...................................................................................................................................... 1.6Other Assets ........................................................................................................................... 1.1Bermuda .................................................................................................................................. 1.0Finland ..................................................................................................................................... 1.0
During the six-month period the Fund’s exposure to other price risk changed significantly as dis-closed in the section below. For details relating to credit risk, currency risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in the United States.
As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $9,967,000 (March 31, 2009 - $7,767,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
CI Global Science & Technology Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 84 –
CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (45.0%) 15,650 3Com Corp. 88,485 87,465
6,537 Alkermes Inc. 80,038 64,249 3,190 American Ecology Corp. 73,558 63,731 3,300 Arthur J. Gallagher & Co. 74,753 85,962 8,450 Bank Mutual Corp. 95,604 79,704 2,350 Bio-Reference Labs Inc. 73,634 86,325 7,800 Cal Dive International Inc. 75,571 82,509 1,300 Church & Dwight Co., Inc. 75,839 78,904 5,900 CMS Energy Corp.* 85,544 84,519 2,300 DaVita Inc. 136,170 139,156 1,700 Diebold Inc.* 65,153 59,882 3,210 DPL Inc. 84,908 89,597 2,800 Dr. Pepper Snapple Group Inc. 82,043 86,188 2,030 DTS Inc. 50,042 59,443 5,775 Duff & Phelps Corp. 103,122 118,096 7,250 Endo Pharmaceuticals Holdings Inc. 166,956 175,659 3,000 Federated Investors Inc., Class B 80,134 84,539 8,100 First Niagara Financial Group Inc.* 118,262 106,843 4,150 GameStop Holding Co. 109,109 117,612 1,350 GSI Commerce Inc. 26,843 27,809 1,460 Haemonetics Corp. 85,719 87,724 1,950 Hanover Insurance Group Inc. 78,892 86,162
12,500 Harmonic Inc. 92,544 89,266 6,750 Hexcel Corp. 54,272 82,604 1,450 IHS Inc., Class A 73,274 79,330 1,750 International Flavors & Fragrances Inc. 74,034 70,955 6,000 Investors Bancorp. Inc. 61,777 67,901 6,900 Iris International Inc. 95,351 83,109 5,200 KB Home* 85,236 92,363 1,280 Landauer Inc.* 63,786 74,976 1,600 Lufkin Industries Inc. 86,062 90,911 6,450 Mako Surgical Corp.* 61,018 60,425 7,130 Nalco Holding Co. 145,056 156,110 3,350 NeuStar Inc., Class A 76,218 80,916 3,000 NSTAR 112,862 102,076 4,744 NTELOS Holdings Corp. 98,324 89,495 2,450 ONEOK Inc. 89,102 95,874 4,850 PDL BioPharma Inc. 45,847 40,866 2,300 Rovi Corp. 50,326 82,568 3,150 Ryland Group Inc. 62,323 71,060
950 SEACOR Holdings Inc. 65,756 83,017 2,460 Sensient Technologies Corp. 68,476 73,141 9,450 Shuffle Master Inc. 85,744 95,005 1,098 Silgan Holdings Inc. 59,802 61,871 2,350 Solera Holdings Inc. 53,056 78,249 2,750 Southern Union Co. 52,242 61,124
10,285 Sterling Bancshares Inc. 85,820 80,275 7,010 SWS Group Inc. 110,434 107,851 3,650 Sybase Inc. 98,691 151,899 6,950 Syniverse Holdings Inc. 119,911 130,069 1,300 Teleflex Inc. 73,576 67,101 1,450 The Warnaco Group Inc.* 54,656 68,090 2,750 Tupperware Brands Corp. 81,481 117,360 1,300 UMB Financial Corp.* 56,570 56,203 5,350 Vectren Corp. 150,327 131,858
U.S.A. (45.0%) (cont’d)1,350 Ventas Inc. 56,100 55,633 1,900 Wabtec Corp. 77,105 76,203 2,950 Waddell & Reed Financial Inc. 39,628 89,636 7,500 Washington Federal Inc. 129,568 135,384 2,500 WebMD Health Corp. 79,468 88,008
4,936,202 5,270,860 JAPAN (6.8%)
7,400 Air Water Inc.* 84,975 90,811 2,800 Daibiru Corp. 24,279 25,779 3,040 Daiseki Co., Ltd.* 58,658 64,062 1,700 House Foods Corp.* 30,100 30,391 2,000 Japan Digital Laboratory Co., Ltd. 30,422 29,863 5,000 Keiyo Bank Ltd. 22,634 27,191 1,400 Lintec Corp. 23,620 28,467 2,500 McDonald's Corp. 53,848 53,398 1,900 Ministop Co. Ltd. 32,471 31,904 1,150 Moshi Moshi Hotline Inc. 27,928 23,987
700 Nakanishi Inc. 42,651 63,780 2,900 Nifco Inc. 56,328 61,838 1,100 Pigeon Corp. 32,352 46,571
15 Seven Bank Ltd. 54,736 39,230 3,000 Suruga Bank Ltd. 31,126 30,232 1,900 Sysmex Corp.* 87,446 87,238 2,000 Toshiba Plant Systems & Services Corp. 22,228 28,360
800 Unicharm Petcare Corp. 30,236 31,485 746,038 794,587
U.K. (5.9%) 750 Cairn Energy PLC 30,888 35,749
7,450 Cookson Group PLC 60,215 52,119 7,350 Domino'S Pizza UK & IRL PLC 36,489 36,568
11,400 Game Group PLC 34,081 31,148 10,892 Intermediate Capital Group PLC 59,121 55,700 2,750 Intertek Group PLC 56,284 59,659 6,150 Lancashire Holdings Ltd. 50,721 53,662 2,650 London Stock Exchange Group PLC 36,399 38,810
28,400 Meggitt PLC 84,332 113,262 1,500 Next PLC 46,579 45,989 4,250 SSL International PLC 46,437 46,500
11,300 Wellstream Holdings PLC 100,550 117,932 642,096 687,098
SWITZERLAND (3.8%) 750 Bank Sarasin & Compagnie AG, Class B 27,081 33,169
2,900 EFG International 46,477 55,886 250 Helvetia Holding AG 71,370 89,574
3,050 Paris RE Holdings Ltd. 62,150 84,822 76 Straumann Holding AG 21,330 21,007
400 Sulzer AG, Registered Shares 34,138 36,951 4,750 Temenos Group AG 94,294 118,778
356,840 440,187 HONG KONG (3.7%)
87,000 Asia Cement China Holdings Corp. 63,052 58,893 299,000 Citic 1616 Holdings Ltd. 73,227 84,678 171,400 Euro-Asia Agricultural Holdings Co., Ltd. 12,970 -
15,000 Hengan International Group Co., Ltd. 68,281 97,084
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 298
– 85 –– 85 –
CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
HONG KONG (3.7%) (cont’d)7,850 Hong Kong Aircraft Engineering Co., Ltd. 123,061 100,313
144,000 Vitasoy International Holdings Ltd. 76,207 91,709 416,798 432,677
GERMANY (3.4%) 30 Axel Springer AG 3,379 3,344
750 Centrotherm Photovoltaics AG 23,400 38,672 1,000 GFK AG 30,361 36,976 1,580 Hamburger Hafen Und Logistik AG 99,520 75,800 3,850 Kontron AG 50,729 50,609 1,350 MorphoSys AG 29,541 35,958 6,700 Premiere AG 32,964 37,791
700 Software AG 55,783 63,557 4,700 Wirecard AG 54,790 59,721
380,467 402,428 ITALY (3.4%)
1,850 Ansaldo STS SpA 37,213 40,551 8,650 Astaldi SpA 63,542 80,503 9,450 Azimut Holding SpA 78,746 126,222 3,500 Danieli & C. SpA 51,776 49,573 2,000 Exor SpA 38,304 39,608
12,450 Maire Tecnimont SpA 56,411 64,469 325,992 400,926
CHINA (3.2%) 134,000 China Bluechemical Ltd. 85,206 77,565
61,000 China National Materials Co., Ltd. 61,332 55,787 32,000 Shandong Weigao Group
Medical Polymer Co., Ltd. 68,164 113,171 68,000 Zhuzhou CSR Times Electric Co., Ltd. 74,215 126,257
288,917 372,780 BRAZIL (3.1%)
15,100 All America Latina Logistica SA 105,599 124,658 3,200 Diagnosticos da America SA 53,280 88,613
11,200 Localiza Rent a Car SA 54,025 119,876 3,400 Santos Brasil Participacoes SA 30,016 27,843
242,920 360,990 FRANCE (3.0%)
650 Cap Gemini SA 25,890 36,444 600 EDF Energies Nouvelles SA 28,826 35,286
1,050 Ipsos 36,098 34,885 3,450 Rhodia SA 31,280 56,135 2,950 Scor SE* 78,223 86,108 1,450 Technip SA* 61,663 99,166
261,980 348,024 CANADA (2.3%)
3,000 Methanex Corp. (USD) 47,564 55,599 16,800 Sherritt International Corp.,
Restricted Voting Shares 83,661 128,688 2,000 Sino-Forest Corp., Class A 34,722 33,820
31,100 UTS Energy Corp. 59,777 53,803 225,724 271,910
SPAIN (2.2%) 850 Bolsas y Mercados Espanoles 35,585 35,438
1,850 Ebro Puleva SA 31,306 37,652 2,900 Prosegur Cia de Seguridad SA 92,850 123,315 2,300 Viscofan SA 57,962 59,892
217,703 256,297
BERMUDA (1.9%) 30,000 Huabao International Holdings Ltd. 27,363 34,440
3,000 Platinum Underwriters Holdings, Ltd. 115,206 115,117 2,650 Validus Holdings Ltd. 75,664 73,144
218,233 222,701 CAYMAN ISLANDS (1.7%)
88,500 China Fishery Group Ltd. 69,837 95,516 7,100 Subsea 7 Inc. 112,752 101,861
182,589 197,377 GREECE (1.4%)
3,100 Hellenic Exchanges Holdings SA 39,280 41,819 1,700 National Bank of Greece SA 65,536 64,724 2,650 Piraeus Bank SA, Registered Shares 48,691 51,318
153,507 157,861 NETHERLANDS (1.3%)
1,100 Core Laboratories NV 114,236 121,411 1,389 SBM Offshore NV 25,964 31,599
140,200 153,010 BELGIUM (1.2%)
750 Ackermans & van Haaren NV 45,794 58,449 3,000 Telenet Group Holding NV* 64,120 84,700
109,914 143,149 LUXEMBOURG (0.9%)
8,200 Acergy SA 58,194 110,347
AUSTRALIA (0.9%) 16,400 Sino Gold Ltd.* 74,592 103,951
AUSTRIA (0.5%) 1,100 Andritz AG 58,162 58,805
JERSEY ISLAND (0.5%) 4,750 Charter International PLC 46,969 55,749
IRELAND (0.3%) 3,900 Irish Life & Permanent PLC 36,068 34,652
TAIWAN (0.3%) 10,100 Delta Electronics Inc. 29,878 30,891
SOUTH KOREA (0.2%) 1,800 Daishin Securities Co., Ltd. 28,182 26,455
Commission and other portfolio transaction costs (45,078)
Total Investments (96.9%) 10,133,087 11,333,712
Other Assets (net) (3.1%) 375,224
Total Net Assets (100.0%) 11,708,936
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
– 86 –
CI Global Small Companies Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
11,334 8,881250 1,183
- -- -- -- -- -- -- -
10 5310 -
- -21 21
11,925 10,090
- -18 162 2- -- -
180 11214 6
- -- -- -2 2
216 13811,709 9,952
10,133 9,340- -
9,571 8,2382,138 1,714
7.03 5.808.12 6.67
1,362,332 1,419,811263,381 257,162
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
138 125- 212 5- -- -- -
(15) (16)125 135
99 11812 14
- -4 26 7
121 1414 (6)- -4 (6)
497 (714)(51) (12)(35) (26)
- -
1,659 (719)2,070 (1,471)2,074 (1,477)
1,694 (1,211)380 (266)
1.22 (0.87)1.46 (0.99)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 87 –
CI Global Small Companies Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
8,238 10,933
627 990- -
(824) (1,188)(164) (176)(361) (374)
- -- -- -- -
1,694 (1,211)9,571 9,348
1,714 2,287
107 179- -
(46) (79)(17) (15)44 85
- -- -- -- -
380 (266)2,138 2,106
9,952 13,220
734 1,169- -
(870) (1,267)(181) (191)(317) (289)
- -- -- -- -
2,074 (1,477)11,709 11,454
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 88 –
CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,419,811 1,423,12597,927 129,596
- -(130,264) (155,313)
(25,142) (23,336)1,362,332 1,374,072
257,162 261,68414,439 20,247
- -(6,147) (9,265)(2,073) (1,946)
263,381 270,720
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
7.03 6.800.01 0.027.04 6.82
8.12 7.780.02 0.028.14 7.80
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
1,050 1,0291,071 1,100
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
31 231 5
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 89 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 44.6Cash & Equivalents ................................................................................................................. 11.9Hong Kong ............................................................................................................................... 6.9Japan ...................................................................................................................................... 6.5U.K. .......................................................................................................................................... 6.5Brazil ....................................................................................................................................... 4.1Cayman Islands ....................................................................................................................... 3.3Spain ....................................................................................................................................... 2.6Germany .................................................................................................................................. 2.3France ...................................................................................................................................... 2.2Switzerland ............................................................................................................................. 2.1Australia .................................................................................................................................. 1.5Mexico .................................................................................................................................... 1.4Belgium ................................................................................................................................... 1.3Denmark .................................................................................................................................. 1.0Italy ......................................................................................................................................... 0.9Bermuda .................................................................................................................................. 0.7Luxembourg ............................................................................................................................. 0.6Singapore ................................................................................................................................ 0.6Other Assets ........................................................................................................................... -1.0
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,133,000 (March 31, 2009 - $888,000). In practice, the actual results may differfrom this analysis and the difference may be material.
CI Global Small Companies Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 5,741 49.0Euro - 1,844 15.7Hong Kong Dollar - 842 7.2Japanese Yen - 803 6.9British Pound - 745 6.4Brazilian Real - 361 3.1Swiss Franc - 335 2.9Norwegian Krone - 212 1.8Australian Dollar - 104 0.9Singapore Dollar - 96 0.8Danish Krone - 79 0.7Taiwan Dollar - 71 0.6Korean Won - 26 0.2Total - 11,259 96.2
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 4,767 47.9 Euro - 910 9.1 Hong Kong Dollar - 684 6.9 British Pound - 645 6.5 Japanese Yen - 559 5.6 Brazilian Real - 416 4.2 Swiss Franc - 210 2.1 Australian Dollar - 148 1.5 Mexican Peso - 135 1.4 Singapore Dollar - 129 1.3 Norwegian Krone - 122 1.2 Danish Krone - 100 1.0 Taiwan Dollar - 35 0.4 Total - 8,860 89.1
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $1,126,000 (March 31, 2009 - $886,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 90 –
CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (29.9%) 5,865 Apache Corp. 502,666 576,007
23,190 Applied Materials Inc. 313,326 331,956 6,360 Automatic Data Processing Inc. 262,547 267,403
24,940 Baker Hughes Inc. 987,010 1,138,309 23,931 BioMarin Pharmaceuticals Inc. 416,842 461,961 62,770 Boston Scientific Corp. 920,276 711,027 48,865 Cisco Systems Inc. 1,107,740 1,229,983 70,920 Comcast Corp., Class A 1,231,986 1,281,710
8,870 Cooper Cos., Inc. 335,387 282,336 7,540 Emerson Electric Co. 290,912 323,232 8,490 EOG Resources Inc. 629,055 759,002
42,666 General Electric Co. 1,020,122 748,246 38,503 HealthSouth Corp. 789,698 644,733
7,550 JP Morgan Chase & Co. 352,978 353,731 6,300 L-3 Communications Holdings Inc. 557,347 540,958 8,050 Lorillard Inc. 624,623 639,684
16,540 Marathon Oil Corp. 562,144 564,019 31,850 Merck & Co., Inc. 1,061,093 1,076,887 37,500 Metropcs Communications Inc. 430,472 375,397 30,070 Microsoft Corp. 806,217 829,975 16,262 Molson Coors Brewing Co., Class B (USD)* 761,447 847,565 13,800 Newmont Mining Corp.* 570,891 650,396 14,547 Noble Energy Inc. 921,655 1,026,222 16,211 Northrop Grumman Corp. 849,547 897,497 25,240 Oracle Corp. 524,805 562,624 17,650 Phillip Morris International Inc. 867,482 919,151 22,970 Protective Life Corp. 549,826 525,304 15,870 Prudential Financial Inc. 809,804 846,674 22,470 Torchmark Corp. 1,103,888 1,042,895
6,270 Union Pacific Corp. 392,744 391,099 20,554,530 20,845,983
JAPAN (17.3%) 121,776 Bank of Yokohama Ltd. 790,289 634,653 15,710 Canon Inc. 632,376 674,484 7,050 Fanuc Ltd. 599,360 672,624
92,406 Joyo Bank Ltd. 515,894 481,587 2,804 Keyence Corp. 569,791 638,711
35 Mid REIT Inc. 200,857 84,066 47,739 Mitsubishi Corp. 1,055,384 1,030,493 58,210 Mitsui & Co., Ltd. 861,069 811,531 23,176 Mitsui Sumitomo Insurance
Group Holdings Inc. 710,828 679,934 148,200 Nipponkoa Insurance Co., Ltd. 1,074,585 989,759
45,285 Nomura Research Institute Ltd.* 1,140,555 1,144,941 13,080 Secom Co., Ltd. 621,801 698,842 45,110 Seven & I Holdings Co., Ltd. 1,287,029 1,145,897
5,098 SMC Corp. 610,140 667,568 66,409 Sumitomo Metal Mining Co., Ltd. 1,080,763 1,161,850 99,402 Sumitomo Trust & Banking Co., Ltd. 671,901 560,724
12,422,622 12,077,664
U.K. (12.2%) 18,140 Anglo American PLC 565,693 618,229 23,648 Antofagasta PLC 238,616 306,478 21,936 BP PLC, ADR 1,325,348 1,250,151 76,230 Cadbury PLC 852,724 1,045,980 61,550 Diageo PLC 1,109,037 1,010,406 86,440 GlaxoSmithKline PLC 2,061,298 1,818,303 54,890 Reed Elsevier PLC 442,000 439,597 25,150 Scottish and Southern Energy PLC 550,860 503,439 61,661 Vodafone Group PLC, ADR 1,576,642 1,485,394
8,722,218 8,477,977 GERMANY (7.4%)
17,760 Adidas AG 826,197 1,006,748 6,315 Allianz AG, Registered Shares* 886,264 846,057
25,742 Henkel KGaA, Preferred, Non-Voting Shares 1,097,657 1,186,169 6,680 Metro AG* 409,283 404,725
13,570 SAP AG* 694,859 707,362 10,030 Siemens AG, Registered Shares* 894,306 991,764
4,808,566 5,142,825 FRANCE (6.8%)
23,430 Carrefour SA 1,253,108 1,138,002 14,370 Sanofi-Aventis 1,105,442 1,128,661 18,260 Total SA 1,205,434 1,161,545
5,404 UbiSoft Entertainment 101,904 109,562 37,200 Vivendi Universal SA 1,232,958 1,232,423
4,898,846 4,770,193 JERSEY ISLAND (3.5%)
133,005 Experian Group Ltd. 1,138,217 1,196,952 132,270 WPP PLC 1,396,011 1,214,099
2,534,228 2,411,051 SWITZERLAND (2.9%)
17,303 Foster Wheeler AG 495,729 590,963 30,680 Nestle SA, Registered Shares 1,264,730 1,399,315
1,760,459 1,990,278 IRELAND (2.4%)
35,805 Covidien PLC 1,547,688 1,657,976
NETHERLANDS (2.1%) 29,875 Heineken NV 1,380,539 1,474,442
CANADA (1.9%) 11,540 Agrium Inc. (USD) 577,591 615,172 61,670 Yamana Gold Inc. 599,467 705,170
1,177,058 1,320,342 HONG KONG (1.6%)
80,567 Cheung Kong Holdings Ltd. 1,046,651 1,085,197
SWEDEN (1.5%) 97,070 Telefonaktiebolaget LM Ericsson, Class B 1,280,069 1,042,040
BERMUDA (1.3%) 9,630 Everest Re Group Ltd. 912,101 904,014
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 206
– 91 –
CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINLAND (1.1%) 50,622 Nokia OYJ 930,309 796,310
TAIWAN (1.0%) 311,021 Taiwan Semiconductor Manufacturing Co., Ltd. 549,882 671,299
THAILAND (0.8%) 143,690 Bangkok Bank PCL, Foreign Registered Shares 525,592 564,072
MALAYSIA (0.7%) 177,065 Sime Darby Berhad 458,332 465,037
SINGAPORE (0.7%) 45,640 DBS Group Holdings Ltd. 445,199 459,976
ITALY (0.6%) 15,850 Eni SpA* 440,920 422,418
SOUTH KOREA (0.5%) 484 Samsung Electronics Co., Ltd. 299,967 358,531
SOUTH AFRICA (0.4%) 17,939 Gold Fields Ltd., ADR 236,073 264,665
Commission and other portfoliotransaction costs (80,984)
Total Equities (96.6%) 66,850,865 67,202,290
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (16,460)
Total Investments (96.5%) 66,850,865 67,185,830
Other Assets (net) (3.5%) 2,529,821
Total Net Assets (100.0%) 69,715,651
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
Schedule AForeign Currency Forward Contracts (-0.1%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 Northern Trust A-1+ 1.59 22-Dec-09 (1,647,000) British Pound 2,614,481 US $ (17,922)1 State Street Boston A-1 1.46 22-Dec-09 (1,451,000) Euro 2,120,129 US $ (3,233)1 Bank of New York A-1+ 0.01 22-Dec-09 (273,331,000) Japanese Yen 3,050,876 US $ 4,695
Total Foreign Currency Forward Contracts Value (16,460)
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 92 –
CI Global Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
67,202 30,0892,378 191
- -- -- -- -5 -- -- -
80 13195 -
- -166 94
70,026 30,387
- -- -- -
21 -- -
75 -206 8
- -- -- -8 1
310 969,716 30,378
66,851 38,145- -
53,598 14,3541,227 864
14,891 15,160
10.80 9.229.54 8.109.06 7.64
4,962,552 1,556,831128,611 106,586
1,643,799 1,983,600
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
740 918- 13
22 32- -- -- -
(80) (111)682 852
253 19928 23
- -2 1
14 11297 234385 618
- -385 618
(1,897) (582)(132) 63
(74) (25)- -
8,391 (3,463)6,288 (4,007)6,673 (3,389)
4,001 (1,531)166 (83)
2,506 (1,775)
1.68 (0.90)1.45 (0.82)1.41 (0.68)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 93 –
CI Global Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
14,354 20,792
2,201 627- -
(3,079) (2,198)(671) (984)
36,792 -35,243 (2,555)
- -- -- -- -
4,001 (1,531)53,598 16,706
864 970
153 131- -
(133) (38)(1) 14
178 -197 107
- -- -- -- -
166 (83)1,227 994
15,160 24,282
621 178- -
(3,057) (93)(380) (180)
41 -(2,775) (95)
- -- -- -- -
2,506 (1,775)14,891 22,412
30,378 46,044
2,975 936- -
(6,269) (2,329)(1,052) (1,150)37,011 -32,665 (2,543)
- -- -- -- -
6,673 (3,389)69,716 40,112
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 94 –
CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,556,831 1,811,152206,451 53,829
- -(297,886) (190,724)
(57,607) (84,596)3,554,763 -4,962,552 1,589,661
106,586 97,15517,415 13,315
- -(14,890) (3,729)
(19) 1,42319,519 -
128,611 108,164
1,983,600 2,611,94072,612 19,782
- -(371,388) (10,033)(45,749) (18,647)
4,724 -1,643,799 2,603,042
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
10.80 10.510.02 -
10.82 10.51
9.54 9.190.02 -9.56 9.19
9.06 8.610.02 -9.08 8.61
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
4,620 4,0954,728 4,376
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
62 229 3
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 95 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 33.3Japan ...................................................................................................................................... 15.1U.K. .......................................................................................................................................... 12.0France ...................................................................................................................................... 10.3Germany .................................................................................................................................. 4.9Jersey Island ........................................................................................................................... 4.1Bermuda .................................................................................................................................. 3.9Netherlands ............................................................................................................................ 2.7Switzerland ............................................................................................................................. 2.1Sweden ................................................................................................................................... 1.7Taiwan ..................................................................................................................................... 1.6Italy ......................................................................................................................................... 1.5Finland ..................................................................................................................................... 1.3South Africa ............................................................................................................................ 1.0South Korea ............................................................................................................................ 0.9Cash & Equivalents ................................................................................................................. 0.6Canada .................................................................................................................................... 0.6Singapore ................................................................................................................................ 0.6Malaysia ................................................................................................................................. 0.5Other Assets ........................................................................................................................... 0.5Hong Kong ............................................................................................................................... 0.4Thailand .................................................................................................................................. 0.4
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $6,719,000 (March 31, 2009 - $3,009,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
CI Global Value Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar 8,450 38,418 55.1Euro (2,273) 10,333 14.8Japanese Yen (3,260) 8,814 12.6British Pound (2,818) 5,376 7.7Swiss Franc - 1,399 2.0Hong Kong Dollar - 1,091 1.6Swedish Krona - 1,042 1.5Taiwan Dollar - 877 1.3Thai Baht - 568 0.8Malaysian Ringgit - 465 0.7Singapore Dollar - 460 0.7Korean Won - 359 0.5Total 99 69,202 99.3
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 13,390 44.1 Euro - 6,287 20.7 Japanese Yen - 4,631 15.2 British Pound - 3,602 11.9 Swiss Franc - 646 2.1 Taiwan Dollar - 561 1.8 Swedish Krona - 509 1.7 Singapore Dollar - 171 0.6 Korean Won - 154 0.5 Malaysian Ringgit - 148 0.5 Hong Kong Dollar - 130 0.4 Thai Baht - 128 0.4 Total - 30,357 99.9
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $6,920,000 (March 31, 2009 - $3,036,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 96 –
CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
JAPAN (14.7%) 500 ABC-Mart Inc. 17,185 16,547
1,350 Canon Inc. 62,714 57,960 4,980 Credit Saison Co., Ltd. 155,012 62,480 1,440 FamilyMart Co., Ltd. 47,013 49,373
630 Fanuc Ltd. 53,372 60,107 2,000 Fujikura Ltd. 10,823 10,447 1,200 Hitachi Transport System Ltd. 17,602 17,774 2,790 Honda Motor Co., Ltd.* 75,222 91,336
5 Inpex Holdings Inc. 51,863 45,378 40 Japan Tobacco Inc. 185,934 145,974
107 Jupiter Telecommunication Co. 85,568 109,487 2,700 Mitsubishi Corp. 39,798 58,282
16,920 Mitsubishi UFJ Financial Group Inc. 102,298 96,656 2,250 Nikon Corp.* 40,828 43,899
458 Nintendo Co., Ltd. 212,103 124,099 1,350 Nitori Co., Ltd. 87,749 122,682
15 Sony Financial Holding Inc. 45,867 46,100 600 THK Co., Ltd. 12,618 12,494
2,610 Toyota Motor Corp. 149,941 110,500 1,453,510 1,281,575
U.K. (13.1%) 7,600 Aberdeen Asset Management PLC 19,765 19,504
800 Admiral Group PLC 16,009 15,836 4,565 BHP Billiton PLC 114,034 133,399 2,144 British American Tobacco PLC 66,028 71,969
864 Carnival PLC 30,536 31,456 30,794 Centrica PLC 135,142 132,556 1,219 Colt Telecom Group SA 2,504 2,476
500 Dana Petroleum PLC 11,927 11,993 2,873 Diageo PLC 47,096 47,163 4,700 Game Group PLC 13,582 12,842 1,035 Hikma Pharmaceuticals PLC 8,377 8,303 4,873 Imperial Tobacco Group PLC 167,373 150,653 2,362 Inmarsat PLC 19,857 22,226
500 Intertek Group PLC 11,063 10,847 1,800 Lancashire Holdings Ltd. 15,743 15,706
28,712 Man Group PLC 154,380 162,598 4,451 Royal Dutch Shell PLC, Class A 121,627 135,779 5,443 Standard Chartered PLC 120,945 143,597 2,200 Tullett Prebon PLC 15,146 14,698
1,091,134 1,143,601 GERMANY (9.5%)
200 Bilfinger Berger AG 15,089 14,794 2,964 DaimlerChrysler AG, Registered Shares* 126,021 160,216 1,603 Deutsche Boerse AG 148,721 140,270 2,733 Fresenius AG 214,142 170,510
360 Fresenius SE 29,693 18,974 822 Muenchener Rueckversicherungs AG,
Registered Shares* 127,404 140,716 1,062 Praktiker Bau- und Heimwerkermaerkte
Holding AG 15,553 15,641 2,600 Premiere AG 15,057 14,665
36 Rational AG 5,497 5,353 2,029 SAP AG 100,020 105,766
GERMANY (9.5%) (cont’d)500 Stada Arzneimittel AG 15,129 14,579 900 Tognum AG 16,488 16,357
1,000 United Internet AG 16,444 16,091 845,258 833,932
HONG KONG (8.9%) 14,000 Agile Property Holdings Ltd. 18,212 17,600 35,370 Chaoda Modern Agriculture (Holdings) Ltd. 26,855 22,770
1,440 China Mobile (Hong Kong) Ltd., ADR 94,995 75,622 33,930 China Yurun Food Group Ltd. 55,990 77,717 55,890 CNOOC Ltd. 78,969 80,609 15,930 Esprit Holdings Ltd. 108,926 113,336 30,000 First Pacific Co. Ltd. 22,298 21,510 23,580 Hutchison Whampoa Ltd. 258,158 180,957 40,140 Li & Fung Ltd. 148,597 174,954 12,000 New World Department Store China 10,464 10,278
823,464 775,353 FRANCE (8.3%)
2,662 Alstom 127,647 207,997 2,450 Bouygues SA 158,274 133,258
100 Ciments Francais SA 12,367 12,011 3 Elf Gabon 1,081 1,067
158 Faiveley SA 14,575 14,539 2,652 Publicis Groupe* 85,257 113,871 1,074 Societe Generale, Class A* 91,830 92,550 2,385 Total SA 151,566 151,713
642,597 727,006 DENMARK (5.3%)
20 AP Moller - Maersk A/S 136,988 146,910 2,570 FLSmidth & Co. A/S 98,175 149,563 2,470 Novo Nordisk A/S 132,039 165,318
367,202 461,791 SWEDEN (3.8%)
5,263 Electrolux AB, Series B 51,544 128,919 450 Oriflame Cosmetics SA 24,636 24,672
17,739 Volvo AB, Series B* 122,529 175,716 198,709 329,307
SWITZERLAND (3.6%) 152 Givaudan SA 108,644 121,566
34 SGS SA, Registered Shares 46,071 48,834 578 Zurich Financial Services AG 117,694 147,162
272,409 317,562 NORWAY (2.9%)
6,134 Statoil ASA 133,081 147,694 400 TANDBERG ASA 9,896 10,224
2,769 Yara International ASA 136,292 93,053 279,269 250,971
BRAZIL (2.7%) 1,821 AES Tiete SA 20,441 20,470
500 Gafisa S.A., ADR 16,991 16,252 1,953 MPX Energia SA 23,644 23,311
808 MRV Engenharia e Participacoes SA 16,401 16,603 4,950 Redecard SA 84,080 81,520
297 Totvs SA 15,669 15,598 2,520 Vale SA, ADR 82,961 62,352
260,187 236,106
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 144
– 97 –
CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
SOUTH KOREA (2.7%) 238 CJ39 Shopping Corp. 17,270 17,652 630 KT&G Corp. 38,805 40,878 477 Samsung Electronics Co., Ltd., GDR 158,865 174,149
214,940 232,679 FINLAND (2.4%)
4,483 Fortum OYJ 114,912 123,059 5,675 Nokia OYJ 92,648 89,271
207,560 212,330 JERSEY ISLAND (2.0%)
1,400 Charter International PLC 16,802 16,431 2,546 Housing Development Finance Ltd. 118,891 156,002
135,693 172,433 PORTUGAL (1.8%)
16,627 Jeronimo Martins SGPS SA 113,204 155,524
IRELAND (1.7%) 4,950 CRH PLC 128,128 147,201
NETHERLANDS (1.5%) 7,512 Royal KPN NV 108,056 133,409
SINGAPORE (1.4%) 11,880 DBS Group Holdings Ltd. 77,366 119,731
ITALY (1.3%) 3,892 Eni SpA* 100,463 103,726 1,300 Geox SpA 12,193 11,966
112,656 115,692 TAIWAN (1.3%)
9,494 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 93,279 111,203
SPAIN (1.1%) 5,580 Banco Santander Central Hispano SA 96,649 96,169
AUSTRALIA (1.1%) 1,800 Paladin Energy Ltd. 7,707 7,601 1,570 Rio Tinto Ltd.* 52,904 87,798
60,611 95,399 RUSSIA (0.9%)
3,060 OAO Gazprom, ADR 109,432 76,172
AUSTRIA (0.8%) 1,543 Erste Bank der Oesterreichischen
Sparkassen AG 71,064 73,155
CHINA (0.8%) 16,000 Dalian Port (PDA) Co., Ltd. 7,236 7,029 63,990 Industrial & Commercial Bank of China 40,686 51,626
800 Suntech Power Holdings Co., Ltd., ADR 13,322 13,019 61,244 71,674
INDIA (0.7%) 6,480 Bharti Airtel Ltd.,
Participating Notes (JP Morgan) 60,884 60,393
U.S.A. (0.2%) 200 Central European Distribution Corp. 7,011 6,998 500 Net 1 UEPS Technologies Inc. 11,941 11,188
18,952 18,186 MEXICO (0.2%)
6,251 Corporacion GEO SAB de CV, Series B 18,477 18,074
THAILAND (0.2%) 1,300 Banpu Public Co., Ltd. 18,529 17,830
BERMUDA (0.2%) 2,900 Aquarius Platinum Ltd. 14,150 13,793 1,372 Omega Insurance Holdings Ltd. 2,933 2,911
17,083 16,704 SOUTH AFRICA (0.2%)
1,300 Massmart Holdings Ltd. 16,875 16,329
GREECE (0.1%) 900 Jumbo SA 13,527 12,508
CAYMAN ISLANDS (0.1%) 1,213 China Nepstar Chain Drugstore Ltd., ADR 8,008 7,870
Commission and other portfolio transaction costs (18,475)
Total Investments (95.5%) 7,977,481 8,337,869
Other Assets (net) (4.5%) 408,704
Total Net Assets (100.0%) 8,746,573
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 98 –
CI International Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
8,338 7,631308 -
- -- -- -5 56- -- -- -8 3
811 19- -
17 319,487 7,740
- 15- -- -- -- -
699 -40 57
- -- -- -1 -
740 728,747 7,668
7,977 9,186- -
7,178 6,3751,418 1,278
151 15
8.10 6.589.15 7.39
12.62 10.13
886,254 969,085154,957 173,03711,932 1,490
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
178 262- 47 13- -- -- -
(21) (31)164 248
76 1369 17- 1- -4 8
89 16275 86
- -75 86
(222) (840)(24) (54)(21) (36)
- -
1,916 (2,376)1,649 (3,306)1,724 (3,220)
1,419 (2,624)288 (596)17 -
1.54 (2.30)1.80 (2.30)2.46 -
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 99 –
CI International Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
6,375 13,335
189 601- -
(610) (1,305)(195) (1,179)(616) (1,883)
- -- -- -- -
1,419 (2,624)7,178 8,828
1,278 3,880
19 354- -
(105) (513)(62) (1,000)
(148) (1,159)
- -- -- -- -
288 (596)1,418 2,125
15 -
97 -- -
(1) -23 -
119 -
- -- -- -- -
17 -151 -
7,668 17,215
305 955- -
(716) (1,818)(234) (2,179)(645) (3,042)
- -- -- -- -
1,724 (3,220)8,747 10,953
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 100 –
CI International Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
969,085 1,223,13525,471 55,483
- -(74,965) (125,477)(33,337) (110,991)
886,254 1,042,150
173,037 320,1562,189 32,358
- -(12,139) (46,208)
(8,130) (81,879)154,957 224,427
1,490 -8,414 -
- -(70) -
2,098 -11,932 -
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
8.10 8.470.02 0.018.12 8.48
9.15 9.470.02 0.019.17 9.48
12.62 -0.03 -
12.65 -
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
869 1,615887 1,726
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
18 331 3
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 101 –
CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
JAPAN (26.3%) 39,371 Bank of Yokohama Ltd. 268,176 205,188 5,100 Canon Inc. 208,340 218,960 1,990 Fanuc Ltd. 162,105 189,861
41,757 Joyo Bank Ltd. 278,014 217,622 921 Keyence Corp. 200,209 209,791
11,264 KOSE Corp. 374,841 292,848 42 Mid REIT Inc. 252,337 100,879
16,443 Mitsubishi Corp. 357,693 354,938 14,290 Mitsui & Co., Ltd. 211,001 199,223
6,281 Mitsui Sumitomo Insurance Group Holdings Inc. 214,825 184,271 46,830 Nipponkoa Insurance Co., Ltd. 418,102 312,756 28,384 Nomura Holdings Inc. 303,188 186,178 14,890 Nomura Research Institute Ltd. 348,819 376,464 3,530 Secom Co., Ltd. 166,295 188,602
15,286 Seven & I Holdings Co., Ltd. 488,615 388,299 1,570 SMC Corp. 187,331 205,587 9,860 Sugi Pharmacy Co., Ltd.* 232,199 223,891
18,429 Sumitomo Metal Mining Co., Ltd. 279,038 322,422 26,921 Sumitomo Trust & Banking Co., Ltd. 235,008 151,861
8,749 Suzuki Motor Corp.* 185,231 217,549 17 United Urban Investment Corp. 114,078 106,642
5,485,445 4,853,832 U.K. (15.4%)
6,330 Anglo American PLC 180,145 215,733 6,524 Antofagasta PLC 48,449 84,551
17,554 BAE Systems PLC 104,728 104,875 7,350 BP PLC, ADR 513,522 418,883
22,672 Cadbury PLC 276,853 311,091 20,530 Diageo PLC 391,962 337,021 20,420 GlaxoSmithKline PLC 596,873 429,544 18,480 Reed Elsevier PLC 153,726 148,001 10,730 Scottish and Southern Energy PLC 239,990 214,787
4,640 Standard Chartered PLC 118,097 122,412 19,048 Vodafone Group PLC, ADR 545,032 458,860
3,169,377 2,845,758 GERMANY (12.0%)
5,490 Adidas AG 234,367 311,208 1,768 Allianz AG, Registered Shares* 323,527 236,869 1,760 BASF AG 74,936 99,685 9,852 Henkel KGaA, Preferred, Non-Voting Shares 445,797 453,972 1,780 Metro AG 115,565 107,846 6,510 SAP AG* 321,457 339,346 3,082 Siemens AG, Registered Shares 280,509 304,747
17,382 Symrise AG 353,414 354,585 2,149,572 2,208,258
FRANCE (11.4%) 1,828 BNP Paribas SA* 140,248 156,379 1,828 BNP Paribas SA, Rights (13Oct09) - 4,239 7,432 Carrefour SA* 493,692 360,975 2,095 L'Oreal SA 218,851 223,040 6,190 Sanofi-Aventis 540,275 486,180 5,340 Total SA 410,403 339,685 9,052 UbiSoft Entertainment 169,108 183,522
10,570 Vivendi Universal SA 395,220 350,180 2,367,797 2,104,200
JERSEY ISLAND (3.7%) 34,989 Experian Group Ltd. 260,258 314,876 39,540 WPP PLC 556,541 362,935
816,799 677,811 SWITZERLAND (3.5%)
4,595 Foster Wheeler AG 113,177 156,937 7,420 Nestle SA, Registered Shares 269,936 338,426 2,860 Novartis AG, Registered Shares 168,042 153,082
551,155 648,445 CANADA (3.5%)
2,830 Agrium Inc. (USD) 139,910 150,861 3,229 EnCana Corp.* 167,028 200,198 1,599 Inmet Mining Corp. 56,112 95,876
17,090 Yamana Gold Inc. 168,989 195,417 532,039 642,352
IRELAND (2.4%) 9,640 Covidien PLC 409,963 446,387
NETHERLANDS (2.4%) 8,832 Heineken NV 415,898 435,892
AUSTRALIA (2.1%) 6,369 National Australia Bank Ltd.* 181,942 185,004 6,760 Newcrest Mining Ltd. 131,872 203,705
313,814 388,709 ITALY (2.0%)
4,818 Ansaldo STS SpA 59,743 105,607 9,680 Eni SpA* 275,647 257,982
335,390 363,589 SWEDEN (1.8%)
30,834 Telefonaktiebolaget LM Ericsson, Class B 525,473 331,001
HONG KONG (1.6%) 21,714 Cheung Kong Holdings Ltd. 258,387 292,477
FINLAND (1.6%) 18,203 Nokia OYJ 394,116 286,343
NORWAY (1.5%) 11,120 Statoil ASA 267,845 267,747
SOUTH KOREA (1.4%) 1,876 KB Finanical Group Inc., ADR 137,863 103,139
210 Samsung Electronics Co., Ltd. 116,277 155,561 254,140 258,700
U.S.A. (1.4%) 4,830 Phillip Morris International Inc. 251,170 251,530
SINGAPORE (1.1%) 19,360 DBS Group Holdings Ltd. 176,662 195,117
TAIWAN (1.0%) 83,077 Taiwan Semiconductor
Manufacturing Co., Ltd. 131,379 179,311
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 205
– 102 –
CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
PORTUGAL (0.9%) 33,440 Energias de Portugal SA 132,342 163,834
THAILAND (0.8%) 38,916 Bangkok Bank PCL, Foreign Registered Shares 116,960 152,769
MALAYSIA (0.7%) 48,892 Sime Darby Berhad 111,554 128,408
SOUTH AFRICA (0.4%) 4,835 Gold Fields Ltd., ADR 68,347 71,334
Commission and other portfolio transaction costs (35,532)
Total Investments (98.9%) 19,200,092 18,193,804
Other Assets (net) (1.1%) 274,586
Total Net Assets (100.0%) 18,468,390
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 103 –
CI International Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
18,194 16,573238 394
- -- -- -- -- -- -- -- 2
33 239- -
50 5918,515 17,267
- -- -- -- -- -
17 4828 45
- -- -- -2 1
47 9418,468 17,173
19,200 21,024- -
12,621 12,5842,110 1,8463,737 2,743
10.68 9.1011.93 10.119.14 7.69
1,181,603 1,382,567176,934 182,526409,048 356,532
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
431 616- 8
16 25- -- -- -
(47) (74)400 575
137 18216 22
- -2 18 10
163 215237 360
- -237 360
(676) (828)(77) (23)(17) (17)
- -
3,444 (2,377)2,674 (3,245)2,911 (2,885)
2,033 (2,171)328 (339)550 (375)
1.58 (1.45)1.81 (1.37)1.45 (1.31)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 104 –
CI International Value Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
12,584 18,326
658 566- -
(1,242) (1,815)(1,412) (800)(1,996) (2,049)
- -- -- -- -
2,033 (2,171)12,621 14,106
1,846 3,821
47 315- -
(34) (544)(77) (941)(64) (1,170)
- -- -- -- -
328 (339)2,110 2,312
2,743 2,215
350 258- -
(21) (160)115 1,003444 1,101
- -- -- -- -
550 (375)3,737 2,941
17,173 24,362
1,055 1,139- -
(1,297) (2,519)(1,374) (738)(1,616) (2,118)
- -- -- -- -
2,911 (2,885)18,468 19,359
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 105 –
CI International Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,382,567 1,603,15367,857 50,215
- -(126,826) (160,067)(141,995) (70,684)
1,181,603 1,422,617
182,526 304,0734,302 27,204
- -(3,127) (46,505)(6,767) (73,718)
176,934 211,054
356,532 234,59041,068 28,192
- -(2,467) (17,263)13,915 109,400
409,048 354,919
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
10.68 9.920.02 -
10.70 9.92
11.93 10.960.02 -
11.95 10.96
9.14 8.290.01 -9.15 8.29
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
1,900 2,8371,938 3,031
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
14 132 2
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 106 –
CI Japanese Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INDUSTRIALS (35.3%) 3,600 Astellas Pharma Inc. 187,531 157,566
7 Central Japan Railway Co. 52,111 53,428 6,000 Dai Nippon Printing Co., Ltd. 142,738 88,014
832 Daiseki Co., Ltd.* 10,373 17,533 1,000 East Japan Railway Co. 75,312 76,326 1,730 Fanuc Ltd. 165,502 165,055 3,900 Hitachi High-Technologies Corp. 66,866 86,883 3,700 Makita Corp. 101,722 124,656 8,300 Mitsubishi Corp. 90,436 179,164 3,853 Mitsubishi Estate Co., Ltd. 65,883 64,469 2,200 Mitsui & Co., Ltd. 32,337 30,671 5,500 Mitsui Fudosan Co., Ltd. 100,670 99,045 2,800 Nifco Inc. 31,145 59,706 1,000 Nikon Corp. 13,852 19,511
26,100 Nissan Motor Co., Ltd. 172,594 188,005 4,800 Omron Corp. 198,796 96,457
400 Secom Co., Ltd. 37,754 21,371 2,500 Shin-Etsu Chemical Co., Ltd. 164,948 163,684 1,100 SMC Corp. 292,873 144,042 2,900 Sohgo Security Services Co., Ltd. 55,152 36,626
13,400 Sumitomo Corp. 152,786 146,863 7,700 Sumitomo Electric Industries Ltd. 176,971 107,257
16,000 Tokyo Gas Co., Ltd.* 82,826 70,792 8,000 Yamato Transport Co., Ltd.* 272,447 140,058
2,743,625 2,337,182 CONSUMER DISCRETIONARY (14.1%)
2,400 Benesse Corp. 100,175 125,079 4,300 Fuji Photo Film Co., Ltd.* 205,498 137,178
48,000 Isuzu Motors Ltd. 97,319 108,192 115 Jupiter Telecommunication Co. 105,876 117,673
5,000 NGK Spark Plug Co., Ltd. 64,464 67,859 900 Sankyo Co., Ltd. 52,311 60,107
3,300 Sony Corp. 92,195 103,702 5,000 Toyota Motor Corp. 272,587 211,686
990,425 931,476 FINANCIALS (13.8%)
11,000 Bank of Yokohama Ltd. 65,613 57,328 7,000 Chiba Bank Ltd. 55,320 46,082 7,500 Gunma Bank Ltd. 50,732 43,917 2,700 Hachijuni Bank Ltd. 20,026 16,036
12,200 iShares MSCI Japan Index Fund 131,161 129,575 5,900 Millea Holdings Inc. 224,121 181,537
13,500 Mizuho Financial Group Inc. 31,282 28,497 32,000 Mizuho Securities Co., Ltd. 103,412 124,030
2,600 Shizuoka Bank Ltd. 30,649 29,271 700 Sumitomo Mitsui Financial Group Inc. 31,170 25,963
5,000 Sumitomo Realty & Development Co., Ltd.* 58,538 97,614 20,000 Sumitomo Trust & Banking Co., Ltd. 144,493 112,820
2,000 Yamaguchi Financial Group Inc. 29,581 22,135 976,098 914,805
INFORMATION TECHNOLOGY (8.5%) 3,700 Advantest Corp. 92,370 108,991 3,800 Canon Inc. 162,143 163,147
900 Canon Marketing Japan Inc. 18,499 16,937 16,000 Fujitsu Ltd. 123,672 111,627
200 Nintendo Co., Ltd. 41,011 54,192 150 Rakuten Inc. 86,897 106,797
524,592 561,691 CONSUMER STAPLES (7.2%)
2,200 Asahi Breweries, Ltd. 43,507 42,924 1,800 FamilyMart Co., Ltd. 60,617 61,717 4,000 Kirin Holdings Co., Ltd. 65,212 65,593 5,000 Nippon Meat Packers Inc. 86,126 68,693 3,300 Nissin Food Products Co., Ltd. 111,546 134,990 2,500 Seven & I Holdings Co., Ltd. 147,152 63,506 2,000 Shiseido Co., Ltd.* 49,484 37,161
563,644 474,584 MATERIALS (4.8%)
5,000 Kansai Paint Co., Ltd. 34,364 41,502 27,000 Mitsubishi Materials Corp.* 103,032 79,534
8,000 Sumitomo Metal Mining Co., Ltd. 123,146 139,963 20,000 Ube Industries Ltd. 49,255 55,813
309,797 316,812 HEALTH CARE (4.4%)
4,200 Chugai Pharmaceutical Co., Ltd. 85,614 92,865 500 Nakanishi Inc. 71,343 45,557
3,100 Olympus Corp. 81,144 87,250 1,500 Takeda Pharmaceutical Co., Ltd.* 110,305 66,547
348,406 292,219 ENERGY (3.2%)
23,000 Nippon Mining Holdings Inc. 123,672 120,691 9,000 TonenGeneral Sekiyu KK 100,857 93,917
224,529 214,608 TELECOMMUNICATION SERVICES (2.9%)
2,700 Nippon Telegraph & Telephone Corp. 146,257 133,308 35 NTT DoCoMo Inc.* 59,898 59,689
206,155 192,997 UTILITIES (2.8%)
2,300 Hokuriku Electric Power Co. 60,185 62,265 7,000 Osaka Gas Co., Ltd. 37,661 26,130 3,000 Shikoku Electric Power Co., Inc.* 120,040 97,674
217,886 186,069
Commission and other portfolio transaction costs (14,251)
Total Investments (97.0%) 7,090,906 6,422,443
Other Assets (net) (3.0%) 197,069
Total Net Assets (100.0%) 6,619,512
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 250
– 107 –
CI Japanese Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
6,422 6,521178 100
- -- -- -- -- -- -- -- -- 111- -
36 626,636 6,794
- -- -- -- -- -- 103
13 22- -- -- -3 2
16 1276,620 6,667
7,091 8,589- -
6,301 6,365319 302
8.34 7.596.29 5.70
755,843 838,77550,726 53,086
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
45 71- 21 3- -- -- -
(3) (5)43 71
64 977 11- -
14 -4 5
89 113(46) (42)
- -(46) (42)
(693) 195(18) (11)(12) (8)
- -
1,400 (971)677 (795)631 (837)
600 (803)31 (34)
0.77 (0.79)0.61 (0.57)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 108 –
CI Japanese Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
6,365 10,198
253 387- -
(847) (1,374)(70) (312)
(664) (1,299)
- -- -- -- -
600 (803)6,301 8,096
302 451
8 7- -
(22) (50)- -
(14) (43)
- -- -- -- -
31 (34)319 374
6,667 10,649
261 394- -
(869) (1,424)(70) (312)
(678) (1,342)
- -- -- -- -
631 (837)6,620 8,470
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 109 –
CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
838,775 1,070,53531,354 40,402
- -(105,645) (147,238)
(8,641) (32,971)755,843 930,728
53,086 63,7481,275 997
- -(3,560) (7,089)
(75) -50,726 57,656
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
8.34 8.700.04 0.018.38 8.71
6.29 6.490.04 0.016.33 6.50
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
773 3,188788 3,407
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
9 5- -
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 110 –
CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
JAPAN (62.8%) 5,100 Advantest Corp. 141,706 150,231
39,500 Aioi Insurance Co., Ltd. 259,481 215,281 4,250 Asahi Breweries, Ltd.* 82,152 82,921 4,321 Astellas Pharma Inc. 150,792 189,123 2,800 Benesse Corp. 128,553 145,926 4,200 Canon Inc. 164,765 180,320 4,800 Chugai Pharmaceutical Co., Ltd. 81,852 106,131 1,420 Daiseki Co., Ltd.* 21,077 29,924 1,200 Daito Trust Construction Co., Ltd. 64,675 55,527 5,800 Dentsu Inc.* 146,565 143,875 6,600 Dowa Mining Co., Ltd. 45,605 42,583 6,600 Dowa Mining Co., Ltd., Rights (29Jan10) - - 2,100 East Japan Railway Co. 158,156 160,285 2,100 FamilyMart Co., Ltd. 68,974 72,003 2,500 Fanuc Ltd. 147,437 238,519
30 Fuji Television Network Inc. 90,270 52,522 32,000 Fujitsu Ltd. 198,082 223,254 25,000 Fukuoka Financial Group Inc. 143,049 110,315
3,700 Hitachi High-Technologies Corp. 65,781 82,427 3,900 Hokuriku Electric Power Co. 102,052 105,580
10,000 Kansai Paint Co., Ltd. 60,315 83,005 726 Keyence Corp. 132,666 165,372
5,000 Kirin Holdings Co., Ltd. 77,098 81,991 5,400 Mediceo Paltac Holdings Co., Ltd. 83,070 80,887 5,300 Millea Holdings Inc. 184,710 163,075
10,900 Mitsubishi Corp. 110,484 235,287 11,848 Mitsubishi Estate Co., Ltd. 173,192 198,242 15,000 Mitsui & Co., Ltd. 118,474 209,122 10,000 Mitsui Fudosan Co., Ltd. 97,465 180,082 66,000 Mizuho Securities Co., Ltd. 213,288 255,812
5,300 Mori Seiki Co., Ltd. 121,429 66,874 900 Nakanishi Inc. 116,479 82,003
11,000 NGK Spark Plug Co., Ltd. 141,820 149,289 5,000 Nifco Inc. 55,624 106,618 3,000 Nikon Corp. 99,299 58,533
300 Nintendo Co., Ltd. 57,187 81,287 9,000 Nippon Meat Packers Inc. 153,849 123,648 4,700 Nippon Telegraph & Telephone Corp. 272,132 232,055
900 Nippon Television Network Corp. 157,957 138,031 3,700 Nissin Food Products Co., Ltd. 146,702 151,352
13,000 Nomura Holdings Inc. 198,252 85,271 40 NTT Data Corp.* 169,062 136,290 50 NTT DoCoMo Inc.* 140,455 85,271
1,600 Ono Pharmaceutical Co., Ltd. 84,098 88,347 185 Rakuten Inc. 104,716 131,716
1,100 Sankyo Co., Ltd. 63,949 73,464 3,800 Secom Co., Ltd. 201,583 203,027 5,100 Seven & I Holdings Co., Ltd. 167,328 129,552 7,000 Shiseido Co., Ltd.* 131,693 130,064
12,000 Sumitomo Metal Mining Co., Ltd. 181,592 209,944 700 Sumitomo Real Estate Sales Co., Ltd. 54,143 26,631
JAPAN (62.8%) (cont’d)6,000 Sumitomo Realty & Development Co., Ltd.* 35,419 117,137 9,400 Sumitomo Warehouse Co., Ltd.* 70,116 48,541
18,200 Suruga Bank Ltd. 219,809 183,409 900 Sysmex Corp. 41,522 41,323
1,800 Takeda Pharmaceutical Co., Ltd.* 107,622 79,856 1,500 Terumo Corp. 86,866 87,656 5,500 Tokai Rika Co., Ltd. 94,388 105,342 4,300 Tokyo Electric Power Co., Inc. 120,518 120,255
32,000 Tokyo Gas Co., Ltd.* 162,376 141,585 14,000 TonenGeneral Sekiyu KK 142,337 146,093 8,300 Toyota Industries Corp.* 188,985 243,009 5,900 Toyota Motor Corp. 243,136 249,789 2,000 Yakult Honsha Co., Ltd. 70,675 56,768
17,000 Yamaguchi Financial Group Inc. 251,441 188,144 10,000 Yamato Transport Co., Ltd.* 203,596 175,073
8,369,941 8,512,869 AUSTRALIA (21.9%)
10,645 Australia & New Zealand Banking Group Ltd. 179,151 245,156 17,300 BHP Billiton Ltd.* 522,145 616,427
7,800 Billabong International Ltd.* 67,902 88,049 75,450 BlueScope Steel Ltd. 192,337 208,829
8,811 Commonwealth Bank of Australia 262,278 430,724 22,250 Iluka Resources Ltd. 72,221 80,920 34,150 Qantas Airways Ltd. 62,948 92,262 3,700 Rio Tinto Ltd.* 168,827 206,913
13,334 Sino Gold Ltd.* 75,382 84,518 19,350 Tabcorp Holdings Ltd. 187,381 129,048
8,833 Westpac Banking Corp. 171,600 218,612 6,850 Woodside Petroleum Ltd.* 118,194 337,061 8,200 Woolworths Ltd. 190,438 226,183
2,270,804 2,964,702 HONG KONG (7.8%)
60,800 China Shineway Pharmaceutical Group Ltd. 41,095 69,547 9,100 CLP Holdings Ltd. 79,208 65,686
14,700 Hong Kong Exchanges and Clearing Ltd. 164,961 284,310 11,000 Hutchison Whampoa Ltd. 104,880 84,416 94,000 Lonking Holding Ltd. 29,751 57,528
114,000 Sino Land Co. 222,449 218,280 77,000 SmarTone Telecommunications Holding Ltd. 130,055 64,569 20,000 Wing Hang Bank Ltd. 183,814 209,157
956,213 1,053,493 U.S.A. (1.9%)
12,700 iShares MSCI Japan Index Fund 154,808 134,885 9,250 iShares MSCI Taiwan Index Fund 121,684 121,913
276,492 256,798 CHINA (1.6%)
122,000 Bank of China Ltd. 55,164 68,596 24,000 Shandong Weigao Group
Medical Polymer Co., Ltd. 51,234 84,879 36,000 Zhuzhou CSR Times Electric Co., Ltd. 40,036 66,842
146,434 220,317
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 657
– 111 –
CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
SINGAPORE (1.4%) 89,300 Singapore Post Ltd. 43,530 62,443 63,500 Singapore Technologies Engineering Ltd. 97,487 130,794
141,017 193,237
Commission and other portfolio transaction costs (28,497)
Total Investments (97.4%) 12,132,404 13,201,416
Other Assets (net) (2.6%) 356,821
Total Net Assets (100.0%) 13,558,237
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 112 –
CI Pacific Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
13,201 11,857360 325
- -- -- -- -- -- -- -4 41- -- -
69 9613,634 12,319
- -- -- -- -- -- -
74 41- -- -- -2 2
76 4313,558 12,276
12,132 12,862- -
13,057 11,787501 489
7.55 6.437.76 6.57
1,730,373 1,833,64464,619 74,463
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
166 257- 112 4- -- -- -
(23) (22)145 250
127 18514 22
- -1 17 10
149 218(4) 32- -
(4) 32
68 1,545(47) 32(21) (20)
- -
2,074 (4,526)2,074 (2,969)2,070 (2,937)
1,984 (2,800)86 (137)
1.13 (1.30)1.19 (1.32)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 113 –
CI Pacific Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
11,787 19,610
580 724- -
(1,298) (1,673)4 (717)
(714) (1,666)
- -- -- -- -
1,984 (2,800)13,057 15,144
489 909
9 27- -
(52) (17)(31) 19(74) 29
- -- -- -- -
86 (137)501 801
12,276 20,519
589 751- -
(1,350) (1,690)(27) (698)
(788) (1,637)
- -- -- -- -
2,070 (2,937)13,558 15,945
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 114 –
CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,833,644 2,260,03783,121 87,064
- -(185,841) (200,281)
(551) (85,374)1,730,373 2,061,446
74,463 103,5141,269 3,083
- -(7,299) (1,946)(3,814) 2,49364,619 107,144
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
7.55 7.350.03 0.027.58 7.37
7.76 7.470.03 0.037.79 7.50
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,548 4,6152,599 4,932
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
16 151 3
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 115 –
CI Value Trust Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (98.6%) 26,900 3M Co. 1,917,941 2,122,312
1,871,268 AES Corp.* 23,254,528 29,631,432 393,600 Aetna Inc.* 14,287,713 11,698,307 252,400 Aflac Inc. 5,565,650 11,549,744 120,500 Allstate Corp. 3,735,092 3,950,397
93,444 Amazon.com Inc.* 5,180,366 9,323,290 102,000 American Express Co. 3,449,588 3,702,102 122,347 Amgen Inc.* 6,488,328 7,889,594
71,650 AT&T Inc. 2,354,458 2,068,162 89,450 Avon Products Inc. 2,408,882 3,245,640
380,200 Bank of America Corp. 5,241,363 6,863,066 33,000 Boeing Co. 1,687,843 1,911,082
437,762 CA Inc. 11,891,745 10,297,139 237,915 Capital One Financial Corp.* 6,533,064 9,080,920
75,000 Chesapeake Energy Corp.* 1,779,816 2,276,475 414,650 Cisco Systems Inc. 9,639,951 10,437,170
9,200 CME Group Inc. 2,200,281 3,031,535 53,850 ConocoPhillips 3,129,149 2,601,377 35,850 Deere & Co. 1,478,379 1,643,939
1,096,950 Eastman Kodak Co.* 28,793,578 5,613,881 475,490 eBay Inc.* 18,261,070 12,009,303 204,650 Electronic Arts Inc.* 11,220,929 4,169,644 178,557 EMC Corp. 2,231,965 3,253,755
10,100 Exelon Corp. 668,863 535,921 156,300 General Electric Co. 2,237,628 2,741,078
43,050 Goldman Sachs Group Inc. 4,580,311 8,480,390 11,300 Google Inc., Class A 3,104,535 5,995,953
210,501 Hewlett-Packard Co.* 8,261,602 10,626,355 69,200 International Business Machines Corp. 8,113,868 8,853,653
176,600 JC Penney Co., Inc.* 8,753,406 6,381,356 155,900 JP Morgan Chase & Co. 6,749,167 7,304,187
59,500 Medtronic Inc. 2,473,634 2,341,115 47,750 Merck & Co., Inc. 1,585,785 1,614,485 95,300 Microsoft Corp. 2,445,038 2,630,415 66,550 Nucor Corp. 3,675,147 3,346,702
219,650 NYSE Euronext 8,047,462 6,782,268 24,000 PepsiCo Inc.* 1,520,959 1,507,307 85,200 Prudential Financial Inc. 2,649,430 4,545,472
142,100 Sears Holdings Corp.* 19,963,883 9,934,722 185,042 State Street Corp.* 8,369,531 10,401,072 324,400 Texas Instruments Inc.* 10,214,155 8,228,002
U.S.A. (98.6%) (cont’d)69,607 Time Warner Cable Inc. 4,329,076 3,203,080
277,213 Time Warner Inc.* 12,082,834 8,532,964 370,833 UnitedHealth Group Inc.* 14,461,649 9,929,801 225,800 Wells Fargo & Co. 3,839,848 6,793,268 403,650 Yahoo! Inc. 14,268,255 7,696,927
Commission and other portfolio transaction costs (439,074)
Total Investments (98.6%) 324,688,671 296,776,759
Other Assets (net) (1.4%) 4,356,403
Total Net Assets (100.0%) 301,133,162
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2301
– 116 –
CI Value Trust Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
296,777 279,0995,055 7,719
- -- -- -- -- -- -- -
106 126- 333- -
122 332302,060 287,609
- -- -- -- -- -- 1,072
911 425- -- -- -
16 13927 1,510
301,133 286,099
324,689 407,227- -
181,234 151,1806,340 5,579
64,689 88,5742,400 2,255
83 6846,314 38,328
11 913 1049 96
- -
6.36 4.866.75 5.146.97 5.275.73 4.355.77 4.385.45 4.165.60 4.396.38 4.975.18 4.12
- -
28,512,039 31,097,801939,015 1,086,057
9,276,156 16,822,254419,060 517,942
14,427 15,5608,502,347 9,212,364
1,957 1,9572,009 2,0239,550 23,418
- -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 117 –
CI Value Trust Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
1,544 6,6191 292
620 1,249- -- -- -
(232) (993)1,933 7,167
2,419 3,869235 376
- -4 25
133 2122,791 4,482
(858) 2,685- -
(858) 2,685
(20,032) (198,033)(1,053) 592
(117) (531)- -
100,216 46,80879,014 (151,164)78,156 (148,479)
44,872 (51,112)1,648 (1,869)
19,426 (81,210)651 (705)20 (36)
11,505 (13,514)2 (7)3 (2)
29 (17)- (7)
1.52 (1.46)1.63 (1.52)1.67 (1.52)1.38 (1.23)1.39 (1.19)1.29 (1.25)1.33 (1.07)1.56 (1.56)1.39 (1.41)
- (1.10)
151,180 288,622
6,468 14,283- -
(19,851) (50,128)(1,435) 35,482
(14,818) (363)
- -- -- -- -
44,872 (51,112)181,234 237,147
5,579 10,838
415 1,513- -
(1,284) (1,900)(18) (113)
(887) (500)
- -- -- -- -
1,648 (1,869)6,340 8,469
88,574 481,283
1,889 20,226- -
(45,204) (10,905)4 (40,884)
(43,311) (31,563)
- -- -- -- -
19,426 (81,210)64,689 368,510
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 118 –
Insight SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Y SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Z SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
9 24
- 90- -- -- (19)- 71
- -- -- (2)- (2)2 (7)
11 86
10 18
- -- -- -- -- -
- -- -- (1)- (1)3 (2)
13 15
96 49
17 53- -- -
(89) 11(72) 64
- -- -
(4) (4)(4) (4)29 (17)49 92
2,255 4,621
181 588- -
(687) (1,161)- -
(506) (573)
- -- -- -- -
651 (705)2,400 3,343
68 280
4 19- -
(5) (68)(4) (46)(5) (95)
- -- -- -- -
20 (36)83 149
38,328 81,134
537 1,390- -
(3,899) (8,956)(157) (686)
(3,519) (8,252)
- -- -- -- -
11,505 (13,514)46,314 59,368
CI Value Trust Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 119 –
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- -
- 38- -- -- 4- 42
- -- -- -- -- (7)- 35
286,099 866,869
9,511 38,200- -
(70,930) (73,118)(1,699) (6,251)
(63,118) (41,169)
- -- -
(4) (7)(4) (7)
78,156 (148,479)301,133 677,214
CI Value Trust Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 120 –
CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
31,097,801 34,823,8381,144,881 1,854,092
- -(3,478,523) (6,724,000)
(252,120) 5,002,90228,512,039 34,956,832
1,086,057 1,250,70770,085 183,748
- -(213,591) (233,373)
(3,536) (13,135)939,015 1,187,947
16,822,254 55,062,698307,928 2,477,645
- -(7,854,716) (1,356,991)
690 (5,353,595)9,276,156 50,829,757
517,942 630,02236,381 87,425
- -(135,263) (164,112)
- -419,060 553,335
15,560 38,060634 2,911
- -(908) (9,556)(859) (6,866)
14,427 24,549
9,212,364 11,469,716109,774 203,075
- -(787,306) (1,329,061)
(32,485) (103,134)8,502,347 10,240,596
1,957 2,959- 13,314- -- -- (2,763)
1,957 13,510
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
2,023 2,054- -- -
(14) (16)- -
2,009 2,038
23,418 6,1293,218 7,587
- -- -
(17,086) 1,3759,550 15,091
- -- 3,750- -- (7)- 7- 3,750
– 121 –
CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
71,131 151,52972,553 161,912
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
116 52721 -
Annual management fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
2.251.25
Paid directly by investor1.111.002.002.251.252.251.25
0.210.21
-0.210.210.210.210.210.210.21
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Insight SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Y SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Z SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
6.36 6.78- 0.01
6.36 6.79
6.75 7.130.01 0.016.76 7.14
6.97 7.250.01 0.016.98 7.26
5.73 6.04- 0.01
5.73 6.05
5.77 6.07- 0.01
5.77 6.08
5.45 5.80- 0.01
5.45 5.81
5.60 6.370.01 0.015.61 6.38
6.38 7.15- 0.01
6.38 7.16
5.18 6.130.01 0.015.19 6.14
- 9.37- 0.01- 9.38
– 122 –
Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (18.5%) 400,000 Bank of Nova Scotia†† 15,940,187 19,548,000 300,000 Canadian Imperial Bank of Commerce 19,895,327 19,587,000 700,000 Discover Financial Services 11,984,978 12,156,187 755,500 Dundee Corp., Class A 3,929,771 8,302,945 856,600 Dundee Wealth Management Inc. 4,106,991 10,339,162 700,000 Manulife Financial Corp. 21,516,679 15,750,000 100,000 Royal Bank of Canada 2,954,690 5,755,000 100,000 Sun Life Financial Inc. 4,484,790 3,355,000 50,000 TMX Group Inc. 1,583,702 1,788,500
250,000 Toronto-Dominion Bank 12,719,923 17,312,500 99,117,038 113,894,294
ENERGY (16.6%) 200,000 Canadian Oil Sands Trust 3,914,599 6,150,000 350,000 EnCana Corp. 17,086,734 21,700,000 300,000 Patterson-UTI Energy Inc. 8,946,926 4,850,055 100,000 Petroleo Brasileiro SA, ADR 3,353,952 4,913,224
1,237,000 Suncor Energy Inc. 39,049,847 46,263,800 1,000,000 Talisman Energy Inc. 12,257,435 18,630,000
84,609,493 102,507,079 MATERIALS (15.8%)
350,000 Barrick Gold Corp. 11,268,157 14,189,000 750,000 BHP Billiton Ltd. 17,500,953 26,723,723 400,000 Cameco Corp. 9,731,440 11,884,000 200,000 Franco-Nevada Corp. 6,440,000 5,618,000 400,000 Goldcorp Inc. 10,412,981 17,192,000 500,000 Norbord Inc. 3,174,832 875,000 100,000 Potash Corp. of Saskatchewan Inc. 10,019,058 9,712,000 250,000 Rio Tinto PLC 17,515,284 11,409,519
86,062,705 97,603,242 INFORMATION TECHNOLOGY (7.5%)
700,000 Cisco Systems Inc. 18,232,935 17,619,726 600,000 Intel Corp. 12,085,234 12,558,752 200,000 Microsoft Corp. 6,019,544 5,520,284 904,499 Taiwan Semiconductor
Manufacturing Co., Ltd., ADR 9,123,317 10,594,340 45,461,030 46,293,102
INDUSTRIALS (7.0%) 400,000 Canadian National Railway Co. 16,312,211 21,092,000 700,000 General Electric Co. 25,611,455 12,276,100 100,000 Martin Marietta Materials Inc. 10,155,056 9,844,648
52,078,722 43,212,748 CONSUMER DISCRETIONARY (6.6%)
400,000 PetSmart Inc.* 9,368,750 9,293,262 50,000 Ross Stores Inc. 1,552,572 2,535,305
300,000 Thomson Corp. 10,159,727 10,770,000 600,000 Tim Hortons Inc. 19,741,983 18,264,000
40,823,032 40,862,567
CONSUMER STAPLES (2.9%) 120,000 Cott Corp. 1,703,582 940,800 600,000 Diageo PLC 10,739,584 9,849,612 150,000 Nestle SA, Registered Shares 6,117,908 6,841,502
18,561,074 17,631,914 WARRANTS (0.1%)
100,000 Franco-Nevada Corp., Warrants (16Jun17) - 622,000
Commission and other portfoliotransaction costs (543,720)
Total Equities (75.0%) 426,169,374 462,626,946
Short Term Notes (10.6%) 65,496,576 65,596,325
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%) (see Schedule A) 699,605
Total Investments (85.7%) 491,665,950 528,922,876
Other Assets (net) (14.3%) 87,861,261
Total Net Assets (100.0%) 616,784,137
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 290
– 123 –
Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.1%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (1,253,000) Australian $ 1,117,663 Canadian $ (62,865)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (1,354,000) Australian $ 1,215,757 Canadian $ (56,528)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (1,561,000) Australian $ 1,358,195 Canadian $ (112,505)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (1,624,000) Australian $ 1,459,570 Canadian $ (66,421)1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (1,631,000) Australian $ 1,438,134 Canadian $ (98,524)1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (270,000) Australian $ 240,678 Canadian $ (13,705)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (2,778,000) Australian $ 2,496,172 Canadian $ (114,174)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (2,880,000) Australian $ 2,697,264 Canadian $ (700)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (3,007,000) Australian $ 2,815,617 Canadian $ (1,319)1 Toronto-Dominion Bank A-1+ 0.89 30-Oct-09 (328,333) Australian $ 292,955 Canadian $ (16,388)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (4,426,000) Australian $ 3,983,754 Canadian $ (175,143)1 Royal Bank of Canada A-1+ 0.89 30-Oct-09 (5,321,667) Australian $ 4,746,515 Canadian $ (267,352)1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (1,060,000) British Pound 1,890,538 Canadian $ 77,311 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (1,958,000) British Pound 3,493,777 Canadian $ 144,438 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (2,063,000) British Pound 3,678,638 Canadian $ 149,688 1 Royal Bank of Canada A-1+ 1.77 30-Nov-09 (479,000) British Pound 847,471 Canadian $ 28,186 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (563,000) British Pound 977,903 Canadian $ 15,056 1 Royal Bank of Canada A-1+ 1.81 30-Oct-09 (585,000) British Pound 1,057,100 Canadian $ 56,399 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (614,000) British Pound 1,067,458 Canadian $ 17,389 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (634,000) British Pound 1,129,302 Canadian $ 44,788 1 Bank of Nova Scotia†† A-1+ 1.80 30-Nov-09 (647,000) British Pound 1,166,218 Canadian $ 59,558 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (655,000) British Pound 1,167,767 Canadian $ 47,329 1 Canadian Imperial Bank of Commerce A-1 1.77 30-Nov-09 (673,000) British Pound 1,189,477 Canadian $ 38,375 1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (838,000) British Pound 1,478,567 Canadian $ 45,251 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (860,000) British Pound 1,499,814 Canadian $ 29,024 1 Royal Bank of Canada A-1+ 1.01 30-Oct-09 (2,941,000) Swiss Franc 2,966,054 Canadian $ (73,401)1 Bank of Nova Scotia†† A-1+ 1.06 30-Dec-09 (315,000) Swiss Franc 334,501 Canadian $ 8,790 1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (336,000) Swiss Franc 356,480 Canadian $ 9,055 1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (414,600) Swiss Franc 418,598 Canadian $ (9,882)1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (418,000) Swiss Franc 421,775 Canadian $ (10,218)1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (665,000) Swiss Franc 705,489 Canadian $ 17,879 1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (947,000) Swiss Franc 955,600 Canadian $ (23,102)1 Bank of Nova Scotia†† A-1+ 0.03 05-Nov-09 (175,252,084) Taiwanese $ 5,380,782 US $ (106,210)1 Bank of Nova Scotia†† A-1+ 0.03 05-Nov-09 (29,650,000) Taiwanese $ 912,729 US $ (15,420)1 Bank of Nova Scotia†† A-1+ 0.03 04-Dec-09 (86,313,000) Taiwanese $ 2,637,928 US $ (66,660)1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (1,210,000) US $ 1,307,103 Canadian $ 11,748 1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (12,354,000) US $ 13,385,312 Canadian $ 159,202 1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (12,456,000) US $ 13,455,594 Canadian $ 120,937 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (1,313,000) US $ 1,417,791 Canadian $ 12,171 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (18,455,000) US $ 20,112,628 Canadian $ 356,390 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Oct-09 (18,611,000) US $ 20,183,630 Canadian $ 258,809 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (22,000) US $ 23,893 Canadian $ 340 1 Bank of Nova Scotia†† A-1+ 1.08 04-Dec-09 (2,637,928) US $ 2,843,132 Canadian $ 19,150 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (3,921,000) US $ 4,273,106 Canadian $ 75,641 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (4,534,000) US $ 4,874,730 Canadian $ 20,926 1 Bank of Nova Scotia†† A-1+ 1.08 30-Oct-09 (4,821,000) US $ 5,211,501 Canadian $ 50,175 1 Bank of Nova Scotia†† A-1+ 1.09 05-Nov-09 (5,380,782) US $ 5,854,345 Canadian $ 93,752 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (557,000) US $ 601,421 Canadian $ 5,130 1 Bank of Nova Scotia†† A-1+ 1.09 05-Nov-09 (912,729) US $ 994,391 Canadian $ 17,235
Total Foreign Currency Forward Contracts Value 669,605
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 124 –
Harbour Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
462,627 403,32780,688 32,78265,596 12,490
- -5,417 1,480
- -1,990 11
- -- -
2,275 1,885- -- -
622 1,174619,215 453,149
- -- -- -
1,290 4,129- -- -
1,141 709- -- -- -- -
2,431 4,838616,784 448,311
426,169 464,043- -
497,290 364,25229,936 23,57644,561 30,11912,922 9,564
607 1731,202 1,002
29,842 19,512150 41274 72
23.07 18.5621.26 17.0213.23 10.52
8.30 6.838.63 7.068.73 7.107.81 6.518.17 6.787.98 6.58
21,553,451 19,620,7241,408,088 1,385,2243,368,442 2,862,4821,556,254 1,400,101
70,312 24,548137,599 141,091
3,821,684 2,995,82618,368 6,08734,316 11,007
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 125 –
Harbour Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
5,387 4,723358 2,565
9 30- -- -- -
(465) (405)5,289 6,913
4,917 4,755506 489
- 2113 99271 262
5,807 5,607(518) 1,306
- -(518) 1,306
12,511 18,860(378) 169
(90) (136)- -
101,912 (62,403)113,955 (43,510)113,437 (42,204)
91,568 (34,034)5,820 (2,041)8,222 (2,573)2,326 (1,200)
88 (34)254 (84)
5,110 (2,198)19 (31)30 (9)
4.45 (1.96)4.21 (1.82)2.66 (1.23)1.63 (1.27)1.46 (0.69)1.85 (0.73)1.52 (1.13)1.28 (0.86)1.77 (0.60)
364,252 396,219
70,709 76,986- -
(32,639) (30,530)3,400 (1,883)
41,470 44,573
- -- -- -- -
91,568 (34,034)497,290 406,758
23,576 23,369
3,449 6,979- -
(3,056) (3,318)147 1,471540 5,132
- -- -- -- -
5,820 (2,041)29,936 26,460
30,119 21,787
6,239 8,919- -
(2,531) (1,460)2,512 6,4736,220 13,932
- -- -- -- -
8,222 (2,573)44,561 33,146
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 126 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
19,512 10,992
6,605 13,324- -
(1,077) (311)609 725
6,137 13,738
- -- -
(917) (790)(917) (790)
5,110 (2,198)29,842 21,742
41 25
95 404- -
(1) -- (3)
94 401
- -- -
(4) (9)(4) (9)19 (31)
150 386
72 145
178 17- -
(1) (2)- 21
177 36
- -- -
(5) (7)(5) (7)30 (9)
274 165
9,564 5,090
2,128 8,093- -
(290) (575)(556) (74)
1,282 7,444
- -- -
(250) (247)(250) (247)
2,326 (1,200)12,922 11,087
173 452
- 70- -
(10) (3)367 -357 67
- -- -
(11) (12)(11) (12)88 (34)
607 473
1,002 934
- 188- -
(11) (198)(18) 212(29) 202
- -- -
(25) (28)(25) (28)
254 (84)1,202 1,024
Harbour Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 127 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
448,311 459,013
89,403 114,980- -
(39,616) (36,397)6,461 6,942
56,248 85,525
- -- -
(1,212) (1,093)(1,212) (1,093)
113,437 (42,204)616,784 501,241
Harbour Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 128 –
Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
19,620,724 16,282,5003,298,033 3,047,847
- -(1,528,611) (1,227,960)
163,305 (78,707)21,553,451 18,023,680
1,385,224 1,058,457174,719 310,133
- -(157,436) (147,320)
5,581 64,1531,408,088 1,285,423
2,862,482 1,617,662510,452 658,060
- -(204,450) (113,894)199,958 460,033
3,368,442 2,621,861
1,400,101 537,329268,209 829,718
- -(38,004) (62,568)(74,052) (9,841)
1,556,254 1,294,638
24,548 46,684- 7,398- -
(1,168) (300)46,932 -70,312 53,782
141,091 97,176- 20,226- -
(1,318) (21,282)(2,174) 20,343
137,599 116,463
2,995,826 1,175,818892,467 1,397,130
- -(148,605) (33,100)
81,996 73,4903,821,684 2,613,338
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
6,087 2,62712,352 42,581
- -(71) -
- (320)18,368 44,888
11,007 15,76723,466 2,010
- -(157) (169)
- 2,24134,316 19,849
– 129 –
Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,797 -2,853 -
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
85 1306 4
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
Paid directly by investor
0.200.20
-0.200.20
-0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
23.07 22.570.02 0.01
23.09 22.58
21.26 20.590.01 0.01
21.27 20.60
13.23 12.640.01 0.01
13.24 12.65
8.30 8.560.01 0.018.31 8.57
8.63 8.800.01 -8.64 8.80
8.73 8.790.01 0.018.74 8.80
7.81 8.32- -
7.81 8.32
8.17 8.610.01 -8.18 8.61
7.98 8.310.01 0.017.99 8.32
– 130 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Materials ................................................................................................................................. 17.3Energy ..................................................................................................................................... 17.2Consumer Discretionary .......................................................................................................... 16.0Financials ................................................................................................................................ 15.4Information Technology .......................................................................................................... 10.7Industrials ............................................................................................................................... 9.2Cash & Equivalents ................................................................................................................. 6.4Consumer Staples ................................................................................................................... 4.3Short Term Investments .......................................................................................................... 2.7Other Assets ........................................................................................................................... 0.8
During the six-month period the Fund’s exposure to credit risk and currency risk changed significant-ly as disclosed in the section below. For details relating to other price risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 10.9AA/Aa/A+ 0.1Total 11.0
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 2.7 AA/Aa/A+ 0.1 Total 2.8
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Harbour Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (83,661) 21,938 3.6Australian Dollar (24,970) 1,754 0.3British Pound (19,896) 1,591 0.3Swiss Franc (6,238) 604 0.1Taiwan Dollar (9,745) (9,745) (1.6)Total (144,510) 16,142 2.7
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (116,193) 9,888 2.2 British Pound (17,605) 1,912 0.4 Swiss Franc (5,919) 474 0.1 Australian Dollar (21,106) (132) (0.1)Taiwan Dollar (9,976) (9,976) (2.2)Total (170,799) 2,166 0.4
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $1,614,000 (March 31, 2009 - $217,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 131 –
Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (30.6%) 100,000 Amerada Hess Corp. 8,846,416 5,723,707 165,000 Anadarko Petroleum Corp. 8,045,630 11,067,601 425,000 Baldor Electric Co. 11,871,987 12,440,445
34,000 Becton Dickinson & Co. 2,522,738 2,534,684 650,000 Cisco Systems Inc. 16,144,925 16,361,174
80,000 Covance Inc.* 4,064,290 4,638,066 350,000 CVS Corp. 12,108,778 13,392,790 700,000 Discover Financial Services 12,991,264 12,156,187 185,000 GameStop Holding Co. 4,438,602 5,242,931
1,000,000 General Electric Co. 23,532,931 17,537,285 600,000 GeoGlobal Resources Inc. 4,890,148 706,631
45,000 GeoGlobal Resources Inc., Warrants - - 550,000 Intel Corp. 9,097,246 11,512,189
60,000 Mastercard Inc., Class A 11,206,873 12,975,022 420,000 Microsoft Corp. 9,824,406 11,592,595 100,000 Oracle Corp. 1,996,072 2,229,098 500,000 Patterson-UTI Energy Inc. 15,468,099 8,083,425 340,000 Ultra Petroleum Corp.* 19,656,836 17,822,507
176,707,241 166,016,337 SWITZERLAND (14.9%)
40,000 Alcon Inc. 4,087,819 5,938,694 485,500 Aryzta AG 19,290,053 20,804,426 215,000 Holcim Ltd. 17,038,211 15,773,376 600,000 Nestle SA, Registered Shares 21,798,313 27,366,006
44,000 Swatch Group AG 10,084,254 11,098,091 72,298,650 80,980,593
U.K. (8.8%) 1,300,000 Diageo PLC 22,921,727 21,340,827
300,000 Rio Tinto PLC 16,236,682 13,691,423 900,000 Travis Perkins PLC 14,441,441 12,826,567
53,599,850 47,858,817 FRANCE (6.4%)
155,000 Air Liquide* 14,812,507 18,879,279 145,000 Schneider Electric SA 14,640,243 15,732,472
29,452,750 34,611,751 JAPAN (4.0%)
125,000 Canon Inc. 5,819,356 5,366,678 500,000 Mitsubishi Corp.* 9,068,076 10,792,986
20,000 Nintendo Co., Ltd. 5,523,717 5,419,152 20,411,149 21,578,816
GERMANY (3.0%) 46,000 Puma AG* 13,995,887 16,204,685
SWEDEN (2.7%) 510,000 Atlas Copco AB, Series A 6,078,776 7,025,624 125,000 Hennes & Mauritz AB, Class B 6,386,691 7,506,009
12,465,467 14,531,633
BRAZIL (2.1%) 230,000 Petroleo Brasileiro SA, ADR 9,282,618 11,300,414
IRELAND (2.0%) 1,100,000 Kingspan Group PLC 14,348,019 10,783,705
AUSTRALIA (2.0%) 300,000 BHP Billiton Ltd. 4,665,022 10,689,489
TAIWAN (1.8%) 828,499 Taiwan Semiconductor
Manufacturing Co., Ltd., ADR 7,681,525 9,704,156
DENMARK (0.2%) 17,350 NKT Holding A/S* 666,894 1,079,075
Commission and other portfolio transaction costs (742,269)
Total Equities (78.5%) 414,832,803 425,339,471
Short Term Notes (8.1%) 43,861,495 43,940,950
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.2%) (see Schedule A) 993,593
Total Investments (86.8%) 458,694,298 470,274,014
Other Assets (net) (13.2%) 71,983,781
Total Net Assets (100.0%) 542,257,795
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2300
– 132 –
Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (2.0%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (107,000) Australian $ 95,380 Canadian $ (5,431)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (1,203,000) Australian $ 1,126,434 Canadian $ (528)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (1,491,000) Australian $ 1,396,396 Canadian $ (363)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (1,563,000) Australian $ 1,404,434 Canadian $ (64,239)1 Toronto-Dominion Bank A-1+ 0.89 30-Oct-09 (204,000) Australian $ 182,019 Canadian $ (10,182)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (2,408,400) Australian $ 2,167,753 Canadian $ (95,304)1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (493,000) Australian $ 439,751 Canadian $ (24,734)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (624,000) Australian $ 542,930 Canadian $ (44,973)1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (653,000) Australian $ 575,783 Canadian $ (39,446)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (913,000) Australian $ 820,559 Canadian $ (37,341)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (914,000) Australian $ 820,681 Canadian $ (38,158)1 Canadian Imperial Bank of Commerce A-1 1.77 30-Nov-09 (1,419,000) British Pound 2,507,976 Canadian $ 80,911 1 Toronto-Dominion Bank A-1+ 1.75 30-Dec-09 (1,473,000) British Pound 2,580,033 Canadian $ 60,854 1 Royal Bank of Canada A-1+ 1.77 30-Nov-09 (153,000) British Pound 270,695 Canadian $ 9,003 1 Canadian Imperial Bank of Commerce A-1 1.74 30-Dec-09 (177,000) British Pound 308,327 Canadian $ 5,618 1 Canadian Imperial Bank of Commerce A-1 1.79 30-Oct-09 (1,770,000) British Pound 3,160,850 Canadian $ 133,101 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (1,805,000) British Pound 3,218,044 Canadian $ 130,427 1 Toronto-Dominion Bank A-1+ 1.77 30-Oct-09 (1,905,000) British Pound 3,374,288 Canadian $ 115,621 1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (3,122,000) British Pound 5,508,457 Canadian $ 168,584 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (410,000) British Pound 712,150 Canadian $ 10,965 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (424,000) British Pound 756,569 Canadian $ 31,278 1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (4,337,000) British Pound 7,735,155 Canadian $ 316,319 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (476,000) British Pound 827,540 Canadian $ 13,480 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (716,000) British Pound 1,248,683 Canadian $ 24,164 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (8,165,000) British Pound 14,559,420 Canadian $ 592,439 1 Royal Bank of Canada A-1+ 0.91 30-Oct-09 (11,814,711) Canadian $ 10,808,000 US $ (243,696)1 Toronto-Dominion Bank A-1+ 0.97 30-Oct-09 (1,659,948) Canadian $ 1,606,000 Swiss Franc (168)1 Bank of Nova Scotia†† A-1+ 1.54 30-Oct-09 (13,653,000) Euro 20,995,583 Canadian $ (393,980)1 Toronto-Dominion Bank A-1+ 1.57 30-Oct-09 (2,492,000) Euro 3,907,531 Canadian $ 3,392 1 Toronto-Dominion Bank A-1+ 1.54 30-Oct-09 (2,858,000) Euro 4,391,746 Canadian $ (85,758)1 Toronto-Dominion Bank A-1+ 1.57 30-Nov-09 (3,046,000) Euro 4,772,351 Canadian $ 726 1 Canadian Imperial Bank of Commerce A-1 1.53 30-Oct-09 (3,249,000) Euro 4,968,249 Canadian $ (121,807)1 Toronto-Dominion Bank A-1+ 1.54 30-Nov-09 (3,563,000) Euro 5,485,417 Canadian $ (95,981)1 Toronto-Dominion Bank A-1+ 1.60 30-Dec-09 (5,198,000) Euro 8,324,597 Canadian $ 182,528 1 Royal Bank of Canada A-1+ 1.53 30-Oct-09 (6,586,000) Euro 10,107,631 Canadian $ (210,362)1 Canadian Imperial Bank of Commerce A-1 1.60 30-Dec-09 (774,000) Euro 1,239,592 Canadian $ 27,210 1 Royal Bank of Canada A-1+ 1.60 30-Dec-09 (9,496,000) Euro 15,210,889 Canadian $ 336,492 1 Canadian Imperial Bank of Commerce A-1 0.01 30-Nov-09 (137,000,000) Japanese Yen 1,568,134 Canadian $ (66,125)1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (140,125,000) Japanese Yen 1,568,007 Canadian $ (103,321)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Dec-09 (155,903,000) Japanese Yen 1,885,848 Canadian $ 25,552 1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (163,876,000) Japanese Yen 1,925,574 Canadian $ (29,080)1 Bank of Nova Scotia†† A-1+ 0.01 30-Oct-09 (204,820,000) Japanese Yen 2,352,495 Canadian $ (90,502)1 Bank of Nova Scotia†† A-1+ 0.01 30-Dec-09 (247,102,000) Japanese Yen 2,992,346 Canadian $ 43,821 1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (24,795,500) Japanese Yen 284,228 Canadian $ (11,521)1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (305,190,000) Japanese Yen 3,505,110 Canadian $ (135,053)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Oct-09 (311,715,000) Japanese Yen 3,577,996 Canadian $ (139,994)1 Royal Bank of Canada A-1+ 0.01 30-Nov-09 (49,874,000) Japanese Yen 571,059 Canadian $ (23,883)1 Toronto-Dominion Bank A-1+ 0.01 30-Nov-09 (619,114,000) Japanese Yen 7,038,187 Canadian $ (347,101)1 Toronto-Dominion Bank A-1+ 0.01 30-Dec-09 (67,925,000) Japanese Yen 824,182 Canadian $ 13,669 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (12,088,000) Swedish Krona 1,754,350 Canadian $ (102,341)1 Canadian Imperial Bank of Commerce A-1 0.15 30-Nov-09 (2,090,000) Swedish Krona 321,378 Canadian $ 301 1 Bank of Nova Scotia†† A-1+ 0.15 30-Oct-09 (26,395,000) Swedish Krona 3,842,856 Canadian $ (211,366)1 Royal Bank of Canada A-1+ 0.15 30-Nov-09 (3,056,000) Swedish Krona 470,333 Canadian $ 854 1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (3,806,000) Swedish Krona 600,098 Canadian $ 15,235 1 Royal Bank of Canada A-1+ 0.15 30-Oct-09 (4,579,000) Swedish Krona 665,080 Canadian $ (38,245)1 Toronto-Dominion Bank A-1+ 0.16 30-Dec-09 (4,800,000) Swedish Krona 754,658 Canadian $ 17,052 1 Toronto-Dominion Bank A-1+ 0.15 30-Nov-09 (5,059,000) Swedish Krona 777,853 Canadian $ 664 1 Canadian Imperial Bank of Commerce A-1 0.14 30-Oct-09 (5,198,000) Swedish Krona 753,301 Canadian $ (45,101)1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (5,395,700) Swedish Krona 839,270 Canadian $ 10,144 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (5,398,000) Swedish Krona 816,765 Canadian $ (12,370)1 Bank of Nova Scotia†† A-1+ 0.16 30-Dec-09 (6,441,000) Swedish Krona 1,015,778 Canadian $ 25,998 1 Bank of Nova Scotia†† A-1+ 0.15 30-Nov-09 (677,000) Swedish Krona 104,053 Canadian $ 49
– 132 –
– 133 –
Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule A (cont’d)Foreign Currency Forward Contracts (2.0%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Royal Bank of Canada A-1+ 0.16 30-Dec-09 (729,000) Swedish Krona 114,604 Canadian $ 2,580 1 Royal Bank of Canada A-1+ 0.14 30-Oct-09 (7,356,000) Swedish Krona 1,049,431 Canadian $ (80,427)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (11,241,000) Swiss Franc 11,343,088 Canadian $ (274,226)1 Bank of Nova Scotia†† A-1+ 1.06 30-Dec-09 (1,686,000) Swiss Franc 1,790,379 Canadian $ 47,050 1 Bank of Nova Scotia†† A-1+ 1.02 30-Nov-09 (1,788,000) Swiss Franc 1,824,145 Canadian $ (23,988)1 Royal Bank of Canada A-1+ 1.01 30-Oct-09 (2,130,000) Swiss Franc 2,148,145 Canadian $ (53,160)1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (243,000) Swiss Franc 245,343 Canadian $ (5,792)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (2,747,000) Swiss Franc 2,774,705 Canadian $ (64,257)1 Royal Bank of Canada A-1+ 1.03 30-Oct-09 (2,822,000) Swiss Franc 2,918,419 Canadian $ 1,918 1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (3,016,000) Swiss Franc 3,199,633 Canadian $ 81,086 1 Royal Bank of Canada A-1+ 1.02 30-Nov-09 (3,599,000) Swiss Franc 3,674,249 Canadian $ (45,796)1 Bank of Nova Scotia†† A-1+ 1.02 30-Oct-09 (3,970,000) Swiss Franc 4,043,223 Canadian $ (59,696)1 Toronto-Dominion Bank A-1+ 1.02 30-Nov-09 (4,098,000) Swiss Franc 4,184,066 Canadian $ (51,761)1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (5,509,000) Swiss Franc 5,844,783 Canadian $ 148,470 1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (8,359,000) Swiss Franc 8,434,489 Canadian $ (204,345)1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (11,626,000) US $ 12,651,995 Canadian $ 206,298 1 Toronto-Dominion Bank A-1+ 1.08 30-Oct-09 (12,725,000) US $ 13,799,117 Canadian $ 175,812 1 Royal Bank of Canada A-1+ 1.07 30-Oct-09 (13,206,000) US $ 14,180,999 Canadian $ 42,796 1 Toronto-Dominion Bank A-1+ 1.06 30-Dec-09 (13,725,000) US $ 14,540,951 Canadian $ (150,924)1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (14,141,000) US $ 15,357,692 Canadian $ 218,417 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (14,265,000) US $ 15,545,997 Canadian $ 275,191 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (20,810,000) US $ 22,469,598 Canadian $ 191,654 1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (20,835,000) US $ 22,507,009 Canadian $ 202,289 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (31,706,000) US $ 34,553,833 Canadian $ 612,284 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Oct-09 (3,422,000) US $ 3,711,159 Canadian $ 47,587 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (3,496,000) US $ 3,776,554 Canadian $ 33,943 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (6,935,000) US $ 7,488,482 Canadian $ 64,285 1 Canadian Imperial Bank of Commerce A-1 1.09 30-Dec-09 (812,000) US $ 884,893 Canadian $ 15,640 1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (8,743,000) US $ 9,472,866 Canadian $ 112,668
Total Foreign Currency Forward Contracts Value 993,593
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 134 –
Harbour Foreign Equity Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
425,339 363,43162,438 27,35143,941 5,192
- -4,312 337
- -4,876 1,106
- -- -
1,154 7407,486 -
- -920 1,526
550,466 399,683
- -- -- -
3,883 9,003- -
3,186 -1,139 688
- -- -- -- -
8,208 9,691542,258 389,992
414,833 519,212- -
511,089 368,27811,886 8,36516,129 11,296
1,214 81917 12
- -1,896 1,202
27 20
9.65 6.8910.36 7.369.48 6.696.66 4.867.54 5.47
- -6.10 4.516.65 4.89
52,938,219 53,441,7781,146,987 1,136,8871,701,563 1,689,180
182,295 168,5952,232 2,249
- -310,868 266,432
4,000 4,000
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 135 –
Harbour Foreign Equity Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
6,361 10,17847 988
226 284- -- -2 3
(979) (1,156)5,657 10,297
4,662 5,768519 672
- 280 55
259 3205,520 6,817
137 3,480- -
137 3,480
(18,452) (8,321)(328) 1,373(220) (557)
- -
175,174 (101,355)156,174 (108,860)156,311 (105,380)
147,306 (95,695)3,479 (2,335)4,654 (6,792)
354 (179)5 (16)- (9)
505 (342)8 (12)
2.76 (1.97)3.00 (1.99)2.81 (1.03)1.94 (1.29)2.22 (1.48)
- (1.97)1.76 (1.55)1.97 (2.92)
368,278 533,900
35,466 50,724- -
(39,485) (38,682)(476) 84,888
(4,495) 96,930
- -- -- -- -
147,306 (95,695)511,089 535,135
8,365 13,858
1,418 1,605- -
(1,615) (880)239 58842 1,313
- -- -- -- -
3,479 (2,335)11,886 12,836
11,296 104,051
896 12,284- -
(810) (5,818)93 (86,557)
179 (80,091)
- -- -- -- -
4,654 (6,792)16,129 17,168
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 136 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
1,202 1,646
375 643- -
(113) (13)(16) (45)246 585
- -- -
(57) (83)(57) (83)505 (342)
1,896 1,806
20 -
- 40- -- -- 3- 43
- -- -
(1) (1)(1) (1)8 (12)
27 30
389,992 654,793
38,160 65,744- -
(42,030) (45,393)(93) (1,369)
(3,963) 18,982
- -- -
(82) (119)(82) (119)
156,311 (105,380)542,258 568,276
819 1,241
5 448- -
(7) -67 (294)65 154
- -- -
(24) (32)(24) (32)
354 (179)1,214 1,184
12 97
- -- -- -- -- -
- -- -- (2)- (2)5 (16)
17 79
- -
- -- -- -- 48- 48
- -- -- (1)- (1)- (9)- 38
Harbour Foreign Equity Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 137 –
Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
53,441,778 45,200,6324,132,540 4,335,180
- -(4,569,604) (3,324,680)
(66,495) 7,557,95852,938,219 53,769,090
1,136,887 1,110,234151,230 129,371
- -(169,833) (72,102)
28,703 46,5851,146,987 1,214,088
1,689,180 9,286,705103,505 1,076,259
- -(98,946) (510,000)
7,824 (8,055,005)1,701,563 1,797,959
168,595 139,980774 53,195
- -(1,199) -
14,125 (30,258)182,295 162,917
2,249 9,785- -- -
(17) (18)- -
2,232 9,767
- -- -- -- (25)- 4,800- 4,775
266,432 192,18368,622 76,384
- -(20,685) (1,517)(3,501) (5,400)
310,868 261,650
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
4,000 -- 4,000- -- (9)- 9
4,000 4,000
– 138 –
Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
22,848 62,58023,305 66,868
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
208 53615 16
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
0.220.22
-0.220.22
-0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
9.65 9.950.02 0.029.67 9.97
10.36 10.570.01 0.02
10.37 10.59
9.48 9.550.01 0.019.49 9.56
6.66 7.270.01 -6.67 7.27
7.54 8.140.01 0.017.55 8.15
- 7.86- 0.01- 7.87
6.10 6.900.01 0.016.11 6.91
6.65 7.450.01 0.016.66 7.46
– 139 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 36.6Switzerland ............................................................................................................................. 14.8U.K. .......................................................................................................................................... 11.0France ...................................................................................................................................... 8.7Cash & Equivalents ................................................................................................................. 5.0Japan ...................................................................................................................................... 4.9Brazil ....................................................................................................................................... 4.1Germany .................................................................................................................................. 3.3Ireland ..................................................................................................................................... 3.0Sweden ................................................................................................................................... 2.8Australia .................................................................................................................................. 2.1Taiwan ..................................................................................................................................... 2.0Canada .................................................................................................................................... 1.3Other Assets ........................................................................................................................... 0.4
During the six-month period the Fund’s exposure to credit risk and currency risk changed significant-ly as disclosed in the section below. For details relating to other price risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 8.9AA/Aa/A+ 0.1Total 9.0
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 1.5AA/Aa/A+ 0.1Total 1.6
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (177,341) 13,684 2.5British Pound (45,086) 3,267 0.6Swiss Franc (51,254) 2,983 0.6Euro (79,773) 2,632 0.5Danish Krone - 1,079 0.2Australian Dollar (9,988) 701 0.1Japanese Yen (28,950) 359 0.1Swedish Krona (14,293) 239 0.1Total (406,685) 24,944 4.7
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)British Pound (39,669) 3,707 1.0 Euro (70,712) 2,169 0.6 Swiss Franc (37,405) 1,374 0.4 Swedish Krona (10,288) 437 0.1 Australian Dollar (8,442) (52) (0.1)Japanese Yen (19,232) (218) (0.1)US Dollar (175,097) (3,325) (0.9)Total (360,845) 4,092 1.0
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $2,494,000 (March 31, 2009 -$409,000). In practice, the actual results may differ from this analysis and the difference may be materi-al.
– 140 –
Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
ENERGY (47.4%) 20,900 Anadarko Petroleum Corp. 1,044,560 1,401,896 25,852 Apache Corp. 2,618,082 2,538,949
113,500 ARC Energy Trust* 2,039,960 2,284,755 27,700 Baytex Energy Trust 667,805 653,720
101,500 Bonavista Energy Trust 1,980,367 2,072,630 182,900 BP PLC 1,659,630 1,730,148
51,600 Breaker Energy Ltd. 244,411 273,480 57,250 Canadian Natural Resources Ltd. 3,678,679 4,139,175 58,100 Canadian Oil Sands Trust 1,679,427 1,786,575 79,927 Celtic Exploration Ltd.* 1,077,362 1,513,817 48,400 Chesapeake Energy Corp. 1,308,510 1,469,085 37,390 Chevron Corp. 3,312,867 2,815,029
657,400 Connacher Oil and Gas Ltd. 593,667 723,140 32,800 Continental Resources Inc. 1,002,017 1,374,846 46,600 Enbridge Inc. 1,714,338 1,937,162 77,685 EnCana Corp. 5,082,455 4,816,470 29,300 Enerplus Resources Fund 635,067 717,557 13,948 FMC Technologies Inc. 744,382 779,079 26,600 Helmerich & Payne Inc. 899,714 1,123,226 37,900 Husky Energy Inc.* 1,455,936 1,142,306 81,300 Imperial Oil Ltd. 3,560,517 3,312,975
101,000 MacArthur Coal Ltd.* 629,548 899,699 104,390 Nexen Inc. 2,534,041 2,540,853
27,600 Occidental Petroleum Corp. 1,924,662 2,313,470 16,500 Peabody Energy Corp. 703,326 656,460 39,100 Petrohawk Energy Corp. 885,742 1,010,561 52,180 Petroleo Brasileiro SA, ADR 1,541,196 2,196,118 39,800 Southwestern Energy Co. 1,543,605 1,815,270
141,336 Suncor Energy Inc. 4,400,762 5,285,966 274,900 Talisman Energy Inc. 4,563,553 5,121,387
18,000 Transocean Ltd. 1,284,984 1,648,312 31,600 Trican Well Service Ltd. 277,749 438,924 85,990 TriStar Oil & Gas Ltd. 1,077,584 1,345,744 82,500 Weatherford International Ltd. (Switzerland) 1,248,048 1,831,056 27,916 XTO Energy Inc. 1,287,895 1,233,491
60,902,448 66,943,331 MATERIALS (39.1%)
37,000 Agnico-Eagle Mines Ltd.* 2,097,081 2,679,170 131,600 Antofagasta PLC 1,220,260 1,705,538
71,097 Barrick Gold Corp. 2,740,081 2,882,272 151,800 BHP Billiton PLC 3,880,875 4,435,908
53,500 Cameco Corp. 1,626,931 1,589,485 151,570 Central Fund of Canada Ltd. 2,024,733 2,148,571
27,200 Consol Energy Inc. 1,031,414 1,313,099 133,500 Consolidated Thompson Iron Mines Ltd. 502,548 723,570
36,500 Detour Gold Corp.* 388,398 481,800 53,800 Eldorado Gold Corp.* 537,077 653,670 44,250 Energy Resources of Australia Ltd.* 896,165 1,053,780 49,100 Felix Resources Ltd.* 642,605 787,095 24,700 FNX Mining Co., Inc.* 228,437 230,698 40,600 Freeport-McMoRan Copper & Gold Inc.,
Class B (USD) 1,873,991 2,982,373 94,400 Fresnillo PLC 1,028,005 1,241,999
MATERIALS (39.1%) (cont’d)116,330 Goldcorp Inc. 4,119,039 4,999,863
99,900 IAMGOLD Corp. 1,157,008 1,511,487 44,700 ICL-Israel Chemicals Ltd. 570,848 547,422 49,500 Inmet Mining Corp. 2,215,550 2,968,020
116,600 International Royalty Corp. 415,889 500,214 91,200 Kinross Gold Corp. 1,907,343 2,117,664
339,100 Lundin Mining Corp. 664,892 1,224,151 235,000 Mirabela Nickel Ltd. 526,215 606,300 372,600 Paladin Resources Ltd. 1,899,476 1,576,098
14,181 Potash Corp. of Saskatchewan Inc. 1,692,707 1,377,259 54,700 Quadra Mining Ltd. 288,392 794,791 18,500 Randgold Resources Ltd., ADR* 1,094,675 1,382,930 46,800 Red Back Mining Inc.* 370,829 562,536 89,500 Sherritt International Corp., Restricted
Voting Shares 477,189 685,570 26,081 SPDR Gold Trust 2,657,433 2,759,977 75,000 Teck Resources Ltd. 10.25% 05/15/2016 83,460 90,738
190,000 Teck Resources Ltd. 10.75% 05/15/2019 217,928 236,480 100,000 Teck Resources Ltd. 7% 09/15/2012 70,154 110,010
65,600 Teck Resources Ltd., Class B 900,215 1,934,544 63,600 Ventana Gold Corp. 313,118 376,512
400,000 Western Areas Ltd. 8% 07/02/2012 176,250 361,731 112,100 Western Areas NL* 510,582 514,643 145,100 Xstrata PLC 1,874,554 2,290,112
66,300 Yamana Gold Inc. 709,013 763,776 45,631,360 55,201,856
CONSUMER STAPLES (1.9%) 16,300 Bunge Ltd. 1,168,150 1,091,949
5,400 Corn Products International Inc. 185,634 164,889 130,900 Viterra Inc.* 1,074,269 1,396,703
2,428,053 2,653,541 UTILITIES (0.6%)
36,100 TransAlta Corp.* 1,196,771 786,258
Commission and other portfolio transaction costs (133,080)
Total Bonds & Equities (89.0%) 110,025,552 125,584,986
Short Term Notes (9.9%) 14,000,000 14,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.4%) (see Schedule A) 501,847
Total Investments (99.3%) 124,025,552 140,086,833
Other Assets (net) (0.7%) 1,072,100
Total Net Assets (100.0%) 141,158,933
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 013
– 141 –
Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 UBS Warburg NY A-1 0.90 10-Dec-09 (579,000) Australian $ 518,474 Canadian $ (25,013)1 UBS Warburg NY A-1 1.81 06-Oct-09 (2,609,000) British Pound 4,719,081 Canadian $ 255,496 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,495,000) US $ 1,627,113 Canadian $ 26,601 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,189,000) US $ 2,382,639 Canadian $ 39,146 1 UBS Warburg NY A-1 1.09 12-Nov-09 (2,670,000) US $ 2,906,429 Canadian $ 47,988 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (2,909,000) US $ 3,165,254 Canadian $ 50,947 1 Morgan Stanley A-1 1.09 12-Nov-09 (3,105,000) US $ 3,376,920 Canadian $ 52,782 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (3,144,000) US $ 3,419,792 Canadian $ 53,900
Total Foreign Currency Forward Contracts Value 501,847
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 142 –
Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
125,585 79,616690 270
14,000 17,000- -- -- -
527 125- -- -
291 337550 4,165
- -139 215
141,782 101,728
- -- -- -
25 268- -
361 2,857181 314
- -- -- -
56 37623 3,476
141,159 98,252
110,026 84,011- -
135,686 94,9045,473 3,348
37.36 29.4539.30 30.82
3,631,651 3,223,058139,240 108,645
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
835 86797 403
7 26- -- -- -
(59) (65)880 1,231
1,183 1,409121 144
- 127 1865 78
1,396 1,650(516) (419)
- -(516) (419)
8,077 5,999(21) (51)
(183) (158)- -
20,600 (28,395)28,473 (22,605)27,957 (23,024)
26,961 (22,284)996 (740)
7.85 (7.04)7.69 (6.35)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 143 –
Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
94,904 115,181
23,753 32,404- -
(10,747) (15,881)815 7,388
13,821 23,911
- -- -- -- -
26,961 (22,284)135,686 116,808
3,348 4,532
646 776- -
(590) (605)1,073 (33)1,129 138
- -- -- -- -
996 (740)5,473 3,930
98,252 119,713
24,399 33,180- -
(11,337) (16,486)1,888 7,355
14,950 24,049
- -- -- -- -
27,957 (23,024)141,159 120,738
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 144 –
Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
3,223,058 2,827,689705,874 725,235
- -(319,855) (375,734)
22,574 174,1643,631,651 3,351,354
108,645 107,40418,104 18,266
- -(16,779) (14,510)29,270 (2,911)
139,240 108,249
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
37.36 34.850.04 0.07
37.40 34.92
39.30 36.300.04 0.07
39.34 36.37
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
9,737 9,49110,000 10,141
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
183 1578 12
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.200.20
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 145 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Energy ..................................................................................................................................... 44.7Materials ................................................................................................................................. 34.1Short Term Investments .......................................................................................................... 17.3Other Assets ........................................................................................................................... 1.5Industrials ............................................................................................................................... 0.9Utilities .................................................................................................................................... 0.9Consumer Staples ................................................................................................................... 0.4Cash & Equivalents ................................................................................................................. 0.1Warrants ................................................................................................................................. 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world.
As at September 30, 2009, had the Canadian and global markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $12,529,000 (March 31, 2009 - $7,769,000). In practice, the actualresults may differ from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 0.1AA/Aa/A+ 10.2BB/Ba/B+ 0.3Not Rated 0.3Total 10.9
Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 0.2BBB/Baa/B++ 1.4BB/Ba/B+ 0.3Not Rated 8.4Total 19.5
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (16,608) 20,434 14.5 British Pound (4,464) 7,181 5.1 Australian Dollar (547) 3,078 2.2 Israeli Shekel - 547 0.4 Total (21,619) 31,240 22.2
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (17,598) 12,944 13.2British Pound (2,760) 1,297 1.3Australian Dollar (454) 196 0.2Total (20,812) 14,437 14.7
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $3,124,000 (March31, 2009 - $1,444,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.
– 146 –
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $8,000 (March 31, 2009 - $16,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
14,690 472 - 327 15,489
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
17,270 - 363 1,563 19,196
– 147 –
Signature Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CANADA (50.3%) 226,300 Advantage Oil & Gas Ltd.* 1,260,399 1,704,039 131,100 ARC Energy Trust* 2,351,606 2,639,043
99,900 Baytex Energy Trust 1,962,082 2,357,640 117,800 Bonavista Energy Trust 2,241,435 2,405,476
63,900 Breaker Energy Ltd. 300,740 338,670 74,500 Cameco Corp. 2,256,433 2,213,395
109,670 Canadian Natural Resources Ltd. 6,613,737 7,929,141 94,700 Canadian Oil Sands Trust 2,401,754 2,912,025
106,000 Celtic Exploration Ltd.* 1,136,039 2,007,640 805,300 Connacher Oil and Gas Ltd.* 726,575 885,830
USD 1,000,000 Connacher Oil and Gas Ltd., Private Placement 11.75% 07/15/2014^ 1,033,403 1,134,763
75,400 Crescent Point Energy Corp.* 2,604,311 2,727,218 166,700 Crew Energy Inc.* 1,029,540 1,440,288
55,900 Enbridge Inc. 2,062,103 2,323,763 104,025 EnCana Corp. 6,400,134 6,449,550
33,700 Enerplus Resources Fund 730,967 825,313 134,700 Flint Energy Services Ltd. 1,577,565 1,668,933 456,964 Horizon North Logistics Inc. 1,468,040 763,130 51,000 Husky Energy Inc.* 1,805,955 1,537,140
113,100 Imperial Oil Ltd. 4,835,217 4,608,825 278,330 Inter Pipeline Fund LP 2,162,886 2,671,968 159,350 Nexen Inc. 3,688,839 3,878,579
11,600 Niko Resources Ltd. 744,623 968,020 58,800 Petrobank Energy and Resources Ltd. 2,195,735 2,594,844
235,144 Suncor Energy Inc. 7,161,428 8,794,386 41,400 Superior Plus Corp. 461,684 484,380
451,700 Talisman Energy Inc. 7,447,838 8,415,171 85,600 TransAlta Corp.* 2,601,618 1,864,368 42,700 Trican Well Service Ltd. 381,679 593,103
163,600 TriStar Oil & Gas Ltd. 1,826,885 2,560,340 73,471,250 81,696,981
U.S.A. (26.6%) 27,800 Anadarko Petroleum Corp. 1,394,786 1,864,723 64,350 Apache Corp. 6,017,377 6,319,874 57,200 Chesapeake Energy Corp.* 1,495,937 1,736,191 70,960 Chevron Corp. 5,931,463 5,342,456 31,900 Consol Energy Inc. 1,180,994 1,539,995 68,200 Continental Resources Inc.* 2,049,661 2,858,674 22,000 FMC Technologies Inc. 1,083,808 1,228,831
269,200 Gran Tierra Energy Inc. 1,227,230 1,200,632 78,400 Helmerich & Payne Inc. 2,932,861 3,310,560
152,200 Northern Oil & Gas Inc. 1,254,068 1,363,919 54,400 Occidental Petroleum Corp. 3,836,456 4,559,883 64,300 Petrohawk Energy Corp. 1,478,236 1,661,869 30,300 Range Resources Corp.* 1,565,709 1,599,330 61,700 Southwestern Energy Co.* 2,436,501 2,814,124 39,100 Whiting Petroleum Corp. 1,636,348 2,405,838 77,520 XTO Energy Inc. 3,485,513 3,425,285
39,006,948 43,232,184 BRAZIL (5.0%)
3,215 OGX Petroleo e Gas Participacoes SA 1,951,813 2,626,929 129,427 Petroleo Brasileiro SA, ADR 4,459,792 5,447,239
6,411,605 8,074,168
SWITZERLAND (3.0%) 24,100 Transocean Ltd. 1,740,598 2,206,907
118,200 Weatherford International Ltd. (Switzerland) 1,908,321 2,623,404 3,648,919 4,830,311
AUSTRALIA (2.8%) 72,050 Energy Resources of Australia Ltd. 1,449,076 1,715,816
666,800 Paladin Resources Ltd. 2,800,388 2,820,564 4,249,464 4,536,380
FRANCE (1.6%) 42,100 Total SA, ADR 3,022,191 2,671,113
U.K. (1.0%) 166,900 BP PLC 1,591,843 1,578,795
NETHERLANDS (1.0%) 24,700 Schlumberger Ltd. 1,497,529 1,574,278
ITALY (1.0%) 58,900 Eni SpA* 1,472,688 1,569,744
Commission and other portfolio transaction costs (166,295)
Total Bonds & Equities (92.3%) 134,206,142 149,763,954
Short Term Notes (7.4%) 12,000,000 12,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.3%)(see Schedule A) 411,425
Total Investments (100.0%) 146,206,142 162,175,379
Other Assets (net) (0.0%) 301,135
Total Net Assets (100.0%) 162,476,514
Principal amounts stated in:USD U.S. Dollar
^ Denotes illiquid securities.* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 281
– 148 –
Signature Global Energy Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.3%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 UBS Warburg NY A-1 0.90 10-Dec-09 (178,000) Australian $ 159,393 Canadian $ (7,690)1 UBS Warburg NY A-1 1.81 06-Oct-09 (345,000) British Pound 624,026 Canadian $ 33,785 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (126,000) Euro 194,999 Canadian $ (2,413)1 Morgan Stanley A-1 1.55 06-Oct-09 (226,000) Euro 349,811 Canadian $ (4,278)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (2,160,000) US $ 2,350,879 Canadian $ 38,434 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (3,163,000) US $ 3,442,799 Canadian $ 56,565 1 UBS Warburg NY A-1 1.09 12-Nov-09 (3,857,000) US $ 4,198,537 Canadian $ 69,323 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (4,202,000) US $ 4,572,154 Canadian $ 73,592 1 Morgan Stanley A-1 1.09 12-Nov-09 (4,485,000) US $ 4,877,774 Canadian $ 76,240 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (4,542,000) US $ 4,940,424 Canadian $ 77,867
Total Foreign Currency Forward Contracts Value 411,425
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 149 –
Signature Global Energy Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF Shares
149,764 99,2422,182 2,932
12,000 21,000- -- -- -
426 292- -- -
316 548- 1,429- -
273 221164,961 125,664
- -- -- -
14 227- -
2,021 2,497362 436
- -- -- -
87 682,484 3,228
162,477 122,436
134,206 113,215- -
152,370 114,53510,107 7,901
42.00 32.8031.29 24.31
3,627,437 3,491,610322,973 324,987
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF Shares
1,109 986261 80314 28
- -- -- -
(81) (67)1,303 1,750
1,421 1,906162 216
- 182 2379 106
1,744 2,252(441) (502)
- -(441) (502)
5,954 10,788(116) (221)(184) (145)
- -
29,878 (30,665)35,532 (20,243)35,091 (20,745)
32,818 (19,523)2,273 (1,222)
9.10 (5.44)6.99 (3.85)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 150 –
Signature Global Energy Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
114,535 165,988
17,458 22,926- -
(12,021) (18,850)(420) 306
5,017 4,382
- -- -- -- -
32,818 (19,523)152,370 150,847
7,901 10,537
371 2,082- -
(562) (2,073)124 415(67) 424
- -- -- -- -
2,273 (1,222)10,107 9,739
122,436 176,525
17,829 25,008- -
(12,583) (20,923)(296) 721
4,950 4,806
- -- -- -- -
35,091 (20,745)162,477 160,586
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 151 –
Signature Global Energy Corporate Class Financial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
3,491,610 3,523,779462,289 437,994
- -(315,102) (371,964)
(11,360) 4,3793,627,437 3,594,188
324,987 304,92613,128 60,420
- -(19,720) (60,741)
4,578 10,004322,973 314,609
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
42.00 41.970.06 0.08
42.06 42.05
31.29 30.950.04 0.07
31.33 31.02
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
17,622 21,09118,136 22,536
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
183 1448 11
Annual management fee rateA SharesF Shares
Annual fixed administration fee rateA SharesF Shares
2.001.00
0.220.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 152 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Canada .................................................................................................................................... 55.2U.S.A. ...................................................................................................................................... 30.2Switzerland ............................................................................................................................. 3.4Brazil ....................................................................................................................................... 3.2Cash & Equivalents ................................................................................................................. 2.4U.K. .......................................................................................................................................... 2.2Australia .................................................................................................................................. 2.2France ...................................................................................................................................... 1.9Other Assets ........................................................................................................................... -0.7
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economic con-ditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $14,904,000 (March 31, 2009 - $9,871,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 0.1AA/Aa/A+ 7.6BB/Ba/B+ 0.7Total 8.4
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 17.2 AA/Aa/A+ 0.2 BB/Ba/B+ 0.4 Total 17.8
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Signature Global Energy Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (23,992) 34,762 21.4Brazilian Real - 2,627 1.6Australian Dollar (168) 1,548 1.0Euro (552) 1,018 0.6British Pound (590) 989 0.6Total (25,302) 40,944 25.2
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (29,828) 18,151 14.8 Brazilian Real - 1,485 1.2 British Pound (1,518) 1,186 1.0 Total (31,346) 20,822 17.0
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $4,094,000(March 31, 2009 - $2,082,000). In practice, the actual results may differ from this analysis and thedifference may be material.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $12,000 (March 31, 2009 - $4,000). In practice, the actual results may differ from thisanalysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
14,182 - 1,135 - 15,317
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
23,932 - - 529 24,461
– 153 –
Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (28.6%) 405,100 Aberdeen Asset Management PLC 1,155,954 1,039,624
8,100 Allianz AG, Registered Shares* 819,805 1,085,203 150,400 AMP Ltd. 686,236 923,475
11,700 Artio Global Investors Inc. 334,943 326,319 328,290 AXA Asia Pacific Holdings Ltd.* 1,426,730 1,348,997 258,600 Bank of America Corp. 3,620,323 4,668,040
53,900 Bank of New York Mellon Corp. 1,695,650 1,672,960 134,200 Bank of Nova Scotia†† 5,847,224 6,558,354 56,500 Brookfield Asset Management Inc.,
Class A 1,238,575 1,376,905 144,300 Canadian Imperial Bank of Commerce 8,810,513 9,421,347
3,800 Fairfax Financial Holdings Ltd., Sub-Voting Shares 1,214,483 1,510,728
88,000 Genworth MI Canada Inc. 1,690,239 2,112,000 111,400 Great-West Lifeco Inc.* 1,830,096 2,958,784
72,900 Hosted Data Transaction Solutions Inc. 110,856 14,580 96,300 HSBC Holdings PLC 828,755 1,179,016 68,700 ING Groep NV 1,054,971 1,312,646 90,209 Intact Financial Corp. 2,448,234 3,054,477
148,200 Intesa Sanpaolo SpA* 840,514 700,656 38,600 JP Morgan Chase & Co. 1,548,583 1,808,477 92,600 Lincoln National Corp. 2,556,590 2,555,891
USD 301,000 Lincoln National Corp., Callable 7% 05/17/2066 117,344 230,420
USD 622,000 Lincoln National Corp., Preferred 6.05% 04/20/2067 221,788 449,513
370,600 Manulife Financial Corp. 7,400,954 8,338,500 180,000 Morgan Stanley, FRN
0.65429% 02/23/2012 179,681 167,404 26,600 PNC Financial Services Group Inc. 1,146,368 1,381,249 18,882 Power Corp. of Canada 446,024 552,865
143,900 Principal Financial Group Inc. 2,909,095 4,210,648 125,000 Prudential PLC 716,726 1,286,378
5,300 TMX Group Inc. 175,554 189,581 76,700 Toronto-Dominion Bank 4,191,452 5,311,475 6,250 Unibail* 1,188,078 1,389,542
57,000 Wells Fargo & Co. 1,481,740 1,714,864 59,934,078 70,850,918
ENERGY (16.2%) 85,900 Canadian Natural Resources Ltd. 4,942,370 6,210,570 15,400 Canadian Oil Sands Trust 459,117 473,550 39,100 Chesapeake Energy Corp. 1,038,462 1,186,802 36,500 EnCana Corp. 2,257,947 2,263,000 22,500 Imperial Oil Ltd. 891,388 916,875 89,230 Nexen Inc. 2,213,589 2,171,858 19,400 Occidental Petroleum Corp. 1,349,266 1,626,135 20,600 Petroleo Brasileiro SA, ADR 944,218 1,012,124 44,700 Spectra Energy Corp. 993,572 904,998
287,071 Suncor Energy Inc. 8,837,519 10,736,455 451,400 Talisman Energy Inc. 7,246,031 8,409,582
46,000 TransCanada Corp.* 1,431,420 1,535,020 14,600 Transocean Ltd. 1,007,760 1,336,964 55,400 Weatherford International Ltd. (Switzerland) 942,189 1,229,582
34,554,848 40,013,515
CONSUMER STAPLES (9.0%) 16,700 Alimentation Couche-Tard Inc., Class B 354,410 311,956 19,385 British American Tobacco PLC 666,163 650,710 27,500 Bunge Ltd. 1,972,626 1,842,245 10,200 Corn Products International Inc. 348,794 311,457 61,403 CVS Corp. 2,186,214 2,349,593 57,705 Diageo PLC 1,066,643 947,286 22,385 Fomento Economico Mexicano
SA de CV, ADR 742,473 911,927 15,677 Groupe Danone* 1,187,857 1,009,641 50,600 Nestle SA, Registered Shares 2,060,051 2,307,867 17,500 PepsiCo Inc. 1,087,654 1,099,078 30,168 Phillip Morris International Inc. 1,527,985 1,571,045 27,416 Procter & Gamble Co. 1,935,352 1,697,484 46,540 Saputo Inc. 1,042,593 1,169,550 31,030 Shoppers Drug Mart Corp. 1,469,278 1,363,458 52,800 Unilever NV* 1,618,690 1,626,811
166,500 Viterra Inc.* 1,430,325 1,776,555 105,000 Wal-Mart de Mexico SA de CV* 356,318 389,804
17,300 Wal-Mart Stores Inc. 1,004,255 907,962 22,057,681 22,244,429
INDUSTRIALS (8.6%) 77,401 BAE Systems PLC 629,720 462,428
313,900 Bombardier Inc., Class B, Sub-Voting Shares 1,218,385 1,550,666 27,300 Canadian National Railway Co. 1,405,292 1,439,529 34,600 Canadian Pacific Railway Ltd. 1,406,209 1,732,768 83,000 Finning International Inc. 1,584,156 1,328,000 23,000 FTI Consulting Inc.* 1,295,686 1,047,055 88,300 Ingersoll-Rand PLC 2,254,261 2,899,499 18,409 Schneider Electric SA 1,639,382 1,997,373 30,900 SNC-Lavalin Group Inc. 1,227,814 1,494,015 50,200 Union Pacific Corp. 2,744,323 3,131,286
148,300 Weir Group PLC 1,333,960 1,718,990 49,200 WestJet Airlines Ltd. 551,040 543,168 20,800 WW Grainger Inc.* 1,841,087 1,987,782
19,131,315 21,332,559 MATERIALS (8.6%)
22,800 Agrium Inc.* 1,086,802 1,216,836 31,800 AK Steel Holding Corp. 738,284 671,061
138,000 Barrick Gold Corp. 5,390,613 5,594,520 38,800 BHP Billiton PLC 978,047 1,133,816 54,000 Cameco Corp. 1,723,406 1,604,340 45,900 CRH PLC (Dublin Listed) 1,265,684 1,364,163 88,100 Goldcorp Inc. 3,322,216 3,786,538 17,300 Inmet Mining Corp. 712,893 1,037,308
406,600 Paladin Resources Ltd. 1,872,174 1,719,918 16,000 Potash Corp. of Saskatchewan Inc. 1,771,133 1,553,920 35,900 Rio Tinto PLC 1,686,413 1,638,407
20,547,665 21,320,827 INFORMATION TECHNOLOGY (7.2%)
76,300 Activision Inc. 979,718 1,012,149 300,900 Advanced Micro Devices Inc. 1,800,307 1,820,200
53,000 EMC Corp. 729,679 965,793 23,300 FormFactor Inc. 573,091 593,969
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 150
– 154 –
Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INFORMATION TECHNOLOGY (7.2%) (cont’d)2,200 Google Inc., Class A 948,494 1,167,354
129,000 Intel Corp. 2,572,917 2,700,132 29,100 Maxim Integrated Products Inc. 566,355 564,858
168,600 Micron Technology Inc. 1,234,417 1,478,393 90,900 Microsoft Corp. 2,276,952 2,508,969 60,700 NVIDIA Corp. 748,820 976,129 18,500 Research In Motion Ltd. (USD) 1,413,317 1,338,562 89,500 Seagate Technology 1,131,671 1,457,474 34,400 Western Digital Corp. 1,126,989 1,345,048
16,102,727 17,929,030 TELECOMMUNICATION SERVICES (6.1%)
81,200 AT&T Inc. 2,313,703 2,343,821 176,400 BCE Inc. 5,190,937 4,655,196
64,519 France Telecom SA* 1,750,833 1,839,790 54,649 Manitoba Telecom Services Inc. 1,935,284 1,820,358
135,500 TELUS Corp., Non-Voting Shares 5,034,077 4,497,245 16,224,834 15,156,410
CONSUMER DISCRETIONARY (5.2%) 14,700 BorgWarner Inc. 474,594 476,250 43,700 Bridgestone Corp. 758,930 834,905 18,800 DaimlerChrysler AG, Registered Shares 918,212 1,016,216 31,700 Honda Motor Co., Ltd.* 1,069,864 1,037,755 25,200 Johnson Controls Inc.* 657,935 688,001
128,800 Li & Fung Ltd. 450,633 561,386 161,100 Rogers Communications Inc., Class B 4,798,042 4,870,053
47,179 RONA Inc. 847,326 707,685 135,445 Tesco PLC 1,009,530 925,769
46,400 Thomson Corp. 1,658,800 1,665,760 12,643,866 12,783,780
HEALTH CARE (4.7%) 19,697 Beckman Coulter Inc. 1,211,010 1,453,851 93,100 Eli Lilly and Co. 3,982,681 3,290,362 44,500 Johnson & Johnson 3,093,941 2,897,233
175,500 Patheon Inc. 1,048,050 521,235 9,700 Roche Holding AG 1,580,565 1,677,857
199,900 Smith & Nephew PLC 1,715,901 1,916,952 12,632,148 11,757,490
UTILITIES (1.0%) 12,500 Sempra Energy 779,208 665,544 88,100 TransAlta Corp.* 2,644,624 1,918,816
3,423,832 2,584,360
Commission and other portfolio transaction costs (253,713)
Total Bonds & Equities (95.2%) 216,999,281 235,973,318
Short Term Notes (3.2%) 8,000,000 8,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.5%) (see Schedule A) 1,130,460
Long Option Contracts (0.2%) (see Schedule B) 123,305 5,910
Total Investments (99.1%) 225,122,586 245,109,688
Other Assets (net) (0.9%) 2,487,483
Total Net Assets (100.0%) 247,597,171
Principal amounts stated in:USD U.S. Dollar
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 155 –– 155 –
Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.5%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 UBS Warburg NY A-1 0.90 10-Dec-09 (928,000) Australian $ 830,992 Canadian $ (40,090)1 UBS Warburg NY A-1 1.81 06-Oct-09 (3,913,000) British Pound 7,077,717 Canadian $ 383,195 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (534,000) Euro 826,424 Canadian $ (10,228)1 Morgan Stanley A-1 1.55 06-Oct-09 (957,000) Euro 1,481,277 Canadian $ (18,115)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,475,000) Swiss Franc 1,494,064 Canadian $ (30,667)1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (1,383,000) US $ 1,510,049 Canadian $ 29,438 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (1,560,000) US $ 1,700,852 Canadian $ 30,751 1 UBS Warburg NY A-1 1.09 12-Nov-09 (1,560,000) US $ 1,700,556 Canadian $ 30,454 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (2,593,000) US $ 2,864,863 Canadian $ 88,826 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,610,000) US $ 2,894,307 Canadian $ 100,062 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (3,091,000) US $ 3,364,152 Canadian $ 54,999 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (420,000) US $ 455,217 Canadian $ 5,576 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (4,526,000) US $ 4,926,370 Canadian $ 80,940 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (4,643,000) US $ 4,969,960 Canadian $ (665)1 UBS Warburg NY A-1 1.09 12-Nov-09 (5,520,000) US $ 6,008,796 Canadian $ 99,212 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (6,013,000) US $ 6,542,685 Canadian $ 105,309 1 Morgan Stanley A-1 1.09 12-Nov-09 (6,418,000) US $ 6,980,056 Canadian $ 109,099 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (6,499,000) US $ 7,069,092 Canadian $ 111,417 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (71,000) US $ 76,958 Canadian $ 947
Total Foreign Currency Forward Contracts Value 1,130,460
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
Schedule BLong Option Contracts (0.2%)
Contracts No. of underlying interest Underlying Interest Expiry Date Strike Price ($) Premium Paid (Received) ($) Fair Value ($)
115 11,500 Research In Motion Ltd. Call 17-Oct-09 75.00 123,305 5,910
Total Long Option Contracts Value 123,305 5,910
– 156 –
Signature Select Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
235,973 141,383353 809
8,000 33,000- -
709 709- -
1,230 917- -
123 -1,053 413
587 2,327- -
555 440248,583 179,998
- -- -- -
217 838- -
545 275151 286
- -- -- -
73 66986 1,465
247,597 178,533
216,999 159,073- -
211,260 155,21210,707 6,45514,326 10,549
1,967 1,41233 27
1,043 1,0468,074 3,816
- 16187 -
18.20 14.2919.31 15.0812.18 9.458.30 6.669.26 7.408.80 6.987.63 6.22
- 6.9310.52 -
11,607,187 10,860,955554,531 427,996
1,176,491 1,116,189237,113 211,959
3,610 3,636118,554 149,821
1,057,803 613,702- 2,241
17,806 -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 157 –
Signature Select Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,915 2,831118 52923 64
- 59- -- -
(206) (240)2,850 3,243
1,979 2,044203 210
- -57 28
109 1122,348 2,394
502 849- -
502 849
13,056 23(189) 168(276) (265)
- -
37,598 (20,336)50,189 (20,410)50,691 (19,561)
43,663 (17,150)2,044 (726)2,936 (1,004)
387 (137)7 (3)
284 (112)1,351 (428)
8 (1)11 -
3.89 (1.71)4.09 (1.46)2.66 (1.00)1.79 (1.09)2.04 (0.83)2.04 (0.95)1.71 (1.15)1.51 (0.78)0.67 -
155,212 187,857
22,958 22,028- -
(11,251) (15,407)678 (1,439)
12,385 5,182
- -- -- -- -
43,663 (17,150)211,260 175,889
6,455 10,947
2,459 999- -
(723) (2,056)472 (632)
2,208 (1,689)
- -- -- -- -
2,044 (726)10,707 8,532
10,549 12,039
2,025 1,368- -
(3,184) (280)2,000 288
841 1,376
- -- -- -- -
2,936 (1,004)14,326 12,411
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 158 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
3,816 2,386
3,382 1,733- -
(236) (81)(20) 363
3,126 2,015
- -- -
(219) (151)(219) (151)
1,351 (428)8,074 3,822
16 22
- -- -
(84) -61 -(23) -
- -- -
(1) (1)(1) (1)8 (1)- 20
- -
178 -- -- -- -
178 -
- -- -
(2) -(2) -11 -
187 -
1,412 920
226 605- -
(10) (35)(10) 46206 616
- -- -
(38) (32)(38) (32)
387 (137)1,967 1,367
27 38
- -- -- -- -- -
- -- -
(1) (1)(1) (1)7 (3)
33 34
1,046 899
- 279- -
(11) (290)(251) 316(262) 305
- -- -
(25) (30)(25) (30)
284 (112)1,043 1,062
Signature Select Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 159 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
178,533 215,108
31,228 27,012- -
(15,499) (18,149)2,930 (1,058)
18,659 7,805
- -- -
(286) (215)(286) (215)
50,691 (19,561)247,597 203,137
Signature Select Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 160 –
Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
10,860,955 9,918,2261,382,082 1,134,991
- -(688,817) (798,068)
52,967 (71,352)11,607,187 10,183,797
427,996 553,050141,381 49,879
- -(41,156) (101,975)26,310 (30,731)
554,531 470,223
1,116,189 983,091184,643 109,233
- -(305,622) (22,014)181,281 28,511
1,176,491 1,098,821
211,959 98,45229,027 65,006
- -(1,297) (3,696)(2,576) 4,790
237,113 164,552
3,636 3,691- -- -
(26) (28)- -
3,610 3,663
149,821 93,955- 30,471- -
(1,377) (31,619)(29,890) 30,688118,554 123,495
613,702 263,769481,430 189,393
- -(34,444) (8,832)(2,885) 38,987
1,057,803 483,317
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
2,241 2,241- -- -
(10,593) -8,352 -
- 2,241
- -17,834 -
- -(28) -
- -17,806 -
– 161 –
Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
18,701 14,15119,121 15,121
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
273 26012 20
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
Paid directly by investor
0.200.20
-0.200.20
-0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
18.20 17.270.02 0.02
18.22 17.29
19.31 18.140.01 0.03
19.32 18.17
12.18 11.300.01 0.01
12.19 11.31
8.30 8.31- 0.01
8.30 8.32
9.26 9.160.01 0.019.27 9.17
8.80 8.60- 0.01
8.80 8.61
7.63 7.910.01 0.017.64 7.92
- 8.74- 0.01- 8.75
10.52 -0.01 -
10.53 -
– 162 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Financials ................................................................................................................................ 22.1Short Term Investments .......................................................................................................... 18.5Materials ................................................................................................................................. 14.6Energy ..................................................................................................................................... 10.6Consumer Staples ................................................................................................................... 7.2Industrials ............................................................................................................................... 6.6Information Technology .......................................................................................................... 6.2Telecommunication Services .................................................................................................. 4.8Health Care ............................................................................................................................. 3.9Consumer Discretionary .......................................................................................................... 2.0Other Assets ........................................................................................................................... 1.6Utilities .................................................................................................................................... 1.3Cash & Equivalents ................................................................................................................. 0.5Warrants ................................................................................................................................. 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk and currency riskchanged significantly as disclosed in the section below. For details relating to interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tointerest rate risk remains unchanged.
Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the funds assets are invest-ed in fixed income securities and their market risk exposure will be discussed in the following sec-tions.
As at September 30, 2009, had the Canadian and global markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $23,626,000 (March 31, 2009 - $13,835,000). In practice, the actualresults may differ from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 3.3AA/Aa/A+ 0.4A 0.1BBB/Baa/B++ 0.3Total 4.1
Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 10.5A 1.0Not Rated 0.1Total 20.8
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (50,215) 26,472 10.7Euro (2,336) 11,017 4.4British Pound (6,695) 6,232 2.5Swiss Franc (1,524) 2,462 1.0Japanese Yen - 1,876 0.8Australian Dollar (877) 1,415 0.6Hong Kong Dollar - 561 0.2Mexican Peso - 390 0.2Total (61,647) 50,425 20.4
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (36,693) 27,304 15.3 British Pound (4,508) 3,336 1.9 Euro (1,852) 1,609 0.9 Hong Kong Dollar - 872 0.5 Australian Dollar (1,237) 782 0.4 Israeli Shekel - 711 0.4 Swiss Franc (1,620) 336 0.2 Mexican Peso - 280 0.2 Brazilian Real - 63 0.1 Japanese Yen - 8 0.1 Total (45,910) 35,301 20.0
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $5,043,000 (March 31, 2009 - $3,530,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 163 –
Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INFORMATION TECHNOLOGY (18.0%) 3,500 Adobe Systems Inc. 101,109 123,698 3,200 Aecom Technology Corp. 97,746 92,984 4,100 Analog Devices Inc. 106,729 120,936 1,200 Apple Computer Inc. 140,447 237,955 3,900 Broadcom Corp. 96,808 127,187
12,400 Brocade Communications Systems Inc. 86,088 103,554 11,700 Cisco Systems Inc. 279,174 294,501
4,800 Hewlett-Packard Co. 186,024 242,310 2,000 International Business Machines Corp. 229,788 255,886 3,700 Lam Research Corp. 113,808 135,203
600 Mastercard Inc., Class A 128,320 129,750 18,300 Micron Technology Inc. 161,605 160,466
3,600 Microsoft Corp.* 98,697 99,365 16,500 ON Semiconductor Corp. 99,515 145,743
700 Palm Inc. 12,160 13,063 4,500 QLogic Corp. 85,476 82,820 7,800 QUALCOMM Inc. 357,213 373,962
11,800 Seagate Technology 153,754 192,159 3,448 Tessera Technologies Inc. 80,014 102,959
2,614,475 3,034,501 FINANCIALS (14.9%)
9,600 Bank of America Corp. 132,470 173,292 600 BlackRock Inc. (USD)* 86,089 138,737
4,200 Brookfield Properties Corp. (USD) 43,401 50,633 3,400 Chubb Corp. 183,173 183,358 1,000 Franklin Resources Inc. 101,504 107,536 1,600 Goldman Sachs Group Inc. 213,957 315,183 9,000 Hudson City Bancorp Inc. 156,968 126,712
10,400 JP Morgan Chase & Co. 426,761 487,258 2,100 Lazard Ltd. 87,262 92,835 3,500 Morgan Stanley 108,039 115,529 3,300 MSCI Inc. 83,257 104,475 1,800 Northern Trust Corp. 125,233 112,027 3,282 Reinsurance Group of America Inc. 177,734 156,719 4,500 State Street Corp. 226,716 252,942 3,900 Unum Group 93,034 89,524
2,245,598 2,506,760 ENERGY (13.5%)
5,100 Baytex Energy Trust 109,768 120,346 2,900 Canadian Natural Resources Ltd. (USD) 146,283 208,618 4,800 Chesapeake Energy Corp. 149,102 145,694 2,500 Chevron Corp. 199,202 188,221 5,000 Noble Energy Inc. 305,666 352,726 2,300 Occidental Petroleum Corp. 184,518 192,789 3,400 Peabody Energy Corp. 115,451 135,270 5,100 Petrohawk Energy Corp. 122,479 131,812 5,000 Southwestern Energy Co. 221,129 228,049 9,088 Suncor Energy Inc. (USD) 297,259 336,272 2,579 Transocean Ltd. 272,667 236,166
2,123,524 2,275,963
CONSUMER DISCRETIONARY (11.2%) 3,000 Bally Tehnologies Inc. 113,165 123,114 3,300 Dollar Tree Stores Inc. 157,504 171,959 4,600 eBay Inc. 119,740 116,181
11,400 Ford Motor Co. 56,450 88,001 4,700 Gap Inc. 78,098 107,586 5,400 Liberty Media Corp., Entertainment Series A 124,694 179,748 6,700 LKQ Corp. 116,941 132,923 4,800 Lowe's Cos., Inc. 117,419 107,459 3,600 McDonald's Corp. 174,673 219,852 2,800 Target Corp. 135,888 139,819 2,900 Time Warner Cable Inc. 103,845 133,448 3,300 TJX Cos., Inc. 119,895 131,080 3,400 Tupperware Brands Corp. 138,674 145,099 3,400 Walt Disney Co. 101,000 99,815
1,657,986 1,896,084 HEALTH CARE (10.4%)
5,300 Amgen Inc. 348,629 341,773 4,700 Baxter International Inc. 274,462 286,878 1,500 Becton Dickinson & Co. 103,783 111,824
10,700 Boston Scientific Corp. 123,394 121,204 4,000 Cephalon Inc. 335,555 249,376 2,300 Medco Health Solutions Inc. 114,853 136,078 2,000 Teva Pharmaceutical Industries Ltd., ADR 102,094 108,264 8,700 Thermo Fisher Scientific Inc. 405,394 406,120
1,808,164 1,761,517 INDUSTRIALS (10.1%)
6,100 CSX Corp. 268,357 272,995 8,900 DynCorp International Inc. 171,767 171,519 2,800 Emerson Electric Co. 119,981 120,033 5,000 Foster Wheeler AG 177,154 170,769 5,700 General Electric Co. 103,170 99,963 1,400 Lockheed Martin Corp. 131,415 116,825 4,700 Republic Services Inc. 115,292 133,450 4,800 Shaw Group Inc. 156,673 164,555 3,000 Tyco International Ltd. 109,670 110,748 5,500 Union Pacific Corp. 306,544 343,069
1,660,023 1,703,926 CONSUMER STAPLES (9.4%)
1,900 Costco Wholesale Corp. 109,028 114,812 7,500 CVS Corp. 257,210 286,988 2,600 Energizer Holdings Inc. 161,121 184,476 3,400 Kellogg Co. 178,225 178,990 2,600 Lorillard Inc. 167,636 206,606 2,200 PepsiCo Inc. 138,046 138,170 4,500 Phillip Morris International Inc. 230,341 234,344 2,200 The J. M. Smucker Co. 127,309 124,697 2,300 Wal-Mart Stores Inc. 142,065 120,711
1,510,981 1,589,794 MATERIALS (3.7%)
4,400 AK Steel Holding Corp. 99,404 92,851 3,400 Albemarle Corp. 125,499 125,806 5,800 Dow Chemical Co. 136,127 161,641 8,700 Gold Fields Ltd., ADR 121,095 128,356 1,300 Praxair Inc. 71,453 113,616
553,578 622,270
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 279
– 164 –
Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
TELECOMMUNICATION SERVICES (2.8%) 4,300 CenturyTel Inc.* 150,206 154,688
10,700 SBA Communications Corp.* 313,322 309,655 463,528 464,343
UTILITIES (2.5%) 14,400 Advantage Oil & Gas Ltd. (USD) 80,700 108,384 3,400 American Electric Power Co., Inc. 112,596 112,592 6,600 NRG Energy Inc. 166,565 199,057
359,861 420,033
Commission and other portfolio transaction costs (17,260)
Total Equities (96.5%) 14,980,458 16,275,191
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.3%) (see Schedule A) 58,042
Total Investments (96.8%) 14,980,458 16,333,233
Other Assets (net) (3.2%) 546,344
Total Net Assets (100.0%) 16,879,577
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.3%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (2,494,961) US $ 2,729,238 Canadian $ 58,042
Total Foreign Currency Forward Contracts Value 58,042
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 165 –
Synergy American Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
16,275 13,018595 1,406
- -- -- -- -
58 -- -- -
19 2216 24
- -12 15
16,975 14,485
- -- -- -- -- -
16 -76 8
- -- -- -3 2
95 1016,880 14,475
14,980 12,875- -
12,437 11,487951 1,025
3,492 1,963
8.94 8.406.08 5.688.45 7.85
1,391,478 1,368,005156,386 180,381413,163 250,160
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
109 801 71 -- -- -- -
(14) (12)97 75
126 13214 14
- -7 17 7
154 154(57) (79)
- -(57) (79)
(29) (485)(21) (5)(33) (12)
- -
1,210 (730)1,127 (1,232)1,070 (1,311)
764 (1,179)67 (130)
239 (2)
0.54 (1.05)0.39 (0.81)0.67 (0.55)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 166 –
Synergy American Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
11,487 12,405
1,041 1,238- -
(788) (1,036)(67) 219186 421
- -- -- -- -
764 (1,179)12,437 11,647
1,025 1,046
150 522- -
(352) (53)61 101
(141) 570
- -- -- -- -
67 (130)951 1,486
1,963 -
1,287 -- -
(165) -168 68
1,290 68
- -- -- -- -
239 (2)3,492 66
14,475 13,451
2,478 1,760- -
(1,305) (1,089)162 388
1,335 1,059
- -- -- -- -
1,070 (1,311)16,880 13,199
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 167 –
Synergy American Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,368,005 1,117,191121,006 111,757
- -(91,940) (93,551)
(5,593) 18,5181,391,478 1,153,915
180,381 140,66625,237 71,149
- -(59,476) (7,101)10,244 13,958
156,386 218,672
250,160 -160,053 32
- -(20,297) -23,247 7,070
413,163 7,102
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
8.94 10.090.01 0.028.95 10.11
6.08 6.800.01 0.016.09 6.81
8.45 9.330.01 0.018.46 9.34
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
488 1,880498 2,009
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
33 114 1
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.210.21
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 168 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Information Technology .......................................................................................................... 17.0Health Care ............................................................................................................................. 16.6Consumer Discretionary .......................................................................................................... 10.5Energy ..................................................................................................................................... 9.7Cash & Equivalents ................................................................................................................. 9.7Consumer Staples ................................................................................................................... 9.6Financials ................................................................................................................................ 8.7Industrials ............................................................................................................................... 8.3Materials ................................................................................................................................. 4.9Telecommunication Services .................................................................................................. 3.0Utilities .................................................................................................................................... 1.7Other Assets ........................................................................................................................... 0.3
During the six-month period the Fund’s exposure to other price risk changed significantly as dis-closed in the section below. For details relating to credit risk, currency risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in the United States.
As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,633,000 (March 31, 2009 - $1,302,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
Synergy American Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 169 –
Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (23.3%) 124,700 AGF Management Ltd., Class B 2,027,191 2,128,629
45,000 Alpha Bank AE, Registered Shares 801,928 884,841 163,000 Amlin PLC 1,069,024 1,069,488
87,600 Banco Bilbao Vizcaya Argentaria SA 1,653,390 1,664,846 253,900 Banco Espirito Santo SA 1,670,206 1,925,383 102,325 Banco Santander Central Hispano SA 1,602,449 1,763,533 103,100 Bank of America Corp. 1,546,821 1,861,079 403,500 Bank of Montreal 19,294,647 21,857,595 152,316 Bank of Nova Scotia†† 4,890,493 7,443,683 236,200 Barclays PLC 1,223,279 1,495,016
6,300 BlackRock Inc. (USD)* 943,095 1,456,741 30,229 BNP Paribas SA* 1,939,911 2,585,983 30,229 BNP Paribas SA, Rights (13Oct09) - 70,096
1,048,400 BOC Hong Kong Holdings Ltd. 2,358,709 2,447,712 43,900 Brookfield Properties Corp. (USD)* 453,646 529,238
137,234 Canadian Western Bank 2,287,945 2,722,723 35,400 Chubb Corp. 1,918,670 1,909,078
875,000 Coastal Energy Co.* 2,942,236 4,086,250 18,900 Credit Suisse Group 1,007,167 1,121,966 10,850 Deutsche Bank AG, Registered Shares 801,197 888,570 11,200 Franklin Resources Inc. 1,136,784 1,204,407
332,100 Genworth MI Canada Inc. 6,713,852 7,970,400 146,900 Gluskin Sheff & Associates Inc.* 2,769,404 2,935,062
17,400 Goldman Sachs Group Inc. 2,486,167 3,427,614 38,059 Hannover Rueckversicherung AG,
Registered Shares 1,610,585 1,869,408 335,700 Home Capital Group Inc. 12,277,317 12,840,525 189,600 Hopson Development Holdings Ltd. 218,468 353,081 159,000 HSBC Holdings PLC 1,634,187 1,946,661
86,900 Hudson City Bancorp Inc. 1,495,062 1,223,472 129,200 IGM Financial Inc.* 4,781,078 5,467,744
2,018,400 Industrial & Commercial Bank of China 1,397,671 1,628,421 209,700 Industrial Alliance Insurance and
Financial Services Inc. 7,357,463 6,140,016 303,800 Intact Financial Corp. 8,646,934 10,286,668 198,500 Intesa Sanpaolo SpA* 756,068 938,463 112,500 JP Morgan Chase & Co. 4,895,433 5,270,822 325,800 Kasikornbank PCL 764,376 858,735
3,300 Laurentian Bank of Canada 116,919 126,555 22,900 Lazard Ltd. 951,830 1,012,346
540,000 Manulife Financial Corp.* 14,383,459 12,150,000 167,580 Mediobanca SpA 2,345,778 2,445,762
37,800 Morgan Stanley 1,182,419 1,247,710 38,200 MSCI Inc. 1,020,545 1,209,381
451,700 National Bank of Canada 20,066,858 26,894,218 157,500 Nomura Holdings Inc. 1,495,505 1,033,086
17,800 Northern Trust Corp. 1,237,266 1,107,819 34,552 Reinsurance Group of America Inc. 1,950,837 1,649,896
1,042,690 Royal Bank of Canada 47,533,992 60,006,810 81,300 Standard Chartered PLC 1,837,052 2,144,854 47,600 State Street Corp. 2,454,290 2,675,560 36,600 Sumitomo Mitsui Financial Group Inc.* 1,715,738 1,357,483
467,200 Sun Life Financial Inc. 14,348,215 15,674,560
FINANCIALS (23.3%) (cont’d)43,000 Svenska Handelsbanken AB, Series A* 1,122,472 1,172,166
183,800 TMX Group Inc. 6,226,926 6,574,526 717,220 Toronto-Dominion Bank 45,003,751 49,667,485 127,700 United Overseas Bank Ltd. 1,486,339 1,624,773
41,500 Unum Group 989,977 952,624 276,843,021 315,001,563
ENERGY (18.7%) 109,950 AGL Energy Ltd. 1,410,019 1,416,686 612,200 Baytex Energy Trust 14,057,016 14,447,920
55,000 Baytex Energy Trust 1,213,553 1,297,845 580,500 Canadian Natural Resources Ltd. 39,671,948 41,970,150
30,400 Canadian Natural Resources Ltd. (USD) 1,613,445 2,186,889 388,900 Capital Power Corp.* 8,887,882 7,680,775
51,600 Chesapeake Energy Corp. 1,602,850 1,566,214 26,800 Chevron Corp. 2,116,831 2,017,726
1,585,700 CNOOC Ltd. 2,183,037 2,287,010 937,300 Daylight Resources Trust 7,639,743 7,929,558 325,100 Enbridge Inc. 12,444,250 13,514,407 627,739 EnCana Corp. 37,925,347 38,919,818 415,800 Enerflex Systems Income Fund 4,598,417 4,162,158 539,000 Inter Pipeline Fund LP 5,119,061 5,174,400 287,700 Keyera Facilities Income Fund 4,837,939 5,679,198 324,250 Maire Tecnimont SpA 1,518,234 1,679,038 575,700 NAL Oil & Gas Trust 5,661,025 7,294,119 53,400 Noble Energy Inc. 3,355,953 3,767,118 24,200 Occidental Petroleum Corp. 1,980,221 2,028,477
454,500 Orbit Garant Drilling Inc. 1,708,875 1,204,425 34,900 Peabody Energy Corp. 1,234,586 1,388,512
207,300 Petrobank Energy and Resources Ltd. 8,188,038 9,148,149 55,300 Petrohawk Energy Corp.* 1,327,901 1,429,259
119,800 Petroleum Geo-Services ASA 1,172,013 1,247,968 514,600 Precision Drilling Trust 3,229,422 3,643,368
51,300 Premier Oil PLC 1,052,420 1,062,003 33,100 Royal Dutch Shell PLC, Class A (EUR) 978,353 1,013,615
171,000 ShawCor Ltd., Class A, Sub-Voting Shares 3,828,077 4,952,160 54,400 Southwestern Energy Co. 2,396,010 2,481,173
1,055,321 Suncor Energy Inc. 31,045,539 39,469,005 96,400 Suncor Energy Inc. (USD) 3,181,923 3,566,968
263,400 Talisman Energy Inc. 5,078,192 4,907,142 21,900 Technip SA 1,432,547 1,497,744 28,805 Total SA 2,224,152 1,832,327 27,905 Transocean Ltd. 2,963,804 2,555,342
445,283 TriStar Oil & Gas Ltd. 5,450,382 6,968,679 234,329,005 253,387,345
MATERIALS (16.4%) 259,000 Agrium Inc.* 14,713,513 13,822,830
47,400 AK Steel Holding Corp. 1,075,308 1,000,261 310,400 Alamos Gold Inc.* 1,979,914 2,914,656
36,900 Albemarle Corp. 1,361,768 1,365,364 749,900 Anatolia Minerals Development Ltd.* 1,579,124 1,829,756
46,400 Anglo American PLC 1,653,916 1,581,358 380,000 Anvil Mining Ltd. 988,294 1,060,200 246,200 Aura Minerals Inc. 765,635 686,898
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 6103
– 170 –
Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
MATERIALS (16.4%) (cont’d)3,192,600 B2Gold Corp. 2,354,906 2,426,376
72,800 Banpu Public Co., Ltd. 959,846 1,003,164 596,100 Banro Corp.* 1,351,889 1,686,963 349,260 Barrick Gold Corp. 13,611,554 14,159,000 298,300 BlueScope Steel Ltd. 855,246 825,629 285,300 Cameco Corp. 5,997,791 8,476,263
1,401,317 Capstone Mining Corp. 3,007,643 4,105,859 678,150 Cascades Inc. 2,958,390 5,276,007
68 CCL Industries Inc., Class B 1,546 1,498 2,884,200 Centamin Egypt Ltd. 2,981,125 4,730,088
407,854 Centerra Gold Inc.* 2,424,535 2,969,177 44,800 Coal & Allied Industries Ltd. 3,087,346 3,351,716 62,200 Dow Chemical Co. 1,500,666 1,733,457
417,968 Eldorado Gold Corp.* 4,934,955 5,078,311 97,900 First Quantum Minerals Ltd. 5,498,712 6,853,000
700,300 Gerdau Ameristeel Corp. 7,101,763 5,938,544 93,500 Gold Fields Ltd., ADR 1,292,254 1,379,461
756,000 Goldcorp Inc. 27,568,716 32,492,880 12,400 HeidelbergCement AG 851,217 861,637 12,500 HeidelbergCement AG, Restricted Shares 731,769 869,565
265,300 HudBay Minerals Inc.* 3,032,394 3,422,370 334,600 IAMGOLD Corp. 4,356,642 5,062,498 111,800 Inmet Mining Corp. 5,308,022 6,703,528 453,000 International Tower Hill Mines Ltd.* 1,671,374 1,956,960 150,650 Jaguar Mining Inc.* 701,958 1,440,214 34,700 JFE Holdings Inc.* 1,354,870 1,266,321
335,500 Kinross Gold Corp. 6,120,533 7,790,310 222,700 Kirkland Lake Gold Inc.* 1,888,453 2,042,159
94,200 Labrador Iron Ore Royalty Income Fund 3,433,425 3,452,430 572,100 Lihir Gold Ltd. 1,489,831 1,513,192 215,100 Lundin Mining Corp. 856,842 776,511 466,750 Major Drilling Group International Inc.* 6,509,536 10,142,478 456,825 Methanex Corp. 8,633,496 8,455,831
12,700 Praxair Inc. 851,871 1,109,946 200,600 Quadra Mining Ltd. 2,134,797 2,914,718
1,143,200 Red Back Mining Inc.* 8,854,393 13,741,264 86,719 Rio Tinto PLC 3,232,900 3,957,688
1,539,300 SEMAFO Inc. 3,506,257 4,325,433 298,100 Teck Resources Ltd., Class B* 6,545,696 8,790,969
2,800 Western Areas NL 15,820 13,216 297,300 Xstrata PLC 2,936,471 4,692,283
186,624,922 222,050,237 INDUSTRIALS (9.7%)
80,800 ABB Ltd. 1,598,351 1,736,611 637,700 Aecon Group Inc. 7,710,613 7,467,467
20,425 Alstom 1,770,283 1,595,918 121,600 ATS Automation Tooling Systems Inc. 582,459 695,552
2,491,800 Bombardier Inc., Class B, Sub-Voting Shares 14,196,645 12,309,492 446,395 Canadian National Railway Co. 22,480,699 23,538,408
1,017,900 Celestica Inc. 8,193,829 10,311,327 71,300 Charter International PLC 861,630 836,829 64,700 CSX Corp.* 2,919,269 2,895,536 18,000 CVTech Group Inc., Restricted Shares 27,900 26,280 92,000 DynCorp International Inc. 1,756,142 1,773,000 29,900 Emerson Electric Co. 1,281,331 1,281,781
INDUSTRIALS (9.7%) (cont’d)54,400 Foster Wheeler AG 1,927,364 1,857,967 61,200 General Electric Co. 1,107,731 1,073,282
220,100 GLV Inc. 1,605,631 1,848,840 12,900 Heroux-Devtek Inc. 58,824 67,080 38,120 Hyundai Engineering & Construction Co., Ltd. 2,059,164 2,216,717
221,000 ITOCHU Corp.* 1,810,573 1,557,660 68,000 Komatsu Ltd. 1,193,900 1,360,799 12,700 LG Corp. 910,695 910,723 14,300 Lockheed Martin Corp. 1,342,091 1,193,287
146,074 Martinrea International Inc. 961,244 1,042,968 74,900 Mitsubishi Corp. 1,647,963 1,616,789
221,900 Mitsubishi Electric Corp. 1,569,498 1,786,299 157,700 NHK Spring Co., Ltd.* 1,084,480 1,386,093 244,200 Nissan Motor Co., Ltd. 1,610,701 1,759,040 201,900 Onex Corp. 4,949,490 5,291,799 141,000 Quebecor World Inc., Class B 3,175,743 3,444,630 50,600 Republic Services Inc. 1,259,694 1,436,721 52,600 Shaw Group Inc. 1,734,169 1,803,248
258,100 SNC-Lavalin Group Inc. 10,830,012 12,479,135 149,100 Sumitomo Heavy Industries Ltd. 730,857 775,278
59,300 TNT NV 1,532,570 1,703,046 32,500 Tyco International Ltd. 1,188,066 1,199,773 12,900 Uni-Charm Corp. 1,311,466 1,304,604 60,300 Union Pacific Corp. 3,493,852 3,761,285 38,328 Vinci SA* 1,832,688 2,320,998
643,700 WestJet Airlines Ltd.* 9,279,796 7,106,448 227,600 Yamato Transport Co., Ltd.* 3,906,149 3,984,661
1,083,300 Yangzijiang Shipbuilding Holdings Ltd. 835,007 794,552 128,328,569 131,551,923
INFORMATION TECHNOLOGY (8.0%) 38,000 Adobe Systems Inc.* 1,141,931 1,343,005 34,700 Aecom Technology Corp. 1,060,114 1,008,295 44,000 Analog Devices Inc. 1,178,934 1,297,845 12,400 Apple Computer Inc. 1,624,647 2,458,864 50,300 Broadcom Corp.* 1,323,029 1,640,387
134,400 Brocade Communications Systems Inc. 988,040 1,122,386 40,400 Canon Inc. 1,577,444 1,734,510
1,739,100 CGI Group Inc.* 18,681,716 21,808,314 390,100 China High Speed Transmission Equipment
Group Co., Ltd. 686,553 856,879 130,300 Cisco Systems Inc. 3,196,730 3,279,786 163,400 Elpida Memory Inc.* 2,373,161 2,281,928 360,500 Fujitsu Ltd. 2,620,090 2,515,094
54,200 Hewlett-Packard Co. 2,263,902 2,736,084 629,400 Hon Hai Precision Industry Co., Ltd. 2,403,237 2,706,426
21,200 International Business Machines Corp. 2,535,607 2,712,391 40,800 Lam Research Corp.* 1,268,208 1,490,888 43,440 LG Display Co., Ltd. 1,273,579 1,340,127
6,300 Mastercard Inc., Class A 1,362,185 1,362,377 197,700 Micron Technology Inc.* 1,745,901 1,733,561 38,900 Microsoft Corp. 1,054,291 1,073,695 2,427 Nortel Networks Corp. - 449
176,900 ON Semiconductor Corp. 1,176,346 1,562,537 307,100 Open Text Corp. 11,299,357 12,317,781
7,100 Palm Inc.* 123,342 132,496
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 171 –– 171 –
Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INFORMATION TECHNOLOGY (8.0%) (cont’d)48,900 QLogic Corp. 928,835 899,981 84,900 QUALCOMM Inc. 4,158,690 4,070,430
309,000 Research In Motion Ltd. 21,868,000 22,365,420 4,840 Samsung Electronics Co., Ltd. 2,637,053 3,585,307
127,300 Seagate Technology 1,681,595 2,073,032 50,500 Shanda Games Ltd., ADR 639,451 633,676 11,600 Skyworks Solutions, Inc. 142,229 164,187 60,600 TANDBERG ASA 1,214,323 1,548,984 36,700 Tessera Technologies Inc. 968,020 1,095,880 68,200 TomTom NV* 865,850 1,252,337
98,062,390 108,205,339 CONSUMER DISCRETIONARY (7.3%)
103,200 Astral Media Inc., Class A, Non-Voting Shares 2,675,829 3,415,920 32,900 Bally Tehnologies Inc. 1,276,844 1,350,154
1,689,500 Belle International Holdings Ltd. 1,718,720 1,855,547 251,579 Canadian Tire Corp., Ltd., Class A,
Non-Voting Shares 13,864,052 14,521,140 325,000 Cineplex Galaxy Income Fund 4,797,303 5,187,000
1 Citadel Broadcasting Corp. - - 391,200 Corus Entertainment Inc., Class B 6,600,195 7,104,192
35,500 Dollar Tree Stores Inc. 1,696,095 1,849,857 1,202,200 Dongfeng Motor Group Co., Ltd. 1,218,705 1,361,875
262,500 Dorel Industries Inc., Class B 8,154,711 7,670,250 49,600 eBay Inc. 1,291,112 1,252,732
123,000 Ford Motor Co. 727,290 949,487 138,086 Forzani Group Ltd., Class A 1,926,180 1,864,161
45,900 Gap Inc. 781,994 1,050,676 246,600 Harvey Norman Holdings Ltd.* 912,968 999,343 45,800 Honda Motor Co., Ltd.* 1,553,694 1,499,343 57,900 Liberty Media Corp., Entertainment Series A 1,442,055 1,927,293 64,800 LKQ Corp. 1,182,797 1,285,579 50,900 Lowe's Cos., Inc. 1,244,074 1,139,516 39,200 McDonald's Corp. 1,872,605 2,393,944
576,400 Miranda Technologies Inc. 5,610,371 3,429,580 53,700 Next PLC 1,665,058 1,646,399 12,500 Sankyo Co., Ltd. 775,309 834,817 15,100 SEB SA 836,426 856,436
218,700 Shaw Communications Inc., Class B 4,647,233 4,238,406 75,200 Sony Corp. 2,283,997 2,363,151 29,800 Target Corp. 1,437,943 1,488,070
553,600 Thomson Corp. 19,141,328 19,874,240 30,600 Time Warner Cable Inc. 1,105,754 1,408,109 34,700 TJX Cos., Inc. 1,280,303 1,378,326 36,300 Tupperware Brands Corp. 1,480,253 1,549,146 36,300 Walt Disney Co. 1,077,760 1,065,670
96,278,958 98,810,359 CONSUMER STAPLES (3.4%)
20,900 Costco Wholesale Corp. 1,201,299 1,262,937 79,400 CVS Corp. 2,871,542 3,038,250 27,900 Energizer Holdings Inc. 1,809,233 1,979,564 32,000 Heineken NV 1,239,948 1,579,318
343 Japan Tobacco Inc. 1,184,372 1,251,724 36,300 Kellogg Co.* 1,910,032 1,910,976 62,700 Koninklijke Ahold NV 806,490 807,216 28,200 Lorillard Inc. 1,857,748 2,240,880
CONSUMER STAPLES (3.4%) (cont’d)244,300 Metcash Ltd. 939,506 1,036,177
36,100 Nestle SA, Registered Shares 1,522,248 1,646,521 24,100 PepsiCo Inc. 1,512,228 1,513,588 48,300 Phillip Morris International Inc. 2,485,260 2,515,296 14,683 Reckitt Benckiser Group PLC 592,649 768,202
324,800 Shoppers Drug Mart Corp.* 14,664,523 14,271,712 79,900 Swedish Match AB 1,411,419 1,711,762 23,800 The J. M. Smucker Co. 1,376,252 1,348,992
484,900 Viterra Inc.* 4,457,524 5,173,883 25,100 Wal-Mart Stores Inc. 1,527,751 1,317,333
43,370,024 45,374,331 HEALTH CARE (2.6%)
56,900 Amgen Inc. 3,728,267 3,669,219 38,900 AstraZeneca PLC 1,980,525 1,866,167 50,300 Baxter International Inc. 2,924,619 3,070,206 15,300 Becton Dickinson & Co. 1,091,124 1,140,608
213,400 Biovail Corp.* 3,299,346 3,523,234 111,700 Boston Scientific Corp. 1,295,889 1,265,282
42,300 Cephalon Inc.* 3,434,686 2,637,155 54,100 Chugai Pharmaceutical Co., Ltd. 842,235 1,196,190 67,100 GlaxoSmithKline PLC 1,468,091 1,411,478 24,400 Medco Health Solutions Inc. 1,269,798 1,443,608 66,400 Novartis AG, Registered Shares 3,571,098 3,554,068 17,000 Roche Holding AG 2,955,247 2,940,575 12,800 Synthes Inc. 1,627,080 1,647,995 21,000 Teva Pharmaceutical Industries Ltd., ADR 1,083,685 1,136,776 96,500 Thermo Fisher Scientific Inc. 4,779,722 4,504,663
35,351,412 35,007,224 TELECOMMUNICATION SERVICES (2.0%)
375,700 BCE Inc. 9,179,572 9,914,723 1,119,400 BT Group PLC 2,623,759 2,487,811
46,500 CenturyTel Inc.* 1,631,277 1,672,787 89,000 Royal KPN NV 1,430,876 1,580,595
117,300 SBA Communications Corp.* 3,547,228 3,394,631 64,500 Softbank Corp.* 1,120,832 1,510,756 82,400 Tele2 AB, Series B 1,142,422 1,170,553 94,800 Tencent Holdings Ltd. 1,295,178 1,639,681
1,392,000 Vodafone Group PLC 3,155,197 3,337,761 25,126,341 26,709,298
UTILITIES (1.8%) 151,400 Advantage Oil & Gas Ltd. (USD) 851,462 1,139,540
1,271,150 Advantage Oil & Gas Ltd.* 6,965,354 9,571,760 33,400 American Electric Power Co., Inc. 1,111,397 1,106,050
119,500 Canadian Utilities Ltd., Class A, Special Shares* 5,673,355 4,520,685
178,200 Enel SpA 1,159,915 1,207,544 179,700 Energias de Portugal SA 841,632 880,410
44,230 Gaz de France 2,155,140 2,099,756 1,786,400 Guangdong Investment Ltd. 986,573 942,733
63,700 NRG Energy Inc. 1,657,701 1,921,210 368,000 Terna SpA 1,442,140 1,535,135
22,844,669 24,924,823
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 172 –– 172 –
Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
WARRANTS (0.1%) 25,000 EarthFirst Canada Inc., Warrants (11Dec09) 125 125 17,000 Gold Wheaton Gold Corp., Warrants (08Jul13) 765 850 27,450 Laramide Resources Ltd., Warrants (05Mar12) - 7,042
159,600 Mediobanca SpA, Warrants (18Mar11) - 211,449 109,700 New Gold Inc., Warrants (21Dec09) - 5,310
890 224,776 PRIVATE PLACEMENTS (0.1%)
133,658 Metrophotonics Inc., Private Placement^ 1 1 115,000 Tellamon Photonic Networks Inc. (USD),
Private Placement^ 1,296 1,231 1,297 1,232
Commission and other portfolio transaction costs (1,329,573)
Total Equities (93.4%) 1,145,831,925 1,261,248,450
Short Term Notes (0.0%) 139,940 139,987
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%) (see Schedule A) 1,222,354
Total Investments (93.5%) 1,145,971,865 1,262,610,791
Other Assets (net) (6.5%) 91,260,550
Total Net Assets (100.0%) 1,353,871,341
^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.1%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (52,543,892) US $ 57,477,763 Canadian $ 1,222,354
Total Foreign Currency Forward Contracts Value 1,222,354
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 173 –
Synergy Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
1,261,248 883,13282,298 18,168
140 -- -
7,289 5,969- -
1,222 -- -- -
1,359 1,45814,318 5,680
- -1,773 2,825
1,369,647 917,232
- -- -- -- -- -
12,102 7703,110 1,334
- -- -- -
564 35715,776 2,461
1,353,871 914,771
1,145,832 1,017,843- -
991,302 809,19728,674 21,936
- -143,766 79,338
4,656 4,3004,090 -
181,383 -
12.45 9.927.36 5.83
- -10.65 8.3913.90 11.0110.43 -10.42 -
79,618,818 81,595,9133,894,531 3,760,215
- -13,493,088 9,457,556
334,900 390,516392,078 -
17,409,307 -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 174 –
Synergy Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
H SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
11,225 13,5402,154 2,465
170 458- -- -- -
(482) (749)13,067 15,714
9,728 9,790988 1,000
- 1488 65
536 53911,340 11,408
- 4,306- -
1,727 4,306
(11,122) (2,418)(1,857) (567)(1,828) (2,042)
- -
251,350 (204,516)236,543 (209,543)238,270 (205,237)
202,000 (176,537)5,751 (4,420)
8 -21,877 (23,259)1,056 (1,021)
175 -7,403 -
2.53 (2.72)1.53 (1.24)0.29 -2.17 (1.80)2.91 (2.14)0.44 -0.43 -
809,197 820,756
27,532 35,110- -
(66,979) (74,570)(25,513) 411,24445,065 -(19,895) 371,784
- -- -- -- -
202,000 (176,537)991,302 1,016,003
21,936 30,754
2,215 3,403- -
(3,079) (3,213)(562) (881)
2,413 -987 (691)
- -- -- -- -
5,751 (4,420)28,674 25,643
- -
- -- -- -
(413) -405 -
(8) -
- -- -- -- -8 -- -
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 175 –
Synergy Canadian Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Insight SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Y SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Z SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
79,338 586,407
45,235 31,665- -
(2,687) (24,909)3 (434,278)- -
42,551 (427,522)
- -- -- -- -
21,877 (23,259)143,766 135,626
4,300 8,478
214 948- -
(914) (2,196)- -- -
(700) (1,248)
- -- -- -- -
1,056 (1,021)4,656 6,209
- -
7 -- -
(331) -(8) -
4,247 -3,915 -
- -- -- -- -
175 -4,090 -
- -
454 -- -
(4,815) -(535) -
178,876 -173,980 -
- -- -- -- -
7,403 -181,383 -
914,771 1,446,395
75,657 71,126- -
(78,805) (104,888)(27,028) (23,915)231,006 -200,830 (57,677)
- -- -- -- -
238,270 (205,237)1,353,871 1,183,481
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 176 –
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
H SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
81,595,913 55,542,9252,450,661 2,366,144
- -(5,882,525) (5,027,245)(2,316,390) 28,177,5903,771,159 -
79,618,818 81,059,414
3,760,215 3,575,285331,747 383,510
- -(452,432) (368,528)
(86,822) (94,423)341,823 -
3,894,531 3,495,844
- -- -- -
(36) -(40,507) -40,543 -
- -
9,457,556 48,010,9344,313,180 2,495,078
- -(278,012) (1,939,238)
364 (35,626,625)- -
13,493,088 12,940,149
390,516 522,37117,159 56,501
- -(72,775) (130,385)
- -- -
334,900 448,487
- -677 -
- -(32,585) -
(755) -424,741 -392,078 -
Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
- -44,526 -
- -(471,225) -(51,551) -
17,887,557 -17,409,307 -
– 177 –
Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
H SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Insight SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Y SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Z SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
12.45 12.530.02 0.02
12.47 12.55
7.36 7.340.01 0.017.37 7.35
- -- -- -
10.65 10.480.02 0.02
10.67 10.50
13.90 13.840.02 0.03
13.92 13.87
10.43 -0.01 -
10.44 -
10.42 -0.01 -
10.43 -
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
86,658 173,04188,391 184,898
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
1,818 2,021224 202
Annual management fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
Annual fixed administration fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares
2.001.00
-Paid directly by investor
0.951.002.00
0.200.20
--
0.200.200.20
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 178 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Financials ................................................................................................................................ 20.3Energy ..................................................................................................................................... 19.8Materials ................................................................................................................................. 15.8Industrials ............................................................................................................................... 9.9Information Technology .......................................................................................................... 8.1Consumer Discretionary .......................................................................................................... 8.0Consumer Staples ................................................................................................................... 5.6Health Care ............................................................................................................................. 5.0Telecommunication Services .................................................................................................. 2.5Cash & Equivalents ................................................................................................................. 1.9Utilities .................................................................................................................................... 1.5Other Assets ........................................................................................................................... 1.4Private Placements ................................................................................................................. 0.1Warrants ................................................................................................................................. 0.1
During the six-month period the Fund’s exposure to other price risk changed significantly as dis-closed in the section below. For details relating to credit risk, currency risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.
As at September 30, 2009, had the Canadian markets increased or decreased by 10%, with allother variables held constant, net assets of the Fund would have increased or decreased, respec-tively, by approximately $126,247,000 (March 31, 2009 - $88,313,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Synergy Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 179 –
Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (40.0%) 30,000 Adobe Systems Inc.* 922,018 1,060,267
120,400 Advantage Oil & Gas Ltd. (USD) 679,904 906,213 27,500 Aecom Technology Corp. 840,136 799,081 37,300 AK Steel Holding Corp. 846,053 787,125 29,000 Albemarle Corp. 1,070,192 1,073,051 24,000 American Electric Power Co., Inc. 799,026 794,767 44,500 Amgen Inc. 2,917,750 2,869,600 36,700 Analog Devices Inc. 1,004,714 1,082,521
9,700 Apple Computer Inc. 1,336,705 1,923,467 26,100 Bally Tehnologies Inc. 1,020,216 1,071,095 86,700 Bank of America Corp. 1,358,938 1,565,039 39,300 Baxter International Inc. 2,293,372 2,398,789 10,400 Becton Dickinson & Co. 715,467 775,315
5,100 BlackRock Inc. (USD)* 819,486 1,179,267 87,200 Boston Scientific Corp. 1,009,175 987,758 48,300 Broadcom Corp. 1,313,317 1,575,163
105,700 Brocade Communications Systems Inc. 802,737 882,710 30,500 CenturyTel Inc.* 1,066,542 1,097,205 33,600 Cephalon Inc.* 2,622,270 2,094,761 40,300 Chesapeake Energy Corp. 1,251,858 1,223,226 21,000 Chevron Corp. 1,651,826 1,581,054 27,700 Chubb Corp. 1,481,923 1,493,827
100,000 Cisco Systems Inc. 2,483,205 2,517,104 16,500 Costco Wholesale Corp. 948,447 997,056 49,600 CSX Corp. 2,267,538 2,219,762 62,100 CVS Corp. 2,256,181 2,376,264 27,900 Dollar Tree Stores Inc. 1,339,858 1,453,831 48,800 Dow Chemical Co. 1,187,072 1,360,011 73,300 DynCorp International Inc. 1,393,292 1,412,619 38,800 eBay Inc. 1,009,944 979,960 23,400 Emerson Electric Co. 1,002,760 1,003,133 23,200 Energizer Holdings Inc. 1,540,407 1,646,089 96,600 Ford Motor Co. 636,411 745,694
8,900 Franklin Resources Inc. 903,507 957,073 32,900 Gap Inc. 566,387 753,099 48,100 General Electric Co. 870,619 843,543 13,800 Goldman Sachs Group Inc.* 2,048,946 2,718,453 40,100 Hewlett-Packard Co. 1,704,030 2,024,298 63,200 Hudson City Bancorp Inc. 1,066,513 889,798 16,600 International Business Machines Corp. 2,006,193 2,123,853 88,200 JP Morgan Chase & Co. 3,859,444 4,132,324 29,900 Kellogg Co. 1,556,333 1,574,055 34,800 Lam Research Corp. 1,084,987 1,271,639 45,600 Liberty Media Corp., Entertainment Series A 1,180,596 1,517,868 46,700 LKQ Corp. 849,234 926,490 10,300 Lockheed Martin Corp. 964,257 859,500 22,200 Lorillard Inc. 1,507,027 1,764,097 40,400 Lowe's Cos., Inc. 980,954 904,449
5,300 Mastercard Inc., Class A 1,151,916 1,146,127 30,600 McDonald's Corp. 1,519,027 1,868,742 19,100 Medco Health Solutions Inc. 1,011,918 1,130,037
154,400 Micron Technology Inc. 1,363,421 1,353,878 29,700 Microsoft Corp. 799,906 819,762 30,000 Morgan Stanley 945,685 990,246 33,100 MSCI Inc. 909,129 1,047,919
U.S.A. (40.0%) (cont’d)42,500 Noble Energy Inc. 2,683,166 2,998,175 12,900 Northern Trust Corp. 888,377 802,858 45,600 NRG Energy Inc. 1,190,380 1,375,309 18,900 Occidental Petroleum Corp. 1,525,902 1,584,224
138,200 ON Semiconductor Corp. 981,688 1,220,704 5,600 Palm Inc.* 97,284 104,504
27,800 Peabody Energy Corp. 1,005,133 1,106,035 19,000 PepsiCo Inc. 1,192,213 1,193,285 46,800 Petrohawk Energy Corp. 1,132,462 1,209,572 37,700 Phillip Morris International Inc. 1,937,456 1,963,285
9,100 Praxair Inc. 597,465 795,316 38,200 QLogic Corp. 725,607 703,052 66,300 QUALCOMM Inc. 3,160,114 3,178,675 26,998 Reinsurance Group of America Inc. 1,493,440 1,289,184 39,900 Republic Services Inc. 996,231 1,132,909 89,400 SBA Communications Corp.* 2,670,068 2,587,212 45,300 Shaw Group Inc. 1,496,871 1,552,988 22,400 Skyworks Solutions, Inc. 274,649 317,050 42,500 Southwestern Energy Co. 1,867,336 1,938,416 37,000 State Street Corp. 1,931,038 2,079,742 13,100 Synthes Inc. 1,665,215 1,686,620 25,400 Target Corp. 1,212,206 1,268,355 38,900 Tessera Technologies Inc. 1,065,387 1,161,573 18,900 The J. M. Smucker Co. 1,092,878 1,071,258 74,700 Thermo Fisher Scientific Inc. 3,686,131 3,487,029 23,900 Time Warner Cable Inc. 868,544 1,099,798 27,100 TJX Cos., Inc. 1,008,396 1,076,445 28,400 Tupperware Brands Corp. 1,157,226 1,212,004 47,100 Union Pacific Corp. 2,763,665 2,937,919 32,900 Unum Group 784,825 755,212 19,600 Wal-Mart Stores Inc. 1,176,269 1,028,674 28,500 Walt Disney Co. 846,072 836,683
117,912,463 124,304,139 JAPAN (10.9%)
44,455 Canon Inc. 1,748,251 1,908,605 51,600 Chugai Pharmaceutical Co., Ltd. 908,568 1,140,913
165,100 Elpida Memory Inc.* 2,397,617 2,305,669 369,500 Fujitsu Ltd. 2,685,651 2,577,884
41,600 Honda Motor Co., Ltd.* 1,441,204 1,361,848 227,400 ITOCHU Corp.* 1,845,317 1,602,769
350 Japan Tobacco Inc. 1,208,543 1,277,269 31,600 JFE Holdings Inc.* 1,271,090 1,153,192 61,500 Komatsu Ltd. 1,128,062 1,230,722 76,800 Mitsubishi Corp. 1,689,767 1,657,803
201,900 Mitsubishi Electric Corp. 1,527,926 1,625,299 145,300 NHK Spring Co., Ltd. 1,070,188 1,277,104 220,500 Nissan Motor Co., Ltd. 1,595,592 1,588,322 156,800 Nomura Holdings Inc. 1,500,365 1,028,494
11,300 Sankyo Co., Ltd. 706,854 754,674 66,200 Softbank Corp. 1,402,332 1,550,574 67,900 Sony Corp. 2,085,692 2,133,750
152,900 Sumitomo Heavy Industries Ltd. 819,578 795,036 37,000 Sumitomo Mitsui Financial Group Inc.* 1,755,260 1,372,319 13,200 Uni-Charm Corp. 1,341,965 1,334,943
233,300 Yamato Transport Co., Ltd.* 4,039,564 4,084,452 34,169,386 33,761,641
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 6109
– 180 –
Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.K. (8.4%) 152,600 Amlin PLC 984,924 1,001,251 47,600 Anglo American PLC 1,696,617 1,622,255 40,900 AstraZeneca PLC 2,065,194 1,962,114
212,500 Barclays PLC 1,198,072 1,345,008 1,141,200 BT Group PLC 2,720,052 2,536,260
62,980 GlaxoSmithKline PLC 1,352,452 1,324,812 173,300 HSBC Holdings PLC 1,898,350 2,121,738
54,800 Next PLC 1,698,882 1,680,125 47,000 Premier Oil PLC 1,016,333 972,985 17,208 Reckitt Benckiser Group PLC 803,915 900,307 89,059 Rio Tinto PLC 3,572,087 4,064,482 30,500 Royal Dutch Shell PLC, Class A (EUR) 1,014,542 933,995 82,800 Standard Chartered PLC 1,958,895 2,184,427
1,428,500 Vodafone Group PLC 3,262,258 3,425,281 25,242,573 26,075,040
SWITZERLAND (6.7%) 84,100 ABB Ltd. 1,671,394 1,807,537 23,000 Credit Suisse Group 1,239,554 1,365,355 42,500 Foster Wheeler AG 1,505,558 1,451,537 36,970 Nestle SA, Registered Shares 1,602,181 1,686,202 70,200 Novartis AG, Registered Shares 3,615,193 3,757,463 17,500 Roche Holding AG 3,007,722 3,027,062 21,989 Transocean Ltd. 2,273,842 2,013,596 25,500 Tyco International Ltd. 932,182 941,360
304,800 Xstrata PLC 3,619,857 4,810,655 19,467,483 20,860,767
FRANCE (4.4%) 22,991 Alstom 1,858,571 1,796,414 33,800 BNP Paribas SA* 2,536,198 2,891,469 33,800 BNP Paribas SA, Rights (13Oct09) - 78,377 45,257 Gaz de France 2,126,327 2,148,511 15,500 SEB SA 858,583 879,123 22,500 Technip SA 1,471,795 1,538,778 29,510 Total SA* 2,028,121 1,877,174 39,500 Vinci SA* 2,045,635 2,391,970
12,925,230 13,601,816 SOUTH KOREA (2.6%)
39,200 Hyundai Engineering & Construction Co., Ltd. 2,140,715 2,279,520 13,000 LG Corp. 932,225 932,237 41,900 LG Display Co., Ltd. 1,294,315 1,292,618
4,903 Samsung Electronics Co., Ltd. 2,859,046 3,631,975 7,226,301 8,136,350
ITALY (2.6%) 182,900 Enel SpA 1,190,507 1,239,393 237,400 Intesa Sanpaolo SpA* 983,822 1,122,373 332,000 Maire Tecnimont SpA 1,529,768 1,719,170 154,455 Mediobanca SpA 2,187,982 2,254,208 147,100 Mediobanca SpA, Warrants (18Mar11) - 194,889 376,500 Terna SpA 1,479,720 1,570,593
7,371,799 8,100,626 HONG KONG (2.5%)
1,525,800 Belle International Holdings Ltd. 1,604,091 1,675,758 1,069,300 BOC Hong Kong Holdings Ltd. 2,404,249 2,496,508 1,651,600 CNOOC Ltd. 2,324,812 2,382,056 1,833,800 Guangdong Investment Ltd. 1,025,462 967,747
191,400 Hopson Development Holdings Ltd. 265,945 356,433 7,624,559 7,878,502
NETHERLANDS (2.3%) 35,935 Heineken NV 1,459,018 1,773,525 64,000 Koninklijke Ahold NV 817,319 823,953 91,400 Royal KPN NV 1,476,979 1,623,218 60,600 TNT NV 1,596,305 1,740,381 70,500 TomTom NV* 859,890 1,294,571
6,209,511 7,255,648 AUSTRALIA (2.1%)
114,350 AGL Energy Ltd. 1,475,419 1,473,379 306,300 BlueScope Steel Ltd. 878,183 847,771
8,500 Coal & Allied Industries Ltd. 585,769 635,928 252,800 Harvey Norman Holdings Ltd.* 935,922 1,024,468 587,200 Lihir Gold Ltd. 1,480,542 1,553,131 224,800 Metcash Ltd. 859,500 953,469
6,215,335 6,488,146 CANADA (1.9%)
46,400 Baytex Energy Trust 1,037,436 1,094,909 34,800 Brookfield Properties Corp. (USD) 359,610 419,533 23,800 Canadian Natural Resources Ltd. (USD) 1,309,169 1,712,104 75,116 Suncor Energy Inc. (USD) 2,524,402 2,779,423
5,230,617 6,005,969 CAYMAN ISLANDS (1.6%)
497,500 China High Speed Transmission Equipment Group Co., Ltd. 1,083,196 1,092,790
99,400 Seagate Technology 1,302,889 1,618,691 51,100 Shanda Games Ltd., ADR 647,087 641,205 97,700 Tencent Holdings Ltd. 1,464,348 1,689,840
4,497,520 5,042,526 SWEDEN (1.4%)
44,200 Svenska Handelsbanken AB, Series A* 1,151,407 1,204,878 90,000 Swedish Match AB 1,738,253 1,928,142 84,600 Tele2 AB, Series B 1,201,607 1,201,806
4,091,267 4,334,826 GERMANY (1.4%)
9,700 Deutsche Bank AG, Registered Shares 708,900 794,389 35,000 Hannover Rueckversicherung AG,
Registered Shares 1,560,886 1,719,154 12,600 HeidelbergCement AG 864,949 875,535 12,600 HeidelbergCement AG, Restricted Shares 737,623 876,522
3,872,358 4,265,600 SPAIN (1.1%)
89,800 Banco Bilbao Vizcaya Argentaria SA 1,694,914 1,706,657 104,850 Banco Santander Central Hispano SA 1,648,032 1,807,051
3,342,946 3,513,708 CHINA (1.1%)
1,411,800 Dongfeng Motor Group Co., Ltd. 1,567,897 1,599,314 2,083,200 Industrial & Commercial Bank of China 1,524,424 1,680,701
3,092,321 3,280,015 PORTUGAL (0.9%)
260,200 Banco Espirito Santo SA 1,766,513 1,973,158 184,400 Energias de Portugal SA 863,645 903,437
2,630,158 2,876,595 NORWAY (0.9%)
122,400 Petroleum Geo-Services ASA* 1,197,449 1,275,052 61,000 TANDBERG ASA 1,274,139 1,559,209
2,471,588 2,834,261
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 181 –– 181 –
Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
TAIWAN (0.9%) 645,500 Hon Hai Precision Industry Co., Ltd. 2,441,962 2,775,657
SINGAPORE (0.8%) 131,000 United Overseas Bank Ltd. 1,585,516 1,666,760
1,106,700 Yangzijiang Shipbuilding Holdings Ltd. 853,041 811,715 2,438,557 2,478,475
THAILAND (0.6%) 74,600 Banpu Public Co., Ltd. 983,579 1,027,967
358,600 Kasikornbank PCL 833,885 945,188 1,817,464 1,973,155
SOUTH AFRICA (0.4%) 73,000 Gold Fields Ltd., ADR 1,004,868 1,077,012
GREECE (0.3%) 46,100 Alpha Bank AE, Registered Shares 821,531 906,471
ISRAEL (0.3%) 16,400 Teva Pharmaceutical Industries Ltd., ADR 854,025 887,768
JERSEY ISLAND (0.3%) 72,000 Charter International PLC 870,092 845,044
BERMUDA (0.3%) 17,900 Lazard Ltd. 744,509 791,310
BELGIUM (0.1%) 2,500 Umicore - Strip VVPR 74 55
Commission and other portfolio transaction costs (211,862)
Total Equities (96.8%) 284,374,635 300,351,122
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.2%) (see Schedule A) 495,585
Total Investments (97.0%) 284,374,635 300,846,707
Other Assets (net) (3.0%) 9,964,818
Total Net Assets (100.0%) 310,811,525
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
Schedule AForeign Currency Forward Contracts (0.2%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (21,303,138) US $ 23,303,503 Canadian $ 495,585
Total Foreign Currency Forward Contracts Value 495,585
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 182 –
Synergy Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
300,351 150,5777,851 6,109
- -- -- -- -
496 -- -- -
191 1705,572 1,308
- -378 462
314,839 158,626
- -- -- -- -- -
3,404 386588 345
- -- -- -
35 174,027 748
310,812 157,878
284,375 157,816- -
185,605 142,1638,542 6,042
30,231 9,151788 -
85,071 -380 323
9 8- -
186 191
3.85 3.454.25 3.79
11.47 10.1710.15 -10.14 -
6.55 6.037.13 6.52
- -6.13 5.74
48,191,240 41,159,8972,009,294 1,593,6622,634,626 899,903
77,602 -8,391,911 -
58,018 53,6331,250 1,250
- -30,268 33,212
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 183 –
Synergy Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
2,506 3,8685 103
58 109- -- -- -
(312) (464)2,257 3,616
1,811 2,071203 234
- 55 5
101 1152,120 2,430
137 1,186- -
137 1,186
(1,003) (12,113)(850) (289)(490) (358)
- -
23,710 (25,917)21,367 (38,677)21,504 (37,491)
16,243 (32,764)742 (1,459)
3,286 (3,107)12 -
1,161 -38 (77)
1 (4)- (9)
21 (71)
0.38 (0.79)0.44 (0.81)1.56 (2.11)0.14 -0.14 -0.70 (1.54)0.78 (1.73)
- (1.88)0.65 (1.49)
142,163 197,678
6,803 12,343- -
(16,403) (17,777)(2,909) 23,632
39,708 -27,199 18,198
- -- -- -- -
16,243 (32,764)185,605 183,112
6,042 9,330
460 1,846- -
(908) (1,749)(24) 246
2,230 -1,758 343
- -- -- -- -
742 (1,459)8,542 8,214
9,151 40,499
18,465 4,125- -
(554) (2,569)(117) (27,993)
- -17,794 (26,437)
- -- -- -- -
3,286 (3,107)30,231 10,955
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 184 –
Y SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Z SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
8 -
- 25- -- -- -- -- 25
- -- -- (1)- (1)1 (4)9 20
- -
- -- -- -- 48- -- 48
- -- -- (1)- (1)- (9)- 38
191 339
1 112- -
(13) -(6) 3- -
(18) 115
- -- -
(8) (19)(8) (19)21 (71)
186 364
- -
48 -- -
(48) -(1) -
777 -776 -
- -- -- -- -
12 -788 -
- -
385 -- -
(608) -(63) -
84,196 -83,910 -
- -- -- -- -
1,161 -85,071 -
323 400
36 101- -
(6) -(2) (15)- -
28 86
- -- -
(9) (12)(9) (12)38 (77)
380 397
Synergy Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 185 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
157,878 248,246
26,198 18,552- -
(18,540) (22,095)(3,122) (4,079)
126,911 -131,447 (7,622)
- -- -
(17) (33)(17) (33)
21,504 (37,491)310,812 203,100
Synergy Global Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 186 –
Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
41,159,897 40,391,7291,866,734 2,556,872
- -(4,494,241) (3,718,957)
(790,720) 5,066,10510,449,570 -48,191,240 44,295,749
1,593,662 1,755,184114,621 354,958
- -(226,103) (337,197)
(5,146) 46,695532,260 -
2,009,294 1,819,640
899,903 2,875,4471,795,643 285,606
- -(51,202) (183,026)
(9,718) (2,067,764)- -
2,634,626 910,263
- -4,795 -
- -(4,828) -
(100) -77,735 -77,602 -
- -38,461 -
- -(60,018) -
(6,152) -8,419,620 -8,391,911 -
53,633 44,1095,614 10,934
- -(983) -(246) (1,828)
- -58,018 53,215
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
1,250 -- 2,500- -- -- -- -
1,250 2,500
- -- -- -- (25)- 4,800- -- 4,775
33,212 37,801215 12,311
- -(2,128) (39)(1,031) 273
- -30,268 50,346
– 187 –
Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
26,929 38,88027,468 41,544
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
486 34860 35
Annual management fee rateA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
2.001.00
Paid directly by investor1.002.002.001.00
Paid directly by investor2.00
0.220.22
-0.220.220.220.22
-0.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Y SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Z SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
3.85 4.130.01 0.013.86 4.14
4.25 4.510.01 0.014.26 4.52
11.47 12.040.02 0.01
11.49 12.05
10.15 -0.01 -
10.16 -
10.14 -0.01 -
10.15 -
6.55 7.450.01 0.016.56 7.46
7.13 8.01- 0.01
7.13 8.02
- 7.95- 0.01- 7.96
6.13 7.240.01 0.016.14 7.25
– 188 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 50.6Japan ...................................................................................................................................... 7.5U.K. .......................................................................................................................................... 7.4France ...................................................................................................................................... 5.4Switzerland ............................................................................................................................. 5.4Cash & Equivalents ................................................................................................................. 3.8South Korea ............................................................................................................................ 2.9Hong Kong ............................................................................................................................... 2.9Netherlands ............................................................................................................................ 2.0Germany .................................................................................................................................. 1.8Sweden ................................................................................................................................... 1.4Australia .................................................................................................................................. 1.1Canada .................................................................................................................................... 1.0Bermuda .................................................................................................................................. 0.9Spain ....................................................................................................................................... 0.9Italy ......................................................................................................................................... 0.8Israel ....................................................................................................................................... 0.7Other Assets ........................................................................................................................... 0.7Taiwan ..................................................................................................................................... 0.5Norway .................................................................................................................................... 0.5Cayman Islands ....................................................................................................................... 0.4Russia ...................................................................................................................................... 0.3Czech Republic ........................................................................................................................ 0.3Jersey Island ........................................................................................................................... 0.2China ....................................................................................................................................... 0.2Singapore ................................................................................................................................ 0.2Ireland ..................................................................................................................................... 0.2
During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $30,085,000 (March 31, 2009 - $15,058,000). In practice, the actual results maydiffer from this analysis and the difference may be material.
Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (22,808) 122,971 39.6Euro - 41,033 13.2Japanese Yen - 34,271 11.0British Pound - 30,003 9.7Hong Kong Dollar - 14,273 4.6Swiss Franc - 13,343 4.3Korean Won - 8,136 2.6Australian Dollar - 6,488 2.1Swedish Krona - 4,335 1.4Singapore Dollar - 4,317 1.4Norwegian Krone - 2,834 0.9Taiwan Dollar - 2,801 0.9Thai Baht - 1,978 0.6 Total (22,808) 286,783 92.3
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 90,539 57.2 Euro - 18,307 11.6 British Pound - 12,476 7.9 Japanese Yen - 12,468 7.9 Swiss Franc - 6,258 4.0 Hong Kong Dollar - 5,447 3.5 Korean Won - 4,008 2.5 Swedish Krona - 2,417 1.5 Australian Dollar - 1,699 1.1 Norwegian Krone - 725 0.5 Taiwan Dollar - 620 0.4 Czech Koruna - 395 0.3 Singapore Dollar - 272 0.2 Total - 155,631 98.6
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $28,678,000 (March 31, 2009 - $15,563,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 189 –
CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (31.1%) 25,670 Abbott Laboratories Inc. 1,254,484 1,357,967 60,300 AES Corp. 902,129 954,847
2,740 AGCO Corp. 92,380 80,908 1,480 Alliance Data Systems Corp.* 93,882 96,785
34,595 Ameriprise Financial Inc. 1,108,461 1,346,005 13,100 Anadarko Petroleum Corp. 738,380 878,700
190,000 Aphton Corp., Restricted Shares 460 427 11,580 Apollo Group Inc. 836,507 912,876
4,815 Apple Computer Inc. 876,818 954,793 10,800 Arch Capital Group Ltd. 739,994 779,927 28,100 Assurant Inc. 872,611 963,031
4,800 AT&T Inc.* 134,232 138,551 400 Biogen Idec Inc. 22,018 21,627
16,300 Cadence Design Systems Inc. 105,479 127,222 14,191 Celgene Corp. 822,532 849,172
3,592 Charles Schwab Corp. 72,126 73,531 76,890 Cisco Systems Inc. 1,812,081 1,935,401
BRL 300,000 Citibank NA 15% 07/02/2010 186,729 189,595 290 CME Group Inc. 89,617 95,559
6,250,000 Consilient Inc., Private Placement^ 69 67 2,083,333 Consilient Inc., Warrants, Private Placement^ 23 22
15,900 CSX Corp. 793,245 711,577 14,313 Danaher Corp. 946,825 1,029,330
2,111 Devon Energy Corp. 145,619 151,995 44,100 DIRECTV Group Inc.* 1,196,922 1,302,211 32,840 DR Horton Inc. 453,259 400,475 22,800 Ecolab Inc. 1,050,927 1,128,026
1,400 Entergy Corp. 121,714 119,523 14,980 EOG Resources Inc. 1,215,537 1,339,204
2,600 Exxon Mobil Corp. 195,019 190,767 USD 500,000 Fannie Mae 4.75% 12/15/2010 579,885 562,285 USD 715,000 Fannie Mae 4.875% 05/18/2012 850,316 834,022
17,300 Fastenal Co.* 699,851 716,257 USD 500,000 Federal Home Loan Bank 3.625% 12/17/2010 570,526 554,459
1,900 FTI Consulting Inc.* 96,793 86,496 11,900 General Dynamics Corp. 801,272 822,161
NZD 125,000 General Electric Capital Corp. 6.5% 09/28/2015 87,846 92,259
NZD 1,010,000 General Electric Capital Corp. 6.75% 09/26/2016 705,139 745,507
17,000 Gilead Sciences Inc. 841,679 839,980 EUR 100,000 Goldman Sachs Group Inc. 3.5% 12/08/2011 161,148 162,429
2,382 Google Inc., Class A 1,205,245 1,263,926 27,500 Hansen Natural Corp. 987,202 1,080,556 24,000 Hewlett-Packard Co. 1,162,990 1,211,550
9,973 International Business Machines Corp. 1,283,804 1,275,975 1,250 Johnson & Johnson 82,584 81,383
22,100 JP Morgan Chase & Co. 1,024,981 1,035,424 83,331 Kroger Co. 1,935,532 1,838,794
1,179 L-3 Communications Holdings Inc. 96,604 101,236 19,394 Medco Health Solutions Inc. 1,139,825 1,147,431 5,600 Metropcs Communications Inc. 53,944 56,059
95,117 Microsoft Corp. 2,497,103 2,625,364
U.S.A. (31.1%) (cont’d)8,982 Monsanto Co. 809,845 743,267 3,700 Noble Energy Inc. 253,370 261,018 2,200 Norfolk Southern Corp. 114,357 101,543
31,600 NRG Energy Inc. 987,883 953,065 67,617 Oracle Corp. 1,625,792 1,507,249
2,500 Pall Corp. 81,594 86,268 2,100 PepsiCo Inc. 130,612 131,889
56,100 Pfizer Inc. 972,061 992,251 700 Priceline.com Inc.* 114,509 124,073
20,624 QUALCOMM Inc. 1,040,770 988,793 12,100 Qwest Communications International Inc. 45,921 49,358
NZD 1,160,000 SLM Corp. 6.5% 06/15/2010 675,213 826,369 4,300 Southern Co. 148,806 145,618
27,420 Southwestern Energy Co. 1,152,239 1,250,620 22,351 St. Jude Medical Inc. 936,886 932,079
1,100 State Street Corp. 61,773 61,830 USD 175,000 STH Peru Copper 7.5% 07/27/2035 174,713 188,005 USD 1,341,000 United States Treasury Inflation Indexed Bonds
2.71351% 01/15/2025 1,703,192 1,719,842 USD 1,565,000 United States Treasury Note/Bond
2.72766% 07/15/2017 1,884,808 1,890,193 USD 310,000 United States Treasury Note/Bond
4.25% 08/15/2015 366,580 361,461 USD 215,000 United States Treasury Note/Bond
4.25% 11/15/2013 258,056 251,393 32,100 UnitedHealth Group Inc. 989,631 859,542 44,688 Urban Outfitters Inc. 1,362,188 1,443,015 58,363 US Bancorp 1,439,629 1,364,705 31,445 Vertex Pharmaceuticals Inc. 1,182,936 1,271,253 75,700 Walt Disney Co. 2,151,458 2,222,347 97,750 Xerox Corp. 908,451 807,946 28,314 XTO Energy Inc. 1,254,387 1,251,077
56,572,008 58,049,743 FRANCE (6.5%)
19,138 Alstom 1,393,336 1,495,358 17,622 Bouygues SA 891,540 958,477
EUR 2,071,000 France Government Bond OAT 4.25% 04/25/2019 3,423,187 3,452,153
EUR 1,924,000 France Government Bond OAT 5% 10/25/2016 3,358,955 3,386,180
1,741 Groupe Danone* 99,437 112,125 20,736 Publicis Groupe* 811,768 890,357
7,800 Societe Generale, Class A* 689,992 672,150 18,831 Total SA 1,130,960 1,197,867
11,799,175 12,164,667 JAPAN (6.4%)
11,300 Aioi Insurance Co., Ltd. 59,502 61,587 14,000 Canon Inc. 555,979 601,068 45,663 Credit Saison Co., Ltd. 731,195 572,893 14,300 FamilyMart Co., Ltd. 498,510 490,306
5,200 Fanuc Ltd. 468,648 496,120 28,500 Honda Motor Co., Ltd.* 1,024,048 932,997
63 Inpex Holdings Inc. 547,746 571,766
^ Denotes illiquid securities.* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 093
– 190 –
CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
JAPAN (6.4%) (cont’d)492 Japan Tobacco Inc. 1,614,496 1,795,476
1,058 Jupiter Telecommunication Co. 1,027,792 1,082,595 7 KDDI Corp. 42,868 42,158
30,200 Mitsubishi Corp.* 691,736 651,896 169,600 Mitsubishi UFJ Financial Group Inc. 1,189,336 968,845
18,300 Nikon Corp.* 356,990 357,049 4,816 Nintendo Co., Ltd. 1,436,571 1,304,932 9,880 Nitori Co., Ltd. 749,395 897,852
59 Sony Financial Holding Inc. 197,426 181,326 22,070 Toyota Motor Corp. 1,058,494 934,380
12,250,732 11,943,246 U.K. (6.0%)
4,600 BG Group PLC 84,793 85,391 33,800 BHP Billiton PLC 951,368 987,706 25,612 British American Tobacco PLC 884,025 859,737
5,600 Carnival PLC 185,611 203,884 218,400 Centrica PLC 875,070 940,126
31,700 Diageo PLC 537,737 520,388 38,068 Imperial Tobacco Group PLC 1,186,883 1,176,904 21,500 Inmarsat PLC 202,248 202,313
231,320 Man Group PLC 1,109,281 1,309,978 1,160 Rio Tinto PLC 49,682 52,940
34,000 Royal Dutch Shell PLC, Class A* 979,350 1,037,178 5,400 Scottish and Southern Energy PLC 110,436 108,094
43,546 Standard Chartered PLC 1,102,984 1,148,829 GBP 335,000 United Kingdom Gilt 5% 09/07/2014* 670,773 635,789 GBP 980,000 United Kingdom Treasury Note
5% 03/07/2025 1,978,051 1,878,195 48,500 Vodafone Group PLC 111,444 116,294
11,019,736 11,263,746 GERMANY (5.4%)
EUR 410,000 Bayerische Landesbank 2.75% 01/23/2012 650,665 655,486 EUR 780,000 Bundesrepublik Deutschland 5% 01/04/2012 1,310,045 1,317,537
19,083 DaimlerChrysler AG, Registered Shares* 949,384 1,031,514 12,654 Deutsche Boerse AG 1,030,841 1,107,287
EUR 1,010,000 Deutsche Bundesrepublik 4.75% 07/04/2034 1,723,586 1,758,895 19,539 Fresenius AG 1,144,862 1,219,025
1,435 Fresenius SE 74,711 75,634 EUR 553,000 Germany Government Bond
4.25% 07/04/2014 928,220 938,172 900 K+S AG 50,849 52,357
7,029 Muenchener Rueckversicherungs AG, Registered Shares* 1,099,074 1,203,272
12,877 SAP AG 660,976 671,238 829 Siemens AG, Registered Shares 73,884 81,971
9,697,097 10,112,388 HONG KONG (3.8%)
15,500 China Mobile (Hong Kong) Ltd., ADR 962,066 813,990 41,500 China Yurun Food Group Ltd. 79,134 95,056
487,900 CNOOC Ltd. 737,751 703,684 134,100 Esprit Holdings Ltd. 1,110,589 954,075
9,438 Hang Seng Bank Ltd. 155,463 144,857 247,700 Hutchison Whampoa Ltd. 2,033,728 1,900,889 390,500 Li & Fung Ltd. 1,537,371 1,702,029 241,200 Renhe Commercial Holdings 54,753 51,981 50,400 Sun Hung Kai Properties Ltd. 791,568 795,139
7,462,423 7,161,700
CANADA (3.2%) 2,200 Barrick Gold Corp. (USD) 82,060 89,200
2,315,000 Canada Housing Trust No.1 4.05% 03/15/2011 2,421,745 2,417,763
208,000 Canadian Government Bond 4.5% 06/01/2015* 225,896 228,107
65,000 Canadian Government Bond 5% 06/01/2014* 72,020 72,243 95,000 Canadian Government Bond
5.75% 06/01/2029 116,606 118,249 432,000 Canadian Government Bond
5.75% 06/01/2033* 542,268 551,206 1,545 Goldcorp Inc. (USD) 60,075 66,679 1,000 Potash Corp. of Saskatchewan Inc. 103,368 96,648
NZD 405,000 Province of Manitoba 6.375% 09/01/2015 296,231 311,445 USD 200,000 Province of Ontario 3.5% 07/15/2013 226,818 222,704 USD 969,000 Province of Quebec 4.875% 05/05/2014 1,154,525 1,135,004 EUR 435,000 Province of Quebec 5.625% 06/21/2011 721,900 724,557
6,023,512 6,033,805 SWITZERLAND (2.4%)
21,792 ACE Ltd. 1,179,458 1,246,610 900 Alcon Inc. 125,997 133,621 822 Givaudan SA 612,795 657,417
2,248 Nestle SA, Registered Shares 97,212 102,531 1,800 Noble Corp. 67,671 73,098
761 Roche Holding AG 129,763 131,634 240 SGS SA, Registered Shares 324,860 344,710
9,400 Transocean Ltd. 810,859 860,785 3,759 Zurich Financial Services AG 853,489 957,064
4,202,104 4,507,470 BRAZIL (2.3%)
BRL 4,200 Nota Do Tesouro Nacional 10% 01/01/2017 2,225,201 2,286,197 45,200 Redecard SA 700,004 744,387
BRL 1,150,000 Republic of Brazil 12.5% 01/05/2016 761,128 766,667 19,620 Vale SA, ADR 452,631 485,453
4,138,964 4,282,704 DENMARK (2.2%)
122 AP Moller - Maersk A/S 887,933 896,149 EUR 535,000 Commerzbank AG 2.75% 01/13/2012 850,656 854,994
17,400 FLSmidth & Co. A/S 898,780 1,012,603 19,450 Novo Nordisk A/S 1,295,022 1,301,792
900 Vestas Wind Systems A/S 72,510 69,661 4,004,901 4,135,199
LUXEMBOURG (1.9%) EUR 1,333,000 Germany Government Bond
4.75% 07/04/2028 2,270,399 2,303,015 AUD 1,311,000 Queensland Treasury Corp. 6% 09/14/2017 1,185,906 1,251,494
3,456,305 3,554,509 SWEDEN (1.8%)
42,100 Electrolux AB, Series B 903,855 1,031,253 SEK 7,240,000 Sweden Government Bond 3% 07/12/2016 1,121,700 1,104,438
125,600 Volvo AB, Series B* 1,085,414 1,244,147 3,110,969 3,379,838
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 191 –– 191 –
CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
AUSTRALIA (1.7%) AUD 1,380,000 National Australia Bank 5.75% 12/19/2013 1,249,617 1,299,698 AUD 694,000 New South Wales Treasury Corp.
7% 12/01/2010 654,252 675,323 22,002 Rio Tinto Ltd.* 1,188,855 1,230,404 13,800 Telstra Corp., Ltd. 45,352 42,497
3,138,076 3,247,922 IRELAND (1.5%)
34,550 Accenture PLC 1,367,427 1,378,656 28,980 CRH PLC 816,246 861,795
EUR 400,000 Depfa ACS Bank 4.375% 01/15/2015 592,854 621,261 2,776,527 2,861,712
SOUTH KOREA (1.4%) 7,520 KT&G Corp. 464,039 487,937
KRW 969,000,000 Republic of Korea Monetary Stab Bond 4.15% 08/02/2011 851,615 880,375
3,600 Samsung Electronics Co., Ltd., GDR 1,156,412 1,314,333 2,472,066 2,682,645
MEXICO (1.4%) 24,375 America Movil SAB de C.V. 61,375 57,059
MXN 105,735 Mexico Government Bond 10% 12/05/2024 1,016,555 968,415 MXN 179,850 Mexico Government Bond 9% 12/20/2012 1,639,632 1,519,911 USD 112,000 Mexico Government International Bond
6.375% 01/16/2013 135,835 131,485 2,853,397 2,676,870
NORWAY (1.4%) 46,200 Statoil ASA 1,100,267 1,112,401 59,300 Telenor ASA 620,166 734,246 23,314 Yara International ASA 756,260 783,474
2,476,693 2,630,121 ISRAEL (1.2%)
ILS 5,915,000 Israel Government Bond 7.5% 03/31/2014 2,006,078 2,010,245 2,700 Teva Pharmaceutical Industries Ltd., ADR 152,580 146,157
2,158,658 2,156,402 FINLAND (1.0%)
EUR 150,000 Finland Government Bond 4.25% 07/04/2015 250,921 253,161 31,500 Fortum OYJ 837,231 864,677 41,400 Nokia OYJ 591,675 651,243
1,679,827 1,769,081 JERSEY ISLAND (0.7%)
21,831 Housing Development Finance Ltd. 1,150,264 1,337,661
RUSSIA (0.7%) USD 160,000 Gazprom OAO 9.625% 03/01/2013 191,931 191,022
44,726 OAO Gazprom, ADR 1,011,262 1,113,349 1,203,193 1,304,371
CHINA (0.6%) 65,500 China Communications Construction Co., Ltd. 83,194 75,828 80,600 China Construction Bank Corp., Class H 69,870 68,924
1,072,500 Industrial & Commercial Bank of China 824,299 865,280 64,300 PetroChina Co., Ltd., Class H 83,431 77,815
1,060,794 1,087,847
COLOMBIA (0.6%) COP 1,624,000,000 Republic of Colombia 11.75% 03/01/2010 908,007 930,300 COP 205,000,000 Republic of Colombia 9.85% 06/28/2027 101,320 120,497
1,009,327 1,050,797 TAIWAN (0.6%)
3,565 Hon Hai Precision Industry Co., Ltd. 12,912 15,330 86,867 Taiwan Semiconductor
Manufacturing Co., Ltd., ADR 1,006,356 1,017,468 1,019,268 1,032,798
PORTUGAL (0.6%) 110,189 Jeronimo Martins SGPS SA 924,204 1,030,675
NETHERLANDS (0.5%) 56,200 Royal KPN NV 914,712 998,084
NEW ZEALAND (0.5%) NZD 545,000 Inter-American Development Bank
7.25% 05/24/2012 431,209 447,885 NZD 565,000 New Zealand Government Bond
6% 12/15/2017 438,540 455,890 869,749 903,775
ITALY (0.4%) 14,200 Enel SpA* 87,961 96,224 26,500 Eni SpA* 684,038 706,251
771,999 802,475 BERMUDA (0.4%)
19,400 Endurance Specialty Holdings Ltd. 726,306 757,298
SPAIN (0.4%) 38,100 Banco Santander Central Hispano SA 659,933 656,639
1,400 Inditex SA 83,664 85,766 743,597 742,405
INDIA (0.3%) 58,920 Bharti Airtel Ltd., Participating Notes
(JP Morgan) 549,073 549,131 5,200 Reliance Communications Ltd.,
Warrants (30Dec13) 30,644 35,646 579,717 584,777
AUSTRIA (0.3%) 11,700 Erste Bank der Oesterreichischen
Sparkassen AG 519,525 554,707
IRAQ (0.2%) USD 500,000 Republic of Iraq 5.8% 01/15/2028 376,630 401,495
CZECH REPUBLIC (0.2%) 4,500 CEZ Group 266,634 257,433
216 Komercni Banka AS 48,399 45,876 315,033 303,309
CAYMAN ISLANDS (0.1%) 4,590 SINA Corp. 153,087 186,497
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 192 –– 192 –
CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
SOUTH AFRICA (0.1%) 6,100 Gold Fields Ltd. 82,005 88,256 7,000 Harmony Gold Mining Co., Ltd. 71,291 79,825
153,296 168,081 TURKEY (0.1%)
23,100 Turkiye Garanti Bankasi AS 90,556 93,319
Commission and other portfoliotransaction costs (20,153)
Total Bonds & Equities (89.9%) 163,854,274 167,954,139
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.4%) (see Schedule A) 684,952
Futures Contracts (0.1%) (see Schedule B) 88,179
Total Investments (90.4%) 163,854,274 168,727,270
Other Assets (net) (9.6%) 18,243,389
Total Net Assets (100.0%) 186,970,659
Principal amounts stated in:AUD Australian Dollar BRL Brazilian Real COP Colombian Peso EUR Euro GBP British Pound ILS Israeli Shekel KRW Korean Won MXN Mexican Peso NZD New Zealand Dollar SEK Swedish Krona USD U.S. Dollar
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 193 –– 193 –– 193 –
CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 Citibank A-1 0.86 10-Dec-09 (5,010,000) Australian $ 4,317,919 US $ (80,618)1 Barclays Bank A-1 1.65 10-Dec-09 (1,600,000) British Pound 2,643,744 US $ 93,647 1 Barclays Bank A-1 1.64 10-Dec-09 (2,105,000) British Pound 3,441,675 US $ 84,158 1 Citibank A-1 0.92 10-Dec-09 (3,220,000) Canadian $ 2,960,348 US $ (50,887)1 Deutsche Bank A-1 0.26 10-Dec-09 (2,237,000) Israeli Shekel 589,398 US $ (5,030)1 Royal Bank of Scotland A-1 0.67 10-Dec-09 (1,230,000) New Zealand $ 827,175 US $ (60,557)1 Citibank A-1 0.67 10-Dec-09 (2,470,000) New Zealand $ 1,659,791 US $ (122,980)1 Deutsche Bank A-1 0.17 10-Dec-09 (14,450,000) Norwegian Krone 2,483,591 US $ (13,140)1 State Street Boston A-1 0.61 10-Dec-09 (1,175,047) US $ 720,000 British Pound (26,483)1 Royal Bank of Scotland A-1 1.41 10-Dec-09 (1,226,172) US $ 1,730,000 New Zealand $ 18,050 1 Deutsche Bank A-1 1.20 10-Dec-09 (1,230,709) US $ 1,480,000 Australian $ 71,787 1 Barclays Bank A-1 0.62 10-Dec-09 (1,393,940) US $ 870,000 British Pound (4,284)1 Barclays Bank A-1 0.70 10-Dec-09 (1,903,710) US $ 1,335,000 Euro 53,237 1 Deutsche Bank A-1 5.92 10-Dec-09 (2,442,528) US $ 14,450,000 Norwegian Krone 57,067 1 Citibank A-1 1.07 10-Dec-09 (3,322,909) US $ 3,570,000 Canadian $ 12,790 1 Citibank A-1 0.68 10-Dec-09 (350,635) US $ 240,000 Euro 590 1 Barclays Bank A-1 92.46 10-Dec-09 (3,687,961) US $ 341,000,000 Japanese Yen 120,169 1 Citibank A-1 1.10 10-Dec-09 (5,593,545) US $ 6,180,000 Canadian $ 191,928 1 Royal Bank of Scotland A-1 1.06 10-Dec-09 (650,913) US $ 690,000 Swiss Franc 16,467 1 State Street Boston A-1 92.51 10-Dec-09 (9,945,408) US $ 920,000,000 Japanese Yen 329,041
Total Foreign Currency Forward Contracts Value 684,952
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
Schedule BFutures Contracts (0.1%)
Contracts Futures Price ($) Expiry Date Country Cost ($) Fair Value ($)
30 EUX DJ Euro STOXX 50 Index Futures 2,857.00 18-Dec-09 Euro 1,301,630 1,342,895 7 S&P 500 Stock Index Futures 1,052.90 17-Dec-09 US $ 1,902,990 1,972,753 7 TSE Topix Stock Index Futures 910.00 11-Dec-09 Japanese Yen 782,533 759,684
3,987,153 4,075,332 Exercise Price 3,987,153 Total Future Contracts Value 88,179
– 194 –
CI International Balanced Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
167,954 3,65315,801 594
- -- -
992 -764 40
1,160 20- -- -
80 -155 2
- -950 25
187,856 4,334
- -- 7- 1
387 54- -
90 1408 2
- -- -- -- 4
885 69186,971 4,265
163,854 3,988- -
185,874 4,151565 114532 -
8.91 8.059.50 8.53
10.29 -
20,861,095 515,77859,495 13,36551,754 -
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
339 42338 46
2 2- -- -- -
(30) (6)649 84
512 6257 7
- -19 128 4
616 7433 10
- -33 10
476 (369)(642) (1)
(35) (11)- -
5,242 (354)5,041 (735)5,074 (725)
5,036 (710)24 (15)14 -
0.90 (1.09)0.99 (1.11)0.29 -
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 195 –
CI International Balanced Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
4,151 6,544
3,193 237- -
(5,292) (473)(581) (321)
179,367 -176,687 (557)
- -- -- -- -
5,036 (710)185,874 5,277
114 141
28 1- -
(2) (9)- -
401 -427 (8)
- -- -- -- -
24 (15)565 118
- -
518 -- -- -- -- -
518 -
- -- -- -- -
14 -532 -
4,265 6,685
3,739 238- -
(5,294) (482)(581) (321)
179,768 -177,632 (565)
- -- -- -- -
5,074 (725)186,971 5,395
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 196 –
CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
515,778 685,043367,322 25,160
- -(596,230) (51,082)(66,342) (33,628)
20,640,567 -20,861,095 625,493
13,365 14,1043,023 87
- -(207) (886)
- -43,314 -59,495 13,305
- -51,797 -
- -(43) -
- -- -
51,754 -
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
8.91 8.440.01 0.018.92 8.45
9.50 8.890.01 0.019.51 8.90
10.29 -0.01 -
10.30 -
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
10,794 56811,010 607
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
33 92 1
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
2.001.00
Paid directly by investor
0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 197 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 29.4Other Assets ........................................................................................................................... 15.0Japan ...................................................................................................................................... 7.5U.K. .......................................................................................................................................... 6.8Germany .................................................................................................................................. 6.3France ...................................................................................................................................... 6.0Hong Kong ............................................................................................................................... 4.0Switzerland ............................................................................................................................. 3.3Brazil ....................................................................................................................................... 3.2Canada .................................................................................................................................... 2.1Luxembourg ............................................................................................................................. 2.0Australia .................................................................................................................................. 1.8South Korea ............................................................................................................................ 1.2Colombia ................................................................................................................................. 1.2Norway .................................................................................................................................... 1.2Mexico .................................................................................................................................... 1.1Israel ....................................................................................................................................... 0.9Russia ...................................................................................................................................... 0.9Spain ....................................................................................................................................... 0.9Denmark .................................................................................................................................. 0.8Sweden ................................................................................................................................... 0.8Taiwan ..................................................................................................................................... 0.7Singapore ................................................................................................................................ 0.5Italy ......................................................................................................................................... 0.5Finland ..................................................................................................................................... 0.5Portugal ................................................................................................................................... 0.4Bermuda .................................................................................................................................. 0.4Jersey Island ........................................................................................................................... 0.4India ........................................................................................................................................ 0.3New Zealand ........................................................................................................................... 0.3Czech Republic ........................................................................................................................ 0.2Cayman Islands ....................................................................................................................... 0.2Long Future Contracts ............................................................................................................. 0.1Cash & Equivalents ................................................................................................................. -0.9
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economic con-ditions across the world, however some of the Fund's assets are invested in fixed income securitiesand their market risk exposure will be discussed in the following sections.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $12,107,000 (March 31, 2009 - $260,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 14.7AA/Aa/A+ 2.4A 4.0BBB/Baa/B++ 1.1BB/Ba/B+ 0.6Not Rated 4.3Total 27.1
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 15.2 AA/Aa/A+ 1.9 A 1.3 BBB/Baa/B++ 1.2 BB/Ba/B+ 1.2 Not Rated 5.6 Total 26.4
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (14,643) 70,924 37.9Euro 2,505 36,649 19.6Japanese Yen 14,995 27,006 14.4British Pound (3,619) 7,692 4.1Hong Kong Dollar - 7,437 4.0Brazilian Real - 4,079 2.2Swedish Krona - 3,387 1.8Danish Krone - 3,257 1.7Swiss Franc 713 2,895 1.5Norwegian Krone - 2,630 1.4Mexican Peso - 2,600 1.4New Zealand Dollar (1,523) 1,394 0.7Korean Won - 1,374 0.7Israeli Shekel (636) 1,374 0.7Australian Dollar (3,335) 1,204 0.6Colombian Peso - 1,116 0.6Czech Koruna - 303 0.2South Africa Rand - 213 0.1Turkish Lira - 93 0.1Argentine Peso - 35 0.1Taiwan Dollar - 18 0.1Total (5,543) 175,680 93.9
– 198 –
Currency Risk (cont’d)
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (4) 1,899 44.5 Japanese Yen 484 804 18.9 Euro 31 753 17.7 British Pound (99) 192 4.5 Hong Kong Dollar - 151 3.5 Brazilian Real - 128 3.0 Swiss Franc 44 108 2.5 Norwegian Krone 2 56 1.3 Colombian Peso - 52 1.2 New Zealand Dollar (36) 38 0.9 Swedish Krona - 33 0.8 Australian Dollar (80) 21 0.5 Taiwan Dollar - 13 0.3 Czech Koruna - 9 0.2 Mexican Peso (42) 1 0.1 Argentine Peso - 1 0.1 Israeli Shekel (53) (13) (0.3)Total 247 4,246 99.7
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $17,568,000 (March 31, 2009 - $425,000). In practice, the actual results may differ from this analysis and thedifference may be material.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $923,000 (March 31, 2009 - $15,000). In practice, the actual results maydiffer from this analysis and the difference may be material.
– 198 –
CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
18,511 10,087 8,408 27,214 64,220
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
679 149 164 693 1,685
– 199 –
Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
U.S.A. (24.3%) 21,514 Amerada Hess Corp. 1,844,829 1,231,398 35,000 Anadarko Petroleum Corp. 1,644,555 2,347,673 94,000 Baldor Electric Co. 2,471,115 2,751,534
USD 1,500,000 Baldor Electric Co. 8.625% 02/15/2017 1,512,840 1,630,068 6,000 Becton Dickinson & Co. 445,189 447,297
162,000 Cisco Systems Inc. 3,910,420 4,077,708 20,000 Covance Inc. 1,016,073 1,159,516 75,000 CVS Corp. 2,603,094 2,869,884
144,000 Discover Financial Services 2,268,605 2,500,701 40,000 GameStop Holding Co. 959,698 1,133,607
235,000 General Electric Co. 6,462,431 4,121,262 80,493 GeoGlobal Resources Inc. 589,428 94,798
160,000 Intel Corp. 2,642,212 3,349,001 13,000 Mastercard Inc., Class A 2,425,623 2,811,255
140,000 Microsoft Corp. 3,275,789 3,864,198 20,000 Oracle Corp. 399,214 445,820
104,200 Patterson-UTI Energy Inc. 2,688,491 1,684,586 73,000 Ultra Petroleum Corp. 4,296,719 3,826,597
41,456,325 40,346,903 SWITZERLAND (11.7%)
10,000 Alcon Inc. 1,021,955 1,484,674 90,900 Aryzta AG 3,887,528 3,895,206 45,337 Holcim Ltd. 3,855,025 3,326,128
180,000 Nestle SA, Registered Shares 7,261,822 8,209,802 10,000 Swatch Group AG 2,139,675 2,522,294
18,166,005 19,438,104 U.K. (9.0%)
385,000 Diageo PLC 7,386,407 6,320,168 72,100 Rio Tinto PLC 4,561,655 3,290,505
194,000 Travis Perkins PLC 2,918,598 2,764,838 GBP 690,000 United Kingdom Gilt 4.75% 09/07/2015 1,568,669 1,307,646 GBP 650,000 United Kingdom Treasury Note
5% 03/07/2025 1,564,197 1,245,742 17,999,526 14,928,899
AUSTRALIA (6.0%) AUD 8,400,000 Australia Government Bond
6.25% 04/15/2015 7,496,105 8,310,018 47,700 BHP Billiton Ltd. 976,480 1,699,629
8,472,585 10,009,647 FRANCE (5.4%)
43,000 Air Liquide* 4,859,140 5,237,477 34,400 Schneider Electric SA 3,670,333 3,732,393
8,529,473 8,969,870 JAPAN (2.6%)
27,244 Canon Inc. 1,333,017 1,169,678 95,000 Mitsubishi Corp. 1,730,620 2,050,667
4,000 Nintendo Co., Ltd. 1,104,743 1,083,830 4,168,380 4,304,175
GERMANY (2.2%) EUR 70,000 Germany Government Bond 5% 07/04/2011 124,307 116,924
10,191 Puma AG 3,078,666 3,590,042 3,202,973 3,706,966
CANADA (2.1%) 640,000 Yellow Pages Income Fund 5,267,037 3,456,000
NETHERLANDS (1.9%) USD 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 3,198,387
SWEDEN (1.7%) 90,000 Atlas Copco AB, Series A 1,072,725 1,239,816 25,000 Hennes & Mauritz AB, Class B 1,277,338 1,501,202
2,350,063 2,741,018 BRAZIL (1.5%)
50,000 Petroleo Brasileiro SA, ADR 2,026,624 2,456,612
IRELAND (1.5%) 250,000 Kingspan Group PLC 3,241,532 2,450,842
TAIWAN (1.3%) 185,849 Taiwan Semiconductor Manufacturing Co.,
Ltd., ADR 1,680,094 2,176,838
Commission and other portfolio transaction costs (193,626)
Total Bonds & Equities (71.2%) 119,582,756 118,184,261
Short Term Notes (12.3%) 20,268,401 20,315,534
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.4%) (see Schedule A) 638,508
Total Investments (83.9%) 139,851,157 139,138,303
Other Assets (net) (16.1%) 26,679,263
Total Net Assets (100.0%) 165,817,566
Principal amounts stated in:AUD Australian Dollar EUR Euro GBP British Pound USD U.S. Dollar
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2306
– 200 –– 200 –
Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (104,000) Australian $ 91,702 Canadian $ (6,282)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (119,000) Australian $ 111,449 Canadian $ (29)1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (17,000) Australian $ 15,154 Canadian $ (863)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (191,000) Australian $ 178,844 Canadian $ (84)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (192,000) Australian $ 172,560 Canadian $ (7,853)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (256,000) Australian $ 230,029 Canadian $ (10,521)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (537,000) Australian $ 483,343 Canadian $ (21,250)1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (80,000) Australian $ 71,359 Canadian $ (4,014)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (86,000) Australian $ 77,219 Canadian $ (3,590)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (99,000) Australian $ 86,138 Canadian $ (7,135)1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (1,064,000) British Pound 1,877,322 Canadian $ 57,455 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (1,077,000) British Pound 1,920,453 Canadian $ 78,145 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (223,000) British Pound 397,912 Canadian $ 16,450 1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (3,003,000) British Pound 5,355,931 Canadian $ 219,024 1 Canadian Imperial Bank of Commerce A-1 1.74 30-Dec-09 (501,000) British Pound 872,722 Canadian $ 15,903 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (55,000) British Pound 95,619 Canadian $ 1,558 1 Toronto-Dominion Bank A-1+ 1.77 30-Oct-09 (590,000) British Pound 1,045,055 Canadian $ 35,809 1 Bank of Nova Scotia†† A-1+ 1.77 30-Nov-09 (61,000) British Pound 107,814 Canadian $ 3,480 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (766,000) British Pound 1,335,881 Canadian $ 25,851 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (813,000) British Pound 1,449,457 Canadian $ 58,746 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (97,000) British Pound 168,484 Canadian $ 2,594 1 Royal Bank of Canada A-1+ 0.91 30-Oct-09 (2,750,353) Canadian $ 2,516,000 US $ (56,730)1 Toronto-Dominion Bank A-1+ 0.97 30-Oct-09 (664,599) Canadian $ 643,000 Swiss Franc (67)1 Canadian Imperial Bank of Commerce A-1 1.60 30-Dec-09 (105,000) Euro 168,162 Canadian $ 3,691 1 Toronto-Dominion Bank A-1+ 1.54 30-Oct-09 (1,050,000) Euro 1,613,483 Canadian $ (31,507)1 Royal Bank of Canada A-1+ 1.60 30-Dec-09 (1,378,000) Euro 2,207,309 Canadian $ 48,830 1 Bank of Nova Scotia†† A-1+ 1.60 30-Dec-09 (3,937,000) Euro 6,308,413 Canadian $ 141,548 1 Toronto-Dominion Bank A-1+ 1.57 30-Oct-09 (570,000) Euro 893,777 Canadian $ 776 1 Toronto-Dominion Bank A-1+ 1.60 30-Dec-09 (606,000) Euro 970,509 Canadian $ 21,280 1 Canadian Imperial Bank of Commerce A-1 1.55 30-Nov-09 (619,000) Euro 957,376 Canadian $ (12,285)1 Toronto-Dominion Bank A-1+ 1.57 30-Nov-09 (690,000) Euro 1,081,064 Canadian $ 164 1 Canadian Imperial Bank of Commerce A-1 1.53 30-Oct-09 (745,000) Euro 1,139,226 Canadian $ (27,931)1 Toronto-Dominion Bank A-1+ 1.54 30-Nov-09 (804,000) Euro 1,237,798 Canadian $ (21,658)1 Bank of Nova Scotia†† A-1+ 1.54 30-Oct-09 (87,000) Euro 133,789 Canadian $ (2,511)1 Royal Bank of Canada A-1+ 1.55 30-Nov-09 (996,000) Euro 1,541,181 Canadian $ (19,051)1 Toronto-Dominion Bank A-1+ 0.01 30-Nov-09 (127,281,000) Japanese Yen 1,446,951 Canadian $ (71,359)1 Toronto-Dominion Bank A-1+ 0.01 30-Dec-09 (14,788,000) Japanese Yen 179,433 Canadian $ 2,976 1 Royal Bank of Canada A-1+ 0.01 30-Nov-09 (18,121,000) Japanese Yen 207,486 Canadian $ (8,678)1 Bank of Nova Scotia†† A-1+ 0.01 30-Oct-09 (23,105,000) Japanese Yen 265,376 Canadian $ (10,209)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Oct-09 (26,416,000) Japanese Yen 303,214 Canadian $ (11,864)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Nov-09 (27,000,000) Japanese Yen 309,048 Canadian $ (13,032)1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (31,403,000) Japanese Yen 351,401 Canadian $ (23,155)1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (34,902,000) Japanese Yen 410,105 Canadian $ (6,193)1 Royal Bank of Canada A-1+ 0.01 30-Dec-09 (37,605,000) Japanese Yen 455,993 Canadian $ 7,273 1 Canadian Imperial Bank of Commerce A-1 0.01 30-Dec-09 (44,482,000) Japanese Yen 538,067 Canadian $ 7,290 1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (51,104,000) Japanese Yen 586,930 Canadian $ (22,615)1 Bank of Nova Scotia†† A-1+ 0.01 30-Dec-09 (83,460,000) Japanese Yen 1,010,681 Canadian $ 14,801 1 Bank of Nova Scotia†† A-1+ 0.15 30-Nov-09 (107,000) Swedish Krona 16,446 Canadian $ 8 1 Toronto-Dominion Bank A-1+ 0.14 30-Oct-09 (1,126,000) Swedish Krona 163,025 Canadian $ (9,926)1 Bank of Nova Scotia†† A-1+ 0.16 30-Dec-09 (1,183,000) Swedish Krona 186,565 Canadian $ 4,775 1 Canadian Imperial Bank of Commerce A-1 0.14 30-Oct-09 (1,783,000) Swedish Krona 258,395 Canadian $ (15,470)1 Royal Bank of Canada A-1+ 0.16 30-Dec-09 (197,000) Swedish Krona 30,970 Canadian $ 697 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (2,234,000) Swedish Krona 324,224 Canadian $ (18,914)1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (2,379,000) Swedish Krona 375,101 Canadian $ 9,523 1 Canadian Imperial Bank of Commerce A-1 0.15 30-Nov-09 (403,000) Swedish Krona 61,969 Canadian $ 58
– 201 –– 201 –– 201 –
Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule A (cont’d)Foreign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Bank of Nova Scotia†† A-1+ 0.15 30-Oct-09 (5,382,000) Swedish Krona 783,567 Canadian $ (43,098)1 Royal Bank of Canada A-1+ 0.15 30-Nov-09 (579,000) Swedish Krona 89,111 Canadian $ 162 1 Royal Bank of Canada A-1+ 0.15 30-Oct-09 (836,000) Swedish Krona 121,425 Canadian $ (6,983)1 Toronto-Dominion Bank A-1+ 0.16 30-Dec-09 (9,000) Swedish Krona 1,415 Canadian $ 32 1 Toronto-Dominion Bank A-1+ 0.15 30-Nov-09 (927,000) Swedish Krona 142,532 Canadian $ 122 1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (110,000) Swiss Franc 111,061 Canadian $ (2,622)1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (1,343,000) Swiss Franc 1,424,858 Canadian $ 36,195 1 Toronto-Dominion Bank A-1+ 1.02 30-Nov-09 (2,087,000) Swiss Franc 2,130,831 Canadian $ (26,361)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (2,995,000) Swiss Franc 3,022,200 Canadian $ (73,064)1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (3,215,000) Swiss Franc 3,244,034 Canadian $ (78,594)1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (327,000) Swiss Franc 346,910 Canadian $ 8,792 1 Royal Bank of Canada A-1+ 1.02 30-Nov-09 (783,000) Swiss Franc 799,371 Canadian $ (9,963)1 Bank of Nova Scotia†† A-1+ 1.02 30-Nov-09 (821,000) Swiss Franc 837,597 Canadian $ (11,015)1 Bank of Nova Scotia†† A-1+ 1.02 30-Oct-09 (872,000) Swiss Franc 888,083 Canadian $ (13,112)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (926,000) Swiss Franc 935,339 Canadian $ (21,661)1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (1,797,000) US $ 1,941,209 Canadian $ 17,447 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (2,555,000) US $ 2,784,439 Canadian $ 49,289 1 Toronto-Dominion Bank A-1+ 1.06 30-Dec-09 (2,854,000) US $ 3,023,670 Canadian $ (31,383)1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (3,092,000) US $ 3,350,120 Canadian $ 39,846 1 Royal Bank of Canada A-1+ 1.07 30-Oct-09 (3,171,000) US $ 3,405,115 Canadian $ 10,276 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (4,049,000) US $ 4,372,151 Canadian $ 37,533 1 Canadian Imperial Bank of Commerce A-1 1.09 30-Dec-09 (4,222,000) US $ 4,601,009 Canadian $ 81,322 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (4,510,000) US $ 4,915,088 Canadian $ 87,094 1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (5,091,000) US $ 5,540,281 Canadian $ 90,337 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (5,675,000) US $ 6,127,581 Canadian $ 52,265 1 Toronto-Dominion Bank A-1+ 1.08 30-Oct-09 (7,423,000) US $ 8,049,575 Canadian $ 102,558 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (944,000) US $ 1,019,756 Canadian $ 9,165
Total Foreign Currency Forward Contracts Value 638,508
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 202 –
Harbour Foreign Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
118,184 104,72824,844 21,23820,316 6,094
- -- -- -
1,401 151- -- -
324 2101,939 -
- -618 728
167,626 133,149
- -- -- -
762 2,168- -
763 -175 229
- -- -- -
108 661,808 2,463
165,818 130,686
119,583 144,163- -
157,967 124,4632,684 2,3503,110 2,432
968 71482 65
929 598- -
78 64
11.18 8.7712.00 9.369.49 7.357.52 6.038.14 6.456.94 5.65
- -7.20 5.78
14,128,615 14,198,043223,700 251,192327,719 330,710128,775 118,416
10,030 10,138133,842 105,832
- -10,893 11,012
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 203 –
Harbour Foreign Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
1,555 2,065786 1,697
54 55- -- -- -
(255) (305)2,140 3,512
1,468 1,661163 185
- -42 4982 92
1,755 1,987385 1,525
- -385 1,525
(4,983) (3,635)(159) 281(57) (107)
- -
40,643 (20,607)35,444 (24,068)35,829 (22,543)
34,101 (20,309)635 (454)689 (1,479)192 (162)20 (5)
174 (116)- (7)
18 (11)
2.42 (1.56)2.68 (1.45)2.17 (0.83)1.64 (1.24)1.87 (0.98)1.50 (1.10)
- (1.01)1.65 (0.92)
124,463 152,409
12,072 18,046- -
(10,657) (13,360)(2,012) 23,965
(597) 28,651
- -- -- -- -
34,101 (20,309)157,967 160,751
2,350 4,372
132 370- -
(291) (707)(142) (143)(301) (480)
- -- -- -- -
635 (454)2,684 3,438
2,432 21,825
56 10,858- -
(37) (1,238)(30) (26,265)(11) (16,645)
- -- -- -- -
689 (1,479)3,110 3,701
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 204 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- 58
- -- -- -- -- -
- -- -- (2)- (2)- (7)- 49
64 100
- 1- -
(1) (1)- -
(1) -
- -- -
(3) (4)(3) (4)18 (11)78 85
130,686 180,879
12,589 30,061- -
(11,112) (15,443)(2,122) (2,708)
(645) 11,910
- -- -
(52) (82)(52) (82)
35,829 (22,543)165,818 170,164
714 1,012
161 407- -
(80) (51)- 46
81 402
- -- -
(19) (32)(19) (32)
192 (162)968 1,220
65 263
- 100- -
(1) (1)- (269)
(1) (170)
- -- -
(2) (3)(2) (3)
20 (5)82 85
598 840
168 279- -
(45) (85)62 (42)
185 152
- -- -
(28) (41)(28) (41)
174 (116)929 835
Harbour Foreign Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 205 –
Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
14,198,043 12,118,2611,183,693 1,459,317
- -(1,051,543) (1,085,276)
(201,578) 1,986,57114,128,615 14,478,873
251,192 328,94712,610 27,526
- -(27,041) (54,304)(13,061) (10,682)223,700 291,487
330,710 2,118,0696,748 1,035,069
- -(4,335) (119,069)(5,404) (2,632,106)
327,719 401,963
118,416 110,19621,510 45,671
- -(11,603) (5,736)
452 4,506128,775 154,637
10,138 27,428- 10,330- -
(108) (104)- (27,404)
10,030 10,250
105,832 94,14725,632 31,124
- -(7,168) (9,755)9,546 (4,801)
133,842 110,715
- 6,215- -- -- (51)- -- 6,164
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
11,012 11,182- 62- -
(119) (122)- -
10,893 11,122
– 206 –
Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
488 8,792497 9,394
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
53 1014 3
Annual management fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.001.00
Paid directly by investor2.00
Paid directly by investor2.001.00
Paid directly by investor
0.220.22
-0.22
-0.220.22
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
11.18 11.100.01 0.01
11.19 11.11
12.00 11.790.01 0.01
12.01 11.80
9.49 9.210.01 0.019.50 9.22
7.52 7.89- 0.01
7.52 7.90
8.14 8.330.01 0.018.15 8.34
6.94 7.540.01 -6.95 7.54
- 7.91- 0.01- 7.92
7.20 7.63- -
7.20 7.63
– 207 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 26.9Cash & Equivalents ................................................................................................................. 14.7U.K. .......................................................................................................................................... 10.4Switzerland ............................................................................................................................. 10.0Canada .................................................................................................................................... 7.5Australia .................................................................................................................................. 7.3France ...................................................................................................................................... 6.9Japan ...................................................................................................................................... 3.2Brazil ....................................................................................................................................... 2.9Netherlands ............................................................................................................................ 2.7Germany .................................................................................................................................. 2.1Ireland ..................................................................................................................................... 1.8Sweden ................................................................................................................................... 1.6Taiwan ..................................................................................................................................... 1.5Other Assets ........................................................................................................................... 0.5
During the six-month period the Fund’s exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to otherprice risk remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 19.6AA/Aa/A+ 0.1A 1.9B 1.0Total 22.6
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 13.1 AA/Aa/A+ 0.1 A 2.7 Total 15.9
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Australian Dollar (1,588) 8,650 5.2US Dollar (45,896) 3,809 2.3British Pound (14,115) 967 0.6Euro (18,154) 870 0.5Swiss Franc (13,263) 795 0.5Swedish Krona (2,633) 108 0.1Japanese Yen (6,198) 83 0.1 Total (101,847) 15,282 9.3
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Australian Dollar (1,343) 8,409 6.4 British Pound (12,631) 1,100 0.8 Euro (15,784) 941 0.7 Swiss Franc (8,869) 341 0.3 Swedish Krona (1,951) 81 0.1 Japanese Yen (4,201) (42) (0.1)US Dollar (46,265) (134) (0.1)Total (91,044) 10,696 8.1
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $1,528,000 (March31, 2009 - $1,070,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $102,000 (March 31, 2009 - $61,000). In practice, the actual results maydiffer from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
45,160 117 3,198 12,493 60,968
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
27,332 127 3,583 10,939 41,981
– 208 –
Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
30,927,517 Harbour Growth & Income Fund (Class I) 495,352,340 484,943,469
Total Investments (99.9%) 495,352,340 484,943,469
Other Assets (net) (0.1%) 463,636
Total Net Assets (100.0%) 485,407,105
Portfolio Breakdown of Harbour Growth & Income Fund as at September 30, 2009
Percentage ofCategory Net Asset Value (%)
Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2310
– 209 –
Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
484,943 361,344168 666
- -- -- -- -- -- -- -
2,031 1,050100 -
- -- -
487,242 363,060
- -- -- -- -- -
957 859878 672
- -- -- -- -
1,835 1,531485,407 361,529
495,352 449,587- -
374,420 283,41212,689 9,88530,932 21,08226,333 17,876
1,278 906835 1,174
38,461 26,834450 352
9 8
10.43 8.7610.65 8.9110.43 8.678.44 7.258.94 7.649.10 7.737.86 6.868.33 7.228.38 7.22
35,914,277 32,348,5221,191,039 1,109,9572,964,850 2,432,4333,121,823 2,464,879
142,973 118,46391,761 151,890
4,890,542 3,913,27154,000 48,718
1,123 1,129
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 210 –
Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)†
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- -- 34- -- -- -- -- -- 34
3,960 3,112402 317
- -- -
218 1714,580 3,600(4,580) (3,566)
- -(4,580) (3,566)
(1,562) (102)(15) (3)
- -- -
77,834 (21,508)76,257 (21,613)71,677 (25,179)
55,546 (19,138)1,977 (727)4,504 (1,046)3,739 (1,826)
195 (51)241 (61)
5,398 (2,262)76 (58)
1 (10)
1.64 (0.82)1.74 (0.80)1.74 (0.75)1.33 (0.87)1.42 (1.46)1.64 (0.48)1.25 (0.76)1.41 (1.18)1.46 (1.40)
283,412 191,554
58,571 120,806- -
(25,315) (18,391)2,206 16,250
35,462 118,665
- -- -- -- -
55,546 (19,138)374,420 291,081
9,885 6,817
2,327 4,810- -
(2,011) (1,254)511 896827 4,452
- -- -- -- -
1,977 (727)12,689 10,542
21,082 9,283
4,936 6,341- -
(973) (878)1,383 3,0725,346 8,535
- -- -- -- -
4,504 (1,046)30,932 16,772
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
†Investment transactions of the Fund are not subject to commissions or transaction costs. The accompanying notes are an integral part of these financial statements.
– 211 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
26,834 17,261
8,610 18,015- -
(1,955) (1,428)809 1,861
7,464 18,448
- -- -
(1,235) (1,192)(1,235) (1,192)5,398 (2,262)
38,461 32,255
352 154
119 537- -
(130) (93)48 6437 508
- -- -
(15) (20)(15) (20)76 (58)
450 584
8 11
- 123- -- (1)- 111- 233
- -- -- (5)- (5)1 (10)9 229
17,876 12,250
6,254 15,262- -
(2,634) (1,713)1,633 4905,253 14,039
- -- -
(535) (531)(535) (531)
3,739 (1,826)26,333 23,932
906 43
144 597- -
(10) (11)70 196
204 782
- -- -
(27) (10)(27) (10)
195 (51)1,278 764
1,174 892
- 1,058- -
(10) (8)(542) (203)(552) 847
- -- -
(28) (35)(28) (35)
241 (61)835 1,643
Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 212 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
361,529 238,265
80,961 167,549- -
(33,038) (23,777)6,118 22,737
54,041 166,509
- -- -
(1,840) (1,793)(1,840) (1,793)
71,677 (25,179)485,407 377,802
Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 213 –
Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
32,348,522 17,590,8475,965,673 10,805,724
- -(2,599,327) (1,667,905)
199,409 1,439,49935,914,277 28,168,165
1,109,957 622,453229,508 424,254
- -(199,371) (110,609)
50,945 72,7311,191,039 1,008,829
2,432,433 881,767495,658 578,131
- -(98,487) (81,507)135,246 280,475
2,964,850 1,658,866
2,464,879 1,287,335774,691 1,569,035
- -(322,383) (187,255)204,636 47,853
3,121,823 2,716,968
118,463 4,32816,905 59,390
- -(1,147) (1,129)8,752 20,214
142,973 82,803
151,890 89,992- 106,276- -
(1,129) (768)(59,000) (18,591)91,761 176,909
3,913,271 1,852,9361,133,492 1,904,388
- -(261,700) (153,440)105,479 196,694
4,890,542 3,800,578
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
48,718 15,91915,418 53,562
- -(16,212) (9,763)
6,076 5,99754,000 65,715
1,129 1,140- 12,742- -
(6) (57)- 12,091
1,123 25,916
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
Paid directly by investor
0.200.20
-0.200.20
-0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 214 –
Portfolio Breakdown of Harbour Growth & Income Fundas at March 31, 2009
Percentage ofCategories Net Asset Value (%)
Energy ..................................................................................................................................... 17.8Cash & Equivalents ................................................................................................................. 16.3Materials ................................................................................................................................. 14.1Financials ................................................................................................................................ 13.0Information Technology .......................................................................................................... 8.9Consumer Discretionary .......................................................................................................... 8.8Industrials ............................................................................................................................... 7.2Government Bonds .................................................................................................................. 5.7Short Term Investments .......................................................................................................... 5.0Consumer Staples ................................................................................................................... 3.1Other Assets ........................................................................................................................... 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is pre-dominantly invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.
As at September 30, 2009, had the Canadian markets increased or decreased by 10%, with allother variables held constant, net assets of the Fund would have increased or decreased, respec-tively, by approximately $48,494,000 (March 31, 2009 - $36,134,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund.
The Underlying Fund was invested in debt securities, preferred securities and derivative instru-ments, as applicable, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 21.2AA/Aa/A+ 0.1Total 21.3
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 10.8AA/Aa/A+ 0.1Total 10.9
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund.
The tables below summarize the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.
as at September 30, 2009Net
AssetsCurrency (%)US Dollar 1.8British Pound 0.2Australian Dollar 0.2Swiss Franc 0.1Taiwan Dollar (1.2)Total 1.1
as at March 31, 2009Net
AssetsCurrency (%)US Dollar 1.5 British Pound 0.3 Swiss Franc 0.1 Australian Dollar (0.1)Taiwan Dollar (1.5)Total 0.3
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $533,000 (March 31, 2009 - $36,000). In practice, the actual results may differ from this analy-sis and the difference may be material.
Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund.
The tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $1,091,000 (March 31, 2009 - $156,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
2,305,020 255,318 74,239 177,916 2,812,493
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
1,534,084 181,594 - 112,242 1,827,920
– 215 –
Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
3,467,005 Signature Global Income & Growth Fund (Class I) 26,707,889 24,754,418
Total Investments (99.8%) 26,707,889 24,754,418
Other Assets (net) (0.2%) 49,392
Total Net Assets (100.0%) 24,803,810
Portfolio Breakdown of Signature Global Income & Growth Fund as at September 30, 2009
Percentage ofCategory Net Asset Value (%)
U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2
The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2312
– 216 –
Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
24,754 19,725164 67
- -- -- -- -- -- -- -
77 11- -- -- -
24,995 19,803
- -38 334 4- -- -
54 -49 43
- -- -- -
46 28191 108
24,804 19,695
26,708 26,595- -
20,436 16,6351,251 1,3381,885 705
333 23327 2289 73
783 689
8.57 6.838.91 7.069.25 7.288.72 7.118.71 7.069.18 7.407.96 6.59
2,384,304 2,435,835140,431 189,473203,738 96,71738,151 32,793
3,131 3,1319,710 9,814
98,365 104,615
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 217 –
Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)†
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- -- 3- -- -
288 465- -- -
288 468
202 24823 28
- -18 1711 14
254 30734 161
- -34 161
(458) (184)(7) (1)- -
573 940
4,917 (3,617)5,025 (2,862)5,059 (2,701)
4,148 (2,221)301 (171)348 (129)69 (38)
6 (4)19 (9)
168 (129)
1.74 (0.88)1.87 (0.86)1.87 (0.92)1.78 (1.14)1.83 (0.88)1.98 (0.95)1.64 (1.19)
16,635 22,510
1,532 2,127- -
(1,369) (1,768)(510) (136)(347) 223
- -- -- -- -
4,148 (2,221)20,436 20,512
1,338 1,724
57 400- -
(276) (344)(169) 35(388) 91
- -- -- -- -
301 (171)1,251 1,644
705 1,133
412 555- -
(231) (15)651 (240)832 300
- -- -- -- -
348 (129)1,885 1,304
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
†Investment transactions of the Fund are not subject to commissions or transaction costs. The accompanying notes are an integral part of these financial statements.
– 218 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
689 606
1 719- -
(45) (8)(1) 15
(45) 726
- -- -
(29) (45)(29) (45)168 (129)783 1,158
19,695 26,262
2,075 4,027- -
(1,933) (2,148)(53) (290)89 1,589
- -- -
(39) (58)(39) (58)
5,059 (2,701)24,804 25,092
233 250
73 126- -
(11) (12)(24) 3638 150
- -- -
(7) (9)(7) (9)
69 (38)333 353
22 39
- -- -- -- -- -
- -- -
(1) (1)(1) (1)6 (4)
27 34
73 -
- 100- -
(1) (1)- -
(1) 99
- -- -
(2) (3)(2) (3)
19 (9)89 87
Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 219 –
Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
2,435,835 2,547,646194,111 240,186
- -(177,711) (200,151)
(67,931) (15,242)2,384,304 2,572,439
189,473 190,6667,407 43,541
- -(35,871) (37,671)(20,578) 3,869
140,431 200,405
96,717 123,11854,404 59,180
- -(28,116) (1,675)80,733 (25,471)
203,738 155,152
32,793 25,69910,086 12,960
- -(1,417) (1,303)(3,311) 3,880
38,151 41,236
3,131 4,064- -- -- -- -
3,131 4,064
9,814 -- 10,000- -
(104) (78)- -
9,710 9,922
104,615 64,796123 77,664
- -(6,233) (891)
(140) 1,75398,365 143,322
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.00
0.220.22
-0.220.22
-0.22
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 220 –
Portfolio Breakdown of Signature Global Income & Growth Fund as at March 31, 2009
Percentage ofCategories Net Asset Value (%)
U.S.A. ...................................................................................................................................... 47.6Canada .................................................................................................................................... 24.8U.K. .......................................................................................................................................... 5.0Japan ...................................................................................................................................... 4.3Switzerland ............................................................................................................................. 2.7Germany .................................................................................................................................. 2.7Australia .................................................................................................................................. 2.4Other Assets ........................................................................................................................... 2.4Cash & Equivalents ................................................................................................................. 1.9France ...................................................................................................................................... 1.6Mexico .................................................................................................................................... 1.0China ....................................................................................................................................... 0.8Italy ......................................................................................................................................... 0.7Singapore ................................................................................................................................ 0.5Bermuda .................................................................................................................................. 0.5Netherlands ............................................................................................................................ 0.4Finland ..................................................................................................................................... 0.3Brazil ....................................................................................................................................... 0.3Hong Kong ............................................................................................................................... 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is invest-ed in foreign stocks and therefore sensitive to changes in general economic conditions across theworld, however some of the Underlying Fund's assets are invested in fixed income securities andtheir market risk exposure will be discussed in the following sections.
As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $2,475,000 (March 31, 2009 - $1,973,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.
Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund.
The Underlying Fund was invested in debt securities, preferred securities and derivative instru-ments, as applicable, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 1.7AA/Aa/A+ 0.8A 3.1BBB/Baa/B++ 4.7BB/Ba/B+ 6.1B 9.1CCC/Caa/C++ 5.2CC/Ca/C+ 0.1Not Rated 4.5Total 35.3
Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 11.4AA/Aa/A+ 9.2A 4.4BBB/Baa/B++ 3.5BB/Ba/B+ 7.4B 8.7CCC/Caa/C++ 1.7Not Rated 2.6Total 48.9
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund.
The tables below summarize the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.
as at September 30, 2009Net
AssetsCurrency (%)US Dollar 14.7Japanese Yen 6.7Euro 6.6British Pound 4.0Australian Dollar 2.3Hong Kong Dollar 1.6Brazilian Real 1.5Swiss Franc 1.4Singapore Dollar 0.7Taiwan Dollar 0.5Philippine Peso 0.2Mexican Peso 0.1 Total 40.3
as at March 31, 2009Net
AssetsCurrency (%)US Dollar 16.7 Japanese Yen 4.4 British Pound 1.8 Euro 1.5 Hong Kong Dollar 1.0 Australian Dollar 0.7 Taiwan Dollar 0.7 Swiss Franc 0.2 Mexican Peso 0.1 Brazilian Real 0.1 Total 27.2
– 221 –
Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency Risk (cont’d)
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $998,000 (March 31, 2009 - $537,000). In practice, the actual results may differ from this analy-sis and the difference may be material.
Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund.
The tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have indirectly decreased orincreased, respectively, by approximately $202,000 (March 31, 2009 - $52,000). In practice, theactual results may differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
1,969 5,734 7,072 14,672 29,447
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
13,723 3,734 5,868 11,410 34,735
– 222 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (25.4%) 303,300 Aberdeen Asset Management PLC 840,512 778,371
USD 579,000 Ace Cash Express Inc. 10.25% 10/01/2014 521,973 415,338 6,800 Allianz AG, Registered Shares* 683,282 911,035
50,279 Allied Properties REIT 893,955 829,604 36,400 Altus Group Income Fund 630,515 396,760
167,000 American Express Canada 4.7% 05/20/2011 164,924 172,431 134,100 AMP Ltd. 612,311 823,391
10,700 Artio Global Investors Inc. 306,399 298,428 21,367 Artis REIT 294,802 193,585
267,241 AXA Asia Pacific Holdings Ltd. 1,135,657 1,098,137 219,100 Bank of America Corp. 3,077,267 3,955,018 204,000 Bank of Ireland 3.8% 09/22/2015 199,760 198,537 268,000 Bank of Montreal 5.18% 06/10/2015* 267,172 294,320 245,000 Bank of Montreal Capital Trust II, Callable
10.221% 12/31/2107 245,000 324,243 43,300 Bank of New York Mellon Corp. 1,363,709 1,343,955
108,200 Bank of Nova Scotia†† 4,712,898 5,287,734 145,000 Bank of Nova Scotia 5.04% 04/08/2013†† 143,055 156,162 141,000 Bank of Nova Scotia 6% 10/03/2018*†† 140,958 155,345
GBP 430,000 Barclays Bank PLC 14% 06/15/2019 805,675 941,602 250,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 253,762 255,605
2,500 Boardwalk REIT 82,995 95,825 272,000 Boardwalk REIT, Callable 5.61% 01/23/2012 271,823 274,084
4,877 Boston Pizza Royalties Income Fund 68,748 50,038 9,850 Boston Properties REIT 546,036 690,758
225,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 224,554 251,566
44,010 Brookfield Asset Management Inc., Class A 897,115 1,072,524 22,620 Brookfield Properties Corp. (USD) 238,670 272,696
110,000 Calloway REIT 10.25% 04/14/2014 110,000 125,528 490,000 Canada Housing Trust No.1 4% 06/15/2012 521,100 516,955 355,000 Canada Housing Trust No.1 4.1% 12/15/2018 366,349 371,078 160,000 Canada Housing Trust No.1 4.6% 09/15/2011 162,852 169,827 240,000 Canada Life Capital Trust 6.679% 06/30/2012 226,590 257,220
25,150 Canadian Apartment Properties REIT 408,913 369,202 119,600 Canadian Imperial Bank of Commerce 7,248,673 7,808,684
45,620 Canadian REIT 938,424 1,173,803 75,000 Canadian Western Bank 6.199% 12/31/2056 75,000 64,718
575,000 Canadian Western Bank 5.07% 03/22/2017 563,345 574,421 300,000 Canadian Western Bank 5.95% 06/27/2018 299,106 301,727
USD 360,000 CB Richard Ellis Services Inc. 11.625% 06/15/2017 396,061 407,451
28,006 Chartwell Seniors Housing REIT 180,464 185,120 400,000 CIT Group Holdings Inc. 4.72% 02/10/2011 375,250 260,696
58,239 Cominar REIT 994,566 1,129,254 158,000 Commerzbank AG, FRN 4.5% 12/15/2016 153,552 138,566 142,000 Co-operators Financial Services Ltd.
5.07% 07/20/2012 140,964 144,231 USD 317,000 Couche-Tard Finance Corp., Callable
7.5% 12/15/2013 336,716 343,215 15,900 Davis & Henderson Income Fund 300,800 235,797
202,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 196,908 190,565 2,900 Fairfax Financial Holdings Ltd.,
Sub-Voting Shares 923,361 1,152,924
FINANCIALS (25.4%) (cont’d)20,827 First Capital Realty Inc. 353,342 401,545 16,710 First Capital Realty Inc. 8,355 7,453
196,000 First Capital Realty Inc. 5.25% 03/30/2011 195,589 198,793 126,000 First Capital Realty Inc. 5.34% 04/01/2013 125,269 120,724 299,000 First Capital Realty Inc., 144A
5.5% 09/30/2017 282,168 269,100 142,000 First Captial Realty Inc. 5.49% 12/01/2011 142,917 142,976
USD 75,000 Ford Motor Credit Co. 8.7% 10/01/2014 78,917 78,657 77,800 Genworth MI Canada Inc. 1,496,797 1,867,200 45,000 Great-West Life Capital Trust
5.995% 12/31/2052 41,450 47,772 93,900 Great-West Lifeco Inc.* 1,514,875 2,493,984 17,410 H&R REIT 339,433 240,432 29,400 Hosted Data Transaction Solutions Inc. 23,091 5,880 75,000 HSBC Bank Canada 4.94% 03/16/2021 72,247 76,022 81,500 HSBC Holdings PLC 704,800 997,817 61,900 ING Groep NV 949,349 1,182,719
300,000 Instituto de Credito Oficial 4.53% 03/17/2016 307,574 307,893 79,508 Intact Financial Corp. 2,157,958 2,692,141
250,000 Inter-American Development Bank 4.4% 01/26/2026 238,735 231,130
121,600 Intesa Sanpaolo SpA* 668,474 574,897 3,400 Invesco Mortgage Capital Inc. 79,087 79,466
31,700 JP Morgan Chase & Co. 1,272,443 1,485,200 USD 3,155,000 JP Morgan Chase & Co., FRN Callable
7.9% 04/30/2049 2,935,050 3,243,366 117,000 Kimco North Trust III 5.18% 08/16/2013 113,334 110,909
25,100 Kimco Realty Corp. 367,965 349,623 USD 294,000 Lender Processing Services Inc.
8.125% 07/01/2016 317,974 327,363 73,000 Lincoln National Corp. 2,109,550 2,014,903
USD 690,000 Lincoln National Corp., Callable 7% 05/17/2066 427,061 528,206
USD 535,000 Lincoln National Corp., Preferred 6.05% 04/20/2067 190,769 386,639
20,900 Livingston International Income Fund 405,981 138,985 209,000 Manulife Financial Capital Trust
6.7% 06/30/2012 224,608 223,626 303,300 Manulife Financial Corp. 6,014,373 6,824,250 288,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 267,062 290,385 202,000 Merrill Lynch Canada Finance Co.
5.8% 05/05/2011 201,972 208,205 180,000 Morgan Stanley, FRN 0.65429% 02/23/2012 179,681 167,404
79,000 National Bank of Canada 4.456% 11/02/2016 78,226 82,359 USD 225,000 NII Capital Corp. 10% 08/15/2016 241,978 250,533
267,000 Nordea Bank AB 3.95% 08/05/2015 260,663 267,563 USD 476,000 Nuveen Investments Inc., Senior Notes
5% 09/15/2010 424,653 489,245 20,700 PNC Financial Services Group Inc. 899,630 1,074,881 15,485 Power Corp. of Canada 371,516 453,401 11,100 Primaris Retail REIT 164,969 168,720
124,700 Principal Financial Group Inc. 2,550,142 3,648,838 105,000 Prudential PLC 592,816 1,080,557 209,000 RBC Capital Trust, Callable
5.812% 12/29/2049 213,394 223,801
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2309
– 223 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (25.4%) (cont’d)343,000 RioCan REIT 4.7% 06/15/2012 334,223 339,940 42,950 RioCan REIT* 743,745 773,100
490,000 Royal Bank of Canada 5.06% 07/17/2013 490,276 529,631 289,000 Royal Bank of Scotland 4.25% 03/30/2015 284,346 242,537 596,000 Royal Bank of Scotland, Callable
5.37% 05/12/2049 538,618 336,740 149,525 Royal Office Finance LP 5.209% 11/12/2032 149,524 149,899 212,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 221,056 228,572 175,000 Scotiabank Capital Trust, Series 2002-1 Callable
6.626% 06/30/2052†† 172,207 190,246 USD 1,195,000 SLM Corp. 4.5% 07/26/2010 1,324,127 1,243,171
320,000 SLM Corp. 4.625% 06/15/2011 275,000 277,389 USD 410,000 SLM Corp. 5.125% 08/27/2012 315,553 375,611
115,000 Sun Life Financial Inc. 7.9% 03/31/2019 114,846 132,521 370,000 TD Capital Trust 6.792% 12/31/2049 375,085 407,714 250,000 TD Capital Trust 7.243% 12/31/2018 253,979 279,705
5,100 TMX Group Inc. 169,529 182,427 56,500 Toronto-Dominion Bank 3,148,173 3,912,625
162,000 Toronto-Dominion Bank 4.854% 02/13/2013 161,852 173,742 270,000 Toronto-Dominion Bank 4.97% 10/30/2104 260,747 273,907
8,424 Unibail 1,572,332 1,872,880 USD 322,000 Virgin Media Finance PLC 9.5% 08/15/2016 346,323 362,849
49,700 Wells Fargo & Co. 1,296,985 1,495,241 USD 2,465,000 Wells Fargo & Co. 7.98% 02/28/2049 1,629,898 2,401,634 USD 3,230,000 Wells Fargo Capital 7.7% 12/29/2049 2,812,948 3,043,222
88,950 Westfield Group 969,501 1,167,111 163,000 YPG Holdings Inc. 5.25% 02/15/2016 155,065 149,676
83,264,696 94,055,727 ENERGY (14.1%)
115,013 Alliance Pipeline LP 7.181% 06/30/2023 137,374 128,502 57,312 Alliance Pipeline LP 7.217% 12/31/2025 65,582 64,905
8,300 AltaGas Income Trust 211,938 145,748 205,000 AltaGas Income Trust 5.07% 01/19/2012 204,123 206,841
50,800 ARC Energy Trust* 1,160,866 1,022,604 2,360,000 Athabasca Oil Sands Corp. 13% 07/30/2011 2,365,033 2,501,600
150,000 Baytex Energy Trust 9.15% 08/26/2016 150,000 158,302 28,200 Bonavista Energy Trust 868,896 575,844 70,700 Canadian Natural Resources Ltd. 4,025,577 5,111,610
184,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 182,268 192,670
35,900 Canadian Oil Sands Trust 1,130,446 1,103,925 33,300 Chesapeake Energy Corp. 887,612 1,010,755
USD 895,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,062,695 1,008,541 USD 987,000 Connacher Oil and Gas Ltd.
10.25% 12/15/2015 987,709 861,238 USD 203,000 Continental Resources Inc. 8.25% 10/01/2019 219,834 223,319 USD 469,058 Corral Finans AB, FRN 144A
2.00938% 04/15/2010 478,329 421,846 17,200 Crescent Point Energy Corp. 396,865 622,124
142,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 141,107 150,050 225,000 Enbridge Pipelines Inc. 6.62% 11/19/2018 224,903 264,499
29,000 EnCana Corp. 1,812,215 1,798,000 18,800 Enerplus Resources Fund 856,785 460,412
USD 1,100,000 Gibson Energy ULC 11.75% 05/27/2014 1,217,903 1,230,715 18,500 Imperial Oil Ltd. 788,771 753,875
150,550 Inter Pipeline Fund LP 1,394,496 1,445,280
ENERGY (14.1%) (cont’d)2,600 Keyera Facilities Income Fund 51,768 51,324
72,590 Nexen Inc. 1,883,209 1,766,841 208,000 NOVA Gas Transmission Ltd. 8.9% 05/27/2025 275,952 274,853 16,300 Occidental Petroleum Corp. 1,132,171 1,366,288
USD 1,274,000 OPTI Canada Inc., Callable (USD) 8.25% 12/15/2014 1,324,258 1,057,109
42,300 Pembina Pipeline Income Fund 660,875 650,997 17,400 Petroleo Brasileiro SA, ADR 797,881 854,901
USD 440,000 PetroQuest Energy Inc. 10.375% 05/15/2012 483,549 447,533 11,287 Progress Energy Resources Corp.* 191,191 155,196
USD 1,642,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,556,787 1,500,902 36,500 Spectra Energy Corp. 822,903 738,980
234,872 Suncor Energy Inc. 7,150,775 8,784,213 135,000 Suncor Energy Inc. 5.8% 05/22/2018 116,215 142,039 367,400 Talisman Energy Inc. 6,080,920 6,844,662
USD 541,000 Targa Resources Inc. 8.5% 11/01/2013 584,609 544,470 175,000 Terasen Gas Vancouver Island Inc.
6.05% 02/15/2038 174,879 189,900 69,000 TransCanada Corp.* 2,146,143 2,302,530
USD 303,000 Transmeridian Exploration Inc., Callable 12% 12/15/2010 292,380 81,102
12,300 Transocean Ltd. 842,134 1,126,347 33,253 Vermilion Energy Trust 1,127,119 983,624 45,900 Weatherford International Ltd. (Switzerland) 763,556 1,018,733
49,430,601 52,345,749 INDUSTRIALS (9.1%)
92,385 Abertis Infraestructuras SA 2,035,598 2,243,584 212,000 Aeroports De Montreal 5.67% 10/16/2037 210,962 212,903 164,000 Altalink Investments LP 5.019% 11/21/2012 165,925 165,788 291,000 Altalink LP 5.249% 09/22/2036 284,313 277,308
53,300 Atlantia SpA 1,331,450 1,378,743 73,028 BAE Systems PLC 591,369 436,301
316,600 Bombardier Inc., Class B, Sub-Voting Shares 1,274,165 1,564,004 22,000 BR Malls Participacoes SA 278,752 277,884 21,800 Canadian National Railway Co. 1,121,455 1,149,514 28,900 Canadian Pacific Railway Ltd. 1,168,755 1,447,312 61,000 Finning International Inc. 1,312,418 976,000
204,000 Finning International Inc. 5.16% 09/03/2013 203,982 212,470 USD 345,000 Flextronics International Ltd.
6.5% 05/15/2013 352,313 360,141 174,000 FortisAlberta Inc. 5.33% 10/31/2014 182,551 188,606
19,000 FTI Consulting Inc.* 1,068,467 864,959 137,000 Greater Toronto Airports Authority, Callable
6.98% 10/15/2032 156,585 159,998 14,400 Grupo Ferrovial SA 724,673 736,865
322,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 321,373 323,694 USD 849,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 897,676 958,978
16,860 IESI-BFC Ltd. 439,210 232,837 72,000 Ingersoll-Rand PLC 1,826,270 2,364,257
389,000 Iron Mountain Inc. 7.5% 03/15/2017 379,601 359,825 USD 1,169,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,182,889 1,270,366 USD 76,000 Kansas City Southern 12.5% 04/01/2016 88,451 89,913 USD 812,000 Kansas City Southern de Mexico
9.375% 05/01/2012 848,931 882,410 705,090 Macquarie Airports 1,936,003 1,884,929 521,800 Macquarie Infrastructure Group 998,236 724,578
15,130 Schneider Electric SA 1,348,560 1,641,602 * Denotes all or part of securities lent.
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 224 –– 224 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
INDUSTRIALS (9.1%) (cont’d)23,400 SNC-Lavalin Group Inc. 907,091 1,131,390 90,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 90,000 96,737
USD 312,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 315,042 285,607 401,301 Strait Crossing Development Inc.
6.17% 09/15/2031 396,564 389,299 USD 710,000 Texas Competitive Electric Holdings Co. LLC
10.25% 11/01/2015 683,198 547,317 42,300 Union Pacific Corp. 2,303,677 2,638,514
USD 931,000 United Rentals North America Inc. 6.5% 02/15/2012 986,783 999,269
USD 853,698 US Oncology Holdings Inc., FRN 6.4275% 03/15/2012 843,208 795,192
124,000 Weir Group PLC 1,109,468 1,437,321 45,100 WestJet Airlines Ltd. 505,120 497,904 17,200 WW Grainger Inc. 1,519,451 1,643,743
32,390,535 33,848,062 MATERIALS (8.0%)
18,800 Agrium Inc.* 893,553 1,003,356 25,700 AK Steel Holding Corp. 598,804 542,336
USD 470,000 Ashland Inc. 9.125% 06/01/2017 531,717 538,431 113,200 Barrick Gold Corp. 4,432,731 4,589,128
33,000 BHP Billiton PLC 827,893 964,328 29,000 Bowater Inc. 10.85% 11/30/2014 31,356 5,946 44,400 Cameco Corp. 1,433,917 1,319,124
USD 718,000 Cascades Inc., Callable 7.25% 02/15/2013 670,658 753,354 39,400 CRH PLC (Dublin Listed) 1,084,865 1,170,981
USD 140,000 Domtar Corp. 10.75% 06/01/2017 149,193 167,878 USD 70,000 Domtar Inc. 7.875% 10/15/2011 75,642 77,475 USD 888,500 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,039,037 1,053,537 USD 446,000 FMG Finance Pty. Ltd. 10% 09/01/2013 525,671 506,162 USD 261,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 284,325 282,235 USD 1,464,000 Freeport-McMoRan Copper & Gold Inc.
8.25% 04/01/2015 1,573,871 1,667,359 71,700 Goldcorp Inc. 2,698,432 3,081,666
USD 450,000 Huntsman International LLC 5.5% 06/30/2016 399,482 409,525 14,200 Inmet Mining Corp. 584,557 851,432
USD 266,000 Innophos Inc. 8.875% 08/15/2014 297,666 287,641 USD 477,000 James River Coal Co. 9.375% 06/01/2012 493,132 495,380
5,900 Labrador Iron Ore Royalty Income Fund 195,232 216,235 42,000 Noranda Operating Trust 6.529% 12/20/2010 43,350 42,572 25,000 NOVA Chemicals Corp. 7.85% 08/30/2010 24,250 24,947
USD 226,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 234,207 236,523 326,800 Paladin Resources Ltd. 1,476,252 1,382,364 12,800 Potash Corp. of Saskatchewan Inc. 1,463,174 1,243,136
USD 428,000 Rathgibson Inc. 11.25% 02/15/2014 482,802 41,242 29,300 Rio Tinto PLC 1,387,148 1,337,196
460,000 Sherritt International Corp. 7.875% 11/26/2012 472,782 454,342
1,558,000 Sherritt International Corp. 8.25% 10/24/2014 1,558,000 1,600,440
USD 584,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 442,832 598,687
USD 119,000 Teck Resources Ltd. 10.25% 05/15/2016 132,424 143,971 USD 1,369,000 Teck Resources Ltd. 10.75% 05/15/2019 1,559,775 1,703,903 USD 375,000 Teck Resources Ltd. 7% 09/15/2012 263,078 412,536 AUD 473,000 Western Areas Ltd. 8% 07/02/2012 370,913 427,747
28,732,721 29,633,115
TELECOMMUNICATION SERVICES (7.4%) 67,300 AT&T Inc. 1,905,566 1,942,600
234,200 BCE Inc. 6,482,592 6,180,538 25,900 Bell Aliant Regional Communications
Income Fund 698,603 722,610 115,000 Bell Aliant Regional Communications
Income Fund 6.17% 02/26/2037 107,458 101,850 130,000 Bell Aliant Regional Communications LP
5.41% 09/26/2016 130,884 134,572 125,000 Bell Canada 4.85% 06/30/2014 124,802 130,466
92,000 Bell Canada 5% 02/15/2017 82,401 93,970 274,000 France Telecom SA 4.95% 06/23/2011 273,416 281,724 100,000 France Telecom SA 5.5% 06/23/2016 103,630 105,856 107,519 France Telecom SA* 2,900,360 3,065,955
USD 27,000 GeoEye Inc. 9.625% 10/01/2015 28,237 29,269 USD 1,326,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 1,544,725 1,519,063 USD 65,000 Intelsat Subsidiary Holding Co., Ltd.
8.875% 01/15/2015 70,972 70,810 139,818 Manitoba Telecom Services Inc.* 5,004,203 4,657,338
USD 513,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 531,801 561,603 USD 899,000 NII Holdings Inc. 3.125% 06/15/2012 805,203 840,999
190,000 Northwest Connect Group 5.95% 04/30/2041 191,248 179,451
USD 1,002,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 1,011,121 1,072,794
358,000 Rogers Wireless Inc. 7.625% 12/15/2011 383,892 394,985 USD 522,000 Rogers Wireless Inc. 8% 12/15/2012 599,026 574,250
145,600 TELUS Corp., Non-Voting Shares 5,182,886 4,832,464 USD 70,000 Wind Acquisition Finance SA
11.75% 07/15/2017 82,098 84,501 28,245,124 27,577,668
CONSUMER DISCRETIONARY (7.0%) USD 565,000 Baker & Taylor Inc. 11.5% 07/01/2013 598,124 240,455 USD 14,000 Blockbuster Inc. 11.75% 10/01/2014 14,040 14,090
14,000 BorgWarner Inc. 451,954 453,571 37,800 Bridgestone Corp. 656,982 722,183
USD 220,000 CanWest MediaWorks Inc. 8% 09/15/2012 223,526 184,902 8,300 Cineplex Galaxy Income Fund 118,336 132,468
USD 150,000 CSC Holdings Inc. 8.5% 04/15/2014 175,343 168,628 17,300 DaimlerChrysler AG, Registered Shares 845,627 935,135
USD 620,000 Dollar General Corp. 2.875% 06/30/2027 421,698 542,660 USD 554,000 Dollarama Group LP 8.875% 08/15/2012 577,826 606,487 USD 659,000 Dollarama Group LP, FRN 7.4675% 08/15/2012 691,273 657,074 USD 444,000 Foot Locker Inc. 8.5% 01/15/2022 475,583 449,224 USD 700,000 Goodyear Tire & Rubber Co.
10.5% 05/15/2016 814,152 813,160 USD 468,000 Great Canadian Gaming Corp.
7.25% 02/15/2015 506,572 476,012 USD 513,000 H&E Equipment Services Inc.
8.375% 07/15/2016 558,298 502,559 28,200 Honda Motor Co., Ltd.* 947,567 923,176
USD 436,000 Host Hotels & Resorts Inc. 2.625% 04/15/2027 396,134 428,877 22,100 Johnson Controls Inc.* 576,690 603,366
104,800 Li & Fung Ltd. 364,352 456,780 USD 1,240,000 MGM Mirage Inc. 5.875% 02/27/2014 1,100,330 1,042,173 USD 443,000 MGM Mirage Inc. 7.5% 06/01/2016 445,357 367,582
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 225 –– 225 –– 225 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CONSUMER DISCRETIONARY (7.0%) (cont’d)USD 366,000 MGM Mirage Inc. 8.5% 09/15/2010 399,377 388,920 USD 93,000 MGM Mirage Inc., 144A 10.375% 05/15/2014 105,823 106,292 USD 679,000 Mohegan Tribal Gaming 6.125% 02/15/2013 615,051 601,570 USD 668,000 Neiman Marcus Group Inc.
10.375% 10/15/2015 794,756 611,492 USD 432,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 540,551 570,974 USD 500,000 Reliance Intermediate Holdings LP, 144A,
Private Placement 9.5% 12/15/2019^ 534,203 528,635 165,000 Rogers Communications Inc.
5.8% 05/26/2016 164,616 177,306 133,600 Rogers Communications Inc., Class B 4,126,743 4,038,728
40,095 RONA Inc. 699,436 601,425 111,000 RONA Inc. 5.4% 10/20/2016 107,538 101,214
USD 777,000 Scientific Games Corp. 7.875% 06/15/2016 783,191 821,498 280,000 Shaw Communications Inc. 5.65% 10/01/2019 279,112 283,956 245,000 Shaw Communications Inc. 6.5% 06/02/2014 244,744 269,605 109,000 Shaw Communications Inc. 7.5% 11/20/2013 116,351 124,106 110,140 Tesco PLC 832,187 752,809
36,500 Thomson Corp. 1,304,875 1,310,350 USD 389,000 Wynn Las Vegas LLC 6.625% 12/01/2014 361,369 396,701
640,600 Yellow Pages Income Fund 3,633,409 3,459,240 26,603,096 25,865,383
INFORMATION TECHNOLOGY (6.4%) 64,600 Activision Inc. 825,474 856,944
446,500 Advanced Micro Devices Inc. 2,671,488 2,700,961 USD 397,000 Agilent Technologies Inc. 6.5% 11/01/2017 363,374 442,323 USD 1,039,000 CEVA Group PLC 10% 09/01/2014 1,059,820 990,043
44,600 EMC Corp. 611,450 812,724 USD 472,000 First Data Corp. 9.875% 09/24/2015 428,400 466,815
34,300 FormFactor Inc. 844,377 874,384 1,800 Google Inc., Class A 779,504 955,108
USD 975,000 Hughes Network Systems LLC 9.5% 04/15/2014 1,054,016 1,049,105
96,100 Intel Corp. 1,939,383 2,011,493 43,000 Maxim Integrated Products Inc. 836,132 834,670
248,800 Micron Technology Inc. 1,818,863 2,181,638 75,900 Microsoft Corp. 1,893,780 2,094,948
USD 1,617,000 Nortel Networks Corp. 10.75% 07/15/2016 1,593,131 995,466 54,600 NVIDIA Corp. 674,057 878,033 14,400 Research In Motion Ltd. (USD) 1,095,062 1,041,907
132,200 Seagate Technology 1,665,956 2,152,827 189,000 Thomson Reuters Corp. 5.7% 07/15/2015 188,708 208,418
75,000 Thomson Reuters Corp. 6% 03/31/2016 74,822 83,916 50,900 Western Digital Corp. 1,663,110 1,990,201
22,080,907 23,621,924 CONSUMER STAPLES (6.0%)
13,200 Alimentation Couche-Tard Inc., Class B 279,005 246,576 USD 700,000 Alliance One International Inc.
10% 07/15/2016 768,938 773,814 15,710 British American Tobacco PLC 589,364 527,349 25,000 Bunge Ltd. 1,792,722 1,674,768
USD 173,000 Constellation Brands Inc. 7.25% 05/15/2017 183,785 184,297 9,300 Corn Products International Inc. 317,986 283,976
USD 600,000 Cott Beverages USA Inc. 8% 12/15/2011 630,447 638,376 51,781 CVS Corp. 1,858,742 1,981,406
CONSUMER STAPLES (6.0%) (cont’d)48,512 Diageo PLC 885,596 796,374 18,490 Fomento Economico Mexicano SA de CV, ADR 657,495 753,252 12,594 Groupe Danone* 950,798 811,087
USD 156,000 Ingles Markets Inc. 8.875% 05/15/2017 179,941 171,197 65,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 44,036 59,907 80,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 56,733 74,794
120,000 Metro Inc. 5.97% 10/15/2035 96,922 111,258 319,000 Molson Coors Capital Finance Co.,
Senior Notes 5% 09/22/2015 311,940 329,632 41,100 Nestle SA, Registered Shares 1,738,172 1,874,571 15,802 PepsiCo Inc. 982,534 992,436 25,186 Phillip Morris International Inc. 1,272,610 1,311,599 23,245 Procter & Gamble Co. 1,603,381 1,439,233 35,458 Saputo Inc. 826,920 891,060 21,746 Shoppers Drug Mart Corp. 1,051,523 955,519
USD 706,000 The Mosaic Co. 7.375% 12/01/2014 797,990 802,322 42,900 Unilever NV* 1,320,581 1,321,784
150,000 Viterra Inc. 8% 04/08/2013 151,758 153,580 556,000 Viterra Inc. 8.5% 08/01/2017 554,270 556,245 137,600 Viterra Inc.* 1,172,095 1,468,192
88,800 Wal-Mart de Mexico SA de CV* 298,654 329,663 15,300 Wal-Mart Stores Inc. 888,498 802,996
22,263,436 22,317,263 HEALTH CARE (4.6%)
USD 325,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 270,634 267,061
USD 610,000 Apria Healthcare Group Inc. 11.25% 11/01/2014 673,851 702,080
USD 150,000 Apria Healthcare Group Inc. 12.375% 11/01/2014 161,846 171,438
USD 605,000 Axcan Intermediate Holdings Inc. 9.25% 03/01/2015 619,933 683,371
16,498 Beckman Coulter Inc. 1,010,853 1,217,730 USD 647,000 Biomet Inc. 10% 10/15/2017 654,687 737,738 USD 142,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 161,336 157,734 USD 201,000 Boston Scientific Corp. 6.25% 11/15/2015 190,755 216,815 USD 442,000 Boston Scientific Corp., Senior Notes
6.4% 06/15/2016 421,922 479,144 44,405 CML Healthcare Income Fund 601,550 613,233 80,400 Eli Lilly and Co. 3,447,306 2,841,516
USD 238,000 HCA Inc. 8.5% 04/15/2019 280,333 266,282 USD 1,133,000 HCA Inc., Callable 9.125% 11/15/2014 1,275,058 1,255,506 USD 250,000 Inverness Medical Innovations Inc.
9% 05/15/2016 283,972 265,990 37,100 Johnson & Johnson 2,591,569 2,415,446
123,800 Patheon Inc. 615,562 367,686 9,000 Roche Holding AG 1,468,609 1,556,775
USD 431,679 Skilled Healthcare Group Inc. 11% 01/15/2014 490,673 478,354
178,600 Smith & Nephew PLC 1,528,852 1,712,695 USD 599,000 United Surgical Partners International Inc.
8.875% 05/01/2017 585,189 630,098 17,334,490 17,036,692
* Denotes all or part of securities lent.^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 226 –– 226 –– 226 –– 226 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
GOVERNMENT BONDS (4.0%) 636,000 55 Ontario School Board Trust 5.9% 06/02/2033 704,927 695,441 420,000 Austria Government International Bond
5.375% 12/01/2034 454,816 426,531 405,000 Canadian Government Bond 2% 09/01/2012 404,952 406,235 550,000 Canadian Government Bond 2% 12/01/2014 532,323 534,897 780,000 Canadian Government Bond 3% 06/01/2014* 803,524 798,299 210,000 Canadian Government Bond 3.5% 06/01/2020 209,280 210,214 285,000 Canadian Government Bond 3.75% 09/01/2011* 298,288 298,389 475,000 Canadian Government Bond 4% 06/01/2016* 506,991 508,915
1,487,000 Canadian Government Bond 4.5% 06/01/2015* 1,627,129 1,630,748 430,000 Canadian Government Bond 5% 06/01/2014* 465,112 477,915 406,000 Canadian Government Bond, Series XW98
5% 06/01/2037* 465,475 485,763 1,157,000 Canadian Government Bond, Series YF56
4% 06/01/2017* 1,232,844 1,236,093 1,980,000 Canadian Government Bond, Series YN80
3.5% 06/01/2013* 2,061,804 2,072,030 284,000 City of Montreal 6% 06/01/2043 320,974 322,562 451,000 City of Toronto 5.05% 07/18/2017 450,638 483,837 400,000 EUROFIMA 5.15% 12/13/2019 420,318 407,336 138,000 Municipal Finance Authority of British Columbia
8.75% 05/12/2013 169,877 167,190 300,000 Province of British Columbia 4.7% 06/18/2037 295,584 308,451 354,000 Province of Ontario 4.3% 03/08/2017 347,297 372,858 113,000 Province of Ontario 4.4% 03/08/2016 115,341 120,602 646,000 Province of Quebec 4.5% 12/01/2016 644,162 688,959 398,000 Province of Quebec 5% 12/01/2038* 403,872 419,373 264,000 Province of Quebec 4.5% 12/01/2017 274,552 279,280 402,000 Province of Quebec 5.75% 12/01/2036 433,348 464,644 142,000 Queen's University 6.1% 11/19/2032 160,110 158,770
69,000 University of British Columbia 6.65% 12/01/2031 84,166 83,437
562,000 York University 6.48% 03/07/2042 687,495 664,031 14,575,199 14,722,800
UTILITIES (2.0%) USD 960,000 AES Corp., Callable 8.75% 05/15/2013 1,000,951 1,047,098
361,000 Brookfield Renewable Power Inc. 4.65% 12/16/2009 362,805 362,004
155,000 Brookfield Renewable Power Inc. 5.84% 11/05/2036 125,361 116,887
310,000 Canadian Hydro Developers Inc. 5.334% 09/01/2015 300,032 287,494
100,000 Canadian Utilities Ltd. 10.2% 11/30/2009 121,463 101,392 29,180 Great Lakes Hydro Income Fund,
Subscription Receipts 427,487 514,443 295,000 Hamilton Utilities Corp. 6.25% 07/30/2012 320,745 320,479
USD 980,000 Intergen NV 9% 06/30/2017 1,047,472 1,080,716 31,400 Northland Power Income Fund 386,250 329,700
295,000 Reliance LP 7.3% 04/03/2013 294,802 296,988 10,500 Sempra Energy 664,192 559,057
115,000 Terasen Gas Inc. 5.8% 05/13/2038 114,627 122,573 297,000 Terasen Gas Inc., Callable 6.5% 05/01/2034 328,298 341,951
72,600 TransAlta Corp.* 2,262,291 1,581,228 150,000 Union Gas Ltd. 5.35% 04/27/2018 149,805 160,947 100,000 Union Gas Ltd. 6.05% 09/02/2038 99,808 109,238
8,006,389 7,332,195
PRIVATE PLACEMENTS (1.2%) USD 404,267 Aramark Corp., Term Loan, Private Placement
7.47% 01/27/2014^ 478,099 405,533 441,000 Bragg Communication Inc., Loan,
Private Placement 7.53% 08/31/2014^ 441,000 433,282 USD 510,000 CCS Inc., Private Placement 11% 11/15/2015^ 462,895 414,985 USD 380,000 Cie Gen Geophysique, Private Placement
9.5% 05/15/2016^ 413,969 430,242 USD 625,600 Clarketerm, Private Placement
7.84% 06/30/2014^ 713,744 563,051 USD 348,000 Connacher Oil and Gas Ltd., Private Placement
11.75% 07/15/2014^ 359,624 394,898 USD 387,917 Dow Jones CDX HY, 144A Private Placement
6.75% 06/29/2012^ 416,736 390,405 USD 400,000 Goldcorp Inc., Private Placement
2% 08/01/2014^ 433,690 475,370 USD 129,827 Great Canadian Gaming Corp.,
Private Placement 4.30375% 02/12/2014^ 136,511 127,880 USD 139,081 HealthSouth Corp., Private Placement
8.15% 03/10/2013^ 163,492 143,669 USD 428,000 JBS USA LLC, 144A Private Placement
11.625% 05/01/2014^ 489,913 492,607 USD 280,000 Maple Leaf Foods Inc., Private Placement
5.21% 12/08/2011^ 269,219 284,794 USD 30,000 Qwest Corp., Private Placement
8.375% 05/01/2016^ 34,344 33,244 4,813,236 4,589,960
ASSET BACKED (0.1%) 100,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 92,129 69,184 300,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 285,220 251,901
377,349 321,085 WARRANTS (0.1%)
1,883 First Capital Realty Inc., Warrants (29Oct10) - 3,747
Commission and other portfolio transaction costs (287,360)
Total Bonds & Equities (95.4%) 337,830,419 353,271,370
Short Term Notes (3.0%) 11,000,000 11,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.5%) (see Schedule A) 2,024,981
Long Option Contracts (0.1%) (see Schedule B) 96,499 4,625
Total Investments (99.0%) 348,926,918 366,300,976
Other Assets (net) (1.0%) 4,290,889
Total Net Assets (100.0%) 370,591,865
Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar
* Denotes all or part of securities lent.^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 227 –– 227 –– 227 –– 227 –– 227 –
Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.5%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 UBS Warburg NY A-1 0.90 10-Dec-09 (2,136,000) Australian $ 1,912,713 Canadian $ (92,277)1 UBS Warburg NY A-1 1.81 06-Oct-09 (3,702,000) British Pound 6,696,067 Canadian $ 362,532 1 Morgan Stanley A-1 1.55 06-Oct-09 (1,557,000) Euro 2,409,978 Canadian $ (29,472)1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (870,000) Euro 1,346,421 Canadian $ (16,663)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,251,000) Swiss Franc 1,267,169 Canadian $ (26,010)1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (11,289,000) US $ 12,287,625 Canadian $ 201,884 1 UBS Warburg NY A-1 1.09 12-Nov-09 (13,768,000) US $ 14,987,156 Canadian $ 247,455 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (14,000) US $ 15,175 Canadian $ 187 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (14,999,000) US $ 16,320,262 Canadian $ 262,685 1 Morgan Stanley A-1 1.09 12-Nov-09 (16,008,000) US $ 17,409,901 Canadian $ 272,118 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (16,212,000) US $ 17,634,117 Canadian $ 277,935 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,035,000) US $ 2,256,673 Canadian $ 78,018 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (320,000) US $ 348,893 Canadian $ 6,308 1 UBS Warburg NY A-1 1.09 12-Nov-09 (320,000) US $ 348,832 Canadian $ 6,247 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (4,105,000) US $ 4,535,389 Canadian $ 140,621 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (5,113,000) US $ 5,473,057 Canadian $ (732)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (7,710,000) US $ 8,391,333 Canadian $ 137,186 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (90,000) US $ 97,547 Canadian $ 1,195 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (9,197,000) US $ 10,041,882 Canadian $ 195,764
Total Foreign Currency Forward Contracts Value 2,024,981
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
Schedule BLong Option Contracts (0.1%)
Contracts No. of underlying interest Underlying Interest Expiry Date Strike Price ($) Premium Paid (Received) ($) Fair Value ($)
90 9,000 Research In Motion Call 17-Oct-09 75.00 96,499 4,625
Total Long Option Contracts Value 96,499 4,625
– 228 –
Signature Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
353,271 237,5431,062 1,240
11,000 28,000- -
575 575- -
2,098 766- -
96 -1,241 445
646 2,249- -
3,009 2,741372,998 273,559
- -- -- -
165 1,026- -
1,591 588491 747
- -- -- -
159 1242,406 2,485
370,592 271,074
337,830 272,216- -
304,191 224,32312,733 9,91525,020 16,761
9,524 6,8541,131 620
183 60416,664 11,801
774 196372 -
12.60 10.0312.71 10.0711.83 9.318.70 7.089.37 7.599.30 7.488.17 6.758.65 7.107.84 -
24,146,856 22,365,0541,001,754 984,9422,115,705 1,800,8801,095,235 967,508
120,711 81,68619,700 80,754
2,039,799 1,749,07489,473 27,62947,395 -
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 229 –
Signature Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
3,035 2,6224,632 5,082
29 58- 54- -- -
(255) (215)7,441 7,601
2,960 3,132303 321
- -35 83
163 1723,461 3,7083,980 3,893
- -3,980 3,893
16,545 (4,477)(344) 222(298) (241)
- -
52,307 (21,889)68,210 (26,385)72,190 (22,492)
59,350 (18,687)2,655 (928)4,770 (1,013)1,789 (728)
188 (19)159 (31)
3,130 (1,034)128 (36)21 (16)
2.56 (0.84)2.65 (0.81)2.52 (0.73)1.79 (0.86)1.82 (0.72)2.11 (0.30)1.69 (0.87)1.71 (1.29)0.45 (0.88)
224,323 274,476
33,852 45,431- -
(17,855) (25,928)4,521 (5,113)
20,518 14,390
- -- -- -- -
59,350 (18,687)304,191 270,179
9,915 12,852
938 2,729- -
(1,317) (1,554)542 814163 1,989
- -- -- -- -
2,655 (928)12,733 13,913
16,761 13,822
4,578 4,260- -
(1,088) (2,170)(1) 940
3,489 3,030
- -- -- -- -
4,770 (1,013)25,020 15,839
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 230 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
11,801 7,390
2,791 7,775- -
(773) (710)239 292
2,257 7,357
- -- -
(524) (478)(524) (478)
3,130 (1,034)16,664 13,235
196 114
269 310- -
(43) (1)247 1473 310
- -- -
(23) (13)(23) (13)128 (36)774 375
- 105
357 122- -
(1) (1)- 16
356 137
- -- -
(5) (8)(5) (8)21 (16)
372 218
6,854 5,444
1,660 4,572- -
(380) (534)(210) 658
1,070 4,696
- -- -
(189) (214)(189) (214)
1,789 (728)9,524 9,198
620 222
209 75- -
(7) -142 -344 75
- -- -
(21) (6)(21) (6)
188 (19)1,131 272
604 1,211
- 322- -
(3) (5)(563) (522)(566) (205)
- -- -
(14) (26)(14) (26)
159 (31)183 949
Signature Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 231 –
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
271,074 315,636
44,654 65,596- -
(21,467) (30,903)4,917 (2,914)
28,104 31,779
- -- -
(776) (745)(776) (745)
72,190 (22,492)370,592 324,178
Signature Income & Growth Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 232 –
Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
22,365,054 21,788,4922,942,032 3,536,384
- -(1,566,873) (2,025,094)
406,643 (405,931)24,146,856 22,893,851
984,942 1,027,34180,032 212,942
- -(111,834) (122,995)
48,614 63,6541,001,754 1,180,942
1,800,880 1,210,073417,988 358,741
- -(102,299) (184,638)
(864) 78,8482,115,705 1,463,024
967,508 578,376202,767 479,148
- -(46,938) (57,699)(28,102) 71,131
1,095,235 1,070,956
81,686 22,24524,365 7,541
- -(823) -
15,483 -120,711 29,786
80,754 124,782- 32,755- -
(408) (554)(60,646) (51,103)19,700 105,880
1,749,074 797,224363,484 836,634
- -(102,344) (78,315)
29,585 33,8142,039,799 1,589,357
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2009 2008
27,629 11,76433,591 31,262
- -(4,978) (60)
33,231 989,473 42,975
- 11,18847,558 13,119
- -(163) (146)
- 1,62247,395 25,783
– 233 –
Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
25,204 23,27125,798 24,865
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
294 23613 18
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares
2.001.00
Paid directly by investor2.001.00
Paid directly by investor2.001.00
Paid directly by investor
0.200.20
-0.200.20
-0.200.20
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
IT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
12.60 11.800.01 0.01
12.61 11.81
12.71 11.780.01 0.01
12.72 11.79
11.83 10.83- 0.01
11.83 10.84
8.70 8.59- 0.01
8.70 8.60
9.37 9.15- -
9.37 9.15
9.30 8.96- 0.01
9.30 8.97
8.17 8.33- 0.01
8.17 8.34
8.65 8.720.01 -8.66 8.72
7.84 8.470.01 0.017.85 8.48
– 234 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Financials ................................................................................................................................ 23.8Materials ................................................................................................................................. 12.5Energy ..................................................................................................................................... 11.0Short Term Investments .......................................................................................................... 10.3Industrials ............................................................................................................................... 7.6Government Bonds .................................................................................................................. 6.0Consumer Staples ................................................................................................................... 5.5Telecommunication Services .................................................................................................. 4.8Information Technology .......................................................................................................... 4.7Health Care ............................................................................................................................. 4.0Consumer Discretionary .......................................................................................................... 3.9Utilities .................................................................................................................................... 2.8Other Assets ........................................................................................................................... 1.6Private Placements ................................................................................................................. 1.0Cash & Equivalents ................................................................................................................. 0.3Asset Backed .......................................................................................................................... 0.1Warrants ................................................................................................................................. 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the Fund's assets are invest-ed in fixed income securities and their market risk exposure will be discussed in the following sec-tions.
As at September 30, 2009, had the Canadian and global markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $24,039,000 (March 31, 2009 - $13,167,000). In practice, the actualresults may differ from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 4.9AA/Aa/A+ 2.8A 4.2BBB/Baa/B++ 5.3BB/Ba/B+ 6.3B 5.7CCC/Caa/C++ 2.9CC/Ca/C+ 0.1Not Rated 2.2Total 34.4
Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 8.6 AA/Aa/A+ 4.1 A 6.1 BBB/Baa/B++ 6.3 BB/Ba/B+ 7.4 B 6.2 CCC/Caa/C++ 1.7 Not Rated 9.4Total 49.8
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (108,323) 34,033 9.2Euro (3,803) 14,053 3.8British Pound (6,334) 5,483 1.5Australian Dollar (2,018) 4,103 1.1Swiss Franc (1,293) 2,138 0.6Japanese Yen - 1,648 0.4Hong Kong Dollar - 457 0.1Mexican Peso - 330 0.1Brazilian Real - 278 0.1 Total (121,771) 62,523 16.9
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (73,034) 35,979 13.3 British Pound (3,855) 2,860 1.1 Euro (1,829) 1,675 0.6 Australian Dollar (2,193) 1,264 0.5 Hong Kong Dollar - 769 0.3 Israeli Shekel - 607 0.2 Swiss Franc (1,380) 287 0.1 Mexican Peso - 248 0.1 Brazilian Real - 41 0.1 Japanese Yen - 6 0.1 Total (82,291) 43,736 16.4
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $6,252,000 (March31, 2009 - $4,374,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.
– 235 –
Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $1,187,000 (March 31, 2009 - $929,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
15,094 18,541 22,085 71,255 126,975
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
32,203 20,320 22,322 60,267 135,112
– 236 –
CI Global Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
1,138,427 CI Global Bond Fund (Class F) 8,856,983 9,152,955 511,031 CI Global Bond Fund (Class F) (USD) 3,810,457 4,108,999
Total Investments (98.6%) 12,667,440 13,261,954
Other Assets (net) (1.4%) 193,464
Total Net Assets (100.0%) 13,455,418
Portfolio Breakdown of CI Global Bond Fund as at September 30, 2009
Percentage ofCategory Net Asset Value (%)
U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Long Future Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1
The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2302
– 237 –
CI Global Bond Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†Investment transactions of the Fund are not subject to commissions or transaction costs. The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)†
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
13,262 16,212129 50
- -- -- -- -- -- -- -
162 50- 37- -- -
13,553 16,349
- -8 11- -- -- -
45 196 29- -- -- -
38 2997 88
13,456 16,261
12,667 14,576- -
12,430 15,478663 759363 24
10.78 11.3011.09 11.5810.46 10.93
1,153,218 1,369,31859,783 65,52834,702 2,157
- -- 3- -- -
270 287- -- -
270 290
47 49- -- 1
10 102 2
59 62211 228
- -211 228
228 (158)(153) 1
- -- -
(1,041) (935)(966) (1,092)(755) (864)
(728) (787)(31) (71)
4 (6)
(0.63) (0.56)(0.60) (0.43)0.16 (0.12)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 238 –
CI Global Bond Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
15,478 15,128
1,883 3,643- -
(1,756) (4,447)(2,447) (555)(2,320) (1,359)
- -- -- -- -
(728) (787)12,430 12,982
759 1,820
159 19- -
(117) (635)(107) 219
(65) (397)
- -- -- -- -
(31) (71)663 1,352
24 -
343 -- -
(12) -4 500
335 500
- -- -- -- -4 (6)
363 494
16,261 16,948
2,385 3,662- -
(1,885) (5,082)(2,550) 164(2,050) (1,256)
- -- -- -- -
(755) (864)13,456 14,828
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 239 –
CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,369,318 1,557,425176,035 389,805
- -(164,382) (482,880)(227,753) (59,095)
1,153,218 1,405,255
65,528 184,18414,537 2,029
- -(10,685) (65,560)
(9,597) 22,72959,783 143,382
2,157 -33,241 -
- -(1,115) (22)
419 50,00034,702 49,978
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
1.751.00
Paid directly by investor
0.180.18
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 240 –
Portfolio Breakdown of CI Global Bond Fund as at March 31, 2009Percentage of
Categories Net Asset Value (%)
France ...................................................................................................................................... 15.5U.S.A. ...................................................................................................................................... 12.9Cash & Equivalents ................................................................................................................. 12.3Germany .................................................................................................................................. 12.2Canada .................................................................................................................................... 8.8Brazil ....................................................................................................................................... 5.9U.K. .......................................................................................................................................... 5.4Israel ....................................................................................................................................... 5.0Luxembourg ............................................................................................................................. 4.2Mexico .................................................................................................................................... 3.8Australia .................................................................................................................................. 3.8Colombia ................................................................................................................................. 2.8Other Assets ........................................................................................................................... 1.9New Zealand ........................................................................................................................... 1.6Denmark .................................................................................................................................. 1.2Ireland ..................................................................................................................................... 1.2Iraq .......................................................................................................................................... 0.7Russia ...................................................................................................................................... 0.7Long Future Contracts ............................................................................................................. 0.1
During the six-month period the Fund’s exposure to currency risk changed significantly as disclosedin the section below. For details relating to other price risk, credit risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.
Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund.
The tables below summarize the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.
as at September 30, 2009Net
AssetsCurrency (%)Euro 30.9 Japanese Yen 24.9 Brazilian Real 8.1 Mexican Peso 4.5 US Dollar 4.5 Colombian Peso 2.1 Israeli Shekel 2.0 Swiss Franc 2.0 New Zealand Dollar 2.0 Swedish Krona 2.0 Korean Won 1.6 Argentine Peso 0.1 Australian Dollar (0.1)British Pound (0.3) Total 84.3
CI Global Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency Risk (cont’d)
as at March 31, 2009Net
AssetsCurrency (%)Japanese Yen 31.2 Euro 29.8 US Dollar 21.4 Brazilian Real 6.3 Swiss Franc 3.0 British Pound 3.0 Colombian Peso 2.8 New Zealand Dollar 1.8 Israeli Shekel 1.1 Argentine Peso 0.1 Mexican Peso 0.1 Norwegian Krone 0.1 Australian Dollar (0.1)Total 100.6
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $1,118,000 (March 31, 2009 - $1,621,000). In practice, the actual results may differ from thisanalysis and the difference may be material.
– 241 –
CI Short-Term Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
BONDS (89.3%) 6,750,000 407 International Inc. 4.9% 10/04/2010 7,047,000 7,001,505 2,900,000 Bank of Montreal, FRN
0.44571% 12/07/2009 2,895,041 2,899,478 1,930,000 Bank of Montreal, FRN
0.93571% 02/01/2010 1,930,000 1,929,344 5,230,000 Bank of Montreal, FRN
1.68714% 09/02/2010 5,234,029 5,206,256 8,010,000 Bank of Nova Scotia
4.58% 02/15/2011†† 8,428,036 8,369,409 7,900,000 Bank of Nova Scotia, FRN
1.71571% 09/10/2010†† 7,940,314 7,942,660 6,500,000 Bear Stearns Co., Inc., FRN
0.55857% 10/02/2009 6,500,000 6,499,415 6,200,000 Canada Housing Trust No.1
0.38786% 06/15/2013 6,151,640 6,171,356 12,800,000 Canada Housing Trust No.1, FRN
Series 12 0.39286% 09/15/2010 12,852,301 12,798,976 17,130,000 Canada Housing Trust No.1, FRN
Series 27 0.80286% 09/15/2014 17,130,000 17,339,671 6,100,000 Canadian Imperial Bank of Commerce
1.44571% 06/15/2011 6,055,154 6,183,265 2,100,000 Canadian Imperial Bank of Commerce, FRN
0.46571% 10/23/2009 2,076,270 2,100,000 2,600,000 Canadian Imperial Bank of Commerce, FRN
0.98143% 04/01/2010 2,580,359 2,606,682 14,750,000 Canadian Mortgage and Housing Corp., FRN
0.38571% 12/01/2009 14,796,717 14,750,000 6,100,000 Genesis Trust 4.002% 03/15/2010 6,189,223 6,184,180 5,500,000 HSBC Bank Canada FRN
1.03286% 09/16/2011 5,500,000 5,500,000 4,150,000 International Bank for Reconstruction
and Development 1.12% 10/31/2012 4,150,000 4,150,000 5,570,000 MetLife Global Funding I
2.43143% 06/29/2011 5,570,000 5,570,000 5,200,000 NAV Canada, Series 2007-1, FRN
0.49571% 05/03/2010 5,174,416 5,181,904 9,000,000 Province of Ontario 1.03571% 07/15/2011 9,004,230 8,995,590 7,000,000 Province of Ontario 2.5% 08/20/2010 7,131,316 7,114,310 4,100,000 Province of Ontario 2.5% 08/20/2010 4,171,750 4,166,953 6,320,000 Province of Ontario, FRN
0.27714% 12/03/2010 6,310,204 6,305,906 7,700,000 Province of Ontario, FRN
0.27714% 12/03/2010 7,685,293 7,682,829 2,700,000 Province of Ontario, FRN
0.42286% 09/17/2010 2,688,148 2,699,379 32,720,000 Province of Ontario, FRN
1.42% 04/02/2013 32,785,763 33,708,144 7,110,000 Royal Bank of Canada
1.08429% 05/11/2012 7,110,000 7,131,614
BONDS (89.3%) (cont’d)9,700,000 Royal Bank of Canada 5.13% 09/27/2010 10,233,500 10,113,317
13,800,000 Royal Bank of Canada, FRN0.83143% 09/27/2010 13,799,370 13,806,762
11,480,000 Toronto-Dominion Bank, FRN1.49571% 04/15/2011 11,373,278 11,464,272
1,590,000 Union Gas Ltd. 7.2% 06/01/2010 1,672,203 1,651,597 242,165,555 243,224,774
SHORT-TERM NOTES (8.7%) 3,700,000 Government of Canada T-Bill
2.67% 10/01/2009 3,604,022 3,699,982 13,800,000 Government of Canada T-Bill
0.22% 10/05/2009 13,798,835 13,799,641 3,600,000 Government of Canada T-Bill
2.22% 10/29/2009 3,521,922 3,599,456 2,500,000 Suncor Energy 0.45% 10/26/2009 2,499,200 2,499,200
23,423,979 23,598,279
Commission and other portfolio transaction costs -
Total Investments (98.0%) 265,589,534 266,823,053
Other Assets (net) (2.0%) 5,461,283
Total Net Assets (100.0%) 272,284,336
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 661
– 242 –
CI Short-Term Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
266,823 226,9745,865 122,940
- 65,727- -- -- -- -- -- -
26 508- -- -
513 990273,227 417,139
- -- -- -- -- -- -
339 1,075- -- -- -
604 463943 1,538
272,284 415,601
265,590 227,621- -
152,762 199,55724,659 30,99794,863 185,047
10.29 10.2212.53 12.4411.43 11.31
14,843,920 19,533,7441,967,614 2,491,7748,297,547 16,367,258
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Expenses absorbed by the managerNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
- -2,876 11,959
2 10- -- -- -- -
2,878 11,969
969 1,7091 4- 7
141 32949 85
1,160 2,134(249) -
1,967 9,835
(317) (844)- -
(2) (4)- -
1,256 (2,002)937 (2,850)
2,904 6,985
1,249 2,465203 480
1,452 4,040
0.08 0.080.10 0.110.13 0.15
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 243 –
CI Short-Term Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
199,557 327,909
9,198 72,351- -
(46,772) (114,502)(10,470) (29,101)(48,044) (71,252)
- -- -- -- -
1,249 2,465152,762 259,122
30,997 49,540
1,116 26,241- -
(6,864) (27,609)(793) (4,472)
(6,541) (5,840)
- -- -- -- -
203 48024,659 44,180
185,047 330,497
13,178 30,748- -
(84,118) (82,348)(20,696) (5,668)(91,636) (57,268)
- -- -- -- -
1,452 4,04094,863 277,269
415,601 707,946
23,492 129,340- -
(137,754) (224,459)(31,959) (39,241)
(146,221) (134,360)
- -- -- -- -
2,904 6,985272,284 580,571
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 244 –
CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
19,533,744 32,585,422898,078 7,174,064
- -(4,566,757) (11,334,216)(1,021,145) (2,882,549)
14,843,920 25,542,721
2,491,774 4,052,64289,426 2,141,818
- -(550,386) (2,248,300)
(63,200) (365,704)1,967,614 3,580,456
16,367,258 29,983,5051,163,413 2,782,167
- -(7,400,002) (7,436,465)(1,833,122) (507,717)8,297,547 24,821,490
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
10.29 10.14- -
10.29 10.14
12.53 12.34- -
12.53 12.34
11.43 11.17- -
11.43 11.17
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
- 35,200- 37,612
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
1.000.75
Paid directly by investor
---
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 245 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Bonds ...................................................................................................................................... 54.6Cash ........................................................................................................................................ 29.6Short Term Investments .......................................................................................................... 13.9Other Assets ........................................................................................................................... 1.8
During the six-month period the Fund’s exposure to credit risk and interest rate risk changed signif-icantly as disclosed in the section below. For details relating to other price risk and currency risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 30.3AA/Aa/A+ 55.3A 9.8BBB/Baa/B++ 0.6Not Rated 2.0Total 98.0
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 29.5AA/Aa/A+ 28.6A 10.4BBB/Baa/B++ 1.3Not Rated 0.6Total 70.4
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $198,000 (March 31, 2009 - $102,000). In practice, the actual results may differ from thisanalysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
137,115 74,204 61,369 - 272,688
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
286,653 113,636 8,444 6,908 415,641
– 246 –
CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (Expressed in US$) (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
BONDS (15.3%) 1,470,000 BP Capital Markets PLC, FRN
0.50338% 03/17/2010 1,470,000 1,471,720 600,000 General Mills Inc., FRN 0.635% 01/22/2010 595,534 600,024 350,000 Bear Stearns Co., Inc., FRN
0.7175% 01/31/2011 350,243 349,541 2,415,777 2,421,285
Commission and other portfolio transaction costs -
Total Investments (15.3%) 2,415,777 2,421,285
Other Assets (net) (84.7%) 13,455,014
Total Net Assets (100.0%) 15,876,299
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 101
– 247 –
CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per share (see Schedule of Net Assets Reconciliation)
A Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A Shares
2,421 8,65813,598 11,674
- -- -- -- -- -- -- -- 1- -- -1 27
16,020 20,360
- -7 10- -- -- -- -
100 7- -- -- -
37 27144 44
15,876 20,316
2,416 8,729- -
11.39 11.37
1,394,140 1,787,236
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Expenses absorbed by the managerNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operationsper share (Note 2)
A Shares
- -54 469
- -- -- -- -- -
54 469
90 194- -- -
13 234 10
107 227(47) -(6) 242
(32) 1- -- -- -
76 (31)44 (30)38 212
0.02 0.06
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 248 –
CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
20,316 41,020
2,941 12,206- -
(6,332) (19,578)(1,087) 2,148(4,478) (5,224)
- -- -- -- -
38 21215,876 36,008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 249 –
CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
1,787,236 3,638,390286,706 1,063,187
- -(587,516) (1,724,947)
(92,286) 199,8111,394,140 3,176,441
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
11.39 11.34- (0.01)
11.39 11.33
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
- -- -
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Annual management fee rateA Shares
Annual fixed administration fee rateA Shares
1.00
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 250 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Cash ........................................................................................................................................ 57.5Bonds ...................................................................................................................................... 30.2Short Term Investments .......................................................................................................... 12.4Other Assets ........................................................................................................................... -0.1
During the six-month period the Fund’s exposure to credit risk changed significantly as disclosed inthe section below. For details relating to other price risk, currency risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AA/Aa/A+ 11.5BBB/Baa/B++ 3.8Total 15.3
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 9.0AA/Aa/A+ 15.1A 15.5BBB/Baa/B++ 2.9Total 42.5
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
– 251 –
Signature Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CORPORATE BONDS (46.7%) 1,035,000 407 International Inc. 5.1% 01/20/2014 1,040,148 1,118,763 1,490,000 407 International Inc., Callable
5.96% 12/03/2035* 1,533,352 1,607,621 169,211 Access Health Abbotsford Ltd.
6.032% 03/07/2038 190,949 170,284 1,611,670 Access Roads Edmonton Ltd.
5.812% 09/30/2037 1,718,684 1,569,412 601,341 Alliance Pipeline LP 7.181% 06/30/2023 697,635 671,867
1,042,773 Alliance Pipeline LP 7.217% 12/31/2025 1,197,880 1,180,929 1,625,000 AltaGas Income Trust 4.41% 09/01/2010 1,591,033 1,645,589
200,000 AltaGas Income Trust 5.07% 01/19/2012 199,930 201,796 1,200,000 Altalink Investments LP 5.019% 11/21/2012 1,208,160 1,213,080
760,000 American Express Canada 4.7% 05/20/2011 747,432 784,715 1,450,000 Bank of Ireland 3.8% 09/22/2015 1,419,861 1,411,169 2,025,000 Bank of Montreal 5.18% 06/10/2015 2,040,437 2,223,875
975,000 Bank of Nova Scotia 5.04% 04/08/2013†† 961,876 1,050,056 3,375,000 Bank of Nova Scotia 6% 10/03/2018†† 3,388,662 3,718,372 1,700,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 1,725,585 1,738,114
805,000 Bell Aliant Regional Communications Income Fund 6.17% 02/26/2037 662,229 712,948
930,000 Bell Aliant Regional Communications LP 5.41% 09/26/2016 881,454 962,708
735,000 Bell Aliant Regional Communications LP 6.29% 02/17/2015 736,917 799,783
550,000 Bell Canada 4.85% 06/30/2014 549,131 574,052 700,000 Bell Canada 5% 02/15/2017 656,360 714,987
1,960,000 BNS Capital Trust, Callable 7.31% 12/31/2049 2,026,477 2,079,011
1,925,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 1,921,188 2,152,285
1,530,000 Brookfield Renewable Power Inc. 4.65% 12/16/2009 1,530,361 1,534,253
1,360,000 Brookfield Renewable Power Inc. 5.84% 11/05/2036 1,001,024 1,025,590
975,000 Calloway REIT 10.25% 04/14/2014 982,058 1,112,631 2,300,000 Cameco Corp. 5.67% 09/02/2019 2,319,972 2,360,904 3,995,000 Canada Housing Trust No.1 4% 06/15/2012 4,248,563 4,214,765 2,800,000 Canada Housing Trust No.1 4.1% 12/15/2018 2,889,516 2,926,812 1,255,000 Canada Housing Trust No.1 4.6% 09/15/2011 1,280,352 1,332,082 1,950,000 Canada Life Capital Trust 6.679% 06/30/2012 1,841,226 2,089,912 1,500,000 Canadian Hydro Developers Inc.
5.334% 09/01/2015 1,431,396 1,391,100 2,050,000 Canadian Imperial Bank of Commerce
3.05% 06/03/2013 2,048,914 2,066,298 1,700,000 Canadian Natural Resources Ltd.
4.95% 06/01/2015 1,676,485 1,781,158 1,200,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 1,222,809 1,244,868
500,000 Canadian Utilities Ltd. 10.2% 11/30/2009 607,315 506,960 500,000 Canadian Western Bank 6.199% 12/31/2056 500,000 431,454
1,700,000 Canadian Western Bank 5.07% 03/22/2017 1,671,695 1,698,288 3,230,000 Canadian Western Bank 5.55% 11/19/2014 3,223,360 3,239,245
750,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 679,162 518,880 2,750,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 2,582,670 2,309,092 1,088,000 CIT Group Holdings Inc. 4.72% 02/10/2011 945,253 709,093
CORPORATE BONDS (46.7%) (cont’d)1,850,000 Citigroup Finance Canada Inc.
6.75% 09/22/2014 1,848,372 1,938,226 1,400,000 Commerzbank AG, FRN 4.5% 12/15/2016 1,378,763 1,227,800 1,325,000 Co-operators Financial Services Ltd.
5.07% 07/20/2012 1,277,969 1,345,816 1,265,000 Depfa ACS Bank 5.25% 03/31/2025 1,302,791 1,029,887 1,520,000 Deutsche Bank AG 4.9% 08/22/2016 1,423,428 1,407,520
855,000 Enbridge Gas Distribution Inc. 6.9% 11/15/2032 1,011,510 1,023,957
630,000 Enbridge Inc., 5.17% 05/19/2016 629,635 673,621 2,000,000 Export Development Canada 5.1% 06/02/2014 2,132,000 2,205,420 1,500,000 Finning International Inc. 5.16% 09/03/2013 1,516,438 1,562,280 1,200,000 First Capital Realty Inc. 5.34% 04/01/2013 1,143,272 1,149,756
775,000 First Captial Realty Inc. 5.49% 12/01/2011 757,799 780,324 525,000 Fortis Inc. 6.51% 07/04/2039 524,654 567,205
1,527,000 FortisAlberta Inc. 5.33% 10/31/2014 1,578,472 1,655,176 2,700,000 France Telecom SA 4.95% 06/23/2011 2,714,316 2,776,113 1,700,000 France Telecom SA 5.5% 06/23/2016 1,776,620 1,799,552
650,000 George Weston Ltd. 7.1% 02/05/2032 630,914 667,277 1,380,000 Golden Credit Card Trust 5.106% 04/15/2011 1,393,526 1,449,373
841,032 Greater Toronto Airports Authority 6.45% 07/30/2029 866,630 885,389
775,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 788,409 905,099
350,000 Great-West Life Capital Trust 5.995% 12/31/2052 322,385 371,564
2,225,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 2,184,770 2,236,704 635,000 HSBC Bank Canada 4.94% 03/16/2021 583,618 643,649
3,300,000 Instituto de Credito Oficial 4.53% 03/17/2016 3,376,552 3,386,823 2,060,000 Inter-American Development Bank
4.4% 01/26/2026 1,866,762 1,904,511 1,898,000 John Hancock Canadian Corp.
6.822% 05/31/2011 2,005,479 2,025,356 USD 825,000 JP Morgan Chase & Co., FRN Callable
7.9% 04/30/2049 788,460 848,107 1,040,000 Kimco North Trust II 4.45% 04/21/2010 1,005,993 1,048,590 1,500,000 Kimco North Trust III 5.18% 08/16/2013 1,419,733 1,421,910
735,000 Loblaw Cos. Ltd. 4.85% 05/08/2014 734,838 769,552 650,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 460,848 599,072 675,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 489,363 631,071 380,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 384,004 402,568 830,000 Mansfield Trust 6.571% 11/15/2025 269,929 266,047
1,400,000 Manulife Financial Capital Trust 6.7% 06/30/2012 1,431,360 1,497,972
2,450,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 2,238,948 2,470,286 1,700,000 Merrill Lynch Canada Finance Co.
5.8% 05/05/2011 1,699,804 1,752,224 1,500,000 Merrill Lynch Financial Assets Inc.
4.678% 03/12/2039 1,477,169 1,473,525 1,150,000 MetLife Global Funding I 4.5% 02/10/2011 1,127,223 1,178,750 1,920,000 Metro Inc. 5.97% 10/15/2035 1,795,818 1,780,128 2,000,000 MI Developments Inc. 6.05% 12/22/2016 1,953,549 1,540,520 1,025,000 Molson Coors Capital Finance Co.,
Senior Notes 5% 09/22/2015 1,034,855 1,059,163
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2303
– 252 –
Signature Canadian Bond Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CORPORATE BONDS (46.7%) (cont’d)150,000 Morgan Stanley, FRN 0.65429% 02/23/2012 149,734 139,503
2,097,000 N-45 First CMBS Issuer Corp. 4.636% 12/15/2019 1,364,742 1,369,492
690,000 National Bank of Canada 4.456% 11/02/2016 708,248 719,339 312,000 Noranda Operating Trust 6.529% 12/20/2010 318,832 316,246
2,600,000 Nordea Bank AB 3.95% 08/05/2015 2,522,039 2,605,486 1,310,000 Northwest Connect Group 5.95% 04/30/2041 1,318,607 1,237,269
990,000 Power Corp. of Canada 7.57% 04/22/2019 989,446 1,129,065 1,084,000 Queen's University 6.1% 11/19/2032 1,250,917 1,212,020 2,295,000 RBC Capital Trust 7.288% 12/31/2049 2,354,676 2,388,728 2,375,000 Reliance LP 7.3% 04/03/2013 2,356,882 2,391,008
875,000 RioCan REIT 4.91% 03/08/2011 860,291 889,324 625,000 RioCan REIT 5.7% 09/11/2012 606,138 631,819
1,350,000 Rogers Communications Inc. 5.8% 05/26/2016 1,346,854 1,450,683 1,125,000 RONA Inc. 5.4% 10/20/2016 1,053,215 1,025,820 1,525,000 Royal Bank of Canada 5.06% 07/17/2013 1,539,080 1,648,342
610,000 Royal Bank of Canada 5.2% 08/15/2012* 622,761 658,153 2,120,000 Royal Bank of Scotland 4.25% 03/30/2015 2,081,730 1,779,168 4,080,000 Royal Bank of Scotland, Callable
5.37% 05/12/2049 3,621,316 2,305,200 1,694,611 Royal Office Finance LP 5.209% 11/12/2032 1,639,026 1,698,848 1,380,000 Scotiabank Capital Trust, Series 2002-1
Callable 6.626% 06/30/2052†† 1,354,496 1,500,226 2,100,000 Shaw Communications Inc. 5.65% 10/01/2019 2,093,343 2,129,673 1,850,000 Shaw Communications Inc. 6.5% 06/02/2014 1,847,914 2,035,796 1,395,000 Sherritt International Corp. 7.75% 10/15/2015 1,395,000 1,367,658
830,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 830,000 892,134 3,284,544 Strait Crossing Development Inc.
6.17% 09/15/2031 3,294,227 3,186,304 2,000,000 Sun Life Financial Inc. 5% 07/11/2031 1,984,824 2,083,720 1,075,000 Sun Life Financial Inc. 7.9% 03/31/2019 1,096,615 1,238,787
795,000 TD Capital Trust 10% 06/30/2039 795,000 1,159,508 1,340,000 TD Capital Trust 6.631% 06/30/2108 1,340,000 1,405,553 1,925,000 TD Capital Trust 6.792% 12/31/2049 1,936,508 2,121,215 2,080,000 TD Capital Trust 7.243% 12/31/2018 2,134,640 2,327,146
400,000 TD Capital Trust 7.6% 12/31/2049 401,600 405,448 825,000 Terasen Gas Inc. 5.8% 05/13/2038 822,327 879,326 525,000 Terasen Gas Inc. 6% 10/02/2037 543,419 574,429 500,000 Terasen Gas Inc., Callable 6.5% 05/01/2034 542,878 575,675
1,400,000 Terasen Gas Vancouver Island Inc. 6.05% 02/15/2038 1,320,472 1,519,196
1,350,000 Thomson Reuters Corp. 5.7% 07/15/2015 1,376,730 1,488,699 640,000 Thomson Reuters Corp. 6% 03/31/2016 638,483 716,083
1,200,000 Toronto-Dominion Bank 4.854% 02/13/2013 1,207,650 1,286,976 745,000 Toronto-Dominion Bank 4.97% 10/30/2104 724,468 755,780
1,550,000 Toronto-Dominion Bank 5.141% 11/19/2012 1,566,923 1,673,008 600,000 TransCanada Pipelines Ltd. 5.05% 08/20/2013 599,214 645,000 700,000 Union Gas Ltd. 6.05% 09/02/2038 714,730 764,666 300,000 University of British Columbia
6.65% 12/01/2031 365,940 362,769 1,375,000 University of Ottawa 6.28% 04/15/2043 1,537,314 1,575,846
600,000 Wells Fargo Financial Canada Corp. 4.38% 06/30/2015 566,478 612,042
CORPORATE BONDS (46.7%) (cont’d)1,685,000 Wilfrid Laurier University
5.429% 02/01/2045 1,608,070 1,658,293 800,000 YPG Holdings Inc. 5.85% 11/18/2019 689,840 699,336
1,000,000 YPG Holdings Inc., Callable 5.71% 04/21/2014 964,160 973,840 176,122,286 179,362,329
GOVERNMENT BONDS (29.3%) 6,915,000 Canadian Government Bond
2% 09/01/2012 6,912,463 6,936,091 24,260,000 Canadian Government Bond
3% 06/01/2014* 24,977,638 24,829,140 3,000,000 Canadian Government Bond
3.5% 06/01/2020 2,989,710 3,003,060 8,886,000 Canadian Government Bond
3.75% 09/01/2011* 9,145,722 9,303,464 479,000 Canadian Government Bond
4% 06/01/2016 511,643 513,201 10,297,000 Canadian Government Bond
4.5% 06/01/2015* 11,321,566 11,292,411 150,000 Canadian Government Bond
5% 06/01/2014* 162,000 166,714 3,585,000 Canadian Government Bond
5.75% 06/01/2029* 4,476,277 4,462,357 285,000 Canadian Government Bond
8% 06/01/2023 409,421 413,278 2,467,000 Canadian Government Bond
8% 06/01/2027* 3,703,700 3,730,449 8,755,000 Canadian Government Bond,
Series XW98 5% 06/01/2037* 10,186,409 10,475,007 12,369,000 Canadian Government Bond,
Series YF56 4% 06/01/2017* 13,021,937 13,214,545 9,525,000 Canadian Government Bond,
Series YN80 3.5% 06/01/2013* 9,941,570 9,967,722 13,751,000 Canadian Government Bond,
Series YR94 3.75% 06/01/2019* 14,070,108 14,247,961 111,830,164 112,555,400
PROVINCIAL BONDS (8.8%) 6,689,000 55 Ontario School Board Trust
5.9% 06/02/2033 7,304,431 7,314,154 200,000 City of Montreal 6% 06/01/2043 237,516 227,156
2,000,000 City of Toronto 5.05% 07/18/2017 1,994,560 2,145,620 1,698,469 New Brunswick F-M Project Co., Inc.,
Callable 6.47% 11/30/2027 1,856,079 1,957,299 2,200,000 Province of British Columbia
4.7% 06/18/2037 2,179,740 2,261,974 2,815,000 Province of Ontario 4.3% 03/08/2017 2,776,466 2,964,955
820,000 Province of Ontario 4.4% 03/08/2016 863,686 875,161 3,720,000 Province of Ontario 4.7% 06/02/2037 3,720,256 3,812,033 1,800,000 Province of Ontario,
FRN 0.42286% 09/17/2010 1,799,648 1,799,586 2,843,000 Province of Quebec 4.5% 12/01/2016 2,846,226 3,032,060 1,500,000 Province of Quebec 5% 12/01/2038* 1,585,245 1,580,550 1,977,000 Province of Quebec 4.5% 12/01/2017 1,994,270 2,091,429
750,000 Province of Quebec 5.75% 12/01/2036 809,385 866,872 2,365,000 Province of Quebec 6% 10/01/2029 2,664,881 2,751,796
32,632,389 33,680,645
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 253 –– 253 –
Signature Canadian Bond Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FOREIGN GOVERNMENT BONDS (2.7%) 3,706,000 Austria Government International Bond
5.375% 12/01/2034 3,919,418 3,763,628 4,000,000 Canadian Government Bond 2% 12/01/2014 3,871,440 3,890,160 2,250,000 EUROFIMA 5.15% 12/13/2019 2,349,122 2,291,265
10,139,980 9,945,053
Commission and other portfolio transaction costs -
Total Bonds & Equities (87.5%) 330,724,819 335,543,427
Short Term Notes (11.5%) 44,000,000 44,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%) (see Schedule A) 14,048
Total Investments (99.1%) 374,724,819 379,557,475
Other Assets (net) (0.9%) 4,121,402
Total Net Assets (100.0%) 383,678,877
Principal amounts stated in:USD U.S. Dollar
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.1%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (243,000) US $ 264,180 Canadian $ 4,030 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (563,000) US $ 612,752 Canadian $ 10,018
Total Foreign Currency Forward Contracts Value 14,048
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 254 –
Signature Canadian Bond Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
335,543 281,1511,245 2,088
44,000 25,000- -- -- -
14 -- -- -
1,117 3993,158 -
- -4,193 3,539
389,270 312,177
- -- -- -- 8- -
4,646 -528 1,938
- -- -- -
417 2645,591 2,210
383,679 309,967
330,725 282,469- -
196,328 175,1519,100 7,826
178,251 126,990
12.97 12.5513.26 12.7912.07 11.58
15,136,903 13,961,802686,269 611,776
14,769,553 10,965,534
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
- -7,611 5,677
21 21- -- -- -- -
7,632 5,698
1,264 988162 127
- 2154 11671 56
1,651 1,2895,981 4,409
- -5,981 4,409
1,322 950(67) (58)
(2) (1)- -
6,158 (7,829)7,411 (6,938)
13,392 (2,529)
6,219 (1,936)296 (84)
6,877 (509)
0.43 (0.17)0.47 (0.11)0.51 (0.06)
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
– 255 –
Signature Canadian Bond Corporate Class Financial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
175,151 132,799
36,012 41,549- -
(21,489) (14,757)435 (2,043)
14,958 24,749
- -- -- -- -
6,219 (1,936)196,328 155,612
7,826 8,267
1,850 1,990- -
(1,042) (1,074)170 404978 1,320
- -- -- -- -
296 (84)9,100 9,503
126,990 94,063
36,443 16,852- -
(12,463) (4,211)20,404 (1,662)44,384 10,979
- -- -- -- -
6,877 (509)178,251 104,533
309,967 235,129
74,305 60,391- -
(34,994) (20,042)21,009 (3,301)60,320 37,048
- -- -- -- -
13,392 (2,529)383,679 269,648
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 256 –
Signature Canadian Bond Corporate Class Financial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
13,961,802 10,815,2392,848,180 3,403,486
- -(1,703,168) (1,209,368)
30,089 (170,240)15,136,903 12,839,117
611,776 663,658142,977 160,763
- -(80,851) (86,152)12,367 32,568
686,269 770,837
10,965,534 8,431,0083,104,180 1,512,985
- -(1,068,691) (377,062)1,768,530 (149,313)
14,769,553 9,417,618
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
12.97 12.12- -
12.97 12.12
13.26 12.33- -
13.26 12.33
12.07 11.10- -
12.07 11.10
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
74,151 77,79175,634 83,121
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
1.350.85
Paid directly by investor
0.170.17
-
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 257 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Corporate Bonds ..................................................................................................................... 45.9Government Bonds .................................................................................................................. 30.9Provincial Bonds ...................................................................................................................... 12.0Short Term Investments .......................................................................................................... 8.1Foreign Government Bonds .................................................................................................... 2.0Cash & Equivalents ................................................................................................................. 0.7Other Assets ........................................................................................................................... 0.4
During the six-month period the Fund’s exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to otherprice risk remains unchanged.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 49.8AA/Aa/A+ 9.6A 20.8BBB/Baa/B++ 14.8BB/Ba/B+ 0.8B 0.6CC/Ca/C+ 0.2Not Rated 1.4Total 98.0
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 41.5AA/Aa/A+ 19.4A 20.8BBB/Baa/B++ 11.5BB/Ba/B+ 0.7CCC/Caa/C++ 0.1Not Rated 4.9Total 98.9
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Signature Canadian Bond Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (863) 765 0.2 Total (863) 765 0.2
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 70 0.1 Total - 70 0.1
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $77,000 (March 31, 2009 - $7,000). In practice, the actual results may differ from this analysis and the dif-ference may be material.
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $5,026,000 (March 31, 2009 - $3,832,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
51,780 46,869 66,188 215,951 380,788
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
32,055 47,698 44,113 184,373 308,239
– 258 –
Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (30.5%) USD 284,000 Ace Cash Express Inc. 10.25% 10/01/2014 160,094 203,724
1,010,000 American Express Canada 4.7% 05/20/2011 1,032,561 1,042,845 1,100,000 Bank of Ireland 3.8% 09/22/2015 1,099,490 1,070,542 1,160,000 Bank of Montreal 5.18% 06/10/2015 1,249,202 1,273,924
470,000 Bank of Montreal Capital Trust II, Callable 10.221% 12/31/2107 605,270 622,017
600,000 Bank of Montreal, FX/FL Subordinated Debenture 6.17% 03/28/2023 663,909 671,244
560,000 Bank of Nova Scotia 4.58% 02/15/2011†† 596,933 585,127 630,000 Bank of Nova Scotia 5.04% 04/08/2013†† 678,496 678,497
1,120,000 Bank of Nova Scotia 6% 10/03/2018†† 1,230,491 1,233,949 GBP 150,000 Barclays Bank PLC 14% 06/15/2019 329,108 328,466
500,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 507,525 511,210 600,000 BNS Capital Trust, Callable 7.31% 12/31/2049 639,402 636,432
1,010,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 1,092,884 1,129,251
400,000 Calloway REIT 10.25% 04/14/2014 448,905 456,464 480,000 Calloway REIT, Callable 4.51% 09/22/2010 485,718 483,278 120,000 Canada Housing Trust No.1, FRN Series 12
0.39286% 09/15/2010 119,959 119,990 680,000 Canada Life Capital Trust
6.679% 06/30/2012 715,427 728,790 680,000 Canadian Imperial Bank of Commerce
4.4% 03/07/2011 720,351 709,750 470,000 Canadian Western Bank 5.07% 03/22/2017 475,967 469,527 620,000 Canadian Western Bank 5.95% 06/27/2018 625,378 623,570
USD 553,000 CB Richard Ellis Services Inc. 11.625% 06/15/2017 629,300 625,890
550,000 CIT Group Holdings Inc. 4.72% 02/10/2011 378,997 358,457 210,000 Citigroup Finance Canada Inc.
4.37% 02/03/2011 212,246 210,355 715,000 Citigroup Finance Canada Inc.
6.75% 09/22/2014 714,371 749,098 370,000 Commerzbank AG, FRN 4.5% 12/15/2016 366,378 324,490 620,000 Co-operators Financial Services Ltd.
5.07% 07/20/2012 602,268 629,740 USD 266,000 Couche-Tard Finance Corp., Callable
7.5% 12/15/2013 303,073 287,997 370,000 Deutsche Bank AG 4.9% 08/22/2016 345,076 342,620 560,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 499,348 528,298 370,000 First Capital Realty Inc. 5.25% 03/30/2011 368,140 375,272 260,000 First Capital Realty Inc. 5.34% 04/01/2013 239,309 249,114 122,000 First Capital Realty Inc., 144A
5.5% 09/30/2017 106,832 109,800 250,000 First Captial Realty Inc. 5.49% 12/01/2011 239,359 251,718
USD 105,000 Ford Motor Credit Co. 8.7% 10/01/2014 110,484 110,120 350,000 GE Capital Canada Funding Co.
5.53% 08/17/2017 360,801 360,192 170,000 Great-West Life Capital Trust
5.995% 12/31/2052 176,260 180,474 310,000 HSBC Bank Canada 4.94% 03/16/2021 311,245 314,222
USD 250,000 JP Morgan Chase & Co., FRN Callable 7.9% 04/30/2049 258,289 257,002
FINANCIALS (30.5%) (cont’d)450,000 Kimco North Trust II 4.45% 04/21/2010 454,329 453,717 310,000 Kimco North Trust III 5.18% 08/16/2013 295,396 293,861
USD 299,000 Lender Processing Services Inc. 8.125% 07/01/2016 340,150 332,930
USD 1,714,000 Lincoln National Corp., Callable 7% 05/17/2066 1,287,440 1,312,095
USD 525,000 Lincoln National Corp., Preferred 6.05% 04/20/2067 387,607 379,412
625,000 Manulife Financial Capital Trust 6.7% 06/30/2012 657,856 668,738
1,040,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 1,023,744 1,048,611 460,000 Merrill Lynch Canada Finance Co.
5.8% 05/05/2011 467,426 474,131 820,000 MetLife Global Funding I 4.5% 02/10/2011 846,255 840,500 750,000 MI Developments Inc. 6.05% 12/22/2016 570,773 577,695 200,000 Morgan Stanley, FRN 0.65429% 02/23/2012 176,221 186,004
USD 550,000 NII Capital Corp. 10% 08/15/2016 590,221 612,413 1,620,000 Nordea Bank AB 3.95% 08/05/2015 1,637,672 1,623,418
USD 262,000 Nuveen Investments Inc., Senior Notes 5% 09/15/2010 293,345 269,290
230,000 Power Corp. of Canada 8.57% 04/22/2039 284,115 286,226 610,000 RBC Capital Trust 7.288% 12/31/2049 636,111 634,912 560,000 RBC Capital Trust, Callable 5.812% 12/29/2049 582,764 599,659 340,000 RioCan REIT 4.7% 06/15/2012 330,468 336,967 370,000 RioCan REIT 5.7% 09/11/2012 374,160 374,037
1,810,000 Royal Bank of Canada 5.06% 07/17/2013 1,983,502 1,956,393 220,000 Royal Bank of Canada 5.2% 08/15/2012 240,303 237,367 210,000 Royal Bank of Canada, FRN
0.83143% 09/27/2010 209,818 210,103 870,000 Royal Bank of Scotland 4.25% 03/30/2015 802,789 730,130
1,060,000 Royal Bank of Scotland, Callable 5.37% 05/12/2049 456,311 598,900
440,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 464,507 474,395
900,000 Scotiabank Capital Trust, Series 2002-1 Callable 6.626% 06/30/2052†† 958,788 978,408
USD 892,000 SLM Corp. 4.5% 07/26/2010 991,516 927,957 182,000 SLM Corp. 4.625% 06/15/2011 157,169 157,765
USD 312,000 SLM Corp. 5.125% 08/27/2012 319,028 285,831 260,000 Sun Life Financial Inc. 5% 07/11/2031 269,797 270,884 540,000 Sun Life Financial Inc. 7.9% 03/31/2019 623,410 622,274 260,000 TD Capital Trust 10% 06/30/2039 346,482 379,210 570,000 TD Capital Trust 6.631% 06/30/2108 570,000 597,884
1,050,000 TD Capital Trust 6.792% 12/31/2049 1,136,641 1,157,026 1,275,000 TD Capital Trust 7.243% 12/31/2018 1,365,937 1,426,496
620,000 TD Capital Trust 7.6% 12/31/2049 636,825 628,444 840,000 Toronto-Dominion Bank 4.854% 02/13/2013 908,012 900,883 440,000 Toronto-Dominion Bank 4.97% 10/30/2104 429,223 446,367 850,000 Toronto-Dominion Bank 5.141% 11/19/2012 918,573 917,456 500,000 Toronto-Dominion Bank 5.48% 04/02/2020 537,052 541,235
USD 833,000 Virgin Media Finance PLC 9.5% 08/15/2016 952,778 938,676 USD 210,000 Wells Fargo & Co. 7.98% 02/28/2049 209,388 204,602 USD 240,000 Wells Fargo Capital 7.7% 12/29/2049 236,290 226,122
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2308
– 259 –– 259 –
Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (30.5%) (cont’d)410,000 Wells Fargo Financial Canada Corp.
4.38% 06/30/2015 402,296 418,229 600,000 Wells Fargo Financial Canada Corp.
5.2% 09/13/2012 634,098 636,186 1,135,000 YPG Holdings Inc. 5.25% 02/15/2016 1,029,243 1,042,225
425,000 YPG Holdings Inc. 5.85% 11/18/2019 368,088 371,522 49,092,763 49,431,042
CONSUMER DISCRETIONARY (8.2%) USD 504,000 Baker & Taylor Inc. 11.5% 07/01/2013 164,906 214,494 USD 14,000 Blockbuster Inc. 11.75% 10/01/2014 14,040 14,090
620,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 650,771 643,182 USD 127,000 CanWest MediaWorks Inc. 8% 09/15/2012 45,851 106,739 USD 93,000 CSC Holdings Inc. 8.5% 04/15/2014 108,847 104,549 USD 1,054,000 Dollar General Corp. 2.875% 06/30/2027 857,904 922,522 USD 572,000 Dollarama Group LP 8.875% 08/15/2012 642,429 626,192 USD 93,000 Dollarama Group LP, FRN
7.4675% 08/15/2012 97,477 92,728 USD 144,000 Foot Locker Inc. 8.5% 01/15/2022 152,950 145,694 USD 944,000 Goodyear Tire & Rubber Co.
10.5% 05/15/2016 1,125,342 1,096,605 USD 367,000 Great Canadian Gaming Corp.
7.25% 02/15/2015 395,271 373,283 USD 739,000 H&E Equipment Services Inc.
8.375% 07/15/2016 725,170 723,959 USD 209,000 Host Hotels & Resorts Inc.
2.625% 04/15/2027 202,673 205,585 17,700 ION Media Networks Inc., 12% Preferred - -
USD 466,000 MGM Mirage Inc. 5.875% 02/27/2014 356,663 391,655 USD 111,000 MGM Mirage Inc. 7.5% 06/01/2016 83,218 92,103 USD 134,000 MGM Mirage Inc. 8.5% 09/15/2010 145,580 142,391 USD 640,000 MGM Mirage Inc., 144A
10.375% 05/15/2014 761,627 731,470 USD 310,000 Mohegan Tribal Gaming
6.125% 02/15/2013 274,446 274,649 USD 486,000 Neiman Marcus Group Inc.
10.375% 10/15/2015 374,717 444,888 USD 275,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 380,820 363,467 USD 1,500,000 Reliance Intermediate Holdings LP, 144A,
Private Placement 9.5% 12/15/2019^ 1,591,253 1,585,904 590,000 Rogers Communications Inc.
5.8% 05/26/2016 618,984 634,002 250,000 RONA Inc. 5.4% 10/20/2016 220,523 227,960
USD 680,000 Scientific Games Corp. 7.875% 06/15/2016 751,234 718,943 900,000 Shaw Communications Inc.
5.65% 10/01/2019 897,147 912,717 460,000 Shaw Communications Inc. 6.5% 06/02/2014 495,485 506,198
USD 65,000 Shaw Communications Inc. 7.2% 12/15/2011 77,910 74,116 157,000 Shaw Communications Inc. 7.5% 11/20/2013 176,164 178,759 235,000 Shaw Communications Inc., Senior Notes
5.7% 03/02/2017 245,487 245,714 USD 533,000 Wynn Las Vegas LLC 6.625% 12/01/2014 535,605 543,551
13,170,494 13,338,109
MATERIALS (7.8%) USD 714,000 Ashland Inc. 9.125% 06/01/2017 854,159 817,957
289,000 Bowater Inc. 10.85% 11/30/2014 55,806 59,257 1,050,000 Cameco Corp. 5.67% 09/02/2019 1,065,674 1,077,804
USD 595,000 Cascades Inc., Callable 7.25% 02/15/2013 624,999 624,297 USD 196,000 Clondalkin Group, 144A FRN
2.299% 12/15/2013 159,109 171,026 USD 110,000 Domtar Corp. 10.75% 06/01/2017 123,642 131,904 USD 18,000 Domtar Inc. 7.875% 10/15/2011 20,790 19,922 USD 1,345,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,569,110 1,594,830 USD 209,000 FMG Finance Pty. Ltd. 10% 09/01/2013 241,374 237,192 USD 132,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 147,647 142,739 USD 969,000 Freeport-McMoRan Copper & Gold Inc.
8.25% 04/01/2015 1,159,356 1,103,600 USD 1,126,000 Huntsman International LLC
5.5% 06/30/2016 1,002,386 1,024,721 USD 167,000 Innophos Inc. 8.875% 08/15/2014 184,567 180,587 USD 237,000 James River Coal Co. 9.375% 06/01/2012 248,669 246,132
620,000 Noranda Operating Trust 6.529% 12/20/2010 627,732 628,438 93,000 NOVA Chemicals Corp. 7.85% 08/30/2010 95,700 92,802
USD 156,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 176,617 163,264 USD 425,000 Rathgibson Inc. 11.25% 02/15/2014 173,235 40,952
500,000 Sherritt International Corp. 7.75% 10/15/2015 450,604 490,200 276,000 Sherritt International Corp. 7.875% 11/26/2012 251,225 272,605 476,000 Sherritt International Corp. 8.25% 10/24/2014 450,038 488,966
USD 559,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 576,967 573,059
USD 161,000 Teck Resources Ltd. 10.25% 05/15/2016 200,072 194,784 USD 1,227,000 Teck Resources Ltd. 10.75% 05/15/2019 1,606,749 1,527,165 USD 287,000 Teck Resources Ltd. 7% 09/15/2012 340,240 315,727 AUD 404,000 Western Areas Ltd. 8% 07/02/2012 332,219 365,348
12,738,686 12,585,278 ENERGY (7.7%)
180,000 Alliance Pipeline LP 6.765% 12/31/2025 202,036 192,451 633,935 Alliance Pipeline LP 7.181% 06/30/2023 689,673 708,283 190,000 AltaGas Income Trust 4.41% 09/01/2010 193,747 192,407 370,000 AltaGas Income Trust 5.07% 01/19/2012 374,843 373,323
1,081,000 Athabasca Oil Sands Corp. 13% 07/30/2011 1,037,360 1,145,860 350,000 Baytex Energy Trust 9.15% 08/26/2016 350,000 369,372 500,000 Canadian Natural Resources Ltd.
4.5% 01/23/2013 523,091 523,560 960,000 Canadian Natural Resources Ltd.
4.95% 06/01/2015 990,138 1,005,830 USD 855,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,000,634 963,467 USD 200,000 Chesapeake Energy Corp., Senior Notes
6.5% 08/15/2017 195,738 196,465 USD 487,000 Connacher Oil and Gas Ltd. 10.25% 12/15/2015 327,804 424,947 USD 234,000 Continental Resources Inc. 8.25% 10/01/2019 253,475 257,422 USD 246,000 Corral Finans AB, FRN 144A
2.00938% 04/15/2010 168,030 221,240 460,000 CU Inc. 5.432% 01/23/2019 499,661 501,584 500,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 524,263 528,345 370,000 Enbridge Pipelines Inc. 6.62% 11/19/2018 427,470 434,954
^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 260 –– 260 –
Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
ENERGY (7.7%) (cont’d)USD 903,000 Gibson Energy ULC 11.75% 05/27/2014 1,038,508 1,010,305
250,000 NOVA Gas Transmission Ltd. 8.9% 05/27/2025 293,448 330,352 USD 710,000 OPTI Canada Inc., Callable (USD)
8.25% 12/15/2014 527,695 589,126 USD 207,000 PetroQuest Energy Inc. 10.375% 05/15/2012 207,737 210,544 USD 762,000 Sabine Pass LNG LP 7.5% 11/30/2016 702,156 696,521
620,000 Schlumberger Canada Ltd. 5.14% 07/12/2010 636,945 636,945 410,000 Suncor Energy Inc. 5.8% 05/22/2018* 430,319 431,377
USD 277,000 Targa Resources Inc. 8.5% 11/01/2013 259,528 278,776 190,000 TransCanada Pipelines Ltd. 5.05% 08/20/2013 205,919 204,250
USD 154,000 Transmeridian Exploration Inc., Callable 12% 12/15/2010 11,658 41,220
12,071,876 12,468,926 INDUSTRIALS (7.5%)
500,000 Aeroports De Montreal 5.67% 10/16/2037 484,056 502,130 450,000 Aeroports De Montreal 6.55% 10/11/2033 477,712 502,551 935,000 Altalink Investments LP 5.019% 11/21/2012 944,870 945,192 110,000 Altalink LP 5.249% 09/22/2036 103,010 104,824 700,000 Finning International Inc. 5.16% 09/03/2013 714,547 729,064
USD 390,000 Flextronics International Ltd. 6.5% 05/15/2013 401,950 407,116 470,000 FortisAlberta Inc. 5.33% 10/31/2014 509,565 509,452 320,000 Greater Toronto Airports Authority
5.96% 11/20/2019* 343,110 353,162 240,000 Greater Toronto Airports Authority, Callable
6.98% 10/15/2032 272,916 280,289 750,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 719,757 753,945
USD 1,196,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 1,228,422 1,350,928 516,000 Iron Mountain Inc. 7.5% 03/15/2017 486,543 477,300
USD 1,016,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,115,966 1,104,100 USD 99,000 Kansas City Southern 12.5% 04/01/2016 118,646 117,124 USD 1,693,000 Kansas City Southern de Mexico
9.375% 05/01/2012 1,854,821 1,839,804 280,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 293,142 300,961
USD 179,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 156,563 163,858 491,005 Strait Crossing Development Inc.
6.17% 09/15/2031 496,607 476,319 USD 516,000 Texas Competitive Electric Holdings Co. LLC
10.25% 11/01/2015 372,881 397,769 USD 339,000 United Rentals North America Inc.
6.5% 02/15/2012 377,715 363,859 USD 525,520 US Oncology Holdings Inc., FRN
6.4275% 03/15/2012 514,842 489,505 11,987,641 12,169,252
TELECOMMUNICATION SERVICES (6.7%) 3,100 BCE Inc., 5.45% Preferred, Series AA 56,265 58,776
750,000 Bell Aliant Regional Communications LP 5.41% 09/26/2016 745,504 776,378
300,000 Bell Aliant Regional Communications LP, Callable 4.72% 09/26/2011 311,774 312,660
500,000 Bell Canada 4.85% 06/30/2014 511,790 521,865 140,000 Bell Canada 5% 02/15/2017 141,637 142,997
USD 296,000 Digicel Group Ltd. 12% 04/01/2014 364,775 353,358 1,070,000 France Telecom SA 4.95% 06/23/2011 1,094,015 1,100,163
TELECOMMUNICATION SERVICES (6.7%) (cont’d)700,000 France Telecom SA 5.5% 06/23/2016 733,600 740,992
USD 29,000 GeoEye Inc. 9.625% 10/01/2015 30,328 31,437 USD 633,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 763,377 725,164 USD 250,000 Intelsat Subsidiary Holding Co., Ltd.
8.875% 01/15/2015 273,310 272,347 USD 1,658,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 1,844,721 1,815,082 USD 1,053,000 NII Holdings Inc. 3.125% 06/15/2012 974,980 985,063 USD 521,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 603,608 557,810
350,000 Rogers Wireless Inc. 7.625% 12/15/2011 378,315 386,158 USD 900,000 Rogers Wireless Inc. 8% 12/15/2012 1,069,940 990,086 USD 100,000 Sprint Nextel Corp. 8.375% 08/15/2017 107,314 106,530 USD 876,000 Wind Acquisition Finance SA
11.75% 07/15/2017 1,030,557 1,057,473 11,035,810 10,934,339
CONSUMER STAPLES (4.8%) USD 898,000 Alliance One International Inc.
10% 07/15/2016 980,753 992,693 USD 136,000 Alliance One International Inc., 144A
10% 07/15/2016 144,301 150,341 USD 99,000 Constellation Brands Inc. 7.25% 05/15/2017 108,572 105,465 USD 280,000 Constellation Brands Inc. 8.125% 01/15/2012 311,632 299,783 USD 133,000 Constellation Brands Inc., Senior Notes
7.25% 09/01/2016 142,597 141,685 USD 647,000 Cott Beverages USA Inc. 8% 12/15/2011 707,327 688,383
60,000 George Weston Ltd. 7.1% 02/05/2032 57,954 61,595 USD 766,000 Ingles Markets Inc. 8.875% 05/15/2017 846,957 840,623
570,000 Loblaw Cos. Ltd. 6% 03/03/2014 622,200 622,092 120,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 107,558 110,598 250,000 Loblaw Cos. Ltd. 6.45% 02/09/2028 243,316 242,042 480,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 520,839 508,507 560,000 Metro Inc. 5.97% 10/15/2035 499,183 519,204 845,000 Molson Coors Capital Finance Co.,
Senior Notes 5% 09/22/2015 862,086 873,164 USD 287,000 The Mosaic Co. 7.375% 12/01/2014 350,775 326,156
108,000 Viterra Inc. 8% 04/08/2013 112,688 110,578 1,191,000 Viterra Inc. 8.5% 08/01/2017 1,197,721 1,191,524
7,816,459 7,784,433 HEALTH CARE (4.4%)
USD 840,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 699,346 690,250 USD 681,000 Apria Healthcare Group Inc.
11.25% 11/01/2014 780,704 783,798 USD 325,000 Apria Healthcare Group Inc.
12.375% 11/01/2014 350,665 371,449 USD 672,000 Axcan Intermediate Holdings Inc.
9.25% 03/01/2015 801,955 759,050 USD 494,000 Biomet Inc. 10% 10/15/2017 591,608 563,281 USD 93,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 108,356 103,305 USD 94,000 Boston Scientific Corp. 6.25% 11/15/2015 103,460 101,396 USD 340,000 Boston Scientific Corp., Senior Notes
6.4% 06/15/2016 372,595 368,572 USD 100,000 HCA Inc. 6.5% 02/15/2016 96,219 95,020 USD 200,000 HCA Inc. 7.875% 02/15/2020 214,332 214,933 USD 131,000 HCA Inc. 8.5% 04/15/2019 151,286 146,567
– 261 –– 261 –– 261 –
Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
* Denotes all or part of securities lent.^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
HEALTH CARE (4.4%) (cont’d)USD 1,372,000 HCA Inc., Callable 9.125% 11/15/2014 1,565,562 1,520,348 USD 720,000 Inverness Medical Innovations Inc.
9% 05/15/2016 802,501 766,052 USD 99,000 Province Healthcare Co. 7.5% 06/01/2013 111,808 101,861 USD 163,000 Skilled Healthcare Group Inc. 11% 01/15/2014 204,901 180,624 USD 416,000 United Surgical Partners International Inc.
8.875% 05/01/2017 446,151 437,597 7,401,449 7,204,103
UTILITIES (2.9%) USD 460,000 AES Corp., Callable 8.75% 05/15/2013 548,628 501,734
370,000 BC Gas Inc., Callable 8% 04/19/2040 389,518 379,198 870,000 Brookfield Renewable Power Inc.
4.65% 12/16/2009 874,976 872,419 310,000 Canadian Hydro Developers Inc.
5.334% 09/01/2015 291,525 287,494 160,000 Fortis Inc. 7.4% 10/25/2010 173,001 169,826 340,000 Hamilton Utilities Corp. 6.25% 07/30/2012 376,758 369,366
USD 345,000 Intergen NV 9% 06/30/2017 379,992 380,456 1,090,000 Reliance LP 7.3% 04/03/2013 1,068,712 1,097,347
610,000 Terasen Gas Inc. 6% 10/02/2037 652,527 667,432 4,755,637 4,725,272
GOVERNMENT BONDS (2.4%) 625,000 Canadian Government Bond
3% 06/01/2014* 639,738 639,662 325,000 Canadian Government Bond
3.75% 06/01/2012* 342,566 342,144 600,000 Canadian Government Bond
3.75% 09/01/2011* 635,699 628,188 1,445,000 Canadian Government Bond
4% 06/01/2016 1,541,730 1,548,173 615,000 Canadian Government Bond
4.5% 06/01/2015* 678,401 674,452 3,838,134 3,832,619
INFORMATION TECHNOLOGY (2.2%) USD 303,000 Agilent Technologies Inc. 6.5% 11/01/2017 316,003 337,592 USD 493,000 CEVA Group PLC 10% 09/01/2014 420,087 469,770 USD 211,000 First Data Corp. 9.875% 09/24/2015 174,040 208,682 USD 915,000 Hughes Network Systems LLC
9.5% 04/15/2014 1,053,333 984,545 USD 845,000 Nortel Networks Corp. 10.75% 07/15/2016 327,210 520,203
600 Nortel Networks Corp., Preferred, Series F 75 75 470,000 Thomson Reuters Corp. 5.7% 07/15/2015 514,946 518,288 440,000 Thomson Reuters Corp. 6% 03/31/2016 484,091 492,307
3,289,785 3,531,462
PRIVATE PLACEMENTS (1.8%) USD 281,000 CCS Inc., Private Placement 11% 11/15/2015^ 198,880 228,649 USD 460,000 Cie Gen Geophysique, Private Placement
9.5% 05/15/2016^ 536,507 520,819 USD 403,000 Connacher Oil and Gas Ltd., Private Placement
11.75% 07/15/2014^ 457,045 457,309 USD 76,475 Dow Jones CDX HY, T4 Series 3-4,
Private Placement 10.5% 12/29/2009^ 85,278 78,399 USD 498,000 Goldcorp Inc., Private Placement
2% 08/01/2014^ 560,452 591,835 USD 561,000 JBS USA LLC, 144A Private Placement
11.625% 05/01/2014^ 614,898 645,684 USD 208,000 Maple Leaf Foods Inc., Private Placement
5.21% 12/08/2011^ 211,368 211,561 USD 19,000 Qwest Corp., Private Placement
8.375% 05/01/2016^ 21,816 21,054 USD 87,000 US Oncology Holdings Inc., Private Placement
9.125% 08/15/2017^ 99,456 98,037 2,785,700 2,853,347
ASSET BACKED (0.6%) 500,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 351,471 345,920 360,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 274,858 302,281 290,000 Merrill Lynch Financial Assets Inc.
5.47% 06/12/2035 274,277 284,887 900,606 933,088
Commission and other portfolio transaction costs -
Total Bonds (87.5%) 140,885,040 141,791,270
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.6%) (see Schedule A) 985,622
Total Investments (88.1%) 140,885,040 142,776,892
Other Assets (net) (11.9%) 19,516,646
Total Net Assets (100.0%) 162,293,538
Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar
– 262 –– 262 –– 262 –– 262 –
Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.6%)
Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)
1 UBS Warburg NY A-1 0.90 10-Dec-09 (305,000) Australian $ 273,117 Canadian $ (13,176)1 UBS Warburg NY A-1 1.81 06-Oct-09 (156,000) British Pound 282,168 Canadian $ 15,277 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (1,062,000) US $ 1,151,112 Canadian $ 14,164 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (1,477,000) US $ 1,581,010 Canadian $ (212)1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (1,490,000) US $ 1,624,532 Canadian $ 29,371 1 UBS Warburg NY A-1 1.09 12-Nov-09 (1,490,000) US $ 1,624,249 Canadian $ 29,088 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,297,000) US $ 2,508,014 Canadian $ 48,893 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,746,000) US $ 3,045,122 Canadian $ 105,276 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (3,219,000) US $ 3,556,496 Canadian $ 110,270 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (3,534,000) US $ 3,846,300 Canadian $ 62,882 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (400,000) US $ 433,540 Canadian $ 5,311 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (5,174,000) US $ 5,631,692 Canadian $ 92,528 1 UBS Warburg NY A-1 1.09 12-Nov-09 (6,311,000) US $ 6,869,839 Canadian $ 113,429 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (6,875,000) US $ 7,480,619 Canadian $ 120,405 1 Morgan Stanley A-1 1.09 12-Nov-09 (7,337,000) US $ 7,979,538 Canadian $ 124,721 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (7,431,000) US $ 8,082,847 Canadian $ 127,395
Total Foreign Currency Forward Contracts Value 985,622
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 263 –
Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesX Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesX Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesX Shares
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesX Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesX Shares
141,791 61,96018,810 384
- -- -- -- -
999 -- -- -
1,264 470288 -
- -2,610 -
165,762 62,814
- -- -- -
13 -- -
3,272 16176 75
- -- -- -
107 973,468 333
162,294 62,481
140,885 66,379- -
104,619 47,3696,261 1,330
38,210 13,78213,204 -
12.35 10.9212.27 10.8111.18 9.7810.26 -
8,472,660 4,339,150510,231 122,978
3,416,885 1,408,7531,287,276 -
1 -3,329 5
- -- -
1,420 976- -- -
4,750 981
737 27386 28
- -10 2441 15
874 3403,876 641
- -3,876 641
2,910 (121)(84) (2)
- -- -
6,311 (1,030)9,137 (1,153)
13,013 (512)
9,082 (463)445 (11)
3,153 (38)333 -
1.35 (0.20)1.35 (0.12)1.34 (0.07)0.26 -
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 264 –
Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
X SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
47,369 26,086
42,108 4,125- -
(6,849) (2,778)12,909 (456)
- -48,168 891
- -- -- -- -
9,082 (463)104,619 26,514
1,330 1,104
4,928 -- -
(399) (256)(43) 63
- -4,486 (193)
- -- -- -- -
445 (11)6,261 900
13,782 3,637
17,056 303- -
(697) (299)4,916 2,326
- -21,275 2,330
- -- -- -- -
3,153 (38)38,210 5,929
- -
10 -- -
(154) -- -
13,015 -12,871 -
- -- -- -- -
333 -13,204 -
62,481 30,827
64,102 4,428- -
(8,099) (3,333)17,782 1,93313,015 -86,800 3,028
- -- -- -- -
13,013 (512)162,294 33,343
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 265 –
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
2,754 -2,809 -
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
X SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
4,339,150 2,224,5423,601,211 351,295
- -(582,602) (236,230)
1,114,901 (38,559)- -
8,472,660 2,301,048
122,978 95,573424,478 -
- -(34,018) (21,968)
(3,207) 5,458- -
510,231 79,063
1,408,753 354,1761,608,059 29,525
- -(65,082) (28,976)465,155 226,073
- -3,416,885 580,798
- -1,000 -
- -(15,260) -
- -1,301,536 -1,287,276 -
Annual management fee rateA SharesF SharesI SharesX Shares
Annual fixed administration fee rateA SharesF SharesI SharesX Shares
1.700.85
Paid directly by investor0.20
0.200.20
-0.20
Schedule of Fees (Note 5)as at September 30 (%)
2009
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
X SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
12.35 11.52- -
12.35 11.52
12.27 11.38- -
12.27 11.38
11.18 10.21- -
11.18 10.21
10.26 -- -
10.26 -
– 266 –
Portfolio Breakdown of Signature Corporate Bond Fundas at March 31, 2009
Percentage ofCategories Net Asset Value (%)
Corporate Bonds ..................................................................................................................... 88.4Short Term Investments .......................................................................................................... 7.6Government Bonds .................................................................................................................. 2.2Other Assets ........................................................................................................................... 1.6Preferred Shares ..................................................................................................................... 0.1Cash & Equivalents ................................................................................................................. 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in fixed income securities and their market risk exposure will be discussed inthe following sections.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as appli-cable, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 3.0AA/Aa/A+ 6.1A 19.8BBB/Baa/B++ 21.3BB/Ba/B+ 15.5B 14.5CCC/Caa/C++ 4.1CC/Ca/C+ 0.3Not Rated 3.4Total 88.0
At March 31, 2009, the Fund was exposed to indirect credit risk of the Underlying Fund.
The Underlying Fund was invested in debt securities, preferred securities and derivative instru-ments, as applicable, with the following credit ratings, as per tables below:
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 6.7AA/Aa/A+ 14.3A 28.2BBB/Baa/B++ 22.8BB/Ba/B+ 11.6B 8.3CCC/Caa/C++ 2.2Not Rated 4.2Total 98.3
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Currency Risk
The table below summarizes the Fund's exposure to currency risk, net of derivative instruments, asapplicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (54,435) 8,846 5.5Australian Dollar (288) 85 0.1British Pound (267) 72 0.1 Total (54,990) 9,003 5.7
At March 31, 2009, the Fund was exposed to indirect credit risk of the Underlying Fund.
The table below summarizes the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.
as at March 31, 2009Net
AssetsCurrency (%)US Dollar 4.9Australian Dollar 0.1Total 5.0
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $900,000 (March 31,2009 - $310,000). In practice, the actual results may differ from this analysis and the differencemay be material.
Interest Rate RiskThe table below summarizes the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
At March 31, 2009, the Fund was exposed to indirect interest rate risk of the Underlying Fund.
The table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $1,373,000 (March 31, 2009 - $502,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
23,511 25,098 27,237 84,696 160,542
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
78,173 156,716 157,450 354,393 746,732
– 267 –
Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (60.3%) 48,983 5Banc Split Inc., 4.75 % Preferred, Series B 482,519 491,789
7,400 Allianz AG, Registered Shares* 741,720 991,420173,900 AMP Ltd. 783,941 1,067,768244,940 AXA Asia Pacific Holdings Ltd. 1,081,778 1,006,498202,100 Bank of America Corp. 2,821,482 3,648,147
USD 1,570,000 Bank of America Corp.,Callable 8% 01/30/2049 1,056,385 1,494,510
48,100 Bank of Montreal4.5% Preferred, Series 13 1,129,588 998,556
64,400 Bank of Montreal5.2% Preferred, Series 16 1,592,333 1,675,044
84,900 Bank of Montreal 5.25% Preferred 2,000,876 1,951,00244,100 Bank of Montreal 5.4% Preferred,
Series 23 1,105,944 1,162,03568,000 Bank of Montreal 5.95% Preferred,
Series 10 (USD) 2,096,946 1,878,35239,800 Bank of New York Mellon Corp. 1,269,256 1,235,32183,200 Bank of Nova Scotia†† 3,596,518 4,065,984
100,900 Bank of Nova Scotia 4.5% Preferred,Series 14†† 2,367,961 2,074,504
43,000 Bank of Nova Scotia 5% Preferred,Series 20†† 1,055,898 1,111,980
81,300 Bank of Nova Scotia 5.25% Preferred†† 1,941,738 1,932,50150,300 Bank of Nova Scotia 5.6% Preferred,
Series 17†† 1,220,532 1,263,03329,500 Bank of Nova Scotia, 4.8% Preferred,
Series 13†† 705,683 640,445GBP 220,000 Barclays Bank PLC 14% 06/15/2019 411,932 481,750
54,200 Brookfield Asset Management Inc.,4.75% Preferred 1,215,084 998,364
11,000 Brookfield Asset Management Inc.,7% Preferred 278,995 292,160
23,300 Brookfield Asset Management Inc.,Class A 510,200 567,821
2,900 Brookfield Asset Management Inc.,Preferred, Series 11 76,567 74,559
67,400 Brookfield Asset Management Inc.,Preferred, Series 12 1,733,345 1,720,048
112,400 Brookfield Asset Management Inc.,Preferred, Series 2 2,378,270 1,498,292
30,700 Brookfield Asset Management Inc.,Preferred, Series 4 654,495 404,626
64,700 Brookfield Financial Corp.,Preferred, Series 13 1,365,170 858,569
30,280 Brookfield Properties Corp. (USD) 318,525 365,04284,200 Brookfield Properties Corp., 5.2%
Preferred, Series I 2,099,665 2,089,00266,500 Brookfield Properties Corp., 5.2%
Preferred, Series K 1,570,646 1,448,37045,200 Brookfield Properties Corp., 5.25%
Preferred, Series G (USD) 1,275,527 1,017,71585,800 Brookfield Properties Corp., 5.75%
Preferred, Series H 2,075,696 1,944,228
FINANCIALS (60.3%) (cont’d)78,800 Brookfield Properties Corp., 6%
Preferred, Series F 2,008,846 1,935,32828,800 Canadian General Investment Ltd.,
3.9% Preferred, Series 3 705,768 712,80092,500 Canadian Imperial Bank of Commerce 5,898,470 6,039,32585,900 Canadian Imperial Bank of Commerce,
4.7% Preferred, Series 31 2,019,155 1,753,21957,700 Canadian Imperial Bank of Commerce,
4.8% Preferred, Series 30, Class A 1,371,911 1,191,50542,300 E-L Financial Corp. Ltd., 4.75%
Preferred, Series 2 10/17/2011 983,553 774,51335,100 E-L Financial Corp., Ltd., 5.30%
Preferred, Series 1 10/17/2009 851,832 712,1792,100 Fairfax Financial Holdings Ltd.,
Sub-Voting Shares 786,559 834,87662,700 Genworth MI Canada Inc. 1,192,526 1,504,80049,100 Great-West Lifeco Inc.* 854,086 1,304,09635,800 Great-West Lifeco Inc.,
4.5% Preferred, Series I* 786,998 685,92846,900 Great-West Lifeco Inc.,
4.8% Preferred, Series E 1,278,188 1,252,23055,200 Great-West Lifeco Inc.,
4.85% Preferred, Series H 1,294,139 1,137,67210,900 Great-West Lifeco Inc.,
5.2% Preferred, Series G* 265,272 243,50640,700 HSBC Bank Canada,
5% Preferred, Series D 988,249 875,05086,400 HSBC Bank Canada,
5.1% Preferred, Series 5 2,123,629 1,922,40075,200 HSBC Holdings PLC 596,082 920,68554,400 Industrial Alliance Insurance and
Financial Inc., 4.6% Preferred 1,272,020 1,067,87261,806 Intact Financial Corp. 1,624,027 2,092,75138,400 JP Morgan Chase & Co. 1,546,078 1,799,10759,200 Lincoln National Corp. 1,769,828 1,634,004
203,900 Manulife Financial Corp. 3,979,301 4,587,75082,300 Manulife Financial Corp.,
4.65% Preferred, Series 2, Class A 1,917,417 1,622,956300,000 MI Developments Inc. 6.05% 12/22/2016 297,540 231,078200,000 Morgan Stanley, FRN 0.65429% 02/23/2012 199,646 186,004
31,100 National Bank of Canada,4.85% Preferred, Series 16 747,712 666,784
43,000 National Bank of Canada,5.375% Preferred, Series 21 1,060,740 1,120,580
19,300 PNC Financial Services Group Inc. 812,617 1,002,18425,059 Power Corp. of Canada 603,187 733,72811,400 Power Financial Corp.,
4.7% Preferred, Series J* 302,822 299,82063,300 Power Financial Corp.,
4.95% Preferred, Series K 1,558,844 1,357,78583,700 Power Financial Corp.,
5.1% Preferred, Series L 2,008,596 1,880,73913,200 Power Financial Corp.,
5.9% Preferred, Series F 321,466 331,056
* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in
The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2305
– 268 –
Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
FINANCIALS (60.3%) (cont’d)43,500 Power Financial Corp.,
6% Preferred, Series M 6% 01/31/2014 1,091,589 1,176,67565,200 Premium Income Corp., 5.75% Preferred 1,007,980 978,000
108,400 Principal Financial Group Inc. 2,291,137 3,171,885101,200 Prudential PLC 581,090 1,041,452
68,600 Royal Bank of Canada 4.45%Preferred, Series AA 1,617,773 1,394,638
21,900 Royal Bank of Canada 4.5% Series AG 477,230 449,60751,600 Royal Bank of Canada 4.6%
Preferred, Series AC 1,225,017 1,078,44085,900 Royal Bank of Canada 4.7%
Preferred, Series AB 2,047,047 1,815,067500 Royal Bank of Canada 4.9%
Preferred, Series W 12,391 11,325500,000 Royal Bank of Scotland,
Callable 5.37% 05/12/2049 470,195 282,50064,650 Sun Life Financial Inc., 4.45%
Preferred, Series 4 1,454,810 1,205,72258,800 Sun Life Financial Inc., 4.75%
Preferred, Series 1, Class A* 1,366,500 1,193,6404,100 TMX Group Inc. 135,803 146,657
51,700 Toronto-Dominion Bank 2,773,238 3,580,22583,600 Toronto-Dominion Bank 4.85%
Preferred, Series O 2,026,939 1,868,46043,100 Toronto-Dominion Bank 5%
Preferred, Series S 1,063,110 1,116,29039,600 Toronto-Dominion Bank 5%
Preferred., Series AA* 978,966 1,020,09642,000 Toronto-Dominion Bank 5.25%
Preferred, Series P 980,904 989,94010,100 Toronto-Dominion Bank Class A,
Preferred, Series R 244,553 251,2882,280 Unibail 431,408 506,905
43,000 Wells Fargo & Co. 1,108,249 1,293,669USD 310,000 Wells Fargo & Co. 7.98% 02/28/2049 281,042 302,031USD 350,000 Wells Fargo Capital 7.7% 12/29/2049 332,975 329,761
111,042,265 112,068,018TELECOMMUNICATION SERVICES (11.3%)
51,400 AT&T Inc. 1,816,570 1,483,65071,100 BCE Inc. 2,091,241 1,876,329
130,700 BCE Inc., 4.4% Preferred, Series AF 16 2,919,178 2,449,31840,200 BCE Inc., 4.486% Preferred,
Class H, Series 18 913,882 701,4908,100 BCE Inc., 5.45% Preferred, Series AA 186,727 153,576
116,000 BCE Inc., 5.55% Preferred, Series 19 2,673,000 2,133,240125,800 BCE Inc., Preferred, Series AB 2,922,550 2,327,30052,839 France Telecom SA* 1,421,716 1,506,729
111,425 Manitoba Telecom Services Inc.* 4,007,593 3,711,567115,400 TELUS Corp., Non-Voting Shares 4,423,879 3,830,126316,600 Vodafone Group PLC 951,382 759,149
24,327,718 20,932,474
ENERGY (5.3%) 22,200 Canadian Oil Sands Trust 586,912 682,65048,200 CU Inc., 4.60% Series 1 1,127,453 964,00019,400 Imperial Oil Ltd. 770,323 790,55013,670 Nexen Inc. 379,725 332,72836,900 Spectra Energy Corp. 831,683 747,07956,119 Suncor Energy Inc. 1,911,873 2,098,85197,006 Talisman Energy Inc. 1,517,042 1,807,22271,900 TransCanada Corp.* 2,484,518 2,399,303
9,609,529 9,822,383UTILITIES (4.2%)
300,000 Canadian Utilities Ltd. 10.2% 11/30/2009 364,389 304,17653,300 Fortis Inc., 4.9% Preferred 1,268,382 1,148,61586,700 Fortis Inc., 4.9% Preferred, Series E,
Callable/Convertible 2,274,046 2,314,02334,500 Fortis Inc., 5.45% Preferred, Series C 934,864 915,97510,200 Gaz de France 472,082 484,230
247,426 Snam Rete Gas SpA 1,134,691 1,284,13460,700 TransAlta Corp.* 2,002,342 1,322,046
8,450,796 7,773,199CONSUMER STAPLES (3.9%)
22,694 British American Tobacco PLC 780,665 761,78635,966 Diageo PLC 766,769 590,41932,500 Loblaw Cos. Ltd., 5.95%
Preferred, Series A 725,839 869,70040,660 Nestle SA, Registered Shares 1,575,976 1,854,503
7,000 PepsiCo Inc. 435,533 439,63114,200 Phillip Morris International Inc. 646,911 739,4878,600 Procter & Gamble Co. 562,549 532,476
46,700 Unilever NV* 1,405,430 1,438,8656,899,672 7,226,867
INDUSTRIALS (3.3%) 15,600 Bombardier Inc., Preferred, Class B 269,099 196,87252,100 Tyco International Ltd. 1,617,251 1,923,32829,000 United Parcel Service Inc., Class B 1,812,588 1,750,84839,900 Waste Management Inc. 1,284,798 1,271,74510,100 WW Grainger Inc. 972,891 965,221
5,956,627 6,108,014HEALTH CARE (2.6%)
65,300 Eli Lilly and Co. 2,717,566 2,307,84821,000 Johnson & Johnson 1,446,523 1,367,234
6,800 Roche Holding AG 1,138,493 1,176,2305,302,582 4,851,312
CONSUMER DISCRETIONARY (2.1%) 475,000 Canadian Tire Corp., Ltd.
5.22% 10/01/2010 474,924 492,76059,000 Koninklijke Philips Electronics NV 1,318,246 1,538,20699,100 Tesco PLC 747,009 677,35035,400 Thomson Corp. 1,265,256 1,270,860
3,805,435 3,979,176INFORMATION TECHNOLOGY (1.3%)
88,200 Microsoft Corp. 2,232,604 2,434,445
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 269 –– 269 –
Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
MATERIALS (1.2%) 15,130 Cameco Corp. 500,799 449,51228,500 CRH PLC (Dublin Listed) 783,493 847,02911,600 Praxair Inc. 962,701 1,013,809
2,246,993 2,310,350
Commission and other portfolio transaction costs (155,852)
Total Bonds & Equities (95.5%) 179,718,369 177,506,238
Short Term Notes (2.2%) 4,000,000 4,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.4%) (see Schedule A) 776,995
Total Investments (98.1%) 183,718,369 182,283,233
Other Assets (net) (1.9%) 3,463,452
Total Net Assets (100.0%) 185,746,685
Principal amounts stated in:GBP British Pound USD U.S. Dollar
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.4%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 UBS Warburg NY A-1 0.90 10-Dec-09 (876,000) Australian $ 784,427 Canadian $ (37,844)1 UBS Warburg NY A-1 1.81 06-Oct-09 (2,891,000) British Pound 5,229,154 Canadian $ 283,112 1 Morgan Stanley A-1 1.55 06-Oct-09 (1,160,000) Euro 1,795,488 Canadian $ (21,957)1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (647,000) Euro 1,001,304 Canadian $ (12,392)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,263,000) Swiss Franc 1,279,324 Canadian $ (26,259)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,735,000) US $ 1,895,401 Canadian $ 37,945 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,868,000) US $ 2,033,075 Canadian $ 33,238 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,735,000) US $ 2,976,938 Canadian $ 48,911 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,914,000) US $ 3,231,422 Canadian $ 111,717 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (3,027,000) US $ 3,344,366 Canadian $ 103,693 1 UBS Warburg NY A-1 1.09 12-Nov-09 (3,335,000) US $ 3,630,314 Canadian $ 59,941 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (3,634,000) US $ 3,954,119 Canadian $ 63,644 1 Morgan Stanley A-1 1.09 12-Nov-09 (3,878,000) US $ 4,217,616 Canadian $ 65,922 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (3,927,000) US $ 4,271,476 Canadian $ 67,324
Total Foreign Currency Forward Contracts Value 776,995
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 270 –
Signature Dividend Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
177,506 120,993518 557
4,000 11,000- -
2,097 2,097- -
875 642- -- -
516 371358 744
- -560 454
186,430 136,858
- -- -- -
98 744- -
188 -358 231
- -- -- -
39 33683 1,008
185,747 135,850
179,718 159,215- -
166,148 123,6476,778 4,6837,403 5,0142,197 1,386
6 43,150 1,055
65 61
14.32 10.9114.92 11.3411.07 8.368.81 6.869.66 7.518.13 6.429.04 7.12
11,604,559 11,329,852454,225 412,902669,061 599,695249,437 201,969
578 582387,592 164,346
7,213 8,535
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 271 –
Signature Dividend Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
3,807 3,557158 32415 38
- -- -- -
(125) (170)3,855 3,749
1,176 1,245159 168
- 136 1167 71
1,438 1,4962,417 2,253
- -2,417 2,253
3,872 (2,847)(79) (91)
(134) (110)- -
36,890 (8,714)40,549 (11,762)42,966 (9,509)
38,933 (8,862)1,520 (339)1,518 (133)
469 (88)2 (1)
504 (81)20 (5)
3.39 (0.78)3.57 (0.72)2.67 (0.49)2.08 (0.65)2.35 (0.53)1.83 (0.67)2.33 (0.51)
123,647 161,729
15,793 11,157- -
(12,381) (12,834)156 (5,095)
3,568 (6,772)
- -- -- -- -
38,933 (8,862)166,148 146,095
4,683 7,332
509 415- -
(624) (1,225)690 (301)575 (1,111)
- -- -- -- -
1,520 (339)6,778 5,882
5,014 2,938
2,027 -- -
(1,768) (85)612 (39)871 (124)
- -- -- -- -
1,518 (133)7,403 2,681
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 272 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
61 85
18 -- -
(31) -- -
(13) -
- -- -
(3) (3)(3) (3)20 (5)65 77
135,850 173,780
20,276 12,456- -
(14,916) (14,220)1,694 (5,103)7,054 (6,867)
- -- -
(123) (85)(123) (85)
42,966 (9,509)185,747 157,319
1,386 959
410 305- -
(16) (8)(11) 163383 460
- -- -
(41) (34)(41) (34)
469 (88)2,197 1,297
4 6
- -- -- -- -- -
- -- -- -- -2 (1)6 5
1,055 731
1,519 579- -
(96) (68)247 169
1,670 680
- -- -
(79) (48)(79) (48)
504 (81)3,150 1,282
Signature Dividend Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 273 –
Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
11,329,852 11,591,8351,214,850 792,796
- -(957,609) (918,935)
17,466 (365,016)11,604,559 11,100,680
412,902 508,30537,752 28,483
- -(47,047) (84,887)50,618 (20,734)
454,225 431,167
599,695 279,753199,671 -
- -(192,933) (7,896)
62,628 (3,624)669,061 268,233
201,969 103,39850,687 32,560
- -(1,978) (831)(1,241) 17,064
249,437 152,191
582 592- -- -
(4) (5)- -
578 587
164,346 81,204205,009 65,699
- -(12,199) (7,917)30,436 18,615
387,592 157,601
8,535 8,5352,104 -
- -(3,426) -
- -7,213 8,535
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
14.32 13.160.03 0.05
14.35 13.21
14.92 13.640.04 0.05
14.96 13.69
11.07 9.990.02 0.04
11.09 10.03
8.81 8.530.02 0.038.83 8.56
9.66 9.300.02 0.039.68 9.33
8.13 8.130.02 0.038.15 8.16
9.04 8.990.02 0.039.06 9.02
– 274 –
Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
10,463 10,93210,673 11,681
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
132 1076 8
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
1.501.00
Paid directly by investor1.501.001.501.00
0.200.20
-0.200.200.200.20
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 275 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Financials ................................................................................................................................ 57.6Telecommunication Services .................................................................................................. 9.3Short Term Investments .......................................................................................................... 8.1Energy ..................................................................................................................................... 4.9Consumer Staples ................................................................................................................... 4.5Utilities .................................................................................................................................... 4.2Materials ................................................................................................................................. 3.6Other Assets ........................................................................................................................... 2.4Health Care ............................................................................................................................. 1.8Information Technology .......................................................................................................... 1.8Consumer Discretionary .......................................................................................................... 0.8Industrials ............................................................................................................................... 0.7Cash & Equivalents ................................................................................................................. 0.3
During the six-month period the Fund’s exposure to other price risk, credit risk and currency riskchanged significantly as disclosed in the section below. For details relating to interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tointerest rate risk remains unchanged.
Other Price RiskThe Fund is invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.
As at September 30, 2009, had the Canadian markets increased or decreased by 10%, with allother variables held constant, net assets of the Fund would have increased or decreased, respec-tively, by approximately $17,418,000 (March 31, 2009 - $11,912,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 2.2AA/Aa/A+ 1.7A 25.0BBB/Baa/B++ 11.1BB/Ba/B+ 5.2B 1.1Not Rated 0.5Total 46.8
Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 2.2 A 29.6 BBB/Baa/B++ 10.8 BB/Ba/B+ 3.9 B 0.1 Not Rated 5.7 Total 56.7
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (28,964) 7,201 3.9Euro (2,831) 5,774 3.1Swiss Franc (1,305) 1,726 0.9Australian Dollar (827) 1,270 0.7British Pound (4,946) 322 0.2 Total (38,873) 16,293 8.8
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (13,473) 2,575 1.9 British Pound (2,840) 2,560 1.9 Australian Dollar (1,095) 675 0.5 Euro (1,499) 576 0.4 Swiss Franc (1,319) 359 0.3 Total (20,226) 6,745 5.0
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $1,629,000 (March 31, 2009 - $675,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 276 –
Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CORPORATE BONDS (43.9%) USD 886,000 Ace Cash Express Inc. 10.25% 10/01/2014 881,072 635,561
522,000 Advantage Energy Income Fund,Convertible 7.5% 10/01/2009 522,249 521,530
USD 1,999,000 AES Corp., Callable 8.75% 05/15/2013 2,081,921 2,180,363 USD 671,000 Agilent Technologies Inc. 6.5% 11/01/2017 630,272 747,604 USD 1,600,000 Alliance One International Inc.
10% 07/15/2016 1,757,574 1,768,718 USD 298,000 Alliance One International Inc.,
144A 10% 07/15/2016 316,190 329,424 USD 975,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 811,758 801,183 USD 1,350,000 Apria Healthcare Group Inc.
11.25% 11/01/2014 1,491,309 1,553,784 USD 300,000 Apria Healthcare Group Inc.
12.375% 11/01/2014 323,691 342,876 USD 1,278,852 Aramark Corp., Term Loan,
Private Placement 7.47% 01/27/2014^ 1,512,413 1,282,857 USD 1,525,000 Ashland Inc. 9.125% 06/01/2017 1,726,373 1,747,037
2,676,000 Athabasca Oil Sands Corp. 13% 07/30/2011 2,679,511 2,836,560 USD 1,011,000 Axcan Intermediate Holdings Inc.
9.25% 03/01/2015 1,048,521 1,141,963 USD 1,251,000 Baker & Taylor Inc. 11.5% 07/01/2013 1,276,332 532,406 GBP 1,070,000 Barclays Bank PLC 14% 06/15/2019 2,005,094 2,343,056
350,000 Baytex Energy Trust 9.15% 08/26/2016 350,000 369,372 USD 1,605,000 Biomet Inc. 10% 10/15/2017 1,647,615 1,830,093 USD 281,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 319,263 312,135 USD 27,000 Blockbuster Inc. 11.75% 10/01/2014 27,077 27,173 USD 497,000 Boston Scientific Corp. 6.25% 11/15/2015 469,937 536,105 USD 897,000 Boston Scientific Corp., Senior Notes
6.4% 06/15/2016 857,149 972,380 917,400 Bowater Inc. 10.85% 11/30/2014 1,039,065 188,104
1,274,000 Bragg Communication Inc., Loan,Private Placement 7.53% 08/31/2014^ 1,274,000 1,251,705
750,000 Calloway REIT 10.25% 04/14/2014 750,000 855,870 400,000 Canadian Utilities Ltd. 10.2% 11/30/2009 485,852 405,568 500,000 Canadian Western Bank 5.55% 11/19/2014 498,893 501,431
USD 832,702 CanWest MediaWorks Inc. 8% 09/15/2012 965,993 699,854 USD 1,184,000 Cascades Inc., Callable 7.25% 02/15/2013 1,179,150 1,242,299 USD 1,100,000 CB Richard Ellis Services Inc.
11.625% 06/15/2017 1,210,509 1,244,989 USD 1,158,000 CCS Inc., Private Placement
11% 11/15/2015^ 1,045,405 942,260 USD 1,407,000 CEVA Group PLC 10% 09/01/2014 1,430,131 1,340,703 USD 1,030,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,219,733 1,160,667 USD 800,000 Cie Gen Geophysique, Private Placement
9.5% 05/15/2016^ 873,006 905,772 720,000 CIT Group Holdings Inc. 4.72% 02/10/2011 719,712 469,253 600,000 Citigroup Finance Canada Inc.
4.37% 02/03/2011 588,498 601,014 USD 2,107,490 Clarketerm, Private Placement
7.84% 06/30/2014^ 2,404,424 1,896,777 USD 818,000 Clondalkin Group, 144A FRN
2.299% 12/15/2013 805,204 713,772 USD 1,582,000 Connacher Oil and Gas Ltd.
10.25% 12/15/2015 1,574,134 1,380,424
CORPORATE BONDS (43.9%) (cont’d)USD 708,000 Connacher Oil and Gas Ltd.,
Private Placement 11.75% 07/15/2014^ 731,649 803,412 USD 352,000 Constellation Brands Inc. 7.25% 05/15/2017 370,600 374,985 USD 350,000 Constellation Brands Inc. 8.125% 01/15/2012 357,427 374,728 USD 427,000 Continental Resources Inc. 8.25% 10/01/2019 462,563 469,741 USD 1,110,793 Corral Finans AB,
FRN 144A 2.00938% 04/15/2010 1,201,087 998,989 USD 1,210,000 Cott Beverages USA Inc. 8% 12/15/2011 1,271,618 1,287,393 USD 987,000 Couche-Tard Finance Corp.,
Callable 7.5% 12/15/2013 1,162,193 1,068,622 USD 290,000 CSC Holdings Inc. 8.5% 04/15/2014 341,084 326,014 USD 1,785,000 Dollar General Corp. 2.875% 06/30/2027 1,210,900 1,562,336 USD 921,000 Dollarama Group LP 8.875% 08/15/2012 986,154 1,008,257 USD 706,000 Dollarama Group LP, FRN 7.4675% 08/15/2012 784,087 703,936 USD 278,000 Domtar Corp. 10.75% 06/01/2017 296,255 333,358 USD 107,000 Domtar Inc. 7.875% 10/15/2011 113,467 118,426 USD 1,216,250 Dow Jones CDX HY,
144A Private Placement 6.75% 06/29/2012^ 1,321,520 1,224,050 USD 83,183 Dow Jones CDX HY, T4 Series 3-4,
Private Placement 10.5% 12/29/2009^ 129,998 85,275 816,000 First Capital Realty Inc.,
144A 5.5% 09/30/2017 811,096 734,400 USD 695,000 First Data Corp. 9.875% 09/24/2015 635,057 687,366 USD 515,000 Flextronics International Ltd. 6.5% 05/15/2013 546,682 537,601 USD 1,674,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 2,017,202 1,984,941 USD 1,196,000 FMG Finance Pty. Ltd. 10% 09/01/2013 1,470,853 1,357,330 USD 303,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 335,274 327,652 USD 660,000 Foot Locker Inc. 8.5% 01/15/2022 747,998 667,766 USD 190,000 Ford Motor Credit Co. 8.7% 10/01/2014 199,923 199,264 USD 2,176,000 Freeport-McMoRan Copper & Gold Inc.
8.25% 04/01/2015 2,402,727 2,478,260 USD 55,000 GeoEye Inc. 9.625% 10/01/2015 57,519 59,622 USD 2,267,000 Gibson Energy ULC 11.75% 05/27/2014 2,510,429 2,536,391 USD 1,405,000 Goldcorp Inc.,
Private Placement 2% 08/01/2014^ 1,523,635 1,669,736 USD 1,770,000 Goodyear Tire & Rubber Co.
10.5% 05/15/2016 2,059,504 2,056,134 USD 1,282,000 Great Canadian Gaming Corp.
7.25% 02/15/2015 1,431,669 1,303,948 USD 415,228 Great Canadian Gaming Corp.,
Private Placement 4.30375% 02/12/2014^ 443,614 409,000 USD 1,208,000 H&E Equipment Services Inc.
8.375% 07/15/2016 1,336,015 1,183,413 USD 455,000 HCA Inc. 8.5% 04/15/2019 535,930 509,068 USD 1,341,000 HCA Inc., Callable 9.125% 11/15/2014 1,497,864 1,485,996 USD 465,550 HealthSouth Corp.,
Private Placement 8.15% 03/10/2013^ 582,795 480,909 USD 1,063,000 Host Hotels & Resorts Inc.
2.625% 04/15/2027 999,365 1,045,633 USD 1,345,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 1,417,090 1,519,229 USD 1,740,000 Hughes Network Systems LLC
9.5% 04/15/2014 1,945,601 1,872,250 USD 1,383,000 Huntsman International LLC 5.5% 06/30/2016 1,232,747 1,258,605 USD 325,000 Ingles Markets Inc. 8.875% 05/15/2017 374,932 356,661
^Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2304
– 277 –
Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
CORPORATE BONDS (43.9%) (cont’d)USD 366,000 Innophos Inc. 8.875% 08/15/2014 406,431 395,777 USD 2,015,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 2,475,738 2,308,380 USD 1,625,000 Intergen NV 9% 06/30/2017 1,752,098 1,792,004 USD 1,000,000 Inverness Medical Innovations Inc.
9% 05/15/2016 1,127,637 1,063,961 1,824,000 Iron Mountain Inc. 7.5% 03/15/2017 1,803,690 1,687,200
USD 2,326,000 Jabil Circuit Inc. 8.25% 03/15/2018 2,408,211 2,527,692 USD 795,000 James River Coal Co. 9.375% 06/01/2012 806,876 825,634 USD 1,061,000 JBS USA LLC, 144A Private Placement
11.625% 05/01/2014^ 1,206,847 1,221,159 USD 5,085,000 JP Morgan Chase & Co.,
FRN Callable 7.9% 04/30/2049 4,676,600 5,227,422 USD 166,000 Kansas City Southern 12.5% 04/01/2016 193,195 196,390 USD 2,085,000 Kansas City Southern de Mexico
9.375% 05/01/2012 2,207,509 2,265,795 USD 240,000 Lender Processing Services Inc.
8.125% 07/01/2016 268,040 267,235 USD 1,365,000 Lincoln National Corp., Callable
7% 05/17/2066 794,142 1,044,930 USD 1,125,000 Lincoln National Corp., Preferred
6.05% 04/20/2067 401,121 813,027 USD 555,000 Maple Leaf Foods Inc.,
Private Placement 5.21% 12/08/2011^ 533,630 564,501 880,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 815,658 887,286
USD 950,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 991,860 1,040,005 USD 1,550,000 MGM Mirage Inc. 5.875% 02/27/2014 1,384,171 1,302,716 USD 602,000 MGM Mirage Inc. 7.5% 06/01/2016 630,003 499,513 USD 719,000 MGM Mirage Inc. 8.5% 09/15/2010 846,571 764,026 USD 259,000 MGM Mirage Inc., 144A 10.375% 05/15/2014 296,403 296,017 USD 1,406,000 Mohegan Tribal Gaming 6.125% 02/15/2013 1,277,366 1,245,667
460,000 Molson Coors Capital Finance Co.,Senior Notes 5% 09/22/2015 447,339 475,332
665,000 Morgan Stanley, FRN 0.65429% 02/23/2012 614,384 618,463 710,000 NAV Canada 4.428% 02/24/2011 711,932 740,594
USD 1,233,000 Neiman Marcus Group Inc.10.375% 10/15/2015 1,392,652 1,128,698
USD 801,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 999,974 1,058,681 USD 490,000 NII Capital Corp. 10% 08/15/2016 520,703 545,604 USD 2,285,000 NII Holdings Inc. 3.125% 06/15/2012 2,040,781 2,137,577 USD 2,233,000 Nortel Networks Corp. 10.75% 07/15/2016 2,096,031 1,374,691
100,000 NOVA Chemicals Corp. 7.85% 08/30/2010 97,000 99,787 USD 402,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 416,534 420,718 USD 1,040,000 Nuveen Investments Inc.,
Senior Notes 5% 09/15/2010 932,951 1,068,939 USD 2,174,000 OPTI Canada Inc.,
Callable (USD) 8.25% 12/15/2014 2,366,179 1,803,889 USD 1,057,000 PetroQuest Energy Inc. 10.375% 05/15/2012 1,257,329 1,075,096 USD 349,000 Province Healthcare Co. 7.5% 06/01/2013 465,936 359,085 USD 2,032,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 2,050,496 2,175,566 USD 60,000 Qwest Corp.,
Private Placement 8.375% 05/01/2016^ 68,688 66,488 USD 899,000 Rathgibson Inc. 11.25% 02/15/2014 960,685 86,626
300,000 RBC Capital Trust 4.87% 12/31/2050 299,304 302,841 USD 2,025,000 Reliance Intermediate Holdings LP, 144A,
Private Placement 9.5% 12/15/2019^ 2,099,228 2,140,970 1,465,000 Rogers Wireless Inc. 7.625% 12/15/2011 1,491,336 1,616,349
USD 719,000 Rogers Wireless Inc. 8% 12/15/2012 835,944 790,969
CORPORATE BONDS (43.9%) (cont’d)2,000,000 Royal Bank of Canada 5.13% 09/27/2010 1,999,680 2,085,220 1,224,000 Royal Bank of Scotland 4.25% 03/30/2015 1,081,710 1,027,218
600,000 Royal Bank of Scotland,Callable 5.37% 05/12/2049 564,234 339,000
USD 2,214,000 Sabine Pass LNG LP 7.5% 11/30/2016 2,131,597 2,023,750 USD 1,180,000 Scientific Games Corp. 7.875% 06/15/2016 1,209,338 1,247,578
713,000 Shaw Communications Inc. 7.5% 11/20/2013 737,550 811,815 479,000 Sherritt International Corp.
7.875% 11/26/2012 483,672 473,108 2,158,000 Sherritt International Corp.
8.25% 10/24/2014 2,136,864 2,216,784 USD 526,034 Skilled Healthcare Group Inc.
11% 01/15/2014 642,115 582,912 USD 1,930,000 SLM Corp. 4.5% 07/26/2010 2,156,925 2,007,798
485,000 SLM Corp. 4.625% 06/15/2011 419,898 420,417 USD 425,000 SLM Corp. 5.125% 08/27/2012 327,063 389,353 USD 515,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 517,227 471,435
138,000 Speciality Foods Corp. 7.25% 12/14/2011 499,800 138,000 USD 100,000 Sprint Nextel Corp. 8.375% 08/15/2017 107,314 106,530 USD 752,000 Steel Dynamics Inc.,
Senior Notes 6.75% 04/01/2015 592,115 770,913 USD 1,322,000 Targa Resources Inc. 8.5% 11/01/2013 1,475,845 1,330,478 USD 255,000 Teck Resources Ltd. 10.25% 05/15/2016 283,765 308,508 USD 3,222,000 Teck Resources Ltd. 10.75% 05/15/2019 3,704,191 4,010,209 USD 375,000 Teck Resources Ltd. 7% 09/15/2012 263,078 412,536 USD 986,000 Texas Competitive Electric Holdings Co. LLC
10.25% 11/01/2015 908,292 760,078 USD 946,000 The Mosaic Co. 7.375% 12/01/2014 1,083,115 1,075,066 USD 725,000 Transmeridian Exploration Inc.,
Callable 12% 12/15/2010 701,488 194,056 USD 1,448,000 United Rentals North America Inc.
6.5% 02/15/2012 1,549,516 1,554,180 USD 1,214,000 United Surgical Partners International Inc.
8.875% 05/01/2017 1,211,855 1,277,026 USD 1,909,939 US Oncology Holdings Inc.,
FRN 6.4275% 03/15/2012 1,932,255 1,779,046 USD 878,000 Virgin Media Finance PLC 9.5% 08/15/2016 942,481 989,384
746,000 Viterra Inc. 8% 04/08/2013 746,949 763,807 1,327,000 Viterra Inc. 8.5% 08/01/2017 1,325,535 1,327,584
USD 3,450,000 Wells Fargo & Co. 7.98% 02/28/2049 2,593,214 3,361,313 USD 4,250,000 Wells Fargo Capital 7.7% 12/29/2049 3,786,619 4,004,240 AUD 1,309,000 Western Areas Ltd. 8% 07/02/2012 1,062,631 1,183,765 USD 160,000 Wind Acquisition Finance SA
11.75% 07/15/2017 187,664 193,146 USD 1,400,000 Wynn Las Vegas LLC 6.625% 12/01/2014 1,307,505 1,427,715
330,000 YPG Holdings Inc. 5.25% 02/15/2016 296,974 303,026 440,000 YPG Holdings Inc. 6.5% 07/10/2013 438,904 441,069
169,533,334 166,204,702 COMMON EQUITIES (24.8%)
184,305 Abertis Infraestructuras SA 4,046,239 4,475,875 143,900 Atlantia SpA 3,552,507 3,722,349 230,300 BCE Inc. 6,313,641 6,077,617 126,000 BR Malls Participacoes SA 1,554,162 1,591,515 241,730 Brookfield Asset Management Inc., Class A* 4,925,934 5,890,960 123,220 Brookfield Properties Corp. (USD)* 1,296,191 1,485,484
35,000 Canadian National Railway Co. 1,849,833 1,845,550 90,400 Crescent Point Energy Corp.* 1,656,668 3,269,768 13,500 Enbridge Inc. 553,459 561,195
^Denotes illiquid securities.*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 278 –– 278 –
Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
COMMON EQUITIES (24.8%) (cont’d)108,355 First Capital Realty Inc. 1,831,244 2,089,084 89,290 First Capital Realty Inc. 44,645 39,823 10,090 First Capital Realty Inc., Warrants (29Oct10) - 20,079
107,471 France Telecom SA* 2,892,391 3,064,586 161,180 Great Lakes Hydro Income Fund,
Subscription Receipts 2,361,287 2,841,603 38,200 Grupo Ferrovial SA 1,922,294 1,954,739 83,780 IESI-BFC Ltd. 1,826,050 1,157,002
836,190 Inter Pipeline Fund LP 7,256,867 8,027,424 16,600 Invesco Mortgage Capital Inc. 386,132 387,981
126,300 Kimco Realty Corp. 1,851,497 1,759,256 1,212,970 Macquarie Airports 3,351,233 3,242,653 1,352,400 Macquarie Infrastructure Group 2,485,241 1,877,961
141,100 Manitoba Telecom Services Inc.* 4,634,143 4,700,041 120,500 Otelco Inc. 1,998,322 1,607,510 60,731 Progress Energy Resources Corp. 897,298 835,051
540,450 Snam Rete Gas SpA 2,482,067 2,804,921 45,300 Spectra Energy Corp. 1,039,603 917,145
144,800 TELUS Corp., Non-Voting Shares 4,416,011 4,805,912 172,000 Terna SpA 729,611 717,509 121,000 TransAlta Corp.* 4,035,823 2,635,380
68,300 TransCanada Corp.* 2,417,025 2,279,171 816,850 Transurban Group 4,128,061 3,155,946
37,992 Unibail* 6,984,697 8,446,635 431,800 Westfield Group 4,701,442 5,665,639
90,421,618 93,953,364 REITS (8.4%)
275,910 Allied Properties REIT 4,284,170 4,552,515 110,394 Artis REIT 1,365,569 1,000,170 11,300 Boardwalk REIT 371,576 433,129 52,160 Boston Properties REIT 2,871,845 3,657,862
134,510 Canadian Apartment Properties REIT* 1,965,394 1,974,607 245,130 Canadian REIT 5,087,608 6,307,195 150,033 Chartwell Seniors Housing REIT 966,852 991,718 325,362 Cominar REIT 4,797,242 6,308,769 21,060 Cypress Sharprigde Investments Inc., REIT 260,825 319,730 96,200 H&R REIT 1,376,554 1,328,522 59,600 Primaris Retail REIT 569,786 905,920
229,618 RioCan REIT* 3,666,135 4,133,124 27,583,556 31,913,261
INCOME TRUSTS (7.8%) 43,945 AltaGas Income Trust 901,297 771,674
191,350 Altus Group Income Fund 3,016,546 2,085,715 164,219 Bell Aliant Regional Communications
Income Fund 4,760,551 4,581,710 25,765 Boston Pizza Royalties Income Fund 339,237 264,349
157,800 Canadian Oil Sands Trust 3,854,870 4,852,350 8,500 Cineplex Galaxy Income Fund 121,270 135,660
279,734 CML Healthcare Income Fund 3,618,308 3,863,127 81,800 Davis & Henderson Income Fund 1,468,264 1,213,094 99,700 Enerplus Resources Fund 3,672,626 2,441,653 50,100 Keyera Facilities Income Fund 725,662 988,974 32,200 Labrador Iron Ore Royalty Income Fund 811,661 1,180,130 83,700 Livingston International Income Fund 1,684,058 556,605
INCOME TRUSTS (7.8%) 224,620 Pembina Pipeline Income Fund 3,187,748 3,456,902 653,400 Yellow Pages Income Fund 3,697,694 3,528,360
31,859,792 29,920,303 ROYALTY TRUSTS (4.0%)
269,100 ARC Energy Trust* 5,159,770 5,416,983 160,900 Bonavista Energy Trust 3,917,642 3,285,578 164,100 Northland Power Income Fund 2,003,963 1,723,050 164,547 Vermilion Energy Trust 4,005,614 4,867,300
15,086,989 15,292,911 PREFERRED SHARES (0.1%)
38,400 ION Media Networks Inc., 12% Preferred 6,065 - 91,400 Nortel Networks Corp., Preferred, Series 7,
Class A 1,607,202 8,683 120,000 Nortel Networks Corp., Preferred, Series F 2,228,466 15,000
3,841,733 23,683
Commission and other portfolio transaction costs (204,535)
Total Bonds & Equities (89.0%) 338,122,487 337,308,224
Short Term Notes (9.0%) 34,000,000 34,000,000
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.5%) (see Schedule A) 1,978,315
Total Investments (98.5%) 372,122,487 373,286,539
Other Assets (net) (1.5%) 5,703,967
Total Net Assets (100.0%) 378,990,506
Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar
*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
– 279 –– 279 –– 279 –
Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009
Schedule AForeign Currency Forward Contracts (0.5%)
Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $
1 UBS Warburg NY A-1 0.90 10-Dec-09 (4,867,000) Australian $ 4,358,228 Canadian $ (210,259)1 UBS Warburg NY A-1 1.81 06-Oct-09 (1,111,000) British Pound 2,009,543 Canadian $ 108,799 1 Royal Bank of Canada A-1+ 0.93 12-Nov-09 (502,027) Canadian $ 469,000 US $ 67 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (1,365,000) Euro 2,112,488 Canadian $ (26,144)1 Morgan Stanley A-1 1.55 06-Oct-09 (2,444,000) Euro 3,782,907 Canadian $ (46,262)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (10,164,000) US $ 11,062,193 Canadian $ 180,851 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (14,882,000) US $ 16,198,462 Canadian $ 266,138 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (1,676,000) US $ 1,816,633 Canadian $ 22,352 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (1,738,000) US $ 1,920,221 Canadian $ 59,537 1 UBS Warburg NY A-1 1.09 12-Nov-09 (18,151,000) US $ 19,758,271 Canadian $ 326,231 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (19,773,000) US $ 21,514,804 Canadian $ 346,295 1 Morgan Stanley A-1 1.09 12-Nov-09 (21,103,000) US $ 22,951,095 Canadian $ 358,728 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (21,372,000) US $ 23,246,752 Canadian $ 366,397 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (2,770,000) US $ 3,020,103 Canadian $ 54,602 1 UBS Warburg NY A-1 1.09 12-Nov-09 (2,770,000) US $ 3,019,577 Canadian $ 54,076 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (3,263,000) US $ 3,562,756 Canadian $ 69,455 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (750,000) US $ 812,888 Canadian $ 9,958 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (978,000) US $ 1,084,534 Canadian $ 37,494
Total Foreign Currency Forward Contracts Value 1,978,315
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
– 280 –
Signature High Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
337,308 196,6772,858 22,398
34,000 51,000- -
883 883- -
2,261 123- -- -
1,940 1,361204 2,993
- -4,647 3,651
384,101 279,086
- -- -- -
283 1,244- -
3,652 1,491746 648
- -- -- -
429 3415,110 3,724
378,991 275,362
338,122 246,255- -
309,179 230,34425,476 14,54923,308 18,270
8,561 5,044511 71
11,708 6,927248 157
17.32 14.0718.27 14.8010.76 8.678.78 7.299.17 7.608.10 6.838.96 7.54
17,848,291 16,369,7111,394,512 982,8892,166,474 2,106,286
975,444 691,62655,756 9,361
1,445,496 1,014,30227,621 20,868
Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 281 –
Signature High Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
1,897 2,0338,208 9,651
34 63- -- -- -
(279) (149)9,860 11,598
1,857 1,955305 320
1 -358 120108 113
2,629 2,5087,231 9,090
- -7,231 9,090
8,260 (6,966)(441) 154(172) (105)
- -
51,863 (12,871)59,510 (19,788)66,741 (10,698)
55,075 (9,378)4,117 (516)4,175 (372)1,360 (146)
53 (5)1,916 (280)
45 (1)
3.25 (0.56)3.40 (0.58)2.08 (0.27)1.65 (0.76)1.69 (0.42)1.52 (0.64)1.71 (1.04)
230,344 292,483
42,617 27,046- -
(19,647) (23,698)790 (6,704)
23,760 (3,356)
- -- -- -- -
55,075 (9,378)309,179 279,749
14,549 16,306
6,700 1,890- -
(1,893) (1,971)2,003 6566,810 575
- -- -- -- -
4,117 (516)25,476 16,365
18,270 15,185
5,143 1,504- -
(4,074) (934)(206) (521)863 49
- -- -- -- -
4,175 (372)23,308 14,862
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 282 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
157 13
86 -- -
(64) (2)32 154 (1)
- -- -
(8) -(8) -45 (1)
248 11
275,362 327,505
61,748 36,394- -
(26,361) (26,965)2,037 (6,109)
37,424 3,320
- -- -
(536) (228)(536) (228)
66,741 (10,698)378,991 319,899
5,044 980
1,834 2,380- -
(303) (179)784 112
2,315 2,313
- -- -
(158) (51)(158) (51)
1,360 (146)8,561 3,096
71 81
507 65- -
(113) -- -
394 65
- -- -
(7) (3)(7) (3)
53 (5)511 138
6,927 2,457
4,861 3,509- -
(267) (181)(1,366) 3473,228 3,675
- -- -
(363) (174)(363) (174)
1,916 (280)11,708 5,678
Signature High Income Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
– 283 –
Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
16,369,711 16,527,2982,679,161 1,492,099
- -(1,244,462) (1,308,588)
43,881 (369,920)17,848,291 16,340,889
982,889 880,668406,232 99,684
- -(114,516) (103,391)119,907 34,325
1,394,512 911,286
2,106,286 1,413,592523,248 135,240
- -(447,485) (83,735)(15,575) (45,963)
2,166,474 1,419,134
691,626 101,281221,096 244,195
- -(35,298) (17,946)98,020 11,589
975,444 339,119
9,361 8,10459,212 6,372
- -(12,817) (5)
- -55,756 14,471
1,014,302 262,090647,066 372,233
- -(35,848) (19,426)
(180,024) 37,4531,445,496 652,350
20,868 1,30810,429 -
- -(7,627) (217)3,951 14
27,621 1,105
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
AT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
FT8 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
17.32 17.120.02 0.03
17.34 17.15
18.27 17.960.02 0.03
18.29 17.99
10.76 10.470.01 0.02
10.77 10.49
8.78 9.130.01 0.028.79 9.15
9.17 9.510.01 0.019.18 9.52
8.10 8.700.01 0.028.11 8.72
8.96 9.570.01 0.028.97 9.59
– 284 –
Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
33,311 36,73434,322 39,251
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
169 1027 8
Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares
1.250.75
Paid directly by investor1.250.751.250.75
0.200.20
-0.200.200.200.20
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 285 –
Portfolio Breakdown as at March 31, 2009Percentage of
Categories Net Asset Value (%)
Corporate Bonds ..................................................................................................................... 41.9Short Term Investments .......................................................................................................... 18.5Royalty Trusts .......................................................................................................................... 9.4Common Equities .................................................................................................................... 7.9Cash & Equivalents ................................................................................................................. 7.6REITs ........................................................................................................................................ 6.3Income Trusts .......................................................................................................................... 5.8Other Assets ........................................................................................................................... 2.3Government Bonds .................................................................................................................. 0.2Preferred Shares ..................................................................................................................... 0.1
During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.
Other Price RiskThe Fund is invested in Canadian and U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in Canada and the United States, however some of the Fund's assets are invested infixed income securities and their market risk exposure will be discussed in the following sections.
As at September 30, 2009, had the Canadian and U.S. markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $17,308,000 (March 31, 2009 - $8,064,000). In practice, the actualresults may differ from this analysis and the difference may be material.
Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 0.2AA/Aa/A+ 10.1A 2.7BBB/Baa/B++ 7.0BB/Ba/B+ 12.0B 11.6CCC/Caa/C++ 5.1CC/Ca/C+ 0.3Not Rated 4.4Total 53.4
Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Credit Risk (cont’d)
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 10.3 AA/Aa/A+ 1.4 A 2.8 BBB/Baa/B++ 6.9 BB/Ba/B+ 12.3 B 10.4 CCC/Caa/C++ 3.1 Not Rated 13.5 Total 60.7
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.
as at September 30, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (127,323) 23,323 6.2Euro (5,968) 19,140 5.1Australian Dollar (4,598) 10,469 2.8Brazilian Real - 1,592 0.4British Pound (1,901) 517 0.1 Total (139,790) 55,041 14.6
as at March 31, 2009Derivatives Total Currency Net
Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (90,474) 25,067 9.1 Australian Dollar (3,989) 2,358 0.9 Euro (876) 939 0.3 Total (95,339) 28,364 10.3
As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $5,504,000 (March 31, 2009 - $2,836,000). In practice, the actual results may differ from this analysis and thedifference may be material.
– 286 –
Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $1,401,000 (March 31, 2009 - $621,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.
– 286 –
Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
44,895 29,050 34,780 94,338 203,063
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
78,330 26,922 26,169 58,017 189,438
– 287 –
CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)
No. of Shares/ Average FairFace Amount Cost ($) Value ($)
EQUITIES SUBJECT TO FORWARD (154.4%) 2,424,777 Canfor Corp. 15,257,397 14,694,149 2,715,928 Celestica Inc. 15,253,913 27,512,351 1,673,640 CGI Group Inc. 15,245,955 20,987,446 1,088,855 FirstService Corp. 15,249,571 22,419,524 1,401,670 HudBay Minerals Inc. 15,250,170 18,081,543 1,073,528 Ivanhoe Mines Ltd. 8,508,066 14,642,922
781,574 MacDonald Dettwiler & Associates Ltd. 15,250,444 24,439,819 2,739,803 Red Back Mining Inc. 15,253,017 32,932,432
255,008 Research In Motion Ltd. 15,231,992 18,457,479 1,265,773 RONA Inc. 15,255,759 18,986,595
831,898 Sino-Forest Corp., Class A 8,634,418 14,067,395 1,887,509 Teck Resources Ltd., Class B 9,759,153 55,662,640 2,045,458 Viterra Inc. 15,253,007 21,825,037 1,514,557 WestJet Airlines Ltd. 15,299,017 16,720,709
Commission and other portfolio transaction costs -
Total Equities Subject to Forward (154.4%) 194,701,879 321,430,041
DERIVATIVE INSTRUMENTS
Forward Contract (-57.4%) (see Schedule A) (119,505,875)
Total Investments (97.0%) 194,701,879 201,924,166
Other Assets (net) (3.0%) 6,307,779
Total Net Assets (100.0%) 208,231,945
Schedule AForward Contract (-57.4%)
No. of Shares/Face Amount Investments sold forward Fair Value $
2,424,777 Canfor Corp. (14,742,644)2,715,928 Celestica Inc. (27,702,466)1,088,855 FirstService Corp. (22,484,856)1,673,640 CGI Group Inc. (20,987,446)1,401,670 HudBay Minerals Inc. (18,081,543)1,073,528 Ivanhoe Mines Ltd. (14,771,745)
781,574 MacDonald Dettwiler & Associates Ltd. (24,572,687)2,739,803 Red Back Mining Inc. (32,959,830)
255,008 Research In Motion Ltd. (18,457,479)1,265,773 RONA Inc. (18,986,595)
831,898 Sino-Forest Corp., Class A (14,067,395)1,887,509 Teck Resources Ltd., Class B (55,681,516)2,045,458 Viterra Inc. (21,845,491)1,514,557 WestJet Airlines Ltd. (16,735,855)
(322,077,548)
Notional Units Underlying Fund Fair Value $
19,728,768 CI Short-Term Advantage Trust 202,571,673
Total Forward Contracts Value (119,505,875)
Due date May 22, 2013 Credit Rating of the Counterparty* A-1
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service,Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2009 CIG - 2313
– 288 –
CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest
LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsUnrealized loss on forward contractPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable
Net assets and shareholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classA SharesF SharesI Shares
Net assets per share (see Schedule of Net Assets Reconciliation)
A SharesF SharesI Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A SharesF SharesI Shares
IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes
ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax
Expenses absorbed by the managerNet investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsForward feesChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classA SharesF SharesI Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A SharesF SharesI Shares
321,430 209,8087,168 3,877
- -- -- -- -- -- -- -
355 479- -- -
39 26328,992 214,190
- -- -- -- -
119,506 4,860- -- -
1,171 469- -
83 92- -- -- -
120,760 5,421208,232 208,769
194,702 198,480- -
165,391 148,7656,287 6,698
36,554 53,306
10.10 10.0410.12 10.0610.23 10.13
16,372,262 14,813,238621,049 665,569
3,573,163 5,261,231
- -2 105
199 -- -- -
57 30- -
258 135
576 205- -- 2- -
29 9605 216(210) -(137) (81)
1,221 2,551- -- -- -
(484) (186)
754 (1,797)1,491 5681,354 487
819 25640 20
495 211
0.04 0.040.07 0.040.11 0.07
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2009 2008
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as at
September 30, 2009 March 31, 2009
– 289 –
CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
208,769 -
57,544 182,219- -
(82,367) (30,591)(682) -
23,614 39,382(1,891) 191,010
- -- -- -- -
1,354 487208,232 191,497
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2009 2008
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
148,765 -
41,672 112,007- -
(50,413) (18,038)(334) -
24,882 29,06415,807 123,033
- -- -- -- -
819 256165,391 123,289
6,698 -
2,032 8,824- -
(3,982) (2,137)(26) -
1,525 2,161(451) 8,848
- -- -- -- -
40 206,287 8,868
53,306 -
13,840 61,388- -
(27,972) (10,416)(322) -
(2,793) 8,157(17,247) 59,129
- -- -- -- -
495 21136,554 59,340
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2009 2008
The accompanying notes are an integral part of these financial statements.
– 290 –
CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions for the periods ended September 30
2009 2008
14,813,238 -4,155,992 11,187,844
- -(5,021,838) (1,797,422)2,424,870 2,884,509
16,372,262 12,274,931
665,569 -200,598 879,472
- -(395,700) (212,759)150,582 215,396621,049 882,109
5,261,231 -1,357,256 6,113,356
- -(2,768,924) (1,036,857)
(276,400) 809,0493,573,163 5,885,548
A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share
Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)
2009 2008
10.10 10.040.03 0.01
10.13 10.05
10.12 10.050.03 0.01
10.15 10.06
10.23 10.080.03 0.01
10.26 10.09
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2009 2008
LoanedCollateral (non-cash)
- -- -
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2009 2008
Brokerage commissionsSoft Dollar commissions†
- -- -
Annual management fee rateA SharesF SharesI Shares
Annual fixed administration fee rateA SharesF SharesI Shares
1.000.75
Paid directly by investor
---
Schedule of Fees (Note 5)as at September 30 (%)
2009
– 291 –
Portfolio Breakdown of the CI Short-Term Advantage Trust as at March 31, 2009
Percentage ofCategories Net Asset Value (%)
Cash & Equivalents ................................................................................................................. 53.4Bonds ...................................................................................................................................... 32.6Short Term Investments .......................................................................................................... 25.9Other Assets ........................................................................................................................... -11.9
During the six-month period the Fund’s exposure to credit risk and interest rate risk changed signif-icantly as disclosed in the section below. For details relating to other price risk and currency risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.
CI Short-Term Advantage Corporate Class (the “Fund) is exposed to the financial instruments’ risksof the CI Short-Term Advantage Trust (the “Underlying Fund”). The Fund was created to obtain expo-sure to an actively managed portfolio of money market instruments issued in Canada and otherdeveloped countries by virtue of the Forward Agreement. By entering into the Forward Agreement,the Fund eliminated the direct risk exposure to its common share portfolio and assumed the riskexposure of the CI Short-Term Advantage Trust, as well as credit risk to the Counterparty of theForward Agreement. For details of the credit rating of the Counterparty to the Forward Agreementplease refer to the “Statement of Investment Portfolio” - Schedule A.
Credit RiskThe Underlying Fund was invested in debt securities, preferred securities and derivative instruments,as applicable, with the following credit ratings, as per tables below:
as at September 30, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 25.8AA/Aa/A+ 42.5A 12.5BBB/Baa/B++ 0.4Not Rated 1.8Total 83.0
as at March 31, 2009*Net Assets
Credit Rating^ (%)AAA/Aaa/A++ 20.5AA/Aa/A+ 22.2A 2.5BBB/Baa/B++ 0.7Not Rated 0.6Total 46.5
*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.
^Refer to Note 11 for Credit Rating cross reference.
CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)
Semi-Annual Financial Statements as at September 30, 2009
The accompanying notes are an integral part of these financial statements.
Interest Rate RiskThe tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.
as at September 30, 2009
Interest Rate Exposure
as at March 31, 2009
Interest Rate Exposure
As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have indirectly decreased orincreased, respectively, by approximately $233,000 (March 31, 2009 - $50,000). In practice, theactual results may differ from this analysis and the difference may be material.
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
114,549 49,529 37,682 490 202,250
Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total
(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)
164,954 36,360 4,054 300 205,668
1. THE FUNDS
CI Corporate Class Limited (formerly, CI Sector Fund Limited) (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario. The name change was effective May 2, 2005.
The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares. Each designated
class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class of shares of the Corporation.
Each class of shares is referred to as a “Fund”.
Due to the change in the name to CI Corporate Class Limited, all of the share classes within CI Corporate Class Limited will carry the designation “Corporate Class” instead of “Sector Fund”.
The following Funds are a class of shares of the Corporation.
Inception Date Inception Date Inception Date
of A Shares of F Shares of I Shares
CI Corporate Class
CI American Equity Corporate Class February 24, 2000 July 17, 2000 –
CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001
CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 July 06, 2009
CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002
CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006
CI Can-Am Small Cap Corporate Class November 28, 2005† November 28, 2005† November 28, 2005
CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 December 19, 2006
CI European Corporate Class September 21, 1992 July 31, 2001 –
CI Global Bond Corporate Class August 28, 2002 July 17, 2000 December 19, 2008
CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006
CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 December 17, 2001
CI Global High Dividend Advantage Corporate Class February 22, 2007 February 22, 2007 February 22, 2007
CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001
CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001
CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –
CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006
CI International Balanced Corporate Class July 31, 2001 December 17, 2001 August 14, 2009
CI International Corporate Class July 31, 2001 July 31, 2001 November 20, 2008
CI International Value Corporate Class July 23, 1996 July 31, 2001 December 19, 2006
CI Japanese Corporate Class December 23, 1998 July 17, 2000 –
CI Pacific Corporate Class July 8, 1987 July 17, 2000 –
CI Short-Term Advantage Corporate Class May 12, 2008 May 12, 2008 May 13, 2008
CI Short-Term Corporate Class July 8, 1987 July 17, 2000 November 7, 2005
CI Short-Term US$ Corporate Class July 31, 2001 – –
CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001
Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005
Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006
Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 December 23, 2002
Harbour Growth & Income Corporate Class August 1, 2006 August 1, 2006 July 31, 2006
Signature Canadian Bond Corporate Class August 28, 2002 August 28, 2002 February 7, 2006
Signature Canadian Resource Corporate Class July 31, 2001 July 31, 2001 –
Signature Corporate Bond Corporate Class July 15, 2003 July 15, 2003 December 19, 2006
Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006
Signature Global Energy Corporate Class June 11, 1998 July 31, 2001 –
Signature Global Income & Growth Corporate Class February 22, 2007 February 22, 2007 February 22, 2007
Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006
Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 292 –Semi-Annual Financial Statements as at September 30, 2009
THE FUNDS (cont’d)
Inception Date Inception Date Inception Date
of A Shares of F Shares of I Shares
CI Corporate Class
Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006
Synergy American Corporate Class September 21, 1992 July 17, 2000 September 8, 2008
Synergy Canadian Corporate Class November 28, 2005† November 28, 2005† November 28, 2005†
Synergy Global Corporate Class July 23, 2004 July 23, 2004 September 7, 2004
Inception Date Inception Date Inception Date Inception Date
of A Shares of F Shares of I Shares of W Shares
Portfolio Select Series
Select Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006 November 7, 2005
Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005
Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005
Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005
Select 100e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 100i Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 20i80e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 30i70e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 40i60e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 50i50e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 60i40e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 70i30e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Select 80i20e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006
Inception Date Inception Date Inception Date Inception Date
of A Shares of F Shares of I Shares of W Shares
Cambridge Corporate Class
Cambridge Canadian Asset Allocation Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008
Cambridge Canadian Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008
Cambridge Global Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008
†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 293 –Semi-Annual Financial Statements as at September 30, 2009
CI Value Trust Corporate Class offered Class Y, Z and Insight shares to investors commencing on
April 7, 2004.
Synergy Canadian Corporate Class offered Insight shares to investors commencing on November 28, 2005.
Each Fund offers Class A and F shares except for CI Short-Term US$ Corporate Class which offers only
Class A shares. Some funds also offer Class AT5, AT8, FT5, FT8, I, IT5, IT8, W, WT5, WT8, Y, Z or
Insight shares.
Shares of the Select Funds are available only to investors who participate in the PSS program. Class
A shares of all other funds are available to all investors.
Class F, FT5, FT8, W, WT5 and WT8 shares are available to certain investors including those who par-
ticipate in fee-based programs through their financial advisers or who are members of certain groups.
Insight shares are issued to investors of the Insight Program, for use in fee-based accounts.
Class Y and Z shares were issued to certain investors in connection with various mutual fund reorgan-
izations and are generally only available for purchase by those investors.
Class I, IT5, IT8 shares are only available to institutional clients and investors who have entered into
a Class I Account Agreement with CI Investments Inc.
Unlike other classes of shares offered by the Funds, holders of Class AT5, AT8, FT5, FT8, IT5, IT8, WT5
and WT8 shares (also called the T-Class Securities) receive regular monthly cash distributions.
On October 1, 2007 the Corporation issued the T-Class series of Funds which pay a monthly return of
capital (ROC) distribution to clients. Built on the tax-efficient CI Corporate Class structure, the T-Class
gives clients the choice of a 5% or 8% annual target ROC distribution. Monthly ROC distributions from
T-Class Funds are not taxable. The T-Class are available in Class A, Class F, Class I and Class W shares.
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 294 –Semi-Annual Financial Statements as at September 30, 2009
The following Funds had T-Class shares outstanding as at September 30, 2009.
CI American Equity Corporate Class - AT5, AT8, FT5
CI American Value Corporate Class - AT5, AT8, FT5, FT8
CI Canadian Investment Corporate Class - AT5, AT8, FT5, FT8, IT5
CI Global Corporate Class - AT5, AT8, FT5
CI Global High Dividend Advantage Corporate Class - AT5, AT8, FT8
CI Value Trust Corporate Class - AT5, AT8, FT5
Harbour Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8
Harbour Foreign Equity Corporate Class - AT5, AT8, FT5, FT8
Harbour Foreign Growth & Income Corporate Class - AT5, AT8, IT5, IT8
Harbour Growth & Income Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8
Signature Dividend Corporate Class - AT5, AT8, FT5, FT8
Signature Global Income & Growth Corporate Class - AT5, AT8, FT5, IT5
Signature High Income Corporate Class - AT5, AT8, FT5, FT8
Signature Income & Growth Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8
Signature Select Canadian Corporate Class - AT5, AT8, FT5, IT5, IT8
Synergy Global Corporate Class - AT5, AT8, FT5
Select 100e Managed Portfolio Corporate Class - AT8, IT5, IT8, WT8
Select 100i Managed Portfolio Corporate Class - AT5, AT8, FT5, IT5, IT8
Select 20i80e Managed Portfolio Corporate Class - AT5, AT8
Select 30i70e Managed Portfolio Corporate Class - AT5, AT8, WT5
Select 40i60e Managed Portfolio Corporate Class - AT5, AT8, FT5, WT5, WT8
Select 50i50e Managed Portfolio Corporate Class - AT5, AT8, WT8
Select 60i40e Managed Portfolio Corporate Class - AT5, AT8, WT5
Select 70i30e Managed Portfolio Corporate Class - AT5, AT8
Select 80i20e Managed Portfolio Corporate Class - AT5, AT8, FT5
Cambridge Canadian Asset Allocation Corporate Class - AT5, AT8, FT5, IT5
Cambridge Canadian Equity Corporate Class - AT5, AT8, FT5
Cambridge Global Equity Corporate Class - AT5, AT8, FT5, FT8
Signature Corporate Bond Corporate Class offered Class X shares to investors commencing
August 14, 2009.
CI Global Health Sciences Corporate Class, Synergy Canadian Corporate Class and Synergy
Global Corporate Class offered Class Z and Y shares to investors commencing August 14, 2009.
Synergy Canadian Corporate Class offered Class H shares to investors commencing August 14, 2009.
Effective as of close of business on August 14, 2009 the following funds were merged:
Terminated Funds Continuing Funds
Knight Bain Small Cap Fund CI Can-Am Small Cap Corporate Class
CI Global Balanced Corporate Class CI International Balanced Corporate Class
CI Global Biotechnology Corporate Class CI Global Health Sciences Corporate Class
CI Global Consumer Products Corporate Class CI Global Value Corporate Class
CI Global Financial Services Corporate Class CI Global Value Corporate Class
Synergy Canadian Style Management Corporate Class Synergy Canadian Corporate Class
Synergy Focus Canadian Equity Fund Synergy Canadian Corporate Class
Synergy Global Style Management Corporate Class Synergy Global Corporate Class
Synergy Focus Global Equity Fund Synergy Global Corporate Class
The purchase method of accounting has been adopted for the merger of the Funds. Under this method,
one of the Funds in each merger is identified as the acquiring Fund, and is known as the “Continuing
Fund”, and the other Fund is known as the “Terminated Fund”.
The mergers were effected by transferring the net assets of the Terminated Funds in exchange for
securities of the Continuing Funds. The value of the securities of the Continuing Funds issued in con-
nection with these mergers was equal to the fair value of the net assets transferred from the
Terminated Funds.
The Terminated Funds are not included in these financial statements.
The CI Global High Dividend Advantage Corporate Class through a forward agreement or agreements
(the "Forward Agreement") with National Bank of Canada, provides unitholders with exposure to the
performance of two managed accounts ("Underlying Accounts") or equity baskets managed by Epoch
Investment Partners Inc., in exchange for the Canadian equity portfolio. The Underlying Accounts con-
sist of dividend-paying common and preferred shares, debentures, income trusts, equity-related secu-
rities and convertible securities issued by issuers anywhere in the world. However, neither the Fund
nor the shareholders will have any ownership interest in the Underlying Accounts.
The CI Short-Term Advantage Corporate Class through a forward agreement (the "Forward
Agreement") with Bank of Montreal provides unitholders with exposure to the performance of under-
lying fund ("Underlying Fund"), in exchange for the Canadian equity portfolio. The Underlying Fund con-
sist of money market instruments issued in Canada and other developed countries. However, neither
the Fund nor the shareholders will have any ownership interest in the Underlying Fund.
The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at
September 30, 2009. The Statements of Net Assets are as at September 30, 2009 and March 31, 2009.
The Statements of Operations, Statements of Changes in Net Assets, Schedule of Fund Share
Transactions and Schedule of Commissions for each Fund are for the periods ended September 30,
2009 and 2008, except for Funds established during either period, in which case the information pro-
vided relates to the period from inception to September 30, 2009 or to September 30, 2008.
The Schedule of Net Assets Reconciliation and Schedule of Securities Lending are as at
September 30, 2009 and 2008, were applicable. The Fund Specific Financial Instruments Risks for each
of the Funds are as at September 30, 2009 and March 31, 2009, were applicable.
2. SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Canadian Generally Accepted
Accounting Principles (“GAAP”). Significant accounting policies used in preparing the semi-annual
financial statements are consistent with those used in preparing the annual financial statements.
The semi-annual financial statements should be read in conjunction with the Funds’ March 31, 2009
annual financial statements.
(a) Valuation of Investments
Investments are categorized as held for trading in accordance with Section 3855, “Financial Instruments –
Recognition and Measurement” and are recorded at their fair value for financial reporting purposes.
Listed securities are valued based on the bid price for securities held long and the ask price for securi-
ties held short on the financial reporting date. Unlisted securities are valued based on price quotations
from recognized investment dealers, or failing that, their fair value is determined by the Manager on the
basis of the latest reported information available. Fixed income securities, debentures, money market
investments and other debt instruments are valued at the bid quotation from recognized investment deal-
ers. Underlying funds are valued on each business day at their Net Asset Value as reported by the fund
manager.
The Canadian Securities Administrators (“CSA”) amended section 14.2 of National Instrument 81-106 on
September 5, 2008. The amended section 14.2 requires the net asset value of an investment fund to be
calculated using the fair value of the fund's assets and liabilities. The adoption of Section 3855 results
in a different valuation method for calculating net asset value for financial reporting purposes. For the
purpose of processing shareholder transactions, net asset value is calculated based on the closing mar-
ket price (referred to as “Net Asset Value”), while for financial statement purposes net asset value is cal-
culated based on bid/ask price (referred to as “Net Assets”). In accordance with NI 81-106, a reconcilia-
tion between the Net Asset Value per share and the Net Assets per share is disclosed in the Schedule
of Net Assets Reconciliation as at September 30, 2009 and 2008. The Portfolio Select Series Funds invest
in units of other funds, “underlying funds”. As a result, the Section 3855 has no impact the Funds’ valu-
ation policies. The underlying funds will continue to be valued at their net asset value as reported by the
funds manager. The Funds’ investment transactions are not subject to transaction costs.
(b) Forward Contracts
The Fund may enter into forward contracts. Forward foreign currency contracts are valued using a bid
price on the related public exchange, on each valuation day according to the gain (loss) that would be
realized if the contracts were closed out.
All gains (losses) arising from forward foreign currency contracts are recorded as part of “Change in unre-
alized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on derivative instruments” in the Statements of Net Assets until the contracts are closed out or
expire, at which time the gains (losses) are realized and reported as ”Realized gain (loss) on investments”
in the Statements of Operations.
The value of the Forward Agreement on the valuation date is equal to the gain or loss that would be real-
ized if the contract were closed out or expired. Investments sold forward as part of the forward agree-
ment are valued at the market close price, and the Underlying Fund/Account is valued at its net asset
value as determined by the Underlying Fund’s/Account’s portfolio manager on the valuation date for pur-
poses of determining the value of the forward contract. All gains (losses) arising from the forward agree-
ment are recorded as part of “Change in unrealized appreciation (depreciation) of investments” in the
Statements of Operations and “Unrealized gain (loss) on forward contract” in the Statements of Net
Assets until the contracts are closed out or expire; at which time the gains (losses) are realized and
reported as “Realized gain (loss) on investments” in the Statements of Operations.
(c) Futures Contracts
Futures contracts are valued on each valuation day using the bid/ask price posted on the related pub-
lic exchange. All gains or losses arising from futures contracts are recorded as part of “Change in unre-
alized appreciation (depreciation) of investments” in the Statements of Operations until the
contracts are closed out or expired, at which time the gains (losses) are realized and reported as
“Realized gain (loss) on investments” in the Statements of Operations.
(d) Short Selling
Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund
sells a security short, it will borrow that security from a broker to complete the sale. The Fund will incur
a loss as a result of a short sale if the price of the borrowed security increases between the date of the
short sale and the date on which the Fund closes out its short position by buying that security. The Fund
will realize a gain if the security declines in price between those dates. The gain or loss that would be
realized if, on the valuation date, the position were to be closed out is reflected in the Statements of
Operations as part of “Change in unrealized appreciation (depreciation) of investments” and in the
Statements of Net Assets in “Investments sold short at fair value”. When the short position is closed
out, gains and losses are realized and included in “Realized gain (loss) on investments”.
(e) Private Placements
The fair value of private placements are determined using indicative bid values obtained from third-
party broker-dealers. The broker-dealers determine the fair value using valuation models that are
based, in part, on assumptions that are not supported by observable market inputs. The indicative bid
values are independently assessed internally to ensure that they are reasonable. The fair values of pri-
vate placements are affected by the perceived credit risk of the issuers, predictability of cash flows
and the length of time to maturity.
3. SHAREHOLDERS’ EQUITY
Shares issued and outstanding represent the capital of each Fund.
Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.
Generally the Funds have no restrictions or specific capital requirements, except for the minimum sub-
scription/ redemption amounts. The relevant changes pertaining to subscription and redemption of
each Fund shares are disclosed in the Statements of Changes in Net Assets. Differences, if any,
between the original stated capital and the capital paid upon redemption of the shares of the Funds
are recorded as “(Excess) deficiency on amounts paid on units redeemed” in the Statements of Changes
in Net Assets.
In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeav-
or to invest subscriptions received in appropriate investments while maintaining sufficient liquidity
to meet redemptions through utilizing a short-term borrowing facility or disposal of investments
when necessary.
The shareholder transactions are processed based on net asset value which is calculated daily based
on the closing market price on that day.
4. INCOME TAXES
The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutu-
al fund corporation. A mutual fund corporation is subject to a special 33 1/3% tax on taxable dividends
received from corporations resident in Canada and to tax at normal corporate rates applicable to mutu-
al fund corporations on other income and net taxable realized capital gains for the year.
The special 33 1/3% tax is refundable on payments of taxable dividends to shareholders at the rate of
$1 for each $3 of such dividend paid. All the tax on net taxable realized capital gains is refundable
when the gains are distributed to shareholders as capital gains dividends or through redemption of
shares at the request of shareholders, while the Corporation qualifies as a mutual fund corporation.
Income and capital taxes (if any) are allocated to the class on a reasonable basis.
Temporary differences between the carrying value of assets and liabilities for accounting and income
tax purposes give rise to future income tax assets and liabilities. When the market value of a security
in the Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes
payable by the Corporation are refundable under the provisions of the Income Tax Act (Canada), the
future tax liability is offset by these future refundable taxes. If the cost base exceeds the market value
of the security, a future income tax asset is generated. A full valuation allowance is taken to offset
this asset given the uncertainty that such future assets will ultimately be realized. Unused capital and
non-capital losses, as disclosed below, represent future tax assets to the Corporation for which a full
valuation allowance has been established for the reasons noted above.
Tax losses apply to the Corporation, not the Funds. Net capital losses may be carried forward indefi-
nitely to reduce future net realized capital gains. Non-capital losses may be applied against future tax-
able income.
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 295 –Semi-Annual Financial Statements as at September 30, 2009
5. MANAGEMENT FEES AND OTHER EXPENSES
CI Investments Inc. is the Manager of the Corporation and in consideration of management fees pro-
vides management services required in the day-to-day operations of the Funds including management
of the investment portfolios of the Funds.
The management fee is calculated based on the net asset values of each class of a Fund (other than
Class I, IT5 or IT8) at the end of each business day.
Investors in Class I, IT5 or IT8 shares are charged a management fees directly as negotiated between
the investor and the Manager.
Effective July 1, 2009 the Manager reduced the annual management fees of Signature Corporate Bond
Corporate Class to 1.70% from 2.0% for Class A, and to 0.85% from 1.50% for Class F.
During the period ended September 30, 2009, the Manager of the Fund absorbed total of $459,000 and
U.S. $47,000 in Management Fees due to the declining yields generated by the following funds
CI Short-Term Corporate Class, CI Short-Term Advantage Corporate Class and CI Short-Term US$
Corporate Class.
The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs
and new governmental fees) in return for fixed annual administration fees (the “Administration Fees”).
Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class
of a Fund (other than Class I, IT5 or IT8) at the end of each business day.
Refer to fund specific schedules in the financial statements for management fee and administration
fee rates applicable to each class of each Fund.
During the reporting period the Fund may receive management fee rebates from the Underlying Funds.
The management fee rebates are included in “Management fee rebate receivable” and in “Management
fee rebate” as reflected in the Statements of Net Assets and Statements of Operations of each Fund,
as applicable. However, upon the Manager’s discretion the management fee rebate may from time to
time be netted against management fees expenses.
The CI Global High Dividend Advantage Corporate Class and CI Short Term Advantage Corporate Class
will pay to the counterparty under the Forward Agreement a fee of approximately 0.50% per annum of
the market value of notional exposure to the Underlying Fund/Account under the Forward Agreement,
calculated and paid monthly.
6. SECURITIES LENDING
Certain Funds have entered into a securities lending program with their custodian, RBC Dexia Investor
Services Trust ("RBC Dexia"). The aggregate market value of all securities loaned by a Fund cannot
exceed 50% of the net assets of the Fund. A Fund will receive collateral of at least 102% of the value
of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed
by the Government of Canada or a province thereof, or by the United States government or its agen-
cies, but may include obligations of other governments with appropriate credit ratings. RBC Dexia has
indemnified the Funds against the credit risk of the borrowers. For those Funds participating in the pro-
gram, amounts for securities loaned, the collateral received, and the income collected appear on the
fund specific schedules in the financial statements and income from securities lending is included in
"Securities lending" in the Statements of Operations and any cash collateral received or cash collater-
al payable is included in the Statements of Net Assets in “Cash collateral received for securities on
loan” or “Payable for cash collateral under securities lending”.
7. REINVESTMENT OF DIVIDENDS
When a Fund pays a dividend to a shareholder, it will be paid in the same currency in which the shares
are held. Dividends are automatically reinvested without charge in the same Fund or paid out in cash
to the shareholder. The Manager may change the dividend policy at its discretion.
8. RELATED PARTY TRANSACTIONS
On October 6, 2008 Sun Life Financial Inc. sold its significant interest in CI Financial Corp. to The Bank
of Nova Scotia. As CI Financial Corp. is the parent company of the Manager, The Bank of Nova Scotia
therefore is considered a related party to the Funds. The Bank of Nova Scotia did not hold investments
in the Funds as at September 30, 2009.
The Funds paid the following broker commissions to Bank of Nova Scotia, a related company to
CI Financial Corp., and to Dundee Corporation, a related company to Bank of Nova Scotia.
Bank of Nova Scotia Dundee Corporation
2009 2009
Fund ($) ($)
CI Canadian Investment Corporate Class 4,671 514
CI Can-Am Small Cap Corporate Class 4,480 -
Signature Canadian Resource Corporate Class 1,196 -
Signature Dividend Corporate Class 6,176 -
Signature Global Energy Corporate Class 1,228 -
Signature High Income Corporate Class 3,380 1,868
Signature Income & Growth Corporate Class 11,432 341
Signature Select Canadian Corporate Class 14,096 -
Synergy Canadian Corporate Class 55,349 5,712
Select Canadian Equity Managed Corporate Class 3,001 279
Select Income Managed Corporate Class 344 244
Cambridge Canadian Asset Allocation Corporate Class 26,807 -
Cambridge Canadian Equity Corporate Class 32,855 -
Cambridge Global Equity Corporate Class 16 -
Blackmont Capital Inc. is a subsidiary of CI Financial Corp. As CI Financial Corp., is the parent compa-
ny of the Manager of the Funds, Blackmont Capital Inc. is thus considered a related party to the Funds.
The Funds paid the following brokerage commissions to Blackmont Capital Inc., an affiliated company
of CI Investments Inc. during the periods ended September 30:
2009 2008
Fund ($) ($)
CI Canadian Investment Corporate Class 1,678 -
CI Can-Am Small Cap Corporate Class - 708
Harbour Corporate Class - 5,875
Signature Canadian Resource Corporate Class 3,696 3,375
Signature Dividend Corporate Class 119 190
Signature Global Energy Corporate Class 2,116 6,687
Signature High Income Corporate Class 3,398 1,784
Signature Income & Growth Corporate Class 1,283 1,116
Signature Select Canadian Corporate Class 2,596 1,592
Synergy Canadian Corporate Class 21,087 5,641
Select Canadian Equity Managed Corporate Class 901 -
Select Income Managed Corporate Class 470 193
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 296 –Semi-Annual Financial Statements as at September 30, 2009
(cont’d)
2009 2008
Fund ($) ($)
Cambridge Canadian Asset Allocation Corporate Class 39,565 1,786
Cambridge Canadian Equity Corporate Class 45,170 8,540
Cambridge Global Equity Corporate Class 2,593 1,380
9. FUTURE ACCOUNTING STANDARDS
“International Financial Reporting Standards”
On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of
International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly accountable
profit-oriented enterprises. IFRS will replace Canadian Generally Accepted Accounting Principles
(“GAAP”). IFRS becomes effective for interim and annual financial statements relating to fiscal years
beginning on or after January 1, 2011.
At September 30, 2009, the Manager is taking the following steps to transition to IFRS:
• Identification of areas where changes in disclosure will be required under IFRS standards.
• Identification of operational areas impacted by the adoption of IFRS.
• Identification of major differences between current accounting policies and IFRS standards.
• Assessment of impact, if any, on net asset value per share.
• Assessment of current reporting systems and their readiness for IFRS implementation.
• Implementation of an IFRS transition plan.
As at September 30, 2009, the Manager has determined that there is no expected impact to net asset
value per share as a result of the transition to IFRS.
Amendments to Section 3862, “Financial Instruments - Disclosures”
Section 3862 was recently amended and requires publicly accountable enterprises to enhance their
disclosures about fair value measurements and the liquidity risk of financial instruments.
The amendments will be effective for annual financial statements relating to fiscal years ending
after September 30, 2009, specifically the March 31, 2010 financial statements for the Funds.
These amendments have been made to address the need for increased consistency and comparability
in fair value measurements, and to expand the disclosure surrounding fair value measurements, and
do not have any impact on the net assets of the Funds.
10. FINANCIAL INSTRUMENTS
The categorization of financial instruments in accordance with CICA 3855, Financial Instruments –
Recognition and Measurement (“CICA 3855”) are as follows: financial assets and financial liabilities
held for trading which include investments and derivative instruments are stated at fair value.
Due from brokers, interest and dividends receivable, subscriptions receivable and other receivables are
designated as loans and receivables. They are recorded at amortized cost which approximates their
fair value due to their short term nature. Similarly, redemptions payable, due to brokers, accrued man-
agement fees, accrued expenses and other payables are designated as other liabilities and are carried
at their amortized cost which approximates their fair value, due to their short term nature.
11. FINANCIAL INSTRUMENTS RISK
Risk Management
The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk
(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is
exposed depends on the investment objective and the type of investments the Fund holds. The value of
the investments within the portfolio can fluctuate daily as a result of changes in prevailing interest rates,
economic and market conditions and company specific news related to investments held by the Funds.
The Manager of the Funds may minimize potential adverse effects of these risks on the Funds’ perform-
ance by, but not limited to, regular monitoring of the Funds’ positions and market events, diversification
of the investment portfolio by asset type, country, sector, term to maturity within the constraints of the
stated objectives, and through the usage of derivatives to hedge certain risk exposures.
During the six-month period some Funds’ exposure to financial instruments risks changed significantly as
per details disclosed in the "Fund Specific Financial Instruments Risks" section of the financial state-
ments. For details relating to financial instruments risks exposure for remaining Funds, refer to the audit-
ed annual financial statements as at March 31, 2009, as these Funds’ exposure to financial instruments
risks remained unchanged through the period.
Other Price Risk
Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes
in market prices (other than those arising from interest rate risk or currency risk). The value of each
investment is influenced by the outlook of the issuer and by general economic and political conditions,
as well as industry and market trends. All securities present a risk of loss of capital. Except for options
written, future contracts sold short and investments sold short, the maximum risk resulting from finan-
cial instruments is equivalent to their fair value.
Other assets and liabilities are monetary items that are short-term in nature and therefore are not sub-
ject to significant other price risk.
Interest Rate Risk
Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to
changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest in
debt securities and income trusts will be affected by changes in applicable interest rates. If interest
rates fall, the fair value of existing debt securities may increase due to the increase in yield. On the
other hand, if interest rates rise, the yield of existing debt securities decrease which may then lead to
a decrease in their fair value. The magnitude of the decline will generally be greater for long-term debt
securities than for short-term debt securities.
Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these
securities varies inversely with interest rates, similar to other debt securities. However, since they may
be converted into common shares, convertible securities are generally less affected by interest rate
fluctuations than other debt securities.
All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and have a
lower credit risk than below investment grade bonds.
The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to indi-
rect interest rate risk in the event that the underlying fund invests in interest bearing
financial instruments.
Currency Risk
Currency risk arises from financial instruments that are denominated in a currency other than the func-
tional currency of the Funds. As a result, the Funds may be exposed to the risk that the value of secu-
rities denominated in other currencies will fluctuate due to changes in exchange rates.
The Statement of Investment Portfolio identifies all bonds and derivative instruments denominated in
foreign currencies, if applicable. Equities traded in foreign markets are also exposed to currency risk
as the prices denominated in foreign currencies are converted to the Funds’ functional currency to
determine their fair value.
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 297 –Semi-Annual Financial Statements as at September 30, 2009
The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to indi-
rect currency risk in the event that the underlying fund invests in financial instruments that are denom-
inated in a currency other than the functional currency of the Fund.
Credit Risk
Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet
its financial obligations. The fair value of a debt instrument includes consideration of the credit wor-
thiness of the debt issuer. The carrying amount of debt instruments as presented on the Statement of
Investment Portfolio represent credit risk exposure of each Fund. Credit risk exposure for derivative
instruments is based on each Fund’s unrealized gain (loss) on the contractual obligations with the coun-
terparty as at the reporting date. The credit rating of a counterparty to derivative instrument is dis-
closed in Statement of Investment Portfolio of each Fund, if applicable.
Credit ratings for debt securities, preferred securities and derivative instruments are obtained from
Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond
Rating Services and Canadian Bond Rating Services, respectively.
Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned
to those obligations and derivative instruments considered short-term in nature. The table below pro-
vides a cross-reference between long-term credit ratings disclose in Credit Rating table inclusive of
short-term credit ratings disclosed in Schedule A, if applicable.
Credit Rating as per Credit Risk table Credit Rating as per Schedule A
AAA/Aaa/A++ A-1+
AA/Aa/A+ A-1, A-2, A-3
A B, B-1
BBB/Baa/B++ B-2
BB/Ba/B+ B-3
B C
CCC/Caa/C++ -
CC/Ca/C+ -
C and Lower D
Not Rated WR
The credit risk exposure of the Fund’s other assets are represented by their carrying amount as dis-
closed in the Statements of Net Assets.
Significant cash balances may be maintained at the custodian and the manager monitors the credit
worthiness of the custodian on an regular basis.
All transactions executed by a Fund in listed securities are settled / paid for upon delivery using
approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made
once the broker has received payment. Payment is made on a purchase once the securities have been
received by the broker. The trade will fail if either party fails to meet its obligation.
The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to indi-
rect credit risk in the event that the underlying fund invests in debt instruments, preferred securities
and derivatives.
Liquidity Risk
Liquidity risk is the risk that the Funds may not be able to settle or meet their obligations, on time or
at a reasonable price. The Funds are exposed to daily cash redemption of redeemable units. Therefore,
the Funds aim to invest the majority of their assets in investments that are traded in active markets
and can be readily disposed of. In addition, the Funds aim to retain sufficient cash and cash equiva-
lents positions to maintain liquidity. From time to time, the Funds may enter into derivative contracts
or invest in unlisted securities that may not trade in an organized market and may be illiquid. Illiquid
securities are identified in the Statement of Investment Portfolio of each Fund, if applicable.
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)
– 298 –Semi-Annual Financial Statements as at September 30, 2009
– 299 –
Legal Notice
Notice: Should you require additional copies of this Semi-Annual Report or have received more than one
copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.
Commissions, trailing commissions, management fees and expenses all maybe associated with mutual fund
investments. Please read the prospectus before investing. Unless otherwise indicated and except for
returns for periods less than one year, the indicated rates of return are the historical annual compounded
total returns including changes in security value. All performance data assume reinvestment of all distri-
butions or dividends 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 guar-
anteed, their values change frequently and past performance may not be repeated. Mutual fund securi-
ties are not covered by the Canada Deposit Insurance Corporation or by any other government deposit
insurer.
The commentaries contained herein are provided as a general source of information and should not be
considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has
been made to ensure that the material contained in these commentaries is accurate at the time of pub-
lication. However, the Manager cannot guarantee its accuracy or completeness and accepts no respon-
sibility for any loss arising from any use of or reliance on the information contained herein.
®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American
Managers are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.
Semi-Annual Financial Statements as at September 30, 2009
CORPCLASS_SA-09-09E
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