Post on 12-Jun-2022
Semi-Annual Financial Statement – as at June 30, 2010
managed by CI Investments Inc. issued by Transamerica Life Canada
LegacySegregated
Funds
Overview ................................................................................................................................. 1
Equity Funds
CI American Equity Segregated Fund........................................................................................... 2
CI American Small Companies Segregated Fund ....................................................................... 6
CI Global Segregated Fund ......................................................................................................... 10
CI International Segregated Fund............................................................................................... 14
Signature Canadian Segregated Fund........................................................................................ 18
Signature Select Canadian Segregated Fund ............................................................................ 22
Balanced Funds
Signature Canadian Balanced Segregated Fund ....................................................................... 26
Income Funds
CI Money Market Segregated Fund ........................................................................................... 30
CI Canadian Bond Segregated Fund........................................................................................... 33
Signature Dividend Income Segregated Fund............................................................................ 36
Signature High Income B Segregated Fund ............................................................................... 39
Signature High Income Segregated Fund .................................................................................. 42
Notes to the Financial Statements ..................................................................................... 45
Legal Notice ............................................................................................................................ 47
A look inside
– 1 –
Enclosed are the Financial Statements for your CI Investments
segregated funds for the period ending June 30, 2010. Inside is
important information about each fund, including its financial
statements for the period and a list of the top portfolio holdings of
the underlying fund as of the end of the year.
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
investment 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 $64 billion on behalf of 1.7 million Canadians.
CI is a subsidiary of CI Financial Corp., a TSX-listed financial services
firm with $86 billion in fee-earning assets at June 30, 2010.
CI provides one of the industry’s widest selections of investment
products and services and a strong lineup of leading portfolio
management teams. Our portfolio management expertise is offered
through several platforms, including mutual funds, tax-efficient funds,
segregated funds, and managed solutions.
2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com
Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299
– 2 –
CI American Equity Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 134
Underlying Fund Name: CI American Equity Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
6,438 Google Inc., Class A 3,230,606 3,049,510 119,268 Microsoft Corp. 3,512,892 2,921,518 59,352 Phillip Morris International Inc. 3,040,529 2,896,329
117,920 Oracle Corp. 2,479,365 2,693,923 113,242 Cisco Systems Inc. 2,887,917 2,568,969 62,232 JPMorgan Chase & Co. 2,448,159 2,425,389 17,540 International Business Machines Corp. 2,073,875 2,305,654 44,518 Abbott Laboratories Inc. 2,351,808 2,216,990 26,286 3M Co. 2,168,577 2,210,368 59,339 Walt Disney Co. 1,612,045 1,989,843 48,081 Accenture PLC 1,671,123 1,978,294 51,463 Gilead Sciences Inc. 2,600,357 1,878,036 21,872 Occidental Petroleum Corp. 1,791,440 1,796,356 12,400 Goldman Sachs Group Inc. 1,906,209 1,732,827
112,537 Charles Schwab Corp. 2,138,177 1,698,789 23,986 McDonald's Corp. 1,617,596 1,681,951 40,062 Hansen Natural Corp. 1,472,485 1,667,971
166,600 AES Corp. 1,936,544 1,638,758 63,131 Dow Chemical Co. 1,855,981 1,594,136 43,377 Urban Outfitters Inc. 876,444 1,588,033 38,331 Southwestern Energy Co. 1,687,636 1,576,722 59,311 Avnet Inc. 1,781,364 1,522,301 34,200 Baxter International Inc. 1,566,442 1,479,612 53,900 Wells Fargo & Co. 1,472,195 1,468,915 5,463 Apple Computer Inc. 700,529 1,462,813
Semi-Annual Financial Statements as at June 30, 2010
– 3 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
1,982 9,62019 20
- -1 42- -
- -2,002 9,682
- -- 14- -- -- -- 99- 113
2,002 9,569
4,010 17,691
7.75 8.577.47 8.33
109,191 448,372154,695 687,601
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
9,569 10,240
57 155(7,355) (804)(7,298) (649)
(269) 8372,002 10,428
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
38 791 2- -- -- -- -2 4
41 85
(41) (85)
(6,271) (907)
- -
6,043 1,829(228) 922
(269) 837
CI American Equity Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
359,051 CI American Equity Fund (Class A) 4,009,613 1,981,961
Total Investments (99.0%) 4,009,613 1,981,961
Other Assets (net) (1.0%) 19,882
Total Net Assets (100.0%) 2,001,843
– 4 –Semi-Annual Financial Statements as at June 30, 2010
CI American Equity Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.43) 0.65 (0.46) 0.57
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
7.47 7.64 9.92 13.25 11.50 11.78
2010 2009 2008 2007 2006 2005
7.75 7.78 9.97 13.33 11.57 11.85
2010 2009 2008 2007 2006 2005
2.61 2.63 4.39 4.55 4.55 4.670.13 0.13 0.22 0.27 0.29 0.322.74 2.76 4.61 4.82 4.84 4.99
2010 2009 2008 2007 2006 2005
4.51 4.53 4.54 4.55 4.55 4.670.23 0.23 0.23 0.27 0.29 0.324.74 4.76 4.77 4.82 4.84 4.99
2010 2009 2010 2009
448,372 533,872 687,601 913,2705,883 4,918 3,313 17,397
(345,064) (49,959) (536,219) (64,274)109,191 488,831 154,695 866,393
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosedin the section below. For details relating to credit risk, currency risk, liquidity risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009,as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions in theUnited States. The Underlying Fund is predominantly invested in U.S. stocks; as a result, an overalldownturn in the American economy may have a negative impact on the value of the UnderlyingFund’s holdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the U.S. markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $198,000 (December 31, 2009 - $962,000). In practice, actual resultsmay differ from this sensitivity analysis and the difference may be material.
– 5 –Semi-Annual Financial Statements as at June 30, 2010
CI American Equity Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
1,982 99.0 1,982 99.0
Fair value Net Assets(in $000’s) (%)
9,620 100.59,620 100.5
– 6 –
CI American Small Companies Segregated Fund Top 25 Holdings of Underlying Fund (unaudited)
CIG - 133
Underlying Fund Name: CI American Small Companies Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
135,810 Syniverse Holdings Inc. 2,244,203 2,956,603 112,960 Endo Pharmaceuticals Holdings Inc. 3,312,709 2,623,901 116,611 GameStop Holding Co. 2,841,766 2,332,568 33,700 Sybase Inc. 772,414 2,319,709 46,150 ONEOK Inc. 2,008,563 2,124,838 33,380 IHS Inc., Class A 1,622,587 2,075,945 57,400 DTS Inc. 1,268,243 2,008,536
115,250 Washington Federal Inc. 2,084,743 1,985,123 46,429 Tupperware Brands Corp. 1,639,888 1,969,634 67,900 SonoSite Inc. 2,214,315 1,959,599 64,346 Silgan Holdings Inc. 1,871,790 1,944,025 84,500 Westar Energy Inc. 2,231,408 1,943,925 67,700 AGCO Corp. 2,243,848 1,943,737 77,100 Vectren Corp. 2,188,767 1,941,946 38,550 Ventas Inc. 1,545,579 1,926,761 28,850 DaVita Inc. 1,612,345 1,917,682
157,510 Masco Corp. 2,234,850 1,804,215 67,350 Simpson Manufacturing Co., Inc. 1,884,538 1,760,180 47,050 NSTAR 1,628,746 1,753,055
219,450 ADC Telecommunications Inc. 2,402,362 1,731,098 29,600 Teleflex Inc. 1,707,357 1,710,407 40,180 Wabtec Corp. 1,661,816 1,706,247 43,900 The Warnaco Group Inc. 1,661,232 1,688,965 51,900 Corn Products International Inc. 1,424,709 1,674,087 78,832 Methanex Corp. (USD) 1,321,918 1,652,404
Semi-Annual Financial Statements as at June 30, 2010
– 7 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
384 941- 5- -3 -- -
- -387 946
2 -- 1- -- -- -- 22 3
385 943
496 1,170
7.58 7.917.26 7.66
34,165 66,48017,304 54,426
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
943 1,030
3 9(547) (63)(544) (54)
(14) 21385 997
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
4 7- -- -- -- -- -- -4 7
(4) (7)
(126) (35)
- -
116 63(10) 28
(14) 21
CI American Small Companies Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
17,457 CI American Small Companies Fund (Class A) 495,895 383,532
Total Investments (99.7%) 495,895 383,532
Other Assets (net) (0.3%) 1,108
Total Net Assets (100.0%) 384,640
– 8 –Semi-Annual Financial Statements as at June 30, 2010
CI American Small Companies Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.17) 0.19 (0.19) 0.09
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
7.26 7.04 8.69 10.79 9.67 8.81
2010 2009 2008 2007 2006 2005
7.58 7.17 8.72 10.84 9.71 8.85
2010 2009 2008 2007 2006 2005
2.65 2.65 4.83 5.05 5.05 5.120.13 0.13 0.24 0.30 0.32 0.362.78 2.78 5.07 5.35 5.37 5.48
2010 2009 2008 2007 2006 2005
5.05 5.05 5.04 5.05 5.05 5.120.25 0.25 0.25 0.30 0.32 0.365.30 5.30 5.29 5.35 5.37 5.48
2010 2009 2010 2009
66,480 78,406 54,426 70,289152 215 242 1,401
(32,467) (4,806) (37,364) (5,282)34,165 73,815 17,304 66,408
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions in theUnited States. The Underlying Fund is predominantly invested in U.S. stocks; as a result, an overalldownturn in the American economy may have a negative impact on the value of the UnderlyingFund’s holdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the U.S. markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $38,000 (December 31, 2009 - $94,000). In practice, actual results maydiffer from this sensitivity analysis and the difference may be material.
– 9 –Semi-Annual Financial Statements as at June 30, 2010
CI American Small Companies Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
384 99.7 384 99.7
Fair value Net Assets(in $000’s) (%)
941 99.8941 99.8
– 10 –
CI Global Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 135
Underlying Fund Name: CI Global Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
30,540,551 Cash & Equivalents 9,291,025 9,504,984 15,934 Google Inc., Class A 8,288,412 7,547,515
176,785 Credit Suisse Group 7,887,580 7,145,439 144,938 Phillip Morris International Inc. 7,058,941 7,072,856 125,920 DaimlerChrysler AG, Registered Shares 5,607,558 6,870,986 567,123 Volvo AB, Series B 3,880,349 6,762,423 275,876 Microsoft Corp. 8,443,839 6,757,693 133,749 Alstom 7,089,183 6,525,191 616,303 Taiwan Semiconductor
Manufacturing Co., Ltd., ADR 6,449,106 6,403,421 276,004 Oracle Corp. 5,673,229 6,305,406 952,199 Hutchison Whampoa Ltd. 10,604,731 6,287,419 155,334 JPMorgan Chase & Co. 6,212,763 6,053,885 265,065 Cisco Systems Inc. 6,865,636 6,013,174
704 AP Moller - Maersk A/S 4,933,779 5,961,817 110,977 Abbott Laboratories Inc. 5,792,732 5,526,639
7,034,102 Industrial & Commercial Bank of China 5,083,290 5,500,501 41,101 International Business Machines Corp. 4,909,150 5,402,776
147,648 Petroleo Brasileiro SA, ADR 6,154,190 5,394,396 61,558 3M Co. 5,090,439 5,176,361
225,907 CRH PLC 6,025,881 5,025,449 119,261 Accenture PLC 4,246,052 4,906,998 161,407 Yara International ASA 5,665,566 4,884,209 45,638 Allianz AG, Registered Shares 5,507,655 4,862,374 71,605 Housing Development Finance Corp., Ltd. 3,484,833 4,831,361 38,970 Synthes Inc. 4,582,015 4,792,340
Semi-Annual Financial Statements as at June 30, 2010
– 11 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
3,159 14,171- -- -
21 56- -
- -3,180 14,227
6 -- 19- 1- -- -3 2469 266
3,171 13,961
4,386 17,867
6.31 6.986.08 6.79
232,431 893,047280,537 1,137,131
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
13,961 16,643
45 208(10,277) (1,443)(10,232) (1,235)
(558) 8413,171 16,249
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
49 1111 3- -- -- -- -3 6
53 120
(53) (120)
(2,974) (695)
- -
2,470 1,656(504) 961
(558) 841
CI Global Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
352,561 CI Global Fund (Class A) 4,386,037 3,158,949
Total Investments (99.6%) 4,386,037 3,158,949
Other Assets (net) (0.4%) 12,388
Total Net Assets (100.0%) 3,171,337
– 12 –Semi-Annual Financial Statements as at June 30, 2010
CI Global Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.49) 0.33 (0.54) 0.30
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
6.08 6.28 8.42 10.60 9.45 9.10
2010 2009 2008 2007 2006 2005
6.31 6.40 8.48 10.67 9.50 9.15
2010 2009 2008 2007 2006 2005
2.61 2.61 4.30 4.46 4.46 4.570.13 0.13 0.21 0.26 0.28 0.322.74 2.74 4.51 4.72 4.74 4.89
2010 2009 2008 2007 2006 2005
4.46 4.46 4.45 4.46 4.46 4.570.22 0.22 0.22 0.26 0.28 0.324.68 4.68 4.67 4.72 4.74 4.89
2010 2009 2010 2009
893,047 1,162,725 1,137,131 1,617,7905,543 10,196 3,424 24,914
(666,159) (117,094) (860,018) (131,846)232,431 1,055,827 280,537 1,510,858
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosedin the section below. For details relating to credit risk, currency risk, liquidity risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009,as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsacross the world. The Underlying Fund is invested in foreign stocks; as a result, an overall downturnin world economic conditions may have a negative impact on the value of the Underlying Fund’sholdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the global markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $316,000 (December 31, 2009 - $1,417,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.
– 13 –Semi-Annual Financial Statements as at June 30, 2010
CI Global Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
3,159 99.6 3,159 99.6
Fair value Net Assets(in $000’s) (%)
14,171 101.514,171 101.5
– 14 –
CI International Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 136
Underlying Fund Name: CI International Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
32,044 DaimlerChrysler AG, Registered Shares 1,397,779 1,748,522 135,477 Volvo AB, Series B 974,270 1,615,439
186 AP Moller - Maersk A/S 1,310,671 1,575,139 30,555 Alstom 1,592,235 1,490,682 6,175 Zurich Financial Services AG 1,281,861 1,460,799
19,776 Fresenius AG 1,505,635 1,396,501 33,397 Credit Suisse Group 1,521,244 1,349,867 50,359 Standard Chartered PLC 1,155,933 1,314,068 11,500 Allianz AG, Registered Shares 1,441,482 1,225,236 45,269 Royal Dutch Shell PLC, Class A 1,292,857 1,224,440 34,125 Carnival PLC 1,278,927 1,184,564 34,819 British American Tobacco PLC 1,127,590 1,182,909 73,400 BG Group PLC 1,302,824 1,174,157
202,179 Esprit Holdings Ltd. 1,381,311 1,173,306 38,600 Yara International ASA 1,380,925 1,168,044 15,488 Compagnie Generale des
Etablissements Michelin, Class B 1,082,129 1,163,858 117,900 HSBC Holdings PLC 1,209,231 1,153,353 49,794 CRH PLC 1,289,885 1,107,700
122,000 Petroleum Geo-Services ASA 1,609,917 1,099,541 22,180 SAP AG 1,072,290 1,058,995 34,500 Sumitomo Mitsui Financial Group Inc. 1,151,407 1,054,690 92,372 Banco Santander Central Hispano SA 1,416,025 1,050,884 36,366 Ryanair Holdings PLC, ADR 1,097,193 1,048,751 96,100 DBS Group Holdings Ltd. 695,911 1,000,014 24,510 Canon Inc. 1,066,561 983,109
Semi-Annual Financial Statements as at June 30, 2010
– 15 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
1,487 6,1917 -- -1 34- -
- -1,495 6,225
- 20- 7- -- -- -3 473 74
1,492 6,151
2,176 8,160
6.80 7.616.53 7.39
135,396 482,52687,646 335,113
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
6,151 7,480
75 95(4,382) (542)(4,307) (447)
(352) 1211,492 7,154
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
17 431 1- -- -- -- -1 2
19 46
(19) (46)
(1,613) (281)
- -
1,280 448(333) 167
(352) 121
CI International Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
128,330 CI International Fund (Class A) 2,176,337 1,487,339
Total Investments (99.7%) 2,176,337 1,487,339
Other Assets (net) (0.3%) 4,799
Total Net Assets (100.0%) 1,492,138
– 16 –Semi-Annual Financial Statements as at June 30, 2010
CI International Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.77) 0.14 (0.82) 0.08
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
6.53 6.72 9.79 12.02 10.63 9.59
2010 2009 2008 2007 2006 2005
6.80 6.86 9.86 12.10 10.70 9.65
2010 2009 2008 2007 2006 2005
2.61 2.61 4.40 4.56 4.56 4.690.13 0.13 0.22 0.27 0.29 0.322.74 2.74 4.62 4.83 4.85 5.01
2010 2009 2008 2007 2006 2005
4.56 4.56 4.55 4.56 4.56 4.690.23 0.23 0.23 0.27 0.29 0.324.79 4.79 4.78 4.83 4.85 5.01
2010 2009 2010 2009
482,526 610,328 335,113 513,3297,604 112 4,429 14,474
(354,734) (39,177) (251,896) (46,519)135,396 571,263 87,646 481,284
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions acrossthe world. The Underlying Fund is fully invested in foreign stocks; as a result, an overall downturnin world economic conditions may have a negative impact on the value of the Underlying Fund’sholdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the global markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $149,000 (December 31, 2009 - $619,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.
– 17 –Semi-Annual Financial Statements as at June 30, 2010
CI International Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
1,487 99.7 1,487 99.7
Fair value Net Assets(in $000’s) (%)
6,191 100.76,191 100.7
– 18 –
Signature Canadian Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 131
Underlying Fund Name: Signature Select Canadian Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219
3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950
795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012
936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207
1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc.,
Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415
454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030
4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048
Semi-Annual Financial Statements as at June 30, 2010
– 19 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
3,540 8,39926 49
- -6 -- -
- -3,572 8,448
- -- 8- -- -- -6 146 22
3,566 8,426
3,778 8,389
13.95 14.9213.34 14.41
163,865 346,54795,959 225,916
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
8,426 7,840
64 76(4,631) (449)(4,567) (373)
(293) 7903,566 8,257
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
28 441 2- -- -- -- -1 2
30 48
(30) (48)
(14) (132)
- -
(249) 970(263) 838
(293) 790
Signature Canadian Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
219,858 Signature Select Canadian Fund (Class A) 3,777,978 3,539,714
Total Investments (99.3%) 3,777,978 3,539,714
Other Assets (net) (0.7%) 26,220
Total Net Assets (100.0%) 3,565,934
– 20 –Semi-Annual Financial Statements as at June 30, 2010
Signature Canadian Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.72) 1.26 (0.85) 1.13
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
13.34 12.70 15.76 16.75 13.99 11.87
2010 2009 2008 2007 2006 2005
13.95 13.00 15.91 16.90 14.11 11.98
2010 2009 2008 2007 2006 2005
2.49 2.49 4.41 4.59 4.59 4.670.12 0.12 0.22 0.27 0.29 0.332.61 2.61 4.63 4.86 4.88 5.00
2010 2009 2008 2007 2006 2005
4.59 4.59 4.58 4.59 4.59 4.670.23 0.23 0.23 0.27 0.29 0.334.82 4.82 4.81 4.86 4.88 5.00
2010 2009 2010 2009
346,547 384,751 225,916 288,8778,496 127 5,257 6,664
(191,178) (16,606) (135,214) (22,150)163,865 368,272 95,959 273,391
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsin Canada. The Underlying Fund is predominantly invested in Canadian stocks; as a result, an overalldownturn in the Canadian economy may have a negative impact on the value of the UnderlyingFund’s holdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $354,000 (December 31, 2009 - $840,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.
– 21 –Semi-Annual Financial Statements as at June 30, 2010
Signature Canadian Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
3,540 99.3 3,540 99.3
Fair value Net Assets(in $000’s) (%)
8,399 99.78,399 99.7
– 22 –
Signature Select Canadian Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 132
Underlying Fund Name: Signature Select Canadian Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219
3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950
795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012
936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207
1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc.,
Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415
454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030
4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048
Semi-Annual Financial Statements as at June 30, 2010
– 23 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
7,709 14,27728 28
- -9 71- -
- -7,746 14,376
- -- 18- 1- -- 25
55 26255 306
7,691 14,070
7,941 13,757
25.77 27.5724.78 26.80
119,163 234,103186,463 284,169
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
14,070 12,904
504 194(6,235) (860)(5,731) (666)
(648) 1,2867,691 13,524
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- -- -- -- -
75 902 3- -- -- -- -4 5
81 98
(81) (98)
184 (179)
- -
(751) 1,563(567) 1,384
(648) 1,286
Signature Select Canadian Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
478,827 Signature Select Canadian Fund (Class A) 7,940,594 7,709,122
Total Investments (100.2%) 7,940,594 7,709,122
Other Assets (net) (-0.2%) (17,876)
Total Net Assets (100.0%) 7,691,246
– 24 –Semi-Annual Financial Statements as at June 30, 2010
Signature Select Canadian Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(1.58) 2.37 (1.78) 2.06
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
24.78 23.60 29.28 31.11 25.97 22.02
2010 2009 2008 2007 2006 2005
25.77 24.02 29.40 31.24 26.08 22.12
2010 2009 2008 2007 2006 2005
2.54 2.54 4.39 4.59 4.59 4.670.13 0.13 0.22 0.27 0.29 0.332.67 2.67 4.61 4.86 4.88 5.00
2010 2009 2008 2007 2006 2005
4.59 4.59 4.58 4.59 4.59 4.670.23 0.23 0.23 0.27 0.29 0.334.82 4.82 4.81 4.86 4.88 5.00
2010 2009 2010 2009
234,103 264,423 284,169 334,7498,297 4,485 10,842 3,934
(123,237) (14,568) (108,548) (24,554)119,163 254,340 186,463 314,129
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsin Canada. The Underlying Fund is predominantly invested in Canadian stocks; as a result, an overalldownturn in the Canadian economy may have a negative impact on the value of the UnderlyingFund’s holdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $771,000 (December 31, 2009 - $1,428,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.
– 25 –Semi-Annual Financial Statements as at June 30, 2010
Signature Select Canadian Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
7,709 100.2 7,709 100.2
Fair value Net Assets(in $000’s) (%)
14,277 101.514,277 101.5
– 26 –
Signature Canadian Balanced Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 137
Underlying Fund Name: Signature Canadian Balanced Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
66,000,001 Short-Term Notes 66,000,000 66,000,970 896,371 Toronto-Dominion Bank 56,336,667 61,831,672
1,418,780 Suncor Energy Inc. 46,458,886 44,450,377 1,126,600 Canadian Natural Resources Ltd. 36,595,661 39,802,778
797,400 Barrick Gold Corp. 33,696,178 38,530,368 2,128,500 Talisman Energy Inc. 35,961,150 34,268,850
559,100 Royal Bank of Canada 30,891,806 28,346,370 784,700 BCE Inc. 22,872,206 24,372,782
1,399,100 Bank of America Corp. 22,194,524 21,402,941 598,800 Eli Lilly and Co. 23,978,620 21,354,752 304,200 Johnson & Johnson 20,609,694 19,125,843 481,400 TELUS Corp., Non-Voting Shares 17,496,388 18,543,528
15,750,000 55 Ontario School Board Trust 5.9% 06/02/2033 17,222,428 17,642,423
372,300 Goldcorp Inc. 14,659,667 17,352,903 230,500 Union Pacific Corp. 14,177,999 17,056,352 526,700 EnCana Corp. 17,294,514 16,980,808 268,800 Freeport-McMoRan Copper & Gold Inc.,
Class B (USD) 20,411,255 16,920,184 452,500 Rogers Communications Inc., Class B 13,375,371 15,737,950
15,420,000 Canadian Government Bond 2.5% 06/01/2015 15,232,401 15,543,801
413,300 Merck & Co., Ltd. 15,496,601 15,386,115 974,800 Manulife Financial Corp. 18,882,331 15,060,660 182,600 Occidental Petroleum Corp. 14,435,509 14,997,009 374,732 Imperial Oil Ltd. 15,176,607 14,532,107 200,100 Canadian Imperial Bank of Commerce 13,202,299 13,234,614 248,100 Research In Motion Ltd. (USD) 17,499,477 13,010,354
Semi-Annual Financial Statements as at June 30, 2010
– 27 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
14,314 19,304- 13- -
26 42- -
- -14,340 19,359
2 -- 13- 1- -- -
105 22107 36
14,233 19,323
13,906 18,076
16.94 17.5316.37 17.08
529,074 715,391321,786 397,140
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
19,323 19,086
1,090 348(5,644) (1,977)(4,554) (1,629)
(536) 1,36714,233 18,824
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
- 107- -- -- 107
62 704 4- -- -- -- -3 4
69 78
(69) 29
352 (237)
- 111
(819) 1,464(467) 1,338
(536) 1,367
Signature Canadian Balanced Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
1,018,785 Signature Canadian Balanced Fund (Class A) 13,906,032 14,313,924
Total Investments (100.6%) 13,906,032 14,313,924
Other Assets (net) (-0.6%) (80,653)
Total Net Assets (100.0%) 14,233,271
– 28 –Semi-Annual Financial Statements as at June 30, 2010
Signature Canadian Balanced Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.47) 1.12 (0.71) 1.02
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
16.37 15.42 17.23 17.71 15.59 13.99
2010 2009 2008 2007 2006 2005
16.94 15.68 17.34 17.82 15.69 14.08
2010 2009 2008 2007 2006 2005
2.39 2.39 3.87 4.04 4.04 4.120.12 0.12 0.19 0.24 0.26 0.292.51 2.51 4.06 4.28 4.30 4.41
2010 2009 2008 2007 2006 2005
4.04 4.04 4.03 4.04 4.04 4.120.20 0.20 0.20 0.24 0.26 0.294.24 4.24 4.23 4.28 4.30 4.41
2010 2009 2010 2009
715,391 831,366 397,140 490,34517,188 17,462 45,820 7,827
(203,505) (99,072) (121,174) (39,694)529,074 749,756 321,786 458,478
During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.
Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The other price risk exposureof the Underlying Fund is insignificant. The Underlying Fund portfolio consists of Canadian stocksand fixed income securities, thus an overall downturn in the Canadian economy may lead to awidening in credit spreads and a decrease in equity prices which would then lead to a decrease inthe value of the Underlying Fund’s holdings.
The tables below summarize the Fund’s overall market exposure.
as at June 30, 2010*
Investments held for trading
as at December 31, 2009*
Investments held for trading
*Excludes loans and receivables as well as financial liabilities at amortized cost.
As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $1,431,000 (December 31, 2009 - $1,930,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.
– 29 –Semi-Annual Financial Statements as at June 30, 2010
Signature Canadian Balanced Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)
The accompanying notes are an integral part of these financial statements.
Fair value Net Assets(in $000’s) (%)
14,314 100.6 14,314 100.6
Fair value Net Assets(in $000’s) (%)
19,304 99.919,304 99.9
– 30 –
CI Money Market Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 142
Underlying Fund Name: CI Money Market Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
159,900,000 Province of Ontario, FRN 1.54429%04/02/2013 160,507,266 160,353,051
123,264,486 Cash & Equivalents 123,264,486 123,264,486 70,670,000 Province of Ontario, FRN 0.66286%
12/03/2010 70,541,676 70,661,120 68,815,000 Royal Bank of Canada, FRN 1.28429%
09/27/2010 68,795,803 68,816,186 65,350,000 Canada Housing Trust No.1, FRN, Series 12
0.81857% 09/15/2010 65,542,924 65,350,445 60,800,000 Canada Housing Trust No.1, FRN, Series 27
1.22857% 09/15/2014 60,800,098 60,800,079 60,475,000 Province of Ontario 2.5% 08/20/2010 61,529,735 60,630,851 57,900,000 Toronto-Dominion Bank, FRN 1.75857%
04/15/2011 57,487,898 57,749,308 43,970,000 Bank of Montreal, FRN 2.06429%
09/02/2010 44,107,992 43,989,121 36,800,000 Royal Bank of Canada 1.37357%
05/11/2012 36,806,068 36,800,000 36,800,000 Government of Canada T-Bill 0.78%
12/10/2010 36,657,584 36,672,742 36,500,000 HSBC Bank Canada, FRN 1.46143%
09/16/2011 36,530,732 36,530,663 34,800,000 Bank of Nova Scotia, FRN 1.97571%
09/10/2010 34,977,584 34,824,541 33,500,000 Province of Ontario 1.17357% 07/15/2011 33,515,745 33,500,000 32,100,000 Canada Housing Trust No.1 0.81357%
06/15/2013 31,849,620 31,907,358 31,500,000 Canadian Imperial Bank of Commerce
1.70857% 06/15/2011 31,287,974 31,413,964 28,360,000 MetLife Global Funding I 2.88143%
06/29/2011 28,360,000 28,360,000 27,200,000 Bank Nova Scotia 1.13571% 04/20/2012 27,206,256 27,206,237 26,800,000 Royal Bank of Canada 5.13% 09/27/2010 27,915,952 27,081,360 25,100,000 Suncor Energy 0.63% 07/07/2010 25,087,952 25,097,401 22,500,000 Suncor Energy 0.65% 07/16/2010 22,488,075 22,494,034 21,650,000 Province of Ontario, FRN 0.85286%
09/17/2010 21,614,317 21,649,239 21,330,000 International Bank for Reconstruction
and Development 1.12% 10/31/2012 21,330,000 21,330,000 18,480,000 Canadian Tire Corp., Ltd., 5.22% 10/01/2010 19,087,514 18,679,673 18,660,000 Province of Quebec, FRN 0.77357%
08/06/2011 18,675,301 18,671,183
Semi-Annual Financial Statements as at June 30, 2010
– 31 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
5,210 5,73362 11360 83621 114
- -
- 15,353 6,797
- -- -- -- 2
62 20568 1,075
130 1,2825,223 5,515
5,210 5,733
12.83 12.8312.66 12.70
161,249 157,164249,046 275,540
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
5,515 3,138
53,865 7,039(54,150) (6,331)
(285) 708
(7) (7)5,223 3,839
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
8 42 1- -
10 5
3 31 1
13 7- -- -- -1 1
18 12
(8) (7)
1 -
- -
- -1 -
(7) (7)
CI Money Market Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
520,965 CI Money Market Fund (Class A) 5,209,655 5,209,655
Total Investments (99.7%) 5,209,655 5,209,655
Other Assets (net) (0.3%) 13,631
Total Net Assets (100.0%) 5,223,286
– 32 –Semi-Annual Financial Statements as at June 30, 2010
CI Money Market Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
0.01 - (0.03) (0.05)
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
12.66 12.75 12.75 12.45 12.13 11.96
2010 2009 2008 2007 2006 2005
12.83 12.84 12.78 12.47 12.16 11.98
2010 2009 2008 2007 2006 2005
0.89 1.02 1.76 1.86 1.86 1.840.05 0.06 0.11 0.11 0.11 0.130.94 1.08 1.87 1.97 1.97 1.97
2010 2009 2008 2007 2006 2005
1.48 1.71 1.84 1.86 1.86 1.840.08 0.09 0.11 0.11 0.11 0.131.56 1.80 1.95 1.97 1.97 1.97
2010 2009 2010 2009
157,164 130,360 275,540 114,4341,867,555 335,898 2,358,236 213,300(1,863,470) (308,058) (2,384,730) (185,901)
161,249 158,200 249,046 141,833
– 33 –
CI Canadian Bond Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 140
Underlying Fund Name: Signature Canadian Bond Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
126,000,001 Short-Term Notes 126,000,000 126,003,178 64,834,000 Canadian Government Bond, Series YR94
3.75% 06/01/2019 66,212,275 68,600,870 55,335,000 Canadian Government Bond 2.5%
06/01/2015 54,700,028 55,779,261 38,657,000 Canadian Government Bond 5.75%
06/01/2029 47,934,024 49,921,586 43,490,000 Province of Ontario 4.2% 06/02/2020 42,999,987 44,294,354 36,557,000 55 Ontario School Board Trust 5.9%
06/02/2033 38,561,987 40,949,464 36,970,000 Canadian Government Bond, Series YN80
3.5% 06/01/2013 38,527,550 38,701,088 29,710,000 Canadian Government Bond 4%
06/01/2016 31,552,876 32,037,970 28,486,000 Canadian Government Bond 3.75%
09/01/2011 29,766,842 29,366,292 28,955,000 Canadian Government Bond 1.25%
06/01/2011 29,090,340 29,024,978 26,970,000 Canadian Government Bond 2% 09/01/2012 26,998,003 27,230,941 26,220,000 Canadian Government Bond 2% 12/01/2014 25,314,369 25,937,807 19,435,000 Canadian Government Bond, Series XW98
5% 06/01/2037 22,940,454 23,916,954 20,670,000 Province of Quebec 5.75% 12/01/2036 23,130,848 23,870,489 23,370,000 Canadian Government Bond 1% 09/01/2011 23,255,954 23,351,860 20,815,000 Canadian Government Bond, Series YL25
4.25% 06/01/2018 22,083,416 22,803,791 20,065,000 Province of Quebec 4.5% 12/01/2017 20,822,855 21,220,765 19,525,000 Bank of Ireland 2.75% 03/02/2012 20,579,307 20,628,291 27,000,000 Royal Bank of Scotland, Callable 5.37%
05/12/2049 23,825,409 19,710,000 17,950,000 EUROFIMA 5.15% 12/13/2019 18,412,852 19,256,497 18,330,000 Province of Ontario 4.4% 06/02/2019 18,944,055 19,089,497 16,523,899 New Brunswick F-M Project Co., Inc.,
Callable 6.47% 11/30/2027 18,406,969 19,045,528 13,711,000 Canadian Government Bond 5.75%
06/01/2033 17,181,533 18,111,631 11,373,000 Canadian Government Bond 8%
06/01/2027 16,244,688 17,759,660 16,725,000 African Development Bank 4.85%
07/24/2012 17,841,394 17,706,124
Semi-Annual Financial Statements as at June 30, 2010
– 34 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
1,608 1,8183 3- -3 -- -
- -1,614 1,821
- -- 1- -- -- -7 -7 1
1,607 1,820
1,561 1,814
15.41 14.7715.11 14.56
58,657 67,73346,510 56,277
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
1,820 2,048
158 139(441) (388)(283) (249)
70 231,607 1,822
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
26 31- -- -
26 31
5 61 -- -- -- -- -- -6 6
20 25
7 (3)
- -
43 150 (2)
70 23
CI Canadian Bond Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
281,666 Signature Canadian Bond Fund (Class A) 1,561,401 1,608,310
Total Investments (100.1%) 1,561,401 1,608,310
Other Assets (net) (-0.1%) (1,430)
Total Net Assets (100.0%) 1,606,880
– 35 –Semi-Annual Financial Statements as at June 30, 2010
CI Canadian Bond Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
0.64 0.22 0.56 0.12
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
15.11 14.27 13.96 13.48 13.20 13.53
2010 2009 2008 2007 2006 2005
15.41 14.39 13.98 13.50 13.23 13.56
2010 2009 2008 2007 2006 2005
1.71 1.71 2.60 2.72 2.71 2.790.09 0.09 0.13 0.16 0.17 0.191.80 1.80 2.73 2.88 2.88 2.98
2010 2009 2008 2007 2006 2005
2.71 2.71 2.71 2.72 2.71 2.790.14 0.14 0.14 0.16 0.17 0.192.85 2.85 2.85 2.88 2.88 2.98
2010 2009 2010 2009
67,733 73,412 56,277 71,4312,761 1,656 7,949 8,202
(11,837) (8,770) (17,716) (18,812)58,657 66,298 46,510 60,821
– 36 –
Signature Dividend Income Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 139
Underlying Fund Name: Signature Dividend Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
947,300 Toronto-Dominion Bank 58,660,520 65,344,754 3,244,800 Bank of America Corp. 50,091,733 49,637,813
742,377 TELUS Corp., Non-Voting Shares 29,356,089 28,596,362 682,700 JPMorgan Chase & Co. 29,270,385 26,607,102
26,000,001 Short-Term Notes 26,000,000 26,000,486 697,000 Eli Lilly and Co. 28,217,344 24,856,817 378,700 Johnson & Johnson 25,822,127 23,809,851 423,500 Royal Bank of Canada 23,498,744 21,471,450
1,012,400 BCE Inc., 4.4% Preferred, Series AF 16 25,542,852 21,108,540 573,200 TransCanada Corp. 19,518,316 20,411,652 525,000 Imperial Oil Ltd. 20,665,839 20,359,500 975,100 BCE Inc., Preferred, Series AB 25,548,464 20,184,570 722,853 Manitoba Telecom Services Inc. 25,982,588 19,451,974 898,200 BCE Inc., 5.55% Preferred, Series 19 23,404,481 18,961,002 566,700 BCE Inc. 17,305,743 17,601,702 669,900 Fortis Inc., Callable/Convertible,
4.9% Preferred, Series E 16,787,093 17,457,594 1,100,000 Manulife Financial Corp. 20,967,782 16,995,000
323,900 Nestle SA, Registered Shares 11,960,964 16,700,494 660,600 Brookfield Properties Corp.,
5.75% Preferred, Series H 16,532,048 16,343,244 606,100 Brookfield Properties Corp.,
6% Preferred, Series F 15,849,515 15,558,587 408,700 Merck & Co., Ltd. 15,515,715 15,214,869 504,300 Bank of Montreal 5.95% Preferred,
Series 10 (USD) 16,993,592 14,022,649 186,600 Union Pacific Corp. 12,845,920 13,807,876 651,100 HSBC Bank Canada,
5.1% Preferred, Series 5 16,277,500 13,803,320 665,400 Royal Bank of Canada
4.7% Preferred, Series AB 16,635,000 13,640,700
Semi-Annual Financial Statements as at June 30, 2010
– 37 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
17,211 21,273- 81- -
36 1- -
- -17,247 21,355
8 -- 12- 1- -- 18
14 522 36
17,225 21,319
17,739 21,051
18.19 18.5217.70 18.14
587,373 724,370369,571 435,539
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
21,319 19,362
177 224(3,956) (1,993)(3,779) (1,769)
(315) 2,64917,225 20,242
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
220 269- -- -
220 269
61 604 4- -- -- -- -3 3
68 67
152 202
60 (528)
223 268
(750) 2,707(467) 2,447
(315) 2,649
Signature Dividend Income Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
1,827,109 Signature Dividend Fund (Class X) 17,739,358 17,211,368
Total Investments (99.9%) 17,739,358 17,211,368
Other Assets (net) (0.1%) 13,208
Total Net Assets (100.0%) 17,224,576
– 38 –Semi-Annual Financial Statements as at June 30, 2010
Signature Dividend Income Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
(0.24) 2.04 (0.41) 1.96
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
17.70 15.92 17.33 19.25 17.96 16.54
2010 2009 2008 2007 2006 2005
18.19 16.14 17.42 19.34 18.06 16.63
2010 2009 2008 2007 2006 2005
1.39 1.39 2.58 2.69 2.69 2.780.07 0.07 0.13 0.16 0.17 0.191.46 1.46 2.71 2.85 2.86 2.97
2010 2009 2008 2007 2006 2005
2.69 2.69 2.69 2.69 2.69 2.780.13 0.13 0.13 0.16 0.17 0.192.82 2.82 2.82 2.85 2.86 2.97
2010 2009 2010 2009
724,370 866,682 435,539 520,2215,284 9,429 4,091 5,247
(142,281) (95,735) (70,059) (44,766)587,373 780,376 369,571 480,702
– 39 –
Signature High Income B Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 141
Underlying Fund Name: Signature High Income Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
220,000,001 Short-Term Notes 220,000,000 220,002,758 7,104,530 Inter Pipeline Fund LP 60,790,594 84,899,134 6,232,192 Westfield Group 70,080,022 67,980,243 2,097,300 BCE Inc. 58,473,790 65,142,138 2,248,560 Canadian REIT 47,797,397 62,464,997 3,345,800 H&R REIT 53,179,689 56,878,600 2,933,560 Cominar REIT 36,129,361 54,417,538 2,189,200 Brookfield Asset Management Inc., Class A 45,238,047 52,694,044
43,970,000 JPMorgan Chase & Co., FRN Callable 7.9% 04/30/2049 40,470,470 48,246,889
1,417,359 Vermilion Energy Trust 27,444,626 47,722,478 757,090 Digital Realty Trust Inc. 40,706,995 46,487,982
2,333,600 ARC Energy Trust 42,416,216 46,041,928 2,339,940 Allied Properties REIT 33,764,046 45,886,223 1,077,500 TELUS Corp., Non-Voting Shares 33,039,046 41,505,300 3,925,960 Fort Chicago Energy Partners LP 42,173,984 41,418,878 1,096,800 Crescent Point Energy Corp. 24,598,159 40,757,088
10,596,308 Transurban Group 51,732,385 40,236,021 1,572,644 Bell Aliant Regional
Communications Income Fund 47,663,810 39,992,337 37,000,000 Wells Fargo Capital XIII 7.7% 12/29/2049 32,887,988 39,782,405 1,615,200 Bonavista Energy Trust 38,618,175 36,842,712
203,737 Unibail 34,972,684 35,735,657 26,332,000 Teck Resources Ltd., 10.75% 05/15/2019 30,768,342 34,347,428 1,903,980 Pembina Pipeline Income Fund 25,663,554 34,005,083 5,664,400 Yellow Pages Income Fund 32,178,849 33,759,824
30,000,000 Wells Fargo & Co., 7.98% 02/28/2049 22,097,772 32,894,737
Semi-Annual Financial Statements as at June 30, 2010
– 40 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
1,265 2,6926 -- -- 19- -
- -1,271 2,711
- 5- 2- -- -- -- -- 7
1,271 2,704
1,318 2,772
21.77 21.4121.41 21.20
34,608 66,58324,181 60,323
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
2,704 2,374
146 35(1,626) (105)(1,480) (70)
47 2691,271 2,573
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
36 63- -- -
36 63
7 10- -- -- -- -- -- 17 11
29 52
(28) (30)
20 32
26 21518 217
47 269
Signature High Income B Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
101,279 Signature High Income Fund (Class A) 1,318,291 1,264,972
Total Investments (99.5%) 1,318,291 1,264,972
Other Assets (net) (0.5%) 6,087
Total Net Assets (100.0%) 1,271,059
– 41 –Semi-Annual Financial Statements as at June 30, 2010
Signature High Income B Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
0.54 1.96 0.60 1.81
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
21.41 18.35 21.85 22.36 21.11 19.04
2010 2009 2008 2007 2006 2005
21.77 18.40 21.74 22.24 20.99 18.94
2010 2009 2008 2007 2006 2005
1.69 1.69 2.86 2.99 2.99 3.030.08 0.08 0.14 0.18 0.19 0.221.77 1.77 3.00 3.17 3.18 3.25
2010 2009 2008 2007 2006 2005
2.99 2.99 2.99 2.99 2.99 3.030.15 0.15 0.15 0.18 0.19 0.223.14 3.14 3.14 3.17 3.18 3.25
2010 2009 2010 2009
66,583 70,411 60,323 73,6691,647 1,971 5,025 17
(33,622) (477) (41,167) (5,599)34,608 71,905 24,181 68,087
– 42 –
Signature High Income Segregated FundTop 25 Holdings of Underlying Fund (unaudited)
CIG - 138
Underlying Fund Name: Signature High Income Fund
No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)
220,000,001 Short-Term Notes 220,000,000 220,002,758 7,104,530 Inter Pipeline Fund LP 60,790,594 84,899,134 6,232,192 Westfield Group 70,080,022 67,980,243 2,097,300 BCE Inc. 58,473,790 65,142,138 2,248,560 Canadian REIT 47,797,397 62,464,997 3,345,800 H&R REIT 53,179,689 56,878,600 2,933,560 Cominar REIT 36,129,361 54,417,538 2,189,200 Brookfield Asset Management Inc., Class A 45,238,047 52,694,044
43,970,000 JPMorgan Chase & Co., FRN Callable 7.9% 04/30/2049 40,470,470 48,246,889
1,417,359 Vermilion Energy Trust 27,444,626 47,722,478 757,090 Digital Realty Trust Inc. 40,706,995 46,487,982
2,333,600 ARC Energy Trust 42,416,216 46,041,928 2,339,940 Allied Properties REIT 33,764,046 45,886,223 1,077,500 TELUS Corp., Non-Voting Shares 33,039,046 41,505,300 3,925,960 Fort Chicago Energy Partners LP 42,173,984 41,418,878 1,096,800 Crescent Point Energy Corp. 24,598,159 40,757,088
10,596,308 Transurban Group 51,732,385 40,236,021 1,572,644 Bell Aliant Regional
Communications Income Fund 47,663,810 39,992,337 37,000,000 Wells Fargo Capital XIII 7.7% 12/29/2049 32,887,988 39,782,405 1,615,200 Bonavista Energy Trust 38,618,175 36,842,712
203,737 Unibail 34,972,684 35,735,657 26,332,000 Teck Resources Ltd., 10.75% 05/15/2019 30,768,342 34,347,428 1,903,980 Pembina Pipeline Income Fund 25,663,554 34,005,083 5,664,400 Yellow Pages Income Fund 32,178,849 33,759,824
30,000,000 Wells Fargo & Co., 7.98% 02/28/2049 22,097,772 32,894,737
Semi-Annual Financial Statements as at June 30, 2010
– 43 –
AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution
and interest
LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions
Net assets and unitholders’ equity
*Investments at cost
Net assets per unit – Schedule 1Class IClass II
Number of units outstanding (Unit transactions – Schedule 2)
Class IClass II
IncomeIncome distribution from investmentsInterestManagement fee rebate
Expenses (Note 4)(Management expense ratios – Schedule 3)
Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax
Net investment income (loss)for the period
Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital 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 unit – Schedule 4)
Statements of Operations for the periods ended June 30(in $000’s)
2010 2009
9,022 12,94351 5221 1
- 21- -
- -9,094 13,017
- -1 10- -- -
20 -100 137121 147
8,973 12,870
8,785 12,372
24.18 23.7823.53 23.30
212,258 284,966163,277 261,603
Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)
Net assets, beginning of period
Capital transactionsProceeds from units issued Payments for units redeemed
Increase (decrease) in net assetsfrom operations
Net assets, end of period
2010 2009
12,870 11,614
857 390(4,950) (862)(4,093) (472)
196 1,2938,973 12,435
Statements of Changes in Net Assets for the periods ended June 30(in $000’s)
2010 2009
228 306- -- -
228 306
42 482 2- -- -- -- -2 2
46 52
182 254
232 (145)
116 154
(334) 1,03014 1,039
196 1,293
Signature High Income Segregated FundFinancial Statements (unaudited)
Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at June 30, 2010
Statement of Investment Portfolio as at June 30, 2010
No. of Average FairUnits/Shares Investment Cost ($) Value ($)
722,330 Signature High Income Fund (Class A) 8,784,958 9,021,902
Total Investments (100.5%) 8,784,958 9,021,902
Other Assets (net) (-0.5%) (48,709)
Total Net Assets (100.0%) 8,973,193
– 44 –Semi-Annual Financial Statements as at June 30, 2010
Signature High Income Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)
1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.
2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.
3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.
The accompanying notes are an integral part of these financial statements.
2010 2009 2010 2009
0.52 2.13 0.34 2.00
Schedule 1 Class I
Net asset value per unit, end of period ($)
Schedule 1 (cont’d) Class II
Net asset value per unit, end of period ($)
Schedule 2 Class I Class II
Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period
Schedule 3 Class I
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 3 (cont’d) Class II
Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio
Schedule 4 Class I Class II
Increase (decrease) in net assetsfrom operations per unit 3 ($)
2010 2009 2008 2007 2006 2005
23.53 20.16 24.01 24.57 23.22 20.97
2010 2009 2008 2007 2006 2005
24.18 20.44 24.13 24.70 23.34 21.07
2010 2009 2008 2007 2006 2005
1.69 1.69 2.88 2.99 2.99 3.030.08 0.08 0.14 0.18 0.19 0.221.77 1.77 3.02 3.17 3.18 3.25
2010 2009 2008 2007 2006 2005
2.99 2.99 2.99 2.99 2.99 3.030.15 0.15 0.15 0.18 0.19 0.223.14 3.14 3.14 3.17 3.18 3.25
2010 2009 2010 2009
284,966 331,432 261,603 306,52127,458 10,409 8,011 10,368
(100,166) (28,286) (106,337) (18,077)212,258 313,555 163,277 298,812
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Canadian Generally Accepted
Accounting Principles (“Canadian 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’
December 31, 2009 annual financial statements.
The Statement of Investment Portfolio for each of the Funds is as at June 30, 2010 and the Statements
of Net Assets are as at June 30, 2010 and December 31, 2009. The Statements of Operations and
Statements of Changes in Net Assets for each Fund are for the periods ended June 30, 2010 and 2009.
The Supplementary Schedules to the Financial Statements for each Fund are for six months ended
June 30, 2010 and for each of the most recent five periods ended June 30 for schedule 1 and
December 31 for schedule 3, and for periods ended June 30, 2010 and 2009 for schedules 2 and 4. The
Fund’s Specific Financial Instruments Risks for each of the Funds are as at June 30, 2010 and
December 31, 2009, where applicable.
On January 20, 2009, the Canadian Institute of Chartered Accountants (“CICA”) Accounting Standards
Board ("AcSB") issued Emerging Issues Committee Abstract 173: Credit Risk and the Fair Value of Financial
Assets and Financial Liabilities ("EIC – 173"). EIC – 173 supplements CICA Handbook Section 3855
wherein it states that fair value takes into account the credit quality of a financial instrument. The EIC
affirms that an entity’s own credit risk (in the case of financial liabilities) and counterparty’s credit risk
(in the case of financial assets) should be taken into account in determining the fair value of financial
assets and financial liabilities, including derivative instruments.
The Manager has reviewed its policies over valuation of assets and liabilities and believes that the
fair values ascribed to the financial assets and financial liabilities in these financial statements
incorporate appropriate levels of credit risk.
The CICA amended Section 3862 “Financial Instruments – Disclosures” to incorporate changes made to
IFRS 7 – “Financial Instruments: Disclosure”. Amended Section 3862 became effective for interim and
annual financial statements relating to fiscal years beginning on or after September 30, 2009. Amended
Section 3862 establishes a three-tier hierarchy based on inputs used to value the Funds’ investments
as a framework to enhanced disclosure about fair value measurement. The Funds adopted the
amendments to CICA 3862, “Financial Instruments – Disclosures” on December 31, 2009. The adoption
of amended Section 3862 has no impact on valuation policies, or the way the Funds’ Net Assets are
calculated.
The Funds invest in other investment funds and these investments are classified as Level 1.
(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. Underlying funds
are valued on each business day at their Net Asset Value as reported by the fund manager.
Each of the Funds invests solely in units of an underlying mutual fund. As a result, the standards do
not impact the Fund valuation of investments since the Fund’s investments are priced based on the net
asset value per unit of the underlying mutual fund and those values reflect actual and regularly
occurring market transactions on an arm’s length basis.
2. FINANCIAL INSTRUMENTS RISK
Risk Management
The Funds that invest in units of underlying 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 held by the underlying fund. The value of investments within an underlying fund
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 underlying fund. The
Manager of the underlying fund may minimize potential adverse effects of these risks by, but not
limited to, regular monitoring of the underlying fund’s 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
statements. For details relating to financial instruments risks exposure for remaining Funds refer to the
audited annual financial statements as at December 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 and investments sold short, the maximum risk resulting from financial
instruments is equivalent to their fair value.
Other assets and liabilities are monetary items that are short-term in nature and therefore are not
subject to 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 underlying funds that
invest in debt securities and/or 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 underlying 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.
Currency Risk
Currency risk arises from financial instruments that are denominated in a currency other than the
functional currency of the underlying funds. As a result the underlying funds may be exposed to the
risk that the value of securities denominated in other currencies will fluctuate due to changes in
exchange rates. Equities traded in foreign markets are also exposed to currency risk as the prices
denominated in foreign currencies are converted to underlying funds’ functional currency to determine
their fair value.
Legacy Segregated FundsNotes to the Financial Statements (unaudited)
– 45 –Semi-Annual Financial Statements as at June 30, 2010
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
worthiness of the debt issuer. The credit risk exposure of Funds’ other assets is represented by its
carrying amount as disclosed in the Statement of Net Assets.
Liquidity Risk
The underlying funds are exposed to daily cash redemption of redeemable units. Therefore, underlying
funds invest the majority of their assets in investments that are traded in active markets and can be
readily disposed of. In addition, the underlying funds retain sufficient cash and cash equivalents
positions to maintain liquidity. From time to time, the underlying funds may enter into derivative
contracts or invest in unlisted securities that may not trade in an organized market and may be illiquid.
The Funds are also exposed to daily cash redemption therefore the funds retain sufficient cash position
to maintain liquidity.
3. 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 GAAP. On June 30, 2010, the AcSB proposed
deferral of the IFRS changeover date by one year. Based on the proposed change the IFRS would become
effective for interim and annual financial statements relating to fiscal years beginning on or after January
1, 2012 instead of January 1, 2011. The proposed change is expected to be finalized in September 2010.
Based on the Manager’s current evaluation of the differences between IFRS and Canadian GAAP, the
Manager currently does not expect any impact to net asset value or net asset value per unit, at this time,
as a result of the transition to IFRS, and expects that the main impact will be on the financial statements,
where additional disclosures or changes in presentation will be required. Further updates on the progress
in the implementation of the IFRS transition plan and any changes to reporting will be provided during the
implementation period leading up to the transition date.
Legacy Segregated FundsNotes to the Financial Statements (cont’d) (unaudited)
– 46 –Semi-Annual Financial Statements as at June 30, 2010
NOTICE: Should you require additional copies of these Semi-Annual Financial Statements or have
received more than one copy, please contact CI Investments Inc. or your adviser.
Transamerica Life Canada is the sole issuer of the individual variable annuity contract providing for
investment in Legacy Segregated Funds. A description of the key features of the applicable individual
variable annuity contract is contained in the Legacy Funds Information Folder. ANY AMOUNT THAT
IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE OWNER AND
MAY INCREASE OR DECREASE IN VALUE.
®CI Investments and the CI Investments design are trademarks of CI Investments Inc. ®TRANSAMERICA
and the pyramid design are registered trademarks of Transamerica Corporation. Transamerica Life
Canada is licensed to use such marks.
INFORMATION FOLDER: CI Investments Inc. would be pleased to provide, without charge, the most
recent Information Folder upon request to its Toronto office.
Legacy Segregated Funds Legal Notice
Semi-Annual Financial Statements as at June 30, 2010 – 47 –
LEGACY_SA_08/10E
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