2009 Semi-Annual Financial Statement – as at September 30 ...Semi-Annual Financial Statementsas at...

2009 Semi-Annual Financial Statement – as at September 30, 2009

A look inside

Overview ..................................................................................................................................1

About the CI Funds Board of Governors and

Letter from the CI Funds Board of Governors...................................................................2

Equity Funds

CI American Equity Corporate Class..............................................................................................3

CI American Managers® Corporate Class .....................................................................................9

CI American Small Companies Corporate Class .........................................................................15

CI American Value Corporate Class.............................................................................................20

CI Canadian Investment Corporate Class....................................................................................26

CI Can-Am Small Cap Corporate Class ......................................................................................36

CI Emerging Markets Corporate Class ........................................................................................41

CI European Corporate Class .......................................................................................................47

CI Global Corporate Class............................................................................................................51

CI Global Health Sciences Corporate Class ................................................................................58

CI Global High Dividend Advantage Corporate Class.................................................................65

CI Global Managers® Corporate Class ........................................................................................73

CI Global Science & Technology Corporate Class.......................................................................79

CI Global Small Companies Corporate Class ..............................................................................84

CI Global Value Corporate Class..................................................................................................90

CI International Corporate Class..................................................................................................96

CI International Value Corporate Class .....................................................................................101

CI Japanese Corporate Class.....................................................................................................106

CI Pacific Corporate Class..........................................................................................................110

CI Value Trust Corporate Class ..................................................................................................115

Harbour Corporate Class............................................................................................................122

Harbour Foreign Equity Corporate Class ...................................................................................131

Signature Canadian Resource Corporate Class ........................................................................140

Signature Global Energy Corporate Class ................................................................................147

Signature Select Canadian Corporate Class .............................................................................153

Synergy American Corporate Class...........................................................................................163

Synergy Canadian Corporate Class ...........................................................................................169

Synergy Global Corporate Class ................................................................................................179

Balanced Funds

CI International Balanced Corporate Class ...............................................................................189

Harbour Foreign Growth & Income Corporate Class ................................................................199

Harbour Growth & Income Corporate Class..............................................................................208

Signature Global Income & Growth Corporate Class ...............................................................215

Signature Income & Growth Corporate Class...........................................................................222

Income Funds

CI Global Bond Corporate Class ................................................................................................236

CI Short-Term Corporate Class ..................................................................................................241

CI Short-Term US$ Corporate Class ..........................................................................................246

Signature Canadian Bond Corporate Class ..............................................................................251

Signature Corporate Bond Corporate Class ..............................................................................258

Signature Dividend Corporate Class .........................................................................................267

Signature High Income Corporate Class ...................................................................................276

Specialty Funds

CI Short-Term Advantage Corporate Class................................................................................287

Notes to the Financial Statements ....................................................................................292

Legal Notice..........................................................................................................................299

CI Investments Inc., the manager of the Funds, appoints independent auditors to audit the

Funds’ Annual Financial Statements. Under Canadian securities laws (National Instrument

81-106), if an auditor has not reviewed the Semi-Annual Financial Statements, this must be

disclosed in an accompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual Financial

Statements in accordance with standards established by the Canadian Institute of Chartered

Accountants.

– 1 –

Enclosed are the Financial Statements for your CI Investments mutu-

al funds for the six months ending September 30, 2009.

These financial statements also include a complete list of portfolio

holdings for each fund.

Additional information about your funds can be found on our website,

www.ci.com.

If you have any questions about your investments, please contact your

financial advisor. CI is proud to partner with advisors across Canada.

We believe investors are most successful when they follow an invest-

ment plan developed with the assistance of a qualified advisor.

You may also contact CI Client Services at 1-800-792-9355.

Thank you for investing with us.

ABOUT CI INVESTMENTS

CI has been investing on behalf of Canadians since 1965 and has

grown to become one of Canada’s largest investment fund companies.

We manage over $53 billion on behalf of two million Canadians.

CI is a subsidiary of CI Financial Corp., a TSX-listed financial

services firm with over $93.8 billion in fee-earning assets at

September 30, 2009.

CI provides one of the industry’s widest selections of investment prod-

ucts and services and a strong lineup of leading portfolio management

teams. Our portfolio management expertise is offered through several

platforms, including mutual funds, tax-efficient funds, segregated

funds, and managed solutions.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

Semi-Annual Financial Statements as at September 30, 2009 – 2 –

The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the first

such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body the Funds, providing impartial judg-

ment on conflicts of interest with a view to the best interests of the Funds and investors. The Board of

Governors recommends the best course of action to achieve a fair and reasonable result on any conflict

of interest issues, and CI takes into account its recommendation in accordance with its fiduciary duty to

the Funds. All of the members of the Board are independent of CI.

The Board of Governors mandate is set out in a separate charter and reviewed annually by

the Board to ensure its mandate conforms to the expectations and requirements of Canadian securi-

ties regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts

as an audit committee for the Funds for the purpose of reviewing the financial statements of the Funds

with the auditors of the Funds and reviews holdings, purchases and sales by the Funds of securities

of The Bank of Nova Scotia and CI Financial Corp.

The Board also reviews and discusses on a regular basis matters including compliance of the Funds

with CI’s relevant policies and procedures, approval of the Funds’ auditors and the fees paid to those

auditors, and the performance of the Board and its members.

The Board of Governors adheres to the requirements set out by Canadian securities regulators in

National Instrument 81-107 Independent Review Committee for Investment Funds which requires all

mutual funds in Canada to have independent review committees.

The Board of Governors are compensated as recommended by the Canadian securities regulators in

their rule and as set out in its mandate. These expenses are paid by CI and charged to the Funds as

part of their administration fee.

The members of the Board of Governors are:

William Harding, Managing Partner, Alpine Asset Advisors AG

Governor since June 2005

Stuart P. Hensman, Corporate Director

Governor since December 2004

Christopher M. Hopper, President, KLQ Mechanical Ltd.

Governor since May 2007

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

Further information regarding the Board is available at www.ci.com including the Board’s

full mandate.

About the CI Funds Board of Governors

The Funds Board of Governors is pleased to report on its activities in respect of the semi-annual peri-

od ended September 30, 2009 and to date. The Governors are appointed pursuant to the Declarations

of Trust governing the Funds.

The Governors have reviewed, commented on and approved the CI Code of Ethics and Conduct, which

establishes rules of conduct designed to ensure fair treatment of the Funds’ securityholders and that,

at all times, the interests of the Funds and their securityholders are placed above personal interests

of employees, officers and directors of the Manager and each of its subsidiaries and affiliates, the

subadvisers, and the Governors, through the application of the highest standards of integrity and eth-

ical business conduct. The CI Code of Ethics and Conduct requires the prior clearance of personal

trades and restricts the ability of staff to trade any securities held by the Funds. The objective is not

only to remove any potential for real conflict of interest but to avoid any perception of conflict. The

Manager's year 2008 report on compliance with the CI Code of Ethics and Conduct and other relevant

policies has been provided to the Governors in a timely and satisfactory manner.

The Governors report that management has been open and cooperative, permitting the Governors to

meet with subadvisers, to meet with individual department heads and personnel to review control

mechanisms and compliance procedures, including those relating to the personal securities trading

activity of employees, and to consider other matters that affect the Funds. During 2008, the Governors

also acted as the audit committee of the Funds. The audit committee reviewed, with the Funds’ audi-

tors, the planning, scope and results of the audit of the financial statements of the Funds for the year

2008. In March 2009, the Board of Governors received and accepted the Annual Financial Statements

of the Funds.

Stuart P. Hensman

Chair, Board of Governors

September, 2009

Letter from the CI Funds Board of Governors

– 3 –

CI American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)

No. of Shares/ Average FairFace Amount Cost ($) Value ($)


INFORMATION TECHNOLOGY (26.0%) 3,800 Accenture PLC 130,952 151,632

535 Apple Computer Inc. 60,662 106,088 8,974 Cisco Systems Inc. 231,070 225,885

279 Google Inc., Class A 130,616 148,042 3,068 Hewlett-Packard Co. 135,007 154,876 1,223 International Business Machines Corp. 142,912 156,474

10,210 Microsoft Corp. 289,179 281,810 8,713 Oracle Corp. 180,705 194,221 2,148 QUALCOMM Inc. 103,508 102,983 9,732 Xerox Corp. 83,126 80,439

1,487,737 1,602,450 HEALTH CARE (16.1%)

3,177 Abbott Laboratories Inc. 166,934 168,066 1,756 Celgene Corp. 99,416 105,077 2,000 Gilead Sciences Inc. 105,924 98,821 2,594 Medco Health Solutions Inc. 127,686 153,472 6,600 Pfizer Inc. 111,023 116,735 2,996 St. Jude Medical Inc. 128,724 124,939 3,800 UnitedHealth Group Inc. 112,192 101,753 3,083 Vertex Pharmaceuticals Inc. 92,270 124,639

944,169 993,502 FINANCIALS (13.8%)

2,443 ACE Ltd. 127,637 139,752 3,605 Ameriprise Financial Inc. 154,873 140,262 1,300 Arch Capital Group Ltd. 87,720 93,880 3,800 Assurant Inc. 120,437 130,232 2,089 Endurance Specialty Holdings Ltd. 66,426 81,546 2,565 JP Morgan Chase & Co.* 95,406 120,175 6,058 US Bancorp 135,419 141,654

787,918 847,501 ENERGY (10.6%)

1,500 Anadarko Petroleum Corp. 69,737 100,615 1,600 EOG Resources Inc. 128,939 143,039

400 Noble Energy Inc. 27,397 28,218 3,000 Southwestern Energy Co. 134,536 136,829 1,100 Transocean Ltd. 94,888 100,730 3,300 XTO Energy Inc. 146,745 145,813

602,242 655,244 CONSUMER DISCRETIONARY (10.0%)

4,693 DIRECTV Group Inc.* 134,770 138,578 4,099 DR Horton Inc. 71,908 49,986 5,462 Urban Outfitters Inc. 106,944 176,373 8,591 Walt Disney Co. 231,753 252,208

545,375 617,145 INDUSTRIALS (8.3%)

1,268 Apollo Group Inc. 91,310 99,959 1,900 CSX Corp. 94,784 85,031 1,839 Danaher Corp. 127,030 132,253 2,300 Fastenal Co.* 90,942 95,225 1,400 General Dynamics Corp. 94,267 96,725

498,333 509,193

CONSUMER STAPLES (5.8%) 3,471 Hansen Natural Corp. 123,917 136,386

10,010 Kroger Co. 266,485 220,882 390,402 357,268

MATERIALS (3.9%) 2,693 Ecolab Inc. 107,813 133,236 1,278 Monsanto Co. 132,791 105,755

240,604 238,991 UTILITIES (3.7%)

7,300 AES Corp. 62,753 115,595 3,674 NRG Energy Inc. 97,331 110,809

160,084 226,404

Commission and other portfolio transaction costs (7,356)

Total Investments (98.2%) 5,649,508 6,047,698

Other Assets (net) (1.8%) 115,838

Total Net Assets (100.0%) 6,163,536

* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.

Semi-Annual Financial Statements as at September 30, 2009 CIG - 294

– 4 –

CI American Equity Corporate ClassFinancial Statements (unaudited)

Semi-Annual Financial Statements as at September 30, 2009

The accompanying notes are an integral part of these financial statements.

AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable

Net assets and shareholders' equity

**Investments at cost**Investments sold short at cost

Net assets per classA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Net assets per share (see Schedule of Net Assets Reconciliation)

A SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Number of shares outstanding(see Schedule of Fund Share Transactions)


6,048 4,903105 198

- -- -- -- -- -- -- -8 -- -- -3 2

6,164 5,103

- -- -- -- -- -- 3- 18- -- -- -- -- 21

6,164 5,082

5,650 5,286- -

5,622 4,635368 29255 4614 12

105 97

3.96 3.384.71 4.008.20 7.177.70 6.695.98 5.30

1,420,486 1,371,44878,045 72,805

6,737 6,4151,776 1,789

17,558 18,239

Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)

as at as at

September 30, 2009 March 31, 2009 IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes

ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesGoods and services tax

Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period

Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)

Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)

of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations

Increase (decrease) in net assets from operations per classA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Increase (decrease) in net assets from operationsper share (Note 2)


36 24- 2- 7- -- -- -

(4) (3)32 30

55 746 8- -- -3 4

64 86(32) (56)

- -(32) (56)

173 (1,073)(26) 2

(8) (18)- -

781 559920 (530)888 (586)

807 (535)53 (34)

8 (1)2 (2)

18 (14)

0.58 (0.36)0.68 (0.36)1.21 (0.46)1.17 (0.71)0.84 (0.96)

Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)

2009 2008

– 5 –

CI American Equity Corporate ClassFinancial Statements (unaudited)


A SharesNet assets, beginning of periodCapital transactions

Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

Increase (decrease) in net assets from operationsNet assets, end of period

F SharesNet assets, beginning of periodCapital transactions




AT5 SharesNet assets, beginning of periodCapital transactions




FT5 SharesNet assets, beginning of periodCapital transactions








Total FundNet assets, beginning of periodCapital transactions




4,635 6,984

721 405- -

(594) (670)53 (115)

180 (380)

- -- -- -- -

807 (535)5,622 6,069

292 526

1 2- -

(16) (46)38 (4)23 (48)

- -- -- -- -

53 (34)368 444

46 7

2 55- -- -- -2 55

- -- -

(1) (1)(1) (1)8 (1)

55 60

12 17

- -- -- -- -- -

- -- -- -- -2 (2)

14 15

97 84

- 64- -- -

(5) 7(5) 71

- -- -

(5) (6)(5) (6)18 (14)

105 135

5,082 7,618

724 526- -

(610) (716)86 (112)

200 (302)

- -- -

(6) (7)(6) (7)

888 (586)6,164 6,723

Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)

2009 2008

Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)

2009 2008


– 6 –

CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


Schedule of Fund Share Transactions for the periods ended September 30

2009 2008

1,371,448 1,518,346194,493 85,550

- -(161,493) (141,347)

16,038 (24,232)1,420,486 1,438,317

72,805 97,467136 354

- -(3,912) (7,819)9,016 (627)

78,045 89,375

6,415 700322 5,789

- -- -- -

6,737 6,489

1,789 1,816- -- -

(13) (14)- -

1,776 1,802

18,239 10,570- 7,889- -- (48)

(681) 97017,558 19,381

A SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share

F SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share

AT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share

FT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share


Schedule of Net Assets Reconciliation (Note 2)as at September 30 (in $)

2009 2008

3.96 4.22- -

3.96 4.22

4.71 4.970.01 0.014.72 4.98

8.20 9.220.01 0.018.21 9.23

7.70 8.570.01 0.017.71 8.58

5.98 6.98- -

5.98 6.98

– 7 –

CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.

Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)

2009 2008

LoanedCollateral (non-cash)

352 534359 570

Schedule of Commissionsfor the periods ended September 30 (in $000’s)

2009 2008

Brokerage commissionsSoft Dollar commissions†

8 18- 2

Annual management fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

2.001.002.001.002.00

0.210.210.210.210.21

Schedule of Fees (Note 5)as at September 30 (%)

2009

– 8 –

Portfolio Breakdown as at March 31, 2009Percentage of

Categories Net Asset Value (%)

Information Technology .......................................................................................................... 27.1Health Care ............................................................................................................................. 15.6Financials ................................................................................................................................ 13.9Consumer Discretionary .......................................................................................................... 11.8Energy ..................................................................................................................................... 7.1Industrials ............................................................................................................................... 6.9Materials ................................................................................................................................. 5.8Consumer Staples ................................................................................................................... 5.2Cash & Equivalents ................................................................................................................. 3.9Utilities .................................................................................................................................... 3.1Other Assets ........................................................................................................................... -0.4

During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating to credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.

Other Price RiskThe Fund is predominantly invested in U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in the United States.

As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $605,000 (March 31, 2009 - $490,000). In practice, the actual results may differfrom this analysis and the difference may be material.

Currency RiskThe tables below summarize the Fund's exposure to currency risk, net of derivative instruments,as applicable.

as at September 30, 2009Derivatives Total Currency Net

Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 6,155 99.9 Total - 6,155 99.9

as at March 31, 2009Derivatives Total Currency Net


As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $616,000 (March 31, 2009 - $510,000).In practice, the actual results may differ from this analysis and the difference may be material.

CI American Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 9 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



INFORMATION TECHNOLOGY (20.9%) 41,600 Accenture PLC 1,428,139 1,659,974 12,400 Adobe Systems Inc. 448,612 438,244 18,300 Aecom Technology Corp. 557,034 531,752 13,800 Analog Devices Inc. 370,903 407,051 24,650 Apple Computer Inc. 2,998,204 4,887,985 32,900 Broadcom Corp.* 809,416 1,072,937 20,000 Check Point Software Technologies Ltd. 561,898 607,060

221,676 Cisco Systems Inc. 5,246,645 5,579,815 5,800 Google Inc., Class A 2,841,220 3,077,569

49,100 Hewlett-Packard Co. 2,123,956 2,478,630 76,200 Intel Corp. 1,259,010 1,594,962

6,100 International Business Machines Corp. 610,415 780,452 15,100 Lam Research Corp. 466,384 551,775

2,800 Mastercard Inc., Class A 616,909 605,501 89,500 Micron Technology Inc. 787,830 784,794

346,363 Microsoft Corp.* 9,244,928 9,560,110 89,400 ON Semiconductor Corp. 545,470 789,660

102,700 Oracle Corp. 1,891,571 2,289,284 7,400 Palm Inc.* 128,553 138,095

46,400 QUALCOMM Inc. 2,177,559 2,224,593 57,300 Seagate Technology 764,223 933,109 37,600 Skyworks Solutions, Inc. 410,782 532,191 48,700 Sybase Inc. 1,910,224 2,026,712 20,700 Tessera Technologies Inc. 341,328 618,112 68,310 Xerox Corp. 389,260 564,612

38,930,473 44,734,979 HEALTH CARE (16.0%)

30,700 Abbott Laboratories Inc. 1,510,820 1,624,059 66,480 Aetna Inc. 2,773,651 1,975,873 13,900 Amgen Inc. 945,341 896,347

8,099 Beckman Coulter Inc. 489,346 597,793 100,340 BioMarin Pharmaceuticals Inc. 1,674,470 1,936,950 141,010 Boston Scientific Corp. 2,637,610 1,597,291

51,340 Covidien PLC 2,143,890 2,377,335 43,100 DaVita Inc. 2,465,879 2,607,661 51,400 Eli Lilly and Co. 2,629,890 1,816,591 75,450 Endo Pharmaceuticals Holdings Inc. 1,713,715 1,828,068 29,400 Gilead Sciences Inc. 1,535,093 1,452,672

100,967 HealthSouth Corp. 2,728,208 1,690,693 32,500 Johnson & Johnson 2,132,006 2,115,957 32,050 Laboratory Corp. of America Holdings* 2,116,036 2,254,457 16,900 Medco Health Solutions Inc. 858,045 999,876 62,000 Merck & Co., Inc. 2,096,402 2,096,294 30,900 St. Jude Medical Inc. 1,241,609 1,288,589 71,200 Thermo Fisher Scientific Inc. 3,695,385 3,323,648 40,600 Vertex Pharmaceuticals Inc. 1,412,569 1,641,370

36,799,965 34,121,524 FINANCIALS (14.7%)

17,600 ACE Ltd. 928,599 1,006,807 29,500 Ameriprise Financial Inc. 1,486,530 1,147,771 38,500 Assurant Inc. 1,242,240 1,319,456 90,400 Bank of America Corp. 1,292,587 1,631,828 33,900 Bank of New York Mellon Corp. 1,205,496 1,052,195

FINANCIALS (14.7%) (cont’d)2,300 BlackRock Inc. (USD)* 357,042 531,826

26,000 Brookfield Properties Corp. (USD)* 268,674 313,444 44,780 Everest Re Group Ltd. 4,482,276 4,203,713 5,200 Franklin Resources Inc. 533,430 559,189 6,500 Goldman Sachs Group Inc. 823,778 1,280,431

68,270 JP Morgan Chase & Co. 2,788,629 3,198,569 12,400 Lazard Ltd. 515,134 548,170 62,600 MetLife Inc. 2,160,402 2,551,559 15,000 MSCI Inc. 372,940 474,888 21,600 PNC Financial Services Group Inc. 1,072,729 1,121,615 24,000 Principal Financial Group Inc. 332,806 702,262 26,830 Protective Life Corp.* 1,134,226 613,579 17,920 Prudential Financial Inc. 758,661 956,043 11,800 State Street Corp. 581,561 663,269 35,390 Torchmark Corp. 2,377,698 1,642,548 47,200 US Bancorp 1,064,057 1,103,680 46,392 Ventas Inc. 1,819,761 1,911,787 31,000 Visa Inc., Class A 2,146,141 2,291,785 22,600 Wells Fargo & Co. 722,724 679,928

30,468,121 31,506,342 ENERGY (10.6%)

21,900 Anadarko Petroleum Corp. 978,924 1,468,972 9,776 Apache Corp. 747,241 960,110

30,520 Baker Hughes Inc. 1,222,632 1,392,991 18,400 Baytex Energy Trust 396,038 434,188 18,400 Chesapeake Energy Corp. 572,013 558,495 18,500 Chevron Corp. 1,575,117 1,392,833 13,600 ConocoPhillips 1,102,208 656,987 17,100 EOG Resources Inc. 1,408,628 1,528,731 22,000 Marathon Oil Corp. 781,508 750,206 34,500 National Oilwell Varco Inc. 2,068,715 1,593,115 34,408 Noble Energy Inc. 2,204,992 2,427,322 7,000 Occidental Petroleum Corp. 617,360 586,750

19,900 Peabody Energy Corp. 686,227 791,730 18,900 Petrohawk Energy Corp. 470,081 488,481 53,810 Southwestern Energy Co. 2,345,757 2,454,263 33,884 Suncor Energy Inc. (USD) 1,303,539 1,253,767 31,500 Transocean Ltd. 3,019,862 2,884,546 20,500 Ultra Petroleum Corp. 986,981 1,074,592

22,487,823 22,698,079 CONSUMER DISCRETIONARY (9.9%)

25,600 Bally Tehnologies Inc. 1,018,259 1,050,575 14,400 BorgWarner Inc. 464,900 466,530

163,000 Comcast Corp., Class A 3,132,737 2,945,836 141,025 Comcast Corp., Special Class A 2,899,189 2,424,879

46,100 DIRECTV Group Inc.* 1,147,172 1,361,268 12,900 Dollar Tree Stores Inc. 643,081 672,202 63,400 DR Horton Inc.* 976,513 773,146 66,100 GameStop Holding Co. 1,914,670 1,873,285 87,850 KB Home 1,629,170 1,560,402 21,300 Liberty Media Corp., Entertainment Series A 476,861 709,004 10,400 Target Corp. 513,935 519,326 18,800 Time Warner Cable Inc. 677,167 865,113

*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 10 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



CONSUMER DISCRETIONARY (9.9%) (cont’d)14,500 TJX Cos., Inc. 526,763 575,957 15,600 Tupperware Brands Corp. 645,445 665,749 63,100 Urban Outfitters Inc.* 1,267,211 2,037,554 89,800 Walt Disney Co.* 2,532,727 2,636,284

20,465,800 21,137,110 INDUSTRIALS (7.4%)

21,250 Alliant Techsystems Inc.* 2,255,007 1,771,194 31,850 Boeing Co. 1,515,405 1,844,484 45,600 CSX Corp. 2,162,395 2,040,749 18,300 Danaher Corp. 1,285,146 1,316,058 19,290 Northrop Grumman Corp.* 1,120,990 1,067,961 29,200 Rockwell Collins Inc.* 1,519,322 1,585,349 20,600 Shaw Group Inc. 693,716 706,215 18,300 Tyco International Ltd. 667,880 675,564 41,500 Union Pacific Corp. 2,307,839 2,588,613 72,350 Waste Management Inc. 2,664,328 2,306,035

16,192,028 15,902,222 CONSUMER STAPLES (7.1%)

40,000 CVS Corp. 1,546,443 1,530,605 8,500 Energizer Holdings Inc. 524,643 603,093

22,400 Kellogg Co. 1,039,765 1,179,225 73,600 Kroger Co. 2,004,946 1,624,068 30,480 Lorillard Inc. 2,282,873 2,422,057 39,636 Molson Coors Brewing Co., Class B (USD)* 1,640,086 2,065,803 10,100 PepsiCo Inc. 624,006 634,325 49,260 Phillip Morris International Inc. 2,362,071 2,565,290 30,400 Procter & Gamble Co. 2,123,855 1,882,241 11,700 The J. M. Smucker Co. 675,021 663,160

14,823,709 15,169,867

MATERIALS (5.0%) 15,030 Agrium Inc. (USD) 839,524 801,216 28,500 AK Steel Holding Corp. 691,379 601,423 18,200 Albemarle Corp. 671,656 673,432 21,400 Dow Chemical Co. 482,853 596,398 45,300 Gold Fields Ltd., ADR 638,351 668,338 11,300 Monsanto Co. 1,231,508 935,083 32,760 Newmont Mining Corp.* 1,100,565 1,543,983 42,900 Praxair Inc. 3,606,665 3,749,346

105,730 Yamana Gold Inc. 1,042,264 1,208,977 10,304,765 10,778,196

TELECOMMUNICATION SERVICES (1.7%) 57,000 AT&T Inc.* 1,638,639 1,645,293 75,490 Metropcs Communications Inc.* 999,988 755,700 39,800 SBA Communications Corp.* 1,212,520 1,151,801

3,851,147 3,552,794 UTILITIES (0.4%)

59,300 AES Corp. 494,887 939,012


Total Equities (93.7%) 194,568,206 200,540,125

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.4%) (see Schedule A) 929,285


Other Assets (net) (5.9%) 12,316,093

Total Net Assets (100.0%) 213,785,503

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.



Schedule AForeign Currency Forward Contracts (0.4%)

Contracts Counterparty Credit Rating* Price $ Due Date Pay Receive Unrealized Gain (Loss) $

1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (14,000,000) US $ 15,257,480 Canadian $ 270,358 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (27,384,000) US $ 29,740,119 Canadian $ 422,963 1 Royal Bank of Canada A-1+ 1.09 30-Nov-09 (3,000,000) US $ 3,279,750 Canadian $ 68,080 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (3,000,000) US $ 3,264,060 Canadian $ 52,545 1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (6,500,000) US $ 7,073,625 Canadian $ 115,339

Total Foreign Currency Forward Contracts Value 929,285

*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.

– 11 –

CI American Managers® Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI Shares


A SharesF SharesI Shares



200,540 226,50812,110 16,786

- -- -- -- -

929 456- -- -

94 2591,709 710

- -92 214

215,474 244,933

- -- -- -- 2,719- -

1,604 19047 85

- -- -- -

37 281,688 3,022

213,786 241,911

194,568 261,776- -

212,519 175,988271 202996 65,721

9.44 7.8210.39 8.5611.17 9.15

22,519,587 22,515,24926,118 23,57489,139 7,184,649


as at as at







Increase (decrease) in net assets from operations per classA SharesF SharesI Shares



1,542 1,8035 204

11 25- -- -- -

(202) (257)1,356 1,775

1,966 1,016207 107

- -9 10

109 562,291 1,189(935) 586

- -(935) 586

(872) (10,073)(2,259) 550

(360) (230)- -

44,432 (6,982)40,941 (16,735)40,006 (16,149)

36,588 (9,946)44 (28)

3,374 (6,175)

1.62 (1.03)1.89 (0.63)1.54 (0.37)


2009 2008

– 12 –

CI American Managers® Corporate ClassFinancial Statements (unaudited)










I SharesNet assets, beginning of periodCapital transactions








175,988 33,672

6,800 3,773- -

(6,520) (5,631)(337) 177,229

(57) 175,371

- -- -- -- -

36,588 (9,946)212,519 199,097

202 533

14 10- -

(18) (53)29 3125 (12)

- -- -- -- -

44 (28)271 493

65,721 266,207

2,842 7,750- -

(70,989) (11,039)48 (177,501)

(68,099) (180,790)

- -- -- -- -

3,374 (6,175)996 79,242

241,911 300,412

9,656 11,533- -

(77,527) (16,723)(260) (241)

(68,131) (5,431)

- -- -- -- -

40,006 (16,149)213,786 278,832


2009 2008


2009 2008


– 13 –

CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2009 2008

22,515,249 3,192,806793,473 357,333

- -(749,346) (529,541)

(39,789) 17,124,87622,519,587 20,145,474

23,574 46,6481,382 854

- -(1,968) (4,441)3,130 2,697

26,118 45,758

7,184,649 22,070,102289,684 628,755

- -(7,389,848) (889,929)

4,654 (14,878,562)89,139 6,930,366



I SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share


2009 2008

9.44 9.880.01 0.019.45 9.89

10.39 10.770.01 0.01

10.40 10.78

11.17 11.430.02 0.01

11.19 11.44


2009 2008


14,896 34,87815,243 37,268


2009 2008


359 22934 32

Annual management fee rateA SharesF SharesI Shares

Annual fixed administration fee rateA SharesF SharesI Shares

2.001.00

Paid directly by investor

0.210.21

-


2009

– 14 –



Health Care ............................................................................................................................. 18.4Information Technology .......................................................................................................... 18.4Financials ................................................................................................................................ 11.9Consumer Discretionary .......................................................................................................... 10.4Industrials ............................................................................................................................... 8.9Consumer Staples ................................................................................................................... 8.7Energy ..................................................................................................................................... 7.4Materials ................................................................................................................................. 7.1Cash & Equivalents ................................................................................................................. 6.0Utilities .................................................................................................................................... 1.5Telecommunication Services .................................................................................................. 1.0Other Assets ........................................................................................................................... 0.3

During the six-month period the Fund’s exposure currency risk changed significantly as disclosed inthe section below. For details relating to other price risk, credit risk and interest rate risk, refer tothe audited annual financial statements as at March 31, 2009, as the Fund’s exposure to those risksremains unchanged.



Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (57,691) 151,342 70.8 Total (57,691) 151,342 70.8


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (119,593) 119,861 49.5 Total (119,593) 119,861 49.5

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $15,134,000 (March31, 2009 - $11,986,000). In practice, the actual results may differ from this analysis and the differ-ence may be material.

CI American Managers® Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 15 –

CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (20.3%) 1,100 Ameriprise Financial Inc. 27,796 42,798 2,600 Arthur J. Gallagher & Co. 57,318 67,727 1,900 Federated Investors Inc., Class B 54,918 53,541 3,800 First Niagara Financial Group Inc.* 53,598 50,124 1,250 Hanover Insurance Group Inc. 53,813 55,232 2,350 Hudson City Bancorp Inc. 33,318 33,086 3,900 Investors Bancorp. Inc. 40,205 44,136 1,950 Platinum Underwriters Holdings, Ltd. 74,634 74,826

850 UMB Financial Corp.* 36,989 36,748 2,700 Validus Holdings Ltd. 74,863 74,524 1,850 Ventas Inc. 74,017 76,237 2,450 Waddell & Reed Financial Inc. 31,670 74,444 4,950 Washington Federal Inc. 88,599 89,353

701,738 772,776 HEALTH CARE (14.4%)

3,655 Alkermes Inc. 44,902 35,923 950 Bio-Reference Labs Inc. 26,534 34,897

5,900 Cambrex Corp. 104,363 39,670 1,900 DaVita Inc. 105,972 114,955 3,240 Endo Pharmaceuticals Holdings Inc. 97,585 78,502

750 Haemonetics Corp. 41,200 45,064 1,290 Inverness Medical Innovations Inc.* 58,124 53,464

500 Laboratory Corp. of America Holdings 37,868 35,171 6,320 Service Corp. International 62,290 47,298 2,250 SonoSite Inc. 73,363 63,597

652,201 548,541 INFORMATION TECHNOLOGY (13.6%)

5,350 3Com Corp. 29,254 29,900 4,070 ADC Telecommunications Inc. 57,194 36,298 1,890 DTS Inc. 40,583 55,344 1,350 Fiserv Inc. 62,050 69,638 2,050 MEMC Electronic Materials Inc. 96,488 36,412 3,800 Perot Systems Corp., Class A 61,555 120,834 1,550 Rovi Corp. 39,510 55,643 2,050 Sybase Inc. 46,606 85,313 3,575 THQ Inc.* 63,450 26,181

496,690 515,563 CONSUMER DISCRETIONARY (12.9%)

1,450 GameStop Holding Co. 35,827 41,093 1,700 Genuine Parts Co. 71,927 69,255 4,050 KB Home* 61,452 71,937 8,120 Multimedia Games Inc. 85,335 44,425 2,200 Ryland Group Inc. 47,064 49,629 5,753 Shuffle Master Inc. 103,651 57,837

950 The Warnaco Group Inc.* 34,414 44,611 1,950 Tupperware Brands Corp. 63,863 83,219 1,190 Wabco Holdings Inc. 56,272 26,756

559,805 488,762 UTILITIES (12.7%)

3,150 CMS Energy Corp.* 46,366 45,125 1,620 DPL Inc. 42,397 45,217 2,880 Nalco Holding Co. 62,866 63,057 1,550 NSTAR 53,655 52,739

UTILITIES (12.7%) (cont’d)1,850 ONEOK Inc. 79,782 72,395 3,100 Southern Union Co. 92,470 68,903 2,950 Vectren Corp. 83,377 72,707 3,050 Westar Energy Inc. 80,034 63,579

540,947 483,722 INDUSTRIALS (10.7%)

650 Alliant Techsystems Inc.* 54,616 54,178 1,450 Armstrong World Industries Inc. 38,110 53,435 1,000 Curtiss-Wright Corp. 45,242 36,509 1,970 Hexcel Corp. 44,485 24,108

920 IHS Inc., Class A 42,610 50,334 1,650 Kennametal Inc. 59,078 43,475 1,410 Masco Corp. 14,068 19,504

700 Rockwell Collins Inc. 36,083 38,005 1,000 Teleflex Inc. 56,786 51,616

900 Wabtec Corp. 37,664 36,096 428,742 407,260

MATERIALS (5.7%) 1,000 International Flavors & Fragrances Inc. 51,726 40,546 2,585 Methanex Corp. (USD) 40,434 47,908 1,170 Sensient Technologies Corp. 31,359 34,786 1,640 Silgan Holdings Inc.* 94,575 92,411

218,094 215,651 TELECOMMUNICATION SERVICES (3.3%)

2,400 NeuStar Inc., Class A 56,482 57,969 3,700 Syniverse Holdings Inc. 61,005 69,246

117,487 127,215 ENERGY (2.6%)

5,070 Cal Dive International Inc. 49,680 53,631 500 SEACOR Holdings Inc. 37,609 43,693

87,289 97,324 CONSUMER STAPLES (2.1%)

700 Church & Dwight Co., Inc. 37,862 42,487 1,200 Corn Products International Inc. 29,984 36,642

67,846 79,129







– 16 –

CI American Small Companies Corporate ClassFinancial Statements (unaudited)












3,736 2,77360 170

- -- -- -- -- -- -- -5 -

10 -- -4 3

3,815 2,946

- -6 41 1- -- -- 17 1- -- -- -3 3

17 103,798 2,936

3,863 3,829- -

3,153 2,424600 50145 11

5.47 4.546.62 5.46

13.29 11.02

576,296 534,58590,698 91,860

3,368 977


as at as at










30 29- 2- -- -- -- -

(4) (5)26 26

31 374 4- -1 -2 2

38 43(12) (17)

- -(12) (17)

(271) (111)(8) 1(4) (3)- -

929 165646 52634 35

524 24107 11

3 -

0.94 0.051.17 0.102.23 -


2009 2008

– 17 –

CI American Small Companies Corporate ClassFinancial Statements (unaudited)


















2,424 3,135

337 141- -

(148) (218)16 (74)

205 (151)

- -- -- -- -

524 243,153 3,008

501 801

3 5- -

(3) (18)(8) (35)(8) (48)

- -- -- -- -

107 11600 764

11 -

47 -- -- -

(16) -31 -

- -- -- -- -3 -

45 -

2,936 3,936

387 146- -

(151) (236)(8) (109)

228 (199)

- -- -- -- -

634 353,798 3,772


2009 2008


2009 2008


– 18 –

CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

534,585 543,83966,916 22,539

- -(28,816) (35,307)

3,611 (12,044)576,296 519,027

91,860 116,661514 707

- -(511) (2,364)

(1,165) (4,833)90,698 110,171

977 -3,790 -

- -- -

(1,399) -3,368 -





2009 2008

5.47 5.800.01 -5.48 5.80

6.62 6.93- 0.01

6.62 6.94

13.29 -0.01 -

13.30 -


2009 2008


385 458393 489


2009 2008


4 3- -



2.001.00


0.210.21

-


2009

– 19 –



Health Care ............................................................................................................................. 18.8Financials ................................................................................................................................ 15.7Utilities .................................................................................................................................... 15.2Information Technology .......................................................................................................... 11.5Consumer Discretionary .......................................................................................................... 9.8Industrials ............................................................................................................................... 9.7Materials ................................................................................................................................. 7.8Cash & Equivalents ................................................................................................................. 5.8Consumer Staples ................................................................................................................... 2.6Telecommunication Services .................................................................................................. 1.7Energy ..................................................................................................................................... 1.6Other Assets ........................................................................................................................... -0.2



As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $380,000 (March 31, 2009 - $277,000). In practice, the actual results may differfrom this analysis and the difference may be material.



Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 3,770 99.3Total - 3,770 99.3



As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $377,000 (March 31, 2009 - $282,000). In practice, the actual results may differ from this analysis and thedifference may be material.

CI American Small Companies Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 20 –

CI American Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (24.7%)198,000 Ameriprise Financial Inc. 6,570,867 7,703,686 233,465 Bank of New York Mellon Corp. 9,701,693 7,246,336 102,800 Everest Re Group Ltd. 10,637,211 9,650,329 87,000 Franklin Resources Inc.* 6,409,539 9,355,660

115,750 Hudson City Bancorp Inc. 1,602,975 1,629,653 169,788 MetLife Inc. 5,943,849 6,920,514 179,800 NYSE Euronext* 4,653,914 5,551,795

84,700 Prudential Financial Inc. 4,388,079 4,518,796 163,301 Ventas Inc. 4,911,289 6,729,538 183,900 Visa Inc., Class A * 10,953,758 13,595,459 359,350 Western Union Co.* 8,159,262 7,267,719

73,932,436 80,169,485 INFORMATION TECHNOLOGY (17.3%)

45,200 Apple Computer Inc. 3,001,902 8,962,958 115,200 Automatic Data Processing Inc.* 5,852,512 4,843,528 287,910 Corning Inc. 5,000,234 4,710,083 178,920 Electronic Arts Inc.* 9,302,044 3,645,408 130,100 Fiserv Inc.* 6,319,101 6,711,082 205,800 MEMC Electronic Materials Inc.* 8,053,512 3,655,445 567,690 Microsoft Corp. 17,313,281 15,669,049 367,320 Oracle Corp. 6,200,918 8,187,924

61,043,504 56,385,477 HEALTH CARE (11.6%)

195,200 Aetna Inc. 7,011,994 5,801,600 432,750 Boston Scientific Corp. 10,387,689 4,901,976 182,150 DaVita Inc.* 8,238,509 11,020,542 117,750 Laboratory Corp. of America Holdings* 7,465,774 8,282,754 168,100 Thermo Fisher Scientific Inc. 7,263,640 7,846,982

40,367,606 37,853,854 ENERGY (11.0%)

91,604 ConocoPhillips 4,590,315 4,425,191 80,650 Cooper Cameron Corp. 3,803,291 3,262,232 61,850 Diamond Offshore Drilling Inc.* 4,599,990 6,322,671

162,400 Exxon Mobil Corp. 11,541,927 11,915,581 108,900 National Oilwell Varco Inc. 4,677,176 5,028,701

57,150 Peabody Energy Corp.* 3,518,522 2,273,738 115,880 Weatherford International Ltd. (Switzerland) 3,497,539 2,571,914

36,228,760 35,800,028 INDUSTRIALS (10.8%)

75,800 Alliant Techsystems Inc.* 6,455,192 6,317,952 138,200 Boeing Co. 8,284,907 8,003,381 88,300 Danaher Corp.* 7,047,519 6,350,158 76,650 Deere & Co. 3,046,634 3,514,865 67,100 Rockwell Collins Inc.* 3,549,612 3,643,046

232,650 Waste Management Inc.* 8,778,944 7,415,328 37,162,808 35,244,730

UTILITIES (8.3%)37,350 Entergy Corp. 3,197,377 3,188,712

117,600 NSTAR* 4,095,530 4,001,379 142,900 ONEOK Inc.* 5,854,167 5,592,012 295,086 Southern Union Co.* 8,195,017 6,558,801 157,250 Wisconsin Energy Corp.* 7,688,885 7,594,723

29,030,976 26,935,627

MATERIALS (4.7%)157,550 EI Du Pont de Nemours & Co. 7,485,194 5,414,669 111,350 Praxair Inc.* 7,947,560 9,731,695


411,180 Comcast Corp., Special Class A* 10,123,192 7,070,107 292,800 International Game Technology 10,084,103 6,724,296


50,350 Colgate-Palmolive Co. 3,724,851 4,112,052 59,850 Phillip Morris International Inc. 2,979,819 3,116,780

262,500 Safeway Inc. 7,663,947 5,533,800 14,368,617 12,762,632



Other Assets (net) (3.5%) 10,943,464

Total Net Assets (100.0%) 325,036,064



– 21 –

CI American Value Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares



314,093 275,36610,891 20,842

- -- -- -- -- -- -- -

125 328- -- -

168 330325,277 296,866

- -- -- -- -- -- 56

187 89- -- -- -

54 46241 191

325,036 296,675

327,312 321,724- -

293,690 265,4689,369 8,902

20,682 21,59093 64

562 15- -

538 636102 -

9.12 8.309.56 8.66

12.35 11.127.38 6.907.99 7.42

- -7.19 6.83

10.21 -

32,217,010 31,972,868979,876 1,027,690

1,674,062 1,941,21912,564 9,34470,342 2,053

- -74,776 93,14410,000 -

Statements of Net Assets (cont’d)(in $000’s except for per share amounts and shares outstanding)

as at as at

September 30, 2009 March 31, 2009


as at as at


– 22 –



IncomeDividendsInterest Securities lending (Note 6)Derivative income (loss)Income distribution from investmentsManagement fee rebateLess: Foreign withholding taxes






Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares















2,869 2,6923 267

20 15- -- -- -

(403) (475)2,489 2,499

2,878 1,583307 172

- -59 10

159 883,403 1,853

(914) 646- -

(914) 646

(1,784) (9,936)(905) 475(57) (157)

- -

33,139 (13,485)30,393 (23,103)29,479 (22,457)

26,162 (18,956)911 (784)

2,283 (2,641)8 (5)

52 (2)- (11)

60 (58)3 -

0.81 (1.30)0.89 (0.81)1.21 (0.22)0.66 (0.79)1.10 (0.65)

- (1.21)0.67 (1.48)0.36 -

265,468 52,705

12,260 7,921- -

(9,428) (7,695)(772) 256,744

2,060 256,970

- -- -- -- -

26,162 (18,956)293,690 290,719

8,902 9,776

958 2,048- -

(1,459) (924)57 520

(444) 1,644

- -- -- -- -

911 (784)9,369 10,636

21,590 262,439

2,098 8,407- -

(5,252) (7,138)(37) (256,749)

(3,191) (255,480)

- -- -- -- -

2,283 (2,641)20,682 4,318


2009 2008


2009 2008


– 23 –









IT5 SharesNet assets, beginning of periodCapital transactions
















636 218

124 389- -

(44) (3)(212) 194(132) 580

- -- -

(26) (18)(26) (18)60 (58)

538 722

- -

100 -- -- -- -

100 -

- -- -

(1) -(1) -3 -

102 -

296,675 325,212

16,063 18,780- -

(16,183) (15,760)(958) 793

(1,078) 3,813

- -- -

(40) (22)(40) (22)

29,479 (22,457)325,036 306,546

64 53

17 15- -- -6 -

23 15

- -- -

(2) (2)(2) (2)8 (5)

93 61

15 21

506 -- -- -- -

506 -

- -- -

(11) (1)(11) (1)52 (2)

562 18

- -

- -- -- -- 84- 84

- -- -- (1)- (1)- (11)- 72




2009 2008



2009 2008

– 24 –

CI American Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)








IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period



2009 2008

31,972,868 5,009,4921,409,780 742,603

- -(1,078,376) (732,639)

(87,262) 24,782,58032,217,010 29,802,036

1,027,690 899,126104,780 185,804

- -(158,964) (83,098)

6,370 48,185979,876 1,050,017

1,941,219 19,052,418179,322 586,296

- -(442,636) (491,595)

(3,843) (18,812,714)1,674,062 334,405

9,344 5,7402,440 1,594

- -- -

780 -12,564 7,334

2,053 2,08468,304 -

- -(15) (16)

- -70,342 2,068

- -- -- -- (43)- 8,400- 8,357

93,144 22,91317,362 41,305

- -(6,247) (308)

(29,483) 21,71274,776 85,622


Schedule of Fund Share Transactions (cont’d)for the periods ended September 30

2009 2008

- -10,000 -

- -- -- -

10,000 -

– 25 –

CI American Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


49,017 30,19149,997 32,259


2009 2008


56 155- -

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares

2.001.00

Paid directly by investor2.001.00


0.210.21

-0.210.21

-0.210.21


2009






IT5 SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share




2009 2008

9.12 9.760.01 -9.13 9.76

9.56 10.130.01 0.019.57 10.14

12.35 12.910.02 0.01

12.37 12.92

7.38 8.350.01 0.017.39 8.36

7.99 8.940.01 -8.00 8.94

- 8.62- 0.01- 8.63

7.19 8.430.01 0.017.20 8.44

10.21 -0.01 -

10.22 -

– 26 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



ENERGY (27.1%) 11,300 Anadarko Petroleum Corp. 603,592 757,963 8,780 BP PLC, ADR 620,793 500,379

76,255 Canadian Natural Resources Ltd. 3,073,279 5,513,236 159,690 Canadian Oil Sands Trust 3,116,943 4,910,468 148,254 EnCana Corp.* 7,827,883 9,191,748

11,110 Eni SpA* 379,507 296,093 129,705 Imperial Oil Ltd. 4,257,067 5,285,479

20,200 Marathon Oil Corp. 655,556 688,826 500,000 Mullen Group Income Fund 10% 07/01/2018 500,000 728,798 165,800 Mullen Group Ltd. 2,941,451 2,614,666

31,000 Nabors Industries Ltd. 769,990 692,680 421,300 Precision Drilling Trust 6,410,613 2,982,804 135,400 Savanna Energy Services Corp. 842,879 901,764 11,792 Schlumberger Ltd. 933,323 751,574 43,400 Spectra Energy Corp. 922,041 878,678 12,200 Statoil ASA 299,987 293,751

272,941 Suncor Energy Inc. 9,548,576 10,207,993 297,300 Talisman Energy Inc. 5,654,567 5,538,699

6,540 Total SA 535,291 416,019 75,327 TransCanada Corp.* 2,435,092 2,513,662 11,688 Transocean Ltd. 1,108,570 1,070,304

264,100 Trican Well Service Ltd.* 4,209,119 3,668,349 22,000 XTO Energy Inc. 1,007,788 972,088

58,653,907 61,376,021 FINANCIALS (25.8%)

26,000 Aflac Inc. 684,041 1,189,752 2,153 Allianz AG, Registered Shares* 474,787 288,450

46,320 Bangkok Bank PCL, Foreign Registered Shares 163,601 181,835 59,200 Bank of America Corp. 806,711 1,068,631 86,900 Bank of Montreal 2,520,153 4,707,373 62,642 Bank of Nova Scotia 2,595,665 3,061,315 45,334 Bank of Yokohama Ltd. 309,147 236,265

2,165 BNP Paribas SA* 200,089 185,208 2,165 BNP Paribas SA, Rights (13Oct09) - 5,020

89,950 Brookfield Properties Corp. 1,032,371 1,082,098 26,501 Cheung Kong Holdings Ltd. 357,757 356,955 23,445 DBS Group Holdings Ltd. 244,957 236,287 46,606 Experian Group Ltd. 346,720 419,421

6,582 Great-West Lifeco Inc.,4.85% Preferred, Series H 159,614 135,655

66,200 IGM Financial Inc.* 2,586,231 2,801,584 76,000 Intact Financial Corp. 2,281,006 2,573,360 50,546 Joyo Bank Ltd. 347,046 263,428 19,400 JP Morgan Chase & Co. 825,523 908,924

2,237 KB Finanical Group Inc., ADR 216,505 122,986 214,000 Manulife Financial Corp. 5,046,902 4,815,000

49 Mid REIT Inc. 262,080 117,692 7,417 Mitsui Sumitomo Insurance Group Holdings Inc. 251,562 217,599 7,642 National Australia Bank Ltd. 262,087 221,981

60,840 Nipponkoa Insurance Co., Ltd. 594,266 406,322 34,800 Nomura Holdings Inc. 375,517 228,263

331,809 Power Corp. of Canada 9,383,598 9,715,368 27,658 Power Financial Corp.* 907,592 850,484

FINANCIALS (25.8%) (cont’d)124,438 Royal Bank of Canada 4,822,135 7,161,407

15,740 Royal Bank of Canada4.45% Preferred, Series AA 393,500 319,994

5,810 Standard Chartered PLC 196,217 153,279 13,000 State Street Corp. 599,964 730,720 31,624 Sumitomo Trust & Banking Co., Ltd. 312,744 178,390

129,200 Sun Life Financial Inc. 3,797,694 4,334,660 119,658 Toronto-Dominion Bank 6,045,206 8,286,316

20 United Urban Investment Corp. 135,179 125,461 27,100 Wells Fargo & Co. 722,559 815,312

50,260,726 58,502,795 MATERIALS (13.0%)

3,910 Agrium Inc. (USD) 194,838 208,433 6,760 Anglo American PLC 192,247 230,388 7,999 Antofagasta PLC 59,373 103,667

220,270 Barrick Gold Corp. 7,678,844 8,929,746 24,400 Barrick Gold Corp. (USD) 865,688 989,313

2,100 BASF AG 136,068 118,942 7,400 BHP Billiton Ltd., ADR* 372,126 522,907

75,000 Cameco Corp. 1,710,699 2,228,250 38,600 CCL Industries Inc., Class B 835,183 850,358 48,450 Gerdau Ameristeel Corp. 393,684 410,856

5,901 Gold Fields Ltd., ADR 83,856 87,061 167,800 Goldcorp Inc. 5,654,337 7,212,044

2,009 Inmet Mining Corp. 70,458 120,460 4,000 Monsanto Co. 382,454 331,003 8,310 Newcrest Mining Ltd. 160,619 250,412

11,900 Newmont Mining Corp.* 577,205 560,848 46,200 Potash Corp. of Saskatchewan Inc. 4,735,385 4,486,944 22,569 Sumitomo Metal Mining Co., Ltd. 342,832 394,853 95,700 Thompson Creek Metals Co., Inc.* 1,329,775 1,235,487 20,790 Yamana Gold Inc. 205,794 237,725

25,981,465 29,509,697 INDUSTRIALS (9.1%)

5,650 Ansaldo STS SpA 80,622 123,844 20,900 BAE Systems PLC 207,447 124,866 8,750 Boeing Co. 559,953 506,726

72,210 Canadian National Railway Co. 3,155,428 3,807,633 95,700 Canadian Pacific Railway Ltd. 4,539,722 4,792,656

262,100 Celestica Inc. 1,793,340 2,655,073 9,800 Eaton Corp. 485,548 593,450 2,280 Fanuc Ltd. 185,283 217,529

12,500 Finning International Inc. 334,499 200,000 9,500 Flour Corp. 423,034 516,392 5,772 Foster Wheeler AG 142,156 197,136

46,400 General Electric Co. 1,244,163 813,730 11,410 Henkel KGaA, Preferred, Non-Voting Shares 599,269 525,763

1,107 Keyence Corp. 240,244 252,159 2,220 Metro AG 176,399 134,504

20,450 Mitsubishi Corp. 445,473 441,433 19,260 Mitsui & Co., Ltd. 284,940 268,512 19,400 Norfolk Southern Corp. 817,438 895,423 4,349 Secom Co., Ltd. 205,099 232,360



– 27 –– 27 –




INDUSTRIALS (9.1%) (cont’d)3,791 Siemens AG, Registered Shares 386,474 374,853

64,178 Sime Darby Berhad 146,303 168,555 2,030 SMC Corp. 239,572 265,822

10,658 Suzuki Motor Corp.* 265,486 265,018 209,500 WestJet Airlines Ltd.* 2,661,570 2,312,880


6,560 Adidas AG 280,212 371,862 12,800 Best Buy Co., Inc. 468,420 513,502 29,054 Canadian Tire Corp., Ltd.,

Class A, Non-Voting Shares 1,440,712 1,676,997 12,800 Comcast Corp., Class A 220,572 231,329 26,000 eBay Inc. 621,400 656,674 11,600 Fortune Brands Inc. 450,095 532,799 16,300 Harley-Davidson Inc. 380,414 401,388 21,500 Linamar Corp. 267,506 305,730 47,200 Magna International Inc., Class A 1,772,723 2,146,184 28,470 Reed Elsevier PLC 233,647 228,007 26,300 Shaw Communications Inc., Class B 518,295 509,694

107,300 Thomson Corp. 4,109,081 3,852,070 12,970 Vivendi Universal SA 566,097 429,692 19,900 Walt Disney Co. 487,380 584,210 46,410 WPP PLC 745,267 425,995


27,321 Cadbury PLC 354,048 374,881 9,242 Carrefour SA 612,158 448,887

25,660 Diageo PLC 573,169 421,235 55,222 Empire Co., Ltd., Class A 2,072,077 2,408,784

8,725 Energizer Holdings Inc. 525,541 619,057 28,020 George Weston Ltd. 2,369,418 1,561,835

4,000 George Weston Ltd., 5.2% Preferred 99,220 83,400 10,803 George Weston Ltd., 5.2% Preferred, Series IV 270,499 223,838 10,910 Heineken NV 598,453 538,449 13,731 KOSE Corp. 414,522 356,986 23,500 Kraft Foods Inc., Class A 698,171 660,207 65,900 Loblaw Cos. Ltd. 2,849,795 2,079,804

3,065 L'Oreal SA 380,786 326,309 10,050 Nestle SA, Registered Shares 451,865 458,381

5,960 Phillip Morris International Inc. 309,921 310,376 19,010 Seven & I Holdings Co., Ltd. 562,595 482,897 12,100 Sugi Pharmacy Co., Ltd. 288,654 274,755 21,621 Symrise AG 447,799 441,058


15,000 Accenture PLC 547,742 598,548 38,300 Applied Materials Inc. 712,865 548,250

6,000 Canon Inc. 245,649 257,601 23,700 Cisco Systems Inc. 568,151 596,554 50,600 Dell Inc. 748,343 826,711 20,900 EMC Corp. 287,155 380,850 36,500 Intel Corp. 675,622 763,991 49,800 Microsoft Corp. 1,389,959 1,374,551 21,978 Nokia OYJ 496,516 345,725 17,890 Nomura Research Institute Ltd. 419,227 452,313

INFORMATION TECHNOLOGY (3.7%) (cont’d)10,600 Research In Motion Ltd. 531,126 767,228

255 Samsung Electronics Co., Ltd. 162,181 188,895 7,690 SAP AG* 380,896 400,856

103,324 Taiwan Semiconductor Manufacturing Co., Ltd. 163,486 223,012 37,796 Telefonaktiebolaget LM Ericsson, Class B 635,798 405,738 10,975 UbiSoft Entertainment 205,304 222,509

8,170,020 8,353,332 HEALTH CARE (2.7%)

9,700 Amgen Inc. 610,252 625,508 11,770 Covidien PLC 501,973 545,018 27,420 GlaxoSmithKline PLC 823,149 576,792 21,700 Johnson & Johnson 1,479,481 1,412,808 21,900 Medtronic Inc. 831,831 861,688 20,300 Merck & Co., Inc. 840,593 686,367 3,280 Novartis AG, Registered Shares 199,835 175,562 7,440 Sanofi-Aventis 654,800 584,359

11,600 WellPoint Inc. 848,859 588,191 6,790,773 6,056,293

TELECOMMUNICATION SERVICES (1.4%) 103,200 BCE Inc. 2,845,602 2,723,448

23,080 Vodafone Group PLC, ADR 702,374 555,990 3,547,976 3,279,438

UTILITIES (1.1%) 48,713 Atco Ltd., Class I 1,665,630 2,036,203 41,000 Energias de Portugal SA 261,565 200,873 12,969 Scottish and Southern Energy PLC 377,352 259,606

2,304,547 2,496,682


Total Bonds & Equities (94.9%) 201,570,546 215,197,847

Short Term Notes (1.3%) 2,924,873 2,929,230




Other Assets (net) (3.7%) 8,061,952

Total Net Assets (100.0%) 226,418,672



– 28 –– 28 –– 28 –


††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments inThe Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.




1 Toronto-Dominion Bank A-1+ 1.08 05-Oct-09 (1,000,000) US $ 1,081,000 Canadian $ 10,359 1 Toronto-Dominion Bank A-1+ 1.07 09-Nov-09 (1,000,000) US $ 1,073,850 Canadian $ 3,279 1 Bank of Nova Scotia†† A-1+ 1.07 16-Nov-09 (1,100,000) US $ 1,175,130 Canadian $ (2,479)1 Royal Bank of Canada A-1+ 1.07 23-Nov-09 (1,400,000) US $ 1,498,056 Canadian $ (703)1 Bank of Nova Scotia†† A-1+ 1.07 26-Oct-09 (2,000,000) US $ 2,147,000 Canadian $ 5,805 1 Toronto-Dominion Bank A-1+ 1.08 23-Nov-09 (2,000,000) US $ 2,157,000 Canadian $ 15,899 1 Royal Bank of Canada A-1+ 1.09 30-Nov-09 (2,500,000) US $ 2,719,500 Canadian $ 43,125 1 Toronto-Dominion Bank A-1+ 1.08 16-Nov-09 (3,500,000) US $ 3,770,375 Canadian $ 23,410 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (8,500,000) US $ 9,231,000 Canadian $ 130,948



– 29 –

CI Canadian Investment Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



215,198 165,3296,267 5,5342,929 1,799

- -1,569 1,569

- -233 21

- -- -

294 418214 -

- -316 358

227,020 175,028

- -- -- -3 259- -

148 60376 561

- -- -- -

74 61601 941

226,419 174,087

201,571 197,158- -

203,587 157,7348,554 6,8136,902 5,1131,887 1,109

29 231,021 8074,372 2,476

67 12- -

16.26 12.6117.42 13.4410.97 8.427.98 6.338.91 7.038.52 6.677.60 6.117.81 6.24

- -

12,522,060 12,510,336490,977 506,941629,031 607,584236,541 175,212

3,261 3,284119,815 120,983574,930 405,166

8,587 2,001- -


as at as at



as at as at


– 30 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares















2,585 2,70299 97528 10

7 -- -- -

(102) (126)2,617 3,561

1,908 2,337200 245

- -13 24

105 1292,226 2,735

391 826- -

391 826

4,664 (4,708)(195) 177(103) (98)

- -

45,922 (18,499)50,288 (23,128)50,679 (22,302)

45,757 (20,317)1,969 (840)1,568 (544)

343 (143)7 (3)

243 (77)777 (366)15 (4)

- (8)

3.65 (1.56)4.02 (1.37)2.55 (1.05)1.72 (1.07)2.06 (0.85)2.02 (0.78)1.68 (1.10)1.58 (2.22)

- (0.74)

157,734 225,354

13,643 17,688- -

(12,612) (18,773)(935) (1,269)

96 (2,354)

- -- -- -- -

45,757 (20,317)203,587 202,683

6,813 13,164

402 671- -

(764) (2,393)134 (933)(228) (2,655)

- -- -- -- -

1,969 (840)8,554 9,669

5,113 5,066

889 2,051- -

(1,073) (733)405 111221 1,429

- -- -- -- -

1,568 (544)6,902 5,951


2009 2008


2009 2008


– 31 –

























2,476 2,253

1,430 1,727- -

(217) (153)28 (144)

1,241 1,430

- -- -

(122) (132)(122) (132)777 (366)

4,372 3,185

12 -

- 20- -

(18) -61 143 21

- -- -

(3) (1)(3) (1)15 (4)67 16

- -

- 123- -- (1)- (111)- 11

- -- -- (3)- (3)- (8)- -

1,109 1,038

683 426- -

(60) (1)(153) 5470 430

- -- -

(35) (32)(35) (32)

343 (143)1,887 1,293

23 34

- -- -- -- -- -

- -- -

(1) (1)(1) (1)7 (3)

29 30

807 885

- 123- -

(9) (9)- (112)

(9) 2

- -- -

(20) (25)(20) (25)

243 (77)1,021 785




2009 2008



2009 2008

– 32 –





174,087 247,794

17,047 22,829- -

(14,753) (22,063)(460) (2,452)

1,834 (1,686)

- -- -

(181) (194)(181) (194)

50,679 (22,302)226,419 223,612




2009 2008


– 33 –

CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

12,510,336 13,021,232916,185 994,489

- -(849,177) (1,067,414)

(55,284) (62,885)12,522,060 12,885,422

506,941 720,73224,983 37,444

- -(48,842) (129,587)

7,895 (48,937)490,977 579,652

607,584 448,75289,841 174,810

- -(108,659) (60,646)

40,265 10,080629,031 572,996

175,212 112,95390,870 45,316

- -(7,953) (88)

(21,588) 571236,541 158,752

3,284 3,334- -- -

(23) (25)- -

3,261 3,309

120,983 94,144- 12,755- -

(1,168) (963)- (12,698)

119,815 93,238

405,166 244,659196,370 183,554

- -(29,661) (16,250)

3,055 (15,158)574,930 396,805




2009 2008

2,001 -- 2,001- -

(2,387) (6)8,973 68,587 2,001

- -- 12,500- -- (56)- (12,444)- -

– 34 –

CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


7,983 9,2008,223 9,830


2009 2008


101 927 9

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

1.951.00




0.200.20

-0.200.20

-0.200.20

-


2009











2009 2008

16.26 15.730.01 0.02

16.27 15.75

17.42 16.680.02 0.02

17.44 16.70

10.97 10.390.01 0.01

10.98 10.40

7.98 8.150.01 -7.99 8.15

8.91 9.000.01 0.018.92 9.01

8.52 8.420.01 0.018.53 8.43

7.60 8.030.01 -7.61 8.03

7.81 8.16- 0.01

7.81 8.17

- -- -- -

– 35 –



Energy ..................................................................................................................................... 25.7Financials ................................................................................................................................ 23.0Materials ................................................................................................................................. 13.8Industrials ............................................................................................................................... 9.4Consumer Staples ................................................................................................................... 6.7Consumer Discretionary .......................................................................................................... 5.6Information Technology .......................................................................................................... 5.3Cash & Equivalents ................................................................................................................. 3.0Health Care ............................................................................................................................. 2.6Telecommunication Services .................................................................................................. 1.7Utilities .................................................................................................................................... 1.3Short Term Investments .......................................................................................................... 1.0Other Assets ........................................................................................................................... 0.9


Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world.

As at September 30, 2009, had the Canadian and global markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $21,470,000 (March 31, 2009 - $16,533,000). In practice, the actualresults may differ from this analysis and the difference may be material.



Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (24,625) 8,634 3.8Euro - 6,784 3.0Japanese Yen - 5,942 2.6British Pound - 3,339 1.5Swiss Franc - 634 0.3Australian Dollar - 473 0.2Swedish Krona - 406 0.2Hong Kong Dollar - 359 0.2Taiwan Dollar - 353 0.2Norwegian Krone - 294 0.1Singapore Dollar - 236 0.1Korean Won - 189 0.1Thai Baht - 183 0.1Malaysian Ringgit - 169 0.1Total (24,625) 27,995 12.5

CI Canadian Investment Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



Currency Risk (cont’d)


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Euro - 6,443 3.7 Japanese Yen - 4,864 2.8 US Dollar (22,188) 4,448 2.6 British Pound - 3,065 1.8 Swiss Franc - 584 0.3 Australian Dollar - 412 0.2 Swedish Krona - 391 0.2 Taiwan Dollar - 314 0.2 Norwegian Krone - 272 0.2 Korean Won - 239 0.1 Hong Kong Dollar - 166 0.1 Singapore Dollar - 163 0.1 Malaysian Ringgit - 131 0.1 Thai Baht - 77 0.1 Total (22,188) 21,569 12.5

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $2,800,000 (March 31, 2009 - $2,157,000). In practice, the actual results may differ from this analysis and thedifference may be material.

– 36 –

CI Can-Am Small Cap Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (20.8%) 211,900 Canadian Western Bank 4,053,244 4,204,096 360,400 Crombie REIT 3,067,160 3,697,704

4,675 E-L Financial Corp. Ltd. 2,057,508 2,221,794 196,300 GMP Capital Corp. 2,513,808 2,642,198 161,500 Industrial Alliance Insurance and Financial

Services Inc. 4,837,586 4,728,720 54,700 Intact Financial Corp. 1,588,895 1,852,142 15,000 iShares CDN S&P/TSX SmallCap 171,600 189,750 5,800 Ship Finance International Ltd. 125,742 76,318

18,415,543 19,612,722 ENERGY (17.0%)

326,800 AltaGas Income Trust 7,406,912 5,738,608 257,000 Mullen Group Ltd. 4,185,645 4,052,890 331,300 Pason Systems Inc.* 4,278,835 4,111,433 246,860 Savanna Energy Services Corp.* 2,781,611 1,644,088

17,000 Vermilion Energy Trust 502,989 502,860 19,155,992 16,049,879

CONSUMER STAPLES (11.6%) 70,500 Alberto-Culver Co. 2,361,084 2,085,540 91,400 Empire Co., Ltd., Class A 3,689,660 3,986,868 51,200 Metro Inc., Class A 1,506,640 1,786,880 93,400 Saputo Inc. 1,556,574 2,347,142 25,000 WD-40 Co.* 806,538 759,628

9,920,496 10,966,058 TELECOMMUNICATION SERVICES (11.3%)

200,100 Bell Aliant Regional Communications Income Fund 4,696,002 5,582,790

152,950 Manitoba Telecom Services Inc.* 5,619,622 5,094,764 10,315,624 10,677,554

INDUSTRIALS (8.6%) 117,764 Miller Industries Inc. 2,588,439 1,386,927 112,600 Richelieu Hardware Ltd. 2,290,032 2,182,188 367,300 Transcontinental Inc., Class A 5,136,141 4,510,444


94,750 Astral Media Inc., Class A, Non-Voting Shares* 3,054,845 3,136,225

40,000 Gentex Corp. 557,422 602,563 362,200 Leon's Furniture Ltd.* 4,377,163 3,748,770


128,700 Aastra Technologies Ltd.* 2,870,632 3,029,598 13,800 CGI Group Inc. 168,084 173,052

225,000 Total System Services Inc.* 4,182,313 3,878,438 7,221,029 7,081,088

MATERIALS (7.4%) 264,000 Canam Manac Group Inc., Class A 2,385,625 1,853,280 237,600 Canfor Corp.* 1,231,057 1,439,856 168,250 CCL Industries Inc., Class B 4,738,240 3,706,548

8,354,922 6,999,684

UTILITIES (5.1%) 65,300 Atco Ltd., Class I 2,672,922 2,729,540 58,000 WGL Holdings Inc.* 1,958,523 2,054,817

4,631,445 4,784,357 HEALTH CARE (1.0%)

127,600 Mediware Information Systems Inc. 998,935 974,067




Total Net Assets (100.0%) 94,188,428



– 37 –

CI Can-Am Small Cap Corporate Class Financial Statements (unaudited)












92,713 73,0732,776 3,055

- 3,499- -- -- -- -- -- -

60 149- -- -

335 28895,884 80,064

- -- -- -- -- -

1,525 -109 194

- -- -- -

62 481,696 242

94,188 79,822

96,843 96,858- -

57,660 53,8792,305 2,273

34,223 23,670

12.14 9.7011.20 8.9011.89 9.39

4,750,955 5,556,889205,717 255,343

2,878,295 2,520,853


as at as at










995 645698 664

9 13- -- -- -

(21) (12)1,681 1,310

592 57960 59

- -13 1733 32

698 687983 623

- -983 623

(606) 1,603(123) 84

(64) (66)- -

19,652 (7,524)18,859 (5,903)19,842 (5,280)

12,455 (3,503)547 (228)

6,840 (1,549)

2.38 (0.80)2.36 (0.90)2.46 (0.60)


2009 2008

– 38 –

CI Can-Am Small Cap Corporate Class Financial Statements (unaudited)



Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Fund merger (Note 1)















53,879 56,993

5,167 3,783- -

(3,598) (4,805)(10,467) (732)

224 -(8,674) (1,754)

- -- -- -- -

12,455 (3,503)57,660 51,736

2,273 2,131

256 1,081- -

(511) (152)(260) 267

- -(515) 1,196

- -- -- -- -

547 (228)2,305 3,099

23,670 31,186

11,024 1,224- -

(6,421) (2,619)(890) -

- -3,713 (1,395)

- -- -- -- -

6,840 (1,549)34,223 28,242

79,822 90,310

16,447 6,088- -

(10,530) (7,576)(11,617) (465)

224 -(5,476) (1,953)

- -- -- -- -

19,842 (5,280)94,188 83,077


2009 2008


2009 2008


– 39 –

CI Can-Am Small Cap Corporate Class Financial Statements – Supplementary Schedules (unaudited)



A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period

F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period

I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


2009 2008

5,556,889 4,484,831466,256 296,026

- -(322,649) (376,379)(969,098) (56,715)

19,557 -4,750,955 4,347,763

255,343 184,50625,604 91,023

- -(50,163) (13,018)(25,067) 22,532

- -205,717 285,043

2,520,853 2,593,2671,050,452 101,816

- -(612,160) (215,912)

(80,850) -- -

2,878,295 2,479,171





2009 2008

12.14 11.900.04 0.05

12.18 11.95

11.20 10.870.04 0.05

11.24 10.92

11.89 11.390.04 0.05

11.93 11.44


2009 2008


12,435 8,00412,684 8,553


2009 2008


63 662 5



2.001.00


0.200.20

-


2009

– 40 –



Consumer Staples ................................................................................................................... 17.5Financials ................................................................................................................................ 17.4Consumer Discretionary .......................................................................................................... 13.3Energy ..................................................................................................................................... 12.5Industrials ............................................................................................................................... 11.2Telecommunication Services .................................................................................................. 7.5Information Technology .......................................................................................................... 6.9Materials ................................................................................................................................. 5.4Short Term Investments .......................................................................................................... 4.4Cash & Equivalents ................................................................................................................. 3.8Other Assets ........................................................................................................................... 0.1

During the six-month period the Fund’s exposure to other price risk changed significantly as dis-closed in the section below. For details relating to credit risk, currency risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.

Other Price RiskThe Fund is predominantly invested in Canadian stocks and therefore sensitive to changes in gen-eral economic conditions in Canada.

As at September 30, 2009, had the Canadian markets increased or decreased by 10%, with allother variables held constant, net assets of the Fund would have increased or decreased, respec-tively, by approximately $9,271,000 (March 31, 2009 - $7,307,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.

CI Can-Am Small Cap Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)



– 41 –

CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



BRAZIL (11.0%) 46,200 Banco Bradesco SA, Preferred, ADR 858,213 983,842 56,527 BM&F Bovespa SA 455,198 446,162 36,422 Companhia de Concessoes Rodoviarias 538,470 667,181 36,323 Energias do Brasil SA 578,983 641,001 11,400 Gafisa S.A., ADR* 373,856 370,557 69,329 Itau Unibanco Banco Multiplo SA, ADR 1,099,012 1,495,679 43,307 MRV Engenharia e Participacoes SA 909,646 889,879 40,537 Net Servicos de Comunicacao SA, Preferred 537,672 503,696 28,000 Petroleo Brasileiro SA, ADR 1,026,351 1,375,703 65,700 Vale SA, ADR 1,205,060 1,625,600

7,582,461 8,999,300 SOUTH KOREA (10.8%)

12,570 KB Finanical Group Inc., ADR 964,423 691,073 7,085 KT&G Corp. 537,046 459,712 3,217 Megastudy Co., Ltd. 635,749 709,351 7,330 NHN Corp. 1,344,543 1,157,337 9,165 S1 Corp. 373,913 430,367 2,955 Samsung Electronics Co., Ltd. 1,962,178 2,188,963

14,048 Shinhan Financial Group Co., Ltd. 656,690 600,215 2,850 Shinsegae Co., Ltd. 1,466,641 1,543,186

31,247 Woongjin Coway Co., Ltd. 886,793 1,070,606 8,827,976 8,850,810

INDIA (7.9%) 177,600 Bharti Tele Ventures Ltd. 1,576,126 1,664,864

13,202 Housing Development Finance Corp., Ltd. 485,985 817,675 18,500 Infosys Technologies Ltd., ADR 614,430 957,672 76,700 Power Finance Corp., Ltd. 385,604 394,811

108,500 Rolta India Ltd. 700,092 431,348 12,742 State Bank of India Ltd., GDR 929,357 1,235,988 52,700 Sterlite Industries India Ltd. 791,151 915,942

5,482,745 6,418,300 TAIWAN (7.8%)

531,812 Acer Inc. 1,199,551 1,457,499 138,422 Delta Electronics Inc. 438,509 423,368 31,450 High Tech Computer Corp. 404,472 370,976

201,295 Hon Hai Precision Industry Co., Ltd. 1,013,227 865,571 86,166 MediaTek Inc. 1,130,933 1,542,610

230,209 Synnex Technology International Corp. 434,971 526,920 542,384 Taiwan Semiconductor Manufacturing Co., Ltd. 1,103,603 1,170,666

1,766 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 19,770 20,685

5,745,036 6,378,295 RUSSIA (7.4%)

12,600 Lukoil, ADR (London Stock Exchange) 841,566 729,821 18,400 Mobile Telesystems OJSC, ADR 1,104,367 950,919 21,100 NovaTek OAO, Registered GDR 951,886 1,113,725 73,700 OAO Gazprom, ADR 3,274,655 1,834,590 35,954 OAO TMK, Registered GDR 1,333,352 601,280 97,200 Rosneft Oil Co. 791,462 782,587

8,297,288 6,012,922

HONG KONG (7.1%) 19,200 China Mobile (Hong Kong) Ltd., ADR 1,193,316 1,008,298

336,400 China Overseas Land & Investment Ltd. 562,252 777,961 249,000 China Yurun Food Group Ltd. 407,109 570,336 11,700 CNOOC Ltd., ADR 1,363,037 1,693,977

469,000 New World Department Store China 289,787 401,709 3,460,000 Renhe Commercial Holdings 896,504 745,671

924,000 Want Want China Holdings Ltd. 433,312 582,081 5,145,317 5,780,033

SOUTH AFRICA (6.4%) 57,400 Absa Group Ltd.* 884,518 981,847 72,682 Aspen Pharmacare Holdings Ltd. 383,087 637,166 54,368 Massmart Holdings Ltd. 574,530 682,918 37,000 MTN Group Ltd.* 524,922 643,499 50,400 Naspers Ltd. 1,220,456 1,824,798 17,700 SABMiller PLC (ZAR)* 409,817 455,156

3,997,330 5,225,384 MEXICO (6.2%)

29,300 America Movil SAB de C.V., ADR, Series L 1,574,405 1,373,384 420,166 Corporacion GEO SAB de CV, Series B 1,112,266 1,214,870

13,100 Desarrolladora Homex SA, ADR 340,887 528,623 120,604 Grupo Financiero Banorte SA de CV 488,604 430,512 404,970 Grupo Mexico SA de CV 899,237 799,254 199,577 Wal-Mart de Mexico SA de CV* 557,204 740,914

4,972,603 5,087,557 CHINA (6.2%)

297,000 China Communications Construction Co., Ltd. 403,298 343,833 1,016,200 China Construction Bank Corp., Class H 743,710 868,993

201,600 China Shenhua Energy Co., Ltd., Class H 553,842 941,356 440,000 Harbin Power Equipment Co., Ltd. 768,744 443,126

2,191,000 Industrial & Commercial Bank of China 1,652,399 1,767,673 5,900 PetroChina Co., Ltd., ADR 818,014 718,542

4,940,007 5,083,523 ISRAEL (3.5%)

8,600 Elbit Systems Ltd. 490,108 623,126 86,900 ICL-Israel Chemicals Ltd. 782,693 1,064,228 21,100 Teva Pharmaceutical Industries Ltd., ADR 935,759 1,142,189

2,208,560 2,829,543 CAYMAN ISLANDS (2.8%)

247,000 China High Speed Transmission Equipment Group Co., Ltd. 400,000 542,551

230,500 Parkson Retail Group Ltd. 250,188 361,739 34,800 SINA Corp. 1,088,897 1,413,968

1,739,085 2,318,258 CZECH REPUBLIC (2.8%)

16,530 CEZ Group 946,874 945,638 6,229 Komercni Banka AS 1,217,810 1,322,958

2,164,684 2,268,596 THAILAND (2.8%)

152,100 Bangkok Bank PCL, Foreign Registered Shares 544,146 597,087 69,400 Banpu Public Co., Ltd. 553,514 951,865

254,900 Kasikornbank PCL, Foreign Registered Shares 543,223 718,827 1,640,883 2,267,779



– 42 –

CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


TURKEY (2.4%) 119,841 Akbank TAS 697,661 739,167

29,951 Anadolu Efes Biracilik ve Malt Sanayii AS 280,736 350,024 220,000 Turkiye Garanti Bankasi AS 652,672 888,754

1,631,069 1,977,945 CHILE (1.9%)

13,000 Banco Santander Chile SA, ADR 624,016 800,869 54,900 Lan Airlines SA, ADR 826,499 772,354

1,450,515 1,573,223 EGYPT (1.7%)

73,000 Commercial International Bank 718,812 794,077 12,469 Orascom Construction Industries 864,560 558,190

1,583,372 1,352,267 U.K. (1.4%)

39,573 Billiton PLC 998,035 1,151,593

COLOMBIA (1.2%) 21,700 Bancolombia SA, ADR 758,992 997,399

BERMUDA (0.8%) 1,666,800 GOME Electrical Appliances Holdings Ltd. 653,172 476,651

166,000 Huabao International Holdings Ltd. 192,538 190,571 845,710 667,222

INDONESIA (0.7%) 1,156,473 PT Bank Mandiri 394,703 600,155

PORTUGAL (0.5%) 44,000 Jeronimo Martins SGPS SA 334,282 411,563

POLAND (0.5%) 31,191 Powszechna Kasa Oszczédnosci Bank Polski SA 378,385 390,286




Total Net Assets (100.0%) 81,679,233

Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 43 –

CI Emerging Markets Corporate ClassFinancial Statements (unaudited)












76,642 51,0723,484 622

- -- -- -- -- -- -- -

1,807 6820 84

- -148 134

82,101 51,980

- -- -- -- -- -

396 5022 93

- -- -- -4 1

422 14481,679 51,836

70,971 67,489- -

46,463 26,9282,382 1,844

32,834 23,064

13.84 9.7816.49 11.5910.00 6.97

3,356,823 2,753,675144,387 159,063

3,284,064 3,307,940


as at as at










1,311 1,804- 342 11- -- -- -

(118) (134)1,195 1,715

408 59945 65

- -8 4

22 33483 701712 1,014

- -712 1,014

(347) 974(135) (120)(71) (114)

- -

22,088 (20,153)21,535 (19,413)22,247 (18,399)

11,522 (11,582)729 (877)

9,996 (5,940)

4.02 (3.65)5.01 (4.27)3.03 (2.42)


2009 2008

– 44 –

CI Emerging Markets Corporate ClassFinancial Statements (unaudited)


















26,928 50,325

9,550 4,815- -

(2,788) (4,449)1,251 (965)8,013 (599)

- -- -- -- -

11,522 (11,582)46,463 38,144

1,844 3,716

48 172- -

(136) (606)(103) 454(191) 20

- -- -- -- -

729 (877)2,382 2,859

23,064 16,869

99 15,347- -

(129) (86)(196) 1,205(226) 16,466

- -- -- -- -

9,996 (5,940)32,834 27,395

51,836 70,910

9,697 20,334- -

(3,053) (5,141)952 694

7,596 15,887

- -- -- -- -

22,247 (18,399)81,679 68,398


2009 2008


2009 2008


– 45 –

CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

2,753,675 3,104,016733,615 302,224

- -(229,067) (283,570)

98,600 (79,528)3,356,823 3,043,142

159,063 195,2313,271 10,183

- -(10,190) (34,334)

(7,757) 22,226144,387 193,306

3,307,940 1,497,27211,612 1,471,739

- -(14,718) (8,023)(20,770) 143,016

3,284,064 3,104,004





2009 2008

13.84 12.540.02 0.07

13.86 12.61

16.49 14.790.04 0.09

16.53 14.88

10.00 8.830.02 0.05

10.02 8.88


2009 2008


2,513 1,0122,564 1,081


2009 2008


64 1093 10



2.251.25


0.220.22

-


2009

– 46 –



Hong Kong ............................................................................................................................... 14.2Brazil ....................................................................................................................................... 12.7South Korea ............................................................................................................................ 11.1Mexico .................................................................................................................................... 7.2Russia ...................................................................................................................................... 6.6Taiwan ..................................................................................................................................... 6.6India ........................................................................................................................................ 6.1South Africa ............................................................................................................................ 5.4Israel ....................................................................................................................................... 4.6Chile ........................................................................................................................................ 3.6Cayman Islands ....................................................................................................................... 3.4Thailand .................................................................................................................................. 2.9U.K. .......................................................................................................................................... 2.8Czech Republic ........................................................................................................................ 2.7China ....................................................................................................................................... 2.5Turkey ...................................................................................................................................... 2.4Indonesia ................................................................................................................................. 1.4Cash & Equivalents ................................................................................................................. 1.2Colombia ................................................................................................................................. 1.2Egypt ....................................................................................................................................... 0.7Bermuda .................................................................................................................................. 0.5Other Assets ........................................................................................................................... 0.2


Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world.

As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $7,664,000 (March 31, 2009 - $5,107,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.

CI Emerging Markets Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 26,507 32.5Hong Kong Dollar - 8,887 10.9Korean Won - 8,160 10.0Taiwan Dollar - 6,503 8.0South Africa Rand - 6,132 7.5Indian Rupee - 4,225 5.2Brazilian Real - 3,196 3.9Mexican Peso - 3,186 3.9Thai Baht - 2,291 2.8Czech Koruna - 2,269 2.8Turkish Lira - 1,978 2.4Israeli Shekel - 1,687 2.1Egyptian Pound - 1,352 1.7Indonesian Rupiah - 600 0.7Euro - 412 0.5Polish Zloty - 400 0.5Argentine Peso - 54 0.1Philippine Peso - 16 0.1 Total - 77,855 95.6


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 18,502 35.7 Hong Kong Dollar - 6,711 12.9 Korean Won - 5,317 10.3 South Africa Rand - 4,343 8.4 Taiwan Dollar - 3,969 7.7 Brazilian Real - 2,333 4.5 Mexican Peso - 2,106 4.1 Indian Rupee - 1,918 3.7 Thai Baht - 1,481 2.9 Czech Koruna - 1,414 2.7 Israeli Shekel - 1,357 2.6 Turkish Lira - 1,273 2.5 Indonesian Rupiah - 726 1.4 Egyptian Pound - 374 0.7 Argentine Peso - 69 0.1 Philippine Peso - 19 0.1 Total - 51,912 100.3


– 47 –

CI European Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.K. (20.9%) 11,900 BHP Billiton PLC 297,669 347,742 5,295 British American Tobacco PLC 164,405 177,741 2,400 Carnival PLC 84,822 87,379

80,965 Centrica PLC 368,090 348,523 12,086 Diageo PLC 198,281 198,404 12,783 Imperial Tobacco Group PLC 535,804 395,197

6,500 Inmarsat PLC 54,641 61,164 78,300 Man Group PLC 420,452 443,417 11,700 Royal Dutch Shell PLC, Class A* 318,096 356,911 15,000 Standard Chartered PLC 333,291 395,730

2,775,551 2,812,208 GERMANY (14.6%)

7,825 DaimlerChrysler AG, Registered Shares* 332,149 422,973 4,441 Deutsche Boerse AG 407,521 388,609 7,044 Fresenius AG 541,955 439,471

714 Fresenius SE 58,890 37,633 2,288 Muenchener Rueckversicherungs AG,

Registered Shares* 355,874 391,675 5,338 SAP AG 265,007 278,253

1,961,396 1,958,614 FRANCE (13.6%)

6,615 Alstom 380,371 516,867 6,600 Bouygues SA 418,521 358,980 7,000 Publicis Groupe* 225,777 300,564 2,900 Societe Generale, Class A* 247,616 249,902 6,314 Total SA 401,811 401,643

1,674,096 1,827,956 DENMARK (9.4%)

55 AP Moller - Maersk A/S 375,819 404,002 6,800 FLSmidth & Co. A/S 259,508 395,730 7,000 Novo Nordisk A/S 387,335 468,511

1,022,662 1,268,243 SWITZERLAND (6.4%)

419 Givaudan SA 299,895 335,106 94 SGS SA, Registered Shares 127,391 135,011

1,506 Zurich Financial Services AG 306,161 383,437 733,447 853,554

SWEDEN (5.9%) 13,600 Electrolux AB, Series B* 133,211 333,136 46,900 Volvo AB, Series B* 323,804 464,574

457,015 797,710 NORWAY (5.3%)

15,974 Statoil ASA 345,947 384,621 10,100 Telenor ASA 73,889 125,057 6,172 Yara International ASA 301,035 207,412

720,871 717,090 FINLAND (4.2%)

11,700 Fortum OYJ 300,103 321,166 15,700 Nokia OYJ 249,934 246,969

550,037 568,135 U.S.A. (3.0%)

9,800 iShares S&P Europe 350 Index Fund 413,699 402,908

IRELAND (2.9%) 13,100 CRH PLC 339,047 389,562

NETHERLANDS (2.6%) 19,400 Royal KPN NV 279,338 344,534


ITALY (2.1%) 10,600 Eni SpA* 273,617 282,501

SPAIN (1.9%) 15,100 Banco Santander Central Hispano SA 261,547 260,243

AUSTRIA (1.5%) 4,200 Erste Bank der Oesterreichischen

Sparkassen AG 193,126 199,126




Total Net Assets (100.0%) 13,441,895



– 48 –

CI European Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares

13,005 11,184422 221

- -- -- -- -- -- -- -4 1- 47- -

20 3113,451 11,484

- -- -- -- -- -- -7 18- -- -- -2 19 19

13,442 11,465

11,861 12,762- -

12,966 11,083476 382

7.39 5.9710.63 8.53

1,753,806 1,857,62544,817 44,786


as at as at







Increase (decrease) in net assets from operations per classA SharesF Shares


A SharesF Shares

325 548- 4

18 33- -- -- -

(44) (74)299 511

123 24714 28

- -1 -7 14

145 289154 222

- -154 222

(138) (1,414)(41) (28)(30) (65)

- -

2,722 (5,280)2,513 (6,787)2,667 (6,565)

2,574 (6,345)93 (220)

1.43 (2.70)2.10 (3.61)


2009 2008

– 49 –

CI European Corporate ClassFinancial Statements (unaudited)














11,083 27,181

411 1,063- -

(832) (2,512)(270) (1,658)(691) (3,107)

- -- -- -- -

2,574 (6,345)12,966 17,729

382 1,018

10 185- -

(8) (365)(1) (17)1 (197)

- -- -- -- -

93 (220)476 601

11,465 28,199

421 1,248- -

(840) (2,877)(271) (1,675)(690) (3,304)

- -- -- -- -

2,667 (6,565)13,442 18,330


2009 2008


2009 2008


– 50 –

CI European Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






2009 2008

1,857,625 2,519,04161,699 102,278

- -(124,951) (249,234)

(40,567) (155,585)1,753,806 2,216,500

44,786 66,736914 14,056

- -(754) (26,869)(129) (1,094)

44,817 52,829




2009 2008

7.39 8.000.01 0.017.40 8.01

10.63 11.380.01 0.01

10.64 11.39


2009 2008


2,722 2,9112,776 3,111


2009 2008


29 631 6

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22


2009

– 51 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (42.7%) 17,543 Abbott Laboratories Inc. 914,971 928,041 40,177 AES Corp. 335,291 636,201

6,729 Alliance Data Systems Corp.* 341,699 440,046 19,906 Ameriprise Financial Inc. 868,294 774,493

8,489 Anadarko Petroleum Corp.* 378,924 569,411 6,761 Apollo Group Inc. 485,430 532,984 2,771 Apple Computer Inc. 314,196 549,477 7,152 Arch Capital Group Ltd. 484,048 516,485

20,747 Assurant Inc. 666,190 711,033 8,817 Biogen Idec Inc. 485,333 476,717 7,977 Celgene Corp. 453,192 477,334

49,659 Cisco Systems Inc. 1,320,286 1,249,969 10,300 CSX Corp. 513,863 460,959

9,843 Danaher Corp. 680,020 707,866 26,269 DIRECTV Group Inc.* 768,741 775,687 22,841 DR Horton Inc.* 440,103 278,540 14,930 Ecolab Inc. 591,978 738,659

8,819 EOG Resources Inc. 736,489 788,414 12,700 Fastenal Co.* 502,225 525,807

7,700 General Dynamics Corp. 518,470 531,987 10,100 Gilead Sciences Inc. 532,759 499,047

1,357 Google Inc., Class A 683,479 720,045 19,386 Hansen Natural Corp. 694,083 761,733 15,467 Hewlett-Packard Co. 670,094 780,794 5,956 International Business Machines Corp. 677,711 762,028

14,444 JP Morgan Chase & Co. 524,041 676,727 55,290 Kroger Co. 1,479,172 1,220,037 14,325 Medco Health Solutions Inc. 702,179 847,528 56,630 Microsoft Corp. 1,756,226 1,563,068 6,635 Monsanto Co. 726,690 549,051 2,400 Noble Energy Inc. 164,380 169,309

20,427 NRG Energy Inc. 545,026 616,084 50,249 Oracle Corp. 1,047,759 1,120,100 33,701 Pfizer Inc. 565,546 596,076

9,750 Phillip Morris International Inc. 482,374 507,746 11,858 QUALCOMM Inc. 590,084 568,518 16,310 Southwestern Energy Co. 732,669 743,896 16,509 St. Jude Medical Inc. 712,057 688,457 16,067 UnitedHealth Group Inc. 473,973 430,226 27,501 Urban Outfitters Inc. 521,743 888,031 33,720 US Bancorp 753,324 788,476 17,040 Vertex Pharmaceuticals Inc. 540,773 688,890 47,934 Walt Disney Co. 1,351,859 1,407,212 53,765 Xerox Corp. 459,719 444,391 18,674 XTO Energy Inc. 831,588 825,126

30,019,051 31,532,706 JAPAN (9.4%)

7,500 Canon Inc. 347,791 322,001 21,660 Credit Saison Co., Ltd. 739,748 271,749 8,000 FamilyMart Co., Ltd. 261,053 274,297 3,400 Fanuc Ltd. 287,109 324,386

15,500 Honda Motor Co., Ltd.* 433,589 507,419 36 Inpex Holdings Inc. 377,502 326,723

256 Japan Tobacco Inc. 1,162,589 934,231

JAPAN (9.4%) (cont’d)642 Jupiter Telecommunication Co. 513,325 656,924

16,000 Mitsubishi Corp. 235,837 345,376 89,900 Mitsubishi UFJ Financial Group Inc. 542,636 513,557 14,300 Nikon Corp.* 252,837 279,005

2,800 Nintendo Co., Ltd. 1,163,173 758,681 6,800 Nitori Co., Ltd. 465,053 617,955

72 Sony Financial Holding Inc. 220,013 221,279 14,000 Toyota Motor Corp. 820,183 592,720

7,822,438 6,946,303 U.K. (6.6%)

8,288 AstraZeneca PLC 350,719 397,604 20,875 BHP Billiton PLC 523,315 610,010 31,545 Diageo PLC 502,372 517,843 32,650 Imperial Tobacco Group PLC 1,226,428 1,009,402

131,206 Man Group PLC 702,330 743,027 25,157 Royal Dutch Shell PLC, Class A* 691,847 767,420 30,600 Standard Chartered PLC 678,239 807,288

4,675,250 4,852,594 HONG KONG (6.1%)

10,400 China Mobile (Hong Kong) Ltd., ADR 660,367 546,161 350,600 CNOOC Ltd. 430,264 505,660 78,800 Esprit Holdings Ltd. 532,050 560,635

161,300 Hutchison Whampoa Ltd. 1,803,141 1,237,842 256,500 Li & Fung Ltd. 967,027 1,117,978 32,600 Sun Hung Kai Properties Ltd. 402,562 514,316

4,795,411 4,482,592 GERMANY (4.9%)

16,542 DaimlerChrysler AG, Registered Shares* 714,776 894,162 7,152 Deutsche Boerse AG 650,850 625,835

12,146 Fresenius AG 886,800 757,781 3,991 Muenchener Rueckversicherungs AG,

Registered Shares* 614,154 683,207 12,154 SAP AG 629,756 633,550

3,496,336 3,594,535 FRANCE (3.6%)

16,338 Alstom 858,588 1,276,578 11,903 Publicis Groupe* 382,146 511,088

1,200 Societe Generale, Class A* 106,992 103,408 12,118 Total SA 772,484 770,843

2,120,210 2,661,917 NORWAY (3.0%)

30,528 Statoil ASA 665,408 735,051 73,794 Telenor ASA 546,483 913,709 17,420 Yara International ASA 731,265 585,405

1,943,156 2,234,165 SWITZERLAND (2.7%)

13,887 ACE Ltd. 731,903 794,405 6,000 Transocean Ltd. 517,569 549,437 2,630 Zurich Financial Services AG 537,352 669,614

1,786,824 2,013,456 DENMARK (2.5%)

135 AP Moller - Maersk A/S 935,937 991,640 12,271 Novo Nordisk A/S 669,216 821,300

1,605,153 1,812,940



– 52 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



IRELAND (2.4%) 21,162 Accenture PLC 726,299 844,432 30,600 CRH PLC 816,820 909,969

1,543,119 1,754,401 SOUTH KOREA (1.7%)

5,659 KT&G Corp. 353,850 367,186 2,400 Samsung Electronics Co., Ltd., GDR 671,380 876,222

1,025,230 1,243,408 FINLAND (1.7%)


1,171,161 1,215,150 TAIWAN (1.5%)

96,090 Hon Hai Precision Industry Co., Ltd. 398,734 413,188 58,445 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 588,081 684,563 986,815 1,097,751

SWEDEN (1.4%) 101,247 Volvo AB, Series B* 693,099 1,002,915

BRAZIL (1.3%) 33,700 Redecard SA 572,326 554,997 16,100 Vale SA, ADR 525,176 398,359

1,097,502 953,356 AUSTRALIA (1.2%)

15,532 Rio Tinto Ltd.* 522,660 868,587

JERSEY ISLAND (1.1%) 12,800 Housing Development Finance Ltd. 623,286 784,300


RUSSIA (1.0%) 28,100 OAO Gazprom, ADR 931,762 699,484


CHINA (0.8%) 713,500 Industrial & Commercial Bank of China 491,848 575,643


BERMUDA (0.6%) 11,338 Endurance Specialty Holdings Ltd. 358,130 442,590

INDIA (0.6%) 44,000 Bharti Airtel Ltd.,

Participating Notes (JP Morgan) 413,374 410,077

CZECH REPUBLIC (0.3%) 4,152 CEZ Group 182,640 237,525




Total Net Assets (100.0%) 73,845,427



– 53 –

CI Global Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares



73,299 70,816532 1,139

- -- -- -

307 577- -- -- -

52 51- 69- -

104 17874,294 72,830

- -- -- -- -- -

146 19292 307

- -- -- -

11 10449 336

73,845 72,494

69,746 82,424- -

70,505 69,1961,429 1,6681,673 1,556

58 1730 26

150 31

11.75 9.766.34 5.247.99 6.567.28 6.207.60 6.436.07 5.24

5,998,321 7,092,961225,403 318,441209,310 237,229

7,918 2,6673,988 4,017

24,628 6,007


as at as at



as at as at


– 54 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares















1,238 1,504- 47

35 61- -- -- -

(119) (197)1,154 1,415

723 1,32081 149

- -33 140 73

877 1,543277 (128)

- -277 (128)

(1,139) (14,494)(240) 42(131) (329)

- -

15,160 (6,735)13,650 (21,516)13,927 (21,644)

13,263 (19,173)306 (387)331 (2,070)

7 (1)5 (6)

15 (7)

2.03 (2.13)1.13 (1.15)1.44 (1.40)1.41 (0.72)1.35 (1.49)0.97 (1.70)

69,196 140,529

1,618 4,631- -

(11,356) (17,797)(2,216) (4,936)

(11,954) (18,102)

- -- -- -- -

13,263 (19,173)70,505 103,254

1,668 2,641

(63) 264- -

(325) (197)(157) (175)(545) (108)

- -- -- -- -

306 (387)1,429 2,146

1,556 14,441

68 300- -

(148) (427)(134) (1,298)(214) (1,425)

- -- -- -- -

331 (2,070)1,673 10,946


2009 2008


2009 2008


– 55 –

















72,494 157,709

1,734 5,263- -

(11,829) (18,436)(2,475) (6,444)

(12,570) (19,617)

- -- -

(6) (4)(6) (4)

13,927 (21,644)73,845 116,444

17 31

3 44- -- -

32 (51)35 (7)

- -- -

(1) (1)(1) (1)7 (1)

58 22

26 41

- -- -- -- -- -

- -- -

(1) (1)(1) (1)5 (6)

30 34

31 26

108 24- -- (15)- 16

108 25

- -- -

(4) (2)(4) (2)

15 (7)150 42




2009 2008



2009 2008

– 56 –

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2009 2008

7,092,961 9,631,743149,825 323,022

- -(1,041,140) (1,304,550)

(203,325) (261,825)5,998,321 8,388,390

318,441 340,943(6,508) 33,781

- -(60,879) (25,399)(25,651) (22,753)225,403 326,572

237,229 1,507,2649,559 31,595

- -(20,881) (42,975)(16,597) (157,772)

209,310 1,338,112

2,667 3,161428 4,442

- -- -

4,823 (4,936)7,918 2,667

4,017 4,078- -- -

(29) (31)- -

3,988 4,047

6,007 2,95918,640 2,808

- -(19) (1,638)

- 1,87724,628 6,006








2009 2008

11.75 12.310.02 0.01

11.77 12.32

6.34 6.570.01 0.016.35 6.58

7.99 8.180.02 0.018.01 8.19

7.28 8.080.02 0.017.30 8.09

7.60 8.320.02 0.017.62 8.33

6.07 6.990.01 0.016.08 7.00

– 57 –

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


7,160 12,3797,303 13,227


2009 2008


127 3216 28

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

2.001.00

Paid directly by investor2.001.002.00

0.220.22

-0.220.220.22


2009

– 58 –

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (67.3%) 443,952 Advocat Inc. 8,640,130 3,422,291

55,660 Amgen Inc. 3,724,418 3,589,257 201,900 Angiodynamics Inc.* 3,557,094 2,974,426 465,126 Angiotech Pharmaceuticals Inc. (USD) 3,682,951 861,520 150,000 Aphton Corp., Restricted Shares 363 337 119,095 Arena Pharmaceuticals Inc.* 1,299,428 568,692 494,900 BioMarin Pharmaceuticals Inc.* 6,703,851 9,553,481 809,700 Boston Scientific Corp.* 18,789,158 9,171,878 100,000 Brookdale Senior Living Inc. 1,658,679 1,937,881 221,301 Capital Senior Living Corp.* 1,945,753 1,445,312

83,500 Celgene Corp. 4,581,452 4,996,536 151,500 Cooper Cos., Inc. 6,329,651 4,822,320

52,725 Cubist Pharmaceuticals Inc. 1,129,432 1,139,728 185,000 EV3 Inc.* 2,166,815 2,438,250

6,976 Exelixis Inc. 36,650 47,577 59,050 Genzyme Corp. 3,566,110 3,581,528 64,400 Gilead Sciences Inc. 3,183,246 3,182,043 15,000 Hansen Medical Inc.* 221,203 55,406

565,000 HealthSouth Corp.* 14,316,327 9,460,927 132,250 Hospira Inc.* 5,141,778 6,306,587 250,000 Human Genome Sciences Inc.* 1,269,318 5,032,066 265,900 Idenix Pharmaceuticals Inc.* 3,997,228 876,834 333,800 ImmunoGen Inc.* 2,639,185 2,898,382 267,700 Inspire Pharmaceuticals Inc.* 1,426,225 1,490,391 150,000 Merck & Co., Inc. 5,183,575 5,071,680 318,155 NovaMed Inc.* 1,405,871 1,529,444 118,700 Onyx Pharmaceuticals Inc. 3,941,168 3,807,510 205,000 Psychiatric Solutions Inc.* 7,224,067 5,871,190

1,267,500 Rite Aid Corp. 5,093,576 2,198,424 87,401 Wright Medical Group Inc.* 1,529,369 1,670,333 55,998 Zimmer Holdings Inc. 2,740,998 3,204,562

160,000 ZymoGenetics Inc.* 2,586,973 1,032,965 129,712,042 104,239,758

AUSTRALIA (5.5%) 1,900,000 Healthscope Ltd.* 6,541,684 8,561,227

IRELAND (5.5%) 150,000 Covidien PLC 6,670,238 6,945,857 200,100 Elan Corp. PLC, ADR 2,060,618 1,521,086

8,730,856 8,466,943 U.K. (5.4%)

307,201 GlaxoSmithKline PLC 9,978,050 6,462,106 163,874 Synergy Health PLC 1,284,092 1,836,430

11,262,142 8,298,536 FRANCE (3.6%)

70,000 Sanofi-Aventis* 6,056,854 5,498,002

CANADA (2.8%) 1,437,139 Patheon Inc.* 7,499,839 4,268,303

SWITZERLAND (2.1%) 18,400 Roche Holding AG 3,133,539 3,182,740

GERMANY (1.9%) 100,000 Stada Arzneimittel AG* 3,790,613 2,915,785

BRAZIL (1.4%) 325,000 Medial Saude SA 3,794,810 2,097,725

SINGAPORE (1.1%) 800,000 Biosensors International Group 493,195 376,988

1,239,000 Raffles Medical Group Ltd. 1,062,039 1,271,310 1,555,234 1,648,298

JAPAN (1.0%) 70,080 Sugi Pharmacy Co., Ltd.* 1,559,038 1,591,307


Total Equities (97.6%) 183,255,342 150,768,624


Short Option Contracts (-0.1%) (see Schedule A) (39,882) (23,929)



Total Net Assets (100.0%) 154,842,614



– 59 –

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



Schedule AShort Option Contracts (-0.1%)

Contracts No. of underlying interest Underlying Interest Expiry Date Strike Price ($) Premium Paid (Received) ($) Fair Value ($)

(1,490) (149,000) Rite Aid Corp. Call 16-Jan-10 2.50 (39,882) (23,929)

Total Short Option Contracts Value (39,882) (23,929)

– 60 –





Net assets per classA SharesF SharesI SharesY SharesZ Shares


A SharesF SharesI SharesY SharesZ Shares



CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)



150,769 96,8353,537 1,457

- -- -- -- -

16 -- -- -

132 48802 1,095

- -383 470

155,639 99,905

- -- -- -- -

40 -230 909502 371

- -- -- -

24 6796 1,286

154,843 98,619

183,255 171,928- -

113,627 95,6912,938 2,408

637 520587 -

37,054 -

20.17 15.5112.21 9.3411.43 8.6810.46 -10.44 -

5,632,793 6,170,525240,676 257,869

55,747 59,94056,089 -

3,547,797 -


as at as at







Increase (decrease) in net assets from operations per classA SharesF SharesI SharesY SharesZ Shares



1,030 816- 19

45 147- 130- -- -

(180) (145)895 967

1,146 1,444128 161

- 151 364 80

1,389 1,689(494) (722)

- -(494) (722)

(11,799) (580)(485) 44(86) (74)

- -

42,623 (2,755)30,253 (3,365)29,759 (4,087)

27,237 (4,005)726 (77)155 (5)

27 -1,614 -

4.65 (0.55)2.88 (0.25)2.73 (0.05)0.47 -0.46 -


2009 2008

– 61 –

CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)














Y SharesNet assets, beginning of periodCapital transactions




Z SharesNet assets, beginning of periodCapital transactions








95,691 150,028

2,823 3,597- -

(11,195) (17,785)(929) (929)

- -(9,301) (15,117)

- -- -- -- -

27,237 (4,005)113,627 130,906

2,408 4,331

131 463- -

(392) (1,130)65 (337)

- -(196) (1,004)

- -- -- -- -

726 (77)2,938 3,250

520 1,362

2 2- -

(3) (236)(37) (496)

- -(38) (730)

- -- -- -- -

155 (5)637 627

- -

133 -- -- -

(2) -429 -560 -

- -- -- -- -

27 -587 -

- -

1,573 -- -

(1,193) -(114) -

35,174 -35,440 -

- -- -- -- -

1,614 -37,054 -

98,619 155,721

4,662 4,062- -

(12,783) (19,151)(1,017) (1,762)35,603 -26,465 (16,851)

- -- -- -- -

29,759 (4,087)154,843 134,783


2009 2008


2009 2008


– 62 –

CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period

Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


2009 2008

6,170,525 7,705,401159,280 182,655

- -(641,823) (900,518)

(55,189) (48,636)- -

5,632,793 6,938,902

257,869 373,27312,771 39,035

- -(36,970) (96,272)

7,006 (28,427)- -

240,676 287,609

59,940 127,828223 221

- -(334) (22,006)

(4,082) (46,016)- -

55,747 60,027

- -13,310 -

- -(2) -

(161) -42,942 -56,089 -

- -157,257 -

- -(115,780) -

(11,073) -3,517,393 -3,547,797 -




Y SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share

Z SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share


2009 2008

20.17 18.870.04 0.08

20.21 18.95

12.21 11.300.02 0.05

12.23 11.35

11.43 10.440.02 0.04

11.45 10.48

10.46 -0.02 -

10.48 -

10.44 -0.02 -

10.46 -

– 63 –


2009 2008


82 6512 9


2009 2008


29,319 40,87429,906 43,675

CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateA SharesF SharesI SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ Shares

2.001.00


0.220.22

-0.220.22


2009

– 64 –



U.S.A. ...................................................................................................................................... 62.9Australia .................................................................................................................................. 6.9U.K. .......................................................................................................................................... 6.9France ...................................................................................................................................... 5.0Bermuda .................................................................................................................................. 4.2Canada .................................................................................................................................... 3.5Germany .................................................................................................................................. 2.3Finland ..................................................................................................................................... 1.8Japan ...................................................................................................................................... 1.6Cash & Equivalents ................................................................................................................. 1.5Ireland ..................................................................................................................................... 1.3Brazil ....................................................................................................................................... 0.9Singapore ................................................................................................................................ 0.8Other Assets ........................................................................................................................... 0.4




CI Global Health Sciences Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (24) 116,749 75.4Australian Dollar - 8,758 5.7Euro - 8,414 5.4British Pound - 8,392 5.4Swiss Franc - 3,183 2.1Brazilian Real - 2,098 1.4Singapore Dollar - 1,648 1.1Japanese Yen - 1,596 1.0Total (24) 150,838 97.5


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 69,440 70.4 Euro - 8,736 8.9 Australian Dollar - 6,919 7.0 British Pound - 6,869 7.0 Japanese Yen - 1,614 1.6 Brazilian Real - 936 0.9 Singapore Dollar - 825 0.8 Total - 95,339 96.6


– 65 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


EQUITIES SUBJECT TO FORWARD (112.8%) 38,596 Agnico-Eagle Mines Ltd. 2,464,365 2,794,736

206,284 Celtic Exploration Ltd. 2,809,588 3,907,019 371,334 CGI Group Inc. 3,609,366 4,656,528 258,320 Eldorado Gold Corp. 2,464,373 3,138,588 586,552 HudBay Minerals Inc. 3,554,505 7,566,521 398,524 Ivanhoe Mines Ltd. 2,809,594 5,435,867 577,968 Red Back Mining Inc. 3,554,503 6,947,175

47,600 Research In Motion Ltd. 4,362,064 3,445,288 287,349 RONA Inc. 3,554,507 4,310,235 154,181 Stantec Inc. 3,609,378 4,132,051 140,909 Teck Resources Ltd. 4,061,012 4,155,406 273,041 Viterra Inc. 2,809,592 2,913,347

Commission and other portfolio transaction costs -

Total Equities Subject to Forward (112.8%) 39,662,847 53,402,761


Forward Contract (-19.2%) (see Schedule A) (9,082,852)



Total Net Assets (100.0%) 47,346,742

Schedule AForward Contract (-19.2%)

No. of Shares/Face Amount Investments sold forward Fair Value $

38,596 Agnico-Eagle Mines Ltd. (2,794,736)206,284 Celtic Exploration Ltd. (3,940,024)371,334 CGI Group Inc. (4,656,528)258,320 Eldorado Gold Corp. (3,141,171)586,552 HudBay Minerals Inc. (7,566,521)398,524 Ivanhoe Mines Ltd. (5,483,690)577,968 Red Back Mining Inc. (6,952,955)

47,600 Research In Motion Ltd. (3,445,288)287,349 RONA Inc. (4,310,235)154,181 Stantec Inc. (4,132,051)140,909 Teck Resources Ltd. (4,156,816)273,041 Viterra Inc. (2,916,078)

(53,496,093)

Notional Shares Underlying Accounts Fair Value $

221,730 National Bank of Canada Global BB Units (See Schedule 1) 16,781,270 264,224 National Bank Financial Inc. BB Units (See Schedule 2) 27,631,971

44,413,971

Total Forward Contracts Value (9,082,852)

Due date April 6, 2011 Credit Rating of the Counterparty* A-1

*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service,Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.



– 66 –– 66 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2009)

No. of Shares/ Average Fair Face Amount Cost ($) Value ($)

4,600 Air Liquide 521,592 560,360 73,500 BAE Systems PLC 447,014 439,121 12,300 Banco Santander Central Hispano SA 217,421 211,986

5,600 BASF AG 348,406 317,706 12,000 BCE Inc. 322,513 316,680

8,500 Belgacom SA 378,089 354,516 13,300 British American Tobacco PLC 463,527 446,678 10,020 Companhia Brasileira de Meios de Pagamento 89,511 106,459 34,600 Compass Group PLC 216,203 226,310 73,100 Enel SpA 705,379 496,782

184,001 Far EasTone Telecommunications Co., Ltd. 280,316 231,512 26,500 France Telecom SA 918,308 755,868 24,700 Imperial Tobacco Group PLC 890,305 764,044 15,540 InBev NV 506,747 759,774 23,840 InBev VVPR Strip - 112 11,500 Manitoba Telecom Services Inc. 469,258 383,180 7,014 MediaTek Inc. 97,373 125,805

54,600 Meggitt PLC 219,628 217,750 4,300 Mobistar SA 306,004 318,601

54,300 National Grid PLC 708,239 561,125 16,200 Nestle SA, Registered Shares 702,135 739,217 10,800 Next PLC 295,988 331,119 35,300 Pearson PLC 415,237 465,642 19,480 Redecard SA 284,939 320,811

5,800 RWE AG, Class A 676,635 576,774 15,700 Scor SE 399,676 459,500 19,700 Scottish and Southern Energy PLC 396,632 395,355 20,800 Shaw Communications Inc., Class B 414,232 403,104

1,700 Swisscom AG, Registered Shares 579,046 651,265 109,700 Taiwan Semiconductor Manufacturing Co., Ltd. 222,942 236,773

24,100 Telefonica SA 677,938 711,955 12,100 Telekom Austria AG 310,021 233,564 97,400 Terna SpA 400,108 406,692 52,200 Toll Holdings Ltd. 290,490 420,614

6,600 Total SA 474,166 419,887 56,336 United Utilities PLC 667,945 440,093

9,500 Vinci SA 478,489 575,433 18,000 Vivendi Universal SA 646,855 596,334

186,400 Vodafone Group PLC 586,692 447,113 15,932 Westpac Banking Corp. 310,381 395,061

Total Investments 17,336,380 16,820,675

Other Assets (39,405)

Total Net Asset Value 16,781,270

Schedule 2National Bank Financial Inc. BB Units Investment Portfolio (as at September 30, 2009)

No. of Shares/ Average Fair Face Amount Cost ($) Value ($)

37,100 Altria Group Inc. 793,371 707,435 12,200 Arthur J. Gallagher & Co. 273,348 318,320 11,200 AstraZeneca PLC, ADR 466,077 539,009 22,900 AT&T Inc. 819,566 662,230 5,100 Automatic Data Processing Inc. 208,211 214,591 5,900 Ball Corp. 274,625 310,789 5,700 BHP Billiton Ltd., ADR 302,079 402,840 7,900 BP PLC, ADR 432,450 450,228

21,400 Bristol-Myers Squibb Co. 515,818 515,977 15,000 CenturyTel Inc. 549,235 539,609

4,000 Chevron Corp. 354,861 301,624 20,695 Chunghwa Telecom Co., Ltd., ADR 550,795 399,715

4,000 Coca-Cola Co. 213,569 229,976 5,500 ConocoPhillips 423,734 265,929 3,900 DaVita Inc. 211,471 236,503

12,400 Diageo PLC, ADR 971,844 816,347 3,200 Diamond Offshore Drilling Inc. 361,947 327,260

35,600 Duke Energy Corp. 657,281 599,934 8,900 EI Du Pont de Nemours & Co. 403,668 306,256

10,900 Emerson Electric Co. 416,153 467,738 4,200 Eni SpA, ADR 274,764 224,162 4,400 Exxon Mobil Corp. 387,552 323,213 7,400 Federated Investors Inc., Class B 210,889 208,925

25,400 Frontier Communications Corp. 233,704 205,047 10,800 Genuine Parts Co. 454,730 440,090

7,300 H.J. Heinz Co. 299,306 310,677 12,900 Honeywell International Inc. 477,238 513,094 10,900 Johnson & Johnson 772,147 710,593

3,900 Kellogg Co. 203,522 205,562 6,800 Kimberly-Clark Corp. 406,217 429,400 7,400 Kinder Morgan Energy Partners LP 427,859 427,991

14,000 Kraft Foods Inc., Class A 427,249 393,765 9,300 Lorillard Inc. 683,036 739,810 8,500 McDonald's Corp. 553,215 519,368

13,800 Merck & Co., Inc. 411,676 467,333 5,600 MetLife Inc. 195,693 228,255 3,300 MetLife Inc., 6.5% Preferred 78,632 83,842

22,400 Microsoft Corp. 531,262 620,910 7,500 Nicor Inc. 318,504 293,814

23,100 NiSource Inc. 329,298 343,528 11,100 NSTAR 375,715 378,157 4,400 Nucor Corp. 219,946 221,458 3,600 NYSE Euronext 83,744 111,352

12,800 OGE Energy Corp. 397,311 453,340 9,200 ONEOK Inc. 318,484 360,707

13,000 Oracle Corp. 306,642 290,061 8,672 Philippine Long Distance Telephone Co., ADR 551,324 477,233

14,600 Phillip Morris International Inc. 748,966 761,880 9,800 Progress Energy Inc. 429,540 409,833 4,600 Reynolds American Inc. 267,104 219,261 7,000 Royal Dutch Shell PLC, Class A, ADR 489,170 428,614 5,400 SCANA Corp. 205,311 201,775

14,700 Southern Co. 534,632 498,441 20,900 Statoil ASA, ADR 546,286 504,369 16,600 SUPERVALU Inc. 335,124 267,659 18,700 TECO Energy Inc. 313,081 281,898

8,100 Tupperware Brands Corp. 326,796 346,198 8,000 Vectren Corp. 213,296 197,343 2,700 Ventas Inc. 114,192 111,294

20,900 Verizon Communications Inc. 770,426 677,341 9,400 Waste Management Inc. 304,488 300,112

14,100 Westar Energy Inc. 327,194 294,527 8,100 WGL Holdings Inc. 330,287 287,399

41,800 Windstream Corp. 489,832 453,351

Total Investments 25,875,487 24,835,292

Other Assets 2,796,679

Total Net Asset Value 27,631,971

– 67 –

CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)



AssetsInvestments at fair value*CashShort term investmentsUnrealized gain on forward contractMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsCash collateral received for securities on loan (Note 6)Premium paid for options contractReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsUnrealized loss on forward contractPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable



Net assets per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares


A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



53,403 36,8533,228 4,536

- -- 1,655- -- -- -- -- -- -

112 129- -- -5 5

56,748 43,178

- -- -- -- -

9,083 -- -- -

252 49- -

23 21- -- -

43 99,401 79

47,347 43,099

39,663 39,321- -

30,334 28,3842,870 2,440

10,568 9,3291,519 1,078

- 1892,050 1,674

6 5- -

7.56 6.757.84 6.968.03 7.087.17 6.57

- 9.496.67 6.216.99 6.48

- -

4,014,095 4,204,516366,134 350,446

1,316,598 1,317,177211,857 164,065

- 19,946307,425 269,471

839 839- -


as at as at



as at as at


– 68 –





Expenses absorbed by the managerNet investment income (loss) for the period


Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsForward feesChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares




Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on shares redeemedConversion of shares (net)











- -1 52

28 -- -- -9 18- -

38 70

325 35939 44

- 134 1018 19

416 433- -

(378) (363)

343 (1,208)(39) 26

- -- -

(131) (130)

5,469 (3,435)5,642 (4,747)5,264 (5,110)

3,331 (3,340)302 (269)

1,254 (1,226)142 (96)19 -

215 (168)1 (6)- (5)

0.81 (0.80)0.87 (0.84)0.94 (0.74)0.78 (0.93)0.93 -0.73 (0.91)0.80 (0.77)

- (0.52)

28,384 35,501

2,556 4,999- -

(2,800) (2,945)- -

(1,137) (1,732)(1,381) 322

- -- -- -- -

3,331 (3,340)30,334 32,483

2,440 2,465

441 1,140- -

(385) (499)- -

72 (110)128 531

- -- -- -- -

302 (269)2,870 2,727

9,329 13,746

571 1,369- -

(502) (1,775)- -

(84) 714(15) 308

- -- -- -- -

1,254 (1,226)10,568 12,828


2009 2008


2009 2008


– 69 –

























5 56

- -- -- -- -- -- -

- -- -- (2)- (2)1 (6)6 48

- 97

- 1- -- (1)- -- (88)- (88)

- -- -- (4)- (4)- (5)- -

43,099 53,963

4,482 8,219- -

(3,881) (5,462)- -

(1,499) (1,113)(898) 1,644

- -- -

(118) (105)(118) (105)

5,264 (5,110)47,347 50,392

1,078 708

327 232- -

(14) (35)- -

20 69333 266

- -- -

(34) (26)(34) (26)

142 (96)1,519 852

189 -

- -- -

(1) -- -

(204) -(205) -

- -- -

(3) -(3) -

19 -- -

1,674 1,390

587 478- -

(179) (207)- -

(166) 34242 305

- -- -

(81) (73)(81) (73)

215 (168)2,050 1,454




2009 2008



2009 2008

– 70 –

CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

4,204,516 4,106,310367,405 586,224

- -(400,115) (345,472)(157,711) (201,764)

4,014,095 4,145,298

350,446 279,47658,515 132,497

- -(52,050) (58,666)

9,223 (14,003)366,134 339,304

1,317,177 1,552,75778,195 156,038

- -(66,837) (210,405)(11,937) 80,787

1,316,598 1,579,177

164,065 79,22047,042 25,676

- -(1,972) (3,820)2,722 7,235

211,857 108,311

19,946 -- -- -

(106) -(19,840) -

- -

269,471 158,51690,849 54,292

- -(27,467) (24,670)(25,428) 3,614

307,425 191,752

839 6,215- -- -- (51)- -

839 6,164



2009 2008

- 11,181- 64- -- (101)- (11,144)- -

– 71 –

CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


- -- -


2009 2008


- -- -

Annual management fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

2.101.10

Paid directly by investor2.10



0.220.22

-0.22

-0.220.22

-


2009










2009 2008

7.56 7.840.01 -7.57 7.84

7.84 8.040.01 0.017.85 8.05

8.03 8.120.01 0.018.04 8.13

7.17 7.870.01 0.017.18 7.88

- -- -- -

6.67 7.580.01 0.016.68 7.59

6.99 7.860.01 0.017.00 7.87

- -- -- -

– 72 –

Portfolio Breakdown of the Underlying Accounts as at March 31, 2009Percentage of


Telecommunication Services .................................................................................................. 16.9Consumer Staples ................................................................................................................... 16.7Utilities .................................................................................................................................... 16.4Cash & Equivalents ................................................................................................................. 10.5Energy ..................................................................................................................................... 9.0Materials ................................................................................................................................. 6.4Health Care ............................................................................................................................. 5.8Other Assets ........................................................................................................................... 4.9Consumer Discretionary .......................................................................................................... 4.5Industrials ............................................................................................................................... 3.6Financials ................................................................................................................................ 2.8Information Technology .......................................................................................................... 2.5

During the six-month period the Fund’s exposure to currency risk changed significantly as disclosedin the section below. For details relating to other price risk, credit risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.

CI Global High Dividend Advantage Fund (the “Fund”) is exposed to the financial instruments’ risksof the National Bank of Canada Global BB units and National Bank Financial Inc BB units (the“Underlying Accounts”). The Fund was created to obtain exposure to an actively managed portfolioof global equities by virtue of the Forward Agreement. By entering into the Forward Agreement, theFund eliminated the direct risk exposure to its common share portfolio and assumed the risk expo-sure of the National Bank of Canada Global BB units and National Bank Financial Inc., BB units aswell as credit risk to the Counterparty of the Forward Agreement. For details of the credit rating ofthe Counterparty to the Forward Agreement please refer to the “Statement of Investment Portfolio”- Schedules A and B.

Currency RiskThe tables below summarize the Underlying Accounts’ exposure to currency risk, net of derivativeinstruments,as applicable.

as at September 30, 2009Net

AssetsCurrency (%)US Dollar 31.8 Euro 17.2 British Pound 10.9 Swiss Franc 3.1 Australian Dollar 1.9 Taiwan Dollar 1.4 Brazilian Real 0.9 Total 67.2

CI Global High Dividend Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)




as at March 31, 2009Net

AssetsCurrency (%)US Dollar 26.4 Euro 19.9 British Pound 8.2 Swiss Franc 3.6 Australian Dollar 3.4 Brazilian Real 1.2 Taiwan Dollar 0.9 Swedish Krona 0.6 Norwegian Krone 0.1 Total 64.3

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Accounts, with all other variables held con-stant, net assets of the Fund would have decreased or increased, respectively, by approximately$3,182,000 (March 31, 2009 - $2,490,000). In practice, the actual results may differ from this analy-sis and the difference may be material.

– 73 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (54.7%) 5,400 Abbott Laboratories Inc. 292,753 285,665 5,700 Alliance Data Systems Corp.* 245,756 372,754 3,300 Apollo Group Inc. 247,261 260,146 3,550 Apple Computer Inc. 416,880 703,949

10,150 Bank of New York Mellon Corp. 329,026 315,038 13,200 Charles Schwab Corp.* 227,263 270,216 13,590 Cisco Systems Inc. 271,723 342,074 13,460 Comcast Corp., Class A 245,905 243,257 13,800 Comcast Corp., Special Class A 242,763 237,287 60,000 Consumer Staples Select Sector SPDR Fund 1,844,053 1,634,886 16,050 Corning Inc. 290,556 262,571

2,000 Danaher Corp. 145,672 143,831 6,450 DaVita Inc. 358,340 390,242

47,100 Dow Jones Euro Stoxx 50 Fund 2,147,552 2,084,178 3,740 EOG Resources Inc. 246,401 334,354

820 Google Inc., Class A 380,429 435,105 5,500 Hansen Natural Corp. 203,513 216,111

38,000 iShares MSCI EMU Index Fund 1,387,123 1,544,801 80,000 iShares MSCI Japan Index Fund 995,168 849,670 15,700 Kroger Co. 443,289 346,438

4,000 Laboratory Corp. of America Holdings 305,968 281,367 7,780 Marathon Oil Corp. 276,370 265,300 1,250 Mastercard Inc., Class A 270,222 270,313

13,400 MEMC Electronic Materials Inc. 268,711 238,012 12,570 Merck & Co., Inc.* 431,300 425,007

9,600 MetLife Inc. 322,402 391,293 43,350 Microsoft Corp. 1,224,941 1,196,521 3,200 Monsanto Co. 298,107 264,802 2,400 New Oriental Education &

Technology Group, ADR 177,228 206,722 4,450 Noble Energy Inc. 241,125 313,927 4,590 Northrop Grumman Corp. 247,042 254,118

14,850 Oracle Corp. 324,782 331,021 7,050 Phillip Morris International Inc. 352,928 367,140 2,250 Praxair Inc. 196,335 196,644 2,200 Priceline.com Inc.* 190,950 389,942 6,740 Prudential Financial Inc. 277,115 359,583

21,500 SPDR Gold Trust 1,133,208 2,275,200 8,750 Sybase Inc. 352,536 364,142 6,850 Thermo Fisher Scientific Inc. 318,203 319,761 5,400 Tupperware Brands Corp. 228,603 230,451 8,800 Urban Outfitters Inc. 155,368 284,160

10,500 US Bancorp 210,174 245,522 3,600 Visa Inc., Class A 257,184 266,143 8,300 Wal-Mart Stores Inc. 530,412 435,612 6,600 XTO Energy Inc. 296,162 291,626

19,848,802 21,736,902 JAPAN (7.2%)

31,875 Bank of Yokohama Ltd. 219,026 166,121 6,469 Canon Inc. 269,738 277,736 2,100 Fanuc Ltd. 177,855 200,356

12,870 Mitsubishi Corp. 300,301 277,811 3,257 Mitsui Sumitomo Insurance

Group Holdings Inc. 108,697 95,553 152,300 Mizuho Financial Group Inc. 909,527 321,489

JAPAN (7.2%) (cont’d)650 Nintendo Co., Ltd. 248,965 176,122

47,230 Nipponkoa Insurance Co., Ltd. 469,738 315,427 12,015 Nomura Research Institute Ltd. 295,509 303,775 15,930 Seven & I Holdings Co., Ltd. 415,061 404,658 19,376 Sumitomo Metal Mining Co., Ltd. 326,908 338,990

3,741,325 2,878,038 GERMANY (5.3%)

6,340 Adidas AG 268,258 359,391 1,733 Allianz AG, Registered Shares* 270,631 232,180 5,100 Bayer AG 343,175 378,035 3,300 Deutsche Boerse AG 298,656 288,766 9,170 SAP AG 432,340 478,004 3,790 Siemens AG, Registered Shares 293,007 374,754

1,906,067 2,111,130 SWITZERLAND (3.8%)

2,200 Alcon Inc. 223,818 326,628 6,250 Nestle SA, Registered Shares 277,887 285,063 4,250 Roche Holding AG 678,921 735,144 1,550 Transocean Ltd. 141,445 141,938

1,322,071 1,488,773 U.K. (3.6%)

16,908 Cadbury PLC 206,173 232,001 21,160 GlaxoSmithKline PLC 606,890 445,110 10,200 Standard Chartered PLC 232,295 269,096 20,025 Vodafone Group PLC, ADR 522,907 482,396

1,568,265 1,428,603 FRANCE (3.5%)

3,900 Alstom 282,365 304,729 4,400 Groupe Danone* 240,995 283,372 5,000 Publicis Groupe* 151,044 214,689

13,029 UbiSoft Entertainment 324,207 264,152 9,510 Vivendi Universal SA 276,184 315,063

1,274,795 1,382,005 IRELAND (2.0%)

11,962 Covidien PLC 442,460 553,909 8,200 Ryanair Holdings PLC, ADR 275,195 254,952

717,655 808,861 BERMUDA (1.6%)

6,840 Everest Re Group Ltd. 573,538 642,104

DENMARK (1.2%) 3,500 Novo Nordisk A/S 199,312 234,256 2,900 Vestas Wind Systems A/S 156,698 224,463

356,010 458,719 CANADA (1.0%)

4,200 Barrick Gold Corp. (USD) 167,584 170,292 21,120 Yamana Gold Inc. 205,106 241,498

372,690 411,790 NETHERLANDS (0.9%)

7,100 Heineken NV 357,645 350,411

NORWAY (0.9%) 14,500 Statoil ASA 495,304 349,130



– 74 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


HONG KONG (0.9%) 18,357 Cheung Kong Holdings Ltd. 234,948 247,259

650 CNOOC Ltd., ADR 98,174 94,110 333,122 341,369

BELGIUM (0.8%) 6,320 InBev NV 157,416 308,994

10,720 InBev VVPR Strip - 50 157,416 309,044

ITALY (0.8%) 32,400 Geox SpA 261,301 298,237

BRAZIL (0.7%) 10,300 Diagnosticos da America SA 170,598 285,224

SWEDEN (0.7%) 25,616 Telefonaktiebolaget LM Ericsson, Class B 412,069 274,986

RUSSIA (0.7%) 10,600 OAO Gazprom, ADR 417,878 263,862

CHINA (0.6%) 3,150 China Life Insurance Co., Ltd., ADR 229,102 221,240

CAYMAN ISLANDS (0.5%) 450 Baidu Inc., ADR 184,549 188,309


Commission and other portfoliotransaction costs (55,588)

Total Equities (91.9%) 34,802,786 36,411,134


Foreign Currency Forward Contracts (0.1%)(see Schedule A) 56,932



Total Net Assets (100.0%) 39,751,174

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.




Contracts Counterparty Credit Rating* Price ($) Due Date Pay Receive Unrealized Gain (Loss) ($)

1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (1,200,000) US $ 1,307,784 Canadian $ 23,174 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (2,886,000) US $ 3,116,332 Canadian $ 26,752 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (400,000) US $ 435,208 Canadian $ 7,006



– 75 –

CI Global Managers® Corporate ClassFinancial Statements (unaudited)












36,411 34,4283,387 1,212

- -- -- -- -

57 278- -- -

57 3621 594

- -50 94

39,983 36,642

- -- -- -- -- -

81 33126 93

- -- -- -

25 18232 144

39,751 36,498

34,803 36,084- -

37,747 34,812182 179

1,822 1,507

8.42 7.288.74 7.51

11.60 9.91

4,481,151 4,780,23120,783 23,842

157,098 152,022


as at as at










477 653- 48

15 21- -- -- -

(60) (83)432 639

366 48040 53

- -7 9

20 27433 569

(1) 70- -

(1) 70

2,825 (1,530)(235) 126(48) (50)

- -

3,044 (2,862)5,586 (4,316)5,585 (4,246)

5,293 (4,120)27 (22)

265 (104)

1.14 (0.73)1.24 (0.75)1.71 (0.90)


2009 2008

– 76 –

CI Global Managers® Corporate ClassFinancial Statements (unaudited)


















34,812 51,791

1,470 642- -

(3,959) (6,773)131 (840)

(2,358) (6,971)

- -- -- -- -

5,293 (4,120)37,747 40,700

179 271

1 13- -

(48) (60)23 9

(24) (38)

- -- -- -- -

27 (22)182 211

1,507 1,328

105 99- -

(80) (144)25 (17)50 (62)

- -- -- -- -

265 (104)1,822 1,162

36,498 53,390

1,576 754- -

(4,087) (6,977)179 (848)

(2,332) (7,071)

- -- -- -- -

5,585 (4,246)39,751 42,073


2009 2008


2009 2008


– 77 –

CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

4,780,231 6,067,457185,969 74,657

- -(503,127) (794,370)

18,078 (98,115)4,481,151 5,249,629

23,842 31,140209 1,450

- -(5,952) (7,068)2,684 1,000

20,783 26,522

152,022 117,0329,510 8,574

- -(7,358) (12,782)2,924 (1,444)

157,098 111,380





2009 2008

8.42 7.750.01 0.028.43 7.77

8.74 7.960.01 0.028.75 7.98

11.60 10.430.02 0.03

11.62 10.46


2009 2008


2,022 4,9642,063 5,304


2009 2008


48 4812 7



2.001.00


0.220.22

-


2009

– 78 –



U.S.A. ...................................................................................................................................... 65.1Japan ...................................................................................................................................... 5.3France ...................................................................................................................................... 4.5U.K. .......................................................................................................................................... 4.3Cash & Equivalents ................................................................................................................. 4.1Switzerland ............................................................................................................................. 3.1Germany .................................................................................................................................. 2.4Bermuda .................................................................................................................................. 2.2Other Assets ........................................................................................................................... 1.5Brazil ....................................................................................................................................... 1.0Belgium ................................................................................................................................... 1.0Netherlands ............................................................................................................................ 0.9Norway .................................................................................................................................... 0.9Sweden ................................................................................................................................... 0.7Italy ......................................................................................................................................... 0.7Russia ...................................................................................................................................... 0.7Jersey Island ........................................................................................................................... 0.6Denmark .................................................................................................................................. 0.5Cayman Islands ....................................................................................................................... 0.5


CI Global Managers® Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (4,803) 23,201 58.4Euro - 4,718 11.9Japanese Yen - 2,895 7.3Swiss Franc - 1,021 2.6British Pound - 955 2.4Danish Krone - 459 1.2Norwegian Krone - 349 0.9Brazilian Real - 306 0.8Swedish Krona - 275 0.7Hong Kong Dollar - 248 0.6Total (4,803) 34,427 86.8


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (8,582) 18,953 51.9 Euro - 3,595 9.8 Japanese Yen - 1,957 5.4 British Pound - 1,239 3.4 Swiss Franc - 700 1.9 Swedish Krona - 265 0.7 Norwegian Krone - 314 0.9 Brazilian Real - 375 1.0 Danish Krone - 182 0.5 Total (8,582) 27,580 75.5

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $3,443,000(March 31, 2009 - $2,758,000). In practice, the actual results may differ from this analysis and thedifference may be material.

– 79 –

CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (82.9%) 36,400 Abbott Laboratories Inc. 1,950,350 1,925,594 49,700 Adobe Systems Inc.* 1,152,233 1,756,509 42,300 Alliance Data Systems Corp.* 1,831,829 2,766,227 97,200 Altera Corp. 1,824,417 2,133,382 95,300 Amdocs Ltd. 2,440,620 2,742,652 22,100 Apollo Group Inc. 1,589,970 1,742,190 29,800 Apple Computer Inc. 3,620,848 5,909,207 28,600 Baxter International Inc. 1,846,649 1,745,684 38,700 Broadcom Corp. 820,687 1,262,087

430,900 Cadence Design Systems Inc. 2,194,737 3,363,198 18,700 Celgene Corp. 838,674 1,118,985

194,700 Cisco Systems Inc. 5,271,074 4,900,801 39,700 Citrix Systems Inc.* 1,452,820 1,667,042 71,787 Cognizant Technology Solutions Corp.* 1,949,496 2,971,366 51,400 Concur Technologies Inc.* 1,268,681 2,183,101

6,250,000 Consilient Inc., Private Placement^ 7,775,001 67 2,083,334 Consilient Inc., Warrants, Private Placement^ - 22

43,000 DIRECTV Group Inc.* 1,151,482 1,269,729 107,800 EMC Corp. 1,930,039 1,964,386

8,600 Google Inc., Class A 4,540,962 4,563,292 77,300 Hansen Natural Corp. 2,635,949 3,037,344 32,300 Medtronic Inc. 1,393,856 1,270,891

306,786 Microsoft Corp. 11,032,652 8,467,728 96,800 Network Appliance Inc.* 2,493,515 2,763,020

108,700 Nuance Communications Inc. 1,666,723 1,741,043 143,900 Oracle Corp. 2,843,584 3,207,672

21,600 Priceline.com Inc.* 1,820,004 3,828,524 50,900 QUALCOMM Inc. 2,224,065 2,440,340 93,800 SAVVIS Inc. 1,635,431 1,587,754

149,000 Time Warner Telecom Inc., Class A 1,545,252 2,142,450 45,800 Vertex Pharmaceuticals Inc. 1,423,312 1,851,595

325,100 Xerox Corp. 1,938,077 2,687,093 78,102,989 81,010,975

IRELAND (3.2%) 77,200 Accenture PLC 2,672,010 3,080,528

GERMANY (2.9%) 54,600 SAP AG 2,786,500 2,846,129

CAYMAN ISLANDS (1.9%) 46,300 SINA Corp. 1,324,064 1,881,227

CANADA (1.6%) 750,000 Elysium Boardband Inc., Private Placement^ 750,000 8

21,100 Research In Motion Ltd. (USD) 1,288,607 1,526,684 2,038,607 1,526,692

FINLAND (1.2%) 77,600 Nokia OYJ, Class A, ADR 2,007,113 1,212,175

BRAZIL (1.1%) 20,700 Totvs SA 971,202 1,087,136

U.K. (0.4%) 12,800 Autonomy Corp. PLC 347,765 356,523




Total Net Assets (100.0%) 97,670,553

* Denotes all or part of securities lent.^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 80 –

CI Global Science & Technology Corporate ClassFinancial Statements (unaudited)












93,001 77,6654,825 2,904

- -- -- -- -- -- -- -

59 70- 3,075- -

36 2197,921 83,735

- -- -- -- -- -- 2,099

240 108- -- -- -

10 7250 2,214

97,671 81,521

90,093 97,657- -

96,538 80,633842 634291 254

11.01 8.712.88 2.27

12.07 9.43

8,765,780 9,259,515292,113 279,74224,102 26,964


as at as at










438 455- 45

34 20- -- -- -

(60) (66)412 454

905 957100 106

- -48 350 53

1,103 1,119(691) (665)

- -(691) (665)

(430) (8,338)(593) 183(85) (167)

- -

22,901 6,83421,793 (1,488)21,102 (2,153)

20,857 (2,399)179 6

66 240

2.32 (0.24)0.61 0.012.62 0.26


2009 2008

– 81 –

CI Global Science & Technology Corporate ClassFinancial Statements (unaudited)


















80,633 89,776

2,888 4,288- -

(7,945) (11,567)105 10,535

(4,952) 3,256

- -- -- -- -

20,857 (2,399)96,538 90,633

634 1,078

85 10- -

(102) (318)46 2629 (282)

- -- -- -- -

179 6842 802

254 14,645

- 125- -

(2) (794)(27) (13,956)(29) (14,625)

- -- -- -- -

66 240291 260

81,521 105,499

2,973 4,423- -

(8,049) (12,679)124 (3,395)

(4,952) (11,651)

- -- -- -- -

21,102 (2,153)97,671 91,695


2009 2008


2009 2008


– 82 –

CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

9,259,515 9,754,607291,279 436,855

- -(796,139) (1,184,655)

11,125 1,158,4338,765,780 10,165,240

279,742 454,61732,831 3,991

- -(39,554) (121,972)19,094 10,598

292,113 347,234

26,964 1,504,789- 12,552- -

(200) (76,330)(2,662) (1,413,827)

24,102 27,184





2009 2008

11.01 8.920.02 0.01

11.03 8.93

2.88 2.310.01 -2.89 2.31

12.07 9.550.02 0.01

12.09 9.56


2009 2008


16,870 6,70917,208 7,169


2009 2008


84 1664 15



2.001.00


0.220.22

-


2009

– 83 –



U.S.A. ...................................................................................................................................... 79.8Cayman Islands ....................................................................................................................... 4.0Cash & Equivalents ................................................................................................................. 3.6Germany .................................................................................................................................. 3.0Switzerland ............................................................................................................................. 2.6Canada .................................................................................................................................... 2.3France ...................................................................................................................................... 1.6Other Assets ........................................................................................................................... 1.1Bermuda .................................................................................................................................. 1.0Finland ..................................................................................................................................... 1.0



As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $9,967,000 (March 31, 2009 - $7,767,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.

CI Global Science & Technology Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 84 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (45.0%) 15,650 3Com Corp. 88,485 87,465

6,537 Alkermes Inc. 80,038 64,249 3,190 American Ecology Corp. 73,558 63,731 3,300 Arthur J. Gallagher & Co. 74,753 85,962 8,450 Bank Mutual Corp. 95,604 79,704 2,350 Bio-Reference Labs Inc. 73,634 86,325 7,800 Cal Dive International Inc. 75,571 82,509 1,300 Church & Dwight Co., Inc. 75,839 78,904 5,900 CMS Energy Corp.* 85,544 84,519 2,300 DaVita Inc. 136,170 139,156 1,700 Diebold Inc.* 65,153 59,882 3,210 DPL Inc. 84,908 89,597 2,800 Dr. Pepper Snapple Group Inc. 82,043 86,188 2,030 DTS Inc. 50,042 59,443 5,775 Duff & Phelps Corp. 103,122 118,096 7,250 Endo Pharmaceuticals Holdings Inc. 166,956 175,659 3,000 Federated Investors Inc., Class B 80,134 84,539 8,100 First Niagara Financial Group Inc.* 118,262 106,843 4,150 GameStop Holding Co. 109,109 117,612 1,350 GSI Commerce Inc. 26,843 27,809 1,460 Haemonetics Corp. 85,719 87,724 1,950 Hanover Insurance Group Inc. 78,892 86,162

12,500 Harmonic Inc. 92,544 89,266 6,750 Hexcel Corp. 54,272 82,604 1,450 IHS Inc., Class A 73,274 79,330 1,750 International Flavors & Fragrances Inc. 74,034 70,955 6,000 Investors Bancorp. Inc. 61,777 67,901 6,900 Iris International Inc. 95,351 83,109 5,200 KB Home* 85,236 92,363 1,280 Landauer Inc.* 63,786 74,976 1,600 Lufkin Industries Inc. 86,062 90,911 6,450 Mako Surgical Corp.* 61,018 60,425 7,130 Nalco Holding Co. 145,056 156,110 3,350 NeuStar Inc., Class A 76,218 80,916 3,000 NSTAR 112,862 102,076 4,744 NTELOS Holdings Corp. 98,324 89,495 2,450 ONEOK Inc. 89,102 95,874 4,850 PDL BioPharma Inc. 45,847 40,866 2,300 Rovi Corp. 50,326 82,568 3,150 Ryland Group Inc. 62,323 71,060

950 SEACOR Holdings Inc. 65,756 83,017 2,460 Sensient Technologies Corp. 68,476 73,141 9,450 Shuffle Master Inc. 85,744 95,005 1,098 Silgan Holdings Inc. 59,802 61,871 2,350 Solera Holdings Inc. 53,056 78,249 2,750 Southern Union Co. 52,242 61,124

10,285 Sterling Bancshares Inc. 85,820 80,275 7,010 SWS Group Inc. 110,434 107,851 3,650 Sybase Inc. 98,691 151,899 6,950 Syniverse Holdings Inc. 119,911 130,069 1,300 Teleflex Inc. 73,576 67,101 1,450 The Warnaco Group Inc.* 54,656 68,090 2,750 Tupperware Brands Corp. 81,481 117,360 1,300 UMB Financial Corp.* 56,570 56,203 5,350 Vectren Corp. 150,327 131,858

U.S.A. (45.0%) (cont’d)1,350 Ventas Inc. 56,100 55,633 1,900 Wabtec Corp. 77,105 76,203 2,950 Waddell & Reed Financial Inc. 39,628 89,636 7,500 Washington Federal Inc. 129,568 135,384 2,500 WebMD Health Corp. 79,468 88,008

4,936,202 5,270,860 JAPAN (6.8%)

7,400 Air Water Inc.* 84,975 90,811 2,800 Daibiru Corp. 24,279 25,779 3,040 Daiseki Co., Ltd.* 58,658 64,062 1,700 House Foods Corp.* 30,100 30,391 2,000 Japan Digital Laboratory Co., Ltd. 30,422 29,863 5,000 Keiyo Bank Ltd. 22,634 27,191 1,400 Lintec Corp. 23,620 28,467 2,500 McDonald's Corp. 53,848 53,398 1,900 Ministop Co. Ltd. 32,471 31,904 1,150 Moshi Moshi Hotline Inc. 27,928 23,987

700 Nakanishi Inc. 42,651 63,780 2,900 Nifco Inc. 56,328 61,838 1,100 Pigeon Corp. 32,352 46,571

15 Seven Bank Ltd. 54,736 39,230 3,000 Suruga Bank Ltd. 31,126 30,232 1,900 Sysmex Corp.* 87,446 87,238 2,000 Toshiba Plant Systems & Services Corp. 22,228 28,360

800 Unicharm Petcare Corp. 30,236 31,485 746,038 794,587

U.K. (5.9%) 750 Cairn Energy PLC 30,888 35,749

7,450 Cookson Group PLC 60,215 52,119 7,350 Domino'S Pizza UK & IRL PLC 36,489 36,568

11,400 Game Group PLC 34,081 31,148 10,892 Intermediate Capital Group PLC 59,121 55,700 2,750 Intertek Group PLC 56,284 59,659 6,150 Lancashire Holdings Ltd. 50,721 53,662 2,650 London Stock Exchange Group PLC 36,399 38,810

28,400 Meggitt PLC 84,332 113,262 1,500 Next PLC 46,579 45,989 4,250 SSL International PLC 46,437 46,500

11,300 Wellstream Holdings PLC 100,550 117,932 642,096 687,098

SWITZERLAND (3.8%) 750 Bank Sarasin & Compagnie AG, Class B 27,081 33,169

2,900 EFG International 46,477 55,886 250 Helvetia Holding AG 71,370 89,574

3,050 Paris RE Holdings Ltd. 62,150 84,822 76 Straumann Holding AG 21,330 21,007

400 Sulzer AG, Registered Shares 34,138 36,951 4,750 Temenos Group AG 94,294 118,778

356,840 440,187 HONG KONG (3.7%)

87,000 Asia Cement China Holdings Corp. 63,052 58,893 299,000 Citic 1616 Holdings Ltd. 73,227 84,678 171,400 Euro-Asia Agricultural Holdings Co., Ltd. 12,970 -

15,000 Hengan International Group Co., Ltd. 68,281 97,084



– 85 –– 85 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


HONG KONG (3.7%) (cont’d)7,850 Hong Kong Aircraft Engineering Co., Ltd. 123,061 100,313

144,000 Vitasoy International Holdings Ltd. 76,207 91,709 416,798 432,677

GERMANY (3.4%) 30 Axel Springer AG 3,379 3,344

750 Centrotherm Photovoltaics AG 23,400 38,672 1,000 GFK AG 30,361 36,976 1,580 Hamburger Hafen Und Logistik AG 99,520 75,800 3,850 Kontron AG 50,729 50,609 1,350 MorphoSys AG 29,541 35,958 6,700 Premiere AG 32,964 37,791

700 Software AG 55,783 63,557 4,700 Wirecard AG 54,790 59,721

380,467 402,428 ITALY (3.4%)

1,850 Ansaldo STS SpA 37,213 40,551 8,650 Astaldi SpA 63,542 80,503 9,450 Azimut Holding SpA 78,746 126,222 3,500 Danieli & C. SpA 51,776 49,573 2,000 Exor SpA 38,304 39,608

12,450 Maire Tecnimont SpA 56,411 64,469 325,992 400,926

CHINA (3.2%) 134,000 China Bluechemical Ltd. 85,206 77,565

61,000 China National Materials Co., Ltd. 61,332 55,787 32,000 Shandong Weigao Group

Medical Polymer Co., Ltd. 68,164 113,171 68,000 Zhuzhou CSR Times Electric Co., Ltd. 74,215 126,257

288,917 372,780 BRAZIL (3.1%)

15,100 All America Latina Logistica SA 105,599 124,658 3,200 Diagnosticos da America SA 53,280 88,613

11,200 Localiza Rent a Car SA 54,025 119,876 3,400 Santos Brasil Participacoes SA 30,016 27,843

242,920 360,990 FRANCE (3.0%)

650 Cap Gemini SA 25,890 36,444 600 EDF Energies Nouvelles SA 28,826 35,286

1,050 Ipsos 36,098 34,885 3,450 Rhodia SA 31,280 56,135 2,950 Scor SE* 78,223 86,108 1,450 Technip SA* 61,663 99,166

261,980 348,024 CANADA (2.3%)

3,000 Methanex Corp. (USD) 47,564 55,599 16,800 Sherritt International Corp.,

Restricted Voting Shares 83,661 128,688 2,000 Sino-Forest Corp., Class A 34,722 33,820

31,100 UTS Energy Corp. 59,777 53,803 225,724 271,910

SPAIN (2.2%) 850 Bolsas y Mercados Espanoles 35,585 35,438

1,850 Ebro Puleva SA 31,306 37,652 2,900 Prosegur Cia de Seguridad SA 92,850 123,315 2,300 Viscofan SA 57,962 59,892

217,703 256,297

BERMUDA (1.9%) 30,000 Huabao International Holdings Ltd. 27,363 34,440

3,000 Platinum Underwriters Holdings, Ltd. 115,206 115,117 2,650 Validus Holdings Ltd. 75,664 73,144

218,233 222,701 CAYMAN ISLANDS (1.7%)

88,500 China Fishery Group Ltd. 69,837 95,516 7,100 Subsea 7 Inc. 112,752 101,861

182,589 197,377 GREECE (1.4%)

3,100 Hellenic Exchanges Holdings SA 39,280 41,819 1,700 National Bank of Greece SA 65,536 64,724 2,650 Piraeus Bank SA, Registered Shares 48,691 51,318

153,507 157,861 NETHERLANDS (1.3%)

1,100 Core Laboratories NV 114,236 121,411 1,389 SBM Offshore NV 25,964 31,599

140,200 153,010 BELGIUM (1.2%)

750 Ackermans & van Haaren NV 45,794 58,449 3,000 Telenet Group Holding NV* 64,120 84,700

109,914 143,149 LUXEMBOURG (0.9%)

8,200 Acergy SA 58,194 110,347

AUSTRALIA (0.9%) 16,400 Sino Gold Ltd.* 74,592 103,951

AUSTRIA (0.5%) 1,100 Andritz AG 58,162 58,805

JERSEY ISLAND (0.5%) 4,750 Charter International PLC 46,969 55,749

IRELAND (0.3%) 3,900 Irish Life & Permanent PLC 36,068 34,652

TAIWAN (0.3%) 10,100 Delta Electronics Inc. 29,878 30,891

SOUTH KOREA (0.2%) 1,800 Daishin Securities Co., Ltd. 28,182 26,455




Total Net Assets (100.0%) 11,708,936




– 86 –

CI Global Small Companies Corporate ClassFinancial Statements (unaudited)









A SharesF Shares


A SharesF Shares

11,334 8,881250 1,183

- -- -- -- -- -- -- -

10 5310 -

- -21 21

11,925 10,090

- -18 162 2- -- -

180 11214 6

- -- -- -2 2

216 13811,709 9,952

10,133 9,340- -

9,571 8,2382,138 1,714

7.03 5.808.12 6.67

1,362,332 1,419,811263,381 257,162


as at as at









A SharesF Shares

138 125- 212 5- -- -- -

(15) (16)125 135

99 11812 14

- -4 26 7

121 1414 (6)- -4 (6)

497 (714)(51) (12)(35) (26)

- -

1,659 (719)2,070 (1,471)2,074 (1,477)

1,694 (1,211)380 (266)

1.22 (0.87)1.46 (0.99)


2009 2008

– 87 –

CI Global Small Companies Corporate ClassFinancial Statements (unaudited)














8,238 10,933

627 990- -

(824) (1,188)(164) (176)(361) (374)

- -- -- -- -

1,694 (1,211)9,571 9,348

1,714 2,287

107 179- -

(46) (79)(17) (15)44 85

- -- -- -- -

380 (266)2,138 2,106

9,952 13,220

734 1,169- -

(870) (1,267)(181) (191)(317) (289)

- -- -- -- -

2,074 (1,477)11,709 11,454


2009 2008


2009 2008


– 88 –

CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






2009 2008

1,419,811 1,423,12597,927 129,596

- -(130,264) (155,313)

(25,142) (23,336)1,362,332 1,374,072

257,162 261,68414,439 20,247

- -(6,147) (9,265)(2,073) (1,946)

263,381 270,720




2009 2008

7.03 6.800.01 0.027.04 6.82

8.12 7.780.02 0.028.14 7.80


2009 2008


1,050 1,0291,071 1,100


2009 2008


31 231 5



2.001.00

0.220.22


2009

– 89 –



U.S.A. ...................................................................................................................................... 44.6Cash & Equivalents ................................................................................................................. 11.9Hong Kong ............................................................................................................................... 6.9Japan ...................................................................................................................................... 6.5U.K. .......................................................................................................................................... 6.5Brazil ....................................................................................................................................... 4.1Cayman Islands ....................................................................................................................... 3.3Spain ....................................................................................................................................... 2.6Germany .................................................................................................................................. 2.3France ...................................................................................................................................... 2.2Switzerland ............................................................................................................................. 2.1Australia .................................................................................................................................. 1.5Mexico .................................................................................................................................... 1.4Belgium ................................................................................................................................... 1.3Denmark .................................................................................................................................. 1.0Italy ......................................................................................................................................... 0.9Bermuda .................................................................................................................................. 0.7Luxembourg ............................................................................................................................. 0.6Singapore ................................................................................................................................ 0.6Other Assets ........................................................................................................................... -1.0

During the six-month period the Fund’s exposure to other price risk and currency risk changed sig-nificantly as disclosed in the section below. For details relating credit risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.


As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,133,000 (March 31, 2009 - $888,000). In practice, the actual results may differfrom this analysis and the difference may be material.

CI Global Small Companies Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 5,741 49.0Euro - 1,844 15.7Hong Kong Dollar - 842 7.2Japanese Yen - 803 6.9British Pound - 745 6.4Brazilian Real - 361 3.1Swiss Franc - 335 2.9Norwegian Krone - 212 1.8Australian Dollar - 104 0.9Singapore Dollar - 96 0.8Danish Krone - 79 0.7Taiwan Dollar - 71 0.6Korean Won - 26 0.2Total - 11,259 96.2


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 4,767 47.9 Euro - 910 9.1 Hong Kong Dollar - 684 6.9 British Pound - 645 6.5 Japanese Yen - 559 5.6 Brazilian Real - 416 4.2 Swiss Franc - 210 2.1 Australian Dollar - 148 1.5 Mexican Peso - 135 1.4 Singapore Dollar - 129 1.3 Norwegian Krone - 122 1.2 Danish Krone - 100 1.0 Taiwan Dollar - 35 0.4 Total - 8,860 89.1

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $1,126,000 (March 31, 2009 - $886,000). In practice, the actual results may differ from this analysis and thedifference may be material.

– 90 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (29.9%) 5,865 Apache Corp. 502,666 576,007

23,190 Applied Materials Inc. 313,326 331,956 6,360 Automatic Data Processing Inc. 262,547 267,403

24,940 Baker Hughes Inc. 987,010 1,138,309 23,931 BioMarin Pharmaceuticals Inc. 416,842 461,961 62,770 Boston Scientific Corp. 920,276 711,027 48,865 Cisco Systems Inc. 1,107,740 1,229,983 70,920 Comcast Corp., Class A 1,231,986 1,281,710

8,870 Cooper Cos., Inc. 335,387 282,336 7,540 Emerson Electric Co. 290,912 323,232 8,490 EOG Resources Inc. 629,055 759,002

42,666 General Electric Co. 1,020,122 748,246 38,503 HealthSouth Corp. 789,698 644,733

7,550 JP Morgan Chase & Co. 352,978 353,731 6,300 L-3 Communications Holdings Inc. 557,347 540,958 8,050 Lorillard Inc. 624,623 639,684

16,540 Marathon Oil Corp. 562,144 564,019 31,850 Merck & Co., Inc. 1,061,093 1,076,887 37,500 Metropcs Communications Inc. 430,472 375,397 30,070 Microsoft Corp. 806,217 829,975 16,262 Molson Coors Brewing Co., Class B (USD)* 761,447 847,565 13,800 Newmont Mining Corp.* 570,891 650,396 14,547 Noble Energy Inc. 921,655 1,026,222 16,211 Northrop Grumman Corp. 849,547 897,497 25,240 Oracle Corp. 524,805 562,624 17,650 Phillip Morris International Inc. 867,482 919,151 22,970 Protective Life Corp. 549,826 525,304 15,870 Prudential Financial Inc. 809,804 846,674 22,470 Torchmark Corp. 1,103,888 1,042,895

6,270 Union Pacific Corp. 392,744 391,099 20,554,530 20,845,983

JAPAN (17.3%) 121,776 Bank of Yokohama Ltd. 790,289 634,653 15,710 Canon Inc. 632,376 674,484 7,050 Fanuc Ltd. 599,360 672,624

92,406 Joyo Bank Ltd. 515,894 481,587 2,804 Keyence Corp. 569,791 638,711

35 Mid REIT Inc. 200,857 84,066 47,739 Mitsubishi Corp. 1,055,384 1,030,493 58,210 Mitsui & Co., Ltd. 861,069 811,531 23,176 Mitsui Sumitomo Insurance

Group Holdings Inc. 710,828 679,934 148,200 Nipponkoa Insurance Co., Ltd. 1,074,585 989,759

45,285 Nomura Research Institute Ltd.* 1,140,555 1,144,941 13,080 Secom Co., Ltd. 621,801 698,842 45,110 Seven & I Holdings Co., Ltd. 1,287,029 1,145,897

5,098 SMC Corp. 610,140 667,568 66,409 Sumitomo Metal Mining Co., Ltd. 1,080,763 1,161,850 99,402 Sumitomo Trust & Banking Co., Ltd. 671,901 560,724

12,422,622 12,077,664

U.K. (12.2%) 18,140 Anglo American PLC 565,693 618,229 23,648 Antofagasta PLC 238,616 306,478 21,936 BP PLC, ADR 1,325,348 1,250,151 76,230 Cadbury PLC 852,724 1,045,980 61,550 Diageo PLC 1,109,037 1,010,406 86,440 GlaxoSmithKline PLC 2,061,298 1,818,303 54,890 Reed Elsevier PLC 442,000 439,597 25,150 Scottish and Southern Energy PLC 550,860 503,439 61,661 Vodafone Group PLC, ADR 1,576,642 1,485,394

8,722,218 8,477,977 GERMANY (7.4%)

17,760 Adidas AG 826,197 1,006,748 6,315 Allianz AG, Registered Shares* 886,264 846,057

25,742 Henkel KGaA, Preferred, Non-Voting Shares 1,097,657 1,186,169 6,680 Metro AG* 409,283 404,725

13,570 SAP AG* 694,859 707,362 10,030 Siemens AG, Registered Shares* 894,306 991,764

4,808,566 5,142,825 FRANCE (6.8%)

23,430 Carrefour SA 1,253,108 1,138,002 14,370 Sanofi-Aventis 1,105,442 1,128,661 18,260 Total SA 1,205,434 1,161,545

5,404 UbiSoft Entertainment 101,904 109,562 37,200 Vivendi Universal SA 1,232,958 1,232,423

4,898,846 4,770,193 JERSEY ISLAND (3.5%)

133,005 Experian Group Ltd. 1,138,217 1,196,952 132,270 WPP PLC 1,396,011 1,214,099

2,534,228 2,411,051 SWITZERLAND (2.9%)

17,303 Foster Wheeler AG 495,729 590,963 30,680 Nestle SA, Registered Shares 1,264,730 1,399,315

1,760,459 1,990,278 IRELAND (2.4%)

35,805 Covidien PLC 1,547,688 1,657,976

NETHERLANDS (2.1%) 29,875 Heineken NV 1,380,539 1,474,442

CANADA (1.9%) 11,540 Agrium Inc. (USD) 577,591 615,172 61,670 Yamana Gold Inc. 599,467 705,170

1,177,058 1,320,342 HONG KONG (1.6%)

80,567 Cheung Kong Holdings Ltd. 1,046,651 1,085,197

SWEDEN (1.5%) 97,070 Telefonaktiebolaget LM Ericsson, Class B 1,280,069 1,042,040

BERMUDA (1.3%) 9,630 Everest Re Group Ltd. 912,101 904,014



– 91 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


FINLAND (1.1%) 50,622 Nokia OYJ 930,309 796,310

TAIWAN (1.0%) 311,021 Taiwan Semiconductor Manufacturing Co., Ltd. 549,882 671,299

THAILAND (0.8%) 143,690 Bangkok Bank PCL, Foreign Registered Shares 525,592 564,072

MALAYSIA (0.7%) 177,065 Sime Darby Berhad 458,332 465,037

SINGAPORE (0.7%) 45,640 DBS Group Holdings Ltd. 445,199 459,976

ITALY (0.6%) 15,850 Eni SpA* 440,920 422,418

SOUTH KOREA (0.5%) 484 Samsung Electronics Co., Ltd. 299,967 358,531

SOUTH AFRICA (0.4%) 17,939 Gold Fields Ltd., ADR 236,073 264,665


Total Equities (96.6%) 66,850,865 67,202,290


Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (16,460)



Total Net Assets (100.0%) 69,715,651




Schedule AForeign Currency Forward Contracts (-0.1%)


1 Northern Trust A-1+ 1.59 22-Dec-09 (1,647,000) British Pound 2,614,481 US $ (17,922)1 State Street Boston A-1 1.46 22-Dec-09 (1,451,000) Euro 2,120,129 US $ (3,233)1 Bank of New York A-1+ 0.01 22-Dec-09 (273,331,000) Japanese Yen 3,050,876 US $ 4,695

Total Foreign Currency Forward Contracts Value (16,460)


– 92 –

CI Global Value Corporate ClassFinancial Statements (unaudited)












67,202 30,0892,378 191

- -- -- -- -5 -- -- -

80 13195 -

- -166 94

70,026 30,387

- -- -- -

21 -- -

75 -206 8

- -- -- -8 1

310 969,716 30,378

66,851 38,145- -

53,598 14,3541,227 864

14,891 15,160

10.80 9.229.54 8.109.06 7.64

4,962,552 1,556,831128,611 106,586

1,643,799 1,983,600


as at as at










740 918- 13

22 32- -- -- -

(80) (111)682 852

253 19928 23

- -2 1

14 11297 234385 618

- -385 618

(1,897) (582)(132) 63

(74) (25)- -

8,391 (3,463)6,288 (4,007)6,673 (3,389)

4,001 (1,531)166 (83)

2,506 (1,775)

1.68 (0.90)1.45 (0.82)1.41 (0.68)


2009 2008

– 93 –

CI Global Value Corporate ClassFinancial Statements (unaudited)


















14,354 20,792

2,201 627- -

(3,079) (2,198)(671) (984)

36,792 -35,243 (2,555)

- -- -- -- -

4,001 (1,531)53,598 16,706

864 970

153 131- -

(133) (38)(1) 14

178 -197 107

- -- -- -- -

166 (83)1,227 994

15,160 24,282

621 178- -

(3,057) (93)(380) (180)

41 -(2,775) (95)

- -- -- -- -

2,506 (1,775)14,891 22,412

30,378 46,044

2,975 936- -

(6,269) (2,329)(1,052) (1,150)37,011 -32,665 (2,543)

- -- -- -- -

6,673 (3,389)69,716 40,112


2009 2008


2009 2008


– 94 –

CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

1,556,831 1,811,152206,451 53,829

- -(297,886) (190,724)

(57,607) (84,596)3,554,763 -4,962,552 1,589,661

106,586 97,15517,415 13,315

- -(14,890) (3,729)

(19) 1,42319,519 -

128,611 108,164

1,983,600 2,611,94072,612 19,782

- -(371,388) (10,033)(45,749) (18,647)

4,724 -1,643,799 2,603,042





2009 2008

10.80 10.510.02 -

10.82 10.51

9.54 9.190.02 -9.56 9.19

9.06 8.610.02 -9.08 8.61


2009 2008


4,620 4,0954,728 4,376


2009 2008


62 229 3



2.001.00


0.220.22

-


2009

– 95 –



U.S.A. ...................................................................................................................................... 33.3Japan ...................................................................................................................................... 15.1U.K. .......................................................................................................................................... 12.0France ...................................................................................................................................... 10.3Germany .................................................................................................................................. 4.9Jersey Island ........................................................................................................................... 4.1Bermuda .................................................................................................................................. 3.9Netherlands ............................................................................................................................ 2.7Switzerland ............................................................................................................................. 2.1Sweden ................................................................................................................................... 1.7Taiwan ..................................................................................................................................... 1.6Italy ......................................................................................................................................... 1.5Finland ..................................................................................................................................... 1.3South Africa ............................................................................................................................ 1.0South Korea ............................................................................................................................ 0.9Cash & Equivalents ................................................................................................................. 0.6Canada .................................................................................................................................... 0.6Singapore ................................................................................................................................ 0.6Malaysia ................................................................................................................................. 0.5Other Assets ........................................................................................................................... 0.5Hong Kong ............................................................................................................................... 0.4Thailand .................................................................................................................................. 0.4




CI Global Value Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar 8,450 38,418 55.1Euro (2,273) 10,333 14.8Japanese Yen (3,260) 8,814 12.6British Pound (2,818) 5,376 7.7Swiss Franc - 1,399 2.0Hong Kong Dollar - 1,091 1.6Swedish Krona - 1,042 1.5Taiwan Dollar - 877 1.3Thai Baht - 568 0.8Malaysian Ringgit - 465 0.7Singapore Dollar - 460 0.7Korean Won - 359 0.5Total 99 69,202 99.3


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 13,390 44.1 Euro - 6,287 20.7 Japanese Yen - 4,631 15.2 British Pound - 3,602 11.9 Swiss Franc - 646 2.1 Taiwan Dollar - 561 1.8 Swedish Krona - 509 1.7 Singapore Dollar - 171 0.6 Korean Won - 154 0.5 Malaysian Ringgit - 148 0.5 Hong Kong Dollar - 130 0.4 Thai Baht - 128 0.4 Total - 30,357 99.9


– 96 –

CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



JAPAN (14.7%) 500 ABC-Mart Inc. 17,185 16,547

1,350 Canon Inc. 62,714 57,960 4,980 Credit Saison Co., Ltd. 155,012 62,480 1,440 FamilyMart Co., Ltd. 47,013 49,373

630 Fanuc Ltd. 53,372 60,107 2,000 Fujikura Ltd. 10,823 10,447 1,200 Hitachi Transport System Ltd. 17,602 17,774 2,790 Honda Motor Co., Ltd.* 75,222 91,336

5 Inpex Holdings Inc. 51,863 45,378 40 Japan Tobacco Inc. 185,934 145,974

107 Jupiter Telecommunication Co. 85,568 109,487 2,700 Mitsubishi Corp. 39,798 58,282

16,920 Mitsubishi UFJ Financial Group Inc. 102,298 96,656 2,250 Nikon Corp.* 40,828 43,899

458 Nintendo Co., Ltd. 212,103 124,099 1,350 Nitori Co., Ltd. 87,749 122,682

15 Sony Financial Holding Inc. 45,867 46,100 600 THK Co., Ltd. 12,618 12,494

2,610 Toyota Motor Corp. 149,941 110,500 1,453,510 1,281,575

U.K. (13.1%) 7,600 Aberdeen Asset Management PLC 19,765 19,504

800 Admiral Group PLC 16,009 15,836 4,565 BHP Billiton PLC 114,034 133,399 2,144 British American Tobacco PLC 66,028 71,969

864 Carnival PLC 30,536 31,456 30,794 Centrica PLC 135,142 132,556 1,219 Colt Telecom Group SA 2,504 2,476

500 Dana Petroleum PLC 11,927 11,993 2,873 Diageo PLC 47,096 47,163 4,700 Game Group PLC 13,582 12,842 1,035 Hikma Pharmaceuticals PLC 8,377 8,303 4,873 Imperial Tobacco Group PLC 167,373 150,653 2,362 Inmarsat PLC 19,857 22,226

500 Intertek Group PLC 11,063 10,847 1,800 Lancashire Holdings Ltd. 15,743 15,706

28,712 Man Group PLC 154,380 162,598 4,451 Royal Dutch Shell PLC, Class A 121,627 135,779 5,443 Standard Chartered PLC 120,945 143,597 2,200 Tullett Prebon PLC 15,146 14,698

1,091,134 1,143,601 GERMANY (9.5%)

200 Bilfinger Berger AG 15,089 14,794 2,964 DaimlerChrysler AG, Registered Shares* 126,021 160,216 1,603 Deutsche Boerse AG 148,721 140,270 2,733 Fresenius AG 214,142 170,510

360 Fresenius SE 29,693 18,974 822 Muenchener Rueckversicherungs AG,

Registered Shares* 127,404 140,716 1,062 Praktiker Bau- und Heimwerkermaerkte

Holding AG 15,553 15,641 2,600 Premiere AG 15,057 14,665

36 Rational AG 5,497 5,353 2,029 SAP AG 100,020 105,766

GERMANY (9.5%) (cont’d)500 Stada Arzneimittel AG 15,129 14,579 900 Tognum AG 16,488 16,357

1,000 United Internet AG 16,444 16,091 845,258 833,932

HONG KONG (8.9%) 14,000 Agile Property Holdings Ltd. 18,212 17,600 35,370 Chaoda Modern Agriculture (Holdings) Ltd. 26,855 22,770

1,440 China Mobile (Hong Kong) Ltd., ADR 94,995 75,622 33,930 China Yurun Food Group Ltd. 55,990 77,717 55,890 CNOOC Ltd. 78,969 80,609 15,930 Esprit Holdings Ltd. 108,926 113,336 30,000 First Pacific Co. Ltd. 22,298 21,510 23,580 Hutchison Whampoa Ltd. 258,158 180,957 40,140 Li & Fung Ltd. 148,597 174,954 12,000 New World Department Store China 10,464 10,278

823,464 775,353 FRANCE (8.3%)

2,662 Alstom 127,647 207,997 2,450 Bouygues SA 158,274 133,258

100 Ciments Francais SA 12,367 12,011 3 Elf Gabon 1,081 1,067

158 Faiveley SA 14,575 14,539 2,652 Publicis Groupe* 85,257 113,871 1,074 Societe Generale, Class A* 91,830 92,550 2,385 Total SA 151,566 151,713

642,597 727,006 DENMARK (5.3%)

20 AP Moller - Maersk A/S 136,988 146,910 2,570 FLSmidth & Co. A/S 98,175 149,563 2,470 Novo Nordisk A/S 132,039 165,318

367,202 461,791 SWEDEN (3.8%)

5,263 Electrolux AB, Series B 51,544 128,919 450 Oriflame Cosmetics SA 24,636 24,672

17,739 Volvo AB, Series B* 122,529 175,716 198,709 329,307

SWITZERLAND (3.6%) 152 Givaudan SA 108,644 121,566

34 SGS SA, Registered Shares 46,071 48,834 578 Zurich Financial Services AG 117,694 147,162

272,409 317,562 NORWAY (2.9%)

6,134 Statoil ASA 133,081 147,694 400 TANDBERG ASA 9,896 10,224

2,769 Yara International ASA 136,292 93,053 279,269 250,971

BRAZIL (2.7%) 1,821 AES Tiete SA 20,441 20,470

500 Gafisa S.A., ADR 16,991 16,252 1,953 MPX Energia SA 23,644 23,311

808 MRV Engenharia e Participacoes SA 16,401 16,603 4,950 Redecard SA 84,080 81,520

297 Totvs SA 15,669 15,598 2,520 Vale SA, ADR 82,961 62,352

260,187 236,106



– 97 –

CI International Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



SOUTH KOREA (2.7%) 238 CJ39 Shopping Corp. 17,270 17,652 630 KT&G Corp. 38,805 40,878 477 Samsung Electronics Co., Ltd., GDR 158,865 174,149

214,940 232,679 FINLAND (2.4%)


207,560 212,330 JERSEY ISLAND (2.0%)

1,400 Charter International PLC 16,802 16,431 2,546 Housing Development Finance Ltd. 118,891 156,002

135,693 172,433 PORTUGAL (1.8%)

16,627 Jeronimo Martins SGPS SA 113,204 155,524

IRELAND (1.7%) 4,950 CRH PLC 128,128 147,201



ITALY (1.3%) 3,892 Eni SpA* 100,463 103,726 1,300 Geox SpA 12,193 11,966

112,656 115,692 TAIWAN (1.3%)

9,494 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 93,279 111,203


AUSTRALIA (1.1%) 1,800 Paladin Energy Ltd. 7,707 7,601 1,570 Rio Tinto Ltd.* 52,904 87,798

60,611 95,399 RUSSIA (0.9%)

3,060 OAO Gazprom, ADR 109,432 76,172



CHINA (0.8%) 16,000 Dalian Port (PDA) Co., Ltd. 7,236 7,029 63,990 Industrial & Commercial Bank of China 40,686 51,626

800 Suntech Power Holdings Co., Ltd., ADR 13,322 13,019 61,244 71,674

INDIA (0.7%) 6,480 Bharti Airtel Ltd.,

Participating Notes (JP Morgan) 60,884 60,393

U.S.A. (0.2%) 200 Central European Distribution Corp. 7,011 6,998 500 Net 1 UEPS Technologies Inc. 11,941 11,188

18,952 18,186 MEXICO (0.2%)

6,251 Corporacion GEO SAB de CV, Series B 18,477 18,074

THAILAND (0.2%) 1,300 Banpu Public Co., Ltd. 18,529 17,830

BERMUDA (0.2%) 2,900 Aquarius Platinum Ltd. 14,150 13,793 1,372 Omega Insurance Holdings Ltd. 2,933 2,911

17,083 16,704 SOUTH AFRICA (0.2%)

1,300 Massmart Holdings Ltd. 16,875 16,329

GREECE (0.1%) 900 Jumbo SA 13,527 12,508

CAYMAN ISLANDS (0.1%) 1,213 China Nepstar Chain Drugstore Ltd., ADR 8,008 7,870







– 98 –

CI International Corporate ClassFinancial Statements (unaudited)












8,338 7,631308 -

- -- -- -5 56- -- -- -8 3

811 19- -

17 319,487 7,740

- 15- -- -- -- -

699 -40 57

- -- -- -1 -

740 728,747 7,668

7,977 9,186- -

7,178 6,3751,418 1,278

151 15

8.10 6.589.15 7.39

12.62 10.13

886,254 969,085154,957 173,03711,932 1,490


as at as at










178 262- 47 13- -- -- -

(21) (31)164 248

76 1369 17- 1- -4 8

89 16275 86

- -75 86

(222) (840)(24) (54)(21) (36)

- -

1,916 (2,376)1,649 (3,306)1,724 (3,220)

1,419 (2,624)288 (596)17 -

1.54 (2.30)1.80 (2.30)2.46 -


2009 2008

– 99 –

CI International Corporate ClassFinancial Statements (unaudited)


















6,375 13,335

189 601- -

(610) (1,305)(195) (1,179)(616) (1,883)

- -- -- -- -

1,419 (2,624)7,178 8,828

1,278 3,880

19 354- -

(105) (513)(62) (1,000)

(148) (1,159)

- -- -- -- -

288 (596)1,418 2,125

15 -

97 -- -

(1) -23 -

119 -

- -- -- -- -

17 -151 -

7,668 17,215

305 955- -

(716) (1,818)(234) (2,179)(645) (3,042)

- -- -- -- -

1,724 (3,220)8,747 10,953


2009 2008


2009 2008


– 100 –

CI International Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

969,085 1,223,13525,471 55,483

- -(74,965) (125,477)(33,337) (110,991)

886,254 1,042,150

173,037 320,1562,189 32,358

- -(12,139) (46,208)

(8,130) (81,879)154,957 224,427

1,490 -8,414 -

- -(70) -

2,098 -11,932 -





2009 2008

8.10 8.470.02 0.018.12 8.48

9.15 9.470.02 0.019.17 9.48

12.62 -0.03 -

12.65 -


2009 2008


869 1,615887 1,726


2009 2008


18 331 3



2.001.00


0.220.22

-


2009

– 101 –

CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



JAPAN (26.3%) 39,371 Bank of Yokohama Ltd. 268,176 205,188 5,100 Canon Inc. 208,340 218,960 1,990 Fanuc Ltd. 162,105 189,861

41,757 Joyo Bank Ltd. 278,014 217,622 921 Keyence Corp. 200,209 209,791

11,264 KOSE Corp. 374,841 292,848 42 Mid REIT Inc. 252,337 100,879

16,443 Mitsubishi Corp. 357,693 354,938 14,290 Mitsui & Co., Ltd. 211,001 199,223

6,281 Mitsui Sumitomo Insurance Group Holdings Inc. 214,825 184,271 46,830 Nipponkoa Insurance Co., Ltd. 418,102 312,756 28,384 Nomura Holdings Inc. 303,188 186,178 14,890 Nomura Research Institute Ltd. 348,819 376,464 3,530 Secom Co., Ltd. 166,295 188,602

15,286 Seven & I Holdings Co., Ltd. 488,615 388,299 1,570 SMC Corp. 187,331 205,587 9,860 Sugi Pharmacy Co., Ltd.* 232,199 223,891

18,429 Sumitomo Metal Mining Co., Ltd. 279,038 322,422 26,921 Sumitomo Trust & Banking Co., Ltd. 235,008 151,861

8,749 Suzuki Motor Corp.* 185,231 217,549 17 United Urban Investment Corp. 114,078 106,642

5,485,445 4,853,832 U.K. (15.4%)

6,330 Anglo American PLC 180,145 215,733 6,524 Antofagasta PLC 48,449 84,551

17,554 BAE Systems PLC 104,728 104,875 7,350 BP PLC, ADR 513,522 418,883

22,672 Cadbury PLC 276,853 311,091 20,530 Diageo PLC 391,962 337,021 20,420 GlaxoSmithKline PLC 596,873 429,544 18,480 Reed Elsevier PLC 153,726 148,001 10,730 Scottish and Southern Energy PLC 239,990 214,787

4,640 Standard Chartered PLC 118,097 122,412 19,048 Vodafone Group PLC, ADR 545,032 458,860

3,169,377 2,845,758 GERMANY (12.0%)

5,490 Adidas AG 234,367 311,208 1,768 Allianz AG, Registered Shares* 323,527 236,869 1,760 BASF AG 74,936 99,685 9,852 Henkel KGaA, Preferred, Non-Voting Shares 445,797 453,972 1,780 Metro AG 115,565 107,846 6,510 SAP AG* 321,457 339,346 3,082 Siemens AG, Registered Shares 280,509 304,747

17,382 Symrise AG 353,414 354,585 2,149,572 2,208,258

FRANCE (11.4%) 1,828 BNP Paribas SA* 140,248 156,379 1,828 BNP Paribas SA, Rights (13Oct09) - 4,239 7,432 Carrefour SA* 493,692 360,975 2,095 L'Oreal SA 218,851 223,040 6,190 Sanofi-Aventis 540,275 486,180 5,340 Total SA 410,403 339,685 9,052 UbiSoft Entertainment 169,108 183,522

10,570 Vivendi Universal SA 395,220 350,180 2,367,797 2,104,200

JERSEY ISLAND (3.7%) 34,989 Experian Group Ltd. 260,258 314,876 39,540 WPP PLC 556,541 362,935

816,799 677,811 SWITZERLAND (3.5%)

4,595 Foster Wheeler AG 113,177 156,937 7,420 Nestle SA, Registered Shares 269,936 338,426 2,860 Novartis AG, Registered Shares 168,042 153,082

551,155 648,445 CANADA (3.5%)

2,830 Agrium Inc. (USD) 139,910 150,861 3,229 EnCana Corp.* 167,028 200,198 1,599 Inmet Mining Corp. 56,112 95,876

17,090 Yamana Gold Inc. 168,989 195,417 532,039 642,352

IRELAND (2.4%) 9,640 Covidien PLC 409,963 446,387

NETHERLANDS (2.4%) 8,832 Heineken NV 415,898 435,892

AUSTRALIA (2.1%) 6,369 National Australia Bank Ltd.* 181,942 185,004 6,760 Newcrest Mining Ltd. 131,872 203,705

313,814 388,709 ITALY (2.0%)

4,818 Ansaldo STS SpA 59,743 105,607 9,680 Eni SpA* 275,647 257,982

335,390 363,589 SWEDEN (1.8%)

30,834 Telefonaktiebolaget LM Ericsson, Class B 525,473 331,001

HONG KONG (1.6%) 21,714 Cheung Kong Holdings Ltd. 258,387 292,477

FINLAND (1.6%) 18,203 Nokia OYJ 394,116 286,343

NORWAY (1.5%) 11,120 Statoil ASA 267,845 267,747

SOUTH KOREA (1.4%) 1,876 KB Finanical Group Inc., ADR 137,863 103,139

210 Samsung Electronics Co., Ltd. 116,277 155,561 254,140 258,700

U.S.A. (1.4%) 4,830 Phillip Morris International Inc. 251,170 251,530


TAIWAN (1.0%) 83,077 Taiwan Semiconductor

Manufacturing Co., Ltd. 131,379 179,311



– 102 –

CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


PORTUGAL (0.9%) 33,440 Energias de Portugal SA 132,342 163,834

THAILAND (0.8%) 38,916 Bangkok Bank PCL, Foreign Registered Shares 116,960 152,769

MALAYSIA (0.7%) 48,892 Sime Darby Berhad 111,554 128,408

SOUTH AFRICA (0.4%) 4,835 Gold Fields Ltd., ADR 68,347 71,334




Total Net Assets (100.0%) 18,468,390



– 103 –

CI International Value Corporate ClassFinancial Statements (unaudited)












18,194 16,573238 394

- -- -- -- -- -- -- -- 2

33 239- -

50 5918,515 17,267

- -- -- -- -- -

17 4828 45

- -- -- -2 1

47 9418,468 17,173

19,200 21,024- -

12,621 12,5842,110 1,8463,737 2,743

10.68 9.1011.93 10.119.14 7.69

1,181,603 1,382,567176,934 182,526409,048 356,532


as at as at










431 616- 8

16 25- -- -- -

(47) (74)400 575

137 18216 22

- -2 18 10

163 215237 360

- -237 360

(676) (828)(77) (23)(17) (17)

- -

3,444 (2,377)2,674 (3,245)2,911 (2,885)

2,033 (2,171)328 (339)550 (375)

1.58 (1.45)1.81 (1.37)1.45 (1.31)


2009 2008

– 104 –

CI International Value Corporate ClassFinancial Statements (unaudited)


















12,584 18,326

658 566- -

(1,242) (1,815)(1,412) (800)(1,996) (2,049)

- -- -- -- -

2,033 (2,171)12,621 14,106

1,846 3,821

47 315- -

(34) (544)(77) (941)(64) (1,170)

- -- -- -- -

328 (339)2,110 2,312

2,743 2,215

350 258- -

(21) (160)115 1,003444 1,101

- -- -- -- -

550 (375)3,737 2,941

17,173 24,362

1,055 1,139- -

(1,297) (2,519)(1,374) (738)(1,616) (2,118)

- -- -- -- -

2,911 (2,885)18,468 19,359


2009 2008


2009 2008


– 105 –

CI International Value Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

1,382,567 1,603,15367,857 50,215

- -(126,826) (160,067)(141,995) (70,684)

1,181,603 1,422,617

182,526 304,0734,302 27,204

- -(3,127) (46,505)(6,767) (73,718)

176,934 211,054

356,532 234,59041,068 28,192

- -(2,467) (17,263)13,915 109,400

409,048 354,919





2009 2008

10.68 9.920.02 -

10.70 9.92

11.93 10.960.02 -

11.95 10.96

9.14 8.290.01 -9.15 8.29


2009 2008


1,900 2,8371,938 3,031


2009 2008


14 132 2



2.001.00


0.220.22

-


2009

– 106 –

CI Japanese Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



INDUSTRIALS (35.3%) 3,600 Astellas Pharma Inc. 187,531 157,566

7 Central Japan Railway Co. 52,111 53,428 6,000 Dai Nippon Printing Co., Ltd. 142,738 88,014

832 Daiseki Co., Ltd.* 10,373 17,533 1,000 East Japan Railway Co. 75,312 76,326 1,730 Fanuc Ltd. 165,502 165,055 3,900 Hitachi High-Technologies Corp. 66,866 86,883 3,700 Makita Corp. 101,722 124,656 8,300 Mitsubishi Corp. 90,436 179,164 3,853 Mitsubishi Estate Co., Ltd. 65,883 64,469 2,200 Mitsui & Co., Ltd. 32,337 30,671 5,500 Mitsui Fudosan Co., Ltd. 100,670 99,045 2,800 Nifco Inc. 31,145 59,706 1,000 Nikon Corp. 13,852 19,511

26,100 Nissan Motor Co., Ltd. 172,594 188,005 4,800 Omron Corp. 198,796 96,457

400 Secom Co., Ltd. 37,754 21,371 2,500 Shin-Etsu Chemical Co., Ltd. 164,948 163,684 1,100 SMC Corp. 292,873 144,042 2,900 Sohgo Security Services Co., Ltd. 55,152 36,626

13,400 Sumitomo Corp. 152,786 146,863 7,700 Sumitomo Electric Industries Ltd. 176,971 107,257

16,000 Tokyo Gas Co., Ltd.* 82,826 70,792 8,000 Yamato Transport Co., Ltd.* 272,447 140,058


2,400 Benesse Corp. 100,175 125,079 4,300 Fuji Photo Film Co., Ltd.* 205,498 137,178

48,000 Isuzu Motors Ltd. 97,319 108,192 115 Jupiter Telecommunication Co. 105,876 117,673

5,000 NGK Spark Plug Co., Ltd. 64,464 67,859 900 Sankyo Co., Ltd. 52,311 60,107

3,300 Sony Corp. 92,195 103,702 5,000 Toyota Motor Corp. 272,587 211,686

990,425 931,476 FINANCIALS (13.8%)

11,000 Bank of Yokohama Ltd. 65,613 57,328 7,000 Chiba Bank Ltd. 55,320 46,082 7,500 Gunma Bank Ltd. 50,732 43,917 2,700 Hachijuni Bank Ltd. 20,026 16,036

12,200 iShares MSCI Japan Index Fund 131,161 129,575 5,900 Millea Holdings Inc. 224,121 181,537

13,500 Mizuho Financial Group Inc. 31,282 28,497 32,000 Mizuho Securities Co., Ltd. 103,412 124,030

2,600 Shizuoka Bank Ltd. 30,649 29,271 700 Sumitomo Mitsui Financial Group Inc. 31,170 25,963

5,000 Sumitomo Realty & Development Co., Ltd.* 58,538 97,614 20,000 Sumitomo Trust & Banking Co., Ltd. 144,493 112,820

2,000 Yamaguchi Financial Group Inc. 29,581 22,135 976,098 914,805

INFORMATION TECHNOLOGY (8.5%) 3,700 Advantest Corp. 92,370 108,991 3,800 Canon Inc. 162,143 163,147

900 Canon Marketing Japan Inc. 18,499 16,937 16,000 Fujitsu Ltd. 123,672 111,627

200 Nintendo Co., Ltd. 41,011 54,192 150 Rakuten Inc. 86,897 106,797

524,592 561,691 CONSUMER STAPLES (7.2%)

2,200 Asahi Breweries, Ltd. 43,507 42,924 1,800 FamilyMart Co., Ltd. 60,617 61,717 4,000 Kirin Holdings Co., Ltd. 65,212 65,593 5,000 Nippon Meat Packers Inc. 86,126 68,693 3,300 Nissin Food Products Co., Ltd. 111,546 134,990 2,500 Seven & I Holdings Co., Ltd. 147,152 63,506 2,000 Shiseido Co., Ltd.* 49,484 37,161

563,644 474,584 MATERIALS (4.8%)

5,000 Kansai Paint Co., Ltd. 34,364 41,502 27,000 Mitsubishi Materials Corp.* 103,032 79,534

8,000 Sumitomo Metal Mining Co., Ltd. 123,146 139,963 20,000 Ube Industries Ltd. 49,255 55,813

309,797 316,812 HEALTH CARE (4.4%)

4,200 Chugai Pharmaceutical Co., Ltd. 85,614 92,865 500 Nakanishi Inc. 71,343 45,557

3,100 Olympus Corp. 81,144 87,250 1,500 Takeda Pharmaceutical Co., Ltd.* 110,305 66,547

348,406 292,219 ENERGY (3.2%)

23,000 Nippon Mining Holdings Inc. 123,672 120,691 9,000 TonenGeneral Sekiyu KK 100,857 93,917

224,529 214,608 TELECOMMUNICATION SERVICES (2.9%)

2,700 Nippon Telegraph & Telephone Corp. 146,257 133,308 35 NTT DoCoMo Inc.* 59,898 59,689

206,155 192,997 UTILITIES (2.8%)

2,300 Hokuriku Electric Power Co. 60,185 62,265 7,000 Osaka Gas Co., Ltd. 37,661 26,130 3,000 Shikoku Electric Power Co., Inc.* 120,040 97,674

217,886 186,069







– 107 –

CI Japanese Corporate ClassFinancial Statements (unaudited)









A SharesF Shares


A SharesF Shares

6,422 6,521178 100

- -- -- -- -- -- -- -- -- 111- -

36 626,636 6,794

- -- -- -- -- -- 103

13 22- -- -- -3 2

16 1276,620 6,667

7,091 8,589- -

6,301 6,365319 302

8.34 7.596.29 5.70

755,843 838,77550,726 53,086


as at as at









A SharesF Shares

45 71- 21 3- -- -- -

(3) (5)43 71

64 977 11- -

14 -4 5

89 113(46) (42)

- -(46) (42)

(693) 195(18) (11)(12) (8)

- -

1,400 (971)677 (795)631 (837)

600 (803)31 (34)

0.77 (0.79)0.61 (0.57)


2009 2008

– 108 –

CI Japanese Corporate ClassFinancial Statements (unaudited)














6,365 10,198

253 387- -

(847) (1,374)(70) (312)

(664) (1,299)

- -- -- -- -

600 (803)6,301 8,096

302 451

8 7- -

(22) (50)- -

(14) (43)

- -- -- -- -

31 (34)319 374

6,667 10,649

261 394- -

(869) (1,424)(70) (312)

(678) (1,342)

- -- -- -- -

631 (837)6,620 8,470


2009 2008


2009 2008


– 109 –

CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






2009 2008

838,775 1,070,53531,354 40,402

- -(105,645) (147,238)

(8,641) (32,971)755,843 930,728

53,086 63,7481,275 997

- -(3,560) (7,089)

(75) -50,726 57,656




2009 2008

8.34 8.700.04 0.018.38 8.71

6.29 6.490.04 0.016.33 6.50


2009 2008


773 3,188788 3,407


2009 2008


9 5- -



2.001.00

0.220.22


2009

– 110 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



JAPAN (62.8%) 5,100 Advantest Corp. 141,706 150,231

39,500 Aioi Insurance Co., Ltd. 259,481 215,281 4,250 Asahi Breweries, Ltd.* 82,152 82,921 4,321 Astellas Pharma Inc. 150,792 189,123 2,800 Benesse Corp. 128,553 145,926 4,200 Canon Inc. 164,765 180,320 4,800 Chugai Pharmaceutical Co., Ltd. 81,852 106,131 1,420 Daiseki Co., Ltd.* 21,077 29,924 1,200 Daito Trust Construction Co., Ltd. 64,675 55,527 5,800 Dentsu Inc.* 146,565 143,875 6,600 Dowa Mining Co., Ltd. 45,605 42,583 6,600 Dowa Mining Co., Ltd., Rights (29Jan10) - - 2,100 East Japan Railway Co. 158,156 160,285 2,100 FamilyMart Co., Ltd. 68,974 72,003 2,500 Fanuc Ltd. 147,437 238,519

30 Fuji Television Network Inc. 90,270 52,522 32,000 Fujitsu Ltd. 198,082 223,254 25,000 Fukuoka Financial Group Inc. 143,049 110,315

3,700 Hitachi High-Technologies Corp. 65,781 82,427 3,900 Hokuriku Electric Power Co. 102,052 105,580

10,000 Kansai Paint Co., Ltd. 60,315 83,005 726 Keyence Corp. 132,666 165,372

5,000 Kirin Holdings Co., Ltd. 77,098 81,991 5,400 Mediceo Paltac Holdings Co., Ltd. 83,070 80,887 5,300 Millea Holdings Inc. 184,710 163,075

10,900 Mitsubishi Corp. 110,484 235,287 11,848 Mitsubishi Estate Co., Ltd. 173,192 198,242 15,000 Mitsui & Co., Ltd. 118,474 209,122 10,000 Mitsui Fudosan Co., Ltd. 97,465 180,082 66,000 Mizuho Securities Co., Ltd. 213,288 255,812

5,300 Mori Seiki Co., Ltd. 121,429 66,874 900 Nakanishi Inc. 116,479 82,003

11,000 NGK Spark Plug Co., Ltd. 141,820 149,289 5,000 Nifco Inc. 55,624 106,618 3,000 Nikon Corp. 99,299 58,533

300 Nintendo Co., Ltd. 57,187 81,287 9,000 Nippon Meat Packers Inc. 153,849 123,648 4,700 Nippon Telegraph & Telephone Corp. 272,132 232,055

900 Nippon Television Network Corp. 157,957 138,031 3,700 Nissin Food Products Co., Ltd. 146,702 151,352

13,000 Nomura Holdings Inc. 198,252 85,271 40 NTT Data Corp.* 169,062 136,290 50 NTT DoCoMo Inc.* 140,455 85,271

1,600 Ono Pharmaceutical Co., Ltd. 84,098 88,347 185 Rakuten Inc. 104,716 131,716

1,100 Sankyo Co., Ltd. 63,949 73,464 3,800 Secom Co., Ltd. 201,583 203,027 5,100 Seven & I Holdings Co., Ltd. 167,328 129,552 7,000 Shiseido Co., Ltd.* 131,693 130,064

12,000 Sumitomo Metal Mining Co., Ltd. 181,592 209,944 700 Sumitomo Real Estate Sales Co., Ltd. 54,143 26,631

JAPAN (62.8%) (cont’d)6,000 Sumitomo Realty & Development Co., Ltd.* 35,419 117,137 9,400 Sumitomo Warehouse Co., Ltd.* 70,116 48,541

18,200 Suruga Bank Ltd. 219,809 183,409 900 Sysmex Corp. 41,522 41,323

1,800 Takeda Pharmaceutical Co., Ltd.* 107,622 79,856 1,500 Terumo Corp. 86,866 87,656 5,500 Tokai Rika Co., Ltd. 94,388 105,342 4,300 Tokyo Electric Power Co., Inc. 120,518 120,255

32,000 Tokyo Gas Co., Ltd.* 162,376 141,585 14,000 TonenGeneral Sekiyu KK 142,337 146,093 8,300 Toyota Industries Corp.* 188,985 243,009 5,900 Toyota Motor Corp. 243,136 249,789 2,000 Yakult Honsha Co., Ltd. 70,675 56,768

17,000 Yamaguchi Financial Group Inc. 251,441 188,144 10,000 Yamato Transport Co., Ltd.* 203,596 175,073

8,369,941 8,512,869 AUSTRALIA (21.9%)

10,645 Australia & New Zealand Banking Group Ltd. 179,151 245,156 17,300 BHP Billiton Ltd.* 522,145 616,427

7,800 Billabong International Ltd.* 67,902 88,049 75,450 BlueScope Steel Ltd. 192,337 208,829

8,811 Commonwealth Bank of Australia 262,278 430,724 22,250 Iluka Resources Ltd. 72,221 80,920 34,150 Qantas Airways Ltd. 62,948 92,262 3,700 Rio Tinto Ltd.* 168,827 206,913

13,334 Sino Gold Ltd.* 75,382 84,518 19,350 Tabcorp Holdings Ltd. 187,381 129,048

8,833 Westpac Banking Corp. 171,600 218,612 6,850 Woodside Petroleum Ltd.* 118,194 337,061 8,200 Woolworths Ltd. 190,438 226,183

2,270,804 2,964,702 HONG KONG (7.8%)

60,800 China Shineway Pharmaceutical Group Ltd. 41,095 69,547 9,100 CLP Holdings Ltd. 79,208 65,686

14,700 Hong Kong Exchanges and Clearing Ltd. 164,961 284,310 11,000 Hutchison Whampoa Ltd. 104,880 84,416 94,000 Lonking Holding Ltd. 29,751 57,528

114,000 Sino Land Co. 222,449 218,280 77,000 SmarTone Telecommunications Holding Ltd. 130,055 64,569 20,000 Wing Hang Bank Ltd. 183,814 209,157

956,213 1,053,493 U.S.A. (1.9%)

12,700 iShares MSCI Japan Index Fund 154,808 134,885 9,250 iShares MSCI Taiwan Index Fund 121,684 121,913

276,492 256,798 CHINA (1.6%)

122,000 Bank of China Ltd. 55,164 68,596 24,000 Shandong Weigao Group

Medical Polymer Co., Ltd. 51,234 84,879 36,000 Zhuzhou CSR Times Electric Co., Ltd. 40,036 66,842

146,434 220,317



– 111 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


SINGAPORE (1.4%) 89,300 Singapore Post Ltd. 43,530 62,443 63,500 Singapore Technologies Engineering Ltd. 97,487 130,794

141,017 193,237




Total Net Assets (100.0%) 13,558,237



– 112 –

CI Pacific Corporate ClassFinancial Statements (unaudited)









A SharesF Shares


A SharesF Shares

13,201 11,857360 325

- -- -- -- -- -- -- -4 41- -- -

69 9613,634 12,319

- -- -- -- -- -- -

74 41- -- -- -2 2

76 4313,558 12,276

12,132 12,862- -

13,057 11,787501 489

7.55 6.437.76 6.57

1,730,373 1,833,64464,619 74,463


as at as at









A SharesF Shares

166 257- 112 4- -- -- -

(23) (22)145 250

127 18514 22

- -1 17 10

149 218(4) 32- -

(4) 32

68 1,545(47) 32(21) (20)

- -

2,074 (4,526)2,074 (2,969)2,070 (2,937)

1,984 (2,800)86 (137)

1.13 (1.30)1.19 (1.32)


2009 2008

– 113 –

CI Pacific Corporate ClassFinancial Statements (unaudited)














11,787 19,610

580 724- -

(1,298) (1,673)4 (717)

(714) (1,666)

- -- -- -- -

1,984 (2,800)13,057 15,144

489 909

9 27- -

(52) (17)(31) 19(74) 29

- -- -- -- -

86 (137)501 801

12,276 20,519

589 751- -

(1,350) (1,690)(27) (698)

(788) (1,637)

- -- -- -- -

2,070 (2,937)13,558 15,945


2009 2008


2009 2008


– 114 –

CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






2009 2008

1,833,644 2,260,03783,121 87,064

- -(185,841) (200,281)

(551) (85,374)1,730,373 2,061,446

74,463 103,5141,269 3,083

- -(7,299) (1,946)(3,814) 2,49364,619 107,144




2009 2008

7.55 7.350.03 0.027.58 7.37

7.76 7.470.03 0.037.79 7.50


2009 2008


2,548 4,6152,599 4,932


2009 2008


16 151 3



2.001.00

0.220.22


2009

– 115 –

CI Value Trust Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (98.6%) 26,900 3M Co. 1,917,941 2,122,312

1,871,268 AES Corp.* 23,254,528 29,631,432 393,600 Aetna Inc.* 14,287,713 11,698,307 252,400 Aflac Inc. 5,565,650 11,549,744 120,500 Allstate Corp. 3,735,092 3,950,397

93,444 Amazon.com Inc.* 5,180,366 9,323,290 102,000 American Express Co. 3,449,588 3,702,102 122,347 Amgen Inc.* 6,488,328 7,889,594

71,650 AT&T Inc. 2,354,458 2,068,162 89,450 Avon Products Inc. 2,408,882 3,245,640

380,200 Bank of America Corp. 5,241,363 6,863,066 33,000 Boeing Co. 1,687,843 1,911,082

437,762 CA Inc. 11,891,745 10,297,139 237,915 Capital One Financial Corp.* 6,533,064 9,080,920

75,000 Chesapeake Energy Corp.* 1,779,816 2,276,475 414,650 Cisco Systems Inc. 9,639,951 10,437,170

9,200 CME Group Inc. 2,200,281 3,031,535 53,850 ConocoPhillips 3,129,149 2,601,377 35,850 Deere & Co. 1,478,379 1,643,939

1,096,950 Eastman Kodak Co.* 28,793,578 5,613,881 475,490 eBay Inc.* 18,261,070 12,009,303 204,650 Electronic Arts Inc.* 11,220,929 4,169,644 178,557 EMC Corp. 2,231,965 3,253,755

10,100 Exelon Corp. 668,863 535,921 156,300 General Electric Co. 2,237,628 2,741,078

43,050 Goldman Sachs Group Inc. 4,580,311 8,480,390 11,300 Google Inc., Class A 3,104,535 5,995,953

210,501 Hewlett-Packard Co.* 8,261,602 10,626,355 69,200 International Business Machines Corp. 8,113,868 8,853,653

176,600 JC Penney Co., Inc.* 8,753,406 6,381,356 155,900 JP Morgan Chase & Co. 6,749,167 7,304,187

59,500 Medtronic Inc. 2,473,634 2,341,115 47,750 Merck & Co., Inc. 1,585,785 1,614,485 95,300 Microsoft Corp. 2,445,038 2,630,415 66,550 Nucor Corp. 3,675,147 3,346,702

219,650 NYSE Euronext 8,047,462 6,782,268 24,000 PepsiCo Inc.* 1,520,959 1,507,307 85,200 Prudential Financial Inc. 2,649,430 4,545,472

142,100 Sears Holdings Corp.* 19,963,883 9,934,722 185,042 State Street Corp.* 8,369,531 10,401,072 324,400 Texas Instruments Inc.* 10,214,155 8,228,002

U.S.A. (98.6%) (cont’d)69,607 Time Warner Cable Inc. 4,329,076 3,203,080

277,213 Time Warner Inc.* 12,082,834 8,532,964 370,833 UnitedHealth Group Inc.* 14,461,649 9,929,801 225,800 Wells Fargo & Co. 3,839,848 6,793,268 403,650 Yahoo! Inc. 14,268,255 7,696,927




Total Net Assets (100.0%) 301,133,162



– 116 –

CI Value Trust Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



296,777 279,0995,055 7,719

- -- -- -- -- -- -- -

106 126- 333- -

122 332302,060 287,609

- -- -- -- -- -- 1,072

911 425- -- -- -

16 13927 1,510

301,133 286,099

324,689 407,227- -

181,234 151,1806,340 5,579

64,689 88,5742,400 2,255

83 6846,314 38,328

11 913 1049 96

- -

6.36 4.866.75 5.146.97 5.275.73 4.355.77 4.385.45 4.165.60 4.396.38 4.975.18 4.12

- -

28,512,039 31,097,801939,015 1,086,057

9,276,156 16,822,254419,060 517,942

14,427 15,5608,502,347 9,212,364

1,957 1,9572,009 2,0239,550 23,418

- -


as at as at



as at as at


– 117 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares















1,544 6,6191 292

620 1,249- -- -- -

(232) (993)1,933 7,167

2,419 3,869235 376

- -4 25

133 2122,791 4,482

(858) 2,685- -

(858) 2,685

(20,032) (198,033)(1,053) 592

(117) (531)- -

100,216 46,80879,014 (151,164)78,156 (148,479)

44,872 (51,112)1,648 (1,869)

19,426 (81,210)651 (705)20 (36)

11,505 (13,514)2 (7)3 (2)

29 (17)- (7)

1.52 (1.46)1.63 (1.52)1.67 (1.52)1.38 (1.23)1.39 (1.19)1.29 (1.25)1.33 (1.07)1.56 (1.56)1.39 (1.41)

- (1.10)

151,180 288,622

6,468 14,283- -

(19,851) (50,128)(1,435) 35,482

(14,818) (363)

- -- -- -- -

44,872 (51,112)181,234 237,147

5,579 10,838

415 1,513- -

(1,284) (1,900)(18) (113)

(887) (500)

- -- -- -- -

1,648 (1,869)6,340 8,469

88,574 481,283

1,889 20,226- -

(45,204) (10,905)4 (40,884)

(43,311) (31,563)

- -- -- -- -

19,426 (81,210)64,689 368,510


2009 2008


2009 2008


– 118 –

Insight SharesNet assets, beginning of periodCapital transactions
























9 24

- 90- -- -- (19)- 71

- -- -- (2)- (2)2 (7)

11 86

10 18

- -- -- -- -- -

- -- -- (1)- (1)3 (2)

13 15

96 49

17 53- -- -

(89) 11(72) 64

- -- -

(4) (4)(4) (4)29 (17)49 92

2,255 4,621

181 588- -

(687) (1,161)- -

(506) (573)

- -- -- -- -

651 (705)2,400 3,343

68 280

4 19- -

(5) (68)(4) (46)(5) (95)

- -- -- -- -

20 (36)83 149

38,328 81,134

537 1,390- -

(3,899) (8,956)(157) (686)

(3,519) (8,252)

- -- -- -- -

11,505 (13,514)46,314 59,368




2009 2008



2009 2008

– 119 –









- -

- 38- -- -- 4- 42

- -- -- -- -- (7)- 35

286,099 866,869

9,511 38,200- -

(70,930) (73,118)(1,699) (6,251)

(63,118) (41,169)

- -- -

(4) (7)(4) (7)

78,156 (148,479)301,133 677,214




2009 2008


– 120 –

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

Y SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period



2009 2008

31,097,801 34,823,8381,144,881 1,854,092

- -(3,478,523) (6,724,000)

(252,120) 5,002,90228,512,039 34,956,832

1,086,057 1,250,70770,085 183,748

- -(213,591) (233,373)

(3,536) (13,135)939,015 1,187,947

16,822,254 55,062,698307,928 2,477,645

- -(7,854,716) (1,356,991)

690 (5,353,595)9,276,156 50,829,757

517,942 630,02236,381 87,425

- -(135,263) (164,112)

- -419,060 553,335

15,560 38,060634 2,911

- -(908) (9,556)(859) (6,866)

14,427 24,549

9,212,364 11,469,716109,774 203,075

- -(787,306) (1,329,061)

(32,485) (103,134)8,502,347 10,240,596

1,957 2,959- 13,314- -- -- (2,763)

1,957 13,510





2009 2008

2,023 2,054- -- -

(14) (16)- -

2,009 2,038

23,418 6,1293,218 7,587

- -- -

(17,086) 1,3759,550 15,091

- -- 3,750- -- (7)- 7- 3,750

– 121 –

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


71,131 151,52972,553 161,912


2009 2008


116 52721 -

Annual management fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

2.251.25

Paid directly by investor1.111.002.002.251.252.251.25

0.210.21

-0.210.210.210.210.210.210.21


2009




Insight SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share








2009 2008

6.36 6.78- 0.01

6.36 6.79

6.75 7.130.01 0.016.76 7.14

6.97 7.250.01 0.016.98 7.26

5.73 6.04- 0.01

5.73 6.05

5.77 6.07- 0.01

5.77 6.08

5.45 5.80- 0.01

5.45 5.81

5.60 6.370.01 0.015.61 6.38

6.38 7.15- 0.01

6.38 7.16

5.18 6.130.01 0.015.19 6.14

- 9.37- 0.01- 9.38

– 122 –

Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (18.5%) 400,000 Bank of Nova Scotia†† 15,940,187 19,548,000 300,000 Canadian Imperial Bank of Commerce 19,895,327 19,587,000 700,000 Discover Financial Services 11,984,978 12,156,187 755,500 Dundee Corp., Class A 3,929,771 8,302,945 856,600 Dundee Wealth Management Inc. 4,106,991 10,339,162 700,000 Manulife Financial Corp. 21,516,679 15,750,000 100,000 Royal Bank of Canada 2,954,690 5,755,000 100,000 Sun Life Financial Inc. 4,484,790 3,355,000 50,000 TMX Group Inc. 1,583,702 1,788,500

250,000 Toronto-Dominion Bank 12,719,923 17,312,500 99,117,038 113,894,294

ENERGY (16.6%) 200,000 Canadian Oil Sands Trust 3,914,599 6,150,000 350,000 EnCana Corp. 17,086,734 21,700,000 300,000 Patterson-UTI Energy Inc. 8,946,926 4,850,055 100,000 Petroleo Brasileiro SA, ADR 3,353,952 4,913,224

1,237,000 Suncor Energy Inc. 39,049,847 46,263,800 1,000,000 Talisman Energy Inc. 12,257,435 18,630,000

84,609,493 102,507,079 MATERIALS (15.8%)

350,000 Barrick Gold Corp. 11,268,157 14,189,000 750,000 BHP Billiton Ltd. 17,500,953 26,723,723 400,000 Cameco Corp. 9,731,440 11,884,000 200,000 Franco-Nevada Corp. 6,440,000 5,618,000 400,000 Goldcorp Inc. 10,412,981 17,192,000 500,000 Norbord Inc. 3,174,832 875,000 100,000 Potash Corp. of Saskatchewan Inc. 10,019,058 9,712,000 250,000 Rio Tinto PLC 17,515,284 11,409,519


700,000 Cisco Systems Inc. 18,232,935 17,619,726 600,000 Intel Corp. 12,085,234 12,558,752 200,000 Microsoft Corp. 6,019,544 5,520,284 904,499 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 9,123,317 10,594,340 45,461,030 46,293,102

INDUSTRIALS (7.0%) 400,000 Canadian National Railway Co. 16,312,211 21,092,000 700,000 General Electric Co. 25,611,455 12,276,100 100,000 Martin Marietta Materials Inc. 10,155,056 9,844,648


400,000 PetSmart Inc.* 9,368,750 9,293,262 50,000 Ross Stores Inc. 1,552,572 2,535,305

300,000 Thomson Corp. 10,159,727 10,770,000 600,000 Tim Hortons Inc. 19,741,983 18,264,000

40,823,032 40,862,567

CONSUMER STAPLES (2.9%) 120,000 Cott Corp. 1,703,582 940,800 600,000 Diageo PLC 10,739,584 9,849,612 150,000 Nestle SA, Registered Shares 6,117,908 6,841,502

18,561,074 17,631,914 WARRANTS (0.1%)

100,000 Franco-Nevada Corp., Warrants (16Jun17) - 622,000


Total Equities (75.0%) 426,169,374 462,626,946

Short Term Notes (10.6%) 65,496,576 65,596,325




Other Assets (net) (14.3%) 87,861,261

Total Net Assets (100.0%) 616,784,137

* Denotes all or part of securities lent.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in

The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 123 –

Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)





1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (1,253,000) Australian $ 1,117,663 Canadian $ (62,865)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (1,354,000) Australian $ 1,215,757 Canadian $ (56,528)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (1,561,000) Australian $ 1,358,195 Canadian $ (112,505)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (1,624,000) Australian $ 1,459,570 Canadian $ (66,421)1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (1,631,000) Australian $ 1,438,134 Canadian $ (98,524)1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (270,000) Australian $ 240,678 Canadian $ (13,705)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (2,778,000) Australian $ 2,496,172 Canadian $ (114,174)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (2,880,000) Australian $ 2,697,264 Canadian $ (700)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (3,007,000) Australian $ 2,815,617 Canadian $ (1,319)1 Toronto-Dominion Bank A-1+ 0.89 30-Oct-09 (328,333) Australian $ 292,955 Canadian $ (16,388)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (4,426,000) Australian $ 3,983,754 Canadian $ (175,143)1 Royal Bank of Canada A-1+ 0.89 30-Oct-09 (5,321,667) Australian $ 4,746,515 Canadian $ (267,352)1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (1,060,000) British Pound 1,890,538 Canadian $ 77,311 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (1,958,000) British Pound 3,493,777 Canadian $ 144,438 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (2,063,000) British Pound 3,678,638 Canadian $ 149,688 1 Royal Bank of Canada A-1+ 1.77 30-Nov-09 (479,000) British Pound 847,471 Canadian $ 28,186 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (563,000) British Pound 977,903 Canadian $ 15,056 1 Royal Bank of Canada A-1+ 1.81 30-Oct-09 (585,000) British Pound 1,057,100 Canadian $ 56,399 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (614,000) British Pound 1,067,458 Canadian $ 17,389 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (634,000) British Pound 1,129,302 Canadian $ 44,788 1 Bank of Nova Scotia†† A-1+ 1.80 30-Nov-09 (647,000) British Pound 1,166,218 Canadian $ 59,558 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (655,000) British Pound 1,167,767 Canadian $ 47,329 1 Canadian Imperial Bank of Commerce A-1 1.77 30-Nov-09 (673,000) British Pound 1,189,477 Canadian $ 38,375 1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (838,000) British Pound 1,478,567 Canadian $ 45,251 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (860,000) British Pound 1,499,814 Canadian $ 29,024 1 Royal Bank of Canada A-1+ 1.01 30-Oct-09 (2,941,000) Swiss Franc 2,966,054 Canadian $ (73,401)1 Bank of Nova Scotia†† A-1+ 1.06 30-Dec-09 (315,000) Swiss Franc 334,501 Canadian $ 8,790 1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (336,000) Swiss Franc 356,480 Canadian $ 9,055 1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (414,600) Swiss Franc 418,598 Canadian $ (9,882)1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (418,000) Swiss Franc 421,775 Canadian $ (10,218)1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (665,000) Swiss Franc 705,489 Canadian $ 17,879 1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (947,000) Swiss Franc 955,600 Canadian $ (23,102)1 Bank of Nova Scotia†† A-1+ 0.03 05-Nov-09 (175,252,084) Taiwanese $ 5,380,782 US $ (106,210)1 Bank of Nova Scotia†† A-1+ 0.03 05-Nov-09 (29,650,000) Taiwanese $ 912,729 US $ (15,420)1 Bank of Nova Scotia†† A-1+ 0.03 04-Dec-09 (86,313,000) Taiwanese $ 2,637,928 US $ (66,660)1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (1,210,000) US $ 1,307,103 Canadian $ 11,748 1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (12,354,000) US $ 13,385,312 Canadian $ 159,202 1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (12,456,000) US $ 13,455,594 Canadian $ 120,937 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (1,313,000) US $ 1,417,791 Canadian $ 12,171 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (18,455,000) US $ 20,112,628 Canadian $ 356,390 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Oct-09 (18,611,000) US $ 20,183,630 Canadian $ 258,809 1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (22,000) US $ 23,893 Canadian $ 340 1 Bank of Nova Scotia†† A-1+ 1.08 04-Dec-09 (2,637,928) US $ 2,843,132 Canadian $ 19,150 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (3,921,000) US $ 4,273,106 Canadian $ 75,641 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (4,534,000) US $ 4,874,730 Canadian $ 20,926 1 Bank of Nova Scotia†† A-1+ 1.08 30-Oct-09 (4,821,000) US $ 5,211,501 Canadian $ 50,175 1 Bank of Nova Scotia†† A-1+ 1.09 05-Nov-09 (5,380,782) US $ 5,854,345 Canadian $ 93,752 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (557,000) US $ 601,421 Canadian $ 5,130 1 Bank of Nova Scotia†† A-1+ 1.09 05-Nov-09 (912,729) US $ 994,391 Canadian $ 17,235



– 124 –

Harbour Corporate ClassFinancial Statements (unaudited)












462,627 403,32780,688 32,78265,596 12,490

- -5,417 1,480

- -1,990 11

- -- -

2,275 1,885- -- -

622 1,174619,215 453,149

- -- -- -

1,290 4,129- -- -

1,141 709- -- -- -- -

2,431 4,838616,784 448,311

426,169 464,043- -

497,290 364,25229,936 23,57644,561 30,11912,922 9,564

607 1731,202 1,002

29,842 19,512150 41274 72

23.07 18.5621.26 17.0213.23 10.52

8.30 6.838.63 7.068.73 7.107.81 6.518.17 6.787.98 6.58

21,553,451 19,620,7241,408,088 1,385,2243,368,442 2,862,4821,556,254 1,400,101

70,312 24,548137,599 141,091

3,821,684 2,995,82618,368 6,08734,316 11,007


as at as at



as at as at


– 125 –
























5,387 4,723358 2,565

9 30- -- -- -

(465) (405)5,289 6,913

4,917 4,755506 489

- 2113 99271 262

5,807 5,607(518) 1,306

- -(518) 1,306

12,511 18,860(378) 169

(90) (136)- -

101,912 (62,403)113,955 (43,510)113,437 (42,204)

91,568 (34,034)5,820 (2,041)8,222 (2,573)2,326 (1,200)

88 (34)254 (84)

5,110 (2,198)19 (31)30 (9)

4.45 (1.96)4.21 (1.82)2.66 (1.23)1.63 (1.27)1.46 (0.69)1.85 (0.73)1.52 (1.13)1.28 (0.86)1.77 (0.60)

364,252 396,219

70,709 76,986- -

(32,639) (30,530)3,400 (1,883)

41,470 44,573

- -- -- -- -

91,568 (34,034)497,290 406,758

23,576 23,369

3,449 6,979- -

(3,056) (3,318)147 1,471540 5,132

- -- -- -- -

5,820 (2,041)29,936 26,460

30,119 21,787

6,239 8,919- -

(2,531) (1,460)2,512 6,4736,220 13,932

- -- -- -- -

8,222 (2,573)44,561 33,146


2009 2008


2009 2008


– 126 –

























19,512 10,992

6,605 13,324- -

(1,077) (311)609 725

6,137 13,738

- -- -

(917) (790)(917) (790)

5,110 (2,198)29,842 21,742

41 25

95 404- -

(1) -- (3)

94 401

- -- -

(4) (9)(4) (9)19 (31)

150 386

72 145

178 17- -

(1) (2)- 21

177 36

- -- -

(5) (7)(5) (7)30 (9)

274 165

9,564 5,090

2,128 8,093- -

(290) (575)(556) (74)

1,282 7,444

- -- -

(250) (247)(250) (247)

2,326 (1,200)12,922 11,087

173 452

- 70- -

(10) (3)367 -357 67

- -- -

(11) (12)(11) (12)88 (34)

607 473

1,002 934

- 188- -

(11) (198)(18) 212(29) 202

- -- -

(25) (28)(25) (28)

254 (84)1,202 1,024




2009 2008



2009 2008

– 127 –





448,311 459,013

89,403 114,980- -

(39,616) (36,397)6,461 6,942

56,248 85,525

- -- -

(1,212) (1,093)(1,212) (1,093)

113,437 (42,204)616,784 501,241




2009 2008


– 128 –

Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

19,620,724 16,282,5003,298,033 3,047,847

- -(1,528,611) (1,227,960)

163,305 (78,707)21,553,451 18,023,680

1,385,224 1,058,457174,719 310,133

- -(157,436) (147,320)

5,581 64,1531,408,088 1,285,423

2,862,482 1,617,662510,452 658,060

- -(204,450) (113,894)199,958 460,033

3,368,442 2,621,861

1,400,101 537,329268,209 829,718

- -(38,004) (62,568)(74,052) (9,841)

1,556,254 1,294,638

24,548 46,684- 7,398- -

(1,168) (300)46,932 -70,312 53,782

141,091 97,176- 20,226- -

(1,318) (21,282)(2,174) 20,343

137,599 116,463

2,995,826 1,175,818892,467 1,397,130

- -(148,605) (33,100)

81,996 73,4903,821,684 2,613,338




2009 2008

6,087 2,62712,352 42,581

- -(71) -

- (320)18,368 44,888

11,007 15,76723,466 2,010

- -(157) (169)

- 2,24134,316 19,849

– 129 –

Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


2,797 -2,853 -


2009 2008


85 1306 4



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009











2009 2008

23.07 22.570.02 0.01

23.09 22.58

21.26 20.590.01 0.01

21.27 20.60

13.23 12.640.01 0.01

13.24 12.65

8.30 8.560.01 0.018.31 8.57

8.63 8.800.01 -8.64 8.80

8.73 8.790.01 0.018.74 8.80

7.81 8.32- -

7.81 8.32

8.17 8.610.01 -8.18 8.61

7.98 8.310.01 0.017.99 8.32

– 130 –



Materials ................................................................................................................................. 17.3Energy ..................................................................................................................................... 17.2Consumer Discretionary .......................................................................................................... 16.0Financials ................................................................................................................................ 15.4Information Technology .......................................................................................................... 10.7Industrials ............................................................................................................................... 9.2Cash & Equivalents ................................................................................................................. 6.4Consumer Staples ................................................................................................................... 4.3Short Term Investments .......................................................................................................... 2.7Other Assets ........................................................................................................................... 0.8

During the six-month period the Fund’s exposure to credit risk and currency risk changed significant-ly as disclosed in the section below. For details relating to other price risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.

Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applica-ble, with the following credit ratings, as per tables below:

as at September 30, 2009*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 10.9AA/Aa/A+ 0.1Total 11.0

as at March 31, 2009*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 2.7 AA/Aa/A+ 0.1 Total 2.8

*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's InvestorsService, Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.

^Refer to Note 11 for Credit Rating cross reference.

Harbour Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (83,661) 21,938 3.6Australian Dollar (24,970) 1,754 0.3British Pound (19,896) 1,591 0.3Swiss Franc (6,238) 604 0.1Taiwan Dollar (9,745) (9,745) (1.6)Total (144,510) 16,142 2.7


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (116,193) 9,888 2.2 British Pound (17,605) 1,912 0.4 Swiss Franc (5,919) 474 0.1 Australian Dollar (21,106) (132) (0.1)Taiwan Dollar (9,976) (9,976) (2.2)Total (170,799) 2,166 0.4


– 131 –

Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (30.6%) 100,000 Amerada Hess Corp. 8,846,416 5,723,707 165,000 Anadarko Petroleum Corp. 8,045,630 11,067,601 425,000 Baldor Electric Co. 11,871,987 12,440,445

34,000 Becton Dickinson & Co. 2,522,738 2,534,684 650,000 Cisco Systems Inc. 16,144,925 16,361,174

80,000 Covance Inc.* 4,064,290 4,638,066 350,000 CVS Corp. 12,108,778 13,392,790 700,000 Discover Financial Services 12,991,264 12,156,187 185,000 GameStop Holding Co. 4,438,602 5,242,931

1,000,000 General Electric Co. 23,532,931 17,537,285 600,000 GeoGlobal Resources Inc. 4,890,148 706,631

45,000 GeoGlobal Resources Inc., Warrants - - 550,000 Intel Corp. 9,097,246 11,512,189

60,000 Mastercard Inc., Class A 11,206,873 12,975,022 420,000 Microsoft Corp. 9,824,406 11,592,595 100,000 Oracle Corp. 1,996,072 2,229,098 500,000 Patterson-UTI Energy Inc. 15,468,099 8,083,425 340,000 Ultra Petroleum Corp.* 19,656,836 17,822,507

176,707,241 166,016,337 SWITZERLAND (14.9%)

40,000 Alcon Inc. 4,087,819 5,938,694 485,500 Aryzta AG 19,290,053 20,804,426 215,000 Holcim Ltd. 17,038,211 15,773,376 600,000 Nestle SA, Registered Shares 21,798,313 27,366,006

44,000 Swatch Group AG 10,084,254 11,098,091 72,298,650 80,980,593

U.K. (8.8%) 1,300,000 Diageo PLC 22,921,727 21,340,827

300,000 Rio Tinto PLC 16,236,682 13,691,423 900,000 Travis Perkins PLC 14,441,441 12,826,567

53,599,850 47,858,817 FRANCE (6.4%)

155,000 Air Liquide* 14,812,507 18,879,279 145,000 Schneider Electric SA 14,640,243 15,732,472

29,452,750 34,611,751 JAPAN (4.0%)

125,000 Canon Inc. 5,819,356 5,366,678 500,000 Mitsubishi Corp.* 9,068,076 10,792,986

20,000 Nintendo Co., Ltd. 5,523,717 5,419,152 20,411,149 21,578,816

GERMANY (3.0%) 46,000 Puma AG* 13,995,887 16,204,685

SWEDEN (2.7%) 510,000 Atlas Copco AB, Series A 6,078,776 7,025,624 125,000 Hennes & Mauritz AB, Class B 6,386,691 7,506,009

12,465,467 14,531,633

BRAZIL (2.1%) 230,000 Petroleo Brasileiro SA, ADR 9,282,618 11,300,414

IRELAND (2.0%) 1,100,000 Kingspan Group PLC 14,348,019 10,783,705

AUSTRALIA (2.0%) 300,000 BHP Billiton Ltd. 4,665,022 10,689,489

TAIWAN (1.8%) 828,499 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 7,681,525 9,704,156

DENMARK (0.2%) 17,350 NKT Holding A/S* 666,894 1,079,075


Total Equities (78.5%) 414,832,803 425,339,471

Short Term Notes (8.1%) 43,861,495 43,940,950




Other Assets (net) (13.2%) 71,983,781

Total Net Assets (100.0%) 542,257,795



– 132 –






1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (107,000) Australian $ 95,380 Canadian $ (5,431)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (1,203,000) Australian $ 1,126,434 Canadian $ (528)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (1,491,000) Australian $ 1,396,396 Canadian $ (363)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (1,563,000) Australian $ 1,404,434 Canadian $ (64,239)1 Toronto-Dominion Bank A-1+ 0.89 30-Oct-09 (204,000) Australian $ 182,019 Canadian $ (10,182)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (2,408,400) Australian $ 2,167,753 Canadian $ (95,304)1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (493,000) Australian $ 439,751 Canadian $ (24,734)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (624,000) Australian $ 542,930 Canadian $ (44,973)1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (653,000) Australian $ 575,783 Canadian $ (39,446)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (913,000) Australian $ 820,559 Canadian $ (37,341)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (914,000) Australian $ 820,681 Canadian $ (38,158)1 Canadian Imperial Bank of Commerce A-1 1.77 30-Nov-09 (1,419,000) British Pound 2,507,976 Canadian $ 80,911 1 Toronto-Dominion Bank A-1+ 1.75 30-Dec-09 (1,473,000) British Pound 2,580,033 Canadian $ 60,854 1 Royal Bank of Canada A-1+ 1.77 30-Nov-09 (153,000) British Pound 270,695 Canadian $ 9,003 1 Canadian Imperial Bank of Commerce A-1 1.74 30-Dec-09 (177,000) British Pound 308,327 Canadian $ 5,618 1 Canadian Imperial Bank of Commerce A-1 1.79 30-Oct-09 (1,770,000) British Pound 3,160,850 Canadian $ 133,101 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (1,805,000) British Pound 3,218,044 Canadian $ 130,427 1 Toronto-Dominion Bank A-1+ 1.77 30-Oct-09 (1,905,000) British Pound 3,374,288 Canadian $ 115,621 1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (3,122,000) British Pound 5,508,457 Canadian $ 168,584 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (410,000) British Pound 712,150 Canadian $ 10,965 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (424,000) British Pound 756,569 Canadian $ 31,278 1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (4,337,000) British Pound 7,735,155 Canadian $ 316,319 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (476,000) British Pound 827,540 Canadian $ 13,480 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (716,000) British Pound 1,248,683 Canadian $ 24,164 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (8,165,000) British Pound 14,559,420 Canadian $ 592,439 1 Royal Bank of Canada A-1+ 0.91 30-Oct-09 (11,814,711) Canadian $ 10,808,000 US $ (243,696)1 Toronto-Dominion Bank A-1+ 0.97 30-Oct-09 (1,659,948) Canadian $ 1,606,000 Swiss Franc (168)1 Bank of Nova Scotia†† A-1+ 1.54 30-Oct-09 (13,653,000) Euro 20,995,583 Canadian $ (393,980)1 Toronto-Dominion Bank A-1+ 1.57 30-Oct-09 (2,492,000) Euro 3,907,531 Canadian $ 3,392 1 Toronto-Dominion Bank A-1+ 1.54 30-Oct-09 (2,858,000) Euro 4,391,746 Canadian $ (85,758)1 Toronto-Dominion Bank A-1+ 1.57 30-Nov-09 (3,046,000) Euro 4,772,351 Canadian $ 726 1 Canadian Imperial Bank of Commerce A-1 1.53 30-Oct-09 (3,249,000) Euro 4,968,249 Canadian $ (121,807)1 Toronto-Dominion Bank A-1+ 1.54 30-Nov-09 (3,563,000) Euro 5,485,417 Canadian $ (95,981)1 Toronto-Dominion Bank A-1+ 1.60 30-Dec-09 (5,198,000) Euro 8,324,597 Canadian $ 182,528 1 Royal Bank of Canada A-1+ 1.53 30-Oct-09 (6,586,000) Euro 10,107,631 Canadian $ (210,362)1 Canadian Imperial Bank of Commerce A-1 1.60 30-Dec-09 (774,000) Euro 1,239,592 Canadian $ 27,210 1 Royal Bank of Canada A-1+ 1.60 30-Dec-09 (9,496,000) Euro 15,210,889 Canadian $ 336,492 1 Canadian Imperial Bank of Commerce A-1 0.01 30-Nov-09 (137,000,000) Japanese Yen 1,568,134 Canadian $ (66,125)1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (140,125,000) Japanese Yen 1,568,007 Canadian $ (103,321)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Dec-09 (155,903,000) Japanese Yen 1,885,848 Canadian $ 25,552 1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (163,876,000) Japanese Yen 1,925,574 Canadian $ (29,080)1 Bank of Nova Scotia†† A-1+ 0.01 30-Oct-09 (204,820,000) Japanese Yen 2,352,495 Canadian $ (90,502)1 Bank of Nova Scotia†† A-1+ 0.01 30-Dec-09 (247,102,000) Japanese Yen 2,992,346 Canadian $ 43,821 1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (24,795,500) Japanese Yen 284,228 Canadian $ (11,521)1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (305,190,000) Japanese Yen 3,505,110 Canadian $ (135,053)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Oct-09 (311,715,000) Japanese Yen 3,577,996 Canadian $ (139,994)1 Royal Bank of Canada A-1+ 0.01 30-Nov-09 (49,874,000) Japanese Yen 571,059 Canadian $ (23,883)1 Toronto-Dominion Bank A-1+ 0.01 30-Nov-09 (619,114,000) Japanese Yen 7,038,187 Canadian $ (347,101)1 Toronto-Dominion Bank A-1+ 0.01 30-Dec-09 (67,925,000) Japanese Yen 824,182 Canadian $ 13,669 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (12,088,000) Swedish Krona 1,754,350 Canadian $ (102,341)1 Canadian Imperial Bank of Commerce A-1 0.15 30-Nov-09 (2,090,000) Swedish Krona 321,378 Canadian $ 301 1 Bank of Nova Scotia†† A-1+ 0.15 30-Oct-09 (26,395,000) Swedish Krona 3,842,856 Canadian $ (211,366)1 Royal Bank of Canada A-1+ 0.15 30-Nov-09 (3,056,000) Swedish Krona 470,333 Canadian $ 854 1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (3,806,000) Swedish Krona 600,098 Canadian $ 15,235 1 Royal Bank of Canada A-1+ 0.15 30-Oct-09 (4,579,000) Swedish Krona 665,080 Canadian $ (38,245)1 Toronto-Dominion Bank A-1+ 0.16 30-Dec-09 (4,800,000) Swedish Krona 754,658 Canadian $ 17,052 1 Toronto-Dominion Bank A-1+ 0.15 30-Nov-09 (5,059,000) Swedish Krona 777,853 Canadian $ 664 1 Canadian Imperial Bank of Commerce A-1 0.14 30-Oct-09 (5,198,000) Swedish Krona 753,301 Canadian $ (45,101)1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (5,395,700) Swedish Krona 839,270 Canadian $ 10,144 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (5,398,000) Swedish Krona 816,765 Canadian $ (12,370)1 Bank of Nova Scotia†† A-1+ 0.16 30-Dec-09 (6,441,000) Swedish Krona 1,015,778 Canadian $ 25,998 1 Bank of Nova Scotia†† A-1+ 0.15 30-Nov-09 (677,000) Swedish Krona 104,053 Canadian $ 49

– 132 –

– 133 –




Schedule A (cont’d)Foreign Currency Forward Contracts (2.0%)


1 Royal Bank of Canada A-1+ 0.16 30-Dec-09 (729,000) Swedish Krona 114,604 Canadian $ 2,580 1 Royal Bank of Canada A-1+ 0.14 30-Oct-09 (7,356,000) Swedish Krona 1,049,431 Canadian $ (80,427)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (11,241,000) Swiss Franc 11,343,088 Canadian $ (274,226)1 Bank of Nova Scotia†† A-1+ 1.06 30-Dec-09 (1,686,000) Swiss Franc 1,790,379 Canadian $ 47,050 1 Bank of Nova Scotia†† A-1+ 1.02 30-Nov-09 (1,788,000) Swiss Franc 1,824,145 Canadian $ (23,988)1 Royal Bank of Canada A-1+ 1.01 30-Oct-09 (2,130,000) Swiss Franc 2,148,145 Canadian $ (53,160)1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (243,000) Swiss Franc 245,343 Canadian $ (5,792)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (2,747,000) Swiss Franc 2,774,705 Canadian $ (64,257)1 Royal Bank of Canada A-1+ 1.03 30-Oct-09 (2,822,000) Swiss Franc 2,918,419 Canadian $ 1,918 1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (3,016,000) Swiss Franc 3,199,633 Canadian $ 81,086 1 Royal Bank of Canada A-1+ 1.02 30-Nov-09 (3,599,000) Swiss Franc 3,674,249 Canadian $ (45,796)1 Bank of Nova Scotia†† A-1+ 1.02 30-Oct-09 (3,970,000) Swiss Franc 4,043,223 Canadian $ (59,696)1 Toronto-Dominion Bank A-1+ 1.02 30-Nov-09 (4,098,000) Swiss Franc 4,184,066 Canadian $ (51,761)1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (5,509,000) Swiss Franc 5,844,783 Canadian $ 148,470 1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (8,359,000) Swiss Franc 8,434,489 Canadian $ (204,345)1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (11,626,000) US $ 12,651,995 Canadian $ 206,298 1 Toronto-Dominion Bank A-1+ 1.08 30-Oct-09 (12,725,000) US $ 13,799,117 Canadian $ 175,812 1 Royal Bank of Canada A-1+ 1.07 30-Oct-09 (13,206,000) US $ 14,180,999 Canadian $ 42,796 1 Toronto-Dominion Bank A-1+ 1.06 30-Dec-09 (13,725,000) US $ 14,540,951 Canadian $ (150,924)1 Bank of Nova Scotia†† A-1+ 1.09 30-Oct-09 (14,141,000) US $ 15,357,692 Canadian $ 218,417 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (14,265,000) US $ 15,545,997 Canadian $ 275,191 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (20,810,000) US $ 22,469,598 Canadian $ 191,654 1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (20,835,000) US $ 22,507,009 Canadian $ 202,289 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (31,706,000) US $ 34,553,833 Canadian $ 612,284 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Oct-09 (3,422,000) US $ 3,711,159 Canadian $ 47,587 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (3,496,000) US $ 3,776,554 Canadian $ 33,943 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (6,935,000) US $ 7,488,482 Canadian $ 64,285 1 Canadian Imperial Bank of Commerce A-1 1.09 30-Dec-09 (812,000) US $ 884,893 Canadian $ 15,640 1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (8,743,000) US $ 9,472,866 Canadian $ 112,668



– 134 –

Harbour Foreign Equity Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares





425,339 363,43162,438 27,35143,941 5,192

- -4,312 337

- -4,876 1,106

- -- -

1,154 7407,486 -

- -920 1,526

550,466 399,683

- -- -- -

3,883 9,003- -

3,186 -1,139 688

- -- -- -- -

8,208 9,691542,258 389,992

414,833 519,212- -

511,089 368,27811,886 8,36516,129 11,296

1,214 81917 12

- -1,896 1,202

27 20

9.65 6.8910.36 7.369.48 6.696.66 4.867.54 5.47

- -6.10 4.516.65 4.89

52,938,219 53,441,7781,146,987 1,136,8871,701,563 1,689,180

182,295 168,5952,232 2,249

- -310,868 266,432

4,000 4,000


as at as at



as at as at


– 135 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares















6,361 10,17847 988

226 284- -- -2 3

(979) (1,156)5,657 10,297

4,662 5,768519 672

- 280 55

259 3205,520 6,817

137 3,480- -

137 3,480

(18,452) (8,321)(328) 1,373(220) (557)

- -

175,174 (101,355)156,174 (108,860)156,311 (105,380)

147,306 (95,695)3,479 (2,335)4,654 (6,792)

354 (179)5 (16)- (9)

505 (342)8 (12)

2.76 (1.97)3.00 (1.99)2.81 (1.03)1.94 (1.29)2.22 (1.48)

- (1.97)1.76 (1.55)1.97 (2.92)

368,278 533,900

35,466 50,724- -

(39,485) (38,682)(476) 84,888

(4,495) 96,930

- -- -- -- -

147,306 (95,695)511,089 535,135

8,365 13,858

1,418 1,605- -

(1,615) (880)239 58842 1,313

- -- -- -- -

3,479 (2,335)11,886 12,836

11,296 104,051

896 12,284- -

(810) (5,818)93 (86,557)

179 (80,091)

- -- -- -- -

4,654 (6,792)16,129 17,168


2009 2008


2009 2008


– 136 –

























1,202 1,646

375 643- -

(113) (13)(16) (45)246 585

- -- -

(57) (83)(57) (83)505 (342)

1,896 1,806

20 -

- 40- -- -- 3- 43

- -- -

(1) (1)(1) (1)8 (12)

27 30

389,992 654,793

38,160 65,744- -

(42,030) (45,393)(93) (1,369)

(3,963) 18,982

- -- -

(82) (119)(82) (119)

156,311 (105,380)542,258 568,276

819 1,241

5 448- -

(7) -67 (294)65 154

- -- -

(24) (32)(24) (32)

354 (179)1,214 1,184

12 97

- -- -- -- -- -

- -- -- (2)- (2)5 (16)

17 79

- -

- -- -- -- 48- 48

- -- -- (1)- (1)- (9)- 38




2009 2008



2009 2008

– 137 –

Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

53,441,778 45,200,6324,132,540 4,335,180

- -(4,569,604) (3,324,680)

(66,495) 7,557,95852,938,219 53,769,090

1,136,887 1,110,234151,230 129,371

- -(169,833) (72,102)

28,703 46,5851,146,987 1,214,088

1,689,180 9,286,705103,505 1,076,259

- -(98,946) (510,000)

7,824 (8,055,005)1,701,563 1,797,959

168,595 139,980774 53,195

- -(1,199) -

14,125 (30,258)182,295 162,917

2,249 9,785- -- -

(17) (18)- -

2,232 9,767

- -- -- -- (25)- 4,800- 4,775

266,432 192,18368,622 76,384

- -(20,685) (1,517)(3,501) (5,400)

310,868 261,650



2009 2008

4,000 -- 4,000- -- (9)- 9

4,000 4,000

– 138 –

Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


22,848 62,58023,305 66,868


2009 2008


208 53615 16

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares

2.001.00



0.220.22

-0.220.22

-0.220.22


2009










2009 2008

9.65 9.950.02 0.029.67 9.97

10.36 10.570.01 0.02

10.37 10.59

9.48 9.550.01 0.019.49 9.56

6.66 7.270.01 -6.67 7.27

7.54 8.140.01 0.017.55 8.15

- 7.86- 0.01- 7.87

6.10 6.900.01 0.016.11 6.91

6.65 7.450.01 0.016.66 7.46

– 139 –



U.S.A. ...................................................................................................................................... 36.6Switzerland ............................................................................................................................. 14.8U.K. .......................................................................................................................................... 11.0France ...................................................................................................................................... 8.7Cash & Equivalents ................................................................................................................. 5.0Japan ...................................................................................................................................... 4.9Brazil ....................................................................................................................................... 4.1Germany .................................................................................................................................. 3.3Ireland ..................................................................................................................................... 3.0Sweden ................................................................................................................................... 2.8Australia .................................................................................................................................. 2.1Taiwan ..................................................................................................................................... 2.0Canada .................................................................................................................................... 1.3Other Assets ........................................................................................................................... 0.4

During the six-month period the Fund’s exposure to credit risk and currency risk changed significant-ly as disclosed in the section below. For details relating to other price risk and interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.








Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (177,341) 13,684 2.5British Pound (45,086) 3,267 0.6Swiss Franc (51,254) 2,983 0.6Euro (79,773) 2,632 0.5Danish Krone - 1,079 0.2Australian Dollar (9,988) 701 0.1Japanese Yen (28,950) 359 0.1Swedish Krona (14,293) 239 0.1Total (406,685) 24,944 4.7


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)British Pound (39,669) 3,707 1.0 Euro (70,712) 2,169 0.6 Swiss Franc (37,405) 1,374 0.4 Swedish Krona (10,288) 437 0.1 Australian Dollar (8,442) (52) (0.1)Japanese Yen (19,232) (218) (0.1)US Dollar (175,097) (3,325) (0.9)Total (360,845) 4,092 1.0

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $2,494,000 (March 31, 2009 -$409,000). In practice, the actual results may differ from this analysis and the difference may be materi-al.

– 140 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



ENERGY (47.4%) 20,900 Anadarko Petroleum Corp. 1,044,560 1,401,896 25,852 Apache Corp. 2,618,082 2,538,949

113,500 ARC Energy Trust* 2,039,960 2,284,755 27,700 Baytex Energy Trust 667,805 653,720

101,500 Bonavista Energy Trust 1,980,367 2,072,630 182,900 BP PLC 1,659,630 1,730,148

51,600 Breaker Energy Ltd. 244,411 273,480 57,250 Canadian Natural Resources Ltd. 3,678,679 4,139,175 58,100 Canadian Oil Sands Trust 1,679,427 1,786,575 79,927 Celtic Exploration Ltd.* 1,077,362 1,513,817 48,400 Chesapeake Energy Corp. 1,308,510 1,469,085 37,390 Chevron Corp. 3,312,867 2,815,029

657,400 Connacher Oil and Gas Ltd. 593,667 723,140 32,800 Continental Resources Inc. 1,002,017 1,374,846 46,600 Enbridge Inc. 1,714,338 1,937,162 77,685 EnCana Corp. 5,082,455 4,816,470 29,300 Enerplus Resources Fund 635,067 717,557 13,948 FMC Technologies Inc. 744,382 779,079 26,600 Helmerich & Payne Inc. 899,714 1,123,226 37,900 Husky Energy Inc.* 1,455,936 1,142,306 81,300 Imperial Oil Ltd. 3,560,517 3,312,975

101,000 MacArthur Coal Ltd.* 629,548 899,699 104,390 Nexen Inc. 2,534,041 2,540,853

27,600 Occidental Petroleum Corp. 1,924,662 2,313,470 16,500 Peabody Energy Corp. 703,326 656,460 39,100 Petrohawk Energy Corp. 885,742 1,010,561 52,180 Petroleo Brasileiro SA, ADR 1,541,196 2,196,118 39,800 Southwestern Energy Co. 1,543,605 1,815,270


18,000 Transocean Ltd. 1,284,984 1,648,312 31,600 Trican Well Service Ltd. 277,749 438,924 85,990 TriStar Oil & Gas Ltd. 1,077,584 1,345,744 82,500 Weatherford International Ltd. (Switzerland) 1,248,048 1,831,056 27,916 XTO Energy Inc. 1,287,895 1,233,491

60,902,448 66,943,331 MATERIALS (39.1%)

37,000 Agnico-Eagle Mines Ltd.* 2,097,081 2,679,170 131,600 Antofagasta PLC 1,220,260 1,705,538

71,097 Barrick Gold Corp. 2,740,081 2,882,272 151,800 BHP Billiton PLC 3,880,875 4,435,908

53,500 Cameco Corp. 1,626,931 1,589,485 151,570 Central Fund of Canada Ltd. 2,024,733 2,148,571

27,200 Consol Energy Inc. 1,031,414 1,313,099 133,500 Consolidated Thompson Iron Mines Ltd. 502,548 723,570

36,500 Detour Gold Corp.* 388,398 481,800 53,800 Eldorado Gold Corp.* 537,077 653,670 44,250 Energy Resources of Australia Ltd.* 896,165 1,053,780 49,100 Felix Resources Ltd.* 642,605 787,095 24,700 FNX Mining Co., Inc.* 228,437 230,698 40,600 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 1,873,991 2,982,373 94,400 Fresnillo PLC 1,028,005 1,241,999

MATERIALS (39.1%) (cont’d)116,330 Goldcorp Inc. 4,119,039 4,999,863

99,900 IAMGOLD Corp. 1,157,008 1,511,487 44,700 ICL-Israel Chemicals Ltd. 570,848 547,422 49,500 Inmet Mining Corp. 2,215,550 2,968,020

116,600 International Royalty Corp. 415,889 500,214 91,200 Kinross Gold Corp. 1,907,343 2,117,664

339,100 Lundin Mining Corp. 664,892 1,224,151 235,000 Mirabela Nickel Ltd. 526,215 606,300 372,600 Paladin Resources Ltd. 1,899,476 1,576,098

14,181 Potash Corp. of Saskatchewan Inc. 1,692,707 1,377,259 54,700 Quadra Mining Ltd. 288,392 794,791 18,500 Randgold Resources Ltd., ADR* 1,094,675 1,382,930 46,800 Red Back Mining Inc.* 370,829 562,536 89,500 Sherritt International Corp., Restricted

Voting Shares 477,189 685,570 26,081 SPDR Gold Trust 2,657,433 2,759,977 75,000 Teck Resources Ltd. 10.25% 05/15/2016 83,460 90,738

190,000 Teck Resources Ltd. 10.75% 05/15/2019 217,928 236,480 100,000 Teck Resources Ltd. 7% 09/15/2012 70,154 110,010

65,600 Teck Resources Ltd., Class B 900,215 1,934,544 63,600 Ventana Gold Corp. 313,118 376,512

400,000 Western Areas Ltd. 8% 07/02/2012 176,250 361,731 112,100 Western Areas NL* 510,582 514,643 145,100 Xstrata PLC 1,874,554 2,290,112

66,300 Yamana Gold Inc. 709,013 763,776 45,631,360 55,201,856

CONSUMER STAPLES (1.9%) 16,300 Bunge Ltd. 1,168,150 1,091,949

5,400 Corn Products International Inc. 185,634 164,889 130,900 Viterra Inc.* 1,074,269 1,396,703

2,428,053 2,653,541 UTILITIES (0.6%)

36,100 TransAlta Corp.* 1,196,771 786,258



Short Term Notes (9.9%) 14,000,000 14,000,000





Total Net Assets (100.0%) 141,158,933



– 141 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.




1 UBS Warburg NY A-1 0.90 10-Dec-09 (579,000) Australian $ 518,474 Canadian $ (25,013)1 UBS Warburg NY A-1 1.81 06-Oct-09 (2,609,000) British Pound 4,719,081 Canadian $ 255,496 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,495,000) US $ 1,627,113 Canadian $ 26,601 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,189,000) US $ 2,382,639 Canadian $ 39,146 1 UBS Warburg NY A-1 1.09 12-Nov-09 (2,670,000) US $ 2,906,429 Canadian $ 47,988 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (2,909,000) US $ 3,165,254 Canadian $ 50,947 1 Morgan Stanley A-1 1.09 12-Nov-09 (3,105,000) US $ 3,376,920 Canadian $ 52,782 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (3,144,000) US $ 3,419,792 Canadian $ 53,900



– 142 –

Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)









A SharesF Shares


A SharesF Shares

125,585 79,616690 270

14,000 17,000- -- -- -

527 125- -- -

291 337550 4,165

- -139 215

141,782 101,728

- -- -- -

25 268- -

361 2,857181 314

- -- -- -

56 37623 3,476

141,159 98,252

110,026 84,011- -

135,686 94,9045,473 3,348

37.36 29.4539.30 30.82

3,631,651 3,223,058139,240 108,645


as at as at









A SharesF Shares

835 86797 403

7 26- -- -- -

(59) (65)880 1,231

1,183 1,409121 144

- 127 1865 78

1,396 1,650(516) (419)

- -(516) (419)

8,077 5,999(21) (51)

(183) (158)- -

20,600 (28,395)28,473 (22,605)27,957 (23,024)

26,961 (22,284)996 (740)

7.85 (7.04)7.69 (6.35)


2009 2008

– 143 –

Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)














94,904 115,181

23,753 32,404- -

(10,747) (15,881)815 7,388

13,821 23,911

- -- -- -- -

26,961 (22,284)135,686 116,808

3,348 4,532

646 776- -

(590) (605)1,073 (33)1,129 138

- -- -- -- -

996 (740)5,473 3,930

98,252 119,713

24,399 33,180- -

(11,337) (16,486)1,888 7,355

14,950 24,049

- -- -- -- -

27,957 (23,024)141,159 120,738


2009 2008


2009 2008


– 144 –

Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






2009 2008

3,223,058 2,827,689705,874 725,235

- -(319,855) (375,734)

22,574 174,1643,631,651 3,351,354

108,645 107,40418,104 18,266

- -(16,779) (14,510)29,270 (2,911)

139,240 108,249




2009 2008

37.36 34.850.04 0.07

37.40 34.92

39.30 36.300.04 0.07

39.34 36.37


2009 2008


9,737 9,49110,000 10,141


2009 2008


183 1578 12



2.001.00

0.200.20


2009

– 145 –



Energy ..................................................................................................................................... 44.7Materials ................................................................................................................................. 34.1Short Term Investments .......................................................................................................... 17.3Other Assets ........................................................................................................................... 1.5Industrials ............................................................................................................................... 0.9Utilities .................................................................................................................................... 0.9Consumer Staples ................................................................................................................... 0.4Cash & Equivalents ................................................................................................................. 0.1Warrants ................................................................................................................................. 0.1

During the six-month period the Fund’s exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below.

Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world.




Credit Rating^ (%)AAA/Aaa/A++ 0.1AA/Aa/A+ 10.2BB/Ba/B+ 0.3Not Rated 0.3Total 10.9

Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



Credit Risk (cont’d)


Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 0.2BBB/Baa/B++ 1.4BB/Ba/B+ 0.3Not Rated 8.4Total 19.5





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (16,608) 20,434 14.5 British Pound (4,464) 7,181 5.1 Australian Dollar (547) 3,078 2.2 Israeli Shekel - 547 0.4 Total (21,619) 31,240 22.2


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (17,598) 12,944 13.2British Pound (2,760) 1,297 1.3Australian Dollar (454) 196 0.2Total (20,812) 14,437 14.7


– 146 –

Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.

as at September 30, 2009

Interest Rate Exposure

as at March 31, 2009


As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $8,000 (March 31, 2009 - $16,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.

Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)



Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

14,690 472 - 327 15,489



17,270 - 363 1,563 19,196

– 147 –

Signature Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



CANADA (50.3%) 226,300 Advantage Oil & Gas Ltd.* 1,260,399 1,704,039 131,100 ARC Energy Trust* 2,351,606 2,639,043

99,900 Baytex Energy Trust 1,962,082 2,357,640 117,800 Bonavista Energy Trust 2,241,435 2,405,476

63,900 Breaker Energy Ltd. 300,740 338,670 74,500 Cameco Corp. 2,256,433 2,213,395

109,670 Canadian Natural Resources Ltd. 6,613,737 7,929,141 94,700 Canadian Oil Sands Trust 2,401,754 2,912,025

106,000 Celtic Exploration Ltd.* 1,136,039 2,007,640 805,300 Connacher Oil and Gas Ltd.* 726,575 885,830

USD 1,000,000 Connacher Oil and Gas Ltd., Private Placement 11.75% 07/15/2014^ 1,033,403 1,134,763

75,400 Crescent Point Energy Corp.* 2,604,311 2,727,218 166,700 Crew Energy Inc.* 1,029,540 1,440,288

55,900 Enbridge Inc. 2,062,103 2,323,763 104,025 EnCana Corp. 6,400,134 6,449,550

33,700 Enerplus Resources Fund 730,967 825,313 134,700 Flint Energy Services Ltd. 1,577,565 1,668,933 456,964 Horizon North Logistics Inc. 1,468,040 763,130 51,000 Husky Energy Inc.* 1,805,955 1,537,140

113,100 Imperial Oil Ltd. 4,835,217 4,608,825 278,330 Inter Pipeline Fund LP 2,162,886 2,671,968 159,350 Nexen Inc. 3,688,839 3,878,579

11,600 Niko Resources Ltd. 744,623 968,020 58,800 Petrobank Energy and Resources Ltd. 2,195,735 2,594,844

235,144 Suncor Energy Inc. 7,161,428 8,794,386 41,400 Superior Plus Corp. 461,684 484,380

451,700 Talisman Energy Inc. 7,447,838 8,415,171 85,600 TransAlta Corp.* 2,601,618 1,864,368 42,700 Trican Well Service Ltd. 381,679 593,103

163,600 TriStar Oil & Gas Ltd. 1,826,885 2,560,340 73,471,250 81,696,981

U.S.A. (26.6%) 27,800 Anadarko Petroleum Corp. 1,394,786 1,864,723 64,350 Apache Corp. 6,017,377 6,319,874 57,200 Chesapeake Energy Corp.* 1,495,937 1,736,191 70,960 Chevron Corp. 5,931,463 5,342,456 31,900 Consol Energy Inc. 1,180,994 1,539,995 68,200 Continental Resources Inc.* 2,049,661 2,858,674 22,000 FMC Technologies Inc. 1,083,808 1,228,831

269,200 Gran Tierra Energy Inc. 1,227,230 1,200,632 78,400 Helmerich & Payne Inc. 2,932,861 3,310,560

152,200 Northern Oil & Gas Inc. 1,254,068 1,363,919 54,400 Occidental Petroleum Corp. 3,836,456 4,559,883 64,300 Petrohawk Energy Corp. 1,478,236 1,661,869 30,300 Range Resources Corp.* 1,565,709 1,599,330 61,700 Southwestern Energy Co.* 2,436,501 2,814,124 39,100 Whiting Petroleum Corp. 1,636,348 2,405,838 77,520 XTO Energy Inc. 3,485,513 3,425,285

39,006,948 43,232,184 BRAZIL (5.0%)

3,215 OGX Petroleo e Gas Participacoes SA 1,951,813 2,626,929 129,427 Petroleo Brasileiro SA, ADR 4,459,792 5,447,239

6,411,605 8,074,168

SWITZERLAND (3.0%) 24,100 Transocean Ltd. 1,740,598 2,206,907

118,200 Weatherford International Ltd. (Switzerland) 1,908,321 2,623,404 3,648,919 4,830,311

AUSTRALIA (2.8%) 72,050 Energy Resources of Australia Ltd. 1,449,076 1,715,816

666,800 Paladin Resources Ltd. 2,800,388 2,820,564 4,249,464 4,536,380

FRANCE (1.6%) 42,100 Total SA, ADR 3,022,191 2,671,113

U.K. (1.0%) 166,900 BP PLC 1,591,843 1,578,795

NETHERLANDS (1.0%) 24,700 Schlumberger Ltd. 1,497,529 1,574,278

ITALY (1.0%) 58,900 Eni SpA* 1,472,688 1,569,744



Short Term Notes (7.4%) 12,000,000 12,000,000


Foreign Currency Forward Contracts (0.3%)(see Schedule A) 411,425



Total Net Assets (100.0%) 162,476,514

Principal amounts stated in:USD U.S. Dollar

^ Denotes illiquid securities.* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 148 –

Signature Global Energy Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia owns a significant interest in CI Financial Corp. and is therefore, considered a related party to CI Investments Inc. Investments in TheBank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.




1 UBS Warburg NY A-1 0.90 10-Dec-09 (178,000) Australian $ 159,393 Canadian $ (7,690)1 UBS Warburg NY A-1 1.81 06-Oct-09 (345,000) British Pound 624,026 Canadian $ 33,785 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (126,000) Euro 194,999 Canadian $ (2,413)1 Morgan Stanley A-1 1.55 06-Oct-09 (226,000) Euro 349,811 Canadian $ (4,278)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (2,160,000) US $ 2,350,879 Canadian $ 38,434 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (3,163,000) US $ 3,442,799 Canadian $ 56,565 1 UBS Warburg NY A-1 1.09 12-Nov-09 (3,857,000) US $ 4,198,537 Canadian $ 69,323 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (4,202,000) US $ 4,572,154 Canadian $ 73,592 1 Morgan Stanley A-1 1.09 12-Nov-09 (4,485,000) US $ 4,877,774 Canadian $ 76,240 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (4,542,000) US $ 4,940,424 Canadian $ 77,867



– 149 –

Signature Global Energy Corporate Class Financial Statements (unaudited)









A SharesF Shares


A SharesF Shares

149,764 99,2422,182 2,932

12,000 21,000- -- -- -

426 292- -- -

316 548- 1,429- -

273 221164,961 125,664

- -- -- -

14 227- -

2,021 2,497362 436

- -- -- -

87 682,484 3,228

162,477 122,436

134,206 113,215- -

152,370 114,53510,107 7,901

42.00 32.8031.29 24.31

3,627,437 3,491,610322,973 324,987


as at as at









A SharesF Shares

1,109 986261 80314 28

- -- -- -

(81) (67)1,303 1,750

1,421 1,906162 216

- 182 2379 106

1,744 2,252(441) (502)

- -(441) (502)

5,954 10,788(116) (221)(184) (145)

- -

29,878 (30,665)35,532 (20,243)35,091 (20,745)

32,818 (19,523)2,273 (1,222)

9.10 (5.44)6.99 (3.85)


2009 2008

– 150 –

Signature Global Energy Corporate Class Financial Statements (unaudited)














114,535 165,988

17,458 22,926- -

(12,021) (18,850)(420) 306

5,017 4,382

- -- -- -- -

32,818 (19,523)152,370 150,847

7,901 10,537

371 2,082- -

(562) (2,073)124 415(67) 424

- -- -- -- -

2,273 (1,222)10,107 9,739

122,436 176,525

17,829 25,008- -

(12,583) (20,923)(296) 721

4,950 4,806

- -- -- -- -

35,091 (20,745)162,477 160,586


2009 2008


2009 2008


– 151 –

Signature Global Energy Corporate Class Financial Statements – Supplementary Schedules (unaudited)






2009 2008

3,491,610 3,523,779462,289 437,994

- -(315,102) (371,964)

(11,360) 4,3793,627,437 3,594,188

324,987 304,92613,128 60,420

- -(19,720) (60,741)

4,578 10,004322,973 314,609




2009 2008

42.00 41.970.06 0.08

42.06 42.05

31.29 30.950.04 0.07

31.33 31.02


2009 2008


17,622 21,09118,136 22,536


2009 2008


183 1448 11



2.001.00

0.220.22


2009

– 152 –



Canada .................................................................................................................................... 55.2U.S.A. ...................................................................................................................................... 30.2Switzerland ............................................................................................................................. 3.4Brazil ....................................................................................................................................... 3.2Cash & Equivalents ................................................................................................................. 2.4U.K. .......................................................................................................................................... 2.2Australia .................................................................................................................................. 2.2France ...................................................................................................................................... 1.9Other Assets ........................................................................................................................... -0.7


Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economic con-ditions across the world.




Credit Rating^ (%)AAA/Aaa/A++ 0.1AA/Aa/A+ 7.6BB/Ba/B+ 0.7Total 8.4


Credit Rating^ (%)AAA/Aaa/A++ 17.2 AA/Aa/A+ 0.2 BB/Ba/B+ 0.4 Total 17.8



Signature Global Energy Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (23,992) 34,762 21.4Brazilian Real - 2,627 1.6Australian Dollar (168) 1,548 1.0Euro (552) 1,018 0.6British Pound (590) 989 0.6Total (25,302) 40,944 25.2


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (29,828) 18,151 14.8 Brazilian Real - 1,485 1.2 British Pound (1,518) 1,186 1.0 Total (31,346) 20,822 17.0

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $4,094,000(March 31, 2009 - $2,082,000). In practice, the actual results may differ from this analysis and thedifference may be material.






As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $12,000 (March 31, 2009 - $4,000). In practice, the actual results may differ from thisanalysis and the difference may be material.



14,182 - 1,135 - 15,317



23,932 - - 529 24,461

– 153 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (28.6%) 405,100 Aberdeen Asset Management PLC 1,155,954 1,039,624

8,100 Allianz AG, Registered Shares* 819,805 1,085,203 150,400 AMP Ltd. 686,236 923,475

11,700 Artio Global Investors Inc. 334,943 326,319 328,290 AXA Asia Pacific Holdings Ltd.* 1,426,730 1,348,997 258,600 Bank of America Corp. 3,620,323 4,668,040

53,900 Bank of New York Mellon Corp. 1,695,650 1,672,960 134,200 Bank of Nova Scotia†† 5,847,224 6,558,354 56,500 Brookfield Asset Management Inc.,

Class A 1,238,575 1,376,905 144,300 Canadian Imperial Bank of Commerce 8,810,513 9,421,347

3,800 Fairfax Financial Holdings Ltd., Sub-Voting Shares 1,214,483 1,510,728

88,000 Genworth MI Canada Inc. 1,690,239 2,112,000 111,400 Great-West Lifeco Inc.* 1,830,096 2,958,784

72,900 Hosted Data Transaction Solutions Inc. 110,856 14,580 96,300 HSBC Holdings PLC 828,755 1,179,016 68,700 ING Groep NV 1,054,971 1,312,646 90,209 Intact Financial Corp. 2,448,234 3,054,477

148,200 Intesa Sanpaolo SpA* 840,514 700,656 38,600 JP Morgan Chase & Co. 1,548,583 1,808,477 92,600 Lincoln National Corp. 2,556,590 2,555,891

USD 301,000 Lincoln National Corp., Callable 7% 05/17/2066 117,344 230,420

USD 622,000 Lincoln National Corp., Preferred 6.05% 04/20/2067 221,788 449,513

370,600 Manulife Financial Corp. 7,400,954 8,338,500 180,000 Morgan Stanley, FRN

0.65429% 02/23/2012 179,681 167,404 26,600 PNC Financial Services Group Inc. 1,146,368 1,381,249 18,882 Power Corp. of Canada 446,024 552,865

143,900 Principal Financial Group Inc. 2,909,095 4,210,648 125,000 Prudential PLC 716,726 1,286,378

5,300 TMX Group Inc. 175,554 189,581 76,700 Toronto-Dominion Bank 4,191,452 5,311,475 6,250 Unibail* 1,188,078 1,389,542

57,000 Wells Fargo & Co. 1,481,740 1,714,864 59,934,078 70,850,918

ENERGY (16.2%) 85,900 Canadian Natural Resources Ltd. 4,942,370 6,210,570 15,400 Canadian Oil Sands Trust 459,117 473,550 39,100 Chesapeake Energy Corp. 1,038,462 1,186,802 36,500 EnCana Corp. 2,257,947 2,263,000 22,500 Imperial Oil Ltd. 891,388 916,875 89,230 Nexen Inc. 2,213,589 2,171,858 19,400 Occidental Petroleum Corp. 1,349,266 1,626,135 20,600 Petroleo Brasileiro SA, ADR 944,218 1,012,124 44,700 Spectra Energy Corp. 993,572 904,998


46,000 TransCanada Corp.* 1,431,420 1,535,020 14,600 Transocean Ltd. 1,007,760 1,336,964 55,400 Weatherford International Ltd. (Switzerland) 942,189 1,229,582

34,554,848 40,013,515

CONSUMER STAPLES (9.0%) 16,700 Alimentation Couche-Tard Inc., Class B 354,410 311,956 19,385 British American Tobacco PLC 666,163 650,710 27,500 Bunge Ltd. 1,972,626 1,842,245 10,200 Corn Products International Inc. 348,794 311,457 61,403 CVS Corp. 2,186,214 2,349,593 57,705 Diageo PLC 1,066,643 947,286 22,385 Fomento Economico Mexicano

SA de CV, ADR 742,473 911,927 15,677 Groupe Danone* 1,187,857 1,009,641 50,600 Nestle SA, Registered Shares 2,060,051 2,307,867 17,500 PepsiCo Inc. 1,087,654 1,099,078 30,168 Phillip Morris International Inc. 1,527,985 1,571,045 27,416 Procter & Gamble Co. 1,935,352 1,697,484 46,540 Saputo Inc. 1,042,593 1,169,550 31,030 Shoppers Drug Mart Corp. 1,469,278 1,363,458 52,800 Unilever NV* 1,618,690 1,626,811

166,500 Viterra Inc.* 1,430,325 1,776,555 105,000 Wal-Mart de Mexico SA de CV* 356,318 389,804

17,300 Wal-Mart Stores Inc. 1,004,255 907,962 22,057,681 22,244,429

INDUSTRIALS (8.6%) 77,401 BAE Systems PLC 629,720 462,428

313,900 Bombardier Inc., Class B, Sub-Voting Shares 1,218,385 1,550,666 27,300 Canadian National Railway Co. 1,405,292 1,439,529 34,600 Canadian Pacific Railway Ltd. 1,406,209 1,732,768 83,000 Finning International Inc. 1,584,156 1,328,000 23,000 FTI Consulting Inc.* 1,295,686 1,047,055 88,300 Ingersoll-Rand PLC 2,254,261 2,899,499 18,409 Schneider Electric SA 1,639,382 1,997,373 30,900 SNC-Lavalin Group Inc. 1,227,814 1,494,015 50,200 Union Pacific Corp. 2,744,323 3,131,286

148,300 Weir Group PLC 1,333,960 1,718,990 49,200 WestJet Airlines Ltd. 551,040 543,168 20,800 WW Grainger Inc.* 1,841,087 1,987,782

19,131,315 21,332,559 MATERIALS (8.6%)

22,800 Agrium Inc.* 1,086,802 1,216,836 31,800 AK Steel Holding Corp. 738,284 671,061

138,000 Barrick Gold Corp. 5,390,613 5,594,520 38,800 BHP Billiton PLC 978,047 1,133,816 54,000 Cameco Corp. 1,723,406 1,604,340 45,900 CRH PLC (Dublin Listed) 1,265,684 1,364,163 88,100 Goldcorp Inc. 3,322,216 3,786,538 17,300 Inmet Mining Corp. 712,893 1,037,308

406,600 Paladin Resources Ltd. 1,872,174 1,719,918 16,000 Potash Corp. of Saskatchewan Inc. 1,771,133 1,553,920 35,900 Rio Tinto PLC 1,686,413 1,638,407


76,300 Activision Inc. 979,718 1,012,149 300,900 Advanced Micro Devices Inc. 1,800,307 1,820,200

53,000 EMC Corp. 729,679 965,793 23,300 FormFactor Inc. 573,091 593,969




– 154 –




INFORMATION TECHNOLOGY (7.2%) (cont’d)2,200 Google Inc., Class A 948,494 1,167,354

129,000 Intel Corp. 2,572,917 2,700,132 29,100 Maxim Integrated Products Inc. 566,355 564,858

168,600 Micron Technology Inc. 1,234,417 1,478,393 90,900 Microsoft Corp. 2,276,952 2,508,969 60,700 NVIDIA Corp. 748,820 976,129 18,500 Research In Motion Ltd. (USD) 1,413,317 1,338,562 89,500 Seagate Technology 1,131,671 1,457,474 34,400 Western Digital Corp. 1,126,989 1,345,048


81,200 AT&T Inc. 2,313,703 2,343,821 176,400 BCE Inc. 5,190,937 4,655,196

64,519 France Telecom SA* 1,750,833 1,839,790 54,649 Manitoba Telecom Services Inc. 1,935,284 1,820,358

135,500 TELUS Corp., Non-Voting Shares 5,034,077 4,497,245 16,224,834 15,156,410

CONSUMER DISCRETIONARY (5.2%) 14,700 BorgWarner Inc. 474,594 476,250 43,700 Bridgestone Corp. 758,930 834,905 18,800 DaimlerChrysler AG, Registered Shares 918,212 1,016,216 31,700 Honda Motor Co., Ltd.* 1,069,864 1,037,755 25,200 Johnson Controls Inc.* 657,935 688,001

128,800 Li & Fung Ltd. 450,633 561,386 161,100 Rogers Communications Inc., Class B 4,798,042 4,870,053

47,179 RONA Inc. 847,326 707,685 135,445 Tesco PLC 1,009,530 925,769

46,400 Thomson Corp. 1,658,800 1,665,760 12,643,866 12,783,780

HEALTH CARE (4.7%) 19,697 Beckman Coulter Inc. 1,211,010 1,453,851 93,100 Eli Lilly and Co. 3,982,681 3,290,362 44,500 Johnson & Johnson 3,093,941 2,897,233

175,500 Patheon Inc. 1,048,050 521,235 9,700 Roche Holding AG 1,580,565 1,677,857

199,900 Smith & Nephew PLC 1,715,901 1,916,952 12,632,148 11,757,490

UTILITIES (1.0%) 12,500 Sempra Energy 779,208 665,544 88,100 TransAlta Corp.* 2,644,624 1,918,816

3,423,832 2,584,360



Short Term Notes (3.2%) 8,000,000 8,000,000


Foreign Currency Forward Contracts (0.5%) (see Schedule A) 1,130,460

Long Option Contracts (0.2%) (see Schedule B) 123,305 5,910



Total Net Assets (100.0%) 247,597,171




– 155 –– 155 –






1 UBS Warburg NY A-1 0.90 10-Dec-09 (928,000) Australian $ 830,992 Canadian $ (40,090)1 UBS Warburg NY A-1 1.81 06-Oct-09 (3,913,000) British Pound 7,077,717 Canadian $ 383,195 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (534,000) Euro 826,424 Canadian $ (10,228)1 Morgan Stanley A-1 1.55 06-Oct-09 (957,000) Euro 1,481,277 Canadian $ (18,115)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,475,000) Swiss Franc 1,494,064 Canadian $ (30,667)1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (1,383,000) US $ 1,510,049 Canadian $ 29,438 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (1,560,000) US $ 1,700,852 Canadian $ 30,751 1 UBS Warburg NY A-1 1.09 12-Nov-09 (1,560,000) US $ 1,700,556 Canadian $ 30,454 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (2,593,000) US $ 2,864,863 Canadian $ 88,826 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,610,000) US $ 2,894,307 Canadian $ 100,062 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (3,091,000) US $ 3,364,152 Canadian $ 54,999 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (420,000) US $ 455,217 Canadian $ 5,576 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (4,526,000) US $ 4,926,370 Canadian $ 80,940 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (4,643,000) US $ 4,969,960 Canadian $ (665)1 UBS Warburg NY A-1 1.09 12-Nov-09 (5,520,000) US $ 6,008,796 Canadian $ 99,212 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (6,013,000) US $ 6,542,685 Canadian $ 105,309 1 Morgan Stanley A-1 1.09 12-Nov-09 (6,418,000) US $ 6,980,056 Canadian $ 109,099 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (6,499,000) US $ 7,069,092 Canadian $ 111,417 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (71,000) US $ 76,958 Canadian $ 947

Total Foreign Currency Forward Contracts Value 1,130,460


Schedule BLong Option Contracts (0.2%)


115 11,500 Research In Motion Ltd. Call 17-Oct-09 75.00 123,305 5,910

Total Long Option Contracts Value 123,305 5,910

– 156 –

Signature Select Canadian Corporate ClassFinancial Statements (unaudited)












235,973 141,383353 809

8,000 33,000- -

709 709- -

1,230 917- -

123 -1,053 413

587 2,327- -

555 440248,583 179,998

- -- -- -

217 838- -

545 275151 286

- -- -- -

73 66986 1,465

247,597 178,533

216,999 159,073- -

211,260 155,21210,707 6,45514,326 10,549

1,967 1,41233 27

1,043 1,0468,074 3,816

- 16187 -

18.20 14.2919.31 15.0812.18 9.458.30 6.669.26 7.408.80 6.987.63 6.22

- 6.9310.52 -

11,607,187 10,860,955554,531 427,996

1,176,491 1,116,189237,113 211,959

3,610 3,636118,554 149,821

1,057,803 613,702- 2,241

17,806 -


as at as at



as at as at


– 157 –
























2,915 2,831118 52923 64

- 59- -- -

(206) (240)2,850 3,243

1,979 2,044203 210

- -57 28

109 1122,348 2,394

502 849- -

502 849

13,056 23(189) 168(276) (265)

- -

37,598 (20,336)50,189 (20,410)50,691 (19,561)

43,663 (17,150)2,044 (726)2,936 (1,004)

387 (137)7 (3)

284 (112)1,351 (428)

8 (1)11 -

3.89 (1.71)4.09 (1.46)2.66 (1.00)1.79 (1.09)2.04 (0.83)2.04 (0.95)1.71 (1.15)1.51 (0.78)0.67 -

155,212 187,857

22,958 22,028- -

(11,251) (15,407)678 (1,439)

12,385 5,182

- -- -- -- -

43,663 (17,150)211,260 175,889

6,455 10,947

2,459 999- -

(723) (2,056)472 (632)

2,208 (1,689)

- -- -- -- -

2,044 (726)10,707 8,532

10,549 12,039

2,025 1,368- -

(3,184) (280)2,000 288

841 1,376

- -- -- -- -

2,936 (1,004)14,326 12,411


2009 2008


2009 2008


– 158 –

























3,816 2,386

3,382 1,733- -

(236) (81)(20) 363

3,126 2,015

- -- -

(219) (151)(219) (151)

1,351 (428)8,074 3,822

16 22

- -- -

(84) -61 -(23) -

- -- -

(1) (1)(1) (1)8 (1)- 20

- -

178 -- -- -- -

178 -

- -- -

(2) -(2) -11 -

187 -

1,412 920

226 605- -

(10) (35)(10) 46206 616

- -- -

(38) (32)(38) (32)

387 (137)1,967 1,367

27 38

- -- -- -- -- -

- -- -

(1) (1)(1) (1)7 (3)

33 34

1,046 899

- 279- -

(11) (290)(251) 316(262) 305

- -- -

(25) (30)(25) (30)

284 (112)1,043 1,062




2009 2008



2009 2008

– 159 –





178,533 215,108

31,228 27,012- -

(15,499) (18,149)2,930 (1,058)

18,659 7,805

- -- -

(286) (215)(286) (215)

50,691 (19,561)247,597 203,137




2009 2008


– 160 –

Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

10,860,955 9,918,2261,382,082 1,134,991

- -(688,817) (798,068)

52,967 (71,352)11,607,187 10,183,797

427,996 553,050141,381 49,879

- -(41,156) (101,975)26,310 (30,731)

554,531 470,223

1,116,189 983,091184,643 109,233

- -(305,622) (22,014)181,281 28,511

1,176,491 1,098,821

211,959 98,45229,027 65,006

- -(1,297) (3,696)(2,576) 4,790

237,113 164,552

3,636 3,691- -- -

(26) (28)- -

3,610 3,663

149,821 93,955- 30,471- -

(1,377) (31,619)(29,890) 30,688118,554 123,495

613,702 263,769481,430 189,393

- -(34,444) (8,832)(2,885) 38,987

1,057,803 483,317




2009 2008

2,241 2,241- -- -

(10,593) -8,352 -

- 2,241

- -17,834 -

- -(28) -

- -17,806 -

– 161 –

Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


18,701 14,15119,121 15,121


2009 2008


273 26012 20



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009











2009 2008

18.20 17.270.02 0.02

18.22 17.29

19.31 18.140.01 0.03

19.32 18.17

12.18 11.300.01 0.01

12.19 11.31

8.30 8.31- 0.01

8.30 8.32

9.26 9.160.01 0.019.27 9.17

8.80 8.60- 0.01

8.80 8.61

7.63 7.910.01 0.017.64 7.92

- 8.74- 0.01- 8.75

10.52 -0.01 -

10.53 -

– 162 –



Financials ................................................................................................................................ 22.1Short Term Investments .......................................................................................................... 18.5Materials ................................................................................................................................. 14.6Energy ..................................................................................................................................... 10.6Consumer Staples ................................................................................................................... 7.2Industrials ............................................................................................................................... 6.6Information Technology .......................................................................................................... 6.2Telecommunication Services .................................................................................................. 4.8Health Care ............................................................................................................................. 3.9Consumer Discretionary .......................................................................................................... 2.0Other Assets ........................................................................................................................... 1.6Utilities .................................................................................................................................... 1.3Cash & Equivalents ................................................................................................................. 0.5Warrants ................................................................................................................................. 0.1

During the six-month period the Fund’s exposure to other price risk, credit risk and currency riskchanged significantly as disclosed in the section below. For details relating to interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tointerest rate risk remains unchanged.

Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the funds assets are invest-ed in fixed income securities and their market risk exposure will be discussed in the following sec-tions.




Credit Rating^ (%)AAA/Aaa/A++ 3.3AA/Aa/A+ 0.4A 0.1BBB/Baa/B++ 0.3Total 4.1

Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 10.5A 1.0Not Rated 0.1Total 20.8





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (50,215) 26,472 10.7Euro (2,336) 11,017 4.4British Pound (6,695) 6,232 2.5Swiss Franc (1,524) 2,462 1.0Japanese Yen - 1,876 0.8Australian Dollar (877) 1,415 0.6Hong Kong Dollar - 561 0.2Mexican Peso - 390 0.2Total (61,647) 50,425 20.4


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (36,693) 27,304 15.3 British Pound (4,508) 3,336 1.9 Euro (1,852) 1,609 0.9 Hong Kong Dollar - 872 0.5 Australian Dollar (1,237) 782 0.4 Israeli Shekel - 711 0.4 Swiss Franc (1,620) 336 0.2 Mexican Peso - 280 0.2 Brazilian Real - 63 0.1 Japanese Yen - 8 0.1 Total (45,910) 35,301 20.0


– 163 –

Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



INFORMATION TECHNOLOGY (18.0%) 3,500 Adobe Systems Inc. 101,109 123,698 3,200 Aecom Technology Corp. 97,746 92,984 4,100 Analog Devices Inc. 106,729 120,936 1,200 Apple Computer Inc. 140,447 237,955 3,900 Broadcom Corp. 96,808 127,187

12,400 Brocade Communications Systems Inc. 86,088 103,554 11,700 Cisco Systems Inc. 279,174 294,501

4,800 Hewlett-Packard Co. 186,024 242,310 2,000 International Business Machines Corp. 229,788 255,886 3,700 Lam Research Corp. 113,808 135,203

600 Mastercard Inc., Class A 128,320 129,750 18,300 Micron Technology Inc. 161,605 160,466

3,600 Microsoft Corp.* 98,697 99,365 16,500 ON Semiconductor Corp. 99,515 145,743

700 Palm Inc. 12,160 13,063 4,500 QLogic Corp. 85,476 82,820 7,800 QUALCOMM Inc. 357,213 373,962

11,800 Seagate Technology 153,754 192,159 3,448 Tessera Technologies Inc. 80,014 102,959

2,614,475 3,034,501 FINANCIALS (14.9%)

9,600 Bank of America Corp. 132,470 173,292 600 BlackRock Inc. (USD)* 86,089 138,737

4,200 Brookfield Properties Corp. (USD) 43,401 50,633 3,400 Chubb Corp. 183,173 183,358 1,000 Franklin Resources Inc. 101,504 107,536 1,600 Goldman Sachs Group Inc. 213,957 315,183 9,000 Hudson City Bancorp Inc. 156,968 126,712

10,400 JP Morgan Chase & Co. 426,761 487,258 2,100 Lazard Ltd. 87,262 92,835 3,500 Morgan Stanley 108,039 115,529 3,300 MSCI Inc. 83,257 104,475 1,800 Northern Trust Corp. 125,233 112,027 3,282 Reinsurance Group of America Inc. 177,734 156,719 4,500 State Street Corp. 226,716 252,942 3,900 Unum Group 93,034 89,524

2,245,598 2,506,760 ENERGY (13.5%)

5,100 Baytex Energy Trust 109,768 120,346 2,900 Canadian Natural Resources Ltd. (USD) 146,283 208,618 4,800 Chesapeake Energy Corp. 149,102 145,694 2,500 Chevron Corp. 199,202 188,221 5,000 Noble Energy Inc. 305,666 352,726 2,300 Occidental Petroleum Corp. 184,518 192,789 3,400 Peabody Energy Corp. 115,451 135,270 5,100 Petrohawk Energy Corp. 122,479 131,812 5,000 Southwestern Energy Co. 221,129 228,049 9,088 Suncor Energy Inc. (USD) 297,259 336,272 2,579 Transocean Ltd. 272,667 236,166

2,123,524 2,275,963

CONSUMER DISCRETIONARY (11.2%) 3,000 Bally Tehnologies Inc. 113,165 123,114 3,300 Dollar Tree Stores Inc. 157,504 171,959 4,600 eBay Inc. 119,740 116,181

11,400 Ford Motor Co. 56,450 88,001 4,700 Gap Inc. 78,098 107,586 5,400 Liberty Media Corp., Entertainment Series A 124,694 179,748 6,700 LKQ Corp. 116,941 132,923 4,800 Lowe's Cos., Inc. 117,419 107,459 3,600 McDonald's Corp. 174,673 219,852 2,800 Target Corp. 135,888 139,819 2,900 Time Warner Cable Inc. 103,845 133,448 3,300 TJX Cos., Inc. 119,895 131,080 3,400 Tupperware Brands Corp. 138,674 145,099 3,400 Walt Disney Co. 101,000 99,815

1,657,986 1,896,084 HEALTH CARE (10.4%)

5,300 Amgen Inc. 348,629 341,773 4,700 Baxter International Inc. 274,462 286,878 1,500 Becton Dickinson & Co. 103,783 111,824

10,700 Boston Scientific Corp. 123,394 121,204 4,000 Cephalon Inc. 335,555 249,376 2,300 Medco Health Solutions Inc. 114,853 136,078 2,000 Teva Pharmaceutical Industries Ltd., ADR 102,094 108,264 8,700 Thermo Fisher Scientific Inc. 405,394 406,120

1,808,164 1,761,517 INDUSTRIALS (10.1%)

6,100 CSX Corp. 268,357 272,995 8,900 DynCorp International Inc. 171,767 171,519 2,800 Emerson Electric Co. 119,981 120,033 5,000 Foster Wheeler AG 177,154 170,769 5,700 General Electric Co. 103,170 99,963 1,400 Lockheed Martin Corp. 131,415 116,825 4,700 Republic Services Inc. 115,292 133,450 4,800 Shaw Group Inc. 156,673 164,555 3,000 Tyco International Ltd. 109,670 110,748 5,500 Union Pacific Corp. 306,544 343,069


1,900 Costco Wholesale Corp. 109,028 114,812 7,500 CVS Corp. 257,210 286,988 2,600 Energizer Holdings Inc. 161,121 184,476 3,400 Kellogg Co. 178,225 178,990 2,600 Lorillard Inc. 167,636 206,606 2,200 PepsiCo Inc. 138,046 138,170 4,500 Phillip Morris International Inc. 230,341 234,344 2,200 The J. M. Smucker Co. 127,309 124,697 2,300 Wal-Mart Stores Inc. 142,065 120,711

1,510,981 1,589,794 MATERIALS (3.7%)

4,400 AK Steel Holding Corp. 99,404 92,851 3,400 Albemarle Corp. 125,499 125,806 5,800 Dow Chemical Co. 136,127 161,641 8,700 Gold Fields Ltd., ADR 121,095 128,356 1,300 Praxair Inc. 71,453 113,616

553,578 622,270



– 164 –

Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


TELECOMMUNICATION SERVICES (2.8%) 4,300 CenturyTel Inc.* 150,206 154,688

10,700 SBA Communications Corp.* 313,322 309,655 463,528 464,343

UTILITIES (2.5%) 14,400 Advantage Oil & Gas Ltd. (USD) 80,700 108,384 3,400 American Electric Power Co., Inc. 112,596 112,592 6,600 NRG Energy Inc. 166,565 199,057

359,861 420,033


Total Equities (96.5%) 14,980,458 16,275,191





Total Net Assets (100.0%) 16,879,577





1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (2,494,961) US $ 2,729,238 Canadian $ 58,042



– 165 –

Synergy American Corporate ClassFinancial Statements (unaudited)












16,275 13,018595 1,406

- -- -- -- -

58 -- -- -

19 2216 24

- -12 15

16,975 14,485

- -- -- -- -- -

16 -76 8

- -- -- -3 2

95 1016,880 14,475

14,980 12,875- -

12,437 11,487951 1,025

3,492 1,963

8.94 8.406.08 5.688.45 7.85

1,391,478 1,368,005156,386 180,381413,163 250,160


as at as at










109 801 71 -- -- -- -

(14) (12)97 75

126 13214 14

- -7 17 7

154 154(57) (79)

- -(57) (79)

(29) (485)(21) (5)(33) (12)

- -

1,210 (730)1,127 (1,232)1,070 (1,311)

764 (1,179)67 (130)

239 (2)

0.54 (1.05)0.39 (0.81)0.67 (0.55)


2009 2008

– 166 –

Synergy American Corporate ClassFinancial Statements (unaudited)


















11,487 12,405

1,041 1,238- -

(788) (1,036)(67) 219186 421

- -- -- -- -

764 (1,179)12,437 11,647

1,025 1,046

150 522- -

(352) (53)61 101

(141) 570

- -- -- -- -

67 (130)951 1,486

1,963 -

1,287 -- -

(165) -168 68

1,290 68

- -- -- -- -

239 (2)3,492 66

14,475 13,451

2,478 1,760- -

(1,305) (1,089)162 388

1,335 1,059

- -- -- -- -

1,070 (1,311)16,880 13,199


2009 2008


2009 2008


– 167 –

Synergy American Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

1,368,005 1,117,191121,006 111,757

- -(91,940) (93,551)

(5,593) 18,5181,391,478 1,153,915

180,381 140,66625,237 71,149

- -(59,476) (7,101)10,244 13,958

156,386 218,672

250,160 -160,053 32

- -(20,297) -23,247 7,070

413,163 7,102





2009 2008

8.94 10.090.01 0.028.95 10.11

6.08 6.800.01 0.016.09 6.81

8.45 9.330.01 0.018.46 9.34


2009 2008


488 1,880498 2,009


2009 2008


33 114 1



2.001.00


0.210.21

-


2009

– 168 –



Information Technology .......................................................................................................... 17.0Health Care ............................................................................................................................. 16.6Consumer Discretionary .......................................................................................................... 10.5Energy ..................................................................................................................................... 9.7Cash & Equivalents ................................................................................................................. 9.7Consumer Staples ................................................................................................................... 9.6Financials ................................................................................................................................ 8.7Industrials ............................................................................................................................... 8.3Materials ................................................................................................................................. 4.9Telecommunication Services .................................................................................................. 3.0Utilities .................................................................................................................................... 1.7Other Assets ........................................................................................................................... 0.3



As at September 30, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,633,000 (March 31, 2009 - $1,302,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.

Synergy American Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 169 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (23.3%) 124,700 AGF Management Ltd., Class B 2,027,191 2,128,629

45,000 Alpha Bank AE, Registered Shares 801,928 884,841 163,000 Amlin PLC 1,069,024 1,069,488

87,600 Banco Bilbao Vizcaya Argentaria SA 1,653,390 1,664,846 253,900 Banco Espirito Santo SA 1,670,206 1,925,383 102,325 Banco Santander Central Hispano SA 1,602,449 1,763,533 103,100 Bank of America Corp. 1,546,821 1,861,079 403,500 Bank of Montreal 19,294,647 21,857,595 152,316 Bank of Nova Scotia†† 4,890,493 7,443,683 236,200 Barclays PLC 1,223,279 1,495,016

6,300 BlackRock Inc. (USD)* 943,095 1,456,741 30,229 BNP Paribas SA* 1,939,911 2,585,983 30,229 BNP Paribas SA, Rights (13Oct09) - 70,096

1,048,400 BOC Hong Kong Holdings Ltd. 2,358,709 2,447,712 43,900 Brookfield Properties Corp. (USD)* 453,646 529,238

137,234 Canadian Western Bank 2,287,945 2,722,723 35,400 Chubb Corp. 1,918,670 1,909,078

875,000 Coastal Energy Co.* 2,942,236 4,086,250 18,900 Credit Suisse Group 1,007,167 1,121,966 10,850 Deutsche Bank AG, Registered Shares 801,197 888,570 11,200 Franklin Resources Inc. 1,136,784 1,204,407

332,100 Genworth MI Canada Inc. 6,713,852 7,970,400 146,900 Gluskin Sheff & Associates Inc.* 2,769,404 2,935,062

17,400 Goldman Sachs Group Inc. 2,486,167 3,427,614 38,059 Hannover Rueckversicherung AG,

Registered Shares 1,610,585 1,869,408 335,700 Home Capital Group Inc. 12,277,317 12,840,525 189,600 Hopson Development Holdings Ltd. 218,468 353,081 159,000 HSBC Holdings PLC 1,634,187 1,946,661

86,900 Hudson City Bancorp Inc. 1,495,062 1,223,472 129,200 IGM Financial Inc.* 4,781,078 5,467,744

2,018,400 Industrial & Commercial Bank of China 1,397,671 1,628,421 209,700 Industrial Alliance Insurance and

Financial Services Inc. 7,357,463 6,140,016 303,800 Intact Financial Corp. 8,646,934 10,286,668 198,500 Intesa Sanpaolo SpA* 756,068 938,463 112,500 JP Morgan Chase & Co. 4,895,433 5,270,822 325,800 Kasikornbank PCL 764,376 858,735

3,300 Laurentian Bank of Canada 116,919 126,555 22,900 Lazard Ltd. 951,830 1,012,346

540,000 Manulife Financial Corp.* 14,383,459 12,150,000 167,580 Mediobanca SpA 2,345,778 2,445,762

37,800 Morgan Stanley 1,182,419 1,247,710 38,200 MSCI Inc. 1,020,545 1,209,381

451,700 National Bank of Canada 20,066,858 26,894,218 157,500 Nomura Holdings Inc. 1,495,505 1,033,086

17,800 Northern Trust Corp. 1,237,266 1,107,819 34,552 Reinsurance Group of America Inc. 1,950,837 1,649,896

1,042,690 Royal Bank of Canada 47,533,992 60,006,810 81,300 Standard Chartered PLC 1,837,052 2,144,854 47,600 State Street Corp. 2,454,290 2,675,560 36,600 Sumitomo Mitsui Financial Group Inc.* 1,715,738 1,357,483

467,200 Sun Life Financial Inc. 14,348,215 15,674,560

FINANCIALS (23.3%) (cont’d)43,000 Svenska Handelsbanken AB, Series A* 1,122,472 1,172,166

183,800 TMX Group Inc. 6,226,926 6,574,526 717,220 Toronto-Dominion Bank 45,003,751 49,667,485 127,700 United Overseas Bank Ltd. 1,486,339 1,624,773

41,500 Unum Group 989,977 952,624 276,843,021 315,001,563

ENERGY (18.7%) 109,950 AGL Energy Ltd. 1,410,019 1,416,686 612,200 Baytex Energy Trust 14,057,016 14,447,920

55,000 Baytex Energy Trust 1,213,553 1,297,845 580,500 Canadian Natural Resources Ltd. 39,671,948 41,970,150

30,400 Canadian Natural Resources Ltd. (USD) 1,613,445 2,186,889 388,900 Capital Power Corp.* 8,887,882 7,680,775

51,600 Chesapeake Energy Corp. 1,602,850 1,566,214 26,800 Chevron Corp. 2,116,831 2,017,726

1,585,700 CNOOC Ltd. 2,183,037 2,287,010 937,300 Daylight Resources Trust 7,639,743 7,929,558 325,100 Enbridge Inc. 12,444,250 13,514,407 627,739 EnCana Corp. 37,925,347 38,919,818 415,800 Enerflex Systems Income Fund 4,598,417 4,162,158 539,000 Inter Pipeline Fund LP 5,119,061 5,174,400 287,700 Keyera Facilities Income Fund 4,837,939 5,679,198 324,250 Maire Tecnimont SpA 1,518,234 1,679,038 575,700 NAL Oil & Gas Trust 5,661,025 7,294,119 53,400 Noble Energy Inc. 3,355,953 3,767,118 24,200 Occidental Petroleum Corp. 1,980,221 2,028,477

454,500 Orbit Garant Drilling Inc. 1,708,875 1,204,425 34,900 Peabody Energy Corp. 1,234,586 1,388,512

207,300 Petrobank Energy and Resources Ltd. 8,188,038 9,148,149 55,300 Petrohawk Energy Corp.* 1,327,901 1,429,259

119,800 Petroleum Geo-Services ASA 1,172,013 1,247,968 514,600 Precision Drilling Trust 3,229,422 3,643,368

51,300 Premier Oil PLC 1,052,420 1,062,003 33,100 Royal Dutch Shell PLC, Class A (EUR) 978,353 1,013,615

171,000 ShawCor Ltd., Class A, Sub-Voting Shares 3,828,077 4,952,160 54,400 Southwestern Energy Co. 2,396,010 2,481,173

1,055,321 Suncor Energy Inc. 31,045,539 39,469,005 96,400 Suncor Energy Inc. (USD) 3,181,923 3,566,968

263,400 Talisman Energy Inc. 5,078,192 4,907,142 21,900 Technip SA 1,432,547 1,497,744 28,805 Total SA 2,224,152 1,832,327 27,905 Transocean Ltd. 2,963,804 2,555,342

445,283 TriStar Oil & Gas Ltd. 5,450,382 6,968,679 234,329,005 253,387,345

MATERIALS (16.4%) 259,000 Agrium Inc.* 14,713,513 13,822,830

47,400 AK Steel Holding Corp. 1,075,308 1,000,261 310,400 Alamos Gold Inc.* 1,979,914 2,914,656

36,900 Albemarle Corp. 1,361,768 1,365,364 749,900 Anatolia Minerals Development Ltd.* 1,579,124 1,829,756

46,400 Anglo American PLC 1,653,916 1,581,358 380,000 Anvil Mining Ltd. 988,294 1,060,200 246,200 Aura Minerals Inc. 765,635 686,898




– 170 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)



MATERIALS (16.4%) (cont’d)3,192,600 B2Gold Corp. 2,354,906 2,426,376

72,800 Banpu Public Co., Ltd. 959,846 1,003,164 596,100 Banro Corp.* 1,351,889 1,686,963 349,260 Barrick Gold Corp. 13,611,554 14,159,000 298,300 BlueScope Steel Ltd. 855,246 825,629 285,300 Cameco Corp. 5,997,791 8,476,263

1,401,317 Capstone Mining Corp. 3,007,643 4,105,859 678,150 Cascades Inc. 2,958,390 5,276,007

68 CCL Industries Inc., Class B 1,546 1,498 2,884,200 Centamin Egypt Ltd. 2,981,125 4,730,088

407,854 Centerra Gold Inc.* 2,424,535 2,969,177 44,800 Coal & Allied Industries Ltd. 3,087,346 3,351,716 62,200 Dow Chemical Co. 1,500,666 1,733,457

417,968 Eldorado Gold Corp.* 4,934,955 5,078,311 97,900 First Quantum Minerals Ltd. 5,498,712 6,853,000

700,300 Gerdau Ameristeel Corp. 7,101,763 5,938,544 93,500 Gold Fields Ltd., ADR 1,292,254 1,379,461

756,000 Goldcorp Inc. 27,568,716 32,492,880 12,400 HeidelbergCement AG 851,217 861,637 12,500 HeidelbergCement AG, Restricted Shares 731,769 869,565

265,300 HudBay Minerals Inc.* 3,032,394 3,422,370 334,600 IAMGOLD Corp. 4,356,642 5,062,498 111,800 Inmet Mining Corp. 5,308,022 6,703,528 453,000 International Tower Hill Mines Ltd.* 1,671,374 1,956,960 150,650 Jaguar Mining Inc.* 701,958 1,440,214 34,700 JFE Holdings Inc.* 1,354,870 1,266,321

335,500 Kinross Gold Corp. 6,120,533 7,790,310 222,700 Kirkland Lake Gold Inc.* 1,888,453 2,042,159

94,200 Labrador Iron Ore Royalty Income Fund 3,433,425 3,452,430 572,100 Lihir Gold Ltd. 1,489,831 1,513,192 215,100 Lundin Mining Corp. 856,842 776,511 466,750 Major Drilling Group International Inc.* 6,509,536 10,142,478 456,825 Methanex Corp. 8,633,496 8,455,831

12,700 Praxair Inc. 851,871 1,109,946 200,600 Quadra Mining Ltd. 2,134,797 2,914,718

1,143,200 Red Back Mining Inc.* 8,854,393 13,741,264 86,719 Rio Tinto PLC 3,232,900 3,957,688

1,539,300 SEMAFO Inc. 3,506,257 4,325,433 298,100 Teck Resources Ltd., Class B* 6,545,696 8,790,969

2,800 Western Areas NL 15,820 13,216 297,300 Xstrata PLC 2,936,471 4,692,283

186,624,922 222,050,237 INDUSTRIALS (9.7%)

80,800 ABB Ltd. 1,598,351 1,736,611 637,700 Aecon Group Inc. 7,710,613 7,467,467

20,425 Alstom 1,770,283 1,595,918 121,600 ATS Automation Tooling Systems Inc. 582,459 695,552

2,491,800 Bombardier Inc., Class B, Sub-Voting Shares 14,196,645 12,309,492 446,395 Canadian National Railway Co. 22,480,699 23,538,408

1,017,900 Celestica Inc. 8,193,829 10,311,327 71,300 Charter International PLC 861,630 836,829 64,700 CSX Corp.* 2,919,269 2,895,536 18,000 CVTech Group Inc., Restricted Shares 27,900 26,280 92,000 DynCorp International Inc. 1,756,142 1,773,000 29,900 Emerson Electric Co. 1,281,331 1,281,781

INDUSTRIALS (9.7%) (cont’d)54,400 Foster Wheeler AG 1,927,364 1,857,967 61,200 General Electric Co. 1,107,731 1,073,282

220,100 GLV Inc. 1,605,631 1,848,840 12,900 Heroux-Devtek Inc. 58,824 67,080 38,120 Hyundai Engineering & Construction Co., Ltd. 2,059,164 2,216,717

221,000 ITOCHU Corp.* 1,810,573 1,557,660 68,000 Komatsu Ltd. 1,193,900 1,360,799 12,700 LG Corp. 910,695 910,723 14,300 Lockheed Martin Corp. 1,342,091 1,193,287

146,074 Martinrea International Inc. 961,244 1,042,968 74,900 Mitsubishi Corp. 1,647,963 1,616,789

221,900 Mitsubishi Electric Corp. 1,569,498 1,786,299 157,700 NHK Spring Co., Ltd.* 1,084,480 1,386,093 244,200 Nissan Motor Co., Ltd. 1,610,701 1,759,040 201,900 Onex Corp. 4,949,490 5,291,799 141,000 Quebecor World Inc., Class B 3,175,743 3,444,630 50,600 Republic Services Inc. 1,259,694 1,436,721 52,600 Shaw Group Inc. 1,734,169 1,803,248

258,100 SNC-Lavalin Group Inc. 10,830,012 12,479,135 149,100 Sumitomo Heavy Industries Ltd. 730,857 775,278

59,300 TNT NV 1,532,570 1,703,046 32,500 Tyco International Ltd. 1,188,066 1,199,773 12,900 Uni-Charm Corp. 1,311,466 1,304,604 60,300 Union Pacific Corp. 3,493,852 3,761,285 38,328 Vinci SA* 1,832,688 2,320,998

643,700 WestJet Airlines Ltd.* 9,279,796 7,106,448 227,600 Yamato Transport Co., Ltd.* 3,906,149 3,984,661

1,083,300 Yangzijiang Shipbuilding Holdings Ltd. 835,007 794,552 128,328,569 131,551,923

INFORMATION TECHNOLOGY (8.0%) 38,000 Adobe Systems Inc.* 1,141,931 1,343,005 34,700 Aecom Technology Corp. 1,060,114 1,008,295 44,000 Analog Devices Inc. 1,178,934 1,297,845 12,400 Apple Computer Inc. 1,624,647 2,458,864 50,300 Broadcom Corp.* 1,323,029 1,640,387

134,400 Brocade Communications Systems Inc. 988,040 1,122,386 40,400 Canon Inc. 1,577,444 1,734,510

1,739,100 CGI Group Inc.* 18,681,716 21,808,314 390,100 China High Speed Transmission Equipment

Group Co., Ltd. 686,553 856,879 130,300 Cisco Systems Inc. 3,196,730 3,279,786 163,400 Elpida Memory Inc.* 2,373,161 2,281,928 360,500 Fujitsu Ltd. 2,620,090 2,515,094

54,200 Hewlett-Packard Co. 2,263,902 2,736,084 629,400 Hon Hai Precision Industry Co., Ltd. 2,403,237 2,706,426

21,200 International Business Machines Corp. 2,535,607 2,712,391 40,800 Lam Research Corp.* 1,268,208 1,490,888 43,440 LG Display Co., Ltd. 1,273,579 1,340,127

6,300 Mastercard Inc., Class A 1,362,185 1,362,377 197,700 Micron Technology Inc.* 1,745,901 1,733,561 38,900 Microsoft Corp. 1,054,291 1,073,695 2,427 Nortel Networks Corp. - 449

176,900 ON Semiconductor Corp. 1,176,346 1,562,537 307,100 Open Text Corp. 11,299,357 12,317,781

7,100 Palm Inc.* 123,342 132,496



– 171 –– 171 –




INFORMATION TECHNOLOGY (8.0%) (cont’d)48,900 QLogic Corp. 928,835 899,981 84,900 QUALCOMM Inc. 4,158,690 4,070,430

309,000 Research In Motion Ltd. 21,868,000 22,365,420 4,840 Samsung Electronics Co., Ltd. 2,637,053 3,585,307

127,300 Seagate Technology 1,681,595 2,073,032 50,500 Shanda Games Ltd., ADR 639,451 633,676 11,600 Skyworks Solutions, Inc. 142,229 164,187 60,600 TANDBERG ASA 1,214,323 1,548,984 36,700 Tessera Technologies Inc. 968,020 1,095,880 68,200 TomTom NV* 865,850 1,252,337


103,200 Astral Media Inc., Class A, Non-Voting Shares 2,675,829 3,415,920 32,900 Bally Tehnologies Inc. 1,276,844 1,350,154

1,689,500 Belle International Holdings Ltd. 1,718,720 1,855,547 251,579 Canadian Tire Corp., Ltd., Class A,

Non-Voting Shares 13,864,052 14,521,140 325,000 Cineplex Galaxy Income Fund 4,797,303 5,187,000

1 Citadel Broadcasting Corp. - - 391,200 Corus Entertainment Inc., Class B 6,600,195 7,104,192

35,500 Dollar Tree Stores Inc. 1,696,095 1,849,857 1,202,200 Dongfeng Motor Group Co., Ltd. 1,218,705 1,361,875

262,500 Dorel Industries Inc., Class B 8,154,711 7,670,250 49,600 eBay Inc. 1,291,112 1,252,732

123,000 Ford Motor Co. 727,290 949,487 138,086 Forzani Group Ltd., Class A 1,926,180 1,864,161

45,900 Gap Inc. 781,994 1,050,676 246,600 Harvey Norman Holdings Ltd.* 912,968 999,343 45,800 Honda Motor Co., Ltd.* 1,553,694 1,499,343 57,900 Liberty Media Corp., Entertainment Series A 1,442,055 1,927,293 64,800 LKQ Corp. 1,182,797 1,285,579 50,900 Lowe's Cos., Inc. 1,244,074 1,139,516 39,200 McDonald's Corp. 1,872,605 2,393,944

576,400 Miranda Technologies Inc. 5,610,371 3,429,580 53,700 Next PLC 1,665,058 1,646,399 12,500 Sankyo Co., Ltd. 775,309 834,817 15,100 SEB SA 836,426 856,436

218,700 Shaw Communications Inc., Class B 4,647,233 4,238,406 75,200 Sony Corp. 2,283,997 2,363,151 29,800 Target Corp. 1,437,943 1,488,070

553,600 Thomson Corp. 19,141,328 19,874,240 30,600 Time Warner Cable Inc. 1,105,754 1,408,109 34,700 TJX Cos., Inc. 1,280,303 1,378,326 36,300 Tupperware Brands Corp. 1,480,253 1,549,146 36,300 Walt Disney Co. 1,077,760 1,065,670


20,900 Costco Wholesale Corp. 1,201,299 1,262,937 79,400 CVS Corp. 2,871,542 3,038,250 27,900 Energizer Holdings Inc. 1,809,233 1,979,564 32,000 Heineken NV 1,239,948 1,579,318

343 Japan Tobacco Inc. 1,184,372 1,251,724 36,300 Kellogg Co.* 1,910,032 1,910,976 62,700 Koninklijke Ahold NV 806,490 807,216 28,200 Lorillard Inc. 1,857,748 2,240,880

CONSUMER STAPLES (3.4%) (cont’d)244,300 Metcash Ltd. 939,506 1,036,177

36,100 Nestle SA, Registered Shares 1,522,248 1,646,521 24,100 PepsiCo Inc. 1,512,228 1,513,588 48,300 Phillip Morris International Inc. 2,485,260 2,515,296 14,683 Reckitt Benckiser Group PLC 592,649 768,202

324,800 Shoppers Drug Mart Corp.* 14,664,523 14,271,712 79,900 Swedish Match AB 1,411,419 1,711,762 23,800 The J. M. Smucker Co. 1,376,252 1,348,992

484,900 Viterra Inc.* 4,457,524 5,173,883 25,100 Wal-Mart Stores Inc. 1,527,751 1,317,333

43,370,024 45,374,331 HEALTH CARE (2.6%)

56,900 Amgen Inc. 3,728,267 3,669,219 38,900 AstraZeneca PLC 1,980,525 1,866,167 50,300 Baxter International Inc. 2,924,619 3,070,206 15,300 Becton Dickinson & Co. 1,091,124 1,140,608

213,400 Biovail Corp.* 3,299,346 3,523,234 111,700 Boston Scientific Corp. 1,295,889 1,265,282

42,300 Cephalon Inc.* 3,434,686 2,637,155 54,100 Chugai Pharmaceutical Co., Ltd. 842,235 1,196,190 67,100 GlaxoSmithKline PLC 1,468,091 1,411,478 24,400 Medco Health Solutions Inc. 1,269,798 1,443,608 66,400 Novartis AG, Registered Shares 3,571,098 3,554,068 17,000 Roche Holding AG 2,955,247 2,940,575 12,800 Synthes Inc. 1,627,080 1,647,995 21,000 Teva Pharmaceutical Industries Ltd., ADR 1,083,685 1,136,776 96,500 Thermo Fisher Scientific Inc. 4,779,722 4,504,663


375,700 BCE Inc. 9,179,572 9,914,723 1,119,400 BT Group PLC 2,623,759 2,487,811

46,500 CenturyTel Inc.* 1,631,277 1,672,787 89,000 Royal KPN NV 1,430,876 1,580,595

117,300 SBA Communications Corp.* 3,547,228 3,394,631 64,500 Softbank Corp.* 1,120,832 1,510,756 82,400 Tele2 AB, Series B 1,142,422 1,170,553 94,800 Tencent Holdings Ltd. 1,295,178 1,639,681

1,392,000 Vodafone Group PLC 3,155,197 3,337,761 25,126,341 26,709,298

UTILITIES (1.8%) 151,400 Advantage Oil & Gas Ltd. (USD) 851,462 1,139,540

1,271,150 Advantage Oil & Gas Ltd.* 6,965,354 9,571,760 33,400 American Electric Power Co., Inc. 1,111,397 1,106,050

119,500 Canadian Utilities Ltd., Class A, Special Shares* 5,673,355 4,520,685

178,200 Enel SpA 1,159,915 1,207,544 179,700 Energias de Portugal SA 841,632 880,410

44,230 Gaz de France 2,155,140 2,099,756 1,786,400 Guangdong Investment Ltd. 986,573 942,733

63,700 NRG Energy Inc. 1,657,701 1,921,210 368,000 Terna SpA 1,442,140 1,535,135

22,844,669 24,924,823



– 172 –– 172 –



WARRANTS (0.1%) 25,000 EarthFirst Canada Inc., Warrants (11Dec09) 125 125 17,000 Gold Wheaton Gold Corp., Warrants (08Jul13) 765 850 27,450 Laramide Resources Ltd., Warrants (05Mar12) - 7,042

159,600 Mediobanca SpA, Warrants (18Mar11) - 211,449 109,700 New Gold Inc., Warrants (21Dec09) - 5,310

890 224,776 PRIVATE PLACEMENTS (0.1%)

133,658 Metrophotonics Inc., Private Placement^ 1 1 115,000 Tellamon Photonic Networks Inc. (USD),

Private Placement^ 1,296 1,231 1,297 1,232

Commission and other portfolio transaction costs (1,329,573)

Total Equities (93.4%) 1,145,831,925 1,261,248,450

Short Term Notes (0.0%) 139,940 139,987



Total Investments (93.5%) 1,145,971,865 1,262,610,791

Other Assets (net) (6.5%) 91,260,550

Total Net Assets (100.0%) 1,353,871,341

^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.




1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (52,543,892) US $ 57,477,763 Canadian $ 1,222,354



– 173 –

Synergy Canadian Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares


A SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares



1,261,248 883,13282,298 18,168

140 -- -

7,289 5,969- -

1,222 -- -- -

1,359 1,45814,318 5,680

- -1,773 2,825

1,369,647 917,232

- -- -- -- -- -

12,102 7703,110 1,334

- -- -- -

564 35715,776 2,461

1,353,871 914,771

1,145,832 1,017,843- -

991,302 809,19728,674 21,936

- -143,766 79,338

4,656 4,3004,090 -

181,383 -

12.45 9.927.36 5.83

- -10.65 8.3913.90 11.0110.43 -10.42 -

79,618,818 81,595,9133,894,531 3,760,215

- -13,493,088 9,457,556

334,900 390,516392,078 -

17,409,307 -


as at as at



as at as at


– 174 –









Increase (decrease) in net assets from operations per classA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares











H SharesNet assets, beginning of periodCapital transactions




11,225 13,5402,154 2,465

170 458- -- -- -

(482) (749)13,067 15,714

9,728 9,790988 1,000

- 1488 65

536 53911,340 11,408

- 4,306- -

1,727 4,306

(11,122) (2,418)(1,857) (567)(1,828) (2,042)

- -

251,350 (204,516)236,543 (209,543)238,270 (205,237)

202,000 (176,537)5,751 (4,420)

8 -21,877 (23,259)1,056 (1,021)

175 -7,403 -

2.53 (2.72)1.53 (1.24)0.29 -2.17 (1.80)2.91 (2.14)0.44 -0.43 -

809,197 820,756

27,532 35,110- -

(66,979) (74,570)(25,513) 411,24445,065 -(19,895) 371,784

- -- -- -- -

202,000 (176,537)991,302 1,016,003

21,936 30,754

2,215 3,403- -

(3,079) (3,213)(562) (881)

2,413 -987 (691)

- -- -- -- -

5,751 (4,420)28,674 25,643

- -

- -- -- -

(413) -405 -

(8) -

- -- -- -- -8 -- -


2009 2008


2009 2008


– 175 –







Insight SharesNet assets, beginning of periodCapital transactions
















79,338 586,407

45,235 31,665- -

(2,687) (24,909)3 (434,278)- -

42,551 (427,522)

- -- -- -- -

21,877 (23,259)143,766 135,626

4,300 8,478

214 948- -

(914) (2,196)- -- -

(700) (1,248)

- -- -- -- -

1,056 (1,021)4,656 6,209

- -

7 -- -

(331) -(8) -

4,247 -3,915 -

- -- -- -- -

175 -4,090 -

- -

454 -- -

(4,815) -(535) -

178,876 -173,980 -

- -- -- -- -

7,403 -181,383 -

914,771 1,446,395

75,657 71,126- -

(78,805) (104,888)(27,028) (23,915)231,006 -200,830 (57,677)

- -- -- -- -

238,270 (205,237)1,353,871 1,183,481


2009 2008


2009 2008


– 176 –



H SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


Insight SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008

81,595,913 55,542,9252,450,661 2,366,144

- -(5,882,525) (5,027,245)(2,316,390) 28,177,5903,771,159 -

79,618,818 81,059,414

3,760,215 3,575,285331,747 383,510

- -(452,432) (368,528)

(86,822) (94,423)341,823 -

3,894,531 3,495,844

- -- -- -

(36) -(40,507) -40,543 -

- -

9,457,556 48,010,9344,313,180 2,495,078

- -(278,012) (1,939,238)

364 (35,626,625)- -

13,493,088 12,940,149

390,516 522,37117,159 56,501

- -(72,775) (130,385)

- -- -

334,900 448,487

- -677 -

- -(32,585) -

(755) -424,741 -392,078 -



2009 2008

- -44,526 -

- -(471,225) -(51,551) -

17,887,557 -17,409,307 -

– 177 –

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





H SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share


Insight SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share




2009 2008

12.45 12.530.02 0.02

12.47 12.55

7.36 7.340.01 0.017.37 7.35

- -- -- -

10.65 10.480.02 0.02

10.67 10.50

13.90 13.840.02 0.03

13.92 13.87

10.43 -0.01 -

10.44 -

10.42 -0.01 -

10.43 -


2009 2008


86,658 173,04188,391 184,898


2009 2008


1,818 2,021224 202

Annual management fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares

2.001.00

-Paid directly by investor

0.951.002.00

0.200.20

--

0.200.200.20


2009

– 178 –



Financials ................................................................................................................................ 20.3Energy ..................................................................................................................................... 19.8Materials ................................................................................................................................. 15.8Industrials ............................................................................................................................... 9.9Information Technology .......................................................................................................... 8.1Consumer Discretionary .......................................................................................................... 8.0Consumer Staples ................................................................................................................... 5.6Health Care ............................................................................................................................. 5.0Telecommunication Services .................................................................................................. 2.5Cash & Equivalents ................................................................................................................. 1.9Utilities .................................................................................................................................... 1.5Other Assets ........................................................................................................................... 1.4Private Placements ................................................................................................................. 0.1Warrants ................................................................................................................................. 0.1


Other Price RiskThe Fund is invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.


Synergy Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



– 179 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (40.0%) 30,000 Adobe Systems Inc.* 922,018 1,060,267

120,400 Advantage Oil & Gas Ltd. (USD) 679,904 906,213 27,500 Aecom Technology Corp. 840,136 799,081 37,300 AK Steel Holding Corp. 846,053 787,125 29,000 Albemarle Corp. 1,070,192 1,073,051 24,000 American Electric Power Co., Inc. 799,026 794,767 44,500 Amgen Inc. 2,917,750 2,869,600 36,700 Analog Devices Inc. 1,004,714 1,082,521

9,700 Apple Computer Inc. 1,336,705 1,923,467 26,100 Bally Tehnologies Inc. 1,020,216 1,071,095 86,700 Bank of America Corp. 1,358,938 1,565,039 39,300 Baxter International Inc. 2,293,372 2,398,789 10,400 Becton Dickinson & Co. 715,467 775,315

5,100 BlackRock Inc. (USD)* 819,486 1,179,267 87,200 Boston Scientific Corp. 1,009,175 987,758 48,300 Broadcom Corp. 1,313,317 1,575,163

105,700 Brocade Communications Systems Inc. 802,737 882,710 30,500 CenturyTel Inc.* 1,066,542 1,097,205 33,600 Cephalon Inc.* 2,622,270 2,094,761 40,300 Chesapeake Energy Corp. 1,251,858 1,223,226 21,000 Chevron Corp. 1,651,826 1,581,054 27,700 Chubb Corp. 1,481,923 1,493,827

100,000 Cisco Systems Inc. 2,483,205 2,517,104 16,500 Costco Wholesale Corp. 948,447 997,056 49,600 CSX Corp. 2,267,538 2,219,762 62,100 CVS Corp. 2,256,181 2,376,264 27,900 Dollar Tree Stores Inc. 1,339,858 1,453,831 48,800 Dow Chemical Co. 1,187,072 1,360,011 73,300 DynCorp International Inc. 1,393,292 1,412,619 38,800 eBay Inc. 1,009,944 979,960 23,400 Emerson Electric Co. 1,002,760 1,003,133 23,200 Energizer Holdings Inc. 1,540,407 1,646,089 96,600 Ford Motor Co. 636,411 745,694

8,900 Franklin Resources Inc. 903,507 957,073 32,900 Gap Inc. 566,387 753,099 48,100 General Electric Co. 870,619 843,543 13,800 Goldman Sachs Group Inc.* 2,048,946 2,718,453 40,100 Hewlett-Packard Co. 1,704,030 2,024,298 63,200 Hudson City Bancorp Inc. 1,066,513 889,798 16,600 International Business Machines Corp. 2,006,193 2,123,853 88,200 JP Morgan Chase & Co. 3,859,444 4,132,324 29,900 Kellogg Co. 1,556,333 1,574,055 34,800 Lam Research Corp. 1,084,987 1,271,639 45,600 Liberty Media Corp., Entertainment Series A 1,180,596 1,517,868 46,700 LKQ Corp. 849,234 926,490 10,300 Lockheed Martin Corp. 964,257 859,500 22,200 Lorillard Inc. 1,507,027 1,764,097 40,400 Lowe's Cos., Inc. 980,954 904,449

5,300 Mastercard Inc., Class A 1,151,916 1,146,127 30,600 McDonald's Corp. 1,519,027 1,868,742 19,100 Medco Health Solutions Inc. 1,011,918 1,130,037

154,400 Micron Technology Inc. 1,363,421 1,353,878 29,700 Microsoft Corp. 799,906 819,762 30,000 Morgan Stanley 945,685 990,246 33,100 MSCI Inc. 909,129 1,047,919

U.S.A. (40.0%) (cont’d)42,500 Noble Energy Inc. 2,683,166 2,998,175 12,900 Northern Trust Corp. 888,377 802,858 45,600 NRG Energy Inc. 1,190,380 1,375,309 18,900 Occidental Petroleum Corp. 1,525,902 1,584,224

138,200 ON Semiconductor Corp. 981,688 1,220,704 5,600 Palm Inc.* 97,284 104,504

27,800 Peabody Energy Corp. 1,005,133 1,106,035 19,000 PepsiCo Inc. 1,192,213 1,193,285 46,800 Petrohawk Energy Corp. 1,132,462 1,209,572 37,700 Phillip Morris International Inc. 1,937,456 1,963,285

9,100 Praxair Inc. 597,465 795,316 38,200 QLogic Corp. 725,607 703,052 66,300 QUALCOMM Inc. 3,160,114 3,178,675 26,998 Reinsurance Group of America Inc. 1,493,440 1,289,184 39,900 Republic Services Inc. 996,231 1,132,909 89,400 SBA Communications Corp.* 2,670,068 2,587,212 45,300 Shaw Group Inc. 1,496,871 1,552,988 22,400 Skyworks Solutions, Inc. 274,649 317,050 42,500 Southwestern Energy Co. 1,867,336 1,938,416 37,000 State Street Corp. 1,931,038 2,079,742 13,100 Synthes Inc. 1,665,215 1,686,620 25,400 Target Corp. 1,212,206 1,268,355 38,900 Tessera Technologies Inc. 1,065,387 1,161,573 18,900 The J. M. Smucker Co. 1,092,878 1,071,258 74,700 Thermo Fisher Scientific Inc. 3,686,131 3,487,029 23,900 Time Warner Cable Inc. 868,544 1,099,798 27,100 TJX Cos., Inc. 1,008,396 1,076,445 28,400 Tupperware Brands Corp. 1,157,226 1,212,004 47,100 Union Pacific Corp. 2,763,665 2,937,919 32,900 Unum Group 784,825 755,212 19,600 Wal-Mart Stores Inc. 1,176,269 1,028,674 28,500 Walt Disney Co. 846,072 836,683

117,912,463 124,304,139 JAPAN (10.9%)

44,455 Canon Inc. 1,748,251 1,908,605 51,600 Chugai Pharmaceutical Co., Ltd. 908,568 1,140,913

165,100 Elpida Memory Inc.* 2,397,617 2,305,669 369,500 Fujitsu Ltd. 2,685,651 2,577,884

41,600 Honda Motor Co., Ltd.* 1,441,204 1,361,848 227,400 ITOCHU Corp.* 1,845,317 1,602,769

350 Japan Tobacco Inc. 1,208,543 1,277,269 31,600 JFE Holdings Inc.* 1,271,090 1,153,192 61,500 Komatsu Ltd. 1,128,062 1,230,722 76,800 Mitsubishi Corp. 1,689,767 1,657,803

201,900 Mitsubishi Electric Corp. 1,527,926 1,625,299 145,300 NHK Spring Co., Ltd. 1,070,188 1,277,104 220,500 Nissan Motor Co., Ltd. 1,595,592 1,588,322 156,800 Nomura Holdings Inc. 1,500,365 1,028,494

11,300 Sankyo Co., Ltd. 706,854 754,674 66,200 Softbank Corp. 1,402,332 1,550,574 67,900 Sony Corp. 2,085,692 2,133,750

152,900 Sumitomo Heavy Industries Ltd. 819,578 795,036 37,000 Sumitomo Mitsui Financial Group Inc.* 1,755,260 1,372,319 13,200 Uni-Charm Corp. 1,341,965 1,334,943

233,300 Yamato Transport Co., Ltd.* 4,039,564 4,084,452 34,169,386 33,761,641



– 180 –




U.K. (8.4%) 152,600 Amlin PLC 984,924 1,001,251 47,600 Anglo American PLC 1,696,617 1,622,255 40,900 AstraZeneca PLC 2,065,194 1,962,114

212,500 Barclays PLC 1,198,072 1,345,008 1,141,200 BT Group PLC 2,720,052 2,536,260

62,980 GlaxoSmithKline PLC 1,352,452 1,324,812 173,300 HSBC Holdings PLC 1,898,350 2,121,738

54,800 Next PLC 1,698,882 1,680,125 47,000 Premier Oil PLC 1,016,333 972,985 17,208 Reckitt Benckiser Group PLC 803,915 900,307 89,059 Rio Tinto PLC 3,572,087 4,064,482 30,500 Royal Dutch Shell PLC, Class A (EUR) 1,014,542 933,995 82,800 Standard Chartered PLC 1,958,895 2,184,427

1,428,500 Vodafone Group PLC 3,262,258 3,425,281 25,242,573 26,075,040

SWITZERLAND (6.7%) 84,100 ABB Ltd. 1,671,394 1,807,537 23,000 Credit Suisse Group 1,239,554 1,365,355 42,500 Foster Wheeler AG 1,505,558 1,451,537 36,970 Nestle SA, Registered Shares 1,602,181 1,686,202 70,200 Novartis AG, Registered Shares 3,615,193 3,757,463 17,500 Roche Holding AG 3,007,722 3,027,062 21,989 Transocean Ltd. 2,273,842 2,013,596 25,500 Tyco International Ltd. 932,182 941,360

304,800 Xstrata PLC 3,619,857 4,810,655 19,467,483 20,860,767

FRANCE (4.4%) 22,991 Alstom 1,858,571 1,796,414 33,800 BNP Paribas SA* 2,536,198 2,891,469 33,800 BNP Paribas SA, Rights (13Oct09) - 78,377 45,257 Gaz de France 2,126,327 2,148,511 15,500 SEB SA 858,583 879,123 22,500 Technip SA 1,471,795 1,538,778 29,510 Total SA* 2,028,121 1,877,174 39,500 Vinci SA* 2,045,635 2,391,970

12,925,230 13,601,816 SOUTH KOREA (2.6%)

39,200 Hyundai Engineering & Construction Co., Ltd. 2,140,715 2,279,520 13,000 LG Corp. 932,225 932,237 41,900 LG Display Co., Ltd. 1,294,315 1,292,618

4,903 Samsung Electronics Co., Ltd. 2,859,046 3,631,975 7,226,301 8,136,350

ITALY (2.6%) 182,900 Enel SpA 1,190,507 1,239,393 237,400 Intesa Sanpaolo SpA* 983,822 1,122,373 332,000 Maire Tecnimont SpA 1,529,768 1,719,170 154,455 Mediobanca SpA 2,187,982 2,254,208 147,100 Mediobanca SpA, Warrants (18Mar11) - 194,889 376,500 Terna SpA 1,479,720 1,570,593

7,371,799 8,100,626 HONG KONG (2.5%)

1,525,800 Belle International Holdings Ltd. 1,604,091 1,675,758 1,069,300 BOC Hong Kong Holdings Ltd. 2,404,249 2,496,508 1,651,600 CNOOC Ltd. 2,324,812 2,382,056 1,833,800 Guangdong Investment Ltd. 1,025,462 967,747

191,400 Hopson Development Holdings Ltd. 265,945 356,433 7,624,559 7,878,502

NETHERLANDS (2.3%) 35,935 Heineken NV 1,459,018 1,773,525 64,000 Koninklijke Ahold NV 817,319 823,953 91,400 Royal KPN NV 1,476,979 1,623,218 60,600 TNT NV 1,596,305 1,740,381 70,500 TomTom NV* 859,890 1,294,571

6,209,511 7,255,648 AUSTRALIA (2.1%)

114,350 AGL Energy Ltd. 1,475,419 1,473,379 306,300 BlueScope Steel Ltd. 878,183 847,771

8,500 Coal & Allied Industries Ltd. 585,769 635,928 252,800 Harvey Norman Holdings Ltd.* 935,922 1,024,468 587,200 Lihir Gold Ltd. 1,480,542 1,553,131 224,800 Metcash Ltd. 859,500 953,469

6,215,335 6,488,146 CANADA (1.9%)

46,400 Baytex Energy Trust 1,037,436 1,094,909 34,800 Brookfield Properties Corp. (USD) 359,610 419,533 23,800 Canadian Natural Resources Ltd. (USD) 1,309,169 1,712,104 75,116 Suncor Energy Inc. (USD) 2,524,402 2,779,423

5,230,617 6,005,969 CAYMAN ISLANDS (1.6%)

497,500 China High Speed Transmission Equipment Group Co., Ltd. 1,083,196 1,092,790

99,400 Seagate Technology 1,302,889 1,618,691 51,100 Shanda Games Ltd., ADR 647,087 641,205 97,700 Tencent Holdings Ltd. 1,464,348 1,689,840

4,497,520 5,042,526 SWEDEN (1.4%)

44,200 Svenska Handelsbanken AB, Series A* 1,151,407 1,204,878 90,000 Swedish Match AB 1,738,253 1,928,142 84,600 Tele2 AB, Series B 1,201,607 1,201,806

4,091,267 4,334,826 GERMANY (1.4%)

9,700 Deutsche Bank AG, Registered Shares 708,900 794,389 35,000 Hannover Rueckversicherung AG,

Registered Shares 1,560,886 1,719,154 12,600 HeidelbergCement AG 864,949 875,535 12,600 HeidelbergCement AG, Restricted Shares 737,623 876,522

3,872,358 4,265,600 SPAIN (1.1%)

89,800 Banco Bilbao Vizcaya Argentaria SA 1,694,914 1,706,657 104,850 Banco Santander Central Hispano SA 1,648,032 1,807,051

3,342,946 3,513,708 CHINA (1.1%)

1,411,800 Dongfeng Motor Group Co., Ltd. 1,567,897 1,599,314 2,083,200 Industrial & Commercial Bank of China 1,524,424 1,680,701

3,092,321 3,280,015 PORTUGAL (0.9%)

260,200 Banco Espirito Santo SA 1,766,513 1,973,158 184,400 Energias de Portugal SA 863,645 903,437

2,630,158 2,876,595 NORWAY (0.9%)

122,400 Petroleum Geo-Services ASA* 1,197,449 1,275,052 61,000 TANDBERG ASA 1,274,139 1,559,209

2,471,588 2,834,261



– 181 –– 181 –


TAIWAN (0.9%) 645,500 Hon Hai Precision Industry Co., Ltd. 2,441,962 2,775,657

SINGAPORE (0.8%) 131,000 United Overseas Bank Ltd. 1,585,516 1,666,760

1,106,700 Yangzijiang Shipbuilding Holdings Ltd. 853,041 811,715 2,438,557 2,478,475

THAILAND (0.6%) 74,600 Banpu Public Co., Ltd. 983,579 1,027,967

358,600 Kasikornbank PCL 833,885 945,188 1,817,464 1,973,155

SOUTH AFRICA (0.4%) 73,000 Gold Fields Ltd., ADR 1,004,868 1,077,012

GREECE (0.3%) 46,100 Alpha Bank AE, Registered Shares 821,531 906,471

ISRAEL (0.3%) 16,400 Teva Pharmaceutical Industries Ltd., ADR 854,025 887,768

JERSEY ISLAND (0.3%) 72,000 Charter International PLC 870,092 845,044

BERMUDA (0.3%) 17,900 Lazard Ltd. 744,509 791,310

BELGIUM (0.1%) 2,500 Umicore - Strip VVPR 74 55


Total Equities (96.8%) 284,374,635 300,351,122





Total Net Assets (100.0%) 310,811,525







1 Royal Bank of Canada A-1+ 1.09 08-Oct-09 (21,303,138) US $ 23,303,503 Canadian $ 495,585



– 182 –

Synergy Global Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares


A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



300,351 150,5777,851 6,109

- -- -- -- -

496 -- -- -

191 1705,572 1,308

- -378 462

314,839 158,626

- -- -- -- -- -

3,404 386588 345

- -- -- -

35 174,027 748

310,812 157,878

284,375 157,816- -

185,605 142,1638,542 6,042

30,231 9,151788 -

85,071 -380 323

9 8- -

186 191

3.85 3.454.25 3.79

11.47 10.1710.15 -10.14 -

6.55 6.037.13 6.52

- -6.13 5.74

48,191,240 41,159,8972,009,294 1,593,6622,634,626 899,903

77,602 -8,391,911 -

58,018 53,6331,250 1,250

- -30,268 33,212


as at as at



as at as at


– 183 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares















2,506 3,8685 103

58 109- -- -- -

(312) (464)2,257 3,616

1,811 2,071203 234

- 55 5

101 1152,120 2,430

137 1,186- -

137 1,186

(1,003) (12,113)(850) (289)(490) (358)

- -

23,710 (25,917)21,367 (38,677)21,504 (37,491)

16,243 (32,764)742 (1,459)

3,286 (3,107)12 -

1,161 -38 (77)

1 (4)- (9)

21 (71)

0.38 (0.79)0.44 (0.81)1.56 (2.11)0.14 -0.14 -0.70 (1.54)0.78 (1.73)

- (1.88)0.65 (1.49)

142,163 197,678

6,803 12,343- -

(16,403) (17,777)(2,909) 23,632

39,708 -27,199 18,198

- -- -- -- -

16,243 (32,764)185,605 183,112

6,042 9,330

460 1,846- -

(908) (1,749)(24) 246

2,230 -1,758 343

- -- -- -- -

742 (1,459)8,542 8,214

9,151 40,499

18,465 4,125- -

(554) (2,569)(117) (27,993)

- -17,794 (26,437)

- -- -- -- -

3,286 (3,107)30,231 10,955


2009 2008


2009 2008


– 184 –

























8 -

- 25- -- -- -- -- 25

- -- -- (1)- (1)1 (4)9 20

- -

- -- -- -- 48- -- 48

- -- -- (1)- (1)- (9)- 38

191 339

1 112- -

(13) -(6) 3- -

(18) 115

- -- -

(8) (19)(8) (19)21 (71)

186 364

- -

48 -- -

(48) -(1) -

777 -776 -

- -- -- -- -

12 -788 -

- -

385 -- -

(608) -(63) -

84,196 -83,910 -

- -- -- -- -

1,161 -85,071 -

323 400

36 101- -

(6) -(2) (15)- -

28 86

- -- -

(9) (12)(9) (12)38 (77)

380 397




2009 2008



2009 2008

– 185 –





157,878 248,246

26,198 18,552- -

(18,540) (22,095)(3,122) (4,079)

126,911 -131,447 (7,622)

- -- -

(17) (33)(17) (33)

21,504 (37,491)310,812 203,100




2009 2008


– 186 –

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)








AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


2009 2008

41,159,897 40,391,7291,866,734 2,556,872

- -(4,494,241) (3,718,957)

(790,720) 5,066,10510,449,570 -48,191,240 44,295,749

1,593,662 1,755,184114,621 354,958

- -(226,103) (337,197)

(5,146) 46,695532,260 -

2,009,294 1,819,640

899,903 2,875,4471,795,643 285,606

- -(51,202) (183,026)

(9,718) (2,067,764)- -

2,634,626 910,263

- -4,795 -

- -(4,828) -

(100) -77,735 -77,602 -

- -38,461 -

- -(60,018) -

(6,152) -8,419,620 -8,391,911 -

53,633 44,1095,614 10,934

- -(983) -(246) (1,828)

- -58,018 53,215

FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period

IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period

AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


2009 2008

1,250 -- 2,500- -- -- -- -

1,250 2,500

- -- -- -- (25)- 4,800- -- 4,775

33,212 37,801215 12,311

- -(2,128) (39)(1,031) 273

- -30,268 50,346

– 187 –

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


26,929 38,88027,468 41,544


2009 2008


486 34860 35

Annual management fee rateA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

2.001.00

Paid directly by investor1.002.002.001.00


0.220.22

-0.220.220.220.22

-0.22


2009











2009 2008

3.85 4.130.01 0.013.86 4.14

4.25 4.510.01 0.014.26 4.52

11.47 12.040.02 0.01

11.49 12.05

10.15 -0.01 -

10.16 -

10.14 -0.01 -

10.15 -

6.55 7.450.01 0.016.56 7.46

7.13 8.01- 0.01

7.13 8.02

- 7.95- 0.01- 7.96

6.13 7.240.01 0.016.14 7.25

– 188 –



U.S.A. ...................................................................................................................................... 50.6Japan ...................................................................................................................................... 7.5U.K. .......................................................................................................................................... 7.4France ...................................................................................................................................... 5.4Switzerland ............................................................................................................................. 5.4Cash & Equivalents ................................................................................................................. 3.8South Korea ............................................................................................................................ 2.9Hong Kong ............................................................................................................................... 2.9Netherlands ............................................................................................................................ 2.0Germany .................................................................................................................................. 1.8Sweden ................................................................................................................................... 1.4Australia .................................................................................................................................. 1.1Canada .................................................................................................................................... 1.0Bermuda .................................................................................................................................. 0.9Spain ....................................................................................................................................... 0.9Italy ......................................................................................................................................... 0.8Israel ....................................................................................................................................... 0.7Other Assets ........................................................................................................................... 0.7Taiwan ..................................................................................................................................... 0.5Norway .................................................................................................................................... 0.5Cayman Islands ....................................................................................................................... 0.4Russia ...................................................................................................................................... 0.3Czech Republic ........................................................................................................................ 0.3Jersey Island ........................................................................................................................... 0.2China ....................................................................................................................................... 0.2Singapore ................................................................................................................................ 0.2Ireland ..................................................................................................................................... 0.2



As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $30,085,000 (March 31, 2009 - $15,058,000). In practice, the actual results maydiffer from this analysis and the difference may be material.

Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (22,808) 122,971 39.6Euro - 41,033 13.2Japanese Yen - 34,271 11.0British Pound - 30,003 9.7Hong Kong Dollar - 14,273 4.6Swiss Franc - 13,343 4.3Korean Won - 8,136 2.6Australian Dollar - 6,488 2.1Swedish Krona - 4,335 1.4Singapore Dollar - 4,317 1.4Norwegian Krone - 2,834 0.9Taiwan Dollar - 2,801 0.9Thai Baht - 1,978 0.6 Total (22,808) 286,783 92.3


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 90,539 57.2 Euro - 18,307 11.6 British Pound - 12,476 7.9 Japanese Yen - 12,468 7.9 Swiss Franc - 6,258 4.0 Hong Kong Dollar - 5,447 3.5 Korean Won - 4,008 2.5 Swedish Krona - 2,417 1.5 Australian Dollar - 1,699 1.1 Norwegian Krone - 725 0.5 Taiwan Dollar - 620 0.4 Czech Koruna - 395 0.3 Singapore Dollar - 272 0.2 Total - 155,631 98.6


– 189 –

CI International Balanced Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (31.1%) 25,670 Abbott Laboratories Inc. 1,254,484 1,357,967 60,300 AES Corp. 902,129 954,847

2,740 AGCO Corp. 92,380 80,908 1,480 Alliance Data Systems Corp.* 93,882 96,785

34,595 Ameriprise Financial Inc. 1,108,461 1,346,005 13,100 Anadarko Petroleum Corp. 738,380 878,700

190,000 Aphton Corp., Restricted Shares 460 427 11,580 Apollo Group Inc. 836,507 912,876

4,815 Apple Computer Inc. 876,818 954,793 10,800 Arch Capital Group Ltd. 739,994 779,927 28,100 Assurant Inc. 872,611 963,031

4,800 AT&T Inc.* 134,232 138,551 400 Biogen Idec Inc. 22,018 21,627

16,300 Cadence Design Systems Inc. 105,479 127,222 14,191 Celgene Corp. 822,532 849,172

3,592 Charles Schwab Corp. 72,126 73,531 76,890 Cisco Systems Inc. 1,812,081 1,935,401

BRL 300,000 Citibank NA 15% 07/02/2010 186,729 189,595 290 CME Group Inc. 89,617 95,559

6,250,000 Consilient Inc., Private Placement^ 69 67 2,083,333 Consilient Inc., Warrants, Private Placement^ 23 22

15,900 CSX Corp. 793,245 711,577 14,313 Danaher Corp. 946,825 1,029,330

2,111 Devon Energy Corp. 145,619 151,995 44,100 DIRECTV Group Inc.* 1,196,922 1,302,211 32,840 DR Horton Inc. 453,259 400,475 22,800 Ecolab Inc. 1,050,927 1,128,026

1,400 Entergy Corp. 121,714 119,523 14,980 EOG Resources Inc. 1,215,537 1,339,204

2,600 Exxon Mobil Corp. 195,019 190,767 USD 500,000 Fannie Mae 4.75% 12/15/2010 579,885 562,285 USD 715,000 Fannie Mae 4.875% 05/18/2012 850,316 834,022

17,300 Fastenal Co.* 699,851 716,257 USD 500,000 Federal Home Loan Bank 3.625% 12/17/2010 570,526 554,459

1,900 FTI Consulting Inc.* 96,793 86,496 11,900 General Dynamics Corp. 801,272 822,161

NZD 125,000 General Electric Capital Corp. 6.5% 09/28/2015 87,846 92,259

NZD 1,010,000 General Electric Capital Corp. 6.75% 09/26/2016 705,139 745,507

17,000 Gilead Sciences Inc. 841,679 839,980 EUR 100,000 Goldman Sachs Group Inc. 3.5% 12/08/2011 161,148 162,429

2,382 Google Inc., Class A 1,205,245 1,263,926 27,500 Hansen Natural Corp. 987,202 1,080,556 24,000 Hewlett-Packard Co. 1,162,990 1,211,550

9,973 International Business Machines Corp. 1,283,804 1,275,975 1,250 Johnson & Johnson 82,584 81,383

22,100 JP Morgan Chase & Co. 1,024,981 1,035,424 83,331 Kroger Co. 1,935,532 1,838,794

1,179 L-3 Communications Holdings Inc. 96,604 101,236 19,394 Medco Health Solutions Inc. 1,139,825 1,147,431 5,600 Metropcs Communications Inc. 53,944 56,059

95,117 Microsoft Corp. 2,497,103 2,625,364

U.S.A. (31.1%) (cont’d)8,982 Monsanto Co. 809,845 743,267 3,700 Noble Energy Inc. 253,370 261,018 2,200 Norfolk Southern Corp. 114,357 101,543

31,600 NRG Energy Inc. 987,883 953,065 67,617 Oracle Corp. 1,625,792 1,507,249

2,500 Pall Corp. 81,594 86,268 2,100 PepsiCo Inc. 130,612 131,889

56,100 Pfizer Inc. 972,061 992,251 700 Priceline.com Inc.* 114,509 124,073

20,624 QUALCOMM Inc. 1,040,770 988,793 12,100 Qwest Communications International Inc. 45,921 49,358

NZD 1,160,000 SLM Corp. 6.5% 06/15/2010 675,213 826,369 4,300 Southern Co. 148,806 145,618

27,420 Southwestern Energy Co. 1,152,239 1,250,620 22,351 St. Jude Medical Inc. 936,886 932,079

1,100 State Street Corp. 61,773 61,830 USD 175,000 STH Peru Copper 7.5% 07/27/2035 174,713 188,005 USD 1,341,000 United States Treasury Inflation Indexed Bonds

2.71351% 01/15/2025 1,703,192 1,719,842 USD 1,565,000 United States Treasury Note/Bond

2.72766% 07/15/2017 1,884,808 1,890,193 USD 310,000 United States Treasury Note/Bond

4.25% 08/15/2015 366,580 361,461 USD 215,000 United States Treasury Note/Bond

4.25% 11/15/2013 258,056 251,393 32,100 UnitedHealth Group Inc. 989,631 859,542 44,688 Urban Outfitters Inc. 1,362,188 1,443,015 58,363 US Bancorp 1,439,629 1,364,705 31,445 Vertex Pharmaceuticals Inc. 1,182,936 1,271,253 75,700 Walt Disney Co. 2,151,458 2,222,347 97,750 Xerox Corp. 908,451 807,946 28,314 XTO Energy Inc. 1,254,387 1,251,077

56,572,008 58,049,743 FRANCE (6.5%)

19,138 Alstom 1,393,336 1,495,358 17,622 Bouygues SA 891,540 958,477

EUR 2,071,000 France Government Bond OAT 4.25% 04/25/2019 3,423,187 3,452,153

EUR 1,924,000 France Government Bond OAT 5% 10/25/2016 3,358,955 3,386,180

1,741 Groupe Danone* 99,437 112,125 20,736 Publicis Groupe* 811,768 890,357

7,800 Societe Generale, Class A* 689,992 672,150 18,831 Total SA 1,130,960 1,197,867

11,799,175 12,164,667 JAPAN (6.4%)

11,300 Aioi Insurance Co., Ltd. 59,502 61,587 14,000 Canon Inc. 555,979 601,068 45,663 Credit Saison Co., Ltd. 731,195 572,893 14,300 FamilyMart Co., Ltd. 498,510 490,306

5,200 Fanuc Ltd. 468,648 496,120 28,500 Honda Motor Co., Ltd.* 1,024,048 932,997

63 Inpex Holdings Inc. 547,746 571,766

^ Denotes illiquid securities.* Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 190 –




JAPAN (6.4%) (cont’d)492 Japan Tobacco Inc. 1,614,496 1,795,476

1,058 Jupiter Telecommunication Co. 1,027,792 1,082,595 7 KDDI Corp. 42,868 42,158

30,200 Mitsubishi Corp.* 691,736 651,896 169,600 Mitsubishi UFJ Financial Group Inc. 1,189,336 968,845

18,300 Nikon Corp.* 356,990 357,049 4,816 Nintendo Co., Ltd. 1,436,571 1,304,932 9,880 Nitori Co., Ltd. 749,395 897,852

59 Sony Financial Holding Inc. 197,426 181,326 22,070 Toyota Motor Corp. 1,058,494 934,380

12,250,732 11,943,246 U.K. (6.0%)

4,600 BG Group PLC 84,793 85,391 33,800 BHP Billiton PLC 951,368 987,706 25,612 British American Tobacco PLC 884,025 859,737

5,600 Carnival PLC 185,611 203,884 218,400 Centrica PLC 875,070 940,126

31,700 Diageo PLC 537,737 520,388 38,068 Imperial Tobacco Group PLC 1,186,883 1,176,904 21,500 Inmarsat PLC 202,248 202,313

231,320 Man Group PLC 1,109,281 1,309,978 1,160 Rio Tinto PLC 49,682 52,940

34,000 Royal Dutch Shell PLC, Class A* 979,350 1,037,178 5,400 Scottish and Southern Energy PLC 110,436 108,094

43,546 Standard Chartered PLC 1,102,984 1,148,829 GBP 335,000 United Kingdom Gilt 5% 09/07/2014* 670,773 635,789 GBP 980,000 United Kingdom Treasury Note

5% 03/07/2025 1,978,051 1,878,195 48,500 Vodafone Group PLC 111,444 116,294

11,019,736 11,263,746 GERMANY (5.4%)

EUR 410,000 Bayerische Landesbank 2.75% 01/23/2012 650,665 655,486 EUR 780,000 Bundesrepublik Deutschland 5% 01/04/2012 1,310,045 1,317,537

19,083 DaimlerChrysler AG, Registered Shares* 949,384 1,031,514 12,654 Deutsche Boerse AG 1,030,841 1,107,287

EUR 1,010,000 Deutsche Bundesrepublik 4.75% 07/04/2034 1,723,586 1,758,895 19,539 Fresenius AG 1,144,862 1,219,025

1,435 Fresenius SE 74,711 75,634 EUR 553,000 Germany Government Bond

4.25% 07/04/2014 928,220 938,172 900 K+S AG 50,849 52,357

7,029 Muenchener Rueckversicherungs AG, Registered Shares* 1,099,074 1,203,272

12,877 SAP AG 660,976 671,238 829 Siemens AG, Registered Shares 73,884 81,971

9,697,097 10,112,388 HONG KONG (3.8%)

15,500 China Mobile (Hong Kong) Ltd., ADR 962,066 813,990 41,500 China Yurun Food Group Ltd. 79,134 95,056

487,900 CNOOC Ltd. 737,751 703,684 134,100 Esprit Holdings Ltd. 1,110,589 954,075

9,438 Hang Seng Bank Ltd. 155,463 144,857 247,700 Hutchison Whampoa Ltd. 2,033,728 1,900,889 390,500 Li & Fung Ltd. 1,537,371 1,702,029 241,200 Renhe Commercial Holdings 54,753 51,981 50,400 Sun Hung Kai Properties Ltd. 791,568 795,139

7,462,423 7,161,700

CANADA (3.2%) 2,200 Barrick Gold Corp. (USD) 82,060 89,200

2,315,000 Canada Housing Trust No.1 4.05% 03/15/2011 2,421,745 2,417,763

208,000 Canadian Government Bond 4.5% 06/01/2015* 225,896 228,107

65,000 Canadian Government Bond 5% 06/01/2014* 72,020 72,243 95,000 Canadian Government Bond

5.75% 06/01/2029 116,606 118,249 432,000 Canadian Government Bond

5.75% 06/01/2033* 542,268 551,206 1,545 Goldcorp Inc. (USD) 60,075 66,679 1,000 Potash Corp. of Saskatchewan Inc. 103,368 96,648

NZD 405,000 Province of Manitoba 6.375% 09/01/2015 296,231 311,445 USD 200,000 Province of Ontario 3.5% 07/15/2013 226,818 222,704 USD 969,000 Province of Quebec 4.875% 05/05/2014 1,154,525 1,135,004 EUR 435,000 Province of Quebec 5.625% 06/21/2011 721,900 724,557

6,023,512 6,033,805 SWITZERLAND (2.4%)

21,792 ACE Ltd. 1,179,458 1,246,610 900 Alcon Inc. 125,997 133,621 822 Givaudan SA 612,795 657,417

2,248 Nestle SA, Registered Shares 97,212 102,531 1,800 Noble Corp. 67,671 73,098

761 Roche Holding AG 129,763 131,634 240 SGS SA, Registered Shares 324,860 344,710

9,400 Transocean Ltd. 810,859 860,785 3,759 Zurich Financial Services AG 853,489 957,064

4,202,104 4,507,470 BRAZIL (2.3%)

BRL 4,200 Nota Do Tesouro Nacional 10% 01/01/2017 2,225,201 2,286,197 45,200 Redecard SA 700,004 744,387

BRL 1,150,000 Republic of Brazil 12.5% 01/05/2016 761,128 766,667 19,620 Vale SA, ADR 452,631 485,453

4,138,964 4,282,704 DENMARK (2.2%)

122 AP Moller - Maersk A/S 887,933 896,149 EUR 535,000 Commerzbank AG 2.75% 01/13/2012 850,656 854,994

17,400 FLSmidth & Co. A/S 898,780 1,012,603 19,450 Novo Nordisk A/S 1,295,022 1,301,792

900 Vestas Wind Systems A/S 72,510 69,661 4,004,901 4,135,199

LUXEMBOURG (1.9%) EUR 1,333,000 Germany Government Bond

4.75% 07/04/2028 2,270,399 2,303,015 AUD 1,311,000 Queensland Treasury Corp. 6% 09/14/2017 1,185,906 1,251,494

3,456,305 3,554,509 SWEDEN (1.8%)

42,100 Electrolux AB, Series B 903,855 1,031,253 SEK 7,240,000 Sweden Government Bond 3% 07/12/2016 1,121,700 1,104,438

125,600 Volvo AB, Series B* 1,085,414 1,244,147 3,110,969 3,379,838



– 191 –– 191 –




AUSTRALIA (1.7%) AUD 1,380,000 National Australia Bank 5.75% 12/19/2013 1,249,617 1,299,698 AUD 694,000 New South Wales Treasury Corp.

7% 12/01/2010 654,252 675,323 22,002 Rio Tinto Ltd.* 1,188,855 1,230,404 13,800 Telstra Corp., Ltd. 45,352 42,497

3,138,076 3,247,922 IRELAND (1.5%)

34,550 Accenture PLC 1,367,427 1,378,656 28,980 CRH PLC 816,246 861,795

EUR 400,000 Depfa ACS Bank 4.375% 01/15/2015 592,854 621,261 2,776,527 2,861,712

SOUTH KOREA (1.4%) 7,520 KT&G Corp. 464,039 487,937

KRW 969,000,000 Republic of Korea Monetary Stab Bond 4.15% 08/02/2011 851,615 880,375

3,600 Samsung Electronics Co., Ltd., GDR 1,156,412 1,314,333 2,472,066 2,682,645

MEXICO (1.4%) 24,375 America Movil SAB de C.V. 61,375 57,059

MXN 105,735 Mexico Government Bond 10% 12/05/2024 1,016,555 968,415 MXN 179,850 Mexico Government Bond 9% 12/20/2012 1,639,632 1,519,911 USD 112,000 Mexico Government International Bond

6.375% 01/16/2013 135,835 131,485 2,853,397 2,676,870

NORWAY (1.4%) 46,200 Statoil ASA 1,100,267 1,112,401 59,300 Telenor ASA 620,166 734,246 23,314 Yara International ASA 756,260 783,474

2,476,693 2,630,121 ISRAEL (1.2%)

ILS 5,915,000 Israel Government Bond 7.5% 03/31/2014 2,006,078 2,010,245 2,700 Teva Pharmaceutical Industries Ltd., ADR 152,580 146,157

2,158,658 2,156,402 FINLAND (1.0%)

EUR 150,000 Finland Government Bond 4.25% 07/04/2015 250,921 253,161 31,500 Fortum OYJ 837,231 864,677 41,400 Nokia OYJ 591,675 651,243

1,679,827 1,769,081 JERSEY ISLAND (0.7%)

21,831 Housing Development Finance Ltd. 1,150,264 1,337,661

RUSSIA (0.7%) USD 160,000 Gazprom OAO 9.625% 03/01/2013 191,931 191,022

44,726 OAO Gazprom, ADR 1,011,262 1,113,349 1,203,193 1,304,371

CHINA (0.6%) 65,500 China Communications Construction Co., Ltd. 83,194 75,828 80,600 China Construction Bank Corp., Class H 69,870 68,924

1,072,500 Industrial & Commercial Bank of China 824,299 865,280 64,300 PetroChina Co., Ltd., Class H 83,431 77,815

1,060,794 1,087,847

COLOMBIA (0.6%) COP 1,624,000,000 Republic of Colombia 11.75% 03/01/2010 908,007 930,300 COP 205,000,000 Republic of Colombia 9.85% 06/28/2027 101,320 120,497

1,009,327 1,050,797 TAIWAN (0.6%)

3,565 Hon Hai Precision Industry Co., Ltd. 12,912 15,330 86,867 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 1,006,356 1,017,468 1,019,268 1,032,798

PORTUGAL (0.6%) 110,189 Jeronimo Martins SGPS SA 924,204 1,030,675


NEW ZEALAND (0.5%) NZD 545,000 Inter-American Development Bank

7.25% 05/24/2012 431,209 447,885 NZD 565,000 New Zealand Government Bond

6% 12/15/2017 438,540 455,890 869,749 903,775

ITALY (0.4%) 14,200 Enel SpA* 87,961 96,224 26,500 Eni SpA* 684,038 706,251

771,999 802,475 BERMUDA (0.4%)

19,400 Endurance Specialty Holdings Ltd. 726,306 757,298


1,400 Inditex SA 83,664 85,766 743,597 742,405

INDIA (0.3%) 58,920 Bharti Airtel Ltd., Participating Notes

(JP Morgan) 549,073 549,131 5,200 Reliance Communications Ltd.,

Warrants (30Dec13) 30,644 35,646 579,717 584,777



IRAQ (0.2%) USD 500,000 Republic of Iraq 5.8% 01/15/2028 376,630 401,495

CZECH REPUBLIC (0.2%) 4,500 CEZ Group 266,634 257,433

216 Komercni Banka AS 48,399 45,876 315,033 303,309

CAYMAN ISLANDS (0.1%) 4,590 SINA Corp. 153,087 186,497



– 192 –– 192 –



SOUTH AFRICA (0.1%) 6,100 Gold Fields Ltd. 82,005 88,256 7,000 Harmony Gold Mining Co., Ltd. 71,291 79,825

153,296 168,081 TURKEY (0.1%)

23,100 Turkiye Garanti Bankasi AS 90,556 93,319





Futures Contracts (0.1%) (see Schedule B) 88,179


Other Assets (net) (9.6%) 18,243,389

Total Net Assets (100.0%) 186,970,659

Principal amounts stated in:AUD Australian Dollar BRL Brazilian Real COP Colombian Peso EUR Euro GBP British Pound ILS Israeli Shekel KRW Korean Won MXN Mexican Peso NZD New Zealand Dollar SEK Swedish Krona USD U.S. Dollar



– 193 –– 193 –– 193 –






1 Citibank A-1 0.86 10-Dec-09 (5,010,000) Australian $ 4,317,919 US $ (80,618)1 Barclays Bank A-1 1.65 10-Dec-09 (1,600,000) British Pound 2,643,744 US $ 93,647 1 Barclays Bank A-1 1.64 10-Dec-09 (2,105,000) British Pound 3,441,675 US $ 84,158 1 Citibank A-1 0.92 10-Dec-09 (3,220,000) Canadian $ 2,960,348 US $ (50,887)1 Deutsche Bank A-1 0.26 10-Dec-09 (2,237,000) Israeli Shekel 589,398 US $ (5,030)1 Royal Bank of Scotland A-1 0.67 10-Dec-09 (1,230,000) New Zealand $ 827,175 US $ (60,557)1 Citibank A-1 0.67 10-Dec-09 (2,470,000) New Zealand $ 1,659,791 US $ (122,980)1 Deutsche Bank A-1 0.17 10-Dec-09 (14,450,000) Norwegian Krone 2,483,591 US $ (13,140)1 State Street Boston A-1 0.61 10-Dec-09 (1,175,047) US $ 720,000 British Pound (26,483)1 Royal Bank of Scotland A-1 1.41 10-Dec-09 (1,226,172) US $ 1,730,000 New Zealand $ 18,050 1 Deutsche Bank A-1 1.20 10-Dec-09 (1,230,709) US $ 1,480,000 Australian $ 71,787 1 Barclays Bank A-1 0.62 10-Dec-09 (1,393,940) US $ 870,000 British Pound (4,284)1 Barclays Bank A-1 0.70 10-Dec-09 (1,903,710) US $ 1,335,000 Euro 53,237 1 Deutsche Bank A-1 5.92 10-Dec-09 (2,442,528) US $ 14,450,000 Norwegian Krone 57,067 1 Citibank A-1 1.07 10-Dec-09 (3,322,909) US $ 3,570,000 Canadian $ 12,790 1 Citibank A-1 0.68 10-Dec-09 (350,635) US $ 240,000 Euro 590 1 Barclays Bank A-1 92.46 10-Dec-09 (3,687,961) US $ 341,000,000 Japanese Yen 120,169 1 Citibank A-1 1.10 10-Dec-09 (5,593,545) US $ 6,180,000 Canadian $ 191,928 1 Royal Bank of Scotland A-1 1.06 10-Dec-09 (650,913) US $ 690,000 Swiss Franc 16,467 1 State Street Boston A-1 92.51 10-Dec-09 (9,945,408) US $ 920,000,000 Japanese Yen 329,041



Schedule BFutures Contracts (0.1%)

Contracts Futures Price ($) Expiry Date Country Cost ($) Fair Value ($)

30 EUX DJ Euro STOXX 50 Index Futures 2,857.00 18-Dec-09 Euro 1,301,630 1,342,895 7 S&P 500 Stock Index Futures 1,052.90 17-Dec-09 US $ 1,902,990 1,972,753 7 TSE Topix Stock Index Futures 910.00 11-Dec-09 Japanese Yen 782,533 759,684

3,987,153 4,075,332 Exercise Price 3,987,153 Total Future Contracts Value 88,179

– 194 –

CI International Balanced Corporate ClassFinancial Statements (unaudited)












167,954 3,65315,801 594

- -- -

992 -764 40

1,160 20- -- -

80 -155 2

- -950 25

187,856 4,334

- -- 7- 1

387 54- -

90 1408 2

- -- -- -- 4

885 69186,971 4,265

163,854 3,988- -

185,874 4,151565 114532 -

8.91 8.059.50 8.53

10.29 -

20,861,095 515,77859,495 13,36551,754 -


as at as at










339 42338 46

2 2- -- -- -

(30) (6)649 84

512 6257 7

- -19 128 4

616 7433 10

- -33 10

476 (369)(642) (1)

(35) (11)- -

5,242 (354)5,041 (735)5,074 (725)

5,036 (710)24 (15)14 -

0.90 (1.09)0.99 (1.11)0.29 -


2009 2008

– 195 –

CI International Balanced Corporate ClassFinancial Statements (unaudited)


















4,151 6,544

3,193 237- -

(5,292) (473)(581) (321)

179,367 -176,687 (557)

- -- -- -- -

5,036 (710)185,874 5,277

114 141

28 1- -

(2) (9)- -

401 -427 (8)

- -- -- -- -

24 (15)565 118

- -

518 -- -- -- -- -

518 -

- -- -- -- -

14 -532 -

4,265 6,685

3,739 238- -

(5,294) (482)(581) (321)

179,768 -177,632 (565)

- -- -- -- -

5,074 (725)186,971 5,395


2009 2008


2009 2008


– 196 –

CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

515,778 685,043367,322 25,160

- -(596,230) (51,082)(66,342) (33,628)

20,640,567 -20,861,095 625,493

13,365 14,1043,023 87

- -(207) (886)

- -43,314 -59,495 13,305

- -51,797 -

- -(43) -

- -- -

51,754 -





2009 2008

8.91 8.440.01 0.018.92 8.45

9.50 8.890.01 0.019.51 8.90

10.29 -0.01 -

10.30 -


2009 2008


10,794 56811,010 607


2009 2008


33 92 1



2.001.00


0.220.22

-


2009

– 197 –



U.S.A. ...................................................................................................................................... 29.4Other Assets ........................................................................................................................... 15.0Japan ...................................................................................................................................... 7.5U.K. .......................................................................................................................................... 6.8Germany .................................................................................................................................. 6.3France ...................................................................................................................................... 6.0Hong Kong ............................................................................................................................... 4.0Switzerland ............................................................................................................................. 3.3Brazil ....................................................................................................................................... 3.2Canada .................................................................................................................................... 2.1Luxembourg ............................................................................................................................. 2.0Australia .................................................................................................................................. 1.8South Korea ............................................................................................................................ 1.2Colombia ................................................................................................................................. 1.2Norway .................................................................................................................................... 1.2Mexico .................................................................................................................................... 1.1Israel ....................................................................................................................................... 0.9Russia ...................................................................................................................................... 0.9Spain ....................................................................................................................................... 0.9Denmark .................................................................................................................................. 0.8Sweden ................................................................................................................................... 0.8Taiwan ..................................................................................................................................... 0.7Singapore ................................................................................................................................ 0.5Italy ......................................................................................................................................... 0.5Finland ..................................................................................................................................... 0.5Portugal ................................................................................................................................... 0.4Bermuda .................................................................................................................................. 0.4Jersey Island ........................................................................................................................... 0.4India ........................................................................................................................................ 0.3New Zealand ........................................................................................................................... 0.3Czech Republic ........................................................................................................................ 0.2Cayman Islands ....................................................................................................................... 0.2Long Future Contracts ............................................................................................................. 0.1Cash & Equivalents ................................................................................................................. -0.9


Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economic con-ditions across the world, however some of the Fund's assets are invested in fixed income securitiesand their market risk exposure will be discussed in the following sections.

As at September 30, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $12,107,000 (March 31, 2009 - $260,000). In practice, the actual results may dif-fer from this analysis and the difference may be material.

CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 14.7AA/Aa/A+ 2.4A 4.0BBB/Baa/B++ 1.1BB/Ba/B+ 0.6Not Rated 4.3Total 27.1


Credit Rating^ (%)AAA/Aaa/A++ 15.2 AA/Aa/A+ 1.9 A 1.3 BBB/Baa/B++ 1.2 BB/Ba/B+ 1.2 Not Rated 5.6 Total 26.4





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (14,643) 70,924 37.9Euro 2,505 36,649 19.6Japanese Yen 14,995 27,006 14.4British Pound (3,619) 7,692 4.1Hong Kong Dollar - 7,437 4.0Brazilian Real - 4,079 2.2Swedish Krona - 3,387 1.8Danish Krone - 3,257 1.7Swiss Franc 713 2,895 1.5Norwegian Krone - 2,630 1.4Mexican Peso - 2,600 1.4New Zealand Dollar (1,523) 1,394 0.7Korean Won - 1,374 0.7Israeli Shekel (636) 1,374 0.7Australian Dollar (3,335) 1,204 0.6Colombian Peso - 1,116 0.6Czech Koruna - 303 0.2South Africa Rand - 213 0.1Turkish Lira - 93 0.1Argentine Peso - 35 0.1Taiwan Dollar - 18 0.1Total (5,543) 175,680 93.9

– 198 –



Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (4) 1,899 44.5 Japanese Yen 484 804 18.9 Euro 31 753 17.7 British Pound (99) 192 4.5 Hong Kong Dollar - 151 3.5 Brazilian Real - 128 3.0 Swiss Franc 44 108 2.5 Norwegian Krone 2 56 1.3 Colombian Peso - 52 1.2 New Zealand Dollar (36) 38 0.9 Swedish Krona - 33 0.8 Australian Dollar (80) 21 0.5 Taiwan Dollar - 13 0.3 Czech Koruna - 9 0.2 Mexican Peso (42) 1 0.1 Argentine Peso - 1 0.1 Israeli Shekel (53) (13) (0.3)Total 247 4,246 99.7







As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $923,000 (March 31, 2009 - $15,000). In practice, the actual results maydiffer from this analysis and the difference may be material.

– 198 –

CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)





18,511 10,087 8,408 27,214 64,220



679 149 164 693 1,685

– 199 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



U.S.A. (24.3%) 21,514 Amerada Hess Corp. 1,844,829 1,231,398 35,000 Anadarko Petroleum Corp. 1,644,555 2,347,673 94,000 Baldor Electric Co. 2,471,115 2,751,534

USD 1,500,000 Baldor Electric Co. 8.625% 02/15/2017 1,512,840 1,630,068 6,000 Becton Dickinson & Co. 445,189 447,297

162,000 Cisco Systems Inc. 3,910,420 4,077,708 20,000 Covance Inc. 1,016,073 1,159,516 75,000 CVS Corp. 2,603,094 2,869,884

144,000 Discover Financial Services 2,268,605 2,500,701 40,000 GameStop Holding Co. 959,698 1,133,607

235,000 General Electric Co. 6,462,431 4,121,262 80,493 GeoGlobal Resources Inc. 589,428 94,798

160,000 Intel Corp. 2,642,212 3,349,001 13,000 Mastercard Inc., Class A 2,425,623 2,811,255

140,000 Microsoft Corp. 3,275,789 3,864,198 20,000 Oracle Corp. 399,214 445,820

104,200 Patterson-UTI Energy Inc. 2,688,491 1,684,586 73,000 Ultra Petroleum Corp. 4,296,719 3,826,597

41,456,325 40,346,903 SWITZERLAND (11.7%)

10,000 Alcon Inc. 1,021,955 1,484,674 90,900 Aryzta AG 3,887,528 3,895,206 45,337 Holcim Ltd. 3,855,025 3,326,128

180,000 Nestle SA, Registered Shares 7,261,822 8,209,802 10,000 Swatch Group AG 2,139,675 2,522,294

18,166,005 19,438,104 U.K. (9.0%)

385,000 Diageo PLC 7,386,407 6,320,168 72,100 Rio Tinto PLC 4,561,655 3,290,505

194,000 Travis Perkins PLC 2,918,598 2,764,838 GBP 690,000 United Kingdom Gilt 4.75% 09/07/2015 1,568,669 1,307,646 GBP 650,000 United Kingdom Treasury Note

5% 03/07/2025 1,564,197 1,245,742 17,999,526 14,928,899

AUSTRALIA (6.0%) AUD 8,400,000 Australia Government Bond

6.25% 04/15/2015 7,496,105 8,310,018 47,700 BHP Billiton Ltd. 976,480 1,699,629

8,472,585 10,009,647 FRANCE (5.4%)

43,000 Air Liquide* 4,859,140 5,237,477 34,400 Schneider Electric SA 3,670,333 3,732,393

8,529,473 8,969,870 JAPAN (2.6%)

27,244 Canon Inc. 1,333,017 1,169,678 95,000 Mitsubishi Corp. 1,730,620 2,050,667

4,000 Nintendo Co., Ltd. 1,104,743 1,083,830 4,168,380 4,304,175

GERMANY (2.2%) EUR 70,000 Germany Government Bond 5% 07/04/2011 124,307 116,924

10,191 Puma AG 3,078,666 3,590,042 3,202,973 3,706,966

CANADA (2.1%) 640,000 Yellow Pages Income Fund 5,267,037 3,456,000

NETHERLANDS (1.9%) USD 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 3,198,387

SWEDEN (1.7%) 90,000 Atlas Copco AB, Series A 1,072,725 1,239,816 25,000 Hennes & Mauritz AB, Class B 1,277,338 1,501,202

2,350,063 2,741,018 BRAZIL (1.5%)

50,000 Petroleo Brasileiro SA, ADR 2,026,624 2,456,612

IRELAND (1.5%) 250,000 Kingspan Group PLC 3,241,532 2,450,842

TAIWAN (1.3%) 185,849 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 1,680,094 2,176,838



Short Term Notes (12.3%) 20,268,401 20,315,534




Other Assets (net) (16.1%) 26,679,263

Total Net Assets (100.0%) 165,817,566

Principal amounts stated in:AUD Australian Dollar EUR Euro GBP British Pound USD U.S. Dollar



– 200 –– 200 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)





1 Toronto-Dominion Bank A-1+ 0.88 30-Oct-09 (104,000) Australian $ 91,702 Canadian $ (6,282)1 Toronto-Dominion Bank A-1+ 0.94 30-Dec-09 (119,000) Australian $ 111,449 Canadian $ (29)1 Canadian Imperial Bank of Commerce A-1 0.89 30-Oct-09 (17,000) Australian $ 15,154 Canadian $ (863)1 Royal Bank of Canada A-1+ 0.94 30-Dec-09 (191,000) Australian $ 178,844 Canadian $ (84)1 Bank of Nova Scotia†† A-1+ 0.90 30-Nov-09 (192,000) Australian $ 172,560 Canadian $ (7,853)1 Canadian Imperial Bank of Commerce A-1 0.90 30-Nov-09 (256,000) Australian $ 230,029 Canadian $ (10,521)1 Royal Bank of Canada A-1+ 0.90 30-Nov-09 (537,000) Australian $ 483,343 Canadian $ (21,250)1 Bank of Nova Scotia†† A-1+ 0.89 30-Oct-09 (80,000) Australian $ 71,359 Canadian $ (4,014)1 Toronto-Dominion Bank A-1+ 0.90 30-Nov-09 (86,000) Australian $ 77,219 Canadian $ (3,590)1 Toronto-Dominion Bank A-1+ 0.87 30-Oct-09 (99,000) Australian $ 86,138 Canadian $ (7,135)1 Toronto-Dominion Bank A-1+ 1.76 30-Nov-09 (1,064,000) British Pound 1,877,322 Canadian $ 57,455 1 Toronto-Dominion Bank A-1+ 1.78 30-Oct-09 (1,077,000) British Pound 1,920,453 Canadian $ 78,145 1 Bank of Nova Scotia†† A-1+ 1.78 30-Oct-09 (223,000) British Pound 397,912 Canadian $ 16,450 1 Royal Bank of Canada A-1+ 1.78 30-Oct-09 (3,003,000) British Pound 5,355,931 Canadian $ 219,024 1 Canadian Imperial Bank of Commerce A-1 1.74 30-Dec-09 (501,000) British Pound 872,722 Canadian $ 15,903 1 Royal Bank of Canada A-1+ 1.74 30-Dec-09 (55,000) British Pound 95,619 Canadian $ 1,558 1 Toronto-Dominion Bank A-1+ 1.77 30-Oct-09 (590,000) British Pound 1,045,055 Canadian $ 35,809 1 Bank of Nova Scotia†† A-1+ 1.77 30-Nov-09 (61,000) British Pound 107,814 Canadian $ 3,480 1 Bank of Nova Scotia†† A-1+ 1.74 30-Dec-09 (766,000) British Pound 1,335,881 Canadian $ 25,851 1 Canadian Imperial Bank of Commerce A-1 1.78 30-Oct-09 (813,000) British Pound 1,449,457 Canadian $ 58,746 1 Toronto-Dominion Bank A-1+ 1.74 30-Dec-09 (97,000) British Pound 168,484 Canadian $ 2,594 1 Royal Bank of Canada A-1+ 0.91 30-Oct-09 (2,750,353) Canadian $ 2,516,000 US $ (56,730)1 Toronto-Dominion Bank A-1+ 0.97 30-Oct-09 (664,599) Canadian $ 643,000 Swiss Franc (67)1 Canadian Imperial Bank of Commerce A-1 1.60 30-Dec-09 (105,000) Euro 168,162 Canadian $ 3,691 1 Toronto-Dominion Bank A-1+ 1.54 30-Oct-09 (1,050,000) Euro 1,613,483 Canadian $ (31,507)1 Royal Bank of Canada A-1+ 1.60 30-Dec-09 (1,378,000) Euro 2,207,309 Canadian $ 48,830 1 Bank of Nova Scotia†† A-1+ 1.60 30-Dec-09 (3,937,000) Euro 6,308,413 Canadian $ 141,548 1 Toronto-Dominion Bank A-1+ 1.57 30-Oct-09 (570,000) Euro 893,777 Canadian $ 776 1 Toronto-Dominion Bank A-1+ 1.60 30-Dec-09 (606,000) Euro 970,509 Canadian $ 21,280 1 Canadian Imperial Bank of Commerce A-1 1.55 30-Nov-09 (619,000) Euro 957,376 Canadian $ (12,285)1 Toronto-Dominion Bank A-1+ 1.57 30-Nov-09 (690,000) Euro 1,081,064 Canadian $ 164 1 Canadian Imperial Bank of Commerce A-1 1.53 30-Oct-09 (745,000) Euro 1,139,226 Canadian $ (27,931)1 Toronto-Dominion Bank A-1+ 1.54 30-Nov-09 (804,000) Euro 1,237,798 Canadian $ (21,658)1 Bank of Nova Scotia†† A-1+ 1.54 30-Oct-09 (87,000) Euro 133,789 Canadian $ (2,511)1 Royal Bank of Canada A-1+ 1.55 30-Nov-09 (996,000) Euro 1,541,181 Canadian $ (19,051)1 Toronto-Dominion Bank A-1+ 0.01 30-Nov-09 (127,281,000) Japanese Yen 1,446,951 Canadian $ (71,359)1 Toronto-Dominion Bank A-1+ 0.01 30-Dec-09 (14,788,000) Japanese Yen 179,433 Canadian $ 2,976 1 Royal Bank of Canada A-1+ 0.01 30-Nov-09 (18,121,000) Japanese Yen 207,486 Canadian $ (8,678)1 Bank of Nova Scotia†† A-1+ 0.01 30-Oct-09 (23,105,000) Japanese Yen 265,376 Canadian $ (10,209)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Oct-09 (26,416,000) Japanese Yen 303,214 Canadian $ (11,864)1 Canadian Imperial Bank of Commerce A-1 0.01 30-Nov-09 (27,000,000) Japanese Yen 309,048 Canadian $ (13,032)1 Royal Bank of Canada A-1+ 0.01 30-Oct-09 (31,403,000) Japanese Yen 351,401 Canadian $ (23,155)1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (34,902,000) Japanese Yen 410,105 Canadian $ (6,193)1 Royal Bank of Canada A-1+ 0.01 30-Dec-09 (37,605,000) Japanese Yen 455,993 Canadian $ 7,273 1 Canadian Imperial Bank of Commerce A-1 0.01 30-Dec-09 (44,482,000) Japanese Yen 538,067 Canadian $ 7,290 1 Toronto-Dominion Bank A-1+ 0.01 30-Oct-09 (51,104,000) Japanese Yen 586,930 Canadian $ (22,615)1 Bank of Nova Scotia†† A-1+ 0.01 30-Dec-09 (83,460,000) Japanese Yen 1,010,681 Canadian $ 14,801 1 Bank of Nova Scotia†† A-1+ 0.15 30-Nov-09 (107,000) Swedish Krona 16,446 Canadian $ 8 1 Toronto-Dominion Bank A-1+ 0.14 30-Oct-09 (1,126,000) Swedish Krona 163,025 Canadian $ (9,926)1 Bank of Nova Scotia†† A-1+ 0.16 30-Dec-09 (1,183,000) Swedish Krona 186,565 Canadian $ 4,775 1 Canadian Imperial Bank of Commerce A-1 0.14 30-Oct-09 (1,783,000) Swedish Krona 258,395 Canadian $ (15,470)1 Royal Bank of Canada A-1+ 0.16 30-Dec-09 (197,000) Swedish Krona 30,970 Canadian $ 697 1 Toronto-Dominion Bank A-1+ 0.15 30-Oct-09 (2,234,000) Swedish Krona 324,224 Canadian $ (18,914)1 Canadian Imperial Bank of Commerce A-1 0.16 30-Dec-09 (2,379,000) Swedish Krona 375,101 Canadian $ 9,523 1 Canadian Imperial Bank of Commerce A-1 0.15 30-Nov-09 (403,000) Swedish Krona 61,969 Canadian $ 58

– 201 –– 201 –– 201 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited) (cont’d)



Schedule A (cont’d)Foreign Currency Forward Contracts (0.4%)


1 Bank of Nova Scotia†† A-1+ 0.15 30-Oct-09 (5,382,000) Swedish Krona 783,567 Canadian $ (43,098)1 Royal Bank of Canada A-1+ 0.15 30-Nov-09 (579,000) Swedish Krona 89,111 Canadian $ 162 1 Royal Bank of Canada A-1+ 0.15 30-Oct-09 (836,000) Swedish Krona 121,425 Canadian $ (6,983)1 Toronto-Dominion Bank A-1+ 0.16 30-Dec-09 (9,000) Swedish Krona 1,415 Canadian $ 32 1 Toronto-Dominion Bank A-1+ 0.15 30-Nov-09 (927,000) Swedish Krona 142,532 Canadian $ 122 1 Bank of Nova Scotia†† A-1+ 1.01 30-Oct-09 (110,000) Swiss Franc 111,061 Canadian $ (2,622)1 Canadian Imperial Bank of Commerce A-1 1.06 30-Dec-09 (1,343,000) Swiss Franc 1,424,858 Canadian $ 36,195 1 Toronto-Dominion Bank A-1+ 1.02 30-Nov-09 (2,087,000) Swiss Franc 2,130,831 Canadian $ (26,361)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (2,995,000) Swiss Franc 3,022,200 Canadian $ (73,064)1 Toronto-Dominion Bank A-1+ 1.01 30-Oct-09 (3,215,000) Swiss Franc 3,244,034 Canadian $ (78,594)1 Royal Bank of Canada A-1+ 1.06 30-Dec-09 (327,000) Swiss Franc 346,910 Canadian $ 8,792 1 Royal Bank of Canada A-1+ 1.02 30-Nov-09 (783,000) Swiss Franc 799,371 Canadian $ (9,963)1 Bank of Nova Scotia†† A-1+ 1.02 30-Nov-09 (821,000) Swiss Franc 837,597 Canadian $ (11,015)1 Bank of Nova Scotia†† A-1+ 1.02 30-Oct-09 (872,000) Swiss Franc 888,083 Canadian $ (13,112)1 Canadian Imperial Bank of Commerce A-1 1.01 30-Oct-09 (926,000) Swiss Franc 935,339 Canadian $ (21,661)1 Royal Bank of Canada A-1+ 1.08 30-Nov-09 (1,797,000) US $ 1,941,209 Canadian $ 17,447 1 Royal Bank of Canada A-1+ 1.09 30-Dec-09 (2,555,000) US $ 2,784,439 Canadian $ 49,289 1 Toronto-Dominion Bank A-1+ 1.06 30-Dec-09 (2,854,000) US $ 3,023,670 Canadian $ (31,383)1 Royal Bank of Canada A-1+ 1.08 30-Oct-09 (3,092,000) US $ 3,350,120 Canadian $ 39,846 1 Royal Bank of Canada A-1+ 1.07 30-Oct-09 (3,171,000) US $ 3,405,115 Canadian $ 10,276 1 Bank of Nova Scotia†† A-1+ 1.08 30-Nov-09 (4,049,000) US $ 4,372,151 Canadian $ 37,533 1 Canadian Imperial Bank of Commerce A-1 1.09 30-Dec-09 (4,222,000) US $ 4,601,009 Canadian $ 81,322 1 Bank of Nova Scotia†† A-1+ 1.09 30-Dec-09 (4,510,000) US $ 4,915,088 Canadian $ 87,094 1 Toronto-Dominion Bank A-1+ 1.09 30-Dec-09 (5,091,000) US $ 5,540,281 Canadian $ 90,337 1 Toronto-Dominion Bank A-1+ 1.08 30-Nov-09 (5,675,000) US $ 6,127,581 Canadian $ 52,265 1 Toronto-Dominion Bank A-1+ 1.08 30-Oct-09 (7,423,000) US $ 8,049,575 Canadian $ 102,558 1 Canadian Imperial Bank of Commerce A-1 1.08 30-Nov-09 (944,000) US $ 1,019,756 Canadian $ 9,165



– 202 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares





118,184 104,72824,844 21,23820,316 6,094

- -- -- -

1,401 151- -- -

324 2101,939 -

- -618 728

167,626 133,149

- -- -- -

762 2,168- -

763 -175 229

- -- -- -

108 661,808 2,463

165,818 130,686

119,583 144,163- -

157,967 124,4632,684 2,3503,110 2,432

968 71482 65

929 598- -

78 64

11.18 8.7712.00 9.369.49 7.357.52 6.038.14 6.456.94 5.65

- -7.20 5.78

14,128,615 14,198,043223,700 251,192327,719 330,710128,775 118,416

10,030 10,138133,842 105,832

- -10,893 11,012


as at as at



as at as at


– 203 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares















1,555 2,065786 1,697

54 55- -- -- -

(255) (305)2,140 3,512

1,468 1,661163 185

- -42 4982 92

1,755 1,987385 1,525

- -385 1,525

(4,983) (3,635)(159) 281(57) (107)

- -

40,643 (20,607)35,444 (24,068)35,829 (22,543)

34,101 (20,309)635 (454)689 (1,479)192 (162)20 (5)

174 (116)- (7)

18 (11)

2.42 (1.56)2.68 (1.45)2.17 (0.83)1.64 (1.24)1.87 (0.98)1.50 (1.10)

- (1.01)1.65 (0.92)

124,463 152,409

12,072 18,046- -

(10,657) (13,360)(2,012) 23,965

(597) 28,651

- -- -- -- -

34,101 (20,309)157,967 160,751

2,350 4,372

132 370- -

(291) (707)(142) (143)(301) (480)

- -- -- -- -

635 (454)2,684 3,438

2,432 21,825

56 10,858- -

(37) (1,238)(30) (26,265)(11) (16,645)

- -- -- -- -

689 (1,479)3,110 3,701


2009 2008


2009 2008


– 204 –

























- 58

- -- -- -- -- -

- -- -- (2)- (2)- (7)- 49

64 100

- 1- -

(1) (1)- -

(1) -

- -- -

(3) (4)(3) (4)18 (11)78 85

130,686 180,879

12,589 30,061- -

(11,112) (15,443)(2,122) (2,708)

(645) 11,910

- -- -

(52) (82)(52) (82)

35,829 (22,543)165,818 170,164

714 1,012

161 407- -

(80) (51)- 46

81 402

- -- -

(19) (32)(19) (32)

192 (162)968 1,220

65 263

- 100- -

(1) (1)- (269)

(1) (170)

- -- -

(2) (3)(2) (3)

20 (5)82 85

598 840

168 279- -

(45) (85)62 (42)

185 152

- -- -

(28) (41)(28) (41)

174 (116)929 835




2009 2008



2009 2008

– 205 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

14,198,043 12,118,2611,183,693 1,459,317

- -(1,051,543) (1,085,276)

(201,578) 1,986,57114,128,615 14,478,873

251,192 328,94712,610 27,526

- -(27,041) (54,304)(13,061) (10,682)223,700 291,487

330,710 2,118,0696,748 1,035,069

- -(4,335) (119,069)(5,404) (2,632,106)

327,719 401,963

118,416 110,19621,510 45,671

- -(11,603) (5,736)

452 4,506128,775 154,637

10,138 27,428- 10,330- -

(108) (104)- (27,404)

10,030 10,250

105,832 94,14725,632 31,124

- -(7,168) (9,755)9,546 (4,801)

133,842 110,715

- 6,215- -- -- (51)- -- 6,164



2009 2008

11,012 11,182- 62- -

(119) (122)- -

10,893 11,122

– 206 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


488 8,792497 9,394


2009 2008


53 1014 3

Annual management fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares

2.001.00




0.220.22

-0.22

-0.220.22

-


2009










2009 2008

11.18 11.100.01 0.01

11.19 11.11

12.00 11.790.01 0.01

12.01 11.80

9.49 9.210.01 0.019.50 9.22

7.52 7.89- 0.01

7.52 7.90

8.14 8.330.01 0.018.15 8.34

6.94 7.540.01 -6.95 7.54

- 7.91- 0.01- 7.92

7.20 7.63- -

7.20 7.63

– 207 –



U.S.A. ...................................................................................................................................... 26.9Cash & Equivalents ................................................................................................................. 14.7U.K. .......................................................................................................................................... 10.4Switzerland ............................................................................................................................. 10.0Canada .................................................................................................................................... 7.5Australia .................................................................................................................................. 7.3France ...................................................................................................................................... 6.9Japan ...................................................................................................................................... 3.2Brazil ....................................................................................................................................... 2.9Netherlands ............................................................................................................................ 2.7Germany .................................................................................................................................. 2.1Ireland ..................................................................................................................................... 1.8Sweden ................................................................................................................................... 1.6Taiwan ..................................................................................................................................... 1.5Other Assets ........................................................................................................................... 0.5

During the six-month period the Fund’s exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to otherprice risk remains unchanged.



Credit Rating^ (%)AAA/Aaa/A++ 19.6AA/Aa/A+ 0.1A 1.9B 1.0Total 22.6


Credit Rating^ (%)AAA/Aaa/A++ 13.1 AA/Aa/A+ 0.1 A 2.7 Total 15.9



Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Australian Dollar (1,588) 8,650 5.2US Dollar (45,896) 3,809 2.3British Pound (14,115) 967 0.6Euro (18,154) 870 0.5Swiss Franc (13,263) 795 0.5Swedish Krona (2,633) 108 0.1Japanese Yen (6,198) 83 0.1 Total (101,847) 15,282 9.3


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)Australian Dollar (1,343) 8,409 6.4 British Pound (12,631) 1,100 0.8 Euro (15,784) 941 0.7 Swiss Franc (8,869) 341 0.3 Swedish Krona (1,951) 81 0.1 Japanese Yen (4,201) (42) (0.1)US Dollar (46,265) (134) (0.1)Total (91,044) 10,696 8.1







As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $102,000 (March 31, 2009 - $61,000). In practice, the actual results maydiffer from this analysis and the difference may be material.



45,160 117 3,198 12,493 60,968



27,332 127 3,583 10,939 41,981

– 208 –

Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


30,927,517 Harbour Growth & Income Fund (Class I) 495,352,340 484,943,469



Total Net Assets (100.0%) 485,407,105

Portfolio Breakdown of Harbour Growth & Income Fund as at September 30, 2009

Percentage ofCategory Net Asset Value (%)

Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.5Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.0Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.6Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.5Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.3Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.2Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.0Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 209 –

Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)












484,943 361,344168 666

- -- -- -- -- -- -- -

2,031 1,050100 -

- -- -

487,242 363,060

- -- -- -- -- -

957 859878 672

- -- -- -- -

1,835 1,531485,407 361,529

495,352 449,587- -

374,420 283,41212,689 9,88530,932 21,08226,333 17,876

1,278 906835 1,174

38,461 26,834450 352

9 8

10.43 8.7610.65 8.9110.43 8.678.44 7.258.94 7.649.10 7.737.86 6.868.33 7.228.38 7.22

35,914,277 32,348,5221,191,039 1,109,9572,964,850 2,432,4333,121,823 2,464,879

142,973 118,46391,761 151,890

4,890,542 3,913,27154,000 48,718

1,123 1,129


as at as at



as at as at


– 210 –






Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs (see Schedule of Commissions)†


















- -- 34- -- -- -- -- -- 34

3,960 3,112402 317

- -- -

218 1714,580 3,600(4,580) (3,566)

- -(4,580) (3,566)

(1,562) (102)(15) (3)

- -- -

77,834 (21,508)76,257 (21,613)71,677 (25,179)

55,546 (19,138)1,977 (727)4,504 (1,046)3,739 (1,826)

195 (51)241 (61)

5,398 (2,262)76 (58)

1 (10)

1.64 (0.82)1.74 (0.80)1.74 (0.75)1.33 (0.87)1.42 (1.46)1.64 (0.48)1.25 (0.76)1.41 (1.18)1.46 (1.40)

283,412 191,554

58,571 120,806- -

(25,315) (18,391)2,206 16,250

35,462 118,665

- -- -- -- -

55,546 (19,138)374,420 291,081

9,885 6,817

2,327 4,810- -

(2,011) (1,254)511 896827 4,452

- -- -- -- -

1,977 (727)12,689 10,542

21,082 9,283

4,936 6,341- -

(973) (878)1,383 3,0725,346 8,535

- -- -- -- -

4,504 (1,046)30,932 16,772


2009 2008


2009 2008

†Investment transactions of the Fund are not subject to commissions or transaction costs. The accompanying notes are an integral part of these financial statements.

– 211 –

























26,834 17,261

8,610 18,015- -

(1,955) (1,428)809 1,861

7,464 18,448

- -- -

(1,235) (1,192)(1,235) (1,192)5,398 (2,262)

38,461 32,255

352 154

119 537- -

(130) (93)48 6437 508

- -- -

(15) (20)(15) (20)76 (58)

450 584

8 11

- 123- -- (1)- 111- 233

- -- -- (5)- (5)1 (10)9 229

17,876 12,250

6,254 15,262- -

(2,634) (1,713)1,633 4905,253 14,039

- -- -

(535) (531)(535) (531)

3,739 (1,826)26,333 23,932

906 43

144 597- -

(10) (11)70 196

204 782

- -- -

(27) (10)(27) (10)

195 (51)1,278 764

1,174 892

- 1,058- -

(10) (8)(542) (203)(552) 847

- -- -

(28) (35)(28) (35)

241 (61)835 1,643




2009 2008



2009 2008

– 212 –





361,529 238,265

80,961 167,549- -

(33,038) (23,777)6,118 22,737

54,041 166,509

- -- -

(1,840) (1,793)(1,840) (1,793)

71,677 (25,179)485,407 377,802




2009 2008


– 213 –

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

32,348,522 17,590,8475,965,673 10,805,724

- -(2,599,327) (1,667,905)

199,409 1,439,49935,914,277 28,168,165

1,109,957 622,453229,508 424,254

- -(199,371) (110,609)

50,945 72,7311,191,039 1,008,829

2,432,433 881,767495,658 578,131

- -(98,487) (81,507)135,246 280,475

2,964,850 1,658,866

2,464,879 1,287,335774,691 1,569,035

- -(322,383) (187,255)204,636 47,853

3,121,823 2,716,968

118,463 4,32816,905 59,390

- -(1,147) (1,129)8,752 20,214

142,973 82,803

151,890 89,992- 106,276- -

(1,129) (768)(59,000) (18,591)91,761 176,909

3,913,271 1,852,9361,133,492 1,904,388

- -(261,700) (153,440)105,479 196,694

4,890,542 3,800,578




2009 2008

48,718 15,91915,418 53,562

- -(16,212) (9,763)

6,076 5,99754,000 65,715

1,129 1,140- 12,742- -

(6) (57)- 12,091

1,123 25,916



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009

– 214 –

Portfolio Breakdown of Harbour Growth & Income Fundas at March 31, 2009

Percentage ofCategories Net Asset Value (%)

Energy ..................................................................................................................................... 17.8Cash & Equivalents ................................................................................................................. 16.3Materials ................................................................................................................................. 14.1Financials ................................................................................................................................ 13.0Information Technology .......................................................................................................... 8.9Consumer Discretionary .......................................................................................................... 8.8Industrials ............................................................................................................................... 7.2Government Bonds .................................................................................................................. 5.7Short Term Investments .......................................................................................................... 5.0Consumer Staples ................................................................................................................... 3.1Other Assets ........................................................................................................................... 0.1


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is pre-dominantly invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.


Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund.

The Underlying Fund was invested in debt securities, preferred securities and derivative instru-ments, as applicable, with the following credit ratings, as per tables below:







Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.


AssetsCurrency (%)US Dollar 1.8British Pound 0.2Australian Dollar 0.2Swiss Franc 0.1Taiwan Dollar (1.2)Total 1.1


AssetsCurrency (%)US Dollar 1.5 British Pound 0.3 Swiss Franc 0.1 Australian Dollar (0.1)Taiwan Dollar (1.5)Total 0.3

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $533,000 (March 31, 2009 - $36,000). In practice, the actual results may differ from this analy-sis and the difference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.





As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $1,091,000 (March 31, 2009 - $156,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.



2,305,020 255,318 74,239 177,916 2,812,493



1,534,084 181,594 - 112,242 1,827,920

– 215 –

Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


3,467,005 Signature Global Income & Growth Fund (Class I) 26,707,889 24,754,418



Total Net Assets (100.0%) 24,803,810

Portfolio Breakdown of Signature Global Income & Growth Fund as at September 30, 2009


U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52.0U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.1Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.6Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Taiwan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Philippines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2



– 216 –

Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



24,754 19,725164 67

- -- -- -- -- -- -- -

77 11- -- -- -

24,995 19,803

- -38 334 4- -- -

54 -49 43

- -- -- -

46 28191 108

24,804 19,695

26,708 26,595- -

20,436 16,6351,251 1,3381,885 705

333 23327 2289 73

783 689

8.57 6.838.91 7.069.25 7.288.72 7.118.71 7.069.18 7.407.96 6.59

2,384,304 2,435,835140,431 189,473203,738 96,71738,151 32,793

3,131 3,1319,710 9,814

98,365 104,615


as at as at



as at as at


– 217 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares















- -- 3- -- -

288 465- -- -

288 468

202 24823 28

- -18 1711 14

254 30734 161

- -34 161

(458) (184)(7) (1)- -

573 940

4,917 (3,617)5,025 (2,862)5,059 (2,701)

4,148 (2,221)301 (171)348 (129)69 (38)

6 (4)19 (9)

168 (129)

1.74 (0.88)1.87 (0.86)1.87 (0.92)1.78 (1.14)1.83 (0.88)1.98 (0.95)1.64 (1.19)

16,635 22,510

1,532 2,127- -

(1,369) (1,768)(510) (136)(347) 223

- -- -- -- -

4,148 (2,221)20,436 20,512

1,338 1,724

57 400- -

(276) (344)(169) 35(388) 91

- -- -- -- -

301 (171)1,251 1,644

705 1,133

412 555- -

(231) (15)651 (240)832 300

- -- -- -- -

348 (129)1,885 1,304


2009 2008


2009 2008


– 218 –





















689 606

1 719- -

(45) (8)(1) 15

(45) 726

- -- -

(29) (45)(29) (45)168 (129)783 1,158

19,695 26,262

2,075 4,027- -

(1,933) (2,148)(53) (290)89 1,589

- -- -

(39) (58)(39) (58)

5,059 (2,701)24,804 25,092

233 250

73 126- -

(11) (12)(24) 3638 150

- -- -

(7) (9)(7) (9)

69 (38)333 353

22 39

- -- -- -- -- -

- -- -

(1) (1)(1) (1)6 (4)

27 34

73 -

- 100- -

(1) (1)- -

(1) 99

- -- -

(2) (3)(2) (3)

19 (9)89 87




2009 2008



2009 2008

– 219 –

Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

2,435,835 2,547,646194,111 240,186

- -(177,711) (200,151)

(67,931) (15,242)2,384,304 2,572,439

189,473 190,6667,407 43,541

- -(35,871) (37,671)(20,578) 3,869

140,431 200,405

96,717 123,11854,404 59,180

- -(28,116) (1,675)80,733 (25,471)

203,738 155,152

32,793 25,69910,086 12,960

- -(1,417) (1,303)(3,311) 3,880

38,151 41,236

3,131 4,064- -- -- -- -

3,131 4,064

9,814 -- 10,000- -

(104) (78)- -

9,710 9,922

104,615 64,796123 77,664

- -(6,233) (891)

(140) 1,75398,365 143,322

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

2.001.00



0.220.22

-0.220.22

-0.22


2009

– 220 –

Portfolio Breakdown of Signature Global Income & Growth Fund as at March 31, 2009


U.S.A. ...................................................................................................................................... 47.6Canada .................................................................................................................................... 24.8U.K. .......................................................................................................................................... 5.0Japan ...................................................................................................................................... 4.3Switzerland ............................................................................................................................. 2.7Germany .................................................................................................................................. 2.7Australia .................................................................................................................................. 2.4Other Assets ........................................................................................................................... 2.4Cash & Equivalents ................................................................................................................. 1.9France ...................................................................................................................................... 1.6Mexico .................................................................................................................................... 1.0China ....................................................................................................................................... 0.8Italy ......................................................................................................................................... 0.7Singapore ................................................................................................................................ 0.5Bermuda .................................................................................................................................. 0.5Netherlands ............................................................................................................................ 0.4Finland ..................................................................................................................................... 0.3Brazil ....................................................................................................................................... 0.3Hong Kong ............................................................................................................................... 0.1


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is invest-ed in foreign stocks and therefore sensitive to changes in general economic conditions across theworld, however some of the Underlying Fund's assets are invested in fixed income securities andtheir market risk exposure will be discussed in the following sections.


Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund.



Credit Rating^ (%)AAA/Aaa/A++ 1.7AA/Aa/A+ 0.8A 3.1BBB/Baa/B++ 4.7BB/Ba/B+ 6.1B 9.1CCC/Caa/C++ 5.2CC/Ca/C+ 0.1Not Rated 4.5Total 35.3

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 11.4AA/Aa/A+ 9.2A 4.4BBB/Baa/B++ 3.5BB/Ba/B+ 7.4B 8.7CCC/Caa/C++ 1.7Not Rated 2.6Total 48.9






AssetsCurrency (%)US Dollar 14.7Japanese Yen 6.7Euro 6.6British Pound 4.0Australian Dollar 2.3Hong Kong Dollar 1.6Brazilian Real 1.5Swiss Franc 1.4Singapore Dollar 0.7Taiwan Dollar 0.5Philippine Peso 0.2Mexican Peso 0.1 Total 40.3


AssetsCurrency (%)US Dollar 16.7 Japanese Yen 4.4 British Pound 1.8 Euro 1.5 Hong Kong Dollar 1.0 Australian Dollar 0.7 Taiwan Dollar 0.7 Swiss Franc 0.2 Mexican Peso 0.1 Brazilian Real 0.1 Total 27.2

– 221 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)




As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $998,000 (March 31, 2009 - $537,000). In practice, the actual results may differ from this analy-sis and the difference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.





As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have indirectly decreased orincreased, respectively, by approximately $202,000 (March 31, 2009 - $52,000). In practice, theactual results may differ from this analysis and the difference may be material.



1,969 5,734 7,072 14,672 29,447



13,723 3,734 5,868 11,410 34,735

– 222 –

Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (25.4%) 303,300 Aberdeen Asset Management PLC 840,512 778,371

USD 579,000 Ace Cash Express Inc. 10.25% 10/01/2014 521,973 415,338 6,800 Allianz AG, Registered Shares* 683,282 911,035

50,279 Allied Properties REIT 893,955 829,604 36,400 Altus Group Income Fund 630,515 396,760

167,000 American Express Canada 4.7% 05/20/2011 164,924 172,431 134,100 AMP Ltd. 612,311 823,391

10,700 Artio Global Investors Inc. 306,399 298,428 21,367 Artis REIT 294,802 193,585

267,241 AXA Asia Pacific Holdings Ltd. 1,135,657 1,098,137 219,100 Bank of America Corp. 3,077,267 3,955,018 204,000 Bank of Ireland 3.8% 09/22/2015 199,760 198,537 268,000 Bank of Montreal 5.18% 06/10/2015* 267,172 294,320 245,000 Bank of Montreal Capital Trust II, Callable

10.221% 12/31/2107 245,000 324,243 43,300 Bank of New York Mellon Corp. 1,363,709 1,343,955

108,200 Bank of Nova Scotia†† 4,712,898 5,287,734 145,000 Bank of Nova Scotia 5.04% 04/08/2013†† 143,055 156,162 141,000 Bank of Nova Scotia 6% 10/03/2018*†† 140,958 155,345

GBP 430,000 Barclays Bank PLC 14% 06/15/2019 805,675 941,602 250,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 253,762 255,605

2,500 Boardwalk REIT 82,995 95,825 272,000 Boardwalk REIT, Callable 5.61% 01/23/2012 271,823 274,084

4,877 Boston Pizza Royalties Income Fund 68,748 50,038 9,850 Boston Properties REIT 546,036 690,758

225,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 224,554 251,566

44,010 Brookfield Asset Management Inc., Class A 897,115 1,072,524 22,620 Brookfield Properties Corp. (USD) 238,670 272,696

110,000 Calloway REIT 10.25% 04/14/2014 110,000 125,528 490,000 Canada Housing Trust No.1 4% 06/15/2012 521,100 516,955 355,000 Canada Housing Trust No.1 4.1% 12/15/2018 366,349 371,078 160,000 Canada Housing Trust No.1 4.6% 09/15/2011 162,852 169,827 240,000 Canada Life Capital Trust 6.679% 06/30/2012 226,590 257,220

25,150 Canadian Apartment Properties REIT 408,913 369,202 119,600 Canadian Imperial Bank of Commerce 7,248,673 7,808,684

45,620 Canadian REIT 938,424 1,173,803 75,000 Canadian Western Bank 6.199% 12/31/2056 75,000 64,718

575,000 Canadian Western Bank 5.07% 03/22/2017 563,345 574,421 300,000 Canadian Western Bank 5.95% 06/27/2018 299,106 301,727

USD 360,000 CB Richard Ellis Services Inc. 11.625% 06/15/2017 396,061 407,451

28,006 Chartwell Seniors Housing REIT 180,464 185,120 400,000 CIT Group Holdings Inc. 4.72% 02/10/2011 375,250 260,696

58,239 Cominar REIT 994,566 1,129,254 158,000 Commerzbank AG, FRN 4.5% 12/15/2016 153,552 138,566 142,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 140,964 144,231 USD 317,000 Couche-Tard Finance Corp., Callable

7.5% 12/15/2013 336,716 343,215 15,900 Davis & Henderson Income Fund 300,800 235,797

202,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 196,908 190,565 2,900 Fairfax Financial Holdings Ltd.,

Sub-Voting Shares 923,361 1,152,924

FINANCIALS (25.4%) (cont’d)20,827 First Capital Realty Inc. 353,342 401,545 16,710 First Capital Realty Inc. 8,355 7,453

196,000 First Capital Realty Inc. 5.25% 03/30/2011 195,589 198,793 126,000 First Capital Realty Inc. 5.34% 04/01/2013 125,269 120,724 299,000 First Capital Realty Inc., 144A

5.5% 09/30/2017 282,168 269,100 142,000 First Captial Realty Inc. 5.49% 12/01/2011 142,917 142,976

USD 75,000 Ford Motor Credit Co. 8.7% 10/01/2014 78,917 78,657 77,800 Genworth MI Canada Inc. 1,496,797 1,867,200 45,000 Great-West Life Capital Trust

5.995% 12/31/2052 41,450 47,772 93,900 Great-West Lifeco Inc.* 1,514,875 2,493,984 17,410 H&R REIT 339,433 240,432 29,400 Hosted Data Transaction Solutions Inc. 23,091 5,880 75,000 HSBC Bank Canada 4.94% 03/16/2021 72,247 76,022 81,500 HSBC Holdings PLC 704,800 997,817 61,900 ING Groep NV 949,349 1,182,719

300,000 Instituto de Credito Oficial 4.53% 03/17/2016 307,574 307,893 79,508 Intact Financial Corp. 2,157,958 2,692,141

250,000 Inter-American Development Bank 4.4% 01/26/2026 238,735 231,130

121,600 Intesa Sanpaolo SpA* 668,474 574,897 3,400 Invesco Mortgage Capital Inc. 79,087 79,466

31,700 JP Morgan Chase & Co. 1,272,443 1,485,200 USD 3,155,000 JP Morgan Chase & Co., FRN Callable

7.9% 04/30/2049 2,935,050 3,243,366 117,000 Kimco North Trust III 5.18% 08/16/2013 113,334 110,909

25,100 Kimco Realty Corp. 367,965 349,623 USD 294,000 Lender Processing Services Inc.

8.125% 07/01/2016 317,974 327,363 73,000 Lincoln National Corp. 2,109,550 2,014,903

USD 690,000 Lincoln National Corp., Callable 7% 05/17/2066 427,061 528,206


20,900 Livingston International Income Fund 405,981 138,985 209,000 Manulife Financial Capital Trust

6.7% 06/30/2012 224,608 223,626 303,300 Manulife Financial Corp. 6,014,373 6,824,250 288,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 267,062 290,385 202,000 Merrill Lynch Canada Finance Co.

5.8% 05/05/2011 201,972 208,205 180,000 Morgan Stanley, FRN 0.65429% 02/23/2012 179,681 167,404

79,000 National Bank of Canada 4.456% 11/02/2016 78,226 82,359 USD 225,000 NII Capital Corp. 10% 08/15/2016 241,978 250,533

267,000 Nordea Bank AB 3.95% 08/05/2015 260,663 267,563 USD 476,000 Nuveen Investments Inc., Senior Notes

5% 09/15/2010 424,653 489,245 20,700 PNC Financial Services Group Inc. 899,630 1,074,881 15,485 Power Corp. of Canada 371,516 453,401 11,100 Primaris Retail REIT 164,969 168,720

124,700 Principal Financial Group Inc. 2,550,142 3,648,838 105,000 Prudential PLC 592,816 1,080,557 209,000 RBC Capital Trust, Callable

5.812% 12/29/2049 213,394 223,801




– 223 –




FINANCIALS (25.4%) (cont’d)343,000 RioCan REIT 4.7% 06/15/2012 334,223 339,940 42,950 RioCan REIT* 743,745 773,100

490,000 Royal Bank of Canada 5.06% 07/17/2013 490,276 529,631 289,000 Royal Bank of Scotland 4.25% 03/30/2015 284,346 242,537 596,000 Royal Bank of Scotland, Callable

5.37% 05/12/2049 538,618 336,740 149,525 Royal Office Finance LP 5.209% 11/12/2032 149,524 149,899 212,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 221,056 228,572 175,000 Scotiabank Capital Trust, Series 2002-1 Callable

6.626% 06/30/2052†† 172,207 190,246 USD 1,195,000 SLM Corp. 4.5% 07/26/2010 1,324,127 1,243,171

320,000 SLM Corp. 4.625% 06/15/2011 275,000 277,389 USD 410,000 SLM Corp. 5.125% 08/27/2012 315,553 375,611

115,000 Sun Life Financial Inc. 7.9% 03/31/2019 114,846 132,521 370,000 TD Capital Trust 6.792% 12/31/2049 375,085 407,714 250,000 TD Capital Trust 7.243% 12/31/2018 253,979 279,705

5,100 TMX Group Inc. 169,529 182,427 56,500 Toronto-Dominion Bank 3,148,173 3,912,625

162,000 Toronto-Dominion Bank 4.854% 02/13/2013 161,852 173,742 270,000 Toronto-Dominion Bank 4.97% 10/30/2104 260,747 273,907

8,424 Unibail 1,572,332 1,872,880 USD 322,000 Virgin Media Finance PLC 9.5% 08/15/2016 346,323 362,849

49,700 Wells Fargo & Co. 1,296,985 1,495,241 USD 2,465,000 Wells Fargo & Co. 7.98% 02/28/2049 1,629,898 2,401,634 USD 3,230,000 Wells Fargo Capital 7.7% 12/29/2049 2,812,948 3,043,222

88,950 Westfield Group 969,501 1,167,111 163,000 YPG Holdings Inc. 5.25% 02/15/2016 155,065 149,676

83,264,696 94,055,727 ENERGY (14.1%)

115,013 Alliance Pipeline LP 7.181% 06/30/2023 137,374 128,502 57,312 Alliance Pipeline LP 7.217% 12/31/2025 65,582 64,905

8,300 AltaGas Income Trust 211,938 145,748 205,000 AltaGas Income Trust 5.07% 01/19/2012 204,123 206,841

50,800 ARC Energy Trust* 1,160,866 1,022,604 2,360,000 Athabasca Oil Sands Corp. 13% 07/30/2011 2,365,033 2,501,600

150,000 Baytex Energy Trust 9.15% 08/26/2016 150,000 158,302 28,200 Bonavista Energy Trust 868,896 575,844 70,700 Canadian Natural Resources Ltd. 4,025,577 5,111,610

184,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 182,268 192,670

35,900 Canadian Oil Sands Trust 1,130,446 1,103,925 33,300 Chesapeake Energy Corp. 887,612 1,010,755

USD 895,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,062,695 1,008,541 USD 987,000 Connacher Oil and Gas Ltd.

10.25% 12/15/2015 987,709 861,238 USD 203,000 Continental Resources Inc. 8.25% 10/01/2019 219,834 223,319 USD 469,058 Corral Finans AB, FRN 144A

2.00938% 04/15/2010 478,329 421,846 17,200 Crescent Point Energy Corp. 396,865 622,124

142,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 141,107 150,050 225,000 Enbridge Pipelines Inc. 6.62% 11/19/2018 224,903 264,499

29,000 EnCana Corp. 1,812,215 1,798,000 18,800 Enerplus Resources Fund 856,785 460,412

USD 1,100,000 Gibson Energy ULC 11.75% 05/27/2014 1,217,903 1,230,715 18,500 Imperial Oil Ltd. 788,771 753,875

150,550 Inter Pipeline Fund LP 1,394,496 1,445,280

ENERGY (14.1%) (cont’d)2,600 Keyera Facilities Income Fund 51,768 51,324

72,590 Nexen Inc. 1,883,209 1,766,841 208,000 NOVA Gas Transmission Ltd. 8.9% 05/27/2025 275,952 274,853 16,300 Occidental Petroleum Corp. 1,132,171 1,366,288

USD 1,274,000 OPTI Canada Inc., Callable (USD) 8.25% 12/15/2014 1,324,258 1,057,109

42,300 Pembina Pipeline Income Fund 660,875 650,997 17,400 Petroleo Brasileiro SA, ADR 797,881 854,901

USD 440,000 PetroQuest Energy Inc. 10.375% 05/15/2012 483,549 447,533 11,287 Progress Energy Resources Corp.* 191,191 155,196

USD 1,642,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,556,787 1,500,902 36,500 Spectra Energy Corp. 822,903 738,980

234,872 Suncor Energy Inc. 7,150,775 8,784,213 135,000 Suncor Energy Inc. 5.8% 05/22/2018 116,215 142,039 367,400 Talisman Energy Inc. 6,080,920 6,844,662

USD 541,000 Targa Resources Inc. 8.5% 11/01/2013 584,609 544,470 175,000 Terasen Gas Vancouver Island Inc.

6.05% 02/15/2038 174,879 189,900 69,000 TransCanada Corp.* 2,146,143 2,302,530

USD 303,000 Transmeridian Exploration Inc., Callable 12% 12/15/2010 292,380 81,102

12,300 Transocean Ltd. 842,134 1,126,347 33,253 Vermilion Energy Trust 1,127,119 983,624 45,900 Weatherford International Ltd. (Switzerland) 763,556 1,018,733

49,430,601 52,345,749 INDUSTRIALS (9.1%)

92,385 Abertis Infraestructuras SA 2,035,598 2,243,584 212,000 Aeroports De Montreal 5.67% 10/16/2037 210,962 212,903 164,000 Altalink Investments LP 5.019% 11/21/2012 165,925 165,788 291,000 Altalink LP 5.249% 09/22/2036 284,313 277,308

53,300 Atlantia SpA 1,331,450 1,378,743 73,028 BAE Systems PLC 591,369 436,301

316,600 Bombardier Inc., Class B, Sub-Voting Shares 1,274,165 1,564,004 22,000 BR Malls Participacoes SA 278,752 277,884 21,800 Canadian National Railway Co. 1,121,455 1,149,514 28,900 Canadian Pacific Railway Ltd. 1,168,755 1,447,312 61,000 Finning International Inc. 1,312,418 976,000

204,000 Finning International Inc. 5.16% 09/03/2013 203,982 212,470 USD 345,000 Flextronics International Ltd.

6.5% 05/15/2013 352,313 360,141 174,000 FortisAlberta Inc. 5.33% 10/31/2014 182,551 188,606

19,000 FTI Consulting Inc.* 1,068,467 864,959 137,000 Greater Toronto Airports Authority, Callable

6.98% 10/15/2032 156,585 159,998 14,400 Grupo Ferrovial SA 724,673 736,865

322,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 321,373 323,694 USD 849,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 897,676 958,978

16,860 IESI-BFC Ltd. 439,210 232,837 72,000 Ingersoll-Rand PLC 1,826,270 2,364,257

389,000 Iron Mountain Inc. 7.5% 03/15/2017 379,601 359,825 USD 1,169,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,182,889 1,270,366 USD 76,000 Kansas City Southern 12.5% 04/01/2016 88,451 89,913 USD 812,000 Kansas City Southern de Mexico

9.375% 05/01/2012 848,931 882,410 705,090 Macquarie Airports 1,936,003 1,884,929 521,800 Macquarie Infrastructure Group 998,236 724,578

15,130 Schneider Electric SA 1,348,560 1,641,602 * Denotes all or part of securities lent.



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INDUSTRIALS (9.1%) (cont’d)23,400 SNC-Lavalin Group Inc. 907,091 1,131,390 90,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 90,000 96,737

USD 312,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 315,042 285,607 401,301 Strait Crossing Development Inc.

6.17% 09/15/2031 396,564 389,299 USD 710,000 Texas Competitive Electric Holdings Co. LLC

10.25% 11/01/2015 683,198 547,317 42,300 Union Pacific Corp. 2,303,677 2,638,514

USD 931,000 United Rentals North America Inc. 6.5% 02/15/2012 986,783 999,269

USD 853,698 US Oncology Holdings Inc., FRN 6.4275% 03/15/2012 843,208 795,192

124,000 Weir Group PLC 1,109,468 1,437,321 45,100 WestJet Airlines Ltd. 505,120 497,904 17,200 WW Grainger Inc. 1,519,451 1,643,743

32,390,535 33,848,062 MATERIALS (8.0%)

18,800 Agrium Inc.* 893,553 1,003,356 25,700 AK Steel Holding Corp. 598,804 542,336

USD 470,000 Ashland Inc. 9.125% 06/01/2017 531,717 538,431 113,200 Barrick Gold Corp. 4,432,731 4,589,128

33,000 BHP Billiton PLC 827,893 964,328 29,000 Bowater Inc. 10.85% 11/30/2014 31,356 5,946 44,400 Cameco Corp. 1,433,917 1,319,124

USD 718,000 Cascades Inc., Callable 7.25% 02/15/2013 670,658 753,354 39,400 CRH PLC (Dublin Listed) 1,084,865 1,170,981

USD 140,000 Domtar Corp. 10.75% 06/01/2017 149,193 167,878 USD 70,000 Domtar Inc. 7.875% 10/15/2011 75,642 77,475 USD 888,500 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,039,037 1,053,537 USD 446,000 FMG Finance Pty. Ltd. 10% 09/01/2013 525,671 506,162 USD 261,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 284,325 282,235 USD 1,464,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 1,573,871 1,667,359 71,700 Goldcorp Inc. 2,698,432 3,081,666

USD 450,000 Huntsman International LLC 5.5% 06/30/2016 399,482 409,525 14,200 Inmet Mining Corp. 584,557 851,432

USD 266,000 Innophos Inc. 8.875% 08/15/2014 297,666 287,641 USD 477,000 James River Coal Co. 9.375% 06/01/2012 493,132 495,380

5,900 Labrador Iron Ore Royalty Income Fund 195,232 216,235 42,000 Noranda Operating Trust 6.529% 12/20/2010 43,350 42,572 25,000 NOVA Chemicals Corp. 7.85% 08/30/2010 24,250 24,947

USD 226,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 234,207 236,523 326,800 Paladin Resources Ltd. 1,476,252 1,382,364 12,800 Potash Corp. of Saskatchewan Inc. 1,463,174 1,243,136

USD 428,000 Rathgibson Inc. 11.25% 02/15/2014 482,802 41,242 29,300 Rio Tinto PLC 1,387,148 1,337,196

460,000 Sherritt International Corp. 7.875% 11/26/2012 472,782 454,342

1,558,000 Sherritt International Corp. 8.25% 10/24/2014 1,558,000 1,600,440

USD 584,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 442,832 598,687

USD 119,000 Teck Resources Ltd. 10.25% 05/15/2016 132,424 143,971 USD 1,369,000 Teck Resources Ltd. 10.75% 05/15/2019 1,559,775 1,703,903 USD 375,000 Teck Resources Ltd. 7% 09/15/2012 263,078 412,536 AUD 473,000 Western Areas Ltd. 8% 07/02/2012 370,913 427,747

28,732,721 29,633,115

TELECOMMUNICATION SERVICES (7.4%) 67,300 AT&T Inc. 1,905,566 1,942,600

234,200 BCE Inc. 6,482,592 6,180,538 25,900 Bell Aliant Regional Communications

Income Fund 698,603 722,610 115,000 Bell Aliant Regional Communications

Income Fund 6.17% 02/26/2037 107,458 101,850 130,000 Bell Aliant Regional Communications LP

5.41% 09/26/2016 130,884 134,572 125,000 Bell Canada 4.85% 06/30/2014 124,802 130,466

92,000 Bell Canada 5% 02/15/2017 82,401 93,970 274,000 France Telecom SA 4.95% 06/23/2011 273,416 281,724 100,000 France Telecom SA 5.5% 06/23/2016 103,630 105,856 107,519 France Telecom SA* 2,900,360 3,065,955

USD 27,000 GeoEye Inc. 9.625% 10/01/2015 28,237 29,269 USD 1,326,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 1,544,725 1,519,063 USD 65,000 Intelsat Subsidiary Holding Co., Ltd.

8.875% 01/15/2015 70,972 70,810 139,818 Manitoba Telecom Services Inc.* 5,004,203 4,657,338

USD 513,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 531,801 561,603 USD 899,000 NII Holdings Inc. 3.125% 06/15/2012 805,203 840,999

190,000 Northwest Connect Group 5.95% 04/30/2041 191,248 179,451

USD 1,002,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 1,011,121 1,072,794

358,000 Rogers Wireless Inc. 7.625% 12/15/2011 383,892 394,985 USD 522,000 Rogers Wireless Inc. 8% 12/15/2012 599,026 574,250

145,600 TELUS Corp., Non-Voting Shares 5,182,886 4,832,464 USD 70,000 Wind Acquisition Finance SA

11.75% 07/15/2017 82,098 84,501 28,245,124 27,577,668

CONSUMER DISCRETIONARY (7.0%) USD 565,000 Baker & Taylor Inc. 11.5% 07/01/2013 598,124 240,455 USD 14,000 Blockbuster Inc. 11.75% 10/01/2014 14,040 14,090

14,000 BorgWarner Inc. 451,954 453,571 37,800 Bridgestone Corp. 656,982 722,183

USD 220,000 CanWest MediaWorks Inc. 8% 09/15/2012 223,526 184,902 8,300 Cineplex Galaxy Income Fund 118,336 132,468

USD 150,000 CSC Holdings Inc. 8.5% 04/15/2014 175,343 168,628 17,300 DaimlerChrysler AG, Registered Shares 845,627 935,135

USD 620,000 Dollar General Corp. 2.875% 06/30/2027 421,698 542,660 USD 554,000 Dollarama Group LP 8.875% 08/15/2012 577,826 606,487 USD 659,000 Dollarama Group LP, FRN 7.4675% 08/15/2012 691,273 657,074 USD 444,000 Foot Locker Inc. 8.5% 01/15/2022 475,583 449,224 USD 700,000 Goodyear Tire & Rubber Co.

10.5% 05/15/2016 814,152 813,160 USD 468,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 506,572 476,012 USD 513,000 H&E Equipment Services Inc.

8.375% 07/15/2016 558,298 502,559 28,200 Honda Motor Co., Ltd.* 947,567 923,176

USD 436,000 Host Hotels & Resorts Inc. 2.625% 04/15/2027 396,134 428,877 22,100 Johnson Controls Inc.* 576,690 603,366

104,800 Li & Fung Ltd. 364,352 456,780 USD 1,240,000 MGM Mirage Inc. 5.875% 02/27/2014 1,100,330 1,042,173 USD 443,000 MGM Mirage Inc. 7.5% 06/01/2016 445,357 367,582



– 225 –– 225 –– 225 –




CONSUMER DISCRETIONARY (7.0%) (cont’d)USD 366,000 MGM Mirage Inc. 8.5% 09/15/2010 399,377 388,920 USD 93,000 MGM Mirage Inc., 144A 10.375% 05/15/2014 105,823 106,292 USD 679,000 Mohegan Tribal Gaming 6.125% 02/15/2013 615,051 601,570 USD 668,000 Neiman Marcus Group Inc.

10.375% 10/15/2015 794,756 611,492 USD 432,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 540,551 570,974 USD 500,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 534,203 528,635 165,000 Rogers Communications Inc.

5.8% 05/26/2016 164,616 177,306 133,600 Rogers Communications Inc., Class B 4,126,743 4,038,728

40,095 RONA Inc. 699,436 601,425 111,000 RONA Inc. 5.4% 10/20/2016 107,538 101,214

USD 777,000 Scientific Games Corp. 7.875% 06/15/2016 783,191 821,498 280,000 Shaw Communications Inc. 5.65% 10/01/2019 279,112 283,956 245,000 Shaw Communications Inc. 6.5% 06/02/2014 244,744 269,605 109,000 Shaw Communications Inc. 7.5% 11/20/2013 116,351 124,106 110,140 Tesco PLC 832,187 752,809

36,500 Thomson Corp. 1,304,875 1,310,350 USD 389,000 Wynn Las Vegas LLC 6.625% 12/01/2014 361,369 396,701

640,600 Yellow Pages Income Fund 3,633,409 3,459,240 26,603,096 25,865,383

INFORMATION TECHNOLOGY (6.4%) 64,600 Activision Inc. 825,474 856,944

446,500 Advanced Micro Devices Inc. 2,671,488 2,700,961 USD 397,000 Agilent Technologies Inc. 6.5% 11/01/2017 363,374 442,323 USD 1,039,000 CEVA Group PLC 10% 09/01/2014 1,059,820 990,043

44,600 EMC Corp. 611,450 812,724 USD 472,000 First Data Corp. 9.875% 09/24/2015 428,400 466,815

34,300 FormFactor Inc. 844,377 874,384 1,800 Google Inc., Class A 779,504 955,108

USD 975,000 Hughes Network Systems LLC 9.5% 04/15/2014 1,054,016 1,049,105

96,100 Intel Corp. 1,939,383 2,011,493 43,000 Maxim Integrated Products Inc. 836,132 834,670

248,800 Micron Technology Inc. 1,818,863 2,181,638 75,900 Microsoft Corp. 1,893,780 2,094,948

USD 1,617,000 Nortel Networks Corp. 10.75% 07/15/2016 1,593,131 995,466 54,600 NVIDIA Corp. 674,057 878,033 14,400 Research In Motion Ltd. (USD) 1,095,062 1,041,907

132,200 Seagate Technology 1,665,956 2,152,827 189,000 Thomson Reuters Corp. 5.7% 07/15/2015 188,708 208,418

75,000 Thomson Reuters Corp. 6% 03/31/2016 74,822 83,916 50,900 Western Digital Corp. 1,663,110 1,990,201


13,200 Alimentation Couche-Tard Inc., Class B 279,005 246,576 USD 700,000 Alliance One International Inc.

10% 07/15/2016 768,938 773,814 15,710 British American Tobacco PLC 589,364 527,349 25,000 Bunge Ltd. 1,792,722 1,674,768

USD 173,000 Constellation Brands Inc. 7.25% 05/15/2017 183,785 184,297 9,300 Corn Products International Inc. 317,986 283,976

USD 600,000 Cott Beverages USA Inc. 8% 12/15/2011 630,447 638,376 51,781 CVS Corp. 1,858,742 1,981,406

CONSUMER STAPLES (6.0%) (cont’d)48,512 Diageo PLC 885,596 796,374 18,490 Fomento Economico Mexicano SA de CV, ADR 657,495 753,252 12,594 Groupe Danone* 950,798 811,087

USD 156,000 Ingles Markets Inc. 8.875% 05/15/2017 179,941 171,197 65,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 44,036 59,907 80,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 56,733 74,794

120,000 Metro Inc. 5.97% 10/15/2035 96,922 111,258 319,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 311,940 329,632 41,100 Nestle SA, Registered Shares 1,738,172 1,874,571 15,802 PepsiCo Inc. 982,534 992,436 25,186 Phillip Morris International Inc. 1,272,610 1,311,599 23,245 Procter & Gamble Co. 1,603,381 1,439,233 35,458 Saputo Inc. 826,920 891,060 21,746 Shoppers Drug Mart Corp. 1,051,523 955,519

USD 706,000 The Mosaic Co. 7.375% 12/01/2014 797,990 802,322 42,900 Unilever NV* 1,320,581 1,321,784

150,000 Viterra Inc. 8% 04/08/2013 151,758 153,580 556,000 Viterra Inc. 8.5% 08/01/2017 554,270 556,245 137,600 Viterra Inc.* 1,172,095 1,468,192

88,800 Wal-Mart de Mexico SA de CV* 298,654 329,663 15,300 Wal-Mart Stores Inc. 888,498 802,996

22,263,436 22,317,263 HEALTH CARE (4.6%)

USD 325,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 270,634 267,061

USD 610,000 Apria Healthcare Group Inc. 11.25% 11/01/2014 673,851 702,080

USD 150,000 Apria Healthcare Group Inc. 12.375% 11/01/2014 161,846 171,438

USD 605,000 Axcan Intermediate Holdings Inc. 9.25% 03/01/2015 619,933 683,371

16,498 Beckman Coulter Inc. 1,010,853 1,217,730 USD 647,000 Biomet Inc. 10% 10/15/2017 654,687 737,738 USD 142,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 161,336 157,734 USD 201,000 Boston Scientific Corp. 6.25% 11/15/2015 190,755 216,815 USD 442,000 Boston Scientific Corp., Senior Notes

6.4% 06/15/2016 421,922 479,144 44,405 CML Healthcare Income Fund 601,550 613,233 80,400 Eli Lilly and Co. 3,447,306 2,841,516

USD 238,000 HCA Inc. 8.5% 04/15/2019 280,333 266,282 USD 1,133,000 HCA Inc., Callable 9.125% 11/15/2014 1,275,058 1,255,506 USD 250,000 Inverness Medical Innovations Inc.

9% 05/15/2016 283,972 265,990 37,100 Johnson & Johnson 2,591,569 2,415,446

123,800 Patheon Inc. 615,562 367,686 9,000 Roche Holding AG 1,468,609 1,556,775

USD 431,679 Skilled Healthcare Group Inc. 11% 01/15/2014 490,673 478,354

178,600 Smith & Nephew PLC 1,528,852 1,712,695 USD 599,000 United Surgical Partners International Inc.

8.875% 05/01/2017 585,189 630,098 17,334,490 17,036,692



– 226 –– 226 –– 226 –– 226 –




GOVERNMENT BONDS (4.0%) 636,000 55 Ontario School Board Trust 5.9% 06/02/2033 704,927 695,441 420,000 Austria Government International Bond

5.375% 12/01/2034 454,816 426,531 405,000 Canadian Government Bond 2% 09/01/2012 404,952 406,235 550,000 Canadian Government Bond 2% 12/01/2014 532,323 534,897 780,000 Canadian Government Bond 3% 06/01/2014* 803,524 798,299 210,000 Canadian Government Bond 3.5% 06/01/2020 209,280 210,214 285,000 Canadian Government Bond 3.75% 09/01/2011* 298,288 298,389 475,000 Canadian Government Bond 4% 06/01/2016* 506,991 508,915

1,487,000 Canadian Government Bond 4.5% 06/01/2015* 1,627,129 1,630,748 430,000 Canadian Government Bond 5% 06/01/2014* 465,112 477,915 406,000 Canadian Government Bond, Series XW98

5% 06/01/2037* 465,475 485,763 1,157,000 Canadian Government Bond, Series YF56

4% 06/01/2017* 1,232,844 1,236,093 1,980,000 Canadian Government Bond, Series YN80

3.5% 06/01/2013* 2,061,804 2,072,030 284,000 City of Montreal 6% 06/01/2043 320,974 322,562 451,000 City of Toronto 5.05% 07/18/2017 450,638 483,837 400,000 EUROFIMA 5.15% 12/13/2019 420,318 407,336 138,000 Municipal Finance Authority of British Columbia

8.75% 05/12/2013 169,877 167,190 300,000 Province of British Columbia 4.7% 06/18/2037 295,584 308,451 354,000 Province of Ontario 4.3% 03/08/2017 347,297 372,858 113,000 Province of Ontario 4.4% 03/08/2016 115,341 120,602 646,000 Province of Quebec 4.5% 12/01/2016 644,162 688,959 398,000 Province of Quebec 5% 12/01/2038* 403,872 419,373 264,000 Province of Quebec 4.5% 12/01/2017 274,552 279,280 402,000 Province of Quebec 5.75% 12/01/2036 433,348 464,644 142,000 Queen's University 6.1% 11/19/2032 160,110 158,770

69,000 University of British Columbia 6.65% 12/01/2031 84,166 83,437

562,000 York University 6.48% 03/07/2042 687,495 664,031 14,575,199 14,722,800

UTILITIES (2.0%) USD 960,000 AES Corp., Callable 8.75% 05/15/2013 1,000,951 1,047,098

361,000 Brookfield Renewable Power Inc. 4.65% 12/16/2009 362,805 362,004

155,000 Brookfield Renewable Power Inc. 5.84% 11/05/2036 125,361 116,887

310,000 Canadian Hydro Developers Inc. 5.334% 09/01/2015 300,032 287,494

100,000 Canadian Utilities Ltd. 10.2% 11/30/2009 121,463 101,392 29,180 Great Lakes Hydro Income Fund,

Subscription Receipts 427,487 514,443 295,000 Hamilton Utilities Corp. 6.25% 07/30/2012 320,745 320,479

USD 980,000 Intergen NV 9% 06/30/2017 1,047,472 1,080,716 31,400 Northland Power Income Fund 386,250 329,700

295,000 Reliance LP 7.3% 04/03/2013 294,802 296,988 10,500 Sempra Energy 664,192 559,057

115,000 Terasen Gas Inc. 5.8% 05/13/2038 114,627 122,573 297,000 Terasen Gas Inc., Callable 6.5% 05/01/2034 328,298 341,951

72,600 TransAlta Corp.* 2,262,291 1,581,228 150,000 Union Gas Ltd. 5.35% 04/27/2018 149,805 160,947 100,000 Union Gas Ltd. 6.05% 09/02/2038 99,808 109,238

8,006,389 7,332,195

PRIVATE PLACEMENTS (1.2%) USD 404,267 Aramark Corp., Term Loan, Private Placement

7.47% 01/27/2014^ 478,099 405,533 441,000 Bragg Communication Inc., Loan,

Private Placement 7.53% 08/31/2014^ 441,000 433,282 USD 510,000 CCS Inc., Private Placement 11% 11/15/2015^ 462,895 414,985 USD 380,000 Cie Gen Geophysique, Private Placement

9.5% 05/15/2016^ 413,969 430,242 USD 625,600 Clarketerm, Private Placement

7.84% 06/30/2014^ 713,744 563,051 USD 348,000 Connacher Oil and Gas Ltd., Private Placement

11.75% 07/15/2014^ 359,624 394,898 USD 387,917 Dow Jones CDX HY, 144A Private Placement

6.75% 06/29/2012^ 416,736 390,405 USD 400,000 Goldcorp Inc., Private Placement

2% 08/01/2014^ 433,690 475,370 USD 129,827 Great Canadian Gaming Corp.,

Private Placement 4.30375% 02/12/2014^ 136,511 127,880 USD 139,081 HealthSouth Corp., Private Placement

8.15% 03/10/2013^ 163,492 143,669 USD 428,000 JBS USA LLC, 144A Private Placement

11.625% 05/01/2014^ 489,913 492,607 USD 280,000 Maple Leaf Foods Inc., Private Placement

5.21% 12/08/2011^ 269,219 284,794 USD 30,000 Qwest Corp., Private Placement

8.375% 05/01/2016^ 34,344 33,244 4,813,236 4,589,960

ASSET BACKED (0.1%) 100,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 92,129 69,184 300,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 285,220 251,901

377,349 321,085 WARRANTS (0.1%)

1,883 First Capital Realty Inc., Warrants (29Oct10) - 3,747



Short Term Notes (3.0%) 11,000,000 11,000,000



Long Option Contracts (0.1%) (see Schedule B) 96,499 4,625



Total Net Assets (100.0%) 370,591,865

Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar



– 227 –– 227 –– 227 –– 227 –– 227 –






1 UBS Warburg NY A-1 0.90 10-Dec-09 (2,136,000) Australian $ 1,912,713 Canadian $ (92,277)1 UBS Warburg NY A-1 1.81 06-Oct-09 (3,702,000) British Pound 6,696,067 Canadian $ 362,532 1 Morgan Stanley A-1 1.55 06-Oct-09 (1,557,000) Euro 2,409,978 Canadian $ (29,472)1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (870,000) Euro 1,346,421 Canadian $ (16,663)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,251,000) Swiss Franc 1,267,169 Canadian $ (26,010)1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (11,289,000) US $ 12,287,625 Canadian $ 201,884 1 UBS Warburg NY A-1 1.09 12-Nov-09 (13,768,000) US $ 14,987,156 Canadian $ 247,455 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (14,000) US $ 15,175 Canadian $ 187 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (14,999,000) US $ 16,320,262 Canadian $ 262,685 1 Morgan Stanley A-1 1.09 12-Nov-09 (16,008,000) US $ 17,409,901 Canadian $ 272,118 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (16,212,000) US $ 17,634,117 Canadian $ 277,935 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,035,000) US $ 2,256,673 Canadian $ 78,018 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (320,000) US $ 348,893 Canadian $ 6,308 1 UBS Warburg NY A-1 1.09 12-Nov-09 (320,000) US $ 348,832 Canadian $ 6,247 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (4,105,000) US $ 4,535,389 Canadian $ 140,621 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (5,113,000) US $ 5,473,057 Canadian $ (732)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (7,710,000) US $ 8,391,333 Canadian $ 137,186 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (90,000) US $ 97,547 Canadian $ 1,195 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (9,197,000) US $ 10,041,882 Canadian $ 195,764



Schedule BLong Option Contracts (0.1%)


90 9,000 Research In Motion Call 17-Oct-09 75.00 96,499 4,625

Total Long Option Contracts Value 96,499 4,625

– 228 –

Signature Income & Growth Corporate ClassFinancial Statements (unaudited)












353,271 237,5431,062 1,240

11,000 28,000- -

575 575- -

2,098 766- -

96 -1,241 445

646 2,249- -

3,009 2,741372,998 273,559

- -- -- -

165 1,026- -

1,591 588491 747

- -- -- -

159 1242,406 2,485

370,592 271,074

337,830 272,216- -

304,191 224,32312,733 9,91525,020 16,761

9,524 6,8541,131 620

183 60416,664 11,801

774 196372 -

12.60 10.0312.71 10.0711.83 9.318.70 7.089.37 7.599.30 7.488.17 6.758.65 7.107.84 -

24,146,856 22,365,0541,001,754 984,9422,115,705 1,800,8801,095,235 967,508

120,711 81,68619,700 80,754

2,039,799 1,749,07489,473 27,62947,395 -


as at as at



as at as at


– 229 –
























3,035 2,6224,632 5,082

29 58- 54- -- -

(255) (215)7,441 7,601

2,960 3,132303 321

- -35 83

163 1723,461 3,7083,980 3,893

- -3,980 3,893

16,545 (4,477)(344) 222(298) (241)

- -

52,307 (21,889)68,210 (26,385)72,190 (22,492)

59,350 (18,687)2,655 (928)4,770 (1,013)1,789 (728)

188 (19)159 (31)

3,130 (1,034)128 (36)21 (16)

2.56 (0.84)2.65 (0.81)2.52 (0.73)1.79 (0.86)1.82 (0.72)2.11 (0.30)1.69 (0.87)1.71 (1.29)0.45 (0.88)

224,323 274,476

33,852 45,431- -

(17,855) (25,928)4,521 (5,113)

20,518 14,390

- -- -- -- -

59,350 (18,687)304,191 270,179

9,915 12,852

938 2,729- -

(1,317) (1,554)542 814163 1,989

- -- -- -- -

2,655 (928)12,733 13,913

16,761 13,822

4,578 4,260- -

(1,088) (2,170)(1) 940

3,489 3,030

- -- -- -- -

4,770 (1,013)25,020 15,839


2009 2008


2009 2008


– 230 –

























11,801 7,390

2,791 7,775- -

(773) (710)239 292

2,257 7,357

- -- -

(524) (478)(524) (478)

3,130 (1,034)16,664 13,235

196 114

269 310- -

(43) (1)247 1473 310

- -- -

(23) (13)(23) (13)128 (36)774 375

- 105

357 122- -

(1) (1)- 16

356 137

- -- -

(5) (8)(5) (8)21 (16)

372 218

6,854 5,444

1,660 4,572- -

(380) (534)(210) 658

1,070 4,696

- -- -

(189) (214)(189) (214)

1,789 (728)9,524 9,198

620 222

209 75- -

(7) -142 -344 75

- -- -

(21) (6)(21) (6)

188 (19)1,131 272

604 1,211

- 322- -

(3) (5)(563) (522)(566) (205)

- -- -

(14) (26)(14) (26)

159 (31)183 949




2009 2008



2009 2008

– 231 –





271,074 315,636

44,654 65,596- -

(21,467) (30,903)4,917 (2,914)

28,104 31,779

- -- -

(776) (745)(776) (745)

72,190 (22,492)370,592 324,178




2009 2008


– 232 –

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

22,365,054 21,788,4922,942,032 3,536,384

- -(1,566,873) (2,025,094)

406,643 (405,931)24,146,856 22,893,851

984,942 1,027,34180,032 212,942

- -(111,834) (122,995)

48,614 63,6541,001,754 1,180,942

1,800,880 1,210,073417,988 358,741

- -(102,299) (184,638)

(864) 78,8482,115,705 1,463,024

967,508 578,376202,767 479,148

- -(46,938) (57,699)(28,102) 71,131

1,095,235 1,070,956

81,686 22,24524,365 7,541

- -(823) -

15,483 -120,711 29,786

80,754 124,782- 32,755- -

(408) (554)(60,646) (51,103)19,700 105,880

1,749,074 797,224363,484 836,634

- -(102,344) (78,315)

29,585 33,8142,039,799 1,589,357




2009 2008

27,629 11,76433,591 31,262

- -(4,978) (60)

33,231 989,473 42,975

- 11,18847,558 13,119

- -(163) (146)

- 1,62247,395 25,783

– 233 –

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


25,204 23,27125,798 24,865


2009 2008


294 23613 18



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009











2009 2008

12.60 11.800.01 0.01

12.61 11.81

12.71 11.780.01 0.01

12.72 11.79

11.83 10.83- 0.01

11.83 10.84

8.70 8.59- 0.01

8.70 8.60

9.37 9.15- -

9.37 9.15

9.30 8.96- 0.01

9.30 8.97

8.17 8.33- 0.01

8.17 8.34

8.65 8.720.01 -8.66 8.72

7.84 8.470.01 0.017.85 8.48

– 234 –



Financials ................................................................................................................................ 23.8Materials ................................................................................................................................. 12.5Energy ..................................................................................................................................... 11.0Short Term Investments .......................................................................................................... 10.3Industrials ............................................................................................................................... 7.6Government Bonds .................................................................................................................. 6.0Consumer Staples ................................................................................................................... 5.5Telecommunication Services .................................................................................................. 4.8Information Technology .......................................................................................................... 4.7Health Care ............................................................................................................................. 4.0Consumer Discretionary .......................................................................................................... 3.9Utilities .................................................................................................................................... 2.8Other Assets ........................................................................................................................... 1.6Private Placements ................................................................................................................. 1.0Cash & Equivalents ................................................................................................................. 0.3Asset Backed .......................................................................................................................... 0.1Warrants ................................................................................................................................. 0.1


Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the Fund's assets are invest-ed in fixed income securities and their market risk exposure will be discussed in the following sec-tions.





Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 8.6 AA/Aa/A+ 4.1 A 6.1 BBB/Baa/B++ 6.3 BB/Ba/B+ 7.4 B 6.2 CCC/Caa/C++ 1.7 Not Rated 9.4Total 49.8





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (108,323) 34,033 9.2Euro (3,803) 14,053 3.8British Pound (6,334) 5,483 1.5Australian Dollar (2,018) 4,103 1.1Swiss Franc (1,293) 2,138 0.6Japanese Yen - 1,648 0.4Hong Kong Dollar - 457 0.1Mexican Peso - 330 0.1Brazilian Real - 278 0.1 Total (121,771) 62,523 16.9


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (73,034) 35,979 13.3 British Pound (3,855) 2,860 1.1 Euro (1,829) 1,675 0.6 Australian Dollar (2,193) 1,264 0.5 Hong Kong Dollar - 769 0.3 Israeli Shekel - 607 0.2 Swiss Franc (1,380) 287 0.1 Mexican Peso - 248 0.1 Brazilian Real - 41 0.1 Japanese Yen - 6 0.1 Total (82,291) 43,736 16.4


– 235 –

Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)











15,094 18,541 22,085 71,255 126,975



32,203 20,320 22,322 60,267 135,112

– 236 –

CI Global Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


1,138,427 CI Global Bond Fund (Class F) 8,856,983 9,152,955 511,031 CI Global Bond Fund (Class F) (USD) 3,810,457 4,108,999



Total Net Assets (100.0%) 13,455,418

Portfolio Breakdown of CI Global Bond Fund as at September 30, 2009


U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.1France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.7Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.0Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.5Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.1Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9South Korea . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Long Future Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1



– 237 –

CI Global Bond Corporate ClassFinancial Statements (unaudited)





















13,262 16,212129 50

- -- -- -- -- -- -- -

162 50- 37- -- -

13,553 16,349

- -8 11- -- -- -

45 196 29- -- -- -

38 2997 88

13,456 16,261

12,667 14,576- -

12,430 15,478663 759363 24

10.78 11.3011.09 11.5810.46 10.93

1,153,218 1,369,31859,783 65,52834,702 2,157

- -- 3- -- -

270 287- -- -

270 290

47 49- -- 1

10 102 2

59 62211 228

- -211 228

228 (158)(153) 1

- -- -

(1,041) (935)(966) (1,092)(755) (864)

(728) (787)(31) (71)

4 (6)

(0.63) (0.56)(0.60) (0.43)0.16 (0.12)


2009 2008


as at as at


– 238 –

CI Global Bond Corporate ClassFinancial Statements (unaudited)


















15,478 15,128

1,883 3,643- -

(1,756) (4,447)(2,447) (555)(2,320) (1,359)

- -- -- -- -

(728) (787)12,430 12,982

759 1,820

159 19- -

(117) (635)(107) 219

(65) (397)

- -- -- -- -

(31) (71)663 1,352

24 -

343 -- -

(12) -4 500

335 500

- -- -- -- -4 (6)

363 494

16,261 16,948

2,385 3,662- -

(1,885) (5,082)(2,550) 164(2,050) (1,256)

- -- -- -- -

(755) (864)13,456 14,828


2009 2008


2009 2008


– 239 –

CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

1,369,318 1,557,425176,035 389,805

- -(164,382) (482,880)(227,753) (59,095)

1,153,218 1,405,255

65,528 184,18414,537 2,029

- -(10,685) (65,560)

(9,597) 22,72959,783 143,382

2,157 -33,241 -

- -(1,115) (22)

419 50,00034,702 49,978



1.751.00


0.180.18

-


2009

– 240 –

Portfolio Breakdown of CI Global Bond Fund as at March 31, 2009Percentage of


France ...................................................................................................................................... 15.5U.S.A. ...................................................................................................................................... 12.9Cash & Equivalents ................................................................................................................. 12.3Germany .................................................................................................................................. 12.2Canada .................................................................................................................................... 8.8Brazil ....................................................................................................................................... 5.9U.K. .......................................................................................................................................... 5.4Israel ....................................................................................................................................... 5.0Luxembourg ............................................................................................................................. 4.2Mexico .................................................................................................................................... 3.8Australia .................................................................................................................................. 3.8Colombia ................................................................................................................................. 2.8Other Assets ........................................................................................................................... 1.9New Zealand ........................................................................................................................... 1.6Denmark .................................................................................................................................. 1.2Ireland ..................................................................................................................................... 1.2Iraq .......................................................................................................................................... 0.7Russia ...................................................................................................................................... 0.7Long Future Contracts ............................................................................................................. 0.1





AssetsCurrency (%)Euro 30.9 Japanese Yen 24.9 Brazilian Real 8.1 Mexican Peso 4.5 US Dollar 4.5 Colombian Peso 2.1 Israeli Shekel 2.0 Swiss Franc 2.0 New Zealand Dollar 2.0 Swedish Krona 2.0 Korean Won 1.6 Argentine Peso 0.1 Australian Dollar (0.1)British Pound (0.3) Total 84.3

CI Global Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





AssetsCurrency (%)Japanese Yen 31.2 Euro 29.8 US Dollar 21.4 Brazilian Real 6.3 Swiss Franc 3.0 British Pound 3.0 Colombian Peso 2.8 New Zealand Dollar 1.8 Israeli Shekel 1.1 Argentine Peso 0.1 Mexican Peso 0.1 Norwegian Krone 0.1 Australian Dollar (0.1)Total 100.6

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have indirectly decreased or increased, respectively, by approximate-ly $1,118,000 (March 31, 2009 - $1,621,000). In practice, the actual results may differ from thisanalysis and the difference may be material.

– 241 –

CI Short-Term Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



BONDS (89.3%) 6,750,000 407 International Inc. 4.9% 10/04/2010 7,047,000 7,001,505 2,900,000 Bank of Montreal, FRN

0.44571% 12/07/2009 2,895,041 2,899,478 1,930,000 Bank of Montreal, FRN

0.93571% 02/01/2010 1,930,000 1,929,344 5,230,000 Bank of Montreal, FRN

1.68714% 09/02/2010 5,234,029 5,206,256 8,010,000 Bank of Nova Scotia

4.58% 02/15/2011†† 8,428,036 8,369,409 7,900,000 Bank of Nova Scotia, FRN

1.71571% 09/10/2010†† 7,940,314 7,942,660 6,500,000 Bear Stearns Co., Inc., FRN

0.55857% 10/02/2009 6,500,000 6,499,415 6,200,000 Canada Housing Trust No.1

0.38786% 06/15/2013 6,151,640 6,171,356 12,800,000 Canada Housing Trust No.1, FRN

Series 12 0.39286% 09/15/2010 12,852,301 12,798,976 17,130,000 Canada Housing Trust No.1, FRN

Series 27 0.80286% 09/15/2014 17,130,000 17,339,671 6,100,000 Canadian Imperial Bank of Commerce

1.44571% 06/15/2011 6,055,154 6,183,265 2,100,000 Canadian Imperial Bank of Commerce, FRN

0.46571% 10/23/2009 2,076,270 2,100,000 2,600,000 Canadian Imperial Bank of Commerce, FRN

0.98143% 04/01/2010 2,580,359 2,606,682 14,750,000 Canadian Mortgage and Housing Corp., FRN

0.38571% 12/01/2009 14,796,717 14,750,000 6,100,000 Genesis Trust 4.002% 03/15/2010 6,189,223 6,184,180 5,500,000 HSBC Bank Canada FRN

1.03286% 09/16/2011 5,500,000 5,500,000 4,150,000 International Bank for Reconstruction

and Development 1.12% 10/31/2012 4,150,000 4,150,000 5,570,000 MetLife Global Funding I

2.43143% 06/29/2011 5,570,000 5,570,000 5,200,000 NAV Canada, Series 2007-1, FRN

0.49571% 05/03/2010 5,174,416 5,181,904 9,000,000 Province of Ontario 1.03571% 07/15/2011 9,004,230 8,995,590 7,000,000 Province of Ontario 2.5% 08/20/2010 7,131,316 7,114,310 4,100,000 Province of Ontario 2.5% 08/20/2010 4,171,750 4,166,953 6,320,000 Province of Ontario, FRN

0.27714% 12/03/2010 6,310,204 6,305,906 7,700,000 Province of Ontario, FRN



1.42% 04/02/2013 32,785,763 33,708,144 7,110,000 Royal Bank of Canada

1.08429% 05/11/2012 7,110,000 7,131,614

BONDS (89.3%) (cont’d)9,700,000 Royal Bank of Canada 5.13% 09/27/2010 10,233,500 10,113,317

13,800,000 Royal Bank of Canada, FRN0.83143% 09/27/2010 13,799,370 13,806,762

11,480,000 Toronto-Dominion Bank, FRN1.49571% 04/15/2011 11,373,278 11,464,272

1,590,000 Union Gas Ltd. 7.2% 06/01/2010 1,672,203 1,651,597 242,165,555 243,224,774

SHORT-TERM NOTES (8.7%) 3,700,000 Government of Canada T-Bill

2.67% 10/01/2009 3,604,022 3,699,982 13,800,000 Government of Canada T-Bill

0.22% 10/05/2009 13,798,835 13,799,641 3,600,000 Government of Canada T-Bill

2.22% 10/29/2009 3,521,922 3,599,456 2,500,000 Suncor Energy 0.45% 10/26/2009 2,499,200 2,499,200

23,423,979 23,598,279




Total Net Assets (100.0%) 272,284,336



– 242 –

CI Short-Term Corporate ClassFinancial Statements (unaudited)












266,823 226,9745,865 122,940

- 65,727- -- -- -- -- -- -

26 508- -- -

513 990273,227 417,139

- -- -- -- -- -- -

339 1,075- -- -- -

604 463943 1,538

272,284 415,601

265,590 227,621- -

152,762 199,55724,659 30,99794,863 185,047

10.29 10.2212.53 12.4411.43 11.31

14,843,920 19,533,7441,967,614 2,491,7748,297,547 16,367,258


as at as at










- -2,876 11,959

2 10- -- -- -- -

2,878 11,969

969 1,7091 4- 7

141 32949 85

1,160 2,134(249) -

1,967 9,835

(317) (844)- -

(2) (4)- -

1,256 (2,002)937 (2,850)

2,904 6,985

1,249 2,465203 480

1,452 4,040

0.08 0.080.10 0.110.13 0.15


2009 2008

– 243 –

CI Short-Term Corporate ClassFinancial Statements (unaudited)


















199,557 327,909

9,198 72,351- -

(46,772) (114,502)(10,470) (29,101)(48,044) (71,252)

- -- -- -- -

1,249 2,465152,762 259,122

30,997 49,540

1,116 26,241- -

(6,864) (27,609)(793) (4,472)

(6,541) (5,840)

- -- -- -- -

203 48024,659 44,180

185,047 330,497

13,178 30,748- -

(84,118) (82,348)(20,696) (5,668)(91,636) (57,268)

- -- -- -- -

1,452 4,04094,863 277,269

415,601 707,946

23,492 129,340- -

(137,754) (224,459)(31,959) (39,241)

(146,221) (134,360)

- -- -- -- -

2,904 6,985272,284 580,571


2009 2008


2009 2008


– 244 –

CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

19,533,744 32,585,422898,078 7,174,064

- -(4,566,757) (11,334,216)(1,021,145) (2,882,549)

14,843,920 25,542,721

2,491,774 4,052,64289,426 2,141,818

- -(550,386) (2,248,300)

(63,200) (365,704)1,967,614 3,580,456

16,367,258 29,983,5051,163,413 2,782,167

- -(7,400,002) (7,436,465)(1,833,122) (507,717)8,297,547 24,821,490





2009 2008

10.29 10.14- -

10.29 10.14

12.53 12.34- -

12.53 12.34

11.43 11.17- -

11.43 11.17


2009 2008


- 35,200- 37,612


2009 2008


- -- -



1.000.75


---


2009

– 245 –



Bonds ...................................................................................................................................... 54.6Cash ........................................................................................................................................ 29.6Short Term Investments .......................................................................................................... 13.9Other Assets ........................................................................................................................... 1.8

During the six-month period the Fund’s exposure to credit risk and interest rate risk changed signif-icantly as disclosed in the section below. For details relating to other price risk and currency risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.



Credit Rating^ (%)AAA/Aaa/A++ 30.3AA/Aa/A+ 55.3A 9.8BBB/Baa/B++ 0.6Not Rated 2.0Total 98.0





CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)








As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $198,000 (March 31, 2009 - $102,000). In practice, the actual results may differ from thisanalysis and the difference may be material.



137,115 74,204 61,369 - 272,688



286,653 113,636 8,444 6,908 415,641

– 246 –

CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (Expressed in US$) (unaudited)


BONDS (15.3%) 1,470,000 BP Capital Markets PLC, FRN

0.50338% 03/17/2010 1,470,000 1,471,720 600,000 General Mills Inc., FRN 0.635% 01/22/2010 595,534 600,024 350,000 Bear Stearns Co., Inc., FRN

0.7175% 01/31/2011 350,243 349,541 2,415,777 2,421,285



Other Assets (net) (84.7%) 13,455,014

Total Net Assets (100.0%) 15,876,299



– 247 –

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)








A Shares


A Shares

2,421 8,65813,598 11,674

- -- -- -- -- -- -- -- 1- -- -1 27

16,020 20,360

- -7 10- -- -- -- -

100 7- -- -- -

37 27144 44

15,876 20,316

2,416 8,729- -

11.39 11.37

1,394,140 1,787,236


as at as at








A Shares

- -54 469

- -- -- -- -- -

54 469

90 194- -- -

13 234 10

107 227(47) -(6) 242

(32) 1- -- -- -

76 (31)44 (30)38 212

0.02 0.06


2009 2008

– 248 –

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)






20,316 41,020

2,941 12,206- -

(6,332) (19,578)(1,087) 2,148(4,478) (5,224)

- -- -- -- -

38 21215,876 36,008


2009 2008


– 249 –

CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$) (unaudited)





2009 2008

1,787,236 3,638,390286,706 1,063,187

- -(587,516) (1,724,947)

(92,286) 199,8111,394,140 3,176,441



2009 2008

11.39 11.34- (0.01)

11.39 11.33


2009 2008


- -- -


2009 2008


- -- -

Annual management fee rateA Shares

Annual fixed administration fee rateA Shares

1.00

-


2009

– 250 –



Cash ........................................................................................................................................ 57.5Bonds ...................................................................................................................................... 30.2Short Term Investments .......................................................................................................... 12.4Other Assets ........................................................................................................................... -0.1

During the six-month period the Fund’s exposure to credit risk changed significantly as disclosed inthe section below. For details relating to other price risk, currency risk and interest rate risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to thoserisks remains unchanged.



Credit Rating^ (%)AA/Aa/A+ 11.5BBB/Baa/B++ 3.8Total 15.3


Credit Rating^ (%)AAA/Aaa/A++ 9.0AA/Aa/A+ 15.1A 15.5BBB/Baa/B++ 2.9Total 42.5



CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$) (unaudited)



– 251 –

Signature Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



CORPORATE BONDS (46.7%) 1,035,000 407 International Inc. 5.1% 01/20/2014 1,040,148 1,118,763 1,490,000 407 International Inc., Callable

5.96% 12/03/2035* 1,533,352 1,607,621 169,211 Access Health Abbotsford Ltd.

6.032% 03/07/2038 190,949 170,284 1,611,670 Access Roads Edmonton Ltd.

5.812% 09/30/2037 1,718,684 1,569,412 601,341 Alliance Pipeline LP 7.181% 06/30/2023 697,635 671,867

1,042,773 Alliance Pipeline LP 7.217% 12/31/2025 1,197,880 1,180,929 1,625,000 AltaGas Income Trust 4.41% 09/01/2010 1,591,033 1,645,589

200,000 AltaGas Income Trust 5.07% 01/19/2012 199,930 201,796 1,200,000 Altalink Investments LP 5.019% 11/21/2012 1,208,160 1,213,080

760,000 American Express Canada 4.7% 05/20/2011 747,432 784,715 1,450,000 Bank of Ireland 3.8% 09/22/2015 1,419,861 1,411,169 2,025,000 Bank of Montreal 5.18% 06/10/2015 2,040,437 2,223,875

975,000 Bank of Nova Scotia 5.04% 04/08/2013†† 961,876 1,050,056 3,375,000 Bank of Nova Scotia 6% 10/03/2018†† 3,388,662 3,718,372 1,700,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 1,725,585 1,738,114

805,000 Bell Aliant Regional Communications Income Fund 6.17% 02/26/2037 662,229 712,948

930,000 Bell Aliant Regional Communications LP 5.41% 09/26/2016 881,454 962,708


550,000 Bell Canada 4.85% 06/30/2014 549,131 574,052 700,000 Bell Canada 5% 02/15/2017 656,360 714,987

1,960,000 BNS Capital Trust, Callable 7.31% 12/31/2049 2,026,477 2,079,011

1,925,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 1,921,188 2,152,285

1,530,000 Brookfield Renewable Power Inc. 4.65% 12/16/2009 1,530,361 1,534,253

1,360,000 Brookfield Renewable Power Inc. 5.84% 11/05/2036 1,001,024 1,025,590

975,000 Calloway REIT 10.25% 04/14/2014 982,058 1,112,631 2,300,000 Cameco Corp. 5.67% 09/02/2019 2,319,972 2,360,904 3,995,000 Canada Housing Trust No.1 4% 06/15/2012 4,248,563 4,214,765 2,800,000 Canada Housing Trust No.1 4.1% 12/15/2018 2,889,516 2,926,812 1,255,000 Canada Housing Trust No.1 4.6% 09/15/2011 1,280,352 1,332,082 1,950,000 Canada Life Capital Trust 6.679% 06/30/2012 1,841,226 2,089,912 1,500,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 1,431,396 1,391,100 2,050,000 Canadian Imperial Bank of Commerce

3.05% 06/03/2013 2,048,914 2,066,298 1,700,000 Canadian Natural Resources Ltd.

4.95% 06/01/2015 1,676,485 1,781,158 1,200,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 1,222,809 1,244,868

500,000 Canadian Utilities Ltd. 10.2% 11/30/2009 607,315 506,960 500,000 Canadian Western Bank 6.199% 12/31/2056 500,000 431,454

1,700,000 Canadian Western Bank 5.07% 03/22/2017 1,671,695 1,698,288 3,230,000 Canadian Western Bank 5.55% 11/19/2014 3,223,360 3,239,245

750,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 679,162 518,880 2,750,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 2,582,670 2,309,092 1,088,000 CIT Group Holdings Inc. 4.72% 02/10/2011 945,253 709,093

CORPORATE BONDS (46.7%) (cont’d)1,850,000 Citigroup Finance Canada Inc.

6.75% 09/22/2014 1,848,372 1,938,226 1,400,000 Commerzbank AG, FRN 4.5% 12/15/2016 1,378,763 1,227,800 1,325,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 1,277,969 1,345,816 1,265,000 Depfa ACS Bank 5.25% 03/31/2025 1,302,791 1,029,887 1,520,000 Deutsche Bank AG 4.9% 08/22/2016 1,423,428 1,407,520

855,000 Enbridge Gas Distribution Inc. 6.9% 11/15/2032 1,011,510 1,023,957

630,000 Enbridge Inc., 5.17% 05/19/2016 629,635 673,621 2,000,000 Export Development Canada 5.1% 06/02/2014 2,132,000 2,205,420 1,500,000 Finning International Inc. 5.16% 09/03/2013 1,516,438 1,562,280 1,200,000 First Capital Realty Inc. 5.34% 04/01/2013 1,143,272 1,149,756

775,000 First Captial Realty Inc. 5.49% 12/01/2011 757,799 780,324 525,000 Fortis Inc. 6.51% 07/04/2039 524,654 567,205

1,527,000 FortisAlberta Inc. 5.33% 10/31/2014 1,578,472 1,655,176 2,700,000 France Telecom SA 4.95% 06/23/2011 2,714,316 2,776,113 1,700,000 France Telecom SA 5.5% 06/23/2016 1,776,620 1,799,552

650,000 George Weston Ltd. 7.1% 02/05/2032 630,914 667,277 1,380,000 Golden Credit Card Trust 5.106% 04/15/2011 1,393,526 1,449,373

841,032 Greater Toronto Airports Authority 6.45% 07/30/2029 866,630 885,389

775,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 788,409 905,099

350,000 Great-West Life Capital Trust 5.995% 12/31/2052 322,385 371,564

2,225,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 2,184,770 2,236,704 635,000 HSBC Bank Canada 4.94% 03/16/2021 583,618 643,649

3,300,000 Instituto de Credito Oficial 4.53% 03/17/2016 3,376,552 3,386,823 2,060,000 Inter-American Development Bank

4.4% 01/26/2026 1,866,762 1,904,511 1,898,000 John Hancock Canadian Corp.

6.822% 05/31/2011 2,005,479 2,025,356 USD 825,000 JP Morgan Chase & Co., FRN Callable

7.9% 04/30/2049 788,460 848,107 1,040,000 Kimco North Trust II 4.45% 04/21/2010 1,005,993 1,048,590 1,500,000 Kimco North Trust III 5.18% 08/16/2013 1,419,733 1,421,910

735,000 Loblaw Cos. Ltd. 4.85% 05/08/2014 734,838 769,552 650,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 460,848 599,072 675,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 489,363 631,071 380,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 384,004 402,568 830,000 Mansfield Trust 6.571% 11/15/2025 269,929 266,047

1,400,000 Manulife Financial Capital Trust 6.7% 06/30/2012 1,431,360 1,497,972

2,450,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 2,238,948 2,470,286 1,700,000 Merrill Lynch Canada Finance Co.

5.8% 05/05/2011 1,699,804 1,752,224 1,500,000 Merrill Lynch Financial Assets Inc.

4.678% 03/12/2039 1,477,169 1,473,525 1,150,000 MetLife Global Funding I 4.5% 02/10/2011 1,127,223 1,178,750 1,920,000 Metro Inc. 5.97% 10/15/2035 1,795,818 1,780,128 2,000,000 MI Developments Inc. 6.05% 12/22/2016 1,953,549 1,540,520 1,025,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 1,034,855 1,059,163




– 252 –

Signature Canadian Bond Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)



CORPORATE BONDS (46.7%) (cont’d)150,000 Morgan Stanley, FRN 0.65429% 02/23/2012 149,734 139,503

2,097,000 N-45 First CMBS Issuer Corp. 4.636% 12/15/2019 1,364,742 1,369,492

690,000 National Bank of Canada 4.456% 11/02/2016 708,248 719,339 312,000 Noranda Operating Trust 6.529% 12/20/2010 318,832 316,246

2,600,000 Nordea Bank AB 3.95% 08/05/2015 2,522,039 2,605,486 1,310,000 Northwest Connect Group 5.95% 04/30/2041 1,318,607 1,237,269

990,000 Power Corp. of Canada 7.57% 04/22/2019 989,446 1,129,065 1,084,000 Queen's University 6.1% 11/19/2032 1,250,917 1,212,020 2,295,000 RBC Capital Trust 7.288% 12/31/2049 2,354,676 2,388,728 2,375,000 Reliance LP 7.3% 04/03/2013 2,356,882 2,391,008

875,000 RioCan REIT 4.91% 03/08/2011 860,291 889,324 625,000 RioCan REIT 5.7% 09/11/2012 606,138 631,819

1,350,000 Rogers Communications Inc. 5.8% 05/26/2016 1,346,854 1,450,683 1,125,000 RONA Inc. 5.4% 10/20/2016 1,053,215 1,025,820 1,525,000 Royal Bank of Canada 5.06% 07/17/2013 1,539,080 1,648,342

610,000 Royal Bank of Canada 5.2% 08/15/2012* 622,761 658,153 2,120,000 Royal Bank of Scotland 4.25% 03/30/2015 2,081,730 1,779,168 4,080,000 Royal Bank of Scotland, Callable

5.37% 05/12/2049 3,621,316 2,305,200 1,694,611 Royal Office Finance LP 5.209% 11/12/2032 1,639,026 1,698,848 1,380,000 Scotiabank Capital Trust, Series 2002-1

Callable 6.626% 06/30/2052†† 1,354,496 1,500,226 2,100,000 Shaw Communications Inc. 5.65% 10/01/2019 2,093,343 2,129,673 1,850,000 Shaw Communications Inc. 6.5% 06/02/2014 1,847,914 2,035,796 1,395,000 Sherritt International Corp. 7.75% 10/15/2015 1,395,000 1,367,658

830,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 830,000 892,134 3,284,544 Strait Crossing Development Inc.

6.17% 09/15/2031 3,294,227 3,186,304 2,000,000 Sun Life Financial Inc. 5% 07/11/2031 1,984,824 2,083,720 1,075,000 Sun Life Financial Inc. 7.9% 03/31/2019 1,096,615 1,238,787

795,000 TD Capital Trust 10% 06/30/2039 795,000 1,159,508 1,340,000 TD Capital Trust 6.631% 06/30/2108 1,340,000 1,405,553 1,925,000 TD Capital Trust 6.792% 12/31/2049 1,936,508 2,121,215 2,080,000 TD Capital Trust 7.243% 12/31/2018 2,134,640 2,327,146

400,000 TD Capital Trust 7.6% 12/31/2049 401,600 405,448 825,000 Terasen Gas Inc. 5.8% 05/13/2038 822,327 879,326 525,000 Terasen Gas Inc. 6% 10/02/2037 543,419 574,429 500,000 Terasen Gas Inc., Callable 6.5% 05/01/2034 542,878 575,675

1,400,000 Terasen Gas Vancouver Island Inc. 6.05% 02/15/2038 1,320,472 1,519,196

1,350,000 Thomson Reuters Corp. 5.7% 07/15/2015 1,376,730 1,488,699 640,000 Thomson Reuters Corp. 6% 03/31/2016 638,483 716,083

1,200,000 Toronto-Dominion Bank 4.854% 02/13/2013 1,207,650 1,286,976 745,000 Toronto-Dominion Bank 4.97% 10/30/2104 724,468 755,780

1,550,000 Toronto-Dominion Bank 5.141% 11/19/2012 1,566,923 1,673,008 600,000 TransCanada Pipelines Ltd. 5.05% 08/20/2013 599,214 645,000 700,000 Union Gas Ltd. 6.05% 09/02/2038 714,730 764,666 300,000 University of British Columbia

6.65% 12/01/2031 365,940 362,769 1,375,000 University of Ottawa 6.28% 04/15/2043 1,537,314 1,575,846

600,000 Wells Fargo Financial Canada Corp. 4.38% 06/30/2015 566,478 612,042

CORPORATE BONDS (46.7%) (cont’d)1,685,000 Wilfrid Laurier University

5.429% 02/01/2045 1,608,070 1,658,293 800,000 YPG Holdings Inc. 5.85% 11/18/2019 689,840 699,336

1,000,000 YPG Holdings Inc., Callable 5.71% 04/21/2014 964,160 973,840 176,122,286 179,362,329

GOVERNMENT BONDS (29.3%) 6,915,000 Canadian Government Bond

2% 09/01/2012 6,912,463 6,936,091 24,260,000 Canadian Government Bond

3% 06/01/2014* 24,977,638 24,829,140 3,000,000 Canadian Government Bond

3.5% 06/01/2020 2,989,710 3,003,060 8,886,000 Canadian Government Bond

3.75% 09/01/2011* 9,145,722 9,303,464 479,000 Canadian Government Bond

4% 06/01/2016 511,643 513,201 10,297,000 Canadian Government Bond


5% 06/01/2014* 162,000 166,714 3,585,000 Canadian Government Bond


8% 06/01/2023 409,421 413,278 2,467,000 Canadian Government Bond

8% 06/01/2027* 3,703,700 3,730,449 8,755,000 Canadian Government Bond,

Series XW98 5% 06/01/2037* 10,186,409 10,475,007 12,369,000 Canadian Government Bond,

Series YF56 4% 06/01/2017* 13,021,937 13,214,545 9,525,000 Canadian Government Bond,

Series YN80 3.5% 06/01/2013* 9,941,570 9,967,722 13,751,000 Canadian Government Bond,

Series YR94 3.75% 06/01/2019* 14,070,108 14,247,961 111,830,164 112,555,400

PROVINCIAL BONDS (8.8%) 6,689,000 55 Ontario School Board Trust

5.9% 06/02/2033 7,304,431 7,314,154 200,000 City of Montreal 6% 06/01/2043 237,516 227,156

2,000,000 City of Toronto 5.05% 07/18/2017 1,994,560 2,145,620 1,698,469 New Brunswick F-M Project Co., Inc.,

Callable 6.47% 11/30/2027 1,856,079 1,957,299 2,200,000 Province of British Columbia

4.7% 06/18/2037 2,179,740 2,261,974 2,815,000 Province of Ontario 4.3% 03/08/2017 2,776,466 2,964,955

820,000 Province of Ontario 4.4% 03/08/2016 863,686 875,161 3,720,000 Province of Ontario 4.7% 06/02/2037 3,720,256 3,812,033 1,800,000 Province of Ontario,

FRN 0.42286% 09/17/2010 1,799,648 1,799,586 2,843,000 Province of Quebec 4.5% 12/01/2016 2,846,226 3,032,060 1,500,000 Province of Quebec 5% 12/01/2038* 1,585,245 1,580,550 1,977,000 Province of Quebec 4.5% 12/01/2017 1,994,270 2,091,429

750,000 Province of Quebec 5.75% 12/01/2036 809,385 866,872 2,365,000 Province of Quebec 6% 10/01/2029 2,664,881 2,751,796

32,632,389 33,680,645




– 253 –– 253 –

Signature Canadian Bond Corporate Class Statement of Investment Portfolio as at September 30, 2009 (unaudited)


FOREIGN GOVERNMENT BONDS (2.7%) 3,706,000 Austria Government International Bond

5.375% 12/01/2034 3,919,418 3,763,628 4,000,000 Canadian Government Bond 2% 12/01/2014 3,871,440 3,890,160 2,250,000 EUROFIMA 5.15% 12/13/2019 2,349,122 2,291,265

10,139,980 9,945,053



Short Term Notes (11.5%) 44,000,000 44,000,000





Total Net Assets (100.0%) 383,678,877






1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (243,000) US $ 264,180 Canadian $ 4,030 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (563,000) US $ 612,752 Canadian $ 10,018



– 254 –

Signature Canadian Bond Corporate Class Financial Statements (unaudited)












335,543 281,1511,245 2,088

44,000 25,000- -- -- -

14 -- -- -

1,117 3993,158 -

- -4,193 3,539

389,270 312,177

- -- -- -- 8- -

4,646 -528 1,938

- -- -- -

417 2645,591 2,210

383,679 309,967

330,725 282,469- -

196,328 175,1519,100 7,826

178,251 126,990

12.97 12.5513.26 12.7912.07 11.58

15,136,903 13,961,802686,269 611,776

14,769,553 10,965,534


as at as at










- -7,611 5,677

21 21- -- -- -- -

7,632 5,698

1,264 988162 127

- 2154 11671 56

1,651 1,2895,981 4,409

- -5,981 4,409

1,322 950(67) (58)

(2) (1)- -

6,158 (7,829)7,411 (6,938)

13,392 (2,529)

6,219 (1,936)296 (84)

6,877 (509)

0.43 (0.17)0.47 (0.11)0.51 (0.06)


2009 2008

– 255 –

Signature Canadian Bond Corporate Class Financial Statements (unaudited)


















175,151 132,799

36,012 41,549- -

(21,489) (14,757)435 (2,043)

14,958 24,749

- -- -- -- -

6,219 (1,936)196,328 155,612

7,826 8,267

1,850 1,990- -

(1,042) (1,074)170 404978 1,320

- -- -- -- -

296 (84)9,100 9,503

126,990 94,063

36,443 16,852- -

(12,463) (4,211)20,404 (1,662)44,384 10,979

- -- -- -- -

6,877 (509)178,251 104,533

309,967 235,129

74,305 60,391- -

(34,994) (20,042)21,009 (3,301)60,320 37,048

- -- -- -- -

13,392 (2,529)383,679 269,648


2009 2008


2009 2008


– 256 –

Signature Canadian Bond Corporate Class Financial Statements – Supplementary Schedules (unaudited)







2009 2008

13,961,802 10,815,2392,848,180 3,403,486

- -(1,703,168) (1,209,368)

30,089 (170,240)15,136,903 12,839,117

611,776 663,658142,977 160,763

- -(80,851) (86,152)12,367 32,568

686,269 770,837

10,965,534 8,431,0083,104,180 1,512,985

- -(1,068,691) (377,062)1,768,530 (149,313)

14,769,553 9,417,618





2009 2008

12.97 12.12- -

12.97 12.12

13.26 12.33- -

13.26 12.33

12.07 11.10- -

12.07 11.10


2009 2008


74,151 77,79175,634 83,121


2009 2008


- -- -



1.350.85


0.170.17

-


2009

– 257 –



Corporate Bonds ..................................................................................................................... 45.9Government Bonds .................................................................................................................. 30.9Provincial Bonds ...................................................................................................................... 12.0Short Term Investments .......................................................................................................... 8.1Foreign Government Bonds .................................................................................................... 2.0Cash & Equivalents ................................................................................................................. 0.7Other Assets ........................................................................................................................... 0.4

During the six-month period the Fund’s exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk, referto the audited annual financial statements as at March 31, 2009, as the Fund’s exposure to otherprice risk remains unchanged.



Credit Rating^ (%)AAA/Aaa/A++ 49.8AA/Aa/A+ 9.6A 20.8BBB/Baa/B++ 14.8BB/Ba/B+ 0.8B 0.6CC/Ca/C+ 0.2Not Rated 1.4Total 98.0


Credit Rating^ (%)AAA/Aaa/A++ 41.5AA/Aa/A+ 19.4A 20.8BBB/Baa/B++ 11.5BB/Ba/B+ 0.7CCC/Caa/C++ 0.1Not Rated 4.9Total 98.9



Signature Canadian Bond Corporate Class Fund Specific Financial Instruments Risks (Note 11) (unaudited)





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (863) 765 0.2 Total (863) 765 0.2


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 70 0.1 Total - 70 0.1

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $77,000 (March 31, 2009 - $7,000). In practice, the actual results may differ from this analysis and the dif-ference may be material.






As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have decreased or increased, respec-tively, by approximately $5,026,000 (March 31, 2009 - $3,832,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.



51,780 46,869 66,188 215,951 380,788



32,055 47,698 44,113 184,373 308,239

– 258 –

Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (30.5%) USD 284,000 Ace Cash Express Inc. 10.25% 10/01/2014 160,094 203,724

1,010,000 American Express Canada 4.7% 05/20/2011 1,032,561 1,042,845 1,100,000 Bank of Ireland 3.8% 09/22/2015 1,099,490 1,070,542 1,160,000 Bank of Montreal 5.18% 06/10/2015 1,249,202 1,273,924

470,000 Bank of Montreal Capital Trust II, Callable 10.221% 12/31/2107 605,270 622,017

600,000 Bank of Montreal, FX/FL Subordinated Debenture 6.17% 03/28/2023 663,909 671,244

560,000 Bank of Nova Scotia 4.58% 02/15/2011†† 596,933 585,127 630,000 Bank of Nova Scotia 5.04% 04/08/2013†† 678,496 678,497

1,120,000 Bank of Nova Scotia 6% 10/03/2018†† 1,230,491 1,233,949 GBP 150,000 Barclays Bank PLC 14% 06/15/2019 329,108 328,466

500,000 Bear Stearns Co., Inc. 4.3% 01/12/2011 507,525 511,210 600,000 BNS Capital Trust, Callable 7.31% 12/31/2049 639,402 636,432

1,010,000 Brookfield Asset Management Inc. 8.95% 06/02/2014 1,092,884 1,129,251

400,000 Calloway REIT 10.25% 04/14/2014 448,905 456,464 480,000 Calloway REIT, Callable 4.51% 09/22/2010 485,718 483,278 120,000 Canada Housing Trust No.1, FRN Series 12

0.39286% 09/15/2010 119,959 119,990 680,000 Canada Life Capital Trust

6.679% 06/30/2012 715,427 728,790 680,000 Canadian Imperial Bank of Commerce

4.4% 03/07/2011 720,351 709,750 470,000 Canadian Western Bank 5.07% 03/22/2017 475,967 469,527 620,000 Canadian Western Bank 5.95% 06/27/2018 625,378 623,570

USD 553,000 CB Richard Ellis Services Inc. 11.625% 06/15/2017 629,300 625,890

550,000 CIT Group Holdings Inc. 4.72% 02/10/2011 378,997 358,457 210,000 Citigroup Finance Canada Inc.

4.37% 02/03/2011 212,246 210,355 715,000 Citigroup Finance Canada Inc.

6.75% 09/22/2014 714,371 749,098 370,000 Commerzbank AG, FRN 4.5% 12/15/2016 366,378 324,490 620,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 602,268 629,740 USD 266,000 Couche-Tard Finance Corp., Callable

7.5% 12/15/2013 303,073 287,997 370,000 Deutsche Bank AG 4.9% 08/22/2016 345,076 342,620 560,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 499,348 528,298 370,000 First Capital Realty Inc. 5.25% 03/30/2011 368,140 375,272 260,000 First Capital Realty Inc. 5.34% 04/01/2013 239,309 249,114 122,000 First Capital Realty Inc., 144A

5.5% 09/30/2017 106,832 109,800 250,000 First Captial Realty Inc. 5.49% 12/01/2011 239,359 251,718

USD 105,000 Ford Motor Credit Co. 8.7% 10/01/2014 110,484 110,120 350,000 GE Capital Canada Funding Co.

5.53% 08/17/2017 360,801 360,192 170,000 Great-West Life Capital Trust

5.995% 12/31/2052 176,260 180,474 310,000 HSBC Bank Canada 4.94% 03/16/2021 311,245 314,222

USD 250,000 JP Morgan Chase & Co., FRN Callable 7.9% 04/30/2049 258,289 257,002

FINANCIALS (30.5%) (cont’d)450,000 Kimco North Trust II 4.45% 04/21/2010 454,329 453,717 310,000 Kimco North Trust III 5.18% 08/16/2013 295,396 293,861

USD 299,000 Lender Processing Services Inc. 8.125% 07/01/2016 340,150 332,930

USD 1,714,000 Lincoln National Corp., Callable 7% 05/17/2066 1,287,440 1,312,095


625,000 Manulife Financial Capital Trust 6.7% 06/30/2012 657,856 668,738

1,040,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 1,023,744 1,048,611 460,000 Merrill Lynch Canada Finance Co.

5.8% 05/05/2011 467,426 474,131 820,000 MetLife Global Funding I 4.5% 02/10/2011 846,255 840,500 750,000 MI Developments Inc. 6.05% 12/22/2016 570,773 577,695 200,000 Morgan Stanley, FRN 0.65429% 02/23/2012 176,221 186,004

USD 550,000 NII Capital Corp. 10% 08/15/2016 590,221 612,413 1,620,000 Nordea Bank AB 3.95% 08/05/2015 1,637,672 1,623,418

USD 262,000 Nuveen Investments Inc., Senior Notes 5% 09/15/2010 293,345 269,290

230,000 Power Corp. of Canada 8.57% 04/22/2039 284,115 286,226 610,000 RBC Capital Trust 7.288% 12/31/2049 636,111 634,912 560,000 RBC Capital Trust, Callable 5.812% 12/29/2049 582,764 599,659 340,000 RioCan REIT 4.7% 06/15/2012 330,468 336,967 370,000 RioCan REIT 5.7% 09/11/2012 374,160 374,037

1,810,000 Royal Bank of Canada 5.06% 07/17/2013 1,983,502 1,956,393 220,000 Royal Bank of Canada 5.2% 08/15/2012 240,303 237,367 210,000 Royal Bank of Canada, FRN

0.83143% 09/27/2010 209,818 210,103 870,000 Royal Bank of Scotland 4.25% 03/30/2015 802,789 730,130

1,060,000 Royal Bank of Scotland, Callable 5.37% 05/12/2049 456,311 598,900

440,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 464,507 474,395

900,000 Scotiabank Capital Trust, Series 2002-1 Callable 6.626% 06/30/2052†† 958,788 978,408

USD 892,000 SLM Corp. 4.5% 07/26/2010 991,516 927,957 182,000 SLM Corp. 4.625% 06/15/2011 157,169 157,765

USD 312,000 SLM Corp. 5.125% 08/27/2012 319,028 285,831 260,000 Sun Life Financial Inc. 5% 07/11/2031 269,797 270,884 540,000 Sun Life Financial Inc. 7.9% 03/31/2019 623,410 622,274 260,000 TD Capital Trust 10% 06/30/2039 346,482 379,210 570,000 TD Capital Trust 6.631% 06/30/2108 570,000 597,884

1,050,000 TD Capital Trust 6.792% 12/31/2049 1,136,641 1,157,026 1,275,000 TD Capital Trust 7.243% 12/31/2018 1,365,937 1,426,496

620,000 TD Capital Trust 7.6% 12/31/2049 636,825 628,444 840,000 Toronto-Dominion Bank 4.854% 02/13/2013 908,012 900,883 440,000 Toronto-Dominion Bank 4.97% 10/30/2104 429,223 446,367 850,000 Toronto-Dominion Bank 5.141% 11/19/2012 918,573 917,456 500,000 Toronto-Dominion Bank 5.48% 04/02/2020 537,052 541,235

USD 833,000 Virgin Media Finance PLC 9.5% 08/15/2016 952,778 938,676 USD 210,000 Wells Fargo & Co. 7.98% 02/28/2049 209,388 204,602 USD 240,000 Wells Fargo Capital 7.7% 12/29/2049 236,290 226,122



– 259 –– 259 –




FINANCIALS (30.5%) (cont’d)410,000 Wells Fargo Financial Canada Corp.

4.38% 06/30/2015 402,296 418,229 600,000 Wells Fargo Financial Canada Corp.

5.2% 09/13/2012 634,098 636,186 1,135,000 YPG Holdings Inc. 5.25% 02/15/2016 1,029,243 1,042,225

425,000 YPG Holdings Inc. 5.85% 11/18/2019 368,088 371,522 49,092,763 49,431,042

CONSUMER DISCRETIONARY (8.2%) USD 504,000 Baker & Taylor Inc. 11.5% 07/01/2013 164,906 214,494 USD 14,000 Blockbuster Inc. 11.75% 10/01/2014 14,040 14,090

620,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 650,771 643,182 USD 127,000 CanWest MediaWorks Inc. 8% 09/15/2012 45,851 106,739 USD 93,000 CSC Holdings Inc. 8.5% 04/15/2014 108,847 104,549 USD 1,054,000 Dollar General Corp. 2.875% 06/30/2027 857,904 922,522 USD 572,000 Dollarama Group LP 8.875% 08/15/2012 642,429 626,192 USD 93,000 Dollarama Group LP, FRN

7.4675% 08/15/2012 97,477 92,728 USD 144,000 Foot Locker Inc. 8.5% 01/15/2022 152,950 145,694 USD 944,000 Goodyear Tire & Rubber Co.

10.5% 05/15/2016 1,125,342 1,096,605 USD 367,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 395,271 373,283 USD 739,000 H&E Equipment Services Inc.

8.375% 07/15/2016 725,170 723,959 USD 209,000 Host Hotels & Resorts Inc.

2.625% 04/15/2027 202,673 205,585 17,700 ION Media Networks Inc., 12% Preferred - -

USD 466,000 MGM Mirage Inc. 5.875% 02/27/2014 356,663 391,655 USD 111,000 MGM Mirage Inc. 7.5% 06/01/2016 83,218 92,103 USD 134,000 MGM Mirage Inc. 8.5% 09/15/2010 145,580 142,391 USD 640,000 MGM Mirage Inc., 144A

10.375% 05/15/2014 761,627 731,470 USD 310,000 Mohegan Tribal Gaming

6.125% 02/15/2013 274,446 274,649 USD 486,000 Neiman Marcus Group Inc.

10.375% 10/15/2015 374,717 444,888 USD 275,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 380,820 363,467 USD 1,500,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 1,591,253 1,585,904 590,000 Rogers Communications Inc.

5.8% 05/26/2016 618,984 634,002 250,000 RONA Inc. 5.4% 10/20/2016 220,523 227,960

USD 680,000 Scientific Games Corp. 7.875% 06/15/2016 751,234 718,943 900,000 Shaw Communications Inc.

5.65% 10/01/2019 897,147 912,717 460,000 Shaw Communications Inc. 6.5% 06/02/2014 495,485 506,198

USD 65,000 Shaw Communications Inc. 7.2% 12/15/2011 77,910 74,116 157,000 Shaw Communications Inc. 7.5% 11/20/2013 176,164 178,759 235,000 Shaw Communications Inc., Senior Notes

5.7% 03/02/2017 245,487 245,714 USD 533,000 Wynn Las Vegas LLC 6.625% 12/01/2014 535,605 543,551

13,170,494 13,338,109

MATERIALS (7.8%) USD 714,000 Ashland Inc. 9.125% 06/01/2017 854,159 817,957

289,000 Bowater Inc. 10.85% 11/30/2014 55,806 59,257 1,050,000 Cameco Corp. 5.67% 09/02/2019 1,065,674 1,077,804

USD 595,000 Cascades Inc., Callable 7.25% 02/15/2013 624,999 624,297 USD 196,000 Clondalkin Group, 144A FRN

2.299% 12/15/2013 159,109 171,026 USD 110,000 Domtar Corp. 10.75% 06/01/2017 123,642 131,904 USD 18,000 Domtar Inc. 7.875% 10/15/2011 20,790 19,922 USD 1,345,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,569,110 1,594,830 USD 209,000 FMG Finance Pty. Ltd. 10% 09/01/2013 241,374 237,192 USD 132,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 147,647 142,739 USD 969,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 1,159,356 1,103,600 USD 1,126,000 Huntsman International LLC

5.5% 06/30/2016 1,002,386 1,024,721 USD 167,000 Innophos Inc. 8.875% 08/15/2014 184,567 180,587 USD 237,000 James River Coal Co. 9.375% 06/01/2012 248,669 246,132

620,000 Noranda Operating Trust 6.529% 12/20/2010 627,732 628,438 93,000 NOVA Chemicals Corp. 7.85% 08/30/2010 95,700 92,802

USD 156,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 176,617 163,264 USD 425,000 Rathgibson Inc. 11.25% 02/15/2014 173,235 40,952

500,000 Sherritt International Corp. 7.75% 10/15/2015 450,604 490,200 276,000 Sherritt International Corp. 7.875% 11/26/2012 251,225 272,605 476,000 Sherritt International Corp. 8.25% 10/24/2014 450,038 488,966

USD 559,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 576,967 573,059

USD 161,000 Teck Resources Ltd. 10.25% 05/15/2016 200,072 194,784 USD 1,227,000 Teck Resources Ltd. 10.75% 05/15/2019 1,606,749 1,527,165 USD 287,000 Teck Resources Ltd. 7% 09/15/2012 340,240 315,727 AUD 404,000 Western Areas Ltd. 8% 07/02/2012 332,219 365,348

12,738,686 12,585,278 ENERGY (7.7%)

180,000 Alliance Pipeline LP 6.765% 12/31/2025 202,036 192,451 633,935 Alliance Pipeline LP 7.181% 06/30/2023 689,673 708,283 190,000 AltaGas Income Trust 4.41% 09/01/2010 193,747 192,407 370,000 AltaGas Income Trust 5.07% 01/19/2012 374,843 373,323

1,081,000 Athabasca Oil Sands Corp. 13% 07/30/2011 1,037,360 1,145,860 350,000 Baytex Energy Trust 9.15% 08/26/2016 350,000 369,372 500,000 Canadian Natural Resources Ltd.

4.5% 01/23/2013 523,091 523,560 960,000 Canadian Natural Resources Ltd.

4.95% 06/01/2015 990,138 1,005,830 USD 855,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,000,634 963,467 USD 200,000 Chesapeake Energy Corp., Senior Notes

6.5% 08/15/2017 195,738 196,465 USD 487,000 Connacher Oil and Gas Ltd. 10.25% 12/15/2015 327,804 424,947 USD 234,000 Continental Resources Inc. 8.25% 10/01/2019 253,475 257,422 USD 246,000 Corral Finans AB, FRN 144A

2.00938% 04/15/2010 168,030 221,240 460,000 CU Inc. 5.432% 01/23/2019 499,661 501,584 500,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 524,263 528,345 370,000 Enbridge Pipelines Inc. 6.62% 11/19/2018 427,470 434,954

^ Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 260 –– 260 –






ENERGY (7.7%) (cont’d)USD 903,000 Gibson Energy ULC 11.75% 05/27/2014 1,038,508 1,010,305

250,000 NOVA Gas Transmission Ltd. 8.9% 05/27/2025 293,448 330,352 USD 710,000 OPTI Canada Inc., Callable (USD)

8.25% 12/15/2014 527,695 589,126 USD 207,000 PetroQuest Energy Inc. 10.375% 05/15/2012 207,737 210,544 USD 762,000 Sabine Pass LNG LP 7.5% 11/30/2016 702,156 696,521

620,000 Schlumberger Canada Ltd. 5.14% 07/12/2010 636,945 636,945 410,000 Suncor Energy Inc. 5.8% 05/22/2018* 430,319 431,377

USD 277,000 Targa Resources Inc. 8.5% 11/01/2013 259,528 278,776 190,000 TransCanada Pipelines Ltd. 5.05% 08/20/2013 205,919 204,250

USD 154,000 Transmeridian Exploration Inc., Callable 12% 12/15/2010 11,658 41,220

12,071,876 12,468,926 INDUSTRIALS (7.5%)

500,000 Aeroports De Montreal 5.67% 10/16/2037 484,056 502,130 450,000 Aeroports De Montreal 6.55% 10/11/2033 477,712 502,551 935,000 Altalink Investments LP 5.019% 11/21/2012 944,870 945,192 110,000 Altalink LP 5.249% 09/22/2036 103,010 104,824 700,000 Finning International Inc. 5.16% 09/03/2013 714,547 729,064

USD 390,000 Flextronics International Ltd. 6.5% 05/15/2013 401,950 407,116 470,000 FortisAlberta Inc. 5.33% 10/31/2014 509,565 509,452 320,000 Greater Toronto Airports Authority

5.96% 11/20/2019* 343,110 353,162 240,000 Greater Toronto Airports Authority, Callable

6.98% 10/15/2032 272,916 280,289 750,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 719,757 753,945

USD 1,196,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 1,228,422 1,350,928 516,000 Iron Mountain Inc. 7.5% 03/15/2017 486,543 477,300

USD 1,016,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,115,966 1,104,100 USD 99,000 Kansas City Southern 12.5% 04/01/2016 118,646 117,124 USD 1,693,000 Kansas City Southern de Mexico

9.375% 05/01/2012 1,854,821 1,839,804 280,000 SNC-Lavalin Group Inc. 6.19% 07/03/2019 293,142 300,961

USD 179,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 156,563 163,858 491,005 Strait Crossing Development Inc.

6.17% 09/15/2031 496,607 476,319 USD 516,000 Texas Competitive Electric Holdings Co. LLC

10.25% 11/01/2015 372,881 397,769 USD 339,000 United Rentals North America Inc.

6.5% 02/15/2012 377,715 363,859 USD 525,520 US Oncology Holdings Inc., FRN

6.4275% 03/15/2012 514,842 489,505 11,987,641 12,169,252

TELECOMMUNICATION SERVICES (6.7%) 3,100 BCE Inc., 5.45% Preferred, Series AA 56,265 58,776


300,000 Bell Aliant Regional Communications LP, Callable 4.72% 09/26/2011 311,774 312,660

500,000 Bell Canada 4.85% 06/30/2014 511,790 521,865 140,000 Bell Canada 5% 02/15/2017 141,637 142,997

USD 296,000 Digicel Group Ltd. 12% 04/01/2014 364,775 353,358 1,070,000 France Telecom SA 4.95% 06/23/2011 1,094,015 1,100,163

TELECOMMUNICATION SERVICES (6.7%) (cont’d)700,000 France Telecom SA 5.5% 06/23/2016 733,600 740,992

USD 29,000 GeoEye Inc. 9.625% 10/01/2015 30,328 31,437 USD 633,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 763,377 725,164 USD 250,000 Intelsat Subsidiary Holding Co., Ltd.

8.875% 01/15/2015 273,310 272,347 USD 1,658,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 1,844,721 1,815,082 USD 1,053,000 NII Holdings Inc. 3.125% 06/15/2012 974,980 985,063 USD 521,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 603,608 557,810

350,000 Rogers Wireless Inc. 7.625% 12/15/2011 378,315 386,158 USD 900,000 Rogers Wireless Inc. 8% 12/15/2012 1,069,940 990,086 USD 100,000 Sprint Nextel Corp. 8.375% 08/15/2017 107,314 106,530 USD 876,000 Wind Acquisition Finance SA

11.75% 07/15/2017 1,030,557 1,057,473 11,035,810 10,934,339

CONSUMER STAPLES (4.8%) USD 898,000 Alliance One International Inc.

10% 07/15/2016 980,753 992,693 USD 136,000 Alliance One International Inc., 144A

10% 07/15/2016 144,301 150,341 USD 99,000 Constellation Brands Inc. 7.25% 05/15/2017 108,572 105,465 USD 280,000 Constellation Brands Inc. 8.125% 01/15/2012 311,632 299,783 USD 133,000 Constellation Brands Inc., Senior Notes

7.25% 09/01/2016 142,597 141,685 USD 647,000 Cott Beverages USA Inc. 8% 12/15/2011 707,327 688,383

60,000 George Weston Ltd. 7.1% 02/05/2032 57,954 61,595 USD 766,000 Ingles Markets Inc. 8.875% 05/15/2017 846,957 840,623

570,000 Loblaw Cos. Ltd. 6% 03/03/2014 622,200 622,092 120,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 107,558 110,598 250,000 Loblaw Cos. Ltd. 6.45% 02/09/2028 243,316 242,042 480,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 520,839 508,507 560,000 Metro Inc. 5.97% 10/15/2035 499,183 519,204 845,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 862,086 873,164 USD 287,000 The Mosaic Co. 7.375% 12/01/2014 350,775 326,156

108,000 Viterra Inc. 8% 04/08/2013 112,688 110,578 1,191,000 Viterra Inc. 8.5% 08/01/2017 1,197,721 1,191,524

7,816,459 7,784,433 HEALTH CARE (4.4%)

USD 840,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 699,346 690,250 USD 681,000 Apria Healthcare Group Inc.

11.25% 11/01/2014 780,704 783,798 USD 325,000 Apria Healthcare Group Inc.

12.375% 11/01/2014 350,665 371,449 USD 672,000 Axcan Intermediate Holdings Inc.

9.25% 03/01/2015 801,955 759,050 USD 494,000 Biomet Inc. 10% 10/15/2017 591,608 563,281 USD 93,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 108,356 103,305 USD 94,000 Boston Scientific Corp. 6.25% 11/15/2015 103,460 101,396 USD 340,000 Boston Scientific Corp., Senior Notes

6.4% 06/15/2016 372,595 368,572 USD 100,000 HCA Inc. 6.5% 02/15/2016 96,219 95,020 USD 200,000 HCA Inc. 7.875% 02/15/2020 214,332 214,933 USD 131,000 HCA Inc. 8.5% 04/15/2019 151,286 146,567

– 261 –– 261 –– 261 –






HEALTH CARE (4.4%) (cont’d)USD 1,372,000 HCA Inc., Callable 9.125% 11/15/2014 1,565,562 1,520,348 USD 720,000 Inverness Medical Innovations Inc.

9% 05/15/2016 802,501 766,052 USD 99,000 Province Healthcare Co. 7.5% 06/01/2013 111,808 101,861 USD 163,000 Skilled Healthcare Group Inc. 11% 01/15/2014 204,901 180,624 USD 416,000 United Surgical Partners International Inc.

8.875% 05/01/2017 446,151 437,597 7,401,449 7,204,103

UTILITIES (2.9%) USD 460,000 AES Corp., Callable 8.75% 05/15/2013 548,628 501,734

370,000 BC Gas Inc., Callable 8% 04/19/2040 389,518 379,198 870,000 Brookfield Renewable Power Inc.

4.65% 12/16/2009 874,976 872,419 310,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 291,525 287,494 160,000 Fortis Inc. 7.4% 10/25/2010 173,001 169,826 340,000 Hamilton Utilities Corp. 6.25% 07/30/2012 376,758 369,366

USD 345,000 Intergen NV 9% 06/30/2017 379,992 380,456 1,090,000 Reliance LP 7.3% 04/03/2013 1,068,712 1,097,347

610,000 Terasen Gas Inc. 6% 10/02/2037 652,527 667,432 4,755,637 4,725,272

GOVERNMENT BONDS (2.4%) 625,000 Canadian Government Bond

3% 06/01/2014* 639,738 639,662 325,000 Canadian Government Bond

3.75% 06/01/2012* 342,566 342,144 600,000 Canadian Government Bond

3.75% 09/01/2011* 635,699 628,188 1,445,000 Canadian Government Bond

4% 06/01/2016 1,541,730 1,548,173 615,000 Canadian Government Bond

4.5% 06/01/2015* 678,401 674,452 3,838,134 3,832,619

INFORMATION TECHNOLOGY (2.2%) USD 303,000 Agilent Technologies Inc. 6.5% 11/01/2017 316,003 337,592 USD 493,000 CEVA Group PLC 10% 09/01/2014 420,087 469,770 USD 211,000 First Data Corp. 9.875% 09/24/2015 174,040 208,682 USD 915,000 Hughes Network Systems LLC

9.5% 04/15/2014 1,053,333 984,545 USD 845,000 Nortel Networks Corp. 10.75% 07/15/2016 327,210 520,203

600 Nortel Networks Corp., Preferred, Series F 75 75 470,000 Thomson Reuters Corp. 5.7% 07/15/2015 514,946 518,288 440,000 Thomson Reuters Corp. 6% 03/31/2016 484,091 492,307

3,289,785 3,531,462

PRIVATE PLACEMENTS (1.8%) USD 281,000 CCS Inc., Private Placement 11% 11/15/2015^ 198,880 228,649 USD 460,000 Cie Gen Geophysique, Private Placement

9.5% 05/15/2016^ 536,507 520,819 USD 403,000 Connacher Oil and Gas Ltd., Private Placement

11.75% 07/15/2014^ 457,045 457,309 USD 76,475 Dow Jones CDX HY, T4 Series 3-4,

Private Placement 10.5% 12/29/2009^ 85,278 78,399 USD 498,000 Goldcorp Inc., Private Placement

2% 08/01/2014^ 560,452 591,835 USD 561,000 JBS USA LLC, 144A Private Placement

11.625% 05/01/2014^ 614,898 645,684 USD 208,000 Maple Leaf Foods Inc., Private Placement

5.21% 12/08/2011^ 211,368 211,561 USD 19,000 Qwest Corp., Private Placement

8.375% 05/01/2016^ 21,816 21,054 USD 87,000 US Oncology Holdings Inc., Private Placement

9.125% 08/15/2017^ 99,456 98,037 2,785,700 2,853,347

ASSET BACKED (0.6%) 500,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 351,471 345,920 360,000 CCIC 2006-WEM MBS A2 4.934% 01/15/2022 274,858 302,281 290,000 Merrill Lynch Financial Assets Inc.

5.47% 06/12/2035 274,277 284,887 900,606 933,088


Total Bonds (87.5%) 140,885,040 141,791,270




Other Assets (net) (11.9%) 19,516,646

Total Net Assets (100.0%) 162,293,538


– 262 –– 262 –– 262 –– 262 –






1 UBS Warburg NY A-1 0.90 10-Dec-09 (305,000) Australian $ 273,117 Canadian $ (13,176)1 UBS Warburg NY A-1 1.81 06-Oct-09 (156,000) British Pound 282,168 Canadian $ 15,277 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (1,062,000) US $ 1,151,112 Canadian $ 14,164 1 Royal Bank of Canada A-1+ 1.07 12-Nov-09 (1,477,000) US $ 1,581,010 Canadian $ (212)1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (1,490,000) US $ 1,624,532 Canadian $ 29,371 1 UBS Warburg NY A-1 1.09 12-Nov-09 (1,490,000) US $ 1,624,249 Canadian $ 29,088 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,297,000) US $ 2,508,014 Canadian $ 48,893 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,746,000) US $ 3,045,122 Canadian $ 105,276 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (3,219,000) US $ 3,556,496 Canadian $ 110,270 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (3,534,000) US $ 3,846,300 Canadian $ 62,882 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (400,000) US $ 433,540 Canadian $ 5,311 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (5,174,000) US $ 5,631,692 Canadian $ 92,528 1 UBS Warburg NY A-1 1.09 12-Nov-09 (6,311,000) US $ 6,869,839 Canadian $ 113,429 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (6,875,000) US $ 7,480,619 Canadian $ 120,405 1 Morgan Stanley A-1 1.09 12-Nov-09 (7,337,000) US $ 7,979,538 Canadian $ 124,721 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (7,431,000) US $ 8,082,847 Canadian $ 127,395



– 263 –

Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesX Shares


A SharesF SharesI SharesX Shares









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesX Shares



141,791 61,96018,810 384

- -- -- -- -

999 -- -- -

1,264 470288 -

- -2,610 -

165,762 62,814

- -- -- -

13 -- -

3,272 16176 75

- -- -- -

107 973,468 333

162,294 62,481

140,885 66,379- -

104,619 47,3696,261 1,330

38,210 13,78213,204 -

12.35 10.9212.27 10.8111.18 9.7810.26 -

8,472,660 4,339,150510,231 122,978

3,416,885 1,408,7531,287,276 -

1 -3,329 5

- -- -

1,420 976- -- -

4,750 981

737 27386 28

- -10 2441 15

874 3403,876 641

- -3,876 641

2,910 (121)(84) (2)

- -- -

6,311 (1,030)9,137 (1,153)

13,013 (512)

9,082 (463)445 (11)

3,153 (38)333 -

1.35 (0.20)1.35 (0.12)1.34 (0.07)0.26 -


2009 2008


as at as at


– 264 –

Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)














X SharesNet assets, beginning of periodCapital transactions








47,369 26,086

42,108 4,125- -

(6,849) (2,778)12,909 (456)

- -48,168 891

- -- -- -- -

9,082 (463)104,619 26,514

1,330 1,104

4,928 -- -

(399) (256)(43) 63

- -4,486 (193)

- -- -- -- -

445 (11)6,261 900

13,782 3,637

17,056 303- -

(697) (299)4,916 2,326

- -21,275 2,330

- -- -- -- -

3,153 (38)38,210 5,929

- -

10 -- -

(154) -- -

13,015 -12,871 -

- -- -- -- -

333 -13,204 -

62,481 30,827

64,102 4,428- -

(8,099) (3,333)17,782 1,93313,015 -86,800 3,028

- -- -- -- -

13,013 (512)162,294 33,343


2009 2008


2009 2008


– 265 –


2009 2008


2,754 -2,809 -


2009 2008


- -- -

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






X SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Shares issued on fund merger (Note 1)Balance, end of period


2009 2008

4,339,150 2,224,5423,601,211 351,295

- -(582,602) (236,230)

1,114,901 (38,559)- -

8,472,660 2,301,048

122,978 95,573424,478 -

- -(34,018) (21,968)

(3,207) 5,458- -

510,231 79,063

1,408,753 354,1761,608,059 29,525

- -(65,082) (28,976)465,155 226,073

- -3,416,885 580,798

- -1,000 -

- -(15,260) -

- -1,301,536 -1,287,276 -

Annual management fee rateA SharesF SharesI SharesX Shares

Annual fixed administration fee rateA SharesF SharesI SharesX Shares

1.700.85


0.200.20

-0.20


2009




X SharesNet assets per shareSection 3855 adjustment per shareNet asset value per share


2009 2008

12.35 11.52- -

12.35 11.52

12.27 11.38- -

12.27 11.38

11.18 10.21- -

11.18 10.21

10.26 -- -

10.26 -

– 266 –

Portfolio Breakdown of Signature Corporate Bond Fundas at March 31, 2009


Corporate Bonds ..................................................................................................................... 88.4Short Term Investments .......................................................................................................... 7.6Government Bonds .................................................................................................................. 2.2Other Assets ........................................................................................................................... 1.6Preferred Shares ..................................................................................................................... 0.1Cash & Equivalents ................................................................................................................. 0.1


Other Price RiskThe Fund is invested in fixed income securities and their market risk exposure will be discussed inthe following sections.

Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as appli-cable, with the following credit ratings, as per tables below:



At March 31, 2009, the Fund was exposed to indirect credit risk of the Underlying Fund.



Credit Rating^ (%)AAA/Aaa/A++ 6.7AA/Aa/A+ 14.3A 28.2BBB/Baa/B++ 22.8BB/Ba/B+ 11.6B 8.3CCC/Caa/C++ 2.2Not Rated 4.2Total 98.3



Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



Currency Risk

The table below summarizes the Fund's exposure to currency risk, net of derivative instruments, asapplicable.


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (54,435) 8,846 5.5Australian Dollar (288) 85 0.1British Pound (267) 72 0.1 Total (54,990) 9,003 5.7

At March 31, 2009, the Fund was exposed to indirect credit risk of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.


AssetsCurrency (%)US Dollar 4.9Australian Dollar 0.1Total 5.0

As at September 30, 2009, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $900,000 (March 31,2009 - $310,000). In practice, the actual results may differ from this analysis and the differencemay be material.

Interest Rate RiskThe table below summarizes the Fund's exposure to interest rate risk, categorized by the contrac-tual maturity date.



At March 31, 2009, the Fund was exposed to indirect interest rate risk of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.






23,511 25,098 27,237 84,696 160,542



78,173 156,716 157,450 354,393 746,732

– 267 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



FINANCIALS (60.3%) 48,983 5Banc Split Inc., 4.75 % Preferred, Series B 482,519 491,789

7,400 Allianz AG, Registered Shares* 741,720 991,420173,900 AMP Ltd. 783,941 1,067,768244,940 AXA Asia Pacific Holdings Ltd. 1,081,778 1,006,498202,100 Bank of America Corp. 2,821,482 3,648,147

USD 1,570,000 Bank of America Corp.,Callable 8% 01/30/2049 1,056,385 1,494,510

48,100 Bank of Montreal4.5% Preferred, Series 13 1,129,588 998,556

64,400 Bank of Montreal5.2% Preferred, Series 16 1,592,333 1,675,044

84,900 Bank of Montreal 5.25% Preferred 2,000,876 1,951,00244,100 Bank of Montreal 5.4% Preferred,

Series 23 1,105,944 1,162,03568,000 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 2,096,946 1,878,35239,800 Bank of New York Mellon Corp. 1,269,256 1,235,32183,200 Bank of Nova Scotia†† 3,596,518 4,065,984

100,900 Bank of Nova Scotia 4.5% Preferred,Series 14†† 2,367,961 2,074,504

43,000 Bank of Nova Scotia 5% Preferred,Series 20†† 1,055,898 1,111,980

81,300 Bank of Nova Scotia 5.25% Preferred†† 1,941,738 1,932,50150,300 Bank of Nova Scotia 5.6% Preferred,

Series 17†† 1,220,532 1,263,03329,500 Bank of Nova Scotia, 4.8% Preferred,

Series 13†† 705,683 640,445GBP 220,000 Barclays Bank PLC 14% 06/15/2019 411,932 481,750

54,200 Brookfield Asset Management Inc.,4.75% Preferred 1,215,084 998,364

11,000 Brookfield Asset Management Inc.,7% Preferred 278,995 292,160

23,300 Brookfield Asset Management Inc.,Class A 510,200 567,821

2,900 Brookfield Asset Management Inc.,Preferred, Series 11 76,567 74,559

67,400 Brookfield Asset Management Inc.,Preferred, Series 12 1,733,345 1,720,048

112,400 Brookfield Asset Management Inc.,Preferred, Series 2 2,378,270 1,498,292

30,700 Brookfield Asset Management Inc.,Preferred, Series 4 654,495 404,626

64,700 Brookfield Financial Corp.,Preferred, Series 13 1,365,170 858,569

30,280 Brookfield Properties Corp. (USD) 318,525 365,04284,200 Brookfield Properties Corp., 5.2%

Preferred, Series I 2,099,665 2,089,00266,500 Brookfield Properties Corp., 5.2%

Preferred, Series K 1,570,646 1,448,37045,200 Brookfield Properties Corp., 5.25%

Preferred, Series G (USD) 1,275,527 1,017,71585,800 Brookfield Properties Corp., 5.75%

Preferred, Series H 2,075,696 1,944,228

FINANCIALS (60.3%) (cont’d)78,800 Brookfield Properties Corp., 6%

Preferred, Series F 2,008,846 1,935,32828,800 Canadian General Investment Ltd.,

3.9% Preferred, Series 3 705,768 712,80092,500 Canadian Imperial Bank of Commerce 5,898,470 6,039,32585,900 Canadian Imperial Bank of Commerce,

4.7% Preferred, Series 31 2,019,155 1,753,21957,700 Canadian Imperial Bank of Commerce,

4.8% Preferred, Series 30, Class A 1,371,911 1,191,50542,300 E-L Financial Corp. Ltd., 4.75%

Preferred, Series 2 10/17/2011 983,553 774,51335,100 E-L Financial Corp., Ltd., 5.30%

Preferred, Series 1 10/17/2009 851,832 712,1792,100 Fairfax Financial Holdings Ltd.,

Sub-Voting Shares 786,559 834,87662,700 Genworth MI Canada Inc. 1,192,526 1,504,80049,100 Great-West Lifeco Inc.* 854,086 1,304,09635,800 Great-West Lifeco Inc.,

4.5% Preferred, Series I* 786,998 685,92846,900 Great-West Lifeco Inc.,

4.8% Preferred, Series E 1,278,188 1,252,23055,200 Great-West Lifeco Inc.,

4.85% Preferred, Series H 1,294,139 1,137,67210,900 Great-West Lifeco Inc.,

5.2% Preferred, Series G* 265,272 243,50640,700 HSBC Bank Canada,

5% Preferred, Series D 988,249 875,05086,400 HSBC Bank Canada,

5.1% Preferred, Series 5 2,123,629 1,922,40075,200 HSBC Holdings PLC 596,082 920,68554,400 Industrial Alliance Insurance and

Financial Inc., 4.6% Preferred 1,272,020 1,067,87261,806 Intact Financial Corp. 1,624,027 2,092,75138,400 JP Morgan Chase & Co. 1,546,078 1,799,10759,200 Lincoln National Corp. 1,769,828 1,634,004

203,900 Manulife Financial Corp. 3,979,301 4,587,75082,300 Manulife Financial Corp.,

4.65% Preferred, Series 2, Class A 1,917,417 1,622,956300,000 MI Developments Inc. 6.05% 12/22/2016 297,540 231,078200,000 Morgan Stanley, FRN 0.65429% 02/23/2012 199,646 186,004

31,100 National Bank of Canada,4.85% Preferred, Series 16 747,712 666,784

43,000 National Bank of Canada,5.375% Preferred, Series 21 1,060,740 1,120,580

19,300 PNC Financial Services Group Inc. 812,617 1,002,18425,059 Power Corp. of Canada 603,187 733,72811,400 Power Financial Corp.,

4.7% Preferred, Series J* 302,822 299,82063,300 Power Financial Corp.,

4.95% Preferred, Series K 1,558,844 1,357,78583,700 Power Financial Corp.,

5.1% Preferred, Series L 2,008,596 1,880,73913,200 Power Financial Corp.,

5.9% Preferred, Series F 321,466 331,056




– 268 –




FINANCIALS (60.3%) (cont’d)43,500 Power Financial Corp.,

6% Preferred, Series M 6% 01/31/2014 1,091,589 1,176,67565,200 Premium Income Corp., 5.75% Preferred 1,007,980 978,000

108,400 Principal Financial Group Inc. 2,291,137 3,171,885101,200 Prudential PLC 581,090 1,041,452

68,600 Royal Bank of Canada 4.45%Preferred, Series AA 1,617,773 1,394,638

21,900 Royal Bank of Canada 4.5% Series AG 477,230 449,60751,600 Royal Bank of Canada 4.6%

Preferred, Series AC 1,225,017 1,078,44085,900 Royal Bank of Canada 4.7%

Preferred, Series AB 2,047,047 1,815,067500 Royal Bank of Canada 4.9%

Preferred, Series W 12,391 11,325500,000 Royal Bank of Scotland,

Callable 5.37% 05/12/2049 470,195 282,50064,650 Sun Life Financial Inc., 4.45%

Preferred, Series 4 1,454,810 1,205,72258,800 Sun Life Financial Inc., 4.75%

Preferred, Series 1, Class A* 1,366,500 1,193,6404,100 TMX Group Inc. 135,803 146,657

51,700 Toronto-Dominion Bank 2,773,238 3,580,22583,600 Toronto-Dominion Bank 4.85%

Preferred, Series O 2,026,939 1,868,46043,100 Toronto-Dominion Bank 5%

Preferred, Series S 1,063,110 1,116,29039,600 Toronto-Dominion Bank 5%

Preferred., Series AA* 978,966 1,020,09642,000 Toronto-Dominion Bank 5.25%

Preferred, Series P 980,904 989,94010,100 Toronto-Dominion Bank Class A,

Preferred, Series R 244,553 251,2882,280 Unibail 431,408 506,905

43,000 Wells Fargo & Co. 1,108,249 1,293,669USD 310,000 Wells Fargo & Co. 7.98% 02/28/2049 281,042 302,031USD 350,000 Wells Fargo Capital 7.7% 12/29/2049 332,975 329,761

111,042,265 112,068,018TELECOMMUNICATION SERVICES (11.3%)

51,400 AT&T Inc. 1,816,570 1,483,65071,100 BCE Inc. 2,091,241 1,876,329

130,700 BCE Inc., 4.4% Preferred, Series AF 16 2,919,178 2,449,31840,200 BCE Inc., 4.486% Preferred,

Class H, Series 18 913,882 701,4908,100 BCE Inc., 5.45% Preferred, Series AA 186,727 153,576

116,000 BCE Inc., 5.55% Preferred, Series 19 2,673,000 2,133,240125,800 BCE Inc., Preferred, Series AB 2,922,550 2,327,30052,839 France Telecom SA* 1,421,716 1,506,729

111,425 Manitoba Telecom Services Inc.* 4,007,593 3,711,567115,400 TELUS Corp., Non-Voting Shares 4,423,879 3,830,126316,600 Vodafone Group PLC 951,382 759,149

24,327,718 20,932,474

ENERGY (5.3%) 22,200 Canadian Oil Sands Trust 586,912 682,65048,200 CU Inc., 4.60% Series 1 1,127,453 964,00019,400 Imperial Oil Ltd. 770,323 790,55013,670 Nexen Inc. 379,725 332,72836,900 Spectra Energy Corp. 831,683 747,07956,119 Suncor Energy Inc. 1,911,873 2,098,85197,006 Talisman Energy Inc. 1,517,042 1,807,22271,900 TransCanada Corp.* 2,484,518 2,399,303

9,609,529 9,822,383UTILITIES (4.2%)

300,000 Canadian Utilities Ltd. 10.2% 11/30/2009 364,389 304,17653,300 Fortis Inc., 4.9% Preferred 1,268,382 1,148,61586,700 Fortis Inc., 4.9% Preferred, Series E,

Callable/Convertible 2,274,046 2,314,02334,500 Fortis Inc., 5.45% Preferred, Series C 934,864 915,97510,200 Gaz de France 472,082 484,230

247,426 Snam Rete Gas SpA 1,134,691 1,284,13460,700 TransAlta Corp.* 2,002,342 1,322,046

8,450,796 7,773,199CONSUMER STAPLES (3.9%)

22,694 British American Tobacco PLC 780,665 761,78635,966 Diageo PLC 766,769 590,41932,500 Loblaw Cos. Ltd., 5.95%

Preferred, Series A 725,839 869,70040,660 Nestle SA, Registered Shares 1,575,976 1,854,503

7,000 PepsiCo Inc. 435,533 439,63114,200 Phillip Morris International Inc. 646,911 739,4878,600 Procter & Gamble Co. 562,549 532,476

46,700 Unilever NV* 1,405,430 1,438,8656,899,672 7,226,867

INDUSTRIALS (3.3%) 15,600 Bombardier Inc., Preferred, Class B 269,099 196,87252,100 Tyco International Ltd. 1,617,251 1,923,32829,000 United Parcel Service Inc., Class B 1,812,588 1,750,84839,900 Waste Management Inc. 1,284,798 1,271,74510,100 WW Grainger Inc. 972,891 965,221

5,956,627 6,108,014HEALTH CARE (2.6%)

65,300 Eli Lilly and Co. 2,717,566 2,307,84821,000 Johnson & Johnson 1,446,523 1,367,234

6,800 Roche Holding AG 1,138,493 1,176,2305,302,582 4,851,312

CONSUMER DISCRETIONARY (2.1%) 475,000 Canadian Tire Corp., Ltd.

5.22% 10/01/2010 474,924 492,76059,000 Koninklijke Philips Electronics NV 1,318,246 1,538,20699,100 Tesco PLC 747,009 677,35035,400 Thomson Corp. 1,265,256 1,270,860

3,805,435 3,979,176INFORMATION TECHNOLOGY (1.3%)

88,200 Microsoft Corp. 2,232,604 2,434,445



– 269 –– 269 –



MATERIALS (1.2%) 15,130 Cameco Corp. 500,799 449,51228,500 CRH PLC (Dublin Listed) 783,493 847,02911,600 Praxair Inc. 962,701 1,013,809

2,246,993 2,310,350



Short Term Notes (2.2%) 4,000,000 4,000,000





Total Net Assets (100.0%) 185,746,685

Principal amounts stated in:GBP British Pound USD U.S. Dollar





1 UBS Warburg NY A-1 0.90 10-Dec-09 (876,000) Australian $ 784,427 Canadian $ (37,844)1 UBS Warburg NY A-1 1.81 06-Oct-09 (2,891,000) British Pound 5,229,154 Canadian $ 283,112 1 Morgan Stanley A-1 1.55 06-Oct-09 (1,160,000) Euro 1,795,488 Canadian $ (21,957)1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (647,000) Euro 1,001,304 Canadian $ (12,392)1 UBS Warburg NY A-1 1.01 10-Dec-09 (1,263,000) Swiss Franc 1,279,324 Canadian $ (26,259)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,735,000) US $ 1,895,401 Canadian $ 37,945 1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (1,868,000) US $ 2,033,075 Canadian $ 33,238 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (2,735,000) US $ 2,976,938 Canadian $ 48,911 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (2,914,000) US $ 3,231,422 Canadian $ 111,717 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (3,027,000) US $ 3,344,366 Canadian $ 103,693 1 UBS Warburg NY A-1 1.09 12-Nov-09 (3,335,000) US $ 3,630,314 Canadian $ 59,941 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (3,634,000) US $ 3,954,119 Canadian $ 63,644 1 Morgan Stanley A-1 1.09 12-Nov-09 (3,878,000) US $ 4,217,616 Canadian $ 65,922 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (3,927,000) US $ 4,271,476 Canadian $ 67,324



– 270 –

Signature Dividend Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



177,506 120,993518 557

4,000 11,000- -

2,097 2,097- -

875 642- -- -

516 371358 744

- -560 454

186,430 136,858

- -- -- -

98 744- -

188 -358 231

- -- -- -

39 33683 1,008

185,747 135,850

179,718 159,215- -

166,148 123,6476,778 4,6837,403 5,0142,197 1,386

6 43,150 1,055

65 61

14.32 10.9114.92 11.3411.07 8.368.81 6.869.66 7.518.13 6.429.04 7.12

11,604,559 11,329,852454,225 412,902669,061 599,695249,437 201,969

578 582387,592 164,346

7,213 8,535


as at as at



as at as at


– 271 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares















3,807 3,557158 32415 38

- -- -- -

(125) (170)3,855 3,749

1,176 1,245159 168

- 136 1167 71

1,438 1,4962,417 2,253

- -2,417 2,253

3,872 (2,847)(79) (91)

(134) (110)- -

36,890 (8,714)40,549 (11,762)42,966 (9,509)

38,933 (8,862)1,520 (339)1,518 (133)

469 (88)2 (1)

504 (81)20 (5)

3.39 (0.78)3.57 (0.72)2.67 (0.49)2.08 (0.65)2.35 (0.53)1.83 (0.67)2.33 (0.51)

123,647 161,729

15,793 11,157- -

(12,381) (12,834)156 (5,095)

3,568 (6,772)

- -- -- -- -

38,933 (8,862)166,148 146,095

4,683 7,332

509 415- -

(624) (1,225)690 (301)575 (1,111)

- -- -- -- -

1,520 (339)6,778 5,882

5,014 2,938

2,027 -- -

(1,768) (85)612 (39)871 (124)

- -- -- -- -

1,518 (133)7,403 2,681


2009 2008


2009 2008


– 272 –





















61 85

18 -- -

(31) -- -

(13) -

- -- -

(3) (3)(3) (3)20 (5)65 77

135,850 173,780

20,276 12,456- -

(14,916) (14,220)1,694 (5,103)7,054 (6,867)

- -- -

(123) (85)(123) (85)

42,966 (9,509)185,747 157,319

1,386 959

410 305- -

(16) (8)(11) 163383 460

- -- -

(41) (34)(41) (34)

469 (88)2,197 1,297

4 6

- -- -- -- -- -

- -- -- -- -2 (1)6 5

1,055 731

1,519 579- -

(96) (68)247 169

1,670 680

- -- -

(79) (48)(79) (48)

504 (81)3,150 1,282




2009 2008



2009 2008

– 273 –

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

11,329,852 11,591,8351,214,850 792,796

- -(957,609) (918,935)

17,466 (365,016)11,604,559 11,100,680

412,902 508,30537,752 28,483

- -(47,047) (84,887)50,618 (20,734)

454,225 431,167

599,695 279,753199,671 -

- -(192,933) (7,896)

62,628 (3,624)669,061 268,233

201,969 103,39850,687 32,560

- -(1,978) (831)(1,241) 17,064

249,437 152,191

582 592- -- -

(4) (5)- -

578 587

164,346 81,204205,009 65,699

- -(12,199) (7,917)30,436 18,615

387,592 157,601

8,535 8,5352,104 -

- -(3,426) -

- -7,213 8,535









2009 2008

14.32 13.160.03 0.05

14.35 13.21

14.92 13.640.04 0.05

14.96 13.69

11.07 9.990.02 0.04

11.09 10.03

8.81 8.530.02 0.038.83 8.56

9.66 9.300.02 0.039.68 9.33

8.13 8.130.02 0.038.15 8.16

9.04 8.990.02 0.039.06 9.02

– 274 –

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


10,463 10,93210,673 11,681


2009 2008


132 1076 8

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

1.501.00


0.200.20

-0.200.200.200.20


2009

– 275 –



Financials ................................................................................................................................ 57.6Telecommunication Services .................................................................................................. 9.3Short Term Investments .......................................................................................................... 8.1Energy ..................................................................................................................................... 4.9Consumer Staples ................................................................................................................... 4.5Utilities .................................................................................................................................... 4.2Materials ................................................................................................................................. 3.6Other Assets ........................................................................................................................... 2.4Health Care ............................................................................................................................. 1.8Information Technology .......................................................................................................... 1.8Consumer Discretionary .......................................................................................................... 0.8Industrials ............................................................................................................................... 0.7Cash & Equivalents ................................................................................................................. 0.3

During the six-month period the Fund’s exposure to other price risk, credit risk and currency riskchanged significantly as disclosed in the section below. For details relating to interest rate risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tointerest rate risk remains unchanged.

Other Price RiskThe Fund is invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.




Credit Rating^ (%)AAA/Aaa/A++ 2.2AA/Aa/A+ 1.7A 25.0BBB/Baa/B++ 11.1BB/Ba/B+ 5.2B 1.1Not Rated 0.5Total 46.8

Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 2.2 A 29.6 BBB/Baa/B++ 10.8 BB/Ba/B+ 3.9 B 0.1 Not Rated 5.7 Total 56.7





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (28,964) 7,201 3.9Euro (2,831) 5,774 3.1Swiss Franc (1,305) 1,726 0.9Australian Dollar (827) 1,270 0.7British Pound (4,946) 322 0.2 Total (38,873) 16,293 8.8


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (13,473) 2,575 1.9 British Pound (2,840) 2,560 1.9 Australian Dollar (1,095) 675 0.5 Euro (1,499) 576 0.4 Swiss Franc (1,319) 359 0.3 Total (20,226) 6,745 5.0


– 276 –

Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)



CORPORATE BONDS (43.9%) USD 886,000 Ace Cash Express Inc. 10.25% 10/01/2014 881,072 635,561

522,000 Advantage Energy Income Fund,Convertible 7.5% 10/01/2009 522,249 521,530

USD 1,999,000 AES Corp., Callable 8.75% 05/15/2013 2,081,921 2,180,363 USD 671,000 Agilent Technologies Inc. 6.5% 11/01/2017 630,272 747,604 USD 1,600,000 Alliance One International Inc.

10% 07/15/2016 1,757,574 1,768,718 USD 298,000 Alliance One International Inc.,

144A 10% 07/15/2016 316,190 329,424 USD 975,000 Amylin Pharmaceuticals Inc. 3% 06/15/2014 811,758 801,183 USD 1,350,000 Apria Healthcare Group Inc.

11.25% 11/01/2014 1,491,309 1,553,784 USD 300,000 Apria Healthcare Group Inc.

12.375% 11/01/2014 323,691 342,876 USD 1,278,852 Aramark Corp., Term Loan,

Private Placement 7.47% 01/27/2014^ 1,512,413 1,282,857 USD 1,525,000 Ashland Inc. 9.125% 06/01/2017 1,726,373 1,747,037

2,676,000 Athabasca Oil Sands Corp. 13% 07/30/2011 2,679,511 2,836,560 USD 1,011,000 Axcan Intermediate Holdings Inc.

9.25% 03/01/2015 1,048,521 1,141,963 USD 1,251,000 Baker & Taylor Inc. 11.5% 07/01/2013 1,276,332 532,406 GBP 1,070,000 Barclays Bank PLC 14% 06/15/2019 2,005,094 2,343,056

350,000 Baytex Energy Trust 9.15% 08/26/2016 350,000 369,372 USD 1,605,000 Biomet Inc. 10% 10/15/2017 1,647,615 1,830,093 USD 281,000 Bio-Rad Laboratories Inc. 8% 09/15/2016 319,263 312,135 USD 27,000 Blockbuster Inc. 11.75% 10/01/2014 27,077 27,173 USD 497,000 Boston Scientific Corp. 6.25% 11/15/2015 469,937 536,105 USD 897,000 Boston Scientific Corp., Senior Notes

6.4% 06/15/2016 857,149 972,380 917,400 Bowater Inc. 10.85% 11/30/2014 1,039,065 188,104

1,274,000 Bragg Communication Inc., Loan,Private Placement 7.53% 08/31/2014^ 1,274,000 1,251,705

750,000 Calloway REIT 10.25% 04/14/2014 750,000 855,870 400,000 Canadian Utilities Ltd. 10.2% 11/30/2009 485,852 405,568 500,000 Canadian Western Bank 5.55% 11/19/2014 498,893 501,431

USD 832,702 CanWest MediaWorks Inc. 8% 09/15/2012 965,993 699,854 USD 1,184,000 Cascades Inc., Callable 7.25% 02/15/2013 1,179,150 1,242,299 USD 1,100,000 CB Richard Ellis Services Inc.

11.625% 06/15/2017 1,210,509 1,244,989 USD 1,158,000 CCS Inc., Private Placement

11% 11/15/2015^ 1,045,405 942,260 USD 1,407,000 CEVA Group PLC 10% 09/01/2014 1,430,131 1,340,703 USD 1,030,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,219,733 1,160,667 USD 800,000 Cie Gen Geophysique, Private Placement

9.5% 05/15/2016^ 873,006 905,772 720,000 CIT Group Holdings Inc. 4.72% 02/10/2011 719,712 469,253 600,000 Citigroup Finance Canada Inc.

4.37% 02/03/2011 588,498 601,014 USD 2,107,490 Clarketerm, Private Placement

7.84% 06/30/2014^ 2,404,424 1,896,777 USD 818,000 Clondalkin Group, 144A FRN

2.299% 12/15/2013 805,204 713,772 USD 1,582,000 Connacher Oil and Gas Ltd.

10.25% 12/15/2015 1,574,134 1,380,424

CORPORATE BONDS (43.9%) (cont’d)USD 708,000 Connacher Oil and Gas Ltd.,

Private Placement 11.75% 07/15/2014^ 731,649 803,412 USD 352,000 Constellation Brands Inc. 7.25% 05/15/2017 370,600 374,985 USD 350,000 Constellation Brands Inc. 8.125% 01/15/2012 357,427 374,728 USD 427,000 Continental Resources Inc. 8.25% 10/01/2019 462,563 469,741 USD 1,110,793 Corral Finans AB,

FRN 144A 2.00938% 04/15/2010 1,201,087 998,989 USD 1,210,000 Cott Beverages USA Inc. 8% 12/15/2011 1,271,618 1,287,393 USD 987,000 Couche-Tard Finance Corp.,

Callable 7.5% 12/15/2013 1,162,193 1,068,622 USD 290,000 CSC Holdings Inc. 8.5% 04/15/2014 341,084 326,014 USD 1,785,000 Dollar General Corp. 2.875% 06/30/2027 1,210,900 1,562,336 USD 921,000 Dollarama Group LP 8.875% 08/15/2012 986,154 1,008,257 USD 706,000 Dollarama Group LP, FRN 7.4675% 08/15/2012 784,087 703,936 USD 278,000 Domtar Corp. 10.75% 06/01/2017 296,255 333,358 USD 107,000 Domtar Inc. 7.875% 10/15/2011 113,467 118,426 USD 1,216,250 Dow Jones CDX HY,

144A Private Placement 6.75% 06/29/2012^ 1,321,520 1,224,050 USD 83,183 Dow Jones CDX HY, T4 Series 3-4,

Private Placement 10.5% 12/29/2009^ 129,998 85,275 816,000 First Capital Realty Inc.,

144A 5.5% 09/30/2017 811,096 734,400 USD 695,000 First Data Corp. 9.875% 09/24/2015 635,057 687,366 USD 515,000 Flextronics International Ltd. 6.5% 05/15/2013 546,682 537,601 USD 1,674,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 2,017,202 1,984,941 USD 1,196,000 FMG Finance Pty. Ltd. 10% 09/01/2013 1,470,853 1,357,330 USD 303,000 FMG Finance Pty. Ltd. 4.36063% 09/01/2011 335,274 327,652 USD 660,000 Foot Locker Inc. 8.5% 01/15/2022 747,998 667,766 USD 190,000 Ford Motor Credit Co. 8.7% 10/01/2014 199,923 199,264 USD 2,176,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 2,402,727 2,478,260 USD 55,000 GeoEye Inc. 9.625% 10/01/2015 57,519 59,622 USD 2,267,000 Gibson Energy ULC 11.75% 05/27/2014 2,510,429 2,536,391 USD 1,405,000 Goldcorp Inc.,

Private Placement 2% 08/01/2014^ 1,523,635 1,669,736 USD 1,770,000 Goodyear Tire & Rubber Co.

10.5% 05/15/2016 2,059,504 2,056,134 USD 1,282,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 1,431,669 1,303,948 USD 415,228 Great Canadian Gaming Corp.,

Private Placement 4.30375% 02/12/2014^ 443,614 409,000 USD 1,208,000 H&E Equipment Services Inc.

8.375% 07/15/2016 1,336,015 1,183,413 USD 455,000 HCA Inc. 8.5% 04/15/2019 535,930 509,068 USD 1,341,000 HCA Inc., Callable 9.125% 11/15/2014 1,497,864 1,485,996 USD 465,550 HealthSouth Corp.,

Private Placement 8.15% 03/10/2013^ 582,795 480,909 USD 1,063,000 Host Hotels & Resorts Inc.

2.625% 04/15/2027 999,365 1,045,633 USD 1,345,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 1,417,090 1,519,229 USD 1,740,000 Hughes Network Systems LLC

9.5% 04/15/2014 1,945,601 1,872,250 USD 1,383,000 Huntsman International LLC 5.5% 06/30/2016 1,232,747 1,258,605 USD 325,000 Ingles Markets Inc. 8.875% 05/15/2017 374,932 356,661

^Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 277 –




CORPORATE BONDS (43.9%) (cont’d)USD 366,000 Innophos Inc. 8.875% 08/15/2014 406,431 395,777 USD 2,015,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 2,475,738 2,308,380 USD 1,625,000 Intergen NV 9% 06/30/2017 1,752,098 1,792,004 USD 1,000,000 Inverness Medical Innovations Inc.

9% 05/15/2016 1,127,637 1,063,961 1,824,000 Iron Mountain Inc. 7.5% 03/15/2017 1,803,690 1,687,200

USD 2,326,000 Jabil Circuit Inc. 8.25% 03/15/2018 2,408,211 2,527,692 USD 795,000 James River Coal Co. 9.375% 06/01/2012 806,876 825,634 USD 1,061,000 JBS USA LLC, 144A Private Placement

11.625% 05/01/2014^ 1,206,847 1,221,159 USD 5,085,000 JP Morgan Chase & Co.,

FRN Callable 7.9% 04/30/2049 4,676,600 5,227,422 USD 166,000 Kansas City Southern 12.5% 04/01/2016 193,195 196,390 USD 2,085,000 Kansas City Southern de Mexico

9.375% 05/01/2012 2,207,509 2,265,795 USD 240,000 Lender Processing Services Inc.

8.125% 07/01/2016 268,040 267,235 USD 1,365,000 Lincoln National Corp., Callable

7% 05/17/2066 794,142 1,044,930 USD 1,125,000 Lincoln National Corp., Preferred

6.05% 04/20/2067 401,121 813,027 USD 555,000 Maple Leaf Foods Inc.,

Private Placement 5.21% 12/08/2011^ 533,630 564,501 880,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 815,658 887,286

USD 950,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 991,860 1,040,005 USD 1,550,000 MGM Mirage Inc. 5.875% 02/27/2014 1,384,171 1,302,716 USD 602,000 MGM Mirage Inc. 7.5% 06/01/2016 630,003 499,513 USD 719,000 MGM Mirage Inc. 8.5% 09/15/2010 846,571 764,026 USD 259,000 MGM Mirage Inc., 144A 10.375% 05/15/2014 296,403 296,017 USD 1,406,000 Mohegan Tribal Gaming 6.125% 02/15/2013 1,277,366 1,245,667

460,000 Molson Coors Capital Finance Co.,Senior Notes 5% 09/22/2015 447,339 475,332

665,000 Morgan Stanley, FRN 0.65429% 02/23/2012 614,384 618,463 710,000 NAV Canada 4.428% 02/24/2011 711,932 740,594

USD 1,233,000 Neiman Marcus Group Inc.10.375% 10/15/2015 1,392,652 1,128,698

USD 801,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 999,974 1,058,681 USD 490,000 NII Capital Corp. 10% 08/15/2016 520,703 545,604 USD 2,285,000 NII Holdings Inc. 3.125% 06/15/2012 2,040,781 2,137,577 USD 2,233,000 Nortel Networks Corp. 10.75% 07/15/2016 2,096,031 1,374,691

100,000 NOVA Chemicals Corp. 7.85% 08/30/2010 97,000 99,787 USD 402,000 NOVA Chemicals Ltd. 6.5% 01/15/2012 416,534 420,718 USD 1,040,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 932,951 1,068,939 USD 2,174,000 OPTI Canada Inc.,

Callable (USD) 8.25% 12/15/2014 2,366,179 1,803,889 USD 1,057,000 PetroQuest Energy Inc. 10.375% 05/15/2012 1,257,329 1,075,096 USD 349,000 Province Healthcare Co. 7.5% 06/01/2013 465,936 359,085 USD 2,032,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 2,050,496 2,175,566 USD 60,000 Qwest Corp.,

Private Placement 8.375% 05/01/2016^ 68,688 66,488 USD 899,000 Rathgibson Inc. 11.25% 02/15/2014 960,685 86,626

300,000 RBC Capital Trust 4.87% 12/31/2050 299,304 302,841 USD 2,025,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 2,099,228 2,140,970 1,465,000 Rogers Wireless Inc. 7.625% 12/15/2011 1,491,336 1,616,349

USD 719,000 Rogers Wireless Inc. 8% 12/15/2012 835,944 790,969

CORPORATE BONDS (43.9%) (cont’d)2,000,000 Royal Bank of Canada 5.13% 09/27/2010 1,999,680 2,085,220 1,224,000 Royal Bank of Scotland 4.25% 03/30/2015 1,081,710 1,027,218

600,000 Royal Bank of Scotland,Callable 5.37% 05/12/2049 564,234 339,000

USD 2,214,000 Sabine Pass LNG LP 7.5% 11/30/2016 2,131,597 2,023,750 USD 1,180,000 Scientific Games Corp. 7.875% 06/15/2016 1,209,338 1,247,578

713,000 Shaw Communications Inc. 7.5% 11/20/2013 737,550 811,815 479,000 Sherritt International Corp.

7.875% 11/26/2012 483,672 473,108 2,158,000 Sherritt International Corp.

8.25% 10/24/2014 2,136,864 2,216,784 USD 526,034 Skilled Healthcare Group Inc.

11% 01/15/2014 642,115 582,912 USD 1,930,000 SLM Corp. 4.5% 07/26/2010 2,156,925 2,007,798

485,000 SLM Corp. 4.625% 06/15/2011 419,898 420,417 USD 425,000 SLM Corp. 5.125% 08/27/2012 327,063 389,353 USD 515,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 517,227 471,435

138,000 Speciality Foods Corp. 7.25% 12/14/2011 499,800 138,000 USD 100,000 Sprint Nextel Corp. 8.375% 08/15/2017 107,314 106,530 USD 752,000 Steel Dynamics Inc.,

Senior Notes 6.75% 04/01/2015 592,115 770,913 USD 1,322,000 Targa Resources Inc. 8.5% 11/01/2013 1,475,845 1,330,478 USD 255,000 Teck Resources Ltd. 10.25% 05/15/2016 283,765 308,508 USD 3,222,000 Teck Resources Ltd. 10.75% 05/15/2019 3,704,191 4,010,209 USD 375,000 Teck Resources Ltd. 7% 09/15/2012 263,078 412,536 USD 986,000 Texas Competitive Electric Holdings Co. LLC

10.25% 11/01/2015 908,292 760,078 USD 946,000 The Mosaic Co. 7.375% 12/01/2014 1,083,115 1,075,066 USD 725,000 Transmeridian Exploration Inc.,

Callable 12% 12/15/2010 701,488 194,056 USD 1,448,000 United Rentals North America Inc.

6.5% 02/15/2012 1,549,516 1,554,180 USD 1,214,000 United Surgical Partners International Inc.

8.875% 05/01/2017 1,211,855 1,277,026 USD 1,909,939 US Oncology Holdings Inc.,

FRN 6.4275% 03/15/2012 1,932,255 1,779,046 USD 878,000 Virgin Media Finance PLC 9.5% 08/15/2016 942,481 989,384

746,000 Viterra Inc. 8% 04/08/2013 746,949 763,807 1,327,000 Viterra Inc. 8.5% 08/01/2017 1,325,535 1,327,584

USD 3,450,000 Wells Fargo & Co. 7.98% 02/28/2049 2,593,214 3,361,313 USD 4,250,000 Wells Fargo Capital 7.7% 12/29/2049 3,786,619 4,004,240 AUD 1,309,000 Western Areas Ltd. 8% 07/02/2012 1,062,631 1,183,765 USD 160,000 Wind Acquisition Finance SA

11.75% 07/15/2017 187,664 193,146 USD 1,400,000 Wynn Las Vegas LLC 6.625% 12/01/2014 1,307,505 1,427,715

330,000 YPG Holdings Inc. 5.25% 02/15/2016 296,974 303,026 440,000 YPG Holdings Inc. 6.5% 07/10/2013 438,904 441,069

169,533,334 166,204,702 COMMON EQUITIES (24.8%)

184,305 Abertis Infraestructuras SA 4,046,239 4,475,875 143,900 Atlantia SpA 3,552,507 3,722,349 230,300 BCE Inc. 6,313,641 6,077,617 126,000 BR Malls Participacoes SA 1,554,162 1,591,515 241,730 Brookfield Asset Management Inc., Class A* 4,925,934 5,890,960 123,220 Brookfield Properties Corp. (USD)* 1,296,191 1,485,484

35,000 Canadian National Railway Co. 1,849,833 1,845,550 90,400 Crescent Point Energy Corp.* 1,656,668 3,269,768 13,500 Enbridge Inc. 553,459 561,195

^Denotes illiquid securities.*Denotes all or part of securities lent.Percentages shown in brackets relate investments at fair value to total net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 278 –– 278 –




COMMON EQUITIES (24.8%) (cont’d)108,355 First Capital Realty Inc. 1,831,244 2,089,084 89,290 First Capital Realty Inc. 44,645 39,823 10,090 First Capital Realty Inc., Warrants (29Oct10) - 20,079

107,471 France Telecom SA* 2,892,391 3,064,586 161,180 Great Lakes Hydro Income Fund,

Subscription Receipts 2,361,287 2,841,603 38,200 Grupo Ferrovial SA 1,922,294 1,954,739 83,780 IESI-BFC Ltd. 1,826,050 1,157,002

836,190 Inter Pipeline Fund LP 7,256,867 8,027,424 16,600 Invesco Mortgage Capital Inc. 386,132 387,981

126,300 Kimco Realty Corp. 1,851,497 1,759,256 1,212,970 Macquarie Airports 3,351,233 3,242,653 1,352,400 Macquarie Infrastructure Group 2,485,241 1,877,961

141,100 Manitoba Telecom Services Inc.* 4,634,143 4,700,041 120,500 Otelco Inc. 1,998,322 1,607,510 60,731 Progress Energy Resources Corp. 897,298 835,051

540,450 Snam Rete Gas SpA 2,482,067 2,804,921 45,300 Spectra Energy Corp. 1,039,603 917,145

144,800 TELUS Corp., Non-Voting Shares 4,416,011 4,805,912 172,000 Terna SpA 729,611 717,509 121,000 TransAlta Corp.* 4,035,823 2,635,380

68,300 TransCanada Corp.* 2,417,025 2,279,171 816,850 Transurban Group 4,128,061 3,155,946

37,992 Unibail* 6,984,697 8,446,635 431,800 Westfield Group 4,701,442 5,665,639

90,421,618 93,953,364 REITS (8.4%)

275,910 Allied Properties REIT 4,284,170 4,552,515 110,394 Artis REIT 1,365,569 1,000,170 11,300 Boardwalk REIT 371,576 433,129 52,160 Boston Properties REIT 2,871,845 3,657,862

134,510 Canadian Apartment Properties REIT* 1,965,394 1,974,607 245,130 Canadian REIT 5,087,608 6,307,195 150,033 Chartwell Seniors Housing REIT 966,852 991,718 325,362 Cominar REIT 4,797,242 6,308,769 21,060 Cypress Sharprigde Investments Inc., REIT 260,825 319,730 96,200 H&R REIT 1,376,554 1,328,522 59,600 Primaris Retail REIT 569,786 905,920

229,618 RioCan REIT* 3,666,135 4,133,124 27,583,556 31,913,261

INCOME TRUSTS (7.8%) 43,945 AltaGas Income Trust 901,297 771,674

191,350 Altus Group Income Fund 3,016,546 2,085,715 164,219 Bell Aliant Regional Communications

Income Fund 4,760,551 4,581,710 25,765 Boston Pizza Royalties Income Fund 339,237 264,349

157,800 Canadian Oil Sands Trust 3,854,870 4,852,350 8,500 Cineplex Galaxy Income Fund 121,270 135,660

279,734 CML Healthcare Income Fund 3,618,308 3,863,127 81,800 Davis & Henderson Income Fund 1,468,264 1,213,094 99,700 Enerplus Resources Fund 3,672,626 2,441,653 50,100 Keyera Facilities Income Fund 725,662 988,974 32,200 Labrador Iron Ore Royalty Income Fund 811,661 1,180,130 83,700 Livingston International Income Fund 1,684,058 556,605

INCOME TRUSTS (7.8%) 224,620 Pembina Pipeline Income Fund 3,187,748 3,456,902 653,400 Yellow Pages Income Fund 3,697,694 3,528,360

31,859,792 29,920,303 ROYALTY TRUSTS (4.0%)

269,100 ARC Energy Trust* 5,159,770 5,416,983 160,900 Bonavista Energy Trust 3,917,642 3,285,578 164,100 Northland Power Income Fund 2,003,963 1,723,050 164,547 Vermilion Energy Trust 4,005,614 4,867,300

15,086,989 15,292,911 PREFERRED SHARES (0.1%)

38,400 ION Media Networks Inc., 12% Preferred 6,065 - 91,400 Nortel Networks Corp., Preferred, Series 7,

Class A 1,607,202 8,683 120,000 Nortel Networks Corp., Preferred, Series F 2,228,466 15,000

3,841,733 23,683



Short Term Notes (9.0%) 34,000,000 34,000,000





Total Net Assets (100.0%) 378,990,506




– 279 –– 279 –– 279 –






1 UBS Warburg NY A-1 0.90 10-Dec-09 (4,867,000) Australian $ 4,358,228 Canadian $ (210,259)1 UBS Warburg NY A-1 1.81 06-Oct-09 (1,111,000) British Pound 2,009,543 Canadian $ 108,799 1 Royal Bank of Canada A-1+ 0.93 12-Nov-09 (502,027) Canadian $ 469,000 US $ 67 1 Bank of Nova Scotia†† A-1+ 1.55 06-Oct-09 (1,365,000) Euro 2,112,488 Canadian $ (26,144)1 Morgan Stanley A-1 1.55 06-Oct-09 (2,444,000) Euro 3,782,907 Canadian $ (46,262)1 Credit Suisse First Boston Corp. A-1 1.09 12-Nov-09 (10,164,000) US $ 11,062,193 Canadian $ 180,851 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (14,882,000) US $ 16,198,462 Canadian $ 266,138 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (1,676,000) US $ 1,816,633 Canadian $ 22,352 1 Credit Suisse First Boston Corp. A-1 1.10 12-Nov-09 (1,738,000) US $ 1,920,221 Canadian $ 59,537 1 UBS Warburg NY A-1 1.09 12-Nov-09 (18,151,000) US $ 19,758,271 Canadian $ 326,231 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (19,773,000) US $ 21,514,804 Canadian $ 346,295 1 Morgan Stanley A-1 1.09 12-Nov-09 (21,103,000) US $ 22,951,095 Canadian $ 358,728 1 State Street Trust Co. of Canada A-1 1.09 12-Nov-09 (21,372,000) US $ 23,246,752 Canadian $ 366,397 1 Bank of Nova Scotia†† A-1+ 1.09 12-Nov-09 (2,770,000) US $ 3,020,103 Canadian $ 54,602 1 UBS Warburg NY A-1 1.09 12-Nov-09 (2,770,000) US $ 3,019,577 Canadian $ 54,076 1 Royal Bank of Canada A-1+ 1.09 12-Nov-09 (3,263,000) US $ 3,562,756 Canadian $ 69,455 1 Credit Suisse First Boston Corp. A-1 1.08 12-Nov-09 (750,000) US $ 812,888 Canadian $ 9,958 1 Credit Suisse First Boston Corp. A-1 1.11 12-Nov-09 (978,000) US $ 1,084,534 Canadian $ 37,494



– 280 –

Signature High Income Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares





337,308 196,6772,858 22,398

34,000 51,000- -

883 883- -

2,261 123- -- -

1,940 1,361204 2,993

- -4,647 3,651

384,101 279,086

- -- -- -

283 1,244- -

3,652 1,491746 648

- -- -- -

429 3415,110 3,724

378,991 275,362

338,122 246,255- -

309,179 230,34425,476 14,54923,308 18,270

8,561 5,044511 71

11,708 6,927248 157

17.32 14.0718.27 14.8010.76 8.678.78 7.299.17 7.608.10 6.838.96 7.54

17,848,291 16,369,7111,394,512 982,8892,166,474 2,106,286

975,444 691,62655,756 9,361

1,445,496 1,014,30227,621 20,868


as at as at



as at as at


– 281 –









Increase (decrease) in net assets from operations per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares















1,897 2,0338,208 9,651

34 63- -- -- -

(279) (149)9,860 11,598

1,857 1,955305 320

1 -358 120108 113

2,629 2,5087,231 9,090

- -7,231 9,090

8,260 (6,966)(441) 154(172) (105)

- -

51,863 (12,871)59,510 (19,788)66,741 (10,698)

55,075 (9,378)4,117 (516)4,175 (372)1,360 (146)

53 (5)1,916 (280)

45 (1)

3.25 (0.56)3.40 (0.58)2.08 (0.27)1.65 (0.76)1.69 (0.42)1.52 (0.64)1.71 (1.04)

230,344 292,483

42,617 27,046- -

(19,647) (23,698)790 (6,704)

23,760 (3,356)

- -- -- -- -

55,075 (9,378)309,179 279,749

14,549 16,306

6,700 1,890- -

(1,893) (1,971)2,003 6566,810 575

- -- -- -- -

4,117 (516)25,476 16,365

18,270 15,185

5,143 1,504- -

(4,074) (934)(206) (521)863 49

- -- -- -- -

4,175 (372)23,308 14,862


2009 2008


2009 2008


– 282 –





















157 13

86 -- -

(64) (2)32 154 (1)

- -- -

(8) -(8) -45 (1)

248 11

275,362 327,505

61,748 36,394- -

(26,361) (26,965)2,037 (6,109)

37,424 3,320

- -- -

(536) (228)(536) (228)

66,741 (10,698)378,991 319,899

5,044 980

1,834 2,380- -

(303) (179)784 112

2,315 2,313

- -- -

(158) (51)(158) (51)

1,360 (146)8,561 3,096

71 81

507 65- -

(113) -- -

394 65

- -- -

(7) (3)(7) (3)

53 (5)511 138

6,927 2,457

4,861 3,509- -

(267) (181)(1,366) 3473,228 3,675

- -- -

(363) (174)(363) (174)

1,916 (280)11,708 5,678




2009 2008



2009 2008

– 283 –

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2009 2008

16,369,711 16,527,2982,679,161 1,492,099

- -(1,244,462) (1,308,588)

43,881 (369,920)17,848,291 16,340,889

982,889 880,668406,232 99,684

- -(114,516) (103,391)119,907 34,325

1,394,512 911,286

2,106,286 1,413,592523,248 135,240

- -(447,485) (83,735)(15,575) (45,963)

2,166,474 1,419,134

691,626 101,281221,096 244,195

- -(35,298) (17,946)98,020 11,589

975,444 339,119

9,361 8,10459,212 6,372

- -(12,817) (5)

- -55,756 14,471

1,014,302 262,090647,066 372,233

- -(35,848) (19,426)

(180,024) 37,4531,445,496 652,350

20,868 1,30810,429 -

- -(7,627) (217)3,951 14

27,621 1,105









2009 2008

17.32 17.120.02 0.03

17.34 17.15

18.27 17.960.02 0.03

18.29 17.99

10.76 10.470.01 0.02

10.77 10.49

8.78 9.130.01 0.028.79 9.15

9.17 9.510.01 0.019.18 9.52

8.10 8.700.01 0.028.11 8.72

8.96 9.570.01 0.028.97 9.59

– 284 –

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2009 2008


33,311 36,73434,322 39,251


2009 2008


169 1027 8

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

1.250.75


0.200.20

-0.200.200.200.20


2009

– 285 –



Corporate Bonds ..................................................................................................................... 41.9Short Term Investments .......................................................................................................... 18.5Royalty Trusts .......................................................................................................................... 9.4Common Equities .................................................................................................................... 7.9Cash & Equivalents ................................................................................................................. 7.6REITs ........................................................................................................................................ 6.3Income Trusts .......................................................................................................................... 5.8Other Assets ........................................................................................................................... 2.3Government Bonds .................................................................................................................. 0.2Preferred Shares ..................................................................................................................... 0.1


Other Price RiskThe Fund is invested in Canadian and U.S. stocks and therefore sensitive to changes in general eco-nomic conditions in Canada and the United States, however some of the Fund's assets are invested infixed income securities and their market risk exposure will be discussed in the following sections.

As at September 30, 2009, had the Canadian and U.S. markets increased or decreased by 10%,with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $17,308,000 (March 31, 2009 - $8,064,000). In practice, the actualresults may differ from this analysis and the difference may be material.




Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)





Credit Rating^ (%)AAA/Aaa/A++ 10.3 AA/Aa/A+ 1.4 A 2.8 BBB/Baa/B++ 6.9 BB/Ba/B+ 12.3 B 10.4 CCC/Caa/C++ 3.1 Not Rated 13.5 Total 60.7





Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (127,323) 23,323 6.2Euro (5,968) 19,140 5.1Australian Dollar (4,598) 10,469 2.8Brazilian Real - 1,592 0.4British Pound (1,901) 517 0.1 Total (139,790) 55,041 14.6


Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (90,474) 25,067 9.1 Australian Dollar (3,989) 2,358 0.9 Euro (876) 939 0.3 Total (95,339) 28,364 10.3


– 286 –







– 286 –

Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)





44,895 29,050 34,780 94,338 203,063



78,330 26,922 26,169 58,017 189,438

– 287 –

CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2009 (unaudited)


EQUITIES SUBJECT TO FORWARD (154.4%) 2,424,777 Canfor Corp. 15,257,397 14,694,149 2,715,928 Celestica Inc. 15,253,913 27,512,351 1,673,640 CGI Group Inc. 15,245,955 20,987,446 1,088,855 FirstService Corp. 15,249,571 22,419,524 1,401,670 HudBay Minerals Inc. 15,250,170 18,081,543 1,073,528 Ivanhoe Mines Ltd. 8,508,066 14,642,922

781,574 MacDonald Dettwiler & Associates Ltd. 15,250,444 24,439,819 2,739,803 Red Back Mining Inc. 15,253,017 32,932,432

255,008 Research In Motion Ltd. 15,231,992 18,457,479 1,265,773 RONA Inc. 15,255,759 18,986,595

831,898 Sino-Forest Corp., Class A 8,634,418 14,067,395 1,887,509 Teck Resources Ltd., Class B 9,759,153 55,662,640 2,045,458 Viterra Inc. 15,253,007 21,825,037 1,514,557 WestJet Airlines Ltd. 15,299,017 16,720,709


Total Equities Subject to Forward (154.4%) 194,701,879 321,430,041


Forward Contract (-57.4%) (see Schedule A) (119,505,875)



Total Net Assets (100.0%) 208,231,945

Schedule AForward Contract (-57.4%)

No. of Shares/Face Amount Investments sold forward Fair Value $

2,424,777 Canfor Corp. (14,742,644)2,715,928 Celestica Inc. (27,702,466)1,088,855 FirstService Corp. (22,484,856)1,673,640 CGI Group Inc. (20,987,446)1,401,670 HudBay Minerals Inc. (18,081,543)1,073,528 Ivanhoe Mines Ltd. (14,771,745)

781,574 MacDonald Dettwiler & Associates Ltd. (24,572,687)2,739,803 Red Back Mining Inc. (32,959,830)

255,008 Research In Motion Ltd. (18,457,479)1,265,773 RONA Inc. (18,986,595)

831,898 Sino-Forest Corp., Class A (14,067,395)1,887,509 Teck Resources Ltd., Class B (55,681,516)2,045,458 Viterra Inc. (21,845,491)1,514,557 WestJet Airlines Ltd. (16,735,855)

(322,077,548)

Notional Units Underlying Fund Fair Value $

19,728,768 CI Short-Term Advantage Trust 202,571,673

Total Forward Contracts Value (119,505,875)

Due date May 22, 2013 Credit Rating of the Counterparty* A-1

*Credit ratings are obtained from Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service,Dominion Bond Rating Services and Canadian Bond Rating Services, respectively.



– 288 –

CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)




LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsUnrealized loss on forward contractPremium received from options contractPayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable












Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsForward feesChange in unrealized appreciation (depreciation)





321,430 209,8087,168 3,877

- -- -- -- -- -- -- -

355 479- -- -

39 26328,992 214,190

- -- -- -- -

119,506 4,860- -- -

1,171 469- -

83 92- -- -- -

120,760 5,421208,232 208,769

194,702 198,480- -

165,391 148,7656,287 6,698

36,554 53,306

10.10 10.0410.12 10.0610.23 10.13

16,372,262 14,813,238621,049 665,569

3,573,163 5,261,231

- -2 105

199 -- -- -

57 30- -

258 135

576 205- -- 2- -

29 9605 216(210) -(137) (81)

1,221 2,551- -- -- -

(484) (186)

754 (1,797)1,491 5681,354 487

819 25640 20

495 211

0.04 0.040.07 0.040.11 0.07


2009 2008


as at as at


– 289 –

CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)






208,769 -

57,544 182,219- -

(82,367) (30,591)(682) -

23,614 39,382(1,891) 191,010

- -- -- -- -

1,354 487208,232 191,497


2009 2008













148,765 -

41,672 112,007- -

(50,413) (18,038)(334) -

24,882 29,06415,807 123,033

- -- -- -- -

819 256165,391 123,289

6,698 -

2,032 8,824- -

(3,982) (2,137)(26) -

1,525 2,161(451) 8,848

- -- -- -- -

40 206,287 8,868

53,306 -

13,840 61,388- -

(27,972) (10,416)(322) -

(2,793) 8,157(17,247) 59,129

- -- -- -- -

495 21136,554 59,340


2009 2008


– 290 –

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2009 2008

14,813,238 -4,155,992 11,187,844

- -(5,021,838) (1,797,422)2,424,870 2,884,509

16,372,262 12,274,931

665,569 -200,598 879,472

- -(395,700) (212,759)150,582 215,396621,049 882,109

5,261,231 -1,357,256 6,113,356

- -(2,768,924) (1,036,857)

(276,400) 809,0493,573,163 5,885,548





2009 2008

10.10 10.040.03 0.01

10.13 10.05

10.12 10.050.03 0.01

10.15 10.06

10.23 10.080.03 0.01

10.26 10.09


2009 2008


- -- -


2009 2008


- -- -



1.000.75


---


2009

– 291 –

Portfolio Breakdown of the CI Short-Term Advantage Trust as at March 31, 2009


Cash & Equivalents ................................................................................................................. 53.4Bonds ...................................................................................................................................... 32.6Short Term Investments .......................................................................................................... 25.9Other Assets ........................................................................................................................... -11.9

During the six-month period the Fund’s exposure to credit risk and interest rate risk changed signif-icantly as disclosed in the section below. For details relating to other price risk and currency risk,refer to the audited annual financial statements as at March 31, 2009, as the Fund’s exposure tothose risks remains unchanged.

CI Short-Term Advantage Corporate Class (the “Fund) is exposed to the financial instruments’ risksof the CI Short-Term Advantage Trust (the “Underlying Fund”). The Fund was created to obtain expo-sure to an actively managed portfolio of money market instruments issued in Canada and otherdeveloped countries by virtue of the Forward Agreement. By entering into the Forward Agreement,the Fund eliminated the direct risk exposure to its common share portfolio and assumed the riskexposure of the CI Short-Term Advantage Trust, as well as credit risk to the Counterparty of theForward Agreement. For details of the credit rating of the Counterparty to the Forward Agreementplease refer to the “Statement of Investment Portfolio” - Schedule A.

Credit RiskThe Underlying Fund was invested in debt securities, preferred securities and derivative instruments,as applicable, with the following credit ratings, as per tables below:







CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)



Interest Rate RiskThe tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.





As at September 30, 2009, had the prevailing interest rates increased or decreased by 0.25%, withall other variables held constant, net assets of the Fund would have indirectly decreased orincreased, respectively, by approximately $233,000 (March 31, 2009 - $50,000). In practice, theactual results may differ from this analysis and the difference may be material.



114,549 49,529 37,682 490 202,250



164,954 36,360 4,054 300 205,668

1. THE FUNDS

CI Corporate Class Limited (formerly, CI Sector Fund Limited) (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario. The name change was effective May 2, 2005.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares. Each designated

class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class of shares of the Corporation.

Each class of shares is referred to as a “Fund”.

Due to the change in the name to CI Corporate Class Limited, all of the share classes within CI Corporate Class Limited will carry the designation “Corporate Class” instead of “Sector Fund”.

The following Funds are a class of shares of the Corporation.

Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares

CI Corporate Class

CI American Equity Corporate Class February 24, 2000 July 17, 2000 –

CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001

CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 July 06, 2009

CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002

CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006

CI Can-Am Small Cap Corporate Class November 28, 2005† November 28, 2005† November 28, 2005

CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 December 19, 2006

CI European Corporate Class September 21, 1992 July 31, 2001 –

CI Global Bond Corporate Class August 28, 2002 July 17, 2000 December 19, 2008

CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006

CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 December 17, 2001

CI Global High Dividend Advantage Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001

CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001

CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –

CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006

CI International Balanced Corporate Class July 31, 2001 December 17, 2001 August 14, 2009

CI International Corporate Class July 31, 2001 July 31, 2001 November 20, 2008

CI International Value Corporate Class July 23, 1996 July 31, 2001 December 19, 2006

CI Japanese Corporate Class December 23, 1998 July 17, 2000 –

CI Pacific Corporate Class July 8, 1987 July 17, 2000 –

CI Short-Term Advantage Corporate Class May 12, 2008 May 12, 2008 May 13, 2008

CI Short-Term Corporate Class July 8, 1987 July 17, 2000 November 7, 2005

CI Short-Term US$ Corporate Class July 31, 2001 – –

CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001

Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005

Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006

Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 December 23, 2002

Harbour Growth & Income Corporate Class August 1, 2006 August 1, 2006 July 31, 2006

Signature Canadian Bond Corporate Class August 28, 2002 August 28, 2002 February 7, 2006

Signature Canadian Resource Corporate Class July 31, 2001 July 31, 2001 –

Signature Corporate Bond Corporate Class July 15, 2003 July 15, 2003 December 19, 2006

Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Global Energy Corporate Class June 11, 1998 July 31, 2001 –

Signature Global Income & Growth Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2009 (unaudited)

– 292 –Semi-Annual Financial Statements as at September 30, 2009

THE FUNDS (cont’d)

Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares

CI Corporate Class

Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006

Synergy American Corporate Class September 21, 1992 July 17, 2000 September 8, 2008

Synergy Canadian Corporate Class November 28, 2005† November 28, 2005† November 28, 2005†

Synergy Global Corporate Class July 23, 2004 July 23, 2004 September 7, 2004

Inception Date Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares of W Shares

Portfolio Select Series

Select Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006 November 7, 2005

Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select 100e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 100i Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 20i80e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006







Inception Date Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares of W Shares

Cambridge Corporate Class

Cambridge Canadian Asset Allocation Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Canadian Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Global Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.



CI Value Trust Corporate Class offered Class Y, Z and Insight shares to investors commencing on

April 7, 2004.

Synergy Canadian Corporate Class offered Insight shares to investors commencing on November 28, 2005.

Each Fund offers Class A and F shares except for CI Short-Term US$ Corporate Class which offers only

Class A shares. Some funds also offer Class AT5, AT8, FT5, FT8, I, IT5, IT8, W, WT5, WT8, Y, Z or

Insight shares.

Shares of the Select Funds are available only to investors who participate in the PSS program. Class

A shares of all other funds are available to all investors.

Class F, FT5, FT8, W, WT5 and WT8 shares are available to certain investors including those who par-

ticipate in fee-based programs through their financial advisers or who are members of certain groups.

Insight shares are issued to investors of the Insight Program, for use in fee-based accounts.

Class Y and Z shares were issued to certain investors in connection with various mutual fund reorgan-

izations and are generally only available for purchase by those investors.

Class I, IT5, IT8 shares are only available to institutional clients and investors who have entered into

a Class I Account Agreement with CI Investments Inc.

Unlike other classes of shares offered by the Funds, holders of Class AT5, AT8, FT5, FT8, IT5, IT8, WT5

and WT8 shares (also called the T-Class Securities) receive regular monthly cash distributions.

On October 1, 2007 the Corporation issued the T-Class series of Funds which pay a monthly return of

capital (ROC) distribution to clients. Built on the tax-efficient CI Corporate Class structure, the T-Class

gives clients the choice of a 5% or 8% annual target ROC distribution. Monthly ROC distributions from

T-Class Funds are not taxable. The T-Class are available in Class A, Class F, Class I and Class W shares.



The following Funds had T-Class shares outstanding as at September 30, 2009.

CI American Equity Corporate Class - AT5, AT8, FT5

CI American Value Corporate Class - AT5, AT8, FT5, FT8

CI Canadian Investment Corporate Class - AT5, AT8, FT5, FT8, IT5

CI Global Corporate Class - AT5, AT8, FT5

CI Global High Dividend Advantage Corporate Class - AT5, AT8, FT8

CI Value Trust Corporate Class - AT5, AT8, FT5

Harbour Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Harbour Foreign Equity Corporate Class - AT5, AT8, FT5, FT8

Harbour Foreign Growth & Income Corporate Class - AT5, AT8, IT5, IT8

Harbour Growth & Income Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Dividend Corporate Class - AT5, AT8, FT5, FT8

Signature Global Income & Growth Corporate Class - AT5, AT8, FT5, IT5

Signature High Income Corporate Class - AT5, AT8, FT5, FT8

Signature Income & Growth Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Select Canadian Corporate Class - AT5, AT8, FT5, IT5, IT8

Synergy Global Corporate Class - AT5, AT8, FT5

Select 100e Managed Portfolio Corporate Class - AT8, IT5, IT8, WT8

Select 100i Managed Portfolio Corporate Class - AT5, AT8, FT5, IT5, IT8

Select 20i80e Managed Portfolio Corporate Class - AT5, AT8

Select 30i70e Managed Portfolio Corporate Class - AT5, AT8, WT5

Select 40i60e Managed Portfolio Corporate Class - AT5, AT8, FT5, WT5, WT8



Select 70i30e Managed Portfolio Corporate Class - AT5, AT8

Select 80i20e Managed Portfolio Corporate Class - AT5, AT8, FT5

Cambridge Canadian Asset Allocation Corporate Class - AT5, AT8, FT5, IT5

Cambridge Canadian Equity Corporate Class - AT5, AT8, FT5

Cambridge Global Equity Corporate Class - AT5, AT8, FT5, FT8

Signature Corporate Bond Corporate Class offered Class X shares to investors commencing

August 14, 2009.

CI Global Health Sciences Corporate Class, Synergy Canadian Corporate Class and Synergy

Global Corporate Class offered Class Z and Y shares to investors commencing August 14, 2009.

Synergy Canadian Corporate Class offered Class H shares to investors commencing August 14, 2009.

Effective as of close of business on August 14, 2009 the following funds were merged:

Terminated Funds Continuing Funds

Knight Bain Small Cap Fund CI Can-Am Small Cap Corporate Class

CI Global Balanced Corporate Class CI International Balanced Corporate Class

CI Global Biotechnology Corporate Class CI Global Health Sciences Corporate Class

CI Global Consumer Products Corporate Class CI Global Value Corporate Class

CI Global Financial Services Corporate Class CI Global Value Corporate Class

Synergy Canadian Style Management Corporate Class Synergy Canadian Corporate Class

Synergy Focus Canadian Equity Fund Synergy Canadian Corporate Class

Synergy Global Style Management Corporate Class Synergy Global Corporate Class

Synergy Focus Global Equity Fund Synergy Global Corporate Class

The purchase method of accounting has been adopted for the merger of the Funds. Under this method,

one of the Funds in each merger is identified as the acquiring Fund, and is known as the “Continuing

Fund”, and the other Fund is known as the “Terminated Fund”.

The mergers were effected by transferring the net assets of the Terminated Funds in exchange for

securities of the Continuing Funds. The value of the securities of the Continuing Funds issued in con-

nection with these mergers was equal to the fair value of the net assets transferred from the

Terminated Funds.

The Terminated Funds are not included in these financial statements.

The CI Global High Dividend Advantage Corporate Class through a forward agreement or agreements

(the "Forward Agreement") with National Bank of Canada, provides unitholders with exposure to the

performance of two managed accounts ("Underlying Accounts") or equity baskets managed by Epoch

Investment Partners Inc., in exchange for the Canadian equity portfolio. The Underlying Accounts con-

sist of dividend-paying common and preferred shares, debentures, income trusts, equity-related secu-

rities and convertible securities issued by issuers anywhere in the world. However, neither the Fund

nor the shareholders will have any ownership interest in the Underlying Accounts.

The CI Short-Term Advantage Corporate Class through a forward agreement (the "Forward

Agreement") with Bank of Montreal provides unitholders with exposure to the performance of under-

lying fund ("Underlying Fund"), in exchange for the Canadian equity portfolio. The Underlying Fund con-

sist of money market instruments issued in Canada and other developed countries. However, neither

the Fund nor the shareholders will have any ownership interest in the Underlying Fund.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at

September 30, 2009. The Statements of Net Assets are as at September 30, 2009 and March 31, 2009.

The Statements of Operations, Statements of Changes in Net Assets, Schedule of Fund Share

Transactions and Schedule of Commissions for each Fund are for the periods ended September 30,

2009 and 2008, except for Funds established during either period, in which case the information pro-

vided relates to the period from inception to September 30, 2009 or to September 30, 2008.

The Schedule of Net Assets Reconciliation and Schedule of Securities Lending are as at

September 30, 2009 and 2008, were applicable. The Fund Specific Financial Instruments Risks for each

of the Funds are as at September 30, 2009 and March 31, 2009, were applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“GAAP”). Significant accounting policies used in preparing the semi-annual

financial statements are consistent with those used in preparing the annual financial statements.

The semi-annual financial statements should be read in conjunction with the Funds’ March 31, 2009

annual financial statements.

(a) Valuation of Investments

Investments are categorized as held for trading in accordance with Section 3855, “Financial Instruments –

Recognition and Measurement” and are recorded at their fair value for financial reporting purposes.

Listed securities are valued based on the bid price for securities held long and the ask price for securi-

ties held short on the financial reporting date. Unlisted securities are valued based on price quotations

from recognized investment dealers, or failing that, their fair value is determined by the Manager on the

basis of the latest reported information available. Fixed income securities, debentures, money market

investments and other debt instruments are valued at the bid quotation from recognized investment deal-

ers. Underlying funds are valued on each business day at their Net Asset Value as reported by the fund

manager.

The Canadian Securities Administrators (“CSA”) amended section 14.2 of National Instrument 81-106 on

September 5, 2008. The amended section 14.2 requires the net asset value of an investment fund to be

calculated using the fair value of the fund's assets and liabilities. The adoption of Section 3855 results

in a different valuation method for calculating net asset value for financial reporting purposes. For the

purpose of processing shareholder transactions, net asset value is calculated based on the closing mar-

ket price (referred to as “Net Asset Value”), while for financial statement purposes net asset value is cal-

culated based on bid/ask price (referred to as “Net Assets”). In accordance with NI 81-106, a reconcilia-

tion between the Net Asset Value per share and the Net Assets per share is disclosed in the Schedule

of Net Assets Reconciliation as at September 30, 2009 and 2008. The Portfolio Select Series Funds invest

in units of other funds, “underlying funds”. As a result, the Section 3855 has no impact the Funds’ valu-

ation policies. The underlying funds will continue to be valued at their net asset value as reported by the

funds manager. The Funds’ investment transactions are not subject to transaction costs.

(b) Forward Contracts

The Fund may enter into forward contracts. Forward foreign currency contracts are valued using a bid

price on the related public exchange, on each valuation day according to the gain (loss) that would be

realized if the contracts were closed out.

All gains (losses) arising from forward foreign currency contracts are recorded as part of “Change in unre-

alized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on derivative instruments” in the Statements of Net Assets until the contracts are closed out or

expire, at which time the gains (losses) are realized and reported as ”Realized gain (loss) on investments”

in the Statements of Operations.

The value of the Forward Agreement on the valuation date is equal to the gain or loss that would be real-

ized if the contract were closed out or expired. Investments sold forward as part of the forward agree-

ment are valued at the market close price, and the Underlying Fund/Account is valued at its net asset

value as determined by the Underlying Fund’s/Account’s portfolio manager on the valuation date for pur-

poses of determining the value of the forward contract. All gains (losses) arising from the forward agree-

ment are recorded as part of “Change in unrealized appreciation (depreciation) of investments” in the

Statements of Operations and “Unrealized gain (loss) on forward contract” in the Statements of Net

Assets until the contracts are closed out or expire; at which time the gains (losses) are realized and

reported as “Realized gain (loss) on investments” in the Statements of Operations.

(c) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related pub-

lic exchange. All gains or losses arising from futures contracts are recorded as part of “Change in unre-

alized appreciation (depreciation) of investments” in the Statements of Operations until the

contracts are closed out or expired, at which time the gains (losses) are realized and reported as

“Realized gain (loss) on investments” in the Statements of Operations.

(d) Short Selling

Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund

sells a security short, it will borrow that security from a broker to complete the sale. The Fund will incur

a loss as a result of a short sale if the price of the borrowed security increases between the date of the

short sale and the date on which the Fund closes out its short position by buying that security. The Fund

will realize a gain if the security declines in price between those dates. The gain or loss that would be

realized if, on the valuation date, the position were to be closed out is reflected in the Statements of

Operations as part of “Change in unrealized appreciation (depreciation) of investments” and in the

Statements of Net Assets in “Investments sold short at fair value”. When the short position is closed

out, gains and losses are realized and included in “Realized gain (loss) on investments”.

(e) Private Placements

The fair value of private placements are determined using indicative bid values obtained from third-

party broker-dealers. The broker-dealers determine the fair value using valuation models that are

based, in part, on assumptions that are not supported by observable market inputs. The indicative bid

values are independently assessed internally to ensure that they are reasonable. The fair values of pri-

vate placements are affected by the perceived credit risk of the issuers, predictability of cash flows

and the length of time to maturity.

3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of each Fund.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally the Funds have no restrictions or specific capital requirements, except for the minimum sub-

scription/ redemption amounts. The relevant changes pertaining to subscription and redemption of

each Fund shares are disclosed in the Statements of Changes in Net Assets. Differences, if any,

between the original stated capital and the capital paid upon redemption of the shares of the Funds

are recorded as “(Excess) deficiency on amounts paid on units redeemed” in the Statements of Changes

in Net Assets.

In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeav-

or to invest subscriptions received in appropriate investments while maintaining sufficient liquidity

to meet redemptions through utilizing a short-term borrowing facility or disposal of investments

when necessary.

The shareholder transactions are processed based on net asset value which is calculated daily based

on the closing market price on that day.

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutu-

al fund corporation. A mutual fund corporation is subject to a special 33 1/3% tax on taxable dividends

received from corporations resident in Canada and to tax at normal corporate rates applicable to mutu-

al fund corporations on other income and net taxable realized capital gains for the year.

The special 33 1/3% tax is refundable on payments of taxable dividends to shareholders at the rate of

$1 for each $3 of such dividend paid. All the tax on net taxable realized capital gains is refundable

when the gains are distributed to shareholders as capital gains dividends or through redemption of

shares at the request of shareholders, while the Corporation qualifies as a mutual fund corporation.

Income and capital taxes (if any) are allocated to the class on a reasonable basis.

Temporary differences between the carrying value of assets and liabilities for accounting and income

tax purposes give rise to future income tax assets and liabilities. When the market value of a security

in the Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes

payable by the Corporation are refundable under the provisions of the Income Tax Act (Canada), the

future tax liability is offset by these future refundable taxes. If the cost base exceeds the market value

of the security, a future income tax asset is generated. A full valuation allowance is taken to offset

this asset given the uncertainty that such future assets will ultimately be realized. Unused capital and

non-capital losses, as disclosed below, represent future tax assets to the Corporation for which a full

valuation allowance has been established for the reasons noted above.

Tax losses apply to the Corporation, not the Funds. Net capital losses may be carried forward indefi-

nitely to reduce future net realized capital gains. Non-capital losses may be applied against future tax-

able income.



5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration of management fees pro-

vides management services required in the day-to-day operations of the Funds including management

of the investment portfolios of the Funds.

The management fee is calculated based on the net asset values of each class of a Fund (other than

Class I, IT5 or IT8) at the end of each business day.

Investors in Class I, IT5 or IT8 shares are charged a management fees directly as negotiated between

the investor and the Manager.

Effective July 1, 2009 the Manager reduced the annual management fees of Signature Corporate Bond

Corporate Class to 1.70% from 2.0% for Class A, and to 0.85% from 1.50% for Class F.

During the period ended September 30, 2009, the Manager of the Fund absorbed total of $459,000 and

U.S. $47,000 in Management Fees due to the declining yields generated by the following funds

CI Short-Term Corporate Class, CI Short-Term Advantage Corporate Class and CI Short-Term US$

Corporate Class.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs

and new governmental fees) in return for fixed annual administration fees (the “Administration Fees”).

Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class

of a Fund (other than Class I, IT5 or IT8) at the end of each business day.

Refer to fund specific schedules in the financial statements for management fee and administration

fee rates applicable to each class of each Fund.

During the reporting period the Fund may receive management fee rebates from the Underlying Funds.

The management fee rebates are included in “Management fee rebate receivable” and in “Management

fee rebate” as reflected in the Statements of Net Assets and Statements of Operations of each Fund,

as applicable. However, upon the Manager’s discretion the management fee rebate may from time to

time be netted against management fees expenses.

The CI Global High Dividend Advantage Corporate Class and CI Short Term Advantage Corporate Class

will pay to the counterparty under the Forward Agreement a fee of approximately 0.50% per annum of

the market value of notional exposure to the Underlying Fund/Account under the Forward Agreement,

calculated and paid monthly.

6. SECURITIES LENDING

Certain Funds have entered into a securities lending program with their custodian, RBC Dexia Investor

Services Trust ("RBC Dexia"). The aggregate market value of all securities loaned by a Fund cannot

exceed 50% of the net assets of the Fund. A Fund will receive collateral of at least 102% of the value

of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed

by the Government of Canada or a province thereof, or by the United States government or its agen-

cies, but may include obligations of other governments with appropriate credit ratings. RBC Dexia has

indemnified the Funds against the credit risk of the borrowers. For those Funds participating in the pro-

gram, amounts for securities loaned, the collateral received, and the income collected appear on the

fund specific schedules in the financial statements and income from securities lending is included in

"Securities lending" in the Statements of Operations and any cash collateral received or cash collater-

al payable is included in the Statements of Net Assets in “Cash collateral received for securities on

loan” or “Payable for cash collateral under securities lending”.

7. REINVESTMENT OF DIVIDENDS

When a Fund pays a dividend to a shareholder, it will be paid in the same currency in which the shares

are held. Dividends are automatically reinvested without charge in the same Fund or paid out in cash

to the shareholder. The Manager may change the dividend policy at its discretion.

8. RELATED PARTY TRANSACTIONS

On October 6, 2008 Sun Life Financial Inc. sold its significant interest in CI Financial Corp. to The Bank

of Nova Scotia. As CI Financial Corp. is the parent company of the Manager, The Bank of Nova Scotia

therefore is considered a related party to the Funds. The Bank of Nova Scotia did not hold investments

in the Funds as at September 30, 2009.

The Funds paid the following broker commissions to Bank of Nova Scotia, a related company to

CI Financial Corp., and to Dundee Corporation, a related company to Bank of Nova Scotia.

Bank of Nova Scotia Dundee Corporation

2009 2009

Fund ($) ($)

CI Canadian Investment Corporate Class 4,671 514

CI Can-Am Small Cap Corporate Class 4,480 -

Signature Canadian Resource Corporate Class 1,196 -

Signature Dividend Corporate Class 6,176 -

Signature Global Energy Corporate Class 1,228 -

Signature High Income Corporate Class 3,380 1,868

Signature Income & Growth Corporate Class 11,432 341

Signature Select Canadian Corporate Class 14,096 -

Synergy Canadian Corporate Class 55,349 5,712

Select Canadian Equity Managed Corporate Class 3,001 279

Select Income Managed Corporate Class 344 244

Cambridge Canadian Asset Allocation Corporate Class 26,807 -

Cambridge Canadian Equity Corporate Class 32,855 -

Cambridge Global Equity Corporate Class 16 -

Blackmont Capital Inc. is a subsidiary of CI Financial Corp. As CI Financial Corp., is the parent compa-

ny of the Manager of the Funds, Blackmont Capital Inc. is thus considered a related party to the Funds.

The Funds paid the following brokerage commissions to Blackmont Capital Inc., an affiliated company

of CI Investments Inc. during the periods ended September 30:

2009 2008

Fund ($) ($)

CI Canadian Investment Corporate Class 1,678 -

CI Can-Am Small Cap Corporate Class - 708

Harbour Corporate Class - 5,875

Signature Canadian Resource Corporate Class 3,696 3,375

Signature Dividend Corporate Class 119 190

Signature Global Energy Corporate Class 2,116 6,687

Signature High Income Corporate Class 3,398 1,784

Signature Income & Growth Corporate Class 1,283 1,116

Signature Select Canadian Corporate Class 2,596 1,592

Synergy Canadian Corporate Class 21,087 5,641

Select Canadian Equity Managed Corporate Class 901 -

Select Income Managed Corporate Class 470 193



(cont’d)

2009 2008

Fund ($) ($)

Cambridge Canadian Asset Allocation Corporate Class 39,565 1,786

Cambridge Canadian Equity Corporate Class 45,170 8,540

Cambridge Global Equity Corporate Class 2,593 1,380

9. FUTURE ACCOUNTING STANDARDS

“International Financial Reporting Standards”

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly accountable

profit-oriented enterprises. IFRS will replace Canadian Generally Accepted Accounting Principles

(“GAAP”). IFRS becomes effective for interim and annual financial statements relating to fiscal years

beginning on or after January 1, 2011.

At September 30, 2009, the Manager is taking the following steps to transition to IFRS:

• Identification of areas where changes in disclosure will be required under IFRS standards.

• Identification of operational areas impacted by the adoption of IFRS.

• Identification of major differences between current accounting policies and IFRS standards.

• Assessment of impact, if any, on net asset value per share.

• Assessment of current reporting systems and their readiness for IFRS implementation.

• Implementation of an IFRS transition plan.

As at September 30, 2009, the Manager has determined that there is no expected impact to net asset

value per share as a result of the transition to IFRS.

Amendments to Section 3862, “Financial Instruments - Disclosures”

Section 3862 was recently amended and requires publicly accountable enterprises to enhance their

disclosures about fair value measurements and the liquidity risk of financial instruments.

The amendments will be effective for annual financial statements relating to fiscal years ending

after September 30, 2009, specifically the March 31, 2010 financial statements for the Funds.

These amendments have been made to address the need for increased consistency and comparability

in fair value measurements, and to expand the disclosure surrounding fair value measurements, and

do not have any impact on the net assets of the Funds.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments in accordance with CICA 3855, Financial Instruments –

Recognition and Measurement (“CICA 3855”) are as follows: financial assets and financial liabilities

held for trading which include investments and derivative instruments are stated at fair value.

Due from brokers, interest and dividends receivable, subscriptions receivable and other receivables are

designated as loans and receivables. They are recorded at amortized cost which approximates their

fair value due to their short term nature. Similarly, redemptions payable, due to brokers, accrued man-

agement fees, accrued expenses and other payables are designated as other liabilities and are carried

at their amortized cost which approximates their fair value, due to their short term nature.

11. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk

(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is

exposed depends on the investment objective and the type of investments the Fund holds. The value of

the investments within the portfolio can fluctuate daily as a result of changes in prevailing interest rates,

economic and market conditions and company specific news related to investments held by the Funds.

The Manager of the Funds may minimize potential adverse effects of these risks on the Funds’ perform-

ance by, but not limited to, regular monitoring of the Funds’ positions and market events, diversification

of the investment portfolio by asset type, country, sector, term to maturity within the constraints of the

stated objectives, and through the usage of derivatives to hedge certain risk exposures.

During the six-month period some Funds’ exposure to financial instruments risks changed significantly as

per details disclosed in the "Fund Specific Financial Instruments Risks" section of the financial state-

ments. For details relating to financial instruments risks exposure for remaining Funds, refer to the audit-

ed annual financial statements as at March 31, 2009, as these Funds’ exposure to financial instruments

risks remained unchanged through the period.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes

in market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital. Except for options

written, future contracts sold short and investments sold short, the maximum risk resulting from finan-

cial instruments is equivalent to their fair value.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not sub-

ject to significant other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest in

debt securities and income trusts will be affected by changes in applicable interest rates. If interest

rates fall, the fair value of existing debt securities may increase due to the increase in yield. On the

other hand, if interest rates rise, the yield of existing debt securities decrease which may then lead to

a decrease in their fair value. The magnitude of the decline will generally be greater for long-term debt

securities than for short-term debt securities.

Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these

securities varies inversely with interest rates, similar to other debt securities. However, since they may

be converted into common shares, convertible securities are generally less affected by interest rate

fluctuations than other debt securities.

All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and have a

lower credit risk than below investment grade bonds.

The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to indi-

rect interest rate risk in the event that the underlying fund invests in interest bearing

financial instruments.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the func-

tional currency of the Funds. As a result, the Funds may be exposed to the risk that the value of secu-

rities denominated in other currencies will fluctuate due to changes in exchange rates.

The Statement of Investment Portfolio identifies all bonds and derivative instruments denominated in

foreign currencies, if applicable. Equities traded in foreign markets are also exposed to currency risk

as the prices denominated in foreign currencies are converted to the Funds’ functional currency to

determine their fair value.




rect currency risk in the event that the underlying fund invests in financial instruments that are denom-

inated in a currency other than the functional currency of the Fund.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit wor-

thiness of the debt issuer. The carrying amount of debt instruments as presented on the Statement of

Investment Portfolio represent credit risk exposure of each Fund. Credit risk exposure for derivative

instruments is based on each Fund’s unrealized gain (loss) on the contractual obligations with the coun-

terparty as at the reporting date. The credit rating of a counterparty to derivative instrument is dis-

closed in Statement of Investment Portfolio of each Fund, if applicable.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from

Standard & Poor’s, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond

Rating Services and Canadian Bond Rating Services, respectively.

Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned

to those obligations and derivative instruments considered short-term in nature. The table below pro-

vides a cross-reference between long-term credit ratings disclose in Credit Rating table inclusive of

short-term credit ratings disclosed in Schedule A, if applicable.

Credit Rating as per Credit Risk table Credit Rating as per Schedule A

AAA/Aaa/A++ A-1+

AA/Aa/A+ A-1, A-2, A-3

A B, B-1

BBB/Baa/B++ B-2

BB/Ba/B+ B-3

B C

CCC/Caa/C++ -

CC/Ca/C+ -

C and Lower D

Not Rated WR

The credit risk exposure of the Fund’s other assets are represented by their carrying amount as dis-

closed in the Statements of Net Assets.

Significant cash balances may be maintained at the custodian and the manager monitors the credit

worthiness of the custodian on an regular basis.

All transactions executed by a Fund in listed securities are settled / paid for upon delivery using

approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made

once the broker has received payment. Payment is made on a purchase once the securities have been

received by the broker. The trade will fail if either party fails to meet its obligation.


rect credit risk in the event that the underlying fund invests in debt instruments, preferred securities

and derivatives.

Liquidity Risk

Liquidity risk is the risk that the Funds may not be able to settle or meet their obligations, on time or

at a reasonable price. The Funds are exposed to daily cash redemption of redeemable units. Therefore,

the Funds aim to invest the majority of their assets in investments that are traded in active markets

and can be readily disposed of. In addition, the Funds aim to retain sufficient cash and cash equiva-

lents positions to maintain liquidity. From time to time, the Funds may enter into derivative contracts

or invest in unlisted securities that may not trade in an organized market and may be illiquid. Illiquid

securities are identified in the Statement of Investment Portfolio of each Fund, if applicable.



– 299 –

Legal Notice

Notice: Should you require additional copies of this Semi-Annual Report or have received more than one

copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual fund

investments. Please read the prospectus before investing. Unless otherwise indicated and except for

returns for periods less than one year, the indicated rates of return are the historical annual compounded

total returns including changes in security value. All performance data assume reinvestment of all distri-

butions or dividends and do not take into account sales, redemption, distribution or optional charges or

income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guar-

anteed, their values change frequently and past performance may not be repeated. Mutual fund securi-

ties are not covered by the Canada Deposit Insurance Corporation or by any other government deposit

insurer.

The commentaries contained herein are provided as a general source of information and should not be

considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has

been made to ensure that the material contained in these commentaries is accurate at the time of pub-

lication. However, the Manager cannot guarantee its accuracy or completeness and accepts no respon-

sibility for any loss arising from any use of or reliance on the information contained herein.

®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American

Managers are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.


CORPCLASS_SA-09-09E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

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