Semi-Annual Financial Statement– as at September 30, 2012 · 2012. 11. 29. · The CI Funds Board...

Semi-Annual Financial Statement – as at September 30, 2012

A look inside

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

About the CI Funds Board of Governors

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

Equity Funds

Cambridge American Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Cambridge Canadian Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Cambridge Global Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

Balanced Fund

Cambridge Canadian Asset Allocation Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . 36

Income Fund

Cambridge Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

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 anauditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in anaccompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual FinancialStatements in accordance with standards established by the Canadian Institute of CharteredAccountants.

Enclosed are the Financial Statements for your CI Investments

mutual funds for the six months ending September 30, 2012. Inside is

important information about each fund, including its financial

statements for the period and a list of the portfolio holdings at the end

of the period.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an investment

plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

CANADA’S INVESTMENT COMPANY

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 $73 billion on behalf of two million Canadians. CI is a

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

with $97 billion in fee-earning assets at September 30, 2012.

CI provides one of the industry’s widest selections of investment products

and services and a strong lineup of leading portfolio management teams.

Our portfolio management expertise is offered through several platforms,

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

managed solutions.

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

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

– 1 –

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

judgment 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 securities

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

James M. Werry, Corporate Director

Governor since September 2011

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

period ended September 30, 2012 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

ethical 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 2012 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 2012, the Governors

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

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

year 2012. In November 2012, the Board of Governors received and accepted the Semi-Annual

Financial Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

November 2012

Letter from the CI Funds Board of Governors

Semi-Annual Financial Statements as at September 30, 2012 – 2 –

Cambridge American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 3 –

No. of Shares/ Average FairPar Value Cost ($) Value ($)

HEALTH CARE (22.4%) 115,000 Abbott Laboratories Inc. 6,371,539 7,750,497 40,000 Biogen Idec Inc. 6,025,997 5,867,962 65,000 Catamaran Corp. 5,782,069 6,261,726 75,000 Celgene Corp. 5,649,030 5,631,379

365,000 Cempra Inc. 2,664,665 2,673,848 60,000 Cerner Corp.* 4,269,606 4,566,461

150,000 Community Health Systems Inc. 3,956,257 4,298,020 75,000 Gilead Sciences Inc. 4,923,516 4,890,952

225,000 HCA Holdings Inc. 6,200,681 7,356,339 9,000 Intuitive Surgical Inc. 4,374,889 4,383,715

60,000 McKesson Corp. 5,044,868 5,073,846 90,000 Mednax Inc. 6,020,261 6,585,970

175,000 Merck & Co., Inc. 6,672,305 7,759,002 55,000 MWI Veterinary Supply Inc. 4,839,784 5,768,894 45,000 Perrigo Co.* 4,397,467 5,139,924 75,000 Stryker Corp. 3,983,034 4,104,800

81,175,968 88,113,335INDUSTRIALS (17.2%)

70,000 3M Co. 5,954,101 6,359,319 150,000 Alaska Air Group Inc. 5,048,501 5,171,193 37,500 Amerco Inc. 3,801,108 3,923,381 75,000 Chart Industries Inc. 4,748,659 5,444,060 40,000 Copa Holdings S.A. 2,729,573 3,195,736

100,000 CPI Aerostructures Inc. 1,168,533 1,065,901 75,000 Deere & Co. 5,814,401 6,079,766

150,000 EDAC Technologies Corp. 2,061,711 2,051,663 80,000 HEICO Corp.* 2,788,225 3,042,734

100,000 Kirby Corp. 6,131,414 5,433,735 90,000 Moog Inc., Class A 3,691,532 3,352,278

300,000 Orbital Sciences Corp. 4,088,067 4,295,070 150,000 Owens Corning Inc. 4,900,427 4,933,725 150,000 Spirit Aerosystems Holdings Inc.,

Class A 3,332,500 3,272,926 50,000 Teleflex Inc. 3,182,482 3,383,547

100,000 Triumph Group Inc. 5,349,627 6,144,664 64,790,861 67,149,698

INFORMATION TECHNOLOGY (15.8%) 90,000 Akamai Technologies Inc. 2,953,415 3,385,022 50,000 ANSYS Inc. 2,904,005 3,604,791 15,000 Apple Inc. 7,005,230 9,841,639 65,000 Citrix Systems Inc. 5,118,555 4,892,672

100,000 FARO Technologies Inc. 4,459,646 4,062,027 450,000 Frequency Electronics Inc. 3,847,690 3,854,058 62,000 Fusion-io Inc.* 1,502,077 1,845,405 40,000 IPG Photonics Corp.* 2,225,493 2,251,372

100,000 Oracle Corp. 3,172,928 3,093,473 85,000 QUALCOMM Inc. 4,673,493 5,219,621

100,000 RADWARE Ltd. 3,319,943 3,541,859 85,000 Teradata Corp. 5,476,890 6,302,828 75,000 VMware Inc. 6,731,762 7,136,571

150,000 Zygo Corp. 2,164,629 2,697,693 55,555,756 61,729,031

CONSUMER DISCRETIONARY (10.3%) 10,000 AutoZone Inc. 3,447,504 3,634,978 50,000 BorgWarner Inc. 3,357,253 3,396,822 12,500 Chipotle Mexican Grill Inc., Class A 3,908,304 3,905,559 70,000 Home Depot Inc. 3,661,314 4,153,966

225,000 Lions Gate Entertainment Corp.* 3,070,898 3,376,173 150,000 LKQ Corp. 2,484,681 2,727,192 45,000 Lululemon Athletica Inc.* 3,130,606 3,269,533

100,000 Millennial Media Inc.* 1,087,376 1,409,074 25,000 Panera Bread Co., Class A* 3,368,486 4,200,918

100,000 Starbucks Corp. 5,089,023 4,986,332 115,000 TJX Cos., Inc. 4,047,624 5,065,980

36,653,069 40,126,527MATERIALS (5.8%)

200,000 Caesar Stone Sdot Yam Ltd. 2,464,115 2,772,916 125,000 E.I. du Pont de Nemours & Co. 5,834,395 6,175,146 100,000 FMC Corp. 5,459,050 5,444,552 35,000 PPG Industries Inc. 3,908,554 3,951,946 60,000 Sigma-Aldrich Corp. 4,037,561 4,243,741

21,703,675 22,588,301ENERGY (5.3%)

80,000 Apache Corp. 7,330,877 6,794,234 100,000 Continental Resources Inc.* 7,239,054 7,559,637 10,000 Core Laboratories N.V. 1,157,214 1,194,517 85,000 Devon Energy Corp. 5,525,499 5,054,131

21,252,644 20,602,519FINANCIALS (5.1%)

125,000 City National Corp. 6,185,013 6,331,245 115,000 PNC Financial Services Group Inc. 6,958,860 7,134,211 160,000 State Street Corp. 6,658,179 6,598,360

19,802,052 20,063,816CONSUMER STAPLES (4.0%)

70,000 Annie's Inc.* 2,855,570 3,084,328 32,500 Costco Wholesale Corp. 2,882,517 3,199,571 75,000 Mead Johnson Nutrition Co. 5,528,255 5,402,761 6,000 The Boston Beer Co., Inc., Class A 659,716 660,603

35,000 Whole Foods Market Inc. 3,172,586 3,349,673 15,098,644 15,696,936

Commission and other portfolio transaction costs (186,711)

Total Equities (85.9%) 315,845,958 336,070,163

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.0%)(see Schedule A) 150,444

Total Investments (85.9%) 315,845,958 336,220,607

Other Net Assets (Liabilities) (14.1%) 54,958,104

Net Assets (100.0%) 391,178,711

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

CIG - 294Semi-Annual Financial Statements as at September 30, 2012


– 4 –

Cambridge American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 4 –– 4 –

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.

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

– 4 –Semi-Annual Financial Statements as at September 30, 2012

Schedule AForeign Currency Forward Contracts (0.0%)

Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)

1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.99 (2,303,000) US $ 2,278,749 Canadian $ 10,971 1 Canadian Imperial Bank of Commerce A-1 04-Jan-13 0.99 (6,400,000) US $ 6,310,880 Canadian $ 3,552 1 Credit Suisse Group AG A-1 04-Jan-13 0.99 (10,046,000) US $ 9,904,793 Canadian $ 4,264 1 Royal Bank of Canada A-1+ 30-Nov-12 0.99 (2,077,000) US $ 2,055,129 Canadian $ 9,894 1 Royal Bank of Canada A-1+ 04-Jan-13 0.99 (801,000) US $ 789,866 Canadian $ 465 1 The Bank of Nova Scotia†† A-1+ 04-Jan-13 0.99 (4,537,000) US $ 4,476,295 Canadian $ 4,982 1 Toronto-Dominion Bank A-1+ 04-Jan-13 0.99 (2,202,000) US $ 2,171,392 Canadian $ 1,277 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.01 (4,703,000) US $ 4,742,928 Canadian $ 115,039 Total Foreign Currency Forward Contracts Value 150,444

Cambridge American Equity Corporate ClassFinancial Statements (unaudited)

– 5 –

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 futures and

foreign currency forward contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and

foreign currency forward contractsSwaps, swaptions and options at fair valuePayable 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 SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

Net assets per share (see Schedule of Net Assets per Share and Net Asset Value per Share)

A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

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


336,070 206,44356,030 15,311

- -- -

448 225- -

150 74- -- -

209 1996,992 537

- -469 158

400,368 222,947

- -- -- -

- 26- -

8,681 266504 9

- -- -4 2- -

9,189 303391,179 222,644

315,846 181,227- -

373,468 221,111556 86

5,067 3989,128 1782,194 533

195 5410 -23 1510 -

364 14910 -

123 12021 -10 -

4.46 4.5811.70 12.015.48 5.60

10.73 10.9011.97 12.167.91 8.33

10.13 -7.70 8.05

10.13 -5.26 5.61

10.07 -8.31 8.83

10.13 10.7010.08 -

83,828,792 48,318,95147,525 7,133

924,461 70,984850,717 16,362183,248 43,83924,666 6,4351,008 -2,978 1,9081,008 -

69,280 26,5161,013 -

14,818 13,5672,055 101,013 -

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

as at as atSeptember 30, 2012 March 31, 2012

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


Semi-Annual Financial Statements as at September 30, 2012


– 6 –

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

ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesHarmonized sales tax/Goods 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

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

1,050 1,55643 2526 2

- -- -- -

(151) (235)968 1,348

2,344 2,268247 238

- -- (6)

257 2472,848 2,747(1,880) (1,399)

- -(1,880) (1,399)

1,717 (8,910)(137) 99(329) (734)

- -

(4,890) (28,150)(3,639) (37,695)(5,519) (39,094)

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

2012 2011



Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

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


(5,594) (39,005)7 -

12 (43)47 -14 -(2) (3)- -- (4)- -

(1) (19)- -

(3) (20)1 -- -

(0.10) (0.74)0.22 -0.06 (0.66)0.41 -0.13 -(0.10) (1.42)0.22 -(0.19) (1.31)0.23 -(0.01) (1.18)0.22 -(0.19) (1.48)0.58 -0.23 -

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

2012 2011

– 7 –


– 7 –

I SharesNet assets, beginning of periodCapital transactions

Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)Aquisition of assets from terminated Funds (Note 1)

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

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

O SharesNet assets, beginning of periodCapital transactions




AT5 SharesNet assets, beginning of periodCapital transactions




178 -

194 -- -

(52) -352 -

8,409 -8,903 -

- -- -- -- -

47 -9,128 -

533 -

1,207 -- -

(38) -478 -

- -1,647 -

- -- -- -- -

14 -2,194 -

54 14

39 -- -- -

94 -14 -

147 -

- -- -

(4) -(4) -(2) (3)

195 11

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

2012 2011


A SharesNet assets, beginning of periodCapital transactions




E SharesNet assets, beginning of periodCapital transactions




F SharesNet assets, beginning of periodCapital transactions




221,111 235,678

70,582 12,078- -

(26,564) (4,282)(10,498) (7)124,431 -157,951 7,789

- -- -- -- -

(5,594) (39,005)373,468 204,462

86 -

186 -- -

(66) -343 -

- -463 -

- -- -- -- -7 -

556 -

398 454

146 5- -

(42) (267)264 -

4,289 -4,657 (262)

- -- -- -- -

12 (43)5,067 149

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

2012 2011


– 8 –






ET8 SharesNet assets, beginning of periodCapital transactions




FT8 SharesNet assets, beginning of periodCapital transactions




149 42

401 -- -

(19) -(188) 86

37 -231 86

- -- -

(15) (5)(15) (5)(1) (19)

364 104

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

120 98

- -- -- -- 31

10 -10 31

- -- -

(4) (5)(4) (5)(3) (20)

123 104


2012 2011











OT5 SharesNet assets, beginning of periodCapital transactions




- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

15 18

- -- -

(4) -- -

12 -8 -

- -- -- -- -- (4)

23 14

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

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

2012 2011

– 9 –– 9 –




IT8 SharesNet assets, beginning of periodCapital transactions








Total FundNet assets, beginning of periodCapital transactions




- -

10 -- -- -- -

10 -20 -

- -- -- -- -1 -

21 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

222,644 236,304

72,805 12,083- -

(26,785) (4,549)(9,155) 110

137,212 -174,077 7,644

- -- -

(23) (10)(23) (10)

(5,519) (39,094)391,179 204,844


2012 2011

– 10 –– 10 –

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

– 10 –



ET5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, end of period

OT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, end of period



- -1,000 -

8 -- -- -- -

1,008 -

1,908 2,0812 -- -

(475) (17)- -

1,543 -2,978 2,064

- -1,000 -

8 -- -- -- -

1,008 -

26,516 6,81377,094 -

- -(3,645) -

(37,707) 14,2887,022 -

69,280 21,101

- -1,000 -

13 -- -- -- -

1,013 -

13,567 10,2383 -8 -- -- 3,329

1,240 -14,818 13,567

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

E SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, end of period

O SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, end of period


Schedule of Fund Share Transactions for the periods ended September 30

2012 2011

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

2012 2011

48,318,951 51,354,36215,790,254 2,888,536

- -(6,015,004) (956,090)(2,290,365) (1,580)28,024,956 -83,828,792 53,285,228

7,133 -16,014 -

- -(5,621) -29,999 -

- -47,525 -

70,984 81,71326,937 946

- -(7,592) (50,710)48,691 -

785,441 -924,461 31,949

16,362 -18,249 -

- -(4,872) -33,600 -

787,378 -850,717 -

43,839 -102,342 -

- -(3,302) -40,369 -

- -183,248 -

6,435 1,5854,888 -

- -- -

11,518 -1,825 -

24,666 1,585

– 11 –– 11 –– 11 –


– 11 –

†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.


IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, end of period



2012 2011

10 -989 -34 -

- -- -

1,022 -2,055 -

- -1,000 -

13 -- -- -- -

1,013 -

A SharesNet assets per shareNet asset value per share

E SharesNet assets per shareNet asset value per share

F SharesNet assets per shareNet asset value per share

I SharesNet assets per shareNet asset value per share

O SharesNet assets per shareNet asset value per share

AT5 SharesNet assets per shareNet asset value per share

ET5 SharesNet assets per shareNet asset value per share

FT5 SharesNet assets per shareNet asset value per share

4.46 3.844.46 3.84

11.70 -11.70 -

5.48 4.675.48 4.67

10.73 -10.73 -

11.97 -11.97 -

7.91 7.177.91 7.18

10.13 -10.13 -

7.70 6.897.70 6.89

Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) as at September 30 (in $)

2012 2011

OT5 SharesNet assets per shareNet asset value per share




IT8 SharesNet assets per shareNet asset value per share


Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) (cont’d) as at September 30 (in $)

2012 2011

10.13 -10.14 -

5.26 4.915.26 4.91

10.07 -10.08 -

8.31 7.698.31 7.69

10.13 -10.13 -

10.08 -10.08 -

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

2012 2011LoanedCollateral (non-cash)

16,596 5,36117,426 5,629

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

2012 2011Brokerage commissionsSoft Dollar commissions†

328 7331 60


– 12 –



Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

2.001.951.00

Paid directly by investorPaid directly by investor

2.001.951.00

Paid directly by investor2.001.951.00


0.210.150.21

-0.150.210.150.210.150.210.150.21

-0.15

Schedule of Fees (Note 5)as at September 30, 2012 (%)

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

– 13 –

The Fund’s investments were concentrated in the following segments:

as at March 31, 2012

Categories Net Assets (%)Information Technology ........................................................................................................... 19.4 Industrials ................................................................................................................................ 18.8 Health Care .............................................................................................................................. 16.5 Financials ................................................................................................................................. 13.9 Energy ...................................................................................................................................... 9.9 Consumer Discretionary........................................................................................................... 7.7 Cash & Equivalents.................................................................................................................. 6.9 Materials.................................................................................................................................. 4.7 Consumer Staples.................................................................................................................... 1.8 Other Net Assets (Liabilities) .................................................................................................. 0.4

During the six-month period the Fund's exposure to other price risk and currency risk changedsignificantly as disclosed in the section below. For details relating to credit risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at March 31, 2012, asthe Fund's exposure to those risks remains unchanged.

Other Price RiskAs at September 30, 2012 and March 31, 2012, the Fund was predominantly invested in U.S. equitiesand therefore was sensitive to changes in general economic conditions in the United States.

As at September 30, 2012, had the U.S. markets increased or decreased by 10% (March 31, 2012 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $33,607,000 (March 31, 2012 - $20,644,000). In practice,actual results may differ from this analysis and the difference may be material.

Currency RiskThe tables below summarize the Fund's exposure to currency risk.

as at September 30, 2012Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 345,541 (32,517) 313,024 80.0 Total 345,541 (32,517) 313,024 80.0

as at March 31, 2012Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 220,334 (27,744) 192,590 86.5 Total 220,334 (27,744) 192,590 86.5

As at September 30, 2012, had the Canadian dollar strengthened or weakened by 10% (March 31, 2012 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, by approximately $31,302,000 (March 31, 2012 - $19,259,000). In practice, actual results may differfrom this analysis and the difference may be material.



Cambridge Canadian Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 14 –


INDUSTRIALS (19.0%) 110,000 Amerco Inc. 10,693,428 11,508,584

2,094,600 ATS Automation Tooling Systems Inc.* 15,448,345 18,558,156 1,255,000 CAE Inc. 12,751,738 13,202,600

350,000 Canadian National Railway Co. 29,421,700 30,345,000 2,250,000 Celestica Inc.* 16,761,127 15,795,000

200,000 Chart Industries Inc. 13,079,991 14,517,493 183,160 Hammond Power Solutions Inc. 1,796,100 1,584,334 235,600 ISE Ltd.^ 1,287,780 - 350,000 Kirby Corp. 19,956,922 19,018,073 816,406 Onex Corp.* 28,069,411 31,660,225 700,000 Orbital Sciences Corp. 9,283,302 10,021,829 450,000 Owens Corning Inc. 14,623,236 14,801,176

1,565,000 TransForce Inc.* 22,534,491 27,168,400 34,693,000 Westaim Corp. 24,037,690 26,713,610

800,000 WestJet Airlines Ltd. 13,022,686 13,960,000 232,767,947 248,854,480

ENERGY (16.0%) 1,050,000 Celtic Exploration Ltd. 19,625,169 19,141,500

787,800 Keyera Corp.* 27,930,140 37,459,890 1,128,000 Matrix Service Co.* 14,125,201 11,723,888

732,400 Paramount Resources Ltd., Class A* 20,405,579 21,876,788 7,337,800 Perpetual Energy Inc. 13,262,875 8,878,738 1,216,200 TAG Oil Ltd.* 9,417,031 8,732,316 2,000,000 Tourmaline Oil Corp.* 51,861,661 61,240,000 1,491,900 Trilogy Energy Corp.* 37,939,930 38,222,478

900,000 Trioil Resources Ltd., Class A 2,295,000 2,250,000 196,862,586 209,525,598

CONSUMER STAPLES (15.6%) 1,525,900 Alimentation Couche-Tard Inc., Class B 56,841,188 68,818,090

350,000 George Weston Ltd. 22,193,805 22,074,500 650,000 Loblaw Cos. Ltd.* 21,965,325 22,158,500 750,000 Metro Inc., Class A* 37,280,483 43,755,000

1,150,000 Shoppers Drug Mart Corp.* 47,299,833 46,943,000 185,580,634 203,749,090

FINANCIALS (13.4%) 1,319,000 Brookfield Asset Management Inc.,

Class A 42,089,702 44,727,290 692,500 Brookfield Office Properties Inc. 11,467,938 11,273,900

1,403,400 Fiera Sceptre Inc.* 10,421,279 10,595,670 750,000 Granite Real Estate Inc. 25,088,062 26,415,000 400,000 PNC Financial Services Group Inc. 25,307,663 24,814,647 400,000 Signature Bank* 25,331,075 26,356,467 700,000 Stewart Information Services Corp.* 10,408,471 13,876,379 500,000 Wells Fargo & Co. 16,971,898 16,986,568

167,086,088 175,045,921INFORMATION TECHNOLOGY (12.3%)

550,000 ARM Holdings PLC 14,578,834 15,121,241 1,859,300 CGI Group Inc.* 41,391,233 49,066,927

425,000 Check Point Software Technologies Ltd. 20,013,238 20,117,898 200,000 Constellation Software Inc. 17,944,811 20,746,000 250,000 Dun & Bradstreet Corp.* 18,626,571 19,572,656

1,000,000 Enghouse Systems Ltd. 10,469,703 13,820,000 2,688,000 Extenway Solutions Inc. 685,440 67,200 3,650,000 Sandvine Corp. 5,478,039 4,343,500

600,000 TIBCO Software Inc. 16,780,500 17,835,159 145,968,369 160,690,581

HEALTH CARE (5.3%) 150,000 Catamaran Corp. 13,212,573 14,425,500 225,000 McKesson Corp. 19,109,320 19,026,923 900,000 Pfizer Inc. 19,964,137 21,982,733

1,000,000 Service Corp. International 12,631,344 13,235,265 64,917,374 68,670,421

CONSUMER DISCRETIONARY (5.0%) 75,000 AutoZone Inc. 26,592,858 27,262,336

905,400 Bauer Performance Sports Ltd. 8,105,842 9,723,996 200,000 Dollarama Inc. 12,321,683 12,536,000 225,000 PetSmart Inc. 13,469,076 15,252,512

60,489,459 64,774,844UTILITIES (3.1%)

1,150,000 Brookfield Infrastructure Partners LP 32,965,382 40,146,500

MATERIALS (1.2%) 338,298 Eagle Materials Inc.* 9,729,786 15,368,412 23,800 Sino-Forest Corp., Class A^ 2 2

9,729,788 15,368,414

Commission and other portfolio transaction costs (1,568,454)

Total Investments (90.9%) 1,094,799,173 1,186,825,849


Net Assets (100.0%) 1,306,128,181

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



Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesD SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares


A SharesD SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



1,186,826 700,996126,601 75,919

- -- -

3,090 940- -

- -- -- -

3,188 2,42721,319 47,381

- -1,238 1,390

1,342,262 829,053

- -- -- -

- 283- -

35,039 9,2401,051 840

- -- -

44 39- -

36,134 10,4021,306,128 818,651

1,094,799 652,229- -

910,866 466,1665,254 -1,228 310

20,615 17,066355,140 327,548

4,788 68011 -

1,851 1,60211 -

171 157104 10211 -

459 -5,480 4,912

11 -54 5463 5411 -

11.45 10.9710.05 -12.02 11.5212.33 11.7512.55 11.8812.30 11.6512.18 11.599.23 9.05

11.44 11.229.66 9.43

11.77 11.4111.74 11.3810.00 -7.94 7.92

11.10 11.0710.07 9.9710.06 9.8911.40 11.22

79,537,838 42,485,076522,699 -102,191 26,948

1,672,545 1,452,73928,307,669 27,576,684

389,288 58,362883 9

200,651 176,961938 10

17,662 16,6308,855 8,954

920 1045,903 -

689,856 620,546966 10

5,370 5,3706,302 5,411

946 10





Semi-Annual Financial Statements as at September 30, 2012 – 15 –


– 16 –


ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesDividend expense on securities sold shortHarmonized sales tax/Goods and services tax





Increase (decrease) in net assets from operations per classA SharesD SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



11,340 6,850548 25962 90

- -- -- -

(315) (326)11,635 6,873

7,456 3,691756 375

- -- (95)- -

863 4279,075 4,3982,560 2,475

- -2,560 2,475

8,586 54,146(837) (1,207)

(3,717) (3,687)- -

43,543 (149,518)47,575 (100,266)50,135 (97,791)

30,123 (52,739)28 -28 -

906 (1,752)18,579 (42,302)

155 -1 -

72 (240)1 -8 (13)5 -1 -2 -

218 (737)1 -2 (5)4 (3)1 -

0.46 (1.58)0.06 -0.63 -0.58 (1.62)0.67 (1.55)0.88 -1.44 -0.39 (1.33)1.31 -0.46 (1.34)0.63 -1.47 -0.05 -0.33 (1.20)1.28 -0.48 (2.12)0.60 (0.87)1.43 -


2012 2011


2012 2011



– 17 –


– 17 –





D SharesNet assets, beginning of periodCapital transactions




















466,166 363,701

161,739 49,806- -

(34,245) (29,027)244,475 5,79642,608 -

414,577 26,575

- -- -- -- -

30,123 (52,739)910,866 337,537

- -

1 -- -

(223) -(23) -

5,471 -5,226 -

- -- -- -- -

28 -5,254 -

310 -

599 -- -

(1) -292 -

- -890 -

- -- -- -- -

28 -1,228 -

17,066 12,498

3,906 1,427- -

(2,333) (768)185 184885 -

2,643 843

- -- -- -- -

906 (1,752)20,615 11,589

327,548 323,852

12,589 13,534- -

(17,019) (6,047)4,189 (100)9,254 -9,013 7,387

- -- -- -- -

18,579 (42,302)355,140 288,937

680 -

2,263 -- -

(224) -1,914 -

- -3,953 -

- -- -- -- -

155 -4,788 -


2012 2011


2012 2011




– 18 –

W SharesNet assets, beginning of periodCapital transactions
























157 98

10 -- -- -- -- -

10 -

- -- -

(4) (2)(4) (2)8 (13)

171 83

102 -

- -- -

(1) -- -- -

(1) -

- -- -

(2) -(2) -5 -

104 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

1,602 1,873

224 107- 1

(108) (212)100 (7)

- -216 (111)

- -- -

(39) (42)(39) (42)72 (240)

1,851 1,480

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011



2012 2011


– 19 –


























54 19

- 31- -- -- 5- -- 36

- -- -

(2) (1)(2) (1)2 (5)

54 49

54 -

51 26- -

(41) -(2) -- -8 26

- -- -

(3) -(3) -4 (3)

63 23

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

- -1 -- -- -

458 -459 -

- -- -

(2) -(2) -2 -

459 -

4,912 5,456

354 831 -

(271) (244)466 63

- -550 (98)

- -- -

(200) (206)(200) (206)218 (737)

5,480 4,415

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011



2012 2011


– 20 –





818,651 707,497

181,786 65,0142 1

(54,466) (36,298)251,596 5,94158,676 -

437,594 34,658

- -- -

(252) (251)(252) (251)

50,135 (97,791)1,306,128 644,113


2012 2011




Cambridge Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 21 –


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

D SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, end of period

E SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, 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)Aquisition of assets from terminatedBalance, end of period

O SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, end of period


2012 2011

42,485,076 32,270,42914,567,479 4,694,391

- -(3,089,669) (2,723,996)21,837,384 565,1723,737,568 -

79,537,838 34,805,996

- -96 -

- -(22,222) -(2,269) -

547,094 -522,699 -

26,948 -50,502 -

- -(24) -

24,765 -- -

102,191 -

1,452,739 1,046,963328,699 127,458

- -(196,534) (68,561)

15,444 16,35872,197 -

1,672,545 1,122,218

27,576,684 27,195,5221,047,541 1,199,824

- -(1,405,168) (526,880)

346,479 (9,960)742,133 -

28,307,669 27,858,506

58,362 -191,349 -

- -(19,154) -158,731 -

- -389,288 -

W SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Aquisition of assets from terminatedBalance, end of period







2012 2011

9 -874 -

- -- -- -- -

883 -

176,961 191,20124,849 12,464

11 62(12,094) (22,656)10,924 (809)

- -200,651 180,262

10 -913 -15 -

- -- -- -

938 -

16,630 9,7461,032 -

- -- (42)- -- -

17,662 9,704

8,954 -- -- -

(99) -- -- -

8,855 -

10 -896 -14 -

- -- -- -

920 -


– 22 –


– 22 –








2012 2011

- -- -

115 -- -- -

45,788 -45,903 -

620,546 617,49045,272 9,961

136 4(34,057) (30,306)57,959 8,167

- -689,856 605,316

10 -931 -25 -

- -- -- -

966 -

5,370 1,708- 3,212- -- -- 432- -

5,370 5,352

5,411 -5,189 2,556

38 22(4,134) -

(202) -- -

6,302 2,578

10 -912 -24 -

- -- -- -

946 -



D SharesNet assets per shareNet asset value per share





W SharesNet assets per shareNet asset value per share








11.45 9.7011.47 9.74

10.05 -10.07 -

12.02 -12.04 -

12.33 10.3312.35 10.37

12.55 10.3712.57 10.41

12.30 -12.32 -

12.18 -12.20 -

9.23 8.219.24 8.24

11.44 -11.46 -

9.66 8.509.68 8.53

11.77 -11.79 -

11.74 -11.76 -

10.00 -10.02 -

7.94 7.297.96 7.32


2012 2011



– 23 –



Annual management fee rateA SharesD SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

Annual fixed administration fee rateA SharesD SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

2.001.651.951.00


1.002.001.951.00


2.002.001.951.00


0.200.200.150.20

-0.150.200.200.150.20

-0.150.200.200.150.20

-0.15




142,588 58,084149,718 60,988






2012 2011

11.10 -11.12 -

10.07 9.1410.09 9.18

10.06 9.0010.08 9.04

11.40 -11.42 -



3,712 3,6787 303

Cambridge Canadian Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 24 –



Categories Net Assets (%)Industrials ................................................................................................................................ 17.1 Energy ...................................................................................................................................... 13.0 Information Technology ........................................................................................................... 13.1 Financials ................................................................................................................................. 12.9 Consumer Staples.................................................................................................................... 12.1 Cash & Equivalents.................................................................................................................. 9.3 Consumer Discretionary........................................................................................................... 6.1 Other Net Assets (Liabilities) .................................................................................................. 5.1 Health Care .............................................................................................................................. 4.9 Utilities..................................................................................................................................... 3.5 Materials.................................................................................................................................. 2.9

During the six-month period the Fund's exposure to other price risk and currency risk changedsignificantly as disclosed in the section below. For details relating to credit risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at March 31, 2012, asthe Fund's exposure to those risks remains unchanged.

Other Price RiskAs at September 30, 2012 and March 31, 2012, the Fund was predominantly invested in Canadianequities and therefore was sensitive to changes in general economic conditions in Canada.

As at September 30, 2012, had the Canadian markets increased or decreased by 10% (March 31, 2012- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $118,683,000 (March 31, 2012 - $70,100,000). In practice,actual results may differ from this analysis and the difference may be material.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 348,750 - 348,750 26.7 Brazilian Real 563 - 563 - Total 349,313 - 349,313 26.7


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 217,479 (65,817) 151,662 18.5 British Pound 3,316 - 3,316 0.4 Taiwan Dollar 1,378 - 1,378 0.2 Brazilian Real 634 - 634 0.1 Total 222,807 (65,817) 156,990 19.2

As at September 30, 2012, had the Canadian dollar strengthened or weakened by 10% (March 31,2012 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$34,931,000 (March 31, 2012 - $15,699,000). In practice, actual results may differ from this analysisand the difference may be material.



Cambridge Global Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 25 –


U.S.A. (58.6%) 100,000 3M Co. 7,655,346 9,084,741 200,000 Abbott Laboratories Inc. 9,555,506 13,479,124 100,000 Akamai Technologies Inc. 3,504,926 3,761,136 250,000 Alaska Air Group Inc.* 8,354,532 8,618,655 50,000 Annie's Inc.* 1,904,618 2,203,092 50,000 ANSYS Inc.* 2,358,822 3,604,791

100,000 Apache Corp. 9,594,403 8,492,792 25,000 Apple Inc. 9,091,331 16,402,732 75,000 Biogen Idec Inc. 11,332,831 11,002,429

125,000 Celgene Corp. 9,430,759 9,385,632 68,700 Cempra Inc. 432,427 503,269 75,000 Cerner Corp.* 5,127,411 5,708,077

100,000 Chart Industries Inc.* 5,771,893 7,258,746 15,000 Chipotle Mexican Grill Inc., Class A* 4,562,129 4,686,670 75,000 Citrix Systems Inc. 5,807,221 5,645,391

200,000 City National Corp.* 9,626,827 10,129,993 150,000 Continental Resources Inc.* 10,822,223 11,339,456 50,000 Costco Wholesale Corp. 4,135,801 4,922,417

125,000 Deere & Co.* 9,339,610 10,132,943 150,000 Devon Energy Corp. 9,978,642 8,919,054 200,000 E.I. du Pont de Nemours & Co.* 10,312,076 9,880,234 150,000 FARO Technologies Inc. 7,052,382 6,093,040 150,000 FMC Corp. 8,139,553 8,166,827 500,000 Frequency Electronics Inc. 4,279,290 4,282,287 100,000 Fusion-io Inc.* 2,266,616 2,976,460 125,000 Gilead Sciences Inc. 8,213,150 8,151,586 300,000 HCA Holdings Inc. 7,810,530 9,808,452 125,000 Home Depot Inc. 6,825,063 7,417,796 12,500 Intuitive Surgical Inc. 6,064,567 6,088,492

150,000 Kirby Corp. 9,759,364 8,150,603 50,000 Lululemon Athletica Inc.* 3,160,220 3,632,815

100,000 McKesson Corp. 8,208,755 8,456,410 150,000 Mead Johnson Nutrition Co. 10,936,662 10,805,522 100,000 Mednax Inc. 6,569,148 7,317,745 350,000 Merck & Co., Inc. 12,166,014 15,518,004 150,000 Moog Inc., Class A* 6,251,887 5,587,131 75,000 MWI Veterinary Supply Inc.* 6,101,891 7,866,674

400,000 Orbital Sciences Corp.* 5,254,256 5,726,760 50,000 Panera Bread Co., Class A 7,552,550 8,401,837 75,000 Perrigo Co.* 6,709,549 8,566,540

200,000 PNC Financial Services Group Inc. 11,854,998 12,407,324 100,000 PPG Industries Inc. 8,440,411 11,291,274 150,000 QUALCOMM Inc. 8,164,217 9,211,096 75,000 Sigma-Aldrich Corp.* 4,514,483 5,304,677

150,000 Starbucks Corp. 7,661,684 7,479,498 300,000 State Street Corp. 12,473,932 12,371,925 150,000 Teradata Corp.* 8,646,907 11,122,638

8,500 The Boston Beer Co., Inc., Class A 934,598 935,854 150,000 Triumph Group Inc.* 7,422,805 9,216,995 125,000 VMware Inc.* 11,159,140 11,894,285 50,000 Whole Foods Market Inc. 4,426,684 4,785,247

200,000 Zygo Corp.* 2,898,886 3,596,924 370,619,526 407,794,092

CANADA (8.8%) 150,000 Alimentation Couche-Tard Inc., Class B 7,112,519 6,765,000 500,000 CAE Inc. 5,057,782 5,260,000 100,000 Catamaran Corp. 8,807,198 9,633,424

2,000,000 DHX Media Ltd. 3,146,824 3,180,000 195,200 Hammond Power Solutions Inc. 1,999,205 1,688,480 250,000 Keyera Corp. 11,851,368 11,887,500 300,000 Lions Gate Entertainment Corp.* 4,084,543 4,501,563 200,000 Onex Corp. 7,757,676 7,756,000 350,000 Tourmaline Oil Corp.* 9,963,301 10,717,000

59,780,416 61,388,967 SWITZERLAND (6.0%)

500,000 ABB Ltd. 8,818,527 9,222,372 85,000 Austriamicrosystems AG 7,317,567 8,354,507

500,000 Credit Suisse Group AG 10,975,342 10,414,379 75,000 Roche Holding AG 13,510,359 13,778,663

40,621,795 41,769,921 GERMANY (5.8%)

150,000 Bertrandt AG 10,001,902 10,899,372 125,000 Continental AG 12,222,283 12,030,379 150,000 Isra Vision AG 3,678,946 3,980,640 75,000 Volkswagen AG, Preferred 9,901,150 13,477,310

35,804,281 40,387,701 FRANCE (5.6%)

250,000 BNP Paribas S.A.* 12,308,789 11,682,863 150,000 Cap Gemini S.A.* 5,660,728 6,237,284 150,000 Sanofi 13,097,723 12,576,927 150,000 Schneider Electric S.A.* 9,459,170 8,728,975

40,526,410 39,226,049 DENMARK (3.7%)

50,000 Coloplast A/S, Class B 8,708,841 10,220,945 100,000 Novo Nordisk A/S 11,387,949 15,509,395

20,096,790 25,730,340 JERSEY ISLAND (2.9%)

1,500,000 Kentz Co., Ltd. 7,896,309 10,139,738 400,000 Petrofac Ltd. 8,431,514 10,118,301

16,327,823 20,258,039 U.K. (2.3%)

150,000 Aveva Group PLC 3,233,919 4,673,283 500,000 Standard Chartered PLC 11,396,502 11,115,522

14,630,421 15,788,805 ISRAEL (2.0%)

100,000 RADWARE Ltd. 3,396,281 3,541,859 250,000 Teva Pharmaceutical Industries Ltd.,

ADR 9,864,174 10,174,733 13,260,455 13,716,592

SWEDEN (1.4%) 750,000 Elekta AB* 7,456,359 9,742,068




– 26 –

Cambridge Global Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 26 –


PANAMA (0.9%) 75,000 Copa Holdings S.A. 4,905,912 5,992,006

NETHERLANDS (0.2%) 10,000 Core Laboratories N.V. 1,115,598 1,194,517

NORWAY (0.1%) 89,559 Havila Shipping ASA 970,936 507,527


Total Equities (98.3%) 625,410,946 683,496,624





Net Assets (100.0%) 695,477,590






1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.59 (3,568,000) British Pound 5,676,117 Canadian $ 6,939 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.59 (4,651,500) British Pound 7,397,932 Canadian $ 7,187 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.27 (24,720,000) Euro 31,326,791 Canadian $ 55,747 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.13 (8,787,000) Hong Kong Dollars 1,115,767 Canadian $ 691 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.96 (20,335,000) Swiss Franc 21,275,371 Canadian $ (15,849)1 Credit Suisse Group AG A-1 31-Oct-12 0.13 (19,466,000) Hong Kong Dollars 2,472,407 Canadian $ 2,158 1 Credit Suisse Group AG A-1 31-Oct-12 6.70 (46,603,125) Swedish Krona 6,952,007 Canadian $ (24,141)1 Credit Suisse Group AG A-1 31-Oct-12 0.98 (67,621,000) US $ 66,571,860 Canadian $ 32,669 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.59 (3,469,000) British Pound 5,522,183 Canadian $ 10,301 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.17 (72,500,000) Danish Krone 12,333,202 Canadian $ 27,035 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 5.89 (3,325,000) Danish Krone 564,238 Canadian $ (147)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.27 (8,080,000) Euro 10,240,632 Canadian $ 19,350 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.13 (12,858,250) Hong Kong Dollars 1,633,655 Canadian $ 1,933 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.99 (2,860,000) US $ 2,817,586 Canadian $ 3,339 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.98 (43,464,000) US $ 42,797,697 Canadian $ 29,030 Total Foreign Currency Forward Contracts Value 156,242

Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)

– 27 –








Net assets per classA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares


A SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



683,497 593,93020,963 46,052

- -- -

585 585- -

196 25- -- -

2,152 1,1301,958 94

- -574 299

709,925 642,115

- -- -- -

40 945- -

13,468 12,813918 628

- -- -

21 18- -

14,447 14,404695,478 627,711

625,411 515,941- -

586,159 534,5232,002 944

14,517 15,30582,708 70,9806,062 2,171

15 151,604 1,572

10 -194 209

- -11 -

1,668 1,53410 -

253 222225 23640 -

10.58 10.7412.38 12.5711.51 11.6312.23 12.2812.67 12.7211.50 11.618.59 8.93

11.79 12.268.82 9.12

- 11.3312.10 12.447.40 7.81

11.47 12.107.82 8.207.17 7.47

11.77 12.27

55,425,538 49,756,370161,668 75,056

1,261,604 1,316,2936,760,533 5,781,457

478,511 170,6261,291 1,301

186,724 176,037885 10

22,005 22,865- 10

868 10225,508 196,487

909 1032,329 27,02931,382 31,6123,390 10







– 28 –







Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



5,622 6,742137 151204 183

- -- -- -

(734) (918)5,229 6,158

5,506 5,188620 579

2 1- (138)

639 6166,767 6,246(1,538) (88)

- -(1,538) (88)

13,292 (17,892)(579) (797)

(1,223) (1,779)- -

(18,827) (96,012)(7,337) (116,480)(8,875) (116,568)

(8,736) (100,641)5 -

(192) (2,869)18 (12,280)82 -

- (3)(25) (374)

- -(3) (18)1 -- -

(19) (292)- -

(4) (47)(2) (44)- -

(0.17) (2.04)0.04 -(0.16) (2.18)0.01 (2.13)0.26 -(0.12) (2.12)(0.14) (1.85)0.82 -(0.12) (1.73)1.26 -0.97 -(0.10) (1.61)0.82 -(0.10) (1.59)(0.03) (1.38)0.06 -


2012 2011


2012 2011



– 29 –


– 29 –


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























534,523 525,094

73,035 44,623- -

(23,321) (28,989)10,658 1,78760,372 17,421

- -- -- -- -

(8,736) (100,641)586,159 441,874

944 -

708 -- -

(227) -572 -

1,053 -

- -- -- -- -5 -

2,002 -

15,305 15,099

1,264 1,868- -

(1,624) (1,873)(236) 555(596) 550

- -- -- -- -

(192) (2,869)14,517 12,780

70,980 70,647

13,934 4,932- -

(2,803) (7,207)579 563

11,710 (1,712)

- -- -- -- -

18 (12,280)82,708 56,655

2,171 -

1,733 -- -

(4) -2,080 -3,809 -

- -- -- -- -

82 -6,062 -

15 15

- -- -- -- -- -

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

15 12


2012 2011


2012 2011




– 30 –

























- -

10 -- -

(11) -- -

(1) -

- -- -- -- -1 -- -

- -

11 -- -- -- -

11 -

- -- -- -- -- -

11 -

1,534 1,544

142 384- -

(2) (323)73 (14)

213 47

- -- -

(60) (63)(60) (63)(19) (292)

1,668 1,236

1,572 1,806

163 391- 1

(77) (294)7 37

93 135

- -- -

(36) (48)(36) (48)(25) (374)

1,604 1,519

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

209 101

10 3- -

(17) -- -

(7) 3

- -- -

(5) (3)(5) (3)(3) (18)

194 83


2012 2011



2012 2011


– 31 –














OT8 Shares Net assets, beginning of periodCapital transactions








- -

41 -- -- -- -

41 -

- -- -

(1) -(1) -- -

40 -

627,711 614,810

91,071 52,201- 1

(28,088) (38,689)13,778 2,94776,761 16,460

- -- -

(119) (136)(119) (136)

(8,875) (116,568)695,478 514,566

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

222 264

- -- -- -

44 -44 -

- -- -

(9) (11)(9) (11)(4) (47)

253 206

236 240

- -- -

(2) (3)1 19(1) 16

- -- -

(8) (11)(8) (11)(2) (44)

225 201


2012 2011



2012 2011


Cambridge Global Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 32 –


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

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

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

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

O 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

W 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


2012 2011

49,756,370 48,575,7876,924,334 4,414,943

18 -(2,238,272) (2,824,105)

983,088 160,65955,425,538 50,327,284

75,056 -58,673 -

- -(18,748) -46,687 -

161,668 -

1,316,293 1,304,736111,845 168,801

- -(145,261) (172,094)(21,273) 50,754

1,261,604 1,352,197

5,781,457 5,860,4411,165,441 425,641

- -(234,793) (619,637)

48,428 48,6316,760,533 5,715,076

170,626 -139,329 -

- -(131) -

168,687 -478,511 -

1,301 1,316- -- -

(10) (11)- -

1,291 1,305

176,037 190,41819,007 41,810

- 84(8,907) (33,546)

587 3,941186,724 202,707

ET5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

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

OT5 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





2012 2011

10 -861 -14 -

- -- -

885 -

22,865 10,5891,087 358

- -(1,947) (12)

- -22,005 10,935

10 -928 -11 -

(949) -- -- -

10 -845 -13 -

- -- -

868 -

196,487 180,10719,249 49,011

- 27(207) (41,339)

9,979 (2,179)225,508 185,627

10 -876 -23 -

- -- -

909 -

27,029 29,620- -- -

(34) -5,334 -

32,329 29,620


– 33 –


– 33 –




2012 2011

31,612 29,904- -- -

(336) (352)106 2,395

31,382 31,947

10 -3,406 -

- -(26) -

- -3,390 -










2012 2011










10.58 8.7810.58 8.80

12.38 -12.39 -

11.51 9.4511.51 9.48

12.23 9.9112.24 9.94

12.67 -12.67 -

11.50 9.4311.50 9.46

8.59 7.498.59 7.51

11.79 -11.79 -

8.82 7.618.83 7.63


2012 2011

- -- -

12.10 -12.11 -

7.40 6.667.40 6.68

11.47 -11.48 -

7.82 6.967.82 6.98

7.17 6.297.17 6.31

11.77 -11.78 -



50,637 27,52153,168 28,897



1,212 1,7592 145



– 34 –



Annual management fee rateA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

2.001.951.00


1.002.001.951.00


2.001.951.00


0.220.150.22

-0.150.220.220.150.22

-0.150.220.150.22

-0.15


Cambridge Global Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 35 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 54.7 U.K............................................................................................................................................ 7.8 Germany ................................................................................................................................... 7.6 Cash & Equivalents.................................................................................................................. 7.3 Canada ..................................................................................................................................... 4.9 France....................................................................................................................................... 4.7 Jersey Island............................................................................................................................ 3.3 Denmark ................................................................................................................................... 2.6 Sweden .................................................................................................................................... 2.5 Norway..................................................................................................................................... 2.4 Australia................................................................................................................................... 1.1 Italy .......................................................................................................................................... 1.0 Panama .................................................................................................................................... 0.9 Israel ........................................................................................................................................ 0.7 Netherlands ............................................................................................................................. 0.4 Foreign Currency Forward Contracts ....................................................................................... (0.1)Other Net Assets (Liabilities) .................................................................................................. (1.8)

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2012, as the Fund'sexposure to those risks remains unchanged.



Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 36 –


FINANCIALS (26.7%) USD 3,450,000 Air Lease Corp., 3.875% 12/01/2018^ 3,670,745 3,521,749

359,349 American Capital Agency Corp. 11,764,125 12,222,346 USD 4,500,000 Apollo Investment Corp., 5.75%

01/15/2016 4,429,272 4,557,612 542,342 Ares Capital Corp.* 8,961,952 9,135,203

USD 5,516,000 Ares Capital Corp., 4.875% 03/15/2017 5,500,706 5,562,863 USD 6,000,000 Ares Capital Corp., 5.125% 06/01/2016 6,062,334 6,189,620

369,220 Bank of America Corp. 9,148,825 9,417,655 348,100 Barclays Bank PLC, Preferred 8,849,272 8,861,835 400,000 BB&T Corp. 12,870,042 13,038,604

8,000,000 Brookfield Asset Management Inc., 5.29% 04/25/2017 8,752,800 8,684,690

511,000 Brookfield Asset Management Inc., Class A 16,796,784 17,328,010

380,800 Brookfield Office Properties Inc. 6,306,124 6,199,424 201,400 Canadian Western Bank 5,398,435 6,019,846 447,000 Cominar REIT* 8,754,884 10,763,760 760,000 Dundee International Real Estate

Investment Trust 7,311,723 8,329,600 5,000,000 Dundee International Real Estate

Investment Trust 5.5% 07/31/2018 4,746,250 5,167,000 USD 3,000,000 Fifth Street Finance Corp., 5.375%

04/01/2016 2,947,890 2,972,035 3,180,000 Ford Credit Canada Ltd., 4.875%

03/17/2014 3,294,626 3,304,386 8,000,000 GE Capital Canada Funding Co.,

4.65% 02/11/2015 8,497,600 8,498,302 250,000 Granite Real Estate Inc. 8,390,944 8,805,000

5,000 HSBC Holdings PLC, Preferred 138,001 138,842 5,000 ING Groep N.V., Preferred 127,173 128,665

100,000 Intact Financial Corp. 6,051,931 5,960,000 USD 2,000,000 Offshore Group Investment Ltd.,

11.5% 08/01/2015 2,188,159 2,173,101 USD 12,500,000 Prospect Capital Corp., 5.75%

03/15/2018 12,225,929 12,448,131 USD 4,000,000 SLM Corp., 5% 04/15/2015 4,086,538 4,154,615

300,000 Toronto-Dominion Bank 23,892,745 24,567,000 650,000 US Bancorp 20,430,488 21,909,969

2,500,000 VW Credit Canada Inc., 2.5% 06/01/2015 2,537,500 2,532,359

210,892 Wells Fargo & Co., Preferred 6,148,379 6,181,725 230,282,176 238,773,947

ENERGY (16.3%) USD 2,800,000 Alpha Appalachia Holdings Inc.,

3.25% 08/01/2015 2,595,439 2,539,873 82,052 Apache Corp., Preferred* 4,607,405 3,924,373

220,000 ARC Resources Ltd.* 4,929,750 5,258,000 303,000 Celtic Exploration Ltd. 5,547,040 5,523,690

3,500,000 Celtic Exploration Ltd., 5% 04/30/2017 3,575,938 3,961,650

USD 2,000,000 Chesapeake Energy Corp., 9.5% 02/15/2015 2,251,110 2,165,726

100,000 Devon Energy Corp. 6,029,925 5,946,036 USD 4,000,000 Hornbeck Offshore Services Inc.,

1.5% 09/01/2019 3,978,991 3,972,546 540,000 Keyera Corp.* 13,764,523 25,677,000

ENERGY (16.3%) (cont’d)635,655 Pembina Pipeline Corp.* 12,289,678 17,537,721

3,000,000 Pembina Pipeline Corp., 5.75% 12/31/2018 3,153,750 3,271,200

2,500,000 Perpetual Energy Inc., 7.25% 01/31/2015 2,144,754 2,352,000

335,000 Precision Drilling Corp., 6.5% 03/15/2019 345,050 345,888

800,000 Suncor Energy Inc. 25,155,112 25,824,000 600,000 Tourmaline Oil Corp. 14,244,729 18,372,000

7,000,000 TransGlobe Energy Corp., 6% 03/31/2017 7,006,250 7,221,200

400,000 Trilogy Energy Corp. 9,510,794 10,248,000 USD 1,000,000 Western Refining Inc., 11.25%

06/15/2017 1,121,406 1,093,925 122,251,644 145,234,828

INDUSTRIALS (13.0%) 100,000 3M Co. 9,132,886 9,084,741

5,000,000 AG Growth International Inc., 7% 12/31/2014 5,148,750 5,257,500

5,000,000 Algoma Central Corp., 6% 03/31/2018 5,000,000 5,137,500 175,000 Canadian National Railway Co. 13,841,702 15,172,500

6,600,000 Cargojet Inc., 6.5% 04/30/2017^ 6,600,000 6,685,800 100,000 Chart Industries Inc. 6,899,822 7,258,746

1,123,000 Churchill Corp., 6% 06/30/2015 1,114,281 1,162,305 400,000 General Electric Co. 8,385,672 8,932,329 226,400 Hammond Power Solutions Inc. 2,103,181 1,958,360

USD 9,500,000 Navistar International Corp., 3% 10/15/2014 9,164,525 8,284,686

190,186 Onex Corp.* 5,353,338 7,375,413 75,000 Owens Corning Inc. 2,468,084 2,466,863

USD 9,657,000 Rambus Inc., 5% 06/15/2014 9,613,468 9,519,501 USD 4,000,000 RR Donnelley & Sons Co., 4.95%

04/01/2014 3,897,824 4,061,043 3,231,000 Superior Plus Corp., 7.5%

12/31/2014 2,847,319 3,279,465 700,000 TransForce Inc. 10,334,915 12,152,000 35,000 United Technologies Corp., Preferred 1,872,908 1,914,541

350,000 WestJet Airlines Ltd. 6,104,233 6,107,500 109,882,908 115,810,793

CONSUMER STAPLES (9.5%) 450,000 Alimentation Couche-Tard Inc., Class B 15,017,777 20,295,000 200,000 Annie's Inc.* 8,529,077 8,812,366

USD 4,737,000 Central European Distribution Corp., 3% 03/15/2013 4,654,930 4,312,991

USD 1,000,000 Cott Beverages Inc., 8.125% 09/01/2018 1,095,599 1,092,696

USD 3,000,000 Cott Beverages Inc., 8.375% 11/15/2017 3,381,480 3,233,839

75,000 Mead Johnson Nutrition Co. 5,720,461 5,402,761 253,900 Metro Inc., Class A 13,088,778 14,812,526 110,000 Nestle S.A., Registered Shares 6,520,888 6,820,582 250,000 Shoppers Drug Mart Corp. 9,864,906 10,205,000 100,000 Whole Foods Market Inc.* 8,905,030 9,570,493

76,778,926 84,558,254

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



– 37 –

Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 37 –


UTILITIES (7.4%) 991,600 Brookfield Infrastructure Partners LP 28,045,912 34,616,756

5,209,000 Capstone Infrastructure Corp., 6.5% 12/31/2016 5,235,916 5,425,174

USD 4,000,000 GenOn Energy Inc., 7.625% 06/15/2014 4,039,550 4,198,706

1,300,000 National Grid PLC 13,545,822 14,099,246 62,000 PPL Corp., Preferred 3,242,958 3,342,701

4,000,000 Reliance LP 7.3% 04/03/2013 4,158,680 4,067,360 58,268,838 65,749,943

HEALTH CARE (7.3%) 200,000 Abbott Laboratories Inc. 12,649,845 13,479,124 100,000 Idenix Pharmaceuticals Inc. 948,704 448,386 100,000 McKesson Corp. 8,661,637 8,456,410 200,000 Merck & Co., Inc. 7,884,742 8,867,431 71,817 Perrigo Co.* 7,383,417 8,202,976

400,000 Pfizer Inc. 9,674,114 9,770,104 50,000 Roche Holding AG 9,163,767 9,185,775

525,000 Service Corp. International 7,017,110 6,948,514 63,383,336 65,358,720

INFORMATION TECHNOLOGY (6.6%) USD 2,000,000 Advanced Micro Devices Inc.,

8.125% 12/15/2017 2,019,246 2,070,011 210,000 Calian Technologies Ltd. 3,701,738 4,174,800 500,000 CGI Group Inc.* 9,898,008 13,195,000 100,000 Constellation Software Inc. 9,556,707 10,373,000 325,000 EMC Corp. 8,352,727 8,714,773

1,381,300 Extenway Solutions Inc. 352,232 34,532 170,800 Procera Networks Inc. 3,667,865 3,946,784 150,000 QUALCOMM Inc. 9,046,274 9,211,096 240,000 TIBCO Software Inc. 7,276,761 7,134,064

53,871,558 58,854,060CONSUMER DISCRETIONARY (4.0%)

3,000,000 Aimia Inc., 6.95% 01/26/2017 3,197,100 3,284,229 125,000 Dollarama Inc. 6,295,494 7,835,000

USD 1,000,000 Ford Motor Credit Co., LLC 8% 06/01/2014 1,113,191 1,085,921

113,765 General Motors Co., Preferred* 4,216,697 4,190,483 150,400 Home Depot Inc. 7,830,310 8,925,092 100,000 PetSmart Inc. 7,013,929 6,778,894

USD 3,650,000 RadioShack Corp., 2.5% 08/01/2013 3,485,364 3,286,141 33,152,085 35,385,760

MATERIALS (2.6%) 250,800 Agnico-Eagle Mines Ltd. 11,120,465 12,788,292 175,000 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 6,683,890 6,807,410 USD 2,800,000 Molycorp Inc., 3.25% 06/15/2016 2,478,013 1,913,509

2,000,000 Uranium One Inc., 5% 03/13/2015 2,012,500 2,121,200 22,294,868 23,630,411

TELECOMMUNICATION SERVICES (0.8%) USD 2,000,000 Frontier Communications Corp.,

6.625% 03/15/2015 2,075,969 2,133,769 USD 1,000,000 Hughes Satellite Systems Corp.,

6.5% 06/15/2019 1,011,904 1,052,135 USD 1,000,000 Intelsat S.A., 6.5% 11/01/2013 1,048,632 1,023,816 USD 3,000,000 Windstream Corp., 8.125%

08/01/2013 3,307,573 3,097,406 7,444,078 7,307,126


Total Bonds & Equities (94.2%) 776,930,176 840,663,842



Long Option Contracts (0.0%)(see Schedule B) 319,573 274,832

Short Option Contracts (0.0%)(see Schedule C) (319,573) (191,744)



Net Assets (100.0%) 892,703,479

Principal amounts stated in:USD U.S. Dollar




– 38 –

Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 38 –– 38 –



– 38 –Semi-Annual Financial Statements as at September 30, 2012



1 Credit Suisse Group AG A-1 31-Oct-12 1.59 (2,704,650) British Pound 4,302,817 Canadian $ 5,411 1 Credit Suisse Group AG A-1 31-Oct-12 0.98 (22,853,805) US $ 22,499,229 Canadian $ 11,041 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.99 (53,632,000) US $ 52,836,637 Canadian $ 62,607 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.98 (40,087,000) US $ 39,472,466 Canadian $ 26,775 Total Foreign Currency Forward Contracts Value 105,834

Schedule CShort Option Contracts (0.0%)

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

(650) (65,000) Navistar International Corp. 18-Jan-14 30.00 (319,573) (191,744)Total Short Option Contracts Value (319,573) (191,744)

Schedule BLong Option Contracts (0.0%)

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

650 65,000 Navistar International Corp. 18-Jan-14 20.00 319,573 274,832 Total Long Option Contracts Value 319,573 274,832

Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)

– 39 –








Net assets per classA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares





840,664 766,03936,116 37,468

- -- -

664 664- -

106 -- -

275 52,402 6,133

23,355 -- -

3,922 2,998907,504 813,307

- -- -- -

- 1,085192 6

12,145 -2,280 505

- -- -

184 147- -

14,801 1,743892,703 811,564

776,930 704,438- -

813,777 749,40813,522 5,87516,518 14,6337,913 9,2898,292 4,066

10 -14,267 13,324

10 -414 603439 479559 223

13,391 13,03980 -

194 190960 335

2,357 100

11.14 11.3810.63 10.8511.98 12.1712.85 12.9810.85 10.9610.33 10.498.98 9.40

10.07 10.569.38 9.779.71 10.04

10.34 10.707.74 8.249.78 10.419.25 9.787.73 8.12

10.04 10.55

73,068,154 65,880,7761,272,256 541,6281,378,991 1,202,612

615,625 715,775764,103 370,917

997 101,589,244 1,416,996

1,020 1044,174 61,68945,252 47,71954,128 20,800

1,729,615 1,582,1368,230 10

20,998 19,380124,131 41,262234,760 9,499







– 40 –







Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



9,655 4,4253,661 1,342

100 37(72) -

- -- -

(684) (133)12,660 5,671

8,212 4,619833 466

2 -- (184)

955 52510,002 5,4262,658 245

- -2,658 245

(19,967) 12,582(398) (210)

(1,932) (1,012)- -

3,461 (65,709)(18,836) (54,349)(16,178) (54,104)

(15,293) (50,543)(99) -

(214) (845)(109) (657)

18 -- -

(272) (941)- -

(9) (5)(5) (51)4 -

(266) (1,017)- -

(4) (16)10 (29)61 -

(0.22) (1.30)(0.12) -(0.16) (1.34)(0.16) (1.27)0.03 -0.50 -(0.18) (1.13)0.45 -(0.25) (1.10)(0.11) (1.03)0.08 -(0.16) (1.01)0.16 -(0.13) (1.05)0.12 (0.84)0.46 -


2012 2011


2012 2011



– 41 –


– 41 –

























749,408 410,006

126,798 128,771- -

(47,320) (25,879)184 4,611

79,662 107,503

- -- -- -- -

(15,293) (50,543)813,777 466,966

5,875 -

3,775 -- -

(922) -4,893 -7,746 -

- -- -- -- -

(99) -13,522 -

14,633 6,510

3,351 3,051- -

(1,116) (1,374)(136) 719

2,099 2,396

- -- -- -- -

(214) (845)16,518 8,061

9,289 6,356

340 938- -

(324) (464)(1,283) 104(1,267) 578

- -- -- -- -

(109) (657)7,913 6,277

4,066 -

3,023 -- -

(187) -1,372 -4,208 -

- -- -- -- -

18 -8,292 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011


2012 2011




– 42 –

























479 542

- -- -

(24) (4)- (15)

(24) (19)

- -- -

(11) (12)(11) (12)(5) (51)

439 460

223 -

520 -1 -

(173) -- -

348 -

- -- -

(16) -(16) -

4 -559 -

13,039 7,965

1,864 2,8355 1

(423) (294)(286) 492

1,160 3,034

- -- -

(542) (364)(542) (364)(266) (1,017)

13,391 9,618

13,324 8,101

2,572 2,2871 -

(469) (931)(534) 241

1,570 1,597

- -- -

(355) (207)(355) (207)(272) (941)

14,267 8,550

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

603 43

162 3- -

(333) -- -

(171) 3

- -- -

(9) (1)(9) (1)(9) (5)

414 40


2012 2011



2012 2011


– 43 –






















100 -

2,262 -- -

(5) -- -

2,257 -

- -- -

(61) -(61) -61 -

2,357 -

811,564 439,799

144,787 138,05112 1

(51,304) (28,948)4,851 6,252

98,346 115,356

- -- -

(1,029) (603)(1,029) (603)

(16,178) (54,104)892,703 500,448

- -

81 -- -- -- -

81 -

- -- -

(1) -(1) -- -

80 -

190 124

19 48- -

(3) -- -

16 48

- -- -

(8) (6)(8) (6)(4) (16)

194 150

335 152

- 1185 -(5) (2)

641 100641 216

- -- -

(26) (13)(26) (13)10 (29)

960 326


2012 2011



2012 2011


Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 44 –


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

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

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

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

O 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

W 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



2012 2011

65,880,776 34,180,22811,448,535 11,297,301

- -(4,271,058) (2,276,484)

9,901 403,62773,068,154 43,604,672

541,628 -358,354 -

- -(87,657) -459,931 -

1,272,256 -

1,202,612 512,940281,571 252,662

- -(93,484) (117,745)(11,708) 59,748

1,378,991 707,605

715,775 475,75826,547 73,329

- -(25,610) (37,331)

(101,087) 8,256615,625 520,012

370,917 -281,452 -

- -(17,279) -129,013 -764,103 -

10 -987 -

- -- -- -

997 -

1,416,996 776,407283,403 235,063

111 10(51,674) (94,872)(59,592) 24,875

1,589,244 941,483








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

2012 2011

10 -993 -17 -

- -- -

1,020 -

61,689 4,00317,179 295

- -(34,694) -

- -44,174 4,298

47,719 49,851- -- -

(2,467) (428)- (1,441)

45,252 47,982

20,800 -49,885 -

125 -(16,682) -

- -54,128 -

1,582,136 844,284237,104 318,683

618 131(53,581) (33,037)(36,662) 59,305

1,729,615 1,189,366

10 -8,191 -

29 -- -- -

8,230 -

19,380 11,1671,949 4,529

- -(331) -

- -20,998 15,696


– 45 –


– 45 –




2012 2011

41,262 16,759- 13,724

652 -(596) (204)

82,813 11,125124,131 41,404

9,499 -225,716 -

48 -(503) -

- -234,760 -










2012 2011










11.14 10.7111.15 10.73

10.63 -10.64 -

11.98 11.3911.99 11.42

12.85 12.0712.87 12.10

10.85 -10.86 -

10.33 -10.35 -

8.98 9.088.99 9.10

10.07 -10.08 -

9.38 9.389.39 9.41


2012 2011

9.71 9.589.72 9.60

10.34 -10.35 -

7.74 8.097.75 8.11

9.78 -9.79 -

9.25 9.549.26 9.57

7.73 7.887.74 7.90

10.04 -10.05 -



41,237 14,19343,299 14,903



1,921 1,0074 83



– 46 –



Annual management fee rateA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares

2.001.851.00


1.002.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.200.150.20

-0.150.200.150.20

-0.15


Cambridge Canadian Asset Allocation Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 47 –



Categories Net Assets (%)Financials ................................................................................................................................. 22.6 Energy ...................................................................................................................................... 15.2 Corporate Bonds ...................................................................................................................... 14.7 Information Technology ........................................................................................................... 8.9 Consumer Staples.................................................................................................................... 7.3 Industrials ................................................................................................................................ 6.4 Materials.................................................................................................................................. 6.2 Consumer Discretionary........................................................................................................... 4.7 Cash & Equivalents.................................................................................................................. 4.6 Utilities..................................................................................................................................... 4.2 Health Care .............................................................................................................................. 3.1 Telecommunication Services ................................................................................................... 1.1 Other Net Assets (Liabilities) .................................................................................................. 1.1 Foreign Currency Forward Contracts ....................................................................................... (0.1)

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 andfair value hierarchy, refer to the audited annual financial statements as at March 31, 2012, as theFund's exposure to those risks remains unchanged.

Credit RiskThe Fund was invested in fixed income securities, preferred securities and derivative instruments, as applicable, with the following credit ratings:

as at September 30, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 1.0 A 1.3 BBB/Baa/B++ 6.8 BB/Ba/B+ 3.5 B 1.8 CCC/Caa/C++ 1.9 Not Rated 8.7 Total 25.0

as at March 31, 2012*Credit Rating^ Net Assets (%)A 0.4 BBB/Baa/B++ 3.4 BB/Ba/B+ 3.0 B 2.4 CCC/Caa/C++ 0.1 Not Rated 9.8 Total 19.1

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

^Refer to Note 11 for Credit Rating cross reference.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 382,427 (114,626) 267,801 30.0 Swiss Franc 16,006 - 16,006 1.8 British Pound 14,099 (4,295) 9,804 1.1 Total 412,532 (118,921) 293,611 32.9


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 297,031 (175,859) 121,172 14.9 British Pound 22,540 (8,674) 13,866 1.7 Euro 25,232 (15,710) 9,522 1.2 Swiss Franc 8,436 - 8,436 1.0 Norwegian Krone 5,226 - 5,226 0.6 Japanese Yen 24,236 (23,360) 876 0.1 Total 382,701 (223,603) 159,098 19.5

As at September 30, 2012, had the Canadian dollar strengthened or weakened by 10% (March 31,2012 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$29,361,000 (March 31, 2012 - $15,910,000). In practice, actual results may differ from this analysisand the difference may be material.

Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contractualmaturity date.

as at September 30, 2012Less 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)

Interest Rate Exposure 50,880 69,848 57,552 41,313 219,593

as at March 31, 2012Less 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)

Interest Rate Exposure 38,230 51,655 34,537 32,145 156,567

As at September 30, 2012, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2012 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $1,367,000 (March 31, 2012 - $1,112,000).In practice, actual results may differ from this analysis and the difference may be material.



Cambridge Income Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 48 –

FairValue ($)

Purchase Forward Agreement (2.2%)(see Schedule A) 7,797,101


Net Assets (100.0%) 353,612,501

Schedule APurchase Forward Agreement (2.2%)

Purchase Forward Agreement Fair Value ($)

Restricted cash subject to forward agreement (340,900,000) (cash deposit is held by the Bank of Montreal)

Notional Units Underlying Trust Fair Value ($)

32,834,002 Cambridge Income Trust (Class C) 348,697,101

Total Purchase Forward Agreement Value 7,797,101

Settlement Date 24-Jan-17Credit Rating of the Counterparty‡ A-1

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise, ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.


Cambridge Income Corporate ClassFinancial Statements (unaudited)


AssetsInvestments at fair value*CashShort-term investmentsRestricted cash subject to forward agreementMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on purchase forward agreement Cash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on purchase forward agreementSwaps, swaptions and options at fair valuePayable 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



- -4,474 481

- -340,900 17,000

- -- -- -

7,797 194- -- -

973 667- -- -- -

354,144 18,342

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

184 -- -

290 12- -

57 26- -

531 38353,613 18,304

- -- -




Net assets per classA SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares

Net assets per share A SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares


A SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares

335,807 12,0061,439 2472,326 9183,652 1034,827 2,746

10 198 26

510 12,842 1,267

213 1714 109

1,175 879

10.31 10.1610.31 10.1510.38 10.1710.45 10.199.92 10.039.92 10.02

10.00 10.0510.07 10.079.68 9.949.70 9.959.76 9.979.84 9.99

32,580,310 1,182,144139,517 24,343224,083 90,227349,467 10,072486,497 273,809

1,031 1019,789 2,591

50,633 101293,448 127,44121,906 10273,090 10,972

119,417 88,011



– 49 –


– 50 –


ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseHarmonized sales tax


Realized and unrealized gain (loss) on investmentsand commissions and other portfolio transaction costs

Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costs†

Forward feesCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classA SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares


A SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares

-16

---

426-

442

2,449269

-352

3,070(2,628)

-(2,628)

310

-(1,542)

-

7,6036,0743,446

3,15217327672

-27

421

1530

0.130.230.220.340.180.360.240.320.190.080.310.27

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

2012


Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)











12,006

263,479-

(6,099)63,269

320,649

----

3,152335,807

247

440-

(26)761

1,175

----

171,439

918

1,001-

(362)737

1,376

----

322,326

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

2012

†Investment transactions of the Fund are not subject to commissions or transaction costs. The accompanying notes are an integral part of these financial statements.



– 51 –















103

3,468-

(18)23

3,473

----

763,652

2,746

1,688-

(29)454

2,113

--

(104)(104)

724,827

1

9---9

-----

10

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

2012













26

72---

72

--

(2)(2)2

98

1

259-

(2)251508

--

(6)(6)7

510

1,267

1,0055

(52)668

1,626

--

(93)(93)42

2,842


2012

– 52 –
















1

215---

215

--

(4)(4)1

213

109

164-

(2)449611

--

(21)(21)15

714

879

31012(11)

-311

--

(45)(45)30

1,175

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

2012





18,304

272,11017

(6,601)66,612

332,138

--

(275)(275)

3,446353,613


2012

– 53 –

Cambridge Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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

E SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividendsShares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

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

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

ET5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

Schedule of Fund Share Transactions for the period ended September 30

2012

1,182,14425,790,269

-(591,734)

6,199,63132,580,310

24,34343,024

-(2,551)74,701

139,517

90,22797,602

-(35,433)71,687

224,083

10,072338,752

-(1,719)2,362

349,467

273,809169,784

2(2,876)45,778

486,497

10191218

--

1,031

2,5917,191

7--

9,789

OT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

ET8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividendsShares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividendsShares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividendsShares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

2012

10125,679

18(183)

25,01850,633

127,441102,619

467(5,314)68,235

293,448

10221,774

30--

21,906

10,97216,792

12(202)

45,51673,090

88,01131,2621,236(1,092)

-119,417

– 54 –

Cambridge Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateA SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares

1.901.850.90



Paid directly by investor

0.200.150.200.150.200.150.200.150.200.150.200.15


The maximum management and fixed administration fee expressed as a percentage of the dailynet asset value that can be charged to a class is as follows:

Cambridge Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 55 –

The Underlying Trust’s investments were concentrated in the following segments:

as at September 30, 2012

Categories Net Assets (%)U.S.A. ....................................................................................................................................... 38.9Canada ..................................................................................................................................... 34.7Cash & Equivalents.................................................................................................................. 17.8U.K............................................................................................................................................ 3.4Bermuda ................................................................................................................................... 2.6Switzerland .............................................................................................................................. 1.0Netherlands ............................................................................................................................. 1.0Australia................................................................................................................................... 0.4Other Net Assets (Liabilities) .................................................................................................. 0.2


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 42.4 Canada ..................................................................................................................................... 30.1 Cash & Equivalents.................................................................................................................. 16.0 U.K............................................................................................................................................ 4.1 Japan ....................................................................................................................................... 1.6 Netherlands ............................................................................................................................. 1.5 Bermuda ................................................................................................................................... 1.2 France....................................................................................................................................... 1.1 Australia................................................................................................................................... 0.7 Germany ................................................................................................................................... 0.6 Switzerland .............................................................................................................................. 0.5 Cayman Islands........................................................................................................................ 0.4 China ........................................................................................................................................ 0.2 Sweden .................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... (0.2)Other Net Assets (Liabilities) .................................................................................................. (0.4)

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. For details relating to fairvalue hierarchy, refer to the audited annual financial statements as at March 31, 2012, as the Fund'sfair value hierarchy exposure remains unchanged.

Other Price RiskThe Fund was exposed to the financial instrument risks of Cambridge Income Trust (the “UnderlyingTrust”). The Fund was created to obtain exposure to an actively managed portfolio of fixed income andhigh-yielding equity investments issued by issuers anywhere in the world through the forwardagreement. As at September 30, 2012, the credit rating of the Counterparty to the Forward Agreementwas A-1 (2012 A-1).

As at September 30, 2012, had the global markets increased or decreased by 10% (March 31, 2012- 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $26,087,000 (March 31, 2012 - $1,496,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure to credit risk, except for credit risk related to the Counterparty to the Forward Agreement.

As at September 30, 2012 and March 31, 2012, the Fund indirectly bears the credit risk exposure of theUnderlying Trust.

The Underlying Trust was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:

as at September 30, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 1.0 A 2.0 BBB/Baa/B++ 12.8 BB/Ba/B+ 5.5 B 2.3 CCC/Caa/C++ 0.8 Not Rated 5.9 Total 30.3

as at March 31, 2012*Credit Rating^ Net Assets (%)A 0.7 BBB/Baa/B++ 3.8 BB/Ba/B+ 5.5 B 4.2 Not Rated 8.1 Total 22.3

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

^Refer to Note 11 for Credit Rating cross reference.

Currency RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure to currency risk.

As at September 30, 2012 and March 31, 2012, the Fund indirectly bears currency risk exposure ofthe Underlying Trust.

The tables below summarize the Underlying Trust’s exposure to currency risk.

as at September 30, 2012Currency Net Assets (%)US Dollar 28.5 British Pound 1.0 Swiss Franc 1.0 Norwegian Krone 0.5 Australian Dollar 0.4 Total 31.4



Cambridge Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

Currency Risk (cont’d)

as at March 31, 2012Currency Net Asset (%)US Dollar 11.2 British Pound 0.7 European Currency 0.6 Swiss Franc 0.5 Australian Dollar 0.5 Hong Kong Dollar 0.2 Swedish Krona 0.2 Norwegian Krone 0.1 Total 14.0

As at September 30, 2012, had the Canadian dollar strengthened or weakened by 10% (March 31, 2012 - 10%) in relation to all other foreign currencies held in the Underlying Trust, withall other variables held constant, net assets of the Fund would have decreased or increased,respectively, by approximately $10,949,000 (March 31, 2012 - $241,000). In practice, actual results maydiffer from this analysis and the difference may be material.

Interest Rate RiskAs at September 30, 2012, and March 31, 2012, the Fund has no significant direct exposure tointerest rate risk.

As at September 30, 2012, and March 31, 2012, the Fund indirectly bears the interest rate risk exposureof the Underlying Trust.

The tables below summarize the Underlying Trust’s exposure to interest rate risk, categorized by thecontractual maturity date.

as at September 30, 2012Less than 1 - 3 3 - 5 Greater than

1 Year Years Years 5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 18.6 7.3 9.2 3.4 38.5

as at March 31, 2012Less than 1 - 3 3 - 5 Greater than

1 Year Years Years 5 Years Total(%) (%) (%) (%) (%)

Interest Rate Exposure 16.5 3.5 3.8 3.2 27.0

As at September 30, 2012, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2012 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $611,000 (March 31, 2012 - $41,000).In practice, actual results may differ from this analysis and the difference may be material.



– 56 –

– 57 –

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2012 (unaudited)


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” is the date upon which shares of a class of a Fund were first created under prospectus.

Inception Date:

A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares I Shares

CI CORPORATE CLASS

CI American Managers® Corporate Class Jul. 17, 00 - - Jan. 31, 12 - - - - Jul. 17, 00 - - Aug. 28, 02

CI American Small Companies Corporate Class Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 - - Jul. 18, 08

CI American Value Corporate Class Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 31, 01 Sep. 17, 07 Sep. 17, 07 Aug. 28, 02

CI Canadian Investment Corporate Class Jul. 15, 03 Sep. 17, 07 Sep. 9, 12 Sep. 17, 07 Sep. 9, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 15, 03 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05

CI Can-Am Small Cap Corporate Class Sep. 29, 05† - - Jan. 31, 12 - Jul. 27, 11 - - Sep. 29, 05† - - Sep. 29, 05†

CI Global Corporate Class Jul. 8, 87 Sep. 17, 07 - Sep. 17, 07 - - - - Jul. 17, 00 Sep. 17, 07 Sep. 17, 07 Jun. 28, 05

CI Global Health Sciences Corporate Class Jul. 23, 96 - - - - - - - Jul. 17, 00 - - Jul. 31, 01

CI Global High Dividend Advantage

Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 Feb. 22, 07

CI Global Managers® Corporate Class Feb. 24, 00 - - Jan. 31, 12 - - - - Jul. 17, 00 - - Jul. 31, 01

CI Global Small Companies Corporate Class Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 - - Jul. 27, 11

CI Global Value Corporate Class Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - Jul. 17, 00 - - Jun. 28, 05

CI International Value Corporate Class Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - Jul. 31, 01 - - Jun. 20, 05

CI Japanese Corporate Class Dec. 23, 98* - - - - - - - Jul. 17, 00* - - -

CI Pacific Corporate Class Oct. 30, 81 - - - - - - - Jul. 17, 00 - - -

CI Short-Term Advantage Corporate Class May 06, 08 - - Jan. 31, 12 - Jul. 27, 11 - - May 06, 08 - - May 06, 08

CI Short-Term Corporate Class Jul. 8, 87 - - - - - - - Jul. 17, 00 - - Jun. 20, 05

CI Short-Term US$ Corporate Class Jul. 31, 01 - - - - Jul. 26, 12 - - - - - -

Harbour Corporate Class Jun. 27, 97 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 17, 00 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05

Harbour Foreign Equity Corporate Class Dec. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 31, 01 Sep. 17, 07 Sep. 17, 07 Dec. 31, 01

Harbour Foreign Growth & Income

Corporate Class Dec. 23, 02 Sep. 17, 07 - Sep. 17, 07 - - - - Dec. 23, 02 Sep. 17, 07 Sep. 17, 07 Dec. 23, 02

Harbour Growth & Income Corporate Class Jul. 28, 06 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 Jul. 28, 06

Harbour Voyageur Corporate Class Jul. 27, 11 Jul. 27, 11 - Jul. 27, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 5, 11

Signature Canadian Bond Corporate Class Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Jul. 26, 12 - Aug. 28, 02 - - Jun. 20, 05

Signature Canadian Resource Corporate Class Jul. 31, 01 - - - - Jul. 27, 11 - - Jul. 31, 01 - - Jul. 18, 09

Signature Corporate Bond Corporate Class Jul. 15, 03 Jul. 17, 08 - Jul. 17, 08 - Jul. 27, 11 Jul. 26, 12 - Jul. 15, 03 - - Jul. 20, 07

Signature Diversified Yield Corporate Class Nov. 10, 09 Nov. 10, 09 - Nov. 10, 09 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 10, 09 Nov. 10, 09 Nov. 10, 09 Nov. 10, 09

Signature Dividend Corporate Class Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05

Signature Emerging Markets Corporate Class

(formerly CI Emerging Markets Corporate Class) Sep. 21, 92 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 - - Jul. 20, 07

Signature Global Bond Corporate Class

(formerly CI Global Bond Corporate Class) Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Jul. 26, 12 - Aug. 28, 02 - - Jul. 18, 08

Signature Global Energy Corporate Class Jun. 11, 98 - - - - - - - Jul. 31, 01 - - -

Signature Global Income & Growth

Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 Feb. 22, 07

Signature Global Science & Technology

Corporate Class (formerly CI Global Science

& Technology Corporate Class) Jul. 23, 96 - - - - - - - Jul. 17, 00 - - Jul. 31, 01

Signature Gold Corporate Class Dec. 13, 10 - - - - Jul. 27, 11 - - Dec. 13, 10 - - Dec. 13, 10

Signature High Income Corporate Class Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05

*Classes of shares are no longer available for purchase.†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

– 58 –



Inception Date: (cont’d)

A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares I Shares

CI CORPORATE CLASS (cont’d)

Signature High Yield Bond Corporate Class Dec. 29, 11 Dec. 29, 11 - Dec. 29, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Jul. 26, 12

Signature Income & Growth Corporate Class Mar. 30, 05 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Mar. 30, 05 Sep. 17, 07 Sep. 17, 07 Jul. 28, 06

Signature International Corporate Class

(formerly CI International Corporate Class) Jul. 31, 01 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 - - Jul. 31, 01 - - Jul. 18, 08

Signature Select Canadian Corporate Class Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 31, 01 Sep. 17, 07 Sep. 17, 07 Jun. 20, 05

Signature Select Global Corporate Class Jul. 14, 10 Jul. 14, 10 - Jul. 14, 10 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Synergy American Corporate Class Sep. 21, 92 - - Jan. 31, 12 - - - - Jul. 17, 00 - - Jul. 18, 08

Synergy Canadian Corporate Class Sep. 26, 05† - - Jan. 31, 12 - Jul. 27, 11 - - Sep. 26, 05† - - Sep. 26, 05†

Synergy Global Corporate Class Jul. 23, 04 Sep. 17, 07 - Sep. 17, 07 - - - - Jul. 23, 04 - - Sep. 2 , 04

Insight

IT5 Shares IT8 Shares Shares O Shares OT5 Shares OT8 Shares X Shares Y Shares Z Shares


CI American Managers® Corporate Class - Jan. 31, 12 - - - - - - -

CI American Small Companies Corporate Class - Jan. 31, 12 - Jul. 27, 11 - - - - -

CI American Value Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 - - -

CI Canadian Investment Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

CI Can-Am Small Cap Corporate Class - Jan. 31, 12 - Jul. 27, 11 - - - - -

CI Global Corporate Class - Jan. 31, 12 - - - - - - -

CI Global Health Sciences Corporate Class - - - - - - - Jun. 11, 09 Jun. 11, 09

CI Global High Dividend Advantage Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

CI Global Managers® Corporate Class - Jan. 31, 12 - - - - - - -

CI Global Small Companies Corporate Class - Jan. 31, 12 - Jul. 27, 11 - - - - -

CI Global Value Corporate Class - Jan. 31, 12 - - - - - - -

CI International Value Corporate Class - Jan. 31, 12 - - - - - - -

CI Japanese Corporate Class - - - - - - - - -

CI Pacific Corporate Class - - - - - - - - -

CI Short-Term Advantage Corporate Class - Jan. 31, 12 - Jul. 27, 11 - - - - -

CI Short-Term Corporate Class - - - - - - - - -

CI Short-Term US$ Corporate Class - - - Jul. 26, 12 - - - - -

Harbour Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Harbour Foreign Equity Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Harbour Foreign Growth & Income Corporate Class Sep. 17, 07 Sep. 17, 07 - - - - - - -

Harbour Growth & Income Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Harbour Voyageur Corporate Class - Dec. 7, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 - - -

Signature Canadian Bond Corporate Class - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - - -

Signature Canadian Resource Corporate Class - - - Jul. 27, 11 - - - - -

Signature Corporate Bond Corporate Class - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - Jun. 11, 09* - -

Signature Diversified Yield Corporate Class Nov. 10, 09 Nov. 10, 09 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Signature Dividend Corporate Class - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -


(formerly CI Emerging Markets Corporate Class) - Jan. 31, 12 - Jul. 27, 11 - - - - -

Signature Global Bond Corporate Class

(formerly CI Global Bond Corporate Class) - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - - -

Signature Global Energy Corporate Class - - - - - - - - -

Signature Global Income & Growth Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Signature Global Science & Technology Corporate Class

(formerly CI Global Science & Technology Corporate Class) - - - - - - - - -

Signature Gold Corporate Class - - - Jul. 27, 11 - - - - -

Signature High Income Corporate Class - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Signature High Yield Bond Corporate Class - - - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 - - -

Signature Income & Growth Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

*Classes of shares are no longer available for purchase.†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

– 59 –




Insight

IT5 Shares IT8 Shares Shares O Shares OT5 Shares OT8 Shares X Shares Y Shares Z Shares



(formerly CI International Corporate Class) - Jan. 31, 12 - Jul. 27, 11 - - - - -

Signature Select Canadian Corporate Class Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Signature Select Global Corporate Class - Dec. 7, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - -

Synergy American Corporate Class - Jan. 31, 12 - - - - - - -

Synergy Canadian Corporate Class - Jan. 31, 12 Sep. 26, 05 Jul. 27, 11 - - - Jun. 11, 09 Jun. 11, 09

Synergy Global Corporate Class - Jan. 31, 12 - - - - - Jun. 11, 09 Jun. 11, 09

A Shares AT5 Shares AT8 Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares I Shares IT5 Shares

PORTFOLIO SELECT SERIES

Select Canadian Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05 -

Select Income Advantage Managed Corporate Class Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05 -

Select U.S. Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05 -

Select 100e Managed Portfolio Corporate Class Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 - Jul. 27, 11 Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Nov. 27, 06 Sep. 17, 07

Select 20i80e Managed Portfolio Corporate Class Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 - Jul. 27, 11 Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Nov. 27, 06 -







IT8 Shares O Shares OT5 Shares OT8 Shares U Shares V Shares W Shares WT5 Shares WT8 Shares Y Shares Z Shares

PORTFOLIO SELECT SERIES (cont’d)

Select Canadian Equity Managed Corporate Class - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10

Select Income Advantage Managed Corporate Class Jul. 14, 10 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10

Select U.S. Equity Managed Corporate Class - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - - Jul. 14, 10 Jul. 14, 10

Select 100e Managed Portfolio Corporate Class Sep. 17, 07 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -

Select 20i80e Managed Portfolio Corporate Class Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 - -







A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares

CAMBRIDGE CORPORATE CLASS

Cambridge American Equity Corporate Class Feb. 24, 00 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 17, 00 Sep. 17, 07 Sep. 17, 07

Cambridge Canadian Asset Allocation Corporate Class Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07

Cambridge Canadian Equity Corporate Class Dec. 27, 07 Dec. 27, 07 Jul. 26, 12 Dec. 27, 07 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07

Cambridge Global Equity Corporate Class Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07

Cambridge Income Corporate Class Dec. 29, 11 Dec. 29, 11 - Dec. 29, 11 - Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11

I Shares IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares W Shares

CAMBRIDGE CORPORATE CLASS (cont’d)

Cambridge American Equity Corporate Class Dec. 7, 11 - Dec. 7, 11 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 -

Cambridge Canadian Asset Allocation Corporate Class Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07

Cambridge Canadian Equity Corporate Class Dec. 27, 07 Jan. 31, 12 Jan. 31, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07

Cambridge Global Equity Corporate Class Dec. 27, 07 - Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07

Cambridge Income Corporate Class - - - Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 -

– 60 –




A Shares AT5 Shares AT8 Shares E Shares ET5 Shares ET8 Shares

BLACK CREEK CORPORATE CLASS

Black Creek Global Balanced Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek Global Leaders Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek International Equity Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

F Shares FT5 Shares FT8 Shares I Shares IT8 Shares O Shares OT5 Shares OT8 Shares

BLACK CREEK CORPORATE CLASS (cont’d)

Black Creek Global Balanced Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek Global Leaders Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 7, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek International Equity Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 7, 11 Jul. 27, 11 - -

A Shares E Shares ET8 Shares F Shares I Shares IT8 Shares W Shares WT8 Shares

UNITED CORPORATE CLASS

Canadian Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

Canadian Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Equity Small Cap Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Fixed Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Emerging Markets Equity Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

Enhanced Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Global Fixed Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

International Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Value Currency Hedged

Corporate Class - Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -

Real Estate Investment Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Short Term Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

US Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Small Cap Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Value Currency Hedged Corporate Class - Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -

– 61 –



Effective as of close of business on September 7, 2012 the following funds were merged:

The Manager adopted the acquisition method of accounting for the merger of the Funds. Under this method

one of the Funds is identified as the acquiring Fund, and is referred to as the “Continuing Fund” and any other

Fund involved in the merger is referred to as the “Terminating Fund”. This identification is based on a

comparison of the relative net asset value of the Funds as well as consideration of the continuation of such

aspects of the Continuing Fund as investment objectives and practices and type of portfolio securities.

Effective as of the close of business on September 7, 2012, the Continuing Funds acquired all of the assets of

the corresponding Terminating Funds in exchange for shares in the Continuing Funds. The value of the shares

of the Continuing Funds issued in connection with these mergers, were equal to the net assets transferred from

the respective Terminating Funds. The cost associated with the mergers was borne by the Manager.

Net Asset SharesTerminating Funds Continuing Funds Acquired ($) IssuedCastlerock Canadian Value Fund CI Canadian Investment Corporate Class 27,700,427 1,809,601CI International Balanced Signature Global Income &

Corporate Class Growth Corporate Class 89,523,246 9,210,587CI European Fund Signature International Corporate Class 36,942,211 5,164,744CI European Corporate Class Signature International Corporate Class 6,189,526 739,324CI Value Trust Corporate Class Cambridge American Equity Corporate Class 128,250,574 29,610,427Lakeview Disciplined Leadership

U.S. Equity Fund Cambridge American Equity Corporate Class 8,961,980 1,986,551Castlerock Canadian Stock Fund Cambridge Canadian Equity Corporate Class 58,676,623 5,144,780

The Terminating Funds’ results are not included in these financial statements.

The CI Global High Dividend Advantage Corporate Class through a forward agreement (the "Forward Agreement")

with National Bank of Canada provides shareholders with exposure to the performance of one managed

account ("Underlying Account") or equity basket managed by Epoch Investment Partners Inc., in exchange for a

Canadian equity portfolio. The Underlying Account consists of dividend-paying common and preferred shares,

debentures, income trusts, equity-related securities 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

Account.

The CI Short-Term Advantage Corporate Class through a forward agreement (the "Forward Agreement") with

Bank of Montreal provides shareholders with exposure to the performance of the CI Short-Term Advantage

Trust ("Underlying Trust"), in exchange for a Canadian equity portfolio. The Underlying Trust consists 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 Trust.

The Signature Diversified Yield Corporate Class entered into a forward purchase agreement (the "Forward

Purchase Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the Fund agrees to buy

securities from the Bank of Montreal in return for a purchase price of the Signature Diversified Yield Trust

(“Underlying Trust”). The Fund’s restricted cash subject to forward agreement was deposited with Bank of

Montreal and pledged to the counterparty as security for performance of the Fund of its obligations under the

forward agreement. Through the forward agreement the Fund provides shareholders with exposure to the

performance of the Underlying Trust. The Underlying Trust consists of fixed income and high-yielding equity

securities issued by issuers anywhere in the world. However, neither the Fund nor the shareholders will have

any ownership interest in the Underlying Trust.

The Cambridge Income Corporate Class entered into a forward purchase agreement (the "Forward Purchase

Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the Fund agrees to buy securities

from the Bank of Montreal in return for a purchase price of the Cambridge Income Trust (“Underlying Trust”).

The Fund’s restricted cash subject to forward agreement was deposited with Bank of Montreal and pledged to

the counterparty as security for performance of the Fund of its obligations under the forward agreement.

Through the forward agreement the Fund provides shareholders with exposure to the performance of the

Underlying Trust. The Underlying Trust consists of fixed income and high-yielding equity investments that may

include common shares, preferred shares, real estate investment trusts and royalty trust issued by issuers

anywhere in the world. However, neither the Fund nor the shareholders will have any ownership interest in the

Underlying Trust.

The Signature High Yield Bond Corporate Class entered into a forward purchase agreement (the "Forward

Purchase Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the Fund agrees to buy

securities from the Bank of Montreal in return for a purchase price of the Signature High Yield Bond Trust

(“Underlying Trust”). The Fund’s restricted cash subject to forward agreement was deposited with Bank of

Montreal and pledged to the counterparty as security for performance of the Fund of its obligations under the

forward agreement. Through the forward agreement the Fund provides shareholders with exposure to the

performance of the Underlying Trust. The Underlying Trust consists of high-yielding corporate bonds and debt

obligations that are rated BBB or below, bank loans, convertible bonds, floating rate debt instruments and

private placements issued by issuers anywhere in the world. However, neither the Fund nor the shareholders

will have any ownership interest in the Underlying Trust.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at September

30, 2012. The Statements of Net Assets are as at September 30, 2012 and March 31, 2012. The

Schedule of Net Assets per Share and Net Asset Value per Share and Schedule of Securities Lending

are as at September 30, 2012 and 2011, where applicable. The Statements of Operations, Statements

of Changes in Net Assets, Schedule of Fund Share Transactions and Schedule of Commissions are for

the periods ended September 30, 2012 and 2011, except for Funds established during either period, in

which case the information provided relates to the period from inception to September 30, 2012 and

2011. The Fund Specific Financial Instruments Risks for each of the Funds are as at September 30,

2012 and March 31, 2012, where applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“Canadian GAAP”). Significant accounting policies used in preparing the semi-

annual financial statements are consistent with those used in preparing the annual financial

statements. The semi-annual financial statements should be read in conjunction with the Funds’

March 31, 2012 annual financial statements.

(a) Valuation of Investments

Canadian GAAP requires the fair value of financial instruments traded in an active market to be

measured based on an investment’s bid/ask price depending on the investment position (long/short).

Terminating FundsCastlerock Canadian Value Fund CI International Balanced Corporate Class CI European Fund CI European Corporate Class CI Value Trust Corporate Class Lakeview Disciplined Leadership U.S. Equity Fund Castlerock Canadian Stock Fund

Continuing FundsCI Canadian Investment Corporate Class Signature Global Income & Growth Corporate Class Signature International Corporate Class Signature International Corporate Class Cambridge American Equity Corporate Class Cambridge American Equity Corporate Class Cambridge Canadian Equity Corporate Class

– 62 –



For the purpose of processing shareholder transactions, net asset value is calculated based on the

closing market price of investments (referred to as “Net Asset Value”), while for financial statement

purposes net assets are calculated based on bid/ask price of investments (referred to as “Net Assets”).

In accordance with National Instrument 81-106, a comparison between the Net Asset Value per share

and the Net Assets per share is disclosed in the Schedule of Net Assets per Share and Net Asset

Value per Share.

At the financial reporting date, listed securities are valued based on the bid price for securities held long

and the ask price for securities held short. 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 including short-term investments, are valued at the bid

quotation from recognized investment dealers. Underlying Funds are valued on each business day at their

net asset value as reported by the Underlying Funds’ manager.

The fair value of private placements is determined by using valuation models that may be based, in

part, on assumptions that are not supported by observable market inputs. These methods and

procedures may include, but are not limited to, performing comparisons with prices of comparable or

similar securities, obtaining valuation related information from issuers and/or other analytical data

relating to the investment and using other available indications of value. These values are

independently assessed by the Manager to ensure that they are reasonable. However, because of the

inherent uncertainty of valuation, the estimated fair values for the aforementioned securities and

interests may be materially different from the values that would have been used had a ready market

for the investment existed. The fair values of private placements are affected by the perceived credit

risks of the issuer, predictability of cash flows and the length of time to maturity.

(b) Forward Contracts

The Fund may enter into forward currency contracts. Forward currency contracts are valued on each

valuation day based on the difference between the value of the contract on the date the contract

originated and the value of the contract on the valuation day.

All unrealized gains (losses) arising from forward currency contracts are recorded as part of “Change

in unrealized appreciation (depreciation) of investments” in the Statements of Operations and

“Unrealized gain (loss) on futures and foreign currency forward contracts” 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.

Some Funds entered into forward purchase agreement (“Forward Purchase Agreement”) or forward

sale agreements (“Forward Agreement”) with counterparties (“Counterparty”).

Pursuant to each Forward Purchase Agreement the Fund agreed to purchase from the relevant

Counterparty on a future date (“Forward Date”) a specified portfolio of Canadian securities. The

amount paid by the Counterparty on the Forward Date will be determined by reference to the returns

of reference fund. During the term of the Forward Purchase Agreements, the Fund will pledge its

assets to the relevant Counterparty. The Fund’s assets will be comprised solely of its cash and its

Forward Purchase Agreement. The Fund’s cash will be deposited with and pledge to the Counterparty

as security for performance by the Fund of its obligations under the forward transaction.

Pursuant to each Forward Agreement the Fund agreed to sell to the relevant Counterparty on a future

date (“Forward Date”) a specified portfolio of Canadian securities. The amount delivered by the

Counterparty on the Forward Date will be determined by reference to the returns of to the reference

fund.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class,

Signature Diversified Yield Corporate Class, Cambridge Income Corporate Class and Signature High

Yield Bond Corporate Class enter into Forward Agreements with third parties and the value of these

forward contracts on the valuation date is equal to the gain or loss that would be realized if the

contracts were closed out or expired. Investments sold forward as part of such Forward Agreements,

if applicable, are valued at the market close price, and the Underlying Fund/Trust is valued at its net

asset value as reported by the Underlying Fund’s/Trust’s manager on the valuation date for purposes

of determining the value of the forward contract. All gains (losses) arising from the forward agreement

are recorded as part of “Change in unrealized appreciation (depreciation) of investments” in the

Statements of Operations and “Unrealized gain (loss) on forward contract”/”Unrealized gain (loss) on

purchase forward contract” in the Statements of Net Assets until the contract is closed out or expires;

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 public

exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change

in unrealized appreciation (depreciation) of investments” in the Statements of Operations and

“Unrealized gain (loss) on futures and foreign currency forward contracts” 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.

(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 the position was to be closed out on the valuation date 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” in the Statements of Operations.

(e) Options Contracts

Option contracts are valued each valuation day according to the gain or loss that would be realized if

the contracts were closed out. All unrealized gains (losses) arising from option contracts are recorded

as part of “Change in unrealized appreciation (depreciation) of investments” until the contracts are

closed out or expire, at which time the gains (losses) are realized and reflected in the Statements of

Operations in “Realized gain (loss) on investments”.

Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded

options are valued at bid/ask price taken from the exchange.

(f) Bullion

Gold and silver bullion are valued based on North America closing spot price of the underlying

commodity. All unrealized gains (losses) arising from bullion holdings are recorded as part of “Change

in unrealized appreciation (depreciation) of investments” in the Statements of Operations until the

bullion holdings are sold, at which time the gains (losses) are realized and reflected in the Statements

of Operations in “Realized gain (loss) on investments”.

– 63 –



3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of the Corporation.

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

subscription / redemption amounts. Shareholders at any time can transfer their shares from one Corporate

Class to another Corporate Class, which is called a conversion. The relevant changes pertaining to subscription,

redemption and conversion of each Fund’s shares are disclosed in the Statements of Changes in Net

Assets and the Schedule of Fund Share Transactions.

In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeavor 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.

In order to establish each individual Classes the Manager have made initial investments in the Funds.

As at September 30, 2012, the Manager held investments in the Funds as follows:

2012

Funds (in $)

Black Creek Global Balanced Corporate Class 220,306

Black Creek Global Leaders Corporate Class 75,801

Black Creek International Equity Corporate Class 55,064

Cambridge American Equity Corporate Class 72,263

Cambridge Canadian Asset Allocation Corporate Class 30,999

Cambridge Canadian Equity Corporate Class 54,117

Cambridge Global Equity Corporate Class 31,523

Cambridge Income Corporate Class 32,846

Canadian Equity Growth Corporate Class 33,025

Canadian Equity Small Cap Corporate Class 10,573

Canadian Equity Value Corporate Class 7,631

Canadian Fixed Income Corporate Class 10,173

CI American Managers® Corporate Class 20,853

CI American Small Companies Corporate Class 20,778

CI American Value Corporate Class 40,381

CI Canadian Investment Corporate Class 43,961

CI Can-Am Small Cap Corporate Class 21,108

CI Global Corporate Class 21,218

CI Global High Dividend Advantage Corporate Class 21,089

CI Global Managers® Corporate Class 21,173

CI Global Small Companies Corporate Class 31,672

CI Global Value Corporate Class 32,000

CI International Value Corporate Class 31,980

CI Short-Term Advantage Corporate Class 20,027

CI Short-Term US$ Corporate Class 19,666

Emerging Markets Equity Corporate Class 9,528

Enhanced Income Corporate Class 20,638

Global Fixed Income Corporate Class 9,984

Harbour Corporate Class 32,128

Harbour Foreign Equity Corporate Class 53,296

Harbour Foreign Growth & Income Corporate Class 10,700

Harbour Growth & Income Corporate Class 42,070

Harbour Voyageur Corporate Class 96,573

International Equity Growth Corporate Class 10,825

International Equity Value Corporate Class 12,031

International Equity Value Currency Hedged Corporate Class 108

Real Estate Investment Corporate Class 8,845

2012

Funds (cont’d) (in $)

Select Income Advantage Managed Corporate Class 20,600

Select International Equity Managed Corporate Class 111

Select U.S. Equity Managed Corporate Class 116

Select 100e Managed Portfolio Corporate Class 63,030

Select 20i80e Managed Portfolio Corporate Class 73,425







Select Canadian Equity Managed Corporate Class 116

Short Term Income Corporate Class 40,245

Signature Canadian Bond Corporate Class 50,610

Signature Canadian Resource Corporate Class 107

Signature Corporate Bond Corporate Class 30,727

Signature Diversified Yield Corporate Class 116

Signature Dividend Corporate Class 42,541

Signature Emerging Markets Corporate Class 10,585

Signature Global Bond Corporate Class 50,331

Signature Global Income & Growth Corporate Class 62,562

Signature Gold Corporate Class 100

Signature High Income Corporate Class 116

Signature High Yield Bond Corporate Class 73,177

Signature Income & Growth Corporate Class 230

Signature International Corporate Class 53,285

Signature Select Canadian Corporate Class 32,188

Signature Select Global Corporate Class 95,104

Synergy American Corporate Class 10,438

Synergy Canadian Corporate Class 32,121

Synergy Global Corporate Class 10,621

US Equity Growth Corporate Class 31,307

US Equity Small Cap Corporate Class 24,650

US Equity Value Corporate Class 15,531

US Equity Value Currency Hedged Corporate Class 112

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutual 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 mutual 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 each 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. Future income tax liabilities or assets are calculated using substantively enacted tax rates expected

to apply in the period that the temporary differences are expected to reverse.

– 64 –



Unused capital and non-capital losses 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 indefinitely to reduce future net realized capital gains.

Non-capital losses may be applied against future taxable income.

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration for management fees provides

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, IT8, O, OT5 or OT8 and Class W, WT5 and WT8 of United Corporate Classes) at the end of each business

day. Investors in Class I, IT5, IT8, O, OT5 or OT8 shares and Class W, WT5 and WT8 shares of United Corporate

Classes are charged management fees directly as negotiated between the investor and the Manager.

For each Class W share of an United Corporate Class, management fees are paid directly by investors on a

quarterly basis (or monthly at the discretion of the Manager) and are not charged to the Funds. The maximum

annual rate for a particular Fund is reduced for investors who elect to use the Asset Management Services

offered by the Manager. Investors who qualify for and have elected to use the Asset Management Service pay

a fee of up to 1.00% of the aggregate net asset value of shares managed through the service. Further, the

Manager may, in its sole discretion, offer to qualified investors a management fee reduction program of up to

0.50% in certain circumstances. For complete information regarding management fees, and the circumstances

in which fee reductions apply, refer to the Funds’ simplified prospectus.

During the period ended September 30, 2012, the Manager of the Funds absorbed $237,000 (2011 - $441,000)

and US$8,000 (2011 - US$59,000) 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, respectively.

A Fund that invests in units of Underlying Funds will not pay a duplicate management and administration fee

on the portion of assets that are invested in units of Underlying Funds. During the reporting period, a Fund may

have received a management and/or administration fee rebate from an Underlying Fund. The management fee

rebates, if applicable, are included in “Fees rebate receivable” and in “Fees rebate” as reflected in the

Statements of Net Assets and Statements of Operations of each Fund.

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 (“Administration Fees”). Administration

Fees are calculated as a fixed annual percentage of the net asset value of each class of a Fund (other than

Class I, IT5, IT8, E, ET5, ET8, 0, OT5, or OT8) 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.

The CI Global High Dividend Advantage Corporate Class, CI Short Term Advantage Corporate Class, Signature

Diversified Yield Corporate Class, Cambridge Income Corporate Class and Signature High Yield Bond Corporate

Class will pay to the counterparty under the Forward Agreement a fee of no more than 0.50% per annum of the

market value of notional exposure to the Underlying Account/Trust under the Forward Agreement, calculated

and paid monthly.

6. SECURITIES LENDING

Certain Funds, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class, have entered into a securities lending program with their custodian, RBC Investor Services

Trust ("RBC"). The CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage Corporate

Class entered into a securities lending program with National Bank of Canada and the Bank of Montreal,

respectively. The aggregate market value of all securities loaned by a Fund cannot exceed 50% of the assets

of the Fund, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class as these funds received permission from the Canadian securities regulatory authorities to

deviate from National Instrument 81-102 in order to lend up to 100% of their portfolio securities pursuant to

securities lending arrangements. The permission also allows the funds to appoint a person, other than the

fund’s custodian, as the agent of the Fund for arranging securities loans, and allows each Fund to pledge the

collateral it receives for each such loan. 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 agencies, but may include obligations

of other governments with appropriate credit ratings. For those Funds participating in the program, amounts for

securities loaned and the collateral received, 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 collateral 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

The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of the Manager.

The Funds may have direct or indirect holdings in The Bank of Nova Scotia and/or CI Financial Corp. as

identified in the Statement of Investment Portfolio of each Fund, if applicable.

The Funds paid the following broker commissions to The Bank of Nova Scotia during the periods ended

September 30:

2012 2011

Funds (in $) (in $)

CI American Managers® Corporate Class 1,651 -

CI Canadian Investment Corporate Class 23,575 12,774

CI Can-Am Small Cap Corporate Class 2,713 -

CI Global Corporate Class 525 -

CI Global Managers® Corporate Class 154 -

Harbour Corporate Class - 19,188

Harbour Voyageur Corporate Class 4,204 -

Signature Canadian Resource Corporate Class 7,635 9,085

Signature Dividend Corporate Class 2,436 4,360


(formerly CI Emerging Markets Corporate Class) 1,704 175

Signature Global Energy Corporate Class 3,731 3,292

Signature Gold Corporate Class 2,782 460

Signature High Income Corporate Class - 2,201

Signature Income & Growth Corporate Class - 4,890


(formerly CI International Corporate Class) 2,379 -

Signature Select Canadian Corporate Class 20,195 19,928

Synergy American Corporate Class 4,226 -

Synergy Canadian Corporate Class 66,053 77,952

Synergy Global Corporate Class 3,621 -

– 65 –



2012 2011

Funds (cont’d) (in $) (in $)

Select Canadian Equity Managed Corporate Class 27,002 5,518

Select International Equity Managed Corporate Class 338 -

Select U.S. Equity Managed Corporate Class 1,404 -

Cambridge American Equity Corporate Class 785 -

Cambridge Canadian Asset Allocation Corporate Class 113,766 34,888

Cambridge Canadian Equity Corporate Class 176,835 33,774

Cambridge Global Equity Corporate Class 5,011 976

Canadian Equity Alpha Corporate Class 5,317 1,176

Canadian Equity Small Cap Corporate Class 1,012 -

Canadian Equity Value Corporate Class 3,733 4,374

Emerging Markets Equity Corporate Class 1,047 -

International Equity Alpha Corporate Class 170 -

International Equity Growth Corporate Class 364 -

Real Estate Investment Corporate Class - 351

US Equity Alpha Corporate Class 1,439 -

9. 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 for all publicly accountable profit-oriented

enterprises for interim and annual financial statements relating to fiscal years beginning on or after January 1,

2011. On December 12, 2011, the AcSB confirmed deferral of the IFRS changeover date for investment funds.

Based on the AcSB decision IFRS will become effective for interim and annual financial statements relating to

fiscal years beginning on or after January 1, 2014.

Based on the Manager’s current evaluation of the differences between IFRS and Canadian GAAP, the Manager

currently does not expect any impact to net asset value or net asset value per share, at this time, as a result

of the transition to IFRS, and expects that the main impact will be on the financial statements, where additional

disclosures or changes in presentation will be required. Further updates on the progress in the implementation

of the IFRS transition plan and any changes to reporting will be provided during the implementation period

leading up to the transition date.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments and derivatives are classified as held for

trading and are stated at fair value. Receivable for share subscriptions, receivable for dividends and accrued

interest, receivable for securities sold, management fee rebate 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, payable for share redemptions, payable for securities purchased, management

fees payable, accrued expenses and other payables are designated as financial liabilities and are carried at

their amortized cost which approximates their fair value, due to their short-term nature. Financial liabilities are

generally payable within three months.

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 investments

within a 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 Fund. The Manager of the Funds may

minimize potential adverse effects of these risks on the Funds’ performance 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.

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 for the credit worthiness of the debt

issuer. The carrying amount of debt instruments as shown on the Statement of Investment Portfolio represents

the credit risk exposure of each Fund. Credit risk exposure for derivative instruments is based on each Fund’s

unrealized gain on the contractual obligations with the counterparty as at the reporting date. The credit rating

of counterparty to a derivative instrument is disclosed in the Statement of Investment Portfolio or in Fund

Specific Financial Instruments Risks section of the financial statements of each Fund, if applicable. The credit

risk exposure of the Fund’s other assets are represented by their carrying amount as disclosed in the

Statements of Net Assets.

The Funds that invest only in units of underlying funds and may be exposed to indirect credit risk in the event

that the underlying funds invest in debt instruments, preferred securities and derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from Standard

& Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond

Rating Services or Canadian Bond Rating Services.

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 provides a cross-reference between the long-term credit ratings disclosed in the Credit Rating

table inclusive of the short-term credit ratings disclosed in the Derivatives Schedules in the Statement of

Investment Portfolio.

Credit Rating as per Credit Risk table Credit Rating as per Derivative Schedules

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

Cash balances as disclosed in the Statements of Net Assets are maintained by the custodian, RBC Investor

Services Trust. The Manager monitors the credit worthiness of the custodian on a 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.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a reasonable

price. The Funds are exposed to daily cash redemption of redeemable shares. Therefore, the Funds invest the

majority of their assets in investments that are traded in active markets and can be readily disposed of.

In addition, the Funds retain sufficient cash and cash equivalents 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.

– 66 –



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/or

income trusts will be affected by changes in applicable interest rates. If interest rates fall, the fair value of

existing debt securities may increase due to the increase in yield. Alternatively, if interest rates rise, the yield of

existing debt securities may 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.

The Funds that invest only in units of underlying funds and may be exposed to indirect interest rate risk in the

event that the underlying funds invest in interest bearing financial instruments.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the functional

currency of the Funds. As a result, the Funds may be exposed to the risk that the value of securities

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. 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.

The Funds that invest only in units of underlying funds and may be exposed to indirect currency risk in the event

that the underlying funds invest in financial instruments that are denominated in a currency other than the

functional currency of the Fund.

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.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not subject to

significant other price risk.

Fair Value Hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value hierarchy.

Investments whose values are based on quoted market prices in active markets are classified as Level 1. This

level may include publicly traded equities, exchange traded and retail mutual funds, exchange traded warrants,

futures contracts, traded options, American depositary receipts (“ADRs”) and Global depositary receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified

as Level 2. These may include fixed income securities, mortgage backed securities (“MBS”), short-term

instruments, non-traded warrants, over-the-counter options, structured notes of indexed securities, foreign

currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instrument may include private

equities, private term loans, private equity funds and certain derivatives. As observable prices are not available

for these securities, the Funds may use a variety of valuation techniques to derive the fair value.

During the six-month period some Funds' exposure to financial instruments risks including fair value hierarchy

classification changed significantly as per details disclosed in the "Fund Specific Financial Instruments Risks"

section of the financial statements. For details relating to financial instruments risks exposure including fair

value hierarchy classification for remaining Funds refer to the audited annual financial statements as at

March 31, 2012, as these Funds’ exposure to financial instruments risks and fair value hierarchy classification

remained unchanged through the period.

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

distributions 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

guaranteed, their values change frequently and past performance may not be repeated. Mutual fund

securities 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

publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no

responsibility 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.


Legal Notice

– 67 –

CAMBRIDGE_SA_11/12E

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

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

Semi-Annual Financial Statement– as at September 30, 2012 · 2012. 11. 29. · The CI Funds Board...

Documents

Transcript of Semi-Annual Financial Statement– as at September 30, 2012 · 2012. 11. 29. · The CI Funds Board...