Semi-Annual Financial Statement– as at September 30, 2012 · The CI Funds Board of Governors is...

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

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

About the CI Funds Board of Governors

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

Equity Funds

CI American Managers® Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

CI American Small Companies Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

CI American Value Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

CI Canadian Investment Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

CI Can-Am Small Cap Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42

CI Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49

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

CI Global High Dividend Advantage Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63

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

CI Global Small Companies Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81

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

CI International Value Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

CI Japanese Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

CI Pacific Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108

Harbour Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 114

Harbour Foreign Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125

Harbour Voyageur Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137

Signature Canadian Resource Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147

Signature Emerging Markets Corporate Class

(fomerly CI Emerging Markets Corporate Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153

Signature Global Energy Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162

Signature Global Science & Technology Corporate Class

(formerly CI Global Science & Technology Corporate Class . . . . . . . . . . . . . . . . . . . . . . . 168

Signature Gold Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173

Signature International Corporate Class (formerly CI International Corporate Class) . . . . 178

Signature Select Canadian Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 187

Signature Select Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200

Synergy American Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209

Synergy Canadian Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 215

Synergy Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226

Balanced Funds

Harbour Foreign Growth & Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237

Harbour Growth & Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247

Signature Global Income & Growth Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256

Signature Income & Growth Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267

Income Funds

CI Short-Term Advantage Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 276

CI Short-Term Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 283

CI Short-Term US$ Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288

Signature Canadian Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 294

Signature Corporate Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301

Signature Diversified Yield Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 309

Signature Dividend Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 319

Signature Global Bond Corporate Class (formerly CI Global Bond Corporate Class) . . . . . 332

Signature High Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340

Signature High Yield Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350

Notes to the Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 359

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369

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.

– 1 –

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

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 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 3 –

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

HEALTH CARE (18.2%) 78,600 Abbott Laboratories Inc. 4,528,547 5,297,296 75,930 Aetna Inc. 3,121,354 2,955,878 7,500 Biogen Idec Inc. 1,134,075 1,100,243

70,230 BioMarin Pharmaceutical Inc. 1,540,474 2,780,942 15,000 Catamaran Corp. 1,317,742 1,445,014 12,500 Celgene Corp. 942,366 938,563 75,000 Cempra Inc. 482,879 549,421 15,000 Cerner Corp.* 1,035,644 1,141,615 40,000 Community Health Systems Inc. 1,041,631 1,146,139 26,640 Covidien PLC 1,212,178 1,555,471 24,400 Eli Lilly and Co. 1,117,049 1,137,250 76,100 Endo Pharmaceuticals Holdings Inc.* 1,795,883 2,370,595 19,600 Express Scripts Holding Co. 1,166,070 1,207,052 35,000 Gilead Sciences Inc. 2,021,269 2,282,444 50,000 HCA Holdings Inc. 1,344,073 1,634,742

116,467 HealthSouth Corp. 3,023,562 2,754,264 2,500 Intuitive Surgical Inc. 1,211,920 1,217,698

15,000 McKesson Corp. 1,231,408 1,268,462 20,000 Mednax Inc. 1,323,003 1,463,549

106,400 Merck & Co., Inc. 3,732,050 4,717,473 13,000 MWI Veterinary Supply Inc. 1,038,551 1,363,557 36,700 Omnicare Inc. 1,215,546 1,225,884 13,400 Onyx Pharmaceuticals Inc. 970,787 1,113,395 42,500 OraSure Technologies Inc. 555,060 464,291 12,500 Perrigo Co.* 1,124,964 1,427,757 49,800 Pfizer Inc. 1,039,487 1,216,378 15,000 Stryker Corp. 774,671 820,960 46,000 Thermo Fisher Scientific Inc. 2,418,792 2,660,996

43,461,035 49,257,329 INFORMATION TECHNOLOGY (16.5%)

20,000 Akamai Technologies Inc. 599,410 752,227 10,000 ANSYS Inc. 492,769 720,958 28,770 AOL Inc. 629,419 996,078 12,310 Apple Inc. 3,026,486 8,076,705

135,042 Cisco Systems Inc. 2,575,799 2,534,909 15,000 Citrix Systems Inc. 1,180,860 1,129,078 24,500 CoreLogic Inc. 637,417 638,892 94,800 Corning Inc. 1,209,962 1,225,806 93,000 Electronic Arts Inc. 2,039,187 1,158,636 46,900 EMC Corp. 1,054,307 1,257,609 25,000 FARO Technologies Inc. 1,216,808 1,015,507

100,000 Frequency Electronics Inc. 892,864 856,457 15,000 Fusion-io Inc.* 336,754 446,469 23,700 IAC/InterActiveCorp. 957,501 1,212,755 8,500 IPG Photonics Corp.* 456,478 478,416

103,610 Juniper Networks Inc.* 2,225,902 1,743,168 173,880 Marvell Technology Group Ltd. 2,275,272 1,564,438 103,900 Microsoft Corp. 3,207,134 3,039,416 126,130 Oracle Corp. 3,159,753 3,901,797 100,000 ORBCOMM Inc. 327,873 366,772 42,300 QUALCOMM Inc. 2,425,714 2,597,529 25,000 RADWARE Ltd. 822,361 885,465 27,800 SanDisk Corp. 1,196,749 1,186,375 68,200 Symantec Corp. 1,135,991 1,204,421 20,000 Teradata Corp. 1,041,672 1,483,018

INFORMATION TECHNOLOGY (16.5%) (cont’d)70,850 Texas Instruments Inc. 1,992,284 1,919,327 15,000 VMware Inc. 1,305,510 1,427,314 40,000 Zygo Corp. 489,775 719,385

38,912,011 44,538,927 CONSUMER DISCRETIONARY (12.2%)

2,500 AutoZone Inc. 838,762 908,745 15,000 BorgWarner Inc. 996,709 1,019,047 5,300 Charter Communications Inc. 273,113 391,124 3,500 Chipotle Mexican Grill Inc., Class A 1,067,005 1,093,556

66,520 Comcast Corp., Class A 1,343,438 2,337,730 87,225 Comcast Corp., Special Class A 1,889,574 2,984,749 29,100 eBay Inc. 1,224,506 1,384,352 20,000 Home Depot Inc. 1,016,508 1,186,847 49,350 Kohl's Corp. 2,400,763 2,483,562 25,000 Limited Brands Inc. 973,452 1,210,692 50,000 Lions Gate Entertainment Corp.* 608,075 750,261 35,000 LKQ Corp. 530,180 636,345 10,000 Lululemon Athletica Inc.* 683,487 726,563 34,000 Michael Kors Holdings Ltd. 773,618 1,777,262 30,000 Millennial Media Inc.* 333,652 422,722 6,000 Panera Bread Co., Class A 739,263 1,008,220 2,000 Priceline.com Inc. 1,212,146 1,215,166

59,200 Pulte Group Inc. 909,452 902,279 25,000 Starbucks Corp. 1,247,298 1,246,583 6,100 Time Warner Cable Inc. 568,037 570,184

59,250 Time Warner Inc. 2,263,157 2,640,959 30,000 TJX Cos., Inc. 968,026 1,321,560 9,400 Tractor Supply Co.* 808,675 913,953

22,300 Walt Disney Co. 1,057,451 1,145,721 28,100 Wyndham Worldwide Corp. 675,615 1,450,066 10,800 Wynn Resorts Ltd. 1,136,427 1,225,405

26,538,389 32,953,653 INDUSTRIALS (11.8%)

15,000 3M Co. 1,148,987 1,362,711 40,000 Alaska Air Group Inc. 1,338,376 1,378,985 10,000 Amerco Inc. 956,005 1,046,235 39,850 Boeing Co. 2,071,249 2,726,859 17,500 Chart Industries Inc. 1,039,597 1,270,281 10,000 Copa Holdings S.A. 608,773 798,934 75,000 CPI Aerostructures Inc. 896,087 799,426 36,050 Deere & Co. 2,784,517 2,922,341 80,000 EDAC Technologies Corp. 799,581 1,094,220 67,260 General Electric Co. 1,159,303 1,501,971 20,000 HEICO Corp. 694,522 760,684 19,300 Honeywell International Inc. 1,067,063 1,133,921 70,400 Ingersoll-Rand PLC 3,246,793 3,101,953 25,000 Kirby Corp. 1,597,338 1,358,434 20,000 Moog Inc., Class A 851,200 744,951 75,000 Orbital Sciences Corp. 1,040,676 1,073,767 35,000 Owens Corning Inc. 1,135,315 1,151,203 36,050 Rockwell Collins Inc. 1,923,815 1,901,436 50,000 Spirit Aerosystems Holdings Inc., Class A 1,107,001 1,090,975 10,000 Teleflex Inc. 611,569 676,709 25,000 Triumph Group Inc. 1,298,196 1,536,166 10,700 Union Pacific Corp. 630,939 1,248,463 20,000 WESCO International Inc.* 895,767 1,124,703

28,902,669 31,805,328

*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 - 209Semi-Annual Financial Statements as at September 30, 2012


– 4 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)


FINANCIALS (11.5%) 59,455 American Express Co. 3,043,005 3,322,998 33,700 American International Group Inc. 1,037,510 1,086,242 42,870 Aon PLC 2,102,442 2,203,823 11,410 BlackRock Inc. (USD) 1,955,440 2,000,211 44,300 CIT Group Inc. 1,673,423 1,714,971 25,000 City National Corp. 1,201,534 1,266,249 74,900 Fifth Third Bancorp. 1,073,234 1,141,566 10,400 First Republic Bank 307,256 352,298 84,700 Marsh & McLennan Cos. Inc. 2,772,107 2,824,222 52,200 Ocwen Financial Corp. 825,170 1,406,399 25,000 PNC Financial Services Group Inc. 1,486,681 1,550,915 75,650 Prudential Financial Inc. 3,894,368 4,054,087 23,400 Rayonier Inc. 1,114,257 1,126,766 65,220 State Street Corp. 2,729,420 2,689,656 39,060 Torchmark Corp. 1,785,148 1,971,858 64,357 Unum Group 1,241,139 1,216,289 32,300 Wells Fargo & Co. 891,897 1,097,332

29,134,031 31,025,882 CONSUMER STAPLES (7.6%)

15,000 Annie's Inc.* 563,521 660,927 9,000 Costco Wholesale Corp. 754,023 886,035

25,400 CVS Caremark Corp. 901,268 1,209,084 15,250 Lorillard Inc. 1,534,375 1,745,612 28,800 Mead Johnson Nutrition Co. 2,056,079 2,074,660 65,216 Molson Coors Brewing Co., Class B (USD)* 2,814,231 2,888,286 10,000 Monster Beverage Corp. 531,766 531,672 61,720 PepsiCo Inc. 4,154,886 4,293,175 20,030 Philip Morris International Inc. 1,170,718 1,771,223 1,200 The Boston Beer Co., Inc., Class A 131,943 132,121

46,580 Wal-Mart Stores Inc. 2,675,927 3,379,750 10,000 Whole Foods Market Inc. 875,958 957,049

18,164,695 20,529,594 ENERGY (7.4%)

17,300 Anadarko Petroleum Corp. 1,341,632 1,188,909 35,786 Apache Corp. 3,433,724 3,039,231 25,500 Atwood Oceanics Inc. 1,131,640 1,139,624 40,300 Baker Hughes Inc. 1,851,102 1,791,939 20,000 Continental Resources Inc.* 1,397,940 1,511,927 1,200 Core Laboratories N.V. 128,226 143,342

20,000 Devon Energy Corp. 1,379,744 1,189,207 49,600 EnCana Corp. (USD) 1,039,509 1,069,079 12,700 EOG Resources Inc. 1,293,083 1,399,275 28,620 Marathon Oil Corp. 705,501 831,600 45,020 National Oilwell Varco Inc. 2,624,842 3,544,122 34,330 Noble Corp. 1,088,305 1,207,144 21,718 Noble Energy Inc. 1,888,268 1,979,858

19,303,516 20,035,257

MATERIALS (5.2%) 13,800 Agnico-Eagle Mines Ltd. 693,562 703,990 9,370 Agrium Inc. (USD) 668,787 953,326

50,000 Caesar Stone Sdot Yam Ltd. 631,585 693,229 30,000 E.I. du Pont de Nemours & Co. 1,335,802 1,482,035 22,000 Eastman Chemical Co. 1,222,891 1,232,846 20,000 FMC Corp. 1,071,136 1,088,910

113,920 Kinross Gold Corp. 1,275,573 1,142,618 13,570 Newmont Mining Corp. 617,246 747,365 12,000 PPG Industries Inc. 936,940 1,354,953 26,600 Praxair Inc. 2,239,227 2,716,811 28,400 RPM International Inc. 758,041 797,282 15,000 Sigma-Aldrich Corp. 989,186 1,060,935

12,439,976 13,974,300 TELECOMMUNICATION SERVICES (1.1%)

44,800 CenturyLink Inc. 1,694,993 1,778,820 21,200 SBA Communications Corp.* 1,020,816 1,310,799

2,715,809 3,089,619 UTILITIES (0.6%)

15,250 Exelon Corp. 643,407 533,536 36,990 Public Service Enterprise Group Inc. 1,159,485 1,170,100

1,802,892 1,703,636

Commission and other portfolio transaction costs (214,790)

Total Equities (92.1%) 221,160,233 248,913,525

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.0%)(see Schedule A) 90,456

Total Investments (92.1%) 221,160,233 249,003,981

Other Net Assets (Liabilities) (7.9%) 21,235,120

Net Assets (100.0%) 270,239,101


Semi-Annual Financial Statements as at September 30, 2012


– 4 –

– 5 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 5 –– 5 –

‡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.

– 5 –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 (2,012,000) US $ 1,990,814 Canadian $ 9,585 1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 0.99 (960,000) US $ 946,632 Canadian $ 533 1 Credit Suisse Group AG A-1 4-Jan-13 0.99 (1,482,000) US $ 1,461,169 Canadian $ 629 1 Credit Suisse Group AG A-1 30-Nov-12 0.99 (8,791,000) US $ 8,700,629 Canadian $ 44,072 1 Royal Bank of Canada A-1+ 4-Jan-13 0.99 (229,000) US $ 225,817 Canadian $ 133 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.99 (2,161,000) US $ 2,138,245 Canadian $ 10,295 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.99 (2,554,000) US $ 2,519,827 Canadian $ 2,804 1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.99 (4,723,000) US $ 4,673,172 Canadian $ 22,405 Total Foreign Currency Forward Contracts Value 90,456

CI American Managers® Corporate ClassFinancial Statements (unaudited)

– 6 –

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 SharesF SharesI SharesAT8 SharesIT8 Shares

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

A SharesF SharesI SharesAT8 SharesIT8 Shares

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


248,914 238,54535,160 14,151

- -- -

228 228- -

90 50- -- -

69 1103,005 867

- -135 190

287,601 254,141

- -- -- -

- 12- -

17,341 58421 78

- -- -- -- -

17,362 674270,239 253,467

221,160 203,412- -

267,497 250,5811,001 8511,721 2,035

10 -10 -

11.20 11.4212.74 12.9214.25 14.369.47 10.089.63 10.12

23,889,724 21,945,56578,586 65,842

120,809 141,7431,096 101,086 10

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)




– 7 –

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

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

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


1,591 1,4508 15

21 5- -- -- -

(223) (214)1,397 1,256

2,405 2,279253 240

- -- (18)

261 2482,919 2,749(1,522) (1,493)

- -(1,522) (1,493)

4,211 (1,100)(219) 1,231(253) (404)

- -

(7,327) (23,054)(3,588) (23,327)(5,110) (24,820)

(5,095) (24,615)(9) (45)(6) (160)- -- -

(0.23) (1.11)(0.11) (1.19)(0.04) (1.19)0.62 -0.73 -

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

2012 2011



A SharesNet assets, beginning of periodCapital transactions

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

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

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

F SharesNet assets, beginning of periodCapital transactions




I SharesNet assets, beginning of periodCapital transactions




250,581 237,551

27,003 2,768- -

(3,288) (6,057)(1,704) (19)22,011 (3,308)

- -- -- -- -

(5,095) (24,615)267,497 209,628

851 465

367 8- -

(271) (5)63 (3)

159 -

- -- -- -- -

(9) (45)1,001 420

2,035 1,811

52 252- -

(109) (248)(251) -(308) 4

- -- -- -- -

(6) (160)1,721 1,655

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

2012 2011

– 8 –


– 8 –

AT8 SharesNet assets, beginning of periodCapital transactions




IT8 SharesNet assets, beginning of periodCapital transactions




Total FundNet assets, beginning of periodCapital transactions




- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

253,467 239,827

27,442 3,028- -

(3,668) (6,310)(1,892) (22)21,882 (3,304)

- -- -- -- -

(5,110) (24,820)270,239 211,703

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

2012 2011



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

– 9 –

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

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

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

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

AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

Schedule of Fund Share Transactions for the periods ended September 30

2012 2011

21,945,565 22,231,2282,390,578 263,732

- -(297,499) (579,007)(148,920) (2,264)

23,889,724 21,913,689

65,842 38,91529,495 755

- -(21,717) (422)

4,966 (228)78,586 39,020

141,743 138,1443,752 20,449

- -(7,920) (19,325)

(16,766) -120,809 139,268

10 -1,055 -

31 -- -- -

1,096 -

10 -1,046 -

30 -- -- -

1,086 -


A 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

AT8 SharesNet assets per shareNet asset value per share

IT8 SharesNet assets per shareNet asset value per share

11.20 9.5711.20 9.57

12.74 10.7612.75 10.77

14.25 11.8814.25 11.89

9.47 -9.47 -

9.63 -9.64 -

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

2012 2011

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

2012 2011LoanedCollateral (non-cash)

11,746 12,21412,334 12,840

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

2012 2011Brokerage commissionsSoft Dollar commissions†

252 4033 45

Annual management fee rateA SharesF SharesI SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT8 SharesIT8 Shares

2.001.00

Paid directly by investor2.00

Paid directly by investor

0.210.21

-0.21

-

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

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

– 10 –

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

as at March 31, 2012

Categories Net Assets (%)Information Technology ........................................................................................................... 20.9 Health Care .............................................................................................................................. 16.4 Industrials ................................................................................................................................ 13.2 Financials ................................................................................................................................. 13.2 Consumer Discretionary........................................................................................................... 11.0 Energy ...................................................................................................................................... 8.4 Cash & Equivalents.................................................................................................................. 5.6 Consumer Staples.................................................................................................................... 5.0 Materials.................................................................................................................................. 4.5 Telecommunication Services ................................................................................................... 0.9 Utilities..................................................................................................................................... 0.6 Other Net Assets (Liabilities) .................................................................................................. 0.3

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.



CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 11 –


INDUSTRIALS (20.4%) 50,550 AGCO Corp.* 1,982,308 2,357,555 34,100 Armstrong World Industries Inc. 1,358,057 1,554,146 27,500 Colfax Corp.* 954,116 991,588 62,600 Con-way Inc. 2,076,477 1,684,755 63,200 Curtiss-Wright Corp. 2,073,111 2,031,513 28,700 Esterline Technologies Corp.* 1,809,296 1,583,470 45,207 Genesee & Wyoming Inc.* 2,272,980 2,971,185

131,350 Harsco Corp.* 3,027,125 2,651,591 97,820 Hexcel Corp.* 1,635,100 2,308,482 42,400 Kaydon Corp.* 1,517,232 931,401 41,421 Kennametal Inc. 1,251,641 1,509,025

187,260 Masco Corp.* 2,556,181 2,769,367 17,243 Monro Muffler Brake Inc.* 550,741 596,480 86,600 Mueller Industries Inc.* 2,784,774 3,871,105 23,600 Navistar International Corp.* 875,044 489,182 49,750 Simpson Manufacturing Co., Inc.* 1,380,272 1,400,072 35,300 Teleflex Inc. 1,922,791 2,388,784 47,458 Wabtec Corp. 2,371,225 3,744,916

100,550 Woodward Inc.* 2,942,159 3,356,676 35,340,630 39,191,293

HEALTH CARE (16.4%) 46,690 Alere Inc.* 1,613,740 894,335

189,025 Alkermes PLC* 2,253,753 3,854,922 110,672 Bio-Reference Laboratories Inc.* 2,166,398 3,110,195 34,170 Coventry Health Care Inc. 1,077,825 1,401,434 34,350 DaVita Inc.* 2,261,969 3,497,892

109,840 Endo Pharmaceuticals Holdings Inc. 3,037,233 3,421,632 26,850 Haemonetics Corp.* 1,592,822 2,116,360 55,850 Integra LifeSciences Holdings Corp.* 1,965,087 2,256,560

221,390 Service Corp. International 1,980,946 2,930,155 44,930 Sirona Dental Systems Inc. 2,306,455 2,517,367 41,440 WellCare Health Plans Inc. 2,332,075 2,303,897

145,790 Wright Medical Group Inc.* 2,819,834 3,169,597 25,408,137 31,474,346

CONSUMER DISCRETIONARY (12.8%) 51,576 Brinker International Inc. 1,763,929 1,788,713

107,500 Dana Holding Corp. 1,604,294 1,301,230 151,128 Express Inc.* 2,706,819 2,200,835 43,950 Genuine Parts Co. 1,947,576 2,637,052

121,250 Iconix Brand Group Inc.* 2,099,764 2,174,674 43,250 JOS A Bank Clothiers Inc.* 2,008,430 2,061,751

189,354 Multimedia Games Holding Co., Inc.* 1,233,057 2,930,669 79,550 Ryland Group Inc.* 1,593,165 2,345,872

154,003 Shuffle Master Inc.* 1,533,286 2,394,135 54,700 Tenneco Inc.* 1,534,592 1,504,952 36,850 The Warnaco Group Inc.* 1,716,506 1,880,220 33,600 Visteon Corp. 2,149,570 1,468,253

21,890,988 24,688,356

FINANCIALS (11.7%) 84,750 Arthur J. Gallagher & Co. 2,297,502 2,984,225 61,100 Bank of Hawaii Corp.* 2,752,954 2,741,443

110,350 Bankunited Inc.* 2,842,052 2,667,115 277,930 Brookline Bancorp., Inc.* 2,561,529 2,410,414 94,000 CBOE Holdings Inc. 2,423,916 2,717,458 77,600 First Republic Bank 2,232,716 2,628,685

139,400 Investors Bancorp. Inc. 1,703,582 2,500,203 65,500 Tanger Factory Outlet Centers 1,681,652 2,080,326 53,200 Waddell & Reed Financial Inc. 1,688,523 1,713,733


140,050 Cypress Semiconductor Corp. 1,857,773 1,473,515 86,150 Diebold Inc.* 2,765,981 2,855,628 59,490 DTS Inc.* 1,885,897 1,361,804

451,100 Harmonic Inc. 2,782,589 2,013,800 71,300 National Instruments Corp. 1,960,665 1,761,853 81,900 Progress Software Corp.* 1,752,759 1,722,591

147,610 Teradyne Inc.* 2,130,371 2,062,517 155,080 Total System Services Inc. 3,038,562 3,612,505

120 Veeco Instruments Inc. 3,610 3,541 18,178,207 16,867,754

UTILITIES (8.0%) 147,650 CMS Energy Corp. 2,464,448 3,417,649 165,850 Great Plains Energy Inc. 3,577,675 3,626,919 73,563 Northeast Utilities 2,057,968 2,764,634 91,900 Vectren Corp. 2,301,546 2,582,649

100,700 Westar Energy Inc. 2,273,227 2,933,923 12,674,864 15,325,774

MATERIALS (6.0%) 118,792 Chemtura Corp.* 1,873,916 2,010,276 172,050 Flotek Industries Inc.* 1,848,142 2,141,785 93,935 Methanex Corp. (USD) 2,103,625 2,636,143 36,650 Rock-Tenn Co., Class A 2,278,963 2,600,147 51,830 Silgan Holdings Inc. 1,901,782 2,214,413


88,750 Flowers Foods Inc.* 1,779,639 1,759,327 73,250 Ingredion Inc.* 2,806,751 3,969,407 42,000 TreeHouse Foods Inc. 2,357,662 2,168,184


58,050 Lumos Networks Corp. 775,756 448,655 112,050 NeuStar Inc., Class A 2,861,972 4,408,268

3,637,728 4,856,923 EXCHANGE-TRADED FUNDS (2.1%)

24,150 iShares Russell 2000 Index Fund 1,720,026 1,980,481 27,350 iShares Russell 2000 Value Index Fund 1,853,933 1,988,494

3,573,959 3,968,975 ENERGY (1.7%)

181,020 Cal Dive International Inc. 1,446,983 272,336 37,450 Oil States International Inc. 2,793,785 2,926,092

4,240,768 3,198,428




– 12 –

CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 12 –


PRIVATE PLACEMENTS (0.0%) 145,200 Craftsman & Scribes Co., Private Placement^ 1 1

1,110,700 Energenius Inc., Private Placement^ 11 11 302,600 Simex Inc., Private Placement^ 60,520 -

60,532 12




Net Assets (100.0%) 192,128,448

^Denotes illiquid securities.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.


CI American Small Companies Corporate ClassFinancial Statements (unaudited)

– 13 –








Net assets per classA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares



181,515 195,99310,224 5,332

- -- -

230 230- -

- -- -- -3 6

1,808 -- -

129 425193,909 201,986

- -- -- -

- -- -

1,766 1,03615 21

- -- -- -- -

1,781 1,057192,128 200,929

162,034 164,430- -

190,629 199,35226 27

856 875277 345320 33010 -10 -

6.72 6.9511.77 12.168.40 8.63

17.54 17.9112.04 12.309.21 9.959.37 9.98

28,350,135 28,686,1592,224 2,223

101,946 101,35015,792 19,24326,551 26,8231,117 101,106 10







– 14 –







Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares



1,156 1,33634 3016 20

- -- -- -

(167) (192)1,039 1,194

1,801 2,075190 218

- 8- (2)

199 2262,190 2,525(1,151) (1,331)

- -(1,151) (1,331)

6,859 15,465(139) (196)(76) (125)

- -

(12,082) (36,421)(5,438) (21,277)(6,589) (22,608)

(6,549) (22,437)(1) -

(24) (140)(9) (31)(6) -- -- -

(0.24) (0.69)(0.39) -(0.23) (1.05)(0.49) (2.20)(0.26) -0.45 -0.56 -


2012 2011







E SharesNet assets, beginning of periodCapital transactions








199,352 240,691

12,467 50,323- -

(4,565) (101,567)(10,076) (62)(2,174) (51,306)

- -- -- -- -

(6,549) (22,437)190,629 166,948

27 -

- -- -- -- -- -

- -- -- -- -

(1) -26 -

875 1,210

15 105- -

(4) (463)(6) -5 (358)

- -- -- -- -

(24) (140)856 712


2012 2011

– 15 –


– 15 –





O SharesNet assets, beginning of periodCapital transactions








345 213

- 34- -

(35) (13)(24) -(59) 21

- -- -- -- -

(9) (31)277 203

330 -

51 -- -

(55) -- -

(4) -

- -- -- -- -

(6) -320 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011











- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

200,929 242,114

12,553 50,462- -

(4,659) (102,043)(10,106) (62)(2,212) (51,643)

- -- -- -- -

(6,589) (22,608)192,128 167,863

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

2012 2011

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

– 16 –



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



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




2012 2011

28,686,159 36,398,2441,837,121 8,606,086

- -(687,399) (15,667,152)

(1,485,746) (8,358)28,350,135 29,328,820

2,223 -1 -- -- -- -

2,224 -

101,350 148,8761,830 12,890

- -(469) (60,523)(765) -

101,946 101,243

19,243 12,82624 2,076

- -(2,078) (903)(1,397) -15,792 13,999

26,823 -4,344 -

- -(4,616) -

- -26,551 -

10 -1,075 -

32 -- -- -

1,117 -

10 -1,065 -

31 -- -- -

1,106 -



E SharesNet assets per shareNet asset value per share



O SharesNet assets per shareNet asset value per share



6.72 5.696.73 5.69

11.77 -11.77 -

8.40 7.038.40 7.04

17.54 14.4917.55 14.50

12.04 -12.04 -

9.21 -9.21 -

9.37 -9.37 -


2012 2011

– 17 –

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




28,797 30,95230,237 32,499



75 1244 30

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

Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

2.001.951.00

Paid directly by investorPaid directly by investor

2.00Paid directly by investor

0.210.150.21

-0.150.21

-


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

– 18 –



Categories Net Assets (%)Industrials ................................................................................................................................ 21.8 Financials ................................................................................................................................. 16.4 Health Care .............................................................................................................................. 15.0 Consumer Discretionary........................................................................................................... 13.5 Information Technology ........................................................................................................... 8.6 Utilities..................................................................................................................................... 7.9 Materials.................................................................................................................................. 5.6 Consumer Staples.................................................................................................................... 4.1 Cash & Equivalents.................................................................................................................. 2.7 Telecommunication Services ................................................................................................... 2.6 Energy ...................................................................................................................................... 2.0 Other Net Assets (Liabilities) .................................................................................................. (0.2)






CI American Value Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 19 –


FINANCIALS (17.8%) 150,448 American Express Co.* 7,312,253 8,408,685 86,250 Ameriprise Financial Inc. 3,483,872 4,807,027 56,290 BlackRock Inc. (USD) 9,561,417 9,867,826 90,612 Capital One Financial Corp. 4,837,317 5,078,649

138,100 CIT Group Inc.* 5,652,311 5,346,218 86,860 CME Group Inc. 4,587,230 4,890,562

172,050 Marsh & McLennan Cos. Inc. 5,604,040 5,736,805 141,538 MetLife Inc. 5,126,049 4,793,181 87,750 Prudential Financial Inc.* 4,650,521 4,702,526

337,900 TD Ameritrade Holding Corp.* 6,405,872 5,100,164 68,100 Travelers Cos., Inc. 3,700,910 4,568,214

128,851 Ventas Inc. 4,836,356 7,889,587 68,503 Visa Inc., Class A * 5,113,309 9,043,652


241,470 Agilent Technologies Inc. 9,045,665 9,127,128 19,050 Apple Inc. 3,688,408 12,498,881

330,400 Applied Materials Inc. 4,579,414 3,625,700 70,450 Cognizant Technology Solutions Corp. 4,362,017 4,840,848

406,100 Dell Inc. 6,425,387 3,933,298 253,970 Electronic Arts Inc. 9,137,723 3,164,074 203,806 Fidelity National Information

Services Inc.* 5,874,577 6,252,578 528,840 Microsoft Corp. 15,711,792 15,470,304 335,620 Oracle Corp. 7,007,365 10,382,314 282,750 Texas Instruments Inc. 7,511,315 7,659,701


320,360 Comcast Corp., Special Class A* 7,866,074 10,962,387 111,150 Darden Restaurants Inc.* 5,647,458 6,092,058 86,800 Genuine Parts Co.* 3,922,452 5,208,102

306,700 International Game Technology 8,772,469 3,947,672 180,250 Kohl's Corp. 9,157,243 9,071,167 51,120 McDonald's Corp. 4,468,635 4,611,446

411,900 Staples Inc.* 7,508,499 4,665,862 196,360 Time Warner Inc. 7,227,623 8,752,383 204,368 TJX Cos., Inc.* 4,956,820 9,002,819

59,527,273 62,313,896 HEALTH CARE (12.8%)

195,000 Abbott Laboratories Inc. 10,657,003 13,142,146 205,300 Aetna Inc.* 7,600,882 7,992,121 122,757 DaVita Inc. 7,064,052 12,500,457 101,603 Laboratory Corp. of America Holdings* 7,364,396 9,236,364 101,272 Thermo Fisher Scientific Inc. 4,705,781 5,858,357 159,550 UnitedHealth Group Inc. 5,864,255 8,689,920

43,256,369 57,419,365 ENERGY (10.0%)

123,775 Cameron International Corp. 5,544,144 6,824,190 124,850 Devon Energy Corp. 8,747,028 7,423,626 129,600 Exxon Mobil Corp. 9,601,207 11,650,211 131,393 National Oilwell Varco Inc. 7,575,016 10,343,688 106,205 Occidental Petroleum Corp. 9,131,937 8,984,263

40,599,332 45,225,978

INDUSTRIALS (9.5%) 145,400 Boeing Co. 9,086,051 9,949,444 185,000 Danaher Corp. 7,946,680 10,028,762 84,893 Deere & Co. 6,291,227 6,881,727

151,500 Ingersoll-Rand PLC 6,133,195 6,675,367 95,050 Rockwell Collins Inc. 5,130,952 5,013,355 52,600 United Technologies Corp. 4,461,608 4,046,711

39,049,713 42,595,366 MATERIALS (5.1%)

128,100 E.I. du Pont de Nemours & Co. 6,094,236 6,328,290 21,889 Ecolab Inc. 1,401,648 1,394,725

148,950 International Paper Co. 4,286,280 5,319,538 97,700 Praxair Inc. 7,893,471 9,978,661


52,750 Colgate-Palmolive Co. 4,180,420 5,561,422 120,080 PepsiCo Inc. 8,251,077 8,352,632 37,078 The J. M. Smucker Co. 3,001,528 3,146,405

15,433,025 17,060,459 UTILITIES (3.5%)

193,058 Northeast Utilities 5,946,827 7,255,479 224,480 Wisconsin Energy Corp.* 6,010,468 8,310,559


217,358 CenturyLink Inc.* 7,204,893 8,630,372




Net Assets (100.0%) 450,260,210




CI American Value Corporate ClassFinancial Statements (unaudited)

– 20 –








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


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



429,021 418,77321,036 22,833

- -- -

357 357- -

- -- -- -

363 1,303933 -

- -235 170

451,945 443,436

- -- -- -

- -- -

1,465 -208 193

- -- -

12 12- -

1,685 205450,260 443,231

380,605 348,296- -

412,107 405,963276 49

12,476 11,81920,544 21,0072,647 1,852

566 61410 -

146 632321 38010 -

1,002 77210 -

124 13211 1110 -

10.75 11.0611.44 11.7611.64 11.9115.65 15.9111.70 11.907.47 7.879.95 -8.37 8.777.10 7.399.96 -6.63 7.099.90 -9.74 10.36

10.25 10.839.91 -

38,345,455 36,721,54724,132 4,132

1,071,545 992,2541,312,803 1,320,768

226,346 155,69675,807 77,9461,008 -

17,438 72,00445,262 51,3841,008 -

151,198 108,9381,014 -

12,747 12,7471,045 1,0271,014 -







– 21 –







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



4,116 3,31458 3612 10

- -- -- -

(606) (497)3,580 2,863

3,828 3,491410 373

- -- (6)

419 3834,657 4,241(1,077) (1,378)

- -(1,077) (1,378)

11,463 3,829(349) 547(124) (52)

- -

(22,061) (42,359)(11,071) (38,035)(12,148) (39,413)

(11,472) (35,758)- -

(261) (1,163)(325) (2,298)

(25) -(17) (25)

- -(16) (59)(8) (33)- -

(21) (65)- -

(3) (12)- -- -

(0.33) (1.05)(0.01) -(0.26) (1.04)(0.25) (1.15)(0.14) -(0.23) (0.80)0.03 -

(0.39) (0.80)(0.15) (0.69)0.04 -

(0.15) (0.81)0.03 -

(0.23) (1.02)(0.17) -0.04 -

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

2012 2011


2012 2011



– 22 –


– 22 –

























405,963 327,766

52,257 90,773- -

(17,097) (16,956)(17,544) (1,200)17,616 72,617

- -- -- -- -

(11,472) (35,758)412,107 364,625

49 -

40 -- -

(4) -191 -227 -

- -- -- -- -- -

276 -

11,819 12,324

2,073 1,072- -

(1,349) (1,473)194 146918 (255)

- -- -- -- -

(261) (1,163)12,476 10,906

21,007 33,497

330 1,482- -

(1,859) (7,989)1,391 552(138) (5,955)

- -- -- -- -

(325) (2,298)20,544 25,244

1,852 -

558 -- -

(229) -491 -820 -

- -- -- -- -

(25) -2,647 -

614 237

10 30- -

(7) -(20) (6)(17) 24

- -- -

(14) (6)(14) (6)(17) (25)566 230


2012 2011


2012 2011




– 23 –

ET5 SharesNet assets, beginning of periodCapital transactions




FT5 SharesNet assets, beginning of periodCapital transactions








OT5 SharesNet assets, beginning of periodCapital transactions












- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

772 559

214 94- -

(31) (85)106 15289 24

- -- -

(38) (23)(38) (23)(21) (65)

1,002 495

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

632 655

- 18- -

(463) (42)- -

(463) (24)

- -- -

(7) (15)(7) (15)

(16) (59)146 557

380 56

- 168- -

(43) (3)- 200

(43) 365

- -- -

(8) (9)(8) (9)(8) (33)

321 379


2012 2011



2012 2011


– 24 –


– 24 –

















443,231 375,199

55,522 93,665- -

(21,082) (26,548)(15,191) (293)19,249 66,824

- -- -

(72) (58)(72) (58)

(12,148) (39,413)450,260 402,552

132 105

- 28- -- -- -- 28

- -- -

(5) (5)(5) (5)(3) (12)

124 116

11 -

- -- -- -- -- -

- -- -- -- -- -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011



2012 2011


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

– 25 –








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


2012 2011

36,721,547 31,458,0434,832,232 9,170,337

- 3(1,593,480) (1,707,393)(1,614,844) (119,323)38,345,455 38,801,667

4,132 -3,488 -

- -(304) -

16,816 -24,132 -

992,254 1,109,721179,787 99,232

- -(117,956) (139,327)

17,460 13,3161,071,545 1,082,942

1,320,768 2,289,41421,345 102,183

- -(120,225) (542,291)

90,915 40,3671,312,803 1,889,673

155,696 -48,129 -

- -(19,895) -42,416 -

226,346 -

77,946 30,3901,320 3,945

- -(883) -

(2,576) (892)75,807 33,443

- -1,000 -

8 -- -- -

1,008 -

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


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





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

2012 2011

72,004 76,064- 2,136- -

(54,566) (4,939)- -

17,438 73,261

51,384 7,879- 23,442- -

(6,122) (503)- 28,694

45,262 59,512

- -1,000 -

8 -- -- -

1,008 -

108,938 76,94031,896 13,411

- -(4,701) (13,589)15,065 2,038

151,198 78,800

- -1,000 -

14 -- -- -

1,014 -

12,747 10,000- 2,737- -- -- -

12,747 12,737

1,027 -- -

18 -- -- -

1,045 -


– 26 –


– 26 –




2012 2011

- -1,000 -

14 -- -- -

1,014 -

OT5 SharesNet assets per shareNet asset value per share


ET8 SharesNet assets per shareNet asset value per share

FT8 SharesNet assets per shareNet asset value per share



9.96 -9.96 -

6.63 6.286.63 6.28

9.90 -9.90 -

9.74 9.129.74 9.12

10.25 -10.25 -

9.91 -9.91 -











10.75 9.4010.75 9.40

11.44 -11.45 -

11.64 10.0711.65 10.07

15.65 13.3615.65 13.36

11.70 -11.70 -

7.47 6.867.47 6.86

9.95 -9.95 -

8.37 7.608.37 7.61

7.10 6.367.10 6.36


2012 2011

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

2012 2011



122 5019 14



25,682 36,84226,966 38,685

– 27 –




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

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

2.001.951.00


2.001.951.00


2.001.951.00


0.210.150.21

-0.150.210.150.21

-0.150.210.150.21

-0.15


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

– 28 –



Categories Net Assets (%)Financials ................................................................................................................................. 19.5 Information Technology ........................................................................................................... 17.8 Health Care .............................................................................................................................. 13.5 Consumer Discretionary........................................................................................................... 12.1 Energy ...................................................................................................................................... 9.9 Industrials ................................................................................................................................ 9.4 Cash & Equivalents.................................................................................................................. 5.2 Materials.................................................................................................................................. 5.1 Utilities..................................................................................................................................... 4.2 Telecommunication Services ................................................................................................... 1.8 Consumer Staples.................................................................................................................... 1.1 Other Net Assets (Liabilities) .................................................................................................. 0.4




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

– 29 –


FINANCIALS (25.0%) 123,495 Aflac Inc. 5,234,010 5,811,787 11,213 Allianz SE* 1,411,254 1,315,526 60,000 American International Group Inc. 1,950,096 1,933,961 9,189 Aon PLC 431,826 472,380

495,497 Bank of Yokohama Ltd.* 2,465,671 2,316,695 267,535 Canadian Imperial Bank of Commerce 19,462,448 20,554,714 83,701 Cheung Kong Holdings Ltd. 1,188,158 1,205,741 41,025 Deutsche Boerse AG 2,153,277 2,238,326 58,945 Goldman Sachs Group Inc. 7,699,023 6,588,987

298,465 IGM Financial Inc.* 12,809,485 11,458,071 169,324 Intact Financial Corp. 7,725,606 10,091,710 129,390 JPMorgan Chase & Co. 5,274,352 5,147,711 933,453 Manulife Financial Corp. 15,210,238 11,033,414 60,693 MS&AD Insurance Group Holdings Inc.* 1,420,121 1,032,586 73,551 NKSJ Holdings Inc. 1,920,482 1,414,480

746,218 Power Corporation of Canada* 19,616,994 17,782,375 428,150 Regions Financial Corp. 2,621,934 3,027,000 597,633 Royal Bank of Canada* 30,353,448 33,706,501 65,379 Standard Chartered PLC 1,567,678 1,453,443

115,675 State Street Corp. 4,880,549 4,770,408 580,525 Sumitomo Mitsui Trust Holdings Inc.* 2,138,971 1,682,684 438,391 The Bank of Nova Scotia†† 22,525,192 23,616,123 675,159 Toronto-Dominion Bank 47,942,603 55,288,771 160,740 Turkiye Garanti Bankasi AS 639,709 659,484 101,390 UBS AG 1,369,919 1,213,877 221,484 Wells Fargo & Co. 6,024,640 7,524,506 72,865 Willis Group Holdings PLC 2,555,018 2,641,677

228,592,702 235,982,938 ENERGY (23.1%)

83,830 Anadarko Petroleum Corp. 5,705,348 5,761,056 33,390 BP PLC, ADR 1,665,119 1,391,113

756,885 Canadian Natural Resources Ltd. 25,276,587 22,903,340 674,233 Canyon Services Group Inc. 8,418,186 8,023,373 14,699 Cenovus Energy Inc. 453,015 503,294

126,096 Chesapeake Energy Corp.* 3,159,813 2,338,463 185,637 Crescent Point Energy Corp.* 7,674,221 8,067,784 864,374 EnCana Corp. 24,640,502 18,609,972 447,624 Imperial Oil Ltd. 18,027,986 20,237,081

250 Inpex Corp. 1,516,588 1,466,606 2,100,000 Mullen Group Income Fund

10% 07/01/2018^ 3,184,676 4,604,040 557,060 Mullen Group Ltd. 10,238,611 12,962,786 46,853 National Oilwell Varco Inc. 3,404,702 3,688,422 39,180 Noble Corp. 1,232,795 1,377,684

1,415,171 Precision Drilling Corp.* 15,879,763 10,896,817 837,132 Savanna Energy Services Corp.* 6,652,192 6,596,600 131,511 Schlumberger Ltd. 9,483,956 9,348,198 108,610 Spectra Energy Corp.* 2,619,505 3,134,480 999,190 Suncor Energy Inc. 35,019,521 32,253,853 124,095 Suncor Energy Inc. (USD) 4,116,571 4,008,457 813,832 Talisman Energy Inc. 13,637,160 10,661,199 19,470 Total S.A.* 1,121,908 949,720

605,430 Tourmaline Oil Corp. 15,759,220 18,538,267 83,030 Transocean Ltd. 4,113,367 3,664,169

627,434 Trican Well Service Ltd. 10,911,459 8,012,332 233,912,771 219,999,106

MATERIALS (14.4%) 133,500 Agrium Inc. 10,800,859 13,576,950 17,880 Agrium Inc. (USD) 1,252,822 1,819,154 46,122 Anglo American PLC 1,804,026 1,330,745

652,884 Barrick Gold Corp. 27,265,644 26,807,417 174,355 CCL Industries Inc., Class B 4,573,417 6,330,830 178,562 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 7,582,037 6,945,970 132,336 Goldcorp Inc. 5,574,956 5,964,384 531,500 Incitec Pivot Ltd. 1,662,513 1,610,179 131,050 Kinross Gold Corp. 1,430,710 1,314,432 224,130 Lundin Mining Corp.* 1,020,453 1,120,650 84,575 Monsanto Co. 5,779,809 7,569,487 81,995 Mosaic Co. 5,326,541 4,644,056

227,625 Norsk Hydro ASA 1,326,108 1,045,634 774,594 Potash Corp. of Saskatchewan Inc. 33,496,864 33,044,180 786,707 Teck Resources Ltd., Class B 30,997,749 22,767,301 67,587 Xstrata PLC 1,131,436 1,027,301 29,630 Yamana Gold Inc. 359,002 556,775

141,384,946 137,475,445 INDUSTRIALS (8.1%)

3,789,140 Air Canada, Class B 9,451,255 4,774,316 24,500 Alstom S.A.* 1,240,388 844,603

151,366 Amada Co., Ltd.* 1,034,017 650,484 106,450 Boeing Co. 6,916,297 7,284,170

4,293,253 Bombardier Inc., Class B, Sub-Voting Shares 21,250,576 15,799,171

458,520 CAE Inc. 4,677,303 4,823,630 134,363 Canadian National Railway Co. 8,022,121 11,649,272 81,775 Fluor Corp. 4,406,163 4,523,847 62,713 Foster Wheeler AG 1,548,574 1,477,515

119,906 Mitsubishi Corp.* 2,679,412 2,139,725 63,655 Norfolk Southern Corp. 3,955,349 3,982,741 21,311 Siemens AG, Registered Shares* 2,163,193 2,095,202

151,374 Sime Darby Bhd 427,637 476,757 8,245 SMC Corp. 1,193,855 1,302,993

109,229 Suzuki Motor Corp. 2,437,215 2,079,966 78,455 THK Co., Ltd. 1,462,261 1,183,501

680,085 WestJet Airlines Ltd. 8,661,659 11,867,483 81,527,275 76,955,376

INFORMATION TECHNOLOGY (7.2%) 52,640 Accenture PLC 2,712,812 3,623,794

117,600 Adobe Systems Inc. 3,492,641 3,750,091 568,601 Applied Materials Inc. 6,813,143 6,239,638 525,712 CGI Group Inc.* 10,523,647 13,873,540 38,690 Check Point Software Technologies Ltd. 1,783,042 1,831,439

207,007 Cisco Systems Inc. 3,802,846 3,885,783 223,580 Intel Corp. 4,872,839 4,979,534 334,075 Microsoft Corp. 9,276,603 9,772,789

9,841 Nintendo Co., Ltd. 1,923,912 1,226,562 124,139 Open Text Corp.* 6,751,784 6,717,161 97,975 Oracle Corp. 2,959,237 3,030,830 52,965 QUALCOMM Inc. 2,637,147 3,252,438

114,046 SanDisk Corp. 4,807,217 4,866,956 211,046 Telefonaktiebolaget LM Ericsson, Class B 2,320,206 1,891,306

64,677,076 68,941,861

††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. Investments in The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.^Denotes illiquid securities.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.



– 30 –

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

– 30 –


CONSUMER DISCRETIONARY (7.1%) 13,110 Adidas AG* 778,430 1,058,800 27,610 Daimler AG 1,458,142 1,316,074

198,029 Ford Motor Co. 2,386,518 1,918,018 128,016 Garmin Ltd.* 4,606,033 5,254,172 101,816 Harman International Industries Inc. 4,061,524 4,621,356 81,338 Linamar Corp. 1,386,597 1,716,232

433,931 Magna International Inc., Class A 15,328,682 18,446,407 36,516 McGraw-Hill Cos., Inc. 1,449,056 1,960,126

246,625 Shaw Communications Inc., Class B 5,142,443 4,959,629 740,360 Thomson Reuters Corp. 23,696,165 21,004,013 96,666 Walt Disney Co. 3,444,226 4,966,468 58,220 WPP PLC 635,105 777,499


21,510 Bunge Ltd. 1,368,471 1,417,954 53,642 Carrefour S.A.* 1,732,189 1,094,084 75,800 Diageo PLC 1,425,556 2,093,151

223,472 Empire Co., Ltd., Class A 10,931,898 13,196,022 153,820 George Weston Ltd. 10,107,692 9,701,427

1,854,643 Golden Agri-Resources Ltd. 998,849 980,829 45,226 Heineken N.V. 2,300,603 2,646,418 20,980 Henkel KGaA, Preferred,

Non-Voting Shares 1,197,641 1,638,727 10,615 L'Oreal S.A.* 1,181,308 1,291,244 39,590 Nestle S.A., Registered Shares 2,162,140 2,454,789 18,850 Philip Morris International Inc. 1,119,575 1,666,877 60,760 Procter & Gamble Co. 3,954,993 4,142,157

150,225 Safeway Inc.* 2,770,975 2,373,808 211,289 Shoppers Drug Mart Corp. 8,581,692 8,624,817 23,625 Sugi Holdings Co., Ltd. 578,985 812,809 46,121 Symrise AG 1,056,192 1,535,171

51,468,759 55,670,284 HEALTH CARE (2.9%)

42,164 Covidien PLC 1,909,885 2,461,895 114,480 GlaxoSmithKline PLC 2,491,551 2,595,001 107,880 Johnson & Johnson 6,866,835 7,305,646 41,617 Novartis AG, Registered Shares 2,336,580 2,504,322 15,440 Roche Holding AG 2,569,180 2,836,567 51,525 Thermo Fisher Scientific Inc. 2,773,889 2,980,605

110,128 UnitedHealth Group Inc. 6,177,683 5,998,141 14,000 Zimmer Holdings Inc. 925,396 930,461

26,050,999 27,612,638 UTILITIES (1.7%)

198,113 Atco Ltd., Class I 9,527,568 15,179,418 56,540 E.ON AG* 1,563,603 1,318,597

11,091,171 16,498,015

TELECOMMUNICATION SERVICES (0.4%) 101,340 MTN Group Ltd. 1,829,006 1,904,102 81,899 Vodafone Group PLC, ADR 2,155,073 2,294,345

3,984,079 4,198,447


Total Bonds & Equities (95.7%) 906,436,740 911,332,904

Short-Term Investments (1.4%) 13,532,767 13,556,916


Foreign Currency Forward Contracts (0.3%)(see Schedule A) 2,626,868

Short Option Contracts (0.0%)(see Schedule B) (93,876) (62,634)



Net Assets (100.0%) 952,003,687




– 31 –

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

– 31 –– 31 –






1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.03 (14,554,200) Canadian $ 15,000,000 US $ 199,306 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.01 (15,000,000) US $ 15,109,500 Canadian $ 355,709 1 The Bank of Nova Scotia†† A-1+ 27-Nov-12 0.99 (20,000,000) US $ 19,718,800 Canadian $ 26,244 1 The Bank of Nova Scotia†† A-1+ 8-Feb-13 1.00 (50,000,000) US $ 50,034,500 Canadian $ 714,080 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.02 (6,500,000) US $ 6,363,318 Canadian $ (29,897)1 Toronto-Dominion Bank A-1+ 11-Feb-13 1.01 (25,000,000) US $ 25,185,500 Canadian $ 522,687 1 Toronto-Dominion Bank A-1+ 28-Jan-13 1.01 (25,000,000) US $ 25,351,500 Canadian $ 696,401 1 Toronto-Dominion Bank A-1+ 18-Oct-12 1.02 (4,500,000) US $ 4,569,188 Canadian $ 142,338 Total Foreign Currency Forward Contracts Value 2,626,868

Schedule BShort Option Contracts (0.0%)

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

(59) (5,900) Goldman Sachs Group Inc. 20-Oct-12 115.00 (12,444) (14,388)(122) (12,200) Harman International Industries Inc. 20-Oct-12 50.00 (10,150) (3,599)(426) (42,600) Imperial Oil Ltd. 20-Oct-12 48.00 (38,340) (4,686)(127) (12,700) Norfolk Southern Corp. 17-Nov-12 65.00 (32,942) (39,961)

Total Short Option Contracts Value (93,876) (62,634)

CI Canadian Investment Corporate ClassFinancial Statements (unaudited)

– 32 –








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


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



911,333 1,120,32819,231 13,48113,557 15,248

- -2,978 2,978

- -

2,657 1,895- -- -

199 4322,829 10,382

- -1,927 2,626

954,711 1,167,370

- -- -- -

30 7563 132

1,583 1,773938 694

- -- -

93 97- -

2,707 2,771952,004 1,164,599

906,437 1,101,664- -

911,549 1,126,3571,308 -

632 1046,701 7,990

13,401 10,3672,989 2,7303,538 3,771

11 -46 62

139 95011 -

165 -10,424 11,620

11 -15 16

1,053 63211 -

17.01 17.3410.01 -11.01 11.2218.79 19.0512.31 12.3911.27 11.367.16 7.49

10.47 10.958.25 8.588.22 8.49

10.75 11.109.96 -6.21 6.59

10.15 10.796.53 6.907.90 8.28

10.44 10.95

53,583,999 64,975,970130,718 -57,419 9,306

356,704 419,4461,088,964 836,519

265,330 240,440493,996 503,695

1,020 105,578 7,283

16,845 111,934999 10

16,596 -1,678,194 1,762,401

1,052 102,369 2,382

133,419 76,3821,029 10







– 33 –







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



12,211 11,108221 233123 108161 -

- -- -

(453) (466)12,263 10,983

8,979 9,137928 943

- 39- (29)

966 98110,873 11,0711,390 (88)

- -1,390 (88)

(9,195) 4,965(330) 318(555) (405)

- -

(12,876) (221,444)(22,956) (216,566)(21,566) (216,654)

(20,972) (208,499)1 -

12 -(165) (1,777)(137) (2,840)(16) -(77) (761)

1 -(1) (7)4 (352)1 -- -

(241) (2,299)1 -- (3)

22 (116)1 -

(0.39) (4.09)0.01 -0.30 -(0.42) (4.03)(0.17) (2.60)(0.06) -(0.15) (1.74)1.11 -(0.16) (1.88)0.02 (1.82)1.25 -0.01 -(0.14) (1.57)1.08 -(0.10) (0.64)0.22 (1.87)1.22 -


2012 2011


2012 2011



– 34 –


– 34 –


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



D SharesNet assets, beginning of periodCapital transactions




















1,126,357 819,071

37,348 544,157- -

(59,218) (39,566)(192,898) (1,686)

20,932 -(193,836) 502,905

- -- -- -- -

(20,972) (208,499)911,549 1,113,477

- -

1 -- -

(21) -- -

1,327 -1,307 -

- -- -- -- -1 -

1,308 -

104 -

26 -- -

(12) -502 -

- -516 -

- -- -- -- -

12 -632 -

7,990 9,907

324 438- -

(843) (474)(626) (336)

21 -(1,124) (372)

- -- -- -- -

(165) (1,777)6,701 7,758

10,367 13,280

522 2,945- -

(1,034) (1,294)(1,572) 8905,255 -3,171 2,541

- -- -- -- -

(137) (2,840)13,401 12,981

2,730 -

330 -- -

(400) -345 -

- -275 -

- -- -- -- -

(16) -2,989 -


2012 2011


2012 2011




– 35 –

























950 1,626

- 168- -

(41) (19)(755) 200

- -(796) 349

- -- -

(19) (47)(19) (47)

4 (352)139 1,576

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

- -- -- -- -

166 -166 -

- -- -

(1) -(1) -- -

165 -

3,771 3,467

252 913- -

(133) (103)(185) 13

- -(66) 823

- -- -

(90) (97)(90) (97)(77) (761)

3,538 3,432

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

62 34

5 -- -

(19) -- -- -

(14) -

- -- -

(1) (1)(1) (1)(1) (7)46 26


2012 2011



2012 2011


– 36 –


























632 498

- 1972 2(7) (6)

437 -- -

432 193

- -- -

(33) (24)(33) (24)22 (116)

1,053 551

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

1,164,599 858,741

39,155 551,5998 5

(62,226) (42,547)(195,085) (939)

27,701 -(190,447) 508,118

- -- -

(582) (645)(582) (645)

(21,566) (216,654)952,004 1,149,560

11,620 10,858

307 2,7816 3

(498) (1,050)(333) (59)

- -(518) 1,675

- -- -

(437) (475)(437) (475)(241) (2,299)

10,424 9,759

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

16 -

- -- -- (35)- 39- -- 4

- -- -

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

15 -


2012 2011



2012 2011


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

– 37 –


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

64,975,970 41,823,3482,200,840 30,983,260

- -(3,585,605) (2,210,033)

(11,238,474) (99,362)1,231,268 -

53,583,999 70,497,213

- -122 -

- -(2,108) -

- -132,704 -130,718 -

9,306 -2,476 -

- -(1,105) -46,742 -

- -57,419 -

419,446 464,99517,791 21,929

- -(46,354) (23,224)(35,305) (14,448)

1,126 -356,704 449,252

836,519 971,05743,822 224,252

- -(87,033) (101,717)

(132,275) 69,464427,931 -

1,088,964 1,163,056

240,440 -30,535 -

- -(37,472) -31,827 -

- -265,330 -

AT5 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

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

IT5 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


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

2012 2011

503,695 388,42835,892 111,139

2 26(18,971) (12,599)(26,622) 2,793

- -493,996 489,787

10 -993 -17 -

- -- -- -

1,020 -

7,283 3,338571 -

- -(2,276) (27)

- -- -

5,578 3,311

111,934 164,524- 16,921- -

(5,175) (2,083)(89,914) 21,390

- -16,845 200,752

10 -972 -17 -

- -- -- -

999 -

- -- -

24 -- -- -

16,572 -16,596 -


– 38 –


– 38 –







2012 2011

1,762,401 1,335,37950,000 370,578

973 462(81,179) (141,034)(54,001) (10,279)

- -1,678,194 1,555,106

10 -1,013 -

29 -- -- -- -

1,052 -

2,382 -- -- -

(13) (5,127)- 5,127- -

2,369 -

76,382 50,110- 21,220

306 179(918) (668)

57,649 -- -

133,419 70,841

10 -992 -27 -

- -- -- -

1,029 -



D SharesNet assets per shareNet asset value per share













17.01 15.7917.03 15.84

10.01 -10.02 -

11.01 -11.03 -

18.79 17.2718.81 17.32

12.31 11.1612.32 11.19

11.27 -11.28 -

7.16 7.017.17 7.03

10.47 -10.48 -

8.25 7.998.26 8.01

8.22 7.858.24 7.88

10.75 -10.76 -

9.96 -9.97 -

6.21 6.286.22 6.29

10.15 -10.16 -


2012 2011



– 39 –



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

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

1.951.651.951.00


1.951.951.00


1.951.951.951.00


0.200.200.150.20

-0.150.200.150.20

-0.150.200.200.150.20

-0.15




75,920 75,58379,716 79,362



536 39583 41





2012 2011

6.53 -6.54 -

7.90 7.787.91 7.80

10.44 -10.45 -

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

– 40 –



Categories Net Assets (%)Financials ................................................................................................................................. 27.2 Energy ...................................................................................................................................... 23.1 Materials.................................................................................................................................. 15.7 Industrials ................................................................................................................................ 8.0 Consumer Discretionary........................................................................................................... 7.2 Information Technology ........................................................................................................... 5.9 Consumer Staples.................................................................................................................... 4.8 Health Care .............................................................................................................................. 1.9 Utilities..................................................................................................................................... 1.4 Short-Term Investments........................................................................................................... 1.3 Other Net Assets (Liabilities) .................................................................................................. 1.2 Cash & Equivalents.................................................................................................................. 1.2 Telecommunication Services ................................................................................................... 0.5 Corporate Bonds ...................................................................................................................... 0.4 Foreign Currency Forward Contracts ....................................................................................... 0.2

During the six-month period the Fund's exposure to credit risk and fair value hierarchy changedsignificantly as disclosed in the section below. For details relating to other price risk, currency riskand interest rate risk, 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, asapplicable, with the following credit ratings:

as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 1.7 Not Rated 0.7 Total 2.4

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.8 Not Rated 1.2 Total 2.0

*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.

Fair Value HierarchyThe tables below summarize the inputs used by the Fund in valuing the Fund’s investments andderivatives carried at fair value.

Long Positions at fair value as at September 30, 2012Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Equities 904,825 1,904 - 906,729 Bonds - - 4,604 4,604 Short-term investments - 13,557 - 13,557 Foreign currency forward contracts, net - 2,627 - 2,627 Total 904,825 18,088 4,604 927,517

Short Positions at fair value as at September 30, 2012Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Options (63) - - (63)Total (63) - - (63)

During the period ended September 30, 2012, equity investments with a net fair value of $1,904,000were transferred from Level 1 into Level 2.

During the period ended September 30, 2012, there were no transfers between Level 1 and 3.

Long Positions at fair value as at March 31, 2012Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,116,233 - - 1,116,233 Bonds - 4,095 - 4,095 Short-term investments - 15,248 - 15,248 Foreign currency forward contracts, net - 1,820 - 1,820 Total 1,116,233 21,163 - 1,137,396

Short Positions at fair value as at March 31, 2012Level 1 Level 2 Level 3 Total


There were no transfers between Level 1, 2 and 3 during the year ended March 31, 2012.



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

– 41 –– 41 –



The table below summarizes the movement in financial instruments classified as Level 3.

for the period ended September 30, 2012Change in

Balance at Net transfers Realized gain unrealized gain Balance atMarch 31, 2012 Purchases Sales in (out) (loss) (loss)* September 30, 2012

(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Bonds - - - 4,167 - 437 4,604 Total - - - 4,167 - 437 4,604

*Change in unrealized gain (loss) related to investments held at September 30, 2012 was $509,040.

During the six-month period ended September 30, 2012, fixed income investments with a net fair value of $4,167,000 were transfered out of Level 2 into Level 3 as observable market inputs were no longer availablefor these investments.

Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 31, 2012.

CI Can-Am Small Cap Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 42 –


FINANCIALS (23.4%) 123,200 Canadian Western Bank* 2,645,558 3,682,448 153,800 Crombie REIT 1,016,322 2,333,146 11,425 E-L Financial Corp., Ltd. 5,219,077 4,707,786

405,100 GMP Capital Inc. 3,804,842 2,341,478 128,100 Industrial Alliance Insurance and

Financial Services Inc. 3,837,119 3,584,238 76,200 Laurentian Bank of Canada* 3,453,211 3,521,202

443,000 New York Community BanCorp. Inc.* 6,223,187 6,168,145 26,199,316 26,338,443

ENERGY (15.1%) 186,700 AltaGas Ltd. 4,452,090 6,301,125 169,800 Ensign Energy Services Inc.* 2,178,897 2,557,188 129,300 Mullen Group Ltd. 2,105,852 3,008,811 317,100 Pason Systems Inc. 4,027,647 5,197,269


116,159 Aastra Technologies Ltd. 2,151,581 1,916,624 52,000 Equifax Inc. 1,898,354 2,381,718 55,883 MacDonald Dettwiler & Associates Ltd. 2,712,501 2,864,563 76,180 Scansource Inc. 2,304,980 2,397,058

137,500 Total System Services Inc.* 2,525,255 3,202,988 11,592,671 12,762,951

MATERIALS (9.5%) 297,100 Canam Group Inc., Class A 2,438,559 1,494,413 172,350 CCL Industries Inc., Class B 4,856,769 6,258,028 164,000 OM Group Inc. 2,956,689 2,991,406

10,252,017 10,743,847 UTILITIES (9.4%)

78,400 Atco Ltd., Class I 3,500,954 6,007,008 118,000 WGL Holdings Inc.* 4,010,964 4,670,200


100,300 Empire Co., Ltd., Class A 4,203,627 5,922,715 239,000 Jean Coutu Group Inc., Class A 2,389,034 3,389,020

6,592,661 9,311,735 INDUSTRIALS (7.1%)

135,900 Ampco-Pittsburgh Corp.* 2,354,653 2,464,155 142,764 Miller Industries Inc.* 2,878,266 2,253,104 97,200 Richelieu Hardware Ltd. 1,976,831 3,304,800


137,700 Bell Aliant Inc. 3,266,112 3,752,325 124,750 Manitoba Telecom Services Inc.* 4,122,844 4,202,828

7,388,956 7,955,153

CONSUMER DISCRETIONARY (5.7%) 324,750 Leon's Furniture Ltd.* 3,919,666 3,724,882 324,800 Transcontinental Inc., Class A* 4,541,842 2,699,088

8,461,508 6,423,970


Total Equities (96.7%) 97,798,120 109,299,759




Net Assets (100.0%) 113,045,304




CI Can-Am Small Cap Corporate ClassFinancial Statements (unaudited)

– 43 –













109,300 118,1971,042 3692,197 2,149

- -203 203

- -

- -- -- -

227 131- -- -

316 340113,285 121,389

- -- -- -

- -- -

62 -178 221

- -- -- -- -

240 221113,045 121,168

97,798 102,938- -

91,712 82,741419 338

2,619 2,56216,728 34,4691,546 1,058

10 -11 -

15.47 15.3111.31 11.1814.75 14.5216.27 15.9211.56 11.319.94 10.26

10.12 10.30

5,929,872 5,402,96337,086 30,212

177,607 176,4191,028,019 2,165,181

133,829 93,4851,054 101,045 10







– 44 –










1,737 1,51949 5120 11

- -- -- -

(64) (47)1,742 1,534

812 77383 79

- -- (23)

88 84983 913759 621

- -759 621

4,497 1,51933 176(34) (19)

- -

(3,757) (14,340)739 (12,664)

1,498 (12,043)

780 (8,270)7 -

40 (269)632 (3,504)38 -

- -1 -

0.15 (1.62)0.25 -0.23 (1.47)0.31 (1.46)0.32 -0.80 -0.92 -


2012 2011















82,741 81,445

15,971 6,188- -

(4,328) (5,391)(3,452) (4,195)8,191 (3,398)

- -- -- -- -

780 (8,270)91,712 69,777

338 -

140 -- -- -

(66) -74 -

- -- -- -- -7 -

419 -

2,562 2,897

333 261- -

(209) (331)(107) (205)

17 (275)

- -- -- -- -

40 (269)2,619 2,353


2012 2011

– 45 –














34,469 38,346

510 1,029- -

(18,686) (2,557)(197) 44

(18,373) (1,484)

- -- -- -- -

632 (3,504)16,728 33,358

1,058 -

260 -- -

(15) -205 -450 -

- -- -- -- -

38 -1,546 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011











- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

121,168 122,688

17,234 7,478- -

(23,238) (8,279)(3,617) (4,356)(9,621) (5,157)

- -- -- -- -

1,498 (12,043)113,045 105,488


2012 2011

– 45 –

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

– 46 –










2012 2011

5,402,963 5,263,4941,044,433 414,553

- -(286,837) (364,521)(230,687) (276,372)

5,929,872 5,037,154

30,212 -12,822 -

- -(10) -

(5,938) -37,086 -

176,419 199,63223,191 18,709

- -(14,530) (24,034)(7,473) (14,199)

177,607 180,108

2,165,181 2,442,14132,860 67,319

- -(1,157,327) (167,709)

(12,695) 2,7271,028,019 2,344,478

93,485 -23,167 -

- -(1,298) -18,475 -

133,829 -

10 -1,016 -

28 -- -- -

1,054 -

10 -1,007 -

28 -- -- -

1,045 -









15.47 13.8515.50 13.92

11.31 -11.33 -

14.75 13.0614.78 13.13

16.27 14.2316.31 14.30

11.56 -11.58 -

9.94 -9.97 -

10.12 -10.14 -


2012 2011

– 47 –

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




17,650 13,90218,532 14,597



33 1813 2




2.001.951.00



0.200.150.20

-0.150.20

-


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

– 48 –



Categories Net Assets (%)Financials ................................................................................................................................. 24.0 Energy ...................................................................................................................................... 12.7 Information Technology ........................................................................................................... 11.6 Consumer Discretionary........................................................................................................... 11.1 Utilities..................................................................................................................................... 10.2 Industrials ................................................................................................................................ 7.7 Consumer Staples.................................................................................................................... 7.1 Telecommunication Services ................................................................................................... 6.7 Materials.................................................................................................................................. 6.4 Short-Term Investments........................................................................................................... 1.8 Other Net Assets (Liabilities) .................................................................................................. 0.4 Cash & Equivalents.................................................................................................................. 0.3




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

– 49 –


U.S.A. (39.4%) 1,603 Apple Inc. 823,436 1,051,743 3,550 Ashland Inc. 233,627 249,936

18,700 AT&T Inc. 548,743 693,035 55,828 Bank of America Corp. 543,769 483,633 5,902 Baxter International Inc. 310,232 349,658 1,300 BorgWarner Inc. 92,200 88,317

21,500 Calpine Corp 311,180 365,528 3,550 Chevron Corp. 356,451 406,809

30,100 Citigroup Inc. 894,577 967,836 9,850 Comcast Corp., Class A 235,749 346,161 3,100 Danaher Corp. 163,803 168,050

21,250 Dell Inc. 320,257 205,818 8,400 Dow Chemical Co. 252,344 239,037

36,250 Eli Lilly and Co. 1,335,023 1,689,561 18,700 EMC Corp. 467,405 501,435 5,601 Exxon Mobil Corp. 387,962 503,494 9,700 Ford Motor Co. 93,781 93,950 8,500 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 341,671 330,646 2,850 Honeywell International Inc. 170,575 167,444

19,100 Intel Corp. 422,285 425,392 27,995 JPMorgan Chase & Co. 985,512 1,113,766 11,150 MasTec Inc. 200,184 215,878 9,750 MetLife Inc. 323,001 330,183 5,050 National Oilwell Varco Inc. 338,367 397,553 2,432 NIKE Inc., Class B 189,998 226,967

15,500 NMI Holdings Inc.^ 153,496 152,412 8,800 Noble Energy Inc. 774,233 802,226 8,916 Occidental Petroleum Corp. 782,432 754,237 1,800 OGE Energy Corp. 97,660 98,161

10,478 Oracle Corp. 239,031 324,134 1,800 Parker Hannifin Corp. 149,895 147,861 7,008 PepsiCo Inc. 452,813 487,469

23,305 Popular Inc. 475,687 399,653 800 Precision Castparts Corp. 128,935 128,490

11,900 Procter & Gamble Co. 743,750 811,252 10,800 QUALCOMM Inc. 560,904 663,199 13,200 Quanta Services Inc. 236,415 320,466 3,950 Range Resources Corp. 237,659 271,223 3,250 Spectra Energy Corp. 95,483 93,795 2,700 SPX Corp. 179,960 173,685 3,600 Stanley Black & Decker Inc. 252,776 269,881

33,350 TD Ameritrade Holding Corp. 537,399 503,375 1,200 Tiffany & Co.* 82,404 72,993 9,192 TJX Cos., Inc. 211,415 404,926 3,750 Triumph Group Inc. 183,109 230,425 1,350 Union Pacific Corp. 155,378 157,516 4,900 United Rentals Inc. 176,654 157,507 5,050 WESCO International Inc.* 244,930 283,987 6,700 Xcel Energy Inc. 156,261 182,491

17,650,811 19,503,194 U.K. (8.3%)

82,600 Barclays PLC 268,432 281,804 20,985 BG Group PLC 399,895 416,534 11,475 BHP Billiton PLC 345,796 350,764

U.K. (8.3%) (cont’d) 8,680 British American Tobacco PLC 336,324 438,032

17,700 Diageo PLC 363,577 488,770 19,026 HSBC Holdings PLC 185,645 173,205 15,450 Intercontinental Hotels Group PLC 281,402 397,443 58,500 Kingfisher PLC 246,783 245,426

904,900 Lloyds Banking Group PLC 519,848 557,812 2,250 Rio Tinto PLC 121,248 103,077 8,850 Rolls-Royce Group PLC 84,461 118,468

101,400 Standard Chartered PLC 173,953 183,076 126,200 Vodafone Group PLC 324,496 352,198

3,651,860 4,106,609 SWITZERLAND (5.5%)

11,400 ABB Ltd. 219,768 210,270 1,450 Compagnie Financiere Richemont S.A. 83,964 85,511

14,100 Credit Suisse Group AG* 256,634 293,686 12,250 Nestle S.A., Registered Shares 744,049 759,565 9,750 Novartis AG, Registered Shares 567,499 586,711 1,182 Syngenta AG 346,077 434,427

23,000 UBS AG 246,332 275,364 5,950 Weatherford International Ltd.,

(Switzerland) 82,636 74,128 2,546,959 2,719,662

AUSTRALIA (4.7%) 122,950 AMP Ltd. 548,826 543,039 250,850 Mirvac Group 315,587 365,902 179,050 Telstra Corp., Ltd. 549,071 714,111 68,800 Westfield Group 581,787 713,012

1,995,271 2,336,064 JAPAN (3.6%)

23,600 Nabtesco Corp.* 492,992 425,901 35,200 Nexon Co., Ltd. 556,015 474,657 17,000 Seikagaku Corp. 175,087 193,031 9,600 Softbank Corp. 326,407 381,702

61,350 Taiheiyo Cement Corp.* 135,620 129,117 7,000 Tokio Marine Holdings Inc. 162,316 175,552

1,848,437 1,779,960 CANADA (3.5%)

5,000 Barrick Gold Corp. 177,691 205,300 12,300 Brookfield Asset Management Inc., Class A 368,061 417,093 7,700 Canadian Natural Resources Ltd. 237,651 233,002

12,450 First Quantum Minerals Ltd. 227,028 260,828 9,000 Genworth MI Canada Inc. 157,584 187,650

13,650 Suncor Energy Inc. 428,991 440,622 1,597,006 1,744,495

SOUTH KOREA (3.0%) 950 Hyundai Motor Co. 183,356 210,956

20,990 LG Display Co., Ltd. 519,635 524,481 620 Samsung Electronics Co., Ltd. 658,452 736,283

1,361,443 1,471,720 NETHERLANDS (3.0%)

19,400 BinckBank N.V.* 211,574 140,303 30,050 ING Groep N.V. 246,124 233,464 16,700 Royal Dutch Shell PLC, Class A 551,887 568,025 15,200 Unilever N.V.* 508,520 528,801

1,518,105 1,470,593

^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.



– 50 –

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

– 50 –


GERMANY (2.8%) 10,400 Bayer AG 660,600 880,149 1,150 Continental AG 96,258 110,679 2,750 Siemens AG, Registered Shares 256,628 270,368

550 Volkswagen AG, Preferred 93,570 98,834 1,107,056 1,360,030

FRANCE (2.6%) 5,552 AXA S.A. 75,976 81,316

11,100 CNP Assurances S.A. 137,358 142,234 22,193 Eutelsat Communications S.A. 798,605 701,130 2,329 LVMH Moet Hennessy Louis Vuitton S.A. 370,229 344,201

1,382,168 1,268,881 MEXICO (2.1%)

3,050 Coca-Cola Femsa S.A.B. de C.V. 274,405 386,851 20,200 Grupo Financiero Santander Mexico

S.A.B. de C.V. 242,541 272,119 137,500 Wal-Mart de Mexico S.A.B. de C.V. 385,950 379,633

902,896 1,038,603 BELGIUM (2.1%)

6,300 Anheuser-Busch InBev N.V. 374,147 526,798 9,150 UCB S.A. 387,048 494,773

761,195 1,021,571 IRELAND (1.9%)

11,850 Accenture PLC 647,185 815,767 3,150 Ingersoll-Rand PLC 130,366 138,795

777,551 954,562 HONG KONG (1.7%)

31,600 AIA Group Ltd. 109,815 115,205 237,250 China Gas Holdings Ltd. 122,156 127,260 59,900 ENN Energy Holdings Ltd. 194,648 246,862

103,750 Hang Lung Properties Ltd. 375,244 348,641 801,863 837,968

THAILAND (1.6%) 51,250 Bangkok Bank PCL 258,452 316,446 55,150 Kasikornbank PCL 214,798 321,169 32,400 Siam Commercial Bank PCL 126,026 174,209

599,276 811,824 BRAZIL (1.0%)

44,200 Fleury S.A. 501,527 511,104

DENMARK (0.8%) 4,600 Carlsberg A/S, Class B 407,212 400,770

TAIWAN (0.8%) 24,226 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 256,721 376,856

BERMUDA (0.7%) 2,100 Credicorp Ltd. 252,013 258,530

976,550 GOME Electrical Appliances Holding Ltd. 355,887 101,544 607,900 360,074

CAYMAN ISLANDS (0.7%) 30,650 Edwards Group Ltd. 244,770 190,775

571,600 Hengdeli Holdings Ltd. 277,607 162,362 522,377 353,137

INDONESIA (0.6%) 371,000 PT Bank Mandiri 279,987 310,676

RUSSIA (0.6%) 500 New Century Holdings V LP,

Private Placement^ - - 43,700 Sberbank of Russia 118,566 120,317 14,200 Sberbank of Russia, GDR 168,547 163,226

287,113 283,543 ISRAEL (0.5%)

21,200 ICL-Israel Chemicals Ltd. 316,615 251,663

CHILE (0.5%) 1,300 Banco de Chile, ADR* 105,434 106,444 1,800 Banco Santander Chile S.A., ADR 134,256 129,542

239,690 235,986 NETHERLANDS ANTILLES (0.5%)

3,250 Schlumberger Ltd. 245,682 231,020

SINGAPORE (0.4%) 147,250 CapitaMalls Asia Ltd. 178,519 194,683

CHINA (0.3%) 185,200 China Railway Construction Corp., Ltd.,

Class H 155,022 164,158

ITALY (0.3%) 30,274 Snam Rete Gas S.p.A. 137,529 131,911 2,500 Snam S.p.A. 10,662 10,893

148,191 142,804 AUSTRIA (0.3%)

6,400 Erste Group Bank AG 119,083 139,108

COLOMBIA (0.3%) 2,300 Bancolombia S.A., ADR 138,529 134,972

JERSEY ISLAND (0.2%) 3,350 Delphi Automotive PLC 102,015 102,017


Total Equities (94.3%) 42,963,869 46,618,307


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (29,761)

Long Option Contracts (0.0%)(see Schedule B) 4,138 7,414



Net Assets (100.0%) 49,415,724




– 51 –

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

– 51 –– 51 –




Schedule AForeign Currency Forward Contracts (-0.1%)


1 Barclays PLC A-1 11-Oct-12 1.04 (747,000) Australian $ 773,377 Canadian $ 12,166 1 Barclays PLC A-1 11-Oct-12 1.03 (83,000) Australian $ 85,871 Canadian $ 1,292 1 Barclays PLC A-1 11-Oct-12 1.04 (243,301) Canadian $ 233,000 Australian $ (5,868)1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (4,692,703) Canadian $ 4,794,000 US $ 29,423 1 Morgan Stanley A-2 11-Oct-12 1.28 (1,372,223) Canadian $ 1,076,000 Euro (11,934)1 Morgan Stanley A-2 11-Oct-12 0.80 (1,110,000) Euro 1,391,865 Canadian $ (11,395)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (141,000) Euro 176,321 Canadian $ (1,931)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (263,000) Euro 329,972 Canadian $ (2,513)1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 1.02 (3,874,000) US $ 3,790,786 Canadian $ (25,129)1 UBS AG A-1 11-Oct-12 1.03 (348,000) Australian $ 360,131 Canadian $ 5,511 1 UBS AG A-1 11-Oct-12 1.02 (577,000) Australian $ 588,459 Canadian $ 488 1 UBS AG A-1 11-Oct-12 1.05 (68,000) Australian $ 71,276 Canadian $ 1,982 1 UBS AG A-1 11-Oct-12 0.63 (1,631,000) British Pound 2,584,760 Canadian $ (5,765)1 UBS AG A-1 11-Oct-12 0.63 (171,380) Canadian $ 108,000 British Pound 157 1 UBS AG A-1 11-Oct-12 1.04 (369,399) Canadian $ 354,000 Australian $ (8,663)1 UBS AG A-1 11-Oct-12 1.04 (64,776) Canadian $ 62,000 Australian $ (1,596)1 UBS AG A-1 14-Dec-12 1.02 (920,000) US $ 900,220 Canadian $ (5,986) Total Foreign Currency Forward Contracts Value (29,761)

Schedule BLong Option Contracts (0.0%)


29 2,900 United Rentals Inc. 20-Oct-12 34.00 4,138 7,414 Total Long Option Contracts Value 4,138 7,414

CI Global Corporate ClassFinancial Statements (unaudited)

– 52 –








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


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 SharesIT8 Shares



46,618 51,6003,022 2,583

- -- -

49 49- -

51 97- -7 -

45 12535 378

- -57 89

50,384 54,808

- -- -- -

81 59- -

783 364103 152

- -- -1 1- -

968 57649,416 54,232

42,964 47,003- -

47,348 52,1231,385 1,396

426 51960 1226 34

149 14811 -11 -

12.75 12.807.10 7.109.31 9.246.76 6.967.31 7.495.14 5.36

10.40 10.789.77 10.10

3,714,329 4,070,907194,950 196,71345,765 56,1568,837 1,7143,533 4,488

28,975 27,5311,017 101,087 10







– 53 –







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



748 7351 4

12 13- -- -- -

(107) (103)654 649

489 49555 56

- -- (1)

55 54599 60455 45

- -55 45

892 1,220(218) 395(62) (110)

- -

(1,008) (7,848)(396) (6,343)(341) (6,298)

(354) (6,019)9 (160)3 (92)- (2)- (5)

(1) (20)1 -1 -

(0.09) (1.52)0.05 (0.93)0.07 (1.08)(0.12) (0.99)(0.06) (1.02)(0.03) (0.83)0.96 -0.96 -


2012 2011















52,123 49,042

1,261 16,686- -

(5,548) (6,071)(134) (1,108)

(4,421) 9,507

- -- -- -- -

(354) (6,019)47,348 52,530

1,396 1,208

5 58- -

(25) (102)- 66

(20) 22

- -- -- -- -9 (160)

1,385 1,070

519 864

21 12- -

(117) (233)- 13

(96) (208)

- -- -- -- -3 (92)

426 564


2012 2011

– 54 –


– 54 –













12 13

6 -- -- -

43 -49 -

- -- -

(1) -(1) -- (2)

60 11

34 39

- -- -

(7) -- -

(7) -

- -- -

(1) (1)(1) (1)- (5)

26 33

148 137

- 20- -

(4) (1)11 (9)7 10

- -- -

(5) (6)(5) (6)(1) (20)

149 121


2012 2011















- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

54,232 51,303

1,313 16,776- -

(5,701) (6,407)(80) (1,038)

(4,468) 9,331

- -- -

(7) (7)(7) (7)

(341) (6,298)49,416 54,329


2012 2011

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 55 –










2012 2011

4,070,907 3,786,848102,279 1,481,714

- -(447,921) (493,024)(10,936) (88,716)

3,714,329 4,686,822

196,713 170,120539 8,964

- -(3,632) (16,137)1,330 10,159

194,950 173,106

56,156 94,6662,386 1,537

- -(12,777) (27,174)

- 1,52545,765 70,554

1,714 1,707767 -

- -- -

6,356 -8,837 1,707

4,488 4,899- -- -

(955) (40)- -

3,533 4,859

27,531 23,252- 3,483- -

(692) (205)2,136 (1,848)

28,975 24,682

10 -981 -26 -

- -- -

1,017 -



2012 2011

10 -1,047 -

30 -- -- -

1,087 -










12.75 11.2112.76 11.22

7.10 6.187.11 6.19

9.31 7.999.32 8.00

6.76 6.266.77 6.26

7.31 6.697.32 6.70

5.14 4.895.14 4.90

10.40 -10.41 -

9.77 -9.78 -


2012 2011

– 56 –

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




1,706 8171,791 857



59 10616 19


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

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

2.001.00

Paid directly by investor2.001.002.001.00


0.220.22

-0.220.220.220.22

-


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

– 57 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 41.6 U.K............................................................................................................................................ 9.9 Australia................................................................................................................................... 5.9 Japan ....................................................................................................................................... 5.4 Cash & Equivalents.................................................................................................................. 4.8 Switzerland .............................................................................................................................. 4.3 Germany ................................................................................................................................... 3.8 France....................................................................................................................................... 2.9 Netherlands ............................................................................................................................. 2.7 South Korea ............................................................................................................................. 2.2 Hong Kong................................................................................................................................ 2.2 Canada ..................................................................................................................................... 1.9 Ireland ...................................................................................................................................... 1.8 Mexico ..................................................................................................................................... 1.7 Thailand ................................................................................................................................... 1.6 Belgium .................................................................................................................................... 1.0 Sweden .................................................................................................................................... 0.9 Bermuda ................................................................................................................................... 0.9 Indonesia.................................................................................................................................. 0.7 Taiwan...................................................................................................................................... 0.7 Cayman Islands........................................................................................................................ 0.5 Spain ........................................................................................................................................ 0.5 Israel ........................................................................................................................................ 0.4 Netherlands Antilles................................................................................................................ 0.4 Colombia .................................................................................................................................. 0.4 South Africa ............................................................................................................................. 0.3 Brazil ........................................................................................................................................ 0.3 Italy .......................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's fair value hierarchy exposure changed significantly asdisclosed in the section below. For details relating to other price risk, credit risk, currency risk andinterest rate risk, refer to the audited annual financial statements as at March 31, 2012, as theFund's exposure to those risks remains unchanged.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 45,268 1,198 152 46,618 Foreign currency forward contracts, net - (30) - (30)Options 7 - - 7 Total 45,275 1,168 152 46,595

During the period ended September 30, 2012, equity investments with a net fair value of $252,000 weretransferred from Level 1 into Level 2.

There were no transfers between Level 1 and 3 and Level 2 and 3 during the six-month period endedSeptember 30, 2012.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 51,600 - - 51,600 Foreign currency forward contracts, net - 38 - 38 Total 51,600 38 - 51,638







(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 153 - - - (1) 152 Total - 153 - - - (1) 152

*Change in unrealized gain (loss) related to investments held at September 30, 2012 was ($1,084).

Investments classifed as Level 3 are valued are valued at fair value based on unobservable inputs and assumptins which may include credit spreads, industry multipliers, and discount rates. Management hasassessed that the effect of changing these inputs to reasonably possible alternatives would not have a significant impact as the net assets of the Fund as at September 30, 2012.

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 58 –


U.S.A. (61.9%) 78,348 Acadia Healthcare Co., Inc. 1,015,091 1,835,860

443,952 Advocat Inc. 8,640,130 2,510,102 105,000 Akorn Inc. 1,246,651 1,363,891 150,000 Aphton Corp., Restricted Shares^ 363 148 291,866 Arqule Inc.* 1,773,913 1,463,664 204,900 BioMarin Pharmaceutical Inc.* 2,775,549 8,113,555 939,700 Boston Scientific Corp.* 12,270,798 5,285,339 180,000 Brookdale Senior Living Inc. 2,880,246 4,108,045 196,007 Capital Senior Living Corp.* 1,674,080 2,788,866 67,500 Celgene Corp. 3,782,182 5,068,241 24,138 China Biologic Products Inc. 231,581 225,482

370,000 Exelixis Inc.* 2,128,676 1,753,623 75,000 Gilead Sciences Inc.* 3,373,970 4,890,952

335,000 HealthSouth Corp. 8,012,961 7,922,231 160,000 Kindred Healthcare Inc.* 1,541,554 1,788,826 80,000 MedAssets Inc.* 915,709 1,400,224

110,000 Merck & Co., Inc. 3,791,283 4,877,087 75,000 Merit Medical Systems Inc. 1,035,591 1,101,054 85,000 Onyx Pharmaceuticals Inc.* 2,710,746 7,062,577

1,617,500 Rite Aid Corp. 5,384,198 1,844,972 40,000 Seattle Genetics Inc.* 613,567 1,060,001 60,000 Thermo Fisher Scientific Inc. 3,344,124 3,470,865

204,400 XenoPort Inc.* 1,365,508 2,301,304 28,498 Zimmer Holdings Inc. 1,425,180 1,894,019

71,933,651 74,130,928 SWITZERLAND (8.9%)

75,000 Novartis AG, Registered Shares 4,352,027 4,513,159 33,400 Roche Holding AG 5,277,819 6,136,098

9,629,846 10,649,257 U.K. (5.6%)

172,201 GlaxoSmithKline PLC 5,593,179 3,903,405 192,861 Synergy Health PLC 1,639,218 2,812,907

7,232,397 6,716,312 CANADA (3.8%)

1,437,139 Patheon Inc. 7,499,839 4,584,473

IRELAND (3.7%) 75,000 Covidien PLC 3,301,539 4,379,142

FRANCE (3.4%) 49,000 Sanofi* 4,239,798 4,108,463

SINGAPORE (3.3%) 1,600,000 Biosensors International Group Ltd. 938,071 1,564,115 1,209,000 Raffles Medical Group Ltd. 1,036,324 2,354,081

1,974,395 3,918,196 BRAZIL (2.3%)

240,000 Amil Participacoes S.A. 1,895,709 2,810,149

JAPAN (2.0%) 70,080 Sugi Holdings Co., Ltd. 1,559,038 2,411,074

SPAIN (1.2%) 62,568 Grifols S.A., ADR 682,475 1,404,578

CAYMAN ISLANDS (1.0%) 93,100 3SBio Inc., ADR 1,076,464 1,185,515

ITALY (0.6%) 160,000 Amplifon S.p.A. 715,851 669,253

AUSTRALIA (0.3%) 782,102 Nanosonics Ltd. 412,024 390,907


Total Equities (98.0%) 111,881,944 117,358,247


Short Option Contracts (-0.1%)(see Schedule A) (74,996) (173,327)



Net Assets (100.0%) 119,766,769

*Denotes all or part of securities on loan.^Denotes illiquid securities.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.



Schedule AShort Option Contracts (-0.1%)

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

(254) (25,400) Rite Aid Corp. 20-Oct-12 2.00 (1,249) (1,249)(1,000) (100,000) XenoPort Inc. 20-Oct-12 10.00 (73,747) (172,078)

Total Short Option Contracts Value (74,996) (173,327)

CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)

– 59 –








Net assets per classA SharesF SharesI SharesY SharesZ Shares


A SharesF SharesI SharesY SharesZ Shares



117,358 104,7591,733 773

- -- -

111 111- -

- -- -- -

230 105756 -

- -126 230

120,314 105,978

- -- -- -

- -173 105122 7252 333

- -- -- -- -

547 445119,767 105,533

111,882 115,268- -

88,974 77,6064,988 3,771

434 218507 450

24,864 23,488

27.76 23.7117.36 14.7416.89 14.2614.87 12.6314.37 12.27

3,205,538 3,273,375287,418 255,79225,701 15,26234,112 35,595

1,730,479 1,913,711










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



592 7781 1

25 2546 38

- -1 1

(91) (108)574 735

1,069 1,102120 123

- -- (5)

118 1211,307 1,341(733) (606)

- -(733) (606)

2,373 2,63293 20(99) (59)

- -

15,962 (5,829)18,329 (3,236)17,596 (3,842)

12,967 (2,846)702 (114)83 (1)77 (14)

3,767 (867)

4.02 (0.76)2.65 (0.44)3.20 (0.05)2.23 (0.36)2.06 (0.39)


2012 2011

CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)

– 60 –















77,606 86,005

4,094 1,814- -

(6,059) (8,763)366 (451)

(1,599) (7,400)

- -- -- -- -

12,967 (2,846)88,974 75,759

3,771 3,394

350 192- -

(114) (140)279 73515 125

- -- -- -- -

702 (114)4,988 3,405

218 299

3 3- -

(132) (2)262 (107)133 (106)

- -- -- -- -

83 (1)434 192


2012 2011

Y SharesNet assets, beginning of periodCapital transactions




Z SharesNet assets, beginning of periodCapital transactions








450 437

1 1- -

(21) (3)- -

(20) (2)

- -- -- -- -

77 (14)507 421

23,488 26,750

236 205- -

(2,321) (2,500)(306) (169)

(2,391) (2,464)

- -- -- -- -

3,767 (867)24,864 23,419

105,533 116,885

4,684 2,215- -

(8,647) (11,408)601 (654)

(3,362) (9,847)

- -- -- -- -

17,596 (3,842)119,767 103,196


2012 2011

CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 61 –





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

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


2012 2011

3,273,375 3,858,569157,705 81,236

- -(239,459) (393,752)

13,917 (20,480)3,205,538 3,525,573

255,792 247,53120,955 14,114

- -(7,258) (10,682)17,929 5,254

287,418 256,217

15,262 22,833198 216

- -(7,965) (134)18,206 (7,853)25,701 15,062

35,595 37,20867 76

- -(1,550) (274)

- -34,112 37,010

1,913,711 2,318,02918,244 17,812

- -(177,120) (216,131)(24,356) (14,511)

1,730,479 2,105,199





Y SharesNet assets per shareNet asset value per share

Z SharesNet assets per shareNet asset value per share

27.76 21.4927.78 21.53

17.36 13.2917.37 13.31

16.89 12.7616.91 12.79

14.87 11.3914.88 11.41

14.37 11.1214.38 11.14


2012 2011



12,178 23,43612,787 24,607



88 579 7

Annual management fee rateA SharesF SharesI SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ Shares

2.001.00

Paid directly by investor1.002.00

0.220.22

-0.220.22


CI Global Health Sciences Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 62 –



Categories Net Assets (%)Long Positions:U.S.A. ....................................................................................................................................... 61.5 Switzerland .............................................................................................................................. 8.9 U.K............................................................................................................................................ 6.4 Ireland ...................................................................................................................................... 4.1 France....................................................................................................................................... 4.0 Singapore ................................................................................................................................. 3.9 Canada ..................................................................................................................................... 3.1 Brazil ........................................................................................................................................ 2.6 Japan ....................................................................................................................................... 2.0 Spain ........................................................................................................................................ 1.4 Cayman Islands........................................................................................................................ 1.3 Cash & Equivalents.................................................................................................................. 0.7 Other Net Assets (Liabilities) .................................................................................................. 0.1 Australia................................................................................................................................... 0.1 Total Long Positions ............................................................................................................. 100.1

Short Positions:Options Contracts .................................................................................................................... (0.1)Total Short Positions ............................................................................................................ (0.1)




(in $000's) (in $000's) (in $000's) (in $000's)Equities 114,548 2,810 - 117,358 Total 114,548 2,810 - 117,358



During period ended September 30, 2012, equity investments with a net fair value of $2,810,000were transferred from Level 1 into Level 2.


Fair Value Hierarchy (cont’d)


(in $000's) (in $000's) (in $000's) (in $000's)Equities 104,759 - - 104,759 Total 104,759 - - 104,759






CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 63 –

‡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.



EQUITIES SUBJECT TO FORWARD AGREEMENT (99.6%) 950,872 Alacer Gold Corp. 6,000,000 6,865,296 527,760 Athabasca Oil Corp. 8,333,330 6,940,044

1,051,301 ATS Automation Tooling Systems Inc. 9,188,371 9,314,527 811,478 AuRico Gold Inc. 6,232,151 5,574,854 322,706 Canfor Corp. 3,856,337 4,198,405 176,998 Catamaran Corp. 4,455,021 17,021,898 424,654 Celestica Inc. 3,197,645 2,981,071 749,950 Celtic Exploration Ltd. 7,809,612 13,671,588 660,842 CGI Group Inc. 10,279,631 17,439,620 421,245 Crew Energy Inc. 4,600,000 3,049,814 373,663 Detour Gold Corp. 9,188,373 10,245,839 183,111 FirstService Corp. 3,795,885 5,068,512 548,122 Harry Winston Diamond Corp. 6,232,147 6,380,140 298,210 Horizon S&P/TSX 60 Index ETF 2,999,993 3,119,277 629,882 Kirkland Lake Gold Inc. 8,756,343 7,495,596 283,487 Legacy Oil + Gas Inc. 4,000,002 1,899,363 594,210 Martinrea International Inc. 3,612,804 4,195,123 254,469 MEG Energy Corp. 12,333,321 9,458,613 770,799 New Gold Inc. 7,538,414 9,272,712 326,503 NuVista Energy Ltd. 3,287,885 1,469,264 351,859 Open Text Corp. 16,830,026 19,039,090 675,604 Osisko Mining Corp. 6,856,353 6,546,603 172,312 Petrobank Energy & Resources Ltd. 3,856,343 2,360,674

1,883,372 Precision Drilling Corp. 13,390,775 14,501,964 536,193 Research In Motion Ltd. 6,000,000 4,026,809 426,476 Tahoe Resources Inc. 8,333,352 8,512,461 904,979 Tourmaline Oil Corp. 22,090,779 27,710,457 268,735 TransGlobe Energy Corp. 3,856,351 2,870,090 410,327 Valeant Pharmaceuticals International Inc. 20,123,841 22,264,343

Commissions and other portfolio transaction costs -

Total Equities Subject to Forward Agreement (99.6%) 227,035,085 253,494,047


Forward Agreement (-1.8%) (see Schedule A) (4,561,461)



Net Assets (100.0%) 254,441,362

Schedule AForward Agreement (-1.8%)

No. of Shares/Par Value Investments sold forward Fair Value ($)

950,872 Alacer Gold Corp. (6,903,331)527,760 Athabasca Oil Corp. (6,955,877)

1,051,301 ATS Automation Tooling Systems Inc. (9,356,579)811,478 AuRico Gold Inc. (5,607,313)322,706 Canfor Corp. (4,204,859)176,998 Catamaran Corp. (17,053,757)424,654 Celestica Inc. (2,985,318)749,950 Celtic Exploration Ltd. (13,709,086)660,842 CGI Group Inc. (17,446,229)421,245 Crew Energy Inc. (3,049,814)373,663 Detour Gold Corp. (10,249,576)183,111 FirstService Corp. (5,117,952)548,122 Harry Winston Diamond Corp. (6,407,546)298,210 Horizon S&P/TSX 60 Index ETF (3,122,259)629,882 Kirkland Lake Gold Inc. (7,508,193)283,487 Legacy Oil + Gas Inc. (1,905,033)594,210 Martinrea International Inc. (4,195,123)254,469 MEG Energy Corp. (9,514,596)770,799 New Gold Inc. (9,288,128)326,503 NuVista Energy Ltd. (1,475,794)351,859 Open Text Corp. (19,074,276)675,604 Osisko Mining Corp. (6,580,383)172,312 Petrobank Energy & Resources Ltd. (2,376,182)

1,883,372 Precision Drilling Corp. (14,558,466)536,193 Research In Motion Ltd. (4,032,171)426,476 Tahoe Resources Inc. (8,538,050)904,979 Tourmaline Oil Corp. (27,773,806)268,735 TransGlobe Energy Corp. (2,875,465)410,327 Valeant Pharmaceuticals International Inc. (22,264,341)

(254,129,503)

Notional Units Underlying Account Fair Value ($)

2,438,790 National Bank of Canada Global BB Units (See Schedule 1) 249,568,042 Total Forward Agreement Value (4,561,461)

Settlement date Feb. 12, 2013Credit Rating of the Counterparty‡ A-1

– 64 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 64 –– 64 –



Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2012)

No. of Shares/ Average Fair Par Value Cost($) Value($)

25,200 Abbott Laboratories Inc. 1,392,276 1,698,865 124,400 Altria Group Inc. 3,009,193 4,084,364 44,840 Anheuser-Busch InBev N.V. 2,382,403 3,749,463 74,200 Arthur J. Gallagher & Co. 2,005,339 2,613,467 66,000 AstraZeneca PLC, ADR 3,155,328 3,106,020 86,400 AT&T Inc. 2,586,139 3,202,895 26,000 Automatic Data Processing Inc. 1,252,578 1,499,695

508,700 BAE Systems PLC 2,594,390 2,626,096 43,500 BASF AG 3,256,287 3,608,829 19,450 Bayer AG 1,218,709 1,642,606

115,800 BCE Inc. 3,879,438 5,008,350 53,300 Bristol-Myers Squibb Co. 1,505,474 1,768,840 43,400 British American Tobacco PLC 1,802,882 2,191,192 94,500 CenturyLink Inc. 3,513,443 3,754,056 21,200 China Mobile (Hong Kong) Ltd., ADR 1,044,774 1,154,036 22,400 CME Group Inc. 1,256,400 1,262,090 82,700 CMS Energy Corp. 1,567,994 1,915,067 37,800 Coca-Cola Co. 1,229,323 1,409,815 46,100 Coca-Cola Enterprises Inc. 1,144,199 1,417,478 80,600 Comcast Corp., Special Class A 1,715,454 2,758,048

175,500 Compass Group PLC 1,427,247 1,904,792 32,800 ConocoPhillips Co. 1,619,018 1,844,190 64,100 Daimler AG 3,673,077 3,050,973 15,500 Deere & Co. 1,231,628 1,257,247

202,100 Deutsche Telekom AG 2,578,645 2,445,386 27,800 Diageo PLC, ADR 2,180,880 3,081,569 28,700 Diamond Offshore Drilling Inc. 2,276,879 1,857,212 56,500 Diebold Inc. 1,840,736 1,872,815 62,984 Duke Energy Corp. 3,417,631 4,013,219 62,300 E.I. du Pont de Nemours & Co. 2,768,325 3,079,531 49,000 Emerson Electric Co. 2,326,161 2,325,739 38,800 Enterprise Products Partners LP 1,684,773 2,044,957 16,000 Exxon Mobil Corp. 1,209,407 1,438,770

681,900 FirstGroup PLC 3,520,252 2,598,746 158,400 France Telecom S.A. 3,497,740 1,879,190 24,900 Genuine Parts Co. 1,195,908 1,494,274

102,200 GlaxoSmithKline PLC 2,255,016 2,316,642 23,400 H.J. Heinz Co. 1,146,601 1,287,370 41,700 Honeywell International Inc. 2,134,150 2,449,974

106,500 Imperial Tobacco Group PLC 3,674,850 3,876,110 34,710 Integrys Energy Group Inc. 1,809,999 1,781,610 27,700 Johnson & Johnson 1,813,348 1,876,937 48,700 Kimberly-Clark Corp. 3,380,943 4,107,737 32,300 Kinder Morgan Energy Partners LP 2,153,263 2,620,258 40,800 KLA-Tencor Corp. 1,880,599 1,913,867 35,700 Lockheed Martin Corp. 2,806,689 3,278,005 26,800 Lorillard Inc. 2,633,805 3,068,753 24,300 Markwest Energy Partners LP 1,137,955 1,300,326 78,300 Mattel Inc. 2,268,047 2,731,700 15,400 McDonald's Corp. 1,165,398 1,389,359

287,800 Meggitt PLC 1,524,775 1,804,720 45,900 Merck & Co., Inc. 1,692,913 2,035,527 58,300 MetLife Inc., 6.5% Preferred 1,427,223 1,475,587 90,500 Microchip Technology Inc. 2,846,920 2,913,499 71,500 Microsoft Corp. 2,035,455 2,093,719 20,980 Muenchener Rueckversicherungs AG, Registered Shares 3,051,340 3,221,248

370,140 National Grid PLC 3,603,552 4,014,381 66,300 Nestle S.A., Registered Shares 3,556,455 4,110,951 49,900 NiSource Inc. 936,815 1,250,223 41,700 Novartis AG, Registered Shares 2,332,914 2,509,316 64,100 NYSE Euronext 1,744,429 1,553,683

Schedule 1 (cont’d)National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2012)

No. of Shares/ Average Fair Par Value Cost($) Value($)

77,500 Oracle Corp. 2,068,589 2,399,728 230,350 Orkla ASA 1,873,144 1,721,129 231,700 Pearson PLC 3,775,068 4,451,878 17,100 PepsiCo Inc. 1,108,499 1,189,961 41,400 Philip Morris International Inc. 2,614,097 3,661,346 18,572 Philippine Long Distance Telephone Co., ADR 1,049,995 1,205,469 97,300 Pitney Bowes Inc. 2,096,536 1,322,234 42,800 PPL Corp. 1,207,204 1,222,581 59,200 ProSiebenSat.1 Media AG, Preferred 1,463,081 1,466,665 33,400 Reckitt Benckiser Group PLC 1,816,046 1,890,766

169,100 Regal Entertainment Group 2,249,313 2,339,512 77,200 Reynolds American Inc. 2,696,376 3,289,984 13,800 Roche Holding AG 2,350,467 2,535,274 54,150 Rogers Communications Inc., Class B 1,974,986 2,155,170 49,400 Royal Dutch Shell PLC, Class A, ADR 3,253,037 3,371,604

147,800 RR Donnelley & Sons Co. 2,282,300 1,540,522 24,900 Sanofi 1,798,763 2,087,770 32,000 SCANA Corp. 1,277,430 1,518,850

117,600 Scor SE 2,947,374 2,981,871 116,800 Scottish and Southern Energy PLC 2,388,257 2,581,748 122,100 Shaw Communications Inc., Class B 2,495,133 2,456,652 25,700 Southern Co. 979,682 1,164,736 44,700 Spectra Energy Corp. 1,071,861 1,290,480 10,720 Swisscom AG, Registered Shares 4,343,639 4,237,021

119,700 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 1,412,457 1,862,037 114,000 TECO Energy Inc. 1,963,453 1,988,594 439,200 Telstra Corp., Ltd. 1,871,897 1,756,155 630,500 Terna S.p.A. 2,630,974 2,310,604 46,900 Time Warner Inc. 1,640,164 2,090,481 68,800 Total S.A. 3,772,638 3,355,970 21,200 Travelers Cos., Inc. 1,168,227 1,422,950 38,850 Unilever PLC 1,230,520 1,389,285

239,736 United Utilities Group PLC 2,330,238 2,725,700 58,600 Vectren Corp. 1,531,294 1,647,977 92,900 Verizon Communications Inc. 3,281,675 4,162,769 59,700 Vinci S.A. 3,090,382 2,500,545

131,186 Vivendi S.A. 3,080,431 2,515,698 1,680,400 Vodafone Group PLC 4,446,078 4,689,644

53,000 Waste Management Inc. 1,752,531 1,671,852 58,032 Westpac Banking Corp. 1,297,270 1,470,985

304,200 WM Morrison Supermarkets PLC 1,415,008 1,377,651

Total Investments 222,069,898 240,663,232

Other Net Assets 8,904,810

Total Net Asset Value of National Bank of Canada BB Units 249,568,042

CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)

– 65 –


AssetsInvestments at fair value*CashShort-term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on forward agreementCash 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 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




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



253,494 200,8565,446 7,823

- -- -

116 116- -- 3,405- -- -

190 836- -- -

28 25259,274 213,061

- -- -- -

4,561 -- -- -

116 77- -

123 107- -

33 28- -

4,833 212254,441 212,849

227,035 188,928- -

216,120 183,079708 482

4,192 4,81022,797 16,3934,226 2,9452,938 1,951

126 -228 47341 381159 -

1,745 1,83010 -49 4943 121

759 761

9.18 8.9911.13 10.899.83 9.58

10.51 10.1711.39 11.037.48 7.51

10.56 10.6110.36 10.3411.37 11.2710.86 10.776.32 6.45

10.24 10.466.77 6.877.97 8.02

10.54 10.61

23,544,032 20,355,53363,607 44,215

426,365 502,0032,169,241 1,612,357

370,962 267,052392,749 259,59711,972 1022,036 4,51230,004 33,79214,651 10

276,076 283,6681,018 107,203 7,2035,423 15,048

72,077 71,698







– 66 –

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




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

Capital gain distribution from investmentsForward feesChange in unrealized appreciation (depreciation)





- -27 36

161 139- -- -

297 14- -

485 189

2,186 1,271243 149

- -- (2)

315 1452,744 1,563(2,259) (1,374)

- -(2,259) (1,374)

2,108 (4,344)(39) 26

- -- -

(745) (498)

6,565 1,2247,889 (3,592)5,630 (4,966)

4,494 (4,507)17 -

141 (77)705 (254)124 -57 (58)4 -7 (2)

11 (12)- -

38 (55)- -2 (1)5 -

25 -

0.20 (0.30)0.32 -0.28 (0.22)0.37 (0.17)0.39 -0.17 (0.27)0.43 -0.55 (0.75)0.34 (0.46)0.13 -0.13 (0.22)0.72 -0.18 (0.44)0.32 -0.34 -


2012 2011


2012 2011

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



– 67 –

























16,393 13,955

4,585 1,570- -

(249) (789)1,363 895,699 870

- -- -- -- -

705 (254)22,797 14,571

2,945 -

1,051 -- -

(147) -253 -

1,157 -

- -- -- -- -

124 -4,226 -

1,951 1,504

1,077 382- -

(47) (54)(36) (7)994 321

- -- -

(64) (42)(64) (42)57 (58)

2,938 1,725

183,079 101,503

33,171 75,866- -

(3,868) (4,381)(756) (374)

28,547 71,111

- -- -- -- -

4,494 (4,507)216,120 168,107

482 -

155 -- -- -

54 -209 -

- -- -- -- -

17 -708 -

4,810 3,343

542 217- -

(1,439) (293)138 (75)(759) (151)

- -- -- -- -

141 (77)4,192 3,115


2012 2011



2012 2011


– 68 –


– 68 –

























- -

160 -- -- -- -

160 -

- -- -

(1) -(1) -- -

159 -

1,830 1,562

107 3563 -

(199) (216)39 149(50) 289

- -- -

(73) (68)(73) (68)38 (55)

1,745 1,728

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

125 -- -- -- -

125 -

- -- -

(3) -(3) -4 -

126 -

47 10

184 -- -

(6) (6)- 49

178 43

- -- -

(4) (1)(4) (1)7 (2)

228 50

381 177

- -- -

(42) (3)- 204

(42) 201

- -- -

(9) (8)(9) (8)11 (12)

341 358


2012 2011



2012 2011


– 69 –– 69 –


– 69 –

















212,849 122,054

41,244 78,39114 -

(6,139) (5,742)1,033 58

36,152 72,707

- -- -

(190) (120)(190) (120)

5,630 (4,966)254,441 189,675

49 -

- -- -- -- 23- 23

- -- -

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

49 21

121 -

77 -- -

(134) -(22) -(79) -

- -- -

(4) -(4) -5 -

43 -

761 -

- -11 -(8) -- -3 -

- -- -

(30) -(30) -25 -

759 -


2012 2011



2012 2011


CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 70 –










2012 2011

20,355,533 11,838,9133,703,185 8,944,607

- -(431,080) (517,253)(83,606) (44,229)

23,544,032 20,222,038

44,215 -14,501 -

- -(10) -

4,901 -63,607 -

502,003 369,88555,958 24,230

- -(145,567) (32,513)

13,971 (7,984)426,365 353,618

1,612,357 1,476,469446,056 168,070

- -(24,157) (83,758)134,985 9,354

2,169,241 1,570,135

267,052 -95,350 -

- -(13,208) -21,768 -

370,962 -

259,597 199,660144,459 50,783

- -(6,343) (7,410)(4,964) (859)

392,749 242,174

10 -11,962 -

- -- -- -

11,972 -









2012 2011

4,512 1,00018,130 -

- -(606) (541)

- 4,63722,036 5,096

33,792 16,050- -- -

(3,788) (250)- 18,167

30,004 33,967

10 -14,639 -

16 -(14) -

- -14,651 -

283,668 233,99417,011 53,446

441 48(31,115) (32,401)

6,071 23,036276,076 278,123

10 -981 -27 -

- -- -

1,018 -

7,203 -- -- -- -- 3,166

7,203 3,166

15,048 -9,678 -

53 -(16,654) -(2,702) -5,423 -


– 71 –

CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 71 –



2012 2011

71,698 -- -

1,087 -(708) -

- -72,077 -





2.101.951.10


2.101.951.10


2.101.951.10


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15


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

CI Global High Dividend Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 72 –

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

as at September 30, 2012

Categories Net Assets (%)Consumer Staples.................................................................................................................... 17.8Telecommunication Services ................................................................................................... 14.0Consumer Discretionary........................................................................................................... 11.2Utilities..................................................................................................................................... 11.0Industrials ................................................................................................................................ 9.8Health Care .............................................................................................................................. 7.8Energy ...................................................................................................................................... 7.5Financials ................................................................................................................................. 6.3Information Technology ........................................................................................................... 5.7Materials.................................................................................................................................. 3.3Other Net Assets (Liabilities) .................................................................................................. 2.9Cash & Equivalents.................................................................................................................. 2.7


Categories Net Assets (%)Consumer Staples.................................................................................................................... 17.6Telecommunication Services ................................................................................................... 13.7Utilities..................................................................................................................................... 11.8Consumer Discretionary........................................................................................................... 10.9Industrials ................................................................................................................................ 9.7Energy ...................................................................................................................................... 7.9Health Care .............................................................................................................................. 7.2Financials ................................................................................................................................. 5.1Information Technology ........................................................................................................... 4.9Other Net Assets (Liabilities) .................................................................................................. 4.8Materials.................................................................................................................................. 3.3Cash & Equivalents.................................................................................................................. 3.1

During the six-month period the Fund's exposure to other price risk changed significantly asdisclosed in the section below. For details relating to credit risk, currency risk, interest rate 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.

Other Price RiskThe Fund was exposed to the financial instrument risks of the National Bank of Canada Global BBunits (the “Underlying Account”). The Fund was created to obtain exposure to an actively managedportfolio of global equities by virtue of the Forward Agreement. By entering into the ForwardAgreement, the Fund eliminated the direct risk exposure to its common share portfolio and assumedthe risk exposure of the Underlying Account as well as credit risk to the Counterparty of the ForwardAgreement in respect of any positive amount of the Forward Contract value. As at September 30,2012, the credit rating of the Counterparty to the Forward Agreement was A-1 (2012 - A-1).

As at September 30, 2012 and March 31, 2012, the Underlying Account was invested predominantlyin global equities and therefore the Fund was sensitive to changes in global markets.

As at September 30, 2012, had global markets increased or decreased by 10% (March 31, 2012 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $24,058,000 (March 31, 2012 - $19,673,000). In practice, actual resultsmay differ from this analysis and the difference may be material.



CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 73 –


U.S.A. (56.9%) 18,460 Aetna Inc. 781,641 718,629 4,560 Apache Corp. 465,876 387,271 1,388 Apple Inc. 543,446 910,680 1,050 Ashland Inc. 69,693 73,925 5,350 AT&T Inc. 162,167 198,275

10,830 Baker Hughes Inc. 513,412 481,556 16,050 Bank of America Corp. 198,700 139,040 1,750 Baxter International Inc. 99,282 103,677

10,200 BioMarin Pharmaceutical Inc. 182,791 403,896 6,940 Boeing Co. 508,849 474,891

400 BorgWarner Inc. 28,590 27,175 6,400 Calpine Corp 97,494 108,808 1,050 Chevron Corp. 107,458 120,324

27,814 Cisco Systems Inc. 569,504 522,104 16,470 CIT Group Inc. 622,173 637,597 8,700 Citigroup Inc. 264,032 279,740 4,589 CME Group Inc. 251,779 258,379

11,040 Coca-Cola Enterprises Inc. 294,335 339,240 2,900 Comcast Corp., Class A 71,356 101,915

17,740 Comcast Corp., Special Class A 328,196 607,044 60,000 Consumer Staples Select Sector

SPDR Fund 1,844,053 2,112,726 8,135 Danaher Corp. 337,321 440,994 6,221 Deere & Co. 446,255 504,296 6,100 Dell Inc. 93,966 59,082 2,500 Dow Chemical Co. 75,102 71,142

25,100 Dow Jones Euro Stoxx 50 Index Fund 1,144,449 765,108 7,801 Ecolab Inc. 329,711 497,065

10,900 Eli Lilly and Co. 412,302 508,034 5,350 EMC Corp. 139,795 143,459

30,800 Energy Select Sector SPDR 1,865,001 2,223,277 1,750 Exxon Mobil Corp. 137,723 157,314 2,900 Ford Motor Co. 28,014 28,088 2,500 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 99,208 97,249 38,900 Health Care Select Sector SPDR Fund 1,256,932 1,533,845

900 Honeywell International Inc. 53,787 52,877 5,550 Intel Corp. 125,661 123,609

19,000 iShares MSCI EMU Index Fund 693,561 560,483 8,300 JPMorgan Chase & Co. 295,792 330,211 4,730 Laboratory Corp. of America Holdings* 365,350 429,987

17,500 Market Vectors Gold Miners ETF 977,254 923,371 18,240 Marsh & McLennan Cos. Inc. 585,648 608,191 3,450 MasTec Inc. 61,929 66,796 5,440 McDonald's Corp. 451,639 490,733

17,850 Merck & Co., Inc. 613,168 791,418 2,950 MetLife Inc. 97,427 99,902

24,840 Microsoft Corp. 699,415 726,651 3,960 Monsanto Co. 328,839 354,421 5,510 National Oilwell Varco Inc. 411,512 433,765

800 NIKE Inc., Class B 67,733 74,660 4,100 NMI Holdings Inc.^ 40,602 40,315 2,650 Noble Energy Inc. 232,438 241,579 6,500 Occidental Petroleum Corp. 601,125 549,858

500 OGE Energy Corp. 27,147 27,267 35,950 Oracle Corp. 991,782 1,112,103

U.S.A. (56.9%) (cont’d)500 Parker Hannifin Corp. 41,736 41,073

4,400 PepsiCo Inc. 304,792 306,059 6,980 Popular Inc. 147,152 119,699

36,000 PowerShares DB Agriculture Fund 998,652 1,040,728 29,100 PowerShares Water Resources

Portfolio ETF 503,138 557,403 200 Precision Castparts Corp. 32,458 32,123

3,550 Procter & Gamble Co. 225,637 242,012 11,270 Prudential Financial Inc. 655,650 603,960 3,150 QUALCOMM Inc. 170,069 193,433 4,000 Quanta Services Inc. 73,894 97,111 1,200 Range Resources Corp. 72,438 82,397

21,500 SPDR Gold Trust 1,133,208 3,635,199 950 Spectra Energy Corp. 27,881 27,417 800 SPX Corp. 53,296 51,462

1,100 Stanley Black & Decker Inc. 77,225 82,464 10,480 State Street Corp. 393,049 432,193 9,900 TD Ameritrade Holding Corp. 159,751 149,428

400 Tiffany & Co.* 28,132 24,331 30,030 Time Warner Inc. 1,134,886 1,338,532 2,750 TJX Cos., Inc. 72,847 121,143 1,150 Triumph Group Inc. 60,204 70,664

350 Union Pacific Corp. 40,355 40,838 1,500 United Rentals Inc. 54,098 48,216 5,320 United Technologies Corp. 438,724 409,287

31,200 Utilities Select Sector SPDR Fund 1,005,547 1,116,105 3,845 Visa Inc., Class A * 289,345 507,610 1,500 WESCO International Inc.* 74,822 84,353 2,050 Xcel Energy Inc. 49,837 55,837

22,570 Yahoo! Inc. 349,800 354,425 7,670 Yum! Brands Inc. 469,338 500,181

31,230,376 36,439,725 U.K. (6.4%)

15,310 Anglo American PLC 580,650 441,735 23,800 Barclays PLC 76,801 81,198 6,300 BG Group PLC 114,169 125,050 3,450 BHP Billiton PLC 119,845 105,459 2,650 British American Tobacco PLC 101,272 133,731

26,740 Diageo PLC 524,715 738,402 26,890 GlaxoSmithKline PLC 662,033 609,535 5,650 HSBC Holdings PLC 53,371 51,435 4,600 Intercontinental Hotels Group PLC 90,450 118,333

17,550 Kingfisher PLC 74,711 73,628 269,150 Lloyds Banking Group PLC 156,679 165,914

700 Rio Tinto PLC 38,702 32,068 46,091 Rolls-Royce Group PLC 455,413 616,986 30,200 Standard Chartered PLC 51,823 54,525 36,400 Vodafone Group PLC 93,448 101,585 17,834 Willis Group Holdings PLC 644,207 646,561

3,838,289 4,096,145 SWITZERLAND (5.3%)

3,500 ABB Ltd. 67,500 64,557 400 Compagnie Financiere Richemont S.A. 23,500 23,589

4,100 Credit Suisse Group AG* 74,403 85,398 19,560 Foster Wheeler AG 435,352 460,833 14,680 Nestle S.A., Registered Shares 794,647 910,238




– 74 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 74 –


SWITZERLAND (5.3%) (cont’d)13,210 Novartis AG, Registered Shares 718,251 794,918 4,310 Roche Holding AG 594,150 791,814

350 Syngenta AG 113,903 128,637 6,800 UBS AG 72,825 81,412 1,800 Weatherford International Ltd.,

(Switzerland) 24,814 22,425 2,919,345 3,363,821

JAPAN (4.7%) 144,733 Bank of Yokohama Ltd.* 740,199 676,699 37,559 Mitsubishi Corp.* 751,107 670,241 6,600 Nabtesco Corp.* 139,328 119,108

10,400 Nexon Co., Ltd. 163,262 140,240 22,479 NKSJ Holdings Inc. 689,076 432,300 5,520 Seikagaku Corp. 57,253 62,678 2,300 Softbank Corp. 76,506 91,449

12,000 Sumitomo Metal Mining Co., Ltd.* 212,708 148,809 29,515 Suzuki Motor Corp. 614,035 562,032 18,800 Taiheiyo Cement Corp.* 41,608 39,567 2,100 Tokio Marine Holdings Inc. 48,695 52,666

3,533,777 2,995,789 GERMANY (3.8%)

10,500 Bayer AG 651,175 888,612 350 Continental AG 29,120 33,685

2,806 Deutsche Boerse AG 154,871 153,095 7,290 Fresenius Medical Care AG & Co.,

KGaA 498,777 525,380 7,860 Siemens AG, Registered Shares 723,008 772,760

150 Volkswagen AG, Preferred 26,380 26,955 2,083,331 2,400,487

CANADA (3.4%) 6,470 Agrium Inc. (USD) 483,109 658,273 1,500 Barrick Gold Corp. 53,307 61,590 3,750 Brookfield Asset Management Inc.,

Class A 116,879 127,162 16,870 Canadian Natural Resources Ltd. 619,628 510,486 3,800 First Quantum Minerals Ltd. 69,546 79,610 2,700 Genworth MI Canada Inc. 47,260 56,295 4,050 Suncor Energy Inc. 135,765 130,734

39,150 Talisman Energy Inc. 552,550 512,865 2,078,044 2,137,015

LUXEMBOURG (1.7%) 26,126 SES S.A.* 665,360 696,623 16,708 Subsea 7 S.A. 391,754 379,308

1,057,114 1,075,931 FRANCE (1.5%)

1,630 AXA S.A. 22,306 23,873 3,300 CNP Assurances S.A. 40,836 42,286 6,646 Eutelsat Communications S.A. 233,299 209,963

694 LVMH Moet Hennessy Louis Vuitton S.A. 111,129 102,566 16,397 Safran S.A.* 592,200 579,872

999,770 958,560 BELGIUM (1.3%)

8,050 Anheuser-Busch InBev N.V. 486,313 673,131 2,750 UCB S.A. 118,156 148,702

604,469 821,833

AUSTRALIA (1.1%) 36,600 AMP Ltd. 165,292 161,653 75,200 Mirvac Group 99,935 109,690 51,650 Telstra Corp., Ltd. 163,739 205,997 20,650 Westfield Group 182,078 214,007

611,044 691,347 JERSEY ISLAND (1.0%)

1,050 Delphi Automotive PLC 31,710 31,976 37,433 Experian PLC 520,096 611,648

551,806 643,624 IRELAND (0.9%)

3,450 Accenture PLC 191,743 237,502 5,339 Covidien PLC 227,956 311,737

900 Ingersoll-Rand PLC 37,291 39,656 456,990 588,895

ISRAEL (0.7%) 6,350 ICL-Israel Chemicals Ltd. 92,818 75,380 9,390 Teva Pharmaceutical Industries Ltd., ADR 507,331 382,163

600,149 457,543 NETHERLANDS (0.7%)

5,800 BinckBank N.V.* 60,895 41,946 8,900 ING Groep N.V. 71,439 69,146 5,050 Royal Dutch Shell PLC, Class A 171,189 171,768 4,550 Unilever N.V.* 152,206 158,292

455,729 441,152 SOUTH KOREA (0.7%)

330 Hyundai Motor Co. 67,230 73,280 6,160 LG Display Co., Ltd. 150,616 153,921

180 Samsung Electronics Co., Ltd. 156,494 213,760 374,340 440,961

SWEDEN (0.7%) 47,276 Telefonaktiebolaget LM Ericsson, Class B 645,723 423,668

MEXICO (0.5%) 850 Coca-Cola Femsa S.A.B. de C.V. 77,499 107,811

6,000 Grupo Financiero Santander Mexico S.A.B. de C.V. 72,042 80,828

40,350 Wal-Mart de Mexico S.A.B. de C.V. 116,319 111,405 265,860 300,044

HONG KONG (0.4%) 9,400 AIA Group Ltd. 32,686 34,270

71,300 China Gas Holdings Ltd. 36,809 38,245 17,800 ENN Energy Holdings Ltd. 59,497 73,358 30,400 Hang Lung Properties Ltd. 110,527 102,156

239,519 248,029 THAILAND (0.4%)

15,200 Bangkok Bank PCL 75,559 93,853 16,350 Kasikornbank PCL 63,200 95,215 9,600 Siam Commercial Bank PCL 37,108 51,617

175,867 240,685 BRAZIL (0.2%)

13,300 Fleury S.A. 150,636 153,794


TAIWAN (0.2%) 6,950 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 90,076 108,113




– 75 –– 75 –


– 75 –


CAYMAN ISLANDS (0.2%) 9,200 Edwards Group Ltd. 73,241 57,264

171,500 Hengdeli Holdings Ltd. 82,698 48,714 155,939 105,978

BERMUDA (0.2%) 600 Credicorp Ltd. 72,163 73,866

293,000 GOME Electrical Appliances Holding Ltd. 97,626 30,467 169,789 104,333

INDONESIA (0.1%) 10,200 Bank Mandiri Tbk PT, ADR 72,337 84,249

RUSSIA (0.1%) 12,900 Sberbank of Russia 35,635 35,517 4,200 Sberbank of Russia, GDR 49,852 48,278

85,487 83,795 NETHERLANDS ANTILLES (0.1%)

1,000 Schlumberger Ltd. 75,673 71,083

CHILE (0.1%) 400 Banco de Chile, ADR* 32,526 32,752 500 Banco Santander Chile S.A., ADR 37,308 35,984

69,834 68,736 SINGAPORE (0.1%)

46,550 CapitaMalls Asia Ltd. 56,775 61,545

CHINA (0.1%) 55,500 China Railway Construction Corp., Ltd.,

Class H 46,445 49,194

ITALY (0.1%) 8,800 Snam Rete Gas S.p.A.* 39,506 38,344 1,100 Snam S.p.A. 4,691 4,793

44,197 43,137 AUSTRIA (0.1%)

1,900 Erste Group Bank AG 38,525 41,298

COLOMBIA (0.1%) 600 Bancolombia S.A., ADR 36,779 35,210


Total Equities (94.0%) 53,864,856 59,897,692



Long Option Contracts (0.0%)(see Schedule B) 1,284 2,301



Net Assets (100.0%) 63,735,265



– 76 –


– 76 –– 76 –






1 Barclays PLC A-1 11-Oct-12 1.04 (198,000) Australian $ 204,991 Canadian $ 3,225 1 Barclays PLC A-1 11-Oct-12 1.03 (24,000) Australian $ 24,817 Canadian $ 361 1 Barclays PLC A-1 11-Oct-12 1.04 (52,211) Canadian $ 50,000 Australian $ (1,259)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 0.99 (300,000) US $ 295,823 Canadian $ 167 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.99 (54,000) US $ 53,431 Canadian $ 257 1 Credit Suisse Group AG A-1 4-Jan-13 0.99 (99,000) US $ 97,608 Canadian $ 42 1 Credit Suisse Group AG A-1 30-Nov-12 0.99 (99,000) US $ 97,982 Canadian $ 496 1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (1,236,313) Canadian $ 1,263,000 US $ 7,752 1 Morgan Stanley A-2 11-Oct-12 1.28 (382,590) Canadian $ 300,000 Euro (3,327)1 Morgan Stanley A-2 11-Oct-12 0.80 (255,000) Euro 319,753 Canadian $ (2,618)1 Morgan Stanley A-2 11-Oct-12 0.80 (54,000) Euro 67,480 Canadian $ (787)1 Royal Bank of Canada A-1+ 30-Nov-12 0.99 (1,640,000) US $ 1,622,731 Canadian $ 7,813 1 Royal Bank of Canada A-1+ 4-Jan-13 0.99 (437,000) US $ 430,926 Canadian $ 253 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.99 (97,000) US $ 95,702 Canadian $ 107 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (16,580) Canadian $ 13,000 Euro (145)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (135,000) Euro 169,377 Canadian $ (1,290)1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 1.02 (1,417,000) US $ 1,386,563 Canadian $ (9,191)1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.99 (1,116,000) US $ 1,104,226 Canadian $ 5,294 1 UBS AG A-1 11-Oct-12 1.03 (118,000) Australian $ 122,113 Canadian $ 1,869 1 UBS AG A-1 11-Oct-12 1.02 (175,000) Australian $ 178,476 Canadian $ 148 1 UBS AG A-1 11-Oct-12 1.05 (19,000) Australian $ 19,915 Canadian $ 554 1 UBS AG A-1 11-Oct-12 0.63 (462,000) British Pound 732,164 Canadian $ (1,633)1 UBS AG A-1 11-Oct-12 1.04 (124,177) Canadian $ 119,000 Australian $ (2,912)1 UBS AG A-1 14-Dec-12 1.02 (150,689) Canadian $ 154,000 US $ 1,002 1 UBS AG A-1 11-Oct-12 1.04 (18,806) Canadian $ 18,000 Australian $ (463)1 UBS AG A-1 11-Oct-12 0.64 (48,575) Canadian $ 31,000 British Pound 662 Total Foreign Currency Forward Contracts Value 6,377

Schedule BLong Option Contracts (0.0%)


9 900 United Rentals Inc. 20-Oct-12 34.00 1,284 2,301 Total Long Option Contracts Value 1,284 2,301

CI Global Managers® Corporate ClassFinancial Statements (unaudited)

– 77 –













59,898 61,3423,425 3,973

- -- -

122 122- -

30 33- -2 -

18 3341,175 98

- -116 100

64,786 66,002

- -- -- -

24 18- -

970 9657 279

- -- -- -- -

1,051 39363,735 65,609

53,865 54,943- -

25,781 27,819347 337

37,585 37,45311 -11 -

9.30 9.339.97 9.94

13.77 13.649.47 9.929.63 9.96

2,771,265 2,981,82634,774 33,860

2,728,867 2,744,8321,113 101,102 10













762 8125 7

16 13- -- -- -

(114) (117)669 715

261 29329 32

- -- (24)

29 32319 333350 382

- -350 382

368 489(85) 251(42) (72)

- -

(374) (5,002)(133) (4,334)217 (3,952)

(130) (1,903)2 (21)

343 (2,028)1 -1 -

(0.04) (0.59)0.04 (0.57)0.12 (0.69)0.82 -0.95 -


2012 2011

– 78 –

CI Global Managers® Corporate ClassFinancial Statements (unaudited)

– 78 –

























27,819 31,170

994 1,063- -

(2,508) (3,403)(394) (423)

(1,908) (2,763)

- -- -- -- -

(130) (1,903)25,781 26,504

337 375

11 36- -

(7) (57)4 108 (11)

- -- -- -- -2 (21)

347 343

37,453 38,076

847 1,074- -

(1,152) (1,844)94 207

(211) (563)

- -- -- -- -

343 (2,028)37,585 35,485

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

65,609 69,621

1,872 2,173- -

(3,667) (5,304)(296) (206)

(2,091) (3,337)

- -- -- -- -

217 (3,952)63,735 62,332


2012 2011


2012 2011



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

– 79 –








2012 2011

2,981,826 3,438,284110,554 119,297

- -(273,185) (383,247)(47,930) (47,183)

2,771,265 3,127,151

33,860 39,2501,159 4,013

- -(704) (6,034)459 1,004

34,774 38,233

2,744,832 2,942,75864,337 86,408

- -(87,356) (147,526)

7,054 16,0972,728,867 2,897,737

10 -1,072 -

31 -- -- -

1,113 -

10 -1,061 -

31 -- -- -

1,102 -







9.30 8.489.31 8.48

9.97 8.989.98 8.99

13.77 12.2513.78 12.26

9.47 -9.47 -

9.63 -9.64 -


2012 2011



3,535 1,4043,712 1,474



39 695 8



2.001.00



0.220.22

-0.22

-


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

– 80 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 55.4 U.K............................................................................................................................................ 6.3 Cash & Equivalents.................................................................................................................. 6.1 Japan ....................................................................................................................................... 4.9 Germany ................................................................................................................................... 4.7 Switzerland .............................................................................................................................. 4.6 Canada ..................................................................................................................................... 2.6 Luxembourg.............................................................................................................................. 2.1 France....................................................................................................................................... 1.7 Ireland ...................................................................................................................................... 1.2 Australia................................................................................................................................... 1.2 Bermuda ................................................................................................................................... 1.1 Israel ........................................................................................................................................ 1.0 Belgium .................................................................................................................................... 1.0 Sweden .................................................................................................................................... 0.9 Taiwan...................................................................................................................................... 0.9 Jersey Island............................................................................................................................ 0.7 Netherlands ............................................................................................................................. 0.6 Hong Kong................................................................................................................................ 0.5 South Korea ............................................................................................................................. 0.5 Other Net Assets (Liabilities) .................................................................................................. 0.4 Mexico ..................................................................................................................................... 0.4 Thailand ................................................................................................................................... 0.3 British Virgin Islands................................................................................................................ 0.3 Indonesia.................................................................................................................................. 0.1 Cayman Islands........................................................................................................................ 0.1 Spain ........................................................................................................................................ 0.1 Netherlands Antilles................................................................................................................ 0.1 Colombia .................................................................................................................................. 0.1 South Africa ............................................................................................................................. 0.1




(in $000's) (in $000's) (in $000's) (in $000's)Equities 59,415 443 40 59,898 Foreign currency forward contracts, net - 6 - 6 Options 2 - - 2 Total 59,417 449 40 59,906

During period ended September 30, 2012, equity investments with a net fair value of $75,000 weretransferred from Level 1 into Level 2.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 61,247 95 - 61,342 Foreign currency forward contracts, net - 15 - 15 Total 61,247 110 - 61,357







(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 40 - - - - 40 Total - 40 - - - - 40

*Change in unrealized gain (loss) related to investments held at September 30, 2012 was ($287).

Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 30, 2012.

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 81 –


U.S.A. (53.2%) 11,200 Actuate Corp. 56,337 77,421 1,450 AGCO Corp. 54,419 67,625 1,800 Alere Inc. 59,419 34,479 1,550 Armstrong World Industries Inc. 60,123 70,643 4,200 Arthur J. Gallagher & Co. 106,497 147,891 2,500 Bank of Hawaii Corp.* 114,431 112,170 3,700 Bankunited Inc. 98,245 89,428 5,365 Bio-Reference Laboratories Inc. 99,317 150,772 1,933 Brinker International Inc. 66,110 67,039 9,650 Brookline Bancorp., Inc. 94,512 83,692 7,630 Cal Dive International Inc. 69,918 11,479 3,350 CBOE Holdings Inc. 83,991 96,846 2,908 Chemtura Corp. 47,715 49,211 2,000 Con-way Inc. 70,931 53,826 3,600 Curtiss-Wright Corp. 116,355 115,719 4,650 Cypress Semiconductor Corp. 61,711 48,924 5,700 Dana Holding Corp. 89,126 68,995 3,050 Diebold Inc. 102,060 101,099 4,160 Douglas Dynamics Inc. 48,830 60,499 1,446 Dril-Quip Inc. 90,374 102,146 2,120 DTS Inc. 55,849 48,530 3,900 Endo Pharmaceuticals Holdings Inc. 92,968 121,489

900 Esterline Technologies Corp. 56,168 49,656 4,850 Express Inc. 82,986 70,629 5,200 Flotek Industries Inc.* 55,949 64,733 5,000 Flowers Foods Inc.* 99,155 99,117 2,150 Flushing Financial Corp. 31,054 33,403 2,372 Forrester Research Inc. 71,535 67,080 3,050 G-III Apparel Group Ltd. 104,394 107,667 5,350 Great Plains Energy Inc. 107,757 116,997 1,460 Haemonetics Corp. 87,597 115,080

15,700 Harmonic Inc. 104,961 70,088 4,000 Harsco Corp. 92,667 80,749 5,350 Hexcel Corp. 48,313 126,256 5,118 Iconix Brand Group Inc. 86,602 91,794 2,090 Ingredion Inc. 70,065 113,257 1,750 Integra LifeSciences Holdings Corp. 61,512 70,707 5,850 Investors Bancorp. Inc. 62,937 104,922 4,550 John Bean Technologies Corp. 71,443 73,016 1,875 JOS A Bank Clothiers Inc.* 98,125 89,382 1,500 Kaydon Corp. 57,064 32,950 1,330 Landauer Inc. 67,842 77,892 4,817 Lumos Networks Corp. 71,560 37,229 2,990 Mako Surgical Corp.* 30,294 51,187

628 Monro Muffler Brake Inc. 24,398 21,724 1,650 MTS Systems Corp. 68,489 86,817 2,000 Mueller Industries Inc. 53,978 89,402 5,133 Multimedia Games Holding Co., Inc. 34,492 79,444 2,250 National Instruments Corp. 61,934 55,598 4,050 NeuStar Inc., Class A 97,267 159,335 1,700 Oil States International Inc. 126,619 132,827 4,250 Perry Ellis International Inc. 98,934 92,148 3,200 Progress Software Corp. 67,993 67,305 4,850 Resources Connection Inc.* 60,646 62,522 1,550 Rock-Tenn Co., Class A 100,483 109,965

U.S.A. (53.2%) (cont’d)3,100 Ryland Group Inc.* 62,824 91,417 6,250 Service Corp. International 55,852 82,720 7,650 Shuffle Master Inc. 71,646 118,927 2,150 Silgan Holdings Inc. 78,265 91,858

950 Simpson Manufacturing Co., Inc. 26,349 26,735 1,200 Sirona Dental Systems Inc. 61,165 67,234 4,350 Sonic Automotive Inc., Class A* 72,897 81,184 3,900 Spartan Stores Inc. 64,317 58,712 2,050 Supertex Inc. 47,740 36,042 2,300 Tanger Factory Outlet Centers 58,302 73,050 1,300 Teleflex Inc. 74,681 87,972 2,180 Tenneco Inc. 57,054 59,978 5,750 Teradyne Inc.* 87,468 80,343 2,550 Titan Machinery Inc.* 59,382 50,825 1,250 TreeHouse Foods Inc. 72,224 64,529 2,350 Vectren Corp. 65,682 66,042

10 Veeco Instruments Inc. 301 295 5,050 ViewPoint Financial Group 55,782 95,192 1,450 Visteon Corp. 91,183 63,362 1,000 Wabtec Corp. 43,712 78,910 2,100 Waddell & Reed Financial Inc. 42,528 67,647 1,450 WellCare Health Plans Inc. 81,493 80,614 3,750 Westar Energy Inc. 89,645 109,257 3,600 Woodward Inc. 101,332 120,179 5,080 Wright Medical Group Inc. 98,232 110,443

5,774,507 6,344,268 U.K. (8.3%)

8,000 Aberdeen Asset Management PLC 28,451 39,470 44,150 Afren PLC 75,001 98,080 29,450 Ashtead Group PLC 55,024 151,377 7,550 Babcock International Group PLC 78,345 111,077 3,150 Bovis Homes Group PLC 21,307 25,235 6,200 Cookson Group PLC 54,921 58,776 3,900 Domino's Pizza UK & IRL PLC 20,285 32,823

15,417 Enquest PLC 30,492 28,055 12,050 FirstGroup PLC 59,955 45,923 19,142 Intermediate Capital Group PLC 96,717 90,641 6,000 Meggitt PLC 19,453 37,586 5,100 Millennium & Copthorne Hotels PLC 36,112 39,237

16,450 Premier Oil PLC 107,822 93,750 4,950 Rexam PLC 27,225 34,145 6,800 Sthree PLC 39,607 30,477 2,100 Whitbread PLC 52,257 75,530

802,974 992,182 JAPAN (8.0%)

3,000 Anritsu Corp. 32,195 38,148 4,300 JGC Corp. 86,502 140,949 6,150 Kansai Paint Co., Ltd.* 52,908 66,887 8,000 KYB Co., Ltd. 31,048 28,028 1,300 MISUMI Group Inc. 30,856 31,587 2,800 Nabtesco Corp.* 54,131 50,531 2,550 Nifco Inc. 51,482 57,813 1,900 Nihon Kohden Corp. 47,009 64,842 7,000 Nippon Shokubai Co., Ltd. 73,150 76,925 2,500 Park24 Co., Ltd. 32,267 40,233




– 82 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 82 –


JAPAN (8.0%) (cont’d)2,000 Rohto Pharmaceutical Co., Ltd. 23,706 29,616 1,100 Sawai Pharmaceutical Co., Ltd.* 100,192 125,596 2,400 Sundrug Co., Ltd. 75,726 85,596 2,400 Sysmex Corp. 63,110 113,271

754,282 950,022 CANADA (2.9%)

9,775 Algonquin Power & Utilities Corp.* 54,705 65,004 6,500 Aurizon Mines Ltd. * 43,330 33,475 3,850 Crew Energy Inc.* 61,416 27,874 1,400 Detour Gold Corp.* 38,364 38,388 1,300 Laurentian Bank of Canada 57,152 60,073 2,930 Methanex Corp. (USD) 49,409 82,226 9,800 SEMAFO Inc. 56,290 43,806

360,666 350,846 GERMANY (2.7%)

1,850 Deutsche Wohnen AG 28,328 31,982 1,050 GFK SE 38,352 46,374 1,750 Hamburger Hafen und Logistik AG* 53,789 44,539 1,200 KUKA AG 29,554 33,877 1,950 MorphoSys AG 44,247 58,993 4,350 ProSiebenSat.1 Media AG, Preferred 94,974 107,193

289,244 322,958 SWITZERLAND (2.7%)

8,741 EFG International* 113,039 71,656 80 Helvetia Holding AG 22,921 27,395

190 Kuoni Reisen Holding AG* 67,066 50,561 300 Partners Group Holding AG 50,838 61,232 550 Sulzer AG, Registered Shares 60,411 78,730

1,900 Temenos Group AG 37,186 27,913 351,461 317,487

FRANCE (2.4%) 1,815 Alten Ltd. 53,449 57,088 9,637 Altran Technologies S.A. 53,257 62,231 1,250 Ipsos 43,435 39,175 1,411 Mersen 48,428 40,681 1,300 Saft Groupe S.A. 46,641 29,603

500 Societe BIC S.A. 44,489 59,312 289,699 288,090

BRAZIL (2.3%) 5,150 BR Properties S.A. 49,491 65,697 4,800 Localiza Rent a Car S.A. 35,910 82,838 6,121 Mills Estruturas e Servicos de

Engenharia S.A. 66,434 86,367 3,900 Porto Seguro S.A. 40,983 38,420

192,818 273,322 ITALY (2.2%)

11,200 Amplifon S.p.A. 62,747 46,848 14,950 Astaldi S.p.A.* 102,302 95,311 4,950 Danieli & C. Officine Meccaniche S.p.A.* 71,865 67,119

12,000 Mediolanum S.p.A. 55,092 50,801 292,006 260,079

BERMUDA (2.1%) 15,900 Catlin Group Ltd. 105,942 119,954 3,250 Dockwise Ltd. 62,436 54,213 3,000 Lancashire Holdings Ltd. 26,520 39,206 1,000 Validus Holdings Ltd. 30,980 33,334

225,878 246,707 NETHERLANDS (1.8%)

950 Fugro N.V. 61,654 63,531 3,700 Imtech N.V. 109,342 95,992 4,016 SBM Offshore N.V. 86,104 56,256

257,100 215,779 LUXEMBOURG (1.3%)

6,895 Subsea 7 S.A. 125,553 156,532

IRELAND (1.0%) 5,957 Alkermes PLC 67,033 121,485

HONG KONG (1.0%) 171,400 Euro-Asia Agricultural Holdings Co., Ltd.^ 12,970 - 86,000 Hutchison Telecommunications

Hong Kong Holdings Ltd. 34,438 37,297 9,000 Kingboard Chemical Holdings Ltd. 31,746 21,182

32,921 New World Department Store China Ltd. 20,397 17,867 6,000 Television Broadcasts Ltd. 31,244 42,912

130,795 119,258 CAYMAN ISLANDS (0.9%)

44,294 Polarcus Ltd. 45,719 47,084 40,000 Shenguan Holdings Group Ltd. 25,474 21,659 72,700 Sino Biopharmaceutical Ltd. 25,111 26,090 51,662 Xingda International Holdings Ltd. 37,835 15,985

134,139 110,818 AUSTRALIA (0.9%)

9,550 Ausdrill Ltd. 33,500 28,250 16,078 Challenger Ltd. 72,242 53,628 1,100 Flight Centre Ltd.* 23,188 26,469

128,930 108,347 SOUTH KOREA (0.7%)

3,440 BS Financial Group Inc. 45,205 36,296 3,986 Korean Reinsurance Co. 49,212 41,529

94,417 77,825 SPAIN (0.6%)

11,928 Jazztel PLC 63,859 68,735

NORWAY (0.6%) 2,950 Petroleum Geo-Services ASA 41,010 47,822 3,050 SpareBank 1 SR Bank ASA 22,861 19,275

63,871 67,097 ISLE OF MAN (0.5%)

10,900 Playtech Ltd. 64,098 64,041

TAIWAN (0.5%) 36,111 TXC Corp. 60,409 59,376




– 83 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 83 –


SINGAPORE (0.4%) 49,100 Biosensors International Group Ltd. 51,196 47,999

AUSTRIA (0.4%) 800 Andritz AG 23,090 43,790

JERSEY ISLAND (0.2%) 4,450 Informa PLC 30,696 28,399

CHINA (0.2%) 25,000 Lianhua Supermarket Holdings Co., Ltd.,

Class H 37,626 19,433



Other Net Assets (Liabilities) (2.2%) 258,087

Net Assets (100.0%) 11,912,962



CI Global Small Companies Corporate ClassFinancial Statements (unaudited)

– 84 –













11,655 12,030265 225

- -- -

12 12- -

- -- -- -1 30

72 -- -

17 3412,022 12,331

- -1 1- -

- -- -

79 3129 30

- -- -- -- -

109 6211,913 12,269

10,642 10,590- -

8,522 8,82964 -

2,705 3,21814 10

586 21211 -11 -

8.06 8.4411.36 11.909.62 10.02

11.52 11.9211.66 12.079.30 10.199.43 10.19

1,058,159 1,046,4965,613 10

281,088 321,0681,194 800

50,245 17,5671,131 101,123 10







– 85 –










136 1211 14 3- -- -- -

(18) (16)123 109

93 10312 13

- -- (1)

10 11115 126

8 (17)- -8 (17)

(123) 294(7) 8(9) (16)- -

(427) (2,214)(566) (1,928)(558) (1,945)

(420) (1,438)4 -

(140) (507)- -

(4) -1 -1 -

(0.42) (1.34)1.26 -

(0.49) (1.55)(0.08) 0.04(0.13) -0.77 -0.90 -


2012 2011















8,829 9,411

452 576- -

(499) (703)160 (233)113 (360)

- -- -- -- -

(420) (1,438)8,522 7,613

- -

35 -- -- -

25 -60 -

- -- -- -- -4 -

64 -

3,218 2,830

71 620- -

(559) (193)115 56(373) 483

- -- -- -- -

(140) (507)2,705 2,806


2012 2011

– 86 –


– 86 –













10 -

4 8- -- -- -4 8

- -- -- -- -- -

14 8

212 -

204 -- -

(3) -177 -378 -

- -- -- -- -

(4) -586 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011











- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

12,269 12,241

786 1,204- -

(1,061) (896)477 (177)202 131

- -- -- -- -

(558) (1,945)11,913 10,427


2012 2011

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

– 87 –










2012 2011

1,046,496 1,101,00156,996 72,052

- -(63,495) (86,492)18,162 (28,642)

1,058,159 1,057,919

10 -3,260 -

- -- -

2,343 -5,613 -

321,068 281,8687,567 62,288

- -(59,867) (20,098)12,320 5,927

281,088 329,985

800 -394 800

- -- -- -

1,194 800

17,567 -17,822 -

- -(296) -

15,152 -50,245 -

10 -1,088 -

33 -- -- -

1,131 -

10 -1,081 -

32 -- -- -

1,123 -









8.06 7.208.06 7.22

11.36 -11.37 -

9.62 8.509.63 8.52

11.52 10.0511.53 10.07

11.66 -11.67 -

9.30 -9.31 -

9.43 -9.44 -


2012 2011

– 88 –

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




1,361 1,2441,429 1,306



6 112 -




2.001.951.00



0.220.150.22

-0.150.22

-


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

– 89 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 53.6 Japan ....................................................................................................................................... 7.2 U.K............................................................................................................................................ 7.1 Canada ..................................................................................................................................... 3.5 Netherlands ............................................................................................................................. 3.1 Switzerland .............................................................................................................................. 2.8 France....................................................................................................................................... 2.8 Brazil ........................................................................................................................................ 2.5 Italy .......................................................................................................................................... 2.3 Germany ................................................................................................................................... 1.9 Cash & Equivalents.................................................................................................................. 1.8 Luxembourg.............................................................................................................................. 1.8 Cayman Islands........................................................................................................................ 1.6 Hong Kong................................................................................................................................ 1.5 Ireland ...................................................................................................................................... 1.2 Bermuda ................................................................................................................................... 0.8 Spain ........................................................................................................................................ 0.8 Norway..................................................................................................................................... 0.6 Australia................................................................................................................................... 0.6 South Korea ............................................................................................................................. 0.5 Singapore ................................................................................................................................. 0.5 Taiwan...................................................................................................................................... 0.4 China ........................................................................................................................................ 0.4 Austria...................................................................................................................................... 0.3 Jersey Island............................................................................................................................ 0.3 Other Net Assets (Liabilities) .................................................................................................. 0.1




(in $000's) (in $000's) (in $000's) (in $000's)Equities 11,382 273 - 11,655 Total 11,382 273 - 11,655

During the period ended September 30, 2012, equity investments with a net fair value of $273,000 weretransferred from Level 1 into Level 2.







CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 90 –


U.S.A. (36.8%) 16,260 AOL Inc. 328,266 562,956 4,605 Apache Corp. 453,802 391,093

13,540 Baker Hughes Inc. 641,404 602,056 14,510 BioMarin Pharmaceutical Inc. 293,361 574,562 26,604 Cisco Systems Inc. 527,105 499,391 13,690 Comcast Corp., Class A 249,549 481,111 7,240 Exelon Corp. 312,167 253,298

37,558 General Electric Co. 720,297 838,701 13,753 HealthSouth Corp. 280,191 325,237 27,630 Juniper Networks Inc. 604,717 464,856 4,750 Lorillard Inc. 424,522 543,715

16,840 Merck & Co., Inc. 559,829 746,638 8,732 Molson Coors Brewing Co., Class B (USD)* 400,250 386,723 7,760 Newmont Mining Corp. 366,688 427,381

20,230 Oracle Corp. 484,515 625,810 10,220 PepsiCo Inc. 666,867 710,892 4,830 Philip Morris International Inc. 254,958 427,110

20,710 Principal Financial Group Inc. 584,817 548,816 11,240 Prudential Financial Inc. 593,473 602,352 13,755 Public Service Enterprise Group Inc. 431,012 435,110 11,760 State Street Corp. 471,565 484,979 8,950 Target Corp. 476,479 558,484

18,190 Time Warner Inc. 618,466 810,786 11,020 Torchmark Corp. 369,591 556,320 29,370 Unum Group 566,720 555,066 11,506 Wal-Mart Stores Inc. 606,610 834,852

12,287,221 14,248,295 JAPAN (11.0%)

162,177 Bank of Yokohama Ltd.* 861,529 758,258 57 Inpex Corp. 322,025 334,386

41,648 Mitsubishi Corp.* 937,042 743,209 20,165 MS&AD Insurance Group Holdings Inc.* 521,868 343,072 3,578 Nintendo Co., Ltd. 771,138 445,954

17,993 NKSJ Holdings Inc. 533,027 346,029 2,490 SMC Corp. 351,492 393,505

190,629 Sumitomo Mitsui Trust Holdings Inc.* 724,991 552,549 18,310 Suzuki Motor Corp. 389,919 348,664

5,413,031 4,265,626 U.K. (10.1%)

15,110 Anglo American PLC 561,638 435,965 10,466 Aon PLC 505,476 538,027 8,766 BP PLC, ADR 490,499 365,214

25,870 Diageo PLC 473,814 714,378 29,400 GlaxoSmithKline PLC 681,768 666,431 17,841 Vodafone Group PLC, ADR 460,339 499,803 19,450 Willis Group Holdings PLC 658,723 705,148

3,832,257 3,924,966 SWITZERLAND (8.5%)

19,994 Foster Wheeler AG 501,732 471,058 12,380 Nestle S.A., Registered Shares 576,156 767,626 12,680 Noble Corp. 395,561 445,866 12,950 Novartis AG, Registered Shares 695,771 779,272 4,590 Roche Holding AG 724,629 843,254

2,893,849 3,307,076

GERMANY (8.1%) 3,720 Adidas AG* 192,201 300,437 3,255 Allianz SE 435,601 381,881 9,170 Daimler AG 487,029 437,103

12,785 Deutsche Boerse AG 674,775 697,550 17,420 E.ON AG* 526,167 406,260 2,922 Henkel KGaA, Preferred, Non-Voting Shares 135,723 228,235 7,040 Siemens AG, Registered Shares 667,225 692,141

3,118,721 3,143,607 CANADA (7.6%)

6,399 Agrium Inc. (USD) 427,531 651,050 19,400 Canadian Natural Resources Ltd. 687,812 587,044 56,370 Kinross Gold Corp. 504,845 565,391 93,820 Lundin Mining Corp.* 442,910 469,100 50,570 Talisman Energy Inc. 657,317 662,467

2,720,415 2,935,052 FRANCE (2.6%)

9,080 Alstom S.A.* 478,701 313,020 16,510 Carrefour S.A.* 553,739 336,739 7,020 Total S.A.* 423,498 342,426

1,455,938 992,185 IRELAND (1.8%)

11,929 Covidien PLC 526,603 696,517

BERMUDA (1.7%) 4,960 Bunge Ltd. 305,735 326,967

38,990 Marvell Technology Group Ltd. 577,508 350,802 883,243 677,769

NETHERLANDS (1.6%) 10,505 Heineken N.V. 503,872 614,704

SWEDEN (1.2%) 52,060 Telefonaktiebolaget LM Ericsson, Class B 593,740 466,540

SOUTH AFRICA (1.1%) 22,747 MTN Group Ltd. 401,340 427,399

HONG KONG (1.0%) 26,612 Cheung Kong Holdings Ltd. 353,335 383,355

AUSTRALIA (0.8%) 96,120 Incitec Pivot Ltd. 286,967 291,195

SINGAPORE (0.6%) 452,657 Golden Agri-Resources Ltd. 241,519 239,388

MALAYSIA (0.5%) 64,125 Sime Darby Bhd 175,507 201,964

NETHERLANDS ANTILLES (0.5%) 2,790 Schlumberger Ltd. 181,683 198,322




– 91 –

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

– 91 –


TURKEY (0.5%) 44,150 Turkiye Garanti Bankasi AS 174,836 181,139


Total Equities (96.0%) 35,994,700 37,195,099





Net Assets (100.0%) 38,764,382

‡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.




1 The Bank of New York Mellon Corp. A-1 28-Nov-12 0.01 (65,655,000) Japanese Yen 843,233 US $ 1,307 Total Foreign Currency Forward Contracts Value 1,307

CI Global Value Corporate ClassFinancial Statements (unaudited)

– 92 –








Net assets per classA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares


A SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares



37,195 41,8241,369 1,285

- -- -

42 42- -

1 -- -- -6 80

398 45- -

96 17639,107 43,452

- -- -- -

- 14- -

267 -76 53

- -- -- -- -

343 6738,764 43,385

35,995 40,563- -

36,426 39,958529 1,169

1,776 2,25811 -11 -11 -

11.43 11.6110.43 10.5410.31 10.3410.18 10.619.95 10.549.43 9.88

3,186,785 3,442,43350,723 110,953

172,338 218,3801,045 101,069 101,136 10







– 93 –







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



581 7654 11

17 20- -- -- -

(76) (102)526 694

370 37241 42

- -- 5

41 42452 46174 233

- -74 233

(747) (188)(9) 166

(28) (27)- -

(46) (4,292)(830) (4,341)(756) (4,108)

(686) (3,359)(53) (94)(21) (655)

2 -1 -1 -

(0.21) (1.03)(0.82) (0.91)(0.12) (1.13)1.02 -1.00 -1.07 -


2012 2011















39,958 36,372

408 11,489- -

(2,954) (4,244)(300) (503)

(2,846) 6,742

- -- -- -- -

(686) (3,359)36,426 39,755

1,169 1,115

3 31- -

(600) (78)10 -

(587) (47)

- -- -- -- -

(53) (94)529 974

2,258 6,252

3 127- -

(490) (3,733)26 41

(461) (3,565)

- -- -- -- -

(21) (655)1,776 2,032


2012 2011

– 94 –


– 94 –













- -

9 -- -- -- -9 -

- -- -- -- -2 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011







43,385 43,739

443 11,647- -

(4,044) (8,055)(264) (462)

(3,865) 3,130

- -- -- -- -

(756) (4,108)38,764 42,761


2012 2011

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

– 95 –

†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








2012 2011

3,442,433 3,131,12437,007 1,061,671

- -(265,714) (382,301)(26,941) (45,090)

3,186,785 3,765,404

110,953 106,845363 3,257

- -(61,678) (7,978)

1,085 -50,723 102,124

218,380 618,924301 13,557

- -(49,075) (417,831)

2,732 3,982172,338 218,632

10 -1,018 -

17 -- -- -

1,045 -

10 -1,030 -

29 -- -- -

1,069 -

10 -1,094 -

32 -- -- -

1,136 -








11.43 10.5611.44 10.57

10.43 9.5410.44 9.55

10.31 9.2910.31 9.31

10.18 -10.18 -

9.95 -9.95 -

9.43 -9.44 -


2012 2011



4,292 4,8224,507 5,070



25 25- 3

Annual management fee rateA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares

2.001.00



0.220.22

-0.220.22

-


CI Global Value Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 96 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 36.7 Japan ....................................................................................................................................... 14.9 U.K............................................................................................................................................ 8.5 Switzerland .............................................................................................................................. 7.8 Germany ................................................................................................................................... 5.5 Canada ..................................................................................................................................... 5.0 Bermuda ................................................................................................................................... 3.1 Cash & Equivalents.................................................................................................................. 3.0 France....................................................................................................................................... 2.9 Ireland ...................................................................................................................................... 2.3 Netherlands ............................................................................................................................. 1.5 Singapore ................................................................................................................................. 1.3 Norway..................................................................................................................................... 1.2 Turkey ....................................................................................................................................... 1.0 Sweden .................................................................................................................................... 0.9 South Africa ............................................................................................................................. 0.9 Hong Kong................................................................................................................................ 0.9 Spain ........................................................................................................................................ 0.7 Other Net Assets (Liabilities) .................................................................................................. 0.7 Finland...................................................................................................................................... 0.7 Malaysia .................................................................................................................................. 0.5




(in $000's) (in $000's) (in $000's) (in $000's)Equities 36,768 427 - 37,195 Foreign currency forward contracts, net - 1 - 1 Total 36,768 428 - 37,196

During period ended September 30, 2012, equity investments with a net fair value of $427,000 weretransferred from Level 1 into Level 2.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 41,824 - - 41,824 Foreign currency forward contracts, net - (14) - (14) Total 41,824 (14) - 41,810




CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 97 –


JAPAN (18.2%) 567,559 Amada Co., Ltd.* 3,861,525 2,439,042

1,839,403 Bank of Yokohama Ltd.* 9,319,913 8,600,122 940 Inpex Corp.* 5,212,906 5,514,439

441,100 Mitsubishi Corp.* 9,850,917 7,871,439 227,594 MS&AD Insurance Group Holdings Inc.* 5,571,520 3,872,116 36,892 Nintendo Co., Ltd. 8,541,100 4,598,141

275,808 NKSJ Holdings Inc.* 6,925,135 5,304,143 30,700 SMC Corp. 4,265,523 4,851,653 88,572 Sugi Holdings Co., Ltd. 2,009,237 3,047,284

2,176,804 Sumitomo Mitsui Trust Holdings Inc.* 7,840,601 6,309,588 409,589 Suzuki Motor Corp.* 9,408,633 7,799,497 264,837 THK Co., Ltd. 4,859,413 3,995,091

77,666,423 64,202,555 U.K. (15.9%)

172,926 Anglo American PLC 6,808,822 4,989,385 34,034 Aon PLC 1,599,386 1,749,589

125,210 BP PLC, ADR 6,825,870 5,216,570 278,870 Diageo PLC 4,829,667 7,700,753 421,130 GlaxoSmithKline PLC 8,840,489 9,546,059 241,889 Standard Chartered PLC 5,868,428 5,377,445 307,108 Vodafone Group PLC, ADR 7,499,555 8,603,421 255,050 Willis Group Holdings PLC 8,628,766 9,246,685 253,612 Xstrata PLC 4,190,406 3,854,822

55,091,389 56,284,729 GERMANY (13.2%)

49,150 Adidas AG* 2,735,090 3,969,490 41,258 Allianz SE* 5,161,278 4,840,449

101,570 Daimler AG* 5,372,871 4,841,495 150,944 Deutsche Boerse AG* 7,926,126 8,235,511 212,020 E.ON AG* 6,365,787 4,944,624 78,662 Henkel KGaA, Preferred, Non-Voting Shares 4,204,298 6,144,211 79,972 Siemens AG, Registered Shares* 8,054,087 7,862,487

172,922 Symrise AG 3,849,960 5,755,836 43,669,497 46,594,103

SWITZERLAND (12.4%) 235,159 Foster Wheeler AG 6,083,733 5,540,335 148,450 Nestle S.A., Registered Shares 7,359,009 9,204,685 146,900 Noble Corp. 4,632,784 5,165,435 156,049 Novartis AG, Registered Shares 8,667,908 9,390,320 56,810 Roche Holding AG 9,317,390 10,436,878

342,780 UBS AG 4,878,046 4,103,883 40,938,870 43,841,536

CANADA (10.0%) 67,037 Agrium Inc. (USD) 4,468,574 6,820,506

179,610 Canadian Natural Resources Ltd. 6,202,949 5,434,999 55,129 Cenovus Energy Inc. 1,611,748 1,887,617

177,919 EnCana Corp. 5,352,900 3,830,596 491,400 Kinross Gold Corp. 5,368,414 4,928,742 840,430 Lundin Mining Corp.* 3,858,733 4,202,150 468,460 Talisman Energy Inc. 5,933,725 6,136,826 111,110 Yamana Gold Inc. 1,312,719 2,087,860

34,109,762 35,329,296

FRANCE (4.4%) 91,870 Alstom S.A.* 5,103,196 3,167,090

201,152 Carrefour S.A.* 6,915,773 4,102,705 39,825 L'Oreal S.A.* 4,354,624 4,844,445 73,020 Total S.A.* 4,510,659 3,561,816

20,884,252 15,676,056 NETHERLANDS (2.8%)

167,897 Heineken N.V.* 8,099,410 9,824,562

IRELAND (2.6%) 156,142 Covidien PLC* 7,082,066 9,116,907

SOUTH AFRICA (2.0%) 379,980 MTN Group Ltd. 6,733,772 7,139,536

SWEDEN (1.9%) 747,904 Telefonaktiebolaget LM Ericsson, Class B 8,169,286 6,702,401

U.S.A. (1.8%) 70,700 Philip Morris International Inc. 3,755,398 6,251,894

AUSTRALIA (1.7%) 1,980,395 Incitec Pivot Ltd. 6,263,343 5,999,605

BERMUDA (1.5%) 80,670 Bunge Ltd. 5,142,730 5,317,820

NETHERLANDS ANTILLES (1.4%) 70,770 Schlumberger Ltd. 4,849,265 5,030,545

HONG KONG (1.3%) 313,851 Cheung Kong Holdings Ltd. 4,342,416 4,521,127

NORWAY (1.1%) 842,763 Norsk Hydro ASA 5,076,342 3,871,376

SINGAPORE (1.0%) 6,822,883 Golden Agri-Resources Ltd. 3,630,277 3,608,284

JERSEY ISLAND (0.8%) 218,320 WPP PLC 2,136,870 2,915,556

TURKEY (0.7%) 592,590 Turkiye Garanti Bankasi AS 2,490,003 2,431,278

MALAYSIA (0.5%) 567,605 Sime Darby Bhd 1,595,807 1,787,689




Net Assets (100.0%) 353,354,307




CI International Value Corporate ClassFinancial Statements (unaudited)

– 98 –








Net assets per classA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares





336,447 371,74311,258 11,950

- -- -

393 393- -

- -- -- -

12 88,372 641

- -1,180 2,025

357,662 386,760

- -- -- -

- -- -

4,254 -54 106

- -- -- -- -

4,308 106353,354 386,654

341,279 371,781- -

350,505 383,0061,358 1,9541,458 1,694

11 -11 -11 -

10.39 10.7412.00 12.339.56 9.76

10.05 10.679.83 10.609.27 9.89

33,719,219 35,650,005113,201 158,395152,473 173,534

1,057 101,081 101,154 10







– 99 –







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



6,240 8,81850 48

242 352- -- -- -

(778) (1,212)5,754 8,006

3,444 3,936386 440

- -- (24)

375 4304,205 4,7821,549 3,224

- -1,549 3,224

(9,024) 665(160) 102(189) (272)

- -

(4,794) (44,666)(14,167) (44,171)(12,618) (40,947)

(12,495) (40,501)(85) (211)(41) (235)

1 -1 -1 -

(0.36) (1.12)(0.68) (1.24)(0.27) (0.93)1.00 -0.99 -1.03 -


2012 2011















383,006 408,750

33,020 41,878- -

(34,268) (37,987)(18,758) (144)(20,006) 3,747

- -- -- -- -

(12,495) (40,501)350,505 371,996

1,954 2,108

14 176- -

(528) (182)3 7

(511) 1

- -- -- -- -

(85) (211)1,358 1,898

1,694 2,481

19 297- -

(96) (345)(118) (25)(195) (73)

- -- -- -- -

(41) (235)1,458 2,173


2012 2011

– 100 –


– 100 –













- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011







386,654 413,339

33,083 42,351- -

(34,892) (38,514)(18,873) (162)(20,682) 3,675

- -- -- -- -

(12,618) (40,947)353,354 376,067


2012 2011

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

– 101 –









2012 2011

35,650,005 36,462,2543,130,619 3,981,973

- -(3,257,943) (3,484,839)(1,803,462) (13,400)33,719,219 36,945,988

158,395 165,6211,191 13,764

- -(46,650) (14,226)

265 (71)113,201 165,088

173,534 249,5912,043 30,480

- -(10,438) (37,103)(12,666) (2,485)152,473 240,483

10 -1,029 -

18 -- -- -

1,057 -

10 -1,041 -

30 -- -- -

1,081 -

10 -1,111 -

33 -- -- -

1,154 -








10.39 10.0710.40 10.09

12.00 11.4912.01 11.52

9.56 9.049.57 9.06

10.05 -10.06 -

9.83 -9.84 -

9.27 -9.28 -


2012 2011



71,520 81,76775,096 85,856



175 2527 29

Annual management fee rateA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesAT8 SharesIT8 Shares

2.001.00



0.220.22

-0.220.22

-


CI International Value Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 102 –



Categories Net Assets (%)Japan ....................................................................................................................................... 22.7 U.K............................................................................................................................................ 14.4 Switzerland .............................................................................................................................. 13.2 Germany ................................................................................................................................... 10.5 Canada ..................................................................................................................................... 6.8 France....................................................................................................................................... 4.6 Cash & Equivalents.................................................................................................................. 3.1 Ireland ...................................................................................................................................... 3.0 Netherlands ............................................................................................................................. 2.8 Singapore ................................................................................................................................. 1.8 South Africa ............................................................................................................................. 1.8 Norway..................................................................................................................................... 1.8 Sweden .................................................................................................................................... 1.7 U.S.A. ....................................................................................................................................... 1.7 Bermuda ................................................................................................................................... 1.5 Turkey ....................................................................................................................................... 1.4 Finland...................................................................................................................................... 1.2 Australia................................................................................................................................... 1.2 Hong Kong................................................................................................................................ 1.1 Spain ........................................................................................................................................ 0.8 Jersey Island............................................................................................................................ 0.8 Other Net Assets (Liabilities) .................................................................................................. 0.8 Netherlands Antilles................................................................................................................ 0.7 Malaysia .................................................................................................................................. 0.6




(in $000's) (in $000's) (in $000's) (in $000's)Equities 329,307 7,140 - 336,447 Total 329,307 7,140 - 336,447








CI Japanese Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 103 –


INDUSTRIALS (29.1%) 30,000 All Nippon Airways Co., Ltd. 90,093 62,004 1,100 Central Japan Railway Co. 84,173 94,821 5,000 CHIYODA Corp.* 63,534 76,497 7,000 Daiwa House Industry Co., Ltd. 94,431 99,950

534 FANUC Corp. 73,732 84,458 17,000 Fuji Electric Co., Ltd.* 49,143 34,064 1,000 JGC Corp. 28,256 32,779 3,000 Keikyu Corp. 27,867 27,751

400 Kurita Water Industries Ltd. 8,555 8,696 600 Mabuchi Motor Co., Ltd. 24,054 26,881

6,400 Mitsui & Co., Ltd.* 106,107 88,398 3,000 Mitsui Fudosan Co., Ltd. 48,787 58,942

19,000 Nippon Express Co., Ltd.* 75,122 70,397 7,100 Sumitomo Corp.* 92,789 94,040 4,400 Suzuki Motor Corp. 94,799 83,786 8,000 Taisei Corp. 19,697 22,483 4,700 Yamato Holdings Co., Ltd. 93,763 73,092


2,400 Aisin Seiki Co., Ltd. 78,587 66,994 1,600 Benesse Holdings Inc. 69,939 75,614 6,000 Daihatsu Motor Co., Ltd. 103,861 98,223

10,000 Fuji Heavy Industries Ltd. 63,982 81,538 15,000 Isuzu Motors Ltd. 70,553 71,267 1,000 Koito Manufacturing Co., Ltd. 15,271 11,330 2,600 McDonald's Holdings Co., Japan Ltd. 69,106 72,577 1,600 Sankyo Co., Ltd.* 79,664 73,296 3,900 Sega Sammy Holdings Inc.* 76,258 72,790 3,000 Sekisui House Ltd. 29,230 29,301

400 Yamada Denki Co., Ltd.* 19,383 17,265 675,834 670,195

INFORMATION TECHNOLOGY (12.4%) 3,800 Canon Inc. 173,597 119,196

18,000 Fujitsu Ltd.* 106,159 66,238 1,000 Gree Inc. 21,512 17,971

14,000 Hitachi Ltd.* 72,216 76,572 49,000 NEC Corp. 71,656 75,955 1,600 Oracle Corp. (Japan) 75,252 81,059 2,000 Toshiba Corp. 7,957 6,276

528,349 443,267 FINANCIALS (12.0%)

9,000 Aozora Bank Ltd. 23,448 26,994 842 Daito Trust Construction Co., Ltd.* 65,748 83,298

13,400 Mitsubishi UFJ Financial Group Inc.* 62,393 61,638 52,800 Mizuho Financial Group Inc.* 87,906 83,841 20,700 Resona Holdings Inc. 84,741 83,218 3,050 SBI Holdings Inc./Japan 19,311 19,257 4,400 Sony Financial Holdings Inc. 71,052 74,027

414,599 432,273

HEALTH CARE (7.1%) 800 Alfresa Holdings Corp. 32,279 38,815

7,000 Dainippon Sumitomo Pharma Co., Ltd.* 73,076 75,602 1,700 Eisai Co., Ltd.* 66,920 75,306

800 Otsuka Holdings Co., Ltd. 24,472 24,297 1,000 Shionogi & Co., Ltd.* 13,904 15,009

800 Suzuken Co., Ltd. 24,379 26,092 235,030 255,121

MATERIALS (6.6%) 6,000 Daicel Corp. 39,795 35,236

400 JSR Corp. 7,672 6,447 11,000 Mitsubishi Chemical Holdings Corp.* 59,479 41,311 1,700 Nitto Denko Corp.* 67,272 79,483 4,000 OJI Paper Co., Ltd.* 12,985 11,947

34,000 Tosoh Corp. 76,257 63,415 263,460 237,839

TELECOMMUNICATION SERVICES (4.3%) 1,000 Nippon Telegraph & Telephone Corp. 48,030 46,755 2,700 Softbank Corp. 91,706 107,354

139,736 154,109 CONSUMER STAPLES (4.2%)

800 Coca-Cola West Co., Ltd. 13,932 13,006 3,900 Japan Tobacco Inc. 99,835 114,764 1,000 Toyo Suisan Kaisha Ltd. 24,754 24,562

138,521 152,332 UTILITIES (2.7%)

2,600 Hokkaido Electric Power Co., Inc. 19,185 20,708 1,800 Hokuriku Electric Power Co. 21,461 21,482

13,000 Osaka Gas Co., Ltd. 50,458 56,194 91,104 98,384

ENERGY (0.2%) 100 Idemitsu Kosan Co., Ltd. 7,994 8,066




Net Assets (100.0%) 3,588,843




CI Japanese Corporate ClassFinancial Statements (unaudited)

– 104 –








Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares

3,491 5,212- 209- -- -- -- -

- -- -- -1 106

482 -- -

35 544,009 5,581

409 -- -- -

- -- -- -

11 30- -- -- -- -

420 303,589 5,551

3,566 5,003- -

3,434 5,383155 168

7.21 7.775.62 6.03

476,445 692,58927,604 27,793










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


A SharesF Shares

59 98- 1- -- -- -- -

(4) (6)55 93

46 645 7- -- 15 7

56 79(1) 14- -

(1) 14

(73) (98)(6) (12)(9) (8)- -

(284) 341(372) 223(373) 237

(361) 205(12) 32

(0.59) 0.26(0.41) 0.89


2012 2011

– 105 –

CI Japanese Corporate ClassFinancial Statements (unaudited)

– 105 –













5,383 5,131

48 2,707- -

(947) (797)(689) 93

(1,588) 2,003

- -- -- -- -

(361) 2053,434 7,339

168 209

- -- -

(7) (25)6 456(1) 431

- -- -- -- -

(12) 32155 672

5,551 5,340

48 2,707- -

(954) (822)(683) 549

(1,589) 2,434

- -- -- -- -

(373) 2373,589 8,011


2012 2011



CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 106 –





2012 2011

692,589 666,4286,633 357,569

- -(128,490) (105,021)(94,287) 12,141476,445 931,117

27,793 35,405- -- -

(1,186) (4,091)997 79,143

27,604 110,457




7.21 7.887.22 7.90

5.62 6.085.63 6.10


2012 2011



1,210 1,7031,270 1,788



6 5- -

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22


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

– 107 –



Categories Net Assets (%)Industrials ................................................................................................................................ 26.3 Consumer Discretionary........................................................................................................... 20.0 Information Technology ........................................................................................................... 12.1 Financials ................................................................................................................................. 11.3 Health Care .............................................................................................................................. 7.1 Consumer Staples.................................................................................................................... 5.3 Telecommunication Services ................................................................................................... 4.4 Materials.................................................................................................................................. 4.0 Cash & Equivalents.................................................................................................................. 3.8 Other Net Assets (Liabilities) .................................................................................................. 2.3 Utilities..................................................................................................................................... 1.7 Energy ...................................................................................................................................... 1.7

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, as the 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 Japaneseequities and therefore was sensitive to changes in general economic conditions in Japan.

As at September 30, 2012, had Japanese 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 $349,000 (March 31, 2012 - $521,000). In practice, actualresults 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) (%)Japanese Yen 4,006 - 4,006 111.6 US Dollar (375) - (375) (10.4) Total 3,631 - 3,631 101.2

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

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 5,262 - 5,262 94.8 US Dollar 148 - 148 2.7 Total 5,410 - 5,410 97.5

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 $363,000 (March 31, 2012 - $541,000). In practice, actual results may differ from thisanalysis and the difference may be material.



CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 108 –


JAPAN (36.5%) 3,800 Aisin Seiki Co., Ltd.* 129,556 106,075

850 Alfresa Holdings Corp. 35,088 41,241 41,000 All Nippon Airways Co., Ltd. 126,730 84,739 12,000 Aozora Bank Ltd. 31,461 35,992 3,800 Canon Inc. 162,043 119,196

700 Central Japan Railway Co. 60,082 60,340 9,000 CHIYODA Corp. 114,813 137,694 8,000 Daihatsu Motor Co., Ltd. 138,560 130,964

11,800 Dainippon Sumitomo Pharma Co., Ltd.* 121,776 127,443 1,300 Daito Trust Construction Co., Ltd.* 86,789 128,608 3,000 Daiwa House Industry Co., Ltd. 40,822 42,836

15,000 Fuji Heavy Industries Ltd. 90,266 122,306 5,000 Hitachi Ltd.* 26,056 27,347 2,600 Hokuriku Electric Power Co. 30,999 31,030 5,300 Japan Tobacco Inc. 144,174 155,961

25,000 NEC Corp. 36,165 38,752 3,100 Nippon Telegraph & Telephone Corp. 171,105 144,940 2,600 Oracle Corp. (Japan) 122,435 131,720 4,000 Osaka Gas Co., Ltd. 15,354 17,291

31,800 Resona Holdings Inc. 130,979 127,841 4,850 SBI Holdings Inc./Japan 30,707 30,622 7,400 Sony Financial Holdings Inc. 116,885 124,499 3,400 Sumitomo Warehouse Co., Ltd. 21,445 15,297 1,200 Suzuken Co., Ltd. 36,569 39,138

24,000 Taisei Corp.* 67,894 67,448 26,000 Tosoh Corp. 56,921 48,494 7,700 Yamato Holdings Co., Ltd. 135,845 119,746

2,281,519 2,257,560 AUSTRALIA (12.9%)

12,098 Bendigo and Adelaide Bank Ltd. 105,534 94,774 5,600 BHP Billiton Ltd. 177,479 188,674 1,250 CSL Ltd. 55,600 58,614 8,990 Goodman Group 33,058 36,314 3,650 Metcash Ltd.* 15,135 13,180 7,200 National Australia Bank Ltd. 170,718 187,205 2,090 OZ Minerals Ltd. 15,330 14,369 1,400 Rio Tinto Ltd.* 66,195 76,201 1,800 Westfield Group 14,894 18,654 3,650 Woolworths Ltd. 84,768 107,040

738,711 795,025 SOUTH KOREA (12.1%)

1,012 Doosan Corp. 121,530 122,414 840 Hana Financial Group Inc. 26,969 25,217 340 Hyundai Mobis Co., Ltd. 121,508 93,062 410 Hyundai Motor Co. 77,756 91,044

17,700 Korea Exchange Bank 134,056 132,682 2,250 KP Chemical Corp. 27,245 26,124 1,170 Mirae Asset Securities Co., Ltd. 30,914 34,968

950 SK Telecom Co., Ltd. 119,769 122,883 10,210 Woori Finance Holdings Co., Ltd. 104,480 98,712

764,227 747,106

CHINA (9.2%) 88,000 Agricultural Bank of China Ltd., Class H 37,119 33,700

346,000 Bank of China Ltd. 175,926 129,432 1,500 China Mobile (Hong Kong) Ltd. 15,352 16,339

84,000 China Petroleum & Chemical Corp., Class H 86,339 77,119 92,600 China Zhongwang Holdings Ltd. 32,597 34,405 54,000 CNOOC Ltd. 114,234 108,740 32,000 Dongfeng Motor Group Co., Ltd. 56,615 36,683 59,600 Guangzhou R&F Properties Co., Ltd. 70,196 67,415 16,800 Weichai Power Co., Ltd., Class H 73,661 50,596 24,000 Zhejiang Expressway Co., Ltd. 23,058 16,434

685,097 570,863 HONG KONG (7.3%)

30,000 Anta Sports Products Ltd. 16,467 22,635 10,600 ASM Pacific Technology Ltd. 107,878 123,259 1,300 Hang Seng Bank Ltd. 19,282 19,601 7,282 HKT Trust 3,591 6,076

126,000 Lenovo Group Ltd. 76,417 102,577 64,000 Minmetals Resources Ltd. 45,833 23,941

118,000 Shougang Fushan Resources Group Ltd. 30,997 31,124 58,100 SJM Holdings Ltd. 112,699 124,216

413,164 453,429 TAIWAN (6.4%)

40,000 Acer Inc. 35,682 38,550 7,294 Asustek Computer Inc. 62,958 77,632

45,067 China Life Insurance Co., Ltd. 42,888 40,941 123,880 Fubon Financial Holding Co., Ltd. 145,567 132,264

4,000 Phison Electronics Corp. 23,651 31,712 58,000 Pou Chen Corp. 48,232 58,134 7,047 Tripod Technology Corp. 29,866 16,985

388,844 396,218 INDONESIA (2.9%)

113,500 Indofood Sukses Makmur Tbk PT 77,787 65,307 273,000 PT Perusahaan Gas Negara Tbk 85,278 112,903

163,065 178,210 PHILIPPINES (2.3%)

19,600 Manila Electric Co. 111,228 117,926 350 Philippine Long Distance Telephone Co. 18,421 22,974

129,649 140,900 THAILAND (1.9%)

17,400 Advanced Info Services PCL 109,592 118,820

INDIA (1.8%) 3,923 Coal India Ltd. 26,412 26,181 8,612 Hindustan Unilever Ltd. 67,501 87,379

93,913 113,560 CAYMAN ISLANDS (1.7%)

171,000 Soho China Ltd. 121,949 103,433

SINGAPORE (1.0%) 5,000 Singapore Airlines Ltd. 44,578 42,909

25,900 Yangzijiang Shipbuilding Holdings Ltd. 21,110 20,338 65,688 63,247




– 109 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 109 –


MALAYSIA (0.7%) 25,700 DiGi.Com Bhd 34,094 43,489

IRELAND (0.7%) 4,900 James Hardie Industries SE 41,062 43,334

NEW ZEALAND (0.5%)5,650 Fletcher Building Ltd. 31,589 32,101




Net Assets (100.0%) 6,186,392



CI Pacific Corporate ClassFinancial Statements (unaudited)

– 110 –










A SharesF Shares


A SharesF Shares

6,057 6,897117 164

- -- -- -- -

- -- -- -- 12- -- -

22 456,196 7,118

- -- -- -

- -- -- -

10 12- -- -- -- -

10 126,186 7,106

6,054 6,825- -

5,941 6,833245 273

7.06 7.387.50 7.79

841,214 926,09432,651 35,009












A SharesF Shares

153 194- 1- 1- -- -- -

(23) (25)130 171

63 857 9- -- -7 9

77 10353 68

- -53 68

(277) (9)(6) 11(9) (13)- -

(69) (849)(361) (860)(308) (792)

(297) (769)(11) (23)

(0.34) (0.69)(0.32) (0.67)


2012 2011

– 111 –

CI Pacific Corporate ClassFinancial Statements (unaudited)

– 111 –













6,833 9,113

119 131- -

(507) (908)(207) (188)(595) (965)

- -- -- -- -

(297) (769)5,941 7,379

273 257

7 9- -

(32) (2)8 33

(17) 40

- -- -- -- -

(11) (23)245 274

7,106 9,370

126 140- -

(539) (910)(199) (155)(612) (925)

- -- -- -- -

(308) (792)6,186 7,653


2012 2011



CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 112 –





2012 2011

926,094 1,172,21417,068 17,621

- -(72,079) (121,771)(29,869) (25,524)841,214 1,042,540

35,009 31,585912 1,256

- -(4,358) (207)1,088 4,261

32,651 36,895




7.06 7.087.08 7.10

7.50 7.437.51 7.45


2012 2011



467 535490 561



5 9- -



2.001.00

0.220.22


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

– 113 –



Categories Net Assets (%)Japan ....................................................................................................................................... 37.2 Australia................................................................................................................................... 13.5 South Korea ............................................................................................................................. 9.1 Taiwan...................................................................................................................................... 8.1 China ........................................................................................................................................ 8.1 Hong Kong................................................................................................................................ 7.1 Singapore ................................................................................................................................. 2.9 Indonesia.................................................................................................................................. 2.6 India ......................................................................................................................................... 2.4 Philippines................................................................................................................................ 2.4 Cash & Equivalents.................................................................................................................. 2.3 Cayman Islands........................................................................................................................ 2.1 Other Net Assets (Liabilities) .................................................................................................. 0.6 Bermuda ................................................................................................................................... 0.6 Malaysia .................................................................................................................................. 0.5 New Zealand............................................................................................................................ 0.5




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

– 114 –


FINANCIALS (18.6%) 900,000 Canadian Imperial Bank of Commerce 63,489,221 69,147,000

2,100,000 Discover Financial Services 41,621,920 82,039,961 1,993,500 Dundee Corp., Class A 28,806,111 49,219,515 2,000,000 Manulife Financial Corp. 37,230,585 23,640,000 2,200,000 The Bank of New York Mellon Corp. 44,616,602 48,911,483 1,150,000 The Bank of Nova Scotia†† 53,924,603 61,950,500

269,689,042 334,908,459 ENERGY (17.4%)

11,500,000 Aurora Oil & Gas Ltd. 34,458,657 41,860,000 1,100,000 Cenovus Energy Inc. 32,722,998 37,664,000 1,500,000 EnCana Corp. 37,601,281 32,295,000

170,000 GeoGlobal Resources Inc. 53,285 20,895 200,000 Marathon Oil Corp. 5,813,486 5,811,324 650,000 Occidental Petroleum Corp. 56,013,314 54,985,840 674,000 Patterson-UTI Energy Inc. 17,990,573 10,478,023

2,550,000 Suncor Energy Inc. 85,470,823 82,314,000 3,800,000 Talisman Energy Inc. 60,406,069 49,780,000


2,900,000 Cisco Systems Inc. 57,925,753 54,436,665 1,800,000 Intel Corp. 38,411,766 40,089,284 3,300,000 Microsoft Corp. 87,721,445 96,535,822 3,700,000 Taiwan Semiconductor Manufacturing

Co., Ltd., ADR 40,166,504 57,556,687 224,225,468 248,618,458

MATERIALS (13.0%) 1,200,000 Barrick Gold Corp. 49,442,522 49,272,000 1,100,000 BHP Billiton Ltd. 39,005,880 37,060,876 1,800,000 Cameco Corp. 45,320,819 34,380,000 1,200,000 Goldcorp Inc. 47,401,668 54,084,000

750,000 Potash Corp. of Saskatchewan Inc. 33,203,275 31,995,000 1,800,000 Xstrata PLC 27,881,567 27,359,428


1,100,000 PetSmart Inc.* 35,635,112 74,567,838 850,000 Thomson Reuters Corp. 23,343,000 24,114,500

1,000,000 Tim Hortons Inc. 38,668,183 51,160,000 97,646,295 149,842,338

CONSUMER STAPLES (6.9%) 300,000 Anheuser-Busch InBev N.V., ADR 17,026,586 25,342,681

1,900,000 Diageo PLC 35,083,519 52,466,852 755,000 George Weston Ltd. 52,056,904 47,617,850

104,167,009 125,427,383 INDUSTRIALS (6.6%)

1,050,000 Canadian National Railway Co. 60,387,567 91,035,000 350,000 Martin Marietta Materials Inc. 28,869,348 28,520,227

89,256,915 119,555,227

HEALTH CARE (3.7%) 1,000,000 Abbott Laboratories Inc. 48,167,645 67,395,622

TELECOMMUNICATION SERVICES (0.6%) 200,000 China Mobile (Hong Kong) Ltd., ADR 9,873,515 10,883,203


Total Equities (88.9%) 1,414,850,955 1,605,991,076



Foreign Currency Forward Contracts (0.5%)(see Schedule A) 9,752,536

Total Investments (97.1%) 1,553,518,011 1,754,742,949


Net Assets (100.0%) 1,806,872,500

††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. Investments in The Bank of Nova Scotia are identified above.*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.



– 115 –

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

– 115 –– 115 –






1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.98 (1,881,000) Australian $ 1,910,419 Canadian $ (3,532)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.04 (5,633,000) Australian $ 5,880,035 Canadian $ 148,177 1 Canadian Imperial Bank of Commerce A-1 04-Jan-13 0.99 (888,000) Australian $ 900,121 Canadian $ (40)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.63 (1,289,000) British Pound 2,043,065 Canadian $ (5,013)1 Canadian Imperial Bank of Commerce A-1 04-Jan-13 1.59 (1,293,000) British Pound 2,059,568 Canadian $ 2,341 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.99 (2,336,091) Canadian $ 2,319,000 Australian $ 23,511 1 Canadian Imperial Bank of Commerce A-1 04-Jan-13 0.99 (15,973,000) US $ 15,750,576 Canadian $ 8,865 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.99 (33,111,000) US $ 32,762,341 Canadian $ 157,735 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.01 (36,588,700) US $ 36,900,253 Canadian $ 895,901 1 Royal Bank of Canada A-1+ 30-Nov-12 1.02 (1,957,000) Australian $ 1,990,236 Canadian $ 2,317 1 Royal Bank of Canada A-1+ 31-Oct-12 1.04 (2,324,667) Australian $ 2,424,118 Canadian $ 58,657 1 Royal Bank of Canada A-1+ 04-Jan-13 0.99 (3,366,000) Australian $ 3,411,974 Canadian $ (124)1 Royal Bank of Canada A-1+ 31-Oct-12 0.63 (16,698,000) British Pound 26,443,387 Canadian $ (87,850)1 Royal Bank of Canada A-1+ 31-Oct-12 0.64 (2,574,000) British Pound 3,996,650 Canadian $ (93,055)1 Royal Bank of Canada A-1+ 31-Oct-12 0.63 (2,588,000) British Pound 4,095,251 Canadian $ (16,785)1 Royal Bank of Canada A-1+ 30-Nov-12 0.64 (9,161,000) British Pound 14,350,415 Canadian $ (213,796)1 Royal Bank of Canada A-1+ 30-Nov-12 0.99 (10,800,000) US $ 10,686,276 Canadian $ 51,449 1 Royal Bank of Canada A-1+ 04-Jan-13 0.99 (26,714,000) US $ 26,342,675 Canadian $ 15,492 1 Royal Bank of Canada A-1+ 31-Oct-12 1.01 (281,677,000) US $ 283,783,944 Canadian $ 6,605,865 1 Royal Bank of Canada A-1+ 30-Nov-12 1.03 (34,573,000) US $ 33,462,515 Canadian $ (580,066)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.04 (10,191,000) Australian $ 10,637,702 Canadian $ 267,852 1 The Bank of Nova Scotia†† A-1+ 04-Jan-13 1.01 (160,000) Australian $ 162,253 Canadian $ 62 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.63 (2,121,000) British Pound 3,363,104 Canadian $ (6,930)1 The Bank of Nova Scotia†† A-1+ 02-Nov-12 0.03 (475,633,000) Taiwanese $ 15,977,982 Canadian $ 18,417 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.01 (9,637,000) US $ 9,718,722 Canadian $ 235,632 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.03 (1,891,000) Australian $ 1,949,110 Canadian $ 24,952 1 Toronto-Dominion Bank A-1+ 30-Nov-12 1.02 (2,237,000) Australian $ 2,275,790 Canadian $ 3,445 1 Toronto-Dominion Bank A-1+ 04-Jan-13 1.01 (3,020,000) Australian $ 3,061,374 Canadian $ 14 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.04 (3,099,000) Australian $ 3,236,038 Canadian $ 82,649 1 Toronto-Dominion Bank A-1+ 04-Jan-13 1.59 (6,770,000) British Pound 10,783,595 Canadian $ 12,191 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.63 (1,114,100) British Pound 1,766,305 Canadian $ (3,876)1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.64 (5,485,000) British Pound 8,593,569 Canadian $ (126,519)1 Toronto-Dominion Bank A-1+ 02-Nov-12 30.34 (84,882,000) Taiwanese $ 2,797,693 Canadian $ (50,404)1 Toronto-Dominion Bank A-1+ 02-Nov-12 29.85 (968,510,000) Taiwanese $ 32,445,356 Canadian $ (52,278)1 Toronto-Dominion Bank A-1+ 04-Jan-13 0.99 (22,959,000) US $ 22,639,870 Canadian $ 13,314 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.01 (96,643,200) US $ 97,463,701 Canadian $ 2,363,966 Total Foreign Currency Forward Contracts Value 9,752,536

Harbour Corporate ClassFinancial Statements (unaudited)

– 116 –













1,605,991 1,647,66941,787 22,408

138,999 154,412- -

8,032 5,882- -

10,993 3,318- -- -

980 1,835- -- -

3,245 2,6951,810,027 1,838,219

- -- -- -

1,240 1,305- -- -

1,625 1,173- -- -

289 313- -

3,154 2,7911,806,873 1,835,428

1,414,851 1,433,029- -

1,670,972 1,689,1772,553 922

23,711 27,23249,050 56,0659,522 5,061

15,209 16,78011 -

1,042 1,2851,726 1,630

130 -31,157 35,445

237 246880 920662 66511 -

25.17 25.1811.47 11.4723.96 23.8415.49 15.3111.71 11.597.79 7.98

10.91 11.198.37 8.538.81 8.92

11.20 11.346.66 6.93

10.62 11.057.21 7.467.34 7.54

10.88 11.18

66,385,127 67,085,805222,475 80,401989,691 1,142,434

3,165,616 3,660,970812,885 436,629

1,952,599 2,102,174972 10

124,469 150,685196,018 182,72911,616 10

4,680,134 5,114,10422,292 22,292

122,096 123,32190,211 88,090

982 10







– 117 –










21,317 15,310770 54159 15

- -- -- -

(1,809) (1,379)20,337 14,487

16,817 12,4481,710 1,264

- -- (60)

1,886 1,35820,413 15,010

(76) (523)- -

(76) (523)

13,419 19,52751 (14)(95) (259)

- -

(15,586) (244,713)(2,211) (225,459)(2,287) (225,982)

(2,784) (201,598)66 -(91) (4,839)469 (9,347)218 -(46) (2,951)

1 -(4) (191)27 (251)3 -

(157) (6,543)- -3 (141)7 (121)1 -

(0.04) (4.24)0.48 -(0.08) (3.76)0.14 (2.38)0.35 -(0.02) (1.39)1.06 -(0.02) (1.43)0.14 (1.43)1.59 -(0.03) (1.25)(0.02) -0.02 (1.25)0.09 (1.22)1.18 -


2012 2011


2012 2011



– 118 –


– 118 –

























1,689,177 977,300

69,843 874,665- -

(96,640) (71,988)11,376 (10,457)(15,421) 792,220

- -- -- -- -

(2,784) (201,598)1,670,972 1,567,922

922 -

475 -- -

(21) -1,111 -1,565 -

- -- -- -- -

66 -2,553 -

27,232 33,968

1,279 2,208- -

(3,873) (5,813)(836) (1,001)

(3,430) (4,606)

- -- -- -- -

(91) (4,839)23,711 24,523

56,065 60,062

1,104 5,782- -

(4,802) (5,220)(3,786) 1,856(7,484) 2,418

- -- -- -- -

469 (9,347)49,050 53,133

5,061 -

1,235 -- -

(213) -3,221 -4,243 -

- -- -- -- -

218 -9,522 -

16,780 18,519

262 970- 1

(1,106) (802)(303) 226

(1,147) 395

- -- -

(378) (458)(378) (458)(46) (2,951)

15,209 15,505


2012 2011


2012 2011




– 119 –

























- -

10 -- -- -

118 -128 -

- -- -

(1) -(1) -3 -

130 -

35,445 40,651

1,098 4,6337 1

(2,734) (1,841)(1,219) (1,035)(2,848) 1,758

- -- -

(1,283) (1,632)(1,283) (1,632)

(157) (6,543)31,157 34,234

246 -

- -- -- -- -- -

- -- -

(9) -(9) -- -

237 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

1,285 1,197

14 113- -

(225) (60)- -

(211) 53

- -- -

(28) (31)(28) (31)(4) (191)

1,042 1,028

1,630 1,703

100 -- -

(16) (15)25 18

109 3

- -- -

(40) (41)(40) (41)27 (251)

1,726 1,414


2012 2011



2012 2011


– 120 –


















1,835,428 1,135,292

75,460 888,5048 2

(109,644) (85,882)9,708 (10,602)

(24,468) 792,022

- -- -

(1,800) (2,232)(1,800) (2,232)(2,287) (225,982)

1,806,873 1,699,100

920 986

- 114- -

(8) (50)- (80)

(8) (16)

- -- -

(35) (37)(35) (37)

3 (141)880 792

665 906

20 191 -(6) (93)1 (129)

16 (203)

- -- -

(26) (33)(26) (33)

7 (121)662 549

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011



2012 2011


Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 121 –










2012 2011

67,085,805 36,791,7902,825,990 36,760,594

- -(3,964,424) (2,949,826)

437,756 (407,543)66,385,127 70,195,015

80,401 -42,604 -

- -(1,824) -

101,294 -222,475 -

1,142,434 1,365,22955,545 93,596

- -(169,937) (251,015)(38,351) (41,845)989,691 1,165,965

3,660,970 3,806,98274,342 382,234

- -(319,264) (356,569)(250,432) 125,412

3,165,616 3,958,059

436,629 -108,476 -

- -(18,549) -286,329 -812,885 -

2,102,174 2,086,28234,955 115,547

6 95(144,285) (97,903)(40,251) 29,429

1,952,599 2,133,450

10 -946 -16 -

- -- -

972 -









2012 2011

150,685 127,6371,686 12,050

- -(27,902) (6,612)

- -124,469 133,075

182,729 175,96711,976 -

- -(1,796) (1,679)3,109 1,965

196,018 176,253

10 -930 -15 -(6) -

10,667 -11,616 -

5,114,104 5,101,713167,190 637,634

1,119 93(414,177) (257,796)(188,102) (145,710)

4,680,134 5,335,934

22,292 -- -- -- -- -

22,292 -

123,321 116,242- 15,112- -

(1,225) (6,285)- (9,711)

122,096 115,358

88,090 107,2192,761 2,480

89 24(846) (12,112)117 (18,015)

90,211 79,596


– 122 –


– 122 –



2012 2011

10 -947 -25 -

- -- -

982 -







2012 2011












25.17 22.3425.19 22.38

11.47 -11.48 -

23.96 21.0323.98 21.07

15.49 13.4215.51 13.45

11.71 -11.72 -

7.79 7.277.80 7.28

10.91 -10.92 -

8.37 7.728.38 7.74

8.81 8.028.82 8.04

11.20 -11.21 -

6.66 6.426.66 6.43


2012 2011

10.62 -10.63 -

7.21 6.877.22 6.88

7.34 6.897.35 6.91

10.88 -10.89 -



27 29928 314



82 248- 28



– 123 –





2.001.951.00


2.001.951.00


2.001.951.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15


Harbour Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 124 –



Categories Net Assets (%)Financials ................................................................................................................................. 18.5 Energy ...................................................................................................................................... 17.5 Information Technology ........................................................................................................... 15.8 Materials.................................................................................................................................. 13.2 Short-Term Investments........................................................................................................... 8.4 Consumer Discretionary........................................................................................................... 8.2 Industrials ................................................................................................................................ 6.4 Consumer Staples.................................................................................................................... 6.3 Health Care .............................................................................................................................. 3.3 Cash & Equivalents.................................................................................................................. 1.2 Telecommunication Services ................................................................................................... 0.6 Other Net Assets (Liabilities) .................................................................................................. 0.5 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's exposure to credit risk and currency risk changedsignificantly as disclosed in the section below. For details relating to other price risk, interest raterisk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2012,as the Fund'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 (%)AAA/Aaa/A++ 8.2 AA/Aa/A+ 0.1 Total 8.3

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 4.9 Not Rated 3.6 Total 8.5





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 661,244 (559,179) 102,065 5.6 British Pound 80,638 (77,956) 2,682 0.1 Australian Dollar 37,684 (35,016) 2,668 0.1 Taiwan Dollar - (51,256) (51,256) (2.8)Total 779,566 (723,407) 56,159 3.0


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 681,954 (555,612) 126,342 6.9 Australian Dollar 39,322 (36,763) 2,559 0.1 British Pound 76,726 (74,744) 1,982 0.1 Taiwan Dollar - (52,636) (52,636) (2.9) Total 798,002 (719,755) 78,247 4.2

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$5,616,000 (March 31, 2012 - $7,825,000). In practice, actual results may differ from this analysisand the difference may be material.



Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 125 –


U.S.A. (29.8%) 750,000 Cisco Systems Inc. 18,037,507 14,078,448 470,000 CVS Caremark Corp. 15,192,195 22,372,810 700,000 Discover Financial Services 12,991,264 27,346,654 48,000 Mastercard Inc., Class A 9,633,629 21,303,546

500,000 Microsoft Corp. 11,805,832 14,626,640 450,000 Owens-Illinois Inc.* 9,642,501 8,301,048 35,000 Parker Hannifin Corp. 2,650,071 2,875,081

700,000 Patterson-UTI Energy Inc. 18,204,300 10,882,220 950,000 The Bank of New York Mellon Corp. 22,436,092 21,120,868 140,000 Western Union Co. 2,339,553 2,508,211

122,932,944 145,415,526U.K. (14.9%)

915,000 Diageo PLC 16,133,370 25,266,931 1,000,000 Domino's Pizza UK & IRL PLC 6,517,808 8,416,038

900,000 GlaxoSmithKline PLC 17,891,514 20,400,953 780,000 Travis Perkins PLC 11,762,580 12,881,302 200,000 Weir Group PLC 5,124,828 5,614,927

57,430,100 72,580,151CANADA (9.0%)

216,000 Barrick Gold Corp. 10,664,201 8,868,960 450,000 Suncor Energy Inc. 13,914,810 14,526,000 950,000 Ultra Petroleum Corp.* 35,558,236 20,523,019

60,137,247 43,917,979SWITZERLAND (6.8%)

410,000 Aryzta AG 16,486,716 19,334,567 220,000 Holcim Ltd. 16,225,646 13,767,684

32,712,362 33,102,251IRELAND (6.4%)

320,000 Kerry Group PLC, Class A* 11,376,342 15,831,575 1,550,000 Kingspan Group PLC 17,506,000 15,571,885

28,882,342 31,403,460JAPAN (3.8%)

260,000 Nidec Corp.* 21,484,288 18,676,782

GERMANY (3.5%) 31,000 Puma SE* 9,432,011 8,399,024

220,000 Wincor Nixdorf AG* 13,306,678 8,466,885 22,738,689 16,865,909

SWEDEN (3.1%) 650,000 Atlas Copco AB, Series A* 8,813,361 14,920,244

AUSTRALIA (2.7%) 2,000,000 Aurora Oil & Gas Ltd. 6,401,491 7,280,000 1,133,332 Treasury Wine Estates Ltd. 3,608,356 5,803,304

10,009,847 13,083,304

FRANCE (2.2%) 88,000 Air Liquide S.A.* 7,220,896 10,725,740


Manufacturing Co., Ltd., ADR 6,593,834 10,422,427

NETHERLANDS (0.6%) 125,000 Koninklijke Philips Electronics N.V.* 2,479,632 2,867,797

Commission and other portfoliotransaction costs (656,906)

Total Equities (84.9%) 380,778,636 413,981,570






Net Assets (100.0%) 487,682,041




– 126 –

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

– 126 –– 126 –






1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.04 (2,339,000) Australian $ 2,441,577 Canadian $ 61,528 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.02 (334,000) Australian $ 341,498 Canadian $ 1,645 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.64 (2,683,000) British Pound 4,199,458 Canadian $ (63,469)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.15 (1,010,668) Canadian $ 6,731,000 Swedish Krona (3,079)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.05 (1,983,237) Canadian $ 1,893,000 Swiss Franc (1,219)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.02 (6,452,741) Canadian $ 6,606,000 US $ 47,518 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.80 (3,249,000) Euro 4,055,824 Canadian $ (54,123)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 1.27 (2,916,000) Euro 3,703,495 Canadian $ 6,234 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.81 (4,636,000) Euro 5,754,852 Canadian $ (115,503)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.23 (139,840,000) Japanese Yen 1,764,877 Canadian $ (923)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.84 (155,610,000) Japanese Yen 1,949,096 Canadian $ (15,804)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.53 (66,690,000) Japanese Yen 838,551 Canadian $ (3,556)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.82 (3,102,000) Swedish Krona 454,772 Canadian $ (9,566)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.80 (5,064,000) Swedish Krona 745,155 Canadian $ (12,877)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 6.71 (6,014,700) Swedish Krona 897,000 Canadian $ (3,063)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.76 (7,225,000) Swedish Krona 1,069,527 Canadian $ (11,993)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.96 (10,654,000) Swiss Franc 11,086,541 Canadian $ (68,377)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.05 (1,831,000) Swiss Franc 1,923,926 Canadian $ 6,816 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.97 (2,017,000) Swiss Franc 2,073,951 Canadian $ (37,854)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.97 (460,000) Swiss Franc 475,747 Canadian $ (6,484)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 0.99 (5,170,000) US $ 5,098,008 Canadian $ 2,869 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.99 (7,379,000) US $ 7,311,851 Canadian $ 50,847 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.01 (9,419,000) US $ 9,499,203 Canadian $ 230,631 1 Royal Bank of Canada A-1+ 4-Jan-13 1.59 (6,698,000) British Pound 10,668,095 Canadian $ 11,250 1 Royal Bank of Canada A-1+ 30-Nov-12 0.64 (3,144,000) British Pound 4,924,976 Canadian $ (73,373)1 Royal Bank of Canada A-1+ 31-Oct-12 0.63 (9,055,000) British Pound 14,339,733 Canadian $ (47,639)1 Royal Bank of Canada A-1+ 30-Nov-12 0.81 (2,415,000) Euro 2,997,822 Canadian $ (60,182)1 Royal Bank of Canada A-1+ 31-Oct-12 0.81 (2,567,000) Euro 3,164,027 Canadian $ (83,152)1 Royal Bank of Canada A-1+ 31-Oct-12 0.80 (3,026,000) Euro 3,774,454 Canadian $ (53,397)1 Royal Bank of Canada A-1+ 4-Jan-13 1.27 (3,245,000) Euro 4,119,826 Canadian $ 5,424 1 Royal Bank of Canada A-1+ 30-Nov-12 79.52 (128,914,000) Japanese Yen 1,621,180 Canadian $ (6,642)1 Royal Bank of Canada A-1+ 31-Oct-12 0.01 (181,022,000) Japanese Yen 2,324,523 Canadian $ 40,888 1 Royal Bank of Canada A-1+ 31-Oct-12 0.01 (70,300,000) Japanese Yen 894,889 Canadian $ 8,047 1 Royal Bank of Canada A-1+ 31-Oct-12 6.83 (13,941,000) Swedish Krona 2,042,118 Canadian $ (44,706)1 Royal Bank of Canada A-1+ 4-Jan-13 6.71 (231,000) Swedish Krona 34,441 Canadian $ (127)1 Royal Bank of Canada A-1+ 30-Nov-12 0.97 (13,000) Swiss Franc 13,448 Canadian $ (180)1 Royal Bank of Canada A-1+ 4-Jan-13 1.05 (2,986,000) Swiss Franc 3,136,555 Canadian $ 1,392 1 Royal Bank of Canada A-1+ 31-Oct-12 0.96 (4,854,000) Swiss Franc 5,048,057 Canadian $ (34,159)1 Royal Bank of Canada A-1+ 31-Oct-12 1.01 (13,875,000) US $ 13,978,785 Canadian $ 325,395 1 Royal Bank of Canada A-1+ 4-Jan-13 0.99 (15,614,000) US $ 15,396,965 Canadian $ 9,055 1 Royal Bank of Canada A-1+ 30-Nov-12 0.99 (2,805,000) US $ 2,775,463 Canadian $ 13,363 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.63 (6,733,000) British Pound 10,675,993 Canadian $ (21,999)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 1.59 (4,680,000) British Pound 7,459,466 Canadian $ 13,338 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 1.27 (24,000) Euro 30,485 Canadian $ 54 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.81 (4,334,000) Euro 5,380,336 Canadian $ (107,611)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.80 (9,697,000) Euro 12,106,317 Canadian $ (160,276)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.01 (135,944,000) Japanese Yen 1,726,638 Canadian $ 7,642 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.01 (73,958,000) Japanese Yen 950,660 Canadian $ 17,661

– 127 –

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

– 127 –– 127 –




Schedule A (cont’d)Foreign Currency Forward Contracts (0.2%)


1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 6.82 (13,342,450) Swedish Krona 1,956,194 Canadian $ (41,035)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 6.70 (21,735,000) Swedish Krona 3,241,613 Canadian $ (10,899)1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 6.75 (3,274,000) Swedish Krona 484,778 Canadian $ (5,207)1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.97 (2,076,000) Swiss Franc 2,147,557 Canadian $ (28,775)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.96 (329,000) Swiss Franc 342,443 Canadian $ (2,025)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.99 (26,575,000) US $ 26,219,427 Canadian $ 29,181 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.01 (4,581,000) US $ 4,619,847 Canadian $ 112,009 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.99 (4,986,000) US $ 4,933,497 Canadian $ 23,752 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.04 (1,827,400) Australian $ 1,908,208 Canadian $ 48,736 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.03 (280,000) Australian $ 289,565 Canadian $ 4,654 1 Toronto-Dominion Bank A-1+ 30-Nov-12 1.02 (614,000) Australian $ 624,647 Canadian $ 946 1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.59 (1,226,000) British Pound 1,952,834 Canadian $ 2,208 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.63 (7,646,000) British Pound 12,122,045 Canadian $ (26,602)1 Toronto-Dominion Bank A-1+ 30-Nov-12 79.85 (1,165,936) Canadian $ 93,100,000 Japanese Yen 9,645 1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.81 (2,000) Euro 2,482 Canadian $ (51)1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.27 (2,791,000) Euro 3,544,710 Canadian $ 5,939 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.80 (9,147,500) Euro 11,422,941 Canadian $ (148,544)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.01 (225,483,000) Japanese Yen 2,897,680 Canadian $ 53,156 1 Toronto-Dominion Bank A-1+ 30-Nov-12 79.53 (335,589,000) Japanese Yen 4,219,760 Canadian $ (17,786)1 Toronto-Dominion Bank A-1+ 31-Oct-12 6.82 (20,734,100) Swedish Krona 3,038,720 Canadian $ (64,961)1 Toronto-Dominion Bank A-1+ 4-Jan-13 6.71 (6,113,000) Swedish Krona 911,517 Canadian $ (3,256)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.96 (1,573,000) Swiss Franc 1,637,603 Canadian $ (9,355)1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.05 (6,312,800) Swiss Franc 6,635,274 Canadian $ 7,110 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.01 (42,750,000) US $ 43,112,948 Canadian $ 1,045,698 Total Foreign Currency Forward Contracts Value 744,802

Harbour Foreign Equity Corporate ClassFinancial Statements (unaudited)

– 128 –













413,982 441,65817,844 7,80152,248 63,393

- -3,382 3,382

- -

2,205 1,415- -- -

309 498996 -

- -818 814

491,784 518,961

- -- -- -

1,460 2,225- -

1,839 -779 721

- -- -

24 25- -

4,102 2,971487,682 515,990

380,779 407,294- -

443,237 472,0901,510 912

12,556 12,96122,955 23,4422,767 1,6441,082 929

11 -379 22110 1,196

923 -1,944 2,299

11 -41 42

245 25411 -

11.21 11.2811.93 12.0012.43 12.4411.84 11.7712.18 12.126.65 6.85

11.35 11.707.78 7.975.25 5.72

11.64 11.865.55 5.80

11.03 11.546.26 6.529.29 9.60

11.31 11.70

39,534,676 41,843,931126,566 75,999

1,010,135 1,041,8421,939,545 1,992,368

227,217 135,671162,845 135,584

945 1048,766 27,6671,944 209,001

79,267 10350,488 396,041

972 106,475 6,475

26,375 26,455954 10







– 129 –










4,605 6,574299 218113 91

- -- -1 2

(568) (981)4,450 5,904

4,510 5,148505 574

- -- (105)

537 6075,552 6,224(1,102) (320)

- -(1,102) (320)

(2,678) 12,568(115) (209)(168) (237)

- -

439 (91,760)(2,522) (79,638)(3,624) (79,958)

(3,803) (73,987)14 -(44) (2,026)147 (3,197)79 -2 (149)1 -7 (13)

(90) (155)84 -(25) (391)

1 -1 (5)1 (35)1 -

(0.09) (1.58)0.12 -(0.04) (1.66)0.07 (1.51)0.43 -0.01 (1.03)1.30 -0.18 (1.13)(0.67) (0.76)1.69 -(0.07) (0.89)1.27 -(0.01) (0.95)0.04 (1.42)1.41 -


2012 2011


2012 2011



– 130 –


– 130 –

























472,090 532,798

15,335 17,945- -

(35,477) (40,741)(4,908) (5,260)

(25,050) (28,056)

- -- -- -- -

(3,803) (73,987)443,237 430,755

912 -

409 -- -

(111) -286 -584 -

- -- -- -- -

14 -1,510 -

12,961 14,760

1,042 777- -

(1,486) (1,598)83 333

(361) (488)

- -- -- -- -

(44) (2,026)12,556 12,246

23,442 24,084

55 754- -

(311) (697)(378) (261)(634) (204)

- -- -- -- -

147 (3,197)22,955 20,683

1,644 -

277 -- -

(13) -780 -

1,044 -

- -- -- -- -

79 -2,767 -

929 950

73 27- -

(32) (56)134 97175 68

- -- -

(24) (26)(24) (26)

2 (149)1,082 843


2012 2011


2012 2011




– 131 –

























.- -

10 -- -

(4) -847 -853 -

- -- -

(14) -(14) -84 -

923 -

2,299 2,707

86 124- -

(163) (60)(172) 11(249) 75

- -- -

(81) (111)(81) (111)(25) (391)

1,944 2,280

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

221 92

1 -- -

(4) -163 -160 -

- -- -

(9) (2)(9) (2)7 (13)

379 77

1,196 1,174

10 80- -

(4) (40)(1,094) -(1,088) 40

- -- -

(8) (30)(8) (30)

(90) (155)10 1,029


2012 2011



2012 2011


– 132 –


















515,990 576,744

17,328 19,722- -

(37,607) (43,194)(4,258) (4,961)

(24,537) (28,433)

- -- -

(147) (181)(147) (181)

(3,624) (79,958)487,682 468,172

42 28

- 15- -- -- -- 15

- -- -

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

41 37

254 151

- -- -

(2) (2)1 119(1) 117

- -- -

(9) (11)(9) (11)1 (35)

245 222

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011



2012 2011


Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 133 –










2012 2011

41,843,931 47,951,9091,410,767 1,661,237

- -(3,266,278) (3,813,880)

(453,744) (495,648)39,534,676 45,303,618

75,999 -35,622 -

- -(9,184) -24,129 -

126,566 -

1,041,842 1,217,91585,998 66,430

- -(123,518) (137,591)

5,813 27,5351,010,135 1,174,289

1,992,368 2,130,0134,664 68,250

- -(27,358) (64,371)(30,129) (22,479)

1,939,545 2,111,413

135,671 -24,046 -

- -(1,122) -68,622 -

227,217 -

135,584 133,59211,030 3,934

19 17(4,920) (8,699)21,132 13,442

162,845 142,286

10 -920 -15 -

- -- -

945 -









2012 2011

27,667 11,298103 -

8 -(558) (20)

21,546 -48,766 11,278

209,001 202,7521,928 14,919

16 -(775) (7,086)

(208,226) -1,944 210,585

10 -902 -15 -

(341) -78,681 -79,267 -

396,041 434,82215,915 20,394

- -(29,265) (10,156)(32,203) 1,802350,488 446,862

10 -937 -25 -

- -- -

972 -

6,475 4,000- 2,475- -- -- -

6,475 6,475

26,455 15,065- -- -

(173) (169)93 11,731

26,375 26,627


– 134 –


– 134 –



2012 2011

10 -920 -24 -

- -- -

954 -







2012 2011












11.21 9.5111.22 9.53

11.93 -11.94 -

12.43 10.4312.44 10.45

11.84 9.8011.85 9.82

12.18 -12.19 -

6.65 5.926.65 5.94

11.35 -11.36 -

7.78 6.867.78 6.87

5.25 4.895.25 4.90

11.64 -11.65 -

5.55 5.105.55 5.11


2012 2011

11.03 -11.04 -

6.26 5.696.27 5.71

9.29 8.339.30 8.34

11.31 -11.33 -



73,740 59,64877,427 62,631



157 221- 25



– 135 –





2.001.951.00


2.001.951.00


2.001.951.00


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15


Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 136 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 38.5 U.K............................................................................................................................................ 13.1 Short-Term Investments........................................................................................................... 12.3 Switzerland .............................................................................................................................. 6.6 Ireland ...................................................................................................................................... 5.3 Canada ..................................................................................................................................... 4.7 Germany ................................................................................................................................... 4.2 Sweden .................................................................................................................................... 3.0 Taiwan...................................................................................................................................... 3.0 Japan ....................................................................................................................................... 2.6 Australia................................................................................................................................... 2.5 France....................................................................................................................................... 2.1 Cash & Equivalents.................................................................................................................. 1.5 Other Net Assets (Liabilities) .................................................................................................. 0.8 Foreign Currency Forward Contracts ....................................................................................... (0.2)

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

Credit RiskThe Fund was invested in fixed income securities, preferred securities and derivative instruments, asapplicable, with the following credit rating:


as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 7.3 AA/Aa/A+ 0.1 Not Rated 5.1 Total 12.5





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 177,111 (124,435) 52,676 10.8 British Pound 71,353 (66,479) 4,874 1.0 Euro 62,859 (60,720) 2,139 0.4 Japanese Yen 18,814 (17,899) 915 0.2 Swedish Krona 14,920 (14,082) 838 0.2 Swiss Franc 33,102 (32,637) 465 0.1 Australian Dollar 5,860 (5,502) 358 0.1 Total 384,019 (321,754) 62,265 12.8


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 215,589 (146,746) 68,843 13.3 Euro 59,515 (55,881) 3,634 0.7 British Pound 68,462 (66,028) 2,434 0.5 Swiss Franc 33,848 (32,025) 1,823 0.4 Japanese Yen 13,252 (12,171) 1,081 0.2 Swedish Krona 15,681 (14,841) 840 0.2 Australian Dollar 4,802 (4,661) 141 - Total 411,149 (332,353) 78,796 15.3

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$6,227,000 (March 31, 2012 - $7,880,000). In practice, actual results may differ from this analysisand the difference may be material.



Harbour Voyageur Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 137 –



CANADA (45.0%) 41,000 Aecon Group Inc. 529,042 494,460 9,900 Agrium Inc. 875,775 1,006,830

28,700 Alimentation Couche-Tard Inc., Class B 1,225,907 1,294,370 21,000 Barrick Gold Corp. 838,649 862,260 84,600 Bauer Performance Sports Ltd. 734,821 908,604 31,000 Cameco Corp. 657,550 592,100 22,200 Canadian Imperial Bank of Commerce 1,671,570 1,705,626 53,500 Canadian Natural Resources Ltd. 1,813,310 1,618,910 22,000 Canadian Western Bank 638,686 657,580 61,000 Canyon Services Group Inc. 701,653 725,900 58,000 Crew Energy Inc.* 438,376 419,920 18,500 Dollarama Inc. 1,054,158 1,159,580 42,000 Finning International Inc. 1,142,786 998,340 14,000 Gildan Activewear Inc. 396,505 435,540 34,400 Intact Financial Corp. 2,124,795 2,050,240 55,000 Major Drilling Group International Inc. 781,459 551,100 18,000 New Gold Inc.* 168,056 216,540 36,000 Penn West Petroleum Ltd.* 532,740 503,640 50,000 Rocky Mountain Dealerships Inc. 585,132 539,500 20,000 Toronto-Dominion Bank 1,661,902 1,637,800 54,000 Yamana Gold Inc. 785,097 1,014,120

19,357,969 19,392,960 U.S.A. (23.0%)

12,600 Abbott Laboratories Inc. 781,439 849,185 2,500 Coach Inc. 154,190 137,687

41,500 CVS Caremark Corp. 1,863,208 1,975,471 10,600 Express Scripts Holding Co. 649,699 652,794 16,000 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 607,313 622,392 30,000 General Electric Co. 579,849 669,925

700 Google Inc., Class A 418,307 519,242 24,500 Halliburton Co 850,543 810,901 3,100 Mastercard Inc., Class A 1,353,790 1,375,854 6,200 Pioneer Natural Resources Co. 682,170 636,168 6,000 VeriFone Systems Inc. 210,416 164,192

22,700 Yum! Brands Inc. 1,584,423 1,480,328 9,735,347 9,894,139

BELGIUM (4.0%) 20,300 Anheuser-Busch InBev N.V., ADR 1,506,956 1,714,855

U.K. (3.5%) 18,300 Ensco PLC, Class A 1,000,604 981,418 35,600 Xstrata PLC 667,257 541,109

1,667,861 1,522,527 FRANCE (2.8%)

15,400 Compagnie Generale des Etablissements Michelin, Class B 1,121,743 1,186,337

SWITZERLAND (2.3%) 21,100 Aryzta AG 1,045,097 995,023

IRELAND (1.0%) 8,700 Kerry Group PLC, Class A 397,430 430,421

SOUTH KOREA (1.0%) 700 Samsung Electronics Co., Ltd., GDR 410,913 414,364

JAPAN (0.9%) 5,500 Nidec Corp.* 483,373 395,086


Total Equities (83.5%) 35,689,378 35,945,712


Foreign Currency Forward Contracts (0.4%) (see Schedule A) 192,201



Net Assets (100.0%) 43,052,645



– 138 –

Harbour Voyageur Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 138 –






1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.64 (19,000) British Pound 29,782 Canadian $ (406)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.63 (651,000) British Pound 1,031,835 Canadian $ (2,532)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.84 (22,909) Canadian $ 1,829,000 Japanese Yen 186 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.63 (30,177) Canadian $ 19,000 British Pound 12 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.64 (598,633) Canadian $ 385,000 British Pound 13,076 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.53 (2,142,000) Japanese Yen 26,933 Canadian $ (114)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.01 (1,985,000) Japanese Yen 25,301 Canadian $ 260 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.01 (27,233,375) Japanese Yen 349,989 Canadian $ 6,434 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.05 (106,000) Swiss Franc 111,053 Canadian $ 68 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.97 (1,700) Swiss Franc 1,758 Canadian $ (24)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.05 (46,000) Swiss Franc 48,335 Canadian $ 171 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.96 (700) Swiss Franc 728 Canadian $ (4)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.02 (2,171,000) US $ 2,122,977 Canadian $ (13,274)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.99 (26,200) US $ 25,924 Canadian $ 125 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 1.02 (591,000) US $ 577,726 Canadian $ (4,219)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.01 (611,000) US $ 614,470 Canadian $ 13,231 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.01 (6,957,000) US $ 7,016,239 Canadian $ 170,347 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.63 (1,500) British Pound 2,378 Canadian $ (5)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.63 (27,000) British Pound 42,707 Canadian $ (192)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.64 (45,000) British Pound 70,374 Canadian $ (1,125)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.80 (939,750) Euro 1,173,240 Canadian $ (15,533)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.28 (77,000) Euro 98,601 Canadian $ 1,194 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.97 (17,700) Swiss Franc 18,310 Canadian $ (245)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.96 (686,000) Swiss Franc 714,031 Canadian $ (4,223)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 1.01 (919,600) US $ 927,398 Canadian $ 22,485 1 Toronto-Dominion Bank A-1+ 31-Oct-12 79.62 (25,582) Canadian $ 2,037,000 Japanese Yen 114 1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.27 (180,000) Euro 228,609 Canadian $ 383 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.01 (3,124,200) Japanese Yen 40,149 Canadian $ 737 1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.05 (59,500) Swiss Franc 62,539 Canadian $ 67 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.96 (9,850) Swiss Franc 10,255 Canadian $ (59)1 Toronto-Dominion Bank A-1+ 4-Jan-13 0.99 (1,215,300) US $ 1,198,407 Canadian $ 705 1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.01 (176,200) US $ 177,696 Canadian $ 4,310 1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.99 (53,000) US $ 52,441 Canadian $ 251 Total Foreign Currency Forward Contracts Value 192,201

Harbour Voyageur Corporate ClassFinancial Statements (unaudited)

– 139 –








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





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





35,946 1,4686,846 262

- -- -- -- -

234 2- -- -

20 11- -- -

52 243,098 1,745

- -2 -- -

42 3- -- 34- -- -- -1 -- -

45 3743,053 1,708

35,689 1,373- -

41,861 69910 -

366 515551 45679 -15 1610 -11 110 -98 2010 -11 111 -10 -

11.24 11.1610.27 -11.38 11.2412.02 11.7910.28 -10.61 10.7910.18 -10.75 10.8710.19 -10.24 10.5710.13 -10.37 10.6510.52 10.7310.14 -

3,722,998 62,6511,000 -

32,198 45,79945,858 38,6797,701 -1,444 1,4421,008 -1,008 1031,008 -9,549 1,8861,013 -1,045 1061,036 101,013 -




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


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




2012 2011


274 113 -4 -- -- -- -

(20) -271 1

254 126 -

- -- -

36 -316 1(45) -

- -(45) -

(476) -(41) 1(43) (1)

- -

355 (55)(205) (55)(250) (55)

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



(266) (8)- -

(1) (32)14 (15)

- -(1) -- -1 -- -1 -- -1 -1 -- -

(0.11) (2.38)0.27 -(0.02) (1.16)0.34 (0.43)0.35 -0.06 (0.87)0.27 -1.23 (0.84)0.28 -0.16 (0.87)0.27 -1.20 (0.84)1.48 -0.28 -


2012 2011

– 141 –




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











699 -

16,085 124- -

(44) -25,387 -41,428 124

- -- -- -- -

(266) (8)41,861 116

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

515 -

130 495- -

(208) -(70) (275)

(148) 220- -- -- -- -- -

(1) (32)366 188


2012 2011














456 -

3 100- -

(11) -89 28581 385

- -- -- -- -

14 (15)551 370

- -

10 -- -- -

69 -79 -

- -- -- -- -- -

79 -

16 -

- 5- -- -- -- 5

- -- -- -- -

(1) -15 5


2012 2011


– 142 –















- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

1 -

9 1- -- -- -

9 1

- -- -- -- -1 -

11 1

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -













20 -

22 1- -- -

58 -80 1

- -- -

(3) -(3) -1 -

98 1

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

1 -

9 1- -- -- -9 1

- -- -- -- -1 -

11 1


2012 2011


2012 2011

– 143 –
















- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

1,708 -

16,328 727- -

(263) -25,533 1041,598 737

- -- -

(3) -(3) -

(250) (55)43,053 682


2012 2011

– 144 –– 144 –

Harbour Voyageur 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 dividends Shares 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

I 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 dividendsShares 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


2012 2011

62,651 -1,428,399 12,742

- -(4,035) -

2,235,983 -3,722,998 12,742

- -1,000 -

- -- -- -

1,000 -

45,799 -12,102 49,517

- -(19,619) -(6,084) (29,000)32,198 20,517

38,679 -240 10,000

- -(983) (28)

7,922 28,84545,858 38,817

- -1,000 -

- -- -

6,701 -7,701 -

1,442 -- 5412 1- -- -

1,444 542

- -1,000 -

8 -- -- -

1,008 -

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

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 dividends Shares 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

IT8 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


2012 2011

103 -889 10016 1

- -- -

1,008 101

- -1,000 -

8 -- -- -

1,008 -

1,886 -2,106 100

4 1- -

5,553 -9,549 101

- -1,000 -

13 -- -- -

1,013 -

106 -911 10028 1

- -- -

1,045 101

10 -999 -27 -

- -- -

1,036 -

- -1,000 -

13 -- -- -

1,013 -

– 145 –

Harbour Voyageur Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

















11.24 9.1411.26 9.16

10.27 -10.28 -

11.38 9.1511.39 9.17

12.02 9.5312.03 9.55

10.28 -10.29 -

10.61 9.0510.62 9.07

10.18 -10.20 -

10.75 9.0710.76 9.09

10.19 -10.20 -

10.24 9.0010.25 9.02

10.13 -10.14 -

10.37 9.0210.39 9.04

10.52 -10.53 -

10.14 -10.15 -


2012 2011



1,523 -1,599 -



42 -- -

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


2.001.951.00

Paid directly by investor2.001.951.00


0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15


Harbour Voyageur Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 146 –




Categories Net Assets (%)Canada ..................................................................................................................................... 42.1 U.S.A. ....................................................................................................................................... 24.2 Cash & Equivalents.................................................................................................................. 15.3 Switzerland .............................................................................................................................. 4.8 U.K............................................................................................................................................ 4.2 France....................................................................................................................................... 3.5 Belgium .................................................................................................................................... 3.4 Ireland ...................................................................................................................................... 2.2 Japan ....................................................................................................................................... 1.6 Foreign Currency Forward Contracts ....................................................................................... (0.1)Other Net Assets (Liabilities) .................................................................................................. (1.2)

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, as the 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 globalequities and therefore was sensitive to changes in general economic conditions across the world.

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 increased ordecreased, respectively, by approximately $3,595,000 (March 31, 2012 - $147,000). 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 13,095 (12,508) 587 1.4 Euro 1,617 (1,512) 105 0.2 Swiss Franc 995 (970) 25 0.1 Japanese Yen 398 (386) 12 - British Pound 541 (539) 2 - Total 16,646 (15,915) 731 1.7

Currency Risk (cont’d)


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 539 (467) 72 4.2 Euro 96 (89) 7 0.4 Swiss Franc 44 (41) 3 0.2 Japanese Yen 27 (25) 2 0.1 British Pound 72 (71) 1 0.1 Total 778 (693) 85 5.0

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 Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$73,000 (March 31, 2012 - $9,000). In practice, actual results may differ from this analysis and thedifference may be material.


Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 147 –


ENERGY (54.4%) 177,450 ARC Resources Ltd.* 3,514,578 4,241,055 69,800 Baytex Energy Corp.* 2,791,351 3,254,774

105,650 Bonavista Energy Corp.* 2,271,292 1,842,536 68,200 Calfrac Well Services Ltd. 1,623,764 1,613,612 28,950 Cameron International Corp. 1,336,894 1,596,124

179,400 Canadian Natural Resources Ltd. 6,128,721 5,428,644 43,000 Canadian Oil Sands Ltd. 944,435 903,430

207,404 Celtic Exploration Ltd.* 3,162,202 3,780,975 111,985 Cenovus Energy Inc. 3,538,577 3,834,366 20,390 Chevron Corp. 1,791,768 2,336,576 34,150 Continental Resources Inc.* 1,287,921 2,581,616 53,050 Crescent Point Energy Corp.* 2,104,744 2,305,553 44,450 Devon Energy Corp. 3,196,393 2,643,013 44,400 EnCana Corp. 904,541 955,932 13,500 EOG Resources Inc. 1,370,968 1,487,419 84,550 Halliburton Co 2,836,217 2,798,436 40,150 Helmerich & Payne Inc.* 1,895,442 1,880,020 18,000 Hess Corp. 954,754 950,638 44,000 Husky Energy Inc.* 1,150,681 1,160,280 42,500 Imperial Oil Ltd. 1,794,131 1,921,425

133,200 Marathon Oil Corp. 3,877,492 3,870,342 71,650 National Oilwell Varco Inc. 4,597,815 5,640,523 46,900 Occidental Petroleum Corp. 3,878,090 3,967,440 44,800 Paramount Resources Ltd., Class A* 1,508,496 1,338,176 59,600 Peabody Energy Corp. 1,388,051 1,305,717 29,400 Pioneer Natural Resources Co. 2,944,066 3,016,667

108,200 Precision Drilling Corp. 965,209 833,140 133,050 Progress Energy Resources Corp.* 1,711,277 2,913,795 61,800 Range Resources Corp. 3,609,681 4,243,440 27,600 Royal Dutch Shell PLC, Class A 928,522 938,773 49,900 Schlumberger Ltd. 3,789,898 3,547,042

205,886 Suncor Energy Inc. 6,658,736 6,646,000 80,900 Surge Energy Inc. 551,676 615,649

195,000 Talisman Energy Inc. 3,192,684 2,554,500 195,450 Tourmaline Oil Corp. 4,948,198 5,984,679 145,950 Trican Well Service Ltd. 1,901,550 1,863,782 127,700 Trilogy Energy Corp. 3,216,387 3,271,674 49,000 Whiting Petroleum Corp. 2,125,881 2,282,375

96,393,083 102,350,138 MATERIALS (35.4%)

19,300 Agnico-Eagle Mines Ltd. 919,576 984,107 35,650 Agrium Inc. 2,736,239 3,625,605

144,797 Barrick Gold Corp. 5,961,576 5,945,365 181,838 BHP Billiton PLC 5,604,035 5,558,367 94,959 Cameco Corp. 2,442,096 1,813,717 4,400 CF Industries Holdings Inc. 814,022 960,275

47,500 Dow Chemical Co. 1,399,162 1,351,698 267,500 Eldorado Gold Corp. 3,833,903 4,004,475 257,000 First Quantum Minerals Ltd. 5,234,398 5,384,150 49,750 Franco-Nevada Corp.* 1,605,812 2,877,540

156,300 Freeport-McMoRan Copper & Gold Inc., Class B (USD) 5,959,532 6,079,990

96,900 Fresnillo PLC 2,516,812 2,849,683 148,930 Goldcorp Inc. 6,317,264 6,712,275

2,400 HMZ Metals Inc., Restricted Shares^ - -

MATERIALS (35.4%) (cont’d)203,300 IAMGOLD Corp. 3,284,159 3,159,282 830,250 Lundin Mining Corp.* 4,212,576 4,151,250 10,700 Monsanto Co. 852,291 957,653 23,500 Mosaic Co. 1,388,721 1,331,000 75,893 Potash Corp. of Saskatchewan Inc. 3,548,539 3,237,595 41,150 Rio Tinto PLC 2,270,216 1,885,157 76,750 Teck Resources Ltd., Class B 2,811,481 2,221,145 83,600 Yamana Gold Inc. 1,257,598 1,570,008

64,970,008 66,660,337No. of Ounces BULLION (3.6%)

3,931 Gold Bullion 6,461,530 6,847,289


Total Equities (93.4%) 167,672,618 175,857,764

Short-Term Investments (5.8%) 11,000,000 11,000,000(see Schedule A)


Foreign Currency Forward Contracts (-0.1%) (see Schedule B) (152,906)



Net Assets (100.0%) 188,377,935




– 148 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 148 –– 148 –




Schedule BForeign Currency Forward Contracts (-0.1%)


1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (7,774,000) US $ 7,609,735 Canadian $ (47,713)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (3,409,000) US $ 3,336,286 Canadian $ (21,602)1 State Street Corp. A-1 14-Dec-12 1.02 (2,935,000) US $ 2,871,164 Canadian $ (19,828)1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 0.99 (2,143,245) Canadian $ 2,175,000 US $ (814)1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 1.02 (10,824,000) US $ 10,591,500 Canadian $ (70,210)1 UBS AG A-1 14-Dec-12 1.02 (1,092,006) Canadian $ 1,116,000 US $ 7,261 Total Foreign Currency Forward Contracts Value (152,906)

Schedule AShort-Term Investments (5.8%)

Average FairPar Value Description Cost ($) Value ($)

1,000,000 National Bank of Canada 0.9% 10/02/2012 1,000,000 1,000,000 10,000,000 Royal Bank of Canada 0.95% 10/01/2012 10,000,000 10,000,000

Total Short-Term Investments 11,000,000 11,000,000

Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)

– 149 –








Net assets per classA SharesE SharesF SharesI SharesO Shares


A SharesE SharesF SharesI SharesO Shares



175,858 184,424737 840

11,000 21,000- -

319 319- -

7 160- -- -

143 571,395 2,614

- -178 299

189,637 209,713

- -- -- -

160 258- -

828 1,542271 228

- -- -- -- -

1,259 2,028188,378 207,685

167,673 185,700- -

177,630 196,159249 135

4,600 5,4934,445 4,7351,454 1,163

37.92 38.4210.57 10.7141.17 41.4910.34 10.3510.82 10.84

4,684,724 5,105,31723,563 12,592

111,744 132,397429,868 457,302134,432 107,290










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



1,766 1,58562 9014 15

- -- -- -

(78) (104)1,764 1,586

1,771 1,939180 197

1 1- (23)

174 1902,126 2,304(362) (718)

- -(362) (718)

(12,257) 9,272(56) 147

(216) (148)- -

9,406 (55,237)(3,123) (45,966)(3,485) (46,684)

(3,430) (43,889)2 -

(96) (1,517)20 (1,278)19 -

(0.71) (10.08)0.16 -

(0.80) (10.95)0.04 (2.31)0.17 -


2012 2011

Signature Canadian Resource Corporate ClassFinancial Statements (unaudited)

– 150 –















196,159 184,767

3,469 85,282- -

(14,385) (15,735)(4,183) (10,568)

(15,099) 58,979

- -- -- -- -

(3,430) (43,889)177,630 199,857

135 -

96 -- -- -

16 -112 -

- -- -- -- -2 -

249 -

5,493 7,076

139 197- -

(441) (253)(495) 54(797) (2)

- -- -- -- -

(96) (1,517)4,600 5,557


2012 2011I SharesNet assets, beginning of periodCapital transactions












4,735 6,477

834 1,594- -

(759) (234)(385) (1,560)(310) (200)

- -- -- -- -

20 (1,278)4,445 4,999

1,163 -

89 -- -

(65) -248 -272 -

- -- -- -- -

19 -1,454 -

207,685 198,320

4,627 87,073- -

(15,650) (16,222)(4,799) (12,074)

(15,822) 58,777

- -- -- -- -

(3,485) (46,684)188,378 210,413


2012 2011

– 151 –

Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 151 –

†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.








2012 2011

5,105,317 3,904,79096,352 2,127,204

- -(399,306) (366,999)(117,639) (247,631)

4,684,724 5,417,364

12,592 -9,442 -

- -- -

1,529 -23,563 -

132,397 139,9493,543 4,289

- -(11,372) (5,263)(12,824) 1,283111,744 140,258

457,302 520,24588,759 140,543

- -(75,931) (20,040)(40,262) (131,907)429,868 508,841

107,290 -8,828 -

- -(6,416) -24,730 -

134,432 -






37.92 36.8937.96 36.98

10.57 -10.58 -

41.17 39.6241.21 39.72

10.34 9.8210.35 9.85

10.82 -10.83 -


2012 2011



24,063 19,91625,266 20,912



214 14560 26

Annual management fee rateA SharesE SharesF SharesI SharesO Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO Shares

2.001.951.00


0.200.150.20

-0.15


Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 152 –



Categories Net Assets (%)Energy ...................................................................................................................................... 46.8 Materials.................................................................................................................................. 40.1 Short-Term Investments........................................................................................................... 10.1 Other Net Assets (Liabilities) .................................................................................................. 1.1 Bulion ....................................................................................................................................... 1.0 Industrials ................................................................................................................................ 0.5 Consumer Staples.................................................................................................................... 0.4

During the six-month period the Fund's exposure to credit risk changed significantly as disclosed inthe section below. For details relating to other price risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2012, as the Fund's exposureto 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 March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 10.1 AA/Aa/A+ 0.1 Total 10.2





Signature Emerging Markets Corporate Class (formerly CI Emerging Markets Corporate Class)

Statement of Investment Portfolio as at September 30, 2012 (unaudited)

– 153 –


SOUTH KOREA (12.8%) 6,090 Daum Communications Corp. 728,838 609,763 6,630 Green Cross Corp. 959,077 989,307

36,710 Hynix Semiconductor Inc. 924,709 737,389 3,850 Hyundai Mobis Co., Ltd. 1,200,095 1,053,789 6,490 Hyundai Motor Co. 1,223,210 1,441,165

39,258 KB Financial Group Inc., ADR 1,859,194 1,361,511 18,350 Korea Aerospace Industries Ltd. 431,671 452,034 36,230 LG Display Co., Ltd. 943,709 905,286 63,700 LG Life Sciences Ltd. 1,981,539 2,654,682 2,960 NCSoft Corp. 868,365 620,707 7,171 Samsung Electronics Co., Ltd. 5,842,976 8,515,949 7,880 Samsung Engineering Co., Ltd. 1,327,662 1,332,374

27,810 Shinhan Financial Group Co., Ltd. 1,176,308 930,618 19,467,353 21,604,574

BRAZIL (8.7%) 34,874 Banco Bradesco S.A., Preferred, ADR* 599,605 551,068 71,050 Banco do Brasil S.A. 993,886 854,322 74,400 Banco Santander Brasil S.A. 577,373 534,813 47,500 CETIP S.A. - Balcao Organizado

de Ativos e Derivativos 599,347 612,622 40,650 Cia Brasileira de Distribuicao Grupo

Pao de Acucar., Preferred 1,681,554 1,776,110 66,400 Cia De Bebidas Das Americas 1,849,430 2,040,307

200,380 Companhia de Concessoes Rodoviarias 1,180,311 1,773,773 288,650 Fleury S.A. 3,691,414 3,337,787 29,800 Iochpe-Maxion S.A. 392,013 384,340 71,300 Itau Unibanco Holding S.A., ADR* 1,209,655 1,069,872

119,050 Mills Estruturas e Servicosde Engenharia S.A. 1,565,052 1,679,786

14,339,640 14,614,800HONG KONG (8.3%)

489,052 AIA Group Ltd. 1,695,952 1,782,944 1,727,550 BBMG Corp. 1,325,459 1,294,682

840,400 China Gas Holdings Ltd. 432,883 450,787 489,700 Digital China Holdings Ltd. 782,249 766,285 199,250 ENN Energy Holdings Ltd. 665,468 821,158 583,350 Galaxy Entertainment Group Ltd. 1,462,117 1,919,603 400,650 Hang Lung Properties Ltd. 1,427,563 1,346,344

3,209,550 Ju Teng International Holdings Ltd. 1,287,790 1,314,594 1,982,150 Lenovo Group Ltd. 1,477,112 1,613,676

405,500 Li & Fung Ltd. 767,051 617,045 1,641,100 Want Want China Holdings Ltd. 1,615,716 2,060,227

12,939,360 13,987,345TAIWAN (7.0%)

75,950 Asustek Computer Inc. 691,179 808,356 280,995 Hon Hai Precision Industry Co., Ltd. 950,190 865,656 71,550 Largan Precision Co., Ltd. 1,501,800 1,455,893

437,450 Manchester United Plc 1,610,300 1,554,410 74,300 MediaTek Inc. 785,846 769,624

559,750 Taiwan Mobile Co., Ltd. 1,717,027 2,007,747 282,500 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 3,671,541 4,394,531 10,927,883 11,856,217

THAILAND (5.9%) 465,977 Bangkok Bank PCL 2,223,949 2,988,725 192,393 Kasikornbank PCL 688,898 1,120,411 341,542 Kasikornbank PCL, Foreign

Registered Shares 1,151,170 1,988,989 2,444,000 Land and Houses Public Co. Ltd. 606,551 705,789

234,750 Siam Cement PCL 2,519,687 2,614,306 418,950 Tisco Financial Group PCL 484,405 614,958

7,674,660 10,033,178CHINA (5.2%)

1,644,300 China Railway Construction Corp., Ltd., Class H 1,342,444 1,457,482

594,791 China Shenhua Energy Co., Ltd., Class H 2,497,942 2,262,718

5,398 CNOOC Ltd., ADR 890,086 1,075,003 1,641,750 CSR Corp., Ltd., Class H 1,254,214 1,065,913

13,707 PetroChina Co., Ltd., ADR 1,828,065 1,741,645 774,050 Wumart Stores Inc., Class H 1,614,741 1,136,639

9,427,492 8,739,400MEXICO (4.5%)

10,050 Coca-Cola Femsa S.A.B. de C.V. 953,325 1,274,705 407,400 Grupo Bimbo S.A.B. de C.V., Class A 952,934 996,278 96,000 Grupo Financiero Santander

Mexico S.A.B. de C.V. 1,152,668 1,293,241 74,050 Grupo Televisa S.A., ADR 1,621,217 1,711,848

616,500 OHL Mexico S.A.B. de C.V. 969,834 973,996 504,950 Wal-Mart de Mexico S.A.B. de C.V. 1,446,492 1,394,152

7,096,470 7,644,220U.S.A. (4.2%)

52,500 Citigroup Inc. 1,646,356 1,688,086 40,150 Freeport-McMoRan Copper

& Gold Inc., Class B (USD) 1,497,611 1,561,814 32,750 Noble Energy Inc. 2,904,533 2,985,558 9,300 Occidental Petroleum Corp. 927,432 786,720

6,975,932 7,022,178RUSSIA (3.5%)

131,002 Mobile Telesystems OJSC, ADR 2,595,118 2,258,122 1,145,888 Sberbank of Russia 3,159,153 3,154,916

42,900 Sberbank of Russia, GDR 509,202 493,128 6,263,473 5,906,166

INDONESIA (3.3%) 861,000 Astra International Tbk PT 634,458 645,805

2,762,728 PT Bank Mandiri 1,868,442 2,313,510 1,726,250 Semen Gresik Persero Tbk PT 2,011,843 2,554,123

4,514,743 5,513,438U.K. (3.2%)

149,400 Ashmore Group PLC 754,855 807,555 60,900 BG Group PLC 1,327,611 1,208,813 37,850 BHP Billiton PLC 1,295,668 1,156,987

504,601 Standard Chartered PLC 2,169,872 2,193,772 5,548,006 5,367,127

SOUTH AFRICA (2.9%) 56,550 Naspers Ltd. 2,921,447 3,341,294

133,650 Vodacom Group Ltd. 1,641,121 1,606,209 4,562,568 4,947,503




– 154 –


Statement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 154 –


CAYMAN ISLANDS (2.8%) 1,969,350 Haitian International Holdings Ltd. 2,201,740 2,195,112 4,118,750 Hengdeli Holdings Ltd. 1,929,599 1,169,926 1,201,150 Intime Department Store Group Co., Ltd. 1,437,770 1,277,921

442,600 Phoenix Satellite Television Holdings Ltd. 158,852 135,261 5,727,961 4,778,220

BERMUDA (2.7%) 70,550 Cheung Kong Infrastructure Holdings Ltd. 410,961 419,580 14,000 Credicorp Ltd. 1,630,351 1,723,534

7,153,400 GOME Electrical Appliances Holding Ltd. 2,259,982 743,826 223,600 Kunlun Energy Co., Ltd. 365,967 384,482

1,859,400 Trinity Ltd. 1,629,454 1,223,728 6,296,715 4,495,150

SINGAPORE (1.9%) 553,000 CapitaMalls Asia Ltd. 673,499 731,136 991,715 Global Logistic Properties Ltd. 1,570,418 1,994,571 46,041 Great Eastern Holdings Ltd. 492,062 561,498

2,735,979 3,287,205NETHERLANDS (1.8%)

89,650 Royal Dutch Shell PLC, Class A 3,038,784 3,049,310

SWITZERLAND (1.6%) 6,671 Syngenta AG 2,139,196 2,451,830

19,700 Weatherford International Ltd., (Switzerland) 271,703 245,432

2,410,899 2,697,262JERSEY ISLAND (1.5%)

493,210 Atrium European Real Estate Ltd. 2,421,818 2,511,767

JAPAN (1.5%) 64,860 Asahi Group Holdings Ltd. 1,351,255 1,569,394 65,900 Nexon Co., Ltd. 1,045,125 888,634

2,396,380 2,458,028INDIA (1.4%)

254,634 Bharti Airtel Ltd. 1,951,472 1,256,408 72,217 Housing Development Finance Corp., Ltd. 924,483 1,034,233

2,875,955 2,290,641TURKEY (1.2%)

296,619 Enka Insaat ve Sanayi A.S. 779,928 730,181 333,442 Turkiye Garanti Bankasi AS 1,353,328 1,368,046

2,133,256 2,098,227ISRAEL (1.1%)

159,357 ICL-Israel Chemicals Ltd. 1,873,513 1,891,713

CHILE (1.1%) 663,150 Aguas Andinas S.A. 390,167 436,460 10,596 Banco de Chile, ADR* 889,584 867,597 7,800 Banco Santander Chile S.A., ADR 560,062 561,350

1,839,813 1,865,407CZECH REPUBLIC (1.1%)

9,532 Komercni Banka AS 1,983,562 1,859,188

CANADA (1.0%) 40,900 First Quantum Minerals Ltd. 754,199 856,855

170,500 Lundin Mining Corp.* 894,247 852,500 1,648,446 1,709,355

AUSTRIA (0.8%) 24,300 Erste Group Bank AG 478,463 528,174 19,750 Vienna Insurance Group AG

Wiener Versicherung Gruppe 870,522 819,994 1,348,985 1,348,168

POLAND (0.7%) 62,800 PGE S.A. 360,448 354,104 76,600 Powszechna Kasa Oszczednosci

Bank Polski S.A. 754,718 834,914 1,115,166 1,189,018


NETHERLANDS ANTILLES (0.4%) 10,500 Schlumberger Ltd. 815,151 746,372

COLOMBIA (0.4%) 10,550 Bancolombia S.A., ADR 627,352 619,111

ITALY (0.1%) 21,136 Pirelli & C S.p.A.* 224,137 223,692


Total Equities (93.1%) 151,827,008 157,207,793


Foreign Currency Forward Contracts (0.0%)(see Schedule A) (18,781)



Net Assets (100.0%) 168,900,380




– 155 –



– 155 –– 155 –






1 Credit Suisse Group AG A-1 11-Oct-12 0.03 (2,895,067) Canadian $ 85,694,000 Taiwanese $ (21,369)1 Credit Suisse Group AG A-1 11-Oct-12 0.03 (85,694,000) Taiwanese $ 2,925,808 Canadian $ 52,095 1 Morgan Stanley A-2 11-Oct-12 1.28 (578,986) Canadian $ 454,000 Euro (5,035)1 Morgan Stanley A-2 11-Oct-12 0.80 (255,000) Euro 319,753 Canadian $ (2,618)1 Morgan Stanley A-2 11-Oct-12 0.80 (275,000) Euro 342,133 Canadian $ (5,520)1 Royal Bank of Canada A-1+ 11-Oct-12 13.26 (2,752,220) Canadian $ 36,491,000 Mexican Peso 32,292 1 Royal Bank of Canada A-1+ 11-Oct-12 13.34 (2,108,000) Mexican Peso 158,069 Canadian $ (2,785)1 Royal Bank of Canada A-1+ 11-Oct-12 13.30 (34,383,000) Mexican Peso 2,585,713 Canadian $ (37,941)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (161,202) Canadian $ 126,000 Euro (1,911)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (892,744) Canadian $ 700,000 Euro (7,798)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.82 (100,000) Euro 122,646 Canadian $ (3,773)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.79 (153,000) Euro 192,715 Canadian $ (708)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (224,000) Euro 280,113 Canadian $ (3,067)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (610,000) Euro 765,333 Canadian $ (5,828)1 UBS AG A-1 11-Oct-12 0.63 (2,088,000) British Pound 3,309,000 Canadian $ (7,381)1 UBS AG A-1 11-Oct-12 0.63 (223,000) British Pound 353,143 Canadian $ (1,049)1 UBS AG A-1 11-Oct-12 1.59 (164,000) British Pound 260,811 Canadian $ 328 1 UBS AG A-1 11-Oct-12 0.64 (241,310) Canadian $ 154,000 British Pound 3,287 Total Foreign Currency Forward Contracts Value (18,781)


Financial Statements (unaudited)

– 156 –













157,208 157,37114,725 12,829

- -- -

146 146- -

88 65- -- -

36 27- 376- -

153 138172,356 170,952

- -- -- -

107 117- -

3,164 2,103185 51

- -- -- -- -

3,456 2,271168,900 168,681

151,827 149,367- -

158,747 157,958513 503

2,135 2,6613,360 3,8344,121 3,710

10 -14 15

13.96 14.4511.07 11.4417.18 17.7010.92 11.1511.33 11.599.07 9.839.31 9.93

11,375,430 10,929,41746,328 43,971

124,277 150,360307,830 343,759363,602 320,105

1,152 101,520 1,478








– 157 –










2,951 2,8594 419 11- -- -- -

(312) (269)2,652 2,642

1,647 1,565172 171

- 1- (9)

179 1671,998 1,895

654 747- -

654 747

(2,962) 3,221(557) (6)(226) (574)

- -

(2,590) (29,281)(6,335) (26,640)(5,681) (25,893)

(5,403) (24,149)(15) -

(112) (394)(83) (1,350)(68) -

- -- -

(0.51) (2.56)(0.35) -(0.84) (2.78)(0.24) (1.12)(0.19) -0.66 -(0.23) -


2012 2011















157,958 123,873

14,374 52,889- -

(3,202) (5,993)(4,980) (2,471)6,192 44,425

- -- -- -- -

(5,403) (24,149)158,747 144,149

503 -

25 -- -- -- -

25 -

- -- -- -- -

(15) -513 -

2,661 2,537

241 394- -

(695) (420)40 181

(414) 155

- -- -- -- -

(112) (394)2,135 2,298


2012 2011

– 158 –



– 158 –













3,834 26,925

12 2,790- -

(454) (23,587)51 (1,014)

(391) (21,811)

- -- -- -- -

(83) (1,350)3,360 3,764

3,710 -

454 -- -

(37) -62 -

479 -

- -- -- -- -

(68) -4,121 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011











15 -

- -- -

(4) -4 -- -

- -- -

(1) -(1) -- -

14 -

168,681 153,335

15,116 56,073- -

(4,392) (30,000)(4,823) (3,304)5,901 22,769

- -- -

(1) -(1) -

(5,681) (25,893)168,900 150,211


2012 2011


Financial Statements – Supplementary Schedules (unaudited)

– 159 –










2012 2011

10,929,417 8,060,1161,034,291 3,574,591

8 -(233,619) (403,298)(354,667) (169,265)

11,375,430 11,062,144

43,971 -2,367 -

- -(10) -

- -46,328 -

150,360 136,32413,894 21,394

- -(42,302) (22,985)

2,325 10,116124,277 144,849

343,759 2,332,2011,123 267,521

- -(41,879) (2,125,997)

4,827 (94,310)307,830 379,415

320,105 -41,031 -

- -(3,305) -5,771 -

363,602 -

10 -1,108 -

34 -- -- -

1,152 -

1,478 -- -

12 -(443) -473 -

1,520 -









13.96 13.0314.00 13.07

11.07 -11.10 -

17.18 15.8717.24 15.91

10.92 9.9210.95 9.95

11.33 -11.37 -

9.07 -9.10 -

9.31 -9.34 -


2012 2011

– 160 –






2,155 2,0732,263 2,177



218 56261 101




2.251.951.25



0.220.150.22

-0.150.22

-



Fund Specific Financial Instruments Risks (Note 11) (unaudited)

– 161 –



Categories Net Assets (%)Brazil ........................................................................................................................................ 14.4 South Korea ............................................................................................................................. 11.4 Hong Kong................................................................................................................................ 7.7 Cash & Equivalents.................................................................................................................. 7.6 China ........................................................................................................................................ 6.5 Taiwan...................................................................................................................................... 6.2 Thailand ................................................................................................................................... 5.6 South Africa ............................................................................................................................. 4.0 Mexico ..................................................................................................................................... 3.8 Indonesia.................................................................................................................................. 3.6 India ......................................................................................................................................... 3.1 Cayman Islands........................................................................................................................ 3.1 Russia....................................................................................................................................... 3.1 U.K............................................................................................................................................ 2.8 U.S.A. ....................................................................................................................................... 2.2 Netherlands ............................................................................................................................. 1.7 Bermuda ................................................................................................................................... 1.6 Turkey ....................................................................................................................................... 1.5 Japan ....................................................................................................................................... 1.4 Chile ......................................................................................................................................... 1.3 Czech Republic ......................................................................................................................... 1.3 Switzerland .............................................................................................................................. 1.2 British Virgin Islands................................................................................................................ 1.2 Singapore ................................................................................................................................. 1.1 Israel ........................................................................................................................................ 1.0 Colombia .................................................................................................................................. 0.7 Austria...................................................................................................................................... 0.5 Germany ................................................................................................................................... 0.5 Canada ..................................................................................................................................... 0.4 Netherlands Antilles................................................................................................................ 0.4 Other Net Assets (Liabilities) .................................................................................................. (0.9)

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



(in $000's) (in $000's) (in $000's) (in $000's)Equities 134,264 22,944 - 157,208 Foreign currency forward contracts, net - (19) - (19)Total 134,264 22,925 - 157,189

During period ended September 30, 2012, equity investments with a net fair value of $20,160,000 weretransferred from Level 1 into Level 2.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 157,371 - - 157,371 Foreign currency forward contracts, net - (52) - (52) Total 157,371 (52) - 157,319




Signature Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 162 –


CANADA (47.6%) 143,062 ARC Resources Ltd.* 2,786,053 3,419,182 68,650 Baytex Energy Corp.* 2,235,808 3,201,150 74,800 Bonavista Energy Corp.* 1,569,514 1,304,512 61,300 Calfrac Well Services Ltd. 1,403,032 1,450,358 67,750 Cameco Corp. 1,970,786 1,294,025

127,440 Canadian Natural Resources Ltd. 4,233,463 3,856,334 31,300 Canadian Oil Sands Ltd. 687,461 657,613

220,900 Celtic Exploration Ltd. 3,015,920 4,027,007 110,675 Cenovus Energy Inc. 3,267,542 3,789,512 60,400 Crescent Point Energy Corp.* 2,418,203 2,624,984

147,200 Crew Energy Inc.* 1,027,067 1,065,728 43,000 Enbridge Inc.* 1,642,413 1,649,910 31,925 EnCana Corp.* 858,162 687,345 70,950 Husky Energy Inc.* 2,043,207 1,870,952 43,100 Imperial Oil Ltd. 1,899,192 1,948,551 93,500 Legacy Oil + Gas Inc. 702,802 626,450 35,800 MEG Energy Corp. 1,350,914 1,330,686

146,700 NuVista Energy Ltd. 648,062 660,150 89,100 Painted Pony Petroleum Ltd., Class A 1,015,451 957,825 69,100 Paramount Resources Ltd., Class A* 2,135,874 2,064,017

156,600 Precision Drilling Corp. 1,378,049 1,205,820 146,500 Progress Energy Resources Corp.* 1,821,311 3,208,350 34,850 ShawCor Ltd., Class A,

Sub-Voting Shares 973,159 1,482,170 157,744 Suncor Energy Inc. 5,079,091 5,091,976 197,150 Surge Energy Inc.* 1,327,859 1,500,312 165,900 Talisman Energy Inc. 2,730,395 2,173,290 141,850 Tourmaline Oil Corp. 3,688,486 4,343,447 103,300 Trican Well Service Ltd. 1,316,222 1,319,141 90,500 Trilogy Energy Corp. 2,264,280 2,318,610 33,450 Vermilion Energy Inc.* 1,346,749 1,545,390

297,800 Vero Energy Inc. 796,535 750,456 59,633,062 63,425,253

U.S.A. (35.7%) 31,050 Anadarko Petroleum Corp. 2,259,594 2,133,852 28,250 Cameron International Corp. 1,371,526 1,557,531 31,160 Chevron Corp. 2,811,718 3,570,755 37,250 Continental Resources Inc.* 1,457,928 2,815,965 31,600 Devon Energy Corp. 2,251,215 1,878,947 9,800 EOG Resources Inc. 995,221 1,079,756

23,321 Exxon Mobil Corp. 1,650,935 2,096,409 80,500 Halliburton Co 2,646,070 2,664,389 28,550 Helmerich & Payne Inc.* 1,325,823 1,336,851 27,300 Hess Corp. 1,684,256 1,441,801 12,841 Kinder Morgan Inc. 411,622 448,244 19,424 Kinder Morgan Inc., Warrants (25May17) - 64,175 95,750 Marathon Oil Corp. 2,770,768 2,782,171 52,050 National Oilwell Varco Inc. 3,344,839 4,097,547 16,600 Noble Energy Inc. 1,442,876 1,513,290 59,650 Occidental Petroleum Corp. 5,030,576 5,046,008 58,400 Peabody Energy Corp. 1,346,628 1,279,427 29,950 Pioneer Natural Resources Co. 2,966,986 3,073,101 29,000 Plains Exploration & Production Co.* 967,833 1,068,487 32,850 Questar Corp. 511,111 656,044

U.S.A. (35.7%) (cont’d)53,100 Range Resources Corp.* 2,900,183 3,646,063 20,600 Southwestern Energy Co. 760,087 704,708 21,400 Valero Energy Corp. 682,245 666,422 43,200 Whiting Petroleum Corp.* 1,545,943 2,012,217

43,135,983 47,634,160NETHERLANDS ANTILLES (2.2%)

40,850 Schlumberger Ltd. 3,026,646 2,903,741

U.K. (1.8%) 91,650 BG Group PLC 1,926,190 1,819,174 11,500 Ensco PLC, Class A 652,790 616,738

2,578,980 2,435,912NETHERLANDS (1.5%)

58,384 Royal Dutch Shell PLC, Class A 2,020,299 1,985,844

SWITZERLAND (0.9%) 17,500 Noble Corp. 657,724 615,351 49,100 Weatherford International Ltd.,

(Switzerland) 611,446 611,710 1,269,170 1,227,061

AUSTRALIA (0.5%) 180,500 Aurora Oil & Gas Ltd. 686,099 657,020


Total Equities (90.2%) 112,235,502 120,268,991

Short-Term Investments (9.0%) 12,000,000 12,000,000 (see Schedule A)


Foreign Currency Forward Contracts (-0.1%)(see Schedule B) (133,499)



Net Assets (100.0%) 133,291,977




– 163 –

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

– 163 –– 163 –

‡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.





1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (6,216,000) US $ 6,084,656 Canadian $ (38,150)1 Morgan Stanley A-2 14-Dec-12 1.02 (962,000) US $ 941,052 Canadian $ (6,523)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (2,207,000) US $ 2,159,925 Canadian $ (13,986)1 State Street Corp. A-1 14-Dec-12 1.02 (5,526,000) US $ 5,405,810 Canadian $ (37,332)1 UBS AG A-1 14-Dec-12 0.99 (2,119,811) Canadian $ 2,151,000 US $ (1,020)1 UBS AG A-1 14-Dec-12 1.02 (5,608,000) US $ 5,487,428 Canadian $ (36,488)Total Foreign Currency Forward Contracts Value (133,499)

Schedule A

Short-Term Investments (9.0%)

No. of Shares/ Average Fair

Par Value Description Cost ($) Value ($)

5,000,000 ABN Amro Canada 1% 10/01/2012 5,000,000 5,000,000

7,000,000 National Bank of Canada 0.9% 10/02/2012 7,000,000 7,000,000Total Short-Term Investments 12,000,000 12,000,000

Signature Global Energy Corporate ClassFinancial Statements (unaudited)

– 164 –










A SharesF Shares


A SharesF Shares

120,269 130,5782,366 2,114

12,000 15,000- -

327 327- -

- 35- -- -

59 73671 -

- -152 211

135,844 148,338

- -- -- -

133 227- -

2,111 1,113308 331

- -- -- -- -

2,552 1,671133,292 146,667

112,236 124,632- -

119,637 133,00513,655 13,662

43.48 44.0333.47 33.72

2,751,805 3,020,440407,967 405,202












A SharesF Shares

1,202 1,375- 175

22 18- -- -- -

(58) (60)1,166 1,508

1,258 1,699146 196

1 1- (22)

146 1911,551 2,065(385) (557)

- -(385) (557)

(3,922) 4,53235 70

(144) (109)- -

2,146 (52,274)(1,885) (47,781)(2,270) (48,338)

(2,215) (44,238)(55) (4,100)

(0.77) (13.25)(0.15) (9.61)


2012 2011

Signature Global Energy Corporate ClassFinancial Statements (unaudited)

– 165 –















133,005 183,993

3,512 8,839- -

(11,384) (15,425)(3,281) (3,241)

(11,153) (9,827)

- -- -- -- -

(2,215) (44,238)119,637 129,928

13,662 17,682

149 1,231- -

(1,014) (961)913 (1,401)48 (1,131)

- -- -- -- -

(55) (4,100)13,655 12,451

146,667 201,675

3,661 10,070- -

(12,398) (16,386)(2,368) (4,642)

(11,105) (10,958)

- -- -- -- -

(2,270) (48,338)133,292 142,379


2012 2011

Signature Global Energy Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 166 –





2012 2011

3,020,440 3,431,33185,015 183,249

- -(273,481) (324,158)(80,169) (66,439)

2,751,805 3,223,983

405,202 435,4534,675 32,337

- -(32,440) (25,786)30,530 (36,289)

407,967 405,715




43.48 40.3043.53 40.38

33.47 30.6933.51 30.75


2012 2011



29,006 20,91230,456 21,958



144 10740 19



2.001.00

0.220.22


Signature Global Energy Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 167 –



Categories Net Assets (%)Canada ..................................................................................................................................... 44.3 U.S.A. ....................................................................................................................................... 38.4 Short-Term Investments........................................................................................................... 10.2 U.K............................................................................................................................................ 2.5 Netherlands ............................................................................................................................. 2.0 Netherlands Antilles................................................................................................................ 1.9 Cash & Equivalents.................................................................................................................. 1.4 Foreign Currency Forward Contracts ....................................................................................... (0.1)Other Net Assets (Liabilities) .................................................................................................. (0.6)




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


– 168 –


U.S.A. (69.5%) 10,900 Alliance Data Systems Corp.* 935,509 1,520,564 12,800 Apple Inc. 6,003,798 8,398,199 91,900 Aruba Networks Inc.* 1,329,886 2,031,419 51,500 Bottomline Technologies Inc.* 1,423,161 1,250,305 51,900 Broadcom Corp. 1,803,523 1,763,716

155,300 Brocade Communications Systems Inc. 953,219 902,499 105,100 Ciena Corp. * 1,473,984 1,404,461 186,400 Cisco Systems Inc. 4,415,325 3,498,964 22,200 Cognizant Technology Solutions Corp. 1,328,596 1,525,434

119,600 Dell Inc. 1,887,180 1,158,391 69,000 eBay Inc. 2,564,709 3,282,483 52,100 Eli Lilly and Co. 2,321,537 2,428,307 70,900 EMC Corp. 1,285,812 1,901,161 89,800 Finisar Corp.* 1,827,202 1,263,582 71,200 Fusion-io Inc.* 1,869,818 2,119,239 4,400 Google Inc., Class A 2,573,291 3,263,809

35,000 Infoblox Inc.* 557,314 800,163 88,500 Intel Corp. 1,866,475 1,971,056 8,700 International Business Machines Corp. 1,724,907 1,773,740

47,600 KLA-Tencor Corp. 2,171,054 2,232,610 234,700 Micron Technology Inc.* 1,959,309 1,380,072 61,786 Microsoft Corp. 2,221,951 1,807,443 14,000 MicroStrategy Inc., Class A 2,033,038 1,743,771 83,700 Nuance Communications Inc. 2,121,961 2,048,509

136,900 NVIDIA Corp.* 1,814,517 1,794,408 82,000 Omnivision Technologies Inc. 1,437,339 1,124,801

106,900 ON Semiconductor Corp. 962,653 647,509 59,800 Oracle Corp. 1,181,698 1,849,897 34,700 QUALCOMM Inc. 1,578,302 2,130,833

138,000 Silicon Graphics International Corp.* 1,857,358 1,234,833 57,484,426 60,252,178

GERMANY (6.5%) 33,800 Bayer AG 2,487,503 2,860,483 88,300 Infineon Technologies AG 916,575 550,892 31,450 SAP AG 1,606,640 2,195,415

5,010,718 5,606,790 SOUTH KOREA (4.8%)

144,500 LG Display Co., Ltd., ADR 1,843,646 1,786,038 57,300 LG Life Sciences Ltd. 1,707,501 2,387,964

3,551,147 4,174,002 TAIWAN (3.6%)

81,000 MediaTek Inc. 854,489 839,025 144,800 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 1,872,485 2,252,489 2,726,974 3,091,514

IRELAND (2.9%) 36,800 Accenture PLC 1,351,371 2,533,352

ISRAEL (1.8%) 33,400 Check Point Software Technologies Ltd. 1,759,448 1,581,030

HONG KONG (1.8%) 1,778,300 Ju Teng International Holdings Ltd. 709,725 728,371

990,400 Lenovo Group Ltd. 774,098 806,289 1,483,823 1,534,660

CAYMAN ISLANDS (1.6%) 225,000 Edwards Group Ltd. 1,802,072 1,400,470

NETHERLANDS (1.5%) 38,700 ASM International N.V.* 1,317,717 1,278,621

SINGAPORE (1.0%) 24,300 Avago Technologies Ltd. 877,957 832,954

JAPAN (0.9%) 57,000 Nexon Co., Ltd. 961,214 768,621

BERMUDA (0.6%) 61,600 Marvell Technology Group Ltd. 878,338 554,229

CANADA (0.6%) 500,000 01 Communique Laboratory Inc. 500,000 520,000




Net Assets (100.0%) 86,666,219






– 169 –








Net assets per classA SharesF SharesI Shares


A SharesF SharesI Shares



84,128 90,4522,579 3,070

- -- -

92 92- -

- -- -- -

44 181- 5,237- -

15 1386,858 99,045

- -- -- -

- -- -- 259

192 170- -- -- -- -

192 42986,666 98,616

79,574 68,436- -

83,955 96,1362,011 1,982

700 498

14.65 15.743.96 4.23

17.28 18.33

5,728,844 6,108,127507,886 468,45640,516 27,180










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



537 4975 4

23 9- -- -- -

(83) (76)482 434

862 89797 100

- -- (6)

97 1001,056 1,091(574) (657)

- -(574) (657)

11,611 7,887(312) 433(122) (43)

- -

(17,462) (13,035)(6,285) (4,758)(6,859) (5,415)

(6,733) (5,302)(124) (91)

(2) (22)

(1.13) (0.80)(0.26) (0.19)(0.05) (0.74)


2012 2011

– 170 –



– 170 –

















96,136 94,111

2,414 3,316- -

(7,427) (8,554)(435) (602)

(5,448) (5,840)

- -- -- -- -

(6,733) (5,302)83,955 82,969

1,982 1,609

317 302- -

(193) (312)29 94

153 84

- -- -- -- -

(124) (91)2,011 1,602

498 487

- -- -

(124) (4)328 (38)204 (42)

- -- -- -- -

(2) (22)700 423

98,616 96,207

2,731 3,618- -

(7,744) (8,870)(78) (546)

(5,091) (5,798)

- -- -- -- -

(6,859) (5,415)86,666 84,994


2012 2011


2012 2011





– 171 –






2012 2011

6,108,127 6,875,508164,898 245,771

- -(513,419) (644,229)(30,762) (45,647)

5,728,844 6,431,403

468,456 442,23782,401 86,048

- -(50,477) (89,961)

7,506 26,293507,886 464,617

27,180 31,298- (1)- -

(7,069) (272)20,405 (2,521)40,516 28,504





14.65 12.9014.69 12.91

3.96 3.453.97 3.45

17.28 14.8417.32 14.85


2012 2011



11,633 6,10112,214 6,406



121 4234 8

Annual management fee rateA SharesF SharesI Shares

Annual fixed administration fee rateA SharesF SharesI Shares

2.001.00


0.220.22

-




– 172 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 66.3 Ireland ...................................................................................................................................... 7.8 Germany ................................................................................................................................... 5.5 Other Net Assets (Liabilities) .................................................................................................. 5.2 South Korea ............................................................................................................................. 3.6 Cash & Equivalents.................................................................................................................. 3.1 Taiwan...................................................................................................................................... 2.2 Israel ........................................................................................................................................ 2.2 Japan ....................................................................................................................................... 1.6 Netherlands ............................................................................................................................. 1.5 Bermuda ................................................................................................................................... 1.0




Signature Gold Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 173 –

Average FairCost ($) Value ($)

No. of Ounces BULLION (56.3%) 21,120 Gold Bullion 34,347,384 36,786,642

399 Platinum Bullion 597,015 649,428 34,944,399 37,436,070

No. of Shares MATERIALS (36.4%) 26,800 Agnico-Eagle Mines Ltd. 1,137,224 1,366,532 27,500 ATAC Resources Ltd.* 193,787 69,300

308,400 B2Gold Corp. 1,178,949 1,208,928 81,000 Barrick Gold Corp. 3,498,531 3,325,860

115,000 Belo Sun Mining Corp. 137,712 152,950 61,400 Continental Gold Ltd. 480,762 539,092 26,050 Detour Gold Corp.* 813,347 714,291

125,380 Eldorado Gold Corp. 1,924,113 1,876,939 49,050 Franco-Nevada Corp.* 1,938,335 2,837,052 57,400 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 2,297,528 2,232,831 38,050 Fresnillo PLC 1,068,765 1,118,993 85,650 Goldcorp Inc. 3,986,568 3,860,246 61,920 IAMGOLD Corp. 1,283,868 962,237

118,400 Kinross Gold Corp. 1,916,620 1,187,552 54,100 Rubicon Minerals Corp.* 233,058 199,629 66,700 Tahoe Resources Inc. 1,253,751 1,331,332

333,400 Torex Gold Resources Inc. 662,403 703,474 28,250 Yamana Gold Inc. 426,571 530,535

24,431,892 24,217,773




Net Assets (100.0%) 66,538,827



Signature Gold Corporate ClassFinancial Statements (unaudited)

– 174 –


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 per classA SharesE SharesF SharesI SharesO Shares











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



61,654 56,6404,849 7,042

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

45 115- 94- -4 17

66,552 63,908

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

13 30- -- -- -- -

13 3066,539 63,878

59,350 58,878- -

62,783 60,216172 74

2,111 1,756747 724726 1,108

10.30 9.939.96 9.59

10.53 10.1010.94 10.4210.19 9.71

6,097,520 6,065,97617,224 7,760

200,429 173,79468,245 69,52371,259 114,013

145 4334 121 -- -- -- -

(6) (1)174 54

584 23583 34

- -- -

53 20720 289(546) (235)

- -(546) (235)

(1,590) 42(24) (98)(25) (9)

- -

4,542 (275)2,903 (340)2,357 (575)

2,161 (572)10 -83 1076 (13)27 -

0.36 (0.27)0.72 -0.46 0.120.75 (0.40)0.36 -


2012 2011




Signature Gold Corporate ClassFinancial Statements (unaudited)

– 175 –

























60,216 9,260

5,093 35,631- -

(4,031) (1,421)(656) 9,211406 43,421

- -- -- -- -

2,161 (572)62,783 52,109

74 -

100 -- -

(12) -- -

88 -

- -- -- -- -

10 -172 -

1,756 479

182 1,056- -

(33) (25)123 (85)272 946

- -- -- -- -

83 102,111 1,435

724 110

50 500- -

(585) (2)482 352(53) 850

- -- -- -- -

76 (13)747 947

1,108 -

- -- -

(409) -- -

(409) -

- -- -- -- -

27 -726 -

63,878 9,849

5,425 37,187- -

(5,070) (1,448)(51) 9,478304 45,217

- -- -- -- -

2,357 (575)66,539 54,491


2012 2011


2012 2011



Signature Gold Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 176 –








2012 2011

6,065,976 948,973529,067 3,323,411

- -(426,165) (134,939)(71,358) 840,296

6,097,520 4,977,741

7,760 -10,735 -

- -(1,271) -

- -17,224 -

173,794 48,75617,984 97,403

- -(3,338) (2,345)11,989 (8,374)

200,429 135,440

69,523 10,9905,092 46,187

- -(55,908) (167)49,538 30,32168,245 87,331

114,013 -- -- -

(42,754) -- -

71,259 -






10.30 10.4710.31 10.48

9.96 -9.97 -

10.53 10.6010.54 10.62

10.94 10.8510.95 10.87

10.19 -10.20 -



2012 2011



2,555 3912,683 410



24 87 1

Annual management fee rateA SharesE SharesF SharesI SharesO Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO Shares

2.001.951.00


0.280.150.28

-0.15


Signature Gold Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 177 –




Categories Net Assets (%)Materials.................................................................................................................................. 88.7 Cash & Equivalents.................................................................................................................. 11.0 Other Net Assets (Liabilities) .................................................................................................. 0.3



Signature International Corporate Class (formerly CI International Corporate Class)


– 178 –


U.K. (14.3%) 54,787 Aggreko PLC 1,797,477 2,012,264

814,750 Barclays PLC 2,730,901 2,779,659 204,581 BG Group PLC 3,949,981 4,060,758 100,174 BHP Billiton PLC 3,160,683 3,062,087 54,057 British American Tobacco PLC 2,342,138 2,727,958

1,400,550 BT Group PLC 4,531,561 5,130,717 98,400 Diageo PLC 2,163,971 2,717,231

451,488 HSBC Holdings PLC 4,007,803 4,110,172 104,350 Intercontinental Hotels Group PLC 2,157,163 2,684,351 674,100 Kingfisher PLC 2,857,473 2,828,062

7,799,550 Lloyds Banking Group PLC 4,628,623 4,807,916 282,950 Rexam PLC 1,870,960 1,951,782 21,300 Rio Tinto PLC 1,161,356 975,792 33,350 Rolls-Royce Group PLC 372,557 446,432

831,200 Standard Chartered PLC 1,467,235 1,500,715 118,295 Tullow Oil PLC 2,646,366 2,569,711 863,083 Vodafone Group PLC 2,214,414 2,408,683

44,060,662 46,774,290 SWITZERLAND (8.8%)

185,300 ABB Ltd. 3,572,434 3,417,811 9,500 Compagnie Financiere Richemont S.A. 567,410 560,243

88,304 Credit Suisse Group AG* 1,898,355 1,839,263 71,162 EFG International* 696,271 583,362

127,950 Nestle S.A., Registered Shares 7,727,879 7,933,577 77,250 Novartis AG, Registered Shares 4,541,021 4,648,554 17,378 Syngenta AG 5,238,562 6,387,033

221,400 UBS AG 2,419,400 2,650,679 39,200 Weatherford International Ltd., (Switzerland) 533,384 488,371

27,194,716 28,508,893 JAPAN (7.3%)

106,900 Asahi Group Holdings Ltd. 2,240,777 2,586,621 144,900 Nabtesco Corp.* 2,912,437 2,614,961 216,650 Nexon Co., Ltd. 3,332,852 2,921,436 107,300 Omron Corp. 2,282,301 2,014,837 283,210 Seikagaku Corp. 3,042,935 3,215,787 116,600 Softbank Corp. 4,095,865 4,636,089 880,300 Sumitomo Mitsui Trust Holdings Inc.* 2,469,523 2,551,599 383,100 Taiheiyo Cement Corp.* 833,785 806,274 50,000 Tokio Marine Holdings Inc. 1,209,844 1,253,940 51,650 Tokio Marine Holdings Inc., ADR 1,239,448 1,282,388

23,659,767 23,883,932 SOUTH KOREA (5.7%)

5,770 Green Cross Corp. 819,249 860,981 3,000 Hyundai Mobis Co., Ltd. 777,116 821,134

10,720 Hyundai Motor Co. 2,214,643 2,380,476 65,000 KB Financial Group Inc. 2,703,059 2,275,556 23,700 Korea Aerospace Industries Ltd. 552,145 583,826

121,910 LG Display Co., Ltd. 2,979,068 3,046,189 7,110 Samsung Electronics Co., Ltd. 6,143,577 8,443,509

16,188,857 18,411,671 AUSTRALIA (5.3%)

851,050 AMP Ltd. 3,988,382 3,758,871 48,700 Macquarie Group Ltd. 1,333,570 1,413,272

1,826,350 Mirvac Group 2,454,620 2,664,001 1,202,450 Telstra Corp., Ltd. 3,952,343 4,795,768

443,450 Westfield Group 3,815,330 4,595,712 15,544,245 17,227,624

GERMANY (4.8%) 87,150 Bayer AG 5,912,472 7,375,476 13,096 Continental AG 1,252,747 1,260,399

207,000 Infineon Technologies AG 1,931,380 1,291,445 19,000 Lanxess AG* 1,408,362 1,550,339 27,900 Siemens AG, Registered Shares 2,626,686 2,743,002 8,475 Volkswagen AG, Preferred 1,440,986 1,522,936

14,572,633 15,743,597 HONG KONG (4.7%)

198,600 AIA Group Ltd. 692,373 724,039 1,671,800 BBMG Corp. 1,284,734 1,252,901 2,200,600 China Gas Holdings Ltd. 1,146,726 1,180,392

374,250 ENN Energy Holdings Ltd. 1,274,297 1,542,375 772,900 Galaxy Entertainment Group Ltd. 1,934,136 2,543,347

1,028,100 Hang Lung Properties Ltd. 3,643,271 3,454,825 816,122 Li & Fung Ltd. 1,665,316 1,241,885

2,642,350 Want Want China Holdings Ltd. 2,665,640 3,317,191 14,306,493 15,256,955

NETHERLANDS (4.7%) 139,350 BinckBank N.V.* 1,326,914 1,007,797 365,650 ING Groep N.V. 2,870,566 2,840,808 178,200 Koninklijke Ahold N.V. 2,268,732 2,194,707 183,750 Royal Dutch Shell PLC, Class A* 6,283,680 6,249,980 84,850 Unilever N.V.* 2,876,796 2,951,892

15,626,688 15,245,184 FRANCE (2.9%)

22,724 Arkema S.A.* 1,970,530 2,091,976 54,013 AXA S.A. 756,196 791,087 92,100 CNP Assurances S.A. 1,155,602 1,180,157 23,264 LVMH Moet Hennessy Louis Vuitton S.A.* 3,748,540 3,438,167 37,305 Total S.A.* 1,942,751 1,819,687

9,573,619 9,321,074 MEXICO (2.9%)

21,150 Coca-Cola Femsa S.A.B. de C.V. 2,049,694 2,682,588 152,400 Grupo Financiero Santander

Mexico S.A.B. de C.V. 1,829,860 2,053,020 99,700 Grupo Televisa S.A., ADR 2,208,635 2,304,811

816,900 Wal-Mart de Mexico S.A.B. de C.V. 2,295,788 2,255,437 8,383,977 9,295,856

THAILAND (2.7%) 273,700 Bangkok Bank PCL 1,405,828 1,755,481 887,850 Kasikornbank PCL, Foreign Registered Shares 3,603,816 5,170,444 353,900 Siam Commercial Bank PCL 1,301,813 1,902,856

6,311,457 8,828,781 U.S.A. (2.7%)

65,900 Citigroup Inc. 1,851,508 2,118,950 36,750 Occidental Petroleum Corp. 3,515,224 3,108,815 57,450 QUALCOMM Inc. 3,140,323 3,527,850

8,507,055 8,755,615 BELGIUM (2.4%)

32,500 Anheuser-Busch InBev N.V. 2,143,343 2,717,608 91,150 UCB S.A. 4,025,668 4,928,802

6,169,011 7,646,410 BRAZIL (2.1%)

47,350 Cia Brasileira de Distribuicao Grupo Pao de Acucar., Preferred 1,925,053 2,068,851

400,400 Fleury S.A. 4,525,390 4,630,002 6,450,443 6,698,853




– 179 –



– 179 –


SINGAPORE (2.0%) 1,460,600 CapitaMalls Asia Ltd. 1,803,922 1,931,097 2,264,300 Global Logistic Properties Ltd. 3,660,388 4,554,037

5,464,310 6,485,134 INDONESIA (1.6%)

5,073,100 PT Bank Mandiri 3,793,505 4,248,217 730,300 Semen Gresik Persero Tbk PT 906,522 1,080,536

4,700,027 5,328,753 JERSEY ISLAND (1.3%)

104,428 Wolseley Ltd. 3,395,392 4,381,084

CHINA (1.3%) 2,352,200 China Railway Construction Corp., Ltd.,

Class H 1,890,782 2,084,953 1,056,013 CNOOC Ltd. 1,894,410 2,126,496

3,785,192 4,211,449 RUSSIA (1.1%)

565,600 Sberbank of Russia 1,590,831 1,557,238 183,300 Sberbank of Russia, GDR 2,175,682 2,107,000

3,766,513 3,664,238 NETHERLANDS ANTILLES (1.1%)

50,250 Schlumberger Ltd. 3,785,335 3,571,921

BERMUDA (1.1%) 172,300 Cheung Kong Infrastructure Holdings Ltd. 1,003,591 1,024,715 14,100 Credicorp Ltd. 1,671,232 1,735,845

6,853,800 GOME Electrical Appliances Holding Ltd. 1,942,833 712,673 4,617,656 3,473,233

DENMARK (0.9%) 32,150 Carlsberg A/S, Class B 2,844,270 2,801,031

TAIWAN (0.8%) 166,591 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 1,922,055 2,591,467

NORWAY (0.8%) 101,075 Statoil ASA 2,498,165 2,567,131

AUSTRIA (0.7%) 56,200 Erste Group Bank AG 1,073,984 1,221,538 28,300 Vienna Insurance Group AG

Wiener Versicherung Gruppe 1,189,147 1,174,979 2,263,131 2,396,517

ITALY (0.7%) 258,500 Mediolanum S.p.A. 1,011,558 1,094,329 266,400 Snam Rete Gas S.p.A. 1,186,089 1,160,764

2,197,647 2,255,093 CAYMAN ISLANDS (0.6%)

114,000 Edwards Group Ltd. 890,221 709,571 4,107,100 Hengdeli Holdings Ltd. 1,864,932 1,166,617

2,755,153 1,876,188

ISRAEL (0.6%) 154,600 ICL-Israel Chemicals Ltd. 2,120,586 1,835,243

CANADA (0.5%) 79,000 First Quantum Minerals Ltd. 1,493,238 1,655,050

CHILE (0.4%) 8,100 Banco de Chile, ADR* 657,042 663,225

10,100 Banco Santander Chile S.A., ADR 750,863 726,877 1,407,905 1,390,102

POLAND (0.4%) 106,100 Powszechna Kasa Oszczednosci Bank

Polski S.A. 1,112,883 1,156,454

TURKEY (0.3%) 266,100 Turkiye Garanti Bankasi AS 959,059 1,091,755

COLOMBIA (0.3%) 18,600 Bancolombia S.A., ADR 1,059,257 1,091,514

CZECH REPUBLIC (0.3%) 5,516 Komercni Banka AS 1,031,841 1,075,879


Total Equities (88.1%) 269,372,597 286,497,971





Net Assets (100.0%) 325,142,050




– 180 –



– 180 –– 180 –






1 Barclays PLC A-1 11-Oct-12 1.04 (5,777,000) Australian $ 5,980,986 Canadian $ 94,090 1 Barclays PLC A-1 11-Oct-12 1.04 (2,228,344) Canadian $ 2,134,000 Australian $ (53,739)1 Credit Suisse Group AG A-1 11-Oct-12 0.03 (432,061) Canadian $ 12,789,000 Taiwanese $ (3,189)1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (5,213,462) Canadian $ 5,326,000 US $ 32,688 1 Credit Suisse Group AG A-1 11-Oct-12 0.03 (12,789,000) Taiwanese $ 436,649 Canadian $ 7,775 1 Morgan Stanley A-2 11-Oct-12 0.80 (475,568) Canadian $ 379,000 Euro 3,563 1 Morgan Stanley A-2 11-Oct-12 1.28 (6,614,981) Canadian $ 5,187,000 Euro (57,527)1 Morgan Stanley A-2 11-Oct-12 0.80 (658,000) Euro 825,657 Canadian $ (6,186)1 Morgan Stanley A-2 11-Oct-12 0.80 (6,944,000) Euro 8,707,306 Canadian $ (71,288)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.64 (1,734,000) British Pound 2,703,443 Canadian $ (50,655)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.79 (2,797,521) Canadian $ 2,221,000 Euro 10,271 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (8,927,443) Canadian $ 7,000,000 Euro (77,977)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.82 (1,774,000) Euro 2,175,733 Canadian $ (66,930)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (2,368,000) Euro 2,961,191 Canadian $ (32,426)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (3,218,000) Euro 4,037,448 Canadian $ (30,744)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (3,919,000) Euro 4,917,553 Canadian $ (36,842)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (605,000) Euro 759,153 Canadian $ (5,688)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (91,000) Euro 114,187 Canadian $ (855)1 UBS AG A-1 11-Oct-12 0.98 (1,237,000) Australian $ 1,258,648 Canadian $ (1,873)1 UBS AG A-1 11-Oct-12 1.03 (2,462,000) Australian $ 2,547,825 Canadian $ 38,991 1 UBS AG A-1 11-Oct-12 1.02 (3,634,000) Australian $ 3,706,171 Canadian $ 3,070 1 UBS AG A-1 11-Oct-12 0.64 (100,000) British Pound 156,712 Canadian $ (2,118)1 UBS AG A-1 11-Oct-12 0.63 (14,623,000) British Pound 23,174,092 Canadian $ (51,689)1 UBS AG A-1 11-Oct-12 0.64 (3,407,000) British Pound 5,339,178 Canadian $ (72,146)1 UBS AG A-1 11-Oct-12 0.64 (566,000) British Pound 886,990 Canadian $ (11,985)1 UBS AG A-1 11-Oct-12 0.64 (594,000) British Pound 930,869 Canadian $ (12,578)1 UBS AG A-1 11-Oct-12 0.64 (1,576,352) Canadian $ 1,006,000 British Pound 21,474 1 UBS AG A-1 11-Oct-12 0.64 (2,030,278) Canadian $ 1,291,000 British Pound 20,215 1 UBS AG A-1 11-Oct-12 1.04 (1,686,296) Canadian $ 1,616,000 Australian $ (39,548)1 UBS AG A-1 11-Oct-12 0.64 (449,763) Canadian $ 287,000 British Pound 6,077 1 UBS AG A-1 11-Oct-12 0.64 (75,222) Canadian $ 48,000 British Pound 1,016 1 UBS AG A-1 11-Oct-12 1.04 (883,879) Canadian $ 846,000 Australian $ (21,781)1 UBS AG A-1 14-Dec-12 1.02 (5,326,000) US $ 5,211,491 Canadian $ (34,653)Total Foreign Currency Forward Contracts Value (503,187)



– 181 –








Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares



286,498 249,65738,476 31,625

- -- -

312 312- -

239 621- -- -

37 -3,225 3,341

- -620 652

329,407 286,208

- -- -- -

742 272- -

3,461 3,33862 17

- -- -- -- -

4,265 3,627325,142 282,581

269,373 234,588- -

320,954 280,95911 -

3,827 1,365137 153180 10411 -11 -11 -

8.37 8.3311.48 11.439.78 9.68

14.03 13.8011.77 11.5810.52 10.7410.30 10.689.74 9.99

38,324,824 33,708,969918 10

391,284 141,0209,744 11,066

15,318 9,0151,001 101,022 101,089 10








– 182 –







Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares



5,025 6,00156 31

122 271- -- -- -

(709) (827)4,494 5,476

2,760 3,048307 345

- 7- (21)

303 3333,370 3,7121,124 1,764

- -1,124 1,764

2,573 6,515(2,615) 1,328

(452) (919)- -

1,204 (46,917)710 (39,993)

1,834 (38,229)

1,786 (38,031)1 -

39 (184)2 (14)3 -1 -1 -1 -

0.05 (1.04)0.98 -0.24 (1.19)0.22 (1.43)0.19 -0.90 -0.88 -0.95 -


2012 2011















280,959 326,554

26,872 2,217- -

(27,124) (33,779)(2,132) (197)40,593 -38,209 (31,759)

- -- -- -- -

1,786 (38,031)320,954 256,764

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

1,365 1,460

2 118- -

(105) (125)(2) (2)

2,528 -2,423 (9)

- -- -- -- -

39 (184)3,827 1,267


2012 2011

– 183 –



– 183 –













153 140

6 11- -- (27)

(35) -11 -(18) (16)

- -- -- -- -2 (14)

137 110

104 -

36 -- -

(1) -38 -

- -73 -

- -- -- -- -3 -

180 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011















- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -1 -

11 -

282,581 328,154

26,956 2,346- -

(27,230) (33,931)(2,131) (199)43,132 -40,727 (31,784)

- -- -- -- -

1,834 (38,229)325,142 258,141


2012 2011



– 184 –









2012 2011

33,708,969 38,043,7523,194,487 257,375

- -(3,225,775) (4,106,584)

(255,441) (24,171)4,902,584 -

38,324,824 34,170,372

10 -908 -

- -- -- -- -

918 -

141,020 148,070338 11,896

- -(11,270) (13,738)

(188) (221)261,384 -391,284 146,007

11,066 10,108445 885

- -- (2,006)

(2,543) -776 -

9,744 8,987

9,015 -3,133 -

- -(56) -

3,226 -- -

15,318 -

10 -975 -16 -

- -- -- -

1,001 -




2012 2011

10 -985 -27 -

- -- -- -

1,022 -

10 -1,049 -

30 -- -- -- -

1,089 -


– 185 –












8.37 7.518.38 7.53

11.48 -11.49 -

9.78 8.689.79 8.70

14.03 12.2914.05 12.32

11.77 -11.78 -

10.52 -10.53 -

10.30 -10.31 -

9.74 -9.75 -


2012 2011



18,278 6,73519,192 7,072



439 896123 161


Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

2.001.951.00


2.002.00


0.220.150.22

-0.150.220.22

-




– 186 –



Categories Net Assets (%)U.K............................................................................................................................................ 14.7 Cash & Equivalents.................................................................................................................. 11.2 Japan ....................................................................................................................................... 10.6 Germany ................................................................................................................................... 9.0 Australia................................................................................................................................... 7.8 Switzerland .............................................................................................................................. 7.0 Hong Kong................................................................................................................................ 4.8 Netherlands ............................................................................................................................. 4.7 South Korea ............................................................................................................................. 4.1 Thailand ................................................................................................................................... 2.8 France....................................................................................................................................... 2.5 U.S.A. ....................................................................................................................................... 2.5 Mexico ..................................................................................................................................... 2.3 Sweden .................................................................................................................................... 2.0 Brazil ........................................................................................................................................ 1.8 Indonesia.................................................................................................................................. 1.1 Jersey Island............................................................................................................................ 1.0 Singapore ................................................................................................................................. 1.0 Netherlands Antilles................................................................................................................ 0.9 Belgium .................................................................................................................................... 0.8 South Africa ............................................................................................................................. 0.7 Taiwan...................................................................................................................................... 0.7 Norway..................................................................................................................................... 0.7 China ........................................................................................................................................ 0.6 Cayman Islands........................................................................................................................ 0.5 Israel ........................................................................................................................................ 0.5 Colombia .................................................................................................................................. 0.5 Spain ........................................................................................................................................ 0.4 Bermuda ................................................................................................................................... 0.4 Turkey ....................................................................................................................................... 0.4 Italy .......................................................................................................................................... 0.4 Czech Republic ......................................................................................................................... 0.4 Russia....................................................................................................................................... 0.3 Other Net Assets (Liabilities) .................................................................................................. 0.3 Austria...................................................................................................................................... 0.3 Chile ......................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.1



as at September 30, 2012*Credit Rating^ Net Assets (%)Not Rated 1.1 Total 1.1

as at March 31, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 0.2 Not Rated 1.9 Total 2.1





(in $000's) (in $000's) (in $000's) (in $000's)Equities 271,446 15,052 - 286,498 Foreign currency forward contracts, net - (503) - (503)Total 271,446 14,549 - 285,995








Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 187 –


LONG POSITIONS (91.6%) FINANCIALS (25.3%)

1,279,650 AMP Ltd. 5,604,801 5,651,888 852,850 Bangkok Bank PCL 4,378,289 5,265,978 395,950 Bank of America Corp. 2,999,106 3,430,077 761,850 Brookfield Asset Management Inc.,

Class A 20,907,399 25,834,334 459,900 Brookfield Office Properties Inc.* 7,980,176 7,487,172 867,720 Canadian Imperial Bank of Commerce* 64,156,608 66,666,928 168,000 Canadian Western Bank 4,419,344 5,021,520 306,000 Citigroup Inc. 9,058,055 9,839,132 251,100 Credit Suisse Group AG* 4,398,474 5,230,101 408,121 Genworth MI Canada Inc.* 8,663,784 8,509,323 265,863 Gluskin Sheff + Associates Inc. 4,957,397 3,836,403 378,600 Great-West Lifeco Inc.* 8,127,811 8,442,780 333,500 Grupo Financiero Santander

Mexico S.A.B. de C.V. 4,004,320 4,492,665 503,950 ING Groep N.V. 4,181,572 3,915,288 286,350 JPMorgan Chase & Co. 10,633,325 11,392,280 990,400 Kasikornbank PCL 4,043,941 5,767,650

20,425,600 Lloyds Banking Group PLC 10,474,698 12,591,057 774,900 Manulife Financial Corp. 9,571,678 9,159,318 126,535 Popular Inc. 2,086,723 2,169,925 332,200 Power Corporation of Canada 7,925,227 7,916,326 410,450 Royal Bank of Canada 23,409,275 23,149,380 273,500 Sberbank of Russia, GDR 3,246,312 3,143,833 404,950 The Bank of Nova Scotia†† 21,785,229 21,814,656 559,400 The Royal Bank of Scotland Group PLC 2,064,508 2,282,903

1,169,900 Toronto-Dominion Bank 87,617,778 95,803,111 366,600 UBS AG 3,951,294 4,389,065

340,647,124 363,203,093 ENERGY (18.3%)

1,229,950 Canadian Natural Resources Ltd. 40,442,822 37,218,287 779,850 Cenovus Energy Inc. 25,420,117 26,702,064 210,950 Crescent Point Energy Corp.* 8,744,966 9,167,887 106,750 Enbridge Inc.* 3,982,734 4,095,998 359,900 EnCana Corp. 7,272,417 7,748,647 68,000 Ensco PLC, Class A 3,800,760 3,646,797 65,400 EOG Resources Inc. 7,037,648 7,205,717

215,750 Halliburton Co 7,439,449 7,140,893 129,900 Hess Corp. 6,915,430 6,860,439 173,600 Imperial Oil Ltd. 7,767,360 7,848,456 260,750 Marathon Oil Corp. 6,962,905 7,576,513 48,350 MEG Energy Corp. 1,986,718 1,797,170

250,150 National Oilwell Varco Inc. 17,267,231 19,692,628 228,500 Occidental Petroleum Corp. 20,261,032 19,329,638 108,150 Range Resources Corp.* 6,926,758 7,426,021 193,600 Schlumberger Ltd. 14,605,881 13,761,671 516,100 Snam S.p.A. 2,201,048 2,248,762 93,100 Spectra Energy Corp. 2,731,557 2,686,862

1,431,924 Suncor Energy Inc. 45,681,670 46,222,507 1,135,350 Talisman Energy Inc. 18,575,406 14,873,085

133,800 Tourmaline Oil Corp. 3,781,528 4,096,956 105,727 TransCanada Corp. 4,363,882 4,725,997

264,169,319 262,072,995

LONG POSITIONS (91.6%) (cont’d)MATERIALS (9.4%)

129,000 Agrium Inc. 9,996,929 13,119,300 72,550 Ashland Inc. 4,773,932 5,107,849

736,450 Barrick Gold Corp. 31,184,212 30,238,637 225,850 BHP Billiton PLC 6,838,794 6,903,712 313,500 Cameco Corp. 8,343,768 5,987,850 482,550 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 18,521,492 18,770,947 614,600 Goldcorp Inc. 27,401,508 27,700,022 334,650 Potash Corp. of Saskatchewan Inc. 14,789,014 14,276,169 110,950 Rio Tinto PLC 6,326,189 5,082,823 251,650 Teck Resources Ltd., Class B 10,098,790 7,282,751


271,500 Alimentation Couche-Tard Inc., Class B 7,575,072 12,244,650 172,085 British American Tobacco PLC 6,949,630 8,684,178 132,500 Cia Brasileira de Distribuicao Grupo

Pao de Acucar., Preferred 5,497,214 5,789,287 182,753 CVS Caremark Corp. 6,551,632 8,699,358 345,855 Diageo PLC 6,555,763 9,550,486 321,950 Loblaw Cos. Ltd. 10,857,103 10,975,276 235,800 Nestle S.A., Registered Shares 12,887,128 14,620,848 144,600 PepsiCo Inc. 9,252,060 10,058,216 141,466 Procter & Gamble Co. 8,804,056 9,644,081 197,740 Saputo Inc. 6,788,727 8,352,538 255,680 Shoppers Drug Mart Corp. 10,336,614 10,436,858 468,350 Viterra Inc.* 4,819,194 7,540,435

2,476,524 Wal-Mart de Mexico S.A.B. de C.V. 6,022,352 6,837,610 102,896,545 123,433,821

HEALTH CARE (7.1%) 117,400 Baxter International Inc. 6,487,086 6,955,250 282,150 Bayer AG 17,846,817 23,878,263 937,600 Eli Lilly and Co. 35,340,471 43,700,210 470,050 Nordion Inc. 4,467,470 3,107,030 325,037 Novartis AG, Registered Shares 18,521,011 19,559,249

1,473,650 Patheon Inc. 3,645,102 4,700,944 86,307,957 101,900,946

INFORMATION TECHNOLOGY (6.2%) 39,700 Apple Inc. 21,148,670 26,047,538

399,550 Cisco Systems Inc. 7,926,677 7,500,059 522,900 EMC Corp.* 11,877,434 14,021,400 485,550 Intel Corp. 11,057,276 10,814,084 196,500 KLA-Tencor Corp. 9,268,049 9,216,553 210,050 Marvell Technology Group Ltd. 3,218,685 1,889,868 644,900 Microsoft Corp. 17,814,698 18,865,440 547,900 Posera-HDX Ltd. 264,938 164,370

82,576,427 88,519,312 INDUSTRIALS (6.1%)

461,420 Bombardier Inc., Class B, Sub-Voting Shares 2,013,909 1,698,026

363,700 Canadian National Railway Co. 26,299,422 31,532,790 94,700 Canadian Pacific Railway Ltd. 6,121,906 7,718,050 53,100 Danaher Corp. 2,807,862 2,878,526

135,000 Finning International Inc. 3,064,012 3,208,950 52,350 Parker Hannifin Corp. 4,361,310 4,300,300




– 188 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 188 –


LONG POSITIONS (91.6%) (cont’d)INDUSTRIALS (6.1%) (cont’d)

26,500 Precision Castparts Corp. 4,219,504 4,256,239 357,950 Quanta Services Inc. 6,683,276 8,690,225 136,150 Rolls-Royce Group PLC 1,318,344 1,822,540 121,750 SNC-Lavalin Group Inc. 5,481,609 4,613,108 47,600 Triumph Group Inc. 2,449,342 2,924,860 35,300 Union Pacific Corp. 4,057,137 4,118,761 84,550 United Rentals Inc. 3,048,381 2,717,791

117,100 WESCO International Inc.* 6,387,316 6,585,133 78,313,330 87,065,299

CONSUMER DISCRETIONARY (3.1%) 37,650 BorgWarner Inc. 2,679,526 2,557,807

337,900 Comcast Corp., Class A 8,364,318 11,874,910 38,500 Compagnie Financiere Richemont S.A. 2,116,561 2,270,460 32,250 Continental AG 2,676,143 3,103,838 93,000 Delphi Automotive PLC 2,790,958 2,832,121

276,550 Ford Motor Co. 2,679,440 2,678,536 23,929,800 GOME Electrical Appliances Holding Ltd. 8,159,754 2,488,272 7,787,000 Hengdeli Holdings Ltd. 3,595,966 2,211,888

13,350 Hyundai Motor Co. 2,642,165 2,964,492 283,209 RONA Inc. 3,395,625 3,132,292 61,300 Stanley Black & Decker Inc. 4,311,463 4,595,481 32,150 Tiffany & Co.* 1,923,081 1,955,593 10,700 Volkswagen AG, Preferred 1,913,874 1,922,763

47,248,874 44,588,453 EXCHANGE-TRADED FUNDS (3.0%)

255,250 SPDR Gold Trust 40,156,752 43,157,424

TELECOMMUNICATION SERVICES (2.0%) 214,500 BCE Inc. 7,355,124 9,266,400 249,750 Rogers Communications Inc., Class B 8,299,149 9,920,070 155,500 TELUS Corp., Non-Voting Shares 7,370,456 9,563,250

23,024,729 28,749,720 WARRANTS (1.5%)

1,545,810 Bank of America Corp., Warrants (16Jan19) 8,589,522 5,335,201

1,690,351 JPMorgan Chase & Co., Warrants (28Oct18) 20,426,899 16,804,115

29,016,421 22,139,316 UTILITIES (0.8%)

287,450 Calpine Corp 3,958,750 4,887,029 307,050 Cheung Kong Infrastructure Holdings Ltd. 1,763,765 1,826,110 40,910 Edison International 1,770,139 1,837,567 49,350 Sempra Energy 2,595,126 3,128,473 20,950 Snam Rete Gas S.p.A.* 92,614 91,284

10,180,394 11,770,463

LONG POSITIONS (91.6%) (cont’d)PRIVATE PLACEMENTS (0.2%)

316,650 NMI Holdings Inc.^ 3,135,769 3,113,631

TOTAL LONG POSITIONS 1,245,948,269 1,314,184,533

SHORT POSITIONS (-0.6%) HEALTH CARE (-0.6%)

(148,050) Valeant Pharmaceuticals International Inc. (6,792,669) (8,050,959)

TOTAL SHORT POSITIONS (6,792,669) (8,050,959)


Total Equities (91.0%) 1,238,302,332 1,306,133,574

Short-Term Investments (6.6%) 94,000,000 94,000,000 (see Schedule A)


Foreign Currency Forward Contracts (-0.1%)(see Schedule B) (1,615,171)

Long Option Contracts (0.0%)(see Schedule C) 68,494 122,716

Total Investments (97.5%) 1,332,370,826 1,398,641,119


Net Assets (100.0%) 1,435,009,164




– 189 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 189 –– 189 –






1 Barclays PLC A-1 11-Oct-12 1.04 (936,000) Australian $ 969,050 Canadian $ 15,245 1 Barclays PLC A-1 14-Dec-12 1.02 (12,814,000) US $ 12,507,797 Canadian $ (113,991)1 Barclays PLC A-1 14-Dec-12 1.02 (12,841,000) US $ 12,562,864 Canadian $ (85,598)1 Barclays PLC A-1 14-Dec-12 1.02 (16,168,000) US $ 15,821,536 Canadian $ (104,051)1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (4,537,000) US $ 4,441,133 Canadian $ (27,846)1 Morgan Stanley A-2 11-Oct-12 1.27 (2,009,333) Canadian $ 1,580,000 Euro (11,886)1 Morgan Stanley A-2 11-Oct-12 0.80 (6,394,000) Euro 8,017,643 Canadian $ (65,641)1 Morgan Stanley A-2 14-Dec-12 1.02 (6,527,000) US $ 6,384,875 Canadian $ (44,257)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (11,280,000) US $ 11,049,437 Canadian $ (61,469)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (21,936,000) US $ 21,468,105 Canadian $ (139,006)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (8,267,000) US $ 8,065,368 Canadian $ (77,614)1 State Street Corp. A-1 14-Dec-12 1.02 (18,833,269) Canadian $ 19,252,000 US $ 130,061 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.63 (1,290,000) British Pound 2,033,824 Canadian $ (15,083)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.64 (1,570,000) British Pound 2,447,754 Canadian $ (45,864)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.63 (1,885,000) British Pound 2,974,519 Canadian $ (19,429)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.81 (1,821,478) Canadian $ 1,468,000 Euro 34,355 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (3,854,105) Canadian $ 3,022,000 Euro (33,664)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.79 (6,158,072) Canadian $ 4,889,000 Euro 22,608 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (1,114,198) Canadian $ 891,000 Euro 12,201 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (15,897,000) Euro 19,945,092 Canadian $ (151,876)1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 1.02 (15,524,000) US $ 15,190,544 Canadian $ (100,696)1 UBS AG A-1 11-Oct-12 1.02 (1,117,000) Australian $ 1,139,184 Canadian $ 944 1 UBS AG A-1 11-Oct-12 1.03 (234,000) Australian $ 241,972 Canadian $ 3,521 1 UBS AG A-1 11-Oct-12 1.03 (2,642,000) Australian $ 2,734,100 Canadian $ 41,842 1 UBS AG A-1 11-Oct-12 0.63 (21,741,000) British Pound 34,454,485 Canadian $ (76,849)1 UBS AG A-1 11-Oct-12 1.04 (1,084,197) Canadian $ 1,039,000 Australian $ (25,427)1 UBS AG A-1 11-Oct-12 0.97 (1,144,000) Swiss Franc 1,181,317 Canadian $ (15,494)1 UBS AG A-1 11-Oct-12 0.98 (1,502,000) Swiss Franc 1,534,501 Canadian $ (36,828)1 UBS AG A-1 11-Oct-12 0.96 (6,195,000) Swiss Franc 6,478,838 Canadian $ (2,184)1 UBS AG A-1 14-Dec-12 1.02 (95,474,000) US $ 93,421,309 Canadian $ (621,195)Total Foreign Currency Forward Contracts Value (1,615,171)

Schedule CLong Option Contracts (0.0%)


480 48,000 United Rentals Inc. 20-Oct-12 34.00 68,494 122,716 Total Long Option Contracts Value 68,494 122,716

Schedule AShort-Term Investments (6.6%)

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

93,000,000 ABN Amro Canada 1% 10/01/2012 93,000,000 93,000,000 1,000,000 National Bank of Canada 0.9% 10/02/2012 1,000,000 1,000,000

Total Short-Term Investments 94,000,000 94,000,000

Signature Select Canadian Corporate ClassFinancial Statements (unaudited)

– 190 –













1,314,185 1,543,95714,836 14,01094,000 -8,073 8,0344,358 2,208

- -

261 1,683- -

123 -1,121 879

10,691 20,329- -

2,440 3,2171,450,088 1,594,317

- -- -- -

1,876 2,130- -

4,142 22,833897 793

- -8,051 8,968

113 118- -

15,079 34,8421,435,009 1,559,475

1,245,095 1,430,4166,793 7,678

1,357,055 1,483,3021,903 675

13,654 14,81436,739 37,1096,634 2,8523,892 4,270

11 -57 63

1,187 1,22511 -

13,074 14,55311 -89 93

497 519195 -

19.88 20.0411.38 11.4621.77 21.8314.27 14.2111.63 11.607.78 8.04

10.81 11.178.97 9.228.87 9.06

11.10 11.336.51 6.83

10.50 11.027.49 7.829.65 10.00

10.77 11.17

68,273,949 74,022,293167,249 58,944627,066 678,474

2,574,790 2,610,780570,458 245,946500,437 531,007

986 106,364 6,822

133,819 135,210966 10

2,009,079 2,131,0771,015 10

11,817 11,83651,565 51,90918,148 10







– 191 –










18,847 13,002462 599191 96

- 82- -- -

(1,314) (1,098)18,186 12,681

13,415 10,4221,351 1,051

5 6- (59)

1,475 1,13016,246 12,5501,940 131

- -1,940 131

33,424 17,189(876) (166)

(1,040) (712)- -

(45,532) (183,633)(14,024) (167,322)(12,084) (167,191)

(12,158) (153,788)48 -

(65) (2,725)135 (7,022)142 -(47) (738)

1 -(1) (8)3 (212)- -

(145) (2,599)1 -- (12)1 (87)1 -

(0.17) (3.01)0.38 -

(0.10) (3.71)0.06 (2.30)0.36 -(0.09) (1.50)1.11 -

(0.05) (1.63)0.02 (1.54)(0.03) -(0.08) (1.31)1.10 -

(0.02) (1.43)0.02 (1.72)0.15 -


2012 2011


2012 2011



– 192 –


– 192 –

























1,483,302 864,789

68,940 694,416- -

(63,797) (46,110)(119,232) 1,867(114,089) 650,173

- -- -- -- -

(12,158) (153,788)1,357,055 1,361,174

675 -

442 -- -

(115) -853 -

1,180 -

- -- -- -- -

48 -1,903 -

14,814 16,400

769 2,207- -

(1,425) (1,361)(439) (238)

(1,095) 608

- -- -- -- -

(65) (2,725)13,654 14,283

37,109 44,426

4,170 3,253- -

(4,094) (3,444)(581) 434(505) 243

- -- -- -- -

135 (7,022)36,739 37,647

2,852 -

915 -- -

(39) -2,764 -3,640 -

- -- -- -- -

142 -6,634 -

4,270 4,306

165 536- -

(136) (208)(260) (17)(231) 311

- -- -

(100) (110)(100) (110)(47) (738)

3,892 3,769


2012 2011


2012 2011




– 193 –

























- -

10 -- -- -1 -

11 -

- -- -- -- -- -

11 -

14,553 14,709

365 2,2302 2

(507) (461)(663) (88)(803) 1,683

- -- -

(531) (623)(531) (623)(145) (2,599)

13,074 13,170

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

63 46

- -- -

(4) -- -

(4) -

- -- -

(1) (1)(1) (1)(1) (8)57 37

1,225 1,488

- -- -

(12) (13)- (110)

(12) (123)

- -- -

(29) (33)(29) (33)

3 (212)1,187 1,120


2012 2011



2012 2011


– 194 –


















1,559,475 946,773

75,837 702,6842 2

(70,134) (51,602)(117,399) 1,867(111,694) 652,951

- -- -

(688) (792)(688) (792)

(12,084) (167,191)1,435,009 1,431,741

93 76

- -- -- -- -- -

- -- -

(4) (3)(4) (3)- (12)

89 61

519 533

- 42- -

(5) (5)2 19(3) 56

- -- -

(20) (22)(20) (22)

1 (87)497 480

- -

41 -- -- -

156 -197 -

- -- -

(3) -(3) -1 -

195 -


2012 2011



2012 2011


Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 195 –










2012 2011

74,022,293 40,392,4033,492,336 38,028,391

- 2(3,310,963) (2,345,187)(5,929,717) 80,88668,273,949 76,156,495

58,944 -39,942 -

- -(10,012) -78,375 -

167,249 -

678,474 710,54436,590 100,171

- -(67,401) (62,279)(20,597) (11,092)627,066 737,344

2,610,780 2,996,130303,970 231,694

- -(297,175) (253,143)(42,785) 30,620

2,574,790 3,005,301

245,946 -80,644 -

- -(3,328) -

247,196 -570,458 -

531,007 475,06421,598 64,416

11 25(18,109) (25,252)(34,070) (2,628)500,437 511,625

10 -960 -16 -

- -- -

986 -









2012 2011

6,822 4,495- -- -

(458) (32)- -

6,364 4,463

135,210 149,407- -- -

(1,391) (1,466)- (11,328)

133,819 136,613

10 -940 -16 -(1) -1 -

966 -

2,131,077 1,849,39156,862 299,054

327 231(77,735) (62,744)

(101,452) (14,114)2,009,079 2,071,818

10 -978 -27 -

- -- -

1,015 -

11,836 8,468- -- -

(19) -- -

11,817 8,468

51,909 46,909- 4,183- -

(537) (524)193 1,694

51,565 52,262


– 196 –


– 196 –



2012 2011

10 -3,767 -

- -(28) -

14,399 -18,148 -







2012 2011












19.88 17.8719.90 17.91

11.38 -11.39 -

21.77 19.3721.80 19.41

14.27 12.5314.29 12.55

11.63 -11.64 -

7.78 7.377.79 7.38

10.81 -10.82 -

8.97 8.398.98 8.41

8.87 8.208.88 8.21

11.10 -11.11 -

6.51 6.366.52 6.37


2012 2011

10.50 -10.51 -

7.49 7.247.50 7.26

9.65 9.199.66 9.21

10.77 -10.78 -



117,471 44,687123,344 46,921



1,022 694286 125



– 197 –





2.001.951.00


2.001.951.00


2.001.951.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15


Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 198 –



Categories Net Assets (%)Long Positions:Financials ................................................................................................................................. 27.4 Energy ...................................................................................................................................... 17.1 Materials.................................................................................................................................. 12.0 Industrials ................................................................................................................................ 9.0 Information Technology ........................................................................................................... 8.0 Consumer Staples.................................................................................................................... 7.8 Health Care .............................................................................................................................. 7.7 Consumer Discretionary........................................................................................................... 5.3 Telecommunication Services ................................................................................................... 3.0 Utilities..................................................................................................................................... 1.7 Cash & Equivalents.................................................................................................................. 1.4 Other Net Assets (Liabilities) .................................................................................................. 0.2 Total Long Positions ............................................................................................................. 100.6

Short Positions:Health Care .............................................................................................................................. (0.6)Total Short Positions ............................................................................................................ (0.6)


Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund’s exposure to credit risk through derivativeinstruments was insignificant.

The 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+ 6.6 Not Rated 0.5 Total 7.1

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 3.9 AA/Aa/A+ 0.3 A 0.1 Total 4.3





(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,232,349 13,426 3,114 1,248,889 Exchange-traded funds 43,157 - - 43,157 Short-term investments - 94,000 - 94,000 Warrants 22,139 - - 22,139 Foreign currency forward contracts, net - (1,615) - (1,615)Options 123 - - 123 Total 1,297,768 105,811 3,114 1,406,693


(in $000's) (in $000's) (in $000's) (in $000's)Equities (8,051) - - (8,051)Total (8,051) - - (8,051)




(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,513,734 - - 1,513,734 Warrants 30,223 - - 30,223 Foreign currency forward contracts, net - (447) - (447) Total 1,543,957 (447) - 1,543,510


(in $000's) (in $000's) (in $000's) (in $000's)Equities (8,968) - - (8,968)Total (8,968) - - (8,968)




Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 199 –– 199 –






(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 3,218 (82) - - (22) 3,114 Total - 3,218 (82) - - (22) 3,114


Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would have a significant impact on the net assets of the Fund as at September 30, 2012.

Signature Select Global Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 200 –

Average FairNo. of Units Cost ($) Value ($)

FUND (99.7%)2,202,806 Signature Select Global Fund (Class A)† 19,881,246 21,917,915

Total Fund (99.7%) 19,881,246 21,917,915


Net Assets (100.0%) 21,977,510

†The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc. 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.


Signature Select Global Corporate ClassFinancial Statements (unaudited)

– 201 –








Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



21,918 19,45358 76

- -- -- -- -

- -- -- -1 17 -- -- -

21,984 19,530

- -- -- -

- -- -1 -5 10- -- -- -- -6 10

21,978 19,520

19,881 17,513- -

941 911198 33106 288

18,027 18,1602,605 128

10 -10 -11 -11 -16 -10 -11 -11 -11 -

10.78 10.8311.62 11.6610.94 10.9211.71 11.6211.87 11.779.35 -

11.04 11.3610.55 10.7811.32 11.5110.17 10.6410.72 11.2010.32 10.7010.13 10.4611.00 11.35

87,309 84,13417,065 2,7969,650 26,366

1,539,277 1,563,180219,549 10,874

1,097 -955 10

1,002 10937 10

1,539 10983 10

1,024 101,048 10

964 10







– 202 –








Capital gain distribution from investmentsChange in unrealized appreciation (depreciation)





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

11 72 1- -- 42 1

15 13(14) (12)

- -(14) (12)

130 52- 2- -- -

97 (2,593)227 (2,539)213 (2,551)

(3) (84)3 -- (22)

144 (2,444)63 -

- (1)- -1 -1 -1 -- -1 -1 -1 -

(0.03) (1.51)0.47 -(0.01) (1.47)0.09 (1.38)0.81 -0.23 (1.24)0.95 -0.96 -1.10 -0.91 -0.93 -0.95 -1.00 -1.07 -


2012 2011


2012 2011



– 203 –


























2012 2011


2012 2011



911 494

84 178- -

(39) (3)(12) 4633 221

- -- -- -- -

(3) (84)941 631

33 -

26 -- -- -

136 -162 -

- -- -- -- -3 -

198 -

288 125

19 88- -

(8) (5)(193) 9(182) 92

- -- -- -- -- (22)

106 195

18,160 17,909

828 2,066- -

(1,575) (1,059)470 1,610(277) 2,617

- -- -- -- -

144 (2,444)18,027 18,082

128 -

2,127 -- -

28 -259 -

2,414 -

- -- -- -- -

63 -2,605 -

- 6

10 -- -- -- -

10 -

- -- -- -- -- (1)

10 5

– 204 –



























2012 2011


2012 2011



- -

10 -- -- -5 -

15 -

- -- -- -- -1 -

16 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

– 205 –















2012 2011



- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

19,520 18,534

3,174 2,332- -

(1,594) (1,067)665 1,665

2,245 2,930

- -- -- -- -

213 (2,551)21,978 18,913

Signature Select Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 206 –










2012 2011










2012 2011

84,134 45,5078,041 16,913

- -(3,764) (308)(1,102) 4,43187,309 66,543

2,796 -2,266 -

- -- -

12,003 -17,065 -

26,366 11,5371,767 8,502

- -(763) (459)

(17,720) 9199,650 20,499

1,563,180 1,573,59774,605 186,584

- -(139,552) (97,836)

41,044 135,2921,539,277 1,797,637

10,874 -183,727 -

- -2,688 -

22,260 -219,549 -

- 5761,088 -

9 -- -- -

1,097 576

10 -930 -15 -

- -- -

955 -

10 -976 -16 -

- -- -

1,002 -

10 -912 -15 -

- -- -

937 -

10 -999 -27 -

- -503 -

1,539 -

10 -947 -26 -

- -- -

983 -

10 -987 -27 -

- -- -

1,024 -

10 -1,010 -

28 -- -- -

1,048 -

10 -929 -25 -

- -- -

964 -

– 207 –

Signature Select Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2.001.951.00


2.001.951.00



0.220.150.22

-0.150.220.150.220.150.220.150.22

-0.15



Signature Select Global Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 208 –


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


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 39.9U.K............................................................................................................................................ 8.3Switzerland .............................................................................................................................. 5.6Cash & Equivalents.................................................................................................................. 5.1Australia................................................................................................................................... 4.8Japan ....................................................................................................................................... 3.6Canada ..................................................................................................................................... 3.6South Korea ............................................................................................................................. 3.1Netherlands ............................................................................................................................. 3.0Germany ................................................................................................................................... 2.7France....................................................................................................................................... 2.6Mexico ..................................................................................................................................... 2.1Belgium .................................................................................................................................... 2.1Ireland ...................................................................................................................................... 1.9Hong Kong................................................................................................................................ 1.7Thailand ................................................................................................................................... 1.7Brazil ........................................................................................................................................ 1.1Denmark ................................................................................................................................... 0.8Taiwan...................................................................................................................................... 0.8Bermuda ................................................................................................................................... 0.8Cayman Islands........................................................................................................................ 0.7Indonesia.................................................................................................................................. 0.6Russia....................................................................................................................................... 0.6Israel ........................................................................................................................................ 0.5Netherlands Antilles................................................................................................................ 0.5Chile ......................................................................................................................................... 0.5Singapore ................................................................................................................................. 0.4China ........................................................................................................................................ 0.3Italy .......................................................................................................................................... 0.3Austria...................................................................................................................................... 0.3Colombia .................................................................................................................................. 0.3Jersey Island............................................................................................................................ 0.2Foreign Currency Forward Contracts ....................................................................................... (0.1)Other Net Assets (Liabilities) .................................................................................................. (0.4)


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 41.2 U.K............................................................................................................................................ 9.9 Cash & Equivalents.................................................................................................................. 9.8 Australia................................................................................................................................... 5.7 Japan ....................................................................................................................................... 5.4 Switzerland .............................................................................................................................. 4.4 Germany ................................................................................................................................... 3.8 France....................................................................................................................................... 2.9 Netherlands ............................................................................................................................. 2.8 South Korea ............................................................................................................................. 2.3 Hong Kong................................................................................................................................ 2.2 Canada ..................................................................................................................................... 2.0 Ireland ...................................................................................................................................... 1.8 Mexico ..................................................................................................................................... 1.7 Thailand ................................................................................................................................... 1.6 Belgium .................................................................................................................................... 1.0 Sweden .................................................................................................................................... 0.9 Bermuda ................................................................................................................................... 0.9 Indonesia.................................................................................................................................. 0.8 Taiwan...................................................................................................................................... 0.7 Cayman Islands........................................................................................................................ 0.5 Spain ........................................................................................................................................ 0.5 Israel ........................................................................................................................................ 0.4 Netherlands Antilles................................................................................................................ 0.4 Colombia .................................................................................................................................. 0.4 South Africa ............................................................................................................................. 0.3 Brazil ........................................................................................................................................ 0.3 Italy .......................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.1 Other Net Assets (Liabilities) .................................................................................................. (4.9)

During the six-month period the Fund's exposure to other price risk. For details relating to credit risk,currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financialstatements as at March 31, 2012, as the Fund's exposure to those risks remains unchanged.14.0 -

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2012 andMarch 31, 2012, the Underlying Fund was predominantly invested in global equities and therefore wassensitive to changes in general economic conditions across the world.

As at March 31, 2012, had global markets increased or decreased by 10% (March 31, 2012 - 10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $3,595,000 (March 31, 2012 - $1,848,000). In practice, actual results may differ from this analysis and the difference may be material.


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

– 209 –


INFORMATION TECHNOLOGY (16.9%) 11,700 Apple Inc. 3,288,630 7,676,478 67,100 Cadence Design Systems Inc. 777,722 848,498

170,400 Cisco Systems Inc. 3,214,595 3,198,623 9,100 Citrix Systems Inc. 581,650 684,974

49,200 CoreLogic Inc. 1,278,034 1,282,999 125,400 Corning Inc. 1,569,996 1,621,477 132,000 EMC Corp. 2,899,440 3,539,539 30,600 Equifax Inc. 1,394,992 1,401,550 37,000 IAC/InterActiveCorp. 1,452,752 1,893,331 11,800 Microsoft Corp. 370,228 345,189 78,000 QUALCOMM Inc. 4,479,996 4,789,770 3,900 Salesforce.com Inc. 583,841 585,318

51,700 SanDisk Corp. 2,256,933 2,206,317 105,100 Symantec Corp. 1,762,821 1,856,080 42,500 Total System Services Inc. 1,024,277 990,015

26,935,907 32,920,158FINANCIALS (14.6%)

50,300 Allstate Corp. 1,992,211 1,958,623 42,700 American Express Co. 2,104,531 2,386,544 75,600 American International Group Inc. 2,328,824 2,436,791

101,300 Ares Capital Corp. 1,624,738 1,706,296 4,800 BlackRock Inc. (USD) 828,650 841,456

17,300 Everest Re Group Ltd.* 1,739,072 1,818,152 93,900 Fifth Third Bancorp. 1,333,495 1,431,149 59,200 First American Financial Corp. 1,188,603 1,260,280 60,700 First Republic Bank 1,814,771 2,056,201 12,700 Goldman Sachs Group Inc. 1,446,549 1,419,631 22,500 Macerich Co. 1,287,981 1,265,512 95,600 Ocwen Financial Corp. 1,428,591 2,575,705 45,000 Rayonier Inc. 2,069,728 2,166,857

101,500 Regions Financial Corp. 593,363 717,600 129,400 Wells Fargo & Co. 3,355,009 4,396,124

25,136,116 28,436,921CONSUMER DISCRETIONARY (12.5%)

9,000 Charter Communications Inc. 476,161 664,172 13,000 Dillard's Inc., Class A 963,476 924,463 44,800 eBay Inc. 1,920,520 2,131,236 29,200 Foot Locker Inc. 1,001,560 1,017,570 27,500 GNC Acquisition Holdings Inc., Class A* 1,023,628 1,052,700 16,100 Home Depot Inc. 896,549 955,412 39,800 Limited Brands Inc. 1,133,625 1,927,422 33,200 Michael Kors Holdings Ltd. 1,725,639 1,735,444 12,300 Polaris Industries Inc. 994,958 978,214 4,900 Priceline.com Inc. 2,968,050 2,977,158

67,100 Pulte Group Inc. 1,022,949 1,022,685 11,500 Time Warner Cable Inc. 1,070,817 1,074,938 9,900 Tractor Supply Co.* 853,113 962,568 8,400 Ulta Salon Cosmetics & Fragrance Inc. 712,858 795,414

42,700 Walt Disney Co. 2,052,805 2,193,824 44,600 Wyndham Worldwide Corp. 1,115,661 2,301,528 13,900 Wynn Resorts Ltd. 1,457,197 1,577,141

21,389,566 24,291,889

ENERGY (10.3%) 36,500 Anadarko Petroleum Corp. 2,454,538 2,508,392 13,200 Apache Corp. 1,310,215 1,121,049 6,000 Approach Resources Inc. 197,594 177,703

35,100 Atwood Oceanics Inc. 1,490,407 1,568,659 16,200 Diamond Offshore Drilling Inc. 1,076,092 1,048,003 43,100 EnCana Corp. (USD) 899,825 928,978 14,700 EOG Resources Inc. 1,485,411 1,619,634 28,500 National Oilwell Varco Inc. 2,455,655 2,243,613 24,600 Noble Energy Inc. 2,034,362 2,242,587 90,500 Talisman Energy Inc. 1,086,713 1,186,223 57,800 Tesoro Corp. 1,823,034 2,381,384 20,500 TransCanada Corp. 883,982 916,168 34,700 Valero Energy Corp. 1,078,431 1,080,600 23,600 Whiting Petroleum Corp. 1,204,290 1,099,266

19,480,549 20,122,259HEALTH CARE (10.1%)

32,800 CIGNA Corp. 1,453,768 1,521,344 190,200 Dynavax Technologies Corp.* 660,376 890,236 47,000 Eli Lilly and Co. 2,156,876 2,190,604 55,500 Endo Pharmaceuticals Holdings Inc. 1,716,383 1,728,884 52,200 Express Scripts Holding Co. 3,016,015 3,214,700 32,000 Gilead Sciences Inc. 1,663,784 2,086,806 23,700 Omnicare Inc. 787,539 791,647 16,100 Onyx Pharmaceuticals Inc. 1,166,004 1,337,735 75,600 OraSure Technologies Inc. 993,012 825,892

116,600 Pfizer Inc. 2,621,262 2,847,985 40,000 UnitedHealth Group Inc. 1,768,090 2,178,607

18,003,109 19,614,440CONSUMER STAPLES (8.6%)

20,900 Bunge Ltd. 1,332,530 1,377,742 14,400 ConAgra Foods Inc. 388,236 390,663 86,100 CVS Caremark Corp. 3,086,561 4,098,508 47,400 Kraft Foods Inc., Class A 1,837,162 1,927,265 35,500 McCormick & Co., Inc.* 1,686,966 2,165,298 24,900 Mead Johnson Nutrition Co. 1,420,474 1,793,717 35,400 The Hershey Co. 1,831,012 2,467,258 28,700 The J. M. Smucker Co. 2,419,439 2,435,456

14,002,380 16,655,907INDUSTRIALS (7.9%)

4,400 AO Smith Corp. 248,757 248,949 61,500 Corrections Corp. of America 1,463,120 2,021,013 44,400 Honeywell International Inc. 2,421,061 2,608,606 23,300 Ingersoll-Rand PLC 1,005,543 1,026,641 23,500 Kansas City Southern de Mexico* 899,458 1,750,865 40,800 Titan International Inc.* 1,030,137 708,097 29,900 Union Pacific Corp. 1,986,258 3,488,696 41,300 URS Corp. 1,762,460 1,433,954 37,400 WESCO International Inc.* 1,841,367 2,103,194

12,658,161 15,390,015




– 210 –

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

– 210 –


MATERIALS (5.0%) 36,000 Agnico-Eagle Mines Ltd. 1,804,452 1,836,496 44,700 Eastman Chemical Co. 2,415,824 2,504,919 16,100 FMC Corp. 894,404 876,573 41,600 Potash Corp. of Saskatchewan Inc. 1,790,139 1,774,886 66,100 RPM International Inc. 1,752,972 1,855,646 15,700 WR Grace & Co. 859,293 912,069

9,517,084 9,760,589UTILITIES (2.1%)

102,900 NV Energy Inc. 1,852,301 1,823,298 42,100 Pinnacle West Capital Corp. 2,233,134 2,184,938

4,085,435 4,008,236TELECOMMUNICATION SERVICES (1.6%)

216,800 Frontier Communications Corp.* 1,008,791 1,044,583 34,300 SBA Communications Corp.* 1,652,271 2,120,773

2,661,062 3,165,356


Total Equities (89.6%) 153,705,324 174,365,770





Net Assets (100.0%) 194,648,086

*Denotes all or part of securities on loan.‡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.




1 Royal Bank of Canada A-1+ 28-Nov-12 0.99 (44,077,453) US $ 43,530,231 Canadian $ 129,154 Total Foreign Currency Forward Contracts Value 129,154

Synergy American Corporate ClassFinancial Statements (unaudited)

– 211 –













174,366 184,04421,305 7,213

- -- -- -- -

129 192- -- -

13 511,650 1,006

- -98 125

197,561 192,631

- -- -- -

- -- -

2,888 1,02525 51

- -- -- -- -

2,913 1,076194,648 191,555

153,705 155,107- -

182,887 180,293996 1,001

10,741 10,24610 -14 15

10.28 10.597.22 7.40

10.44 10.638.15 8.789.52 10.11

17,798,662 17,027,800137,844 135,147

1,029,017 964,1731,267 121,474 1,478













1,347 1,5336 12

21 5- -- -- -

(190) (216)1,184 1,334

1,659 2,105175 222

- -- (15)

181 2302,015 2,542(831) (1,208)

- -(831) (1,208)

4,198 (7,706)(251) 598(326) (349)

- -

(8,339) (20,095)(4,718) (27,552)(5,549) (28,760)

(5,353) (27,573)(24) (128)

(172) (1,057)- (2)- -

(0.32) (1.28)(0.17) (0.86)(0.17) (1.16)0.45 (1.01)(0.19) -


2012 2011

Synergy American Corporate ClassFinancial Statements (unaudited)

– 212 –















180,293 221,243

18,773 5,646- -

(2,168) (7,458)(8,658) (149)7,947 (1,961)

- -- -- -- -

(5,353) (27,573)182,887 191,709

1,001 1,110

55 39- -

(55) (132)19 (1)19 (94)

- -- -- -- -

(24) (128)996 888

10,246 8,449

741 2,552- -

(602) (1,776)528 78667 854

- -- -- -- -

(172) (1,057)10,741 8,246


2012 2011













- -

10 14- -- (12)- -

10 2

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

10 -

15 -

- -- -

(4) -4 -- -

- -- -

(1) -(1) -- -

14 -

191,555 230,802

19,579 8,251- -

(2,829) (9,378)(8,107) (72)8,643 (1,199)

- -- -

(1) -(1) -

(5,549) (28,760)194,648 200,843


2012 2011

Synergy American Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 213 –








2012 2011

17,027,800 21,720,7591,810,039 580,095

- -(213,218) (771,250)(825,959) (15,464)

17,798,662 21,514,140

135,147 157,6267,686 6,280

- -(7,762) (20,609)2,773 143

137,844 143,440

964,173 846,98872,040 267,543

- -(58,778) (189,641)51,582 8,379

1,029,017 933,269

12 -1,219 1,430

36 -- (1,430)- -

1,267 -

1,478 -- -

10 -(430) -416 -

1,474 -







10.28 8.9110.28 8.91

7.22 6.197.23 6.20

10.44 8.8410.44 8.84

8.15 -8.16 -

9.52 -9.53 -


2012 2011



8,252 9,7338,664 10,220



325 34828 26



2.001.00



0.210.21

-0.21

-


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

– 214 –



Categories Net Assets (%)Information Technology ........................................................................................................... 20.5 Financials ................................................................................................................................. 12.9 Health Care .............................................................................................................................. 12.1 Energy ...................................................................................................................................... 11.6 Industrials ................................................................................................................................ 11.4 Consumer Discretionary........................................................................................................... 11.0 Consumer Staples.................................................................................................................... 9.8 Materials.................................................................................................................................. 3.8 Cash & Equivalents.................................................................................................................. 3.8 Utilities..................................................................................................................................... 1.9 Telecommunication Services ................................................................................................... 1.0 Foreign Currency Forward Contracts ....................................................................................... 0.1 Other Net Assets (Liabilities) .................................................................................................. 0.1




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

– 215 –


FINANCIALS (23.1%) 126,100 Aegon N.V. 741,064 644,579 42,880 Ageas N.V. 871,484 1,011,134

348,800 AIA Group Ltd. 1,132,345 1,271,625 8,700 Allianz SE 992,412 1,020,697

45,400 Allied Properties REIT 1,356,833 1,448,260 59,600 Allstate Corp. 2,360,552 2,320,754 46,000 American Express Co. 2,267,096 2,570,985 89,200 American International Group Inc. 2,747,321 2,875,156

119,600 Ares Capital Corp. 1,919,321 2,014,541 376,700 Bank of Yokohama Ltd.* 1,843,267 1,761,260 425,500 Barclays PLC 1,356,200 1,451,666

5,700 BlackRock Inc. (USD) 983,706 999,229 235,300 Brookfield Asset Management Inc.,

Class A 6,894,544 7,979,023 266,100 Canadian Imperial Bank of Commerce 19,816,201 20,444,463

7,000 Credicorp Ltd. 873,228 861,767 151,600 DBS Group Holdings Ltd. 1,612,567 1,746,815 122,200 Delta Lloyd N.V. 1,697,390 1,832,236 20,400 Everest Re Group Ltd. 2,050,212 2,143,948

1,100,800 Evergrande Real Estate Group Ltd. 440,027 428,540 110,300 Fifth Third Bancorp. 1,566,400 1,681,105 64,300 First American Financial Corp. 1,284,577 1,368,852 65,300 First Republic Bank 1,930,324 2,212,025 13,700 Goldman Sachs Group Inc. 1,563,681 1,531,413 32,600 Hana Financial Group Inc. 1,033,558 978,650

286,600 HSBC Holdings PLC 2,511,408 2,649,406 183,050 IGM Financial Inc.* 8,083,215 7,027,290 751,900 Industrial & Commercial Bank of China 433,940 435,734 116,400 ING Groep N.V. 1,111,057 904,335 304,900 Intact Financial Corp. 14,123,245 18,172,040 181,400 Kasikornbank PCL 949,172 1,056,393 83,100 Lancashire Holdings Ltd. 1,008,338 1,086,007

185,800 Lend Lease Group 1,562,633 1,487,749 101,200 London Stock Exchange Group PLC 1,601,310 1,514,585 26,700 Macerich Co. 1,528,491 1,501,740

677,200 Man Group PLC 1,519,764 885,549 1,266,500 Manulife Financial Corp. 16,992,458 14,970,030

268,700 Mitsubishi UFJ Financial Group Inc.* 1,338,224 1,235,988 826,700 Mizuho Financial Group Inc.* 1,278,616 1,312,721

8,800 Muenchener Rueckversicherungs AG, Registered Shares 1,299,726 1,353,923

1,086,600 New World Development Co., Ltd. 1,297,344 1,653,468 90,500 Nordea Bank AB 859,109 879,455

113,100 Ocwen Financial Corp. 1,702,627 3,047,199 19,400 ORIX Corp.* 1,720,504 1,914,332 53,000 Rayonier Inc. 2,437,661 2,552,076

119,300 Regions Financial Corp. 697,431 843,445 640,300 Royal Bank of Canada 33,747,621 36,112,920 109,300 Sberbank of Russia, ADR 1,297,641 1,258,533 145,300 Sumitomo Mitsui Financial Group Inc.* 4,493,835 4,456,973 575,100 The Bank of Nova Scotia†† 29,921,867 30,980,637 527,120 Toronto-Dominion Bank 36,235,326 43,165,857 65,600 United Overseas Bank Ltd. 997,470 1,032,893

152,200 Wells Fargo & Co. 3,964,112 5,170,711 2,482,300 Yuexiu Property Co., Ltd. 630,649 620,105

234,679,104 251,880,817

ENERGY (19.0%)570,850 Advantage Oil & Gas Ltd.* 3,266,637 2,095,020 426,800 Afren PLC 874,875 948,143 42,100 AltaGas Ltd. 1,396,599 1,420,875

379,600 Americas Petrogas Inc. 1,384,145 671,892 43,100 Anadarko Petroleum Corp. 2,898,262 2,961,965 15,500 Apache Corp. 1,540,092 1,316,383 6,500 Approach Resources Inc. 216,277 192,511

131,300 ARC Resources Ltd.* 2,785,021 3,138,070 41,400 Atwood Oceanics Inc. 1,757,215 1,850,213

1,169,800 Avner Oil Exploration LLP 586,039 657,044 103,700 Baytex Energy Corp.* 4,755,554 4,835,531 67,200 BG Group PLC 1,550,531 1,333,863

340,800 Bowleven PLC 388,514 413,993 478,800 Canadian Natural Resources Ltd. 16,524,015 14,488,488 234,200 Celtic Exploration Ltd. 3,623,028 4,269,466 237,900 Cenovus Energy Inc. 7,813,614 8,145,696 25,900 Cie Generale de

Geophysique-Veritas S.A.* 659,687 801,223 416,200 CNOOC Ltd. 854,438 838,103 71,300 Crescent Point Energy Corp.* 2,928,510 3,098,698 51,600 Det Norske Oljeselskap ASA 822,335 835,155 19,000 Diamond Offshore Drilling Inc.* 1,262,083 1,229,139

174,500 Enbridge Inc.* 4,768,666 6,695,565 497,600 EnCana Corp. 10,434,666 10,714,543 470,400 Enquest PLC* 815,573 856,020 17,300 EOG Resources Inc. 1,751,291 1,906,099

450,000 Gibson Energy Inc.* 8,019,436 10,363,500 470,600 Gran Tierra Energy Inc. 2,810,812 2,371,824 344,000 Inter Pipeline Fund LP 3,818,841 7,365,040 150,500 Keyera Corp. 6,665,468 7,156,275 274,900 Legacy Oil + Gas Inc.* 2,822,644 1,841,830

8,500 LUKOIL Oil Co. 534,402 514,858 36,100 Lundin Petroleum AB 850,885 864,864

263,700 Mullen Group Ltd. 5,570,558 6,136,299 33,600 National Oilwell Varco Inc. 2,860,840 2,645,102 82,700 Nexen Inc. 1,390,458 2,059,230 26,600 Noble Energy Inc. 2,125,910 2,424,911

284,100 Paladin Energy Ltd.* 504,616 360,793 390,400 PetroBakken Energy Ltd* 4,553,694 5,446,080 62,100 Petroleum Geo-Services ASA 937,774 1,006,699

293,600 Peyto Exploration & Development Corp. 5,679,864 7,108,056

384,800 Precision Drilling Corp.* 4,499,040 2,962,960 145,600 Premier Oil PLC 854,674 829,787 103,700 Secure Energy Services Inc. 1,034,964 1,050,481 155,000 Sevan Drilling AS* 194,961 152,518 134,600 ShawCor Ltd., Class A,

Sub-Voting Shares 4,999,261 5,724,538 3,500 SK Holdings Co., Ltd. 512,452 480,540

40,600 Statoil ASA 1,046,251 1,031,170 719,921 Suncor Energy Inc. 24,137,181 23,239,050 644,900 Talisman Energy Inc. 8,133,514 8,448,982 68,300 Tesoro Corp. 2,153,674 2,813,988

361,000 TransCanada Corp. 15,621,066 16,136,486 232,100 Trilogy Energy Corp.* 3,278,821 5,946,402 23,100 Valeo S.A.* 1,097,875 1,050,889

*Denotes all or part of securities on loan.††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. Investments with The Bank of Nova Scotia are identified above.




– 216 –

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

– 216 –


ENERGY (19.0%) (cont’d)37,700 Valero Energy Corp. 1,172,394 1,174,024 44,400 Vermilion Energy Inc.* 1,911,085 2,051,280 25,400 Whiting Petroleum Corp. 1,304,724 1,183,109

196,755,806 207,655,263 MATERIALS (13.3%)

214,900 Agnico-Eagle Mines Ltd. 9,311,810 10,958,762 81,200 Agrium Inc. 5,969,194 8,258,040

810,300 Alacer Gold Corp.* 4,713,166 5,840,698 525,700 Alamos Gold Inc. 8,915,815 10,046,127

4,900 Arkema S.A.* 344,471 451,095 148,600 Banro Corp. 676,264 679,102 366,560 Barrick Gold Corp. 15,346,094 15,050,954 18,600 BASF AG* 1,571,505 1,545,436

1,409,500 China Bluechemical Ltd. 866,504 816,820 1,115,700 China Metal Recycling Holdings Ltd. 856,287 1,014,405

318,800 Copper Mountain Mining Corp. 1,107,671 1,067,980 48,400 Eastman Chemical Co. 2,609,666 2,712,262

243,500 First Majestic Silver Corp.* 4,376,995 5,542,060 233,900 First Quantum Minerals Ltd. 4,523,518 4,900,205 19,000 FMC Corp. 1,055,509 1,034,465 43,200 Fresnillo PLC 1,032,356 1,270,447 15,600 Holcim Ltd. 866,025 976,254

178,800 Intertape Polymer Group Inc. 1,213,646 1,203,324 215,000 Labrador Iron Ore Royalty Corp. 5,519,888 6,493,000 11,200 Lanxess AG* 829,645 913,884

464,600 Lundin Mining Corp.* 1,934,403 2,323,000 149,200 Mondi PLC 1,382,959 1,491,408 701,500 New Gold Inc.* 7,799,044 8,439,045 584,200 New Millenium Iron Corp. 1,990,889 975,614 28,900 Newcrest Mining Ltd. 871,234 858,722

907,500 PMI Gold Corp. 954,236 843,975 416,500 Potash Corp. of Saskatchewan Inc. 18,418,983 17,768,163 24,819 Rio Tinto PLC 1,198,353 1,137,004

129,300 RPM International Inc. 3,435,571 3,629,880 163,700 Silver Wheaton Corp. 5,739,243 6,389,211 108,000 Smurfit Kappa Group PLC 756,143 1,071,361 187,700 Teck Resources Ltd., Class B 7,473,589 5,432,038

2,582,600 Tiangong International Co., Ltd. 555,906 514,164 46,500 Vale S.A., ADR 858,162 817,538 38,600 West Fraser Timber Co., Ltd. 1,840,563 2,158,898 54,500 WR Grace & Co. 2,959,689 3,166,100

381,400 Yamana Gold Inc. 5,747,574 7,162,692 135,622,570 144,954,133

CONSUMER DISCRETIONARY (10.2%) 23,900 Bayerische Motoren Werke AG* 2,003,202 1,721,532

227,200 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 13,291,223 16,051,680

10,485 Charter Communications Inc. 559,046 773,761 8,800 Christian Dior S.A.* 1,214,641 1,160,426

1 Citadel Broadcasting Corp.^ - - 8,800 Continental AG 864,979 846,939

215,600 Corus Entertainment Inc., Class B 3,814,130 4,919,992 533,600 Debenhams PLC 700,565 866,809 14,000 Dillard's Inc., Class A 1,038,182 995,575

CONSUMER DISCRETIONARY (10.2%) (cont’d)117,900 Dollarama Inc. 3,590,715 7,389,972

8,900 Dufry AG 933,583 1,047,858 104,300 eBay Inc. 4,386,741 4,961,783 31,600 Foot Locker Inc. 1,080,492 1,101,206

609 Fuji Media Holdings Inc. 1,012,926 980,081 352,000 Galaxy Entertainment Group Ltd. 974,007 1,158,310 215,900 Gildan Activewear Inc.* 5,459,070 6,716,649 29,800 GNC Acquisition Holdings Inc., Class A* 1,107,680 1,140,744

235,400 Great Wall Motor Co., Ltd., Class H 527,696 608,950 19,000 Home Depot Inc. 1,057,986 1,127,505 7,900 Hyundai Motor Co. 1,209,101 1,754,269

34,500 Imperial Holdings Ltd. 649,512 762,423 17,600 Inditex S.A. 2,030,744 2,137,364 36,400 Intercontinental Hotels Group PLC 875,392 936,372

969,000 ITV PLC 1,176,136 1,357,139 31,900 Kia Motors Corp. 1,253,512 1,951,888 42,900 Limited Brands Inc. 1,155,055 2,077,548 47,100 Lottomatica S.p.A.* 718,220 1,018,388

291,100 Magna International Inc., Class A* 9,683,268 12,374,661 35,900 Michael Kors Holdings Ltd. 1,865,978 1,876,580 90,600 Mood Media Corp. 373,272 216,534 13,300 Polaris Industries Inc. 1,077,391 1,057,744 5,300 Priceline.com Inc. 3,205,100 3,220,191

72,800 Pulte Group Inc. 1,108,729 1,109,560 88,200 Quebecor Inc., Class B 2,314,440 2,877,084

196,500 Techtronic Industries Co. 245,532 351,339 12,400 Time Warner Cable Inc. 1,154,631 1,159,063 11,700 Tractor Supply Co. 1,009,253 1,137,580 9,900 Ulta Salon Cosmetics & Fragrance Inc. 838,056 937,452

515,900 UMW Holdings BHD 1,340,916 1,651,398 61,800 Vivendi S.A.* 1,172,326 1,185,112 6,600 Volkswagen AG, Preferred 1,092,185 1,186,003

83,100 Walt Disney Co. 4,048,804 4,269,479 196,100 William Hill PLC 864,300 985,560 195,900 WPP PLC 2,239,952 2,616,148 52,800 Wyndham Worldwide Corp. * 1,317,840 2,724,679 33,100 Wynn Resorts Ltd.* 3,470,095 3,755,638 32,100 Ziggo BV 954,178 1,072,123

92,060,782 111,329,091 INDUSTRIALS (8.0%)

133,500 Aecon Group Inc. 1,695,226 1,610,010 4,700 AO Smith Corp. 265,718 265,923

203,200 Ashtead Group PLC 732,741 1,044,475 564,900 ATS Automation Tooling Systems Inc.* 3,917,317 5,005,014 243,895 Canadian National Railway Co. 14,087,438 21,145,696 82,500 Canadian Pacific Railway Ltd.* 5,846,304 6,723,750

178,400 Celestica Inc.* 1,341,513 1,252,368 1,374,800 China Communications

Construction Co., Ltd. 1,173,390 1,091,337 72,700 Corrections Corp. of America 1,728,293 2,389,068 26,600 European Aeronautic Defence and

Space Co. N.V.* 795,661 829,097 435,400 Finning International Inc. 9,456,760 10,349,458 81,200 Honeywell International Inc. 4,517,555 4,770,694 27,600 Ingersoll-Rand PLC 1,191,684 1,216,107 27,600 Kansas City Southern de Mexico* 1,051,744 2,056,335




– 217 –– 217 –


– 217 –


INDUSTRIALS (8.0%) (cont’d)36,700 Koninklijke Philips Electronics N.V. 828,522 841,986

138,200 Marubeni Corp.* 940,143 865,602 35,300 Mitsui & Co., Ltd.* 546,487 487,572 85,300 Rexel S.A.* 1,779,773 1,681,574 25,200 Safran S.A.* 932,176 891,186

125,500 SK Networks Co., Ltd. 1,139,223 1,135,792 9,400 Societe BIC S.A. 972,117 1,115,057

106,200 Superior Plus Corp.* 861,201 965,358 74,400 The Capita Group PLC 848,585 915,011 43,800 Titan International Inc.* 1,105,921 760,162

437,200 Turk Hava Yollari Anonim Ortakligi 769,061 896,872 32,500 Union Pacific Corp. 1,922,365 3,792,061 49,000 URS Corp. 2,092,305 1,701,302 66,050 Veidekke ASA 545,920 511,547 1,400 Wajax Corp. 47,696 62,132

44,100 WESCO International Inc.* 2,188,393 2,479,969 463,300 WestJet Airlines Ltd. 5,977,408 8,084,585


12,700 Apple Inc. 2,786,275 8,332,588 111,500 ARM Holdings PLC 1,025,489 1,018,063 23,600 ASM International N.V.* 887,625 779,728 15,900 ASML Holding N.V. 836,557 835,557

2,591,700 AU Optronics Corp. 836,257 916,576 79,100 Cadence Design Systems Inc. 916,766 1,000,242 23,500 Cap Gemini S.A. 846,828 977,174

380,700 CGI Group Inc. 5,253,456 10,046,673 183,600 Cisco Systems Inc. 3,466,051 3,446,404 10,700 Citrix Systems Inc. 692,437 805,409 58,100 CoreLogic Inc. 1,509,164 1,515,086

215,700 Corning Inc. 2,713,829 2,789,096 155,900 EMC Corp. 3,445,626 4,180,410 33,200 Equifax Inc. 1,514,640 1,520,636 10,000 Gemalto N.V. 670,593 864,747

136,700 Hitachi Ltd.* 586,607 747,674 433,406 Hon Hai Precision Industry Co., Ltd. 1,279,133 1,335,185 91,800 IAC/InterActiveCorp. 4,087,676 4,697,508 16,500 IngeniCo. 842,341 832,788 40,900 LG Display Co., Ltd. 933,130 1,021,976

118,000 LG Display Co., Ltd., ADR 1,436,230 1,458,495 35,420 MacDonald Dettwiler &

Associates Ltd. 1,693,021 1,815,629 13,900 Microsoft Corp. 435,454 406,621 2,427 Nortel Networks Corp.^ - 21

56,200 Open Text Corp.* 3,009,655 3,040,982 141,200 Opera Software ASA 940,366 887,466 837,400 Pegatron Corp. 1,082,550 1,070,924 84,200 QUALCOMM Inc. 4,852,941 5,170,495 4,200 Salesforce.com Inc.* 628,588 630,343 3,159 Samsung Electronics Co., Ltd. 2,873,250 3,751,483 3,100 Samsung Electronics Co., Ltd., GDR 1,643,216 1,835,041

56,100 SanDisk Corp. 2,448,640 2,394,088 113,300 Symantec Corp. 1,886,438 2,000,893 46,200 Total System Services Inc. 1,116,103 1,076,204

59,176,932 73,202,205

CONSUMER STAPLES (4.7%) 84,800 Alimentation Couche-Tard Inc., Class B 3,695,946 3,824,480 34,000 Anheuser-Busch InBev N.V., ADR 2,328,016 2,872,171 20,600 British American Tobacco PLC 1,020,666 1,039,568 24,600 Bunge Ltd. 1,568,268 1,621,648 14,700 Casino Guichard Perrachon S.A. 1,269,677 1,279,537 15,800 ConAgra Foods Inc. 425,854 428,644

198,000 Controladora Comercial Mexicana S.A.B. de C.V. 451,850 510,520

101,200 CVS Caremark Corp. 3,654,795 4,817,294 104,400 Diageo PLC 2,596,225 2,882,915 273,600 Distribuidora Internacional de

Alimentacion S.A. 1,329,572 1,450,409 17,900 FamilyMart Co., Ltd. 853,428 863,984

2,106,800 Golden Agri-Resources Ltd. 1,193,003 1,114,182 89,300 GrainCorp Ltd. 658,136 811,603 40,700 Japan Tobacco Inc. 1,171,309 1,197,664 51,000 Kraft Foods Inc., Class A 1,976,463 2,073,640 13,800 KT&G Corp. 969,714 1,030,814 38,300 McCormick & Co., Inc. 1,793,980 2,336,082 28,000 Mead Johnson Nutrition Co. 1,598,522 2,017,031 31,400 Metro Inc., Class A 1,741,954 1,831,876 29,900 Rallye S.A. 886,884 890,580 91,000 Seven & I Holdings Co., Ltd. 2,672,172 2,743,193 55,900 Shoppers Drug Mart Corp. 2,367,445 2,281,838 39,600 Suedzucker AG* 1,246,721 1,376,915

247,800 SunOpta Inc. 1,469,962 1,548,750 548,140 Thai Union Frozen Products PCL 1,206,652 1,276,850 41,900 The Hershey Co. 2,158,779 2,920,286 31,100 The J. M. Smucker Co. 2,621,414 2,639,118

126,800 Viterra Inc. 1,382,539 2,041,480 46,309,946 51,723,072

HEALTH CARE (4.6%) 34,600 Actelion Ltd. 1,508,675 1,703,282 50,200 Aspen Pharmacare Holdings Ltd. 808,513 830,567 8,000 Bayer AG 568,955 677,037

30,200 Catamaran Corp. 2,696,899 2,904,334 35,200 CIGNA Corp. 1,553,414 1,632,661 5,000 Coloplast A/S, Class B 985,926 1,022,095

224,400 Dynavax Technologies Corp.* 788,573 1,050,310 55,400 Eli Lilly and Co. 2,542,341 2,582,116 65,400 Endo Pharmaceuticals Holdings Inc. 2,022,610 2,037,279 56,300 Express Scripts Holding Co. 3,232,757 3,467,196 37,700 Gilead Sciences Inc. 1,960,259 2,458,518 8,700 Novo Nordisk A/S 1,355,459 1,349,317

25,800 Omnicare Inc. 857,371 861,793 19,000 Onyx Pharmaceuticals Inc. 1,375,176 1,578,694 89,000 OraSure Technologies Inc.* 1,168,991 972,281

125,900 Pfizer Inc. 2,799,167 3,075,140 18,600 Pharmstandard OJSC, GDR 320,856 259,527 23,500 Roche Holding AG 4,195,128 4,317,314 59,100 Sanofi* 4,480,717 4,955,309 40,400 Teva Pharmaceutical Industries Ltd.,

ADR 1,858,107 1,644,237 11,800 Thrombogenics N.V.* 349,437 463,751 47,400 UnitedHealth Group Inc. 2,132,501 2,581,650

132,900 Valeant Pharmaceuticals International Inc.* 5,334,247 7,211,154

44,896,079 49,635,562 *Denotes all or part of securities on loan.^Denotes illiquid securities.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.



– 218 –– 218 –


– 218 –


TELECOMMUNICATION SERVICES (2.8%) 223,400 BCE Inc. 8,018,777 9,650,880 549,300 BT Group PLC 1,508,997 2,012,283 96,700 Freenet AG* 1,217,451 1,548,877

233,100 Frontier Communications Corp.* 1,079,812 1,123,119 66,500 Rogers Communications Inc., Class B 2,664,086 2,641,380 40,500 SBA Communications Corp.* 1,950,734 2,504,120 38,600 Softbank Corp. 1,156,058 1,534,760

1,062,000 Telecom Italia S.p.A. 1,211,409 1,046,795 114,400 TELUS Corp. 5,885,540 7,093,944 28,500 Tencent Holdings Ltd. 813,187 956,991

25,506,051 30,113,149 UTILITIES (1.5%)

64,700 AGL Energy Ltd. 1,010,061 987,963 176,600 Brookfield Renewable Energy

Partners LP 4,653,997 5,237,956 160,400 Centrica PLC 823,360 834,921 116,100 Drax Group PLC 866,262 934,699 57,300 Gas Natural SDG, S.A. 1,039,304 790,714 77,800 National Grid PLC 818,427 843,786

121,400 NV Energy Inc. 2,185,316 2,151,102 49,700 Pinnacle West Capital Corp. 2,635,962 2,579,368

576,200 Tenaga Nasional Bhd 1,246,275 1,262,361 1,016,700 YTL Corp. Bhd 592,313 562,580

15,871,277 16,185,450 RIGHTS (0.0%)

25,800 Compagnie Generale de Geophysique - Veritas, Rights (10Oct12) - 40,950

67,780 YTL Corp Bhd, Rights (10Oct12) - 6,215 - 47,165

WARRANTS (0.0%) 1,700 Franco-Nevada Corp., Warrants (08Jul13) 765 765

Commission and other portfolio transaction costs (1,168,285)

Total Equities (93.9%) 921,009,667 1,023,663,772



Total Investments (93.8%) 921,009,667 1,022,882,795


Net Assets (100.0%) 1,090,339,378

*Denotes all or part of securities on loan.‡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.






1 Royal Bank of Canada A-1+ 28-Nov-12 0.99 (52,057,448) US $ 51,411,155 Canadian $ 152,536 1 Royal Bank of Canada A-1+ 21-Nov-12 0.64 (7,991,190) British Pound 12,465,162 Canadian $ (236,890)1 Royal Bank of Canada A-1+ 21-Nov-12 0.81 (18,238,253) Euro 22,514,481 Canadian $ (572,455)1 Royal Bank of Canada A-1+ 21-Nov-12 80.26 (757,311,022) Japanese Yen 9,435,416 Canadian $ (124,168) Total Foreign Currency Forward Contracts Value (780,977)

Synergy Canadian Corporate ClassFinancial Statements (unaudited)

– 219 –








Net assets per classA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares



1,023,664 1,122,08271,195 44,046

- -- -

11,269 9,119- -

153 1,275- -- -

1,664 3925,673 9,796

- -2,295 2,577

1,115,913 1,189,287

- -- -- -

934 382- -

13,623 2,96611,017 3,225

- -- -- -- -

25,574 6,5731,090,339 1,182,714

921,010 1,000,107- -

776,924 834,64011 -

31,281 32,275169,151 188,401

2,276 2,565240 251

1,907 2,229108,527 122,353

11 -11 -

13.67 13.9311.16 11.388.35 8.46

12.57 12.6515.80 16.0011.46 11.5411.84 11.9911.44 11.659.32 9.929.44 9.92

56,814,668 59,936,607952 10

3,744,727 3,814,75713,453,291 14,893,757

144,019 160,29720,923 21,791

161,014 185,8499,483,467 10,499,410

1,140 101,133 10







– 220 –







Increase (decrease) in net assets from operations per classA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares



14,466 16,086- 331

275 240- -- -- -

(769) (777)13,972 15,880

8,774 10,947895 1,115

1 4- 50

1,007 1,25310,677 13,3693,295 2,511

- -3,295 2,511

(1,337) 12,854(651) 501

(1,783) (2,120)- -

(20,995) (237,854)(24,766) (226,619)(21,471) (224,108)

(17,013) (160,150)1 -

(430) (5,849)(1,411) (32,229)

(39) (577)(1) -

(41) (409)(2,539) (24,894)

1 -1 -

(0.31) (2.45)1.09 -

(0.11) (1.44)(0.09) (2.05)(0.26) (2.69)(0.11) -(0.23) (2.02)(0.25) (2.04)0.93 -1.06 -


2012 2011


2012 2011



– 221 –


– 221 –

















Insight SharesNet assets, beginning of periodCapital transactions








834,640 1,034,817

40,100 14,604- -

(49,464) (63,099)(31,339) (33,548)(40,703) (82,043)

- -- -- -- -

(17,013) (160,150)776,924 792,624

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

32,275 37,640

2,948 3,462- -

(3,686) (3,907)174 (947)(564) (1,392)

- -- -- -- -

(430) (5,849)31,281 30,399

188,401 217,099

6,815 9,718- -

(24,649) (17,581)(5) 1,351

(17,839) (6,512)

- -- -- -- -

(1,411) (32,229)169,151 178,358

2,565 3,830

93 68- -

(191) (280)(152) (71)(250) (283)

- -- -- -- -

(39) (577)2,276 2,970

251 -

- -- -

(10) -- -

(10) -

- -- -- -- -

(1) -240 -


2012 2011


2012 2011




– 222 –





















- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

1,182,714 1,457,111

50,970 29,820- -

(89,914) (100,580)(31,960) (33,796)(70,904) (104,556)

- -- -- -- -

(21,471) (224,108)1,090,339 1,128,447

2,229 2,715

30 47- -

(263) (261)(48) (8)

(281) (222)

- -- -- -- -

(41) (409)1,907 2,084

122,353 161,010

954 1,921- -

(11,651) (15,452)(590) (573)

(11,287) (14,104)

- -- -- -- -

(2,539) (24,894)108,527 122,012

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011



2012 2011


Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 223 –






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




2012 2011

59,936,607 68,582,7702,928,546 1,020,258

- -(3,720,218) (4,449,499)(2,330,267) (2,315,943)56,814,668 62,837,586

10 -942 -

- -- -- -

952 -

3,814,757 4,151,093364,333 402,301

- -(455,467) (459,667)

21,104 (105,667)3,744,727 3,988,060

14,893,757 16,229,081556,060 785,221

- -(1,996,156) (1,364,486)

(370) 104,58513,453,291 15,754,401

160,297 223,4996,256 4,230

- -(12,539) (17,296)(9,995) (4,342)

144,019 206,091

21,791 -- -- -

(868) -- -

20,923 -

185,849 211,3022,637 3,737

- -(23,340) (21,443)(4,132) (690)

161,014 192,906





2012 2011

10,499,410 12,751,71585,824 161,993

- -(1,048,500) (1,305,964)

(53,267) (49,739)9,483,467 11,558,005

10 -1,097 -

33 -- -- -

1,140 -

10 -1,091 -

32 -- -- -

1,133 -


– 224 –

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






Insight SharesNet assets per shareNet asset value per share






13.67 12.6113.69 12.65

11.16 -11.18 -

8.35 7.628.36 7.64

12.57 11.3212.59 11.35

15.80 14.4115.82 14.45

11.46 -11.48 -

11.84 10.8011.86 10.83

11.44 10.5611.46 10.59

9.32 -9.33 -

9.44 -9.46 -


2012 2011



112,019 144,099117,620 151,304



1,767 2,100153 158


Annual management fee rateA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares

2.001.951.00




0.200.150.20

-0.200.150.200.200.20

-


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

– 225 –



Categories Net Assets (%)Financials ................................................................................................................................. 22.7 Energy ...................................................................................................................................... 19.6 Materials.................................................................................................................................. 12.9 Consumer Discretionary........................................................................................................... 9.9 Industrials ................................................................................................................................ 9.9 Information Technology ........................................................................................................... 7.8 Health Care .............................................................................................................................. 4.1 Cash & Equivalents.................................................................................................................. 3.7 Consumer Staples.................................................................................................................... 3.6 Telecommunication Services ................................................................................................... 3.2 Other Net Assets (Liabilities) .................................................................................................. 1.3 Utilities..................................................................................................................................... 1.2 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's fair value hierarchy exposure changed significantly asdisclosed in the section below. For details relating to other price risk, credit risk, currency risk andinterest rate risk refer to the audited annual financial statements as at March 31, 2012, as theFund's exposure to those risks remains unchanged.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,021,366 2,250 - 1,023,616 Warrants 1 - - 1 Rights 41 6 - 47 Foreign currency forward contracts, net - (781) - (781)Total 1,021,408 1,475 - 1,022,883

During the period ended September 30, 2012, equity investments with a net fair value of $762,000were transferred from Level 1 into Level 2.

During the period ended September 30, 2012, there were no transfers between Level 1 and 3 andLevel 2 and 3.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,122,082 - - 1,122,082 Foreign currency forward contracts, net - 893 - 893 Total 1,122,082 893 - 1,122,975




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

– 226 –


U.S.A. (48.5%) 26,600 Allstate Corp. 1,053,535 1,035,773 20,400 American Express Co. 1,005,822 1,140,176 40,000 American International Group Inc. 1,231,556 1,289,308 19,400 Anadarko Petroleum Corp. 1,303,743 1,333,228 2,100 AO Smith Corp. 118,725 118,816 7,000 Apache Corp. 696,046 594,495 5,700 Apple Inc. 1,252,211 3,739,823 2,900 Approach Resources Inc. 96,493 85,890

54,100 Ares Capital Corp. 868,078 911,260 18,700 Atwood Oceanics Inc. 794,367 835,724 2,600 BlackRock Inc. (USD) 448,698 455,789

35,500 Cadence Design Systems Inc. 411,097 448,908 4,900 Charter Communications Inc. 256,072 361,605

15,800 CIGNA Corp. 697,097 732,842 82,100 Cisco Systems Inc. 1,550,579 1,541,121 4,800 Citrix Systems Inc. 307,728 361,305 7,100 ConAgra Foods Inc. 191,367 192,618

26,000 CoreLogic Inc. 675,350 678,007 60,000 Corning Inc. 748,464 775,826 32,900 Corrections Corp. of America 783,431 1,081,160 45,800 CVS Caremark Corp. 1,623,475 2,180,159 8,800 Diamond Offshore Drilling Inc.* 584,544 569,286 6,400 Dillard's Inc., Class A 474,598 455,120

100,400 Dynavax Technologies Corp.* 350,925 469,925 21,700 Eastman Chemical Co. 1,169,371 1,216,035 22,000 eBay Inc. 931,984 1,046,589 24,800 Eli Lilly and Co. 1,138,100 1,155,893 70,400 EMC Corp. 1,547,283 1,887,754 29,800 Endo Pharmaceuticals Holdings Inc. 921,649 928,301 7,800 EOG Resources Inc. 788,876 859,397

15,000 Equifax Inc. 684,124 687,034 25,300 Express Scripts Holding Co. 1,451,933 1,558,083 50,600 Fifth Third Bancorp. 718,583 771,205 28,800 First American Financial Corp. 575,343 613,109 29,300 First Republic Bank 866,646 992,532 8,800 FMC Corp. 488,866 479,121

14,100 Foot Locker Inc. 481,727 491,361 104,200 Frontier Communications Corp.* 482,701 502,055 17,100 Gilead Sciences Inc. 889,078 1,115,137 13,400 GNC Acquisition Holdings Inc., Class A 498,011 512,952 6,100 Goldman Sachs Group Inc. 696,143 681,870 8,500 Home Depot Inc. 473,341 504,410

23,700 Honeywell International Inc. 1,293,374 1,392,432 20,100 IAC/InterActiveCorp. 783,201 1,028,539 12,700 Kansas City Southern de Mexico 492,663 946,212 22,700 Kraft Foods Inc., Class A 879,206 922,973 19,300 Limited Brands Inc. 513,327 934,655 12,100 Macerich Co. 692,740 680,564 17,200 McCormick & Co., Inc. 793,123 1,049,102 12,400 Mead Johnson Nutrition Co. 707,681 893,256 6,200 Microsoft Corp. 194,414 181,370

15,100 National Oilwell Varco Inc. 1,297,074 1,188,722 12,000 Noble Energy Inc. 956,844 1,093,945 54,300 NV Energy Inc. 977,456 962,149 51,400 Ocwen Financial Corp. 767,418 1,384,845 11,600 Omnicare Inc. 385,482 387,473

U.S.A. (48.5%) (cont’d)8,500 Onyx Pharmaceuticals Inc. 616,046 706,258

41,500 OraSure Technologies Inc. 545,146 453,367 56,500 Pfizer Inc. 1,257,999 1,380,027 22,200 Pinnacle West Capital Corp. 1,179,073 1,152,152 5,900 Polaris Industries Inc. 478,102 469,225 2,400 Priceline.com Inc. 1,452,961 1,458,200

32,400 Pulte Group Inc. 493,440 493,815 37,600 QUALCOMM Inc. 2,155,388 2,308,915 23,800 Rayonier Inc. 1,094,036 1,146,026 53,900 Regions Financial Corp. 315,077 381,070 35,300 RPM International Inc. 935,699 990,988 1,900 Salesforce.com Inc. 284,361 285,155

25,100 SanDisk Corp. 1,095,353 1,071,152 18,300 SBA Communications Corp.* 881,579 1,131,491 50,800 Symantec Corp. 844,556 897,135 31,100 Tesoro Corp. 980,065 1,281,333 18,700 The Hershey Co. 942,888 1,303,326 13,900 The J. M. Smucker Co. 1,171,617 1,179,541 5,600 Time Warner Cable Inc. 521,440 523,448

19,500 Titan International Inc.* 491,925 338,428 20,700 Total System Services Inc. 500,017 482,195 5,200 Tractor Supply Co.* 448,383 505,591 4,500 Ulta Salon Cosmetics & Fragrance Inc. 380,655 426,115

14,600 Union Pacific Corp. 914,408 1,703,510 21,400 UnitedHealth Group Inc. 940,815 1,165,555 22,300 URS Corp. 956,933 774,266 17,000 Valero Energy Corp. 528,666 529,401 23,100 Walt Disney Co. 1,109,576 1,186,823 68,800 Wells Fargo & Co. 1,769,055 2,337,352 19,900 WESCO International Inc.* 987,362 1,119,079 11,400 Whiting Petroleum Corp. 585,699 531,002 8,300 WR Grace & Co. 454,469 482,177

23,900 Wyndham Worldwide Corp. 599,774 1,233,330 7,400 Wynn Resorts Ltd. 775,791 839,629

71,750,117 82,704,316 U.K. (7.5%)

197,100 Afren PLC 404,825 437,861 50,800 ARM Holdings PLC 467,171 463,835 91,300 Ashtead Group PLC 322,917 469,294

195,400 Barclays PLC 622,385 666,641 30,300 BG Group PLC 706,960 601,429

157,700 Bowleven PLC 180,104 191,569 9,300 British American Tobacco PLC 460,416 469,320

248,800 BT Group PLC 679,431 911,444 72,800 Centrica PLC 373,947 378,941

240,500 Debenhams PLC 313,621 390,681 47,100 Diageo PLC 1,164,404 1,300,626 52,400 Drax Group PLC 387,030 421,863

228,300 Enquest PLC* 393,588 415,453 19,700 Fresnillo PLC 466,905 579,347 16,300 Intercontinental Hotels Group PLC 389,574 419,309

421,100 ITV PLC 507,362 589,774 48,700 London Stock Exchange Group PLC 770,209 728,857

328,700 Man Group PLC 762,604 429,828 67,500 Mondi PLC 625,289 674,732 35,200 National Grid PLC 368,680 381,764




– 227 –

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

– 227 –


U.K. (7.5%) (cont’d)8,300 Pharmstandard OJSC, GDR 144,250 115,811

66,800 Premier Oil PLC 391,906 380,699 11,400 Rio Tinto PLC 556,804 522,255 33,700 The Capita Group PLC 383,979 414,460 95,200 William Hill PLC 419,381 478,457

12,263,742 12,834,250 JAPAN (5.4%)

183,000 Bank of Yokohama Ltd.* 896,831 855,616 8,100 FamilyMart Co., Ltd. 385,943 390,965

254 Fuji Media Holdings Inc. 423,032 408,769 66,400 Hitachi Ltd.* 279,425 363,171 18,500 Japan Tobacco Inc. 532,593 544,393 62,900 Marubeni Corp.* 429,908 393,968

122,000 Mitsubishi UFJ Financial Group Inc.* 605,746 561,186 16,200 Mitsui & Co., Ltd.* 251,532 223,758

383,400 Mizuho Financial Group Inc.* 590,706 608,803 8,700 ORIX Corp.* 766,350 858,489

41,500 Seven & I Holdings Co., Ltd. 1,215,319 1,251,017 17,500 Softbank Corp. 510,115 695,811 65,600 Sumitomo Mitsui Financial Group Inc.* 2,042,399 2,012,233

8,929,899 9,168,179 FRANCE (4.5%)

2,300 Arkema S.A.* 161,193 211,738 10,700 Cap Gemini S.A. 381,272 444,926 6,600 Casino Guichard Perrachon S.A. 569,207 574,486 3,900 Christian Dior S.A.* 540,190 514,280

12,000 Cie Generale de Geophysique-Veritas S.A.* 301,340 371,223

12,000 Compagnie Generale de Geophysique - Veritas, Rights (10/12/12) - 19,046

12,200 European Aeronautic Defence and Space Co. N.V.* 363,926 380,262

4,500 Gemalto N.V. 297,914 389,136 7,400 IngeniCo. 377,603 373,493

13,400 Rallye S.A. 396,819 399,123 38,600 Rexel S.A.* 813,302 760,947 11,300 Safran S.A.* 421,983 399,619 15,100 Sanofi* 1,126,380 1,266,077 4,300 Societe BIC S.A. 443,932 510,079

10,300 Valeo S.A.* 451,331 468,578 28,200 Vivendi S.A. 533,445 540,779

7,179,837 7,623,792 GERMANY (3.3%)

3,900 Allianz SE 451,931 457,554 8,400 BASF AG* 710,802 697,939 3,600 Bayer AG 254,849 304,667

10,900 Bayerische Motoren Werke AG* 923,429 785,134 4,000 Continental AG 393,225 384,972

44,000 Freenet AG* 536,562 704,763 5,100 Lanxess AG* 374,876 416,144 4,000 Muenchener Rueckversicherungs

AG, Registered Shares 589,805 615,420 17,900 Suedzucker AG* 560,246 622,393 3,100 Volkswagen AG, Preferred 511,965 557,062

5,307,690 5,546,048

SOUTH KOREA (3.2%) 14,600 Hana Financial Group Inc. 464,670 438,291 3,600 Hyundai Motor Co. 520,466 799,414

14,000 Kia Motors Corp. 480,232 856,628 6,300 KT&G Corp. 437,266 470,589

18,400 LG Display Co., Ltd. 420,162 459,764 1,460 Samsung Electronics Co., Ltd. 1,281,725 1,733,829 1,600 SK Holdings Co., Ltd. 236,630 219,675

57,200 SK Networks Co., Ltd. 526,724 517,668 4,367,875 5,495,858

CANADA (2.3%) 19,000 Agnico-Eagle Mines Ltd. 952,348 969,262 40,600 Alacer Gold Corp. 245,037 288,651 23,200 EnCana Corp. (USD) 484,593 500,053 22,000 Potash Corp. of Saskatchewan Inc. 945,915 938,642 49,000 Talisman Energy Inc. 588,098 642,264 11,300 TransCanada Corp. 487,287 505,010

3,703,278 3,843,882 HONG KONG (2.2%)

161,800 AIA Group Ltd. 525,145 589,877 508,200 Evergrande Real Estate Group Ltd. 203,145 197,842 160,400 Galaxy Entertainment Group Ltd. 443,121 527,821 132,800 HSBC Holdings PLC 1,164,299 1,227,638 513,100 New World Development Co., Ltd. 609,771 780,779 89,700 Techtronic Industries Co. 112,082 160,382

1,152,100 Yuexiu Property Co., Ltd. 292,700 287,807 3,350,263 3,772,146

SWITZERLAND (2.1%) 15,600 Actelion Ltd. 676,716 767,954 4,100 Dufry AG 419,949 482,721 7,000 Holcim Ltd. 383,141 438,063

10,700 Roche Holding AG 1,912,480 1,965,756 3,392,286 3,654,494

NETHERLANDS (1.9%) 59,600 Aegon N.V. 353,402 304,654 10,700 ASM International N.V. 403,230 353,521 7,400 ASML Holding N.V. 389,171 388,876

55,600 Delta Lloyd N.V. 766,558 833,652 53,000 ING Groep N.V. 517,218 411,768 16,700 Koninklijke Philips Electronics N.V. 376,613 383,138 14,800 Ziggo BV 439,031 494,312

3,245,223 3,169,921 BERMUDA (1.5%)

11,100 Bunge Ltd. 707,693 731,719 3,200 Credicorp Ltd. 399,061 393,951 9,200 Everest Re Group Ltd. 924,001 966,878

37,500 Lancashire Holdings Ltd. 451,755 490,075 2,482,510 2,582,623

AUSTRALIA (1.2%) 29,400 AGL Energy Ltd.* 459,374 448,935 40,900 GrainCorp Ltd. 296,921 371,720 84,900 Lend Lease Group 715,235 679,817 13,300 Newcrest Mining Ltd. 400,976 395,191

108,500 Paladin Energy Ltd.* 196,545 137,789 2,069,051 2,033,452




– 228 –– 228 –


– 228 –


NORWAY (1.2%) 23,800 Det Norske Oljeselskap ASA 381,360 385,207 64,400 Opera Software ASA 429,810 404,765 28,200 Petroleum Geo-Services ASA 424,189 457,148 71,200 Sevan Drilling AS* 90,535 70,060 18,300 Statoil ASA 472,388 464,788 30,670 Veidekke ASA 254,699 237,534

2,052,981 2,019,502 SINGAPORE (1.1%)

69,100 DBS Group Holdings Ltd. 729,877 796,207 1,022,700 Golden Agri-Resources Ltd. 577,796 540,855

29,900 United Overseas Bank Ltd. 454,295 470,785 1,761,968 1,807,847

SPAIN (1.0%) 124,800 Distribuidora Internacional de

Alimentacion S.A. 605,034 661,590 26,000 Gas Natural SDG, S.A. 483,264 358,788 6,300 Inditex S.A. 749,589 765,079

1,837,887 1,785,457 CHINA (1.0%)

638,400 China Bluechemical Ltd. 393,881 369,959 625,000 China Communications

Construction Co., Ltd. 537,384 496,134 192,000 CNOOC Ltd. 395,708 386,631 108,200 Great Wall Motor Co., Ltd., Class H 242,483 279,900 345,500 Industrial & Commercial Bank of China 199,397 200,221

1,768,853 1,732,845 MALAYSIA (1.0%)

263,300 Tenaga Nasional Bhd 569,461 576,848 250,400 UMW Holdings BHD 649,110 801,531 30,953 YTL Corp Bhd, Rights - 2,838

464,300 YTL Corp. Bhd 270,601 256,915 1,489,172 1,638,132

TAIWAN (0.9%) 1,199,800 AU Optronics Corp. 387,137 424,319

196,659 Hon Hai Precision Industry Co., Ltd. 578,291 605,844 406,500 Pegatron Corp. 525,389 519,860

1,490,817 1,550,023 JERSEY ISLAND (0.7%)

95,100 WPP PLC 1,082,395 1,270,014

CAYMAN ISLANDS (0.7%) 513,800 China Metal Recycling Holdings Ltd. 394,339 467,152 13,200 Tencent Holdings Ltd. 374,289 443,238

1,178,400 Tiangong International Co., Ltd. 255,650 234,605 1,024,278 1,144,995

ISRAEL (0.6%) 543,000 Avner Oil Exploration LLP 272,029 304,988 19,600 Teva Pharmaceutical Industries Ltd., ADR 907,314 797,699

1,179,343 1,102,687 DENMARK (0.6%)

2,300 Coloplast A/S, Class B 453,498 470,163 3,900 Novo Nordisk A/S 607,931 604,866

1,061,429 1,075,029

THAILAND (0.6%) 81,000 Kasikornbank PCL 419,327 471,708

248,380 Thai Union Frozen Products PCL 543,070 578,582 962,397 1,050,290

IRELAND (0.6%) 12,400 Ingersoll-Rand PLC 535,251 546,367 48,900 Smurfit Kappa Group PLC 340,565 485,088

875,816 1,031,455 ITALY (0.6%)

21,300 Lottomatica S.p.A.* 323,578 460,545 510,900 Telecom Italia S.p.A.* 596,212 503,585

919,790 964,130 BRITISH VIRGIN ISLANDS (0.5%)

16,000 Michael Kors Holdings Ltd. 831,633 836,359

RUSSIA (0.5%) 3,900 LUKOIL Oil Co. 245,196 236,229

50,200 Sberbank of Russia, ADR 595,977 578,027 841,173 814,256

SWEDEN (0.5%) 16,400 Lundin Petroleum AB 386,247 392,902 40,900 Nordea Bank AB 387,929 397,455

774,176 790,357 SOUTH AFRICA (0.4%)

23,000 Aspen Pharmacare Holdings Ltd. 369,984 380,539 15,400 Imperial Holdings Ltd. 284,532 340,328

654,516 720,867 BELGIUM (0.4%)

19,570 Ageas N.V. 392,873 461,471 5,400 Thrombogenics N.V.* 159,830 212,225

552,703 673,696 TURKEY (0.3%)

210,300 Turk Hava Yollari Anonim Ortakligi 369,910 431,409

BRAZIL (0.2%) 21,400 Vale S.A., ADR 394,907 376,243

MEXICO (0.1%) 91,000 Controladora Comercial Mexicana S.A.B.

de C.V. 207,426 234,633


Total Equities (97.1%) 149,973,268 165,479,187





Net Assets (100.0%) 170,460,153




– 229 –– 229 –– 229 –


– 229 –





1 Royal Bank of Canada A-1+ 21-Nov-12 0.64 (3,898,446) British Pound 6,081,042 Canadian $ (115,565)1 Royal Bank of Canada A-1+ 21-Nov-12 0.81 (8,991,885) Euro 11,100,166 Canadian $ (282,234)1 Royal Bank of Canada A-1+ 21-Nov-12 80.26 (369,290,030) Japanese Yen 4,601,023 Canadian $ (60,548)1 Royal Bank of Canada A-1+ 28-Nov-12 0.99 (23,498,758) US $ 23,207,021 Canadian $ 68,855 Total Foreign Currency Forward Contracts Value (389,492)

Synergy Global Corporate ClassFinancial Statements (unaudited)

– 230 –








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


A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 SharesIT8 Shares



165,479 185,1634,768 5,684

- -- -

234 234- -

69 758- -- -

58 381,381 2,412

- -289 351

172,278 194,640

- -- -- -

458 214- -

943 759415 376

- -- -2 2- -

1,818 1,351170,460 193,289

149,973 163,454- -

97,683 111,4864,538 5,462

17,066 22,431429 484

50,443 53,115121 127

- -169 184

- -11 -

4.22 4.344.81 4.92

13.51 13.7311.48 11.7511.10 11.426.15 6.48

- 7.925.24 5.60

- 11.019.53 10.11

23,159,108 25,688,268943,473 1,109,538

1,263,528 1,633,84437,338 41,217

4,544,474 4,650,69619,611 19,592

- 1432,348 32,769

- 101,113 10







– 231 –







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



2,730 3,3993 3

89 87- -- -- -

(368) (482)2,454 3,007

1,530 1,954171 219

2 2- (11)

176 2221,879 2,386

575 621- -

575 621

1,538 (5,950)(145) 255(363) (422)

- -

(7,136) (29,614)(6,106) (35,731)(5,531) (35,110)

(3,364) (19,918)(166) (910)(464) (4,367)(12) (81)

(1,519) (9,784)(3) (20)1 -(6) (30)1 -1 -

(0.14) (0.64)(0.16) (0.71)(0.31) (1.88)(0.33) (1.58)(0.33) (1.71)(0.19) (1.02)0.87 -(0.17) (0.86)1.19 -0.93 -


2012 2011


2012 2011



– 232 –


– 232 –

























111,486 140,617

1,963 3,346- -

(10,543) (12,495)(1,859) (814)

(10,439) (9,963)

- -- -- -- -

(3,364) (19,918)97,683 110,736

5,462 6,472

63 482- -

(820) (962)(1) 42

(758) (438)

- -- -- -- -

(166) (910)4,538 5,124

22,431 30,846

1,526 3,283- -

(5,080) (988)(1,347) -(4,901) 2,295

- -- -- -- -

(464) (4,367)17,066 28,774

484 689

- 26- -

(41) (142)(2) (55)

(43) (171)

- -- -- -- -

(12) (81)429 437

53,115 66,575

145 171- -

(1,164) (1,406)(134) (161)

(1,153) (1,396)

- -- -- -- -

(1,519) (9,784)50,443 55,395

127 135

- -- -- -- -- -

- -- -

(3) (3)(3) (3)(3) (20)

121 112


2012 2011


2012 2011




– 233 –





















- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

193,289 245,557

3,727 7,308- -

(17,672) (16,009)(3,343) (988)

(17,288) (9,689)

- -- -

(10) (12)(10) (12)

(5,531) (35,110)170,460 200,746

- -

10 -- -

(11) -- -

(1) -

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

184 223

- -- -

(2) (16)- -

(2) (16)

- -- -

(7) (9)(7) (9)(6) (30)

169 168

- -

10 -- -

(11) -- -

(1) -

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


2012 2011



2012 2011


Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 234 –










2012 2011

25,688,268 31,901,032477,624 792,558

- -(2,556,126) (2,978,946)

(450,658) (195,742)23,159,108 29,518,902

1,109,538 1,308,75913,168 99,214

- -(178,776) (205,619)

(457) 8,280943,473 1,210,634

1,633,844 2,266,566117,544 261,060

- -(386,654) (73,655)(101,206) (14)

1,263,528 2,453,957

41,217 58,4078 2,222- -

(3,701) (12,673)(186) (4,678)

37,338 43,278

4,650,696 5,738,98013,276 15,590

- -(106,928) (129,242)(12,570) (14,667)

4,544,474 5,610,661

19,592 19,524- -

19 17- -- -

19,611 19,541

14 -1,359 -

17 -(1,390) -

- -- -





2012 2011

32,769 35,949- -- -

(421) (2,698)- -

32,348 33,251

10 -984 -20 -

(1,014) -- -- -

10 -1,072 -

31 -- -- -

1,113 -


– 235 –

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)












4.22 3.754.22 3.76

4.81 4.234.81 4.24

13.51 11.7313.52 11.74

11.48 10.1011.49 10.11

11.10 9.8711.11 9.89

6.15 5.756.15 5.76

- -- -

5.24 5.055.24 5.06

- -- -

9.53 -9.54 -


2012 2011



16,104 20,57316,909 21,602



355 41231 31


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

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

2.001.00

Paid directly by investor1.002.002.001.002.001.00


0.220.22

-0.220.220.220.220.220.22

-


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

– 236 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 49.5 Japan ....................................................................................................................................... 8.7 U.K............................................................................................................................................ 7.4 France....................................................................................................................................... 5.1 Switzerland .............................................................................................................................. 3.4 South Korea ............................................................................................................................. 3.1 Cash & Equivalents.................................................................................................................. 2.9 Germany ................................................................................................................................... 2.7 Netherlands ............................................................................................................................. 1.9 Australia................................................................................................................................... 1.7 Taiwan...................................................................................................................................... 1.2 Israel ........................................................................................................................................ 1.2 Italy .......................................................................................................................................... 1.2 China ........................................................................................................................................ 1.1 Sweden .................................................................................................................................... 1.1 Hong Kong................................................................................................................................ 1.0 Other Net Assets (Liabilities) .................................................................................................. 1.0 Jersey Island............................................................................................................................ 0.9 Norway..................................................................................................................................... 0.8 Cayman Islands........................................................................................................................ 0.6 Canada ..................................................................................................................................... 0.6 Spain ........................................................................................................................................ 0.6 Belgium .................................................................................................................................... 0.4 South Africa ............................................................................................................................. 0.4 Singapore ................................................................................................................................. 0.3 Foreign Currency Forward Contracts ....................................................................................... 0.3 Bermuda ................................................................................................................................... 0.3 Denmark ................................................................................................................................... 0.2 Thailand ................................................................................................................................... 0.2 Poland ...................................................................................................................................... 0.2




(in $000's) (in $000's) (in $000's) (in $000's)Equities 164,450 1,029 - 165,479 Foreign currency forward contracts, net - (389) - (389)Total 164,450 640 - 165,090

During the period ended September 30, 2012, equity investments with a net fair value of $340,000were transferred from Level 1 into Level 2.

During the period ended September 30, 2012, there were no transfers between Level 1 and 3 andLevel 2 and 3.

Fair Value Hierarchy (cont’d)




e were no transfers between Level 1, 2 and 3 during 2011 and 2010.



Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 237 –


U.S.A. (22.9%) 182,000 Cisco Systems Inc. 4,296,703 3,416,370 115,000 CVS Caremark Corp. 3,752,605 5,474,198 144,000 Discover Financial Services 2,268,605 5,625,597 12,000 Mastercard Inc., Class A 2,415,871 5,325,886

140,000 Microsoft Corp. 3,275,789 4,095,459 115,000 Owens-Illinois Inc. 2,527,754 2,121,379 10,000 Parker Hannifin Corp. 757,163 821,452

184,200 Patterson-UTI Energy Inc. 4,238,627 2,863,578 235,000 The Bank of New York Mellon Corp. 5,538,040 5,224,636 35,000 Western Union Co. 584,888 627,053

29,656,045 35,595,608 U.K. (19.4%)

1,450,000 BAE Systems PLC* 7,178,010 7,485,431 300,000 Diageo PLC 5,761,361 8,284,240 300,000 GlaxoSmithKline PLC 5,962,535 6,800,318 230,000 Travis Perkins PLC 3,328,796 3,798,333

GBP 690,000 United Kingdom, Treasury Gilt 4.75% 09/07/2015* 1,568,669 1,240,302

GBP 650,000 United Kingdom, Treasury Note 5% 03/07/2025 1,564,197 1,385,669

50,000 Weir Group PLC 1,281,213 1,403,732 26,644,781 30,398,025

CANADA (14.7%) 54,000 Barrick Gold Corp. 2,666,050 2,217,240

100,000 Canadian Imperial Bank of Commerce 7,201,910 7,683,000 300,000 Penn West Petroleum Ltd.* 5,561,433 4,197,000 120,000 Suncor Energy Inc. 3,650,730 3,873,600 230,000 Ultra Petroleum Corp.* 8,398,872 4,968,731

27,478,995 22,939,571 AUSTRALIA (6.0%)

AUD 8,400,000 Government of Australia, Treasury Bond 6.25% 04/15/2015* 7,496,105 9,355,278

SWITZERLAND (5.4%) 110,000 Aryzta AG 4,494,400 5,187,323 53,000 Holcim Ltd. 4,358,796 3,316,760

8,853,196 8,504,083 IRELAND (3.2%)

20,000 Kerry Group PLC, Class A 864,019 989,473 400,000 Kingspan Group PLC 4,597,471 4,018,551

5,461,490 5,008,024 JAPAN (2.8%)

62,050 Nidec Corp.* 5,180,226 4,457,286

GERMANY (2.5%) 8,191 Puma SE* 2,474,473 2,219,239

45,600 Wincor Nixdorf AG 2,964,060 1,754,954 5,438,533 3,974,193

SWEDEN (2.3%) 160,000 Atlas Copco AB, Series A* 2,458,527 3,672,675

NETHERLANDS (2.3%) USD 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 2,773,526

35,000 Koninklijke Philips Electronics N.V. 694,297 802,984 3,910,062 3,576,510


Manufacturing Co., Ltd., ADR 1,914,406 3,033,393

FRANCE (1.7%) 22,440 Air Liquide S.A.* 2,161,187 2,735,062





Foreign Currency Forward Contracts (0.1%) (see Schedule A) 234,686



Net Assets (100.0%) 156,562,302

Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar




– 238 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 238 –– 238 –






1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.64 (966,000) British Pound 1,514,186 Canadian $ (20,662)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.63 (992,000) British Pound 1,572,320 Canadian $ (3,858)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.15 (248,801) Canadian $ 1,657,000 Swedish Krona (758)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.28 (536,000) Euro 685,914 Canadian $ 7,861 1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 1.27 (554,000) Euro 703,613 Canadian $ 1,184 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.80 (712,000) Euro 888,811 Canadian $ (11,861)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.53 (15,840,650) Japanese Yen 199,178 Canadian $ (845)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.01 (16,642,000) Japanese Yen 212,124 Canadian $ 2,183 1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.23 (21,350,000) Japanese Yen 269,452 Canadian $ (141)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 79.84 (22,328,000) Japanese Yen 279,670 Canadian $ (2,268)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 6.71 (114,000) Swedish Krona 17,001 Canadian $ (58)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.80 (1,247,000) Swedish Krona 183,493 Canadian $ (3,171)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.76 (1,778,000) Swedish Krona 263,200 Canadian $ (2,951)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 6.82 (555,000) Swedish Krona 81,366 Canadian $ (1,711)1 Canadian Imperial Bank of Commerce A-1 30-Nov-12 0.97 (1,231,000) Swiss Franc 1,273,141 Canadian $ (17,352)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 0.96 (1,831,000) Swiss Franc 1,905,337 Canadian $ (11,751)1 Canadian Imperial Bank of Commerce A-1 4-Jan-13 0.99 (1,545,000) US $ 1,523,486 Canadian $ 857 1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.02 (1,809,000) US $ 1,765,222 Canadian $ (14,819)1 Canadian Imperial Bank of Commerce A-1 31-Oct-12 1.01 (493,000) US $ 497,198 Canadian $ 12,071 1 Royal Bank of Canada A-1+ 30-Nov-12 0.64 (2,174,000) British Pound 3,405,502 Canadian $ (50,736)1 Royal Bank of Canada A-1+ 31-Oct-12 0.63 (2,525,000) British Pound 3,998,656 Canadian $ (13,284)1 Royal Bank of Canada A-1+ 4-Jan-13 1.59 (2,317,000) British Pound 3,690,352 Canadian $ 3,892 1 Royal Bank of Canada A-1+ 31-Oct-12 0.80 (1,351,000) Euro 1,685,158 Canadian $ (23,840)1 Royal Bank of Canada A-1+ 30-Nov-12 0.81 (510,000) Euro 633,080 Canadian $ (12,709)1 Royal Bank of Canada A-1+ 4-Jan-13 1.27 (497,000) Euro 630,987 Canadian $ 831 1 Royal Bank of Canada A-1+ 31-Oct-12 0.01 (15,412,000) Japanese Yen 197,907 Canadian $ 3,481 1 Royal Bank of Canada A-1+ 30-Nov-12 79.52 (34,060,000) Japanese Yen 428,327 Canadian $ (1,755)1 Royal Bank of Canada A-1+ 4-Jan-13 6.71 (11,000) Swedish Krona 1,640 Canadian $ (6)1 Royal Bank of Canada A-1+ 31-Oct-12 6.83 (519,000) Swedish Krona 76,025 Canadian $ (1,664)1 Royal Bank of Canada A-1+ 31-Oct-12 0.96 (644,000) Swiss Franc 669,746 Canadian $ (4,532)1 Royal Bank of Canada A-1+ 4-Jan-13 1.05 (81,000) Swiss Franc 85,084 Canadian $ 38 1 Royal Bank of Canada A-1+ 4-Jan-13 0.99 (1,869,000) US $ 1,843,021 Canadian $ 1,084 1 Royal Bank of Canada A-1+ 31-Oct-12 1.01 (3,747,000) US $ 3,775,028 Canadian $ 87,874 1 Royal Bank of Canada A-1+ 30-Nov-12 0.99 (4,519,000) US $ 4,471,415 Canadian $ 21,528 1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.63 (3,003,000) British Pound 4,761,623 Canadian $ (9,812)1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.64 (53,000) British Pound 83,049 Canadian $ (1,211)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 1.59 (3,738,000) British Pound 5,958,009 Canadian $ 10,653 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 1.27 (2,694,000) Euro 3,421,886 Canadian $ 6,103 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.81 (767,000) Euro 952,173 Canadian $ (19,044)1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 79.53 (21,621,000) Japanese Yen 271,868 Canadian $ (1,145)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.01 (23,667,000) Japanese Yen 304,217 Canadian $ 5,652 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.01 (25,062,000) Japanese Yen 318,315 Canadian $ 1,409 1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 6.70 (5,285,000) Swedish Krona 788,218 Canadian $ (2,650)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 6.82 (7,024,000) Swedish Krona 1,029,819 Canadian $ (21,602)1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 6.75 (808,000) Swedish Krona 119,640 Canadian $ (1,285)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.96 (1,000,000) Swiss Franc 1,040,861 Canadian $ (6,156)1 The Bank of Nova Scotia†† A-1+ 31-Oct-12 0.97 (456,000) Swiss Franc 471,645 Canadian $ (5,791)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 1.05 (474,000) Swiss Franc 498,581 Canadian $ 900 1 The Bank of Nova Scotia†† A-1+ 30-Nov-12 0.97 (522,000) Swiss Franc 539,993 Canadian $ (7,235)1 The Bank of Nova Scotia†† A-1+ 4-Jan-13 0.99 (299,000) US $ 294,999 Canadian $ 328

– 239 –– 239 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 239 –– 239 –



Schedule A (cont’d)Foreign Currency Forward Contracts (0.1%)


1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.59 (671,000) British Pound 1,068,802 Canadian $ 1,208 1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.63 (1,608,000) British Pound 2,549,339 Canadian $ (5,594)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.98 (2,212,954) Canadian $ 2,248,000 US $ (918)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.80 (1,156,400) Euro 1,444,055 Canadian $ (18,779)1 Toronto-Dominion Bank A-1+ 4-Jan-13 1.27 (33,000) Euro 41,912 Canadian $ 70 1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.81 (985,000) Euro 1,222,158 Canadian $ (25,101)1 Toronto-Dominion Bank A-1+ 30-Nov-12 79.53 (79,002,000) Japanese Yen 993,386 Canadian $ (4,187)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.01 (63,963,000) Japanese Yen 821,988 Canadian $ 15,079 1 Toronto-Dominion Bank A-1+ 4-Jan-13 6.71 (1,504,000) Swedish Krona 224,263 Canadian $ (801)1 Toronto-Dominion Bank A-1+ 31-Oct-12 6.82 (5,961,400) Swedish Krona 873,683 Canadian $ (18,677)1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.97 (134,000) Swiss Franc 138,577 Canadian $ (1,899)1 Toronto-Dominion Bank A-1+ 31-Oct-12 0.96 (1,732,000) Swiss Franc 1,803,134 Canadian $ (10,301)1 Toronto-Dominion Bank A-1+ 31-Oct-12 1.01 (16,474,000) US $ 16,613,864 Canadian $ 402,967 1 Toronto-Dominion Bank A-1+ 30-Nov-12 0.99 (1,907,000) US $ 1,886,881 Canadian $ 9,047 1 Toronto-Dominion Bank A-1+ 4-Jan-13 0.99 (2,251,300) US $ 2,220,007 Canadian $ 1,306 Total Foreign Currency Forward Contracts Value 234,686

Harbour Foreign Growth & Income Corporate ClassFinancial Statements (unaudited)

– 240 –








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


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



133,250 140,2248,591 2,877

14,163 22,529- -

174 174- -

598 315- -- -

155 165- -- -

736 746157,667 167,030

- -- -- -

363 564- -

460 -272 81

- -- -

10 11- -

1,105 656156,562 166,374

126,436 130,022- -

150,260 158,6931,635 1,7582,809 3,909

696 74930 3179 82

1,028 1,13714 1511 -

12.45 12.5613.80 13.8411.36 11.327.19 7.439.23 9.498.38 8.566.04 6.345.50 5.747.64 7.93

12,068,118 12,631,562118,494 126,989247,345 345,20596,759 100,7103,282 3,2829,454 9,566

170,132 179,2252,585 2,5851,399 14







– 241 –







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



1,811 2,299493 53329 27

- -- -- -

(174) (306)2,159 2,553

1,525 1,695169 188

- -- (56)

178 1921,872 2,019

287 534- -

287 534

983 (1,304)2 (25)

(43) (73)- -

(2,881) (22,190)(1,939) (23,592)(1,652) (23,058)

(1,592) (22,039)(8) (259)

(35) (467)(8) (117)- (4)- (10)

(10) (160)- (2)1 -

(0.13) (1.61)(0.07) (1.62)(0.12) (1.28)(0.07) (0.97)(0.05) (1.21)0.02 (1.03)(0.05) (0.86)(0.04) (0.75)0.83 -


2012 2011















158,693 174,051

5,667 10,689- -

(10,679) (13,955)(1,829) (1,467)(6,841) (4,733)

- -- -- -- -

(1,592) (22,039)150,260 147,279

1,758 2,377

18 46- -

(135) (305)2 (128)

(115) (387)

- -- -- -- -

(8) (259)1,635 1,731

3,909 4,138

- 18- -

(180) (118)(885) (117)

(1,065) (217)

- -- -- -- -

(35) (467)2,809 3,454


2012 2011

– 242 –


– 242 –













749 1,005

3 20- -

(6) (62)(25) (110)(28) (152)

- -- -

(17) (23)(17) (23)(8) (117)

696 713

31 33

- -- -- -- -- -

- -- -

(1) (1)(1) (1)- (4)

30 28

82 86

- -- -

(1) (1)- -

(1) (1)

- -- -

(2) (2)(2) (2)- (10)

79 73


2012 2011















1,137 1,286

15 80- -

(88) (145)17 3(56) (62)

- -- -

(43) (51)(43) (51)(10) (160)

1,028 1,013

15 16

- -- -- -- -- -

- -- -

(1) (1)(1) (1)- (2)

14 13

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -


2012 2011


– 243 –





166,374 182,992

5,713 10,853- -

(11,089) (14,586)(2,720) (1,819)(8,096) (5,552)

- -- -

(64) (78)(64) (78)

(1,652) (23,058)156,562 154,304



2012 2011


Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 244 –










2012 2011

12,631,562 13,831,454468,417 881,812

- -(880,355) (1,150,989)(151,506) (120,734)

12,068,118 13,441,543

126,989 173,2091,363 3,465

- -(9,980) (22,868)

122 (9,720)118,494 144,086

345,205 373,747- 1,624- -

(16,395) (11,463)(81,465) (10,009)247,345 353,899

100,710 127,974433 2,552

- -(872) (8,196)

(3,512) (15,133)96,759 107,197

3,282 3,282- -- -- -- -

3,282 3,282

9,566 9,736- -- -

(112) (115)- -

9,454 9,621

179,225 185,5772,479 12,010

28 -(14,364) (22,417)

2,764 300170,132 175,470




2012 2011

2,585 2,585- -- -- -- -

2,585 2,585

14 -1,348 -

37 -- -- -

1,399 -


– 245 –

Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











12.45 10.9612.46 10.98

13.80 12.0113.80 12.03

11.36 9.7611.36 9.78

7.19 6.667.19 6.67

9.23 8.459.23 8.47

8.38 7.578.38 7.58

6.04 5.776.04 5.78

5.50 5.205.51 5.21

7.64 -7.65 -


2012 2011



34,340 15,71736,057 16,503



39 68- 8


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

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

2.001.00




0.220.22

-0.220.22

-0.220.22

-


Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 246 –



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 29.0 U.K............................................................................................................................................ 17.7 Short-Term Investments........................................................................................................... 13.5 Canada ..................................................................................................................................... 11.8 Australia................................................................................................................................... 5.6 Switzerland .............................................................................................................................. 5.3 Germany ................................................................................................................................... 3.1 Taiwan...................................................................................................................................... 2.6 Sweden .................................................................................................................................... 2.3 Japan ....................................................................................................................................... 2.0 Netherlands ............................................................................................................................. 1.7 Cash & Equivalents.................................................................................................................. 1.7 France....................................................................................................................................... 1.6 Ireland ...................................................................................................................................... 1.6 Other Net Assets (Liabilities) .................................................................................................. 0.6 Foreign Currency Forward Contracts ....................................................................................... (0.1)

During the six-month period the Fund's exposure to credit risk changed significantly as disclosed in thesection below. For details relating to other price risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2012, as the Fund's exposureto those risks remains unchanged.


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 17.1 A 1.8 Total 18.9

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 15.4 A 1.7 Not Rated 5.5 Total 22.6





Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 247 –


FUND (100.3%) 23,851,215 Harbour Growth & Income Fund (Class I)† 382,811,499 403,085,529

Total Fund (100.3%) 382,811,499 403,085,529

Other Net Assets (Liabilities) (-0.3%) (1,018,149)

Net Assets (100.0%) 402,067,380



Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)

– 248 –











403,086 457,965- 3,000- -- -

999 999- -

- -- -- -

503 298295 521

- -- -

404,883 462,783

663 -- -- -

- -- -

26 3001,766 990

- -- -

361 389- -

2,816 1,679402,067 461,104

382,811 436,133- -

299,573 344,5312,374 5,875

10,127 12,11920,339 22,6614,480 2,664

25,888 29,99210 -

1,072 1,1041,783 2,032

867 -33,754 38,378

79 -368 384

1,342 1,36411 -

10.86 10.9510.92 11.0211.46 11.5011.66 11.6211.17 11.147.54 7.80

10.37 10.738.26 8.498.76 8.95

10.65 10.896.39 6.71

10.07 10.587.00 7.327.35 7.62

10.36 10.74

27,591,446 31,451,437217,371 533,262883,544 1,053,800

1,744,248 1,949,507401,216 239,168

3,432,335 3,844,3501,010 10

129,862 129,990203,532 227,02681,416 10

5,285,030 5,719,7837,826 10

52,515 52,535182,645 179,045

1,018 10







– 249 –













- -7 2- -- -- -- -- -7 2

3,860 4,992394 508

- 1- 806

430 5554,684 6,862(4,677) (6,860)

- -(4,677) (6,860)

1,342 2,035(1) (3)- -- -

(1,557) (69,600)(216) (67,568)

(4,893) (74,428)

(3,935) (56,502)(143) -(95) (2,043)(23) (3,875)66 -

(394) (4,956)- -

(4) (189)(3) (285)62 -

(430) (6,285)2 -(1) (96)4 (197)1 -

(0.14) (1.53)(0.30) -(0.09) (1.56)(0.01) (1.49)0.20 -(0.11) (1.14)0.80 -(0.02) (1.19)(0.01) (1.16)1.05 -(0.08) (1.01)0.87 -(0.04) (1.01)0.02 (1.02)0.91 -


2012 2011


2012 2011



– 250 –


























2012 2011


2012 2011



344,531 441,027

8,568 26,550- -

(31,454) (39,173)(18,137) (13,329)(41,023) (25,952)

- -- -- -- -

(3,935) (56,502)299,573 358,573

5,875 -

187 -- -

(115) -(3,430) -(3,358) -

- -- -- -- -

(143) -2,374 -

12,119 16,372

186 1,198- -

(1,640) (2,846)(443) (303)

(1,897) (1,951)

- -- -- -- -

(95) (2,043)10,127 12,378

22,661 30,230

141 2,947- -

(869) (1,314)(1,571) 283(2,299) 1,916

- -- -- -- -

(23) (3,875)20,339 28,271

2,664 -

622 -- -

(53) -1,181 -1,750 -

- -- -- -- -

66 -4,480 -

29,992 38,256

1,279 3,0094 1

(2,846) (3,818)(1,479) (119)(3,042) (927)

- -- -

(668) (935)(668) (935)(394) (4,956)

25,888 31,438

– 251 –



























2012 2011


2012 2011



- -

10 -- -

(5) -818 -823 -

- -- -

(18) -(18) -62 -

867 -

38,378 47,924

1,011 4,0796 -

(3,014) (3,153)(780) (513)

(2,777) 413

- -- -

(1,417) (1,937)(1,417) (1,937)

(430) (6,285)33,754 40,115

- -

78 -- -- -- -

78 -

- -- -

(1) -(1) -2 -

79 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

1,104 1,504

1 571 -(3) (11)- (15)

(1) 31

- -- -

(27) (37)(27) (37)(4) (189)

1,072 1,309

2,032 2,410

- 250- -

(201) (21)- (190)

(201) 39

- -- -

(45) (59)(45) (59)(3) (285)

1,783 2,105

– 252 –



















2012 2011


2012 2011



384 813

- 1- -- (165)- 56- (108)

- -- -

(15) (30)(15) (30)(1) (96)

368 579

1,364 1,660

- -32 -(6) (8)- -

26 (8)

- -- -

(52) (66)(52) (66)

4 (197)1,342 1,389

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

461,104 580,196

12,103 38,09143 1

(40,206) (50,509)(23,841) (14,130)(51,901) (26,547)

- -- -

(2,243) (3,064)(2,243) (3,064)(4,893) (74,428)

402,067 476,157

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 253 –










2012 2011










2012 2011

31,451,437 37,807,217807,154 2,380,458

- -(2,957,425) (3,538,212)(1,709,720) (1,221,687)27,591,446 35,427,776

533,262 -17,865 -

- -(10,843) -

(322,913) -217,371 -

1,053,800 1,351,65116,596 102,205

- -(146,177) (252,710)(40,675) (29,861)883,544 1,171,285

1,949,507 2,501,47212,816 250,922

- -(76,550) (114,121)

(141,525) 25,7871,744,248 2,664,060

239,168 -56,756 -

- -(4,819) -

110,111 -401,216 -

3,844,350 4,367,369171,747 367,133

493 160(382,331) (469,265)(201,924) (16,926)

3,432,335 4,248,471

10 -983 -17 -

- -- -

1,010 -

129,990 159,424118 6,876136 -(382) (1,280)

- (1,692)129,862 163,328

227,026 245,964- 27,085- -

(23,494) (2,328)- (19,608)

203,532 251,113

10 -964 -16 -

(487) -80,913 -81,416 -

5,719,783 6,150,085158,370 554,557

997 53(470,722) (434,550)(123,398) (71,439)

5,285,030 6,198,706

10 -7,788 -

28 -- -- -

7,826 -

52,535 96,863- 69- -

(20) (21,096)- 6,764

52,515 82,600

179,045 192,614- -

4,426 -(826) (952)

- -182,645 191,662

– 254 –

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2012 2011

10 -981 -27 -

- -- -

1,018 -



2.001.851.00


2.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15



Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 255 –




Categories Net Assets (%)Financials ................................................................................................................................. 20.9Energy ...................................................................................................................................... 14.6Information Technology ........................................................................................................... 13.2Materials.................................................................................................................................. 12.8Short-Term Investments........................................................................................................... 9.0Consumer Staples.................................................................................................................... 7.1Canadian Government Bonds .................................................................................................. 6.3Industrials ................................................................................................................................ 6.0Consumer Discretionary........................................................................................................... 3.6Health Care .............................................................................................................................. 2.9Cash & Equivalents.................................................................................................................. 2.2Other Net Assets (Liabilities) .................................................................................................. 0.6Telecommunication Services ................................................................................................... 0.4Foreign Currency Forward Contracts ....................................................................................... 0.4


Categories Net Assets (%)Financials ................................................................................................................................. 19.4 Information Technology ........................................................................................................... 14.1 Energy ...................................................................................................................................... 13.8 Short-Term Investments........................................................................................................... 12.7 Materials.................................................................................................................................. 12.5 Canadian Government Bonds .................................................................................................. 6.6 Consumer Staples.................................................................................................................... 5.9 Industrials ................................................................................................................................ 5.5 Consumer Discretionary........................................................................................................... 4.9 Health Care .............................................................................................................................. 2.4 Cash & Equivalents.................................................................................................................. 1.7 Telecommunication Services ................................................................................................... 0.4 Other Net Assets (Liabilities) .................................................................................................. 0.1



Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 256 –


FUND (98.9%) 22,724,482 Signature Global Income &

Growth Fund (Class I)† 160,929,525 163,161,777

Total Fund (98.9%) 160,929,525 163,161,777


Net Assets (100.0%) 164,896,076



Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)

– 257 –











163,162 78,414815 571

- -- -

201 86- -

- -- -- -

139 15217 25

- -954 449

165,488 79,560

- -10 51 -

- -- -

151 -418 100

- -- -

12 11- -

592 116164,896 79,444

160,930 73,879- -

154,818 70,591565 41

2,358 1,6762,668 3,4092,102 1,491

752 60110 -68 69

487 57510 -

1,018 99110 -10 -10 -10 -

9.79 9.7711.19 11.1610.52 10.4411.35 11.1911.44 11.298.58 8.78

10.63 10.878.27 8.409.71 9.81

10.91 11.037.11 7.38

10.32 10.7210.21 10.5110.27 10.5210.60 10.87

15,807,501 7,225,00850,506 3,647

224,150 160,595234,964 304,558183,683 132,08787,568 68,500

975 108,222 8,222

50,140 58,652956 10

143,161 134,2091,005 101,018 101,016 10

984 10







– 258 –













- -2 2- -- -

1,769 1,966- -- -

1,771 1,968

797 80490 89

- -- (2)

88 85975 976796 992

- -796 992

145 (127)(7) 10- -

2,312 1,000

(2,303) (9,458)147 (8,575)943 (7,583)

849 (6,803)8 -

25 (137)13 (445)38 -3 (55)- -1 (6)5 (55)- -1 (82)- -- -- -- -

0.11 (0.82)0.66 -0.14 (0.85)0.05 (0.87)0.21 -0.05 (0.82)0.64 -0.11 (0.70)0.10 (0.86)0.76 -0.01 (0.66)0.62 -0.66 -0.73 -0.74 -


2012 2011


2012 2011



– 259 –


























2012 2011


2012 2011



70,591 82,147

2,307 2,481- -

(6,428) (6,856)(1,153) (445)88,652 -83,378 (4,820)

- -- -- -- -

849 (6,803)154,818 70,524

41 -

151 -- -- -

365 -- -

516 -

- -- -- -- -8 -

565 -

1,676 1,534

75 202- -

(52) (23)190 48444 -657 227

- -- -- -- -

25 (137)2,358 1,624

3,409 5,108

97 1,189- -

(30) (997)(1,249) (863)

428 -(754) (671)

- -- -- -- -

13 (445)2,668 3,992

1,491 -

461 -- -

(265) -377 -

- -573 -

- -- -- -- -

38 -2,102 -

601 530

114 154- -

(55) (42)104 -

- -163 112

- -- -

(15) (16)(15) (16)

3 (55)752 571

– 260 –



























2012 2011


2012 2011



- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

991 1,002

117 33- -

(32) (80)(21) (5)

- -64 (52)

- -- -

(38) (40)(38) (40)

1 (82)1,018 828

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

69 72

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

- -- -

(2) (2)(2) (2)1 (6)

68 64

575 391

- -- -

(81) (6)- 393- -

(81) 387

- -- -

(12) (16)(12) (16)

5 (55)487 707

– 261 –



















2012 2011


2012 2011



- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -- -

10 -

- -- -- -- -- -

10 -

79,444 90,784

3,382 4,059- -

(6,943) (8,004)(1,387) (872)89,524 -84,576 (4,817)

- -- -

(67) (74)(67) (74)943 (7,583)

164,896 78,310

Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 262 –









2012 2011









2012 2011

7,225,008 8,458,531240,940 260,690

- -(668,108) (730,301)(120,301) (48,726)

9,129,962 -15,807,501 7,940,194

3,647 -13,492 -

- -- -

33,367 -- -

50,506 -

160,595 149,4747,349 19,788

- -(4,962) (2,345)18,595 5,15442,573 -

224,150 172,071

304,558 470,4298,565 111,213

- -(2,711) (97,987)

(113,500) (86,552)38,052 -

234,964 397,103

132,087 -41,821 -

- -(24,057) -33,832 -

- -183,683 -

68,500 57,67813,416 16,967

- -(6,426) (4,918)12,078 -

- -87,568 69,727

10 -949 -16 -

- -- -- -

975 -

8,222 8,222- -- -- -- -- -

8,222 8,222

58,652 39,063- -- -

(8,512) (667)- 39,818- -

50,140 78,214

10 -930 -16 -

- -- -- -

956 -

134,209 125,39916,538 4,230

23 -(4,568) (11,003)(3,041) (335)

- -143,161 118,291

10 -968 -27 -

- -- -- -

1,005 -

– 263 –

Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2012 2011

10 -981 -27 -

- -- -- -

1,018 -

10 -980 -26 -

- -- -- -

1,016 -

10 -948 -26 -

- -- -- -

984 -



2.001.851.00


2.001.851.00


2.001.851.00


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15



Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 264 –




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 36.8Canada ..................................................................................................................................... 8.3Cash & Equivalents.................................................................................................................. 7.3U.K............................................................................................................................................ 6.4Australia................................................................................................................................... 5.4Switzerland .............................................................................................................................. 3.6Germany ................................................................................................................................... 3.0Netherlands ............................................................................................................................. 3.0France....................................................................................................................................... 2.4Japan ....................................................................................................................................... 2.2Ireland ...................................................................................................................................... 2.2Mexico ..................................................................................................................................... 2.2South Korea ............................................................................................................................. 1.9Brazil ........................................................................................................................................ 1.5Belgium .................................................................................................................................... 1.4Sweden .................................................................................................................................... 1.2Hong Kong................................................................................................................................ 1.1Thailand ................................................................................................................................... 1.1Bermuda ................................................................................................................................... 1.0Cayman Islands........................................................................................................................ 1.0Indonesia.................................................................................................................................. 0.9Austria...................................................................................................................................... 0.7Norway..................................................................................................................................... 0.6Luxembourg.............................................................................................................................. 0.6Denmark ................................................................................................................................... 0.5Spain ........................................................................................................................................ 0.5Malaysia .................................................................................................................................. 0.5Taiwan...................................................................................................................................... 0.5Marshall Islands ...................................................................................................................... 0.5Russia....................................................................................................................................... 0.4Colombia .................................................................................................................................. 0.3Israel ........................................................................................................................................ 0.3Netherlands Antilles................................................................................................................ 0.3Chile ......................................................................................................................................... 0.3Peru .......................................................................................................................................... 0.3Poland ...................................................................................................................................... 0.3Singapore ................................................................................................................................. 0.3China ........................................................................................................................................ 0.2Italy .......................................................................................................................................... 0.2Philippines................................................................................................................................ 0.1Kyrguzstan................................................................................................................................ 0.1Jersey Island............................................................................................................................ 0.1South Africa ............................................................................................................................. 0.1Foreign Currency Forward Contracts ....................................................................................... -0.1Other Net Assets (Liabilities) .................................................................................................. -1.5


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 41.8 Canada ..................................................................................................................................... 9.3 U.K............................................................................................................................................ 6.8 Cash & Equivalents.................................................................................................................. 4.8 Australia................................................................................................................................... 4.7 Japan ....................................................................................................................................... 4.0 Germany ................................................................................................................................... 3.5 Switzerland .............................................................................................................................. 3.0 France....................................................................................................................................... 2.9 South Korea ............................................................................................................................. 2.0 Ireland ...................................................................................................................................... 1.9 Netherlands ............................................................................................................................. 1.8 Hong Kong................................................................................................................................ 1.4 Mexico ..................................................................................................................................... 1.3 Bermuda ................................................................................................................................... 1.3 Thailand ................................................................................................................................... 1.0 Spain ........................................................................................................................................ 0.9 Other Net Assets (Liabilities) .................................................................................................. 0.8 Sweden .................................................................................................................................... 0.8 Belgium .................................................................................................................................... 0.7 Luxembourg.............................................................................................................................. 0.7 Brazil ........................................................................................................................................ 0.6 Cayman Islands........................................................................................................................ 0.6 Indonesia.................................................................................................................................. 0.5 Taiwan...................................................................................................................................... 0.5 Norway..................................................................................................................................... 0.4 Austria...................................................................................................................................... 0.4 Kyrguzstan................................................................................................................................ 0.3 Netherlands Antilles................................................................................................................ 0.3 Colombia .................................................................................................................................. 0.3 Israel ........................................................................................................................................ 0.2 South Africa ............................................................................................................................. 0.2 Italy .......................................................................................................................................... 0.1 Foreign Currency Forward Contracts ....................................................................................... 0.1 Marshall Islands ...................................................................................................................... 0.1

During the six-month period the Fund's exposure to other price risk, credit risk, currency risk andinterest rate risk changed significantly as disclosed in the section below. For details relating to fair value hierarchy, refer to the audited annual financial statements as at March 31, 2012, as theFund's fair value hierarchy exposure remains unchanged.


– 265 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 265 –

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2012 andMarch 31, 2012, the Underlying Fund was invested in global equities and therefore was sensitive tochanges in general economic conditions across the world, however some of the Underlying Fund'sassets were invested in fixed income securities and their market risk exposure is described below.

As at September 30, 2012, had global markets increased or decreased by 10% (March 31, 2012 - 10%), with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $10,626,000 (March 31, 2012 - $4,949,000). In practice, actual results maydiffer 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 credit risk exposure.

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

The Underlying Fund 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 (%)AAA/Aaa/A++ 5.3 AA/Aa/A+ 2.3 A 2.9 BBB/Baa/B++ 7.1 BB/Ba/B+ 6.6 B 5.8 CCC/Caa/C++ 1.4 Not Rated 1.9 Total 33.3

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 3.2 AA/Aa/A+ 1.6 A 1.1 BBB/Baa/B++ 5.7 BB/Ba/B+ 7.0 B 8.4 CCC/Caa/C++ 2.1 Not Rated 2.7 Total 31.8



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

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

The tables below summarize the Underlying Fund's exposure to currency risk.

as at September 30, 2012Currency Net Assets (%)US Dollar 52.5 Euro 8.1 Swiss Franc 3.5 British Pound 3.2 Brazilian Real 2.6 Australian Dollar 2.6 Japanese Yen 2.5 Korean Won 1.9 Hong Kong Dollar 1.6 Swedish Krona 1.2 Mexican Peso 1.2 Thai Baht 1.1 Indonesian Rupiah 0.9 Malaysian Ringgit 0.5 Israeli Shekel 0.3 Taiwan Dollar 0.3 Danish Krone 0.3 Polish Zloty 0.3 Peruvian Nuevo Sol 0.3 Singapore Dollar 0.3 Indian Rupee 0.2 Colombian Peso 0.2 Philippine Peso 0.1 New Zealand Dollar 0.1 Total 85.8



– 266 –– 266 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 266 –


as at March 31, 2012Currency Net Assets (%)US Dollar 57.5 Euro 5.5 British Pound 3.7 Japanese Yen 3.6 Swiss Franc 3.0 Australian Dollar 2.7 Korean Won 2.0 Hong Kong Dollar 2.0 Thai Baht 1.0 Brazilian Real 0.6 Mexican Peso 0.6 Indonesian Rupiah 0.5 Swedish Krona 0.5 Taiwan Dollar 0.3 Israeli Shekel 0.2 South Africa Rand 0.1 Total 83.8

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 Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, by approximately $13,999,000 (March 31, 2012 - $6,571,000). In practice, actual results may differfrom this analysis and the difference may be material.

Interest Rate RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct interest raterisk exposure.

As at September 30, 2012 and March 31, 2012, the Fund indirectly bears the interest rate riskexposure of the Underlying Fund.

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

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

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

Interest Rate Exposure 8.8 4.5 7.3 19.5 40.1

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



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 haveindirectly decreased or increased, respectively, by approximately $580,000 (March 31, 2012 -$256,000). In practice, actual results may differ from this analysis and the difference may be material.



Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 267 –


FUNDS (98.9%) 71,935,402 Signature Income & Growth Fund

(Class I)† 625,187,264 653,892,808

Total Fund (98.9%) 625,187,264 653,892,808


Net Assets (100.0%) 661,464,681



Signature Income & Growth Corporate ClassFinancial Statements (unaudited)

– 268 –








653,893 648,9482,140 1,392

- -- -

1,514 1,514- -

- -- -- -

1,185 1,499399 170

- -4,677 4,575

663,808 658,098

- -- -- -

- -- -

701 2801,231 1,231

- -- -

411 399- -

2,343 1,910661,465 656,188

625,187 625,214- -








478,843 484,3207,302 2,900

22,642 24,17160,135 59,41812,478 7,20735,599 34,0871,236 7063,828 3,3523,760 4,303

357 9530,147 31,808

99 1003,097 2,8491,596 619

346 253

14.67 14.4211.34 11.1415.29 14.9514.79 14.3711.57 11.258.73 8.79

10.80 10.869.71 9.73

10.04 9.9911.02 10.987.46 7.64

10.46 10.698.18 8.327.70 7.78

10.70 10.82

32,637,872 33,575,686643,711 260,255

1,481,328 1,617,2034,065,183 4,134,6341,078,470 640,7994,079,127 3,876,982

114,494 65,047394,264 344,521374,660 430,76132,431 8,609

4,039,048 4,166,1339,438 9,330

378,689 342,336207,228 79,57432,338 23,429



– 269 –



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







6 3,5418 4,613- 51- -

13,871 4,403190 -

- 12- (328)

14,075 12,292

5,528 5,523574 567

1 4- (69)

793 5906,896 6,6157,179 5,677

- -7,179 5,677

(180) 16,6863 (71)- (184)- 4,474

4,972 (91,482)4,795 (70,577)

11,974 (64,900)


2012 2011





7,757 (49,810)171 -472 (2,276)

1,662 (5,085)391 -625 (3,162)27 -97 (327)

102 (278)5 -

507 (3,643)2 -

79 (249)67 (70)10 -

0.23 (1.49)0.43 -0.31 (1.47)0.40 (1.29)0.45 -0.15 (0.97)0.34 -0.25 (1.00)0.25 (0.95)0.45 -0.12 (0.84)0.19 -0.21 (0.88)0.43 (0.73)0.33 -


2012 2011


– 270 –













484,320 466,654

31,642 68,538- -

(33,794) (35,954)(11,082) 6,311(13,234) 38,895

- -- -- -- -

7,757 (49,810)478,843 455,739

2,900 -

718 -- -

(125) -3,638 -4,231 -

- -- -- -- -

171 -7,302 -

24,171 21,139

1,322 3,271- -

(2,615) (1,360)(708) 803

(2,001) 2,714- -- -- -- -- -

472 (2,276)22,642 21,577


2012 2011















59,418 52,161

7,060 7,369- -

(4,842) (3,283)(3,163) 1,984

(945) 6,070

- -- -- -- -

1,662 (5,085)60,135 53,146

7,207 -

1,921 -- -

(81) -3,040 -4,880 -

- -- -- -- -

391 -12,478 -

34,087 26,593

3,383 8,0803 -

(2,049) (1,931)384 581

1,721 6,730

- -- -

(834) (754)(834) (754)625 (3,162)

35,599 29,407


2012 2011

– 271 –














706 -

263 -- -- -

262 -525 -

- -- -

(22) -(22) -27 -

1,236 -

3,352 3,295

654 273- -

(140) (391)(44) 19

470 (99)

- -- -

(91) (82)(91) (82)97 (327)

3,828 2,787

4,303 2,396

- 750- -

(109) (26)(440) 200(549) 924

- -- -

(96) (74)(96) (74)102 (278)

3,760 2,968


2012 2011















95 -

67 -- -

(1) -195 -261 -

- -- -

(4) -(4) -5 -

357 -

31,808 34,082

2,024 5,36215 3

(1,949) (2,605)(1,049) 597

(959) 3,357

- -- -

(1,209) (1,466)(1,209) (1,466)

507 (3,643)30,147 32,330

100 -

- -1 -- -- -1 -

- -- -

(4) -(4) -2 -

99 -


2012 2011

– 272 –– 272 –














2,849 2,414

57 440- -

(72) (95)305 -290 345

- -- -

(121) (103)(121) (103)

79 (249)3,097 2,407

619 811

- -5 -

(10) (7)963 -958 (7)

- -- -

(48) (32)(48) (32)67 (70)

1,596 702

253 -

99 -- -

(3) -- -

96 -

- -- -

(13) -(13) -10 -

346 -


2012 2011







656,188 609,545

49,210 94,08324 3

(45,790) (45,652)(7,699) 10,495(4,255) 58,929

- -- -

(2,442) (2,511)(2,442) (2,511)11,974 (64,900)

661,465 601,063


2012 2011

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 273 –










2012 2011

33,575,686 31,814,2232,214,810 4,806,030

32 40(2,367,955) (2,555,240)

(784,701) 459,97432,637,872 34,525,027

260,255 -64,956 -

- -(11,432) -329,932 -643,711 -

1,617,203 1,405,92489,185 223,777

- -(176,148) (94,970)(48,912) 51,410

1,481,328 1,586,141

4,134,634 3,656,930492,932 525,896

- -(339,826) (234,449)(222,557) 141,670

4,065,183 4,090,047

640,799 -171,319 -

- -(7,158) -

273,510 -1,078,470 -

3,876,982 2,826,275394,846 893,120

291 4(237,976) (220,632)

44,984 64,3784,079,127 3,563,145

65,047 -24,475 -

- -(10) -

24,982 -114,494 -










2012 2011

344,521 319,79069,399 27,310

- -(14,776) (42,211)(4,880) 1,894

394,264 306,783

430,761 229,683- 73,323- -

(11,189) (2,612)(44,912) 20,025374,660 320,419

8,609 -6,031 -

24 -(111) -

17,878 -32,431 -

4,166,133 4,034,889273,318 659,200

2,029 383(261,312) (327,842)(141,120) 70,708

4,039,048 4,437,338

9,330 -23 -85 -

- -- -

9,438 -

342,336 265,2646,929 50,506

- -(8,763) (10,960)38,187 -

378,689 304,810

79,574 96,597- -

708 -(1,304) (840)

128,250 -207,228 95,757

– 274 –

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2012 2011

23,429 -9,220 -

6 -(317) -

- -32,338 -



2.001.851.00


2.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15



Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 275 –



Categories Net Assets (%)Long Positions:Corporate Bonds ...................................................................................................................... 26.8Financials ................................................................................................................................. 17.8Energy ...................................................................................................................................... 10.5Short-Term Investments........................................................................................................... 7.4Materials.................................................................................................................................. 6.4Consumer Staples.................................................................................................................... 5.1Industrials ................................................................................................................................ 3.9Information Technology ........................................................................................................... 3.2Provincial Bonds....................................................................................................................... 3.2Health Care .............................................................................................................................. 2.8Consumer Discretionary........................................................................................................... 2.6Telecommunication Services ................................................................................................... 2.4Canadian Government Bonds .................................................................................................. 2.1Exchange-Traded Funds ........................................................................................................... 1.9Utilities..................................................................................................................................... 1.4Foreign Government Bonds...................................................................................................... 1.0Cash & Equivalents.................................................................................................................. 0.9Other Net Assets (Liabilities) .................................................................................................. 0.5Municipal Bonds ...................................................................................................................... 0.3Asset Backed Securities .......................................................................................................... 0.2Private Placements .................................................................................................................. 0.1Foreign Currency Forward Contracts ....................................................................................... (0.2)Total Long Positions ............................................................................................................. 100.3

Short Positions:Health Care ............................................................................................................................ (0.3) Total Short Positions ............................................................................................................ (0.3)


Categories Net Assets (%)Long Positions:Corporate Bonds ...................................................................................................................... 26.6 Financials ................................................................................................................................. 15.9 Energy ...................................................................................................................................... 8.4 Short-Term Investments........................................................................................................... 7.9 Materials.................................................................................................................................. 5.7 Industrials ................................................................................................................................ 5.1 Consumer Staples.................................................................................................................... 4.8 Information Technology ........................................................................................................... 4.2 Health Care .............................................................................................................................. 4.3 Consumer Discretionary........................................................................................................... 3.5 Canadian Government Bonds .................................................................................................. 3.4 Provincial Bonds....................................................................................................................... 2.7 Telecommunication Services ................................................................................................... 2.4 Utilities..................................................................................................................................... 1.8 Cash & Equivalents.................................................................................................................. 1.3 Foreign Government Bonds...................................................................................................... 1.2 Other Net Assets (Liabilities) .................................................................................................. 1.0 Asset Backed Securities .......................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... (0.1)Total Long Positions ............................................................................................................. 100.3

Short Positions:Health Care ............................................................................................................................ (0.3) Total Short Positions ............................................................................................................ (0.3)




CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 276 –

‡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.^Denotes illiquid securities.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.



EQUITIES SUBJECT TO FORWARD AGREEMENT (124.1%) 2,548,563 Aurizon Mines Ltd. 12,462,473 13,125,099

955,869 Canfor Corp. 7,346,083 12,435,856 1,070,040 Celestica Inc. 7,344,770 7,511,681

614,473 CGI Group Inc. 7,341,272 16,215,942 138,374 Detour Gold Corp. 3,113,423 3,794,215

1,850,552 Dundee Precious Metals Inc. 12,491,226 17,006,573 399,137 FirstService Corp. 7,342,867 11,048,112

3,086,327 Fortuna Silver Mines Inc. 12,499,633 16,048,900 89,048 MEG Energy Corp. 4,170,155 3,309,914

1,183,674 New Gold Inc. 10,567,933 14,239,598 346,905 Paramount Resources Ltd., Class A 10,341,904 10,362,052 168,557 Research In Motion Ltd. 7,335,320 1,265,863 545,215 Sino-Forest Corp., Class A^ 7,376,413 55

3,008,600 Tanzanian Royalty Exploration Corp. 12,485,690 14,952,742

Commission and other portfolio transaction costs -

Total Equities Subject to Forward Agreement (124.1%) 122,219,162 141,316,602


Forward Agreement (-27.1%) (see Schedule A) (30,833,553)



Net Assets (100.0%) 113,861,809

Schedule AForward Agreement (-27.1%)

No. of Shares/Par Value Investments sold forward Fair Value ($)

2,548,563 Aurizon Mines Ltd. (13,150,585)955,869 Canfor Corp. (12,454,973)

1,070,040 Celestica Inc. (7,522,381)614,473 CGI Group Inc. (16,222,087)138,374 Detour Gold Corp. (3,795,599)

1,850,552 Dundee Precious Metals Inc. (17,025,077)399,137 FirstService Corp. (11,155,879)

3,086,327 Fortuna Silver Mines Inc. (16,079,764)89,048 MEG Energy Corp. (3,329,505)

1,183,674 New Gold Inc. (14,263,272)346,905 Paramount Resources Ltd., Class A (10,400,212)168,557 Research In Motion Ltd. (1,267,549)545,215 Sino-Forest Corp., Class A^ (55)

3,008,600 Tanzanian Royalty Exploration Corp. (15,193,430)(141,860,368)

Notional Units Underlying Trust Fair Value ($)

10,501,591 CI Short-Term Advantage Trust (Class C) 111,026,815 Total Forward Agreement Value (30,833,553)

Settlement date May 22, 2013 Credit Rating of the Counterparty‡ A-1

CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)

– 277 –

AssetsInvestments at fair value*CashShort-term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on forward agreementCash 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 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








141,317 130,1303,341 6,570

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

545 657- -- -

16 18145,219 137,375

- -- -- -

30,834 6,672- -- -

480 1,113- -

43 53- -- -- -

31,357 7,838113,862 129,537

122,219 148,459- -

78,516 81,2641,335 9994,521 5,191

23,223 37,2496,247 4,834

10 -10 -

10.15 10.1510.01 9.9910.17 10.1710.52 10.4810.07 10.029.51 9.789.55 9.72

7,733,125 8,004,353133,326 100,012444,404 510,192

2,207,534 3,554,598620,530 482,454

1,047 101,046 10







– 278 –


– 278 –



Expenses absorbed by the ManagerIncome (loss) before taxesProvision for income taxesNet investment income (loss) for the period


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





- -31 4697 133

- -- -

175 41- -

303 220

435 5263 -- -- -

53 50491 576(140) (315)(48) (41)

- -(48) (41)

(12,728) -36 -

- -- -

(299) (325)

13,265 62274 (263)226 (304)

29 (299)2 -3 (31)

172 2620 -

- -- -

- (0.03)0.02 -

- (0.05)0.06 0.010.03 -(0.07) -(0.02) -


2012 2011















81,264 74,518

13,674 27,040- -

(33,053) (41,173)16,602 48,767(2,777) 34,634

- -- -- -- -

29 (299)78,516 108,853

999 -

3,912 -- -

(2,054) -(1,524) -

334 -

- -- -- -- -2 -

1,335 -

5,191 3,905

1,024 2,321- -

(1,093) (3,037)(604) 5,427(673) 4,711

- -- -- -- -3 (31)

4,521 8,585


2012 2011


– 279 –













37,249 33,983

3,326 16,676- -

(14,615) (10,291)(2,909) 606

(14,198) 6,991

- -- -- -- -

172 2623,223 41,000

4,834 -

4,396 -- -

(4,116) -1,113 -1,393 -

- -- -- -- -

20 -6,247 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011











- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

129,537 112,406

26,352 46,037- -

(54,931) (54,501)12,678 54,800(15,901) 46,336

- -- -- -- -

226 (304)113,862 158,438


2012 2011

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 280 –






0 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

8,004,353 7,357,7491,342,496 2,692,181

- -(3,243,162) (4,051,090)1,629,438 4,766,6517,733,125 10,765,491

100,012 -389,675 -

- -(204,646) -(151,715) -133,326 -

510,192 384,748100,333 227,871

- -(107,034) (298,178)(59,087) 532,786444,404 847,227

3,554,598 3,275,438315,940 1,597,965

- -(1,387,638) (986,627)

(275,366) 56,8102,207,534 3,943,586

482,454 -436,019 -

- -(408,447) -110,504 -620,530 -

10 -1,008 -

29 -- -- -

1,047 -

10 -1,008 -

29 -- -- -

1,047 -








10.15 10.1110.20 10.16

10.01 -10.06 -

10.17 10.1310.22 10.18

10.52 10.4010.57 10.45

10.07 -10.12 -

9.51 -9.55 -

9.55 -9.59 -



2012 2011



141,860 -137,521 -



- -- -

– 281 –

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 281 –





1.000.550.75



-------



CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 282 –

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


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 52.6Provincial Bonds....................................................................................................................... 29.3Cash & Equivalents.................................................................................................................. 12.1Short-Term Investments........................................................................................................... 3.1Municipal Bonds ...................................................................................................................... 2.6Other Net Assets (Liabilities) .................................................................................................. 0.3


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 46.4 Provincial Bonds....................................................................................................................... 24.4 Short-Term Investments........................................................................................................... 15.7 Cash & Equivalents.................................................................................................................. 12.1 Canadian Government Bonds .................................................................................................. 1.2 Other Net Assets (Liabilities) .................................................................................................. 0.2

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

Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure to creditrisk, 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 (%)AAA/Aaa/A++ 16.0 AA/Aa/A+ 49.7 A 15.8 BBB/Baa/B++ 1.9 Not Rated 4.1 Total 87.5

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 27.1 AA/Aa/A+ 49.0 A 10.5 Not Rated 1.0 Total 87.6





CI Short-Term Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 283 –


BONDS (84.2%) 2,085,000 Alberta Capital Finance Authority

1.36714% 04/26/2013 2,088,188 2,085,883 2,075,000 Alberta Capital Finance Authority, FRN,

1.37% 10/09/2012 2,077,435 2,075,019 1,410,000 Bank of Montreal, FRN, 1.355%

10/19/2012 1,409,741 1,410,099 1,800,000 Bank of Montreal, FRN, 1.435%

06/21/2013 1,800,000 1,800,720 1,190,000 Bank of Montreal, FRN, 1.64714%

12/10/2012 1,191,209 1,190,945 1,445,000 BMW Canada Inc., 3.22% 03/28/2013 1,465,806 1,457,134 1,385,000 Canada Housing Trust No.1, Series 27,

1.66571% 09/15/2014 1,389,931 1,397,942 1,015,000 Canadian Imperial Bank of Commerce,

FRN, 1.5% 03/14/2014 1,015,000 1,015,000 4,500,000 Canadian Imperial Bank of Commerce,

FRN, 1.635% 07/19/2013 4,500,053 4,504,595 2,500,000 Canadian Imperial Bank of Commerce,

FRN, 1.68143% 04/08/2013 2,500,000 2,501,113 360,000 Canadian Imperial Bank of Commerce,

FRN, 1.69714% 05/08/2013 360,742 360,582 1,400,000 Canadian Natural Resources Ltd., 4.5%

01/23/2013 1,423,136 1,411,984 325,000 City of Edmonton 9% 03/25/2013 347,079 336,915 760,000 Daimler Canada Finance Inc., 1.98714%

09/12/2014 760,000 759,726 1,060,000 Enbridge Inc., FRN, 2.29714%

08/19/2015 1,060,000 1,063,958 1,385,000 Financement-Quebec 1.27571%

09/16/2013 1,384,536 1,385,847 1,150,000 Financement-Quebec 5% 11/01/2012 1,188,652 1,154,350

890,000 GE Capital Canada Funding Co. FRN,2.11714% 02/10/2014 890,000 891,518

5,045,000 HSBC Bank Canada 1.89714% 08/09/2013 5,045,000 5,043,221

3,750,000 International Bank for Reconstruction and Development 1.59714% 10/31/2012 3,750,000 3,751,575

355,000 Metropolitan Life Global Funding I 2.19571% 06/17/2014 355,000 354,414

285,000 Metropolitan Life Global Funding I 2.625%12/03/2012 285,724 285,516

745,000 Metropolitan Life Global Funding I 4.85% 05/30/2013 761,189 759,755

160,000 Municipal Finance Authority of British Columbia 4.85% 10/03/2012 160,868 160,000

1,720,000 Municipal Finance Authority of British Columbia 5.25% 12/03/2012 1,789,194 1,731,527

1,130,000 National Bank of Canada, FRN, 1.39929% 02/27/2013 1,130,000 1,123,936

570,000 Province of British Columbia 4.7% 12/18/2012 585,436 574,226

940,000 Province of New Brunswick 5.875% 12/06/2012 966,643 947,759

14,335,000 Province of Ontario, FRN, 2.29857% 04/02/2013 14,363,812 14,413,821

BONDS (84.2%) (cont’d)6,645,000 Province of Quebec, FRN, 1.28714%

12/10/2013 6,637,646 6,647,950 1,590,000 Province of Saskatchewan 5.25%

12/03/2012 1,628,462 1,600,917 1,870,000 Royal Bank of Canada, FRN,

1.38714% 11/14/2012 1,870,000 1,867,126 735,000 Royal Bank of Canada, FRN, 1.415%

07/16/2013 735,000 734,912 1,675,000 The Bank of Nova Scotia, FRN, 1.465%

12/21/2012†† 1,676,387 1,675,942 4,560,000 The Bank of Nova Scotia, FRN,

1.64571% 09/19/2013†† 4,560,000 4,567,366 1,525,000 The Bank of Nova Scotia, FRN,

1.67786% 01/15/2013†† 1,526,986 1,525,788 1,760,000 Toronto-Dominion Bank, FRN,

1.34714% 11/08/2012 1,760,704 1,760,000 76,439,559 76,329,081

SHORT-TERM INVESTMENTS (2.7%) 760,000 Enbridge Inc., 1.12204% 10/16/2012 759,346 759,558 985,000 HSBC Bank Canada 1.20073%

11/13/2012 981,030 983,592 730,000 Toronto-Dominion Bank 1.24942%

10/25/2012 726,197 729,390 2,466,573 2,472,540

Commission and other portfolio transaction costs -



Net Assets (100.0%) 90,632,173

††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. Investments in 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.



CI Short-Term Corporate ClassFinancial Statements (unaudited)

– 284 –








Net assets per classA SharesF SharesI Shares





76,329 75,33411,672 12,6072,473 15,530

- -- -- -

- -- -- -

12 23- 2,770- -

316 25390,802 106,517

- -- -- -

- -- -- -

126 181- -- -- -

44 44170 225

90,632 106,292

78,906 90,753- -

53,742 61,36513,016 14,16023,874 30,767

10.46 10.4312.74 12.7011.89 11.80

5,137,215 5,886,1011,021,740 1,115,3622,008,017 2,606,730










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



- -941 1,028

- -- -- -- -- -

941 1,028

335 429- -- -- (53)

31 41366 417(97) (126)672 737

- -672 737

(5) 80- -

(1) (1)- -

(215) (307)(221) (228)451 509

198 22447 44

206 241

0.04 0.030.04 0.040.08 0.08


2012 2011

– 285 –

CI Short-Term Corporate ClassFinancial Statements (unaudited)

– 285 –

















61,365 81,196

1,817 2,743- -

(8,635) (12,563)(1,003) (2,509)(7,821) (12,329)

- -- -- -- -

198 22453,742 69,091

14,160 15,822

107 93- -

(888) (1,150)(410) (163)

(1,191) (1,220)

- -- -- -- -

47 4413,016 14,646

30,767 38,534

2,245 13- -

(6,093) (7,700)(3,251) (1,001)(7,099) (8,688)

- -- -- -- -

206 24123,874 30,087

106,292 135,552

4,169 2,849- -

(15,616) (21,413)(4,664) (3,673)

(16,111) (22,237)

- -- -- -- -

451 50990,632 113,824


2012 2011


2012 2011



CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 286 –






2012 2011

5,886,101 7,844,817174,012 264,345

- -(826,809) (1,211,676)(96,089) (242,044)

5,137,215 6,655,442

1,115,362 1,255,2748,479 7,291

- -(69,847) (91,069)(32,254) (12,939)

1,021,740 1,158,557

2,606,730 3,313,676189,874 1,150

- -(514,256) (659,342)(274,331) (85,706)

2,008,017 2,569,778





10.46 10.3810.46 10.38

12.74 12.6412.74 12.64

11.89 11.7111.89 11.71


2012 2011



- -- -



- -- -

Annual management fee rateA SharesF SharesI Shares

Annual fixed administration fee rateA SharesF SharesI Shares

1.000.75


---


CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 287 –



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 46.2 Provincial Bonds....................................................................................................................... 23.5 Short-Term Investments........................................................................................................... 14.6 Cash & Equivalents.................................................................................................................. 14.5 Canadian Government Bonds .................................................................................................. 1.2

During the six-month period the Fund's exposure to credit risk changed significantly as disclosed inthe section below. For details relating to other price risk, currency risk, interest rate risk and fairvalue hierarchy, refer to the audited annual financial statements as at March 31, 2012, as the Fund'sexposure to those risks remains unchanged.


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 16.6 AA/Aa/A+ 50.5 A 16.1 BBB/Baa/B++ 1.6 Not Rated 2.1 Total 86.9

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 26.8 AA/Aa/A+ 46.8 A 10.8 Not Rated 1.0 Total 85.4





CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (Expressed in US$) (unaudited)

– 288 –


FUND (99.6%) 1,481,598 CI US Money Market Fund (Class A)† 14,815,978 14,815,978



Net Assets (100.0%) 14,869,391



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 per classA SharesE SharesO Shares


A SharesE SharesO Shares


A SharesE SharesO Shares

14,816 13,5405 1,835- -- -- -- -- -- -- -1 2

50 -- -- 16

14,872 15,393

- -- -- -- -- -- -3 11- -- -- -- 33 14

14,869 15,379

14,816 13,543- -

14,849 15,37910 -10 -

11.36 11.3510.00 -10.00 -

1,307,231 1,354,7571,000 -1,000 -



– 289 –








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


A ShareE ShareO Share

- -26 60

- -- -- -- -- -

26 60

15 73- -- -- -2 6

17 79(8) (59)17 40

- -17 40

(15) -- -- -- -

3 (44)(12) (44)

5 (4)

5 (4)- -- -

- -0.01 -0.01 -


2012 2011

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)


– 290 –

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)

– 290 –















15,379 12,975

781 3,875- -

(1,558) (3,094)242 2,657(535) 3,438

- -- -- -- -5 (4)

14,849 16,409

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011Total FundNet assets, beginning of periodCapital transactions




15,379 12,975

801 3,875- -

(1,558) (3,094)242 2,657(515) 3,438

- -- -- -- -5 (4)

14,869 16,409


2012 2011

CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$) (unaudited)

– 291 –






2012 2011

1,354,757 1,144,59670,747 344,664

- -(137,566) (273,392)

19,293 232,0441,307,231 1,447,912

- -1,000 -

- -- -- -

1,000 -

- -1,000 -

- -- -- -

1,000 -




- -- -



- -- -




11.36 11.3311.36 11.33

10.00 -10.00 -

10.00 -10.00 -


2012 2011

Annual management fee rateA SharesE SharesO Shares

Annual fixed administration fee rateA SharesE SharesO Shares

1.000.55


---



CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$) (unaudited)

– 292 –

The Underlying Fund’s investments were concentrated in the Underlying Funds:


Categories Net Assets (%)Short-Term Investments........................................................................................................... 33.1Corporate Bonds ...................................................................................................................... 24.9Cash & Equivalents.................................................................................................................. 22.5Provincial Bonds....................................................................................................................... 19.6Other Net Assets (Liabilities) .................................................................................................. (0.1)



Categories Net Assets (%)Other Net Assets (Liabilities) .................................................................................................. 52.8 Bonds ....................................................................................................................................... 35.2 Short-Term Investments........................................................................................................... 12.0

During the six-month period the Fund's exposure to other price risk, credit risk, currency risk, interestrate risk and fair value hierarchy changed significantly as disclosed in the section below.

Other Price RiskAs at September 30, 2012, the Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2012, the Underlying Fund’s investments were not subject to other price risk asthe Underlying Fund did not invest in equities.

As at March 31, 2012, the Fund did not have a significant exposure to other price risk as the Fundwas predominantly invested in short-term fixed income investments with high credit ratings andshort terms to maturity and their market exposure is described below.

Credit RiskAs at September 30, 2012, the Fund had no significant direct exposure to credit risk.

As at September 30, 2012, the Fund indirectly bears the credit risk exposure of the Underlying Fund.


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 10.5 AA/Aa/A+ 58.8 A 7.5 Not Rated 0.8 Total 77.6

Credit Risk (cont’d)

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

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 6.0 AA/Aa/A+ 72.3 A 9.7 Total 88.0



Currency RiskAs at September 30, 2012, the Fund’s and the Underlying Fund’s investments were denominated inU.S. dollars the functional currency of the Fund and the Underlying Fund. As a result, the Fund wasnot exposed to currency risk.

As at March 31, 2012, the Fund’s investments were denominated in U.S. dollars the functional currencyof the Fund. As a result, the Fund was not exposed to currency risk.

Interest Rate RiskAs at September 30, 2012, the Fund had no significant direct exposure to interest rate risk.

As at September 30, 2012, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.



Interest Rate Exposure 83.6 16.5 - - 100.1

The table below summarizes the Fund's exposure to interest rate risk, categorized by the contractualmaturity date.


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 11,875 3,500 - - 15,375



– 293 –

CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$) (unaudited)

– 293 –



(in $000's) (in $000's) (in $000's) (in $000's)Underlying Fund 14,816 - - 14,816Total 14,816 - - 14,816


(in $000's) (in $000's) (in $000's) (in $000's)Bonds - 8,122 - 8,122 Short-term investments - 5,418 - 5,418 Total - 13,540 - 13,540

There were no transfers between Level 1, 2 and 3 during the six-month period ended September 30,2012 and the year ended March 31, 2012.



Signature Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 294 –


FUND (99.8%) 57,340,084 Signature Canadian Bond Fund (Class I)† 601,952,711 612,965,498

Totals Fund (99.8%) 601,952,711 612,965,498


Net Assets (100.0%) 613,924,860

†The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.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.


Signature Canadian Bond Corporate ClassFinancial Statements (unaudited)

– 295 –








612,965 610,4871,688 3,608

- -- -- -- -

- -- -- -

1,361 1,721664 125

- -1,491 2,041

618,169 617,982

- -- -- -

- -- -

437 1,2363,807 1,046

- -- -- -- -

4,244 2,282613,925 615,700

601,953 611,497- -




Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

340,462 343,7638,414 3,894

28,868 26,601214,318 227,44421,813 13,998

10 -10 -10 -10 -10 -

15.09 14.6610.40 10.0915.67 15.1814.75 14.2110.52 10.149.97 9.91

10.00 -10.00 -9.75 9.849.86 9.89

22,563,319 23,453,365808,831 385,998

1,841,890 1,751,97214,532,657 16,008,8302,074,152 1,380,291

1,016 101,008 -1,008 -1,039 101,032 10



– 296 –


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








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



- -19 5,993

- 24- -

10,213 2,784- -- (62)

10,232 8,739

2,460 1,705332 219

- 1- (88)

260 1763,052 2,0137,180 6,726

- -7,180 6,726

638 20,091- 15- (2)- -

12,022 (776)12,660 19,32819,840 26,054

9,918 13,645175 -863 760

8,268 11,649616 -

- -- -- -- -- -

0.44 0.790.29 -0.48 0.860.54 0.870.37 -0.21 -0.09 -0.09 -0.22 -0.30 -


2012 2011














343,763 233,036

47,718 42,229- -

(41,202) (23,253)(19,735) 6,433(13,219) 25,409

- -- -- -- -

9,918 13,645340,462 272,090

3,894 -

2,776 -- -

(205) -1,774 -4,345 -

- -- -- -- -

175 -8,414 -

26,601 12,763

2,408 1,416- -

(1,706) (2,282)702 1,385

1,404 519- -- -- -- -- -

863 76028,868 14,042


2012 2011


– 297 –















227,444 189,347

5,361 11,888- -

(16,000) (8,448)(10,755) (18,582)(21,394) (15,142)

- -- -- -- -

8,268 11,649214,318 185,854

13,998 -

7,197 -- -

(1,774) -1,776 -7,199 -

- -- -- -- -

616 -21,813 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011













- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011


– 298 –











- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

615,700 435,146

65,510 55,533- -

(60,887) (33,983)(26,238) (10,764)(21,615) 10,786

- -- -- -- -

19,840 26,054613,925 471,986


2012 2011

Signature Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 299 –










2012 2011

23,453,365 17,005,5793,199,767 2,969,901

- -(2,766,877) (1,648,342)(1,322,936) 436,33122,563,319 18,763,469

385,998 -270,093 -

- -(19,839) -172,579 -808,831 -

1,751,972 903,847155,395 97,356

- -(110,268) (157,999)

44,791 93,9931,841,890 937,197

16,008,830 14,491,592367,837 873,888

- -(1,103,143) (624,172)

(740,867) (1,409,902)14,532,657 13,331,406

1,380,291 -694,399 -

- -(172,072) -171,534 -

2,074,152 -

10 -989 -17 -

- -- -

1,016 -

- -1,000 -

8 -- -- -

1,008 -






2012 2011

- -1,000 -

8 -- -- -

1,008 -

10 -1,001 -

28 -- -- -

1,039 -

10 -994 -28 -

- -- -

1,032 -

Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.351.050.85


1.351.05



0.170.150.17

-0.150.170.150.150.17

-



Signature Canadian Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 300 –



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 40.4Canadian Government Bonds .................................................................................................. 26.9Provincial Bonds....................................................................................................................... 19.3Foreign Government Bonds...................................................................................................... 7.4Short-Term Investments........................................................................................................... 3.3Municipal Bonds ...................................................................................................................... 1.8Other Net Assets (Liabilities) .................................................................................................. 0.9


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 37.5 Canadian Government Bonds .................................................................................................. 30.2 Provincial Bonds....................................................................................................................... 15.9 Foreign Government Bonds...................................................................................................... 8.0 Short-Term Investments........................................................................................................... 5.3 Other Net Assets (Liabilities) .................................................................................................. 1.7 Asset Backed Securities .......................................................................................................... 1.4




Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 301 –


FUND (99.0%)59,320,661 Signature Corporate Bond Fund (Class I)† 613,921,880 623,460,144

Total Fund (99.0%) 613,921,880 623,460,144


Net Assets (100.0%) 629,583,800



Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)

– 302 –








623,460 505,7863,564 2,619

- -- -

356 356- -

- -- -- -

2,378 3,349122 -

- -1,958 3,112

631,838 515,222

- -- -- -

- -- -

787 1,5731,465 634

- -- -2 -- -

2,254 2,207629,584 513,015

613,922 502,150- -




Net assets per classA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Net assets per share A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

422,867 354,2186,900 3,245

24,441 21,708135,629 113,09832,673 13,765

6,597 6,929374 -10 -10 -31 -52 52

15.16 14.6911.29 10.9015.49 14.9414.61 14.0111.41 10.9513.22 12.7110.43 10.3410.02 -10.02 -10.22 10.269.62 9.61

27,892,381 24,110,136611,176 297,782

1,578,393 1,453,2459,282,388 8,071,0012,862,614 1,256,548

498,957 545,21035,863 101,008 -1,008 -3,062 105,355 5,369



– 303 –



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







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


A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

- 2717 9,323

- 1- -

17,951 5,181- -- 12- (55)

17,968 14,489

3,402 2,298436 287

1 2- (35)

395 2654,234 2,817

13,734 11,672- -

13,734 11,672

224 4,90844 147

- (2)- -

5,902 (24,731)6,170 (19,678)

19,904 (8,006)

12,259 (5,916)206 -850 (389)

5,270 (1,603)1,043 -

263 (95)10 -

- -- -1 -2 (3)

0.48 (0.33)0.44 -0.55 (0.28)0.61 (0.17)0.51 -0.51 (0.15)0.36 -0.10 -0.10 -0.45 -0.40 (0.32)


2012 2011














354,218 240,917

68,885 60,537- -

(25,102) (17,358)12,607 (7,891)56,390 35,288

- -- -- -- -

12,259 (5,916)422,867 270,289

3,245 -

2,468 -- -

(250) -1,231 -3,449 -

- -- -- -- -

206 -6,900 -

21,708 16,900

4,442 4,224- -

(2,189) (1,866)(370) 1,881

1,883 4,239- -- -- -- -- -

850 (389)24,441 20,750


2012 2011


– 304 –











X SharesNet assets, beginning of periodCapital transactions




113,098 108,702

22,749 14,845- -

(7,362) (8,422)1,874 10,707

17,261 17,130

- -- -- -- -

5,270 (1,603)135,629 124,229

13,765 -

17,035 -- -

(908) -1,738 -

17,865 -

- -- -- -- -

1,043 -32,673 -

6,929 8,033

5 -- -

(600) (494)- (45)

(595) (539)

- -- -- -- -

263 (95)6,597 7,399


2012 2011













- -

371 -- -- -- -

371 -

- -- -

(7) -(7) -10 -

374 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -


2012 2011

– 305 –
















- -

10 -- -- -

21 -31 -

- -- -

(1) -(1) -1 -

31 -

52 -

- 66- 1- -- -- 67

- -- -

(2) (1)(2) (1)2 (3)

52 63

513,015 374,552

115,985 79,659- 1

(36,411) (28,140)17,101 4,66596,675 56,185

- -- -

(10) (1)(10) (1)

19,904 (8,006)629,584 422,730


2012 2011

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 306 –







X 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

24,110,136 17,189,5574,633,257 4,296,943

- -(1,689,805) (1,231,680)

838,793 (551,064)27,892,381 19,703,756

297,782 -223,615 -

- -(22,426) -112,205 -611,176 -

1,453,245 1,197,014294,485 296,564

- -(144,402) (130,942)(24,935) 132,072

1,578,393 1,494,708

8,071,001 8,305,0181,597,070 1,124,564

- -(517,924) (638,984)132,241 804,739

9,282,388 9,595,337

1,256,548 -1,529,333 -

- -(80,820) -157,553 -

2,862,614 -

545,210 673,529384 -

- -(46,637) (41,105)

- (3,795)498,957 628,629

10 -35,814 -

39 -- -- -

35,863 -







2012 2011

- -1,000 -

8 -- -- -

1,008 -

- -1,000 -

8 -- -- -

1,008 -

10 -972 -33 -

- -2,047 -3,062 -

5,369 -- 6,597

33 53- -

(47) -5,355 6,650

– 307 –

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.701.050.85


0.201.701.05



0.200.150.20

-0.150.200.200.150.150.20

-



Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 308 –



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 88.1Short-Term Investments........................................................................................................... 7.5Canadian Government Bonds .................................................................................................. 2.0Other Net Assets (Liabilities) .................................................................................................. 1.9Financials ................................................................................................................................. 0.6Foreign Government Bonds...................................................................................................... 0.2Foreign Currency Forward Contracts ....................................................................................... (0.3)


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 86.4 Short-Term Investments........................................................................................................... 9.2 Other Net Assets (Liabilities) .................................................................................................. 1.7 Cash & Equivalents.................................................................................................................. 0.8 Canadian Government Bonds .................................................................................................. 0.8 Asset Backed Securities .......................................................................................................... 0.6 Financials ................................................................................................................................. 0.5 Foreign Government Bonds...................................................................................................... 0.3 Foreign Currency Forward Contracts ....................................................................................... (0.3)

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

Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant exposure to creditrisk.

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


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 9.6 AA/Aa/A+ 2.8 A 14.2 BBB/Baa/B++ 18.2 BB/Ba/B+ 23.2 B 21.3 CCC/Caa/C++ 4.1 CC/Ca/C+ 0.4 Not Rated 4.6 Total 98.4





Interest Rate RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure to interestrate risk.









As at March 31, 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 have indirectlydecreased or increased, respectively, by approximately $6,288,000 (March 31, 2012 - $4,957,000).In practice, actual results may differ from this analysis and the difference may be material.



Signature Diversified Yield Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 309 –

FairValue ($)

Purchase Forward Agreement (10.1%)(see Schedule A) 81,098,495


Net Assets (100.0%) 806,370,065

Schedule APurchase Forward Agreement (10.1%)

Notional Units Purchase Forward Agreement Fair Value ($)

Restricted cash subject to forward agreement (717,072,920) (cash deposit is held by the Bank of Montreal)


60,929,116 Signature Diversified Yield Trust (Class C) 798,171,415

Total Purchase Forward Agreement Value 81,098,495

Settlement Date 09-Dec-14Credit Rating of the Counterparty‡ A-1



Signature Diversified Yield Corporate ClassFinancial Statements (unaudited)

– 310 –


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 agreementCash 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)Spread fee payableForward fee payableBorrowing fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable







- -4,195 3,912

- -717,073 538,347

- -- -- -

81,098 63,961- -- -

6,493 4,212- -- -- -

808,859 610,432

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

1,323 1,282- -- -

641 532- -- -

525 367- -

2,489 2,181806,370 608,251

- -- -

531,024 412,11913,234 4,40132,667 24,78098,175 82,70026,936 9,82546,029 37,4081,012 1022,388 1,7755,635 5,3961,176 323

36,675 24,6245,262 -1,786 1,0601,747 1,5052,624 2,233

12.07 11.6511.59 11.1812.45 11.9512.87 12.2811.82 11.2810.47 10.3511.04 10.9010.83 10.6411.23 10.9711.27 11.029.60 9.62

10.71 10.7310.13 10.1110.33 10.2410.96 10.87

43,995,187 35,386,2881,141,585 393,7312,623,646 2,073,8877,627,801 6,736,4572,278,762 870,6664,394,867 3,614,745

91,658 9,321220,414 166,781501,828 491,944104,305 29,294

3,821,980 2,558,580491,494 10176,253 104,883169,223 147,075239,565 205,529







– 311 –






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





- -27 36

- -- -- -

1,088 -- -

1,115 36

5,238 3,067602 403

- -- -

756 3796,596 3,849(5,481) (3,813)

- -(5,481) (3,813)

18,730 2421 49

- -(3,654) (2,779)

- -

17,137 (26,110)32,234 (28,816)26,753 (32,629)

16,767 (21,628)309 -

1,118 (1,238)4,343 (5,977)

950 -1,452 (2,244)

22 -89 (92)

227 (258)47 -

1,079 (1,083)102 -48 (51)93 (58)

107 -

0.43 (0.73)0.44 -0.51 (0.70)0.61 (0.63)0.58 -0.38 (0.65)0.46 -0.46 (0.48)0.50 (0.60)0.62 -0.36 (0.70)0.51 -0.43 (0.57)0.52 (0.55)0.50 -


2012 2011


2012 2011




– 312 –

























82,700 94,167

7,519 16,997- -

(5,347) (6,829)8,960 13,224

11,132 23,392

- -- -- -- -

4,343 (5,977)98,175 111,582

9,825 -

8,986 -- -

(587) -7,762 -

16,161 -

- -- -- -- -

950 -26,936 -

37,408 33,602

8,937 6,9638 1

(1,844) (1,720)1,043 (820)8,144 4,424

- -- -

(975) (914)(975) (914)1,452 (2,244)

46,029 34,868

412,119 291,520

108,486 91,303- -

(25,350) (23,749)19,002 4,663

102,138 72,217

- -- -- -- -

16,767 (21,628)531,024 342,109

4,401 -

6,595 -- -

(1,153) -3,082 -8,524 -

- -- -- -- -

309 -13,234 -

24,780 17,801

9,086 4,922- -

(1,715) (2,035)(602) 7916,769 3,678

- -- -- -- -

1,118 (1,238)32,667 20,241


2012 2011



2012 2011


– 313 –














102 -

740 -- -- -

163 -903 -

- -- -

(15) -(15) -22 -

1,012 -

1,775 2,446

635 281- -

(206) (200)145 (838)574 (757)

- -- -

(50) (49)(50) (49)89 (92)

2,388 1,548

5,396 3,683

100 479- -

(307) (139)341 1,176134 1,516

- -- -

(122) (118)(122) (118)227 (258)

5,635 4,823


2012 2011














323 -

- -2 -

(6) -832 -828 -

- -- -

(22) -(22) -47 -

1,176 -

24,624 11,857

11,079 7,81724 2

(1,336) (1,477)2,383 1,111

12,150 7,453

- -- -

(1,178) (654)(1,178) (654)1,079 (1,083)

36,675 17,573

- -

4,239 -16 -

- -1,004 -5,259 -

- -- -

(99) -(99) -102 -

5,262 -


2012 2011


– 314 –– 314 –














1,060 881

217 2655 -

(12) (234)516 76726 107

- -- -

(48) (38)(48) (38)48 (51)

1,786 899

1,505 962

238 797 1

(10) (9)(16) 178219 249

- -- -

(70) (46)(70) (46)93 (58)

1,747 1,107

2,233 -

198 -18 -(13) -173 -376 -

- -- -

(92) -(92) -107 -

2,624 -


2012 2011






608,251 456,919

167,055 129,10680 4

(37,886) (36,392)44,788 19,561

174,037 112,279

- -- -

(2,671) (1,819)(2,671) (1,819)26,753 (32,629)

806,370 534,750


2012 2011


Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 315 –











2012 2011

35,386,288 25,768,6829,156,566 8,139,818

- -(2,146,294) (2,137,296)1,598,627 396,143

43,995,187 32,167,347

393,731 -578,706 -

- -(101,102) -270,250 -

1,141,585 -

2,073,887 1,550,695743,198 432,199

- -(141,255) (179,575)(52,184) 61,916

2,623,646 1,865,235

6,736,457 8,082,129602,654 1,464,724

- -(426,393) (597,637)715,083 1,120,313

7,627,801 10,069,529

870,666 -779,988 -

- -(50,580) -678,688 -

2,278,762 -

3,614,745 3,175,520857,536 670,744

775 82(178,061) (167,413)

99,872 (82,005)4,394,867 3,596,928

9,321 -67,397 -

- -(11) -

14,951 -91,658 -









2012 2011

166,781 227,45759,191 26,548

- -(18,926) (19,895)13,368 (77,895)

220,414 156,215

491,944 336,4279,149 43,638

- -(27,661) (12,821)28,396 107,790

501,828 475,034

29,294 -- -

152 -(571) -

75,430 -104,305 -

2,558,580 1,167,0941,152,143 793,416

2,463 230(139,093) (153,088)247,887 110,700

3,821,980 1,918,352

10 -395,475 -

1,488 -- -

94,521 -491,494 -

104,883 83,61321,372 25,452

479 -(1,183) (22,625)50,702 7,617

176,253 94,057

147,075 91,26923,265 7,745

640 67(926) (845)(831) 16,800

169,223 115,036

– 316 –

Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 316 –





2012 2011

205,529 -18,234 -1,630 -(1,214) -15,386 -

239,565 -



1.901.850.90


1.901.850.90


1.901.850.90


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15





Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 48.9Financials ................................................................................................................................. 16.4Cash & Equivalents.................................................................................................................. 13.3Industrials ................................................................................................................................ 7.4Telecommunication Services ................................................................................................... 4.5Utilities..................................................................................................................................... 2.9Energy ...................................................................................................................................... 2.7Health Care .............................................................................................................................. 2.4Other Net Assets (Liabilities) .................................................................................................. 0.7Consumer Discretionary........................................................................................................... 0.5Foreign Government Bonds...................................................................................................... 0.3Private Placements .................................................................................................................. 0.2Foreign Currency Forward Contracts ....................................................................................... (0.2)


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 54.3 Financials ................................................................................................................................. 15.9 Cash & Equivalents.................................................................................................................. 10.0 Industrials ................................................................................................................................ 8.9 Telecommunication Services ................................................................................................... 3.1 Utilities..................................................................................................................................... 2.9 Health Care .............................................................................................................................. 2.8 Other Net Assets (Liabilities) .................................................................................................. 1.0 Consumer Discretionary........................................................................................................... 0.7 Foreign Government Bonds...................................................................................................... 0.4 Energy ...................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... (0.2)

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

Other Price RiskThe Fund was exposed to the financial instrument risks of the Signature Diversified Yield Trust (the “Underlying Trust”). The Fund was created to obtain exposure to an actively managedportfolio of fixed income and high-yielding equity securities issued by issuers anywhere in theworld. 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 global markets increased or decreased by 10% (March 31, 2012 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $34,238,000 (March 31, 2012 - $23,300,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

Signature Diversified Yield Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 317 –


Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure tocredit 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 exposureof the Underlying Trust.


as at September 30, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 1.3 A 4.1 BBB/Baa/B++ 6.0 BB/Ba/B+ 16.0 B 15.7 CCC/Caa/C++ 3.6 Not Rated 3.5 Total 50.2





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

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

as at September 30, 2012Currency Net Assets (%)US Dollar 22.3 European Currency 3.7 Singapore Dollar 2.8 Australian Dollar 1.3 Hong Kong Dollar 0.9 British Pound 0.7 Swiss Franc 0.4 Thai Baht 0.1 Total 32.2


– 318 –


as at March 31, 2012Currency Net Assets (%)US Dollar 22.6 Australian Dollar 3.0 European Currency 2.2 Singapore Dollar 1.2 Hong Kong Dollar 0.7 British Pound 0.4 Brazilian Real 0.3 Swiss Franc 0.3 Danish Krone 0.1 Total 30.8

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, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $25,701,000 (March 31, 2012 - $18,551,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

Signature Diversified Yield Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)



Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 319 –


FINANCIALS (48.1%) 460,500 AMP Ltd. 2,022,775 2,033,911 343,650 Bangkok Bank PCL 1,752,098 2,121,889 94,800 Bank of Montreal 4.5% Preferred,

Series 13 2,280,310 2,465,748 175,500 Bank of Montreal 5.2% Preferred,

Series 16* 4,504,276 4,452,435 213,050 Bank of Montreal 5.25% Preferred,

Series 14 5,284,693 5,607,476 111,350 Bank of Montreal 5.4% Preferred,

Series 23 2,937,385 2,997,542 149,950 Brookfield Asset Management Inc.,

4.75% Preferred, Series 17* 3,285,463 3,660,280 63,900 Brookfield Asset Management Inc.,

5.4% Preferred, Series 24* 1,635,948 1,682,487 176,850 Brookfield Asset Management Inc.,

Class A 4,800,853 5,996,984 193,000 Brookfield Asset Management Inc.,

Preferred 3,683,368 3,362,060 10,303 Brookfield Asset Management Inc.,

Preferred, Series 11 268,691 257,369 193,600 Brookfield Asset Management Inc.,

Preferred, Series 12 5,152,541 5,142,016 329,700 Brookfield Asset Management Inc.,

Preferred, Series 2 6,318,212 5,868,660 93,100 Brookfield Asset Management Inc.,

Preferred, Series 4 1,792,338 1,619,940 182,230 Brookfield Office Properties Inc. 2,895,591 2,967,343 196,350 Brookfield Office Properties Inc.,

5.2% Preferred, Series K 4,834,944 5,065,830 134,150 Brookfield Office Properties Inc.,

5.25% Preferred, Series G (USD) 3,500,744 3,463,961 202,750 Brookfield Office Properties Inc.,

5.75% Preferred, Series H 5,076,340 5,293,802 199,200 Brookfield Office Properties Inc.,

6% Preferred, Series F* 5,077,313 4,980,000 73,450 Canadian General Investment Ltd.,

3.9% Preferred, Series 3 1,836,924 1,892,072 244,230 Canadian Imperial Bank of Commerce 18,006,564 18,764,191 123,200 Citigroup Inc. 3,632,916 3,961,376 105,900 Credit Suisse Group AG* 1,839,109 2,205,766

5,166 EFG International* 66,025 42,349 126,600 E-L Financial Corp., Ltd.,

4.75% Preferred, Series 2 2,729,773 3,013,080 104,650 E-L Financial Corp., Ltd.,

5.30% Preferred, Series 1 2,413,562 2,602,646 156,327 Genworth MI Canada Inc.* 3,270,394 3,259,418 93,050 Gluskin Sheff + Associates Inc. 1,724,548 1,342,712

152,200 Great-West Lifeco Inc.* 3,198,889 3,394,060 83,550 Great-West Lifeco Inc.,

4.5% Preferred, Series I 1,848,940 2,028,594 163,550 Great-West Lifeco Inc.,

4.85% Preferred, Series H 3,821,641 4,090,386 33,750 Great-West Lifeco Inc.,

5.2% Preferred, Series G 828,677 853,200 156,400 Great-West Lifeco Inc., Preferred 3,910,000 4,105,500

FINANCIALS (48.1%) (cont’d)127,100 Grupo Financiero Santander

Mexico S.A.B. de C.V. 1,526,084 1,712,197 121,050 HSBC Bank Canada, 5% Preferred,

Series D 2,948,456 3,098,880 248,600 HSBC Bank Canada, 5.1% Preferred,

Series 5* 6,130,662 6,413,880 230,500 HSBC Holdings PLC 2,194,818 2,098,383 160,500 Industrial Alliance Insurance and

Financial Services Inc., 4.6% Preferred 3,632,578 3,874,470 118,200 ING Groep N.V. 953,548 918,319 183,400 JPMorgan Chase & Co. 6,085,957 7,296,470 126,500 Kasikornbank PCL 604,803 736,680

4,401,600 Lloyds Banking Group PLC 2,168,932 2,713,301 USD 2,400,000 Macquarie Group Ltd.,

10.25% 06/20/2057 2,381,874 2,460,225 234,400 Manulife Financial Corp. 2,951,098 2,770,608 203,850 Manulife Financial Corp.,

4.65% Preferred, Series 2, Class A 4,622,266 4,872,015 93,400 National Bank of Canada,

4.85% Preferred, Series 16* 2,274,031 2,400,380 177,300 Power Corporation of Canada 4,413,085 4,598,155 180,350 Power Financial Corp.,

4.95% Preferred, Series K* 4,271,820 4,589,908 222,800 Power Financial Corp.,

5.1% Preferred, Series L 5,291,286 5,730,416 39,500 Power Financial Corp.,

5.9% Preferred, Series F 979,763 1,007,645 78,500 Power Financial Corp.,

6% Preferred, Series M 2,066,960 2,060,625 62,000 Power Financial Corp., Preferred 1,550,000 1,651,060

1,446,500 PT Bank Mandiri 1,001,222 1,211,300 21,600 Royal Bank of Canada 1,137,518 1,218,240 64,550 Royal Bank of Canada,

4.5% Preferred, Series AG 1,496,337 1,664,099 49,200 Royal Bank of Canada,

4.45% Preferred, Series AA 1,175,942 1,267,884 152,800 Royal Bank of Canada,

4.6% Preferred, Series AC 3,696,753 3,957,520 230,150 Royal Bank of Canada,

4.7% Preferred, Series AB 5,574,123 5,963,186 15,700 Royal Bank of Canada,

Preferred, Series AF 371,894 406,630 98,200 Sberbank of Russia, GDR 1,165,586 1,128,791

172,000 Sun Life Financial Inc., 4.45% Preferred, Series 4 3,786,306 4,047,160

175,650 Sun Life Financial Inc., 4.75% Preferred, Series 1, Class A 4,061,734 4,270,052

227,150 The Bank of Nova Scotia 4.5% Preferred, Series 14†† 5,443,009 5,810,497

81,100 The Bank of Nova Scotia 4.8% Preferred, Series 13††* 1,983,673 2,081,026

128,100 The Bank of Nova Scotia 5% Preferred, Series 20†† 3,273,284 3,234,525

130,900 The Bank of Nova Scotia 5.6% Preferred, Series 17†† 3,322,447 3,471,468




– 320 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited) (cont’d)

– 320 –


FINANCIALS (48.1%) (cont’d)78,500 The Bank of Nova Scotia†† 4,182,886 4,228,795

2,010,000 The Royal Bank of Scotland, Callable 5.37% 05/12/2049 1,731,878 1,629,625

356,500 Toronto-Dominion Bank 27,810,372 29,193,785 208,950 Toronto-Dominion Bank,

4.85% Preferred, Series O 5,138,670 5,432,700 85,550 Toronto-Dominion Bank,

5% Preferred, Series S 2,178,512 2,170,404 71,300 Toronto-Dominion Bank,

5% Preferred., Series AA 1,824,385 1,848,809 58,350 Toronto-Dominion Bank,

5.25% Preferred, Series P 1,439,866 1,538,106 14,300 Toronto-Dominion Bank,

Class A, Preferred, Series R 365,264 386,958 255,441,527 267,760,260

TELECOMMUNICATION SERVICES (8.7%) 155,700 AT&T Inc. 4,728,377 5,770,352 70,400 BCE Inc. 2,331,279 3,041,280

386,550 BCE Inc., 4.4% Preferred, Series AF 16 8,966,352 9,107,118 121,100 BCE Inc., Preferred, Series 17 2,790,577 2,864,015 394,850 BCE Inc., Preferred, Series AB 9,272,024 8,587,988 341,850 BCE Inc., Preferred, Series AJ 7,779,549 7,466,004

1,805,400 Telstra Corp., Ltd. 5,302,880 7,200,532 52,700 TELUS Corp., Non-Voting Shares 2,317,458 3,241,050

479,450 Vodafone Group PLC 1,320,930 1,338,044 44,809,426 48,616,383

CONSUMER STAPLES (7.8%) 46,244 British American Tobacco PLC 1,814,695 2,333,679 27,800 Carlsberg A/S, Class B 2,468,675 2,422,042 66,400 Coca-Cola Co. 2,249,774 2,477,154 31,800 Colgate-Palmolive Co. 2,563,357 3,352,668 67,450 Companhia de Bebidas das Americas,

Preferred 1,955,994 2,524,382 88,216 Diageo PLC 1,686,185 2,436,008 54,650 Imperial Tobacco Group PLC 1,760,714 1,988,141

157,500 Koninklijke Ahold N.V. 2,028,006 1,939,766 58,600 Kraft Foods Inc., Class A 2,147,052 2,382,653 94,200 Loblaw Cos. Ltd. 3,326,388 3,211,278 92,600 Loblaw Cos. Ltd., 5.95% Preferred,

Series A* 2,352,952 2,490,940 59,260 Nestle S.A., Registered Shares 3,138,832 3,674,434 42,100 PepsiCo Inc. 2,667,975 2,928,429 42,900 Philip Morris International Inc. 2,477,481 3,793,582 54,800 Procter & Gamble Co. 3,337,187 3,735,849 38,900 Shoppers Drug Mart Corp. 1,584,231 1,587,898

37,559,498 43,278,903 HEALTH CARE (7.2%)

19,500 Baxter International Inc. 1,084,123 1,155,259 132,900 Bayer AG 8,580,517 11,247,284 311,450 Eli Lilly and Co. 11,607,725 14,516,244 215,250 Novartis AG, Registered Shares 12,390,106 12,952,767

33,662,471 39,871,554

ENERGY (6.5%) 127,200 ARC Resources Ltd.* 2,951,787 3,040,080 118,250 Bonavista Energy Corp.* 3,042,214 2,062,280 62,700 Canadian Natural Resources Ltd. 2,057,714 1,897,302 26,400 Capital Power Corp.* 641,687 561,000

152,400 Crescent Point Energy Corp.* 6,330,027 6,623,304 142,600 CU Inc., Preferred 3,227,372 3,593,520 21,200 Enbridge Inc.* 787,530 813,444 54,500 Enbridge Inc., Series F, Preferred 1,362,500 1,379,395

165,950 Husky Energy Inc.* 4,546,491 4,376,102 132,879 Royal Dutch Shell PLC, Class A 4,345,883 4,519,680 27,300 Snam S.p.A. 116,428 118,952 21,800 Spectra Energy Corp. 641,333 629,147

120,469 Suncor Energy Inc. 3,904,521 3,888,739 108,906 Talisman Energy Inc. 1,848,013 1,426,669 32,156 TransCanada Corp. 1,251,038 1,437,373

37,054,538 36,366,987 UTILITIES (4.4%)

95,550 Brookfield Renewable Power Fund, Preferred, Series I 2,438,810 2,486,211

215,900 Cheung Kong Infrastructure Holdings Ltd. 1,247,401 1,284,016 40,800 CMS Energy Corp. 904,581 944,396 17,750 Edison International 764,333 797,282

101,150 Fortis Inc., 4.9% Preferred 2,449,462 2,611,693 92,750 Fortis Inc., 5.45% Preferred, Series C* 2,463,289 2,380,892

256,050 Fortis Inc., Callable/Convertible, 4.9% Preferred, Series E 6,898,593 6,777,644

64,450 GDF Suez* 1,702,910 1,417,146 115,700 National Grid PLC 1,073,131 1,254,833 43,150 PPL Corp.* 1,127,254 1,232,154 13,850 Sempra Energy 682,088 878,001

555,976 Snam Rete Gas S.p.A.* 2,615,778 2,422,511 24,367,630 24,486,779

WARRANTS (3.7%) 492,083 Bank of America Corp.,

Warrants (16Jan19) 2,444,347 1,698,373 685,192 JPMorgan Chase & Co.,

Warrants (28Oct18) 8,712,535 6,811,630 532,487 PNC Financial Services Group Inc.,

Warrants (31Dec18) 5,592,862 5,283,087 713,850 Wells Fargo & Co., Warrants (28Oct18) 6,592,990 6,899,984

23,342,734 20,693,074 INDUSTRIALS (3.4%)

163,900 ABB Ltd. 3,159,867 3,023,094 63,300 Bombardier Inc.,

Class B, Sub-Voting Shares 251,626 232,944 45,250 Bombardier Inc., Preferred, Class B 770,755 631,238 50,400 Danaher Corp. 2,663,134 2,732,160 23,700 Honeywell International Inc. 1,375,518 1,392,432 24,000 Ingersoll-Rand PLC 974,932 1,057,484

118,000 Nabtesco Corp.* 2,541,386 2,129,506 15,800 Parker Hannifin Corp. 1,316,179 1,297,894 30,100 Siemens AG, Registered Shares 2,808,912 2,959,296 21,100 SPX Corp. 1,406,222 1,357,315 12,600 Union Pacific Corp. 1,445,988 1,470,153 8,200 United Technologies Corp. 652,102 630,856

19,366,621 18,914,372




– 321 –– 321 –


– 321 –


MATERIALS (3.1%) 26,600 Ashland Inc. 1,742,881 1,872,761

263,850 BHP Billiton PLC 8,360,732 8,065,284 41,680 Cameco Corp. 1,160,468 796,088 92,100 Dow Chemical Co. 2,766,774 2,620,872 76,400 Potash Corp. of Saskatchewan Inc. 3,264,182 3,259,224 14,100 Rio Tinto PLC 796,498 645,947


56,000 Comcast Corp., Class A 1,340,279 1,968,023 3,100 Continental AG 261,260 298,353

80,000 Ford Motor Co. 772,976 774,843 127,000 Newell Rubbermaid Inc. 2,119,801 2,382,702 39,300 Stanley Black & Decker Inc. 2,759,297 2,946,205 5,300 Volkswagen AG, Preferred 961,516 952,397


95,400 Microsoft Corp. 2,462,700 2,790,763

PRIVATE PLACEMENTS (0.1%) 65,000 NMI Holdings Inc.^ 643,692 639,147








Net Assets (100.0%) 556,615,077

Principal amounts stated in:USD U.S. Dollar

^Denotes illiquid securities.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.


– 322 –


– 322 –– 322 –






1 Barclays PLC A-1 11-Oct-12 1.04 (2,446,000) Australian $ 2,532,368 Canadian $ 39,838 1 Barclays PLC A-1 11-Oct-12 1.03 (376,000) Australian $ 385,930 Canadian $ 2,779 1 Barclays PLC A-1 14-Dec-12 1.02 (2,387,000) US $ 2,329,960 Canadian $ (21,234)1 Barclays PLC A-1 14-Dec-12 1.02 (3,612,000) US $ 3,533,764 Canadian $ (24,078)1 Credit Suisse Group AG A-1 14-Dec-12 1.02 (7,167,000) US $ 7,015,561 Canadian $ (43,987)1 Morgan Stanley A-2 11-Oct-12 0.80 (5,514,794) Canadian $ 4,398,000 Euro 45,150 1 Morgan Stanley A-2 11-Oct-12 0.80 (1,810,000) Euro 2,261,826 Canadian $ (26,369)1 Morgan Stanley A-2 14-Dec-12 1.02 (2,436,000) US $ 2,382,956 Canadian $ (16,518)1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (5,192,823) Canadian $ 5,306,000 US $ 33,624 1 Royal Bank of Canada A-1+ 14-Dec-12 1.02 (1,540,000) US $ 1,502,439 Canadian $ (14,458)1 Royal Bank of Canada A-1+ 14-Dec-12 1.03 (3,700,000) US $ 3,592,844 Canadian $ (51,603)1 State Street Corp. A-1 14-Dec-12 1.02 (4,538,102) Canadian $ 4,639,000 US $ 31,340 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.82 (1,250,985) Canadian $ 1,020,000 Euro 38,483 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.27 (1,537,470) Canadian $ 1,212,000 Euro (5,253)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.28 (6,158,660) Canadian $ 4,829,000 Euro (53,793)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 1.27 (878,167) Canadian $ 689,000 Euro (7,127)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.80 (19,227,000) Euro 24,123,059 Canadian $ (183,690)1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.13 (2,642,000) Hong Kong Dollars 348,474 Canadian $ 13,346 1 The Bank of Nova Scotia†† A-1+ 11-Oct-12 0.13 (535,000) Hong Kong Dollars 70,538 Canadian $ 2,675 1 The Bank of Nova Scotia†† A-1+ 14-Dec-12 1.02 (6,688,000) US $ 6,544,342 Canadian $ (43,382)1 UBS AG A-1 11-Oct-12 1.02 (1,710,000) Australian $ 1,743,961 Canadian $ 1,445 1 UBS AG A-1 11-Oct-12 1.05 (331,000) Australian $ 346,945 Canadian $ 9,646 1 UBS AG A-1 11-Oct-12 1.03 (4,772,000) Australian $ 4,938,352 Canadian $ 75,575 1 UBS AG A-1 11-Oct-12 0.63 (14,733,000) British Pound 23,348,416 Canadian $ (52,078)1 UBS AG A-1 11-Oct-12 0.64 (715,000) British Pound 1,116,251 Canadian $ (19,378)1 UBS AG A-1 11-Oct-12 0.63 (748,000) British Pound 1,184,533 Canadian $ (3,519)1 UBS AG A-1 11-Oct-12 1.04 (2,559,706) Canadian $ 2,453,000 Australian $ (60,032)1 UBS AG A-1 11-Oct-12 0.63 (1,013,997) Canadian $ 639,000 British Pound 930 1 UBS AG A-1 11-Oct-12 0.64 (1,121,936) Canadian $ 716,000 British Pound 15,283 1 UBS AG A-1 11-Oct-12 0.97 (517,000) Swiss Franc 532,821 Canadian $ (8,045)1 UBS AG A-1 11-Oct-12 0.96 (5,248,000) Swiss Franc 5,488,449 Canadian $ (1,850)1 UBS AG A-1 11-Oct-12 0.98 (606,000) Swiss Franc 619,113 Canadian $ (14,859)1 UBS AG A-1 11-Oct-12 1.05 (947,000) Swiss Franc 993,132 Canadian $ 2,408 1 UBS AG A-1 14-Dec-12 1.02 (53,907,000) US $ 52,748,000 Canadian $ (350,742)Total Foreign Currency Forward Contracts Value (689,473)

Signature Dividend Corporate ClassFinancial Statements (unaudited)

– 323 –













530,001 529,1172,856 1,311

22,000 25,000- -

2,560 2,560- -

313 1,063- -- -

950 907912 -

- -1,727 1,705

561,319 561,663

- -- -- -

1,002 1,072- -

2,661 58963 922

- -- -

78 69- -

4,704 2,121556,615 559,542

504,687 501,281- -

518,379 522,876571 37

8,331 9,15612,512 13,1312,591 1,6256,153 5,399

11 -58 110

319 1046,922 6,415

91 -655 68911 -11 -

16.07 15.8311.14 11.0017.01 16.7113.12 12.8111.40 11.138.52 8.61

10.59 10.739.50 9.56

10.85 10.877.16 7.34

10.28 10.578.11 8.299.85 10.01

10.57 10.73

32,254,333 33,026,81551,288 3,395

489,867 547,940953,774 1,025,491227,361 145,947722,020 627,302

992 106,144 11,547

29,422 9,598966,934 873,805

8,804 1080,810 83,0521,075 101,001 10







– 324 –










11,445 7,948225 153112 47

- 8- -- -

(694) (557)11,088 7,599

3,956 2,634532 357

1 4- (21)

458 2954,947 3,2696,141 4,330

- -6,141 4,330

5,656 (1,268)(146) (59)(222) (278)

- -

(3,202) (36,049)2,086 (37,654)8,227 (33,324)

7,521 (30,438)12 -

133 (796)286 (1,065)

50 -96 (382)1 -1 (19)6 -

107 (556)2 -

10 (68)1 -1 -

0.23 (1.39)0.50 -0.27 (1.43)0.29 (0.98)0.30 -0.14 (0.81)0.89 -0.10 (0.88)0.47 -0.11 (0.68)0.66 -0.13 (0.74)0.93 -1.00 -


2012 2011


2012 2011



– 325 –


– 325 –

























522,876 250,709

24,434 328,969- -

(31,493) (37,346)(4,959) (4,125)

(12,018) 287,498

- -- -- -- -

7,521 (30,438)518,379 507,769

37 -

212 -- -- -

310 -522 -

- -- -- -- -

12 -571 -

9,156 9,346

341 491- -

(1,084) (623)(215) (168)(958) (300)

- -- -- -- -

133 (796)8,331 8,250

13,131 13,823

633 1,257- -

(442) (1,454)(1,096) 689

(905) 492

- -- -- -- -

286 (1,065)12,512 13,250

1,625 -

630 -- -

(60) -346 -916 -

- -- -- -- -

50 -2,591 -

5,399 4,084

665 959- -

(121) (252)259 (88)803 619

- -- -

(145) (106)(145) (106)

96 (382)6,153 4,215


2012 2011


2012 2011




– 326 –

























6,415 6,000

649 9991 2

(128) (237)141 116663 880

- -- -

(263) (258)(263) (258)107 (556)

6,922 6,066

- -

90 -- -- -- -

90 -

- -- -

(1) -(1) -2 -

91 -

689 796

- 15- -

(18) (17)- 29

(18) 27

- -- -

(26) (32)(26) (32)10 (68)

655 723

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

110 214

- -- -

(52) (81)- -

(52) (81)

- -- -

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

58 109

104 -

- -- -

(1) -214 -213 -

- -- -

(4) -(4) -6 -

319 -


2012 2011



2012 2011


– 327 –














- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

559,542 284,972

27,684 332,6901 2

(33,399) (40,010)(5,000) (3,547)

(10,714) 289,135

- -- -

(440) (401)(440) (401)

8,227 (33,324)556,615 540,382


2012 2011



Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 328 –










2012 2011

33,026,815 15,714,9271,551,962 21,772,420

- -(2,009,219) (2,423,154)

(315,225) (266,811)32,254,333 34,797,382

3,395 -19,339 -

- -- -

28,554 -51,288 -

547,940 557,73920,435 29,876

- -(65,402) (38,019)(13,106) (12,626)489,867 536,970

1,025,491 1,090,84749,697 102,745

- -(35,065) (116,025)(86,349) 55,277953,774 1,132,844

145,947 -56,799 -

- -(5,333) -29,948 -

227,361 -

627,302 447,43378,664 109,003

30 9(14,234) (29,338)30,258 (9,236)

722,020 517,871

10 -966 -16 -

- -- -

992 -









2012 2011

11,547 21,215- -- -

(5,403) (9,091)- -

6,144 12,124

9,598 -- -- -

(127) -19,951 -29,422 -

873,805 745,59290,802 129,193

190 277(17,886) (30,311)20,023 14,759

966,934 859,510

10 -8,767 -

27 -- -- -

8,804 -

83,052 88,130- 1,689- -

(2,242) (2,011)- 3,217

80,810 91,025

10 -1,036 -

29 -- -- -

1,075 -

10 -965 -26 -

- -- -

1,001 -


– 329 –

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
















16.07 14.5916.11 14.62

11.14 -11.17 -

17.01 15.3617.05 15.40

13.12 11.7013.15 11.72

11.40 -11.43 -

8.52 8.148.54 8.16

10.59 -10.62 -

9.50 9.029.53 9.03

10.85 -10.88 -

7.16 7.067.18 7.07

10.28 -10.31 -

8.11 7.958.13 7.96

9.85 -9.88 -

10.57 -10.59 -


2012 2011



27,391 13,05028,760 13,702



214 27360 49




1.501.951.00


1.501.951.00



0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15


Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 330 –



Categories Net Assets (%)Financials ................................................................................................................................. 51.1 Telecommunication Services ................................................................................................... 9.2 Energy ...................................................................................................................................... 7.3 Consumer Staples.................................................................................................................... 7.1 Health Care .............................................................................................................................. 5.4 Utilities..................................................................................................................................... 4.6 Short-Term Investments........................................................................................................... 4.5 Industrials ................................................................................................................................ 4.4 Materials.................................................................................................................................. 3.6 Other Net Assets (Liabilities) .................................................................................................. 0.7 Consumer Discretionary........................................................................................................... 0.7 Corporate Bonds ...................................................................................................................... 0.7 Information Technology ........................................................................................................... 0.5 Cash & Equivalents.................................................................................................................. 0.2

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


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 3.1 AA/Aa/A+ 2.0 A 16.1 BBB/Baa/B++ 16.5 BB/Ba/B+ 4.1 B 0.1 Not Rated 1.5 Total 43.4

as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 5.5 A 15.9 BBB/Baa/B++ 15.0 BB/Ba/B+ 4.1 B 0.1 Not Rated 1.7 Total 42.4





(in $000's) (in $000's) (in $000's) (in $000's)Equities 499,214 5,365 639 505,218 Bonds - 4,090 - 4,090 Short-term investments - 22,000 - 22,000 Warrants 20,693 - - 20,693 Foreign currency forward contracts, net - (689) - (689)Total 519,907 30,766 639 551,312

During the period ended September 30, 2012, equity investments with a net fair value of $2,524,000were transferred from Level 1 into Level 2.

During the period ended September 30, 2012, there were no transfers between Level 1 and 3 and Level 2 and 3.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 500,963 - - 500,963 Bonds - 3,872 - 3,872 Short-term investments - 25,000 - 25,000 Warrants 24,282 - - 24,282 Foreign currency forward contracts, net - (9) - (9)Total 525,245 28,863 - 554,108




Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 331 –– 331 –






(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 644 - - - (5) 639 Total - 644 - - - (5) 639


Investments classifed as Level 3 are valued at fair value based on unobservable inputs and assumptios, which include credit spreads, industry multipliers and discount rates. Management has assessed that theeffect at changing there inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 30, 2012.

Signature Global Bond Corporate Class (formerly CI Global Bond Corporate Class)


– 332 –


FUND (99.2%) 1,649,103 Signature Global Bond Fund

(Class F) (USD)† 12,827,375 13,069,841 2,316,232 Signature Global Bond Fund

(Class F)† 18,130,617 18,367,720

Total Fund (99.2%) 30,957,992 31,437,561


Net Assets (100.0%) 31,705,976

†The Fund invests in an Underlying Fund. The Fund and the Underyling Fund are commonly managed by CI Investments Inc.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.




– 333 –







Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares



31,438 25,862331 182

- -- -- -- -

- -- -- -

38 21121 -

- 4625 70

31,853 26,371

- -- -- -

- -- -- 213

147 194- -- -- -- -

147 40731,706 25,964

30,958 25,432- -

24,464 21,158463 240

1,514 1,5743,122 2,9922,093 -

10 -10 -10 -10 -10 -

11.37 11.2410.09 9.9411.98 11.8011.78 11.5310.17 9.979.88 10.00

10.00 -10.01 -9.65 9.929.69 9.91

2,152,569 1,881,97745,895 24,160

126,341 133,404265,003 259,578205,691 10

1,012 101,008 -1,008 -1,036 101,037 10







– 334 –











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



- -1 1- -- -

336 357170 -

- -507 358

216 7323 -

- -- (8)6 7

245 72262 286

- -262 286

79 264 20- -- -

50 1,603133 1,649395 1,935

270 1,6477 -

29 10865 18024 -

- -- -- -- -- -

0.13 0.910.18 -0.21 1.030.25 1.000.47 -(0.01) -0.09 -0.09 -

- -0.10 -


2012 2011















2012 2011

21,158 16,243

4,264 5,503- -

(2,176) (2,150)948 204

3,036 3,557

- -- -- -- -

270 1,64724,464 21,447

240 -

130 -- -

(55) -141 -216 -

- -- -- -- -7 -

463 -

1,574 967

140 388- -

(342) (56)113 147(89) 479

- -- -- -- -

29 1081,514 1,554



– 335 –














2012 2011



2,992 1,645

105 142- -

(89) (215)49 60165 528

- -- -- -- -

65 1803,122 2,353

- -

2,050 -- -

(2) -21 -

2,069 -

- -- -- -- -

24 -2,093 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -














2012 2011

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

– 336 –



– 336 –










2012 2011



- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

25,964 18,855

6,739 6,033- -

(2,664) (2,421)1,272 9525,347 4,564

- -- -- -- -

395 1,93531,706 25,354



– 337 –










2012 2011






2012 2011

1,881,977 1,565,312378,310 510,611

- -(191,596) (198,445)

83,878 21,5772,152,569 1,899,055

24,160 -13,106 -

- -(5,466) -14,095 -45,895 -

133,404 89,50811,751 34,067

- -(28,384) (5,074)

9,570 13,133126,341 131,634

259,578 161,4258,913 13,417

- -(7,575) (20,400)4,087 56,844

265,003 211,286

10 -203,777 -

- -(176) -

2,080 -205,691 -

10 -985 -17 -

- -- -

1,012 -

- -1,000 -

8 -- -- -

1,008 -

- -1,000 -

8 -- -- -

1,008 -

10 -998 -28 -

- -- -

1,036 -

10 -999 -28 -

- -- -

1,037 -

Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.751.051.00


1.751.05



0.180.150.18

-0.150.180.150.150.18

-





– 338 –




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 20.2Cash & Equivalents.................................................................................................................. 15.9Canada ..................................................................................................................................... 11.3Australia................................................................................................................................... 8.2Sweden .................................................................................................................................... 4.5France....................................................................................................................................... 4.1Germany ................................................................................................................................... 3.8Austria...................................................................................................................................... 3.4Norway..................................................................................................................................... 3.0Netherlands ............................................................................................................................. 2.9Mexico ..................................................................................................................................... 2.8Brazil ........................................................................................................................................ 2.7Indonesia.................................................................................................................................. 2.4Ireland ...................................................................................................................................... 2.4Malaysia .................................................................................................................................. 2.4Poland ...................................................................................................................................... 1.6U.K............................................................................................................................................ 1.6Luxembourg.............................................................................................................................. 1.5Spain ........................................................................................................................................ 1.4Peru .......................................................................................................................................... 1.2Colombia .................................................................................................................................. 1.0Other Net Assets (Liabilities) .................................................................................................. 0.9Philippines................................................................................................................................ 0.4South Africa ............................................................................................................................. 0.4


Categories Net Assets (%)Cash & Equivalents.................................................................................................................. 14.3 Canada ..................................................................................................................................... 11.1 U.S.A. ....................................................................................................................................... 10.4 Australia................................................................................................................................... 9.6 France....................................................................................................................................... 6.8 Germany ................................................................................................................................... 6.1 Sweden .................................................................................................................................... 5.3 Mexico ..................................................................................................................................... 4.5 Norway..................................................................................................................................... 3.5 Brazil ........................................................................................................................................ 3.1 Indonesia.................................................................................................................................. 2.8 Malaysia .................................................................................................................................. 2.6 New Zealand............................................................................................................................ 2.5 Ireland ...................................................................................................................................... 2.4 U.K............................................................................................................................................ 2.2 Netherlands ............................................................................................................................. 2.2 Austria...................................................................................................................................... 1.9 Spain ........................................................................................................................................ 1.8 Poland ...................................................................................................................................... 1.8 Luxembourg.............................................................................................................................. 1.6 Peru .......................................................................................................................................... 1.2 Colombia .................................................................................................................................. 1.0 Philippines................................................................................................................................ 0.4 South Africa ............................................................................................................................. 0.4 Other Net Assets (Liabilities) .................................................................................................. 0.3 Foreign Currency Forward Contracts ....................................................................................... 0.2

During the six-month period the Fund’s exposure to credit risk and interest rate risk changedsignificantly as disclosed in the section below. For details relating to other price risk, currency 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.

Credit RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure tocredit risk.

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


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 27.4 AA/Aa/A+ 11.7 A 11.3 BBB/Baa/B++ 14.3 BB/Ba/B+ 2.3 Not Rated 16.4 Total 83.4


– 339 –


Fund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 339 –


as at March 31, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 33.5 AA/Aa/A+ 11.5 A 14.3 BBB/Baa/B++ 14.5 BB/Ba/B+ 2.9 Not Rated 8.7 Total 85.4


^Refer to Note 11 for Credit Rating cross referenc










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 haveindirectly decreased or increased, respectively, by approximately $157,000 (March 31, 2012 - $295,000).In practice, actual results may differ from this analysis and the difference may be material.



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

– 340 –


FUNDS (99.1%) 118,562,583 Signature High Income Fund (Class I)† 1,441,040,838 1,517,601,064

Total Fund (99.1%) 1,441,040,838 1,517,601,064


Net Assets (100.0%) 1,531,945,955

†The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.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.


Signature High Income Corporate ClassFinancial Statements (unaudited)

– 341 –



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





1,517,601 1,252,2032,236 933

- -- -

2,107 2,107- -

- -- -- -

8,578 8,688- 94- -

9,366 7,9011,539,888 1,271,926

- -- -- -

- -- -

5,161 3,5061,768 2,016

- -- -

1,013 796- -

7,942 6,3181,531,946 1,265,608

1,441,041 1,222,437- -





Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares



1,126,253 951,24127,176 14,88871,628 63,08377,110 77,37136,886 12,28982,973 59,1291,201 -6,198 4,8034,490 1,628

80,282 68,6986,221 3,9495,682 4,5961,015 8274,831 3,106

23.43 22.2511.52 10.9725.10 23.7815.25 14.3711.75 11.0810.27 9.9910.91 10.6610.89 10.5711.20 10.828.65 8.54

10.66 10.559.73 9.59

10.01 9.8010.87 10.65

48,078,879 42,755,2272,359,440 1,356,7762,853,400 2,652,9505,057,349 5,385,0923,138,310 1,108,8518,079,874 5,916,659

110,049 10569,019 454,450400,997 150,520

9,280,144 8,039,595583,851 374,196583,817 479,447101,424 84,341444,612 291,567



– 342 –



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







1 6,99718 11,730

- 124- -

35,468 12,653272 -

- 30- (639)

35,759 30,895

7,750 5,3651,274 883

3 4- (16)

1,173 62210,200 6,85825,559 24,037

- -25,559 24,037

642 40,54310 (316)

- (83)- -

46,794 (104,257)47,446 (64,113)73,005 (40,076)


2012 2011





53,303 (31,252)1,064 -3,537 (2,261)4,615 (2,522)1,549 -3,738 (1,636)

14 -298 (148)209 -

3,832 (2,008)292 -269 (237)57 (12)

228 -

1.19 (0.91)0.57 -1.32 (0.99)0.87 (0.47)0.73 -0.54 (0.43)0.49 -0.59 (0.45)0.76 -0.45 (0.38)0.56 -0.53 (0.41)0.60 (0.29)0.65 -


2012 2011


– 343 –













951,241 699,157

190,676 136,461- -

(61,407) (55,292)(7,560) (451)

121,709 80,718

- -- -- -- -

53,303 (31,252)1,126,253 748,623

14,888 -

6,565 -- -

(12) -4,671 -

11,224 -

- -- -- -- -

1,064 -27,176 -

63,083 47,810

11,790 14,037- -

(4,527) (4,944)(2,255) (2,598)5,008 6,495

- -- -- -- -- -

3,537 (2,261)71,628 52,044


2012 2011















77,371 66,615

3,863 16,998- -

(4,574) (6,045)(4,165) 780(4,876) 11,733

- -- -- -- -

4,615 (2,522)77,110 75,826

12,289 -

15,622 -- -

(1,303) -8,729 -

23,048 -

- -- -- -- -

1,549 -36,886 -

59,129 32,643

21,769 13,0785 1

(4,011) (1,968)4,094 76

21,857 11,187

- -- -

(1,751) (944)(1,751) (944)3,738 (1,636)

82,973 41,250


2012 2011

– 344 –














- -

801 -- -- -

396 -1,197 -

- -- -

(10) -(10) -14 -

1,201 -

4,803 2,919

1,236 1,231- -

(290) (174)283 454

1,229 1,511

- -- -

(132) (92)(132) (92)298 (148)

6,198 4,190

1,628 -

1,433 -- -

(29) -1,327 -2,731 -

- -- -

(78) -(78) -209 -

4,490 -


2012 2011















68,698 40,160

11,677 13,98863 10

(3,402) (2,169)2,323 2,585

10,661 14,414

- -- -

(2,909) (1,900)(2,909) (1,900)3,832 (2,008)

80,282 50,666

3,949 -

2,079 -1 -

(200) -322 -

2,202 -

- -- -

(222) -(222) -292 -

6,221 -

4,596 4,953

1,915 1,2438 -

(504) (462)(407) 370

1,012 1,151

- -- -

(195) (230)(195) (230)269 (237)

5,682 5,637


2012 2011

– 345 –– 345 –














827 -

- 3936 -(6) (2)

169 -169 391

- -- -

(38) (10)(38) (10)57 (12)

1,015 369

3,106 -

1,155 -26 -(26) -497 -

1,652 -

- -- -

(155) -(155) -228 -

4,831 -

1,265,608 894,257

270,581 197,429109 11

(80,291) (71,056)8,424 1,216

198,823 127,600

- -- -

(5,490) (3,176)(5,490) (3,176)73,005 (40,076)

1,531,946 978,605


2012 2011



Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 346 –










2012 2011

42,755,227 32,333,8238,374,277 6,370,756

- -(2,706,864) (2,591,412)

(343,761) (31,109)48,078,879 36,082,058

1,356,776 -583,498 -

- -(1,112) -

420,278 -2,359,440 -

2,652,950 2,079,861482,155 611,098

- -(187,212) (218,245)(94,493) (119,565)

2,853,400 2,353,149

5,385,092 4,847,270265,430 1,245,401

- -(310,251) (445,447)(282,922) 57,215

5,057,349 5,704,439

1,108,851 -1,377,037 -

- -(114,755) -767,177 -

3,138,310 -

5,916,659 3,197,6372,151,723 1,308,826

462 102(397,632) (198,375)408,662 8,907

8,079,874 4,317,097

10 -73,600 -

- -- -

36,439 -110,049 -










2012 2011

454,450 271,705115,248 117,774

- -(27,056) (16,438)26,377 42,705

569,019 415,746

150,520 -131,534 -

31 -(2,572) -

121,484 -400,997 -

8,039,595 4,458,1021,360,954 1,598,853

7,386 1,315(398,772) (250,691)270,981 297,632

9,280,144 6,105,211

374,196 -197,391 -

111 -(18,658) -30,811 -

583,851 -

479,447 492,738198,207 125,518

810 13(52,468) (48,475)(42,179) 37,350583,817 607,144

84,341 -- 39,250

602 -(647) (172)

17,128 -101,424 39,078

291,567 -106,913 -

2,415 -(2,422) -46,139 -

444,612 -

– 347 –– 347 –

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





1.251.850.75


1.251.850.75



0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15



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

– 348 –



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 44.7Financials ................................................................................................................................. 17.5Energy ...................................................................................................................................... 12.8Short-Term Investments........................................................................................................... 7.6Utilities..................................................................................................................................... 5.4Telecommunication Services ................................................................................................... 5.1Industrials ................................................................................................................................ 4.0Other Net Assets (Liabilities) .................................................................................................. 1.1Consumer Discretionary........................................................................................................... 1.1Materials.................................................................................................................................. 0.3Foreign Government Bonds...................................................................................................... 0.3Cash & Equivalents.................................................................................................................. 0.3Foreign Currency Forward Contracts ....................................................................................... (0.2)


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 42.7 Financials ................................................................................................................................. 15.4 Short-Term Investments........................................................................................................... 13.0 Energy ...................................................................................................................................... 10.5 Utilities..................................................................................................................................... 6.5 Industrials ................................................................................................................................ 4.3 Telecommunication Services ................................................................................................... 4.1 Other Net Assets (Liabilities) .................................................................................................. 1.1 Consumer Discretionary........................................................................................................... 1.1 Cash & Equivalents.................................................................................................................. 0.5 Materials.................................................................................................................................. 0.4 Foreign Government Bonds...................................................................................................... 0.3 Asset Backed Securities .......................................................................................................... 0.1 Foreign Currency Forward Contracts ....................................................................................... (0.1)

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

Other Price RiskAs at September 30, 2012 and March 31, 2012, the Fund bears the other price risk exposure of theUnderlying Fund. The Underlying Fund was invested in Canadian equities and therefore was sensitive tothe changes in general economic conditions in Canada, however some of the Underlying Fund’s assetswere invested in fixed income securities and their market risk exposure is described below.

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 $71,101,000 (March 31, 2012 - $52,874,000). In practice, actualresults 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 tocredit risk.

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


as at September 30, 2012*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 4.5 AA/Aa/A+ 3.8 A 3.7 BBB/Baa/B++ 6.9 BB/Ba/B+ 14.5 B 13.3 CCC/Caa/C++ 2.8 CC/Ca/C+ 0.1 Not Rated 3.8 Total 53.4






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

– 349 –










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 have indirectlydecreased or increased, respectively, by approximately $6,170,000 (March 31, 2012 - $4,979,000).In practice, actual results may differ from this analysis and the difference may be material.

– 349 –



Signature High Yield Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2012 (unaudited)

– 350 –

FairValue ($)

Purchase Forward Agreement (3.2%)(see Schedule A) 1,921,846


Net Assets (100.0%) 59,692,622

Schedule APurchase Forward Agreement (3.2%)

Purchase Forward Agreement Fair Value ($)

Restricted cash subject to forward agreement (56,500,000)(cash deposit is held by the Bank of Montreal)


5,537,616 Signature High Yield Bond Trust (Class C) 58,421,846

Total Purchase Forward Agreement Value 1,921,846

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



Signature High Yield Bond Corporate ClassFinancial Statements (unaudited)

– 351 –


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 agreementCash 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






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



- -1,319 200

- -56,500 5,400

- -- -- -

1,922 -- -- -2 103- -- -- -

59,743 5,703

- -- -- -- 5- -- -7 -- -

39 3- -4 2- -

50 1059,693 5,693

- -- -

56,303 2,7361,014 -1,610 2,669

10 -249 9810 -21 110 -

436 18810 -10 110 -

10.36 10.0410.12 -10.42 10.0510.13 -9.97 9.91

10.04 -10.04 9.9310.04 -9.73 9.839.98 -9.81 9.869.99 -

5,432,883 272,599100,206 -154,562 265,566

1,000 -24,975 9,8821,008 -2,122 1011,008 -

44,810 19,1141,014 -1,056 1021,013 -




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




Forward feeCapital 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

-2---

68-

70

31940

--

47406(336)

-(336)

-(1)-

(224)-

1,9271,7021,366

1,2704

72-8---

12---

0.360.070.340.120.330.120.410.120.320.120.560.12

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

2012













2,736

40,156-

(894)13,03552,297

----

1,27056,303

-

1,010---

1,010

----4

1,014

2,669

155-

(1,157)(129)

(1,131)

----

721,610

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


– 353 –















-

10---

10

-----

10

98

129--

20149

--

(6)(6)8

249

-

10---

10

-----

10

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

2012













1

20---

20

-----

21

-

10---

10

-----

10

188

2313

(30)48

252

--

(16)(16)12

436


2012

– 354 –


– 354 –















-

10---

10

-----

10

1

9---9

-----

10

-

10---

10

-----

10


2012





5,693

41,7603

(2,081)12,97452,656

--

(22)(22)

1,36659,693


2012

– 355 –– 355 –

Signature High Yield Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





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


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

2012

-1,000

8--

1,008

19,11423,633

272(3,082)4,873

44,810

-1,000

14--

1,014

10292430

--

1,056

-1,000

13--

1,013

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 dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares 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 dividendsShares 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

272,5993,951,582

-(86,737)

1,295,4395,432,883

-100,206

---

100,206

265,56615,063

-(113,197)(12,870)154,562

-1,000

---

1,000

9,88213,064

4-

2,02524,975

-1,000

8--

1,008

1012,018

3--

2,122

– 356 –





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


1.701.300.85




0.200.150.200.150.200.150.200.150.200.150.200.15

Signature High Yield Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited)

– 357 –




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 45.9Canada ..................................................................................................................................... 22.7Short-Term Investments........................................................................................................... 15.3Australia................................................................................................................................... 3.0Bermuda ................................................................................................................................... 2.4Cash & Equivalents.................................................................................................................. 2.3Luxembourg.............................................................................................................................. 1.8Marshall Islands ...................................................................................................................... 1.3Cayman Islands........................................................................................................................ 1.1Netherlands ............................................................................................................................. 1.1Brazil ........................................................................................................................................ 1.0Mexico ..................................................................................................................................... 0.7Netherlands Antilles................................................................................................................ 0.6Germany ................................................................................................................................... 0.3Spain ........................................................................................................................................ 0.2U.K............................................................................................................................................ 0.2Ireland ...................................................................................................................................... 0.2France....................................................................................................................................... 0.2Foreign Currency Forward Contracts ....................................................................................... (0.3)


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 32.5 Short-Term Investments........................................................................................................... 24.8 Canada ..................................................................................................................................... 15.0 Other Net Assets (Liabilities) .................................................................................................. 7.0 Cash & Equivalents.................................................................................................................. 7.0 Luxembourg.............................................................................................................................. 2.9 Australia................................................................................................................................... 2.7 Cayman Islands........................................................................................................................ 2.0 Bermuda ................................................................................................................................... 1.7 U.K............................................................................................................................................ 1.3 Netherlands Antilles................................................................................................................ 1.0 Brazil ........................................................................................................................................ 0.9 Ireland ...................................................................................................................................... 0.8 Netherlands ............................................................................................................................. 0.4

During the six-month period the Fund's exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk 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 RiskAs at September 30, 2012 and March 31, 2012, the Fund had no significant direct exposure to creditrisk, 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 ofthe Underlying Trust.


as at September 30, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 15.5 BBB/Baa/B++ 5.0 BB/Ba/B+ 32.9 B 32.7 CCC/Caa/C++ 7.2 Not Rated 4.8 Total 98.1

as at March 31, 2012*Credit Rating^ Net Assets (%)AA/Aa/A+ 24.8 BBB/Baa/B++ 5.3 BB/Ba/B+ 20.5 B 29.8 CCC/Caa/C++ 3.6 Not Rated 2.0 Total 86.0




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

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

as at September 30, 2012Currency (in $000’s) (in $000’s) (in $000’s)Net Asset (%)US Dollar 18.1 Australian Dollar 0.1 Total 18.2


– 358 –

Signature High Yield Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11) (unaudited) (cont’d)

– 358 –



as at March 31, 2012Currency (in $000’s) (in $000’s) (in $000’s)Net Asset (%)US Dollar 56.1 Total 56.1

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, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $1,063,000 (March 31, 2012 - $303,000). In practice, actual results may differ from thisanalysis and the difference may be material.

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

As at September 30, 2012 and March 31, 2012, the Fund indirectly bears the interest rate riskexposure of 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, 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 $494,000 (March 31, 2012 - $39,000). In practice, actual results may differ from this analysis and the difference may be material.


– 359 –

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


(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.

– 360 –



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.

– 361 –




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 -

– 362 –




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 - -

– 363 –



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

– 364 –



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”.

– 365 –



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.

– 366 –



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 -

– 367 –



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.

– 368 –



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

– 369 –

CORPCLASS_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

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Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

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