bpi global opportunities ii fundci.com/web/pdf/688/688_q3_04_e.pdf · 2004-11-22 · · 3 ·...

BPI Global Opportunities II Fund

QUARTERLY REVIEW& UNAUDITED

FINANCIAL STATEMENTSSeptember 30, 2004

Table of Contents

Investment Objective and Strategies ............................................ 1

Management’s Discussion and Analysis and Market Commentary ..................................... 2

Financial Highlights ..................................................................... 3

Financial Statements ..................................................................... 4

Notes to Financial Statements ...................................................... 9

· 1 ·

Investment Objective and Strategies

BPI Global Opportunities II Fund is a closed-end investment trust with units listed on the Toronto Stock Exchange (TSX: BOI.UN).

The investment objective of the Fund is to achieve long-term capital appreciation by investing in a globally diversified portfolio of stocks, bonds and other securities likely to benefit in the near term from structural change affecting specific companies, industries and national economies. BPI Global Opportunities II Fund aims to invest in securities around the world by drawing on the select stock and bond ideas of our global research and portfolio management teams. The Fund seeks to expand on our basic investment philosophy and best research ideas by taking advantage of a more tailored portfolio consisting of active asset allocation among stocks, bonds and cash, higher trading turnover to exploit short-term pricing anomalies, and the selective use of leverage and short selling.

The investment opportunities available to the Fund’s portfolio managers include:• Listed and over-the-counter equity securities• Fixed income instruments• Leverage• Short selling• Warrants• Options• Forward currency contracts• Private placements• Closed-end mutual funds

To achieve the Fund’s investment objective, the Fund will:– Focus on companies with a global presence and dominance in their industry;– Focus on companies in sectors that demonstrate value because of increasing margins;– Seek out companies that are trading at a discount to earnings, assets or cash flow compared

to their global peers;– Look for short-term trading opportunities in companies with impaired valuations caused

by temporary events; and– Seek strategic short sale opportunities in overvalued companies.

· 2 ·

Environment and OutlookAfter a positive bounce in June, July was a poor month for stocks. One reason for the markets’ weakness was concern

that expectations for earnings growth had gotten ahead of reality. Global equity markets were essentially flat duringAugust. In the U.S., economic reports were more or less in line with expectations and supported the thesis that theeconomic recovery was continuing.

In the U.K., the Bank of England raised interest rates by 25 basis points in the first week of August in response toincreasing prices of oil and other commodities. And in Japan, the government’s initial estimate of second-quarter GDPgrowth was less than the market expected: 1.7% at annual rate versus a consensus expectation of 4.2%.

In September, global equities traded slightly higher in local currency terms. Unfortunately for un-hedged Canadian-based investors, the currency impact of the strong Canadian dollar more than offset the higher foreign stock prices. In the U.S., the equity markets rallied at month-end on Commerce Department news that the U.S. economy expandedat an annual pace of 3.3% in the second quarter, faster than the estimate of 2.8% released in August. Also, as expected,the Federal Reserve raised interest rates by another quarter point on September 21. Other global economic news of notecame out of Japan, when the government revised second quarter GDP growth down from 1.7% to 1.3%. Most investorshad expected that the second estimate would be revised up. Finally, the price of oil continued to be a major story inSeptember, with oil futures hitting a 21-year high of $49.90 on September 28.

Portfolio StrategyIn the fund’s portfolio, energy and basic materials stocks were some of the top performers during the quarter, as well

as selected technology and financial services holdings. Pharmaceutical and consumer staples lagged the market.We are currently long on energy and basic materials and other free-cash-flow-generating companies. In the metals and

energy sectors, demand remains robust and supply relatively limited. We are orienting the portfolio towards companiesthat generate excess cash flow, and can deploy it to grow their businesses, or pay out larger dividends to investors.

We continue to short certain grocers, appliance makers and technology companies. One of our favourite investmentthemes is a short position in Maytag. One of its competitors, Electrolux, missed net income figures because of higher raw material prices (such as steel). Another smaller competitor, Merloni, cut its earnings forecast on the last day of themonth, blaming raw materials prices. Declining margins aren’t the only headwinds these companies face. Asiancompetitors continue to gain market share and floor space at retail distributors.

Management’s Discussion and Analysis and Market CommentaryFor the period ended September 30, 2004

Geographic Breakdown of Exposure*September 30, 2004 September 30, 2003

(%) (%)

North America 24.9 37.1South Africa 0.7 –Peru 0.3 –Asia – 2.3Cayman Islands – 0.7Bermuda – 0.5Cash 74.1 59.4Total 100.0 100.0

*The exposure has been adjusted to reflect short positions. The exposure may be reduced by written option contracts.

· 3 ·

Financial HighlightsFor the periods ended September 30


2004 2003 2002 2001 2000

$ $ $ $ $

Net asset value per unit, beginning of the period 8.63 7.65 9.01 10.44 10.97

Distribution per unit:From net income – – – – –From realized gain – – – – –

– – – – –

Net income (loss) per unit (0.08) 0.21 (0.03) 0.42 (0.43)Net realized and unrealized appreciation

(depreciation) of investments per unit (0.64) 0.88 (1.40) (1.44) 1.03(0.72) 1.09 (1.43) (1.02) 0.60

Surplus (deficiency) of capital transactions (0.09) 0.01 (0.08) 0.04 (0.09)

Net asset value per unit, end of the period 7.82 8.75 7.50 9.46 11.48

Total return (%) (a) -9.39 14.4 -16.8 -9.4 4.6Average net assets (000’s) (b) 40,381 58,292 85,316 127,319 173,677Management expense information (c)

Management and operating expenses (%) 1.96 1.93 1.93 1.79 1.90Goods and Services tax expenses (%) 0.14 0.13 0.13 0.13 0.13

Total Management expense ratio (%) 2.10 2.06 2.06 1.92 2.03Portfolio turnover rate (d) 6.89 9.25 11.17 10.15 9.82

(a) Total return is the historical rate of return of an investment for the period, assuming reinvestment of all distributions at net asset value and after performance fee.

(b) Average net assets are calculated on the daily net assets outstanding.(c) Management expense information is calculated based on total amount of respective expenses excluding interest expense,

performance fee and its related goods and services tax for the year ended December 31 of the previous year and expressed as an annualized percentage of average net assets during the year.

(d) Portfolio turnover rate is calculated based on the lesser cost of purchases or proceeds of disposition divided by the averagevalue of the portfolio securities of the fund.

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

· 4 ·

Statements of Net Assets As at September 30, 2004 and December 31, 2003 (in 000’s except for per unit amounts and units outstanding)


September 30, 2004 December 31, 2003(Unaudited) (Audited)

$ $

AssetsInvestments at market value 7,809 37,954Cash 25,670 19,518Receivable for securities sold 3,012 340Dividends and accrued interest receivable 65 300

36,556 58,112

LiabilitiesBank overdraft – –Payable for securities purchased 1,840 2,966Proceeds from short sales 1,276 477Distributions payable – 1,177

3,116 4,620Net assets and unitholders’ equity 33,440 53,492

Net asset value per unit 7.82 8.63

Number of units outstanding 4,275,425 6,195,949

On behalf of the Board of Directors of CI Mutual Funds Inc., the Manager of the Fund:

William T. Holland Peter AndersonDirector Director


· 5 ·

Statements of Operations For the periods ended September 30, 2004 and 2003 (Unaudited)


From January 1 to September 30 From July 1 to September 30 2004 2003 2004 2003

$ (000’s) $ (000’s) $ (000’s) $ (000’s)

IncomeDividends 221 266 45 70 Interest 922 2,765 168 986Gain (loss) on derivative investments (287) 219 (146) 159Foreign withholding taxes (28) (47) (7) (17)

828 3,203 60 1,198

ExpensesManagement fees 547 785 153 267Interest expense 544 788 96 310Administrative 65 63 14 22Legal – 4 – 1Audit 1 4 – 1Goods and services tax 42 60 12 20

1,199 1,704 275 621Net income (loss) for the period (371) 1,499 (215) 577

Realized and unrealized gain / (loss) on investments:Realized gain (loss) on investments (a) (3,005) 5,742 (1,868) 2,577Change in unrealized appreciation (depreciation) of investments (78) 488 (691) (1,038)Net gain (loss) on investments (3,083) 6,230 (2,559) 1,539

Increase (decrease) in net assets from operations (3,454) 7,729 (2,774) 2,116

(a) Realized gain (loss) on investmentsProceeds from sale of investments

including foreign exchange gain (loss) (b) (c) 290,237 446,300 71,466 247,131Investments at cost, beginning of the period 38,450 46,197 48,754 71,294Investments purchased 262,765 419,632 32,553 198,529

301,215 465,829 81,307 269,823Investments at cost, end of the period 7,973 25,271 7,973 25,271Cost of investments sold 293,242 440,558 73,334 244,554Realized gain (loss) on sale of investments (3,005) 5,742 (1,868) 2,577

(b) Proceeds on sales of short-term notessold during the period not included above – – – –

(c) Foreign exchange gain (loss) included above (1,499) 4,130 742 420


· 6 ·

Statements of Changes in Net AssetsFor the periods ended September 30, 2004 and 2003 (Unaudited)


From January 1 to September 30 From July 1 to September 302004 2003 2004 2003

$ (000’s) $ (000’s) $ (000’s) $ (000’s)

Net assets, beginning of the period 53,492 62,123 40,123 59,734

Capital TransactionsProceeds from units issued (including reinvested distributions) 138 – – –Amounts paid for units redeemed (16,736) (11,599) (3,909) (3,597 )

(16,598) (11,599) (3,909) (3,597 )

Distributions to investorsDistribution from realized gain – – – –Distribution from net income – – – –

– – – –

Increase (decrease) in net assets from operations (3,454) 7,729 (2,774) 2,116Net assets, end of the period 33,440 58,253 33,440 58,253


Statement of Investment Portfolio As at September 30, 2004 (Unaudited)

· 7 ·

No. of Shares/ Average MarketFace Amount Cost $ Value $

No. of Shares/ Average MarketFace Amount Cost $ Value $

U.S.A. (20.5%) 4,500 Amerada Hess Corp. 485,236 505,350 2,400 Ashland Inc. 169,958 169,828 3,900 Cal Dive International Inc. 161,160 175,286 2,800 Cleveland-Cliffs Inc. 249,106 285,716

290,405 Craftsman & Scribes 779,758 4 5,100 Friedman Billings Ramsey Group Inc. 131,290 122,912

11,800 Global Signal Inc. 327,878 340,963 5,400 Grant Prideco Inc. 128,955 139,613 1,900 InterOil Corp. 52,660 53,103

549,000 IPCS Inc., Escrow Bonds, 07/15/2010 - - 1,900 Kmart Holding Corp. 212,619 209,702

800 Massey Energy Co. 28,765 29,203 10,600 Maverick Tube Corp. 400,627 412,086 2,500 Murphy Oil Corp. 272,748 273,715 6,000 National-Oilwell Inc. 250,445 248,776 8,300 New Century Financial Corp. 605,171 630,679

18,100 Newmont Mining Corp. 994,453 1,039,839 10,000 Nitromed Inc. 267,176 300,813 9,900 Novastar Financial Inc. 578,393 544,642

283,000 Ocean Rig Norway AS 10.25% 06/01/2008 368,382 364,231 57,800 Odyssey Marine Exploration Inc. 158,057 164,097 1,900 Onyx Pharmaceuticals Inc. 100,822 103,113 1,900 Peabody Energy Corp. 145,347 142,646 4,700 Pride International Inc. 113,571 117,364 2,900 Quicksilver Inc. 93,171 93,017 3,300 San Juan Basin Royalty Trust 116,853 127,042 3,900 Target Corp. 227,361 222,676 1,000 Transocean Inc. 42,973 45,147

7,462,935 6,861,563

SOUTH AFRICA (0.7%) 4,900 AngloGold Ashanti Ltd., ADR 240,154 240,511

CANADA (0.6%) 7,300 Placer Dome Inc. 169,119 183,117

PERU (0.3%) 3,800 Cia de Minas Buenaventura SA, ADR 108,492 113,877

TAIWAN (0.1%) 5,810 China Steel Corp. 6,887 7,445

Total Bonds & Equities (22.2%) 7,987,585 7,406,513

DERIVATIVE INSTRUMENTS (Capital)

Option Contracts(Capital) (-0.1%) (see Schedule 1) (14,235) (20,744)

Total Investments (Capital) (22.1%) 7,973,350 7,385,769

DERIVATIVE INSTRUMENTS (Income)

Option Contracts(Income) (1.3%) (see Schedule 2) 430,312

Equities Short Sales(Income) (-0.1%) (see Schedule 3) (6,664)

Total Investments (23.3%) 7,809,417

Other Assets (net) (76.7%) 25,630,993

Total Net Assets (100.0%) 33,440,410

The accompanying notes are an integral part of these financial statements. All common shares unless otherwise noted. Percentage shown inbrackets relate investments at market value to total net assets of the fund.

Statement of Investment Portfolio (cont’d)As at September 30, 2004 (Unaudited)

· 8 ·

Schedule 1

Option Contracts (Capital) (-0.1%)

Contract Underlying Expiry Strike Premium Paid MarketInterest Date Price (Received) $ Value $

(14) Cleveland-Cliffs Inc. Call 16-Oct-04 75 (5,282) (11,394)(19) Kmart Holding Corp. Call 16-Oct-04 85 (8,953) (9,350)

(14,235) (20,744)Total Option Contracts Value (20,744)

Schedule 2

Option Contracts (Income) (1.3%)

Contract Underlying Expiry Strike Premium Paid MarketInterest Date Price (Received) $ Value $

56 A.G. Edwards Inc. Put 22-Jan-05 35 24,547 15,722 48 Amazon.Com Inc. Call 16-Oct-04 40 (5,405) (10,751)23 Amazon.Com Inc. Put 16-Oct-04 40 10,608 2,249 47 Black Box Corp. Put 18-Dec-04 40 26,815 25,501 32 CDW Corp. Put 22-Jan-05 60 28,204 19,583 61 Career Education

Corp. Put 22-Jan-05 35 52,477 62,346 45 Coach Inc. Put 20-Nov-04 40 24,498 6,246 29 The Goldman Sachs

Group Inc. Put 16-Oct-04 95 9,820 8,599 47 Health Management

Associates Inc. Put 22-Jan-05 20 11,382 5,782 24 Legg Mason Inc. Put 20-Nov-04 50 10,727 4,429 95 Maytag Corp. Put 17-Jan-04 22.5 40,947 53,343 92 New Century Financial

Corp. Call 20-Nov-04 60 26,873 53,399 48 Pharmaceutical

Resouces Put 22-Jan-05 40 26,734 35,734 45 QLogic Corp. Put 16-Oct-04 20 4,860 1 93 SPX Corp. Put 16-Oct-04 30 10,908 1,173 27 SPX Corp. Put 22-Jan-05 40 18,784 19,760 46 Storage Technology

Corp. Put 18-Dec-04 25 12,810 9,722 103 American Tower

Corp. Call 22-Jan-06 75 118,476 109,171 47 eBay Inc. Put 16-Oct-04 90 25,055 8,303

479,120 430,312Total Option Contracts Value 430,312

Schedule 3

Equity Short Sales (Income) (-0.1%)

No. of Proceeds MarketShares Investment Received $ Value $

(9,000) A.G. Edwards Inc. (402,831) (393,151)(1,800) Coach Inc. (98,561) (96,346)(4,700) Hewlett-Packard Co. (110,210) (111,196)(1,900) Maytag Corp. (49,097) (44,040)(2,700) SPX Corp. (122,581) (120,603)(3,600) United States Steel Corp. (168,623) (170,888)(3,200) Whole Foods Market Inc. (324,056) (346,399)

(1,275,959) (1,282,623)Proceeds on short sales (1,275,959)

Market Value of Short Positions (6,664)

The accompanying notes are an integral part of these financial statements. All common shares unless otherwise noted. Percentage shown inbrackets relate investments at market value to total net assets of the fund.

· 9 ·

Notes to Financial Statements For the periods ended September 30, 2004 and 2003 (Unaudited)

1. Formation of Fund

The BPI Global Opportunities II Fund (the “Fund”) is a closed-end

investment trust established under the laws of Ontario pursuant to an

Amended and Restated Declaration of Trust dated as of December 16,

1996, and is governed by an Amended and Restated Declaration of Trust

dated as of November 5, 1998, as further amended on June 30, 1999.

The Fund commenced active operations on February 28, 1997.

The Fund will terminate on June 30, 2007 and all net assets will be

distributed to unitholders on that date.

On May 20, 1999, the Fund received regulatory approval to implement

a quarterly redemption right beginning with the quarter ending

September 30, 1999, whereby unitholders may elect to redeem their

units at the then current net asset value, less a declining deferred

redemption charge.

CI Mutual Funds Inc. is the Manager and Trustee of the Fund.

2. Summary of Significant Accounting Policies

Significant accounting policies used in preparing the semi-annual finan-

cial statements are consistent with those used in preparing the annual

financial statements. The semi-annual financial statements should be read

in conjunction with the fund’s most recent annual financial statements.

These financial statements reflect the net assets, investment portfolio,

operations and changes in net assets of the fund as of and up to the

close of business on the last valuation date of the relevant periods

(June 30, 2004 and 2003 and December 31, 2003).

a) Generally Accepted Accounting Principles

The Canadian Institute of Chartered Accountants (“CICA”)

issued Section 1100, “Generally Accepted Accounting Principles

(“GAAP”)” of the CICA Handbook - Accounting, which

establishes standards for financial reporting. Section 1100 applies

to all entities, with the exception of rate-regulated operations, for

fiscal years beginning on or after October 1, 2003.

As a result, certain disclosures previously considered GAAP

by virtue of general use in the investment funds industry, are

currently being reviewed by CICA. This section primarily impacts

the disclosure of an investment fund’s financial statements, and

accordingly, has no impact on the valuation of a fund or in the

calculation of the net asset value per unit of a fund.

The fund, in conjunction with other investment funds, continue

to assess the impact of Section 1100 on their financial statements.

b) Valuation of investments

Investments in shares, bonds, debentures and warrants are

recorded at their quoted market value with the difference between

this amount and average cost being recorded as unrealized appre-

ciation or depreciation in value of investments. Short-term notes

are recorded at amortized cost which approximatesmarket value.

Market value of investments which are listed or dealt in upon a

securities exchange are determined at the closing sales price

recorded by the securities exchange on which such security is

principally traded. The value of any investment which is not listed

or dealt in upon any exchange is determined on the basis of such

prices or yield equivalent quotations as the Manager determines

best reflects its fair value.

Proceeds from securities sold short are reported as liabilities in

the Statements of Net Assets and marked to market. Gains or

losses arising from securities sold short which are held as hedges

for capital investments are recorded as unrealized gains (losses)

on investments until the short positions are closed out, at which

time the gains (losses) are realized. Gains or losses arising from

securities sold short not held as hedges for capital investments

are recorded as income (loss) daily.

Certain investments recognized in the financial statements are

subject to measurement uncertainty. The recognized amounts

of such items are based on the Manager’s best information and

judgement. Actual amounts could differ from these estimates.

· 10 ·


c) Investment transactions

Investment transactions are accounted for on the day following the

trade date. Realized gains and losses on sales of investments and

unrealized appreciation or depreciation in value of investments

are calculated on an average cost basis.

Realized gains and losses on securities sold short and unrealized

gains/losses on securities sold short are calculated with reference

to the average proceeds of the related securities.

d) Income recognition

Dividend income is recorded on the ex-dividend date and

interest income is accrued on a daily basis.

e) Foreign exchange

Foreign currency amounts are expressed in Canadian dollars on

the following basis:

i) Market value of investments and other assets and liabilities

at the closing rate of exchange prevailing at the period-end;

ii) Purchases and sale of investments, income and expenses at

the rate of exchange prevailing on the respective settlement

dates of such transactions; and

iii) The value of forward foreign exchange contracts entered into

by the Fund is recorded as the difference between the value

of the contract on the valuation date and the value on the

date the contract originated. When contracts close or expire,

a gain or loss is recognized. Realized gains and losses on

foreign exchange transactions are included in “Realized

gains (losses) on sale of investments”. Foreign exchange

gains and losses on the sale of investments are included

in “Realized gains (losses) on sale of investments” and

unrealized foreign exchange gains and losses are included

in “Unrealized appreciation (depreciation) in value of

investments and foreign currencies”.

f) Futures, Forward and Option Contracts

Futures, forward and option contracts are valued on each business

day according to the gain or loss that would be realized if the con-

tracts were closed out, unless daily limits are in effect in which

case they are valued based on the current market value of the

underlying interest. Any payments made to satisfy initial and

variation margin are reflected as a receivable balance in daily

variation margin on the Statement of Net Assets. Margin

consisting of assets other than cash is noted in the Statement of

Investment Portfolio. Gains or losses arising from futures, forward

and option contracts which are held as hedges for capital

investments are recorded as unrealized gains (losses) on

investments until the contracts are closed or expire. Gains or

losses arising from futures, forward and option contracts not held

as hedges for capital investments are recorded as income (loss)

on a daily basis.

g) Use of Estimates

The preparation of financial statements in accordance with

Canadian generally accepted accounting principles requires

management to make estimates and assumptions that affect the

reported amounts of assets and liabilities at the reporting date

and the reported amounts of revenues and expenses during the

reporting period. Actual results could differ from those estimates.

3. Management and Performance Fees

For providing its services pursuant to the management agreement,

the Manager is entitled to receive an annual management fee. The

fee is calculated based on the daily net asset value of the Fund and

paid to the Manager monthly. In addition, the Manager is entitled

to an annual performance fee equal to 20% of the amount by

which the percentage increase in net asset value per unit exceeds a

threshold annualized increase of 10% (the “Performance Fee”).


The Performance Fee will be calculated daily for the purpose of

determining the net asset value of the Fund and payable on the last

day of each fiscal year of the Fund based on the cumulative increase

in the net asset value per unit after taking into account the effect of

the annual management fee but excluding any distributions to

Unitholders in the calendar year. For the purpose of calculating the

Performance Fee, to the extent that the change in net asset value per

unit in any given year does not exceed the threshold, then the amount

by which such change falls below the threshold will be carried forward

and deducted from the amount of any change in the net asset value

on which the Performance Fee is calculated in subsequent years.

In addition to the management fee and performance fee payable to

the Manager, the Fund is responsible for the payment of all fees and

expenses relating to its operation and the carrying on of its business,

including, but not limited to, the costs and expenses associated with

convening and conducting meetings of unitholders, legal, audit,

accounting, custodial and safekeeping fees, brokerage fees and charges,

taxes (if any), interest, operating and administrative costs (other than

advertising and promotional expenses, which are paid by the

Manager), transfer agency costs which include costs relating to the

issue and maintenance of units and costs of financial and other

reports required to comply with laws regulating the duties of

“reporting issuers” under applicable securities laws. If the Manager

provides any of these services, it shall be entitled to fees for such

services not exceeding fees charged by arm’s length third parties for

the provision of similar services.

4. Income Taxes

The Fund is a mutual fund trust as defined in the Income Tax Act

(Canada), and thus the Fund is not subject to income tax on

such part of its net income, including net realized capital gains, that is

paid or payable to the unitholders. However, such part of the Fund’s net

income and capital gains not so paid or payable is taxable to the Fund.

It is the intention of the Manager to distribute to unitholders all of the

net income and sufficient net realized capital gains so that the Fund

will not have any liability for income tax. Occasionally, the Fund will

distribute more than it earns. This excess distribution is a return of cap-

ital and is not taxable to unitholders. Derivative investments are recorded

in the same manner for tax purposes as for accounting purposes.

The Fund has the following tax losses carried forward as at December

31, 2003. Net capital losses may be carried forward indefinitely to

reduce future net realized capital gains.

(in 000’s)

Net capital loss $ 25,109

5. Distributions

Distributions from the Fund are automatically reinvested in additional

units of the Fund without a sales charge pursuant to a distribution rein-

vestment plan (the “Plan”). A unitholder may withdraw from the Plan

and elect to receive cash distributions by providing written notice to

the plan agent, CIBC Mellon Trust Company. A copy of the Fund’s

prospectus dated February 6, 1997 which describes the Plan in detail

will be provided, without charge, by writing to:

CI Mutual Funds Inc.

CI Place

151 Yonge Street, Eleventh Floor

Toronto, Ontario M5C 2W7

6. Portfolio Transactions

A copy of the Statement of Portfolio Transactions (unaudited) for the

Fund for the period ended September 30, 2004 is available without

charge upon written request to the manager, CI Mutual Funds Inc., CI

Place, 151 Yonge Street, Eleventh Floor, Toronto, Ontario M5C 2W7.

· 11 ·

Notes:

· 12 ·

SKU 5058 11/04E

HEAD OFFICE

CI Place151 Yonge Street, Eleventh Floor

Toronto, Ontario M5C 2W7

CLIENT SERVICES:416-364-5181

1-800-563-5181www.cifunds.com

Calgary Office926 5th Avenue SW, Suite 300

Calgary, Alberta T2P 0N7403-205-4396

1-800-776-9027

Halifax Office1969 Upper Water Street, Suite 1705

Halifax, Nova Scotia B3J 3R7902-422-2444

1-888-246-8887

Montreal Office630 René-Lévesque Blvd. West, Suite 1820

Montreal, Quebec H3B 1S6514-875-0090

1-800-268-1602

Vancouver Office650 West Georgia Street, Suite 2420

Vancouver, B.C. V6B 4N9604-681-3346

1-800-665-6994

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