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CI Corporate Class

Annual Financial St atements | as at March 31, 2009

A look inside

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

About the CI Funds Board of Governors and

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

Management and Auditors’ Reports .....................................................................................3

Equity Funds

CI American Equity Corporate Class..............................................................................................4

CI American Managers® Corporate Class ...................................................................................10

CI American Small Companies Corporate Class .........................................................................16

CI American Value Corporate Class.............................................................................................21

CI Canadian Investment Corporate Class....................................................................................28

CI Can-Am Small Cap Corporate Class ......................................................................................38

CI Emerging Markets Corporate Class ........................................................................................43

CI European Corporate Class .......................................................................................................49

CI Global Biotechnology Corporate Class....................................................................................54

CI Global Consumer Products Corporate Class ...........................................................................59

CI Global Corporate Class............................................................................................................64

CI Global Financial Services Corporate Class .............................................................................72

CI Global Health Sciences Corporate Class ................................................................................77

CI Global High Dividend Advantage Corporate Class.................................................................82

CI Global Managers® Corporate Class ........................................................................................90

CI Global Science & Technology Corporate Class.......................................................................96

CI Global Small Companies Corporate Class ............................................................................101

CI Global Value Corporate Class................................................................................................107

CI International Corporate Class................................................................................................113

CI International Value Corporate Class .....................................................................................119

CI Japanese Corporate Class.....................................................................................................125

CI Pacific Corporate Class..........................................................................................................130

CI Value Trust Corporate Class ..................................................................................................136

Harbour Corporate Class............................................................................................................144

Harbour Foreign Equity Corporate Class ...................................................................................153

Signature Canadian Resource Corporate Class ........................................................................161

Signature Global Energy Corporate Class (formerly CI Global Energy Corporate Class) .........167

Signature Select Canadian Corporate Class .............................................................................172

Synergy American Corporate Class...........................................................................................180

Synergy Canadian Corporate Class ...........................................................................................186

Synergy Canadian Style Management Corporate Class ..........................................................194

Synergy Global Corporate Class ................................................................................................204

Synergy Global Style Management Corporate Class ...............................................................213

Balanced Funds

CI Global Balanced Corporate Class..........................................................................................222

CI International Balanced Corporate Class ...............................................................................230

Harbour Foreign Growth & Income Corporate Class ................................................................238

Harbour Growth & Income Corporate Class..............................................................................246

Signature Global Income & Growth Corporate Class ...............................................................253

Signature Income & Growth Corporate Class...........................................................................259

Income Funds

CI Global Bond Corporate Class ................................................................................................272

CI Short-Term Corporate Class ..................................................................................................277

CI Short-Term US$ Corporate Class ..........................................................................................282

Signature Canadian Bond Corporate Class (formerly CI Canadian Bond Corporate Class).....287

Signature Corporate Bond Corporate Class ..............................................................................295

Signature Dividend Corporate Class .........................................................................................300

Signature High Income Corporate Class ...................................................................................309

Specialty Funds

CI Short-Term Advantage Corporate Class................................................................................319

Notes to the Financial Statements ....................................................................................324

Legal Notice..........................................................................................................................331

– 1 –Annual Financial Statements as at March 31, 2009

Enclosed are the Financial Statements for the CI Investments mutual

funds for the year ending March 31, 2009. These financial statements

also include a complete list of portfolio holdings for each fund.

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

www.ci.com, including fund profiles, which are updated monthly,

Management Reports of Fund Performance, and portfolio manager

commentaries.

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

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

We believe investors are most successful when they follow an

investment plan developed with the assistance of a qualified advisor.

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

you for investing with us.

ABOUT CI INVESTMENTS

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

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

We manage over $43 billion on behalf of two million Canadians.

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

firm with $78 billion in fee-earning assets at March 31, 2009.

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, General Manager, KLQ Mechanical Ltd.

Governor since May 2007

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

About the CI Funds Board of Governors

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

ended March 31, 2009 and to date. The Governors are appointed pursuant to the Declarations of Trust

governing the Funds.

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

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

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

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

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

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 2008 report on compliance with the CI Code of Ethics and Conduct and other relevant

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

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

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

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

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

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

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

year 2008. In May 2009, the Board of Governors received and accepted the Annual Financial

Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

May 27, 2009

Letter from the CI Funds Board of Governors


MANAGEMENT’S RESPONSIBILITY

FOR FINANCIAL REPORTING

The accompanying financial statements have been prepared by CI Investments Inc., the Manager of

CI Corporate Class Limited (the “Corporation”) and approved by the Board of Directors of the

Corporation. The Manager is responsible for the information and representations contained in these

financial statements and other sections of the Annual Report.

CI Investments Inc. maintains appropriate processes to ensure that relevant and reliable financial

information is produced. The financial statements have been prepared in accordance with accounting

principles generally accepted in Canada and include certain amounts that are based on estimates and

judgments. The significant accounting policies which management believes are appropriate for the

Corporation are described in Note 2 to the financial statements.

Financial information provided elsewhere in this report is consistent with that in the financial

statements.

The Board of Directors is responsible for reviewing and approving the financial statements and

overseeing the performance of its financial reporting responsibilities. They also review the adequacy

of internal controls, the audit process and financial reporting with external auditors.

PricewaterhouseCoopers LLP are the external auditors of the Corporation. They have audited the

financial statements in accordance with Canadian generally accepted auditing standards to enable

them to express to the shareholders their opinion on the financial statements. Their report follows.

Chief Executive Officer

CI INVESTMENTS INC.

Chief Financial Officer

CI INVESTMENTS INC.

AUDITORS’ REPORT

To the Shareholders of the Funds listed in Note 1 to the financial statements (the “Funds”) of

CI Corporate Class Limited (the “Corporation”).

We have audited the Statement of Investment Portfolio of each of the Funds as at March 31, 2009

and the Statements of Net Assets, Operations and Changes in Net Assets as at and for the periods

indicated in Note 1. These financial statements are the responsibility of the Funds’ management.

Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with Canadian generally accepted auditing standards. Those

standards require that we plan and perform an audit to obtain reasonable assurance whether the

financial statements are free from material misstatement. An audit includes examining, on a test

basis, evidence supporting the amounts and disclosures in the financial statements. An audit also

includes assessing the accounting principles used and significant estimates made by management,

as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position

of each of the Funds, the results of each of their operations and the changes in each of their net

assets as at and for the periods indicated in Note 1 in accordance with Canadian generally accepted

accounting principles.

PRICEWATERHOUSECOOPERS LLP

Chartered Accountants, Licensed Public Accountants

Toronto, Ontario

June 5, 2009

Management and Auditors’ Reports - CI Corporate Class Limited


CI American Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2009

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


INFORMATION TECHNOLOGY (27.1%) 861 Apple Computer Inc. 97,627 113,995

7,174 Cisco Systems Inc. 190,120 151,311 431 Google Inc., Class A 201,776 189,014

2,296 Harris Corp. 117,080 83,682 670 International Business Machines Corp. 68,665 81,832

4,782 Juniper Networks Inc.* 86,755 90,731 7,510 Microsoft Corp. 222,488 173,356 9,582 Oracle Corp. 197,208 218,165 2,948 QUALCOMM Inc. 141,799 144,165 1,339 Research In Motion Ltd. (USD) 84,147 72,554

10,358 Xerox Corp. 89,648 59,415 1,497,313 1,378,220

HEALTH CARE (15.6%) 1,148 Baxter International Inc. 81,843 74,072 2,056 Celgene Corp. 117,613 114,955 1,443 Express Scripts Inc. 103,689 83,828 2,794 Medco Health Solutions Inc. 135,781 145,369 2,009 Medtronic Inc. 76,809 74,589 3,443 NuVasive Inc.* 103,153 135,904 1,596 St. Jude Medical Inc. 70,949 72,978 2,526 Vertex Pharmaceuticals Inc. 69,912 91,619

759,749 793,314 FINANCIALS (13.9%)

2,643 ACE Ltd. 138,084 134,614 3,243 Ameriprise Financial Inc. 167,823 83,691 3,061 Capital One Financial Corp.* 77,999 47,080

283 CME Group Inc. 58,027 87,914 2,321 Endurance Specialty Holdings Ltd. 73,453 72,772

380 Goldman Sachs Group Inc.* 47,714 50,791 2,391 JP Morgan Chase & Co. 88,210 80,000 4,878 US Bancorp 113,715 89,847 3,252 Wells Fargo & Co. 59,533 58,381

824,558 705,090 CONSUMER DISCRETIONARY (11.8%)

800 Bed Bath & Beyond Inc. 23,282 24,922 1,974 Dick's Sporting Goods Inc. 37,823 35,413

10,613 DR Horton Inc. 188,496 129,383 1,900 Lowe's Cos., Inc. 33,082 43,571 2,322 TJX Cos., Inc. 67,521 74,852 5,278 Urban Outfitters Inc. 100,646 108,859 7,943 Walt Disney Co. 215,877 181,649

666,727 598,649 ENERGY (7.1%)

2,100 Anadarko Petroleum Corp. 93,539 102,748 1,756 Devon Energy Corp. 126,188 98,691 1,300 EOG Resources Inc. 105,607 89,648 2,300 Noble Corp. 69,605 69,852

394,939 360,939 INDUSTRIALS (6.9%)

700 C.H. Robinson Worldwide Inc. 34,821 40,144 1,039 Danaher Corp. 72,755 70,890

23,147 Flextronics International Ltd. 165,341 84,043 900 L-3 Communications Holdings Inc. 68,532 76,814

1,900 Norfolk Southern Corp. 69,000 80,675 410,449 352,566

MATERIALS (5.8%) 965 Alcon Inc. 96,481 110,429

1,700 Ecolab Inc., Preferred Rights 65,923 74,390 1,035 Monsanto Co. 112,936 108,353

275,340 293,172 CONSUMER STAPLES (5.2%)

1,400 Costco Wholesale Corp. 73,161 81,719 4,222 Kroger Co. 122,512 112,628 1,200 Procter & Gamble Co. 77,578 71,119

273,251 265,466 UTILITIES (3.1%)

953 Entergy Corp. 99,455 81,650 3,374 NRG Energy Inc. 91,524 73,715

190,979 155,365

Commission and other portfolio transaction costs (7,321)

Total Investments (96.5%) 5,285,984 4,902,781

Other Assets (net) (3.5%) 179,452

Total Net Assets (100.0%) 5,082,233

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

CIG - 294


CI American Equity Corporate ClassFinancial Statements

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

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

Net assets and shareholders' equity

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

Net assets per classA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

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

A SharesF SharesAT5 SharesFT5 SharesAT8 Shares

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


4,903 7,453198 174

- -- -- -- -- -- -- -- -- -- -2 1

5,103 7,628

- -- -- -- -- -3 -

18 9- -- -- -- 1

21 105,082 7,618

5,286 8,651- -

4,635 6,984292 52646 712 1797 84

3.38 4.604.00 5.397.17 10.306.69 9.545.30 7.96

1,371,448 1,518,34672,805 97,4676,415 7001,789 1,816

18,239 10,570

Statements of Net Assets as at March 31 (cont’d)(in $000’s except for per share amounts and shares outstanding)

2009 2008

Statements of Net Assets as at March 31(in $000’s except for per share amounts and shares outstanding)

2009 2008

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



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

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

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

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

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

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

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

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


A SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital 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 year

F SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions




AT5 SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions




60 504 138 1- -- -- -

(8) (7)64 57

125 18314 20

- -- -7 12

146 215(82) (158)

- -(82) (158)

(2,649) (461)21 (58)

(34) (51)- -

815 (1,910)(1,847) (2,480)(1,929) (2,638)

(1,749) (2,460)(122) (168)(13) -

(4) (1)(41) (9)

(1.20) (1.55)(1.33) (1.98)(2.78) 0.34(2.39) (0.37)(2.45) (1.30)

6,984 9,758- (8)

6,984 9,750

870 2,270- -

(1,469) (1,923)(1) (653)

(600) (306)

- -- -- -- -

(1,749) (2,460)4,635 6,984

526 266- -

526 266

123 879- -

(212) (396)(23) (55)

(112) 428

- -- -- -- -

(122) (168)292 526

7 -- -7 -

55 -- -

(1) -- 7

54 7

- -- -

(2) -(2) -

(13) -46 7

Statements of Changes in Net Assets for the years ended March 31 (in $000’s)

2009 2008

Statements of Operations for the years ended March 31(in $000’s except for per share amounts)

2009 2008



FT5 SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions








Total FundNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions




17 -- -

17 -

- 18- -- -- -- 18

- -- -

(1) -(1) -(4) (1)

12 17

84 -- -

84 -

64 49- -- -1 47

65 96

- -- -

(11) (3)(11) (3)(41) (9)97 84

7,618 10,024- (8)

7,618 10,016

1,112 3,216- -

(1,682) (2,319)(23) (654)

(593) 243

- -- -

(14) (3)(14) (3)

(1,929) (2,638)5,082 7,618


Statements of Changes in Net Assets (cont’d)for the years ended March 31 (in $000’s)

2009 2008



Schedule of Securities Lending (Note 6)as at March 31 (in $000’s)

2009 2008

LoanedCollateral (non-cash)

222 860237 914

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

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

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

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


CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules

Schedule of Fund Share Transactions for the years ended March 31

2009 2008

1,518,346 1,586,965223,677 402,556

- -(380,927) (352,046)

10,352 (119,129)1,371,448 1,518,346

97,467 37,38928,339 136,221

- -(48,465) (65,331)

(4,536) (10,812)72,805 97,467

700 -5,789 -

- -(74) -

- 7006,415 700

1,816 -- 1,819- -

(27) (3)- -

1,789 1,816

10,570 -7,890 5,305

- -(48) -

(173) 5,26518,239 10,570

†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 SharesNet assets per shareSection 3855 adjustment on net assets per shareNet asset value per share

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

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

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


Schedule of Net Assets Reconciliation (Note 2)as at March 31 (in $)

2009 2008

3.38 4.600.01 0.013.39 4.61

4.00 5.390.01 0.014.01 5.40

7.17 10.300.01 0.017.18 10.31

6.69 9.540.02 0.026.71 9.56

5.30 7.960.01 0.025.31 7.98

Schedule of Commissionsfor the years ended March 31 (in $000’s)

2009 2008

Brokerage commissionsSoft Dollar commissions†

34 343 4

Annual management fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

2.001.002.001.002.00

0.210.210.210.210.21

Schedule of Fees (Note 5)as at March 31 (%)

2009


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


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

As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all other variablesheld constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $490,000. In practice, the actual trading results may differ from this analysis. The difference may be material.

Credit RiskThe Fund is not exposed to credit risk as the majority of its assets are invested in stocks.

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

as at March 31, 2009Derivatives Net Currency Net

Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 5,095 100.3 Total - 5,095 100.3

*The exposure is to financial instruments net of derivatives.

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

Interest Rate RiskThe Fund has insignificant exposure to interest rate risk as the majority of its assets are invested in stocks.


CI American Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2009



HEALTH CARE (18.4%) 36,900 Abbott Laboratories Inc. 2,265,021 2,218,996 86,730 Aetna Inc. 3,894,260 2,660,255 42,700 Baxter International Inc. 2,928,882 2,755,117 30,300 BioMarin Pharmaceuticals Inc.* 845,314 468,704

182,760 Boston Scientific Corp. 3,418,549 1,829,420 105,550 Bristol-Myers Squibb Co. 2,667,221 2,906,181

16,700 Cephalon Inc.* 1,517,022 1,433,546 87,600 Cooper Cos., Inc. 4,726,009 2,918,859 66,540 Covidien Ltd.* 2,778,622 2,784,209

3,300 CR Bard Inc. 283,000 331,244 59,150 DaVita Inc. 3,400,033 3,269,167 45,800 Eli Lilly and Co., Rights 2,430,006 1,925,631

198,937 HealthSouth Corp.* 5,375,434 2,227,103 29,600 Johnson & Johnson 1,939,324 1,961,740 48,600 Laboratory Corp. of America Holdings* 3,169,862 3,577,557 28,500 Medco Health Solutions Inc. 1,441,767 1,482,829 46,200 NuVasive Inc.* 1,462,271 1,823,631 33,500 St. Jude Medical Inc. 1,295,352 1,531,807

106,800 Thermo Fisher Scientific Inc.* 5,675,072 4,795,976 15,900 WellPoint Inc. 775,489 760,111 16,370 Wyeth 857,997 886,181

53,146,507 44,548,264INFORMATION TECHNOLOGY (18.4%)

11,700 Analog Devices Inc. 295,882 283,646 33,900 Apple Computer Inc. 3,656,590 4,488,317 34,600 Broadcom Corp.* 832,552 869,351

263,676 Cisco Systems Inc. 6,310,885 5,561,326 9,700 Google Inc., Class A 4,780,645 4,253,908

26,300 Hewlett-Packard Co. 961,118 1,062,995 76,200 Intel Corp. 1,259,010 1,443,862

7,500 International Business Machines Corp. 750,510 916,025 71,100 Juniper Networks Inc.* 1,424,821 1,349,019

8,100 ManTech International Corp., Class A 567,561 427,665 372,323 Microsoft Corp. 10,285,822 8,594,488

19,800 Nice Systems Ltd., ADR 517,970 620,053 2 Nortel Networks Corp. - 1

57,900 NVIDIA Corp. 695,699 717,536 65,400 ON Semiconductor Corp. 368,426 321,554

264,440 Oracle Corp. 5,136,598 6,020,835 94,000 QUALCOMM Inc. 4,459,674 4,596,841 38,000 Tessera Technologies Inc.* 626,592 639,553 36,500 VeriSign Inc.* 1,302,781 867,853 84,910 Xerox Corp. 481,360 487,060 38,800 Xilinx Inc.* 1,051,288 937,215

45,765,784 44,459,103FINANCIALS (11.9%)

27,100 ACE Ltd. 1,429,831 1,380,265 95,450 Ameriprise Financial Inc. 3,489,139 2,463,234

1,900 Blackrock Inc. (USD)* 243,662 311,106 66,090 Everest Re Group Ltd. 6,719,789 5,893,201

9,700 Goldman Sachs Group Inc.* 1,190,044 1,296,497 20,400 Hilltop Holdings Inc. 268,173 293,188 44,600 Hudson City Bancorp Inc.* 779,174 649,424

6,200 Intercontinental Exchange Inc. 609,982 580,598 108,530 JP Morgan Chase & Co. 4,146,641 3,631,303

74,450 NYSE Euronext 1,801,875 1,679,140 12,400 PNC Financial Services Group Inc. 666,444 455,693

FINANCIALS (11.9%) (cont’d) 52,700 Principal Financial Group Inc. 730,786 542,141 83,640 Protective Life Corp. 3,535,842 550,423 31,960 Prudential Financial Inc.* 1,353,059 764,742

8,400 The Nasdaq OMX Group Inc. 244,839 207,032 50,280 Torchmark Corp. 3,378,091 1,656,329 83,400 US Bancorp 1,943,390 1,536,130 51,500 Ventas Inc. 2,258,498 1,465,381 33,050 Visa Inc., Class A * 2,262,607 2,311,638 67,600 Wells Fargo & Co. 1,546,473 1,213,580

38,598,339 28,881,045CONSUMER DISCRETIONARY (10.4%)

36,100 Bed Bath & Beyond Inc. 937,706 1,124,584 42,400 Burger King Holdings Inc. 1,051,270 1,222,486 20,400 Coach Inc. 771,006 428,724

260,950 Comcast Corp., Class A 5,053,119 4,483,994 146,775 Comcast Corp., Special Class A 3,388,286 2,379,605 142,700 DR Horton Inc.* 2,197,925 1,739,652 16,000 GameStop Holding Co. 456,534 563,785 52,200 Gap Inc. 819,324 854,853

104,000 International Game Technology 3,975,036 1,206,238 160,600 Liberty Media Corp.,

Entertainment Series A 3,554,023 4,039,246 10,800 McDonald's Corp. 739,330 742,048

9,700 O'Reilly Automotive Inc. 349,885 427,885 11,900 PetSmart Inc. 291,219 314,299 35,900 TJX Cos., Inc. 895,595 1,157,276 84,900 Urban Outfitters Inc. 1,711,304 1,751,067

115,700 Walt Disney Co. 3,198,470 2,645,955 29,390,032 25,081,697

INDUSTRIALS (8.9%) 26,050 Alliant Techsystems Inc. 2,875,687 2,199,706 30,550 Boeing Co., Preferred Rights 1,477,042 1,364,180 12,600 Burlington Northern Santa Fe Corp. 959,511 955,472 9,300 C.H. Robinson Worldwide Inc.* 462,619 533,348

24,800 Danaher Corp.* 1,861,979 1,692,082 25,500 Emerson Electric Co., Preferred Rights 1,063,138 918,143

339,000 Flextronics International Ltd. 3,024,686 1,230,847 103,800 General Electric Co. 3,827,033 1,323,001

6,000 L-3 Communications Holdings Inc. 466,285 512,096 25,000 Northrop Grumman Corp. 1,452,813 1,374,163 30,900 Raytheon Co. 1,808,768 1,513,816 35,150 Rockwell Collins Inc.* 1,896,729 1,444,181 31,700 SAIC Inc. 731,795 744,933 16,000 Shaw Group Inc. 510,773 552,893 45,400 Union Pacific Corp. 2,531,423 2,348,957 86,600 Waste Management Inc. 3,328,102 2,790,555

28,278,383 21,498,373CONSUMER STAPLES (8.7%)

69,800 CVS Corp. 2,698,543 2,413,754 18,800 Dean Foods Co. 467,882 427,806 83,667 Kraft Foods Inc., Class A 2,725,757 2,346,908 75,900 Kroger Co. 2,155,020 2,024,740 43,200 Lorillard Inc. 3,218,947 3,356,508 51,366 Molson Coors Brewing Co.,

Class B (USD)* 2,125,458 2,214,046 81,430 Phillip Morris International Inc. 3,857,753 3,646,441 54,600 Procter & Gamble Co. 3,688,337 3,235,897 19,400 Wal-Mart Stores Inc. 1,217,629 1,271,794

22,155,326 20,937,894*Denotes all or part of securities lent.The accompanying notes are an integral part of these financial statements. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.

CIG - 209


CI American Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2009



ENERGY (7.4%) 31,900 Anadarko Petroleum Corp. 1,374,965 1,560,796 12,666 Apache Corp. 968,141 1,020,357 20,400 Baker Hughes Inc. 855,734 732,457 55,100 ConocoPhillips 4,467,478 2,720,233 24,500 EOG Resources Inc.* 2,053,375 1,689,527 20,000 Exxon Mobil Corp. 1,789,324 1,711,779 54,350 National Oilwell Varco Inc. 3,635,888 1,962,386 47,498 Noble Energy Inc. 3,004,732 3,224,578 11,900 Occidental Petroleum Corp.,

Preferred Rights 1,049,511 834,580 25,300 Petrohawk Energy Corp. 629,262 613,355

5,700 Transocean Ltd. 784,645 422,249 20,500 Ultra Petroleum Corp.* 986,981 927,554 20,600 Valero Energy Corp. 507,706 464,871

22,107,742 17,884,722MATERIALS (7.1%)

26,700 Alcon Inc. 2,710,448 3,055,381 25,300 Ecolab Inc., Preferred Rights 995,616 1,107,100 28,719 Massey Energy Co. 694,565 365,319 22,500 Monsanto Co. 2,540,405 2,355,492 54,300 Newmont Mining Corp.* 1,824,196 3,058,615 65,700 Praxair Inc. 5,541,466 5,565,214 10,400 Sigma-Aldrich Corp. 518,969 494,426

9,600 SPDR Gold Trust 1,069,583 1,092,392 15,895,248 17,093,939

UTILITIES (1.5%) 33,400 Aqua America Inc. 815,864 842,148 13,100 Entergy Corp.* 1,377,895 1,122,371 13,000 MDU Resources Group Inc. 249,440 264,520 63,800 NRG Energy Inc.* 1,747,725 1,393,898

4,190,924 3,622,937TELECOMMUNICATION SERVICES (1.0%)

11,800 AT&T Inc. 383,788 373,840 55,100 SBA Communications Corp.* 1,678,640 1,618,525 50,000 Windstream Corp. 523,230 508,062

2,585,658 2,500,427


Total Equities (93.7%) 261,776,214 226,508,401

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (-0.9%) (see Schedule A) (2,262,606)


Other Assets (net) (7.2%) 17,664,934

Total Net Assets (100.0%) 241,910,729

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

Schedule AForeign Currency Forward Contracts (-0.9%)

Credit UnrealizedContracts Counterparty Rating Due Date Pay Receive Gain (Loss) $

1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (13,539,418) Canadian $ 10,998,000 US $ 324,441 1 Royal Bank of Canada A-1+ 29-May-09 (3,149,762) Canadian $ 2,534,000 US $ 43,066 1 Bank of Nova Scotia†† A-1+ 29-May-09 (1,236,000) US $ 1,596,665 Canadian $ 39,311 1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (2,468,000) US $ 3,138,062 Canadian $ 30,499 1 State Street Trust Co. of Canada A-1 29-May-09 (5,000,000) US $ 6,222,150 Canadian $ (77,826)1 Royal Bank of Canada A-1+ 29-May-09 (7,615,000) US $ 9,613,481 Canadian $ 18,617 1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (92,075,000) US $ 113,427,193 Canadian $ (2,640,714)

Total Foreign Currency Forward Contracts Value (2,262,606)


CI American Managers® Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI Shares


A SharesF SharesI Shares









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



226,508 280,64416,786 13,929

- 5,337- -- -- -

456 -- -- -

259 211710 351

- -214 227

244,933 300,699

- -- -- -

2,719 -- -

190 2485 201

- -- -- -

28 623,022 287

241,911 300,412

261,776 299,034- -

175,988 33,672202 533

65,721 266,207

7.82 10.558.56 11.439.15 12.06

22,515,249 3,192,80623,574 46,648

7,184,649 22,070,102

4,204 3,363302 90844 30

- -- -- -

(569) (478)3,981 3,823

2,807 887295 94

2 323 28

155 573,282 1,069

699 2,754- -

699 2,754

(57,900) (5,250)2,192 (1,876)

(592) (1,198)- -

(19,180) (54,316)(75,480) (62,640)(74,781) (59,886)

(52,832) (8,865)(99) (140)

(21,850) (50,881)

(3.32) (2.41)(2.79) (2.51)(1.86) (2.42)


2009 2008


2009 2008











I SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions








266,207 278,684- (199)

266,207 278,485

10,810 46,824- -

(11,945) (8,238)(177,501) 17(178,636) 38,603

- -- -- -- -

(21,850) (50,881)65,721 266,207

300,412 329,633- (235)

300,412 329,398

43,946 51,127- -

(27,350) (19,475)(316) (752)

16,280 30,900

- -- -- -- -

(74,781) (59,886)241,911 300,412

33,672 50,142- (36)

33,672 50,106

33,084 4,134- -

(15,083) (11,008)177,147 (695)195,148 (7,569)

- -- -- -- -

(52,832) (8,865)175,988 33,672

533 807- -

533 807

52 169- -

(322) (229)38 (74)

(232) (134)

- -- -- -- -

(99) (140)202 533

CI American Managers® Corporate ClassFinancial Statements


2009 2008



2009 2008




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


2009 2008


33,327 32,90635,519 34,972

CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


589 75054 79


2009 2008

3,192,806 3,872,7183,902,918 343,354

- -(1,695,128) (961,563)17,114,653 (61,703)22,515,249 3,192,806

46,648 58,1385,825 13,163

- -(32,379) (18,325)

3,480 (6,328)23,574 46,648

22,070,102 19,269,018975,958 3,442,264

- -(982,849) (642,399)

(14,878,562) 1,2197,184,649 22,070,102


Annual management fee rateA SharesF SharesI Shares

Annual fixed administration fee rateA SharesF SharesI Shares

2.001.00

Paid directly by investor

0.210.21

-


2009



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

7.82 10.550.01 0.017.83 10.56

8.56 11.430.01 0.028.57 11.45

9.15 12.060.01 0.029.16 12.08


2009 2008


Other Price RiskThe Fund is invested in U.S. stocks and therefore sensitive to changes in general economic conditionsin the United States.

As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all other variablesheld constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $22,651,000. In practice, the actual trading results may differ from this analysis. The difference may be material.

Credit RiskThe Fund was invested in debt securities, preferred securities and derivative instruments, as applicable,with the following credit ratings, as per table below:

as at March 31, 2009*Net Assets

Credit Rating (%)AAA/Aaa/A++ 0.2Total 0.2

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

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




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


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of theFund would have decreased or increased, respectively, by approximately $11,986,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.



CI American Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2009



HEALTH CARE (18.8%) 2,805 Alkermes Inc. 36,062 42,860 2,900 Bio-Reference Labs Inc. 80,998 76,265 5,900 Cambrex Corp. 104,363 16,810 1,750 DaVita Inc. 97,791 96,721 2,790 Endo Pharmaceuticals Holdings Inc. 86,638 62,152

750 Haemonetics Corp. 41,200 52,080 1,290 Inverness Medical Innovations Inc. 58,124 43,308 1,150 Laboratory Corp. of America Holdings 87,245 84,654 6,320 Service Corp. International 62,290 27,807 2,250 SonoSite Inc.* 73,363 50,746

728,074 553,403FINANCIALS (15.7%)

1,650 Ameriprise Financial Inc. 39,306 42,581 1,100 Everest Re Group Ltd. 116,035 98,086 1,150 Hudson City Bancorp Inc. 15,137 16,745 2,200 New York Community Bancorp. Inc.* 39,241 30,870 1,750 NYSE Euronext 46,183 39,469 1,100 People's United Financial Inc. 19,228 24,906

950 Validus Holdings Ltd. 28,335 28,361 2,350 Ventas Inc. 94,022 66,867 2,300 Waddell & Reed Financial Inc. 27,151 52,280 3,650 Washington Federal Inc. 67,583 61,201

492,221 461,366UTILITIES (15.2%)

2,050 CMS Energy Corp.* 30,022 30,522 1,620 DPL Inc. 42,397 45,932 2,730 Nalco Holding Co. 59,923 44,880 2,200 NSTAR 76,159 88,199 1,700 Oneok Inc. 74,328 48,500 3,100 Southern Union Co. 92,470 59,287 2,350 Vectren Corp. 67,579 62,393 3,050 Westar Energy Inc. 80,034 67,367

522,912 447,080INFORMATION TECHNOLOGY (11.5%)

5,870 ADC Telecommunications Inc. 84,399 32,265 1,840 DTS Inc. 39,077 55,673 3,000 Macrovision Solutions Corp. 76,471 67,284 1,900 MEMC Electronic Materials Inc. 93,569 39,427

900 Perot Systems Corp., Class A 14,335 14,580 13,400 Powerwave Technologies Inc. 124,078 9,967

8,194 Silicon Image Inc. 82,025 24,689 2,000 Sybase Inc.* 44,709 76,373 4,325 THQ Inc.* 78,729 16,576

637,392 336,834CONSUMER DISCRETIONARY (9.8%)

1,700 Arbitron Inc. 83,747 32,126 8,196 Charming Shoppes Inc.* 67,691 14,466 1,600 Genuine Parts Co. 68,099 60,090 4,950 KB Home* 69,725 82,249 8,120 Multimedia Games Inc. 85,335 21,600 5,753 Shuffle Master Inc. 103,651 20,816 1,850 Tupperware Brands Corp. 60,155 39,626 1,090 Wabco Holdings Inc. 54,127 16,916

592,530 287,889

INDUSTRIALS (9.7%) 650 Alliant Techsystems Inc. 54,616 54,887

1,300 Armstrong World Industries Inc. 34,000 17,995 950 Curtiss-Wright Corp. 43,425 33,595

1,970 Hexcel Corp. 44,485 16,292 820 IHS Inc., Class A 37,243 42,571

1,650 Kennametal Inc. 59,078 33,636 1,000 Rockwell Collins Inc. 51,805 41,086

900 Teleflex Inc. 51,651 44,341 376,303 284,403

MATERIALS (7.8%) 1,450 Foundation Coal Holdings Inc. 49,793 26,141

950 International Flavors & Fragrances Inc. 49,791 36,409 2,385 Methanex Corp. (USD) 36,813 23,453 1,120 Sensient Technologies Corp. 29,976 33,182 1,640 Silgan Holdings Inc.* 94,575 108,505

260,948 227,690CONSUMER STAPLES (2.6%)

700 Church & Dwight Co., Inc. 37,862 46,092 1,150 Corn Products International Inc. 28,468 30,707

66,330 76,799TELECOMMUNICATION SERVICES (1.7%)

2,400 NeuStar Inc., Class A 56,382 50,680

ENERGY (1.6%) 1,570 Helix Energy Solutions Group 66,270 10,154

500 SEACOR Holdings Inc. 37,609 36,756 103,879 46,910






CIG - 297


CI American Small Companies Corporate ClassFinancial Statements




















2,773 3,885170 70

- -- -- -- -- -- -- -- -- -- -3 5

2,946 3,960

- -4 61 1- -- -1 131 -- -- -- -3 4

10 242,936 3,936

3,829 4,675- -

2,424 3,135501 80111 -

4.54 5.775.46 6.86

11.02 -

534,585 543,83991,860 116,661

977 -

62 162- 91 2- -- -- -

(11) (28)52 145

64 1067 12- -- -4 7

75 125(23) 20

- -(23) 20

(490) 4982 (19)(6) (35)- -

(266) (1,822)(760) (1,378)(783) (1,358)

(638) (1,087)(146) (271)

1 -

(1.21) (1.60)(1.39) (1.70)0.89 -


2009 2008


2009 2008


CI American Small Companies Corporate ClassFinancial Statements


















- -- -- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

3,936 7,425- (10)

3,936 7,415

494 707- -

(599) (1,645)(112) (1,183)(217) (2,121)

- -- -- -- -

(783) (1,358)2,936 3,936

3,135 5,671- (7)

3,135 5,664

463 576- -

(511) (1,198)(25) (820)(73) (1,442)

- -- -- -- -

(638) (1,087)2,424 3,135

801 1,754- (3)

801 1,751

21 131- -

(88) (447)(87) (363)

(154) (679)

- -- -- -- -

(146) (271)501 801


2009 2008


2009 2008


CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules






2009 2008


338 1,378360 1,465


2009 2008


6 17- 1


2009 2008

543,839 768,68090,791 85,186

- -(96,997) (185,130)(3,048) (124,897)

534,585 543,839

116,661 201,7973,375 16,306

- -(14,296) (54,526)(13,880) (46,916)91,860 116,661

- -977 -

- -- -- -

977 -



2.001.00


0.210.21

-


2009




4.54 5.77- 0.01

4.54 5.78

5.46 6.86- 0.01

5.46 6.87

11.02 -0.02 -

11.04 -


2009 2008



As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all other variablesheld constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $277,000. In practice, the actual trading results may differ from this analysis. The difference may be material.


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






As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $282,000. In practice, the actualtrading results may differ from the sensitivity analysis and the difference may be material.



CI American Value Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FINANCIALS (19.8%) 172,400 Ameriprise Financial Inc. 5,789,200 4,449,046 202,515 Bank of New York Mellon Corp.* 8,643,319 7,204,868 102,800 Everest Re Group Ltd. 10,637,211 9,166,607

80,800 Franklin Resources Inc.* 5,963,927 5,485,407 115,750 Hudson City Bancorp Inc.* 1,602,975 1,685,446 179,800 NYSE Euronext* 4,653,914 4,055,196 108,782 People's United Financial Inc. 1,845,445 2,463,061 195,250 Ventas Inc. 5,872,158 5,555,644 183,900 Visa Inc., Class A * 10,953,758 12,862,637 359,350 Western Union Co.* 8,159,262 5,694,620


45,200 Apple Computer Inc. 3,001,902 5,984,423 115,200 Automatic Data Processing Inc.* 5,852,512 5,094,762 178,920 Electronic Arts Inc.* 9,302,044 4,100,762 130,100 Fiserv Inc.* 6,319,101 5,955,461 205,800 MEMC Electronic Materials Inc.* 8,053,512 4,270,582 567,690 Microsoft Corp. 17,313,281 13,104,227 367,320 Oracle Corp. 6,200,918 8,363,232

56,043,270 46,873,449HEALTH CARE (12.3%)

195,200 Aetna Inc. 7,011,994 5,987,338 432,750 Boston Scientific Corp. 10,387,689 4,331,810 182,150 DaVita Inc.* 8,238,509 10,067,266 117,750 Laboratory Corp. of America Holdings* 7,465,774 8,667,846 168,100 Thermo Fisher Scientific Inc.* 7,263,640 7,548,722

40,367,606 36,602,982ENERGY (12.2%)

91,604 ConocoPhillips 4,590,315 4,522,400 80,650 Cooper Cameron Corp. 3,803,291 2,224,659 61,850 Diamond Offshore Drilling Inc.* 4,599,990 4,892,108

162,400 Exxon Mobil Corp. 11,541,927 13,899,643 165,800 National Oilwell Varco Inc. 7,120,990 5,986,450

57,150 Peabody Energy Corp. 3,518,522 1,804,107 205,350 Weatherford International Ltd. (Switzerland) 6,197,961 2,865,855

41,372,996 36,195,222INDUSTRIALS (11.7%)

75,800 Alliant Techsystems Inc.* 6,455,192 6,400,681 138,200 Boeing Co., Preferred Rights* 8,284,907 6,171,183

88,300 Danaher Corp.* 7,047,519 6,024,629 76,650 Deere & Co., Preferred Rights 3,046,634 3,169,552 83,750 PACCAR Inc.* 3,536,269 2,717,723 67,100 Rockwell Collins Inc.* 3,549,612 2,756,885

232,650 Waste Management Inc. 8,778,944 7,496,797 40,699,077 34,737,450

UTILITIES (7.4%) 117,600 NSTAR* 4,095,530 4,714,615 142,900 Oneok Inc. 5,854,167 4,076,886 193,530 SCANA Corp. 7,379,065 7,529,325 295,086 Southern Union Co.* 8,195,017 5,643,467

25,523,779 21,964,293

MATERIALS (5.8%) 157,550 EI Du Pont de Nemours & Co.* 7,485,194 4,427,314

87,745 International Flavors & Fragrances Inc.* 4,048,354 3,362,852 111,350 Praxair Inc. 7,947,560 9,432,063


50,350 Colgate-Palmolive Co. 3,724,851 3,740,656 59,850 Phillip Morris International Inc. 2,979,819 2,680,087

262,500 Safeway Inc. 7,663,947 6,665,007 14,368,617 13,085,750

CONSUMER DISCRETIONARY (3.4%) 411,180 Comcast Corp., Special Class A 10,123,192 6,666,299 292,800 International Game Technology* 10,084,103 3,396,024

20,207,295 10,062,323



Other Assets (net) (7.2%) 21,308,802

Total Net Assets (100.0%) 296,675,032


CIG - 510


CI American Value Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



275,366 317,12120,842 8,232

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

328 338- -- -

330 501296,866 326,192

- -- -- -- -- -

56 -89 911

- -- -- -

46 69191 980

296,675 325,212

321,724 308,821- -

265,468 52,7058,902 9,776

21,590 262,43964 5315 21

- -636 218

8.30 10.528.66 10.87

11.12 13.776.90 9.267.42 9.84

- -6.83 9.51

31,972,868 5,009,4921,027,690 899,1261,941,219 19,052,418

9,344 5,7402,053 2,084

- -93,144 22,913


2009 2008


2009 2008










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















6,198 4,99095 96733 31

- -- -- -

(950) (869)5,376 5,119

4,294 1,324461 150

- -34 12

238 855,027 1,571

349 3,548- -

349 3,548

(13,513) 6,545564 (593)

(273) (756)- -

(54,658) (45,641)(67,880) (40,445)(67,531) (36,897)

(62,112) (7,632)(2,290) (1,213)(2,916) (28,039)

(14) (2)(5) -

(19) -(175) (11)

(2.69) (1.43)(2.33) (1.34)(0.45) (1.52)(1.98) (0.47)(1.94) (0.08)(2.19) -(2.67) (0.74)

52,705 64,672- (43)

52,705 64,629

40,843 9,834- -

(23,018) (12,797)257,050 (1,329)274,875 (4,292)

- -- -- -- -

(62,112) (7,632)265,468 52,705

9,776 12,065- (9)

9,776 12,056

3,147 2,895- -

(2,255) (3,624)524 (338)

1,416 (1,067)

- -- -- -- -

(2,290) (1,213)8,902 9,776

262,439 265,958- (183)

262,439 265,775

27,406 34,332- -

(7,776) (11,035)(257,563) 1,406(237,933) 24,703

- -- -- -- -

(2,916) (28,039)21,590 262,439


2009 2008


2009 2008











IT5 SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions












218 -- -

218 -

535 225- -

(100) -210 10645 235

- -- -

(52) (6)(52) (6)

(175) (11)636 218

325,212 342,695- (235)

325,212 342,460

71,956 47,363- -

(33,215) (27,456)311 (251)

39,052 19,656

- -- -

(58) (7)(58) (7)

(67,531) (36,897)296,675 325,212

53 -- -

53 -

25 56- -- -3 -

28 56

- -- -

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

(14) (2)64 53

21 -- -

21 -

- 21- -- -- -- 21

- -- -

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

15 21

- -- -- -

- -- -

(66) -87 -21 -

- -- -

(2) -(2) -

(19) -- -



2009 2008



2009 2008







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


CI American Value Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

5,009,492 5,408,9844,691,118 868,182

- -(2,547,398) (1,143,697)

24,819,656 (123,977)31,972,868 5,009,492

899,126 986,752313,953 252,293

- -(233,957) (311,165)

48,568 (28,754)1,027,690 899,126

19,052,418 17,396,5602,329,158 2,331,514

- -(549,557) (772,934)

(18,890,800) 97,2781,941,219 19,052,418

5,740 -2,987 5,740

- -- -

617 -9,344 5,740

2,084 -- 2,088- -

(31) (4)- -

2,053 2,084

- -- -- -

(8,725) -8,725 -

- -

22,913 -61,460 21,903

- -(14,724) -23,495 1,01093,144 22,913







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



2009 2008

8.30 10.520.02 0.028.32 10.54

8.66 10.870.02 0.028.68 10.89

11.12 13.770.02 0.03

11.14 13.80

6.90 9.260.01 0.026.91 9.28

7.42 9.840.02 0.027.44 9.86

- -- -- -

6.83 9.510.01 0.026.84 9.53



2009 2008


60,566 28,49764,549 30,286

CI American Value Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


270 2305 20


Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

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

2.001.00

Paid directly by investor2.001.00

Paid directly by investor2.00

0.210.21

-0.210.21

-0.21


2009


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



As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $27,537,000. In practice, the actual trading results may differ from this analysis. The difference may be material.






As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $28,091,000. In practice,the actual trading results may differ from the sensitivity analysis and the difference may be material.



CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at March 31, 2009



ENERGY (25.7%) 10,700 Anadarko Petroleum Corp. 595,202 523,527

7,900 Apache Corp. 682,034 636,414 8,780 BP PLC, ADR 620,793 443,865

84,255 Canadian Natural Resources Ltd. 3,395,700 4,127,652 135,490 Canadian Oil Sands Trust 2,451,525 3,257,180 137,454 EnCana Corp. 7,221,105 7,128,364

11,110 Eni SpA 379,507 271,112 125,505 Imperial Oil Ltd. 3,888,959 5,748,129

20,200 Marathon Oil Corp. 655,556 668,996 32,300 Nabors Industries Ltd. 841,574 406,799

178,879 Petro-Canada 7,175,646 6,013,912 380,500 Precision Drilling Trust 6,194,719 1,282,285

10,592 Schlumberger Ltd. 863,812 541,211 42,700 Spectra Energy Corp. 928,026 760,106 12,200 Statoil ASA 299,987 272,095

112,200 Suncor Energy Inc. 4,511,034 3,147,210 326,300 Talisman Energy Inc. 6,206,140 4,326,738

7,960 Total SA 651,517 498,542 58,627 TransCanada Corp. 1,925,220 1,745,326

8,888 Transocean Ltd. 882,932 658,412 265,600 Trican Well Service Ltd.* 4,419,141 1,691,872

17,400 XTO Energy Inc. 824,034 670,370 55,614,163 44,820,117

FINANCIALS (23.0%) 15,800 Aflac Inc. 311,796 384,040 25,970 Alleanza Assicurazioni SpA 370,463 182,030

2,153 Allianz AG, Registered Shares 474,787 230,023 29,260 Bangkok Bank PCL, Foreign Registered Shares 114,930 77,468

103,500 Bank of Montreal 3,001,563 3,402,045 71,842 Bank of Nova Scotia†† 3,091,676 2,238,597 45,334 Bank of Yokohama Ltd. 309,147 240,266 2,120 BNP Paribas SA* 197,605 110,497

38,400 Canadian Imperial Bank of Commerce 2,342,878 1,760,640 15,340 Cheung Kong Holdings Ltd. 217,209 166,058

1,600 CME Group Inc. 347,942 497,039 10,140 Daiwa Securities Group Inc.* 90,486 55,291

166,700 Dawnay Day Treveria PLC 289,626 23,313 23,445 DBS Group Holdings Ltd. 244,957 163,240 63,916 Experian Group Ltd. 475,496 503,769

2,200 Goldman Sachs Group Inc.* 204,266 294,051 6,682 Great-West Lifeco Inc.,

4.85% Preferred, Series H 162,038 107,781 67,600 IGM Financial Inc.* 2,649,282 2,055,716 43,700 ING Canada Inc. 1,205,053 1,570,578

5,439 ING Groep NV 254,674 37,768 10,700 IPC Holdings Ltd. 351,483 364,351 50,546 Joyo Bank Ltd. 347,046 290,427 23,600 JP Morgan Chase & Co. 1,017,506 789,632

2,647 KB Finanical Group Inc. 256,186 80,690 243,400 Manulife Financial Corp. 5,812,868 3,448,978

49 Mid REIT Inc. 262,080 103,816 23,676 Mitsubishi UFJ Financial Group Inc.* 202,408 143,578

7,417 Mitsui Sumitomo Insurance Group Holdings Inc.* 251,562 214,028

6,520 National Australia Bank Ltd. 240,713 114,851 60,840 Nipponkoa Insurance Co., Ltd. 594,266 436,387

FINANCIALS (23.0%) (cont’d)34,800 Nomura Holdings Inc. 375,517 218,132

331,809 Power Corp. of Canada 9,383,598 6,520,047 49,974 Power Financial Corp.* 1,639,887 1,014,472

133,538 Royal Bank of Canada 5,049,775 4,876,808 15,740 Royal Bank of Canada 4.45% Preferred,

Series AA 393,500 271,043 5,810 Standard Chartered PLC 196,217 91,060

20,200 State Street Corp. 932,380 782,065 31,624 Sumitomo Trust & Banking Co., Ltd. 312,744 150,279

128,758 Toronto-Dominion Bank 6,396,949 5,595,823 20 United Urban Investment Corp. 135,179 101,411

17,400 Wells Fargo & Co. 459,948 312,371 50,967,686 40,020,459

MATERIALS (13.8%) 32,100 Alcoa Inc. 257,018 295,420 36,063 Antofagasta PLC 267,680 329,085

178,770 Barrick Gold Corp. 6,195,344 7,293,816 24,100 Barrick Gold Corp. (USD) 834,947 983,494

2,100 BASF AG 136,068 80,192 6,000 BHP Billiton Ltd., ADR 273,870 337,363

106,300 Cameco Corp. 2,424,631 2,289,702 54,735 Cascades Inc. 626,931 121,512 14,119 Gold Fields Ltd., ADR 200,638 201,316

186,100 Goldcorp Inc. 6,230,984 7,834,810 3,050 Inmet Mining Corp. 104,973 95,221 3,300 Monsanto Co. 314,945 345,472

10,370 Newcrest Mining Ltd. 200,435 297,179 13,700 Newmont Mining Corp.* 661,090 771,695 25,700 Potash Corp. of Saskatchewan Inc. 2,445,019 2,620,115 10,100 Yamana Gold Inc. 99,318 117,781

21,273,891 24,014,173INDUSTRIALS (9.3%)

10,690 Ansaldo STS SpA 152,539 211,447 20,900 BAE Systems PLC 207,447 126,169

8,700 Boeing Co., Preferred Rights 598,525 388,490 74,710 Canadian National Railway Co. 3,251,717 3,331,319 65,100 Canadian Pacific Railway Ltd. 3,221,338 2,436,693

324,100 Celestica Inc.* 2,180,524 1,439,004 11,500 Cummins Inc. 299,832 368,396 11,100 Eaton Corp.* 559,295 514,551

2,280 Fanuc Ltd. 185,283 192,004 46,100 Finning International Inc. 1,233,632 577,172

8,800 Flour Corp. 386,041 383,303 46,500 General Electric Co. 1,334,422 592,674 11,410 Henkel KGaA, Preferred, Non-Voting Shares 599,269 390,990

1,107 Keyence Corp. 240,381 259,501 4,260 Metro AG 361,787 176,587

157,500 Mullen Group Income Fund 2,847,508 1,404,900 10,300 Norfolk Southern Corp. 404,758 437,342

2,171 Siemens AG, Registered Shares* 266,205 155,952 74,796 Sime Darby Berhad 172,191 147,437

2,030 SMC Corp. 239,572 243,625 18,520 Suzuki Motor Corp. 461,326 383,650

7,060 Thales SA 393,950 337,469 7,883 THK Co., Ltd. 152,335 132,367

138,600 Westjet Airlines Ltd.* 1,857,943 1,631,322 21,607,820 16,262,364

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

CIG - 2307





CONSUMER STAPLES (6.7%) 39,031 Cadbury PLC 505,796 371,700 10,722 Carrefour SA* 710,188 527,777 25,660 Diageo PLC 573,169 364,808 50,722 Empire Co., Ltd., Class A 1,848,202 2,666,963 28,020 George Weston Ltd. 2,369,418 1,639,170

4,000 George Weston Ltd., 5.2% Preferred 99,220 70,040 10,803 George Weston Ltd., 5.2% Preferred, Series IV 270,499 189,052 14,940 Heineken NV 819,513 532,347 16,616 KOSE Corp. 501,616 385,488

9,600 Kraft Foods Inc., Class A 293,900 269,286 86,600 Loblaw Cos. Ltd. 3,754,835 2,703,652

3,065 L'Oreal SA 380,786 264,730 10,050 Nestle SA, Registered Shares 451,865 428,346

6,560 Phillip Morris International Inc. 341,121 293,757 9,700 Seven & I Holdings Co., Ltd. 316,747 266,313

12,100 Sugi Pharmacy Co., Ltd.* 288,654 277,788 23,671 Symrise AG 490,257 353,636


7,900 Best Buy Co., Inc. 243,356 377,167 31,254 Canadian Tire Corp., Ltd.,

Class A, Non-Voting Shares 1,549,804 1,356,424 22,300 eBay Inc. 572,904 351,982 14,100 Fortune Brands Inc. 510,565 435,687

145 Fuji Television Network Inc. 344,800 203,575 25,400 Harley-Davidson Inc.* 654,763 427,811 39,950 Kingfisher PLC 178,596 108,174 32,800 Magna International Inc., Class A* 1,137,318 1,098,144 17,900 Nordstrom Inc.* 391,840 377,538 26,300 Shaw Communications Inc., Class B 518,295 505,486

103,600 Thomson Corp. 4,064,981 3,315,200 16,030 Vivendi Universal SA 719,133 534,942 10,700 Walt Disney Co. 246,843 244,699 49,930 WPP PLC 801,792 353,798

11,934,990 9,690,627 INFORMATION TECHNOLOGY (5.3%)

16,900 Accenture Ltd., Class A 623,065 585,697 4,150 Apple Computer Inc. 495,999 549,455

41,100 Applied Materials Inc. 764,980 555,973 6,000 Canon Inc. 245,649 215,181

28,200 Cisco Systems Inc. 676,028 594,781 30,600 Intel Corp. 563,125 579,819 40,700 Microsoft Corp. 1,200,423 939,495 21,978 Nokia OYJ 496,516 326,871 31,600 Nokia OYJ, Class A, ADR 772,739 464,911 17,890 Nomura Research Institute Ltd. 419,227 348,263 47,700 Research In Motion Ltd. 2,390,065 2,599,173

455 Samsung Electronics Co., Ltd. 289,382 236,703 7,690 SAP AG 380,896 343,756

164,100 Taiwan Semiconductor Manufacturing Co., Ltd. 259,425 313,354 37,796 Telefonaktiebolaget LM Ericsson, Class B* 635,798 390,707 10,410 UbiSoft Entertainment 194,842 239,820

10,408,159 9,283,959

HEALTH CARE (2.6%) 27,420 GlaxoSmithKline PLC 823,149 538,620 20,600 Johnson & Johnson 1,417,062 1,365,265 18,400 Medtronic Inc. 699,444 683,148 24,200 Merck & Co., Inc. 1,047,654 814,894

3,280 Novartis AG, Registered Shares 199,835 155,566 6,140 Sanofi-Aventis* 565,915 434,377

12,200 WellPoint Inc. 892,765 583,230 5,645,824 4,575,100

TELECOMMUNICATION SERVICES (1.6%) 94,600 BCE Inc. 2,868,209 2,361,216 23,080 Vodafone Group PLC, ADR 702,374 506,869

3,570,583 2,868,085 UTILITIES (1.3%)

48,713 Atco Ltd., Class I 1,665,630 1,750,745 41,000 Energias de Portugal SA 261,565 179,157 12,969 Scottish and Southern Energy PLC 377,352 259,446

2,304,547 2,189,348


Total Equities (94.9%) 197,158,037 165,329,085

Short Term Notes (1.0%) 1,793,136 1,799,197


Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (237,683)


Other Assets (net) (4.2%) 7,196,880

Total Net Assets (100.0%) 174,087,479




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

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


Credit Unrealized GainContracts Counterparty Rating Due Date Pay Receive (Loss) $

1 Royal Bank of Canada A-1+ 6-Apr-09 (1,000,000) US $ 1,281,650 Canadian $ 20,974 1 Toronto-Dominion Bank A-1+ 5-May-09 (1,000,000) US $ 1,227,000 Canadian $ (33,479)1 Bank of Nova Scotia†† A-1+ 27-Apr-09 (1,100,000) US $ 1,350,701 Canadian $ (35,950)1 Royal Bank of Canada A-1+ 27-May-09 (2,500,000) US $ 3,067,750 Canadian $ (82,339)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (3,500,000) US $ 4,367,300 Canadian $ (44,730)1 Toronto-Dominion Bank A-1+ 12-May-09 (3,500,000) US $ 4,354,000 Canadian $ (57,183)1 Bank of Nova Scotia†† A-1+ 29-May-09 (5,000,000) US $ 6,295,000 Canadian $ (4,976)

Total Foreign Currency Forward Contracts Value (237,683)


CI Canadian Investment Corporate ClassFinancial Statements





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


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



165,329 226,2375,534 21,1461,799 -

- -1,569 -

- -21 -

- -- -

418 549- 506- -

358 522175,028 248,960

- -- -- 1

259 173- -

60 615561 242

- -- -- 1

61 134941 1,166

174,087 247,794

197,158 219,019- -

157,734 225,3546,813 13,1645,113 5,0661,109 1,038

23 34807 885

2,476 2,25312 -

- -

12.61 17.3113.44 18.26

8.42 11.296.33 9.197.03 10.106.67 9.416.11 9.216.24 -

- -

12,510,336 13,021,232506,941 720,732607,584 448,752175,212 112,953

3,284 3,334120,983 94,144405,166 244,659

2,001 -- -


2009 2008


2009 2008










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















4,973 5,0411,512 1,626

14 5- -- -- -

(186) (133)6,313 6,539

3,956 4,866415 512

- 1317 51

218 3094,606 5,7511,707 788

(35) -1,672 788

(29,422) 21,768443 (307)

(256) (274)- -

(39,106) (28,450)(68,341) (7,263)(66,669) (6,475)

(60,585) (6,104)(2,754) (223)(1,695) (92)

(384) (34)(9) 1

(225) (19)(1,001) (4)

(8) -(8) -

(4.73) (0.46)(4.80) (0.33)(3.04) (0.16)(2.79) (0.51)(2.58) 0.17(2.22) (0.23)(2.80) (0.05)(3.38) -(0.74) -

225,354 240,544- (125)

225,354 240,419

42,080 47,636- -

(41,639) (40,890)(7,476) (15,707)(7,035) (8,961)

- -- -- -- -

(60,585) (6,104)157,734 225,354

13,164 12,490- (7)

13,164 12,483

1,377 2,703- -

(3,944) (2,362)(1,030) 563(3,597) 904

- -- -- -- -

(2,754) (223)6,813 13,164

5,066 5,037- (3)

5,066 5,034

2,456 2,842- -

(1,664) (2,765)950 47

1,742 124

- -- -- -- -

(1,695) (92)5,113 5,066


2009 2008


2009 2008



























2,253 -- -

2,253 -

2,136 2,083- -

(291) (10)(366) 219

1,479 2,292

- -- -

(255) (35)(255) (35)

(1,001) (4)2,476 2,253

- -- -- -

20 -- -

(29) -30 -21 -

- -- -

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

12 -

- -- -- -

123 -- -

(1) -(111) -

11 -

- -- -

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

1,038 -- -

1,038 -

749 961- -

(234) (10)2 137

517 1,088

- -- -

(62) (16)(62) (16)

(384) (34)1,109 1,038

34 -- -

34 -

- 33- -- -- -- 33

- -- -

(2) -(2) -(9) 1

23 34

885 -- -

885 -

928 625- -

(630) (4)(112) 300186 921

- -- -

(39) (17)(39) (17)

(225) (19)807 885



2009 2008



2009 2008






247,794 258,071- (135)

247,794 257,936

49,869 56,883- -

(48,432) (46,041)(8,113) (14,441)(6,676) (3,599)

- -- -

(362) (68)(362) (68)

(66,669) (6,475)174,087 247,794



2009 2008









CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

13,021,232 13,536,3722,931,546 2,642,883

- -(2,892,196) (2,281,885)

(550,246) (876,138)12,510,336 13,021,232

720,732 672,69090,826 142,629

- -(248,160) (124,778)

(56,457) 30,191506,941 720,732

448,752 444,583220,135 240,920

- -(174,627) (238,612)113,324 1,861607,584 448,752

112,953 -96,528 100,217

- -(35,301) (1,080)

1,032 13,816175,212 112,953

3,334 -- 3,340- -

(50) (6)- -

3,284 3,334

94,144 -133,967 62,500

- -(94,430) (442)(12,698) 32,086120,983 94,144





244,659 -248,705 222,988

- -(38,575) (1,092)(49,623) 22,763

405,166 244,659

- -2,001 -

- -(4,309) -4,309 -2,001 -

- -12,500 -

- -(56) -

(12,444) -- -

Schedule of Fund Share Transactions (cont’d)for the years ended March 31

2009 2008












2009 2008


10,958 19,04411,679 20,240

CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


247 20516 22


2009 2008

12.61 17.310.03 0.03

12.64 17.34

13.44 18.260.04 0.04

13.48 18.30

8.42 11.290.02 0.028.44 11.31

6.33 9.190.02 0.026.35 9.21

7.03 10.100.02 0.017.05 10.11

6.67 9.410.02 0.016.69 9.42

6.11 9.210.02 0.026.13 9.23

6.24 -0.02 -6.26 -

- -- -- -


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

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

1.951.00




0.200.20

-0.200.20

-0.200.20

-


2009


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


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

As at March 31, 2009, had the Canadian and global markets increased or decreased by 10%, withall other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $16,533,000. In practice, the actual trading results may differ fromthis analysis. The difference may be material.



Credit Rating (%)AAA/Aaa/A++ 1.0 A 0.2 BBB/Baa/B++ 0.1 Not Rated 0.2 Total 1.5




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





CI Can-Am Small Cap Corporate Class Statement of Investment Portfolio as at March 31, 2009



CONSUMER STAPLES (17.5%) 70,500 Alberto-Culver Co. 2,361,084 2,005,118 36,300 Canada Bread Co., Ltd.* 2,050,168 1,270,500 86,700 Empire Co., Ltd., Class A 3,490,897 4,558,686 90,700 Metro Inc., Class A 2,668,989 3,422,111 93,400 Saputo Inc. 1,556,574 1,939,918 25,000 WD-40 Co. 806,538 759,887

12,934,250 13,956,220FINANCIALS (17.4%)

211,900 Canadian Western Bank 4,053,244 2,203,760 229,800 Crombie REIT 2,052,909 1,518,978 270,300 GMP Capital Trust 3,461,449 1,892,100 161,500 Industrial Alliance Insurance

and Financial Services Inc. 4,837,586 3,165,400 94,700 ING Canada Inc. 2,750,792 3,403,518 41,000 National Bank of Canada 1,382,747 1,650,660

5,800 Ship Finance International Ltd. 125,742 47,382 18,664,469 13,881,798

CONSUMER DISCRETIONARY (13.3%) 169,750 Astral Media Inc., Class A,

Non-Voting Shares* 5,472,928 4,411,802 225,000 Gentex Corp. 3,135,501 2,822,393 362,200 Leon's Furniture Ltd.* 4,377,163 3,350,350

12,985,592 10,584,545ENERGY (12.6%)

301,800 AltaGas Income Trust 7,066,812 4,300,650 263,300 Pason Systems Inc.* 3,631,475 2,503,983 206,860 Savanna Energy Services Corp. 2,529,611 1,036,369 81,600 Vermilion Energy Trust 2,414,348 2,195,040

15,642,246 10,036,042INDUSTRIALS (11.0%)

22,000 Graco Inc.* 808,101 472,334 117,764 Miller Industries Inc. 2,588,439 950,177 364,000 Mullen Group Income Fund 5,928,306 3,246,880 138,900 Richelieu Hardware Ltd. 2,824,915 2,036,274 367,300 Transcontinental Inc., Class A 5,136,141 2,100,956


160,100 Bell Aliant Regional Communications Income Fund 3,631,447 3,858,410

66,950 Manitoba Telecom Services Inc. 2,818,050 2,139,722 6,449,497 5,998,132

INFORMATION TECHNOLOGY (6.9%) 155,100 Aastra Technologies Ltd.* 3,459,480 2,903,472 150,000 Total System Services Inc.* 3,029,492 2,605,867

6,488,972 5,509,339MATERIALS (5.4%)

264,000 Canam Manac Group Inc., Class A* 2,385,625 1,306,800 143,250 CCL Industries Inc., Class B 4,198,515 2,993,925

6,584,140 4,300,725


Total Equities (91.6%) 96,857,999 73,073,422

Short Term Notes (4.4%) 3,496,647 3,499,246



Total Net Assets (100.0%) 79,821,660


CIG - 6104


CI Can-Am Small Cap Corporate Class Financial Statements



















73,073 84,3243,055 3,6813,499 2,494

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

149 114- -- -

288 19780,064 90,810

- -- -- -- -- -- 237

194 182- -- -- -

48 81242 500

79,822 90,310

96,858 88,248- -

53,879 56,9932,273 2,131

23,670 31,186

9.70 12.718.90 11.559.39 12.03

5,556,889 4,484,831255,343 184,506

2,520,853 2,593,267

1,385 1,8851,505 1,395

23 24- -- -- -

(25) (131)2,888 3,173

1,080 1,279111 130

- -32 3459 81

1,282 1,5241,606 1,649

- -1,606 1,649

(3,761) 1,571963 (44)

(137) (236)- -

(19,867) (4,835)(22,802) (3,544)(21,196) (1,895)

(13,916) (1,631)(789) (42)

(6,491) (222)

(2.99) (0.35)(2.95) (0.24)(2.55) (0.09)


2009 2008


2009 2008



















31,186 27,992- (54)

31,186 27,938

2,755 4,357- -

(3,879) (971)99 84

(1,025) 3,470

- -- -- -- -

(6,491) (222)23,670 31,186

90,310 91,578- (176)

90,310 91,402

23,876 16,208- -

(13,723) (15,218)555 (187)

10,708 803

- -- -- -- -

(21,196) (1,895)79,822 90,310

56,993 61,692- (118)

56,993 61,574

19,974 11,165- -

(9,421) (13,639)249 (476)

10,802 (2,950)

- -- -- -- -

(13,916) (1,631)53,879 56,993

2,131 1,894- (4)

2,131 1,890

1,147 686- -

(423) (608)207 205931 283

- -- -- -- -

(789) (42)2,273 2,131

CI Can-Am Small Cap Corporate Class Financial Statements


2009 2008



2009 2008






2009 2008


7,489 19,7527,982 20,992

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


2009 2008


137 10112 9


2009 2008

4,484,831 4,721,3341,874,706 829,625

- -(837,138) (1,026,731)

34,490 (39,397)5,556,889 4,484,831

184,506 161,29698,425 56,199

- -(43,515) (50,017)15,927 17,028

255,343 184,506

2,593,267 2,317,942261,687 345,797

- -(345,793) (77,881)

11,692 7,4092,520,853 2,593,267




2.001.00


0.200.20

-


2009




9.70 12.710.05 0.059.75 12.76

8.90 11.550.05 0.048.95 11.59

9.39 12.030.05 0.049.44 12.07


2009 2008


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

As at March 31, 2009, had the Canadian markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $7,307,000. In practice, the actual trading results may differ from this analysis.The difference may be material.





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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 10,121 12.7 Euro - 1 0.1 Total - 10,122 12.8





CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at March 31, 2009



HONG KONG (14.1%) 18,900 China Mobile (Hong Kong) Ltd., ADR 1,178,719 1,035,770

676,400 China Overseas Land & Investment Ltd. 1,113,583 1,342,297 284,000 China Shenhua Energy Co., Ltd.,

Class H 757,212 805,657 240,000 China Yurun Food Group Ltd. 386,856 385,703

11,300 CNOOC Ltd., ADR 1,302,675 1,428,580 2,109,000 Industrial & Commercial Bank of China 1,581,983 1,375,644

452,000 New World Department Store China 275,823 244,832 1,232,000 Want Want China Holdings Ltd. 570,767 709,413

7,167,618 7,327,896 BRAZIL (12.7%)

44,500 Banco Bradesco SA, Preferred, ADR 823,902 555,401 79,425 BM&F Bovespa SA 641,676 303,375 63,200 Cia Vale do Rio Doce, ADR 1,142,589 1,059,694 34,923 Energias do Brasil SA 555,744 458,432 26,200 Gafisa S.A., ADR 857,944 329,973 33,824 GVT Holding SA 712,400 482,231 60,662 Itau Unibanco Banco Multiplo SA, ADR 1,045,816 836,654 49,439 MRV Engenharia e Participacoes SA 1,041,655 369,351 39,037 Net Servicos de Comunicacao SA,

Preferred 520,129 356,754 38,500 Petroleo Brasileiro SA, ADR 1,390,989 1,478,436 22,206 Redecard SA 323,486 336,742

9,056,330 6,567,043 SOUTH KOREA (11.1%)

14,000 KB Finanical Group Inc. 1,135,319 426,772 6,785 KT&G Corp. 518,427 473,744

972 Megastudy Co., Ltd. 175,129 175,777 7,030 NHN Corp. 1,297,452 973,961 8,865 S1 Corp. 360,005 376,590 2,855 Samsung Electronics Co., Ltd. 1,887,753 1,485,246

13,548 Shinhan Financial Group Co., Ltd. 635,152 305,787 1,831 Shinsegae Co., Ltd. 999,546 722,381

30,047 Woongjin Coway Co., Ltd. 847,060 822,915 7,855,843 5,763,173

MEXICO (7.2%) 28,400 America Movil SAB de C.V., ADR,

Series L 1,532,429 969,569 404,366 Corporacion GEO SAB de CV,

Series B 1,067,780 515,134 37,700 Groupo Televisa SA, GDR 986,151 648,287

203,744 Grupo Financiero Banorte SA de CV 830,344 339,907 380,834 Grupo Mexico SA de CV 854,880 347,847 306,808 Wal-Mart de Mexico SA de CV* 843,116 902,974

6,114,700 3,723,718 TAIWAN (6.6%)

536,648 Acer Inc. 1,200,884 1,016,772 316,806 Delta Electronics Inc. 1,008,911 734,416 29,000 High Tech Computer Corp. 374,536 449,260

124,605 Hon Hai Precision Industry Co., Ltd. 711,971 354,591 444,164 Taiwan Semiconductor

Manufacturing Co., Ltd. 917,519 848,146 1,758 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 19,680 19,814 4,233,501 3,422,999

RUSSIA (6.6%) 12,100 Lukoil, ADR (London Stock Exchange) 812,246 569,755 17,700 Mobile Telesystems OJSC, ADR 1,066,759 667,647 25,900 NovaTek OAO, Registered GDR 1,159,931 750,999 65,900 OAO Gazprom, ADR 3,120,193 1,233,740 34,554 OAO TMK, GDR 1,310,994 200,386

7,470,123 3,422,527 INDIA (6.1%)

85,450 Bharti Tele Ventures Ltd. 1,512,401 1,321,715 12,702 Housing Development Finance Corp., Ltd. 455,888 444,272 17,800 Infosys Technologies Ltd., ADR 577,567 597,141

104,400 Rolta India Ltd. 683,332 151,996 12,242 State Bank of India Ltd., GDR 880,678 632,773

4,109,866 3,147,897 SOUTH AFRICA (5.4%)

79,882 Aspen Pharmacare Holdings Ltd. 409,830 480,632 52,368 Massmart Holdings Ltd. 549,375 484,962 35,600 MTN Group Ltd. 499,315 495,704 48,500 Naspers Ltd. 1,150,885 1,027,994 17,000 SABMiller PLC (ZAR) 391,454 319,092

3,000,859 2,808,384 ISRAEL (4.6%)

8,300 Elbit Systems Ltd. 468,904 495,302 83,600 ICL-Israel Chemicals Ltd. 742,708 854,442 17,900 Teva Pharmaceutical Industries Ltd., ADR 763,726 1,016,397

1,975,338 2,366,141 CHILE (3.6%)

20,100 Banco Santander Chile SA, ADR 955,779 867,898 52,800 Lan Airlines SA, ADR 797,127 551,824 13,800 Sociedad Quimica y

Minera de Chile SA, ADR 380,373 461,038 2,133,279 1,880,760

CAYMAN ISLANDS (3.4%) 198,000 China High Speed Transmission

Equipment Group Co., Ltd. 289,117 356,210 314,000 Parkson Retail Group Ltd. 334,004 398,902

34,800 SINA Corp. 1,080,287 1,017,400 1,703,408 1,772,512

THAILAND (2.9%) 152,100 Bangkok Bank PCL,

Foreign Registered Shares 542,628 402,694 66,800 Banpu Public Co., Ltd. 515,589 508,019

354,500 Kasikornbank PCL, Foreign Registered Shares 747,660 570,065

1,805,877 1,480,778 U.K. (2.8%)

58,717 Billiton PLC 1,469,227 1,466,194

CZECH REPUBLIC (2.7%) 19,745 CEZ Group 1,131,723 887,055

4,202 Komercni Banka AS 845,601 527,239 1,977,324 1,414,294

CHINA (2.5%) 892,000 China Molybdenum Co., Ltd. 847,312 502,026 424,000 Harbin Power Equipment Co., Ltd. 750,772 346,222

4,300 PetroChina Co., Ltd., ADR 641,749 432,055 2,239,833 1,280,303


CIG - 277


CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at March 31, 2009


TURKEY (2.4%) 144,241 Akbank TAS 838,162 533,712

28,851 Anadolu Efes Biracilik ve Malt Sanayii AS 268,283 218,755 284,700 Turkiye Garanti Bankasi AS 832,369 507,287

1,938,814 1,259,754 INDONESIA (1.4%)

3,057,875 PT Bank Mandiri 1,020,649 725,639

COLOMBIA (1.2%) 26,100 Bancolombia SA, ADR 904,123 638,343

EGYPT (0.7%) 11,969 Orascom Construction Industries 840,402 358,978

BERMUDA (0.5%) 1,342,000 GOME Electrical Appliances Holdings Ltd.^ 605,677 244,487




Total Net Assets (100.0%) 51,835,554

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


CI Emerging Markets Corporate ClassFinancial Statements



















51,072 69,349622 1,135

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

68 11984 34

- -134 462

51,980 71,099

- -- -- -- -- -

50 1893 167

- -- -- -1 4

144 18951,836 70,910

67,489 66,232- -

26,928 50,3251,844 3,716

23,064 16,869

9.78 16.2111.59 19.03

6.97 11.27

2,753,675 3,104,016159,063 195,231

3,307,940 1,497,272

2,268 3,33646 8513 2

- -- -- -

(181) (169)2,146 3,254

916 1,080102 114

- 11 2

50 681,069 1,2651,077 1,989

- -1,077 1,989

(14,404) 5,505(142) (151)(182) (335)

- -

(19,535) (4,368)(34,263) 651(33,186) 2,640

(19,988) 1,233(1,508) 147

(11,690) 1,260

(6.64) 0.44(7.85) 0.82(4.56) 0.84


2009 2008


2009 2008



















16,869 15,731- (57)

16,869 15,674

15,788 405- -

(296) (476)2,393 6

17,885 (65)

- -- -- -- -

(11,690) 1,26023,064 16,869

70,910 56,703- (204)

70,910 56,499

23,103 18,490- -

(10,017) (9,761)1,026 3,042

14,112 11,771

- -- -- -- -

(33,186) 2,64051,836 70,910

50,325 38,077- (136)

50,325 37,941

7,001 17,379- -

(8,512) (8,858)(1,898) 2,630(3,409) 11,151

- -- -- -- -

(19,988) 1,23326,928 50,325

3,716 2,895- (11)

3,716 2,884

314 706- -

(1,209) (427)531 406

(364) 685

- -- -- -- -

(1,508) 1471,844 3,716

CI Emerging Markets Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


617 3,322657 3,531

CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


172 23217 27


2009 2008

3,104,016 2,461,770530,960 1,039,138

- -(707,290) (539,189)(174,011) 142,297

2,753,675 3,104,016

195,231 160,94721,823 36,304

- -(87,387) (22,161)29,396 20,141

159,063 195,231

1,497,272 1,502,3621,538,151 36,113

- -(38,497) (41,655)

311,014 4523,307,940 1,497,272




2.251.25


0.220.22

-


2009




9.78 16.210.02 0.079.80 16.28

11.59 19.030.03 0.08

11.62 19.11

6.97 11.270.02 0.046.99 11.31


2009 2008


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

As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $5,107,000. In practice, the actual trading results may differ from this analysis.The difference may be material.



Credit Rating (%)BBB/Baa/B++ 1.1Not Rated 0.7Total 1.8


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




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





CI European Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.K. (27.0%) 21,352 BG Group PLC 348,607 407,065 14,000 BHP Billiton PLC 350,199 350,722 10,495 British American Tobacco PLC 325,860 306,198 75,565 Centrica PLC 346,548 311,289 24,486 Diageo PLC 401,714 348,117 14,983 Imperial Tobacco Group PLC 628,018 424,671 22,400 Inmarsat PLC 188,301 197,214 12,947 Next PLC 256,947 309,823 14,490 Smith & Nephew PLC 166,919 113,158

146,857 Vodafone Group PLC 348,994 325,133 3,362,107 3,093,390

GERMANY (19.8%) 3,541 Deutsche Boerse AG* 338,059 268,420 5,644 Fresenius AG 476,891 326,690

714 Fresenius SE 58,890 34,273 11,468 Hannover Rueckversicherung AG,

Registered Shares 420,243 459,242 6,365 K+S AG 681,488 370,342 2,988 Muenchener Rueckversicherungs AG,

Registered Shares 464,752 459,407 7,738 SAP AG* 384,155 345,901

2,824,478 2,264,275 FRANCE (13.6%)

7,721 Alstom 443,968 504,134 8,900 Bouygues SA* 564,369 401,273 8,000 Publicis Groupe 255,297 258,730 6,314 Total SA 402,510 395,451

1,666,144 1,559,588 SWITZERLAND (7.5%)

7,785 Julius Baer Holding Ltd. 444,297 241,268 580 Nestle SA, Registered Shares 23,087 24,720

3,489 Novartis AG, Registered Shares 157,005 165,479 2,499 Roche Holding AG 378,874 432,079

1,003,263 863,546 NORWAY (7.1%)

21,474 Statoil ASA 465,060 478,931 12,172 Yara International ASA 635,980 336,198

1,101,040 815,129 SPAIN (6.4%)

6,881 Inditex SA 313,250 337,786 15,501 Telefonica SA 478,254 389,686

791,504 727,472 SWEDEN (4.6%)

30,300 Electrolux AB, Series B 296,786 298,580 33,800 Volvo AB, Series B* 220,263 226,539

517,049 525,119 ITALY (3.7%)

108,468 Intesa Sanpaolo SpA 458,387 371,055 2,488 Lottomatica SpA* 86,858 51,421

545,245 422,476

PORTUGAL (2.8%) 52,739 Jeronimo Martins SGPS SA 361,405 324,170

FINLAND (2.7%) 12,700 Fortum OYJ 331,618 305,232

U.S.A. (2.5%) 9,000 iShares S&P Europe 350 Index Fund 292,830 283,204




Total Net Assets (100.0%) 11,464,731


CIG - 275


CI European Corporate ClassFinancial Statements





Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares







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


A SharesF Shares

11,184 28,320221 -

- -- -- -- -- -- -- -1 3

47 -- -

31 2511,484 28,348

- 94- -- -- -- -- -

18 51- -- -- -1 4

19 14911,465 28,199

12,762 27,830- -

11,083 27,181382 1,018

5.97 10.798.53 15.26

1,857,625 2,519,04144,786 66,736

687 8965 33

36 57- -- -- -

(87) (130)641 856

379 69042 781 21 -

21 44444 814197 42

- -197 42

(9,044) (593)18 (174)

(123) (166)- -

(2,068) (4,005)(11,217) (4,938)(11,020) (4,896)

(10,656) (4,624)(364) (272)

(4.88) (1.61)(6.63) (2.33)


2009 2008


2009 2008















28,199 37,906- (28)

28,199 37,878

2,177 10,341- -

(5,110) (9,661)(2,781) (5,463)(5,714) (4,783)

- -- -- -- -

(11,020) (4,896)11,465 28,199

27,181 35,570- (26)

27,181 35,544

1,982 10,029- -

(4,665) (8,796)(2,759) (4,972)(5,442) (3,739)

- -- -- -- -

(10,656) (4,624)11,083 27,181

1,018 2,336- (2)

1,018 2,334

195 312- -

(445) (865)(22) (491)

(272) (1,044)

- -- -- -- -

(364) (272)382 1,018

CI European Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


1,285 8,3181,369 8,840

CI European Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


120 11712 14


2009 2008

2,519,041 2,887,801245,337 844,794

- -(584,515) (771,749)(322,238) (441,805)

1,857,625 2,519,041

66,736 135,55015,208 18,214

- -(35,538) (53,815)

(1,620) (33,213)44,786 66,736


Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22

Schedule of Fees (Notes 5)as at March 31 (%)

2009



5.97 10.790.01 0.025.98 10.81

8.53 15.260.02 0.028.55 15.28


2009 2008


Other Price RiskThe Fund is predominantly invested in European stocks and therefore sensitive to changes ingeneral economic conditions across Europe.

As at March 31, 2009, had the European markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,118,000. In practice, the actual trading results may differ from this analysis.The difference may be material.



Credit Rating (%)Not Rated 2.8Total 2.8


CI European Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Euro - 5,651 49.3 British Pound - 3,117 27.2 Swiss Franc - 864 7.5 Norwegian Krone - 815 7.1 Swedish Krona - 525 4.6 US Dollar - 474 4.1 Total - 11,446 99.8





CI Global Biotechnology Corporate ClassStatement of Investment Portfolio as at March 31, 2009


U.S.A. (78.2%) 53,600 Acorda Therapeutics Inc.* 1,201,031 1,333,901 49,300 Alexion Pharmaceuticals Inc. 1,203,066 2,335,692 73,000 Alkermes Inc. 1,394,671 1,115,417 42,500 AMAG Pharmaceuticals Inc.* 1,900,066 1,969,592 55,660 Amgen Inc. 5,341,755 3,467,128

150,000 Aphton Corp., Restricted Shares 7,185,915 95 48,000 Biogen Idec Inc.* 2,511,145 3,166,072 53,800 BioMarin Pharmaceuticals Inc.* 803,875 832,221 33,500 Celgene Corp. 1,674,205 1,873,054 23,000 Cephalon Inc.* 1,464,970 1,974,345 65,600 Cubist Pharmaceuticals Inc. 1,544,567 1,352,177 18,440 Facet Biotech Corp. 301,181 220,617 29,050 Genzyme Corp. 1,826,592 2,173,595 64,400 Gilead Sciences Inc. 1,784,595 3,718,460

333,800 ImmunoGen Inc.* 3,435,580 2,979,418 18,700 Onyx Pharmaceuticals Inc. 481,342 672,833 92,200 PDL BioPharma Inc. 1,275,782 821,792 44,632 Rigel Pharmaceuticals Inc.* 1,828,793 344,920 11,500 United Therapeutics Corp. 958,593 957,306 64,600 Vertex Pharmaceuticals Inc. 2,200,526 2,343,064

40,318,250 33,651,699SWITZERLAND (5.8%)

14,400 Roche Holding AG 2,145,768 2,489,771



Other Assets (net) (16.0%) 6,890,808

Total Net Assets (100.0%) 43,032,278


CIG - 221


CI Global Biotechnology Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

36,141 42,9411,590 1,738

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

71 265,293 159

- -50 -

43,145 44,864

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

98 256- -- -- -

15 10113 266

43,032 44,598

42,233 63,242- -

42,380 44,007652 591

7.74 6.794.24 3.67

5,473,832 6,484,649153,828 160,810

466 9322 6012 36

- -- -2 1

(55) (5)447 185

874 1,27097 141

- 210 348 82

1,029 1,498(582) (1,313)

- -(582) (1,313)

(8,446) (20,622)302 55(67) (932)

- -

14,209 5,0815,998 (16,418)5,416 (17,731)

5,345 (17,501)71 (230)

0.91 (2.24)0.45 (1.21)


2009 2008


2009 2008















44,598 84,292- (102)

44,598 84,190

5,069 2,763- -

(12,100) (22,908)49 (1,716)

(6,982) (21,861)

- -- -- -- -

5,416 (17,731)43,032 44,598

44,007 83,512- (101)

44,007 83,411

4,886 2,703- -

(11,876) (22,579)18 (2,027)

(6,972) (21,903)

- -- -- -- -

5,345 (17,501)42,380 44,007

591 780- (1)

591 779

183 60- -

(224) (329)31 311(10) 42

- -- -- -- -

71 (230)652 591

CI Global Biotechnology Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


5,173 19,8135,513 21,057

CI Global Biotechnology Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


66 1537 18


2009 2008

6,484,649 9,239,460631,509 338,551

- -(1,635,386) (2,842,735)

(6,940) (250,627)5,473,832 6,484,649

160,810 161,16642,388 13,063

- -(57,366) (79,296)

7,996 65,877153,828 160,810




2.001.00

0.220.22


2009



7.74 6.790.02 0.017.76 6.80

4.24 3.67- 0.01

4.24 3.68


2009 2008



As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $3,614,000. In practice, the actual trading results may differ from this analysis. The difference may be material.


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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 40,575 94.3 Swiss Franc - 2,490 5.8 Total - 43,065 100.1





CI Global Consumer Products Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (28.8%) 4,050 Columbia Sportswear Co.* 180,755 152,511

19,960 Comcast Corp., Class A 365,503 342,980 10,915 Dr. Pepper Snapple Group Inc. 258,651 232,140 11,258 Kraft Foods Inc., Class A 252,683 315,793 13,390 Liberty Media Corp.,

Entertainment Series A 423,731 336,771 3,570 Lorillard Inc. 268,421 277,378 6,550 Molson Coors Brewing Co.,

Class B (USD)* 297,646 282,327 8,610 Phillip Morris International Inc. 230,187 385,556 3,810 Procter & Gamble Co. 193,539 225,802 3,820 TJX Cos., Inc. 95,311 123,142 4,650 Wal-Mart Stores Inc. 371,618 304,837

2,938,045 2,979,237 U.K. (15.1%)

6,700 British American Tobacco PLC 229,179 195,476 18,420 British Sky Broadcasting PLC 225,948 144,265 23,613 Cadbury PLC 262,456 224,871 28,940 Diageo PLC 464,580 411,439 65,565 Kingfisher PLC 420,005 177,533 26,970 Tesco PLC 240,198 162,593 11,085 Vodafone Group PLC, ADR 325,455 243,442

2,167,821 1,559,619 FRANCE (13.7%)

10,710 Carrefour SA* 616,679 527,186 4,310 L'Oreal SA* 411,051 372,262

15,330 Vivendi Universal SA 685,412 511,582 1,713,142 1,411,030

JAPAN (13.6%) 85 Fuji Television Network Inc. 206,716 119,337

3,340 Honda Motor Co., Ltd.* 104,045 98,508 16,236 KOSE Corp. 521,620 376,672

8,730 Seven & I Holdings Co., Ltd. 390,725 239,682 18,300 Sugi Pharmacy Co., Ltd.* 404,746 420,126

7,280 Suzuki Motor Corp. 116,676 150,809 1,744,528 1,405,134

GERMANY (11.2%) 2,840 Bayerische Motoren Werke AG* 158,320 103,479

17,910 Henkel KGaA* 605,454 567,233 5,740 Metro AG 354,731 237,937

16,360 Symrise AG* 339,469 244,412 1,457,974 1,153,061

SWITZERLAND (5.3%) 12,840 Nestle SA, Registered Shares 432,155 547,260

NETHERLANDS (3.9%) 11,195 Heineken NV 525,006 398,904

JERSEY ISLAND (3.5%) 50,800 WPP PLC 676,651 359,963

BERMUDA (1.6%) 11,069 Signet Jewelers Ltd. 391,229 161,572

ITALY (1.1%) 15,570 Autogrill SpA 208,591 113,110

FINLAND (1.0%) 6,810 Nokia OYJ 142,004 101,283




Total Net Assets (100.0%) 10,334,948


CIG - 211


CI Global Consumer Products Corporate ClassFinancial Statements



















10,190 17,420116 76

- -- -- -- -- -- -- -1 9- -- -

42 5610,349 17,561

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

13 86- -- -- -1 2

14 8810,335 17,473

12,362 17,827- -

10,024 16,78127 203

284 489

19.43 24.948.62 10.94

10.00 12.54

515,949 672,8673,158 18,527

28,374 39,015

430 5621 20

13 17- -- -- -

(50) (68)394 531

256 44328 49

- 2- -

14 29298 523

96 8- -

96 8

(1,624) 28247 (48)

(12) (105)- -

(1,764) (4,501)(3,353) (4,372)(3,257) (4,364)

(3,130) (4,228)(39) (49)(88) (87)

(5.45) (5.21)(2.86) (2.10)(2.56) (2.17)


2009 2008


2009 2008



















489 587- (1)

489 586

8 36- -

(125) (46)- -

(117) (10)

- -- -- -- -

(88) (87)284 489

17,473 28,964- (17)

17,473 28,947

642 1,964- -

(3,900) (7,025)(623) (2,049)

(3,881) (7,110)

- -- -- -- -

(3,257) (4,364)10,335 17,473

16,781 28,069- (16)

16,781 28,053

631 1,872- -

(3,651) (6,882)(607) (2,034)

(3,627) (7,044)

- -- -- -- -

(3,130) (4,228)10,024 16,781

203 308- -

203 308

3 56- -

(124) (97)(16) (15)

(137) (56)

- -- -- -- -

(39) (49)27 203

CI Global Consumer Products Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


2,594 3,3252,764 3,533

CI Global Consumer Products Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


10 231 3


2009 2008

672,867 938,52129,622 68,082

- -(161,065) (257,245)

(25,475) (76,491)515,949 672,867

18,527 23,710269 4,435

- -(13,945) (7,926)

(1,693) (1,692)3,158 18,527

39,015 39,948684 2,813

- -(11,325) (3,746)

- -28,374 39,015




2.001.00


0.220.22

-


2009




19.43 24.940.03 0.04

19.46 24.98

8.62 10.940.01 0.028.63 10.96

10.00 12.540.02 0.02

10.02 12.56


2009 2008



As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $1,019,000. In practice, the actual trading results may differ from this analysis.The difference may be material.


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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 3,338 32.3 Euro - 3,177 30.7 British Pound - 1,855 17.9 Japanese Yen - 1,416 13.7 Swiss Franc - 547 5.3 Total - 10,333 99.9


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $1,033,000. In practice, the actualtrading results may differ from the sensitivity analysis and the difference may be material.



CI Global Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (43.6%) 8,795 Alliance Data Systems Corp.* 459,977 409,253

23,209 Ameriprise Financial Inc. 1,153,669 598,944 15,700 Anadarko Petroleum Corp. 687,661 768,166

5,948 Apple Computer Inc. 674,428 787,508 8,114 Baxter International Inc. 577,782 523,537 6,400 Bed Bath & Beyond Inc. 165,951 199,372 5,100 C.H. Robinson Worldwide Inc. 253,694 292,481

22,008 Capital One Financial Corp.* 567,095 338,495 13,857 Celgene Corp. 802,671 774,773 50,806 Cisco Systems Inc. 1,377,719 1,071,575

1,774 CME Group Inc. 361,870 551,092 10,100 Costco Wholesale Corp. 528,501 589,541

7,702 Danaher Corp.* 536,831 525,500 7,894 Devon Energy Corp. 643,815 443,659

14,212 Dick's Sporting Goods Inc. 272,156 254,960 75,511 DR Horton Inc. 1,454,953 920,552 13,000 Ecolab Inc., Preferred Rights 504,121 568,866

9,132 Entergy Corp. 930,395 782,404 7,436 EOG Resources Inc.* 636,351 512,789

10,396 Express Scripts Inc. 723,193 603,936 2,844 Goldman Sachs Group Inc.* 338,593 380,127 2,703 Google Inc., Class A 1,361,418 1,185,393

17,135 Harris Corp. 894,616 624,517 4,621 International Business Machines Corp. 474,415 564,393

18,629 JP Morgan Chase & Co. 674,378 623,307 33,442 Juniper Networks Inc.* 615,497 634,513 30,136 Kroger Co. 858,910 803,920 6,700 L-3 Communications Holdings Inc. 509,853 571,841

13,500 Lowe's Cos., Inc. 235,055 309,584 19,616 Medco Health Solutions Inc. 953,077 1,020,603 14,041 Medtronic Inc. 537,268 521,309 54,012 Microsoft Corp. 1,747,978 1,246,782 15,318 Molson Coors Brewing Co., Class B (USD)* 689,152 660,257

7,058 Monsanto Co. 786,508 738,892 13,900 Norfolk Southern Corp. 504,020 590,199 20,576 NRG Energy Inc. 579,519 449,543

4,108 NuVasive Inc.* 190,665 162,153 64,792 Oracle Corp. 1,351,000 1,475,200 14,609 Phillip Morris International Inc. 740,698 654,192

8,485 Procter & Gamble Co. 548,538 502,868 21,555 QUALCOMM Inc. 1,072,631 1,054,095 11,724 St. Jude Medical Inc. 526,669 536,087 16,729 TJX Cos., Inc. 485,014 539,278 36,113 Urban Outfitters Inc. 680,660 744,833 36,219 US Bancorp 842,496 667,112 18,416 Vertex Pharmaceuticals Inc. 572,026 667,955 56,530 Walt Disney Co. 1,599,585 1,292,790 23,929 Wells Fargo & Co. 438,032 429,582 73,825 Xerox Corp. 639,829 423,474

34,760,933 31,592,202

JAPAN (11.0%) 51,900 Asahi Glass Co., Ltd. 643,738 343,170 12,200 Canon Inc. 565,740 437,534 34,260 Credit Saison Co., Ltd. 1,170,073 416,399

5,400 Fanuc Ltd. 455,996 454,746 18,100 Honda Motor Co., Ltd.* 506,320 533,831

40 Inpex Holdings Inc. 419,447 347,551 288 Japan Tobacco Inc. 1,307,913 958,384

20,200 Mitsubishi Corp. 297,745 329,666 113,200 Mitsubishi UFJ Financial Group Inc.* 683,275 686,479

65,700 Mitsui Trust Holdings Inc. 456,073 250,271 40,100 Nikon Corp. 709,005 564,522 3,000 Nintendo Co., Ltd.* 1,285,862 1,087,371 6,150 Nitori Co., Ltd. 425,007 432,502

29,200 Toyota Motor Corp.* 1,710,668 1,156,957 10,636,862 7,999,383

HONG KONG (6.5%) 10,400 China Mobile (Hong Kong) Ltd., ADR 670,510 569,947

404,300 CNOOC Ltd. 496,166 506,384 47,500 Esprit Holdings Ltd. 303,035 305,194

187,900 Hutchison Whampoa Ltd. 2,100,497 1,166,021 474,000 Industrial & Commercial Bank of China 297,543 309,178 382,600 Li & Fung Ltd. 1,442,435 1,130,176 67,100 Sun Hung Kai Properties Ltd. 828,587 753,107

6,138,773 4,740,007 U.K. (6.2%)

26,600 BG Group PLC 524,130 507,116 21,400 BHP Billiton PLC 534,956 536,103 21,503 British American Tobacco PLC 674,776 627,362 35,170 Diageo PLC 578,145 500,011 26,250 Imperial Tobacco Group PLC 1,096,653 744,017 25,631 Next PLC 508,370 613,353 54,022 Smith & Nephew PLC 615,226 421,879


SWITZERLAND (5.5%) 18,877 ACE Ltd. 994,897 961,449

6,546 Alcon Inc. 652,657 749,083 13,248 Julius Baer Holding Ltd. 645,710 410,575

1,988 Nestle SA, Registered Shares 89,428 84,732 16,700 Noble Corp. 505,543 507,183 12,691 Novartis AG, Registered Shares 634,834 601,917 3,826 Roche Holding AG 582,430 661,518

4,105,499 3,976,457 GERMANY (5.0%)

6,499 Deutsche Boerse AG* 610,048 492,647 10,225 Fresenius AG 798,022 591,850 16,171 Hannover Rueckversicherung AG,

Registered Shares 610,612 647,577 9,175 K+S AG 1,042,185 533,839 4,874 Muenchener Rueckversicherungs AG,


4,492,839 3,600,394


CIG - 660


CI Global Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FRANCE (2.8%) 13,797 Alstom 650,996 900,859 14,800 Publicis Groupe 472,443 478,651 10,900 Total SA 704,248 682,676

1,827,687 2,062,186 SOUTH KOREA (2.2%)

6,200 Samsung Electronics Co., Ltd., GDR 1,734,399 1,594,534

NORWAY (1.8%) 29,126 Statoil ASA 635,176 649,592 24,848 Yara International ASA 1,172,053 686,317

1,807,229 1,335,909 SPAIN (1.7%)


1,370,827 1,251,665 AUSTRALIA (1.3%)

11,100 CSL Ltd. 399,314 316,056 12,200 Rio Tinto Ltd. 459,596 604,301

858,910 920,357 TAIWAN (1.2%)

96,600 Hon Hai Precision Industry Co., Ltd. 402,820 274,897 52,300 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 505,109 589,456 907,929 864,353

RUSSIA (1.0%) 7,900 Lukoil, ADR (London Stock Exchange) 494,178 371,988

19,300 OAO Gazprom, ADR 766,700 361,323 1,260,878 733,311

ITALY (1.0%) 186,200 Intesa Sanpaolo SpA 771,584 636,966

3,415 Lottomatica SpA* 118,555 70,580 890,139 707,546


SINGAPORE (0.8%) 167,049 Flextronics International Ltd. 1,419,477 606,524

CANADA (0.8%) 10,192 Research In Motion Ltd. (USD) 643,051 552,252

JERSEY ISLAND (0.8%) 15,500 Housing Development Finance Ltd. 754,760 543,916

BERMUDA (0.7%) 16,353 Endurance Specialty Holdings Ltd. 516,737 512,726

SWEDEN (0.7%) 75,500 Volvo AB, Series B* 492,904 506,027

FINLAND (0.6%) 18,100 Fortum OYJ 472,558 435,016

INDIA (0.4%) 6,100 State Bank of India Ltd., GDR 515,293 315,301

BRAZIL (0.4%) 18,300 Cia Vale do Rio Doce, ADR 596,939 306,842

CAYMAN ISLANDS (0.3%) 8,100 SINA Corp. 245,120 236,809

CZECH REPUBLIC (0.3%) 5,034 CEZ Group 221,437 226,155




Total Net Assets (100.0%) 72,494,328



CI Global Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares



70,816 153,1531,139 3,249

- -- -- -

577 766- -- -- -

51 8869 2,738

- -178 365

72,830 160,359

- -- -- 1- 386- -

19 1,898307 346

- -- -- -

10 19336 2,650

72,494 157,709

82,424 167,108- -

69,196 140,5291,668 2,6411,556 14,441

17 3126 4131 26

9.76 14.595.24 7.756.56 9.586.20 9.826.43 10.075.24 8.68

7,092,961 9,631,743318,441 340,943237,229 1,507,264

2,667 3,1614,017 4,0786,007 2,959


2009 2008


2009 2008










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















2,329 3,03455 27267 121

- -- -- -

(274) (361)2,177 3,066

2,098 3,751236 417

2 22 7

116 2412,454 4,418

(277) (1,352)- -

(277) (1,352)

(47,238) (4,120)276 (1,043)

(582) (1,077)- -

2,734 (37,378)(44,810) (43,618)(45,087) (44,970)

(40,431) (40,929)(817) (745)

(3,804) (3,298)(6) -

(13) 1(16) 1

(4.84) (3.69)(2.49) (1.88)(3.42) (2.24)(2.34) (0.11)(3.18) 0.15(3.10) 0.94

140,529 225,465- (167)

140,529 225,298

11,279 7,953- -

(38,580) (39,867)(3,601) (11,926)

(30,902) (43,840)

- -- -- -- -

(40,431) (40,929)69,196 140,529

2,641 4,042- (3)

2,641 4,039

714 761- -

(663) (1,176)(207) (238)(156) (653)

- -- -- -- -

(817) (745)1,668 2,641

14,441 14,018- (10)

14,441 14,008

306 4,638- -

(6,998) (160)(2,389) (747)(9,081) 3,731

- -- -- -- -

(3,804) (3,298)1,556 14,441


2009 2008


2009 2008



















157,709 243,525- (180)

157,709 243,345

12,367 13,423- -

(46,256) (41,203)(6,232) (12,886)

(40,121) (40,666)

- -- -

(7) -(7) -

(45,087) (44,970)72,494 157,709

31 -- -

31 -

44 6- -- -

(51) 25(7) 31

- -- -

(1) -(1) -(6) -17 31

41 -- -

41 -

- 40- -- -- -- 40

- -- -

(2) -(2) -

(13) 126 41

26 -- -

26 -

24 25- -

(15) -16 -25 25

- -- -

(4) -(4) -

(16) 131 26



2009 2008



2009 2008








CI Global Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

9,631,743 12,312,490985,611 479,052

- -(3,390,358) (2,421,744)

(134,035) (738,055)7,092,961 9,631,743

340,943 420,300118,941 85,084

- -(112,783) (135,038)

(28,660) (29,403)318,441 340,943

1,507,264 1,193,74132,526 398,717

- -(988,919) (15,002)(313,642) (70,192)237,229 1,507,264

3,161 -4,442 683

- -- -

(4,936) 2,4782,667 3,161

4,078 -- 4,086- -

(61) (8)- -

4,017 4,078

2,959 -2,809 2,957

- -(1,638) -1,877 26,007 2,959









2009 2008

9.76 14.590.01 0.039.77 14.62

5.24 7.750.01 0.015.25 7.76

6.56 9.580.01 0.026.57 9.60

6.20 9.820.01 0.026.21 9.84

6.43 10.070.01 0.026.44 10.09

5.24 8.680.01 0.015.25 8.69



2009 2008


8,370 24,0068,920 25,513

CI Global Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


569 70657 83


Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

2.001.00

Paid directly by investor2.001.002.00

0.220.22

-0.220.220.22


2009


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






Credit Rating (%)AA/Aa/A+ 0.8Not Rated 0.8Total 1.6




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 41,924 57.8 Euro - 8,856 12.2 Japanese Yen - 8,072 11.1 British Pound - 4,549 6.3 Hong Kong Dollar - 4,188 5.8 Swiss Franc - 1,759 2.4 Norwegian Krone - 1,336 1.8 Australian Dollar - 923 1.3 Swedish Krona - 506 0.7 Taiwan Dollar - 384 0.5 Czech Koruna - 226 0.3 Total - 72,723 100.2


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of theFund would have decreased or increased, respectively, by approximately $7,272,000. In practice, the actual trading results may differ from the sensitivity analysis and the difference may be material.



CI Global Financial Services Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (24.3%) 27,500 Aflac Inc. 1,110,444 668,423 15,900 American Express Co. 916,807 273,215 38,700 Citigroup Inc.* 2,694,967 122,949 10,000 Factset Research Systems Inc.* 493,188 624,929 52,000 Investors Bancorp. Inc.* 807,269 554,607 13,700 JP Morgan Chase & Co. 659,401 458,388 44,000 People's United Financial Inc.* 715,888 996,256 37,900 Protective Life Corp. 1,546,389 249,414 34,500 Prudential Financial Inc.* 1,275,250 825,519 34,000 Torchmark Corp. 1,380,349 1,120,031

11,599,952 5,893,731 JAPAN (23.5%)

74,468 Bank of Yokohama Ltd. 524,183 394,673 48,240 Daiwa Securities Group Inc.* 936,601 263,042

235,610 Joyo Bank Ltd.* 1,664,809 1,353,768 28,249 Mitsubishi UFJ Financial Group Inc.* 158,903 171,311 31,988 Mitsui Sumitomo Insurance Group

Holdings Inc.* 1,259,051 923,059 155,110 Nipponkoa Insurance Co., Ltd. 1,615,877 1,112,557 147,500 Nomura Holdings Inc. 2,490,323 924,552 117,936 Sumitomo Trust & Banking Co., Ltd.* 1,128,921 560,440

9,778,668 5,703,402 ITALY (8.0%)

115,080 Alleanza Assicurazioni SpA 1,581,248 806,622 20,900 Assicurazioni Generali SpA* 788,152 454,705 63,000 Credito Emiliano SpA 661,154 323,932 33,000 Mediobanca SpA* 557,804 349,306

3,588,358 1,934,565 BERMUDA (7.0%)

19,100 Everest Re Group Ltd. 1,861,988 1,703,134

CANADA (7.0%) 28,230 Bank of Montreal 1,145,997 927,920 20,700 Royal Bank of Canada 780,454 755,964

1,926,451 1,683,884 JERSEY ISLAND (4.0%)

121,490 Experian Group Ltd. 943,010 957,553

SINGAPORE (3.6%) 125,100 DBS Group Holdings Ltd. 888,105 871,033

SWITZERLAND (2.9%) 18,030 Credit Suisse Group 758,492 691,779

GERMANY (2.4%) 5,390 Allianz AG, Registered Shares* 958,671 575,859


Foreign Registered Shares 476,614 551,751

AUSTRALIA (2.0%) 27,600 National Australia Bank Ltd. 587,599 486,180

SOUTH KOREA (1.3%) 10,463 KB Financial Group Inc. 306,407 316,316

FRANCE (1.3%) 5,870 BNP Paribas SA 385,434 305,951

AUSTRIA (0.7%) 8,360 Erste Bank der Oesterreichischen

Sparkassen AG* 193,973 171,941

NETHERLANDS (0.6%) 20,468 ING Groep NV 668,343 142,128




Total Net Assets (100.0%) 24,238,946


CIG - 200


CI Global Financial Services Corporate ClassFinancial Statements



















21,989 40,7652,257 1,067

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

35 83- 311- -

61 16624,342 42,392

- -- -- -- -- -- 86

98 86- -- -- -5 11

103 18324,239 42,209

34,797 43,765- -

23,995 41,180129 823115 206

12.59 19.126.05 9.107.32 10.87

1,906,607 2,154,20021,265 90,48615,710 18,929

1,219 1,80839 10232 53

- -- -- -

(135) (237)1,155 1,726

663 1,14373 127

- -4 2

37 74777 1,346378 380

- -378 380

(4,549) 749599 (367)(32) (259)

- -

(9,807) (21,770)(13,789) (21,647)(13,411) (21,267)

(13,269) (20,761)(79) (439)(63) (67)

(6.51) (8.57)(2.15) (3.94)(3.56) (4.36)


2009 2008


2009 2008



















206 214- -

206 214

6 61- -

(34) (2)- -

(28) 59

- -- -- -- -

(63) (67)115 206

42,209 75,690- (52)

42,209 75,638

5,005 6,629- -

(8,841) (15,970)(723) (2,821)

(4,559) (12,162)

- -- -- -- -

(13,411) (21,267)24,239 42,209

41,180 74,050- (51)

41,180 73,999

4,968 6,365- -

(8,643) (15,743)(241) (2,680)

(3,916) (12,058)

- -- -- -- -

(13,269) (20,761)23,995 41,180

823 1,426- (1)

823 1,425

31 203- -

(164) (225)(482) (141)(615) (163)

- -- -- -- -

(79) (439)129 823

CI Global Financial Services Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


5,083 9,1095,417 9,681

CI Global Financial Services Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


29 383 4


2009 2008

2,154,200 2,686,964305,509 282,814

- -(530,860) (696,585)

(22,242) (118,993)1,906,607 2,154,200

90,486 109,9173,888 18,262

- -(19,772) (20,473)(53,337) (17,220)21,265 90,486

18,929 14,017659 5,042

- -(3,878) (130)

- -15,710 18,929




2.001.00


0.220.22

-


2009




12.59 19.120.04 0.06

12.63 19.18

6.05 9.100.02 0.036.07 9.13

7.32 10.870.03 0.037.35 10.90


2009 2008





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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 9,796 40.4 Japanese Yen - 5,747 23.7 Euro - 3,130 12.9 British Pound - 958 4.0 Singapore Dollar - 871 3.6 Swiss Franc - 692 2.9 Thai Baht - 552 2.3 Australian Dollar - 486 2.0 Korean Won - 316 1.3 Total - 22,548 93.1





CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (62.9%) 435,000 Advocat Inc. 8,592,175 1,305,203

25,000 Allergan Inc. 1,179,313 1,502,755 9,024 Altus Pharmaceuticals Inc.* 69,445 2,355

211,900 Angiodynamics Inc.* 3,733,275 3,000,009 515,126 Angiotech Pharmaceuticals Inc. (USD) 4,078,860 337,698 250,000 Arena Pharmaceuticals Inc.* 2,727,712 948,677 386,100 BioMarin Pharmaceuticals Inc.* 4,842,745 5,972,500 739,700 Boston Scientific Corp. 18,319,669 7,404,367 220,100 Capital Senior Living Corp. 1,939,215 671,502

35,000 Celgene Corp. 1,907,566 1,956,922 191,500 Cooper Cos., Inc. 8,000,845 6,380,839 333,400 Emageon Inc. 3,808,110 760,775 185,000 EV3 Inc.* 2,166,815 1,646,601

58,400 Hansen Medical Inc. 861,216 293,763 585,000 HealthSouth Corp.* 14,823,099 6,549,085 142,250 Hospira Inc.* 5,530,571 5,530,679 275,000 Human Genome Sciences Inc.* 1,396,250 284,288 315,900 Idenix Pharmaceuticals Inc.* 4,748,869 1,226,626 177,300 Medarex Inc.* 2,808,983 1,144,433 80,000 Merck & Co., Inc. 2,800,166 2,693,864

1,797,382 Nitromed Inc.* 7,150,235 1,699,470 190,000 NovaMed Inc.* 828,669 538,949 100,000 Onyx Pharmaceuticals Inc. 3,304,935 3,598,038 205,000 Psychiatric Solutions Inc.* 7,224,067 4,065,317

1,187,500 Rite Aid Corp. 4,963,494 509,008 20,000 Zimmer Holdings Inc. 888,059 920,311

210,000 ZymoGenetics Inc.* 3,395,402 1,056,341 122,089,760 62,000,375

U.K. (6.9%) 307,201 GlaxoSmithKline PLC 9,978,050 6,034,444 130,000 Synergy Health PLC 959,106 740,694

10,937,156 6,775,138AUSTRALIA (6.8%)

1,900,000 Healthscope Ltd.* 6,541,684 6,743,730

FRANCE (5.0%) 70,000 Sanofi-Aventis* 6,056,854 4,952,183

BERMUDA (4.2%) 100,000 Covidien Ltd.* 4,541,089 4,184,264

CANADA (3.5%) 1,437,139 Patheon Inc.* 7,499,839 3,477,876

GERMANY (2.3%) 110,000 Stada Arzneimittel AG* 4,169,674 2,253,170

FINLAND (1.9%) 100,000 Orion Corp.* 2,220,759 1,822,232

JAPAN (1.6%) 70,080 Sugi Pharmacy Co., Ltd.* 1,559,038 1,608,877

IRELAND (1.3%) 150,000 Elan Corp. PLC, ADR 1,666,347 1,255,657

BRAZIL (1.0%) 325,000 Medial Saude SA 3,794,810 935,892

SINGAPORE (0.8%) 400,000 Biosensors International Group 319,267 127,649

1,100,000 Raffles Medical Group Ltd. 935,145 697,512 1,254,412 825,161




Total Net Assets (100.0%) 98,619,036


CIG - 201


CI Global Health Sciences Corporate ClassFinancial Statements



















96,835 153,1851,457 -

- -- -- -- -- -- -- 3,146

48 1061,095 186

- -470 620

99,905 157,243

- 397- -- 1- 608- 46

909 44371 415

- -- -- -6 11

1,286 1,52298,619 155,721

171,928 206,124- -

95,691 150,0282,408 4,331

520 1,362

15.51 19.479.34 11.608.68 10.65

6,170,525 7,705,401257,869 373,27359,940 127,828

1,721 2,2188 86

227 211163 648

- -- -

(327) (347)1,792 2,816

2,503 3,980279 445

1 112 4

139 2562,924 4,696(1,132) (1,880)

- -(1,132) (1,880)

(5,212) 15,968282 (404)(190) (876)

- -

(21,546) (66,789)(26,666) (52,101)(27,798) (53,981)

(27,050) (51,956)(636) (1,717)(112) (308)

(3.93) (5.83)(2.22) (3.42)(1.41) (2.59)


2009 2008


2009 2008



















1,362 1,256- (3)

1,362 1,253

5 105- -

(239) (86)(496) 398(730) 417

- -- -- -- -

(112) (308)520 1,362

155,721 258,747- (568)

155,721 258,179

7,240 16,017- -

(34,262) (57,587)(2,282) (6,907)

(29,304) (48,477)

- -- -- -- -

(27,798) (53,981)98,619 155,721

150,028 249,032- (547)

150,028 248,485

6,605 14,818- -

(32,390) (53,660)(1,502) (7,659)

(27,287) (46,501)

- -- -- -- -

(27,050) (51,956)95,691 150,028

4,331 8,459- (18)

4,331 8,441

630 1,094- -

(1,633) (3,841)(284) 354

(1,287) (2,393)

- -- -- -- -

(636) (1,717)2,408 4,331

CI Global Health Sciences Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


23,468 61,65125,011 65,521

CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


176 25819 30


2009 2008

7,705,401 9,896,137370,112 665,363

- -(1,820,464) (2,499,791)

(84,524) (356,308)6,170,525 7,705,401

373,273 570,09056,644 82,070

- -(149,081) (304,084)

(22,967) 25,197257,869 373,273

127,828 93,437492 8,531

- -(22,364) (7,885)(46,016) 33,74559,940 127,828




2.001.00


0.220.22

-

Schedule of Fees (Note 5) as at March 31 (%)

2009




15.51 19.470.05 0.06

15.56 19.53

9.34 11.600.03 0.039.37 11.63

8.68 10.650.03 0.038.71 10.68


2009 2008



As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $9,684,000. In practice, the actual trading results may differ from this analysis. The difference may be material.


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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 69,440 70.4 Euro - 8,736 8.9 Australian Dollar - 6,919 7.0 British Pound - 6,869 7.0 Japanese Yen - 1,614 1.6 Brazilian Real - 936 0.9 Singapore Dollar - 825 0.8 Total - 95,339 96.6


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fund would have decreased or increased, respectively, by approximately $9,534,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.



CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2009


EQUITIES SUBJECT TO FORWARD (85.5%) 38,596 Agnico-Eagle Mines Ltd. 2,464,365 2,773,123 53,608 Agrium Inc. 2,464,360 2,424,154

258,320 Eldorado Gold Corp. 2,464,373 2,942,265 586,552 HudBay Minerals Inc. 3,554,505 3,454,791 577,968 Red Back Mining Inc. 3,554,503 4,681,541 371,334 CGI Group Inc. 3,609,366 3,739,333

47,600 Research In Motion Ltd. 4,362,064 2,593,724 128,037 Gildan Activewear Inc. 3,609,363 1,307,258 287,349 RONA Inc. 3,554,507 3,387,845 318,005 Atrium Innovations Inc. 3,609,357 3,793,800 154,181 Stantec Inc. 3,609,378 3,515,327

79,857 Suncor Energy Inc. 2,464,387 2,239,989

Total Equities Subject to Forward (85.5%) 39,320,528 36,853,150


Forward Contracts (3.8%) (see Schedule A) 1,655,440


Other Assets (net) (10.7%) 4,590,759

Total Net Assets (100.0%) 43,099,349

Schedule AForward Contracts (3.8%)

No. of Shares/Face Amount Investments sold forward Fair Value $

38,596 Agnico-Eagle Mines Ltd. (2,797,052)53,608 Agrium Inc. (2,449,350)

318,005 Atrium Innovations Inc. (3,831,960)258,320 Eldorado Gold Corp. (2,944,848)128,037 Gildan Activewear Inc. (1,313,660)371,334 CGI Group Inc. (3,780,180)586,552 HudBay Minerals Inc. (3,466,522)577,968 Red Back Mining Inc. (4,710,439)

47,600 Research In Motion Ltd. (2,593,724)287,349 RONA Inc. (3,410,833)154,181 Stantec Inc. (3,515,327)79,857 Suncor Energy Inc. (2,247,176)

(37,061,071)

Notional Shares Underlying Accounts Fair Value $

1,188,429 National Bank of Canada Global BB Units (See Schedule 1) 17,808,568 684,786 National Bank Financial Inc. BB Units (See Schedule 2) 20,907,943

38,716,511

Total Forward Contracts Value 1,655,440

Due date April 6, 2011Credit Rating of the Counterparty A-1


CIG - 2311

– 83 –Annual Financial Statements as at March 31, 2009 – 83 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2009

Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at March 31, 2009)

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

4,600 Air Liquide 521,592 471,849 13,200 BASF AG 842,933 503,840 14,400 Belgacom SA 640,527 569,179 13,300 British American Tobacco PLC 463,527 388,035 61,800 Enel SpA 641,202 373,913

184,001 Far EasTone Telecommunications Co., Ltd. 280,316 238,567 15,400 Fortum OYJ 665,260 370,124 26,500 France Telecom SA 918,308 761,175 21,500 Imperial Tobacco Group PLC 799,993 609,386 26,140 InBev NV 847,748 908,226 23,840 InBev VVPR Strip - 120 58,900 Lion Nathan Ltd. 487,562 417,079 11,500 Manitoba Telecom Services Inc. 469,258 367,425 54,300 National Grid PLC 708,239 525,950 16,200 Nestle SA, Registered Shares 702,135 690,469 31,700 Pearson PLC 373,158 402,228 29,280 Redecard SA 428,286 446,242

5,800 RWE AG, Class A 676,635 513,002 9,400 Scottish and Southern Energy PLC 191,646 188,558

14,500 Shaw Communications Inc., Class B 290,906 278,690 13,300 Swedish Match AB 290,503 242,741

2,000 Swisscom AG, Registered Shares 681,230 708,328 24,800 Telefonica SA 704,897 623,873 21,300 Telekom Austria AG 545,740 406,686

108,200 Terna SpA 444,473 424,957 150,900 Tomkins PLC 491,607 330,945

8,500 Total SA 617,952 532,789 33,136 United Utilities PLC 466,565 289,789

4,000 Vinci SA 196,231 187,281 13,800 Vivendi Universal SA 529,211 460,524

148,500 Vodafone Group PLC 505,018 329,711 23,732 Westpac Banking Corp. 455,567 397,038

Total Investments 16,878,225 13,958,719

Other Assets 3,849,849

Total Net Asset Value 17,808,568

Schedule 2National Bank Financial Inc. BB Units Investment Portfolio (as at March 31, 2009)

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

32,800 Altria Group Inc. 709,889 662,442 18,400 AstraZeneca PLC, ADR 765,697 822,330 21,100 AT&T Inc. 765,973 670,340

8,400 Automatic Data Processing Inc. 343,253 372,340 7,800 Avon Products Inc. 236,245 189,097 9,900 Ball Corp. 460,812 541,672 5,700 BHP Billiton Ltd., ADR 302,079 320,495 7,500 BP PLC, ADR 410,700 379,156

18,200 Bristol-Myers Squibb Co. 439,950 502,949 14,700 CenturyTel Inc. 538,087 521,128

4,000 Chevron Corp. 354,861 339,078 18,814 Chunghwa Telecom Co., Ltd., ADR 514,463 432,394

5,200 ConocoPhillips 409,267 256,719 3,900 DaVita Inc. 211,471 216,090

12,400 Diageo PLC, ADR 971,844 699,563 5,100 Diamond Offshore Drilling Inc. 576,853 404,163

34,300 Duke Energy Corp. 635,307 619,226 18,800 EI Du Pont de Nemours & Co. 852,692 529,247 10,800 Emerson Electric Co., Preferred Rights 412,341 389,133

9,700 Eni SpA, ADR 634,573 468,607 4,400 Exxon Mobil Corp. 387,552 377,756

11,300 Genuine Parts Co. 483,159 425,383 12,100 Honeywell International Inc. 447,815 424,990

5,400 International Flavors & Fragrances Inc. 232,581 207,365 8,700 Johnson & Johnson 630,476 576,922 5,000 Kinder Morgan Energy Partners LP 293,037 294,500

13,000 Kraft Foods Inc., Class A 397,446 365,313 9,800 Lorillard Inc. 719,759 762,789 2,800 Magellan Midstream Partners 123,195 103,675 5,600 McDonald's Corp. 373,930 385,260

11,400 Merck & Co., Inc. 339,915 384,451 22,100 Microsoft Corp. 523,023 511,815 14,700 New York Community Bancorp. Inc. 264,766 207,006

7,100 Nicor Inc. 302,396 297,441 23,100 NiSource Inc. 329,298 285,397

9,700 NSTAR 324,499 389,854 12,700 Oneok Inc. 445,627 362,327

4,000 ONEOK Partners LP 254,730 204,990 6,600 Paychex Inc. 211,204 213,590 8,672 Philippine Long Distance Telephone Co., ADR 551,324 482,464

13,900 Phillip Morris International Inc. 714,299 623,494 8,600 Progress Energy Inc. 379,011 393,132 8,400 Reynolds American Inc. 499,225 379,541 5,200 Rockwell Collins Inc. 219,959 213,976 6,500 Royal Dutch Shell PLC, Class A, ADR 460,512 363,019

11,100 SCANA Corp. 422,523 432,268 14,100 Southern Co. 512,672 544,297

8,300 Southern Copper Corp. 233,850 182,280 20,700 Statoil ASA, ADR 541,874 455,123 15,800 SUPERVALU Inc. 322,728 284,444 18,500 TECO Energy Inc. 310,352 260,051 6,300 Ventas Inc. 266,448 179,578

20,900 Verizon Communications Inc. 770,426 795,729 14,700 Westar Energy Inc. 351,990 324,871

5,000 WGL Holdings Inc. 215,867 206,755 41,100 Windstream Corp. 482,899 417,627

Total Investments 24,886,724 22,655,639

Other Liabilities (1,747,696)

Total Net Asset Value 20,907,943



CI Global High Dividend Advantage Corporate ClassFinancial Statements

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

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



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


A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



36,853 47,2304,536 6,298

- -1,655 263

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

129 224- -- 175 -

43,178 54,032

- -- (68)- -- -- -- -

49 100- -

21 20- -- -9 17

79 6943,099 53,963

39,321 48,000- -

28,384 35,5012,440 2,4659,329 13,7461,078 708

189 -1,674 1,390

5 56- 97

6.75 8.656.96 8.827.08 8.856.57 8.939.49 -6.21 8.776.48 9.03

- 8.72

4,204,516 4,106,310350,446 279,476

1,317,177 1,552,757164,065 79,220

19,946 -269,471 158,516

839 6,215- 11,181


2009 2008


2009 2008








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


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















- -70 5017 -

- -- -

30 17- -

117 67

660 50182 64

2 58 9

36 36788 615

(671) (548)- -

(671) (548)

(10,668) (6,011)42 (71)(1) -- 325

(249) (32)

(305) (550)(11,181) (6,339)(11,852) (6,887)

(7,846) (4,916)(651) (366)

(2,731) (1,497)(217) (29)

(7) -(384) (63)

(11) (5)(5) (11)

(1.90) (1.71)(1.97) (1.68)(1.85) (1.76)(1.88) (0.69)(0.37) -(1.91) (0.80)(2.04) (0.64)(0.52) (0.89)

35,501 4,969- -

35,501 4,969

11,195 35,702- -

(7,535) (6,862)(2,931) 6,608

729 35,448

- -- -- -- -

(7,846) (4,916)28,384 35,501

2,465 153- -

2,465 153

1,658 5,381- -

(1,058) (2,667)26 (36)

626 2,678

- -- -- -- -

(651) (366)2,440 2,465

13,746 378- -

13,746 378

4,482 18,057- -

(7,076) (6,398)908 3,206

(1,686) 14,865

- -- -- -- -

(2,731) (1,497)9,329 13,746


2009 2008


2009 2008



























56 -- -

56 -

6 63- -

(43) -- -

(37) 63

- -- -

(3) (2)(3) (2)

(11) (5)5 56

97 -- -

97 -

1 113- -

(1) (1)(88) -(88) 112

- -- -

(4) (4)(4) (4)(5) (11)- 97

53,963 5,500- -

53,963 5,500

19,483 61,240- -

(16,275) (15,931)(2,011) 10,0871,197 55,396

- -- -

(209) (46)(209) (46)

(11,852) (6,887)43,099 53,963

708 -- -

708 -

640 519- -

(69) -70 228

641 747

- -- -

(54) (10)(54) (10)

(217) (29)1,078 708

- -- -- -

200 -- -

(1) -- -

199 -

- -- -

(3) -(3) -(7) -

189 -

1,390 -- -

1,390 -

1,301 1,405- -

(492) (3)4 81

813 1,483

- -- -

(145) (30)(145) (30)(384) (63)

1,674 1,390



2009 2008



2009 2008







CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

4,106,310 490,1951,465,906 3,698,257

- -(996,515) (743,739)(371,185) 661,597

4,204,516 4,106,310

279,476 14,967203,679 541,066

- -(137,665) (271,571)

4,956 (4,986)350,446 279,476

1,552,757 37,281576,937 1,868,500

- -(919,937) (706,239)107,420 353,215

1,317,177 1,552,757

79,220 -86,091 55,037

- -(8,834) -7,588 24,183

164,065 79,220

- -20,000 -

- -(54) -

- -19,946 -





158,516 -176,609 149,963

- -(66,849) (297)

1,195 8,850269,471 158,516

6,215 -839 6,250

- -(6,215) (35)

- -839 6,215

11,181 -64 11,270

- -(101) (89)

(11,144) -- 11,181


2009 2008











2009 2008


- -- -

CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


- -- -


2009 2008

6.75 8.650.03 0.026.78 8.67

6.96 8.820.04 0.037.00 8.85

7.08 8.850.04 0.037.12 8.88

6.57 8.930.03 0.036.60 8.96

9.49 -0.05 -9.54 -

6.21 8.770.03 0.026.24 8.79

6.48 9.030.03 0.036.51 9.06

- 8.72- 0.03- 8.75


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

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

2.101.10




0.220.22

-0.22

-0.220.22

-


2009


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


Other Price RiskCI Global High Dividend Advantage Fund (the “Fund”) is exposed to the financial instruments’ risksof the National Bank of Canada Global BB units and National Bank Financial Inc BB units (the“Underlying Accounts”). The Fund was created to obtain exposure to an actively managed portfolioof global equities by virtue of the Forward Agreement. By entering into the Forward Agreement, theFund eliminated the direct risk exposure to its common share portfolio and assumed the riskexposure of the National Bank of Canada Global BB units and National Bank Financial Inc., BB unitsas well as credit risk to the Counterparty of the Forward Agreement. For details of the credit ratingof the Counterparty to the Forward Agreement please refer to the “Statement of InvestmentPortfolio” - Schedule A.


Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Accounts. The UnderlyingAccounts are not exposed to significant credit risk as the majority of their assets are invested instocks.



Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 130 0.3 Total - 130 0.3


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $13,000. In practice,the actual trading results may differ from the sensitivity analysis and the difference may be material.

The table below summarizes the Underlying Accounts' exposure to currency risk, net of derivativeinstruments, as applicable.


Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 10,225 26.4 Euro - 7,693 19.9 British Pound - 3,188 8.2 Swiss Franc - 1,407 3.6 Australian Dollar - 1,318 3.4 Brazilian Real - 463 1.2 Taiwan Dollar - 356 0.9 Swedish Krona - 249 0.6 Norwegian Krone - 36 0.1 Total - 24,935 64.3


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Underlying Accounts, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$2,490,000. In practice, the actual trading results may differ from the sensitivity analysis and thedifference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Accounts. The UnderlyingAccounts have insignificant exposure to interest rate risk as the majority of their assets are investedin stocks. The Fund has no direct interest rate risk exposure.


CI Global Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (65.0%) 4,700 Alliance Data Systems Corp.* 194,624 218,702 4,700 Apple Computer Inc. 525,544 622,274 6,400 Automatic Data Processing Inc. 309,758 283,042 8,680 Bank of New York Mellon Corp. 238,065 308,808 5,500 Boeing Co., Preferred Rights 285,125 245,597

24,650 Boston Scientific Corp. 267,669 246,746 15,300 Bristol-Myers Squibb Co. 353,788 421,265 13,200 Charles Schwab Corp.* 226,280 257,606 13,590 Cisco Systems Inc. 271,723 286,634 14,000 Citrix Systems Inc. 522,701 399,062 24,250 Comcast Corp., Class A 443,032 416,696 18,550 Comcast Corp., Special Class A 401,826 300,744 60,000 Consumer Staples Select Sector SPDR Fund 1,844,053 1,560,495

7,620 Cooper Cos., Inc. 295,386 253,901 5,350 DaVita Inc. 297,931 295,690 4,800 Devon Energy Corp. 334,868 269,770

47,100 Dow Jones Euro Stoxx 50 Fund 2,147,552 1,562,855 5,475 Dr. Pepper Snapple Group Inc. 146,821 116,442 3,740 EOG Resources Inc. 246,401 257,912 3,400 Exxon Mobil Corp. 325,959 291,002 3,700 FTI Consulting Inc.* 202,024 230,291

16,483 General Electric Co. 521,694 210,087 1,020 Google Inc., Class A 473,217 447,318

22,018 HealthSouth Corp.* 664,097 246,492 38,000 iShares MSCI EMU Index Fund 1,387,123 1,144,968 80,000 iShares MSCI Japan Index Fund 995,168 793,737

9,500 Kroger Co. 288,991 253,426 5,200 Laboratory Corp. of America Holdings* 397,758 382,784

11,980 Liberty Media Corp., Entertainment Series A 259,322 301,309 1,900 Lorillard Inc. 142,305 147,624 1,700 Mastercard Inc., Class A* 361,894 357,956 3,950 McKesson Corp. 210,175 174,292

47,445 Microsoft Corp. 1,335,815 1,095,193 5,100 Monsanto Co. 478,995 533,912 3,830 Noble Energy Inc. 198,419 260,014 4,590 Northrop Grumman Corp. 247,042 252,296 6,400 NuVasive Inc.* 210,071 252,624

14,050 Oracle Corp. 304,345 319,894 14,010 Phillip Morris International Inc. 578,205 627,369

2,600 Priceline.com Inc. 223,925 258,161 2,920 Prudential Financial Inc.* 193,950 69,870 5,900 Silgan Holdings Inc. 333,880 390,353

43,000 SPDR Gold Trust 2,266,415 4,893,004 7,600 TJX Cos., Inc. 193,993 244,994

11,000 Urban Outfitters Inc. 192,481 226,876 12,700 US Bancorp 254,210 233,919 5,800 Walgreen Co. 296,660 189,529 8,450 Wal-Mart Stores Inc. 547,003 553,952

23,438,283 23,707,487

JAPAN (5.3%) 31,875 Bank of Yokohama Ltd. 219,026 168,934 5,600 Canon Inc. 234,841 200,836

12,800 Credit Saison Co., Ltd.* 440,023 155,572 2,500 Fanuc Ltd. 210,635 210,531 3,257 Mitsui Sumitomo Insurance Group

Holdings Inc.* 108,697 93,985 111,000 Mizuho Financial Group Inc.* 809,708 264,447

700 Nintendo Co., Ltd.* 270,896 253,720 47,230 Nipponkoa Insurance Co., Ltd. 469,738 338,766 12,015 Nomura Research Institute Ltd.* 295,509 233,895

3,059,073 1,920,686 FRANCE (4.6%)

4,300 Alstom 311,325 280,764 4,310 Carrefour SA* 217,197 212,154

13,300 JC Decaux SA 183,070 189,765 7,100 Publicis Groupe 214,483 229,623 6,470 Total SA* 457,620 405,222

10,430 Vivendi Universal SA* 305,281 348,063 1,688,976 1,665,591

U.K. (4.4%) 13,222 Antofagasta PLC 104,807 120,654

4,050 AstraZeneca PLC, ADR 198,661 181,002 20,528 Cadbury PLC 256,447 195,492 21,160 GlaxoSmithKline PLC 606,890 415,652 50,800 Rolls-Royce Group PLC 295,117 269,961 18,425 Vodafone Group PLC, ADR 487,030 404,639

1,948,952 1,587,400 SWITZERLAND (3.2%)

4,100 Alcon Inc. 416,283 469,178 8,350 Nestle SA, Registered Shares 360,291 355,890 1,900 Roche Holding AG 298,233 328,511

1,074,807 1,153,579 GERMANY (2.4%)

1,333 Allianz AG, Registered Shares 230,070 142,416 2,100 Muenchener Rueckversicherungs AG,


953,860 875,207 BERMUDA (2.2%)

10,992 Covidien Ltd. 400,992 459,934 3,900 Everest Re Group Ltd. 341,271 347,760

742,263 807,694 BRAZIL (1.0%)

24,120 Redecard SA 386,849 365,766

BELGIUM (1.0%) 10,220 InBev NV 187,323 355,005 10,720 InBev VVPR Strip - 54

187,323 355,059


CIG - 293


CI Global Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2009


NETHERLANDS (0.9%) 9,370 Heineken NV 471,991 333,875

NORWAY (0.9%) 14,100 Statoil ASA 486,860 314,470

SWEDEN (0.7%) 25,616 Telefonaktiebolaget LM Ericsson, Class B* 412,069 264,799

ITALY (0.7%) 31,700 Geox SpA 249,087 249,668

RUSSIA (0.7%) 12,900 OAO Gazprom, ADR 518,010 241,506

JERSEY ISLAND (0.6%) 29,160 Experian Group Ltd. 225,717 229,832

DENMARK (0.5%) 3,300 Vestas Wind Systems A/S 172,333 181,793

CAYMAN ISLANDS (0.5%) 800 Baidu Inc., ADR 138,754 173,472


Total Equities (94.6%) 36,084,385 34,427,884


Foreign Currency Forward Contracts (0.8%) (see Schedule A) 277,635



Total Net Assets (100.0%) 36,498,102

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

Schedule AForeign Currency Forward Contracts (0.8%)


1 Bank of Nova Scotia†† A-1+ 29-May-09 (1,230,660) Canadian $ 1,000,000 US $ 29,335 1 Bank of Nova Scotia†† A-1+ 29-May-09 (7,807,000) US $ 10,085,083 Canadian $ 248,300

Total Foreign Currency Forward Contracts Value 277,635


CI Global Managers® Corporate ClassFinancial Statements



















34,428 48,4761,212 5,081

- -- -- -- -

278 -- -- -

36 30594 78

- -94 116

36,642 53,781

- -- -- -- -- -

33 2693 307

- -- -- -

18 58144 391

36,498 53,390

36,084 49,079- -

34,812 51,791179 271

1,507 1,328

7.28 8.547.51 8.729.91 11.35

4,780,231 6,067,45723,842 31,140

152,022 117,032

1,011 1,37657 20425 19

- -- -- 11

(117) (82)976 1,528

839 1,34993 149

1 315 2147 86

995 1,608(19) (80)

- -(19) (80)

(6,742) 1,953786 (346)(109) (301)

- -

(776) (12,394)(6,841) (11,088)(6,860) (11,168)

(6,643) (11,015)(34) (59)

(183) (94)

(1.25) (1.53)(1.22) (1.49)(1.44) (0.73)


2009 2008


2009 2008



















1,328 -- -

1,328 -

354 406- -

(571) (369)579 1,385362 1,422

- -- -- -- -

(183) (94)1,507 1,328

53,390 85,025- (48)

53,390 84,977

1,825 2,921- -

(11,474) (20,497)(383) (2,843)

(10,032) (20,419)

- -- -- -- -

(6,860) (11,168)36,498 53,390

51,791 84,598- (48)

51,791 84,550

1,441 2,487- -

(10,803) (20,051)(974) (4,180)

(10,336) (21,744)

- -- -- -- -

(6,643) (11,015)34,812 51,791

271 427- -

271 427

30 28- -

(100) (77)12 (48)(58) (97)

- -- -- -- -

(34) (59)179 271

CI Global Managers® Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


4,351 6,5174,637 6,926

CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


106 1259 29


2009 2008

6,067,457 8,420,853186,604 270,983

- -(1,357,034) (2,168,824)

(116,796) (455,555)4,780,231 6,067,457

31,140 42,0373,814 3,027

- -(12,498) (8,003)

1,386 (5,921)23,842 31,140

117,032 -33,686 34,435

- -(59,223) (32,403)60,527 115,000

152,022 117,032




2.001.00


0.220.22

-


2009




7.28 8.540.03 0.017.31 8.55

7.51 8.720.04 0.017.55 8.73

9.91 11.350.05 0.029.96 11.37


2009 2008


Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economicconditions across the world.

As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $3,443,000. In practice, the actual trading results may differ from this analysis. The difference may be material.





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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (8,582) 18,953 51.9 Euro - 3,595 9.8 Japanese Yen - 1,957 5.4 British Pound - 1,239 3.4 Swiss Franc - 700 1.9 Swedish Krona - 265 0.7 Norwegian Krone - 314 0.9 Brazilian Real - 375 1.0 Danish Krone - 182 0.5 Total (8,582) 27,580 75.5


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fund would have decreased or increased, respectively, by approximately $2,758,000. In practice, the actual trading results may differ from the sensitivity analysis and the difference may be material.



CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (79.8%) 54,800 Adobe Systems Inc. 1,270,470 1,474,994 33,900 Alliance Data Systems Corp.* 1,392,739 1,577,450 95,300 Amdocs Ltd. 2,440,620 2,222,677 29,800 Apple Computer Inc. 3,620,848 3,945,482 11,100 Baxter International Inc. 788,578 716,201 50,500 Broadcom Corp. 1,070,923 1,268,851

430,900 Cadence Design Systems Inc. 2,194,737 2,276,158 194,700 Cisco Systems Inc. 5,271,074 4,106,518 124,700 Citrix Systems Inc.* 4,563,393 3,554,503

80,687 Cognizant Technology Solutions Corp. 2,191,190 2,113,786 87,200 Comcast Corp., Class A 2,393,450 1,498,388 73,100 Concur Technologies Inc. 1,804,292 1,767,575

6,250,000 Consilient Inc., Private Placement^ 7,775,001 79 2,083,334 Consilient Inc., Warrants,

Private Placement^ - 26 213,300 EMC Corp.* 3,873,285 3,060,166

28,100 FTI Consulting Inc.* 1,526,394 1,748,966 8,600 Google Inc., Class A 4,540,962 3,771,506

19,800 Harris Corp. 964,075 721,647 31,300 Huron Consulting Group Inc.* 1,605,402 1,673,890

113,100 Juniper Networks Inc.* 2,050,919 2,145,907 156,600 Maxim Integrated Products Inc.* 4,292,817 2,606,019 32,300 Medtronic Inc. 1,393,856 1,199,222

309,886 Microsoft Corp. 11,292,519 7,153,229 117,100 Network Appliance Inc.* 3,016,432 2,180,465 160,300 Oracle Corp. 3,167,662 3,649,750

23,200 Priceline.com Inc.* 1,924,863 2,303,592 38,200 QUALCOMM Inc. 1,612,083 1,868,078 31,200 Vertex Pharmaceuticals Inc. 928,669 1,131,635 51,100 Walgreen Co. 2,500,343 1,669,813

289,100 Xerox Corp. 1,717,688 1,658,331 83,185,284 65,064,904

CAYMAN ISLANDS (4.0%) 6,900 Baidu Inc., ADR 1,183,496 1,496,199

59,600 SINA Corp. 1,704,411 1,742,444 2,887,907 3,238,643

GERMANY (3.0%) 54,600 SAP AG 2,786,500 2,440,709

SWITZERLAND (2.6%) 18,300 Alcon Inc. 1,889,191 2,094,138

CANADA (2.3%) 750,000 Elysium Boardband Inc., Private Placement^ 750,000 8

34,900 Research In Motion Ltd. (USD) 2,131,393 1,891,053 2,881,393 1,891,061

FRANCE (1.6%) 90,500 JC Decaux SA* 1,243,366 1,291,255

BERMUDA (1.0%) 71,700 Marvell Technology Group Ltd. 1,265,867 827,993

FINLAND (1.0%) 55,500 Nokia OYJ, Class A, ADR 1,689,951 816,537




Total Net Assets (100.0%) 81,521,394

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

CIG - 203


CI Global Science & Technology Corporate ClassFinancial Statements



















77,665 102,3542,904 3,430

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

70 403,075 -

- -21 10

83,735 105,834

- -- -- -- -- -

2,099 -108 323

- -- -- -7 12

2,214 33581,521 105,499

97,657 138,783- -

80,633 89,776634 1,078254 14,645

8.71 9.202.27 2.379.43 9.73

9,259,515 9,754,607279,742 454,61726,964 1,504,789

777 1,05663 15928 37

- -- -- -

(109) (153)759 1,099

1,733 2,478196 275

- 14 5

96 1592,029 2,918(1,270) (1,819)

- -(1,270) (1,819)

(20,530) 535776 (356)(363) (871)

- -

16,438 (35,211)(3,679) (35,903)(4,949) (37,722)

(5,159) (32,711)(26) (360)236 (4,651)

(0.54) (2.96)(0.07) (0.75)0.50 (2.87)


2009 2008


2009 2008



















14,645 21,813- (16)

14,645 21,797

125 434- -

(796) (2,935)(13,956) -(14,627) (2,501)

- -- -- -- -

236 (4,651)254 14,645

105,499 177,420- (131)

105,499 177,289

5,956 6,926- -

(20,860) (40,824)(4,125) (170)

(19,029) (34,068)

- -- -- -- -

(4,949) (37,722)81,521 105,499

89,776 154,056- (114)

89,776 153,942

5,799 6,281- -

(19,511) (37,434)9,728 (302)

(3,984) (31,455)

- -- -- -- -

(5,159) (32,711)80,633 89,776

1,078 1,551- (1)

1,078 1,550

32 211- -

(553) (455)103 132

(418) (112)

- -- -- -- -

(26) (360)634 1,078

CI Global Science & Technology Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


12,178 13,31212,978 14,148

CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


361 46436 54


2009 2008

9,754,607 12,582,858625,516 572,473

- -(2,178,758) (3,390,946)1,058,150 (9,778)9,259,515 9,754,607

454,617 496,87314,577 70,197

- -(235,477) (156,719)

46,025 44,266279,742 454,617

1,504,789 1,725,05012,552 36,619

- -(76,550) (256,880)

(1,413,827) -26,964 1,504,789




2.001.00


0.220.22

-


2009




8.71 9.200.01 0.028.72 9.22

2.27 2.37- -

2.27 2.37

9.43 9.730.02 0.019.45 9.74


2009 2008





CI Global Science & Technology Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 77,663 95.3 Euro - 3,732 4.6 Taiwan Dollar - 136 0.2 Total - 81,531 100.1





CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (44.7%) 4,437 Alkermes Inc. 57,664 67,796 1,100 Alliant Techsystems Inc. 102,445 92,886 3,190 American Ecology Corp. 73,558 55,981 4,500 Bank Mutual Corp. 48,743 51,342 4,300 Bio-Reference Labs Inc. 118,368 113,082 3,350 Brinks Home Security Holdings Inc. 92,374 95,448

900 Church & Dwight Co., Inc. 50,022 59,262 5,050 CMS Energy Corp.* 73,896 75,189 3,300 DaVita Inc. 195,374 182,388 2,800 Diebold Inc.* 107,311 75,082 2,510 DPL Inc. 65,954 71,166 1,380 DTS Inc. 30,908 41,754 8,575 Duff & Phelps Corp. 153,121 169,833 1,800 Endo Pharmaceuticals Holdings Inc. 51,881 40,098 2,460 Flushing Financial Corp. 39,210 18,639 1,460 Haemonetics Corp. 85,719 101,381 3,700 Harmonic Inc. 33,116 30,273 5,500 Herley Industries Inc. 91,487 82,097 9,100 Hexcel Corp. 73,167 75,259 1,900 IHS Inc., Class A 96,014 98,640 1,750 International Flavors & Fragrances Inc. 74,034 67,069 8,550 Iris International Inc. 118,152 123,419 1,750 Laboratory Corp. of America Holdings* 123,094 128,822 1,280 Landauer Inc. 63,786 81,782 8,650 Mako Surgical Corp. 83,030 83,097

13,230 Nalco Holding Co. 269,157 217,495 5,100 NeuStar Inc., Class A 116,033 107,695 4,600 NSTAR 173,191 184,415 2,890 NTELOS Holdings Corp. 67,663 65,982 4,200 Oneok Inc. 152,746 119,825 1,400 Perot Systems Corp., Class A 22,299 22,680 5,600 Pike Electric Corp. 76,986 65,304 1,000 SEACOR Holdings Inc. 65,765 73,511 2,460 Sensient Technologies Corp.* 68,476 72,881 3,248 Silgan Holdings Inc. 176,901 214,893 4,500 Solera Holdings Inc. 101,597 140,581 3,035 Sterling Bancshares Inc. 29,742 24,870 5,910 SWS Group Inc. 97,136 115,337 4,600 Sybase Inc.* 118,119 175,658 3,500 Syniverse Holdings Inc. 63,790 69,320 2,150 Teleflex Inc. 124,682 105,927 5,350 Vectren Corp. 150,327 142,044 2,300 Ventas Inc. 101,197 65,444 3,550 Waddell & Reed Financial Inc. 41,905 80,693 3,250 Washington Federal Inc. 59,987 54,494 2,650 WebMD Health Corp. 78,440 74,100 4,500 Westar Energy Inc. 110,882 99,394

10,850 Wilshire Bancorp Inc. 104,400 70,582 4,473,849 4,444,910

HONG KONG (6.9%) 118,000 China Bluechemical Ltd. 75,299 80,999 208,000 Citic 1616 Holdings Ltd. 51,772 50,074 171,400 Euro-Asia Agricultural Holdings Co., Ltd.^ 12,970 -

15,000 Hengan International Group Co., Ltd. 68,281 75,394 13,450 Hong Kong Aircraft Engineering Co., Ltd. 210,850 146,364

100,000 Lonking Holding Ltd. 63,164 76,614 32,000 Shandong Weigao Group Medical

Polymer Co., Ltd. 68,164 71,831 139,530 Vitasoy International Holdings Ltd. 73,745 75,351 464,700 Wah Sang Gas Holdings Ltd.^ 79,267 9,827

79,000 Zhuzhou CSR Times Electric Co., Ltd. 86,221 101,132 789,733 687,586

JAPAN (6.5%) 3,400 Aeon Delight Co., Ltd. 82,393 52,716 7,400 Air Water Inc. 84,975 80,701 3,040 Daiseki Co., Ltd.* 58,658 64,679 2,000 Fancl Corp. 29,341 28,283

50 Geo Corp.* 56,186 36,118 1,400 Horiba Ltd. 28,719 29,840 1,700 House Foods Corp. 30,100 29,607 7,000 Kansai Paint Co., Ltd. 48,871 48,693 1,400 McDonald's Holdings (Japan) Co., Ltd. 29,533 30,036 1,050 Moshi Moshi Hotline Inc. 25,471 23,249

700 Nakanishi Inc. 42,651 49,495 15 Seven Bank Ltd. 54,736 50,088

1,900 Sysmex Corp. 87,446 76,008 8,000 Toshiba Machine Co., Ltd. 31,404 29,557

600 Unicharm Petcare Corp. 23,260 19,110 713,744 648,180

U.K. (6.5%) 1,800 Admiral Group PLC 28,774 27,772

21,400 Cable & Wireless PLC 65,389 53,997 21,300 Cobham PLC 81,741 66,112 23,550 Northumbrian Water Group PLC 147,689 92,967 4,350 Pearson PLC 50,564 55,156

58,900 Spice PLC 88,614 58,595 1,650 Tullow Oil PLC 24,109 23,906 4,900 Ultra Electronics Holdings PLC 112,624 96,607

11,799 VT Group PLC 143,831 100,733 8,800 Wellstream Holdings PLC 77,828 68,762

821,163 644,607 BRAZIL (4.2%)

22,600 All America Latina Logistica SA 157,823 121,074 11,500 Diagnosticos da America SA 186,736 154,959

9,000 Redecard SA 117,291 136,480 461,850 412,513


145,000 China Fishery Group Ltd. 125,865 71,513 2,100 Shanda Interactive Entertainment Ltd. 56,454 104,602 7,100 Subsea 7 Inc. 112,752 57,334

370,223 331,027

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

CIG - 298


CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2009



SPAIN (2.6%) 3,650 Indra Sistemas SA, Class A 96,579 88,336 3,650 Prosegur Cia de Seguridad SA 116,863 123,914 2,000 Viscofan SA 51,118 49,006

264,560 261,256 GERMANY (2.3%)

1,550 Centrotherm Photovoltaics AG 48,359 50,363 880 Hamburger Hafen Und Logistik AG 66,002 26,765

1,350 MorphoSys AG 29,541 28,851 2,550 Rhoen Klinikum AG 76,747 60,006

650 Software AG 51,342 58,362 271,991 224,347

FRANCE (2.2%) 600 EDF Energies Nouvelles SA 28,826 28,509 944 Paris RE Holdings Ltd. 20,258 20,237

2,950 Scor SE 78,223 76,088 700 Sechilienne SA 28,921 27,973

1,550 Technip SA* 63,068 68,898 219,296 221,705

SWITZERLAND (2.1%) 100 Helvetia Holding AG 27,094 26,683 450 Lonza Group AG, Registered Shares 46,759 55,974

50 SGS SA, Registered Shares 63,587 65,793 150 St. Galler Kantonalbank 63,896 61,058

201,336 209,508 AUSTRALIA (1.5%)

10,400 Lion Nathan Ltd. 73,980 73,370 16,400 Sino Gold Ltd. 74,592 74,881

148,572 148,251 MEXICO (1.3%)

33,300 Kimberly-Clark de Mexico SAB de C.V.,Class A 126,627 133,402

BELGIUM (1.3%) 1,050 Ackermans & van Haaren NV 64,111 63,344 3,000 Telenet Group Holding NV* 66,479 63,862

130,590 127,206 DENMARK (1.0%)

1,950 Carlsberg A/S, Class B* 87,308 100,079

ITALY (0.9%) 1,550 Ansaldo STS SpA 30,520 30,659 4,300 Azimut Holding SpA 29,603 28,951 2,000 Finmeccanica SpA 30,871 31,303

90,994 90,913

BERMUDA (0.7%) 2,450 Validus Holdings Ltd. 74,692 73,141

LUXEMBOURG (0.7%) 8,200 Acergy SA* 58,194 64,678

SINGAPORE (0.6%) 38,550 SembCorp Marine Ltd. 94,523 57,836



Other Assets (net) (10.7%) 1,070,634




CI Global Small Companies Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

8,881 11,4791,183 1,735

- -- -- -- -- -- -- -5 29- -- -

21 2410,090 13,267

- -16 212 3- -- -

112 46 14- -- -- -2 5

138 479,952 13,220

9,340 11,078- -

8,238 10,9331,714 2,287

5.80 7.686.67 8.74

1,419,811 1,423,125257,162 261,684

205 31932 64

6 8- -- -- -

(25) (40)218 351

210 27325 33

- -1 2

12 18248 326(30) 25

- -(30) 25

(2,319) 56367 (77)

(53) (459)- -

(859) (2,634)(3,164) (2,607)(3,194) (2,582)

(2,626) (2,147)(568) (435)

(1.87) (1.47)(2.13) (1.56)


2009 2008


2009 2008















13,220 15,815- (25)

13,220 15,790

2,697 3,503- -

(2,434) (2,632)(337) (859)(74) 12

- -- -- -- -

(3,194) (2,582)9,952 13,220

10,933 13,198- (21)

10,933 13,177

2,333 2,878- -

(2,068) (2,232)(334) (743)

(69) (97)

- -- -- -- -

(2,626) (2,147)8,238 10,933

2,287 2,617- (4)

2,287 2,613

364 625- -

(366) (400)(3) (116)(5) 109

- -- -- -- -

(568) (435)1,714 2,287

CI Global Small Companies Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


784 2,801836 2,977

CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


48 529 5


2009 2008

1,423,125 1,443,989351,579 340,554

- -(304,603) (271,901)

(50,290) (89,517)1,419,811 1,423,125

261,684 254,41647,027 62,780

- -(51,419) (41,302)

(130) (14,210)257,162 261,684




2.001.00

0.220.22


2009



5.80 7.680.02 0.025.82 7.70

6.67 8.740.01 0.026.68 8.76


2009 2008



As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $888,000. In practice, the actual trading results may differ from this analysis. The difference may be material.


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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 4,767 47.9 Euro - 910 9.1 Hong Kong Dollar - 684 6.9 British Pound - 645 6.5 Japanese Yen - 559 5.6 Brazilian Real - 416 4.2 Swiss Franc - 210 2.1 Australian Dollar - 148 1.5 Mexican Peso - 135 1.4 Singapore Dollar - 129 1.3 Norwegian Krone - 122 1.2 Danish Krone - 100 1.0 Taiwan Dollar - 35 0.4 Total - 8,860 89.1





CI Global Value Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (33.3%) 3,045 Apache Corp. 235,932 245,301 7,010 Applied Materials Inc. 85,631 94,826 8,110 Baker Hughes Inc. 328,416 291,187

30,120 Boston Scientific Corp. 541,593 301,500 25,175 Cisco Systems Inc. 560,194 530,979 35,600 Comcast Corp., Class A 668,017 611,727 19,940 Cooper Cos., Inc. 938,144 664,407 14,087 Dr. Pepper Snapple Group Inc. 352,743 299,602

3,710 EOG Resources Inc. 244,425 255,843 26,086 General Electric Co. 909,688 332,484 26,763 HealthSouth Corp.* 653,012 299,612

4,000 JP Morgan Chase & Co. 188,102 133,836 10,857 Kraft Foods Inc., Class A 339,583 304,545 3,300 L-3 Communications Holdings Inc. 320,675 281,653

29,318 Liberty Media Corp., Entertainment Series A 658,080 737,376 4,820 Lorillard Inc. 361,005 374,499 5,040 Massey Energy Co. 134,017 64,111

23,950 Microsoft Corp. 669,914 552,848 8,312 Molson Coors Brewing Co., Class B (USD)* 355,516 358,275 7,450 Newmont Mining Corp.* 292,406 419,644 5,107 Noble Energy Inc. 301,502 346,708 8,671 Northrop Grumman Corp. 461,983 476,615

13,380 Oracle Corp. 234,029 304,639 13,790 Phillip Morris International Inc. 648,865 617,517 20,190 Protective Life Corp. 668,973 132,867 10,700 Prudential Financial Inc.* 538,535 256,031 11,910 Torchmark Corp. 745,397 392,340 7,780 Wyeth 399,376 421,166

12,835,753 10,102,138 JAPAN (15.1%)

62,308 Bank of Yokohama Ltd. 424,938 330,226 8,010 Canon Inc. 335,906 287,266 2,850 Fanuc Ltd. 226,951 240,005

180 Fuji Television Network Inc. 408,608 252,713 41,796 Joyo Bank Ltd. 267,638 240,152 1,504 Keyence Corp. 311,009 352,565

55 Mid REIT Inc. 315,632 116,528 37,640 Mitsubishi UFJ Financial Group Inc.* 318,868 228,260 12,388 Mitsui Sumitomo Insurance Group

Holdings Inc.* 418,726 357,473 76,090 Nipponkoa Insurance Co., Ltd. 655,069 545,770 23,985 Nomura Research Institute Ltd.* 566,926 466,914 15,460 Seven & I Holdings Co., Ltd. 527,498 424,454

2,598 SMC Corp. 306,496 311,791 52,466 Sumitomo Trust & Banking Co., Ltd.* 416,309 249,322 11,036 THK Co., Ltd. 211,422 185,311

5,711,996 4,588,750 U.K. (12.0%)

31,521 Antofagasta PLC 211,107 287,638 13,236 BP PLC, ADR 896,153 669,134 57,727 Cadbury PLC 693,023 549,746 29,180 Diageo PLC 567,272 414,852 42,750 GlaxoSmithKline PLC 1,165,954 839,751 12,020 Scottish and Southern Energy PLC 288,745 240,461 29,796 Vodafone Group PLC, ADR 856,463 654,362

4,678,717 3,655,944

FRANCE (10.3%) 16,320 Carrefour SA* 971,913 803,331 6,610 Sanofi-Aventis 571,580 467,628 8,080 Thales SA 444,998 386,225

11,450 Total SA* 852,490 717,123 22,800 Vivendi Universal SA* 907,536 760,866

3,748,517 3,135,173 GERMANY (5.0%)

3,345 Allianz AG, Registered Shares 598,409 357,374 12,002 Henkel KGaA, Preferred, Non-Voting Shares 531,863 411,277

6,090 Metro AG 423,367 252,445 7,190 SAP AG* 370,668 321,405 2,230 Siemens AG, Registered Shares* 237,361 160,190

2,161,668 1,502,691 JERSEY ISLAND (4.1%)

99,645 Experian Group Ltd. 734,784 785,376 65,440 WPP PLC 854,073 463,700

1,588,857 1,249,076 BERMUDA (3.9%)

17,635 Covidien Ltd. 759,130 737,895 5,110 Everest Re Group Ltd. 538,156 455,655

1,297,286 1,193,550 NETHERLANDS (2.7%)

20,971 Heineken NV 1,057,520 747,246 9,166 ING Groep NV 338,772 63,648

1,396,292 810,894 SWITZERLAND (2.1%)

15,160 Nestle SA, Registered Shares 587,814 646,142

SWEDEN (1.7%) 49,210 Telefonaktiebolaget LM Ericsson, Class B* 824,653 508,696

TAIWAN (1.6%) 255,870 Taiwan Semiconductor

Manufacturing Co., Ltd. 405,851 488,592

ITALY (1.5%) 33,440 Alleanza Assicurazioni SpA 444,590 234,389

8,400 Eni SpA 261,414 204,981 706,004 439,370


SOUTH AFRICA (1.0%) 22,135 Gold Fields Ltd., ADR 299,455 315,612

SOUTH KOREA (0.9%) 4,354 KB Finanical Group Inc. 301,262 132,726

294 Samsung Electronics Co., Ltd. 175,824 152,947 477,086 285,673

CANADA (0.6%) 16,400 Yamana Gold Inc. 161,269 191,248



CIG - 206


CI Global Value Corporate ClassStatement of Investment Portfolio as at March 31, 2009


MALAYSIA (0.5%) 74,865 Sime Darby Berhad 192,499 147,573

HONG KONG (0.4%) 11,990 Cheung Kong Holdings Ltd. 144,264 129,793

THAILAND (0.4%) 48,410 Bangkok Bank PCL, Foreign Registered Shares 141,061 128,168




Total Net Assets (100.0%) 30,377,763



CI Global Value Corporate ClassFinancial Statements



















30,089 44,720191 1,189

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

13 15- 323- -

94 16330,387 46,410

- -- -- -- 48- -- 2298 84- -- -- -1 59 366

30,378 46,044

38,145 49,072- -

14,354 20,792864 970

15,160 24,282

9.22 11.488.10 9.987.64 9.30

1,556,831 1,811,152106,586 97,155

1,983,600 2,611,940

1,319 1,4963 75

39 41- -- -- -

(145) (181)1,216 1,431

354 59040 67

- 6- 2

20 38414 703802 728

- -802 728

(5,156) (2,962)224 28(56) (187)

- -

(3,655) (12,221)(8,643) (15,342)(7,841) (14,614)

(3,613) (7,707)(201) (340)

(4,027) (6,567)

(2.19) (3.53)(1.95) (2.97)(1.63) (2.38)


2009 2008


2009 2008



















24,282 30,243- (26)

24,282 30,217

273 11,495- -

(5,654) (10,988)286 125

(5,095) 632

- -- -- -- -

(4,027) (6,567)15,160 24,282

46,044 67,915- (59)

46,044 67,856

2,707 13,477- -

(10,131) (17,220)(401) (3,455)

(7,825) (7,198)

- -- -- -- -

(7,841) (14,614)30,378 46,044

20,792 36,207- (32)

20,792 36,175

2,248 1,777- -

(4,330) (6,151)(743) (3,302)

(2,825) (7,676)

- -- -- -- -

(3,613) (7,707)14,354 20,792

970 1,465- (1)

970 1,464

186 205- -

(147) (81)56 (278)95 (154)

- -- -- -- -

(201) (340)864 970

CI Global Value Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


5,602 6,1905,971 6,578

CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


52 836 10


2009 2008

1,811,152 2,421,455224,238 131,763

- -(417,773) (476,782)

(60,786) (265,284)1,556,831 1,811,152

97,155 113,87819,673 16,538

- -(16,841) (7,533)

6,599 (25,728)106,586 97,155

2,611,940 2,557,18631,777 1,137,663

- -(701,159) (1,095,021)

41,042 12,1121,983,600 2,611,940




2.001.00


0.220.22

-


2009




9.22 11.480.02 0.039.24 11.51

8.10 9.980.02 0.038.12 10.01

7.64 9.300.02 0.027.66 9.32


2009 2008








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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 13,390 44.1 Euro - 6,287 20.7 Japanese Yen - 4,631 15.2 British Pound - 3,602 11.9 Swiss Franc - 646 2.1 Taiwan Dollar - 561 1.8 Swedish Krona - 509 1.7 Singapore Dollar - 171 0.6 Korean Won - 154 0.5 Malaysian Ringgit - 148 0.5 Hong Kong Dollar - 130 0.4 Thai Baht - 128 0.4 Total - 30,357 99.9





CI International Corporate ClassStatement of Investment Portfolio as at March 31, 2009



JAPAN (19.2%) 8,800 Asahi Glass Co., Ltd. 109,339 58,187 2,300 Canon Inc. 106,847 82,486 6,180 Credit Saison Co., Ltd. 210,657 75,112

900 Fanuc Ltd. 75,999 75,791 3,400 Honda Motor Co., Ltd. 90,988 100,278

8 Inpex Holdings Inc. 82,982 69,510 52 Japan Tobacco Inc. 241,715 173,042

3,900 Mitsubishi Corp. 57,485 63,648 21,700 Mitsubishi UFJ Financial Group Inc.* 130,526 131,595 10,500 Mitsui Trust Holdings Inc. 71,573 39,998

7,600 Nikon Corp. 137,909 106,992 558 Nintendo Co., Ltd.* 258,414 202,251

1,050 Nitori Co., Ltd. 66,136 73,842 5,600 Toyota Motor Corp. 331,966 221,882

1,972,536 1,474,614 U.K. (15.7%)

8,900 BG Group PLC 145,717 169,674 5,600 BHP Billiton PLC 139,888 140,289 4,500 British American Tobacco PLC 138,584 131,290

32,600 Centrica PLC 149,379 134,295 10,200 Diageo PLC 167,204 145,013 3,050 Imperial Tobacco Group PLC 124,538 86,448 9,400 Inmarsat PLC 79,026 82,760 5,500 Next PLC 108,909 131,616 5,800 Smith & Nephew PLC 66,952 45,294


GERMANY (12.6%) 1,500 Deutsche Boerse AG* 143,149 113,705 2,500 Fresenius AG 212,058 144,707

400 Fresenius SE 32,992 19,200 4,800 Hannover Rueckversicherung AG,

Registered Shares 175,756 192,219 2,670 K+S AG 290,163 155,352 1,300 Muenchener Rueckversicherungs AG,


1,209,361 964,483 FRANCE (8.7%)

3,391 Alstom 157,822 221,411 3,810 Bouygues SA* 246,132 171,781 3,300 Publicis Groupe 105,161 106,726 2,700 Total SA 171,809 169,103

680,924 669,021 HONG KONG (8.6%)

1,700 China Mobile (Hong Kong) Ltd., ADR 112,147 93,164 72,400 CNOOC Ltd. 102,297 90,681 8,300 Esprit Holdings Ltd. 50,180 53,329

30,400 Hutchison Whampoa Ltd. 332,825 188,648 70,000 Industrial & Commercial Bank of China 43,941 45,659 62,400 Li & Fung Ltd. 231,004 184,326

872,394 655,807

SWITZERLAND (4.6%) 3,219 Julius Baer Holding Ltd. 163,262 99,761

220 Nestle SA, Registered Shares 8,640 9,377 1,446 Novartis AG, Registered Shares 65,070 68,582 1,019 Roche Holding AG 154,582 176,186

391,554 353,906 NORWAY (4.4%)

9,000 Statoil ASA 195,261 200,726 5,050 Yara International ASA 274,169 139,484

469,430 340,210 SPAIN (4.2%)


348,199 320,956 SWEDEN (2.7%)

11,400 Electrolux AB, Series B 111,648 112,337 14,000 Volvo AB, Series B* 91,236 93,833

202,884 206,170 AUSTRALIA (2.7%)

3,500 CSL Ltd. 108,719 99,657 2,100 Rio Tinto Ltd. 79,110 104,019

187,829 203,676 SOUTH KOREA (2.4%)

700 Samsung Electronics Co., Ltd., GDR 233,135 180,028


1,010 Lottomatica SpA* 35,335 20,874 228,836 176,524

TAIWAN (2.1%) 16,985 Hon Hai Precision Industry Co., Ltd. 84,327 48,335

9,800 Taiwan Semiconductor Manufacturing Co.,Ltd., ADR 93,525 110,452

177,852 158,787 PORTUGAL (1.7%)

21,700 Jeronimo Martins SGPS SA 148,591 133,383

RUSSIA (1.7%) 1,400 Lukoil, ADR (London Stock Exchange) 83,498 65,922 3,400 OAO Gazprom, ADR 144,755 63,653

228,253 129,575 FINLAND (1.5%)

4,800 Fortum OYJ 125,269 115,363


JERSEY ISLAND (1.2%) 2,520 Housing Development Finance Ltd. 123,312 88,430

INDIA (0.8%) 1,200 State Bank of India Ltd., GDR 100,623 62,026


CIG - 144


CI International Corporate ClassStatement of Investment Portfolio as at March 31, 2009


BRAZIL (0.7%) 3,200 Cia Vale do Rio Doce, ADR 105,347 53,655

CAYMAN ISLANDS (0.5%) 1,300 SINA Corp. 39,018 38,006







CI International Corporate ClassFinancial Statements




















7,631 16,264- 972- -- -- -

56 123- -- -- -3 9

19 283- -

31 507,740 17,701

15 -- -- -- 1- -- 426

57 55- -- -- -- 4

72 4867,668 17,215

9,186 16,761- -

6,375 13,3351,278 3,880

15 -

6.58 10.907.39 12.12

10.13 -

969,085 1,223,135173,037 320,156

1,490 -

353 4575 21

14 22- -- -- -

(38) (57)334 443

214 36527 45

1 -- 1

12 24254 435

80 8- -

80 8

(4,574) (606)(47) (77)(63) (105)

- -

(1,057) (2,962)(5,741) (3,750)(5,661) (3,742)

(4,608) (3,033)(1,053) (709)

- -

(4.24) (2.24)(4.60) (2.33)0.23 -


2009 2008


2009 2008


CI International Corporate ClassFinancial Statements


















- -- -- -

15 -- -- -- -

15 -

- -- -- -- -- -

15 -

17,215 23,085- (19)

17,215 23,066

1,830 3,050- -

(3,179) (3,397)(2,537) (1,762)(3,886) (2,109)

- -- -- -- -

(5,661) (3,742)7,668 17,215

13,335 18,936- (16)

13,335 18,920

1,395 2,552- -

(2,505) (2,908)(1,242) (2,196)(2,352) (2,552)

- -- -- -- -

(4,608) (3,033)6,375 13,335

3,880 4,149- (3)

3,880 4,146

420 498- -

(674) (489)(1,295) 434(1,549) 443

- -- -- -- -

(1,053) (709)1,278 3,880


2009 2008


2009 2008


CI International Corporate ClassFinancial Statements – Supplementary Schedules






2009 2008


849 4,051905 4,305


2009 2008


59 696 8


2009 2008

1,223,135 1,438,352169,291 216,091

- -(300,627) (246,953)(122,714) (184,355)969,085 1,223,135

320,156 286,49340,410 37,415

- -(67,043) (36,640)

(120,486) 32,888173,037 320,156

- -1,490 -

- -- -- -

1,490 -



2.001.00


0.220.22

-


2009




6.58 10.900.01 0.036.59 10.93

7.39 12.120.01 0.037.40 12.15

10.13 -0.02 -

10.15 -


2009 2008



As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $763,000. In practice, the actual trading results may differ from this analysis. The difference may be material.



Credit Rating (%)AA/Aa/A+ 0.7Not Rated 1.9Total 2.6


CI International Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Euro 7 2,406 31.4 Japanese Yen (1) 1,488 19.4 British Pound - 1,212 15.8 US Dollar 50 874 11.4 Hong Kong Dollar - 564 7.4 Swiss Franc - 354 4.6 Norwegian Krone - 340 4.4 Swedish Krona - 206 2.7 Australian Dollar - 205 2.7 Singapore Dollar - 104 1.4 Taiwan Dollar - 87 1.1 Total 56 7,840 102.3


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of theFund would have decreased or increased, respectively, by approximately $784,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.



CI International Value Corporate ClassStatement of Investment Portfolio as at March 31, 2009



JAPAN (24.9%) 40,371 Bank of Yokohama Ltd. 274,988 213,962 5,300 Canon Inc. 216,511 190,076 9,080 Daiwa Securities Group Inc.* 85,811 49,511 2,090 Fanuc Ltd. 170,251 176,004

110 Fuji Television Network Inc. 274,254 154,436 43,757 Joyo Bank Ltd.* 291,330 251,419

921 Keyence Corp. 200,366 215,899 14,104 KOSE Corp. 469,349 327,210

45 Mid REIT Inc. 270,362 95,341 20,862 Mitsubishi UFJ Financial Group Inc.* 183,542 126,514

6,581 Mitsui Sumitomo Insurance GroupHoldings Inc.* 225,086 189,904

53,680 Nipponkoa Insurance Co., Ltd. 479,259 385,030 29,684 Nomura Holdings Inc. 317,074 186,064 15,590 Nomura Research Institute Ltd.* 365,218 303,489

8,376 Seven & I Holdings Co., Ltd. 308,778 229,963 1,950 SMC Corp. 232,673 234,024

10,260 Sugi Pharmacy Co., Ltd.* 241,619 235,546 27,921 Sumitomo Trust & Banking Co., Ltd.* 243,738 132,683 17,479 Suzuki Motor Corp. 370,061 362,086

6,891 THK Co., Ltd. 133,172 115,710 20 United Urban Investment Corp. 134,210 101,411

5,487,652 4,276,282 U.K. (15.9%)

31,535 Antofagasta PLC 234,188 287,766 18,404 BAE Systems PLC 109,800 111,101

7,710 BP PLC, ADR 538,674 389,772 33,952 Cadbury PLC 414,596 323,332

149,990 Dawnay Day Treveria PLC 244,521 20,976 21,520 Diageo PLC 410,863 305,949 22,930 GlaxoSmithKline PLC 670,240 450,421 34,514 Kingfisher PLC 163,922 93,455 11,250 Scottish and Southern Energy PLC 251,621 225,057

4,860 Standard Chartered PLC 123,696 76,171 19,968 Vodafone Group PLC, ADR 571,357 438,525

3,733,478 2,722,525 FRANCE (14.6%)

1,880 BNP Paribas SA* 145,097 97,988 8,582 Carrefour SA* 570,084 422,438 2,535 L'Oreal SA* 264,815 218,952 5,340 Sanofi-Aventis 487,908 377,781 6,220 Thales SA* 323,141 297,317 6,790 Total SA* 521,842 425,263 9,040 UbiSoft Entertainment 168,959 208,259

13,910 Vivendi Universal SA* 527,910 464,195 3,009,756 2,512,193

GERMANY (8.8%) 1,858 Allianz AG, Registered Shares 339,996 198,506 1,850 BASF AG* 78,768 70,645

10,332 Henkel KGaA, Preferred, Non-Voting Shares 467,517 354,050 3,320 Metro AG 220,111 137,622 6,820 SAP AG* 336,764 304,865 1,892 Siemens AG, Registered Shares* 194,348 135,910

20,862 Symrise AG 424,170 311,670 2,061,674 1,513,268

JERSEY ISLAND (4.3%) 54,859 Experian Group Ltd. 408,057 432,384 44,130 WPP PLC 621,147 312,700

1,029,204 745,084 ITALY (3.5%)

22,920 Alleanza Assicurazioni SpA 318,472 160,652 9,178 Ansaldo STS SpA 113,807 181,540

10,850 Eni SpA 308,964 264,767 741,243 606,959

NETHERLANDS (2.9%) 13,122 Heineken NV 617,914 467,568 4,469 ING Groep NV 173,436 31,032

791,350 498,600 SWITZERLAND (2.8%)

7,780 Nestle SA, Registered Shares 283,033 331,596 3,000 Novartis AG, Registered Shares 176,267 142,286

459,300 473,882 AUSTRALIA (2.1%)

5,710 National Australia Bank Ltd. 172,279 100,583 9,160 Newcrest Mining Ltd. 178,691 262,503

350,970 363,086 CANADA (2.1%)

3,389 EnCana Corp. 175,305 175,754 2,610 Inmet Mining Corp. 89,832 81,484 8,970 Yamana Gold Inc. 88,206 104,603

353,343 361,841 SWEDEN (2.0%)

32,324 Telefonaktiebolaget LM Ericsson, Class B* 550,866 334,141


SOUTH KOREA (1.6%) 2,296 KB Finanical Group Inc. 168,728 69,991

400 Samsung Electronics Co., Ltd. 221,480 208,091 390,208 278,082

TAIWAN (1.6%) 140,980 Taiwan Semiconductor

Manufacturing Co., Ltd. 222,751 269,206


U.S.A. (1.5%) 5,690 Phillip Morris International Inc. 295,892 254,799

EUROPE (1.2%) 9,040 UbiSoft Entertainment 168,959 208,259

SOUTH AFRICA (1.0%) 12,188 Gold Fields Ltd., ADR 172,287 173,783

PORTUGAL (0.9%) 35,050 Energias de Portugal SA 138,714 153,157


CIG - 205


CI International Value Corporate ClassStatement of Investment Portfolio as at March 31, 2009


HONG KONG (0.9%) 14,040 Cheung Kong Holdings Ltd. 162,526 151,985


MALAYSIA (0.8%) 66,627 Sime Darby Berhad 153,321 131,335

THAILAND (0.4%) 25,516 Bangkok Bank PCL, Foreign Registered Shares 79,005 67,555




Total Net Assets (100.0%) 17,172,852



CI International Value Corporate ClassFinancial Statements



















16,573 23,333394 989

- -- -- -- -- -- -- -2 -

239 182- -

59 9717,267 24,601

- -- -- -- -- -

48 8845 147

- -- -- -1 4

94 23917,173 24,362

21,024 25,409- -

12,584 18,3261,846 3,8212,743 2,215

9.10 11.4310.11 12.57

7.69 9.44

1,382,567 1,603,153182,526 304,073356,532 234,590

817 8863 47

30 31- -- -- -

(90) (108)760 856

321 52838 64

- 11 1

18 34378 628382 228

- -382 228

(2,517) (202)67 (44)(33) (89)

- -

(2,375) (6,854)(4,858) (7,189)(4,476) (6,961)

(3,360) (5,627)(519) (1,126)(597) (208)

(2.31) (3.05)(2.35) (3.15)(1.79) (1.93)


2009 2008


2009 2008



















2,215 562- (1)

2,215 561

567 1,298- -

(432) (367)990 931

1,125 1,862

- -- -- -- -

(597) (208)2,743 2,215

24,362 33,850- (33)

24,362 33,817

3,099 5,799- -

(4,354) (5,845)(1,458) (2,448)(2,713) (2,494)

- -- -- -- -

(4,476) (6,961)17,173 24,362

18,326 27,502- (27)

18,326 27,475

2,179 3,700- -

(3,206) (4,683)(1,355) (2,539)(2,382) (3,522)

- -- -- -- -

(3,360) (5,627)12,584 18,326

3,821 5,786- (5)

3,821 5,781

353 801- -

(716) (795)(1,093) (840)(1,456) (834)

- -- -- -- -

(519) (1,126)1,846 3,821

CI International Value Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


3,497 4,3093,727 4,580

CI International Value Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


27 403 5


2009 2008

1,603,153 1,903,979222,872 277,454

- -(311,639) (370,513)(131,819) (207,767)

1,382,567 1,603,153

304,073 368,16630,463 55,174

- -(63,398) (57,552)(88,612) (61,715)

182,526 304,073

234,590 48,23667,750 119,719

- -(53,404) (34,906)107,596 101,541356,532 234,590




2.001.00


0.220.22

-


2009




9.10 11.430.02 0.039.12 11.46

10.11 12.570.02 0.03

10.13 12.60

7.69 9.440.02 0.037.71 9.47


2009 2008








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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Euro - 5,592 32.6 Japanese Yen - 4,481 26.1 British Pound - 2,639 15.4 US Dollar - 1,736 10.1 Swiss Franc - 474 2.8 Australian Dollar - 381 2.2 Swedish Krona - 334 1.9 Taiwan Dollar - 284 1.7 Norwegian Krone - 260 1.5 Korean Won - 209 1.2 Hong Kong Dollar - 152 0.9 Singapore Dollar - 148 0.9 Malaysian Ringgit - 119 0.7 Thai Baht - 71 0.4 Total - 16,880 98.4





CI Japanese Corporate ClassStatement of Investment Portfolio as at March 31, 2009



INDUSTRIALS (33.4%) 1,900 Aeon Delight Co., Ltd. 33,062 29,459 3,600 Astellas Pharma Inc.* 187,531 138,511 7,000 Dai Nippon Printing Co., Ltd. 166,528 79,906 2,132 Daiseki Co., Ltd.* 26,581 45,360 1,000 East Japan Railway Co. 75,312 65,357 1,730 Fanuc Ltd. 165,502 145,687 4,000 Hitachi Construction Machinery Co., Ltd.* 60,583 64,516 3,200 Kurita Water Industries Ltd. 57,307 76,645 9,900 Mitsubishi Corp.* 107,870 161,569 3,853 Mitsubishi Estate Co., Ltd. 65,883 53,653

23,000 Mitsubishi Motors Corp.* 33,575 36,628 5,500 Mitsui Fudosan Co., Ltd. 100,670 74,345 3,300 Mori Seiki Co., Ltd. 75,607 37,460 2,800 Nifco Inc.* 31,145 38,062 5,000 Nikon Corp. 69,258 70,389 9,400 Nissan Motor Co., Ltd. 62,444 41,915 4,800 Omron Corp. 198,796 70,692

400 Secom Co., Ltd.* 37,754 18,448 2,500 Shin-Etsu Chemical Co., Ltd.* 164,948 151,608 5,308 Shinko Plantech Co., Ltd. 59,837 40,845 1,100 SMC Corp. 292,873 132,013 5,100 Sohgo Security Services Co., Ltd. 96,991 54,774 7,700 Sumitomo Electric Industries Ltd. 176,971 80,441 2,500 Tokyo Broadcasting System Inc. 128,210 41,214 4,400 Tokyo Electric Power Co., Inc. 141,220 137,619

29,000 Tokyo Gas Co., Ltd. 150,122 127,465 30 West Japan Railway Co. 154,429 119,248

8,000 Yamato Transport Co., Ltd. 272,447 94,277 3,193,456 2,228,106

CONSUMER DISCRETIONARY (11.9%) 2,400 Benesse Corp. 100,175 109,157 5,600 Fuji Photo Film Co., Ltd.* 267,625 151,608

115 Jupiter Telecommunication Co. 105,876 97,137 9,900 Keiyo Co., Ltd.* 77,944 63,064

900 Sankyo Co., Ltd. 52,311 48,960 2,600 Sony Corp. 70,945 66,182 5,000 Toyota Motor Corp. 272,587 198,109 4,900 Yoshimoto Kogyo Co. 83,770 56,309

1,031,233 790,526 CONSUMER STAPLES (11.4%)

7,000 Ajinomoto Co., Inc. 97,091 61,713 2,200 Asahi Breweries, Ltd. 43,507 32,849

12,000 Kirin Holdings Co., Ltd. 195,635 159,150 8,000 Nippon Meat Packers Inc. 137,801 104,469

10,100 Nippon Suisan Kaisha Ltd.* 69,655 32,941 3,300 Nissin Food Products Co., Ltd. 111,546 121,923 5,600 Seven & I Holdings Co., Ltd. 329,621 153,748 3,000 Shiseido Co., Ltd.* 74,226 54,770 1,600 Yakult Honsha Co., Ltd. 28,801 35,713

1,087,883 757,276 FINANCIALS (11.0%)

11,000 Bank of Yokohama Ltd. 65,613 58,299 7,000 Chiba Bank Ltd. 55,320 43,164 7,500 Gunma Bank Ltd. 50,732 50,546 6,700 Hachijuni Bank Ltd. 49,693 48,484

FINANCIALS (11.0%) (cont’d)6,800 Millea Holdings Inc. 258,309 207,053 6,650 Nomura TOPIX Exchange-Traded Fund 100,278 67,523

11 Osaka Securities Exchange Co., Ltd. 22,172 44,145 6,600 Shizuoka Bank Ltd. 77,802 73,995 5,000 Sumitomo Realty & Development Co., Ltd. 58,538 68,860

15,000 Sumitomo Trust & Banking Co., Ltd.* 118,678 71,281 857,135 733,350

INFORMATION TECHNOLOGY (10.5%) 3,800 Canon Inc. 162,143 136,281 1,900 Canon Marketing Japan Inc. 39,053 33,429

16,000 Fujitsu Ltd. 123,672 74,402 5,000 Ibiden Co., Ltd.* 144,158 150,652

500 Nintendo Co., Ltd.* 102,528 181,228 2,500 NS Solutions Corp. 89,619 35,067

150 Rakuten Inc.* 86,897 89,818 748,070 700,877

HEALTH CARE (5.8%) 5,000 Chugai Pharmaceutical Co., Ltd. 101,921 105,679 3,000 Mediceo Paltac Holdings Co., Ltd. 43,118 40,093 1,000 Nakanishi Inc. 142,687 70,708 1,300 Sysmex Corp. 58,291 52,005 2,700 Takeda Pharmaceutical Co., Ltd.* 198,549 116,954

544,566 385,439 ENERGY (4.1%)

4,400 AOC Holdings Inc. 92,655 29,990 15 Inpex Holdings Inc. 139,090 130,332

9,000 TonenGeneral Sekiyu KK 100,857 110,304 332,602 270,626

MATERIALS (3.6%) 8,100 Air Water Inc. 88,832 88,335 1,750 Asahi Pretec Corp. 36,226 32,663

13,100 Dowa Mining Co., Ltd. 145,428 61,251 19,100 Dowa Mining Co., Ltd.,

Rights (Bonus Option) - - 8,000 Kansai Paint Co., Ltd. 54,983 55,649

325,469 237,898 TELECOMMUNICATION SERVICES (3.2%)

2,700 Nippon Telegraph & Telephone Corp. 146,257 128,306 50 NTT DoCoMo Inc. 85,569 85,168

231,826 213,474 UTILITIES (3.0%)

7,000 Osaka Gas Co., Ltd. 37,661 27,379 3,000 Shikoku Electric Power Co., Inc. 120,040 100,711

13,000 Toho Gas Co., Ltd. 97,330 74,861 255,031 202,951






CIG - 250


CI Japanese Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

6,521 10,315100 292

- -- -- -- -- -- -- -- 9

111 -- -

62 826,794 10,698

- -- -- -- -- -

103 -22 42

- -- -- -2 7

127 496,667 10,649

8,589 10,618- -

6,365 10,198302 451

7.59 9.535.70 7.07

838,775 1,070,53553,086 63,748

170 2032 226 10- -- -- -

(12) (15)166 220

171 31019 35

- 11 19 20

200 367(34) (147)

- -(34) (147)

(94) (1,917)20 (86)(13) (55)

- -

(1,766) (2,105)(1,853) (4,163)(1,887) (4,310)

(1,810) (4,129)(77) (181)

(1.92) (2.89)(1.37) (2.08)


2009 2008


2009 2008















10,649 22,902- (24)

10,649 22,878

1,009 1,753- -

(2,685) (7,879)(419) (1,793)

(2,095) (7,919)

- -- -- -- -

(1,887) (4,310)6,667 10,649

10,198 21,870- (23)

10,198 21,847

992 1,714- -

(2,596) (7,579)(419) (1,655)

(2,023) (7,520)

- -- -- -- -

(1,810) (4,129)6,365 10,198

451 1,032- (1)

451 1,031

17 39- -

(89) (300)- (138)

(72) (399)

- -- -- -- -

(77) (181)302 451

CI Japanese Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


1,554 4,1191,657 4,378

CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


10 8- 1


2009 2008

1,070,535 1,788,496111,883 159,289

- -(296,587) (720,643)

(47,056) (156,607)838,775 1,070,535

63,748 114,9252,620 4,881

- -(13,356) (39,299)

74 (16,759)53,086 63,748




2.001.00

0.220.22


2009



7.59 9.530.01 0.047.60 9.57

5.70 7.070.01 0.035.71 7.10


2009 2008


Other Price RiskThe Fund is predominantly invested in Japanese stocks and therefore sensitive to changes ingeneral economic conditions in Japan.

As at March 31, 2009, had the Japanese markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $652,000. In practice, the actual trading results may differ from this analysis. The difference may be material.


CI Japanese Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Japanese Yen - 6,592 98.9 US Dollar - 99 1.5 Total - 6,691 100.4


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of theFund would have decreased or increased, respectively, by approximately $669,000. In practice, the actual trading results may differ from the sensitivity analysis and the difference may be material.



CI Pacific Corporate ClassStatement of Investment Portfolio as at March 31, 2009



JAPAN (66.5%) 3,400 Aeon Delight Co., Ltd. 59,175 52,716

27,500 Aioi Insurance Co., Ltd. 192,126 132,784 14,000 Air Water Inc. 150,243 152,678 4,250 Asahi Breweries, Ltd. 82,152 63,459 3,600 Asahi Pretec Corp.* 90,026 67,191 4,321 Astellas Pharma Inc.* 150,792 166,251 2,800 Benesse Corp. 128,553 127,350 4,200 Canon Inc. 164,765 150,627 4,800 Chugai Pharmaceutical Co., Ltd. 81,852 101,452 5,320 Daiseki Co., Ltd.* 78,965 113,188 4,000 Dentsu Inc.* 107,007 76,033

19,600 Dowa Mining Co., Ltd. 135,433 91,642 11,600 Dowa Mining Co., Ltd., Rights (Bonus Option) - -

4,000 East Japan Railway Co. 301,250 261,428 2,500 Fanuc Ltd. 147,437 210,531

30 Fuji Television Network Inc. 90,270 42,119 26,000 Fujitsu Ltd. 167,679 120,904 25,000 Fukuoka Financial Group Inc. 143,049 94,596

16 Inpex Holdings Inc. 61,401 139,020 10,000 Kansai Paint Co., Ltd. 60,315 69,561

726 Keyence Corp. 132,666 170,188 5,000 Kirin Holdings Co., Ltd. 77,098 66,312 5,400 Mediceo Paltac Holdings Co., Ltd. 83,070 72,168 4,300 Millea Holdings Inc. 149,684 130,930

10,900 Mitsubishi Corp.* 110,484 177,889 11,848 Mitsubishi Estate Co., Ltd. 173,192 164,983 15,000 Mitsui & Co., Ltd.* 118,474 188,044 10,000 Mitsui Fudosan Co., Ltd. 97,465 135,173

5,300 Mori Seiki Co., Ltd. 121,429 60,163 900 Nakanishi Inc. 116,479 63,637

5,000 Nifco Inc.* 55,624 67,969 3,000 Nikon Corp. 99,299 42,234

500 Nintendo Co., Ltd.* 95,312 181,228 9,000 Nippon Meat Packers Inc. 153,849 117,528

26,100 Nippon Suisan Kaisha Ltd.* 182,428 85,124 4,700 Nippon Telegraph & Telephone Corp. 272,132 223,347

900 Nippon Television Network Corp. 157,957 105,718 3,700 Nissin Food Products Co., Ltd. 146,702 136,702 9,000 Nomura Holdings Inc. 164,534 56,413

40 NTT Data Corp. 169,062 136,167 50 NTT DoCoMo Inc.* 140,455 85,168

1,600 Ono Pharmaceutical Co., Ltd. 84,098 87,244 30 Osaka Securities Exchange Co., Ltd.* 82,728 120,394

185 Rakuten Inc.* 104,716 110,775 1,370 Ryohin Keikaku Co., Ltd. 88,193 67,198 1,100 Sankyo Co., Ltd. 63,949 59,840 3,800 Secom Co., Ltd.* 201,583 175,253 8,300 Seven & I Holdings Co., Ltd. 272,318 227,876

13,000 Shiseido Co., Ltd.* 244,573 237,336 2,200 Sumitomo Real Estate Sales Co., Ltd. 170,164 79,180 6,000 Sumitomo Realty & Development Co., Ltd. 35,419 82,633 9,400 Sumitomo Warehouse Co., Ltd.* 70,116 45,388 7,200 Suruga Bank Ltd. 104,183 74,209 4,100 Sysmex Corp. 189,157 164,017 5,400 Takeda Pharmaceutical Co., Ltd.* 322,866 233,909

JAPAN (66.5%) (cont’d)1,500 Terumo Corp. 86,866 69,370

18,000 Toho Gas Co., Ltd. 132,897 103,654 8,500 Tokyo Broadcasting System Inc. 149,357 140,129 4,300 Tokyo Electric Power Co., Inc. 120,518 134,491

51,000 Tokyo Gas Co., Ltd.* 258,787 224,163 14,000 TonenGeneral Sekiyu KK 142,337 171,584

8,300 Toyota Industries Corp.* 188,985 221,003 5,900 Toyota Motor Corp. 243,136 233,769

60 West Japan Railway Co. 324,363 238,495 2,000 Yakult Honsha Co., Ltd. 70,675 44,641

10,000 Yamato Transport Co., Ltd. 203,596 117,846 9,165,465 8,165,012

AUSTRALIA (12.9%) 7,445 Australia & New Zealand Banking Group Ltd. 131,416 102,437

15,950 BHP Billiton Ltd. 482,473 446,045 7,800 Billabong International Ltd. 67,902 57,899 5,261 Commonwealth Bank of Australia 146,121 159,804

22,250 Iluka Resources Ltd. 72,221 78,193 10,900 Lion Nathan Ltd. 90,228 76,898

1,650 Rio Tinto Ltd. 62,697 81,729 13,334 Sino Gold Ltd.* 75,382 60,882 12,900 Tabcorp Holdings Ltd. 146,142 73,258

3,733 Westpac Banking Corp.* 80,031 62,421 6,850 Woodside Petroleum Ltd. 118,194 228,662 6,950 Woolworths Ltd. 156,893 152,332

1,629,700 1,580,560 HONG KONG (6.9%)

62,000 China Resources Enterprise 156,558 120,617 86,800 China Shineway Pharmaceutical Group Ltd. 58,668 62,265

9,100 CLP Holdings Ltd. 79,208 77,638 73,955 CNOOC Ltd. 39,502 92,628 12,100 Hong Kong Exchanges and Clearing Ltd. 124,873 143,285 11,000 Hutchison Whampoa Ltd. 104,880 68,261

103,000 Lonking Holding Ltd. 65,198 78,912 32,000 Shandong Weigao Group Medical

Polymer Co., Ltd. 68,312 71,831 77,000 SmarTone Telecommunications Holding Ltd. 130,055 57,114 60,000 Zhuzhou CSR Times Electric Co., Ltd. 66,727 76,809

893,981 849,360 U.S.A. (3.3%)

12,700 iShares MSCI Japan Index Fund 154,808 126,006 8,850 MSCI Pacific Ex-Japan iShares Index Fund 319,659 274,802

474,467 400,808 SINGAPORE (2.8%)

89,300 Singapore Post Ltd. 43,530 57,366 138,500 Singapore Technologies Engineering Ltd. 212,630 281,264

256,160 338,630 CHINA (2.3%)

166,000 Beijing Datang Power Generation Co.,Ltd., Class H 60,467 91,536

1,413 China Life Insurance Co., Ltd., ADR 16,728 87,697 62,500 China Oilfield Services Ltd., Series H 29,468 61,913 37,970 PetroChina Co., Ltd., Class H 11,787 37,984

118,450 279,130


CIG - 657


CI Pacific Corporate ClassStatement of Investment Portfolio as at March 31, 2009


SOUTH KOREA (0.8%) 8,050 Korea Electric Power Corp., ADR 99,175 92,860

TAIWAN (0.7%) 7,047 Taiwan Semiconductor Manufacturing Co.

Ltd., ADR 78,349 79,424

CAYMAN ISLANDS (0.6%) 145,234 China Fishery Group Ltd. 177,331 71,628




Total Net Assets (100.0%) 12,275,922



CI Pacific Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

11,857 20,332325 112

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

41 25- -- -

96 11412,319 20,583

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

41 60- -- -- -2 4

43 6412,276 20,519

12,862 15,086- -

11,787 19,610489 909

6.43 8.686.57 8.78

1,833,644 2,260,03774,463 103,514

463 28617 48

6 9- -- -- -

(50) (37)436 306

319 46937 55

- -1 -

18 30375 554

61 (248)- -

61 (248)

1,165 353200 (93)(36) (50)

- -

(6,250) (2,618)(4,921) (2,408)(4,860) (2,656)

(4,639) (2,531)(221) (125)

(2.27) (1.06)(2.30) (0.97)


2009 2008


2009 2008















20,519 25,570- (45)

20,519 25,525

1,386 4,595- -

(3,593) (5,612)(1,176) (1,333)(3,383) (2,350)

- -- -- -- -

(4,860) (2,656)12,276 20,519

19,610 24,403- (43)

19,610 24,360

1,337 4,403- -

(3,332) (5,494)(1,189) (1,128)(3,184) (2,219)

- -- -- -- -

(4,639) (2,531)11,787 19,610

909 1,167- (2)

909 1,165

49 192- -

(261) (118)13 (205)

(199) (131)

- -- -- -- -

(221) (125)489 909

CI Pacific Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


2,563 4,0712,731 4,327

CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


30 35 -


2009 2008

2,260,037 2,498,985175,257 463,248

- -(445,322) (581,780)(156,328) (120,416)

1,833,644 2,260,037

103,514 119,3436,537 19,785

- -(37,267) (13,250)

1,679 (22,364)74,463 103,514




2.001.00

0.220.22


2009



6.43 8.680.01 0.036.44 8.71

6.57 8.780.02 0.046.59 8.82


2009 2008


Other Price RiskThe Fund is predominantly invested in Asia-Pacific stocks and therefore sensitive to changes ingeneral economic conditions across the Asia-Pacific region.

As at March 31, 2009, had the Asia-Pacific markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $1,186,000. In practice, the actual trading results may differ from this analysis.The difference may be material.


CI Pacific Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Japanese Yen - 8,250 67.2 Australian Dollar - 1,589 12.9 Hong Kong Dollar - 1,041 8.5 US Dollar - 950 7.7 Singapore Dollar - 410 3.3 New Zealand Dollar - 2 0.1 Total - 12,242 99.7


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $1,224,000. In practice, the actualtrading results may differ from the sensitivity analysis and the difference may be material.



CI Value Trust Corporate ClassStatement of Investment Portfolio as at March 31, 2009


U.S.A. (97.6%) 31,200 3M Co. 2,224,526 1,951,352

2,362,300 AES Corp.* 29,356,657 17,273,282 537,200 Aetna Inc.* 19,500,404 16,477,447 287,900 Aflac Inc. 6,207,550 6,997,784 126,600 Allstate Corp. 3,942,981 3,056,429 124,044 Amazon.com Inc.* 6,769,192 11,480,024 134,300 American Express Co. 4,541,957 2,307,723 162,547 Amgen Inc.* 8,620,221 10,125,247

96,650 AT&T Inc. 3,175,972 3,062,007 116,050 Avon Products Inc.* 3,125,218 2,807,579

41,700 Boeing Co., Preferred Rights 2,132,820 1,862,072 511,762 CA Inc.* 14,112,211 11,193,846 270,415 Capital One Financial Corp.* 7,475,975 4,159,129

70,100 Chesapeake Energy Corp.* 1,666,375 1,503,260 525,250 Cisco Systems Inc. 12,232,440 11,078,318

9,600 CME Group Inc. 2,258,112 2,982,232 57,350 ConocoPhillips 3,367,686 2,831,313 39,150 Deere & Co., Preferred Rights 1,614,464 1,618,890

1,122,850 Eastman Kodak Co.* 32,124,061 5,379,193 749,990 eBay Inc.* 29,431,043 11,837,817 220,450 Electronic Arts Inc.* 12,352,383 5,052,610 219,057 EMC Corp.* 2,738,216 3,142,760 10,100 Exelon Corp. 668,863 577,190 55,250 Goldman Sachs Group Inc.* 5,786,517 7,384,684 23,250 Google Inc., Class A* 6,387,650 10,196,222

242,401 Hewlett-Packard Co. 9,484,806 9,797,375 92,300 International Business Machines Corp.* 10,822,400 11,273,211

199,800 JC Penney Co., Inc.* 9,903,344 5,045,315 175,800 JP Morgan Chase & Co. 7,672,221 5,882,089

57,500 Medtronic Inc. 2,408,069 2,134,838 88,250 Merck & Co., Inc. 2,930,796 2,971,669 52,300 MetLife Inc. 943,058 1,501,331

128,800 Microsoft Corp. 3,304,522 2,973,145 70,250 Nucor Corp. 3,879,475 3,375,181

228,050 NYSE Euronext 8,516,707 5,143,423 12,500 PepsiCo Inc. 824,684 811,261 91,400 Prudential Financial Inc.* 2,801,121 2,187,027

201,000 Sears Holdings Corp.* 28,238,849 11,580,414 226,642 State Street Corp.* 10,277,127 8,774,695 430,200 Texas Instruments Inc.* 14,081,006 8,937,981

75,707 Time Warner Cable Inc. 4,832,076 2,367,007 301,613 Time Warner Inc. 13,471,241 7,338,701 559,229 UnitedHealth Group Inc.* 21,808,667 14,734,920 246,500 Wells Fargo & Co. 4,071,746 4,425,259 714,100 Yahoo! Inc. 25,683,436 11,505,400

407,768,845 279,098,652




Total Net Assets (100.0%) 286,099,241


CIG - 2301


CI Value Trust Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



279,099 820,8567,719 47,148

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

126 979333 -

- -332 314

287,609 869,297

- -- -- 2- -- -

1,072 1,119425 1,204

- -- -- -

13 1031,510 2,428

286,099 866,869

407,227 1,031,258- -

151,180 288,6225,579 10,838

88,574 481,2832,255 4,621

68 28038,328 81,134

9 2410 1896 49

- -

4.86 8.295.14 8.675.27 8.744.35 7.344.38 7.374.16 7.074.39 8.054.97 8.964.12 7.91

- -

31,097,801 34,823,8381,086,057 1,250,707

16,822,254 55,062,698517,942 630,022

15,560 38,0609,212,364 11,469,716

1,957 2,9592,023 2,054

23,418 6,129- -


2009 2008


2009 2008










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















10,960 10,476464 808

2,433 446- -- -- -

(1,644) (1,489)12,213 10,241

6,300 12,339613 1,204

6 63 67

345 7867,267 14,4024,946 (4,161)

- -4,946 (4,161)

(416,946) (26,805)7,657 (573)(783) (2,229)

- -

82,274 (352,438)(327,798) (382,045)(322,852) (386,206)

(117,154) (156,103)(4,173) (5,824)

(169,755) (176,805)(1,634) (2,510)

(76) (224)(29,973) (44,728)

(24) (4)(7) (3)

(45) (5)(11) -

(3.45) (4.05)(3.57) (4.12)(3.71) (4.01)(2.94) (3.43)(2.99) (3.23)(2.92) (3.38)(3.45) (1.63)(3.54) (0.96)(3.17) (1.04)(1.85) -

288,622 523,428- (421)

288,622 523,007

26,747 49,701- -

(80,278) (108,783)33,243 (19,200)(20,288) (78,282)

- -- -- -- -

(117,154) (156,103)151,180 288,622

10,838 18,745- (15)

10,838 18,730

2,684 3,457- -

(3,471) (5,241)(299) (284)

(1,086) (2,068)

- -- -- -- -

(4,173) (5,824)5,579 10,838

481,283 513,831- (413)

481,283 513,418

55,021 209,080- -

(237,085) (64,330)(40,890) (80)

(222,954) 144,670

- -- -- -- -

(169,755) (176,805)88,574 481,283


2009 2008


2009 2008



Insight SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions




Y SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions




Z SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions
















24 -- -

24 -

90 18- -

(21) -(57) 1012 28

- -- -

(3) -(3) -

(24) (4)9 24

18 -- -

18 -

- 21- -- -- -- 21

- -- -

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

10 18

49 -- -

49 -

53 59- -

(10) -58 (3)

101 56

- -- -

(9) (2)(9) (2)

(45) (5)96 49

4,621 8,790- (7)

4,621 8,783

1,049 2,123- -

(1,781) (3,775)- -

(732) (1,652)

- -- -- -- -

(1,634) (2,510)2,255 4,621

280 929- (1)

280 928

34 164- -

(98) (473)(72) (115)

(136) (424)

- -- -- -- -

(76) (224)68 280

81,134 156,717- (126)

81,134 156,591

2,085 5,859- -

(13,958) (34,623)(960) (1,965)

(12,833) (30,729)

- -- -- -- -

(29,973) (44,728)38,328 81,134



2009 2008



2009 2008










- -- -- -

38 -- -

(74) -47 -11 -

- -- -- -- -

(11) -- -

866,869 1,222,440- (983)

866,869 1,221,457

87,801 270,482- -

(336,776) (217,225)(8,930) (21,637)

(257,905) 31,620

- -- -

(13) (2)(13) (2)

(322,852) (386,206)286,099 866,869



2009 2008






Insight SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

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

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

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

34,823,838 42,136,6124,289,907 4,702,147

- -(12,586,156) (10,245,347)

4,570,212 (1,769,574)31,097,801 34,823,838

1,250,707 1,458,787401,827 307,366

- -(519,883) (482,109)

(46,594) (33,337)1,086,057 1,250,707

55,062,698 40,256,7358,757,866 20,954,727

- -(41,641,574) (6,136,340)

(5,356,736) (12,424)16,822,254 55,062,698

630,022 808,747187,069 226,764

- -(299,149) (405,489)

- -517,942 630,022

38,060 85,3196,215 16,338

- -(16,095) (50,419)(12,620) (13,178)15,560 38,060

11,469,716 14,818,565360,500 594,049

- -(2,454,453) (3,726,388)

(163,399) (216,510)9,212,364 11,469,716






2,959 -13,314 1,957

- -(3,817) -

(10,499) 1,0021,957 2,959

2,054 -- 2,058- -

(31) (4)- -

2,023 2,054

6,129 -7,587 6,129

- -(1,829) -

11,531 -23,418 6,129

- -3,750 -

- -(9,153) -5,403 -

- -


2009 2008





Insight SharesNet assets per shareSection 3855 adjustment on net assets per shareNet asset value per share

Y SharesNet assets per shareSection 3855 adjustment on net assets per shareNet asset value per share

Z SharesNet assets per shareSection 3855 adjustment on net assets per shareNet asset value per share






2009 2008


94,451 169,736100,662 180,391

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


776 581- -


2009 2008

4.86 8.290.01 0.014.87 8.30

5.14 8.670.01 -5.15 8.67

5.27 8.74- 0.01

5.27 8.75

4.35 7.340.01 -4.36 7.34

4.38 7.370.01 -4.39 7.37

4.16 7.070.01 0.014.17 7.08

4.39 8.050.01 0.014.40 8.06

4.97 8.960.01 0.014.98 8.97

4.12 7.910.01 0.014.13 7.92

- -- -- -


Annual management fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

2.251.25

Paid directly by investor1.111.002.002.251.252.251.25

0.210.21

-0.210.210.210.210.210.210.21


2009


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



As at March 31, 2009, had the U.S. markets increased or decreased by 10%, with all other variablesheld constant, net assets of the Fund would have increased or decreased, respectively, by approximately $27,910,000. In practice, the actual trading results may differ from this analysis.The difference may be material.









Harbour Corporate ClassStatement of Investment Portfolio as at March 31, 2009



MATERIALS (17.3%) 300,000 Barrick Gold Corp. 9,401,177 12,240,000 750,000 BHP Billiton Ltd. 17,500,953 20,973,919 300,000 Cameco Corp. 6,799,320 6,462,000 400,000 Goldcorp Inc. 10,412,981 16,840,000 500,000 Norbord Inc. 3,174,832 330,000 100,000 Potash Corp. of Saskatchewan Inc. 10,019,058 10,195,000 250,000 Rio Tinto PLC 17,515,284 10,626,560

74,823,605 77,667,479ENERGY (17.2%)

200,000 Canadian Oil Sands Trust 3,914,599 4,808,000 350,000 EnCana Corp. 17,086,734 18,151,000 300,000 Patterson-UTI Energy Inc. 8,946,926 3,388,762 400,000 Petro-Canada 15,429,482 13,448,000 100,000 Petroleo Brasileiro SA, ADR 3,353,952 3,840,093 725,000 Suncor Energy Inc. 23,620,365 20,336,250

1,000,000 Talisman Energy Inc. 12,257,435 13,260,000 84,609,493 77,232,105

CONSUMER DISCRETIONARY (15.9%) 250,000 Bed Bath & Beyond Inc. 7,315,540 7,787,975 400,000 PetSmart Inc. 9,368,750 10,564,668 250,000 Ross Stores Inc. 7,762,861 11,286,418 300,000 Thomson Corp. 10,159,727 9,600,000 600,000 Tim Hortons Inc. 19,741,983 19,236,000 250,000 TJX Cos., Inc. 7,811,810 8,059,026 800,000 Yellow Pages Income Fund 8,977,623 4,800,000

71,138,294 71,334,087FINANCIALS (15.4%)

400,000 Bank of Nova Scotia†† 15,940,187 12,464,000 300,000 Canadian Imperial Bank of Commerce 19,895,327 13,755,000 700,000 Discover Financial Services 11,984,978 5,533,213 755,500 Dundee Corp., Class A 3,929,771 3,800,165 856,600 Dundee Wealth Management Inc. 4,106,991 4,240,170 650,000 Manulife Financial Corp. 20,306,624 9,210,500 170,900 Royal Bank of Canada 5,049,566 6,241,268 125,000 Sun Life Financial Inc. 5,605,988 2,807,500 250,000 Toronto-Dominion Bank 12,719,923 10,865,000


700,000 Cisco Systems Inc. 18,232,935 14,764,060 600,000 Intel Corp. 12,085,234 11,368,994 500,000 Microsoft Corp. 15,048,860 11,541,710 900,000 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 9,072,804 10,143,594 54,439,833 47,818,358

INDUSTRIALS (9.1%) 400,000 Canadian National Railway Co. 16,312,211 17,836,000

75,000 Caterpillar Inc. 2,172,416 2,640,852 50,000 Cummins Inc. 1,300,499 1,601,720

700,000 General Electric Co. 25,611,455 8,921,975 100,000 Martin Marietta Materials Inc. 10,155,056 9,983,485

55,551,637 40,984,032

CONSUMER STAPLES (4.3%) 240,000 Cott Corp. 3,407,164 302,400 600,000 Diageo PLC 10,739,584 8,530,188 150,000 Nestle SA, Registered Shares 6,117,908 6,393,230

70,000 Procter & Gamble Co. 4,281,512 4,148,586 24,546,168 19,374,404


Total Equities (89.9%) 464,043,339 403,327,281

Short Term Notes (2.8%) 12,311,014 12,489,929




Other Assets (net) (8.2%) 36,611,677

Total Net Assets (100.0%) 448,310,727

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

CIG - 290


Harbour Corporate ClassStatement of Investment Portfolio as at March 31, 2009




1 Toronto-Dominion Bank A-1+ 29-May-09 (1,568,000) Australian $ 1,246,638 Canadian $ (120,946)1 Bank of Nova Scotia†† A-1+ 29-May-09 (1,624,000) Australian $ 1,292,347 Canadian $ (124,080)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (1,810,000) Australian $ 1,507,278 Canadian $ (67,655)2 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (2,971,000) Australian $ 2,415,776 Canadian $ (181,247)2 Royal Bank of Canada A-1+ 30-Jun-09 (3,007,000) Australian $ 2,570,954 Canadian $ (45,522)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (328,333) Australian $ 264,407 Canadian $ (22,597)2 Royal Bank of Canada A-1+ 29-May-09 (4,426,000) Australian $ 3,560,181 Canadian $ (300,105)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (548,000) Australian $ 469,603 Canadian $ (7,227)1 Royal Bank of Canada A-1+ 30-Apr-09 (6,803,667) Australian $ 5,482,667 Canadian $ (464,582)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (997,000) Australian $ 793,732 Canadian $ (75,836)2 Royal Bank of Canada A-1+ 30-Apr-09 (1,240,000) British Pound 2,152,446 Canadian $ (90,371)2 Royal Bank of Canada A-1+ 29-May-09 (1,371,000) British Pound 2,438,776 Canadian $ (40,103)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (1,958,000) British Pound 3,388,241 Canadian $ (153,239)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (2,910,000) British Pound 5,110,901 Canadian $ (152,483)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (502,000) British Pound 867,858 Canadian $ (40,121)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (563,000) British Pound 1,007,452 Canadian $ (9,951)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (673,000) British Pound 1,206,904 Canadian $ (9,934)1 Bank of Nova Scotia†† A-1+ 29-May-09 (696,000) British Pound 1,245,325 Canadian $ (13,100)1 Royal Bank of Canada A-1+ 30-Apr-09 (327,082) Canadian $ 180,000 British Pound (1,511)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (20,000) Swiss Franc 21,846 Canadian $ (326)1 Royal Bank of Canada A-1+ 30-Apr-09 (2,901,000) Swiss Franc 3,133,845 Canadian $ (81,220)2 Bank of Nova Scotia†† A-1+ 30-Jun-09 (315,000) Swiss Franc 339,738 Canadian $ (9,467)1 Royal Bank of Canada A-1+ 30-Jun-09 (328,000) Swiss Franc 358,079 Canadian $ (5,538)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (414,600) Swiss Franc 447,428 Canadian $ (12,057)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (418,000) Swiss Franc 451,428 Canadian $ (11,825)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (947,000) Swiss Franc 1,021,851 Canadian $ (27,672)2 Bank of Nova Scotia†† A-1+ 5-May-09 (182,216,084) Taiwanese $ 5,377,548 US $ 1,913 3 Bank of Nova Scotia†† A-1+ 5-Jun-09 (86,313,000) Taiwanese $ 2,492,652 US $ (72,283)2 Canadian Imperial Bank of Commerce A-1 29-May-09 (10,040,000) US $ 12,645,070 Canadian $ (5,282)2 Bank of Nova Scotia†† A-1+ 30-Jun-09 (11,501,000) US $ 14,307,678 Canadian $ (173,715)2 Royal Bank of Canada A-1+ 29-May-09 (12,456,000) US $ 15,687,233 Canadian $ (7,267)1 Bank of Nova Scotia†† A-1+ 29-May-09 (1,313,000) US $ 1,628,632 Canadian $ (25,742)1 Royal Bank of Canada A-1+ 30-Apr-09 (17,171,000) US $ 21,104,876 Canadian $ (540,544)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (185,000) US $ 227,310 Canadian $ (5,898)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (20,422,000) US $ 25,144,077 Canadian $ (599,489)3 Bank of Nova Scotia†† A-1+ 5-Jun-09 (2,492,652) US $ 3,148,962 Canadian $ 8,687 1 Toronto-Dominion Bank A-1+ 29-May-09 (5,312,000) US $ 6,595,592 Canadian $ (97,503)2 Bank of Nova Scotia†† A-1+ 5-May-09 (5,377,548) US $ 6,601,016 Canadian $ (177,271)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (5,902,000) US $ 7,245,885 Canadian $ (194,058)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (7,743,000) US $ 9,588,544 Canadian $ (160,993)



Harbour Corporate ClassFinancial Statements










403,327 381,30632,782 7,24612,490 73,296

- -1,480 985

- -11 -

- -- -

1,885 2,676- -- -

1,174 776453,149 466,285

- -- -- 2

4,129 3,486- -- 1,822

709 1,962- -- -- -- -

4,838 7,272448,311 459,013

464,043 307,219- -

364,252 396,21923,576 23,36930,119 21,787

9,564 5,090173 452

1,002 93419,512 10,992

41 2572 145

18.56 24.3317.02 22.0810.52 13.47

6.83 9.477.06 9.687.10 9.616.51 9.356.78 9.616.58 9.23

19,620,724 16,282,5001,385,224 1,058,4572,862,482 1,617,6621,400,101 537,329

24,548 46,684141,091 97,176

2,995,826 1,175,8186,087 2,627

11,007 15,767


2009 2008


2009 2008

























10,349 5,8883,792 3,424

32 23- -- -- -

(852) (430)13,321 8,905

8,580 7,242883 744

4 465 133

473 45610,005 8,579

3,316 326(53) -

3,263 326

2,626 18,206(297) 791(304) (541)

- -

(135,987) (10,296)(133,962) 8,160(130,699) 8,486

(106,243) 7,787(6,697) 664(8,172) 156(3,117) (22)

(111) 9(255) 4

(5,950) (107)(114) -

(40) (5)

(5.85) 0.55(5.38) 0.75(3.40) 0.18(2.71) (0.09)(2.90) 0.27(2.47) 0.05(2.55) (0.17)(5.61) 0.07(2.52) (0.32)

396,219 300,274- (231)

396,219 300,043

153,129 120,057- -

(82,682) (55,581)3,829 23,913

74,276 88,389

- -- -- -- -

(106,243) 7,787364,252 396,219

23,369 16,446- (12)

23,369 16,434

11,997 8,034- -

(7,365) (3,023)2,272 1,2606,904 6,271

- -- -- -- -

(6,697) 66423,576 23,369

21,787 6,198- (5)

21,787 6,193

15,515 7,061- -

(8,210) (762)9,199 9,139

16,504 15,438

- -- -- -- -

(8,172) 15630,119 21,787


2009 2008


2009 2008



























10,992 -- -

10,992 -

18,568 11,214- -

(2,214) (112)(182) 247

16,172 11,349

- -- -

(1,702) (250)(1,702) (250)(5,950) (107)19,512 10,992

25 -- -

25 -

460 17- -

(269) -(46) 9145 26

- -- -

(15) (1)(15) (1)

(114) -41 25

145 -- -

145 -

17 113- -

(60) (1)21 43(22) 155

- -- -

(11) (5)(11) (5)(40) (5)72 145

5,090 -- -

5,090 -

11,367 4,679- -

(3,649) (99)405 597

8,123 5,177

- -- -

(532) (65)(532) (65)

(3,117) (22)9,564 5,090

452 -- -

452 -

167 448- -

(344) (1)27 -

(150) 447

- -- -

(18) (4)(18) (4)

(111) 9173 452

934 -- -

934 -

1,030 625- -

(872) (4)212 326370 947

- -- -

(47) (17)(47) (17)

(255) 41,002 934



2009 2008



2009 2008






459,013 322,918- (248)

459,013 322,670

212,250 152,248- -

(105,665) (59,583)15,737 35,534

122,322 128,199

- -- -

(2,325) (342)(2,325) (342)

(130,699) 8,486448,311 459,013



2009 2008









Harbour Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

16,282,500 12,746,3517,243,708 4,850,380

- -(4,126,818) (2,259,942)

221,334 945,71119,620,724 16,282,500

1,058,457 777,511609,275 362,544

- -(393,859) (136,235)111,351 54,637

1,385,224 1,058,457

1,617,662 486,7531,301,174 514,939

- -(779,917) (57,531)723,563 673,501

2,862,482 1,617,662

537,329 -1,295,427 485,257

- -(488,206) (10,231)

55,551 62,3031,400,101 537,329

46,684 -20,403 46,782

- -(46,777) (98)

4,238 -24,548 46,684

97,176 -141,557 62,501

- -(117,985) (445)

20,343 35,120141,091 97,176





1,175,818 -2,187,196 1,164,129

- -(315,993) (11,676)

(51,195) 23,3652,995,826 1,175,818

2,627 -50,827 1,730

- -(40,535) -(6,832) 8976,087 2,627

15,767 -2,022 11,270

- -(9,023) (99)2,241 4,596

11,007 15,767


2009 2008












2009 2008


- 35,494- 37,722

Harbour Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


294 2854 27


2009 2008

18.56 24.330.06 0.03

18.62 24.36

17.02 22.080.05 0.02

17.07 22.10

10.52 13.470.03 0.01

10.55 13.48

6.83 9.470.02 0.016.85 9.48

7.06 9.680.02 0.017.08 9.69

7.10 9.610.02 0.017.12 9.62

6.51 9.350.02 0.016.53 9.36

6.78 9.610.02 0.016.80 9.62

6.58 9.230.02 0.016.60 9.24




2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009


Harbour Corporate ClassFund Specific Financial Instruments Risks (Note 11)



As at March 31, 2009, had the Canadian and global markets increased or decreased by 10%, withall other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $40,333,000. In practice, the actual trading results may differ fromthisanalysis. The difference may be material.



Credit Rating (%)AAA/Aaa/A++ 2.7 AA/Aa/A+ 0.1 Total 2.8




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (116,193) 9,888 2.2 British Pound (17,605) 1,912 0.4 Swiss Franc (5,919) 474 0.1 Australian Dollar (21,106) (132) (0.1)Taiwan Dollar (9,976) (9,976) (2.2)Total (170,799) 2,166 0.4


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of theFund would have decreased or increased, respectively, by approximately $217,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.



Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (36.6%) 100,000 Amerada Hess Corp. 8,846,416 6,827,952 288,000 American Eagle Outfitters Inc. 4,127,595 4,436,858 300,000 Anadarko Petroleum Corp. 14,628,419 14,678,332 900,000 Baldor Electric Co. 25,140,678 16,440,791 925,000 Cisco Systems Inc. 22,975,470 19,509,651

80,000 Covance Inc. 4,064,290 3,593,500 120,000 CVS Corp. 4,117,410 4,149,721 825,000 Discover Financial Services 15,311,132 6,521,287

1,000,000 General Electric Co. 23,532,931 12,745,679 600,000 GeoGlobal Resources Inc. 4,890,148 529,494

45,000 GeoGlobal Resources Inc.,Warrants (20Jun09) - 8

550,000 Intel Corp. 9,097,246 10,421,578 420,000 Microsoft Corp. 9,824,406 9,695,037 100,000 Oracle Corp. 1,996,072 2,276,825 500,000 Patterson-UTI Energy Inc. 15,468,099 5,647,937 180,000 Ross Stores Inc. 5,042,770 8,126,221 375,000 Ultra Petroleum Corp.* 21,680,333 16,967,449

190,743,415 142,568,320SWITZERLAND (14.8%)

40,000 Alcon Inc. 4,087,819 4,577,350 485,500 Aryzta AG 19,290,053 14,319,351 226,000 Holcim Ltd. 20,389,319 10,128,108 515,000 Nestle SA, Registered Shares 18,126,915 21,950,090

44,000 Swatch Group AG 10,084,254 6,701,151 71,978,360 57,676,050

U.K. (11.0%) 1,100,000 Diageo PLC 19,784,609 15,638,679

300,000 Rio Tinto PLC 16,236,682 12,751,872 1,800,000 Travis Perkins PLC 40,686,606 14,374,344

76,707,897 42,764,895FRANCE (8.7%)

155,000 Air Liquide* 14,812,507 15,894,074 215,000 Schneider Electric SA* 21,707,946 18,040,598

36,520,453 33,934,672JAPAN (4.9%)

300,000 Canon Inc. 13,966,454 10,759,045 500,000 Mitsubishi Corp.* 9,068,076 8,160,057

23,034,530 18,919,102BRAZIL (4.1%)

415,000 Petroleo Brasileiro SA, ADR 16,749,071 15,936,385

GERMANY (3.3%) 68,000 Puma AG 20,689,573 12,953,791

IRELAND (3.0%) 3,845,000 Allied Irish Banks PLC 38,339,359 3,863,869 1,695,000 Kingspan Group PLC 22,108,993 7,809,712

60,448,352 11,673,581

SWEDEN (2.8%) 510,000 Atlas Copco AB, Series A 6,078,776 4,810,502 125,000 Hennes & Mauritz AB, Class B* 6,386,691 5,914,394

12,465,467 10,724,896AUSTRALIA (2.2%)

300,000 BHP Billiton Ltd. 4,665,022 8,389,568

TAIWAN (2.0%) 700,000 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 6,274,246 7,889,462

Commission and other portfolio transaction costs (1,064,687)

Total Equities (93.4%) 519,211,699 363,430,722

Short Term Notes (1.3%) 5,108,745 5,191,963




Other Assets (net) (6.3%) 29,265,449

Total Net Assets (100.0%) 389,991,601


CIG - 2300


Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2009





2 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (1,188,000) Australian $ 965,981 Canadian $ (72,478)2 Royal Bank of Canada A-1+ 30-Jun-09 (1,203,000) Australian $ 1,028,553 Canadian $ (18,212)1 Toronto-Dominion Bank A-1+ 29-May-09 (1,338,000) Australian $ 1,063,777 Canadian $ (103,205)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (204,000) Australian $ 164,281 Canadian $ (14,040)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (211,000) Australian $ 180,814 Canadian $ (2,783)2 Royal Bank of Canada A-1+ 29-May-09 (3,001,400) Australian $ 2,405,829 Canadian $ (211,944)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (724,000) Australian $ 602,911 Canadian $ (27,062)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (851,000) Australian $ 677,498 Canadian $ (64,730)1 Bank of Nova Scotia†† A-1+ 29-May-09 (913,000) Australian $ 726,547 Canadian $ (69,757)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (177,000) British Pound 316,264 Canadian $ (3,595)1 Royal Bank of Canada A-1+ 30-Apr-09 (2,050,000) British Pound 3,563,864 Canadian $ (144,019)2 Bank of Nova Scotia†† A-1+ 29-May-09 (2,174,000) British Pound 3,866,338 Canadian $ (64,430)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (2,399,000) British Pound 4,292,855 Canadian $ (42,402)1 Royal Bank of Canada A-1+ 30-Jun-09 (3,040,000) British Pound 5,432,966 Canadian $ (60,648)1 Royal Bank of Canada A-1+ 29-May-09 (409,000) British Pound 733,938 Canadian $ (5,567)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (424,000) British Pound 733,715 Canadian $ (33,184)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (5,644,000) British Pound 9,757,347 Canadian $ (451,086)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (8,165,000) British Pound 14,353,746 Canadian $ (414,478)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (4,535,545) Canadian $ 2,551,000 British Pound 78,507 1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (10,951,000) Euro 17,672,724 Canadian $ (665,212)1 Royal Bank of Canada A-1+ 29-May-09 (1,810,000) Euro 2,866,805 Canadian $ (162,975)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (2,400,000) Euro 3,967,320 Canadian $ (47,656)1 Royal Bank of Canada A-1+ 30-Jun-09 (3,279,000) Euro 5,460,978 Canadian $ (24,483)1 Royal Bank of Canada A-1+ 30-Apr-09 (6,586,000) Euro 10,628,750 Canadian $ (399,799)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (7,973,000) Euro 13,272,653 Canadian $ (65,432)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (9,221,000) Euro 14,720,373 Canadian $ (720,601)2 Bank of Nova Scotia†† A-1+ 30-Jun-09 (133,576,000) Japanese Yen 1,703,761 Canadian $ 1,428 2 Toronto-Dominion Bank A-1+ 30-Jun-09 (174,800,000) Japanese Yen 2,217,863 Canadian $ (9,842)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (177,270,000) Japanese Yen 2,462,391 Canadian $ 203,136 2 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (216,430,000) Japanese Yen 2,716,886 Canadian $ (41,363)1 Royal Bank of Canada A-1+ 30-Apr-09 (24,795,500) Japanese Yen 344,549 Canadian $ 28,538 2 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (311,714,000) Japanese Yen 4,313,298 Canadian $ 340,592 2 Toronto-Dominion Bank A-1+ 30-Apr-09 (421,090,000) Japanese Yen 5,813,050 Canadian $ 446,378 1 Royal Bank of Canada A-1+ 29-May-09 (49,874,000) Japanese Yen 642,516 Canadian $ 6,891 2 Toronto-Dominion Bank A-1+ 30-Apr-09 (12,088,000) Swedish Krona 1,826,315 Canadian $ (27,139)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (2,090,000) Swedish Krona 291,777 Canadian $ (28,655)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (26,395,000) Swedish Krona 4,004,035 Canadian $ (43,112)1 Royal Bank of Canada A-1+ 29-May-09 (3,056,000) Swedish Krona 425,473 Canadian $ (43,063)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (3,897,000) Swedish Krona 590,622 Canadian $ (6,905)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (4,800,000) Swedish Krona 734,450 Canadian $ (1,394)2 Bank of Nova Scotia†† A-1+ 29-May-09 (5,814,000) Swedish Krona 850,782 Canadian $ (40,601)1 Royal Bank of Canada A-1+ 30-Jun-09 (729,000) Swedish Krona 111,576 Canadian $ (181)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (8,208,000) Swedish Krona 1,259,127 Canadian $ 834 1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (1,686,000) Swiss Franc 1,842,945 Canadian $ (26,131)1 Bank of Nova Scotia†† A-1+ 29-May-09 (1,788,000) Swiss Franc 1,935,212 Canadian $ (46,753)1 Royal Bank of Canada A-1+ 30-Apr-09 (2,130,000) Swiss Franc 2,300,961 Canadian $ (59,634)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (243,000) Swiss Franc 262,241 Canadian $ (7,067)1 Royal Bank of Canada A-1+ 30-Jun-09 (3,016,000) Swiss Franc 3,292,433 Canadian $ (51,064)1 Royal Bank of Canada A-1+ 29-May-09 (3,599,000) Swiss Franc 3,839,752 Canadian $ (149,672)2 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (5,509,000) Swiss Franc 6,016,675 Canadian $ (90,527)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (7,440,000) Swiss Franc 8,028,055 Canadian $ (217,404)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (8,359,000) Swiss Franc 8,915,828 Canadian $ (348,123)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (11,626,000) US $ 14,184,534 Canadian $ (454,252)1 Royal Bank of Canada A-1+ 29-May-09 (12,261,000) US $ 15,268,623 Canadian $ (180,178)1 Royal Bank of Canada A-1+ 30-Jun-09 (13,873,000) US $ 17,019,396 Canadian $ (448,682)2 Bank of Nova Scotia†† A-1+ 29-May-09 (14,596,000) US $ 18,330,582 Canadian $ (60,308)2 Royal Bank of Canada A-1+ 30-Apr-09 (17,110,000) US $ 21,016,286 Canadian $ (552,239)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (22,410,000) US $ 27,482,952 Canadian $ (734,423)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (23,193,000) US $ 28,361,593 Canadian $ (875,040)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (3,422,000) US $ 4,213,252 Canadian $ (100,453)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (3,496,000) US $ 4,349,898 Canadian $ (55,045)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (6,725,000) US $ 8,263,008 Canadian $ (214,393)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (812,000) US $ 994,903 Canadian $ (27,520)1 Toronto-Dominion Bank A-1+ 29-May-09 (9,365,000) US $ 11,627,959 Canadian $ (171,896)



Harbour Foreign Equity Corporate ClassFinancial Statements





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


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares



363,431 600,32027,351 6,939

5,192 54,853- -

337 905- -

1,106 -- -- -

740 1,091- 16,794- -

1,526 2,045399,683 682,947

- -- -- 2

9,003 22,340- -- 5,016

688 796- -- -- -- -

9,691 28,154389,992 654,793

519,212 532,701- -

368,278 533,9008,365 13,858

11,296 104,051819 1,241

12 97- -

1,202 1,64620 -

6.89 11.817.36 12.486.69 11.204.86 8.865.47 9.87

- -4.51 8.574.89 -

53,441,778 45,200,6321,136,887 1,110,2341,689,180 9,286,705

168,595 139,9802,249 9,785

- -266,432 192,183

4,000 -


2009 2008


2009 2008










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















14,348 11,2011,877 3,261

323 346- -- -4 5

(1,612) (1,501)14,940 13,312

9,709 10,6291,111 1,182

4 1842 85

539 67711,405 12,591

3,535 721(36) -

3,499 721

(77,750) (12,064)4,563 510

(965) (1,902)- -

(209,492) (49,043)(283,644) (62,499)(280,145) (61,778)

(260,590) (52,682)(6,217) (1,194)

(11,785) (7,785)(558) (55)

(42) 1(22) -

(910) (63)(21) -

(5.08) (1.28)(5.26) (1.38)(2.84) (0.89)(3.81) (0.65)(5.77) 0.05(4.45) -(3.81) (0.49)(5.36) -

533,900 481,614- (376)

533,900 481,238

95,395 158,927- -

(85,216) (63,838)84,789 10,25594,968 105,344

- -- -- -- -

(260,590) (52,682)368,278 533,900

13,858 7,974- (6)

13,858 7,968

3,362 6,556- -

(3,760) (2,072)1,122 2,600

724 7,084

- -- -- -- -

(6,217) (1,194)8,365 13,858

104,051 97,723- (76)

104,051 97,647

12,459 27,493- -

(7,363) (14,357)(86,066) 1,053(80,970) 14,189

- -- -- -- -

(11,785) (7,785)11,296 104,051


2009 2008


2009 2008



























1,646 -- -

1,646 -

1,005 1,531- -

(254) (148)(130) 375621 1,758

- -- -

(155) (49)(155) (49)(910) (63)

1,202 1,646

- -- -- -

40 -- -

(42) -46 -44 -

- -- -

(3) -(3) -

(21) -20 -

654,793 587,311- (458)

654,793 586,853

112,898 195,899- -

(97,004) (80,425)(327) 14,313

15,567 129,787

- -- -

(223) (69)(223) (69)

(280,145) (61,778)389,992 654,793

1,241 -- -

1,241 -

637 1,309- -

(300) (10)(140) 16197 1,315

- -- -

(61) (19)(61) (19)

(558) (55)819 1,241

97 -- -

97 -

- 83- -

(40) -- 14

(40) 97

- -- -

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

(42) 112 97

- -- -- -

- -- -

(29) -52 -23 -

- -- -

(1) -(1) -

(22) -- -



2009 2008



2009 2008








Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

45,200,632 37,016,03810,580,071 12,506,395

- -(9,878,671) (5,099,486)7,539,746 777,685

53,441,778 45,200,632

1,110,234 586,454362,600 486,500

- -(450,691) (157,585)114,744 194,865

1,136,887 1,110,234

9,286,705 8,109,5581,100,671 2,308,026

- -(715,533) (1,212,183)

(7,982,663) 81,3041,689,180 9,286,705

139,980 -90,547 139,719

- -(54,456) (1,124)

(7,476) 1,385168,595 139,980

9,785 -- 8,329- -

(7,536) (8)- 1,464

2,249 9,785

- -- -- -

(5,335) -5,335 -

- -




192,183 -145,082 170,676

- -(48,108) (16,285)(22,725) 37,792266,432 192,183

- -4,000 -

- -(7,280) -7,280 -4,000 -


2009 2008











2009 2008


38,491 210,59741,022 223,817

Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


929 97614 93


2009 2008

6.89 11.810.01 0.016.90 11.82

7.36 12.480.01 0.017.37 12.49

6.69 11.20- 0.01

6.69 11.21

4.86 8.86- 0.01

4.86 8.87

5.47 9.870.01 -5.48 9.87

- -- -- -

4.51 8.57- -

4.51 8.57

4.89 -0.01 -4.90 -


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

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

2.001.00



0.220.22

-0.220.22

-0.220.22


2009


Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11)






Credit Rating (%)AAA/Aaa/A++ 1.5AA/Aa/A+ 0.1Total 1.6




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)British Pound (39,669) 3,707 1.0 Euro (70,712) 2,169 0.6 Swiss Franc (37,405) 1,374 0.4 Swedish Krona (10,288) 437 0.1 Australian Dollar (8,442) (52) (0.1)Japanese Yen (19,232) (218) (0.1)US Dollar (175,097) (3,325) (0.9)Total (360,845) 4,092 1.0





Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at March 31, 2009



ENERGY (44.6%) 22,600 Anadarko Petroleum Corp. 1,120,471 1,105,768 24,152 Apache Corp. 2,460,135 1,945,655

170,000 BP PLC 1,536,972 1,449,825 76,950 Canadian Natural Resources Ltd. 4,943,598 3,769,780 48,127 Celtic Exploration Ltd.* 565,371 657,415 39,590 Chevron Corp. 3,534,051 3,346,042 54,900 Enbridge Inc. 1,998,497 1,995,615 61,585 EnCana Corp. 4,140,548 3,193,798 13,148 FMC Technologies Inc. 705,115 519,814 59,400 Husky Energy Inc.* 2,298,315 1,588,356 41,100 Imperial Oil Ltd. 1,850,346 1,882,380

110,690 Nexen Inc. 2,688,990 2,365,445 26,000 Occidental Petroleum Corp.,

Preferred Rights 1,800,126 1,823,452 USD 532,000 OPTI Canada Inc., Callable 8.25% 12/15/2014 249,931 300,135

110,100 Petro-Canada 4,208,479 3,701,562 51,700 Petrohawk Energy Corp. 1,157,920 1,253,377 53,980 Petroleo Brasileiro SA, ADR 1,556,231 1,667,289 62,500 Progress Energy Resources Corp. 678,125 584,375 49,100 Southwestern Energy Co. 1,878,729 1,832,251

215,400 Talisman Energy Inc. 3,719,978 2,856,204 23,800 Transocean Ltd. 1,679,473 1,763,074

183,690 TriStar Oil & Gas Ltd.* 2,294,796 1,695,459 94,700 Weatherford International Ltd. (Switzerland) 1,337,855 1,321,629 34,416 XTO Energy Inc. 1,592,003 1,325,945

49,996,055 43,944,645MATERIALS (34.1%)

7,100 Agnico-Eagle Mines Ltd.* 275,447 510,135 10,800 Agnico-Eagle Mines Ltd., Restricted Shares 426,204 840,829 98,200 Antofagasta PLC 814,016 896,102

123,397 Barrick Gold Corp. 4,709,174 5,034,598 57,400 BHP Billiton PLC 1,328,858 1,437,959 30,100 Cameco Corp. 1,056,039 648,354 27,000 CF Industries Holdings Inc. 1,881,386 2,413,018 48,400 Felix Resources Ltd. 629,619 364,784 29,600 First Quantum Minerals Ltd. 648,427 1,050,800

USD 1,000,000 Freeport-McMoRan Copper & Gold Inc.8.25% 04/01/2015 1,020,448 1,207,120

29,400 Freeport-McMoRan Copper & Gold Inc.,Class B (USD)* 958,090 1,410,678

33,166 Fresnillo PLC 275,530 272,654 91,830 Goldcorp Inc. 3,211,884 3,866,043 88,300 Kinross Gold Corp. 1,809,259 2,022,953

239,900 Lundin Mining Corp. 434,511 470,204 426,500 Paladin Resources Ltd.* 2,327,225 1,292,295

14,081 Potash Corp. of Saskatchewan Inc. 1,792,191 1,435,558 163,500 Quadra Mining Ltd.* 778,442 971,190

62,500 Red Back Mining Inc.* 519,644 506,250 6,000 Rio Tinto PLC, ADR 1,021,996 1,014,057

38,081 SPDR Gold Trust 3,824,891 4,333,267 USD 13,000 Teck Cominco Ltd. 5.375% 10/01/2015 7,646 8,686 USD 75,000 Teck Cominco Ltd. 6.125% 10/01/2035 44,438 46,884 USD 100,000 Teck Cominco Ltd. 7% 09/15/2012 70,154 83,837

MATERIALS (34.1%) (cont’d)750 Umicore - Strip VVPR - 24

AUD 400,000 Western Areas 8% 07/02/2012 176,250 278,688 90,800 Yamana Gold Inc.* 1,010,438 1,068,716

31,052,207 33,485,683INDUSTRIALS (0.9%)

24,300 Canadian Pacific Railway Ltd. 922,109 909,549

UTILITIES (0.9%) 106,100 Canadian Hydro Developers Inc. 620,430 250,396 34,400 TransAlta Corp. 1,161,025 634,680

1,781,455 885,076 CONSUMER STAPLES (0.4%)

39,600 Viterra Inc. 352,630 347,688

WARRANTS (0.1%) 44,901 Osisko Mining Corp., Warrants (17Nov09) - 43,105


Total Bonds & Equities (81.0%) 84,011,203 79,615,746

Short Term Notes (17.3%) 17,000,000 17,000,000





Total Net Assets (100.0%) 98,251,937

Principal amounts stated in:AUD Australian Dollar USD U.S. Dollar


CIG - 013


Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at March 31, 2009




5 UBS Warburg NY A-1 16-Apr-09 (1,044,000) Australian $ 837,746 Canadian $ (75,937)3 UBS Warburg NY A-1 16-Apr-09 (1,951,000) British Pound 3,578,736 Canadian $ 49,857 1 State Street Trust Co. of Canada A-1 16-Apr-09 (1,273,164) Canadian $ 1,008,000 US $ (2,443)1 UBS Warburg NY A-1 16-Apr-09 (1,655,709) Canadian $ 1,310,000 US $ (4,276)1 UBS Warburg NY A-1 16-Apr-09 (31,295) Canadian $ 19,000 Euro 524 1 Royal Bank of Canada A-1+ 16-Apr-09 (3,956,400) Canadian $ 3,140,000 US $ 1,997 2 UBS Warburg NY A-1 16-Apr-09 (412,048) Canadian $ 526,000 Australian $ 48,294 3 Morgan Stanley A-1 16-Apr-09 (489,728) Canadian $ 307,000 Euro 24,400 3 UBS Warburg NY A-1 16-Apr-09 (793,349) Canadian $ 425,000 British Pound (24,629)4 Morgan Stanley A-1 16-Apr-09 (288,000) Euro 463,714 Canadian $ (18,595)2 UBS Warburg NY A-1 16-Apr-09 (38,000) Euro 61,969 Canadian $ (1,669)1 UBS Warburg NY A-1 16-Apr-09 (3,025,000) US $ 3,790,960 Canadian $ (22,464)2 Bank of Nova Scotia†† A-1+ 16-Apr-09 (3,221,000) US $ 4,048,820 Canadian $ (11,688)2 Morgan Stanley A-1 16-Apr-09 (3,437,000) US $ 4,302,445 Canadian $ (30,361)1 Royal Bank of Canada A-1+ 16-Apr-09 (4,690,000) US $ 5,874,929 Canadian $ (37,455)2 State Street Trust Co. of Canada A-1 16-Apr-09 (5,044,000) US $ 6,320,073 Canadian $ (38,575)



Signature Canadian Resource Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

79,616 108,669270 500

17,000 9,000- -- -- -

125 -- -- -

337 8994,165 1,376

- -215 113

101,728 120,557

- -- -- 1

268 140- -

2,857 449314 218

- -- -- -

37 363,476 844

98,252 119,713

84,011 97,052- -

94,904 115,1813,348 4,532

29.45 40.7330.82 42.19

3,223,058 2,827,689108,645 107,404

1,456 897813 660

41 25- -- -- -

(124) (63)2,186 1,519

2,302 1,916236 196

1 729 20

127 1202,695 2,259

(509) (740)- -

(509) (740)

(25,883) 13,314743 (124)(397) (316)

- -

(16,016) 3,145(41,553) 16,019(42,062) 15,279

(40,710) 14,608(1,352) 671

(12.85) 5.97(11.87) 6.72


2009 2008


2009 2008















119,713 69,389- (81)

119,713 69,308

50,139 46,890- -

(34,302) (22,230)4,764 10,466

20,601 35,126

- -- -- -- -

(42,062) 15,27998,252 119,713

115,181 66,267- (77)

115,181 66,190

48,781 46,196- -

(32,749) (21,493)4,401 9,680

20,433 34,383

- -- -- -- -

(40,710) 14,60894,904 115,181

4,532 3,122- (4)

4,532 3,118

1,358 694- -

(1,553) (737)363 786168 743

- -- -- -- -

(1,352) 6713,348 4,532

Signature Canadian Resource Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


6,906 19,1577,360 20,360

Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


394 22030 21


2009 2008

2,827,689 1,935,9841,315,752 1,202,784

- -(981,445) (563,682)

61,062 252,6033,223,058 2,827,689

107,404 88,99338,222 17,622

- -(48,022) (18,549)11,041 19,338

108,645 107,404




2.001.00

0.200.20


2009



29.45 40.730.04 0.07

29.49 40.80

30.82 42.190.04 0.07

30.86 42.26


2009 2008



As at March 31, 2009, had the Canadian and global markets increased or decreased by 10%, withall other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $7,769,000. In practice, the actual trading results may differ from thisanalysis. The difference may be material.



Credit Rating (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 0.2BBB/Baa/B++ 1.4BB/Ba/B+ 0.3Not Rated 8.4Total 19.5


Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (17,598) 12,944 13.2British Pound (2,760) 1,297 1.3Australian Dollar (454) 196 0.2Total (20,812) 14,437 14.7



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

as at March 31, 2009

Interest Rate Exposure

As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased,respectively, by approximately $16,000. In practice, the actual results may differ. The differencemay be material.

Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total

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

17,270 - 363 1,563 19,196


Signature Global Energy Corporate Class (formerly CI Global Energy Corporate Class )

Statement of Investment Portfolio as at March 31, 2009



CANADA (38.1%) 50,000 Cameco Corp. 1,658,340 1,077,000

211,300 Canadian Hydro Developers Inc. 1,172,491 498,668 106,470 Canadian Natural Resources Ltd. 6,555,352 5,215,965 111,100 Canadian Oil Sands Trust 2,306,797 2,670,844 104,800 Celtic Exploration Ltd.* 1,054,546 1,431,568

68,600 Enbridge Inc. 2,497,212 2,493,610 86,325 EnCana Corp. 5,229,738 4,476,814

436,764 Horizon North Logistics Inc. 1,439,604 305,735 87,500 Husky Energy Inc.* 3,164,076 2,339,750 75,000 Imperial Oil Ltd. 2,964,503 3,435,000

152,850 Nexen Inc. 3,515,759 3,266,404 USD 937,000 OPTI Canada Inc., Callable

8.25% 12/15/2014 477,045 528,621 32,000 Petrobank Energy and Resources Ltd.* 1,432,948 740,800

147,700 Petro-Canada 5,713,679 4,965,674 91,400 Progress Energy Resources Corp.* 977,591 854,590 56,031 Storm Exploration Inc.* 582,003 639,314 79,700 Suncor Energy Inc. 2,069,131 2,235,585

384,500 Talisman Energy Inc. 6,393,657 5,098,470 74,600 TransAlta Corp. 2,365,507 1,376,370

319,200 TriStar Oil & Gas Ltd.* 3,620,284 2,946,216 55,190,263 46,596,998

U.S.A. (30.2%) 37,800 Anadarko Petroleum Corp. 1,873,893 1,849,470 56,150 Apache Corp. 5,306,866 4,523,373 31,900 CF Industries Holdings Inc. 2,247,849 2,850,936 76,760 Chevron Corp. 6,478,741 6,487,551 47,400 Exxon Mobil Corp. 4,172,646 4,056,916 19,200 FMC Technologies Inc. 958,283 759,083 64,120 Marathon Oil Corp. 3,288,259 2,123,564 47,500 Occidental Petroleum Corp.,

Preferred Rights 3,316,746 3,331,306 7,000 Oil Service HOLDRs Trust 732,922 653,219

109,100 Petrohawk Energy Corp. 2,438,869 2,644,940 72,400 Southwestern Energy Co. 2,772,301 2,701,731 30,900 Ultra Petroleum Corp.* 1,542,101 1,398,118 91,920 XTO Energy Inc. 4,159,303 3,541,402

39,288,779 36,921,609

SWITZERLAND (3.4%) 33,000 Transocean Ltd. 2,320,894 2,444,599

125,600 Weatherford International Ltd. (Switzerland) 1,782,948 1,752,867

4,103,842 4,197,466 BRAZIL (3.2%)

3,790 OGX Petroleo e Gas Participacoes SA 2,294,172 1,484,728 78,927 Petroleo Brasileiro SA, ADR* 2,731,242 2,437,830

5,025,414 3,922,558 U.K. (2.2%)

145,500 BP PLC 1,400,163 1,240,879 51,627 Royal Dutch Shell PLC, Class A* 1,979,946 1,463,291

3,380,109 2,704,170 AUSTRALIA (2.2%)

867,600 Paladin Resources Ltd.* 3,669,224 2,628,828

FRANCE (1.9%) 36,700 Total SA, ADR* 2,686,599 2,269,893



Short Term Notes (17.2%) 21,000,000 21,000,000





Total Net Assets (100.0%) 122,436,441

Principal amounts stated in:USD U.S. Dollar


CIG - 281



4 UBS Warburg NY A-1 16-Apr-09 (1,955,000) British Pound 3,816,743 Canadian $ 280,629 5 UBS Warburg NY A-1 16-Apr-09 (2,065,454) Canadian $ 1,116,000 British Pound (46,885)1 Royal Bank of Canada A-1+ 16-Apr-09 (6,398,280) Canadian $ 5,078,000 US $ 3,230 1 UBS Warburg NY A-1 16-Apr-09 (2,509,000) US $ 3,171,125 Canadian $ 8,189 2 Bank of Nova Scotia†† A-1+ 16-Apr-09 (4,710,000) US $ 5,914,679 Canadian $ (22,917)2 Morgan Stanley A-1 16-Apr-09 (5,027,000) US $ 6,298,751 Canadian $ (38,466)1 Royal Bank of Canada A-1+ 16-Apr-09 (7,345,000) US $ 9,200,714 Canadian $ (58,657)3 State Street Trust Co. of Canada A-1 16-Apr-09 (9,147,000) US $ 11,470,535 Canadian $ (60,503)




Financial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

99,242 158,4242,932 1,361

21,000 17,000- -- -- -

292 -- -- -

548 1711,429 -

- -221 118

125,664 177,074

- -- -- 1

227 152- -

2,497 -436 311

- -- -- -

68 853,228 549

122,436 176,525

113,215 140,282- -

114,535 165,9887,901 10,537

32.80 47.1124.31 34.55

3,491,610 3,523,779324,987 304,926

1,823 1,7401,383 1,259

49 35- -- -- -

(148) (135)3,107 2,899

3,065 3,422348 393

1 634 33

170 2193,618 4,073

(511) (1,174)- -

(511) (1,174)

(23,269) 18,601482 (33)

(379) (477)- -

(31,898) (2,289)(55,064) 15,802(55,575) 14,628

(52,268) 13,675(3,307) 953

(14.87) 3.80(10.42) 3.14


2009 2008


2009 2008















176,525 170,561- (242)

176,525 170,319

41,064 38,577- -

(39,681) (48,015)103 1,016

1,486 (8,422)

- -- -- -- -

(55,575) 14,628122,436 176,525

165,988 161,125- (229)

165,988 160,896

38,063 36,818- -

(36,710) (46,110)(538) 709815 (8,583)

- -- -- -- -

(52,268) 13,675114,535 165,988

10,537 9,436- (13)

10,537 9,423

3,001 1,759- -

(2,971) (1,905)641 307671 161

- -- -- -- -

(3,307) 9537,901 10,537




2009 2008



2009 2008

– 170 –




2009 2008


10,064 17,00210,726 18,069


Financial Statements – Supplementary Schedules


2009 2008


376 27628 27


2009 2008

3,523,779 3,726,813906,141 801,799

- -(917,223) (1,014,928)

(21,087) 10,0953,491,610 3,523,779

304,926 300,75497,080 53,702

- -(96,473) (58,277)19,454 8,747

324,987 304,926

Annual Financial Statements as at March 31, 2009




2.001.00

0.220.22


2009



32.80 47.110.06 0.06

32.86 47.17

24.31 34.550.04 0.05

24.35 34.60


2009 2008

– 171 –

Other Price RiskThe Fund is invested in foreign stocks and therefore sensitive to changes in general economicconditions across the world.




Credit Rating (%)AAA/Aaa/A++ 17.2 AA/Aa/A+ 0.2 BB/Ba/B+ 0.4 Total 17.8



Fund Specific Financial Instruments Risks (Note 11)





Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (29,828) 18,151 14.8 Brazilian Real - 1,485 1.2 British Pound (1,518) 1,186 1.0 Total (31,346) 20,822 17.0






As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively,by approximately $4,000. In practice, the actual results may differ. The difference may be material.



23,932 - - 529 24,461


Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FINANCIALS (22.0%) 347,700 Aberdeen Asset Management PLC 1,020,179 801,862

5,400 Allianz AG, Registered Shares 502,586 576,927 297,690 AXA Asia Pacific Holdings Ltd.* 1,310,271 873,978

61,800 AXA Asia Pacific Holdings Ltd.,Registers Shares 149,024 181,437

1,048,000 Bank of China Ltd. 330,815 438,106 21,900 Bank of New York Mellon Corp. 682,553 779,135 55,300 Bank of Nova Scotia†† 1,858,437 1,723,148

5,920 BNP Paribas SA* 228,974 308,557 300,000 Canada Housing Trust No.1,

FRN Series 12 0.62429% 09/15/2010* 301,521 299,631 116,700 Canadian Imperial Bank of Commerce 7,291,792 5,350,695

83,300 Great-West Lifeco Inc.* 1,159,852 1,473,577 50,600 Hartford Financial Services Group Inc. 1,215,559 500,125

286,000 HBOS Treasury Services PLC 0.72857% 09/29/2009 286,000 279,250

72,900 Hosted Data Transaction Solutions Inc. 110,856 16,038 67,800 ING Canada Inc., Restricted Shares 1,695,000 2,436,732

199,400 Intesa Sanpaolo SpA 1,160,455 682,122 USD 950,000 JP Morgan Chase & Co. 7.9% 04/29/2049 898,039 769,668

104,100 Lincoln National Corp. 3,476,316 877,988 57,600 Manulife Financial Corp. 923,979 816,192 21,544 Manulife Financial Corp.,

Restricted Shares (12Apr09) 409,336 305,278 180,000 Morgan Stanley FRN 1.10571% 02/23/2012 179,681 141,205

53,550 National Australia Bank Ltd. 1,188,356 943,294 14,400 National Bank of Canada 665,203 579,744

800 Nomura TOPIX Exchange-Traded Fund 10,655 8,123 17,800 PNC Financial Services Group Inc. 763,608 654,140 70,700 Power Corp. of Canada 1,568,791 1,389,255

128,800 Principal Financial Group Inc. 2,167,889 1,325,006 102,800 Prudential PLC 543,201 626,625 174,400 Royal Bank of Canada 6,777,213 6,369,088 665,000 Royal Bank of Canada FRN

1.04643% 09/27/2010 665,000 659,633 52,900 Sun Life Financial Inc. 983,932 1,188,134

118,200 Toronto-Dominion Bank 5,865,872 5,136,972 USD 400,000 Wells Fargo & Co. 7.98% 02/28/2049 255,674 237,012 USD 1,075,000 Wells Fargo Capital 7.7% 12/29/2049 928,437 645,534

47,575,056 39,394,211 MATERIALS (14.6%)

20,000 Agrium Inc. 945,598 904,400 14,400 Alcon Inc. 1,558,166 1,647,846 80,000 Barrick Gold Corp. 3,057,222 3,264,000 39,100 BHP Billiton PLC 976,404 979,516 54,400 Cameco Corp. 1,750,659 1,171,776 14,900 CF Industries Holdings Inc. 1,080,771 1,331,628 14,300 Crown Holdings Inc. 376,738 409,056 47,400 Goldcorp Inc. 1,855,388 1,995,540 69,600 ICL-Israel Chemicals Ltd. 535,581 711,354

469,500 Paladin Resources Ltd.* 2,183,710 1,422,585 11,700 Potash Corp. of Saskatchewan Inc. 1,307,052 1,192,815 59,100 Quadra Mining Ltd. 274,815 351,054 94,000 SPDR Gold Trust 10,307,023 10,696,335

26,209,127 26,077,905

ENERGY (10.5%) 19,700 Amerada Hess Corp. 1,229,665 1,345,107 53,600 Canadian Natural Resources Ltd. 2,949,663 2,625,864 12,300 Devon Energy Corp. 727,237 691,285 28,200 Imperial Oil Ltd. 1,111,303 1,291,560 39,430 Nexen Inc. 1,044,651 842,619 19,500 Occidental Petroleum Corp.,

Preferred Rights 1,341,247 1,367,589 59,300 Petro-Canada 1,766,615 1,993,666 40,500 Spectra Energy Corp. 909,665 720,944 81,399 Suncor Energy Inc. 2,917,022 2,283,242

207,300 Talisman Energy Inc. 3,125,156 2,748,798 17,700 Transocean Ltd. 1,192,967 1,311,194 50,900 Weatherford International Ltd. (Switzerland) 805,757 710,358 23,200 XTO Energy Inc. 1,010,168 893,826

20,131,116 18,826,052 CONSUMER STAPLES (7.2%)

14,700 Alimentation Couche-Tard Inc., Class B 322,471 193,011 17,585 British American Tobacco PLC 606,943 513,052 55,703 CVS Corp. 1,970,093 1,926,266 52,305 Diageo PLC 976,171 743,619 20,185 Fomento Economico Mexicano SA de CV, ADR 656,812 641,525 11,477 Groupe Danone* 992,676 704,590 45,900 Nestle SA, Registered Shares 1,856,318 1,956,328 27,368 Phillip Morris International Inc. 1,389,941 1,225,541 24,816 Procter & Gamble Co. 1,785,239 1,470,733 41,340 Saputo Inc. 913,341 858,632 25,230 Shoppers Drug Mart Corp. 1,213,306 1,093,468 47,900 Unilever NV* 1,476,165 1,188,936 95,200 Wal-Mart de Mexico SA de CV* 320,502 280,185

14,479,978 12,795,886 INDUSTRIALS (6.6%)

15,600 Alliant Techsystems Inc. 1,568,414 1,317,290 146,301 BAE Systems PLC 1,217,017 883,188 35,200 Canadian Pacific Railway Ltd. 1,335,078 1,317,536 34,600 Emerson Electric Co., Preferred Rights 1,274,323 1,245,794 64,600 Finning International Inc. 1,285,001 808,792 13,800 FTI Consulting Inc. 765,997 858,923 35,600 Raytheon Co. 2,047,287 1,744,073 37,900 Union Pacific Corp. 2,042,751 1,960,913 18,800 WW Grainger Inc. 1,569,305 1,660,978


29,700 Cisco Systems Inc. 881,559 626,418 45,000 Corning Inc. 642,981 751,125 48,100 EMC Corp. 650,827 690,080

2,200 Google Inc., Class A 877,267 964,804 12,300 Informatica Corp. 195,688 205,463 92,100 Intel Corp. 1,887,984 1,745,141 26,000 Microsoft Corp. 618,113 600,169 59,100 Nokia OYJ, Class A, ADR 1,485,399 869,501 52,200 NVIDIA Corp. 610,939 646,898 14,200 Research In Motion Ltd. (USD) 968,390 769,426 47,400 SanDisk Corp. 630,816 754,136 89,700 Thomson Reuters PLC 2,431,457 2,522,944

11,881,420 11,146,105


CIG - 150


Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2009



TELECOMMUNICATION SERVICES (4.8%) 54,100 AT&T Inc.* 1,540,344 1,713,964 70,600 BCE Inc. 2,426,706 1,762,176 66,349 Manitoba Telecom Services Inc.* 2,616,434 2,120,514 90,400 TELUS Corp., Non-Voting Shares 3,572,476 2,984,104

10,155,960 8,580,758 HEALTH CARE (3.9%)

23,800 Beckman Coulter Inc. 1,444,928 1,530,538 55,900 Eli Lilly and Co., Rights 2,568,196 2,350,279 40,600 Johnson & Johnson 2,841,950 2,690,765

143,000 Patheon Inc. 950,224 346,060 7,805,298 6,917,642

CONSUMER DISCRETIONARY (2.0%) 60,300 Groupo Televisa SA, GDR 1,082,350 1,036,916

146,900 Li & Fung Ltd. 517,473 433,933 31,900 Rogers Communications Inc., Class B 886,587 926,695 29,579 RONA Inc.* 618,373 348,736

122,845 Tesco PLC 925,849 740,590 17,800 Universo Online SA 141,462 62,864

4,172,094 3,549,734 Principal amounts stated in:USD U.S. Dollar

UTILITIES (1.3%) 128,900 Canadian Hydro Developers Inc. 689,327 304,204

11,300 Sempra Energy 712,575 658,161 72,200 TransAlta Corp. 2,315,223 1,332,090

3,717,125 2,294,455 WARRANTS (0.1%)

22,500 Hosted Data Transaction Solutions Inc.,Purchase Warrants (03Aug09) - 2,666



Short Term Notes (18.5%) 33,000,000 33,000,000





Total Net Assets (100.0%) 178,532,857




3 UBS Warburg NY A-1 16-Apr-09 (1,560,000) Australian $ 1,255,421 Canadian $ (109,851)3 UBS Warburg NY A-1 16-Apr-09 (3,517,000) British Pound 6,958,140 Canadian $ 596,752 1 UBS Warburg NY A-1 16-Apr-09 (116,280) Canadian $ 149,000 Australian $ 14,121 6 UBS Warburg NY A-1 16-Apr-09 (1,881,156) Canadian $ 1,025,000 British Pound (27,183)2 Morgan Stanley A-1 16-Apr-09 (4,345,459) Canadian $ 3,433,000 US $ (17,696)5 Morgan Stanley A-1 16-Apr-09 (4,548,493) Canadian $ 2,827,000 Euro 185,835 2 State Street Trust Co. of Canada A-1 16-Apr-09 (5,507,257) Canadian $ 4,442,000 US $ 92,489 2 Bank of Nova Scotia†† A-1+ 16-Apr-09 (812,885) Canadian $ 495,500 Euro 16,920 1 UBS Warburg NY A-1 16-Apr-09 (9,883) Canadian $ 6,000 Euro 166 1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (1,022,500) Euro 1,610,744 Canadian $ (101,618)4 Morgan Stanley A-1 16-Apr-09 (3,406,000) Euro 5,446,687 Canadian $ (257,282)1 UBS Warburg NY A-1 16-Apr-09 (6,000) Euro 9,466 Canadian $ (582)3 UBS Warburg NY A-1 16-Apr-09 (1,463,000) Swiss Franc 1,497,585 Canadian $ (123,367)3 State Street Trust Co. of Canada A-1 16-Apr-09 (14,028,000) US $ 17,583,936 Canadian $ (100,267)3 UBS Warburg NY A-1 16-Apr-09 (3,631,000) US $ 4,569,608 Canadian $ (7,762)3 Royal Bank of Canada A-1+ 16-Apr-09 (4,216,000) US $ 5,325,335 Canadian $ 10,493 3 Bank of Nova Scotia†† A-1+ 16-Apr-09 (7,045,000) US $ 8,864,888 Canadian $ (16,293)1 Morgan Stanley A-1 16-Apr-09 (8,060,000) US $ 10,084,994 Canadian $ (75,732)



Signature Select Canadian Corporate ClassFinancial Statements





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





141,383 194,199809 81

33,000 21,000- -

709 -- -

917 -- -- -

413 6572,327 -

- -440 499

179,998 216,436

- -- -- 1

838 696- -

275 -286 560

- -- -- -

66 711,465 1,328

178,533 215,108

159,073 194,303- -

155,212 187,8576,455 10,947

10,549 12,0391,412 920

27 381,046 8993,816 2,386

16 22

14.29 18.9415.08 19.79

9.45 12.256.66 9.357.40 10.246.98 9.566.22 9.046.93 9.93

10,860,955 9,918,226427,996 553,050

1,116,189 983,091211,959 98,452

3,636 3,691149,821 93,955613,702 263,769

2,241 2,241


2009 2008


2009 2008










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















4,841 3,776949 1,320

82 51191 9

- -- -

(367) (224)5,696 4,932

3,631 3,956372 407

- 1350 33

200 2504,253 4,6591,443 273

(16) -1,427 273

(38,867) 19,450259 (180)

(563) (534)- -

(16,809) (27,418)(55,980) (8,682)(54,553) (8,409)

(47,568) (7,687)(2,191) (301)(3,062) (356)

(352) (33)(9) 1

(289) (4)(1,078) (29)

(4) -

(4.63) (0.78)(4.67) (0.58)(2.99) (0.42)(2.26) (0.46)(2.36) 0.32(2.64) (0.06)(2.42) (0.24)(2.25) -

187,857 173,414- (109)

187,857 173,305

53,785 54,650- -

(37,336) (29,025)(1,526) (3,386)14,923 22,239

- -- -- -- -

(47,568) (7,687)155,212 187,857

10,947 9,524- (6)

10,947 9,518

2,232 3,362- -

(3,688) (2,445)(845) 813

(2,301) 1,730

- -- -- -- -

(2,191) (301)6,455 10,947

12,039 5,466- (4)

12,039 5,462

3,880 7,251- -

(3,353) (1,744)1,045 1,4261,572 6,933

- -- -- -- -

(3,062) (356)10,549 12,039


2009 2008


2009 2008



























2,386 -- -

2,386 -

2,598 2,274- -

(341) (53)570 246

2,827 2,467

- -- -

(319) (52)(319) (52)

(1,078) (29)3,816 2,386

22 -- -

22 -

- -- -- -- 22- 22

- -- -

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

16 22

215,108 188,404- (119)

215,108 188,285

64,694 69,131- -

(45,962) (33,302)(308) (510)

18,424 35,319

- -- -

(446) (87)(446) (87)

(54,553) (8,409)178,533 215,108

920 -- -

920 -

1,078 932- -

(294) (30)132 69916 971

- -- -

(72) (18)(72) (18)

(352) (33)1,412 920

38 -- -

38 -

- 37- -- -- -- 37

- -- -

(2) -(2) -(9) 1

27 38

899 -- -

899 -

1,121 625- -

(950) (5)316 300487 920

- -- -

(51) (17)(51) (17)

(289) (4)1,046 899



2009 2008



2009 2008








Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

9,918,226 8,830,7563,352,734 2,762,885

- -(2,333,442) (1,489,431)

(76,563) (185,984)10,860,955 9,918,226

553,050 469,116130,854 163,411

- -(210,504) (119,648)

(45,404) 40,171427,996 553,050

983,091 440,530368,489 569,037

- -(345,692) (139,534)110,301 113,058

1,116,189 983,091

98,452 -133,600 94,892

- -(40,662) (3,254)20,569 6,814

211,959 98,452

3,691 -- 3,698- -

(55) (7)- -

3,636 3,691

93,955 -150,816 62,500

- -(125,638) (494)

30,688 31,949149,821 93,955




263,769 -324,953 243,877

- -(47,215) (5,643)72,195 25,535

613,702 263,769

2,241 -- -- -- -- 2,241

2,241 2,241


2009 2008











2009 2008


8,226 10,2568,767 10,899

Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


555 38042 37


2009 2008

14.29 18.940.02 0.02

14.31 18.96

15.08 19.790.03 0.03

15.11 19.82

9.45 12.250.02 0.019.47 12.26

6.66 9.350.01 0.016.67 9.36

7.40 10.240.01 0.017.41 10.25

6.98 9.560.01 0.026.99 9.58

6.22 9.040.01 0.026.23 9.06

6.93 9.930.01 0.016.94 9.94


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

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

2.001.00



0.200.20

-0.200.20

-0.200.20


2009


Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the funds assets areinvested in fixed income securities and their market risk exposure will be discussed in the followingsections.




Credit Rating (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 10.5A 1.0Not Rated 0.1Total 20.8




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (36,693) 27,304 15.3 British Pound (4,508) 3,336 1.9 Euro (1,852) 1,609 0.9 Hong Kong Dollar - 872 0.5 Australian Dollar (1,237) 782 0.4 Israeli Shekel - 711 0.4 Swiss Franc (1,620) 336 0.2 Mexican Peso - 280 0.2 Brazilian Real - 63 0.1 Japanese Yen - 8 0.1 Total (45,910) 35,301 20.0









34,088 1,100 - 1,652 36,840


Synergy American Corporate ClassStatement of Investment Portfolio as at March 31, 2009



INFORMATION TECHNOLOGY (17.0%) 2,600 Adobe Systems Inc. 69,454 69,981 3,000 Analog Devices Inc. 74,650 72,730

900 Apple Computer Inc. 92,010 119,159 2,800 Broadcom Corp. 66,809 70,352

10,200 Cisco Systems Inc. 247,076 215,133 4,700 Cogent Inc. 64,923 70,452 2,100 FLIR Systems Inc. 54,466 54,220 4,400 Hewlett-Packard Co. 168,113 177,839 2,100 International Business Machines Corp. 240,520 256,487

22 Lam Research Corp. 559 631 2,400 ManTech International Corp.,

Class A 152,437 126,716 2,400 Nice Systems Ltd., ADR 61,912 75,158

10,900 ON Semiconductor Corp. 61,452 53,592 18,100 Oracle Corp. 373,864 412,105 3,100 PMC-Sierra Inc. 22,777 24,856 7,100 QUALCOMM Inc. 318,855 347,208 4,300 Tessera Technologies Inc. 99,786 72,370 5,000 VeriSign Inc.* 171,363 118,884 4,800 Xilinx Inc. 124,134 115,944

2,465,160 2,453,817HEALTH CARE (16.6%)

6,800 Abbott Laboratories Inc. 420,078 408,921 5,200 Aetna Inc. 175,914 159,499 2,800 Amgen Inc. 178,102 174,415 3,900 Baxter International Inc. 225,428 251,638 3,100 Becton Dickinson & Co. 214,486 262,277 4,300 BioMarin Pharmaceuticals Inc.* 126,719 66,516 6,600 Boston Scientific Corp. 74,079 66,066 4,600 Cephalon Inc.* 401,346 394,869 4,300 Covidien Ltd.* 198,649 179,923 1,600 Teva Pharmaceutical

Industries Ltd., ADR 80,906 90,851 7,700 Thermo Fisher Scientific Inc.* 357,109 345,777


5,000 Burger King Holdings Inc. 128,062 144,161 2,200 Darden Restaurants Inc. 75,760 94,938 2,400 DIRECTV Group Inc. 65,534 68,834 1,400 Dollar Tree Stores Inc. 60,980 78,630 2,900 GameStop Holding Co. 99,926 102,186 4,600 Gap Inc. 73,107 75,332 7,500 Liberty Media Corp.,

Entertainment Series A 165,209 188,632 6,600 LKQ Corp.* 113,611 118,569 3,700 Lowe's Cos., Inc. 93,266 84,849 5,600 McDonald's Corp. 261,200 384,766 2,400 O'Reilly Automotive Inc. 85,722 105,869 2,800 PetSmart Inc. 67,541 73,953

1,289,918 1,520,719

ENERGY (9.7%) 1,400 Amerada Hess Corp. 104,300 95,591

300 Apache Corp. 40,623 24,168 3,800 Camero Corp. 74,674 82,016 2,200 Canadian Natural Resources Ltd. 101,996 106,698 3,100 Chevron Corp. 247,297 262,004 4,100 Noble Energy Inc. 244,954 278,344 1,800 Occidental Petroleum Corp.,

Preferred Rights 147,130 126,239 2,300 Petro-Canada 67,858 77,043 6,000 Petrohawk Energy Corp. 142,760 145,460 1,979 Transocean Ltd. 219,921 146,602 2,900 Valero Energy Corp. 71,497 65,443


6,800 CVS Corp. 231,382 235,151 3,100 Dean Foods Co. 77,429 70,542 1,900 Kellogg Co. 99,088 87,645 7,900 Kroger Co. 205,388 210,744 3,300 Lorillard Inc. 207,238 256,400 4,100 Phillip Morris International Inc. 210,270 183,598 1,200 Procter & Gamble Co. 83,137 71,119 4,200 Wal-Mart Stores Inc. 262,570 275,337

1,376,502 1,390,536FINANCIALS (8.7%)

500 Blackrock Inc. (USD) 65,660 81,870 2,700 Chubb Corp., Preferred Rights 149,737 143,985 5,000 Dollar Financial Corp. 65,235 59,883

800 Goldman Sachs Group Inc.* 91,376 106,928 2,300 Hilltop Holdings Inc. 30,229 33,056 7,200 Hudson City Bancorp Inc. 128,835 104,840 1,400 Intercontinental Exchange Inc. 133,796 131,103 7,100 JP Morgan Chase & Co. 301,106 237,559 1,500 Northern Trust Corp. 105,842 113,198 1,300 People's United Financial Inc. 26,560 29,435 2,682 Reinsurance Group of America Inc. 153,457 109,280 4,200 The Nasdaq OMX Group Inc. 119,740 103,516

1,371,573 1,254,653INDUSTRIALS (8.3%)

2,500 Burlington Northern Santa Fe Corp. 159,519 189,578 3,100 DynCorp International Inc. 56,641 52,096 4,400 Hexcel Corp. 40,748 36,389 1,700 Lockheed Martin Corp. 163,911 147,773 1,100 Precision Castparts Corp. 82,726 82,818 2,800 Raytheon Co. 163,598 137,174 8,400 SAIC Inc. 180,675 197,395 2,900 Shaw Group Inc. 92,333 100,212 5,000 Union Pacific Corp. 276,075 258,696

1,216,226 1,202,131


CIG - 279


Synergy American Corporate ClassStatement of Investment Portfolio as at March 31, 2009


MATERIALS (4.9%) 500 Compass Minerals International Inc. 34,025 35,533

2,600 Ecolab Inc., Preferred Rights 120,085 113,773 2,400 Monsanto Co. 183,740 251,253 1,900 Praxair Inc. 104,431 160,942 1,500 Sigma-Aldrich Corp. 74,097 71,312

700 SPDR Gold Trust 73,875 79,654 590,253 712,467

TELECOMMUNICATION SERVICES (3.0%) 2,200 AT&T Inc. 71,552 69,699 8,500 SBA Communications Corp. 252,272 249,682

10,700 Windstream Corp. 112,151 108,725 435,975 428,106

UTILITIES (1.7%) 3,200 Aqua America Inc.* 78,763 80,685 4,400 MDU Resources Group Inc. 78,664 89,530 2,500 OGE Energy Corp. 70,211 74,949

227,638 245,164



Other Assets (net) (10.0%) 1,457,292

Total Net Assets (100.0%) 14,475,245



Synergy American Corporate ClassFinancial Statements



















13,018 13,0131,406 404

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

22 224 49

- -15 8

14,485 13,476

- -- -- -- -- -- 168 7- -- -- -2 2

10 2514,475 13,451

12,875 11,821- -

11,487 12,4051,025 1,0461,963 -

8.40 11.105.68 7.437.85 -

1,368,005 1,117,191180,381 140,666250,160 -

199 17216 42

1 1- -- -- -

(28) (26)188 189

248 28327 31

- -2 1

14 18291 333

(103) (144)- -

(103) (144)

(2,428) (163)(25) (93)(29) (38)

- -

(1,049) (1,380)(3,531) (1,674)(3,634) (1,818)

(3,216) (1,684)(400) (134)

(18) -

(2.68) (1.48)(2.06) (0.95)(0.17) -


2009 2008


2009 2008



















- -- -- -

1,084 -- -

(40) -937 -

1,981 -

- -- -- -- -

(18) -1,963 -

13,451 16,188- (12)

13,451 16,176

5,570 2,161- -

(3,338) (3,067)2,426 (1)4,658 (907)

- -- -- -- -

(3,634) (1,818)14,475 13,451

12,405 14,928- (11)

12,405 14,917

3,579 1,787- -

(2,496) (2,418)1,215 (197)2,298 (828)

- -- -- -- -

(3,216) (1,684)11,487 12,405

1,046 1,260- (1)

1,046 1,259

907 374- -

(802) (649)274 196379 (79)

- -- -- -- -

(400) (134)1,025 1,046

Synergy American Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


1,172 9891,249 1,052

Synergy American Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


28 22- 2


2009 2008

1,117,191 1,185,840383,448 152,299

- -(264,986) (204,094)132,352 (16,854)

1,368,005 1,117,191

140,666 151,102136,481 47,127

- -(138,402) (81,966)

41,636 24,403180,381 140,666

- -135,871 -

- -(4,962) -

119,251 -250,160 -




2.001.00


0.210.21

-


2009




8.40 11.100.01 0.028.41 11.12

5.68 7.430.01 0.015.69 7.44

7.85 -0.01 -7.86 -


2009 2008





Synergy American Corporate ClassFund Specific Financial Instruments Risks (Note 11)









Synergy Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FINANCIALS (20.2%) 140,200 Amlin PLC 925,573 872,351

48,500 Banco Santander Central Hispano SA 731,202 421,584 240,700 Bank of Nova Scotia†† 7,087,928 7,500,212

5,100 Blackrock Inc. (USD)* 673,581 835,073 21,600 BNP Paribas SA 1,229,218 1,125,818

351,700 Canadian Imperial Bank of Commerce 18,136,442 16,125,445 108,200 Catlin Group Ltd. 632,958 612,571

28,900 Chubb Corp., Preferred Rights 1,591,870 1,541,168 698,900 Coastal Energy Co.* 2,444,103 1,586,503

8,800 Corp. Financiera Alba SA 621,362 415,777 32,300 Credit Suisse Group 1,714,923 1,239,294

213,175 Davis & Henderson Income Fund 3,220,158 2,496,279 52,100 Dollar Financial Corp. 685,964 623,984

138,800 Gluskin Sheff & Associates Inc.* 2,643,280 1,308,884 7,700 Goldman Sachs Group Inc.* 881,542 1,029,178

21,100 Hilltop Holdings Inc.* 277,357 303,249 276,000 Home Capital Group Inc.* 10,271,127 6,897,240 838,900 Hopson Development Holdings Ltd. 538,645 693,201

66,300 Hudson City Bancorp Inc.* 1,181,575 965,400 89,530 Hyundai Marine & Fire Insurance Co. 1,937,515 1,026,805 97,500 IGM Financial Inc.* 3,409,242 2,964,975

4,376,900 Industrial & Commercial Bank of China 2,978,939 2,854,935 316,500 Industrial Alliance Insurance and

Financial Services Inc. 11,279,321 6,203,400 329,000 ING Canada Inc. 8,669,150 11,824,260

13,100 Intercontinental Exchange Inc. 1,255,812 1,226,747 177,300 Intesa Sanpaolo SpA 604,545 606,521

1,116,000 iShares Asia Trust 1,622,864 1,924,222 64,800 JP Morgan Chase & Co. 2,902,538 2,168,142 90,500 Lancashire Holdings Ltd. 644,568 785,732

928,000 Manulife Financial Corp. 27,432,741 13,149,760 303,100 Mitsubishi UFJ Financial Group Inc.* 1,873,895 1,838,091

39,300 Mitsui Sumitomo Insurance Group Holdings Inc.* 1,658,134 1,134,057

3,300 Muenchener Rueckversicherungs AG, Registered Shares 555,513 507,378

356,500 National Bank of Canada* 14,436,480 14,352,690 82,400 Nomura Holdings Inc. 442,339 516,495

128,700 Nordea Bank AB (SEK)* 1,733,078 807,322 14,100 Northern Trust Corp. 991,817 1,064,064 12,200 People's United Financial Inc. 249,123 276,235 42,278 QBE Insurance Group Ltd. 820,077 711,389 27,922 Reinsurance Group of America Inc. 1,641,723 1,137,705

1,022,900 Royal Bank of Canada* 43,051,375 37,356,308 377 Seven Bank Ltd. 1,244,437 1,258,874

516,700 Shinsei Bank Ltd.* 566,254 651,700 531 Sony Financial Holding Inc. 1,884,325 1,777,845

257,700 Standard Life PLC 1,257,925 774,228 52,700 Svenska Handelsbanken AB, Series A* 1,374,695 941,633 38,200 The Nasdaq OMX Group Inc. 1,088,056 941,504

318,600 TMX Group Inc.* 10,807,735 11,389,950 397,100 Toronto-Dominion Bank 25,454,965 17,257,966

229,357,989 186,024,144

ENERGY (19.9%) 440,650 Addax Petroleum Corp.* 12,158,888 12,029,745

12,600 Amerada Hess Corp. 936,251 860,322 3,600 Apache Corp. 483,363 290,011

382,600 Baytex Energy Trust* 9,241,876 5,777,260 35,100 Camero Corp. 690,136 757,570

388,700 Canadian Natural Resources Ltd. 28,461,724 19,042,413 20,100 Canadian Natural Resources Ltd. (USD) 932,008 974,833

178,700 Cathedral Energy Services Income Trust 2,702,211 654,042 28,600 Chevron Corp. 2,280,544 2,417,196

1,921,500 CNOOC Ltd. 2,600,771 2,406,669 264,200 Crescent Point Energy Trust 8,680,822 6,964,312 493,900 Daylight Resources Trust 3,854,705 3,343,703 335,400 Enbridge Inc.* 12,864,934 12,191,790 612,725 EnCana Corp. 37,652,203 31,775,918 321,100 Enerflex Systems Income Fund 3,697,929 2,970,175 160,300 Husky Energy Inc.* 6,171,079 4,286,422 473,200 Inter Pipeline Fund LP 4,589,680 3,501,680 140,300 John Wood Group PLC 1,188,586 567,813 226,900 Keyera Facilities Income Fund 3,566,940 3,516,950 364,350 Maire Tecnimont SpA 1,970,815 947,077 287,300 Nexen Inc. 5,907,160 6,139,601 36,100 Noble Energy Inc. 2,214,602 2,450,782 47,300 OAO Gazprom, ADR 967,810 885,522 19,800 Occidental Petroleum Corp.,

Preferred Rights 1,648,419 1,388,628 420,000 Orbit Garant Drilling Inc. 1,680,000 386,400 384,200 Orleans Energy Ltd. 1,606,171 749,190 187,300 Petrobank Energy and Resources Ltd.* 7,773,104 4,335,995

21,700 Petro-Canada (USD) 640,340 726,881 377,800 Petro-Canada 10,954,978 12,701,636

55,600 Petrohawk Energy Corp. 1,321,701 1,347,926 230,100 Precision Drilling Trust (USD) 1,090,411 777,433 456,200 Progress Energy Resources Corp.* 5,284,476 4,265,470

73,000 Royal Dutch Shell PLC, Class A (EUR)* 3,075,787 2,068,702 10,100 SK Holdings Co., Ltd. 856,095 991,550

184,900 Talisman Energy Inc. 2,343,012 2,451,774 49,000 TonenGeneral Sekiyu KK 581,982 600,545 64,400 Total SA* 5,152,603 4,033,427

268,400 TransCanada Corp. 8,895,205 7,990,268 18,807 Transocean Ltd. 2,184,413 1,393,199

496,400 TriStar Oil & Gas Ltd.* 6,448,968 4,581,772 26,800 Valero Energy Corp. 660,511 604,783

197,600 Vermilion Energy Trust 7,763,663 5,315,440 296,000 Xtreme Coil Drilling Corp.* 3,101,233 408,480

226,878,109 181,871,305 MATERIALS (15.7%)

323,900 Agrium Inc.* 18,735,857 14,646,758 782,700 Alamos Gold Inc.* 4,562,290 7,067,781 664,700 Anatolia Minerals Development Ltd.* 1,270,925 1,960,865

42,500 BHP Billiton Ltd. 1,298,605 1,188,522 420,900 Cameco Corp. 8,054,635 9,066,186

4,017,000 Centamin Egypt Ltd. 3,976,495 4,338,360 5,100 Compass Minerals International Inc.* 344,182 362,435


CIG - 6103





MATERIALS (15.7%) (cont’d)67,000 Croda International PLC 769,806 641,690 25,700 Ecolab Inc., Preferred Rights 1,198,336 1,124,604

1,227,600 Eldorado Gold Corp.* 8,782,840 13,982,364 184,700 First Quantum Minerals Ltd.* 10,116,995 6,556,850 295,800 First Uranium Corp.* 1,107,629 1,967,070 612,100 Gerdau Ameristeel Corp. 7,215,109 2,325,980 378,000 Goldcorp Inc. 12,733,390 15,913,800 845,400 Great Basin Gold Ltd. 1,099,020 1,352,640 505,150 Jaguar Mining Inc.* 1,883,370 3,753,264 614,400 Kinross Gold Corp. 10,758,016 14,075,904

5,600 Korea Zinc Co., Ltd. 437,024 580,598 380,000 Lihir Gold Ltd. 1,038,082 1,088,987

1,254,000 Maanshan Iron and Steel Co., Ltd., Class H 478,876 554,819

383,900 Major Drilling Group International Inc.* 4,468,958 4,625,995 568,300 Methanex Corp. 11,347,043 5,597,755

21,900 Monsanto Co. 1,700,712 2,292,679 837,600 Paladin Resources Ltd. 2,104,020 2,537,928

89,900 Potash Corp. of Saskatchewan Inc. 9,786,151 9,165,305 17,200 Praxair Inc. 1,107,170 1,456,951

860,900 Red Back Mining Inc.* 5,576,181 6,973,290 62,886 Rio Tinto PLC 2,526,149 2,673,047

9,000 Salzgitter AG 1,355,529 633,544 13,900 Sigma-Aldrich Corp. 683,403 660,820 11,400 SPDR Gold Trust 1,282,598 1,297,215

4,300 Syngenta AG 864,034 1,090,682 261,300 Xstrata PLC 1,708,899 2,206,016

140,372,329 143,760,704 INDUSTRIALS (9.9%)

43,900 ABB Ltd. 1,196,547 770,218 495,600 Aecon Group Inc.* 6,139,161 4,965,912

13,400 Alstom 1,279,349 874,938 880,700 ATS Automation Tooling Systems Inc. 4,266,516 3,108,871 234,400 BAE Systems PLC 2,040,527 1,415,024 100,100 Balfour Beatty PLC 597,614 591,156

16,900 Bilfinger Berger AG 1,351,362 806,689 3,411,600 Bombardier Inc., Class B,

Sub-Voting Shares* 20,020,720 10,030,104 25,400 Burlington Northern Santa Fe Corp. 2,021,742 1,926,110

616,500 CAE Inc. 6,243,329 4,654,575 493,700 Canadian National Railway Co. 24,534,202 22,014,083 692,900 Celestica Inc.* 5,380,599 3,076,476

28,000 DynCorp International Inc. 512,042 470,544 130,400 G4S PLC 536,460 457,105

40,700 Hexcel Corp. 379,235 336,597 5,500 Hyundai Heavy Industries Co., Ltd. 772,242 986,549

43,900 JGC Corp. 716,997 624,170 76,080 Kubota Corp.* 530,232 517,590 31,000 LG International Corp. 612,347 533,301 15,800 Lockheed Martin Corp. 1,546,305 1,373,419 10,400 LS Industrial Systems Co., Ltd. 440,586 514,318

331,700 Mullen Group Income Fund 6,888,479 2,958,764 477,400 Noble Group Ltd. 397,402 470,898

10,200 Precision Castparts Corp. 771,305 767,948

INDUSTRIALS (9.9%) (cont’d)29,700 Raytheon Co. 1,735,625 1,455,027 15,000 Ryanair Holdings PLC, ADR 494,885 436,833 77,100 SAIC Inc. 1,630,179 1,811,808

8,200 Schneider Electric SA* 652,697 688,060 26,800 Shaw Group Inc. 854,039 926,095

254,100 SNC-Lavalin Group Inc. 10,440,040 8,080,380 143,800 Tokyo Gas Co., Ltd.* 666,971 632,051 45,700 Union Pacific Corp. 2,533,725 2,364,479 32,900 Vinci SA* 1,468,415 1,540,388

665,600 Westjet Airlines Ltd.* 10,302,923 7,834,112 7,200 Zodiac SA* 323,320 229,842


337,600 Acer Inc. 568,323 639,641 24,400 Adobe Systems Inc. 651,798 656,749 27,600 Analog Devices Inc. 688,193 669,114

8,000 Apple Computer Inc. 840,260 1,059,190 14,500 Axalto Holding NV* 629,265 521,647

785,100 Axia NetMedia Corp. 2,808,290 1,373,925 25,400 Broadcom Corp.* 610,380 638,194

1,462,300 CGI Group Inc.* 15,526,846 14,725,361 575,300 China High Speed Transmission

Equipment Group Co., Ltd. 943,619 1,034,987 104,400 Cisco Systems Inc. 2,594,921 2,201,954

43,300 Cogent Inc. 597,795 649,055 491,600 COM DEV International Ltd. 1,517,777 1,573,120

19,300 FLIR Systems Inc.* 499,870 498,309 41,100 Hewlett-Packard Co. 1,621,543 1,661,182 38,100 Hynix Semiconductor Inc. 311,096 431,719 19,200 International Business Machines Corp. 2,236,901 2,345,023

83 Lam Research Corp. 2,111 2,382 82,700 LG Display Co., Ltd., ADR 943,128 1,065,536 22,200 ManTech International Corp., Class A 1,398,200 1,172,118 21,500 Nice Systems Ltd., ADR 554,879 673,290 6,600 Nidec Corp.* 377,107 364,088 9,400 Nintendo Co., Ltd.* 4,007,557 3,407,094

100,800 ON Semiconductor Corp. 568,305 495,606 147,800 Open Text Corp. 4,949,690 6,398,262 178,200 Oracle Corp. 3,702,941 4,057,301 28,800 PMC-Sierra Inc. 211,656 230,920 67,200 QUALCOMM Inc. 3,254,265 3,286,252

134,100 Reed Elsevier NV 1,914,258 1,810,250 234,600 Research In Motion Ltd. 15,196,975 12,783,354

26,800 SAP AG 1,144,821 1,198,004 76,100 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 746,101 857,697 71,400 Tandberg ASA* 1,433,791 1,324,564 83,000 Telefonaktiebolaget LM Ericsson,

Class B 840,221 857,992 40,900 Tessera Technologies Inc. 1,035,871 688,361 54,200 VeriSign Inc.* 1,917,535 1,288,703 48,800 Xilinx Inc.* 1,317,185 1,178,765

78,163,474 73,819,709






CONSUMER DISCRETIONARY (8.0%) 99,100 Astral Media Inc., Class A,

Non-Voting Shares 2,536,901 2,575,609 46,500 Burger King Holdings Inc. 1,188,692 1,340,698

177,900 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 9,900,539 7,720,860

111,700 Cogeco Cable Inc., Sub-Voting Shares 4,140,250 3,518,550 191,700 Compass Group PLC 1,215,570 1,106,108 322,600 Corus Entertainment Inc., Class B 5,748,758 4,393,812

20,300 Darden Restaurants Inc. 707,988 876,021 21,800 DIRECTV Group Inc.* 596,671 625,244 12,600 Dollar Tree Stores Inc. 534,821 707,669

334,400 Dorel Industries Inc., Class B 10,623,460 6,410,448 10,100 Fast Retailing Co., Ltd.* 1,342,978 1,436,017 74,600 Fiat SpA 624,302 660,326 26,600 GameStop Holding Co. 974,228 937,293 44,300 Gap Inc. 699,109 725,479 67,200 Liberty Media Corp.,

Entertainment Series A 1,512,542 1,690,145 64,300 LKQ Corp.* 1,160,678 1,155,148 33,800 Lowe's Cos., Inc. 860,791 775,106 52,100 McDonald's Corp. 2,226,960 3,579,695

545,900 Miranda Technologies Inc.* 5,724,976 2,647,615 22,700 Next PLC 460,610 543,213 21,800 O'Reilly Automotive Inc. 778,642 961,639 25,700 PetSmart Inc. 620,894 678,780

319,900 Rogers Communications Inc., Class B 9,352,200 9,293,095 16,600 Sankyo Co., Ltd.* 1,019,249 903,046

252,000 Shaw Communications Inc., Class B 5,563,097 4,843,440 771,700 Techtronic Industries Co. 398,917 446,873 105,600 Tesco PLC 677,026 636,626 306,200 Thomson Corp. 10,193,724 9,798,400

77,900 United Business Media Ltd. 691,038 599,545 7,700 Vivendi Universal SA 254,346 256,959

10,800 Volkswagen AG, Preferred 749,305 771,106 48,600 Woongjin Thinkbig Co., Ltd. 1,299,457 807,094


64,300 CVS Corp. 2,288,780 2,223,559 29,200 Dean Foods Co. 730,494 664,465 90,700 Empire Co., Ltd., Class A 4,274,345 4,769,006 12,800 FamilyMart Co., Ltd.* 610,741 489,221 17,200 Heineken NV 628,135 612,876 29,500 Imperial Tobacco Group PLC 995,997 836,134 19,600 Kellogg Co.* 1,029,977 904,129

133,600 Koninklijke Ahold NV 1,828,151 1,844,001 73,300 Kroger Co. 1,882,102 1,955,381 15,700 KT&G Corp. 1,192,466 1,096,210 31,900 Lorillard Inc. 2,002,061 2,478,533 65,300 Nestle SA, Registered Shares 2,742,299 2,783,186 38,700 Phillip Morris International Inc. 1,993,593 1,732,989 11,200 Procter & Gamble Co. 772,019 663,774 32,474 Reckitt Benckiser Group PLC 1,261,556 1,536,591

351,800 Shoppers Drug Mart Corp. 15,957,323 15,247,012 68,700 Swedish Match AB 1,173,229 1,251,225 20,900 Toyo Suisan Kaisha Ltd. 612,102 539,194

CONSUMER STAPLES (5.6%) (cont’d)16,400 Viscofan SA 386,237 401,849

762,300 Viterra Inc.* 7,014,621 6,692,994 38,600 Wal-Mart Stores Inc. 2,405,820 2,530,477

51,782,048 51,252,806 HEALTH CARE (5.0%)

120,100 Abbott Laboratories Inc. 7,291,499 7,222,261 47,200 Aetna Inc. 1,600,033 1,447,758 29,400 Amgen Inc. 1,835,283 1,831,361 33,500 AstraZeneca PLC 1,708,999 1,484,553 41,000 Baxter International Inc. 2,352,351 2,645,428 28,500 Becton Dickinson & Co. 2,024,394 2,411,259 38,800 BioMarin Pharmaceuticals Inc.* 1,209,868 600,189

393,700 Biovail Corp. 4,732,662 5,393,690 61,400 Boston Scientific Corp. 689,156 614,612 82,600 Cephalon Inc.* 7,188,776 7,090,473 46,700 Chugai Pharmaceutical Co., Ltd. 687,744 987,046 38,700 Covidien Ltd. 1,910,101 1,619,310 57,700 GlaxoSmithKline PLC 1,270,211 1,133,419

4,932 Icon PLC, ADR 113,142 99,733 57,100 Novartis AG, Registered Shares 3,112,702 2,708,175 11,000 Roche Holding AG 1,949,379 1,901,908 14,200 Sanofi-Aventis* 944,733 1,004,586

3,100 Synthes Inc. 448,444 434,356 6,600 Takeda Pharmaceutical Co., Ltd.* 379,016 285,889

16,900 Teva Pharmaceutical Industries Ltd., ADR 851,080 959,615 79,400 Thermo Fisher Scientific Inc.* 3,932,057 3,565,548

46,231,630 45,441,169 TELECOMMUNICATION SERVICES (2.5%)

20,300 AT&T Inc. 660,247 643,132 99,900 BCE Inc. 2,497,410 2,493,504 59,550 Deutsche Telekom AG,

Registered Shares 979,720 933,539 61,064 France Telecom SA* 1,874,210 1,750,398 11,000 Nippon Telegraph & Telephone Corp. 613,412 522,728

480 NTT DoCoMo Inc.* 802,210 817,611 85,400 Royal KPN NV 1,393,185 1,438,900 80,300 SBA Communications Corp.* 2,546,471 2,358,757 93,200 Softbank Corp.* 1,375,984 1,491,350 44,100 Telefonica SA 1,043,486 1,108,649

171,200 TELUS Corp. 6,476,762 5,926,944 972,400 Vodafone Group PLC 2,195,310 2,152,837

87,700 Windstream Corp. 908,509 891,141 23,366,916 22,529,490

UTILITIES (1.5%) 29,000 Aqua America Inc.* 715,529 731,206

112,100 Canadian Utilities Ltd., Class A, Special Shares* 5,443,547 4,119,675

15,700 CEZ 754,516 705,331 18,000 Electricite de France* 1,335,351 886,328 66,540 Gaz de France* 3,338,585 2,880,833 40,100 MDU Resources Group Inc. 716,685 815,943 23,200 OGE Energy Corp. 651,328 695,523

145,200 TransAlta Corp.* 4,571,612 2,678,940 17,527,153 13,513,779





PRIVATE PLACEMENTS (0.1%) 57,852 Metrophotonics Inc., Private Placement^ - 1 45,000 Tellamon Photonic Networks Inc. (USD),

Private Placement^ 526 567 115,700 TriStar Oil & Gas Ltd.,

Subcription Receipts, Private Placement^ 925,600 1,041,300 926,126 1,041,868

WARRANTS (0.1%) 422,700 Great Basin Gold Ltd., Warrants (15Oct10) - 179,648 100,350 New Gold Inc., Warrants (21Dec09) - 30,827

- 210,475

Commission and other portfolio transaction costs (1,419,884)

Total Investments (96.6%) 1,017,842,728 883,131,542

Other Assets (net) (3.4%) 31,639,204

Total Net Assets (100.0%) 914,770,746



Synergy Canadian Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesInsights Shares


A SharesF SharesI SharesInsights Shares









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



883,132 1,403,45318,168 46,864

- -- -

5,969 -- -- -- -- -

1,458 1,3585,680 3,352

- -2,825 2,315

917,232 1,457,342

- -- -- 4- -- -

770 7,7321,334 2,737

- -- -- -

357 4742,461 10,947

914,771 1,446,395

1,017,843 1,288,497- -

809,197 820,75621,936 30,75479,338 586,4074,300 8,478

9.92 14.785.83 8.608.39 12.21

11.01 16.23

81,595,913 55,542,9253,760,215 3,575,2859,457,556 48,010,934

390,516 522,371

25,568 23,3295,343 5,111

676 424- -- -- -

(1,140) (1,056)30,447 27,808

18,065 18,2391,842 1,866

21 1893 100

994 1,15721,015 21,380

9,432 6,428(135) -

9,297 6,428

(207,608) 87,5931,581 (1,365)

(3,543) (5,397)- -

(249,667) (116,214)(459,237) (35,383)(449,940) (28,955)

(390,316) (23,740)(9,597) (602)

(47,725) (4,496)(2,302) (117)

(5.32) (0.42)(2.72) (0.17)(2.12) (0.10)(5.09) (0.18)


2009 2008


2009 2008















Insights SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted net assets, beginning of year Capital transactions








8,478 11,768- (9)

8,478 11,759

1,416 2,925- -

(3,292) (6,089)- -

(1,876) (3,164)

- -- -- -- -

(2,302) (117)4,300 8,478

1,446,395 1,543,297- (1,246)

1,446,395 1,542,051

160,647 205,307- -

(235,976) (270,108)(6,355) (1,900)

(81,684) (66,701)

- -- -- -- -

(449,940) (28,955)914,771 1,446,395

820,756 921,537- (745)

820,756 920,792

103,383 81,275- -

(151,362) (155,662)426,736 (1,909)378,757 (76,296)

- -- -- -- -

(390,316) (23,740)809,197 820,756

30,754 29,279- (23)

30,754 29,256

7,181 10,226- -

(6,922) (8,565)520 439779 2,100

- -- -- -- -

(9,597) (602)21,936 30,754

586,407 580,713- (469)

586,407 580,244

48,667 110,881- -

(74,400) (99,792)(433,611) (430)(459,344) 10,659

- -- -- -- -

(47,725) (4,496)79,338 586,407

Synergy Canadian Corporate ClassFinancial Statements


2009 2008



2009 2008





Insights SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year


2009 2008


131,885 327,041140,558 347,569

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


3,510 3,683- 359


2009 2008

55,542,925 60,542,6319,131,756 5,280,692

- -(12,762,968) (10,125,342)29,684,200 (155,056)81,595,913 55,542,925

3,575,285 3,339,1461,045,741 1,150,865

- -(1,005,453) (962,748)

144,642 48,0223,760,215 3,575,285

48,010,934 47,248,6134,583,495 8,745,369

- -(7,589,811) (7,945,890)

(35,547,062) (37,158)9,457,556 48,010,934

522,371 711,77298,935 173,372

- -(230,790) (362,773)

- -390,516 522,371


Annual management fee rateA SharesF SharesI SharesInsights Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsights Shares

2.001.00


0.200.20

-0.20


2009




Insights SharesNet assets per shareSection 3855 adjustment on net assets per shareNet asset value per share

9.92 14.780.02 0.039.94 14.81

5.83 8.600.02 0.025.85 8.62

8.39 12.210.02 0.038.41 12.24

11.01 16.230.03 0.03

11.04 16.26


2009 2008


Other Price RiskThe Fund is invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.






Synergy Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Currency RiskThe table below summarizes the Fund's exposure to currency risk, net of derivative instruments, asapplicable.


Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 145,886 15.9 Euro - 32,980 3.6 Japanese Yen - 21,903 2.4 British Pound - 21,816 2.4 Swiss Franc - 10,930 1.2 Hong Kong Dollar - 9,916 1.1 Korean Won - 7,035 0.8 Swedish Krona - 4,079 0.4 Australian Dollar - 2,989 0.3 Taiwan Dollar - 2,229 0.2 Norwegian Krone - 1,325 0.1 Czech Koruna - 705 0.1 Singapore Dollar - 471 0.1 Total - 262,264 28.6


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $26,226,000. Inpractice, the actual trading results may differ from the sensitivity analysis and the difference maybe material.



Synergy Canadian Style Management Corporate Class Statement of Investment Portfolio as at March 31, 2009



FINANCIALS (18.8%) 650 Ackermans & van Haaren NV 44,070 39,213

1,050 Admiral Group PLC 16,785 16,200 1,975 Aflac Inc. 42,589 48,005

20,620 Alleanza Assicurazioni SpA 274,985 144,530 1,935 Allianz AG, Registered Shares 326,503 206,732 3,900 Allied Nevada Gold Corp. 23,882 28,431

930 Allstate Corp. 28,305 22,452 725 American Express Co. 19,627 12,458

16,100 Amlin PLC 106,289 100,177 2,500 Azimut Holding SpA 17,211 16,832 5,625 Banco Santander Central Hispano SA 84,804 48,895

29,850 Bangkok Bank PCL, Foreign Registered Shares 91,756 79,030 2,600 Bank Mutual Corp. 28,163 29,664

32,300 Bank of Montreal 1,057,563 1,061,701 37,216 Bank of Nova Scotia†† 1,428,214 1,159,651 37,869 Bank of Yokohama Ltd. 257,098 200,702

600 Blackrock Inc. (USD) 79,171 98,244 2,400 BNP Paribas SA 136,583 125,091 4,200 Boardwalk REIT 104,392 108,864

37,600 Canadian Imperial Bank of Commerce 2,039,465 1,723,960 12,434 Canadian Western Bank 229,587 129,314

1,835 Capital One Financial Corp.* 54,616 28,223 12,300 Catlin Group Ltd. 71,954 69,636

7,390 Cheung Kong Holdings Ltd. 91,746 79,998 3,500 Chubb Corp., Preferred Rights 192,632 186,647

70 CME Group Inc. 16,600 21,745 54,500 Coastal Energy Co. 190,486 123,715 1,000 Corp. Financiera Alba SA 70,650 47,247 4,380 Credit Saison Co., Ltd. 151,256 53,235 3,700 Credit Suisse Group 193,744 141,962

16,400 Davis & Henderson Income Fund 247,763 192,044 25,300 DBS Group Holdings Ltd. 204,393 176,156

1,100 Deutsche Boerse AG* 104,543 83,384 6,800 Dollar Financial Corp. 89,531 81,441 5,037 Duff & Phelps Corp. 90,416 99,761 3,020 Everest Re Group Ltd. 301,137 269,291

55,319 Experian Group Ltd. 407,889 436,010 1,410 Flushing Financial Corp. 22,745 10,683

10,900 Gluskin Sheff & Associates Inc. 204,027 102,787 1,380 Goldman Sachs Group Inc.* 154,357 184,450 3,200 Hannover Rueckversicherung AG,

Registered Shares 116,868 128,146 50 Helvetia Holding AG 13,547 13,341

2,700 Hilltop Holdings Inc. 35,495 38,804 21,600 Home Capital Group Inc. 802,260 539,784 96,600 Hopson Development Holdings Ltd. 62,025 79,823

1,800 Housing Development Finance Ltd. 87,832 63,164 8,300 Hudson City Bancorp Inc.* 147,210 120,857

21,000 Hutchison Whampoa Ltd. 230,753 130,316 10,140 Hyundai Marine & Fire Insurance Co. 219,204 116,294 26,300 IGM Financial Inc.* 1,010,323 799,783

547,500 Industrial & Commercial Bank of China 369,683 357,120 24,200 Industrial Alliance Insurance

and Financial Services Inc. 877,454 474,320 39,100 ING Canada Inc. 1,045,644 1,405,254

5,443 ING Groep NV 199,950 37,796

FINANCIALS (18.8%) (cont’d)1,600 Intercontinental Exchange Inc. 153,880 149,832

49,900 Intesa Sanpaolo SpA 194,222 170,702 126,400 iShares Asia Trust 202,519 217,941

30,411 Joyo Bank Ltd. 200,207 174,736 16,610 JP Morgan Chase & Co. 760,687 555,754

2,165 Julius Baer Holding Ltd. 103,847 67,096 2,615 KB Finanical Group Inc. 201,966 79,715

10,600 Lancashire Holdings Ltd. 75,498 92,031 600 Laurentian Bank of Canada 24,927 15,828

141,500 Manulife Financial Corp. 3,825,560 2,005,055 355 MetLife Inc. 6,159 10,191

29 Mid REIT Inc. 182,580 61,442 71,091 Mitsubishi UFJ Financial Group Inc.* 491,652 431,117 12,012 Mitsui Sumitomo Insurance

Group Holdings Inc.* 439,440 346,623 9,000 Mitsui Trust Holdings Inc. 64,530 34,284 1,200 Muenchener Rueckversicherungs AG,

Registered Shares 191,468 184,501 27,200 National Bank of Canada 1,107,757 1,095,072 48,970 Nipponkoa Insurance Co., Ltd. 470,662 351,247 9,400 Nomura Holdings Inc. 50,461 58,921

15,500 Nordea Bank AB (SEK)* 207,281 97,230 1,800 Northern Trust Corp. 126,779 135,838 1,495 NYSE Euronext 55,350 33,718

553 Paris RE Holdings Ltd. 11,867 11,855 1,500 People's United Financial Inc. 30,593 33,963

90,996 Power Corp. of Canada 2,744,136 1,788,071 15,451 Power Financial Corp. 513,734 313,655 12,450 Protective Life Corp. 454,285 81,932

7,220 Prudential Financial Inc.* 386,607 172,761 4,850 QBE Insurance Group Ltd. 94,291 81,608 5,100 Redecard SA 66,425 77,339 3,630 Reinsurance Group of America Inc. 213,994 147,907

115,090 Royal Bank of Canada 4,913,190 4,203,087 1,700 Scor SE 45,082 43,847

53 Seven Bank Ltd. 178,493 176,977 59,000 Shinsei Bank Ltd. 64,658 74,415

60 Sony Financial Holding Inc. 212,336 200,886 60 St. Galler Kantonalbank 24,719 24,423

29,600 Standard Life PLC 144,482 88,930 800 State Bank of India Ltd., GDR 67,436 41,351

1,505 State Street Corp. 68,581 58,268 1,768 Sterling Bancshares Inc. 17,345 14,488

31,944 Sumitomo Trust & Banking Co., Ltd.* 285,667 151,800 6,100 Svenska Handelsbanken AB, Series A* 159,120 108,994 3,410 SWS Group Inc. 56,404 66,548 4,800 The Nasdaq OMX Group Inc. 136,773 118,304

24,300 TMX Group Inc. 826,986 868,725 6,940 Torchmark Corp. 436,896 228,618

68,220 Toronto-Dominion Bank 3,885,127 2,964,841 1,400 Validus Holdings Ltd. 42,701 41,795 1,300 Ventas Inc. 57,306 36,990 2,050 Waddell & Reed Financial Inc. 24,207 46,597 1,850 Washington Federal Inc. 34,131 31,020 1,675 Wells Fargo & Co. 27,415 30,070 6,230 Wilshire Bancorp Inc. 60,326 40,527

39,938,520 30,832,829


CIG - 6105





ENERGY (18.7%) 38,500 Addax Petroleum Corp. 1,025,272 1,051,050 13,701 AltaGas Income Trust 369,652 195,239

1,600 Amerada Hess Corp. 118,908 109,247 3,119 Apache Corp. 269,186 251,263 4,770 Baker Hughes Inc. 192,019 171,266

32,200 Baytex Energy Trust* 784,449 486,220 6,000 BG Group PLC 98,028 114,387 8,164 BP PLC, ADR 594,055 412,723 4,400 Camero Corp. 86,607 94,966

53,475 Canadian Natural Resources Ltd. 3,434,227 2,619,740 2,500 Canadian Natural Resources Ltd. (USD) 115,907 121,248

37,495 Canadian Oil Sands Trust 871,606 901,380 14,000 Cathedral Energy Services Income Trust 207,862 51,240

575 Chesapeake Energy Corp. 12,572 12,331 5,500 Chevron Corp. 423,799 464,845

272,000 CNOOC Ltd. 326,357 340,679 440 ConocoPhillips 25,550 21,722

20,100 Crescent Point Energy Trust 654,868 529,836 5,300 Crew Energy Inc.* 74,894 20,723

19,400 Day4 Energy Inc. 140,650 12,610 58,300 Daylight Resources Trust 453,590 394,691 25,600 Enbridge Inc.* 982,385 930,560 84,014 EnCana Corp. 4,886,316 4,356,966 25,200 Enerflex Systems Income Fund 291,063 233,100

7,740 Eni SpA 251,756 188,875 3,100 EOG Resources Inc. 204,236 213,777 8,200 Galleon Energy Inc., Class A* 139,349 29,520

12,200 Husky Energy Inc.* 467,212 326,228 35,144 Imperial Oil Ltd. 1,323,757 1,609,595

5 Inpex Holdings Inc. 51,762 43,444 32,800 Inter Pipeline Fund LP 317,801 242,720 16,300 John Wood Group PLC 138,090 65,968 26,600 Keyera Facilities Income Fund 467,335 412,300

900 Lukoil, ADR (London Stock Exchange) 55,467 42,378 41,200 Maire Tecnimont SpA 221,748 107,094 14,600 NAL Oil & Gas Trust 137,756 98,696 22,000 Nexen Inc. 455,378 470,140 9,060 Noble Energy Inc. 528,124 615,072 9,100 NuVista Energy Ltd.* 128,852 54,873 7,600 OAO Gazprom, ADR 206,996 142,283 2,500 Occidental Petroleum Corp., Preferred Rights 208,745 175,332

49,500 Orbit Garant Drilling Inc. 198,000 45,540 30,300 Orleans Energy Ltd. 129,620 59,085 16,300 Petrobank Energy and Resources Ltd.* 644,608 377,345

2,700 Petro-Canada (USD) 79,662 90,441 80,354 Petro-Canada 3,052,391 2,701,501

6,900 Petrohawk Energy Corp. 163,873 167,279 11,800 Phoenix Technology Income Fund 143,335 78,470

107,600 Precision Drilling Trust 1,846,910 362,612 17,200 Precision Drilling Trust (USD) 81,508 58,113 56,100 Progress Energy Resources Corp.* 697,545 524,535

27 ProspEx Resources Ltd.* 90 11 8,800 Royal Dutch Shell PLC, Class A (EUR)* 370,694 249,378

550 SEACOR Holdings Inc. 44,622 40,431 400 Sechilienne SA 16,526 15,985

15,600 ShawCor Ltd., Class A, Sub-Voting Shares* 394,002 299,676

ENERGY (18.7%) (cont’d)1,100 SK Holdings Co., Ltd. 93,408 107,991 6,100 Statoil ASA 132,279 136,047 4,000 Subsea 7 Inc. 62,063 32,301

31,200 Suncor Energy Inc. 1,303,835 875,160 107,300 Talisman Energy Inc. 1,961,857 1,422,798

950 Technip SA* 39,237 42,228 5,600 TonenGeneral Sekiyu KK 66,512 68,634

17,360 Total SA* 1,323,561 1,087,272 36,776 TransCanada Corp. 1,260,471 1,094,822

2,498 Transocean Ltd. 285,348 185,049 74,600 Trican Well Service Ltd.* 1,318,879 475,202 64,683 TriStar Oil & Gas Ltd.* 870,272 597,024

950 Tullow Oil PLC 13,881 13,764 3,400 Valero Energy Corp. 83,796 76,726

17,000 Vermilion Energy Trust 642,907 457,300 5,100 Wellstream Holdings PLC 45,068 39,851

42,000 Xtreme Coil Drilling Corp. 441,268 57,960 39,552,214 30,576,858

MATERIALS (13.2%) 24,300 Agrium Inc. 1,421,370 1,098,846 4,000 Air Water Inc. 44,950 43,622

88,100 Alamos Gold Inc.* 534,875 795,543 68,700 Anatolia Minerals Development Ltd. 135,304 202,665 19,637 Antofagasta PLC 132,809 179,193 50,660 Barrick Gold Corp. 1,748,337 2,066,928

4,900 BHP Billiton Ltd. 149,539 137,030 4,000 BHP Billiton PLC 100,276 100,206

61,900 Cameco Corp. 1,294,393 1,333,326 44,317 Capstone Mining Corp. 164,872 74,453 19,466 Cascades Inc. 180,277 43,215 11,668 CCL Industries Inc., Class B 327,230 243,861

307,900 Centamin Egypt Ltd. 302,344 332,532 68,000 China Bluechemical Ltd. 43,309 46,677 2,100 Cia Vale do Rio Doce, ADR 69,433 35,211

600 Compass Minerals International Inc.* 40,366 42,639 7,700 Croda International PLC 88,383 73,747

11,400 Detour Gold Corp.* 95,098 126,312 3,200 Ecolab Inc., Preferred Rights 150,084 140,028

131,768 Eldorado Gold Corp.* 878,940 1,500,838 16,500 First Quantum Minerals Ltd. 851,836 585,750 26,300 First Uranium Corp.* 101,555 174,895 46,600 Gerdau Ameristeel Corp. 554,923 177,080 15,742 Gold Fields Ltd., ADR 206,197 224,458 81,800 Goldcorp Inc. 2,696,211 3,443,780

107,000 Great Basin Gold Ltd. 147,839 171,200 1,000 International Flavors & Fragrances Inc. 42,406 38,325

72,100 Jaguar Mining Inc. 370,688 535,703 1,900 K+S AG 198,645 110,550 4,000 Kansai Paint Co., Ltd. 28,137 27,824

46,800 Kinross Gold Corp. 805,292 1,072,188 600 Korea Zinc Co., Ltd. 46,832 62,207

5,900 Laramide Resources Ltd. 10,325 7,788 43,000 Lihir Gold Ltd. 117,564 123,228

200 Lonza Group AG, Registered Shares 20,230 24,877 144,400 Maanshan Iron and Steel Co., Ltd., Class H 55,143 63,888

6,400 MAG Silver Corp. 74,670 35,968 39,200 Major Drilling Group International Inc. 540,138 472,360


– 196 –Annual Financial Statements as at March 31, 2009 – 196 –




MATERIALS (13.2%) (cont’d)3,106 Massey Energy Co. 98,954 39,510

22,800 Mercator Minerals Ltd. 15,960 13,224 53,000 Methanex Corp. 990,626 522,050 2,700 Monsanto Co. 230,864 282,659 5,180 Newmont Mining Corp.* 202,777 291,779

510 Nucor Corp. 26,858 24,503 34,900 Orko Silver Corp. 57,585 35,947 78,200 Paladin Resources Ltd. 193,638 236,946 59,500 Phoscan Chemical Corp. 99,166 16,958 14,550 Potash Corp. of Saskatchewan Inc.* 1,596,470 1,483,372

2,100 Praxair Inc. 130,339 177,884 97,600 Red Back Mining Inc.* 624,913 790,560 1,400 Rio Tinto Ltd. 52,737 69,346 7,119 Rio Tinto PLC 288,123 302,602 1,000 Salzgitter AG 150,868 70,394

13,000 San Gold Corp. 23,234 24,180 1,450 Sensient Technologies Corp.* 40,562 42,958 1,700 Sigma-Aldrich Corp. 83,660 80,820 1,850 Silgan Holdings Inc.* 100,324 122,399 9,450 Sino Gold Ltd. 42,947 43,148 1,459 SPDR Gold Trust 161,036 166,021

500 Syngenta AG 100,493 126,823 12,900 Thompson Creek Metals Co., Inc.* 127,471 64,113 29,600 Xstrata PLC* 193,698 249,897 10,400 Yamana Gold Inc. 102,268 121,279 3,600 Yara International ASA 184,110 99,434

20,690,501 21,467,747 INDUSTRIALS (10.2%)

210 3M Co. 15,086 13,134 17,900 5N Plus Inc. 132,718 96,839

5,000 ABB Ltd. 136,354 87,724 4,800 Acergy SA* 33,894 37,860

48,300 Aecon Group Inc. 648,775 483,966 2,000 Aeon Delight Co., Ltd. 48,757 31,009 3,400 AG Growth Income Fund 89,206 82,450

12,900 All America Latina Logistica SA 90,417 69,109 650 Alliant Techsystems Inc. 61,369 54,887

3,925 Alstom 253,928 256,278 1,850 American Ecology Corp. 42,716 32,466

900 Ansaldo STS SpA 17,721 17,802 7,200 Armtec Infrastructure Income Fund 127,720 119,664 6,000 Asahi Glass Co., Ltd. 74,193 39,673

87,100 ATS Automation Tooling Systems Inc. 456,208 307,463 26,800 BAE Systems PLC 234,082 161,786 11,500 Balfour Beatty PLC 68,630 67,915

2,000 Bilfinger Berger AG 157,806 95,466 5,800 Bird Construction Income Fund 162,314 128,760

250 Boeing Co., Preferred Rights 12,661 11,164 260,500 Bombardier Inc., Class B,

Sub-Voting Shares* 1,555,998 765,870 1,950 Brinks Home Security Holdings Inc. 53,918 55,559 3,200 Burlington Northern Santa Fe Corp. 255,831 242,660

47,000 CAE Inc. 458,940 354,850 60,495 Canadian National Railway Co. 2,945,313 2,697,472 18,000 Canadian Pacific Railway Ltd. 900,593 673,740

144,500 Celestica Inc.* 1,039,073 641,580 11,900 Cobham PLC 44,988 36,936

INDUSTRIALS (10.2%) (cont’d)1,708 Daiseki Co., Ltd.* 34,133 36,339

275 Deere & Co., Preferred Rights 11,685 11,372 3,500 DynCorp International Inc. 63,939 58,818 3,220 Fanuc Ltd. 266,836 271,164 1,150 Finmeccanica SpA 17,751 17,999

20,800 Finning International Inc. 497,491 260,416 15,000 G4S PLC 61,645 52,581 19,820 General Electric Co. 725,120 252,619

500 Hamburger Hafen Und Logistik AG 37,935 15,208 7,398 Henkel KGaA, Preferred,

Non-Voting Shares 310,128 253,510 3,200 Herley Industries Inc. 53,290 47,765

12,900 Heroux-Devtek Inc. 71,188 51,342 10,350 Hexcel Corp. 89,796 85,596 7,800 Hong Kong Aircraft Engineering Co., Ltd. 122,652 84,880

600 Hyundai Heavy Industries Co., Ltd. 84,192 107,624 1,100 IHS Inc., Class A 55,686 57,107 5,000 JGC Corp. 80,286 71,090

877 Keyence Corp. 181,507 205,585 8,595 Kubota Corp.* 59,674 58,474 2,000 L-3 Communications Holdings Inc. 194,347 170,699 3,600 LG International Corp. 71,135 61,932 2,000 Lockheed Martin Corp. 191,631 173,851

57,000 Lonking Holding Ltd. 36,003 43,670 1,200 LS Industrial Systems Co., Ltd. 50,816 59,344 3,300 MacDonald Dettwiler & Associates Ltd.* 69,016 82,005

14,074 Martinrea International Inc.* 81,733 39,689 3,660 Metro AG 235,662 151,716 2,400 Mitsubishi Corp.* 35,376 39,168

600 Moshi Moshi Hotline Inc. 14,555 13,285 81,000 Mullen Group Income Fund 1,575,282 722,520 19,300 New Flyer Industries Inc. 176,107 167,524

4,500 Nikon Corp. 81,637 63,350 55,000 Noble Group Ltd. 45,784 54,251 5,307 Northrop Grumman Corp. 283,735 291,707 1,300 Precision Castparts Corp. 98,400 97,876 2,200 Prosegur Cia de Seguridad SA 69,248 74,688 3,800 Raytheon Co. 221,057 186,165 6,500 Ritchie Bros. Auctioneers Inc.* 131,345 152,880

11,600 Rocky Mountain Dealership Inc. 152,270 53,592 2,671 Russel Metals Inc. 55,950 27,324 1,700 Ryanair Holdings PLC, ADR 56,112 49,508 9,700 SAIC Inc. 204,612 227,945

900 Schneider Electric SA* 71,467 75,519 21,650 SembCorp Marine Ltd. 52,399 32,481

25 SGS SA, Registered Shares 31,793 32,897 3,400 Shaw Group Inc. 108,326 117,490 1,310 Siemens AG, Registered Shares* 115,093 94,103

51,447 Sime Darby Berhad 128,616 101,412 1,630 SMC Corp. 193,267 195,620

19,500 SNC-Lavalin Group Inc. 798,748 620,100 33,690 Spice PLC 48,819 33,516

1,250 Teleflex Inc. 72,155 61,585 4,980 Thales SA 276,777 238,044 6,482 THK Co., Ltd. 122,603 108,842

16,400 Tokyo Gas Co., Ltd. 76,066 72,084 10,400 Toromont Industries Ltd. 250,605 243,152

97 Transat AT Inc., Class B 1,746 719






INDUSTRIALS (10.2%) (cont’d)2,950 Ultra Electronics Holdings PLC 67,003 58,161 5,700 Union Pacific Corp. 308,250 294,913

12,639 Vector Aerospace Corp. 48,028 52,957 3,800 Vinci SA* 169,850 177,917

81,350 Vitasoy International Holdings Ltd. 42,997 43,932 9,500 Volvo AB, Series B* 61,906 63,672 6,884 VT Group PLC 85,187 58,772

96,600 Westjet Airlines Ltd.* 1,431,199 1,136,982 46,000 Zhuzhou CSR Times Electric Co., Ltd. 50,195 58,887


1,803 Aastra Technologies Ltd.* 60,386 33,752 38,200 Acer Inc. 64,276 72,376

3,000 Adobe Systems Inc. 80,139 80,748 3,400 Analog Devices Inc. 84,775 82,427 1,000 Apple Computer Inc. 94,685 132,399 6,080 Applied Materials Inc. 74,271 82,246 1,600 Axalto Holding NV* 69,399 57,561

63,800 Axia NetMedia Corp. 228,908 111,650 250 Baidu Inc., ADR 41,872 54,210

15,800 Bridgewater Systems Corp. 86,900 61,778 3,200 Broadcom Corp. 77,561 80,402 3,450 CA Inc. 93,437 75,462 6,400 Canon Inc. 275,320 229,526

900 Centrotherm Photovoltaics AG 28,068 29,243 111,500 CGI Group Inc. 1,186,088 1,122,805

65,200 China High Speed Transmission Equipment Group Co., Ltd. 107,109 117,297

34,058 Cisco Systems Inc. 778,358 718,335 5,400 Cogent Inc. 74,521 80,945

78,000 COM DEV International Ltd. 335,238 249,600 1,600 Diebold Inc.* 61,061 42,904

780 DTS Inc. 15,385 23,600 1,500 Electronic Arts Inc. 85,880 34,379 1,315 EMC Corp.* 16,747 18,866 2,400 FLIR Systems Inc. 62,318 61,966 3,800 Gennum Corp. 36,176 15,656

161 Google Inc., Class A 77,283 70,606 2,100 Harmonic Inc. 18,753 17,182 6,730 Hewlett-Packard Co. 259,676 272,013 6,555 Hon Hai Precision Industry Co., Ltd. (UBS) 30,965 18,691

10,900 Hon Hai Precision Industry Co., Ltd. (JP Morgan) 45,525 31,080 800 Horiba Ltd. 16,411 17,051

4,400 Hynix Semiconductor Inc. 35,915 49,857 2,200 Indra Sistemas SA, Class A 58,091 53,243 3,030 International Business Machines Corp. 346,795 370,074

22 Lam Research Corp. 560 631 720 Landauer Inc. 35,800 46,002

9,400 LG Display Co., Ltd., ADR 107,218 121,113 2,800 ManTech International Corp., Class A 176,320 147,835

15,470 Microsoft Corp. 395,148 357,101 2,700 Nice Systems Ltd., ADR 69,685 84,553

800 Nidec Corp. 45,710 44,132 1,445 Nintendo Co., Ltd.* 643,408 523,750

15,960 Nokia OYJ 376,972 237,367 15,175 Nomura Research Institute Ltd.* 353,412 295,411

INFORMATION TECHNOLOGY (8.2%) (cont’d)12,600 ON Semiconductor Corp. 71,038 61,951 24,300 Open Text Corp. 813,405 1,051,947 30,660 Oracle Corp. 593,776 698,074

800 Perot Systems Corp., Class A 12,741 12,960 3,700 PMC-Sierra Inc. 27,188 29,667 9,900 QUALCOMM Inc. 487,367 484,135

15,400 Reed Elsevier NV 219,833 207,889 32,600 Research In Motion Ltd. 1,801,139 1,776,374

2,300 Ruggedcom Inc. 39,316 57,408 180 Samsung Electronics Co., Ltd. 119,331 93,641 800 Samsung Electronics Co., Ltd., GDR 266,845 205,746

9,437 SAP AG 454,395 421,849 1,200 Shanda Interactive Entertainment Ltd. 32,404 59,772

900 SINA Corp. 27,145 26,312 350 Software AG 27,646 31,426

2,600 Solera Holdings Inc. 59,407 81,224 2,650 Sybase Inc.* 74,454 101,195

152,800 Taiwan Semiconductor Manufacturing Co., Ltd. 240,035 291,777

15,100 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 146,346 170,187

8,200 Tandberg ASA* 164,676 152,121 39,844 Telefonaktiebolaget LM Ericsson,

Class B* 598,203 411,877 1,800 Telenet Group Holding NV* 39,421 38,317 5,200 Tessera Technologies Inc. 134,849 87,518 2,890 Texas Instruments Inc. 91,185 60,044 4,000 Toshiba Machine Co., Ltd. 15,702 14,779 7,000 VeriSign Inc. 249,089 166,438 6,100 Xilinx Inc.* 165,280 147,346 4,675 Yahoo! Inc. 172,618 75,322


4,100 Alliance Grain Traders Income Fund 62,901 47,806 1,900 Alliance Grain Traders Income Fund,

Restricted Shares 29,450 22,154 750 Avon Products Inc.* 20,399 18,145

3,100 British American Tobacco PLC 96,063 90,444 35,008 Cadbury PLC 424,163 333,388 1,150 Carlsberg A/S, Class B* 51,688 59,021

10,060 Carrefour SA* 593,718 495,191 86,000 China Fishery Group Ltd. 73,911 42,414

550 Church & Dwight Co., Inc. 31,101 36,216 8,300 CVS Corp. 285,807 287,022 3,600 Dean Foods Co. 90,049 81,920

24,990 Diageo PLC 427,369 355,282 8,684 Dr. Pepper Snapple Group Inc. 230,928 184,691

20,402 Empire Co., Ltd., Class A 822,001 1,072,737 1,500 FamilyMart Co., Ltd.* 71,790 57,331 1,200 Fancl Corp. 17,605 16,970 7,960 George Weston Ltd. 677,026 465,660 2,200 GLG Life Tech Corp. 5,192 5,104

14,756 Heineken NV* 670,762 525,791 9,000 Hengan International Group Co., Ltd. 40,964 45,236 1,000 House Foods Corp. 17,706 17,416 7,550 Imperial Tobacco Group PLC 290,193 213,994

36 Japan Tobacco Inc. 147,942 119,798 14,100 Jeronimo Martins SGPS SA 96,673 86,668






CONSUMER STAPLES (7.6%) (cont’d)2,600 Kellogg Co. 136,357 119,935

19,300 Kimberly-Clark de Mexico SAB de C.V., Class A 71,218 77,317

15,100 Koninklijke Ahold NV 206,625 208,416 6,695 Kraft Foods Inc., Class A 221,262 187,799 9,200 Kroger Co. 231,520 245,423 1,800 KT&G Corp. 135,107 125,680 6,050 Lion Nathan Ltd. 43,012 42,682

11,791 Liquor Stores Income Fund 189,868 153,283 26,400 Loblaw Cos. Ltd.* 1,170,873 824,208

6,900 Lorillard Inc. 459,521 536,109 7,800 Maple Leaf Foods Inc. 70,745 63,258

800 McDonald's Holdings (Japan) Co., Ltd. 16,876 17,164 5,128 Molson Coors Brewing Co.,

Class B (USD)* 201,382 221,034 19,704 Nestle SA, Registered Shares 757,563 839,815

85 PepsiCo Inc. 5,570 5,517 15,100 Phillip Morris International Inc. 733,180 676,179

3,100 Procter & Gamble Co. 226,829 183,723 3,709 Reckitt Benckiser Group PLC 145,213 175,501 3,588 Saputo Inc. 62,626 74,523 9,500 Seven & I Holdings Co., Ltd. 357,954 260,822

31,200 Shoppers Drug Mart Corp. 1,374,991 1,352,208 7,900 Swedish Match AB 134,923 143,882 2,300 Toyo Suisan Kaisha Ltd. 67,360 59,337

400 Unicharm Petcare Corp. 15,507 12,740 3,050 Viscofan SA 74,139 74,734

86,800 Viterra Inc.* 846,613 762,104 4,800 Wal-Mart Stores Inc. 298,642 314,671

13,530,877 12,438,463 CONSUMER DISCRETIONARY (7.5%)

845 Amazon.com Inc.* 46,552 78,203 7,600 Astral Media Inc., Class A,

Non-Voting Shares 194,604 197,524 5,900 Burger King Holdings Inc. 151,245 170,110

22,479 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 1,236,314 975,589

6,600 Cineplex Galaxy Income Fund 92,957 93,192 1 Citadel Broadcasting Corp. - -

13,600 Cogeco Cable Inc., Sub-Voting Shares 519,649 428,400 21,950 Comcast Corp., Class A 409,656 377,174 22,100 Compass Group PLC 140,299 127,517 31,800 Corus Entertainment Inc., Class B 563,068 433,116

2,500 Darden Restaurants Inc. 87,659 107,884 2,700 DIRECTV Group Inc. 74,071 77,439 1,600 Dollar Tree Stores Inc. 67,865 89,863

30,700 Dorel Industries Inc., Class B 967,251 588,519 7,475 Eastman Kodak Co.* 174,704 35,810 4,950 eBay Inc. 205,272 78,131 8,100 Electrolux AB, Series B 79,324 79,818 5,300 Esprit Holdings Ltd. 32,045 34,053 1,100 Fast Retailing Co., Ltd.* 145,924 156,398 8,400 Fiat SpA 70,297 74,353

11,986 Forzani Group Ltd., Class A 169,963 118,302 110 Fuji Television Network Inc. 274,007 154,436

3,300 GameStop Holding Co. 119,781 116,281 5,600 Gap Inc. 88,318 91,708

CONSUMER DISCRETIONARY (7.5%) (cont’d)20 Geo Corp.* 22,474 14,447

2,300 Honda Motor Co., Ltd. 64,569 67,835 1,975 Inditex SA 90,083 96,952 1,355 JC Penney Co., Inc. 63,599 34,216

11,359 Le Chateau Inc. 122,812 86,328 44,000 Li & Fung Ltd. 162,701 129,973 27,280 Liberty Media Corp., Entertainment Series A 540,900 686,118

8,200 LKQ Corp. 147,272 147,313 722 Lottomatica SpA* 25,299 14,922

4,200 Lowe's Cos., Inc. 107,671 96,315 9,100 Magna International Inc., Class A* 315,642 304,668 6,500 McDonald's Corp. 265,992 446,603

59,500 Miranda Technologies Inc. 638,629 288,575 6,300 Next PLC 126,074 150,760

750 Nitori Co., Ltd. 51,794 52,744 2,700 O'Reilly Automotive Inc. 96,435 119,102 2,500 Pearson PLC 29,060 31,699 3,200 PetSmart Inc. 77,309 84,517 2,300 Publicis Groupe 73,613 74,385

26,400 Rogers Communications Inc., Class B 718,052 766,920 4,000 RONA Inc.* 48,224 47,160 1,900 Sankyo Co., Ltd. 116,661 103,361 1,320 Sears Holdings Corp.* 178,281 76,050

27,100 Shaw Communications Inc., Class B 577,220 520,862 88,400 Techtronic Industries Co. 45,697 51,190 12,200 Tesco PLC 78,217 73,550 52,700 Thomson Corp. 1,932,796 1,686,400

884 Time Warner Cable Inc. 51,360 27,639 3,524 Time Warner Inc. 143,184 85,744 5,400 Toyota Motor Corp. 326,858 213,958 8,900 United Business Media Ltd. 79,256 68,497

14,960 Vivendi Universal SA* 544,160 499,235 1,200 Volkswagen AG, Preferred 83,256 85,678 5,700 Woongjin Thinkbig Co., Ltd. 152,406 94,659

40,350 WPP PLC 482,225 285,915 14,490,606 12,298,110

HEALTH CARE (5.7%) 12,600 Abbott Laboratories Inc. 774,292 757,706

9,650 Aetna Inc. 394,308 295,993 2,614 Alkermes Inc. 34,006 39,941 4,725 Amgen Inc. 285,906 294,326 3,900 AstraZeneca PLC 198,905 172,829

16,800 Atrium Innovations Inc. 287,865 200,424 5,300 Baxter International Inc. 298,001 341,970 4,400 Becton Dickinson & Co. 308,805 372,265 4,900 BioMarin Pharmaceuticals Inc.* 151,628 75,797 2,500 Bio-Reference Labs Inc. 68,730 65,746

32,300 Biovail Corp. 382,704 442,510 2,000 Biovail Corp., Restricted Shares 25,560 27,400

26,370 Boston Scientific Corp. 450,442 263,963 5,800 Cephalon Inc.* 500,601 497,878 5,400 Chugai Pharmaceutical Co., Ltd. 79,525 114,134 8,900 CML Healthcare Income Fund 124,763 116,590

11,910 Cooper Cos., Inc. 577,215 396,845 16,775 Covidien Ltd. 732,179 701,910

2,300 CSL Ltd. 72,386 65,489 1,900 DaVita Inc. 112,732 105,011 6,600 Diagnosticos da America SA 106,483 88,933






HEALTH CARE (5.7%) (cont’d)1,050 Endo Pharmaceuticals Holdings Inc. 30,264 23,390 1,700 Fresenius AG 142,934 98,401

100 Fresenius SE 8,248 4,800 32,960 GlaxoSmithKline PLC 905,936 647,443

890 Haemonetics Corp. 52,829 61,801 15,823 HealthSouth Corp.* 349,722 177,139

600 Icon PLC, ADR 13,762 12,133 4,900 Iris International Inc. 67,512 70,732 1,050 Laboratory Corp. of America Holdings* 73,922 77,293 5,000 Mako Surgical Corp. 47,890 48,033

385 Medtronic Inc. 16,096 14,294 625 Merck & Co., Inc. 22,163 21,046 750 MorphoSys AG 16,412 16,028 400 Nakanishi Inc. 47,623 28,283

10,079 Novartis AG, Registered Shares 573,395 478,033 2,300 Paladin Labs Inc. 27,998 28,773 1,450 Rhoen Klinikum AG 40,946 34,121 1,990 Roche Holding AG 334,043 344,073 6,510 Sanofi-Aventis* 527,749 460,553

16,000 Shandong Weigao Group Medical Polymer Co., Ltd. 34,133 35,916

3,100 Smith & Nephew PLC 34,832 24,209 400 Synthes Inc. 57,864 56,046

1,100 Sysmex Corp. 50,661 44,004 800 Takeda Pharmaceutical Co., Ltd.* 45,941 34,653

2,100 Teva Pharmaceutical Industries Ltd., ADR 106,008 119,242 9,900 Thermo Fisher Scientific Inc.* 450,779 444,571 3,800 UnitedHealth Group Inc. 234,786 100,125 1,550 WebMD Health Corp. 45,858 43,342 5,060 Wyeth 256,142 273,920

10,583,484 9,260,057 TELECOMMUNICATION SERVICES (2.8%)

3,125 AT&T Inc. 101,880 99,004 36,000 BCE Inc. 1,057,508 898,560 2,500 Bouygues SA* 161,672 112,717

12,900 Cable & Wireless PLC 39,229 32,550 1,300 China Mobile (Hong Kong) Ltd., ADR 84,930 71,243

121,000 Citic 1616 Holdings Ltd. 29,640 29,129 12,950 Deutsche Telekom AG, Registered Shares 210,511 203,011

6,998 France Telecom SA 215,582 200,598 6,300 Inmarsat PLC 52,965 55,467

11,900 Manitoba Telecom Services Inc. 510,057 380,324 2,950 NeuStar Inc., Class A 66,922 62,294 1,300 Nippon Telegraph & Telephone Corp. 72,494 61,777 1,620 NTELOS Holdings Corp. 37,839 36,987

50 NTT DoCoMo Inc. 83,564 85,168 9,800 Royal KPN NV 150,834 165,120

10,000 SBA Communications Corp.* 319,981 293,743 10,600 Softbank Corp.* 156,498 169,617 2,000 Syniverse Holdings Inc. 36,709 39,611 9,600 Telefonica SA 260,362 241,339

13,100 TELUS Corp. 497,621 453,522 153,700 Vodafone Group PLC 349,215 340,283

18,375 Vodafone Group PLC, ADR 473,928 403,541 11,900 Windstream Corp. 123,546 120,919

5,093,487 4,556,524

UTILITIES (2.2%) 14,350 AES Corp. 247,716 104,928

3,700 Aqua America Inc.* 91,393 93,292 15,706 Atco Ltd., Class I 647,872 564,474 11,400 Canadian Utilities Ltd., Class A,

Special Shares* 553,566 418,950 22,187 Caribbean Utilities Co., Ltd., Class A 310,482 230,762 21,900 Centrica PLC 100,499 90,217

1,800 CEZ 86,470 80,866 2,950 CMS Energy Corp.* 43,165 43,922 1,450 DPL Inc. 38,053 41,112

350 EDF Energies Nouvelles SA 16,815 16,630 2,000 Electricite de France* 151,280 98,481 4,100 Emera Inc.* 89,365 77,777

65 Exelon Corp. 4,306 3,715 3,400 Fortum OYJ 88,953 81,716 7,678 Gaz de France* 388,699 332,417

16,397 Great Lakes Hydro Income Fund 255,717 257,597 5,000 MDU Resources Group Inc. 89,445 101,739 7,790 Nalco Holding Co. 157,841 128,064

12,850 Northumbrian Water Group PLC 80,699 50,727 2,650 NSTAR 99,605 106,239 2,900 OGE Energy Corp. 81,452 86,940 2,450 Oneok Inc. 88,419 69,898 3,200 Pike Electric Corp. 43,991 37,317 7,410 Scottish and Southern Energy PLC 155,217 148,238

11,100 TransAlta Corp. 347,642 204,795 3,050 Vectren Corp. 85,592 80,979 2,600 Westar Energy Inc. 63,797 57,427

4,408,051 3,609,219 PRIVATE PLACEMENTS (0.1%)

75,806 Metrophotonics Inc., Private Placement^ - 1 70,000 Tellamon Photonic Networks Inc. (USD),

Private Placement^ 819 882 8,800 TriStar Oil & Gas Ltd., Subcription Receipts,

Private Placement^ 70,400 79,200 71,219 80,083

WARRANTS (0.1%) 25,000 EarthFirst Canada Inc., Warrants (11Dec09) - 125 17,000 Gold Wheaton Gold Corp., Warrants (08Jul13) - 1,020 41,900 Great Basin Gold Ltd., Warrants (15Oct10) - 17,808

2,950 Laramide Resources Ltd., Warrants (05Mar12) - - 11,400 Mercator Minerals Ltd., Warrants (29Jan13) - 2,736

9,350 New Gold Inc., Warrants (21Dec09) - 2,872 - 24,561


Total Equities (95.1%) 184,141,330 155,231,589

Short Term Notes (0.3%) 496,949 499,864



Total Net Assets (100.0%) 163,032,836



Synergy Canadian Style Management Corporate Class Financial Statements



















155,232 259,9465,621 14,293

500 -- -

1,320 -- -- -- -- -

212 191667 992

- -449 525

164,001 275,947

- -- -- 1- 24- -

283 1,021585 738

- -- -- -

100 158968 1,942

163,033 274,005

184,141 246,709- -

158,574 266,4704,120 6,547

339 988

7.53 10.765.87 8.304.19 5.85

21,063,695 24,753,730701,999 788,483

81,003 168,728

4,873 5,4911,129 1,353

118 87- -- -- -

(267) (279)5,853 6,652

4,316 6,241438 632

5 427 47

237 3965,023 7,320

830 (668)(30) -800 (668)

(34,973) 19,549654 (502)(524) (987)

- -

(42,120) (33,684)(76,963) (15,624)(76,163) (16,292)

(74,089) (15,937)(1,882) (318)

(192) (37)

(3.24) (0.59)(2.48) (0.37)(1.57) (0.23)


2009 2008


2009 2008



















988 907- (1)

988 906

- 136- -

(6) (7)(451) (10)(457) 119

- -- -- -- -

(192) (37)339 988

274,005 346,192- (305)

274,005 345,887

10,793 16,425- -

(44,053) (68,861)(1,549) (3,154)

(34,809) (55,590)

- -- -- -- -

(76,163) (16,292)163,033 274,005

266,470 337,467- (297)

266,470 337,170

10,163 15,401- -

(42,906) (66,421)(1,063) (3,743)

(33,806) (54,763)

- -- -- -- -

(74,090) (15,937)158,574 266,470

6,547 7,818- (7)

6,547 7,811

630 888- -

(1,141) (2,433)(35) 599

(546) (946)

- -- -- -- -

(1,881) (318)4,120 6,547

Synergy Canadian Style Management Corporate Class Financial Statements


2009 2008



2009 2008






2009 2008


20,385 43,54821,725 46,282

Synergy Canadian Style Management Corporate Class Financial Statements – Supplementary Schedules


2009 2008


511 57245 58


2009 2008

24,753,730 29,572,8851,099,726 1,355,575

- 22(4,686,518) (5,845,805)

(103,243) (328,947)21,063,695 24,753,730

788,483 897,74887,512 101,513

- -(170,892) (279,073)

(3,104) 68,295701,999 788,483

168,728 149,728- 21,693- -

(1,208) (1,090)(86,517) (1,603)81,003 168,728




2.001.00


0.200.20

-


2009




7.53 10.760.02 0.037.55 10.79

5.87 8.300.01 0.025.88 8.32

4.19 5.850.01 0.024.20 5.87


2009 2008






Credit Rating (%)AAA/Aaa/A++ 0.3Not Rated 0.3Total 0.6


Synergy Canadian Style Management Corporate Class Fund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 34,018 20.9 Euro - 10,064 6.2 Japanese Yen - 6,738 4.1 British Pound - 5,981 3.7 Swiss Franc - 2,237 1.4 Hong Kong Dollar - 1,990 1.2 Swedish Krona - 932 0.6 Korean Won - 887 0.5 Australian Dollar - 563 0.3 Taiwan Dollar - 540 0.3 Norwegian Krone - 458 0.3 Singapore Dollar - 305 0.2 Brazilian Real - 237 0.1 Czech Koruna - 81 0.1 Thai Baht - 79 0.1 Mexican Peso - 78 0.1 Danish Krone - 59 0.1 Malaysian Ringgit - 45 0.1 Total - 65,292 40.3



Interest Rate RiskThe Fund has insignificant exposure to interest rate risk as the majority of its assets are investedin stocks.


Synergy Global Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (50.6%) 48,300 Abbott Laboratories Inc. 2,916,655 2,904,540 16,300 Adobe Systems Inc. 435,423 438,730 31,800 Aetna Inc. 1,072,896 975,396

8,400 Amerada Hess Corp. 624,167 573,548 20,600 Amgen Inc. 1,286,267 1,283,199 18,400 Analog Devices Inc. 458,656 446,076 2,600 Apache Corp. 351,670 209,453 5,600 Apple Computer Inc. 575,547 741,433

19,600 Aqua America Inc.* 484,229 494,194 13,500 AT&T Inc. 439,079 427,699 29,200 Baxter International Inc. 1,673,846 1,884,061 17,000 Becton Dickinson & Co. 1,148,298 1,438,295 26,200 BioMarin Pharmaceuticals Inc.* 810,492 405,282

3,400 Blackrock Inc. (USD)* 448,830 556,715 41,800 Boston Scientific Corp. 469,165 418,416 17,000 Broadcom Corp.* 411,705 427,138 31,600 Burger King Holdings Inc. 808,190 911,098 17,200 Burlington Northern Santa Fe Corp. 1,134,471 1,304,295 31,700 Cephalon Inc.* 2,732,474 2,721,162 19,100 Chevron Corp. 1,529,479 1,614,281 19,800 Chubb Corp., Preferred Rights 1,090,437 1,055,887 72,600 Cisco Systems Inc. 1,887,997 1,531,244 28,900 Cogent Inc. 399,074 433,203

3,500 Compass Minerals International Inc.* 236,227 248,730 44,200 CVS Corp. 1,580,171 1,528,480 13,600 Darden Restaurants Inc. 476,863 586,891 19,500 Dean Foods Co. 487,807 443,735 14,600 DIRECTV Group Inc.* 400,380 418,742 37,200 Dollar Financial Corp. 489,786 445,531

8,500 Dollar Tree Stores Inc. 360,742 477,396 18,700 DynCorp International Inc. 341,892 314,256 17,700 Ecolab Inc., Preferred Rights 826,352 774,533 12,900 FLIR Systems Inc. 334,176 333,067 17,800 GameStop Holding Co. 646,656 627,211 30,400 Gap Inc. 479,056 497,845

5,100 Goldman Sachs Group Inc.* 584,301 681,663 27,700 Hewlett-Packard Co. 1,066,152 1,119,580 27,100 Hexcel Corp. 253,378 224,122 14,300 Hilltop Holdings Inc. 187,956 205,519 44,200 Hudson City Bancorp Inc.* 786,817 643,600

8,700 Intercontinental Exchange Inc. 832,751 814,710 12,900 International Business Machines Corp. 1,498,266 1,575,563 43,400 JP Morgan Chase & Co. 1,943,839 1,452,120 14,300 Kellogg Co. 747,731 659,645 48,900 Kroger Co. 1,254,600 1,304,477

22 Lam Research Corp. 560 631 50,400 Liberty Media Corp.,

Entertainment Series A 1,129,220 1,267,609 46,900 LKQ Corp. 843,575 842,557 10,600 Lockheed Martin Corp. 1,038,455 921,408 21,800 Lorillard Inc. 1,374,378 1,693,794 22,600 Lowe's Cos., Inc. 580,661 518,266 14,800 ManTech International Corp.,

Class A 929,740 781,412 34,700 McDonald's Corp. 1,488,320 2,384,173 26,700 MDU Resources Group Inc. 477,138 543,284 14,700 Monsanto Co. 1,086,830 1,538,922

U.S.A. (50.6%) (cont’d)26,600 Noble Energy Inc. 1,635,198 1,805,840

9,400 Northern Trust Corp. 661,049 709,376 14,000 Occidental Petroleum Corp.,

Preferred Rights 1,169,308 981,859 15,500 OGE Energy Corp. 435,110 464,681 67,300 ON Semiconductor Corp. 379,429 330,896

125,200 Oracle Corp. 2,603,775 2,850,584 14,800 O'Reilly Automotive Inc. 528,685 652,856

8,200 People's United Financial Inc. 167,426 185,666 37,000 Petrohawk Energy Corp. 879,940 897,001 17,100 PetSmart Inc. 413,465 451,640 23,500 Phillip Morris International Inc. 1,217,443 1,052,332 19,600 PMC-Sierra Inc. 144,045 157,154 11,500 Praxair Inc. 698,538 974,124

6,800 Precision Castparts Corp. 515,390 511,965 7,500 Procter & Gamble Co. 519,336 444,491

45,900 QUALCOMM Inc. 2,099,053 2,244,628 20,900 Raytheon Co. 1,221,524 1,023,908 20,100 Reinsurance Group of America Inc. 1,191,871 818,991 52,200 SAIC Inc. 1,098,284 1,226,671 53,600 SBA Communications Corp.* 1,726,862 1,574,463 18,100 Shaw Group Inc. 577,009 625,460 9,300 Sigma-Aldrich Corp. 458,141 442,131 7,200 SPDR Gold Trust 804,925 819,294

27,800 Tessera Technologies Inc. 725,227 467,884 25,600 The Nasdaq OMX Group Inc. 729,024 630,955 53,100 Thermo Fisher Scientific Inc.* 2,640,641 2,384,516 30,500 Union Pacific Corp. 1,671,557 1,578,044 18,600 Valero Energy Corp. 458,414 419,738 39,100 VeriSign Inc.* 1,393,398 929,673 25,800 Wal-Mart Stores Inc. 1,608,399 1,691,355 65,200 Windstream Corp. 676,755 662,513 34,200 Xilinx Inc.* 926,651 826,102

79,929,695 79,901,608JAPAN (7.5%)

27,400 Chugai Pharmaceutical Co., Ltd. 403,515 579,123 7,400 FamilyMart Co., Ltd.* 353,899 282,831 5,700 Fast Retailing Co., Ltd.* 754,639 810,426

24,800 JGC Corp. 406,224 352,606 42,300 Kubota Corp.* 295,732 287,777

169,700 Mitsubishi UFJ Financial Group Inc.* 1,045,116 1,029,112 22,400 Mitsui Sumitomo Insurance

Group Holdings Inc.* 945,094 646,384 3,800 Nidec Corp.* 217,122 209,626 5,400 Nintendo Co., Ltd.* 2,110,528 1,957,267 6,300 Nippon Telegraph & Telephone Corp. 351,318 299,380

46,500 Nomura Holdings Inc. 249,621 291,469 263 NTT DoCoMo Inc.* 439,544 447,983

9,700 Sankyo Co., Ltd.* 595,585 527,684 212 Seven Bank Ltd. 699,829 707,908

292,600 Shinsei Bank Ltd. 320,661 369,049 54,400 Softbank Corp.* 803,160 870,488

299 Sony Financial Holding Inc. 1,063,333 1,001,084 3,700 Takeda Pharmaceutical Co., Ltd.* 212,479 160,271

85,500 Tokyo Gas Co., Ltd.* 396,565 375,802 27,700 TonenGeneral Sekiyu KK 328,998 339,491 11,200 Toyo Suisan Kaisha Ltd. 328,016 288,946

12,320,978 11,834,707


CIG - 6109





U.K. (7.5%) 80,900 Amlin PLC 534,086 503,375 18,300 AstraZeneca PLC 933,998 810,965

134,000 BAE Systems PLC 1,187,161 808,930 57,600 Balfour Beatty PLC 343,774 340,166

110,600 Compass Group PLC 704,952 638,162 38,500 Croda International PLC 449,026 368,733 75,100 G4S PLC 309,825 263,256 33,300 GlaxoSmithKline PLC 733,068 654,122 2,900 Icon PLC, ADR 66,528 58,643

16,600 Imperial Tobacco Group PLC 552,948 470,502 82,700 John Wood Group PLC 700,614 334,698 54,400 Lancashire Holdings Ltd. 387,454 472,308 12,900 Next PLC 261,756 308,698 18,239 Reckitt Benckiser Group PLC 769,959 863,025 35,428 Rio Tinto PLC 1,448,886 1,505,911 44,300 Royal Dutch Shell PLC, Class A (EUR)* 1,866,338 1,255,390

158,200 Standard Life PLC 772,314 475,292 61,900 Tesco PLC 396,855 373,174

564,100 Vodafone Group PLC 1,272,816 1,248,885 13,692,358 11,754,235

FRANCE (5.4%) 8,100 Alstom 776,800 528,880 8,100 Axalto Holding NV* 351,597 291,403

12,100 BNP Paribas SA 688,591 630,666 10,100 Electricite de France* 759,296 497,329 34,557 France Telecom SA 1,056,309 990,576 38,390 Gaz de France* 1,965,624 1,662,086

8,000 Sanofi-Aventis* 532,244 565,964 4,600 Schneider Electric SA* 366,074 385,985

31,900 Total SA* 2,517,210 1,997,924 18,900 Vinci SA* 843,994 884,904


SWITZERLAND (5.4%) 25,700 ABB Ltd. 700,738 450,902 18,100 Credit Suisse Group 968,581 694,465 37,600 Nestle SA, Registered Shares 1,637,827 1,602,570 32,500 Novartis AG, Registered Shares 1,767,227 1,541,431

6,400 Roche Holding AG* 1,122,702 1,106,565 2,400 Syngenta AG 479,845 608,752 1,800 Synthes Inc. 260,387 252,207

13,671 Transocean Ltd. 1,588,906 1,012,730 147,200 Xstrata PLC 963,503 1,242,731

9,489,716 8,512,353SOUTH KOREA (2.9%)

22,000 Hynix Semiconductor Inc. 179,651 249,287 3,100 Hyundai Heavy Industries Co., Ltd. 435,187 556,055

48,820 Hyundai Marine & Fire Insurance Co. 1,076,292 559,909 3,200 Korea Zinc Co., Ltd. 249,729 331,770 8,600 KT&G Corp. 654,131 600,471

46,300 LG Display Co., Ltd., ADR 527,989 596,546 17,900 LG International Corp. 358,576 307,938

6,000 LS Industrial Systems Co., Ltd. 254,142 296,722 5,700 SK Holdings Co., Ltd. 481,238 559,587

30,400 Woongjin Thinkbig Co., Ltd. 812,625 504,849 5,029,560 4,563,134

HONG KONG (2.9%) 1,106,700 CNOOC Ltd. 1,445,851 1,386,136

484,100 Hopson Development Holdings Ltd. 310,833 400,022 2,178,500 Industrial & Commercial Bank of China 1,478,434 1,420,977

625,472 iShares Asia Trust 909,395 1,078,447 444,500 Techtronic Industries Co. 229,777 257,399

4,374,290 4,542,981NETHERLANDS (2.0%)

9,700 Heineken NV 354,239 345,634 74,800 Koninklijke Ahold NV 1,023,544 1,032,420 77,400 Reed Elsevier NV 1,104,874 1,044,842 39,300 Royal KPN NV 637,313 662,164

3,119,970 3,085,060GERMANY (1.8%)

9,800 Bilfinger Berger AG 795,970 467,784 33,750 Deutsche Telekom AG,

Registered Shares* 556,680 529,084 1,900 Muenchener Rueckversicherungs AG,

Registered Shares 319,837 292,127 5,200 Salzgitter AG 801,015 366,048

15,100 SAP AG 645,054 674,995 6,300 Volkswagen AG, Preferred 437,113 449,812

3,555,669 2,779,850SWEDEN (1.5%)

79,000 Nordea Bank AB (SEK)* 1,022,878 495,559 32,400 Svenska Handelsbanken AB,

Series A 845,164 578,917 39,600 Swedish Match AB 676,283 721,230 47,000 Telefonaktiebolaget LM Ericsson,

Class B 475,788 485,851 3,020,113 2,281,557

AUSTRALIA (1.1%) 24,400 BHP Billiton Ltd.* 728,274 682,352

212,800 Lihir Gold Ltd. 582,329 609,833 24,200 QBE Insurance Group Ltd. 472,187 407,200

1,782,790 1,699,385CANADA (1.0%)

23,400 Camero Corp. 460,000 505,047 13,400 Canadian Natural Resources Ltd. 621,339 649,888 14,500 Petro-Canada 427,873 485,704

1,509,212 1,640,639BERMUDA (0.9%)

60,600 Catlin Group Ltd. 354,503 343,085 25,900 Covidien Ltd. 1,210,021 1,083,724

1,564,524 1,426,809SPAIN (0.9%)

29,750 Banco Santander Central Hispano SA 448,521 258,600 5,000 Corp. Financiera Alba SA 353,057 236,237

25,000 Telefonica SA 591,484 628,486 9,600 Viscofan SA 226,090 235,229

1,619,152 1,358,552ITALY (0.8%)

42,000 Fiat SpA 351,484 371,765 99,300 Intesa Sanpaolo SpA 338,586 339,693

205,300 Maire Tecnimont SpA 1,107,214 533,649 1,797,284 1,245,107





ISRAEL (0.7%) 14,400 Nice Systems Ltd., ADR 371,609 450,947 11,900 Teva Pharmaceutical Industries Ltd., ADR 600,688 675,705

972,297 1,126,652TAIWAN (0.5%)

189,000 Acer Inc. 317,979 358,093 42,700 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 418,637 481,257 736,616 839,350

NORWAY (0.5%) 39,100 Tandberg ASA* 792,964 725,356

CAYMAN ISLANDS (0.4%) 324,400 China High Speed Transmission

Equipment Group Co., Ltd. 533,193 583,608

RUSSIA (0.3%) 27,600 OAO Gazprom, ADR 564,974 516,711


JERSEY ISLAND (0.2%) 44,100 United Business Media Ltd. 392,537 339,409

CHINA (0.2%) 723,600 Maanshan Iron and Steel Co., Ltd.,

Class H 276,327 320,149

SINGAPORE (0.2%) 275,500 Noble Group Ltd. 229,334 271,748

IRELAND (0.2%) 8,600 Ryanair Holdings PLC, ADR 283,701 250,451




Total Net Assets (100.0%) 157,878,364



Synergy Global Corporate ClassFinancial Statements










150,577 235,5906,109 12,027

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

170 4951,308 428

- -462 592

158,626 249,132

- -- -- 1- -- -

386 146345 670

- -- -- -

17 69748 886

157,878 248,246

157,816 221,315- -

142,163 197,6786,042 9,3309,151 40,499

323 4008 -- -

191 339

3.45 4.893.79 5.32

10.17 14.086.03 9.086.52 -

- -5.74 8.97

41,159,897 40,391,7291,593,662 1,755,184

899,903 2,875,44753,633 44,1091,250 -

- -33,212 37,801


2009 2008


2009 2008

























5,691 4,966132 813168 132

- -- -- -

(713) (653)5,278 5,258

3,622 4,530409 510

7 415 18

201 2904,254 5,3521,024 (94)

- -1,024 (94)

(49,847) (8,983)551 (1,208)

(619) (849)- -

(21,512) (23,737)(71,427) (34,777)(70,403) (34,871)

(62,588) (28,813)(2,791) (1,184)(4,723) (4,828)

(141) (28)(8) -

(15) -(137) (18)

(1.48) (0.68)(1.58) (0.67)(3.10) (1.77)(2.73) (0.87)(3.41) -(2.87) -(2.95) (0.70)

197,678 235,884- (180)

197,678 235,704

22,140 35,091- -

(37,190) (42,409)22,123 (1,895)7,073 (9,213)

- -- -- -- -

(62,588) (28,813)142,163 197,678

9,330 10,548- (8)

9,330 10,540

2,787 1,907- -

(3,605) (1,929)321 (4)(497) (26)

- -- -- -- -

(2,791) (1,184)6,042 9,330

40,499 35,032- (26)

40,499 35,006

5,500 23,118- -

(4,323) (13,100)(27,802) 303(26,625) 10,321

- -- -- -- -

(4,723) (4,828)9,151 40,499


2009 2008


2009 2008























339 -- -

339 -

177 225- -

(78) (14)(76) 15623 367

- -- -

(34) (10)(34) (10)

(137) (18)191 339

248,246 281,464- (214)

248,246 281,250

30,744 60,777- -

(45,268) (57,452)(5,382) (1,440)

(19,906) 1,885

- -- -

(59) (18)(59) (18)

(70,403) (34,871)157,878 248,246

400 -- -

400 -

115 436- -

(28) -- -

87 436

- -- -

(23) (8)(23) (8)

(141) (28)323 400

- -- -- -

25 -- -

(8) -- -

17 -

- -- -

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

- -- -- -

- -- -

(36) -52 -16 -

- -- -

(1) -(1) -

(15) -- -



2009 2008



2009 2008









Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

40,391,729 42,264,9695,329,448 6,671,400

- -(9,201,920) (8,161,601)4,640,640 (383,039)

41,159,897 40,391,729

1,755,184 1,758,605590,291 338,487

- -(815,990) (340,707)

64,177 (1,201)1,593,662 1,755,184

2,875,447 2,233,347423,762 1,504,243

- -(349,900) (882,468)

(2,049,406) 20,325899,903 2,875,447

44,109 -13,342 44,109

- -(4,213) -

395 -53,633 44,109

- -2,500 -

- -(1,250) -

- -1,250 -

- -- -- -

(5,288) -5,288 -

- -

37,801 -22,045 23,724

- -(14,401) (1,565)(12,233) 15,64233,212 37,801










2009 2008

3.45 4.890.01 0.013.46 4.90

3.79 5.320.01 -3.80 5.32

10.17 14.080.01 0.02

10.18 14.10

6.03 9.080.01 0.016.04 9.09

6.52 -0.01 -6.53 -

- -- -- -

5.74 8.970.01 0.015.75 8.98



2009 2008


25,353 42,17627,020 44,824

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


603 555- 54




2.001.00



0.220.22

-0.220.22

-0.22


2009


Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 11)










Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 90,539 57.2 Euro - 18,307 11.6 British Pound - 12,476 7.9 Japanese Yen - 12,468 7.9 Swiss Franc - 6,258 4.0 Hong Kong Dollar - 5,447 3.5 Korean Won - 4,008 2.5 Swedish Krona - 2,417 1.5 Australian Dollar - 1,699 1.1 Norwegian Krone - 725 0.5 Taiwan Dollar - 620 0.4 Czech Koruna - 395 0.3 Singapore Dollar - 272 0.2 Total - 155,631 98.6


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $15,563,000. Inpractice, the actual trading results may differ from the sensitivity analysis and the difference maybe material.



Synergy Global Style Management Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (38.9%) 125 3M Co. 9,190 7,818

10,400 Abbott Laboratories Inc. 638,078 625,408 3,400 Adobe Systems Inc. 90,824 91,514

10,405 AES Corp. 161,267 76,082 8,950 Aetna Inc. 311,799 274,522 1,205 Aflac Inc. 26,149 29,289 3,081 Alkermes Inc. 40,007 47,077

750 Alliant Techsystems Inc. 68,471 63,331 560 Allstate Corp. 17,435 13,520 525 Amazon.com Inc.* 24,925 48,588

1,800 Amerada Hess Corp. 133,925 122,903 2,240 American Ecology Corp.* 52,418 39,310

460 American Express Co. 12,883 7,904 4,980 Amgen Inc. 305,830 310,210 3,900 Analog Devices Inc. 97,306 94,549 3,347 Apache Corp. 281,438 269,630 1,100 Apple Computer Inc. 112,011 145,639 7,330 Applied Materials Inc. 89,540 99,155 4,100 Aqua America Inc.* 101,163 103,377 3,230 AT&T Inc. 104,807 102,331

525 Avon Products Inc.* 14,127 12,701 5,751 Baker Hughes Inc. 231,805 206,488 3,000 Bank Mutual Corp. 32,494 34,228 6,100 Baxter International Inc. 344,694 393,588 4,800 Becton Dickinson & Co. 328,144 406,107 5,500 BioMarin Pharmaceuticals Inc.* 170,170 85,078 3,050 Bio-Reference Labs Inc. 83,661 80,210

700 Blackrock Inc. (USD) 91,995 114,618 140 Boeing Co., Preferred Rights 7,185 6,252

31,670 Boston Scientific Corp. 551,879 317,015 2,250 Brinks Home Security Holdings Inc. 62,180 64,107 3,600 Broadcom Corp. 87,156 90,453 6,600 Burger King Holdings Inc. 169,139 190,293 3,600 Burlington Northern Santa Fe Corp. 239,969 272,992 2,265 CA Inc. 67,670 49,543 1,145 Capital One Financial Corp.* 36,773 17,611 6,500 Cephalon Inc.* 560,015 557,967

275 Chesapeake Energy Corp. 6,382 5,897 7,100 Chevron Corp. 551,658 600,073 4,000 Chubb Corp., Preferred Rights 220,065 213,310

650 Church & Dwight Co., Inc. 36,511 42,800 36,828 Cisco Systems Inc. 858,391 776,758

41 CME Group Inc. 9,698 12,737 3,400 CMS Energy Corp.* 49,749 50,622 6,100 Cogent Inc. 84,302 91,437

27,730 Comcast Corp., Class A 517,888 476,494 700 Compass Minerals International Inc.* 46,904 49,746 245 ConocoPhillips 13,809 12,095

15,050 Cooper Cos., Inc. 757,068 501,471 9,300 CVS Corp. 335,146 321,603 2,900 Darden Restaurants Inc. 101,684 125,146 2,250 DaVita Inc. 133,430 124,355 4,100 Dean Foods Co. 102,604 93,298

165 Deere & Co., Preferred Rights 6,984 6,823 1,850 Diebold Inc.* 70,688 49,608 3,100 DIRECTV Group Inc. 84,920 88,911

U.S.A. (38.9%) (cont’d)7,600 Dollar Financial Corp. 100,064 91,023 1,800 Dollar Tree Stores Inc. 76,355 101,096 1,680 DPL Inc. 44,211 47,633

11,097 Dr. Pepper Snapple Group Inc. 294,923 236,011 900 DTS Inc. 19,994 27,231

5,969 Duff & Phelps Corp. 106,849 118,220 4,000 DynCorp International Inc. 73,073 67,221 5,000 Eastman Kodak Co.* 165,214 23,953 3,280 eBay Inc. 150,653 51,771 3,600 Ecolab Inc., Preferred Rights 168,201 157,532

925 Electronic Arts Inc. 58,714 21,201 825 EMC Corp.* 10,358 11,836

1,200 Endo Pharmaceuticals Holdings Inc. 34,587 26,732 3,420 EOG Resources Inc. 225,319 235,844

45 Exelon Corp. 2,985 2,572 2,700 FLIR Systems Inc. 69,926 69,712 1,660 Flushing Financial Corp. 26,524 12,578 3,700 GameStop Holding Co. 134,510 130,375 6,300 Gap Inc. 99,354 103,172

26,057 General Electric Co. 990,527 332,114 1,335 Goldman Sachs Group Inc.* 150,559 178,435

96 Google Inc., Class A 30,529 42,101 960 Haemonetics Corp. 56,186 66,662

2,450 Harmonic Inc. 21,889 20,046 19,783 HealthSouth Corp.* 582,261 221,471

3,750 Herley Industries Inc. 62,704 55,975 6,920 Hewlett-Packard Co. 257,120 279,693

11,750 Hexcel Corp. 101,800 97,175 3,000 Hilltop Holdings Inc. 39,409 43,116 9,315 Hon Hai Precision Industry Co., Ltd. 44,003 26,561 9,300 Hudson City Bancorp Inc.* 164,865 135,418 1,250 IHS Inc., Class A 63,197 64,895 1,800 Intercontinental Exchange Inc. 172,669 168,561 3,090 International Business Machines Corp. 353,599 377,402 1,250 International Flavors & Fragrances Inc. 53,016 47,907 5,750 Iris International Inc. 78,514 83,001

840 JC Penney Co., Inc. 42,479 21,212 18,665 JP Morgan Chase & Co. 873,399 624,512

2,900 Kellogg Co. 151,075 133,774 10,454 Kraft Foods Inc., Class A 315,153 293,241 10,300 Kroger Co. 261,779 274,767

2,500 L-3 Communications Holdings Inc. 242,937 213,374 1,250 Laboratory Corp. of America Holdings* 87,572 92,015

25 Lam Research Corp. 636 717 910 Landauer Inc. 45,281 58,142

33,160 Liberty Media Corp., Entertainment Series A 693,574 834,006

9,900 LKQ Corp. 177,955 177,853 2,200 Lockheed Martin Corp. 210,993 191,236 8,100 Lorillard Inc. 545,733 629,345 4,800 Lowe's Cos., Inc. 122,750 110,074 6,050 Mako Surgical Corp. 58,006 58,120 3,100 ManTech International Corp., Class A 195,746 163,674 4,013 Massey Energy Co. 130,766 51,047 7,300 McDonald's Corp. 292,796 501,570 5,600 MDU Resources Group Inc. 100,002 113,947


CIG - 6110





U.S.A. (38.9%) (cont’d)250 Medtronic Inc. 10,462 9,282 220 Merck & Co., Inc. 7,574 7,408 215 MetLife Inc. 3,786 6,172

26,820 Microsoft Corp. 715,365 619,097 6,370 Molson Coors Brewing Co.,

Class B (USD)* 241,931 274,568 3,100 Monsanto Co. 229,021 324,534 9,220 Nalco Holding Co. 187,024 151,572 3,450 NeuStar Inc., Class A 78,629 72,853 6,290 Newmont Mining Corp.* 245,674 354,304

10,312 Noble Energy Inc. 594,671 700,068 2,000 Northern Trust Corp. 140,690 150,931 6,422 Northrop Grumman Corp. 342,192 352,995 3,100 NSTAR 116,401 124,280 2,030 NTELOS Holdings Corp. 47,511 46,348

305 Nucor Corp. 17,267 14,654 990 NYSE Euronext 37,323 22,328

2,900 Occidental Petroleum Corp., Preferred Rights 242,346 203,385

3,300 OGE Energy Corp. 92,685 98,932 14,200 ON Semiconductor Corp. 80,059 69,818

2,800 Oneok Inc. 101,654 79,883 35,390 Oracle Corp. 674,365 805,768

3,100 O'Reilly Automotive Inc. 110,786 136,747 1,700 People's United Financial Inc. 34,741 38,492

60 PepsiCo Inc. 3,925 3,894 950 Perot Systems Corp., Class A 15,132 15,390

7,800 Petrohawk Energy Corp. 185,667 189,097 3,600 PetSmart Inc. 86,944 95,082

18,160 Phillip Morris International Inc. 827,172 813,206 3,750 Pike Electric Corp. 51,552 43,731 4,100 PMC-Sierra Inc. 30,137 32,874 2,400 Praxair Inc. 137,849 203,295 1,400 Precision Castparts Corp. 106,197 105,405 4,200 Procter & Gamble Co. 310,540 248,915

13,350 Protective Life Corp. 542,225 87,854 8,825 Prudential Financial Inc.* 479,847 211,165 9,600 QUALCOMM Inc. 440,519 469,465 4,300 Raytheon Co. 249,729 210,660 4,198 Reinsurance Group of America Inc. 248,432 171,051

10,900 SAIC Inc. 229,962 256,144 11,300 SBA Communications Corp.* 366,186 331,930

650 SEACOR Holdings Inc. 47,020 47,782 845 Sears Holdings Corp. 134,082 48,684

1,730 Sensient Technologies Corp. 48,108 51,254 3,800 Shaw Group Inc. 121,141 131,312 2,000 Sigma-Aldrich Corp. 98,457 95,082 2,200 Silgan Holdings Inc. 120,139 145,555 3,150 Solera Holdings Inc. 71,363 98,406 1,500 SPDR Gold Trust 167,976 170,686

970 State Street Corp. 45,089 37,555 2,105 Sterling Bancshares Inc. 20,645 17,250 3,960 SWS Group Inc. 65,499 77,282 3,050 Sybase Inc.* 81,937 116,469 2,350 Syniverse Holdings Inc. 43,244 46,543 1,500 Teleflex Inc. 86,908 73,902

U.S.A. (38.9%) (cont’d)5,800 Tessera Technologies Inc. 150,920 97,616 1,930 Texas Instruments Inc. 67,042 40,098 5,400 The Nasdaq OMX Group Inc. 153,759 133,092

11,200 Thermo Fisher Scientific Inc.* 526,256 502,949 658 Time Warner Cable Inc. 38,021 20,573

2,624 Time Warner Inc. 105,997 63,846 8,510 Torchmark Corp. 557,917 280,337 6,400 Union Pacific Corp. 344,567 331,130 2,295 UnitedHealth Group Inc. 112,881 60,470 3,800 Valero Energy Corp. 93,654 85,753 3,750 Vectren Corp. 105,582 99,564 1,550 Ventas Inc. 68,444 44,104 8,100 VeriSign Inc. 288,394 192,592 2,400 Waddell & Reed Financial Inc. 28,337 54,553 5,400 Wal-Mart Stores Inc. 336,271 354,005 2,200 Washington Federal Inc. 40,565 36,888 1,800 WebMD Health Corp. 53,204 50,332 1,020 Wells Fargo & Co. 16,684 18,311 3,000 Westar Energy Inc. 73,873 66,262 7,260 Wilshire Bancorp Inc. 70,164 47,228

13,400 Windstream Corp. 139,097 136,161 6,110 Wyeth 323,511 330,762 7,000 Xilinx Inc.* 189,665 169,085 3,220 Yahoo! Inc. 118,737 51,880

33,199,018 30,012,394 JAPAN (10.5%)

2,400 Aeon Delight Co., Ltd. 58,486 37,211 5,000 Air Water Inc. 56,326 54,528 9,000 Asahi Glass Co., Ltd. 111,200 59,509

40,378 Bank of Yokohama Ltd. 282,069 213,999 8,055 Canon Inc. 347,346 288,880 5,800 Chugai Pharmaceutical Co., Ltd. 85,416 122,588 6,480 Credit Saison Co., Ltd. 224,873 78,758 2,148 Daiseki Co., Ltd.* 43,467 45,701 1,600 FamilyMart Co., Ltd.* 76,343 61,153 1,400 Fancl Corp. 20,539 19,798 3,770 Fanuc Ltd. 310,608 317,480 1,200 Fast Retailing Co., Ltd.* 161,093 170,616

151 Fuji Television Network Inc. 395,488 211,998 25 Geo Corp.* 28,093 18,059

3,300 Honda Motor Co., Ltd. 93,816 97,328 900 Horiba Ltd. 18,462 19,183

1,100 House Foods Corp. 19,477 19,157 7 Inpex Holdings Inc. 72,853 60,821

52 Japan Tobacco Inc. 213,106 173,042 5,400 JGC Corp. 88,402 76,777

36,912 Joyo Bank Ltd. 247,756 212,089 4,000 Kansai Paint Co., Ltd. 28,137 27,824 1,141 Keyence Corp. 235,806 267,472 9,398 Kubota Corp.* 65,566 63,937

900 McDonald's Holdings (Japan) Co., Ltd. 18,985 19,309 42 Mid REIT Inc. 264,428 88,985

3,300 Mitsubishi Corp. 48,641 53,856 85,126 Mitsubishi UFJ Financial Group Inc.* 597,082 516,230 14,122 Mitsui Sumitomo Insurance

Group Holdings Inc.* 514,495 407,510






JAPAN (10.5%) (cont’d)12,200 Mitsui Trust Holdings Inc. 89,090 46,473

700 Moshi Moshi Hotline Inc. 16,981 15,500 500 Nakanishi Inc. 55,847 35,354 800 Nidec Corp.* 45,710 44,132

7,000 Nikon Corp. 128,149 98,545 1,700 Nintendo Co., Ltd.* 674,843 616,177 1,400 Nippon Telegraph & Telephone Corp. 78,071 66,529

58,710 Nipponkoa Insurance Co., Ltd. 513,315 421,109 1,050 Nitori Co., Ltd. 72,604 73,842

10,200 Nomura Holdings Inc. 54,756 63,935 19,145 Nomura Research Institute Ltd.* 454,093 372,694

60 NTT DoCoMo Inc.* 100,276 102,201 2,100 Sankyo Co., Ltd.* 128,941 114,241

12,180 Seven & I Holdings Co., Ltd. 450,222 334,402 56 Seven Bank Ltd. 188,325 186,995

64,000 Shinsei Bank Ltd. 70,138 80,722 2,000 SMC Corp. 239,386 240,024

11,400 Softbank Corp.* 168,322 182,418 65 Sony Financial Holding Inc. 231,936 217,627

39,091 Sumitomo Trust & Banking Co., Ltd.* 307,157 185,763 1,400 Sysmex Corp. 63,922 56,006

800 Takeda Pharmaceutical Co., Ltd.* 45,941 34,653 8,359 THK Co., Ltd. 160,021 140,360

17,700 Tokyo Gas Co., Ltd. 82,096 77,798 6,100 TonenGeneral Sekiyu KK 72,451 74,762 5,000 Toshiba Machine Co., Ltd. 19,628 18,473 2,600 Toyo Suisan Kaisha Ltd. 76,147 67,077 7,500 Toyota Motor Corp. 456,586 297,164

400 Unicharm Petcare Corp. 15,507 12,740 9,788,820 8,081,514

U.K. (9.0%) 1,200 Admiral Group PLC 19,182 18,515

17,500 Amlin PLC 115,532 108,888 24,251 Antofagasta PLC 163,267 221,297 4,200 AstraZeneca PLC 214,049 186,123

29,100 BAE Systems PLC 251,865 175,671 12,500 Balfour Beatty PLC 74,624 73,821

8,300 BG Group PLC 143,063 158,235 5,600 BHP Billiton PLC 140,164 140,289

10,208 BP PLC, ADR 722,958 516,056 4,300 British American Tobacco PLC 133,392 125,455

15,100 Cable & Wireless PLC 46,021 38,101 44,534 Cadbury PLC 537,285 424,106 30,300 Centrica PLC 139,168 124,820 14,650 Cobham PLC 53,731 45,472 23,900 Compass Group PLC 151,362 137,903 8,300 Croda International PLC 94,604 79,493

33,960 Diageo PLC 576,832 482,809 16,200 G4S PLC 66,332 56,788 39,580 GlaxoSmithKline PLC 1,081,919 777,482

600 Icon PLC, ADR 13,763 12,133 6,600 Imperial Tobacco Group PLC 248,010 187,067 8,700 Inmarsat PLC 73,135 76,597

16,700 John Wood Group PLC 141,478 67,587 11,400 Lancashire Holdings Ltd. 81,208 98,976

7,900 Next PLC 157,912 189,048

U.K. (9.0%) (cont’d)16,150 Northumbrian Water Group PLC 99,857 63,755

2,900 Pearson PLC 33,710 36,771 3,969 Reckitt Benckiser Group PLC 146,948 187,803 7,760 Rio Tinto PLC 293,854 329,848 9,000 Royal Dutch Shell PLC,

Class A (EUR)* 379,039 255,045 10,180 Scottish and Southern Energy PLC 195,312 203,652

5,800 Smith & Nephew PLC 65,465 45,294 39,145 Spice PLC 56,774 38,942 31,700 Standard Life PLC 154,739 95,239 13,200 Tesco PLC 84,628 79,578

1,100 Tullow Oil PLC 16,073 15,937 3,450 Ultra Electronics Holdings PLC 77,893 68,019

178,600 Vodafone Group PLC* 410,666 395,410 23,385 Vodafone Group PLC, ADR 620,151 513,567

8,253 VT Group PLC 102,506 70,459 5,850 Wellstream Holdings PLC 51,806 45,711

8,230,277 6,967,762 FRANCE (6.9%)

4,991 Alstom 312,490 325,882 1,800 Axalto Holding NV* 78,128 64,756 2,700 BNP Paribas SA 153,672 140,727 3,600 Bouygues SA* 236,496 162,313

13,040 Carrefour SA* 786,872 641,877 400 EDF Energies Nouvelles SA 19,217 19,006

2,200 Electricite de France* 164,445 108,329 7,571 France Telecom SA 230,830 217,023 8,267 Gaz de France* 406,473 357,918

652 Paris RE Holdings Ltd. 13,992 13,978 3,100 Publicis Groupe 99,202 100,258 7,450 Sanofi-Aventis* 612,769 527,054 1,000 Schneider Electric SA* 79,401 83,910 2,000 Scor SE 52,999 51,585

450 Sechilienne SA 18,592 17,983 1,100 Technip SA* 45,409 48,895 6,010 Thales SA 336,016 287,279

21,110 Total SA* 1,529,961 1,322,137 4,100 Vinci SA* 183,343 191,963


SWITZERLAND (4.1%) 5,300 ABB Ltd. 144,506 92,988 4,000 Credit Suisse Group 206,202 153,473

100 Helvetia Holding AG 27,094 26,683 2,918 Julius Baer Holding Ltd. 143,592 90,433

300 Lonza Group AG, Registered Shares 30,346 37,316 24,570 Nestle SA, Registered Shares 918,712 1,047,211 12,253 Novartis AG, Registered Shares 706,477 581,143

2,353 Roche Holding AG 384,879 406,836 25 SGS SA, Registered Shares 31,793 32,897 85 St. Galler Kantonalbank 34,733 34,600

500 Syngenta AG 100,493 126,823 400 Synthes Inc. 57,864 56,046

2,818 Transocean Ltd. 323,105 208,754 32,200 Xstrata PLC* 210,613 271,847

3,320,409 3,167,050






GERMANY (3.8%) 2,495 Allianz AG, Registered Shares 416,753 266,562 2,100 Bilfinger Berger AG 170,060 100,240 1,050 Centrotherm Photovoltaics AG 32,776 34,117 1,500 Deutsche Boerse AG* 143,085 113,705

17,150 Deutsche Telekom AG, Registered Shares 278,025 268,853

2,700 Fresenius AG 228,657 156,283 200 Fresenius SE 16,496 9,600 650 Hamburger Hafen Und Logistik AG 48,323 19,770

4,500 Hannover Rueckversicherung AG, Registered Shares 165,350 180,205

9,070 Henkel KGaA, Preferred, Non-Voting Shares 353,354 310,805

2,600 K+S AG 279,774 151,279 4,510 Metro AG 299,778 186,950

900 MorphoSys AG 19,694 19,234 1,600 Muenchener Rueckversicherungs AG,

Registered Shares 254,396 246,001 1,750 Rhoen Klinikum AG 51,035 41,180 1,100 Salzgitter AG 168,751 77,433

11,464 SAP AG* 558,837 512,459 1,660 Siemens AG, Registered Shares* 153,370 119,245

450 Software AG 35,544 40,405 1,300 Volkswagen AG, Preferred 90,200 92,818

3,764,258 2,947,144 HONG KONG (2.9%)

10,010 Cheung Kong Holdings Ltd. 115,493 108,360 78,000 China Bluechemical Ltd. 49,766 53,542

1,800 China Mobile (Hong Kong) Ltd., ADR 118,047 98,645 146,000 Citic 1616 Holdings Ltd. 36,049 35,148 299,800 CNOOC Ltd. 363,473 375,498

7,700 Esprit Holdings Ltd. 46,342 49,474 10,000 Hengan International Group Co., Ltd. 45,512 50,262

9,250 Hong Kong Aircraft Engineering Co., Ltd. 145,661 100,659 104,600 Hopson Development Holdings Ltd. 67,162 86,433

28,500 Hutchison Whampoa Ltd. 313,714 176,858 612,400 Industrial & Commercial Bank of China 412,262 399,452 137,498 iShares Asia Trust 199,936 237,076

62,000 Li & Fung Ltd. 227,752 183,144 67,000 Lonking Holding Ltd. 42,320 51,331 20,000 Shandong Weigao Group

Medical Polymer Co., Ltd. 42,596 44,895 96,100 Techtronic Industries Co. 49,677 55,649 93,030 Vitasoy International Holdings Ltd. 49,161 50,240 53,000 Zhuzhou CSR Times Electric Co., Ltd. 57,728 67,848

2,382,651 2,224,514 SOUTH KOREA (2.0%)

4,700 Hynix Semiconductor Inc. 38,383 53,257 700 Hyundai Heavy Industries Co., Ltd. 98,294 125,561

10,850 Hyundai Marine & Fire Insurance Co. 233,352 124,437 3,252 KB Finanical Group Inc. 183,791 99,133

700 Korea Zinc Co., Ltd. 54,633 72,575 1,900 KT&G Corp. 143,873 132,662

10,200 LG Display Co., Ltd., ADR 116,313 131,420 3,900 LG International Corp. 76,464 67,093 1,300 LS Industrial Systems Co., Ltd. 55,046 64,290

SOUTH KOREA (2.0%) (cont’d)253 Samsung Electronics Co., Ltd. 137,701 131,617

1,251 Samsung Electronics Co., Ltd., GDR 365,653 321,736 1,200 SK Holdings Co., Ltd. 101,687 117,808 5,900 Woongjin Thinkbig Co., Ltd. 157,747 97,981

1,762,937 1,539,570 BERMUDA (1.7%)

13,300 Catlin Group Ltd. 77,804 75,298 19,352 Covidien Ltd. 866,612 809,739

4,550 Everest Re Group Ltd. 461,210 405,720 1,600 Validus Holdings Ltd. 48,771 47,765

1,454,397 1,338,522 NETHERLANDS (1.7%)

17,835 Heineken NV 828,426 635,503 7,018 ING Groep NV 240,810 48,732

16,500 Koninklijke Ahold NV 225,782 227,740 16,700 Reed Elsevier NV 238,390 225,438 10,600 Royal KPN NV 172,490 178,599

1,705,898 1,316,012 SWEDEN (1.5%)

11,300 Electrolux AB, Series B 110,681 111,352 27,900 Nordea Bank AB (SEK)* 328,637 175,014

6,500 Svenska Handelsbanken AB, Series A 169,554 116,141

8,600 Swedish Match AB 146,880 156,631 48,822 Telefonaktiebolaget LM Ericsson,

Class B 760,761 504,685 13,100 Volvo AB, Series B* 85,372 87,801

1,601,885 1,151,624 JERSEY ISLAND (1.3%)

73,962 Experian Group Ltd. 552,756 582,949 9,600 United Business Media Ltd. 85,172 73,885

51,750 WPP PLC 659,322 366,694 1,297,250 1,023,528

ITALY (1.2%) 27,190 Alleanza Assicurazioni SpA 378,181 190,581

1,050 Ansaldo STS SpA 20,675 20,769 2,900 Azimut Holding SpA 19,965 19,525 9,790 Eni SpA 301,512 238,900 9,200 Fiat SpA 76,992 81,434 1,300 Finmeccanica SpA 20,066 20,347

62,200 Intesa Sanpaolo SpA 245,736 212,778 970 Lottomatica SpA* 34,006 20,048

44,800 Maire Tecnimont SpA 241,302 116,451 1,338,435 920,833

SPAIN (1.0%) 6,000 Banco Santander Central Hispano SA 90,458 52,155 1,100 Corp. Financiera Alba SA 77,667 51,972 2,824 Inditex SA 128,602 138,629 2,550 Indra Sistemas SA, Class A 67,525 61,714 2,550 Prosegur Cia de Seguridad SA 79,433 86,570

12,300 Telefonica SA 340,355 309,215 3,350 Viscofan SA 81,606 82,085

865,646 782,340 TAIWAN (0.9%)

41,600 Acer Inc. 69,992 78,818 15,500 Hon Hai Precision Industry Co., Ltd. 64,738 44,196






TAIWAN (0.9%) (cont’d)194,300 Taiwan Semiconductor

Manufacturing Co., Ltd. 304,117 371,022 18,700 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 180,909 210,761 619,756 704,797

AUSTRALIA (0.8%) 5,300 BHP Billiton Ltd. 161,829 148,216 3,000 CSL Ltd. 92,620 85,421

46,800 Lihir Gold Ltd. 127,920 134,117 6,950 Lion Nathan Ltd. 49,435 49,031 5,250 QBE Insurance Group Ltd. 101,976 88,339 1,900 Rio Tinto Ltd. 71,573 94,112

10,950 Sino Gold Ltd. 49,776 49,997 655,129 649,233

CANADA (0.6%) 4,900 Camero Corp. 96,330 105,758 2,800 Canadian Natural Resources Ltd. 129,819 135,798 3,100 Petro-Canada 91,492 103,840

12,700 Yamana Gold Inc. 124,885 148,101 442,526 493,497

NORWAY (0.6%) 8,400 Statoil ASA 182,368 187,344 8,800 Tandberg ASA* 175,518 163,252 4,800 Yara International ASA 264,892 132,579

622,778 483,175 FINLAND (0.5%)

4,800 Fortum OYJ 125,269 115,363 20,217 Nokia OYJ 477,635 300,680

602,904 416,043 CAYMAN ISLANDS (0.5%)

300 Baidu Inc., ADR 52,430 65,052 102,000 China Fishery Group Ltd. 88,112 50,305 70,900 China High Speed Transmission

Equipment Group Co., Ltd. 116,449 127,552 1,400 Shanda Interactive Entertainment Ltd. 37,720 69,734 1,300 SINA Corp. 39,013 38,006 4,700 Subsea 7 Inc. 74,557 37,953

408,281 388,602 SINGAPORE (0.5%)

37,550 DBS Group Holdings Ltd. 309,600 261,449 59,500 Noble Group Ltd. 49,530 58,690 25,750 SembCorp Marine Ltd. 63,250 38,633

422,380 358,772 BRAZIL (0.4%)

15,000 All America Latina Logistica SA 105,844 80,359 2,900 Cia Vale do Rio Doce, ADR 95,894 48,625 7,700 Diagnosticos da America SA 124,442 103,755 6,000 Redecard SA 78,144 90,987

404,324 323,726 SOUTH AFRICA (0.3%)

17,365 Gold Fields Ltd., ADR 236,441 247,599

ISRAEL (0.3%) 3,000 Nice Systems Ltd., ADR 77,459 93,947 2,500 Teva Pharmaceutical

Industries Ltd., ADR 126,197 141,955 203,656 235,902

RUSSIA (0.3%) 1,200 Lukoil, ADR (London Stock Exchange) 74,297 56,505 9,000 OAO Gazprom, ADR 258,319 168,493

332,616 224,998 INDIA (0.2%)

3,600 Housing Development Finance Corp., Ltd. 151,205 125,915 1,200 State Bank of India Ltd., GDR 101,533 62,026

252,738 187,941 MALAYSIA (0.2%)

79,287 Sime Darby Berhad 189,989 156,290




MEXICO (0.1%) 22,800 Kimberly-Clark de Mexico SAB de C.V.,

Class A 84,216 91,338

BELGIUM (0.1%) 750 Ackermans & van Haaren NV 50,421 45,246

2,100 Telenet Group Holding NV* 46,472 44,703 96,893 89,949


CHINA (0.1%) 156,300 Maanshan Iron and Steel Co., Ltd.,

Class H 59,688 69,153

DENMARK (0.1%) 1,300 Carlsberg A/S, Class B* 58,286 66,719

IRELAND (0.1%) 1,900 Ryanair Holdings PLC, ADR 62,706 55,332

LUXEMBOURG (0.1%) 5,800 Acergy SA* 41,389 45,748




Total Net Assets (100.0%) 77,071,891



Synergy Global Style Management Corporate ClassFinancial Statements







A SharesF Shares


A SharesF Shares









A SharesF Shares

72,382 104,3314,329 6,791

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

11 39341 522

- -273 334

77,336 112,017

- -- -- -- 32- -

228 45726 163

- -- -- -

10 22264 674

77,072 111,343

82,781 104,504- -

76,350 110,203722 1,140

3.64 5.003.59 4.88

20,979,046 22,031,912201,203 233,642

2,683 2,70672 25479 77

- -- -- -

(318) (345)2,516 2,692

2,111 2,851208 280

1 36 10

116 1812,442 3,325

74 (633)- -

74 (633)

(19,725) (1,017)517 (657)

(260) (414)- -

(10,194) (21,694)(29,662) (23,782)(29,588) (24,415)

(29,303) (24,151)(285) (264)

(1.36) (1.07)(1.32) (1.00)


2009 2008


2009 2008















111,343 142,798- (118)

111,343 142,680

1,543 3,613- -

(5,541) (9,092)(685) (1,443)

(4,683) (6,922)

- -- -- -- -

(29,588) (24,415)77,072 111,343

110,203 141,119- (117)

110,203 141,002

1,467 3,455- -

(5,332) (8,774)(685) (1,329)

(4,550) (6,648)

- -- -- -- -

(29,303) (24,151)76,350 110,203

1,140 1,679- (1)

1,140 1,678

76 158- -

(209) (318)- (114)

(133) (274)

- -- -- -- -

(285) (264)722 1,140

Synergy Global Style Management Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


10,382 16,37111,065 17,398

Synergy Global Style Management Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


241 23611 22


2009 2008

22,031,912 23,251,939340,196 620,817

- -(1,241,378) (1,599,573)

(151,684) (241,271)20,979,046 22,031,912

233,642 286,56715,710 28,596

- -(48,177) (60,833)

28 (20,688)201,203 233,642




2.001.00

0.220.22


2009



3.64 5.00- 0.01

3.64 5.01

3.59 4.88- 0.01

3.59 4.89


2009 2008








Synergy Global Style Management Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - 38,085 49.4 Euro - 12,170 15.8 Japanese Yen - 8,158 10.6 British Pound - 7,091 9.2 Swiss Franc - 2,686 3.5 Hong Kong Dollar - 2,322 3.0 Swedish Krona - 1,200 1.6 Korean Won - 996 1.3 Taiwan Dollar - 655 0.8 Australian Dollar - 650 0.8 Norwegian Krone - 567 0.7 Singapore Dollar - 409 0.5 Brazilian Real - 277 0.4 Malaysian Ringgit - 138 0.2 Indian Rupee - 126 0.2 Thai Baht - 101 0.1 Mexican Peso - 92 0.1 Czech Koruna - 85 0.1 Danish Krone - 67 0.1 Total - 75,875 98.4


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation to allother foreign currencies held in the Fund, with all other variables held constant, net assets of the Fundwould have decreased or increased, respectively, by approximately $7,588,000. In practice, the actual trading results may differ from the sensitivity analysis and the difference may be material.



CI Global Balanced Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (28.7%) 3,570 Abbott Laboratories Inc. 194,800 214,683 4,740 AGCO Corp.* 216,858 117,124 2,600 Alliance Data Systems Corp.* 106,818 120,984 6,900 Amdocs Ltd. 149,711 160,928

38,120 Ameriprise Financial Inc. 1,765,535 983,745 14,500 Anadarko Petroleum Corp. 632,118 709,453

190,000 Aphton Corp., Restricted Shares 9,102,159 120 9,600 Apple Computer Inc. 1,088,043 1,271,028 9,000 AT&T Inc. 301,681 285,133

10,500 Baxter International Inc. 751,479 677,488 12,147 Bed Bath & Beyond Inc. 339,243 378,402 6,300 C.H. Robinson Worldwide Inc.* 313,387 361,300

19,900 Cadence Design Systems Inc. 110,288 105,118 38,900 Capital One Financial Corp.* 979,439 598,303 19,900 Celgene Corp. 1,145,043 1,112,650

7,192 Charles Schwab Corp.* 127,889 140,356 70,100 Cisco Systems Inc. 1,734,695 1,478,515

BRL 300,000 Citibank NA 15% 07/02/2010 151,912 171,540 5,800 Citrix Systems Inc.* 233,952 165,326 2,680 CME Group Inc. 557,812 832,540 3,798 ConocoPhillips 240,737 187,504

6,250,000 Consilient Inc., Private Placement^ 7,775,000 79 2,083,333 Consilient Inc., Warrants, Private Placement^ - 26

15,400 Costco Wholesale Corp.* 809,546 898,904 11,631 Danaher Corp.* 805,018 793,573 19,611 Devon Energy Corp. 1,438,155 1,102,178 18,700 Dick's Sporting Goods Inc. 360,087 335,474

104,189 DR Horton Inc.* 1,660,993 1,270,165 16,000 Ecolab Inc., Preferred Rights 620,450 700,142 11,300 Entergy Corp. 1,226,755 968,152 11,900 EOG Resources Inc.* 976,985 820,628 13,600 Express Scripts Inc. 981,918 790,066

2,700 Exxon Mobil Corp. 252,768 231,090 USD 300,000 Federal Home Loan Bank 3.625% 12/17/2010 315,688 392,862

5,700 Forest Oil Corp. 253,883 94,136 2,000 FTI Consulting Inc.* 99,602 124,482

NZD 500,000 General Electric Capital Corp.6.75% 09/26/2016 397,200 278,256

4,800 Gilead Sciences Inc. 258,213 277,152 3,700 Goldman Sachs Group Inc.* 468,938 494,540 4,100 Google Inc., Class A 1,967,291 1,798,043

22,400 Harris Corp. 1,149,243 816,409 5,900 International Business Machines Corp. 604,286 720,606

23,898 Janus Capital Group Inc.* 457,806 199,147 2,250 Johnson & Johnson 165,193 149,119

24,000 JP Morgan Chase & Co. 851,270 803,016 51,600 Juniper Networks Inc.* 949,616 979,035 48,900 Kroger Co. 1,489,395 1,304,477

9,979 L-3 Communications Holdings Inc. 780,355 851,702 22,100 Lowe's Cos., Inc. 395,964 506,800 8,200 Maxim Integrated Products Inc. 197,276 136,458

25,800 Medco Health Solutions Inc. 1,246,147 1,342,351

U.S.A. (28.7%) (cont’d)18,700 Medtronic Inc. 715,579 694,287 81,900 Microsoft Corp. 3,837,616 1,890,532 4,700 Molson Coors Brewing Co., Class B* 217,821 202,586

11,300 Monsanto Co. 1,252,837 1,182,981 20,700 Norfolk Southern Corp. 771,015 878,930 31,200 NRG Energy Inc. 853,045 681,656 33,100 NuVasive Inc.* 987,856 1,306,541 97,547 Oracle Corp. 1,978,836 2,220,974

4,300 Pall Corp.* 149,691 110,534 3,500 PepsiCo Inc. 236,752 227,153

900 Priceline.com Inc. 79,044 89,363 11,200 Procter & Gamble Co. 724,058 663,774 24,600 QUALCOMM Inc. 1,200,157 1,203,003

3,000 Republic Services Inc.* 83,338 64,863 NZD 1,100,000 SLM Corp. 6.5% 06/15/2010 759,072 625,142

7,500 Southern Co. 264,752 289,047 15,000 St. Jude Medical Inc. 682,977 685,884

USD 175,000 STH Peru Copper 7.5% 07/27/2035 212,609 156,629 27,898 TJX Cos., Inc. 808,169 899,323

USD 225,000 United States Treasury Inflation Indexed Bonds2.64725% 01/15/2025 314,885 294,737

USD 225,000 United States Treasury Note/Bond2.67385% 07/15/2017 307,565 313,768


52,288 Urban Outfitters Inc. 982,924 1,078,443 57,863 US Bancorp 1,329,643 1,065,769

3,800 Varian Inc. 192,347 113,682 3,600 Varian Medical Systems Inc.* 189,099 137,880

31,800 Vertex Pharmaceuticals Inc. 907,595 1,153,397 6,000 Walgreen Co. 286,576 196,064

78,424 Walt Disney Co. 2,156,776 1,793,486 30,800 Wells Fargo & Co. 573,658 552,933 96,940 Xerox Corp. 839,509 556,066

2,729 XTO Energy Inc. 110,257 105,140 73,621,690 51,116,800

JAPAN (9.3%) 20,600 Aioi Insurance Co., Ltd. 87,595 99,467 83,000 Asahi Glass Co., Ltd. 1,023,158 548,807 23,300 Canon Inc. 1,045,300 835,619 92,943 Credit Saison Co., Ltd.* 2,345,894 1,129,638

3,000 FamilyMart Co., Ltd. 136,644 114,661 10,800 Fanuc Ltd. 911,992 909,493 34,900 Honda Motor Co., Ltd.* 980,938 1,029,320

76 Inpex Holdings Inc. 799,707 660,347 618 Japan Tobacco Inc. 2,681,597 2,056,533

12 KDDI Corp. 75,749 70,631 37,100 Mitsubishi Corp. 546,848 605,476

208,100 Mitsubishi UFJ Financial Group Inc.* 1,254,766 1,261,982 158,300 Mitsui Trust Holdings Inc. 1,046,860 603,012

74,500 Nikon Corp. 1,287,672 1,048,800 6,100 Nintendo Co., Ltd.* 2,573,280 2,210,987

12,600 Nitori Co., Ltd. 877,088 886,102 60,070 Toyota Motor Corp.* 3,325,774 2,380,083

21,000,862 16,450,958


CIG - 280





U.K. (6.7%) 70,800 BG Group PLC 1,214,221 1,349,767 49,100 BHP Billiton PLC 1,280,886 1,230,031 31,800 British American Tobacco PLC 991,689 927,783

229,800 Centrica PLC 1,054,295 946,658 79,100 Diageo PLC 1,284,076 1,124,563 44,200 Imperial Tobacco Group PLC 1,856,913 1,252,784 71,800 Inmarsat PLC 603,503 632,143 38,500 Next PLC 763,346 921,309

2,200 Rio Tinto PLC 73,762 93,514 9,500 Scottish and Southern Energy PLC 273,541 190,048

42,900 Smith & Nephew PLC 499,161 335,023 11,746 Standard Chartered PLC 145,209 184,096 16,800 Tesco PLC 129,029 101,281

GBP 150,000 United Kingdom Gilt 4.75% 09/07/2015* 341,574 304,794 GBP 145,000 United Kingdom Gilt 5% 09/07/2014* 302,101 297,493 GBP 450,000 United Kingdom Treasury Note 5% 03/07/2025 970,047 920,406

433,300 Vodafone Group PLC 1,029,702 959,301 12,813,055 11,770,994

GERMANY (5.3%) EUR 350,000 Bundesrepublik Deutschland 5% 01/04/2012 578,140 640,302

15,475 Deutsche Boerse AG* 1,401,640 1,173,059 EUR 600,000 Deutsche Bundesrepublik

4.75% 07/04/2034 928,432 1,118,261 15,000 Fresenius AG 1,268,055 868,240

1,800 Fresenius SE 148,463 86,402 3,780 GEA Group AG 93,034 50,457

EUR 100,000 Germany Government Bond4.25% 07/04/2014 156,546 183,597

34,000 Hannover Rueckversicherung AG,Registered Shares 1,246,888 1,361,549

21,800 K+S AG 2,191,120 1,268,414 9,400 Muenchener Rueckversicherungs AG,

Registered Shares 1,449,666 1,445,258 22,719 SAP AG* 1,109,029 1,015,576

1,449 Siemens AG, Registered Shares 163,109 104,088 10,734,122 9,315,203

HONG KONG (4.5%) 15,000 China Mobile (Hong Kong) Ltd., ADR 1,002,979 822,040

782,452 CNOOC Ltd. 1,009,381 980,017 93,400 Esprit Holdings Ltd. 580,467 600,108 11,738 Hang Seng Bank Ltd. 180,764 149,309

308,000 Hutchison Whampoa Ltd. 3,411,760 1,911,307 562,000 Industrial & Commercial Bank of China 352,783 366,578 546,000 Li & Fung Ltd. 2,121,721 1,612,849 130,000 Sun Hung Kai Properties Ltd. 1,670,309 1,459,075

10,330,164 7,901,283 FRANCE (4.0%)

24,549 Alstom 1,281,230 1,602,899 24,700 Bouygues SA* 1,412,490 1,113,645

EUR 500,000 France Government Bond OAT4.25% 04/25/2019 760,396 881,220

EUR 700,000 France Government Bond OAT5% 10/25/2016* 1,190,413 1,308,741

25,587 Publicis Groupe 818,418 827,516 21,001 Total SA 1,346,050 1,315,310

6,808,997 7,049,331

SWITZERLAND (3.8%) 27,800 ACE Ltd. 1,460,120 1,415,918 10,500 Alcon Inc. 1,062,055 1,201,554 32,890 Julius Baer Holding Ltd. 1,580,361 1,019,308

7,131 Nestle SA, Registered Shares 235,910 303,934 24,600 Noble Corp. 748,174 747,109 10,278 Novartis AG, Registered Shares 492,160 487,472 8,599 Roche Holding AG 1,325,833 1,486,774

6,904,613 6,662,069 CANADA (3.3%)

3,700,000 Canada Housing Trust No.14.05% 03/15/2011 3,774,111 3,902,131

100,000 Canadian Government Bond4.5% 06/01/2015* 104,980 114,681

75,000 Canadian Government Bond5.75% 06/01/2029* 79,008 97,545

95,000 Canadian Government Bond5.75% 06/01/2033 118,370 127,115

5,245 Goldcorp Inc. (USD) 162,590 220,324 1,400 Potash Corp. of Saskatchewan Inc. 131,623 142,628

USD 200,000 Province of Ontario 3.5% 07/15/2013 194,199 257,591 USD 200,000 Province of Quebec 4.875% 05/05/2014 213,666 264,976

13,200 Research In Motion Ltd. (USD) 831,505 715,241 5,610,052 5,842,232

SOUTH KOREA (2.1%) 14,700 Samsung Electronics Co., Ltd., GDR 3,998,588 3,780,588

NORWAY (1.6%) 68,100 Statoil ASA 1,478,163 1,518,823 19,600 Telenor ASA 286,634 141,545 42,700 Yara International ASA 2,028,871 1,179,401

3,793,668 2,839,769 BRAZIL (1.4%)

30,000 Cia Vale do Rio Doce, ADR 851,822 503,019 BRL 3,950 Nota Do Tesouro Nacional

10% 01/01/2017 2,142,434 1,972,865 2,994,256 2,475,884

SPAIN (1.3%) 22,743 Inditex SA 1,037,064 1,116,448 47,500 Telefonica SA 1,444,936 1,194,123

2,482,000 2,310,571 AUSTRALIA (1.1%)

17,200 CSL Ltd. 618,712 489,745 AUD 400,000 National Australia Bank 5.75% 12/19/2013 342,360 360,826 AUD 280,000 New South Wales Treasury Corp.

7% 12/01/2010 247,439 259,363 17,600 Rio Tinto Ltd. 663,025 871,779

1,871,536 1,981,713 RUSSIA (0.9%)

USD 150,000 Gazprom OAO 9.625% 03/01/2013 209,289 180,368 9,500 Lukoil, ADR (London Stock Exchange) 637,249 447,328 3,800 NovaTek OAO, Registered GDR 102,804 110,185

46,906 OAO Gazprom, ADR 2,146,996 878,146 3,096,338 1,616,027






ITALY (0.9%) 24,900 Enel SpA 242,816 150,863 14,200 Geox SpA 120,641 111,839

350,300 Intesa Sanpaolo SpA 1,473,452 1,198,331 7,020 Lottomatica SpA* 237,674 145,087

2,074,583 1,606,120 LUXEMBOURG (0.9%)

EUR 600,000 Germany Government Bond4.75% 07/04/2028 892,734 1,107,910

AUD 500,000 Queensland Treasury Corp. 6% 09/14/2017 456,297 460,186 1,349,031 1,568,096

SWEDEN (0.9%) 84,900 Electrolux AB, Series B 831,601 836,615 99,800 Volvo AB, Series B* 650,373 668,894

1,481,974 1,505,509 TAIWAN (0.8%)

135,000 Hon Hai Precision Industry Co., Ltd. 562,539 384,173 91,700 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 875,127 1,033,520 1,437,666 1,417,693

ISRAEL (0.6%) ILS 2,100,000 Israel Government Bond 7.5% 03/31/2014 615,013 754,858

6,200 Teva Pharmaceutical Industries Ltd., ADR* 289,090 352,048 904,103 1,106,906


221,700 Flextronics International Ltd. 1,640,360 804,952 28,800 Oversea-Chinese Banking Corp., Ltd. 115,596 115,302

1,820,861 982,918 MEXICO (0.6%)

49,303 America Movil SAB de C.V.* 128,106 83,745 102,983 Grupo Mexico SA de CV 234,906 94,063

MXN 32,300 Mexico Government Bond 10% 12/05/2024 337,853 336,987 MXN 33,900 Mexico Government Bond 9% 12/20/2012 377,371 322,614 USD 108,000 Mexico Government International Bond

6.375% 01/16/2013 162,858 143,644 1,241,094 981,053

JERSEY ISLAND (0.5%) 26,900 Housing Development Finance Ltd. 1,304,898 943,957

PORTUGAL (0.5%) 152,600 Jeronimo Martins SGPS SA 1,043,484 937,984

COLOMBIA (0.5%) COP 1,534,000,000 Republic of Colombia 11.75% 03/01/2010 816,255 776,200 COP 193,000,000 Republic of Colombia 9.85% 06/28/2027 106,919 90,060

923,174 866,260 FINLAND (0.5%)

35,700 Fortum OYJ 932,146 858,015

BERMUDA (0.5%) 26,500 Endurance Specialty Holdings Ltd. 834,210 830,871

INDIA (0.4%) 13,400 Reliance Communications Ltd.,

Warrants (30Dec13) 65,940 58,220 12,000 State Bank of India Ltd., GDR 978,307 620,264

1,044,247 678,484


8,900 SINA Corp. 269,362 260,197 351,064 363,196

IRAQ (0.2%) USD 500,000 Republic of Iraq 5.8% 01/15/2028 377,797 315,175


NEW ZEALAND (0.1%) NZD 300,000 Inter-American Development Bank

7.25% 05/24/2012 242,190 227,759

DENMARK (0.1%) 2,000 Novo Nordisk A/S 121,912 120,521 1,500 Vestas Wind Systems A/S 84,790 82,633

206,702 203,154 NETHERLANDS (0.1%)

7,443 Koninklijke Philips Electronics NV* 327,935 138,122

THAILAND (0.1%) 47,900 Kasikornbank PCL,


SOUTH AFRICA (0.1%) 2,800 MTN Group Ltd. 34,275 38,988





Futures Contracts (0.4%) (see Schedule B) 766,586


Other Assets (net) (17.0%) 30,251,569

Total Net Assets (100.0%) 176,967,894

Principal amounts stated in:AUD Australian Dollar BRL Brazilian Real COP Colombian Peso EUR Euro GBP British Pound ILS Israeli Shekel MXN Mexican Peso NZD New Zealand Dollar USD U.S. Dollar






1 Deutsche Bank A-1 11-Jun-09 (2,040,000) Australian $ 1,298,664 US $ (141,803)1 UBS Warburg NY A-1 11-Jun-09 (1,920,000) British Pound 2,713,613 US $ (52,597)1 Citibank A-1 11-Jun-09 (14,100,000) Canadian $ 10,989,182 US $ (257,680)1 Royal Bank of Scotland A-1 11-Jun-09 (1,560,000) Euro 1,997,034 US $ (95,181)1 Deutsche Bank A-1 11-Jun-09 (1,700,000) Euro 14,801,900 Norwegian Krone (77,854)1 Deutsche Bank A-1 11-Jun-09 (2,060,000) Israeli Shekel 485,735 US $ (3,307)1 Royal Bank of Scotland A-1 11-Jun-09 (312,000,000) Japanese Yen 3,191,163 US $ 43,514 1 Barclays Bank A-1 11-Jun-09 (9,880,000) Mexican Peso 634,350 US $ (68,972)1 Citibank A-1 11-Jun-09 (1,710,000) New Zealand $ 851,135 US $ (151,089)1 Deutsche Bank A-1 11-Jun-09 (15,274,500) Norwegian Krone 1,700,000 Euro (10,795)1 Deutsche Bank A-1 11-Jun-09 (6,680,000) Norwegian Krone 1,021,563 US $ 37,953 1 Deutsche Bank A-1 11-Jun-09 (1,660,000) Swiss Franc 1,396,871 US $ (80,646)1 Deutsche Bank A-1 11-Jun-09 (1,049,984) US $ 6,680,000 Norwegian Krone (73,784)3 State Street Trust Co. of Canada A-1 11-Jun-09 (12,728,028) US $ 1,232,000,000 Japanese Yen (331,967)1 Deutsche Bank A-1 11-Jun-09 (1,419,289) US $ 1,660,000 Swiss Franc 52,385 1 Barclays Bank A-1 11-Jun-09 (1,555,941) US $ 1,070,000 British Pound (25,738)2 Barclays Bank A-1 11-Jun-09 (2,867,313) US $ 2,190,000 Euro 53,207 1 Citibank A-1 11-Jun-09 (4,502,487) US $ 5,730,000 Canadian $ 58,486 1 Citibank A-1 11-Jun-09 (652,526) US $ 1,270,000 New Zealand $ 86,499 1 Citibank A-1 11-Jun-09 (882,487) US $ 990,000 Swiss Franc (14,199)


Schedule BFutures Contracts (0.4%)

Contracts Futures Price ($) Expiry Date Country Cost ($) Fair Value ($)

60 Eurex DJ Euro Stoxx 50 Index Futures 1,993.00 19-Jun-09 European 1,744,724 2,002,774 12 S&P 500 Stock Index Futures 794.80 18-Jun-09 United States 2,590,043 3,006,013

9 TSE Topix Stock Index Futures 777.00 12-Jun-09 Japan 798,351 890,917

5,133,118 5,899,704 Exercise Price 5,133,118 Total Future Contracts Value 766,586



CI Global Balanced Corporate ClassFinancial Statements



















147,003 241,25224,380 18,143

- -- -

1,762 4,5993,855 6,6061,099 743

- -- -

49 146358 2,954

- -629 854

179,135 275,297

- -- -- 1

1,386 -- -

484 1,837297 898

- -- -- -- -

2,167 2,736176,968 272,561

183,990 280,130- -

175,878 267,748401 660689 4,153

9.87 12.345.80 7.17

10.17 12.42

17,819,009 21,703,87469,128 92,03467,735 334,482

3,371 4,0321,965 3,100

149 179- -- -3 6

(365) (510)5,123 6,807

4,279 6,657475 734

1 1193 74

237 4275,085 7,903

38 (1,096)(15) -23 (1,096)

(52,544) 5,5413,100 (1,399)

(819) (1,573)- -

861 (53,055)(49,402) (50,486)(49,379) (51,582)

(49,003) (50,882)(97) (110)

(279) (590)

(2.50) (2.05)(1.36) (1.11)(1.92) (1.72)


2009 2008


2009 2008



















4,153 4,734- (3)

4,153 4,731

249 597- -

(318) (822)(3,116) 237(3,185) 12

- -- -- -- -

(279) (590)689 4,153

272,561 406,871- (278)

272,561 406,593

5,481 10,652- -

(48,266) (87,251)(3,429) (5,851)

(46,214) (82,450)

- -- -- -- -

(49,379) (51,582)176,968 272,561

267,748 401,302- (274)

267,748 401,028

5,193 9,945- -

(47,747) (86,234)(313) (6,109)

(42,867) (82,398)

- -- -- -- -

(49,003) (50,882)175,878 267,748

660 835- (1)

660 834

39 110- -

(201) (195)- 21

(162) (64)

- -- -- -- -

(97) (110)401 660

CI Global Balanced Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


19,752 56,82021,051 60,386

CI Global Balanced Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


795 87080 102


2009 2008

21,703,874 27,962,113487,660 749,802

- -(4,329,995) (6,540,218)

(42,530) (467,823)17,819,009 21,703,874

92,034 101,1256,335 14,266

- -(29,954) (26,071)

713 2,71469,128 92,034

334,482 335,47421,717 43,899

- -(25,922) (62,892)

(262,542) 18,00167,735 334,482




2.001.00


0.220.22

-


2009




9.87 12.340.01 0.019.88 12.35

5.80 7.170.01 0.015.81 7.18

10.17 12.420.01 0.01

10.18 12.43


2009 2008


Other Price RiskThe Fund is predominantly invested in foreign stocks and therefore sensitive to changes in generaleconomic conditions across the world, however some of the Fund's assets are invested in fixedincome securities and their market risk exposure will be discussed in the following sections.




Credit Rating (%)AAA/Aaa/A++ 7.5 AA/Aa/A+ 2.6 A 0.5BBB/Baa/B++ 0.6 BB/Ba/B+ 0.5 Not Rated 2.6 Total 14.3


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




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar 3,217 88,503 50.0 Japanese Yen 11,853 28,470 16.1 Euro 1,356 26,009 14.7 British Pound (1,537) 10,310 5.8 Hong Kong Dollar - 7,113 4.0 Swiss Franc 1,097 4,568 2.6 Norwegian Krone 109 2,964 1.7 Brazilian Real - 2,203 1.2 Swedish Krona - 1,506 0.9 Colombian Peso - 880 0.5 New Zealand Dollar (317) 835 0.5 Australian Dollar (1,788) 672 0.4 Taiwan Dollar - 405 0.2 Czech Koruna - 243 0.1 Israeli Shekel (615) 140 0.1 Singapore Dollar - 83 0.1 Thai Baht - 77 0.1 Danish Krone - 62 0.1 Argentine Peso - 43 0.1 South Africa Rand - 37 0.1 Mexican Peso (880) (29) (0.1)Total 12,495 175,094 99.2









29,011 5,991 2,248 11,376 48,626


CI International Balanced Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (29.4%) 300 Alliance Data Systems Corp.* 16,687 13,960 775 Ameriprise Financial Inc. 39,278 20,000 500 Anadarko Petroleum Corp. 21,888 24,464 215 Apple Computer Inc. 24,346 28,466 265 Baxter International Inc. 19,272 17,098 400 Bed Bath & Beyond Inc. 11,006 12,461 200 C.H. Robinson Worldwide Inc. 9,949 11,470 800 Capital One Financial Corp.* 20,705 12,304 491 Celgene Corp. 28,577 27,453

1,790 Cisco Systems Inc. 48,175 37,754 100 CME Group Inc. 20,360 31,065 300 Costco Wholesale Corp. 15,578 17,511 282 Danaher Corp. 19,430 19,241 400 Devon Energy Corp. 29,283 22,481 499 Dick's Sporting Goods Inc. 9,294 8,952

2,640 DR Horton Inc. 49,373 32,184 400 Ecolab Inc., Preferred Rights 15,511 17,504 358 Entergy Corp. 35,453 30,672 300 EOG Resources Inc. 25,673 20,688 407 Express Scripts Inc. 28,524 23,644

USD 10,000 Fannie Mae 4.75% 12/15/2010 11,663 13,365 USD 20,000 Fannie Mae 4.875% 05/18/2012 21,036 27,474

145 Goldman Sachs Group Inc.* 15,136 19,381 82 Google Inc., Class A 41,871 35,961

574 Harris Corp. 30,132 20,920 143 International Business Machines Corp. 14,608 17,466 700 JP Morgan Chase & Co. 24,485 23,421

1,200 Juniper Networks Inc.* 21,981 22,768 1,031 Kroger Co. 29,746 27,503

200 L-3 Communications Holdings Inc. 15,307 17,070 500 Lowe's Cos., Inc. 8,706 11,466 694 Medco Health Solutions Inc. 33,882 36,108 500 Medtronic Inc. 19,254 18,564

1,917 Microsoft Corp. 59,739 44,251 282 Monsanto Co. 32,626 29,522 500 Norfolk Southern Corp. 18,213 21,230 800 NRG Energy Inc. 21,965 17,478 665 NuVasive Inc.* 32,980 26,249

2,270 Oracle Corp. 47,091 51,684 300 Procter & Gamble Co. 19,394 17,780 724 QUALCOMM Inc. 35,922 35,405

NZD 60,000 SLM Corp. 6.5% 06/15/2010 42,361 34,099 451 St. Jude Medical Inc. 19,707 20,622 594 TJX Cos., Inc. 17,192 19,148

USD 12,000 United States Treasury Inflation Indexed Bonds2.64725% 01/15/2025 16,663 15,719


USD 10,000 United States Treasury Note/Bond4.25% 08/15/2015* 11,477 14,364

USD 15,000 United States Treasury Note/Bond4.25% 11/15/2013* 19,775 21,206

1,300 Urban Outfitters Inc. 24,109 26,813

U.S.A. (29.4%) (cont’d)1,300 US Bancorp 29,631 23,944

645 Vertex Pharmaceuticals Inc. 19,866 23,394 1,976 Walt Disney Co. 55,341 45,189

700 Wells Fargo & Co. 12,819 12,567 2,510 Xerox Corp. 22,059 14,398

1,352,869 1,254,030 JAPAN (7.4%)

2,000 Asahi Glass Co., Ltd. 25,774 13,224 500 Canon Inc. 22,611 17,932

1,420 Credit Saison Co., Ltd. 44,375 17,259 200 Fanuc Ltd. 16,889 16,842 800 Honda Motor Co., Ltd. 21,663 23,595

2 Inpex Holdings Inc. 21,361 17,378 12 Japan Tobacco Inc. 47,868 39,933

800 Mitsubishi Corp.* 11,792 13,056 4,600 Mitsubishi UFJ Financial Group Inc. 27,692 27,896 3,800 Mitsui Trust Holdings Inc. 24,775 14,475 1,500 Nikon Corp. 26,112 21,117

76 Nintendo Co., Ltd. 39,063 27,547 280 Nitori Co., Ltd. 17,709 19,691

1,200 Toyota Motor Corp. 66,617 47,546 414,301 317,491

U.K. (6.8%) 1,400 BG Group PLC 23,578 26,690

900 BHP Billiton PLC 22,544 22,546 412 British American Tobacco PLC 12,706 12,020

4,900 Centrica PLC 22,475 20,185 1,700 Diageo PLC 27,852 24,169

868 Imperial Tobacco Group PLC 35,918 24,602 1,500 Inmarsat PLC 12,647 13,206

800 Next PLC 15,839 19,144 401 Smith & Nephew PLC 4,579 3,132

GBP 12,000 United Kingdom Gilt 4.75% 09/07/2015 26,281 24,384 GBP 9,000 United Kingdom Gilt 5% 09/07/2014* 18,751 18,465 GBP 29,000 United Kingdom Treasury Note 5% 03/07/2025 62,410 59,315

9,979 Vodafone Group PLC 23,716 22,093 309,296 289,951

GERMANY (6.3%) EUR 30,000 Bundesrepublik Deutschland 5% 01/04/2012 49,825 54,883

179 Deutsche Boerse AG* 17,352 13,569 EUR 25,000 Deutsche Bundesrepublik 4.75% 07/04/2034* 38,798 46,594

339 Fresenius AG 28,063 19,622 35 Fresenius SE 2,887 1,680

EUR 18,000 Germany Government Bond 4.25% 07/04/2014 28,178 33,047 800 Hannover Rueckversicherung AG,

Registered Shares 29,152 32,036 317 K+S AG 27,554 18,444 179 Muenchener Rueckversicherungs AG,

Registered Shares 27,379 27,521 458 SAP AG 22,444 20,473

271,632 267,869


CIG - 093





FRANCE (6.0%) 479 Alstom 22,370 31,276 522 Bouygues SA* 28,446 23,535

EUR 31,000 France Government Bond OAT4.25% 04/25/2019 46,953 54,636

EUR 54,000 France Government Bond OAT 5% 10/25/2016* 93,677 100,960 549 Publicis Groupe 17,731 17,755 430 Total SA 27,364 26,931

236,541 255,093 HONG KONG (4.0%)

400 China Mobile (Hong Kong) Ltd., ADR 26,058 21,921 14,600 CNOOC Ltd. 16,553 18,286

2,100 Esprit Holdings Ltd. 12,680 13,493 6,500 Hutchison Whampoa Ltd. 72,872 40,336

17,000 Industrial & Commercial Bank of China 10,637 11,089 14,000 Li & Fung Ltd. 51,246 41,355

2,300 Sun Hung Kai Properties Ltd. 32,590 25,814 222,636 172,294

SWITZERLAND (3.3%) 692 ACE Ltd. 35,512 35,245 200 Alcon Inc. 20,802 22,887 578 Julius Baer Holding Ltd. 27,374 17,913 112 Nestle SA, Registered Shares 4,842 4,774 600 Noble Corp. 18,167 18,222 265 Novartis AG, Registered Shares 15,903 12,569 165 Roche Holding AG 24,931 28,529

147,531 140,139 BRAZIL (3.2%)

620 Cia Vale do Rio Doce, ADR 20,256 10,396 BRL 250 Nota Do Tesouro Nacional 10% 01/01/2017 135,597 124,865

155,853 135,261 CANADA (2.1%)

18,000 Canadian Government Bond 4.5% 06/01/2015 18,896 20,643 7,000 Canadian Government Bond 5.75% 06/01/2033 8,736 9,366

NZD 40,000 Province of Manitoba 6.375% 09/01/2015 31,468 27,878 USD 9,000 Province of Quebec 4.875% 05/05/2014 9,615 11,924

346 Research In Motion Ltd. (USD) 22,320 18,748 91,035 88,559

LUXEMBOURG (2.0%) EUR 33,000 Germany Government Bond 4.75% 07/04/2028 49,100 60,935 AUD 27,000 Queensland Treasury Corp. 6% 09/14/2017 24,640 24,850

73,740 85,785 AUSTRALIA (1.8%)

381 CSL Ltd. 13,719 10,848 AUD 30,000 National Australia Bank 5.75% 12/19/2013 25,677 27,062 AUD 14,000 New South Wales Treasury Corp.

7% 12/01/2010 12,528 12,968 500 Rio Tinto Ltd. 18,835 24,766

70,759 75,644 SOUTH KOREA (1.2%)

200 Samsung Electronics Co., Ltd., GDR 51,461 51,437 51,461 51,437

COLOMBIA (1.2%) COP 90,000,000 Republic of Colombia 11.75% 03/01/2010 48,208 45,540 COP 12,000,000 Republic of Colombia 9.85% 06/28/2027 6,621 5,600

54,829 51,140


614 Yara International ASA 32,787 16,959 65,197 50,413

MEXICO (1.1%) MXN 2,035 Mexico Government Bond 10% 12/05/2024 21,286 21,231 MXN 2,140 Mexico Government Bond 9% 12/20/2012 23,291 20,366 USD 4,000 Mexico Government International Bond

6.375% 01/16/2013 6,236 5,320 50,813 46,917

ISRAEL (0.9%) ILS 110,000 Israel Government Bond 7.5% 03/31/2014 31,975 39,540

RUSSIA (0.9%) USD 10,000 Gazprom OAO 9.625% 03/01/2013 13,953 12,025

250 Lukoil, ADR (London Stock Exchange) 15,024 11,772 720 OAO Gazprom, ADR 24,359 13,479

53,336 37,276 SPAIN (0.9%)

374 Inditex SA 17,208 18,360 720 Telefonica SA 22,212 18,100

39,420 36,460 DENMARK (0.8%)

EUR 20,000 Commerzbank AG 2.75% 01/13/2012 32,897 33,952

SWEDEN (0.8%) 1,800 Electrolux AB, Series B 17,636 17,737 2,300 Volvo AB, Series B* 14,992 15,415

32,628 33,152 TAIWAN (0.7%)

3,100 Hon Hai Precision Industry Co., Ltd. 12,990 8,822 2,000 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 19,381 22,541 32,371 31,363

SINGAPORE (0.5%) 5,949 Flextronics International Ltd. 41,157 21,600


48 Lottomatica SpA* 1,651 992 24,262 19,834

FINLAND (0.5%) 800 Fortum OYJ 20,919 19,227


BERMUDA (0.4%) 600 Endurance Specialty Holdings Ltd. 18,617 18,812

JERSEY ISLAND (0.4%) 531 Housing Development Finance Ltd. 25,864 18,634

INDIA (0.3%) 250 State Bank of India Ltd., GDR 21,064 12,922





NEW ZEALAND (0.3%) NZD 15,000 Inter-American Development Bank

7.25% 05/24/2012 12,110 11,388

CZECH REPUBLIC (0.2%) 200 CEZ Group 8,796 8,985

CAYMAN ISLANDS (0.2%) 300 SINA Corp. 9,342 8,771





Futures Contracts (0.1%) (see Schedule B) 6,203




Principal amounts stated in:AUD Australian Dollar

BRL Brazilian Real COP Colombian Peso EUR Euro GBP British Pound ILS Israeli Shekel

MXN Mexican Peso NZD New Zealand Dollar USD U.S. Dollar




1 Deutsche Bank A-1 11-Jun-09 (90,000) Australian $ 57,294 US $ (6,256)1 UBS Warburg NY A-1 11-Jun-09 (85,000) British Pound 120,134 US $ (2,329)1 Citibank A-1 11-Jun-09 (520,000) Canadian $ 405,275 US $ (9,503)1 Deutsche Bank A-1 11-Jun-09 (30,000) Euro 261,210 Norwegian Kroner (1,374)1 Royal Bank of Scotland A-1 11-Jun-09 (60,000) Euro 76,809 US $ (3,661)1 Deutsche Bank A-1 11-Jun-09 (177,000) Israeli Shekel 41,735 US $ (284)1 Royal Bank of Scotland A-1 11-Jun-09 (10,000,000) Japanese Yen 102,281 US $ 1,395 1 Barclays Bank A-1 11-Jun-09 (470,000) Mexican Peso 30,177 US $ (3,281)1 Citibank A-1 11-Jun-09 (100,000) New Zealand $ 49,774 US $ (8,836)1 Deutsche Bank A-1 11-Jun-09 (260,000) Norwegian Krone 39,761 US $ 1,477 1 Deutsche Bank A-1 11-Jun-09 (269,550) Norwegian Krone 30,000 Euro (190)1 Deutsche Bank A-1 11-Jun-09 (50,000) Swiss Franc 42,074 US $ (2,429)1 Citibank A-1 11-Jun-09 (235,732) US $ 300,000 Canadian $ 3,062 1 Citibank A-1 11-Jun-09 (25,690) US $ 50,000 New Zeland $ 3,405 1 Citibank A-1 11-Jun-09 (35,656) US $ 40,000 Swiss Francs (574)1 Deutsche Bank A-1 11-Jun-09 (40,868) US $ 260,000 Norwegian Kroner (2,872)1 Deutsche Bank A-1 11-Jun-09 (42,750) US $ 50,000 Swiss Francs 1,578 1 Barclays Bank A-1 11-Jun-09 (43,625) US $ 30,000 British Pound (722)3 State Street Trust Co. of Canada A-1 11-Jun-09 (494,300) US $ 48,000,000 Japanese Yen (10,920)2 Barclays Bank A-1 11-Jun-09 (97,608) US $ 75,000 Euro 2,562





Schedule BFutures Contracts (0.1%)

FairContracts Futures Price Expiry Date Country Cost $ Value $

1 S&P 500 Stock Index Futures 794.75 19-Jun-09 United States 43,169 50,097 1 SFE 10yr Australian Bond Futures 95.60 15-Jun-09 Australia 99,608 98,883

142,777 148,980 Exercise Price 142,777 Total Future Contracts Value 6,203

– 234 –

CI International Balanced Corporate ClassFinancial Statements








A SharesF Shares


A SharesF Shares









A SharesF Shares

3,653 5,852594 318

- -- -- -

40 48820 35

- -- -- 22 56- -

25 344,334 6,785

- -7 121 1

54 -- -1 602 17- -- -- -4 10

69 1004,265 6,685

3,988 6,157- -

4,151 6,544114 141

8.05 9.558.53 10.01

515,778 685,04313,365 14,104

67 7783 1472 3- -- -- -

(8) (10)144 217

105 16512 181 -2 36 11

126 19718 20

- -18 20

(895) (129)6 (44)

(20) (33)- -

(99) (835)(1,008) (1,041)

(990) (1,021)

(970) (1,001)(20) (20)

(1.65) (1.23)(1.48) (1.19)


2009 2008


2009 2008















6,685 9,803- (5)

6,685 9,798

1,011 886- -

(1,201) (1,972)(1,240) (1,006)(1,430) (2,092)

- -- -- -- -

(990) (1,021)4,265 6,685

6,544 9,619- (5)

6,544 9,614

1,003 886- -

(1,186) (1,937)(1,240) (1,018)(1,423) (2,069)

- -- -- -- -

(970) (1,001)4,151 6,544

141 184- -

141 184

8 -- -

(15) (35)- 12

(7) (23)

- -- -- -- -

(20) (20)114 141

CI International Balanced Corporate ClassFinancial Statements


2009 2008



2009 2008





2009 2008


306 842326 895

CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


17 192 2


2009 2008

685,043 898,118119,371 87,922

- -(140,012) (197,219)(148,624) (103,778)515,778 685,043

14,104 16,557897 -

- -(1,636) (3,618)

- 1,16513,365 14,104




2.001.00

0.220.22


2009



8.05 9.55- 0.01

8.05 9.56

8.53 10.010.01 0.028.54 10.03


2009 2008



As at March 31, 2009, had the global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $260,000. In practice, the actual trading results may differ from this analysis. The difference may be material.



Credit Rating (%)AAA/Aaa/A++ 15.2 AA/Aa/A+ 1.9 A 1.3BBB/Baa/B++ 1.2 BB/Ba/B+ 1.2 Not Rated 5.6 Total 26.4


CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (4) 1,899 44.5 Japanese Yen 484 804 18.9 Euro 31 753 17.7 British Pound (99) 192 4.5 Hong Kong Dollar - 151 3.5 Brazilian Real - 128 3.0 Swiss Franc 44 108 2.5 Norwegian Krone 2 56 1.3 Colombian Peso - 52 1.2 New Zealand Dollar (36) 38 0.9 Swedish Krona - 33 0.8 Australian Dollar (80) 21 0.5 Taiwan Dollar - 13 0.3 Czech Koruna - 9 0.2 Mexican Peso (42) 1 0.1 Argentine Peso - 1 0.1 Israeli Shekel (53) (13) (0.3)Total 247 4,246 99.7









679 149 164 693 1,685


Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2009



U.S.A. (26.9%) 21,514 Amerada Hess Corp. 1,844,829 1,468,966 89,200 American Eagle Outfitters Inc. 1,154,759 1,374,193 72,000 Anadarko Petroleum Corp. 3,383,085 3,522,800

189,300 Baldor Electric Co. 4,976,405 3,458,046 237,000 Cisco Systems Inc. 5,720,799 4,998,689

20,000 Covance Inc. 1,016,073 898,375 25,000 CVS Corp. 857,794 864,525

194,000 Discover Financial Services 3,056,315 1,533,490 235,000 General Electric Co. 6,462,431 2,995,235

80,493 GeoGlobal Resources Inc. 589,428 71,034 160,000 Intel Corp. 2,642,212 3,031,732 140,000 Microsoft Corp. 3,275,789 3,231,679

20,000 Oracle Corp. 399,214 455,365 104,200 Patterson-UTI Energy Inc. 2,688,491 1,177,030

59,000 Ross Stores Inc. 1,703,544 2,663,595 76,000 Ultra Petroleum Corp.* 4,473,297 3,438,736

44,244,465 35,183,490U.K. (10.4%)

300,000 Diageo PLC 6,053,132 4,265,094 72,100 Rio Tinto PLC 4,561,655 3,064,700

440,000 Travis Perkins PLC 9,196,325 3,513,729 690,000 United Kingdom Gilt

4.75% 09/07/2015* 1,568,669 1,402,053 650,000 United Kingdom Treasury Note

5% 03/07/2025 1,564,197 1,329,475 22,943,978 13,575,051

SWITZERLAND (10.0%) 10,000 Alcon Inc. 1,021,955 1,144,338 90,900 Aryzta AG 3,887,528 2,681,007 47,900 Holcim Ltd. 4,665,112 2,146,621

130,000 Nestle SA, Registered Shares 5,240,396 5,540,799 10,000 Swatch Group AG 2,139,675 1,522,989

16,954,666 13,035,754AUSTRALIA (7.3%)

8,400,000 Australia Government Bond 6.25% 04/15/2015 7,496,105 8,207,053

47,700 BHP Billiton Ltd. 976,480 1,333,941 8,472,585 9,540,994

FRANCE (6.9%) 43,000 Air Liquide* 4,859,140 4,409,324 54,400 Schneider Electric SA* 5,804,248 4,564,691

10,663,388 8,974,015JAPAN (3.2%)

72,244 Canon Inc. 3,534,813 2,590,921 95,000 Mitsubishi Corp.* 1,730,620 1,550,411

5,265,433 4,141,332

BRAZIL (2.9%) 100,000 Petroleo Brasileiro SA, ADR 4,053,247 3,840,093

CANADA (2.9%) 640,000 Yellow Pages Income Fund 5,276,554 3,840,000

NETHERLANDS (2.7%) 2,750,000 Diageo Finance BV

5.5% 04/01/2013 3,215,765 3,583,414

GERMANY (2.1%) 70,000 Germany Government Bond

5% 07/04/2011 124,307 126,665 13,676 Puma AG 4,131,472 2,605,236

4,255,779 2,731,901IRELAND (1.8%)

901,500 Allied Irish Banks PLC 11,218,463 905,924 310,000 Kingspan Group PLC 4,019,500 1,428,325

15,237,963 2,334,249SWEDEN (1.6%)

90,000 Atlas Copco AB, Series A 1,072,725 848,912 25,000 Hennes & Mauritz AB, Class B 1,277,338 1,182,879

2,350,063 2,031,791TAIWAN (1.5%)

170,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 1,506,401 1,916,012



Short Term Notes (4.7%) 5,998,188 6,094,477




Other Assets (net) (16.6%) 21,880,620

Total Net Assets (100.0%) 130,685,934


CIG - 2306


Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2009





1 Toronto-Dominion Bank A-1+ 30-Jun-09 (115,000) Australian $ 95,766 Canadian $ (4,299)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (143,000) Australian $ 113,845 Canadian $ (10,877)2 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (189,000) Australian $ 153,685 Canadian $ (11,524)2 Royal Bank of Canada A-1+ 30-Jun-09 (191,000) Australian $ 163,303 Canadian $ (2,892)1 Bank of Nova Scotia†† A-1+ 29-May-09 (192,000) Australian $ 152,790 Canadian $ (14,670)1 Toronto-Dominion Bank A-1+ 29-May-09 (35,000) Australian $ 27,827 Canadian $ (2,700)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (36,000) Australian $ 30,850 Canadian $ (475)2 Royal Bank of Canada A-1+ 29-May-09 (631,000) Australian $ 505,167 Canadian $ (45,181)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (1,077,000) British Pound 1,902,451 Canadian $ (45,544)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (126,000) British Pound 225,410 Canadian $ (2,286)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (1,677,000) British Pound 2,899,198 Canadian $ (134,031)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (223,000) British Pound 385,893 Canadian $ (17,453)1 Royal Bank of Canada A-1+ 30-Apr-09 (2,578,000) British Pound 4,481,776 Canadian $ (181,112)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (501,000) British Pound 895,187 Canadian $ (10,175)1 Royal Bank of Canada A-1+ 30-Jun-09 (55,000) British Pound 98,294 Canadian $ (1,097)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (551,000) British Pound 985,979 Canadian $ (9,739)2 Bank of Nova Scotia†† A-1+ 29-May-09 (640,000) British Pound 1,137,607 Canadian $ (19,565)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (294,457) Canadian $ 263,000 Swiss Franc (2,984)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (791,187) Canadian $ 445,000 British Pound 13,695 2 Toronto-Dominion Bank A-1+ 30-Apr-09 (2,355,000) Euro 3,776,073 Canadian $ (167,480)2 Bank of Nova Scotia†† A-1+ 30-Jun-09 (4,545,000) Euro 7,562,954 Canadian $ (40,407)1 Royal Bank of Canada A-1+ 30-Jun-09 (611,000) Euro 1,017,584 Canadian $ (4,562)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (830,000) Euro 1,381,701 Canadian $ (6,812)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (87,000) Euro 140,401 Canadian $ (5,285)1 Royal Bank of Canada A-1+ 29-May-09 (996,000) Euro 1,577,535 Canadian $ (89,681)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (16,713,000) Japanese Yen 232,154 Canadian $ 19,152 1 Royal Bank of Canada A-1+ 29-May-09 (18,121,000) Japanese Yen 233,449 Canadian $ 2,504 1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (24,967,000) Japanese Yen 346,884 Canadian $ 28,687 1 Royal Bank of Canada A-1+ 30-Jun-09 (37,605,000) Japanese Yen 469,739 Canadian $ (9,510)2 Toronto-Dominion Bank A-1+ 30-Jun-09 (38,570,000) Japanese Yen 489,986 Canadian $ (1,562)2 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (57,096,000) Japanese Yen 715,963 Canadian $ (11,686)2 Bank of Nova Scotia†† A-1+ 30-Jun-09 (59,139,000) Japanese Yen 746,923 Canadian $ (6,762)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (77,542,000) Japanese Yen 1,075,031 Canadian $ 86,781 2 Bank of Nova Scotia†† A-1+ 29-May-09 (1,026,000) Swedish Krona 149,860 Canadian $ (7,443)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (1,270,000) Swedish Krona 194,821 Canadian $ 129 1 Royal Bank of Canada A-1+ 30-Jun-09 (197,000) Swedish Krona 30,151 Canadian $ (49)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (2,234,000) Swedish Krona 337,517 Canadian $ (5,022)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (403,000) Swedish Krona 56,261 Canadian $ (5,525)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (5,382,000) Swedish Krona 816,432 Canadian $ (8,791)1 Royal Bank of Canada A-1+ 29-May-09 (579,000) Swedish Krona 80,611 Canadian $ (8,159)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (734,000) Swedish Krona 111,244 Canadian $ (1,301)1 Toronto-Dominion Bank A-1+ 30-Jun-09 (898,000) Swedish Krona 137,403 Canadian $ (261)2 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (1,343,000) Swiss Franc 1,466,775 Canadian $ (22,056)1 Canadian Imperial Bank of Commerce A-1 30-Apr-09 (2,097,000) Swiss Franc 2,262,746 Canadian $ (61,276)1 Toronto-Dominion Bank A-1+ 30-Apr-09 (2,526,000) Swiss Franc 2,728,009 Canadian $ (71,457)1 Royal Bank of Canada A-1+ 30-Jun-09 (327,000) Swiss Franc 356,971 Canadian $ (5,536)1 Bank of Nova Scotia†† A-1+ 30-Apr-09 (373,000) Swiss Franc 402,534 Canadian $ (10,847)1 Royal Bank of Canada A-1+ 29-May-09 (783,000) Swiss Franc 835,378 Canadian $ (32,563)2 Bank of Nova Scotia†† A-1+ 29-May-09 (821,000) Swiss Franc 881,700 Canadian $ (28,363)1 Royal Bank of Canada A-1+ 29-May-09 (1,797,000) US $ 2,237,804 Canadian $ (26,407)1 Canadian Imperial Bank of Commerce A-1 30-Jun-09 (1,902,000) US $ 2,330,426 Canadian $ (64,463)1 Toronto-Dominion Bank A-1+ 29-May-09 (2,238,000) US $ 2,778,790 Canadian $ (41,079)1 Royal Bank of Canada A-1+ 30-Jun-09 (2,555,000) US $ 3,134,474 Canadian $ (82,634)1 Royal Bank of Canada A-1+ 30-Apr-09 (3,092,000) US $ 3,800,377 Canadian $ (97,336)2 Bank of Nova Scotia†† A-1+ 29-May-09 (4,049,000) US $ 5,088,596 Canadian $ (13,124)2 Toronto-Dominion Bank A-1+ 30-Jun-09 (5,091,000) US $ 6,230,198 Canadian $ (180,095)1 Bank of Nova Scotia†† A-1+ 30-Jun-09 (5,226,000) US $ 6,409,010 Canadian $ (171,267)1 Canadian Imperial Bank of Commerce A-1 29-May-09 (944,000) US $ 1,174,572 Canadian $ (14,863)2 Toronto-Dominion Bank A-1+ 30-Apr-09 (9,804,000) US $ 12,010,788 Canadian $ (347,939)



Harbour Foreign Growth & Income Corporate ClassFinancial Statements





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





104,728 140,68321,238 1,977

6,094 44,080- -- -- -

151 -- -- -

210 788- 2,327- -

728 844133,149 190,699

- -- -- 1

2,168 4,437- -- 4,607

229 614- -- -- -

66 1612,463 9,820

130,686 180,879

144,163 133,311- -

124,463 152,4092,350 4,3722,432 21,825

714 1,01265 263

598 840- 58

64 100

8.77 12.589.36 13.297.35 10.306.03 9.186.45 9.585.65 8.93

- 9.315.78 8.92

14,198,043 12,118,261251,192 328,947330,710 2,118,069118,416 110,196

10,138 27,428105,832 94,147

- 6,21511,012 11,182


2009 2008


2009 2008










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















3,114 1,7652,830 2,573

64 41- -- -- -

(433) (265)5,575 4,114

2,982 2,719332 303

1 349 92

166 1733,530 3,2902,045 824

- -2,045 824

(15,957) (5,352)481 (89)(214) (345)

- -

(44,781) (5,117)(60,471) (10,903)(58,426) (10,079)

(54,331) (9,081)(1,162) (206)(2,171) (715)

(412) (26)(22) (6)

(285) (35)(16) (2)(27) (8)

(3.94) (0.90)(4.00) (0.74)(2.04) (0.75)(3.17) (0.40)(1.99) (0.26)(2.76) (0.57)(2.59) (0.36)(2.44) (0.70)

152,409 104,503- (65)

152,409 104,438

35,045 70,888- -

(30,587) (19,738)21,927 5,90226,385 57,052

- -- -- -- -

(54,331) (9,081)124,463 152,409

4,372 3,472- (2)

4,372 3,470

610 1,958- -

(1,509) (1,023)39 173

(860) 1,108

- -- -- -- -

(1,162) (206)2,350 4,372

21,825 824- (1)

21,825 823

10,858 22,822- -

(1,661) (1,705)(26,419) 600(17,222) 21,717

- -- -- -- -

(2,171) (715)2,432 21,825


2009 2008


2009 2008



























58 -- -

58 -

- 62- -

(39) -- -

(39) 62

- -- -

(3) (2)(3) (2)

(16) (2)- 58

100 -- -

100 -

1 113- -

(2) (1)- -

(1) 112

- -- -

(8) (4)(8) (4)

(27) (8)64 100

180,879 108,799- (68)

180,879 108,731

47,529 97,970- -

(34,292) (22,551)(4,859) 6,8578,378 82,276

- -- -

(145) (49)(145) (49)

(58,426) (10,079)130,686 180,879

1,012 -- -

1,012 -

531 968- -

(334) -(25) 86

172 1,054

- -- -

(58) (16)(58) (16)

(412) (26)714 1,012

263 -- -

263 -

100 275- -

(2) (1)(269) -(171) 274

- -- -

(5) (5)(5) (5)

(22) (6)65 263

840 -- -

840 -

384 884- -

(158) (83)(112) 96114 897

- -- -

(71) (22)(71) (22)

(285) (35)598 840



2009 2008



2009 2008








Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

12,118,261 7,832,4843,354,494 5,377,643

- -(3,025,880) (1,526,022)1,751,168 434,156

14,198,043 12,118,261

328,947 248,84753,234 142,031

- -(138,284) (74,520)

7,295 12,589251,192 328,947

2,118,069 77,1571,035,068 2,144,807

- -(171,052) (161,724)

(2,651,375) 57,829330,710 2,118,069

110,196 -65,788 101,333

- -(51,078) (36)

(6,490) 8,899118,416 110,196

27,428 -10,331 27,500

- -(217) (72)

(27,404) -10,138 27,428

94,147 -49,483 93,627

- -(21,499) (9,240)(16,299) 9,760105,832 94,147




6,215 -- 6,250- -

(6,215) (35)- -- 6,215

11,182 -76 11,271

- -(246) (89)

- -11,012 11,182


2009 2008











2009 2008


10,559 30,21911,253 32,116

Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


204 2203 21


2009 2008

8.77 12.58- -

8.77 12.58

9.36 13.29- -

9.36 13.29

7.35 10.300.01 0.017.36 10.31

6.03 9.18- -

6.03 9.18

6.45 9.58- -

6.45 9.58

5.65 8.93- -

5.65 8.93

- 9.31- -- 9.31

5.78 8.920.01 -5.79 8.92


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

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

2.001.00




0.220.22

-0.22

-0.220.22

-


2009


Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)






Credit Rating (%)AAA/Aaa/A++ 13.1 AA/Aa/A+ 0.1 A 2.7Total 15.9




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Australian Dollar (1,343) 8,409 6.4 British Pound (12,631) 1,100 0.8 Euro (15,784) 941 0.7 Swiss Franc (8,869) 341 0.3 Swedish Krona (1,951) 81 0.1 Japanese Yen (4,201) (42) (0.1)US Dollar (46,265) (134) (0.1)Total (91,044) 10,696 8.1









27,332 127 3,583 10,939 41,981


Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2009


FUND (99.9%) 27,752,988 Harbour Growth & Income Fund (Class I) 449,586,570 361,343,898



Total Net Assets (100.0%) 361,529,417

Portfolio Breakdown of Harbour Growth & Income Fund as at March 31, 2009

Percentage of

Category Net Asset Value (%)

Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.8

Cash & Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16.3

Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14.1

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.0

Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.9

Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8

Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2

Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.7

Short Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0

Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.1

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0

The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.The accompanying notes are an integral part of these financial statements. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.

CIG - 2310


Harbour Growth & Income Corporate ClassFinancial Statements










361,344 235,092666 2,840

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

1,050 5,623- 100- -- -

363,060 243,655

- -- -- 1- -- -

859 4,859672 528

- -- -- 2- -

1,531 5,390361,529 238,265

449,587 239,702- -

283,412 191,5549,885 6,817

21,082 9,28317,876 12,250

906 431,174 892

26,834 17,261352 154

8 11

8.76 10.898.91 10.958.67 10.537.25 9.527.64 9.937.73 9.926.86 9.327.22 9.707.22 9.57

32,348,522 17,590,8471,109,957 622,4532,432,433 881,7672,464,879 1,287,335

118,463 4,328151,890 89,992

3,913,271 1,852,93648,718 15,9191,129 1,140


2009 2008


2009 2008







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


















- -47 29

- -- -

8,404 3,506- -- -

8,451 3,535

6,260 2,020637 206

1 1- -

345 1237,243 2,3501,208 1,185

- -1,208 1,185

(8,135) 1214 (14)

- -7,431 3,660

(83,632) (4,674)(84,322) (1,016)(83,114) 169

(64,037) 13(2,274) 28(3,371) 102(5,567) 22

(160) -(299) -

(7,211) 3(150) 1(45) -

(2.36) -(2.30) 0.08(1.96) 0.18(2.39) 0.04(2.32) 0.04(2.11) -(2.14) -(3.09) 0.10(8.57) (0.10)

191,554 32,660- -

191,554 32,660

203,080 148,608- -

(68,860) (15,364)21,675 25,637

155,895 158,881

- -- -- -- -

(64,037) 13283,412 191,554

6,817 941- -

6,817 941

7,428 6,184- -

(4,250) (1,284)2,164 9485,342 5,848

- -- -- -- -

(2,274) 289,885 6,817

9,283 665- -

9,283 665

15,521 8,658- -

(4,921) (1,571)4,570 1,429

15,170 8,516

- -- -- -- -

(3,371) 10221,082 9,283


2009 2008


2009 2008

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


























17,261 -- -

17,261 -

23,991 16,634- -

(5,159) (500)390 1,502

19,222 17,636

- -- -

(2,438) (378)(2,438) (378)(7,211) 3

26,834 17,261

154 -- -

154 -

705 62- -

(396) (1)74 95

383 156

- -- -

(35) (3)(35) (3)

(150) 1352 154

11 -- -

11 -

123 11- -

(187) -111 -

47 11

- -- -

(5) -(5) -

(45) -8 11

12,250 -- -

12,250 -

20,729 11,735- -

(5,746) (170)(2,717) 82312,266 12,388

- -- -

(1,073) (160)(1,073) (160)(5,567) 22

17,876 12,250

43 -- -

43 -

935 49- -

(111) (5)232 -

1,056 44

- -- -

(33) (1)(33) (1)

(160) -906 43

892 -- -

892 -

1,058 900- -

(205) -(203) -650 900

- -- -

(69) (8)(69) (8)

(299) -1,174 892



2009 2008



2009 2008






238,265 34,266- -

238,265 34,266

273,570 192,841- -

(89,835) (18,895)26,296 30,434

210,031 204,380

- -- -

(3,653) (550)(3,653) (550)

(83,114) 169361,529 238,265



2009 2008


– 251 –







Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

17,590,847 3,063,20220,305,732 13,597,862

- -(7,590,152) (1,413,506)2,042,095 2,343,289

32,348,522 17,590,847

622,453 88,682726,203 565,329

- -(453,401) (117,995)214,702 86,437

1,109,957 622,453

881,767 66,0261,650,016 830,470

- -(556,858) (151,507)457,508 136,778

2,432,433 881,767

1,287,335 -2,314,439 1,218,906

- -(746,159) (17,924)(390,736) 86,353

2,464,879 1,287,335

4,328 -103,067 4,860

- -(13,867) (532)24,935 -

118,463 4,328

89,992 -106,275 90,000

- -(25,786) (8)(18,591) -

151,890 89,992






1,852,936 -2,772,242 1,749,491

- -(694,011) (53,410)

(17,896) 156,8553,913,271 1,852,936

15,919 -76,411 6,250

- -(50,642) (62)

7,030 9,73148,718 15,919

1,140 -12,743 1,144

- -(24,845) (4)12,091 -

1,129 1,140


2009 2008



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009


Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund ispredominantly invested in Canadian stocks and therefore sensitive to changes in general economicconditions in Canada.


Credit RiskThe Fund indirectly bears the credit risk exposure of the Underlying Fund. The Fund has no directcredit risk exposure.

The Underlying Fund was invested in debt securities, preferred securities and derivative instruments,as applicable, with the following credit ratings, as per table below:


Credit Rating (%)AAA/Aaa/A++ 10.8AA/Aa/A+ 0.1Total 10.9


Currency RiskThe table below summarizes the Fund's direct exposure to currency risk, net of derivativeinstruments, as applicable.




As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $2,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.

In addition to the direct currency risk exposure, the Fund indirectly bears the currency risk exposureof the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to currency risk, net of derivativeinstruments, as applicable.

as at March 31, 2009Derivatives Net Net

Exposure Currency AssetsCurrency (in $000’s) Exposure* (%)US Dollar (1,156,320) 102,094 1.5 British Pound (208,667) 22,643 0.3 Swiss Franc (59,188) 4,744 0.1 Australian Dollar (196,983) (1,226) (0.1)Taiwan Dollar (99,760) (99,760) (1.5)Total (1,720,918) 28,495 0.3


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Underlying Fund, with all other variables held constant, netassets of the Fund would have indirectly decreased or increased, respectively, by approximately$36,000. In practice, the actual trading results may differ from the sensitivity analysis and thedifference may be material.

Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. The Fund has nodirect interest rate risk exposure.

The table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.



As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $156,000. In practice, the actual results may differ. The difference maybe material.



1,534,084 181,594 - 112,242 1,827,920


Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2009


FUND (100.2%) 3,383,309 Signature Global Income & Growth Fund

(Class I) 26,595,320 19,724,694


Other Assets (net) (-0.2%) (29,631)

Total Net Assets (100.0%) 19,695,063

Portfolio Breakdown of Signature Global Income & Growth Fundas at March 31, 2009

Percentage of


U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47.6

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.8

U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0

Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.3

Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7

Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7

Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4


France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6

Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5

Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4

Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3

Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0


CIG - 2312


Signature Global Income & Growth Corporate ClassFinancial Statements






Net assets per share A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



19,725 26,13367 152

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

11 17- 101- -- -

19,803 26,403

- -33 42

4 5- -- -- -

43 53- -- -- -

28 41108 141

19,695 26,262

26,595 28,459- -

16,635 22,5101,338 1,724

705 1,133233 25022 3973 -

689 606

6.83 8.847.06 9.047.28 9.217.11 9.747.06 9.577.40 -6.59 9.35

2,435,835 2,547,646189,473 190,66696,717 123,11832,793 25,699

3,131 4,0649,814 -

104,615 64,796


2009 2008


2009 2008













A SharesNet assets, beginning of yearCapital transactions




F SharesNet assets, beginning of yearCapital transactions




I SharesNet assets, beginning of yearCapital transactions




- -5 12- -- -

882 296- -- -

887 308

439 34550 39

- -22 3824 22

535 444352 (136)

- -352 (136)

(1,738) (202)5 (2)- -

(352) 622

(4,544) (2,313)(6,629) (1,895)(6,277) (2,031)

(5,164) (1,811)(400) (118)(302) (89)

(90) (4)(9) (1)

(20) -(292) (8)

(2.04) (1.00)(2.04) (0.85)(2.10) (0.75)(2.63) (0.24)(2.14) (0.22)(2.13) -(2.49) (0.22)

22,510 2,428

4,336 20,049- -

(4,575) (2,847)(472) 4,691(711) 21,893

- -- -- -- -

(5,164) (1,811)16,635 22,510

1,724 116

565 1,926- -

(603) (561)52 36114 1,726

- -- -- -- -

(400) (118)1,338 1,724

1,133 -

870 1,583- -

(673) (590)(323) 229(126) 1,222

- -- -- -- -

(302) (89)705 1,133


2009 2008


2009 2008



AT5 SharesNet assets, beginning of yearCapital transactions




FT5 SharesNet assets, beginning of yearCapital transactions




IT5 SharesNet assets, beginning of yearCapital transactions




AT8 SharesNet assets, beginning of yearCapital transactions




Total FundNet assets, beginning of yearCapital transactions




606 -

782 639- -

(315) (10)(4) -

463 629

- -- -

(88) (15)(88) (15)

(292) (8)689 606

26,262 2,544

6,871 24,460- -

(6,356) (4,008)(694) 5,317(179) 25,769

- -- -

(111) (20)(111) (20)

(6,277) (2,031)19,695 26,262

250 -

218 222- -

(182) -53 3689 258

- -- -

(16) (4)(16) (4)(90) (4)

233 250

39 -

- 41- -

(6) -- -

(6) 41

- -- -

(2) (1)(2) (1)(9) (1)

22 39

- -

100 -- -

(2) -- -

98 -

- -- -

(5) -(5) -

(20) -73 -



2009 2008



2009 2008









Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

2,547,646 246,071557,859 2,132,114

- -(605,176) (313,523)

(64,494) 482,9842,435,835 2,547,646

190,666 11,62966,659 201,345

- -(74,051) (60,897)

6,199 38,589189,473 190,666

123,118 -102,833 160,492

- -(92,798) (61,251)(36,436) 23,87796,717 123,118

25,699 -25,353 21,992

- -(24,456) -

6,197 3,70732,793 25,699

4,064 -- 4,064- -

(933) -- -

3,131 4,064

- -10,000 -

- -(186) -

- -9,814 -

64,796 -87,552 65,868

- -(46,108) (1,037)

(1,625) (35)104,615 64,796




2.001.00



0.220.22

-0.220.22

-0.22


2009


Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund isinvested in foreign stocks and therefore sensitive to changes in general economic conditions acrossthe world, however some of the Underlying Fund's assets are invested in fixed income securitiesand their market risk exposure will be discussed in the following sections.





Credit Rating (%)AAA/Aaa/A++ 11.4AA/Aa/A+ 9.2A 4.4BBB/Baa/B++ 3.5BB/Ba/B+ 7.4B 8.7CCC/Caa/C++ 1.7Not Rated 2.6Total 48.9


Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. The Fund has no directcurrency risk exposure.



Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (26,831) 11,396 16.7 Japanese Yen - 2,980 4.4 British Pound (1,821) 1,239 1.8 Euro (2,666) 1,060 1.5 Hong Kong Dollar - 671 1.0 Australian Dollar (926) 481 0.7 Taiwan Dollar - 452 0.7 Swiss Franc (771) 162 0.2 Mexican Peso - 82 0.1 Brazilian Real - 10 0.1 Total (33,015) 18,533 27.2



Interest Rate RiskThe Fund indirectly bears the interest rate risk exposure of the Underlying Fund. The Fund has nointerest rate risk exposure.




As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $52,000. In practice, the actual results may differ. The differencemay be material.



13,723 3,734 5,868 11,410 34,735


Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FINANCIALS (23.7%) 286,400 Aberdeen Asset Management PLC 800,890 660,493

USD 579,000 Ace Cash Express Inc. 10.25% 10/01/2014 521,973 182,486 4,700 Allianz AG, Registered Shares 433,819 502,140

40,179 Allied Properties REIT 742,340 490,987 35,700 Altus Group Income Fund 625,740 235,620 11,238 American Capital Ltd. 447,456 26,352

167,000 American Express Canada 4.7% 05/20/2011 164,924 161,651 38,280 Artis REIT 555,704 239,633

254,241 AXA Asia Pacific Holdings Ltd.* 1,083,879 746,418 54,800 AXA Asia Pacific Holdings Ltd.,

Registers Shares 132,144 160,885 932,000 Bank of China Ltd. 293,320 389,614 204,000 Bank of Ireland 3.8% 09/22/2015 199,760 201,630 189,000 Bank of Montreal 4.96% 07/14/2011 188,970 198,968 268,000 Bank of Montreal 5.18% 06/10/2015 267,172 285,685 245,000 Bank of Montreal Capital Trust II,

Callable 10.221% 12/31/2107 245,000 271,928 18,800 Bank of New York Mellon Corp. 586,547 668,847 48,600 Bank of Nova Scotia†† 1,651,852 1,514,376

760,000 Bank of Nova Scotia 4.58% 02/15/2011††* 760,024 793,341 145,000 Bank of Nova Scotia 5.04% 04/08/2013†† * 143,055 155,131 141,000 Bank of Nova Scotia 6% 10/03/2018†† 140,958 148,593

5,200 BNP Paribas SA* 201,341 271,030 227,000 BNS Capital Trust 7.31% 12/31/2049 234,811 231,356 272,000 Boardwalk REIT, Callable 5.61% 01/23/2012 271,823 256,232

4,777 Boston Pizza Royalties Income Fund 68,120 41,082 34,119 Calloway REIT 794,532 340,849

156,000 Calloway REIT, Callable 4.51% 09/22/2010 153,314 150,836 480,000 Canada Housing Trust No.1 4.05% 03/15/2011 483,419 506,222 420,000 Canada Housing Trust No.1 4.6% 09/15/2011 427,485 451,664 485,000 Canada Housing Trust No.1 4.8% 06/15/2012 500,320 530,852 956,000 Canada Housing Trust No.1,

FRN Series 12 0.62429% 09/15/2010 960,847 954,824 240,000 Canada Life Capital Trust 6.679% 06/30/2012 226,590 230,042

28,150 Canadian Apartment Properties REIT 465,289 351,030 103,700 Canadian Imperial Bank of Commerce 6,377,567 4,754,645 560,000 Canadian Imperial Bank of Commerce

4.4% 03/07/2011 559,087 581,258 44,720 Canadian REIT 920,836 885,903

245,000 Canadian Revolving Auto Floorplan Trust 5.406% 11/15/2010 245,000 244,125

75,000 Canadian Western Bank 6.199% 12/31/2056 75,000 63,648 575,000 Canadian Western Bank 5.07% 03/22/2017 563,345 554,327 300,000 Canadian Western Bank 5.95% 06/27/2018 299,106 287,629

10,700 CI Financial Corp.† 283,282 148,409 400,000 CIT Group Holdings Inc. 4.72% 02/10/2011 375,250 286,992

45,679 Cominar REIT 859,420 614,839 158,000 Commerzbank AG FRN 4.5% 12/15/2016 153,552 156,373 142,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 140,964 128,891 USD 317,000 Couche-Tard Finance Corp.,

Callable 7.5% 12/15/2013 336,716 392,648

FINANCIALS (23.7%) (cont’d)378,000 Countrywide Financial Corp.

4.69% 06/01/2009 370,617 374,091 15,600 Davis & Henderson Income Fund 296,582 182,676

202,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 196,908 174,688

196,000 First Capital Realty Inc. 5.25% 03/30/2011 195,589 183,917 126,000 First Capital Realty Inc. 5.34% 04/01/2013 125,269 109,524 299,000 First Capital Realty Inc. 5.5% 09/30/2017 282,168 233,220 142,000 First Captial Realty Inc. 5.49% 12/01/2011 142,917 130,501 200,000 Golden Credit Card Trust 5.106% 04/15/2011 201,921 207,004

45,000 Great-West Life Capital Trust 5.995% 12/31/2052 41,450 41,506

74,000 Great-West Lifeco Inc.* 1,030,992 1,309,060 17,110 H&R REIT 339,167 130,036 44,700 Hartford Financial Services Group Inc. 1,097,339 441,810

USD 270,000 Hawker Beechcraft Corp. 8.5% 04/01/2015 84,620 86,799 329,000 HBOS Treasury Services PLC

0.72857% 09/29/2009 329,000 321,236 29,400 Hosted Data Transaction Solutions Inc. 23,091 6,468

211,000 HSBC Bank Canada 4.94% 03/16/2021 203,256 190,280 59,900 ING Canada Inc., Restricted Shares 1,497,500 2,152,806

250,000 Inter-American Development Bank 4.4% 01/26/2026 238,735 225,502

171,600 Intesa Sanpaolo SpA 950,347 587,022 USD 1,007,000 iStar Financial Inc., FRN 1.66% 09/15/2009 864,336 1,079,096 USD 2,970,000 JP Morgan Chase & Co. 7.9% 04/29/2049 2,769,876 2,406,224

110,000 Kaupthing Bank 4.7% 02/15/2010^ 109,890 5,500 117,000 Kimco North Trust III 5.18% 08/16/2013 113,334 89,611

USD 199,000 Lender Processing Services Inc. 8.125% 07/01/2016 207,180 248,998

84,200 Lincoln National Corp. 2,959,729 710,150 20,500 Livingston International Income Fund 403,645 80,155

209,000 Manulife Financial Capital Trust 6.7% 06/30/2012* 224,608 195,664

50,900 Manulife Financial Corp. 815,153 721,253 20,041 Manulife Financial Corp.,

Restricted Shares (12Apr09) 380,779 283,981 288,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 267,062 272,045 202,000 Merrill Lynch Canada Finance Co.

5.8% 05/05/2011 201,972 196,786 180,000 Morgan Stanley FRN 1.10571% 02/23/2012 179,681 141,205

45,400 National Australia Bank Ltd. 977,241 799,730 12,600 National Bank of Canada 589,872 507,276 79,000 National Bank of Canada 4.456% 11/02/2016 78,226 77,644

120,000 NBC Asset Trust Capital 7.235% 06/30/2049 120,203 102,820 600 Nomura TOPIX Exchange-Traded Fund 7,874 6,092

267,000 Nordea Bank AB 3.95% 08/05/2015 260,663 264,354 USD 476,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 424,653 342,053 14,600 PNC Financial Services Group Inc. 637,239 536,541 60,300 Power Corp. of Canada 1,349,300 1,184,895 10,900 Primaris Retail REIT 166,370 98,972

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

CIG - 2309





FINANCIALS (23.7%) (cont’d)117,000 Principal Financial Group Inc. 1,988,140 1,203,616

90,700 Prudential PLC 479,533 552,869 560,000 RBC Capital Trust 7.288% 12/31/2049 577,918 568,232 209,000 RBC Capital Trust, Callable 5.812% 12/29/2049 213,394 197,829 343,000 RioCan REIT 4.7% 06/15/2012 334,223 315,083

14,640 RioCan REIT* 301,110 182,122 148,800 Royal Bank of Canada 6,127,216 5,434,176 557,000 Royal Bank of Canada 5.06% 07/17/2013 557,314 598,329 140,000 Royal Bank of Canada 5.13% 09/27/2010 140,286 147,091 229,000 Royal Bank of Canada 5.2% 08/15/2012 233,661 245,825

1,995,000 Royal Bank of Canada FRN 1.04643% 09/27/2010 1,995,000 1,978,900

289,000 Royal Bank of Scotland 4.25% 03/30/2015†† 284,346 257,924 596,000 Royal Bank of Scotland 5.37% 05/12/2049†† 538,618 204,130 149,772 Royal Office Finance LP 5.209% 11/12/2032 149,770 146,956 175,000 Scotiabank Capital Trust 6.626% 06/30/2052††* 172,207 173,526 212,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 221,056 204,425

3,880 Simon Property Group Inc. 151,491 168,806 USD 1,195,000 SLM Corp. 4.5% 07/26/2010 1,324,127 1,129,903

320,000 SLM Corp. 4.625% 06/15/2011 275,000 198,442 USD 410,000 SLM Corp. 5.125% 08/27/2012 315,553 278,519

47,100 Sun Life Financial Inc. 876,573 1,057,866 115,000 Sun Life Financial Inc. 7.9% 03/31/2019 114,846 116,755 200,000 TD Capital Trust 6.792% 12/31/2049 199,390 199,370 350,000 TD Capital Trust 7.243% 12/31/2018 355,571 324,586

1,913,000 TD Capital Trust 9.523% 06/30/2049 1,913,000 2,084,443 98,200 Toronto-Dominion Bank 5,120,806 4,267,772

162,000 Toronto-Dominion Bank 4.854% 02/13/2013 161,852 172,736 270,000 Toronto-Dominion Bank 4.97% 10/30/2104 260,747 230,639 322,000 Toronto-Dominion Bank 5.141% 11/19/2012 322,175 346,041

2,056 Unibail* 456,828 366,455 USD 260,000 Wells Fargo & Co. 7.98% 02/28/2049 194,327 154,058 USD 3,230,000 Wells Fargo Capital 7.7% 12/29/2049 2,812,948 1,939,604

163,000 YPG Holdings Inc. 5.25% 02/15/2016 155,065 132,460 77,042,988 64,469,163

MATERIALS (12.5%) 17,800 Agrium Inc. 841,277 804,916 13,000 Alcon Inc. 1,406,812 1,487,639 70,300 Barrick Gold Corp. 2,686,584 2,868,240

USD 240,000 Berry Plastics Co. 5.84438% 02/15/2015 226,517 219,362 35,000 BHP Billiton PLC 872,221 876,804 29,000 Bowater Inc. 10.85% 11/30/2014 31,356 5,993 47,000 Cameco Corp. 1,522,932 1,012,380

USD 748,000 Cascades Inc. 7.25% 02/15/2013 698,680 525,725 13,100 CF Industries Holdings Inc. 951,809 1,170,761

USD 608,000 Clondalkin FRN 3.32% 12/15/2013 594,745 480,982 12,600 Crown Holdings Inc. 331,988 360,427

USD 967,000 Domtar Inc. 7.875% 10/15/2011 1,044,946 987,469 USD 888,500 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,039,037 940,911 USD 446,000 FMG Finance Pty. Ltd. 10% 09/01/2013 525,671 477,931 USD 261,000 FMG Finance Pty. Ltd. 5.26125% 09/01/2011 284,325 279,686 USD 1,464,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 1,573,871 1,767,224 USD 717,000 Gerdau Ameristeel Corp. 10.375% 07/15/2011 849,651 905,052

MATERIALS (12.5%) (cont’d)41,600 Goldcorp Inc. 1,628,381 1,751,360

USD 500,000 Huntsman International LLC 7.875% 11/15/2014 561,832 258,444

59,354 ICL-Israel Chemicals Ltd. 543,260 606,634 USD 266,000 Innophos Inc. 8.875% 08/15/2014 297,666 274,984 USD 477,000 James River Coal Co. 9.375% 06/01/2012 493,132 402,907

5,800 Labrador Iron Ore Royalty Income Fund 191,734 158,108 USD 442,725 Metals USA Holdings Corp.,

FRN 7.2075% 07/01/2012 399,057 131,164 42,000 Noranda Operating Trust 6.529% 12/20/2010 43,350 42,349

USD 127,000 NOVA Chemicals Corp. 7.4% 04/01/2009 127,807 160,109 USD 199,000 Nova Chemicals Ltd. 6.5% 01/15/2012 206,301 218,265

395,800 Paladin Resources Ltd.* 1,796,080 1,199,274 10,200 Potash Corp. of Saskatchewan Inc. 1,178,568 1,039,890 51,700 Quadra Mining Ltd. 240,405 307,098

USD 478,000 Rathgibson Inc. 11.25% 02/15/2014 539,204 126,549 460,000 Sherritt International Corp. 7.875% 11/26/2012 472,782 342,700

1,558,000 Sherritt International Corp. 8.25% 10/24/2014 1,558,000 1,082,810 79,800 SPDR Gold Trust 8,740,487 9,080,506

USD 584,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 442,832 498,809

USD 57,000 Teck Cominco Ltd. 5.375% 10/01/2015 33,527 38,086 USD 350,000 Teck Cominco Ltd. 6.125% 10/01/2035 207,379 218,791 USD 375,000 Teck Cominco Ltd. 7% 09/15/2012 263,078 314,387 AUD 473,000 Western Areas 8% 07/02/2012 370,913 329,549

35,818,197 33,754,275ENERGY (11.0%)

115,899 Alliance Pipeline LP 7.181% 06/30/2023 138,432 124,861 57,812 Alliance Pipeline LP 7.217% 12/31/2025 66,154 62,997 8,100 AltaGas Income Trust 209,436 115,425

205,000 AltaGas Income Trust 5.07% 01/19/2012 204,123 197,110 17,600 Amerada Hess Corp. 1,094,723 1,201,720 33,300 ARC Energy Trust 825,534 471,195

2,360,000 Athabasca Oil Sands Corp. 13% 07/30/2011^ 2,365,033 1,994,200 23,300 Bonavista Energy Trust 765,704 352,995 46,800 Canadian Natural Resources Ltd. 2,544,359 2,292,732

184,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 182,268 177,783

20,500 Canadian Oil Sands Trust 693,708 492,820 USD 895,000 Chesapeake Energy Corp. 9.5% 02/15/2015 1,062,695 1,097,298 USD 987,000 Connacher Oil and Gas Ltd. 10.25% 12/15/2015 987,709 391,958 USD 741,167 Corral Finans AB 2.59438% 04/15/2010 761,073 429,819

17,000 Crescent Point Energy Trust 387,917 448,120 10,800 Devon Energy Corp.* 638,549 606,982

USD 61,000 El Paso Corp. 8.25% 02/15/2016 71,794 71,904 142,000 Enbridge Pipelines Inc. 4.46% 12/17/2012 141,107 145,314 225,000 Enbridge Pipelines Inc. 6.62% 11/19/2018 224,903 245,860 168,000 EnCana Corp. 5.8% 01/18/2018 167,560 165,115

16,000 Enerplus Resources Fund 795,890 332,800 USD 200,000 Forest Oil Corp. 8.5% 02/15/2014 236,515 233,860

24,600 Imperial Oil Ltd. 1,052,488 1,126,680 102,500 Inter Pipeline Fund LP 995,041 758,500

2,600 Keyera Facilities Income Fund 51,785 40,300 34,790 Nexen Inc. 995,277 743,462

208,000 Nova Gas Transmission 8.9% 05/27/2025 275,952 224,401

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





ENERGY (11.0%) (cont’d)17,300 Occidental Petroleum Corp., Preferred Rights 1,193,266 1,213,297

USD 1,321,000 OPTI Canada Inc., Callable 8.25% 12/15/2014 1,373,112 745,260 30,200 Pembina Pipeline Income Fund 518,346 422,196 51,700 Petro-Canada 1,539,369 1,738,154

USD 440,000 PetroQuest Energy Inc. 10.375% 05/15/2012 483,549 341,145 22,087 Progress Energy Resources Corp. 376,794 206,513

USD 1,642,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,556,787 1,386,947 34,700 Spectra Energy Corp. 785,775 617,698 70,760 Suncor Energy Inc. 2,495,030 1,984,818

135,000 Suncor Energy Inc. 5.8% 05/22/2018 116,215 124,797 178,500 Talisman Energy Inc. 2,950,268 2,366,910

USD 541,000 Targa Resources Inc. 8.5% 11/01/2013 584,609 422,864 175,000 Terasen Gas Vancouver Island Inc.

6.05% 02/15/2038 174,879 161,945 142,000 TransCanada Pipelines Ltd. 5.65% 01/15/2014 148,623 151,511

USD 303,000 Transmeridian Exploration Inc. 12% 12/15/2010 292,380 19,100

15,700 Transocean Ltd. 1,065,134 1,163,036 32,653 Vermilion Energy Trust 1,109,522 878,366 44,700 Weatherford International Ltd. (Switzerland) 707,595 623,831 20,500 XTO Energy Inc. 893,438 789,803

36,300,420 29,904,402INDUSTRIALS (7.6%)

212,000 Aeroports De Montreal 5.67% 10/16/2037 210,962 180,800 13,600 Alliant Techsystems Inc. 1,351,910 1,148,407

164,000 Altalink Investments L.P. 5.019% 11/21/2012 165,925 165,496 291,000 Altalink L.P. 5.249% 09/22/2036 284,313 239,944

USD 282,000 American Railcar Industries Inc. 7.5% 03/01/2014 328,058 247,085

8,900 Atlantia SpA 275,864 168,886 124,628 BAE Systems PLC 1,024,490 752,353

16,660 BFI Canada Ltd. 437,448 154,771 31,000 Canadian Pacific Railway Ltd. 1,175,258 1,160,330 27,900 Emerson Electric Co., Preferred Rights 1,034,743 1,004,556 54,300 Finning International Inc. 1,206,569 679,836

204,000 Finning International Inc. 5.16% 09/03/2013 203,982 198,284 USD 488,000 Flextronics International Ltd. 6.5% 05/15/2013 505,760 547,547

174,000 FortisAlberta Inc. 5.33% 10/31/2014 182,551 182,195 12,100 FTI Consulting Inc. 671,716 753,113

137,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 156,585 136,870

272,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 273,108 265,445 USD 824,000 Hovnanian Enterprise Inc. 11.5% 05/01/2013 872,299 723,276

583,000 Iron Mountain Inc. 7.5% 03/15/2017 568,914 513,040 USD 1,169,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,182,889 1,097,950 USD 76,000 Kansas City Southern 12.5% 04/01/2016 88,451 90,534 USD 80,000 Kansas City Southern de Mexico

8% 06/01/2015 79,464 83,458 USD 654,000 Kansas City Southern de Mexico

9.375% 05/01/2012 683,946 750,293 600,390 Macquarie Airports 1,705,879 952,365 346,600 Macquarie Infrastructure Group 752,216 443,479 347,000 NAV Canada 4.428% 02/24/2011 346,143 357,552

USD 458,000 NXP BV/NXP Funding LLC 7.875% 10/15/2014 503,924 134,246 31,100 Raytheon Co. 1,788,184 1,523,614 15,685 Resolve Business Outsourcing Income Fund 131,287 24,939

USD 312,000 Sotheby's Holdings Inc. 7.75% 06/15/2015 315,042 287,137

INDUSTRIALS (7.6%) (cont’d)403,743 Strait Crossing Development Inc.

6.17% 09/15/2031 398,977 363,942 USD 710,000 Texas Competitive Electric Holdings Co. LLC

10.25% 11/01/2015 683,198 447,549 33,300 Union Pacific Corp. 1,791,889 1,722,913

USD 1,000,000 United Rentals North America Inc. 6.5% 02/15/2012 1,059,917 1,008,560

USD 821,989 US Oncology Holdings Inc. 6.90375% 03/15/2012 813,374 621,769

16,400 WW Grainger Inc. 1,372,774 1,448,938 24,628,009 20,581,472

GOVERNMENT BONDS (6.0%) 636,000 55 Ontario School Board Trust 5.9% 06/02/2033 704,927 661,395 420,000 Austria Government International Bond

5.375% 12/01/2034 454,816 421,075 970,000 Canadian Government Bond

3% 06/01/2014* 1,024,421 1,029,762 555,000 Canadian Government Bond

3.75% 06/01/2009* 554,393 558,064 700,000 Canadian Government Bond

3.75% 06/01/2012* 730,750 751,863 20,000 Canadian Government Bond

3.75% 09/01/2011* 20,822 21,220 480,000 Canadian Government Bond 4% 06/01/2016* 511,688 536,568 305,000 Canadian Government Bond 4% 09/01/2010* 318,660 318,838 472,000 Canadian Government Bond 4.5% 06/01/2015* 511,779 541,294 430,000 Canadian Government Bond 5% 06/01/2014* 465,112 498,723 105,000 Canadian Government Bond 5.75% 06/01/2029* 127,247 136,563 25,000 Canadian Government Bond 5.75% 06/01/2033 32,888 33,451

626,000 Canadian Government Bond, Series XW98 5% 06/01/2037* 714,273 785,142

742,000 Canadian Government Bond, Series YF56 4% 06/01/2017* 788,403 827,738

30,000 Canadian Government Bond, Series YL25 4.25% 06/01/2018* 33,528 33,933

1,895,000 Canadian Government Bond, Series YN80 3.5% 06/01/2013* 1,960,167 2,039,001

200,000 Canadian Government Bond, Series YR94 3.75% 06/01/2019* 207,266 217,030

284,000 City of Montreal 6% 06/01/2043 320,974 294,988 451,000 City of Toronto 5.05% 07/18/2017 450,638 464,954 400,000 Eurofima 5.15% 12/13/2019 420,318 422,956 138,000 Municipal Finance Authority of

British Columbia 8.75% 05/12/2013 169,877 169,246 300,000 Province of British Columbia 4.7% 06/18/2037 295,584 295,050 250,000 Province of Ontario 4.2% 03/08/2018* 246,858 252,318

1,374,000 Province of Ontario 4.3% 03/08/2017 1,347,983 1,416,938 423,000 Province of Ontario 4.4% 03/08/2016 419,849 446,257 350,000 Province of Ontario 4.75% 06/02/2013* 365,019 379,918 937,000 Province of Quebec 4.5% 12/01/2016 934,335 974,799 398,000 Province of Quebec 5% 12/01/2038* 403,872 394,987 402,000 Province of Quebec 5.75% 12/01/2036 433,348 438,132 142,000 Queen's University 6.1% 11/19/2032 160,110 152,670

69,000 University of British Columbia 6.65% 12/01/2031 84,166 80,100

562,000 York University 6.48% 03/07/2042 687,495 656,169 15,901,566 16,251,142






CONSUMER STAPLES (5.5%) 12,900 Alimentation Couche-Tard Inc., Class B 273,304 169,377

USD 690,000 Alliance One International Inc. 11% 05/15/2012 719,968 808,991 15,010 British American Tobacco PLC 565,763 437,925

USD 233,000 Constellation Brands Inc. 7.25% 05/15/2017 247,526 279,056 USD 234,000 Constellation Brands Inc. 8.125% 01/15/2012 234,499 295,004 USD 88,000 Constellation Brands Inc.,

Senior Notes 7.25% 09/01/2016 90,158 105,395 49,181 CVS Corp. 1,754,401 1,700,728 46,212 Diageo PLC 846,003 656,995 17,690 Fomento Economico Mexicano SA de CV, ADR 624,182 562,228

9,710 Groupe Danone* 823,825 596,111 65,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 44,036 48,168 60,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 41,346 44,818

200,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 205,901 208,622 120,000 Metro Inc. 5.97% 10/15/2035 96,922 87,545 319,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 311,940 307,691 39,100 Nestle SA, Registered Shares 1,649,144 1,666,502 23,886 Phillip Morris International Inc. 1,207,437 1,069,617 22,045 Procter & Gamble Co. 1,534,079 1,306,508 34,658 Saputo Inc. 804,827 719,847 21,346 Shoppers Drug Mart Corp. 1,034,347 925,136

USD 706,000 The Mosaic Co. 7.375% 12/01/2014 797,990 872,253 40,800 Unilever NV* 1,256,661 1,012,705

150,000 Viterra Inc. 8% 04/08/2013 151,758 156,044 556,000 Viterra Inc. 8.5% 08/01/2017 554,270 575,188 84,200 Wal-Mart de Mexico SA de CV* 280,627 247,811


46,600 AT&T Inc. 1,312,606 1,476,353 56,700 BCE Inc. 1,983,013 1,415,232 25,400 Bell Aliant Regional Communications

Income Fund 685,192 612,140 211,000 Bell Aliant Regional Communications LP

5.41% 09/26/2016 212,434 191,314 92,000 Bell Canada 5% 02/15/2017 82,401 84,343

274,000 France Telecom SA 4.95% 06/23/2011 273,416 275,110 USD 1,326,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 1,544,725 1,621,538

56,818 Manitoba Telecom Services Inc.* 2,275,064 1,815,903 USD 433,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 441,752 529,507

190,000 Northwest Connect Group 5.95% 04/30/2041 191,248 203,024 USD 1,002,000 Qwest Capital Funding Inc. 7.25% 02/15/2011 1,011,121 1,206,377

358,000 Rogers Wireless Inc. 7.625% 12/15/2011 383,892 377,840 USD 522,000 Rogers Wireless Inc. 8% 12/15/2012 599,026 663,844

79,400 TELUS Corp., Non-Voting Shares 3,088,843 2,620,994 14,084,733 13,093,519

INFORMATION TECHNOLOGY (4.7%) USD 397,000 Agilent Technologies Inc. 6.5% 11/01/2017 363,374 410,123 USD 1,039,000 CEVA Group PLC 10% 09/01/2014 1,059,820 501,024

25,800 Cisco Systems Inc. 747,384 544,161 39,700 Corning Inc. 566,837 662,659 42,500 EMC Corp. 575,264 609,738

USD 542,000 First Data Corp. 9.875% 09/24/2015 491,934 399,730 1,900 Google Inc., Class A 755,993 833,240

INFORMATION TECHNOLOGY (4.7%) (cont’d)USD 880,000 Hughes Network Systems LLC 9.5% 04/15/2014 948,419 992,927

10,700 Informatica Corp. 170,234 178,736 72,400 Intel Corp. 1,506,030 1,371,859 23,000 Microsoft Corp. 545,729 530,919 51,900 Nokia OYJ, Class A, ADR 1,299,090 763,572

USD 1,750,000 Nortel Networks Corp. 10.75% 07/15/2016 1,724,168 419,183

46,100 NVIDIA Corp. 538,821 571,303 12,200 Research In Motion Ltd. (USD) 843,220 661,056 41,900 SanDisk Corp. 557,245 666,631

140,000 Thomson Reuters Corp. 5.25% 07/15/2011 138,718 143,305 189,000 Thomson Reuters Corp. 5.7% 07/15/2015 188,708 193,734 130,000 Thomson Reuters Corp. 6% 03/31/2016 129,692 132,959

75,300 Thomson Reuters PLC 2,102,450 2,117,923 15,253,130 12,704,782

HEALTH CARE (4.0%) USD 605,000 Axcan Intermediate Holdings Inc.

9.25% 03/01/2015 619,933 737,935 21,200 Beckman Coulter Inc. 1,286,817 1,363,336

USD 647,000 Biomet Inc. 10% 10/15/2017 654,687 807,516 USD 201,000 Boston Scientific Corp. 6.25% 11/15/2015 190,755 233,129 USD 577,000 Boston Scientific Corp.,

Senior Notes 6.4% 06/15/2016 550,790 680,141 13,400 CML Healthcare Income Fund 197,448 175,540 49,600 Eli Lilly and Co., Rights 2,273,509 2,085,400

USD 933,000 HCA Inc. 9.125% 11/15/2014 1,041,009 1,117,422 34,900 Johnson & Johnson 2,447,524 2,312,998

110,200 Patheon Inc.* 575,306 266,684 USD 431,679 Skilled Healthcare Group Inc.

11% 01/15/2014 490,673 542,857 USD 599,000 United Surgical Partners International Inc.

8.875% 05/01/2017 585,189 585,249 10,913,640 10,908,207

CONSUMER DISCRETIONARY (3.9%) USD 165,500 Allison Transmission Inc. 11% 11/01/2015 156,485 99,107 USD 565,000 Baker & Taylor Inc. 11.5% 07/01/2013 598,124 170,951

183,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 184,450 186,812 USD 258,000 CanWest MediaWorks Inc. 8% 09/15/2012 262,135 63,426 USD 150,000 CSC Holdings Inc. 8.5% 04/15/2014 175,343 186,268 USD 173,000 DIRECTV Group Inc. 7.625% 05/15/2016 174,184 213,739 USD 554,000 Dollarama Group LP 8.875% 08/15/2012 575,727 597,156 USD 659,000 Dollarama Group LP FRN 8.5725% 08/15/2012 691,273 373,861 USD 444,000 Foot Locker Inc. 8.5% 01/15/2022 475,583 450,599 USD 534,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 578,012 484,714 53,200 Groupo Televisa SA, GDR 952,886 914,825

USD 513,000 H&E Equipment Services Inc. 8.375% 07/15/2016 558,298 407,446

USD 586,000 Host Hotels & Resorts Inc. 2.625% 04/15/2027 532,419 513,445

128,500 Li & Fung Ltd. 445,792 379,581 USD 1,240,000 MGM Mirage Inc. 5.875% 02/27/2014 1,100,330 547,144 USD 443,000 MGM Mirage Inc. 7.5% 06/01/2016 445,357 195,472 USD 366,000 MGM Mirage Inc. 8.5% 09/15/2010 399,377 189,181 USD 679,000 Mohegan Tribal Gaming 6.125% 02/15/2013 615,051 368,087






CONSUMER DISCRETIONARY (3.9%) (cont’d)USD 668,000 Neiman Marcus Group Inc.

10.375% 10/15/2015 794,756 269,487 USD 272,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 337,578 346,158

27,900 Rogers Communications Inc., Class B 923,017 810,495 111,000 RONA Inc. 5.4% 10/20/2016 107,538 84,647

26,895 RONA Inc.* 527,029 317,092 USD 80,000 Scientific Games Corp. 6.25% 12/15/2012 73,982 88,249 USD 777,000 Scientific Games Corp. 7.875% 06/15/2016 783,191 847,323

245,000 Shaw Communications Inc. 6.5% 06/02/2014 244,744 248,685 109,000 Shaw Communications Inc. 7.5% 11/20/2013 116,351 115,363 104,740 Tesco PLC 796,408 631,441

11,600 Universo Online SA 83,372 40,967 USD 389,000 Wynn Las Vegas LLC 6.625% 12/01/2014 361,369 370,261

14,070,161 10,511,982UTILITIES (2.8%)

USD 1,012,000 AES Corp. 8.75% 05/15/2013 1,055,169 1,256,691 361,000 Brookfield Renewable Power Inc.

4.65% 12/16/2009 362,805 360,246 122,000 Brookfield Renewable Power Inc.

5.84% 11/05/2036 104,445 66,907 111,000 Canadian Hydro Developers Inc. 601,097 261,960 310,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 300,032 291,930 100,000 Canadian Utilities Ltd. 10.2% 11/30/2009 121,463 105,114 295,000 Hamilton Utilities Corp. 6.25% 07/30/2012 320,745 307,499 323,000 Hydro One Inc. 4.64% 03/03/2016 319,368 334,728

USD 980,000 Intergen NV 9% 06/30/2017 1,047,472 1,118,115 18,400 Northland Power Income Fund 248,113 184,368

279,000 Reliance LP 7.3% 04/03/2013 279,152 286,502 10,000 Sempra Energy 636,408 582,443

180,000 Terasen Gas Inc. 5.8% 05/13/2038 179,417 163,523 297,000 Terasen Gas Inc. 6.5% 05/01/2034 328,298 292,195 62,400 TransAlta Corp. 2,052,587 1,151,280

150,000 Union Gas Ltd. 5.35% 04/27/2018 149,805 150,876 100,000 Union Gas Ltd. 6.05% 09/02/2038 99,808 92,318 500,000 Union Gas Ltd. 7.2% 06/01/2010 538,025 522,990

8,744,209 7,529,685 PRIVATE PLACEMENTS (1.0%)

USD 506,345 Aramark Corp., Term Loan, Private Placement 7.47% 01/27/2014^ 598,669 555,364

443,250 Bragg Communication Inc., Loan, Private Placement 7.53% 08/31/2014^ 443,250 402,249

USD 579,000 CCS Inc., Private Placement 11% 11/15/2015^ 525,522 394,171

USD 628,800 Clarketerm, Private Placement 7.84% 06/30/2014^ 717,341 471,673

USD 399,000 Dow Jones CDX HY, Private Placement 6.75% 06/29/2012^ 416,736 407,446

USD 205,685 Great Canadian Gaming Corp., Private Placement 4.30375% 02/12/2014^ 216,351 226,893

USD 139,813 HealthSouth Corp., Private Placement 8.15% 03/10/2013^ 164,315 154,890

3,082,184 2,612,686

ASSET BACKED (0.1%) 100,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 92,129 78,140 300,000 CCIC 2006-WEM MBS 4.934% 01/15/2022 285,220 281,604

377,349 359,744 WARRANTS (0.1%)

13,500 Hosted Data Transaction Solutions Inc., Purchase Warrants (03Aug09) - 1,600



Short Term Notes (10.3%) 28,000,000 28,000,000





Total Net Assets (100.0%) 271,073,564









5 UBS Warburg NY A-1 16-Apr-09 (2,502,500) Australian $ 2,007,509 Canadian $ (182,615)3 UBS Warburg NY A-1 16-Apr-09 (3,020,000) British Pound 5,967,245 Canadian $ 504,808 6 UBS Warburg NY A-1 16-Apr-09 (1,622,174) Canadian $ 889,000 British Pound (14,192)6 Morgan Stanley A-1 16-Apr-09 (4,122,621) Canadian $ 2,559,000 Euro 162,891 1 UBS Warburg NY A-1 16-Apr-09 (4,260,259) Canadian $ 3,445,000 US $ 82,632 1 UBS Warburg NY A-1 16-Apr-09 (4,733) Canadian $ 3,000 Euro 291 1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (530,904) Canadian $ 326,000 Euro 15,042 2 State Street Trust Co. of Canada A-1 16-Apr-09 (6,540,914) Canadian $ 5,156,000 US $ (41,075)1 UBS Warburg NY A-1 16-Apr-09 (3,000) Euro 4,941 Canadian $ (83)3 Morgan Stanley A-1 16-Apr-09 (3,135,000) Euro 5,026,489 Canadian $ (223,640)2 Bank of Nova Scotia†† A-1+ 16-Apr-09 (842,000) Euro 1,326,917 Canadian $ (83,166)3 UBS Warburg NY A-1 16-Apr-09 (1,246,000) Swiss Franc 1,284,601 Canadian $ (95,923)3 UBS Warburg NY A-1 16-Apr-09 (12,397,000) US $ 15,589,868 Canadian $ (38,237)2 State Street Trust Co. of Canada A-1 16-Apr-09 (14,857,000) US $ 18,594,909 Canadian $ (134,360)3 Bank of Nova Scotia†† A-1+ 16-Apr-09 (15,282,000) US $ 19,185,626 Canadian $ (79,414)3 Morgan Stanley A-1 16-Apr-09 (17,192,000) US $ 21,586,683 Canadian $ (86,172)3 Royal Bank of Canada A-1+ 16-Apr-09 (6,804,000) US $ 8,530,569 Canadian $ (46,798)



Signature Income & Growth Corporate ClassFinancial Statements










237,543 264,6421,240 18,030

28,000 31,000- -

575 -- -

766 -- -- -

445 1,4992,249 107

- -2,741 2,076

273,559 317,354

- -- -- 1

1,026 998- -

588 212747 272

- -- -- -

124 2352,485 1,718

271,074 315,636

272,216 274,016- -

224,323 274,4769,915 12,852

16,761 13,8226,854 5,444

620 222604 1,211

11,801 7,390196 114

- 105

10.03 12.6010.07 12.51

9.31 11.427.08 9.417.59 9.967.48 9.716.75 9.277.10 9.65

- 9.35

22,365,054 21,788,492984,942 1,027,341

1,800,880 1,210,073967,508 578,376

81,686 22,24580,754 124,782

1,749,074 797,22427,629 11,764

- 11,188


2009 2008


2009 2008

























4,505 3,24110,432 8,341

82 53160 5

- -- -

(356) (158)14,823 11,482

5,655 5,260579 537

1 592 131

311 3316,638 6,2648,185 5,218

(13) -8,172 5,218

(53,892) 8,230(82) (481)

(519) (434)- -

(24,561) (20,579)(79,054) (13,264)(70,882) (8,046)

(59,201) (7,635)(2,941) (243)(3,264) (119)(2,117) (21)

(47) 2(158) -

(3,017) (27)(97) -(40) (3)

(2.64) (0.39)(2.64) (0.26)(2.21) (0.11)(2.34) (0.08)(1.22) 0.08(1.71) 0.01(2.10) (0.06)(3.31) 0.03(2.26) (0.25)

274,476 206,469- (136)

274,476 206,333

86,247 114,897- -

(68,361) (44,969)(8,838) 5,8509,048 75,778

- -- -- -- -

(59,201) (7,635)224,323 274,476

12,852 9,617- (6)

12,852 9,611

4,481 5,942- -

(4,709) (2,581)232 123

4 3,484

- -- -- -- -

(2,941) (243)9,915 12,852

13,822 6,684- (4)

13,822 6,680

9,634 11,352- -

(6,162) (4,402)2,731 3116,203 7,261

- -- -- -- -

(3,264) (119)16,761 13,822


2009 2008


2009 2008



























7,390 -- -

7,390 -

10,837 6,699- -

(2,061) (185)(305) 1,079

8,471 7,593

- -- -

(1,043) (176)(1,043) (176)(3,017) (27)

11,801 7,390

114 -- -

114 -

364 118- -

(166) -2 -

200 118

- -- -

(21) (4)(21) (4)(97) -

196 114

105 -- -

105 -

122 113- -

(195) (1)16 -

(57) 112

- -- -

(8) (4)(8) (4)

(40) (3)- 105

5,444 -- -

5,444 -

6,299 5,078- -

(2,717) (31)368 491

3,950 5,538

- -- -

(423) (73)(423) (73)

(2,117) (21)6,854 5,444

222 -- -

222 -

463 50- -

(146) -147 172464 222

- -- -

(19) (2)(19) (2)(47) 2

620 222

1,211 -- -

1,211 -

322 1,225- -

(205) (1)(522) -(405) 1,224

- -- -

(44) (13)(44) (13)

(158) -604 1,211



2009 2008



2009 2008






315,636 222,770- (146)

315,636 222,624

118,769 145,474- -

(84,722) (52,170)(6,169) 8,026

27,878 101,330

- -- -

(1,558) (272)(1,558) (272)

(70,882) (8,046)271,074 315,636



2009 2008









Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

21,788,492 15,981,2457,589,757 8,896,246

- -(6,237,493) (3,518,773)

(775,702) 429,77422,365,054 21,788,492

1,027,341 757,155387,982 463,810

- -(437,540) (204,564)

7,159 10,940984,942 1,027,341

1,210,073 583,895939,263 975,947

- -(614,141) (379,295)265,685 29,526

1,800,880 1,210,073

578,376 -714,714 529,829

- -(352,741) (3,347)

27,159 51,894967,508 578,376

22,245 -56,418 5,076

- -(17,169) -20,192 17,16981,686 22,245

124,782 -32,756 124,903

- -(25,681) (121)(51,103) -80,754 124,782





797,224 -1,275,242 705,380

- -(270,029) (19,512)

(53,363) 111,3561,749,074 797,224

11,764 -38,421 11,799

- -(22,533) (35)

(23) -27,629 11,764

11,188 -13,119 11,269

- -(25,929) (81)

1,622 -- 11,188


2009 2008












2009 2008


14,449 21,22715,399 22,560

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


510 30838 30


2009 2008

10.03 12.600.01 0.01

10.04 12.61

10.07 12.510.01 0.01

10.08 12.52

9.31 11.420.01 0.019.32 11.43

7.08 9.410.01 0.017.09 9.42

7.59 9.960.01 0.017.60 9.97

7.48 9.710.01 0.017.49 9.72

6.75 9.270.01 0.016.76 9.28

7.10 9.650.01 0.017.11 9.66

- 9.35- 0.01- 9.36




2.001.00




0.200.20

-0.200.20

-0.200.20

-


2009


Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Other Price RiskThe Fund is invested in Canadian and foreign stocks and therefore sensitive to changes in generaleconomic conditions in Canada and across the world, however some of the Fund's assets areinvested in fixed income securities and their market risk exposure will be discussed in the followingsections.




Credit Rating (%)AAA/Aaa/A++ 8.6 AA/Aa/A+ 4.1 A 6.1 BBB/Baa/B++ 6.3 BB/Ba/B+ 7.4 B 6.2 CCC/Caa/C++ 1.7 Not Rated 9.4 Total 49.8




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (73,034) 35,979 13.3 British Pound (3,855) 2,860 1.1 Euro (1,829) 1,675 0.6 Australian Dollar (2,193) 1,264 0.5 Hong Kong Dollar - 769 0.3 Israeli Shekel - 607 0.2 Swiss Franc (1,380) 287 0.1 Mexican Peso - 248 0.1 Brazilian Real - 41 0.1 Japanese Yen - 6 0.1 Total (82,291) 43,736 16.4









32,203 20,320 22,322 60,267 135,112


CI Global Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2009


FUNDS (99.7%) 1,389,852 CI Global Bond Fund (Class F) 10,736,316 11,772,050

524,074 CI Global Bond Fund (Class F) (USD) 3,839,769 4,439,906



Total Net Assets (100.0%) $16,261,253

Portfolio Breakdown of CI Global Bond Fund as at March 31, 2009

Percentage of


France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.5

U.S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.9


Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.2

Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.8

Brazil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.9

U.K. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4

Israel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.0

Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2

Mexico . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8

Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.8

Colombia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9

New Zealand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6

Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Iraq . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

Russia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

Future Contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0

The Fund invests in other CI mutual funds. The Fund and the underlying funds are commonly managed by CI Investments Inc. The accompanying notes are an integral part of these financial statements. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.

CIG - 2302


CI Global Bond Corporate ClassFinancial Statements






Net assets per share A SharesF SharesI Shares






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






16,212 16,89850 137

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

50 8037 -

- -- -

16,349 17,115

- -11 9

- -- -- -

19 9329 22

- -- -- -

29 4388 167

16,261 16,948

14,576 16,617- -

15,478 15,128759 1,820

24 -

11.30 9.7111.58 9.8810.93 -

1,369,318 1,557,42565,528 184,1842,157 -

- -5 6- -- -

615 471- -- -

620 477

108 62- -1 -

21 245 3

135 89485 388

- -485 388

534 (470)5 -- -- -

1,355 9411,894 4712,379 859

2,096 766206 93

77 -

1.48 0.831.58 0.504.01 -


2009 2008


2009 2008



















- -- -- -

24 -- -

(1) -(76) -(53) -

- -- -- -- -

77 -24 -

16,948 9,058- -

16,948 9,058

8,265 8,610- -

(9,824) (2,674)(1,507) 1,095(3,066) 7,031

- -- -- -- -

2,379 85916,261 16,948

15,128 7,444- -

15,128 7,444

8,056 7,021- -

(8,902) (1,348)(900) 1,245

(1,746) 6,918

- -- -- -- -

2,096 76615,478 15,128

1,820 1,614- -

1,820 1,614

185 1,589- -

(921) (1,326)(531) (150)

(1,267) 113

- -- -- -- -

206 93759 1,820

CI Global Bond Corporate ClassFinancial Statements


2009 2008



2009 2008





CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

1,557,425 800,403786,402 778,546

- -(885,546) (151,840)

(88,963) 130,3161,369,318 1,557,425

184,184 171,99517,235 180,475

- -(90,969) (152,487)(44,922) (15,799)65,528 184,184

- -2,166 -

- -(117) -108 -

2,157 -




2.001.00


0.180.18

-


2009


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The other price risk of theUnderlying Fund is insignificant as the Underlying Fund is predominantly invested in fixed incomesecurities and their market risk exposure will be discussed in the following sections.




Credit Rating (%)AAA/Aaa/A++ 57.2AA/Aa/A+ 3.0A 6.4BBB/Baa/B++ 2.4BB/Ba/B+ 2.8Not Rated 14.8Total 86.6

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

Currency RiskThe table below summarizes the Fund's direct exposure to currency risk, net of derivativeinstruments, as applicable.





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


Currency Risk (cont’d)In addition to direct currency risk exposure, the Fund indirectly bears the currency risk exposure ofthe Underlying Fund.



Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Japanese Yen 112,954 112,954 31.2 Euro (25,267) 107,742 29.8 US Dollar (20,732) 77,270 21.4 Brazilian Real - 22,653 6.3 Swiss Franc 10,954 10,954 3.0 British Pound (6,029) 10,784 3.0 Colombian Peso - 10,230 2.8 New Zealand Dollar (11,828) 6,682 1.8 Israeli Shekel (13,718) 3,895 1.1 Argentine Peso - 272 0.1 Mexican Peso (13,030) 135 0.1 Norwegian Krone - 3 0.1 Australian Dollar (23,697) (222) (0.1)Total 9,607 363,352 100.6


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Underlying Fund, with all other variables held constant, netassets of the Fund would have indirectly decreased or increased, respectively, by approximately$1,621,000. In practice, the actual trading results may differ from the sensitivity analysis and thedifference may be material.





As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $243,000. In practice, the actual results may differ. The differencemay be material.



68,419 44,560 55,535 197,802 366,316


CI Short-Term Corporate ClassStatement of Investment Portfolio as at March 31, 2009



BONDS (54.6%) 11,100,000 Bank of Montreal FRN 1.6% 02/01/2010 11,100,000 11,004,429 14,800,000 Bank of Montreal FRN

2.04286% 09/02/2010 14,811,400 14,743,612 5,400,000 Bank of Nova Scotia

1.53286% 05/06/2009†† 5,395,080 5,396,987 12,300,000 Bank of Nova Scotia 3.5% 05/08/2009†† 12,300,000 12,327,306 6,500,000 Bear Stearns Co., Inc. 1.66% 10/02/2009 6,500,000 6,435,065

14,600,000 Canada Housing Trust No.14.65% 09/15/2009 14,882,802 14,873,312

22,700,000 Canada Housing Trust No.1,FRN Series 12 0.62429% 09/15/2010* 22,815,089 22,672,079

2,100,000 Canadian Imperial Bank of Commerce0.72143% 10/23/2009 2,076,270 2,079,588

4,000,000 Canadian Imperial Bank of Commerce1.70857% 06/15/2011 3,941,613 3,918,680

2,600,000 Canadian Imperial Bank of Commerce FRN1.19% 04/01/2010 2,580,359 2,594,644

5,300,000 GE Capital Canada Funding Co.0.70643% 06/25/2010 5,272,652 5,323,214

3,700,000 GE Capital Canada Funding Co.1.57% 04/02/2009 3,692,568 3,699,371

6,100,000 Genesis Trust 4.002% 03/15/2010 6,189,223 6,176,677 3,522,000 HBOS Treasury Services PLC

0.72857% 09/29/2009 3,522,000 3,438,881 6,900,000 Royal Bank of Canada 4.18% 06/01/2014* 6,926,565 6,908,073 9,600,000 Royal Bank of Canada FRN

1.04643% 09/27/2010 9,600,000 9,522,528 13,200,000 Toronto-Dominion Bank

1.75857% 04/15/2011 13,077,289 13,234,980 24,100,000 Canadian Mortgage and Housing FRN

0.74286% 12/01/2009 24,176,331 24,113,255 9,000,000 Province of Ontario 1.86143% 07/15/2011 9,004,230 8,996,310 8,390,000 Province of Ontario 4.6% 12/02/2012 8,461,135 8,444,367

15,300,000 Province of Ontario FRN0.55714% 12/03/2010 15,276,285 15,170,715



3,200,000 John Deere Credit Inc.0.80571% 09/29/2009 3,200,000 3,200,736

5,200,000 NAV Canada, Series 2007-1,FRN 1.15429% 05/03/2010 5,174,416 5,137,236

3,600,000 Hydro-Quebec FRN 0.64071% 06/21/2010* 3,605,760 3,593,016 3,120,000 BCE Inc. 7.35% 10/30/2009 3,213,600 3,196,690 2,000,000 Talisman Energy Inc. 8.06% 09/16/2009 2,050,900 2,043,180

227,620,624 226,974,344

SHORT-TERM NOTES (15.8%) 8,000,000 Bank of Nova Scotia DN

0.55% 04/29/2009†† 7,996,480 7,996,480 2,600,000 Government of Canada T-Bill

0.85% 04/30/2009 2,574,877 2,599,220 14,900,000 Government of Canada T-Bill



2.22% 10/29/2009 8,413,481 8,574,802 6,800,000 Home Depot 1.51% 04/14/2009 6,792,996 6,797,620 4,800,000 Potash Corp. of Saskatchewan

1.6% 05/21/2009 4,781,136 4,794,240 2,200,000 Province of Newfoundland T-Bill

0.8% 04/02/2009 2,196,238 2,199,934 3,300,000 Suncor Energy 1.00% 04/13/2009 3,297,459 3,298,911 2,900,000 Suncor Energy 1.02% 04/14/2009 2,897,970 2,898,985

65,103,163 65,726,940

Commission and other portfolio transaction costs -


Other Assets (net) (29.6%) 122,899,302

Total Net Assets (100.0%) 415,600,586


CIG - 661


CI Short-Term Corporate ClassFinancial Statements












Expenses absorbed by the managerNet investment income (loss) for the year







226,974 558,030122,940 158,990

65,727 -- -- -- -- -- -- -

508 2,536- -- -

990 2,372417,139 721,928

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

1,075 12,878- -- -- -

463 1,1041,538 13,982

415,601 707,946

227,621 556,894- -

199,557 327,90930,997 49,540

185,047 330,497

10.22 10.0612.44 12.2211.31 11.02

19,533,744 32,585,4222,491,774 4,052,642

16,367,258 29,983,505

- -17,892 21,300

20 7- -- -- -- -

17,912 21,307

2,985 2,5917 -7 1

315 780149 147

3,463 3,519(41) -

14,490 17,788

(1,602) 16(1) (123)(7) -- -

(1,159) 1,579(2,769) 1,47211,721 19,260

4,042 7,877773 1,090

6,906 10,293

0.15 0.330.23 0.430.28 0.46


2009 2008


2009 2008



















330,497 106,694- (163)

330,497 106,531

38,309 310,849- -

(177,072) (115,400)(13,593) 18,224

(152,356) 213,673

- -- -- -- -

6,906 10,293185,047 330,497

707,946 289,558- (441)

707,946 289,117

158,221 725,619- -

(408,580) (348,804)(53,707) 22,754

(304,066) 399,569

- -- -- -- -

11,721 19,260415,601 707,946

327,909 163,679- (249)

327,909 163,430

90,241 343,038- -

(186,904) (188,908)(35,731) 2,472

(132,394) 156,602

- -- -- -- -

4,042 7,877199,557 327,909

49,540 19,185- (29)

49,540 19,156

29,671 71,732- -

(44,604) (44,496)(4,383) 2,058

(19,316) 29,294

- -- -- -- -

773 1,09030,997 49,540

CI Short-Term Corporate ClassFinancial Statements


2009 2008



2009 2008






2009 2008


2,152 24,2522,294 25,774

CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


- -- -


2009 2008

32,585,422 16,797,8988,932,445 34,581,908

- -(18,449,836) (19,032,102)

(3,534,287) 237,71819,533,744 32,585,422

4,052,642 1,625,0812,419,188 5,947,647

- -(3,621,498) (3,694,206)

(358,558) 174,1202,491,774 4,052,642

29,983,505 10,101,4333,456,248 28,847,714

- -(15,860,309) (10,643,810)

(1,212,186) 1,678,16816,367,258 29,983,505




1.000.75


---


2009




10.22 10.06- -

10.22 10.06

12.44 12.22- -

12.44 12.22

11.31 11.02- -

11.31 11.02


2009 2008


Other Price RiskThe other price risk of this Fund is insignificant as the Fund is predominantly invested in fixedincome securities and their market risk exposure will be discussed in the following sections.



Credit Rating (%)AAA/Aaa/A++ 29.5AA/Aa/A+ 28.6A 10.4BBB/Baa/B++ 1.3Not Rated 0.6Total 70.4


CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar - (1) (0.1)Total - (1) (0.1)








286,653 113,636 8,444 6,908 415,641


CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at March 31, 2009 (Expressed in US$)


BONDS (30.1%) 1,000,000 American Express Credit Corp.,

FRN 0.61625% 05/19/2009 996,397 991,330 350,000 Bear Stearns Co., Inc. 1.40438% 01/31/2011 350,243 332,983

1,470,000 BP Capital Markets PLC FRN 1.52563% 03/17/2010 1,470,000 1,471,147

600,000 General Mills Inc., FRN1.2525% 01/22/2010 595,534 589,572

70,000 Goldman Sachs Group Inc.1.455% 07/23/2009 70,349 69,411

600,000 Hartford Life Inc., FRN 1.49% 09/15/2009 599,544 565,776 2,100,000 Province of Quebec 5% 07/17/2009 2,132,844 2,119,026

6,214,911 6,139,245 SHORT-TERM NOTES (12.4%)

920,000 Bank of Nova Scotia CP US 0.61% 04/15/2009 918,795 919,862 900,000 CIBC BA US 0.75% 04/30/2009 898,263 899,721 700,000 Potash Corp. of Saskatchewan US

1.87% 05/21/2009 696,780 699,160 2,513,838 2,518,743



Other Assets (net) (57.5%) 11,658,310

Total Net Assets (100.0%) 20,316,298


CIG - 101


CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)

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





A Shares


A Shares



Expenses absorbed by the managerNet investment income (loss) for the year





A Shares

8,658 8,20011,674 32,711

- -- -- -- -- -- -1 150- -- -

27 10720,360 41,168

- -10 35

- -- -- -- -7 36- -- -- -

27 7744 148

20,316 41,020

8,729 8,206- -

11.37 11.27

1,787,236 3,638,390

- -701 1,109

- -- -- -- -- -

701 1,109

315 251- -- -

18 5316 14

349 318(33) -385 791

(55) 3- -- -- -

(65) -(120) 3265 794

0.10 0.35


2009 2008


2009 2008







41,020 16,588- (7)

41,020 16,581

18,310 42,702- -

(35,220) (20,115)(4,059) 1,058

(20,969) 23,645

- -- -- -- -

265 79420,316 41,020

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)


2009 2008





2009 2008


- -- -

CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$)


2009 2008


- -- -


2009 2008

3,638,390 1,522,5461,505,648 3,826,331

- -(3,030,904) (1,817,794)

(325,898) 107,3071,787,236 3,638,390


Annual management fee rateA Shares

Annual fixed administration fee rateA Shares

1.00

-


2009


11.37 11.27- -

11.37 11.27


2009 2008


Other Price RiskGiven that investments of this Fund have high credit ratings and short-terms to maturity; we do notexpect the value of these investments to fluctuate dramatically. As a result, the other price risk ofthis Fund is insignificant.



Credit Rating (%)AAA/Aaa/A++ 9.0AA/Aa/A+ 15.1A 15.5BBB/Baa/B++ 2.9Total 42.5


CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$)




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)Canadian Dollars - (41) (0.2)Total - (41) (0.2)


As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $4,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.




As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $1,000. In practice, the actual results may differ. The difference may be material.



19,999 333 - - 20,332


Signature Canadian Bond Corporate Class (formerly CI Canadian Bond Corporate Class)




CORPORATE BONDS (45.9%) 1,000,000 407 International Inc.

4.9% 10/04/2010 1,007,150 1,029,960 960,000 407 International Inc.

5.1% 01/20/2014 959,078 1,008,086 1,490,000 407 International Inc.

5.96% 12/03/2035 1,533,352 1,377,743 169,103 Access Health Abbotsford Ltd.

6.032% 03/07/2038 190,839 179,777 1,622,915 Access Roads Edmonton Ltd.

5.812% 09/30/2037 1,730,677 1,542,751 381,634 Alliance Pipeline LP

7.181% 06/30/2023 455,831 411,146 820,808 Alliance Pipeline LP

7.217% 12/31/2025 950,156 894,418 1,625,000 AltaGas Income Trust

4.41% 09/01/2010 1,591,033 1,591,249 200,000 AltaGas Income Trust

5.07% 01/19/2012 199,930 192,302 600,000 Altalink Investments LP

5.019% 11/21/2012 596,100 605,472 760,000 American Express Canada

4.7% 05/20/2011 747,432 735,657 1,450,000 Bank of Ireland

3.8% 09/22/2015 1,419,861 1,433,151 1,105,000 Bank of Montreal

4.96% 07/14/2011 1,107,686 1,163,278 1,800,000 Bank of Montreal

5.18% 06/10/2015 1,793,340 1,918,782 4,000,000 Bank of Nova Scotia

4.58% 02/15/2011†† 4,015,295 4,175,480 975,000 Bank of Nova Scotia 5.04%

04/08/2013†† 961,876 1,043,123 3,375,000 Bank of Nova Scotia

6% 10/03/2018†† 3,388,662 3,556,744 1,805,000 Bell Aliant Regional

Communications LP 5.41% 09/26/2016 1,710,779 1,636,594

500,000 Bell Canada 5% 02/15/2017 449,340 458,385

1,760,000 BNS Capital Trust 7.31% 12/31/2049 1,812,957 1,793,774

1,530,000 Brookfield Renewable Power Inc. 4.65% 12/16/2009 1,530,361 1,526,802

380,000 Brookfield Renewable Power Inc. 5.84% 11/05/2036 379,890 208,400

1,250,000 Calloway REIT, Callable 4.51% 09/22/2010 1,225,644 1,208,625

2,708,000 Canada Housing Trust No.1 4.05% 03/15/2011 2,725,341 2,855,938



CORPORATE BONDS (45.9%) (cont’d)1,950,000 Canada Life Capital Trust

6.679% 06/30/2012 1,841,226 1,869,094 1,300,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 1,247,750 1,224,223 2,000,000 Canadian Imperial Bank of Commerce

4.4% 03/07/2011 1,990,777 2,075,920 1,300,000 Canadian Natural Resources Ltd.

4.95% 06/01/2015 1,257,389 1,215,435 1,890,000 Canadian Revolving Auto Floorplan

Trust 5.406% 11/15/2010 1,877,920 1,883,253 1,200,000 Canadian Tire Corp., Ltd.

5.22% 10/01/2010 1,222,809 1,224,996 500,000 Canadian Utilities Ltd.

10.2% 11/30/2009 607,315 525,570 500,000 Canadian Western Bank

6.199% 12/31/2056 500,000 424,323 1,700,000 Canadian Western Bank

5.07% 03/22/2017 1,671,695 1,638,881 230,000 Canadian Western Bank

5.55% 11/19/2014 230,000 229,468 750,000 CCIC 2006-WEM Class F

5.248% 01/15/2022 679,162 586,050 2,750,000 CCIC 2006-WEM MBS

4.934% 01/15/2022 2,582,670 2,581,370 1,088,000 CIT Group Holdings Inc.

4.72% 02/10/2011 945,253 780,618 1,400,000 Commerzbank AG FRN

4.5% 12/15/2016 1,378,763 1,385,580 1,325,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 1,277,969 1,202,676 1,000,000 Countrywide Financial Corp.

4.69% 06/01/2009 970,474 989,660 1,265,000 Depfa ACS Bank 5.25% 03/31/2025 1,302,791 1,191,870

970,000 Deutsche Bank AG 4.9% 08/22/2016 924,303 882,681 945,000 Enbridge Gas Distribution Inc.

6.9% 11/15/2032 1,117,984 979,719 1,155,000 EnCana Corp. 5.8% 01/18/2018 1,136,072 1,135,169 2,000,000 Export Development Canada

5.1% 06/02/2014 2,132,000 2,279,380 485,000 Farm Credit Canada

4.5% 06/01/2009 486,111 488,211 1,100,000 Finning International Inc.

5.16% 09/03/2013 1,099,934 1,069,178 1,200,000 First Capital Realty Inc.

5.34% 04/01/2013 1,143,272 1,043,088 775,000 First Captial Realty Inc.

5.49% 12/01/2011 757,799 712,240 1,127,000 FortisAlberta Inc.

5.33% 10/31/2014 1,144,896 1,180,082 2,300,000 France Telecom SA

4.95% 06/23/2011 2,297,176 2,309,315 650,000 George Weston Ltd.

7.1% 02/05/2032 630,914 545,701


CIG - 2303






CORPORATE BONDS (45.9%) (cont’d)1,380,000 Golden Credit Card Trust

5.106% 04/15/2011 1,393,526 1,428,328 315,456 Greater Toronto Airports Authority

6.45% 07/30/2029 312,879 313,090 775,000 Greater Toronto Airports Authority,

Callable 6.98% 10/15/2032 788,409 774,264 350,000 Great-West Life Capital Trust

5.995% 12/31/2052 322,385 322,822 234,000 HBOS Treasury Services PLC

0.72857% 09/29/2009 234,000 228,478 1,725,000 Holcim Finance Canada Inc.

5.9% 06/21/2013 1,702,120 1,683,428 1,000,000 HSBC Bank Canada 4.94% 03/16/2021 919,084 901,800

850,000 Inter-American Development Bank 4.4% 01/26/2026 803,450 766,708

1,898,000 John Hancock Canadian Corp. 6.822% 05/31/2011 2,005,479 1,952,416

450,000 Kaupthing Bank 4.7% 02/15/2010^ 449,550 22,500 1,040,000 Kimco North Trust II 4.45% 04/21/2010 1,005,993 977,236 1,000,000 Kimco North Trust III 5.18% 08/16/2013 954,348 765,910

415,000 Loblaw Cos. Ltd. 6.05% 06/09/2034 281,183 307,532 375,000 Loblaw Cos. Ltd. 6.15% 01/29/2035 258,561 280,110 380,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 384,004 396,382 830,000 Mansfield Trust 6.571% 11/15/2025 465,546 457,247

1,650,000 Merrill Lynch & Co., Inc. 4.5% 01/30/2012 1,522,948 1,558,590

1,700,000 Merrill Lynch Canada Finance Co. 5.8% 05/05/2011 1,699,804 1,656,123

1,500,000 Merrill Lynch Financial Assets Inc. 4.678% 03/12/2039 1,477,169 1,438,470

1,030,000 MetLife Global Funding I 4.5% 02/10/2011 1,003,443 994,733

1,320,000 Metro Inc. 5.97% 10/15/2035 1,224,048 962,993 2,000,000 MI Developments Inc.

6.05% 12/22/2016 1,953,549 1,694,400 375,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 371,965 361,706 150,000 Morgan Stanley FRN

1.10571% 02/23/2012 149,734 117,670 2,097,000 N-45 First CMBS Issuer Corp.

4.636% 12/15/2019 1,471,530 1,475,235 240,000 National Bank of Canada

4.456% 11/02/2016 240,000 235,879 940,000 NBC Asset Trust Capital

7.235% 06/30/2049 911,407 805,420 150,000 Noranda Operating Trust

6.529% 12/20/2010 156,832 151,245 1,345,000 Nordea Bank AB 3.95% 08/05/2015 1,318,889 1,331,671 1,310,000 Northwest Connect Group

5.95% 04/30/2041 1,318,607 1,399,800 1,084,000 Queen's University 6.1% 11/19/2032 1,250,917 1,165,452 2,295,000 RBC Capital Trust 7.288% 12/31/2049 2,354,676 2,328,736 1,450,000 Reliance LP 7.3% 04/03/2013 1,450,000 1,488,990

825,000 RioCan REIT 4.91% 03/08/2011 809,414 794,409 625,000 RioCan REIT 5.7% 09/11/2012 606,138 590,306 525,000 RONA Inc. 5.4% 10/20/2016 515,417 400,360

CORPORATE BONDS (45.9%) (cont’d)2,125,000 Royal Bank of Canada

5.06% 07/17/2013 2,144,620 2,282,675 900,000 Royal Bank of Canada

5.13% 09/27/2010 910,458 945,585 1,260,000 Royal Bank of Canada

5.2% 08/15/2012 1,286,359 1,352,572 750,000 Royal Bank of Canada, Deposit Note

4.92% 07/06/2011 753,430 791,460 2,020,000 Royal Bank of Scotland

4.25% 03/30/2015 1,994,230 1,802,789 4,080,000 Royal Bank of Scotland

5.37% 05/12/2049 3,621,316 1,397,400 649,010 Royal Office Finance LP

5.209% 11/12/2032 649,004 636,809 1,380,000 Scotiabank Capital Trust††

6.626% 06/30/2052 1,354,496 1,368,380 1,850,000 Shaw Communications Inc.

6.5% 06/02/2014 1,847,914 1,877,824 1,395,000 Sherritt International Corp.

7.75% 10/15/2015 1,395,000 874,567 2,829,538 Strait Crossing Development Inc.

6.17% 09/15/2031 2,857,021 2,550,602 2,000,000 Sun Life Financial Inc.

5% 07/11/2031 1,984,824 1,943,140 925,000 Sun Life Financial Inc.

7.9% 03/31/2019 923,760 939,116 1,250,000 TD Capital Trust 10% 06/30/2039 1,250,000 1,357,962 1,400,000 TD Capital Trust 6.792% 12/31/2049 1,393,920 1,395,590 1,080,000 TD Capital Trust 7.243% 12/31/2018* 1,045,300 1,001,581

960,000 TD Capital Trust 7.6% 12/31/2049 963,840 974,275 1,000,000 Terasen Gas Inc. 5.8% 05/13/2038 996,760 908,460

325,000 Terasen Gas Inc. 6% 10/02/2037 324,589 304,366 500,000 Terasen Gas Inc. 6.5% 05/01/2034 542,878 491,910

1,400,000 Terasen Gas Vancouver Island Inc. 6.05% 02/15/2038 1,320,472 1,295,560

1,050,000 Thomson Reuters Corp. 5.7% 07/15/2015 1,048,089 1,076,302

1,000,000 Thomson Reuters Corp. 6% 03/31/2016 997,630 1,022,760

1,200,000 Toronto-Dominion Bank 4.854% 02/13/2013 1,207,650 1,279,524

1,125,000 Toronto-Dominion Bank 4.97% 10/30/2104 1,093,995 960,998

1,550,000 Toronto-Dominion Bank 5.141% 11/19/2012 1,566,923 1,665,723

600,000 TransCanada Pipelines Ltd. 5.05% 08/20/2013 599,214 623,358

500,000 Union Gas Ltd. 6.05% 09/02/2038 499,040 461,590

300,000 University of British Columbia 6.65% 12/01/2031 365,940 348,261

425,000 University of Ottawa 6.28% 04/15/2043 491,402 490,301








CORPORATE BONDS (45.9%) (cont’d)600,000 Wells Fargo Financial Canada Corp.

4.38% 06/30/2015 566,478 528,564 1,685,000 Wilfrid Laurier University

5.429% 02/01/2045 1,608,070 1,633,119 147,200,977 142,208,374

GOVERNMENT BONDS (30.9%)15,195,000 Canadian Government Bond

3% 06/01/2014* 15,960,355 16,131,164 1,179,000 Canadian Government Bond

3.75% 06/01/2009* 1,165,975 1,185,508 1,595,000 Canadian Government Bond





4.5% 06/01/2015* 3,597,722 3,824,611 150,000 Canadian Government Bond

5% 06/01/2014* 162,000 173,973 3,060,000 Canadian Government Bond




8% 06/01/2027 3,703,700 3,896,626 8,920,000 Canadian Government Bond,

Series XW98 5% 06/01/2037* 10,297,433 11,187,642 10,189,000 Canadian Government Bond,

Series YF56 4% 06/01/2017* 10,640,181 11,366,339 2,460,000 Canadian Government Bond,

Series YL25 4.25% 06/01/2018* 2,775,059 2,782,531 14,785,000 Canadian Government Bond,

Series YN80 3.5% 06/01/2013* 15,342,292 15,908,512 3,600,000 Canadian Government Bond,

Series YR94 3.75% 06/01/2019* 3,730,788 3,906,540 91,645,740 95,660,825

PROVINCIAL BONDS (12.0%)4,934,000 55 Ontario School Board Trust

5.9% 06/02/2033 5,519,772 5,131,015 200,000 City of Montreal 6% 06/01/2043 237,516 207,738

2,000,000 City of Toronto 5.05% 07/18/2017 1,994,560 2,061,880 1,722,146 New Brunswick F-M Project Co., Inc.,

Callable 6.47% 11/30/2027 1,881,953 1,911,427 2,200,000 Province of British Columbia

4.7% 06/18/2037* 2,179,740 2,163,700 2,050,000 Province of Ontario 4.2% 03/08/2018 2,024,232 2,069,004 3,300,000 Province of Ontario 4.3% 03/08/2017 3,236,110 3,403,125 3,720,000 Province of Ontario 4.7% 06/02/2037 3,720,256 3,658,657 2,400,000 Province of Ontario 4.75% 06/02/2013 2,502,867 2,605,152 1,800,000 Province of Ontario FRN

0.64786% 09/17/2010 1,799,648 1,790,964

PROVINCIAL BONDS (12.0%) (cont’d)3,600,000 Province of Quebec 4.5% 12/01/2016 3,604,084 3,745,224 1,500,000 Province of Quebec 5% 12/01/2038 1,585,245 1,488,645 1,290,000 Province of Quebec 4.5% 12/01/2017 1,279,810 1,317,864

510,000 Province of Quebec 4.5% 12/01/2018 513,902 513,249 750,000 Province of Quebec 5.75% 12/01/2036 809,385 817,410

3,790,000 Province of Quebec 6% 10/01/2029 4,295,173 4,164,793 37,184,253 37,049,847

FOREIGN GOVERNMENT BONDS (2.0%)750,000 Austria Government International Bond

5% 12/20/2024 771,878 738,720 3,106,000 Austria Government International Bond

5.375% 12/01/2034 3,316,634 3,113,951 2,250,000 Eurofima 5.15% 12/13/2019 2,349,122 2,379,128

6,437,634 6,231,799


Total Bonds (90.8%) 282,468,604 281,150,845

Short Term Notes (8.1%) 25,000,000 25,000,000





Total Net Assets (100.0%) 309,966,961









1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (119,875) Canadian $ 94,000 US $ (1,376)1 State Street Trust Co. of Canada A-1 16-Apr-09 (53,565) Canadian $ 42,000 US $ (618)1 Morgan Stanley A-1 16-Apr-09 (82,875) Canadian $ 65,000 US $ (934)1 UBS Warburg NY A-1 16-Apr-09 (89,232) Canadian $ 70,000 US $ (987)1 Royal Bank of Canada A-1+ 16-Apr-09 (89,278) Canadian $ 70,000 US $ (1,033)1 State Street Trust Co. of Canada A-1 16-Apr-09 (42,000) US $ 52,596 Canadian $ (351)1 Morgan Stanley A-1 16-Apr-09 (65,000) US $ 81,331 Canadian $ (611)1 Royal Bank of Canada A-1+ 16-Apr-09 (70,000) US $ 87,686 Canadian $ (559)1 UBS Warburg NY A-1 16-Apr-09 (70,000) US $ 87,725 Canadian $ (520)1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (94,000) US $ 117,748 Canadian $ (752)























281,151 200,2582,088 7,071

25,000 23,000- -- -- -- -- -- -

399 2,914- -- -

3,539 2,388312,177 235,631

- -- -- 18 4- -- -

1,938 216- -- -- -

264 2812,210 502

309,967 235,129

282,469 196,840- -

175,151 132,7997,826 8,267

126,990 94,063

12.55 12.2812.79 12.4611.58 11.16

13,961,802 10,815,239611,776 663,658

10,965,534 8,431,008

- 112,207 7,765

42 26- -- -- -- (3)

12,249 7,789

2,132 1,275274 165

3 11225 214120 82

2,754 1,7479,495 6,042

- -9,495 6,042

3,503 (42)(54) (27)(3) (2)- -

(4,739) 2,865(1,293) 2,7948,202 8,836

3,653 3,943214 304

4,335 4,589

0.29 0.520.31 0.510.46 0.75


2009 2008


2009 2008



















94,063 44,995- -

94,063 44,995

30,497 49,502- -

(7,692) (10,036)5,787 5,013

28,592 44,479

- -- -- -- -

4,335 4,589126,990 94,063

235,129 134,361- -

235,129 134,361

107,256 110,359- -

(51,552) (30,490)10,932 12,06366,636 91,932

- -- -- -- -

8,202 8,836309,967 235,129

132,799 80,984- -

132,799 80,984

73,967 57,411- -

(40,614) (18,266)5,346 8,727

38,699 47,872

- -- -- -- -

3,653 3,943175,151 132,799

8,267 8,382- -

8,267 8,382

2,792 3,446- -

(3,246) (2,188)(201) (1,677)(655) (419)

- -- -- -- -

214 3047,826 8,267




2009 2008



2009 2008






2009 2008


85,282 70,52890,890 74,955


Financial Statements – Supplementary Schedules


2009 2008


- -- -


2009 2008

10,815,239 6,862,4026,037,985 4,791,008

- -(3,316,787) (1,544,136)

425,365 705,96513,961,802 10,815,239

663,658 703,794225,209 288,182

- -(260,636) (183,566)

(16,455) (144,752)611,776 663,658

8,431,008 4,263,9612,712,796 4,623,083

- -(684,592) (919,041)506,322 463,005

10,965,534 8,431,008




1.350.85


0.170.17

-


2009




12.55 12.28- -

12.55 12.28

12.79 12.46- -

12.79 12.46

11.58 11.16- -

11.58 11.16


2009 2008


Other Price RiskThe other price risk of this Fund is insignificant as the Fund is predominantly invested in fixedincome securities and their market risk exposure will be discussed in the following sections.



Credit Rating (%)AAA/Aaa/A++ 41.5AA/Aa/A+ 19.4A 20.8BBB/Baa/B++ 11.5BB/Ba/B+ 0.7CCC/Caa/C++ 0.1Not Rated 4.9Total 98.9



Fund Specific Financial Instruments Risks (Note 11)






As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $7,000. In practice, the actual trading results may differ from the sensitivity analysis and the difference may be material.




As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have decreased or increased, respectively,by approximately $3,832,000. In practice, the actual results may differ. The difference may be material.



32,055 47,698 44,113 184,373 308,239


Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2009


FUND (99.2%) 7,138,293 Signature Corporate Bond Fund (Class I) 66,379,055 61,960,382



Total Net Assets (100.0%) 62,480,662

Portfolio Breakdown of Signature Corporate Bond Fund as at March 31, 2009

Percentage of


Corporate Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88.4

Short Term Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6

Government Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2

Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6

Preferred Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1


Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0


CIG - 2308


Signature Corporate Bond Corporate ClassFinancial Statements



















61,960 30,704384 189

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

470 69- 29- -- -

62,814 30,991

- -- -- -- -- -

161 1075 66

- -- -- -

97 88333 164

62,481 30,827

66,379 31,902- -

47,369 26,0861,330 1,104

13,782 3,637

10.92 11.7310.81 11.55

9.78 10.27

4,339,150 2,224,542122,978 95,573

1,408,753 354,176

- -9 11- -- -

2,537 1,765- -- -

2,546 1,776

613 51662 52

- 185 4434 33

794 6461,752 1,130

- -1,752 1,130

(435) (163)(13) 6

- -- 46

(3,221) (1,246)(3,669) (1,357)(1,917) (227)

(1,684) (274)(51) (13)

(182) 60

(0.63) (0.14)(0.58) (0.09)(0.25) 0.20


2009 2008


2009 2008



















3,637 1,143- -

3,637 1,143

8,180 1,730- -

(1,074) (325)3,221 1,029

10,327 2,434

- -- -- -- -

(182) 6013,782 3,637

30,827 24,917- -

30,827 24,917

33,354 12,663- -

(8,619) (5,090)8,836 (1,436)

33,571 6,137

- -- -- -- -

(1,917) (227)62,481 30,827

26,086 22,416- -

26,086 22,416

24,615 10,084- -

(7,249) (4,013)5,601 (2,127)

22,967 3,944

- -- -- -- -

(1,684) (274)47,369 26,086

1,104 1,358- -

1,104 1,358

559 849- -

(296) (752)14 (338)

277 (241)

- -- -- -- -

(51) (13)1,330 1,104

Signature Corporate Bond Corporate ClassFinancial Statements


2009 2008



2009 2008





Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

2,224,542 1,888,3562,241,891 863,078

- -(649,300) (344,196)522,017 (182,696)

4,339,150 2,224,542

95,573 116,78952,529 73,887

- -(25,689) (65,672)

565 (29,431)122,978 95,573

354,176 112,588843,864 171,012

- -(107,955) (32,153)318,668 102,729

1,408,753 354,176




2.001.50


0.200.20

-

Schedule of Fees (Note 5) as at March 31 (%)

2009


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. The other price risk of theUnderlying Fund is insignificant as the Underlying Fund is predominantly invested in fixed incomesecurities and their market risk exposure will be discussed in the following sections.




Credit Rating (%)AAA/Aaa/A++ 6.7AA/Aa/A+ 14.3A 28.2BBB/Baa/B++ 22.8BB/Ba/B+ 11.6B 8.3CCC/Caa/C++ 2.2Not Rated 4.2Total 98.3


Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Fund. The Fund has no directcurrency risk exposure.



Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (164,729) 37,503 4.9Australian Dollar (1,061) 194 0.1Total (165,790) 37,697 5.0







As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $502,000. In practice, the actual results may differ. The difference maybe material.



78,173 156,716 157,450 354,393 746,732


Signature Dividend Corporate ClassStatement of Investment Portfolio as at March 31, 2009



FINANCIALS (57.5%) 46,583 5Banc Split Inc., 4.75 % Preferred,

Series B 458,351 356,360 4,100 Allianz AG, Registered Shares 379,847 438,037 9,388 American Capital Ltd. 336,347 22,014

237,140 AXA Asia Pacific Holdings Ltd.* 1,055,966 696,211 47,400 AXA Asia Pacific Holdings Ltd.,

Registers Shares 114,300 139,160 21,200 Bank of Montreal 650,672 696,844 60,300 Bank of Montreal 4.5% Preferred,

Series 13 1,423,535 1,007,010 61,300 Bank of Montreal 5.2% Preferred,

Series 16 1,511,268 1,379,250 70,300 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 2,176,392 1,754,819 80,800 Bank of Montreal Preferred 1,904,485 1,480,256 17,300 Bank of New York Mellon Corp. 558,918 615,481 36,500 Bank of Nova Scotia†† 1,300,400 1,137,340

101,700 Bank of Nova Scotia 4.5% Preferred, Series 14†† 2,401,187 1,699,407

82,000 Bank of Nova Scotia 5% Preferred, Series 18†† * 2,016,134 1,886,820

40,900 Bank of Nova Scotia 5% Preferred, Series 20†† 1,001,634 888,348

81,500 Bank of Nova Scotia 5.25% Preferred†† 1,946,809 1,590,065 50,100 Bank of Nova Scotia 5.6% Preferred,

Series 17†† 1,213,633 1,040,577 36,200 Bank of Nova Scotia, Preferred,

Series 13†† 869,630 640,740 2,940 BNP Paribas SA* 112,836 153,236

51,600 Brookfield Asset Management Inc., 4.75% Preferred 1,167,088 681,120

2,800 Brookfield Asset Management Inc., Preferred, Series 11 73,957 60,200

64,200 Brookfield Asset Management Inc., Preferred, Series 12 1,650,561 1,162,662

107,000 Brookfield Asset Management Inc., Preferred, Series 2 2,305,856 856,000

29,200 Brookfield Asset Management Inc., Preferred, Series 4 634,665 222,504

61,600 Brookfield Financial Corp., Preferred, Series 13 1,323,847 468,776

43,000 Brookfield Properties Corp., 5.25% Preferred, Series G (USD) 1,225,069 501,444

81,700 Brookfield Properties Corp., 5.75% Preferred, Series H 1,983,159 981,217

75,000 Brookfield Properties Corp., 6% Preferred, Series F 1,915,328 1,148,250

80,200 Brookfield Properties Corp., Preferred, Series I 2,000,105 1,656,130

63,300 Brookfield Properties Corp., Preferred, Series K 1,502,070 712,758

30,500 Canadian General Investment Ltd., 3.9% Preferred, Series 3 746,874 625,555

FINANCIALS (57.5%) (cont’d)70,400 Canadian Imperial Bank of Commerce 4,672,204 3,227,840 81,800 Canadian Imperial Bank of Commerce,

4.7% Preferred, Series 31 1,936,376 1,298,984 72,500 Canadian Imperial Bank of Commerce,

Preferred, Series 30, Class A 1,735,254 1,187,550 40,300 E-L Financial Corp. Ltd., 4.75% Preferred,

Series 2 10/17/2011 945,513 533,975 33,400 E-L Financial Corp. Ltd., 5.30% Preferred,

Series 1 10/17/2009 815,877 494,320 26,000 Great-West Lifeco Inc.* 372,905 459,940 44,600 Great-West Lifeco Inc., 4.8% Preferred,

Series E 1,216,663 1,117,230 52,600 Great-West Lifeco Inc., 4.85% Preferred,

Series H 1,240,293 848,438 10,400 Great-West Lifeco Inc., 5.2% Preferred,

Series G* 254,018 181,272 40,200 Great-West Lifeco Inc., Preferred,

Series I* 900,506 598,980 44,400 Hartford Financial Services Group Inc. 1,141,464 438,845

382,000 HBOS Treasury Services PLC 0.72857% 09/29/2009 382,000 372,985

38,800 HSBC Bank Canada, 5% Preferred, Series D 946,696 644,468

82,300 HSBC Bank Canada, 5.1% Preferred, Series 5 2,032,158 1,440,250

51,800 Industrial Alliance Insurance and Financial Inc., Preferred 1,219,864 742,294

52,000 ING Canada Inc., Restricted Shares 1,300,000 1,868,880 105,700 Intesa Sanpaolo SpA 659,013 361,586 66,000 Lincoln National Corp. 2,421,653 556,650 12,600 Manulife Financial Corp. 137,690 178,542 87,500 Manulife Financial Corp., 4.65% Preferred,

Series 2, Class A* 2,053,043 1,365,875 16,700 Manulife Financial Corp.,

Restricted Shares (12Apr09) 317,300 236,639 300,000 MI Developments Inc.

6.05% 12/22/2016 297,540 254,160 200,000 Morgan Stanley FRN

1.10571% 02/23/2012 199,646 156,894 52,150 National Australia Bank Ltd. 1,173,721 918,633 11,400 National Bank of Canada 370,916 458,964 30,600 National Bank of Canada, 4.85%

Preferred, Series 16 739,153 534,276 40,900 National Bank of Canada, 5.375%

Preferred, Series 21 1,005,531 952,970 12,500 PNC Financial Services Group Inc. 526,351 459,368

136,600 Power Corp. of Canada 3,288,035 2,684,190 28,000 Power Financial Corp., 4.7% Preferred,

Series J 744,009 708,400 60,300 Power Financial Corp., 4.95% Preferred,

Series K 1,493,624 1,000,980 12,600 Power Financial Corp., 5.9% Preferred,

Series F 306,226 247,464


CIG - 2305





FINANCIALS (57.5%) (cont’d)41,400 Power Financial Corp., 6% Preferred,

Series M 1,034,616 1,035,000 79,700 Power Financial Corp., Preferred,

Series L 1,919,276 1,308,674 62,100 Premium Income Corp., Preferred 961,294 777,492 78,100 Principal Financial Group Inc. 1,514,113 803,439

152,300 Prudential PLC 847,538 928,356 113,000 Royal Bank of Canada 4,417,990 4,126,760

66,400 Royal Bank of Canada 4.45% Preferred, Series AA 1,576,705 1,143,408

20,900 Royal Bank of Canada 4.5% Series AG 456,690 351,120 51,100 Royal Bank of Canada 4.6% Preferred,

Series AC 1,220,147 873,810 81,800 Royal Bank of Canada 4.7% Preferred,

Series AB 1,959,102 1,431,500 10,400 Royal Bank of Canada Preferred,

Series W 257,730 194,376 500,000 Royal Bank of Scotland

5.37% 05/12/2049 470,195 171,250 38,000 Sun Life Financial Inc. 680,389 853,480 51,700 Sun Life Financial Inc., Preferred,

Series 1, Class A* 1,228,738 807,554 71,550 Sun Life Financial Inc., Preferred,

Series 4 1,622,883 1,045,346 85,500 Toronto-Dominion Bank 4,258,071 3,715,830

101,000 Toronto-Dominion Bank 4.85% Preferred, Series O 2,457,465 1,878,600

61,300 Toronto-Dominion Bank 5% Preferred, Series S 1,508,222 1,317,950

40,800 Toronto-Dominion Bank 5% Preferred., Series AA 1,006,205 928,200

42,200 Toronto-Dominion Bank 5.25% Preferred, Series P 985,058 839,780

10,200 Toronto-Dominion Bank Class A, Preferred, Series R 246,557 213,894

150,000 YPG Holdings Inc. 5.25% 02/15/2016 149,356 121,896 105,584,505 78,098,148

TELECOMMUNICATION SERVICES (9.3%) 35,500 AT&T Inc. 1,362,792 1,124,690 29,500 BCE Inc. 1,003,794 736,320

124,400 BCE Inc., 4.4% Preferred, Series AF 16 2,799,793 1,786,384

38,300 BCE Inc., 4.486% Preferred, Class H, Series 18 880,290 497,900

7,700 BCE Inc., 5.45% Preferred, Series AA 179,211 121,044 110,400 BCE Inc., 5.55% Preferred, Series 19 2,567,160 1,636,128 119,800 BCE Inc., Preferred, Series AB 2,810,710 1,588,548

55,725 Manitoba Telecom Services Inc.* 2,170,238 1,780,971 79,800 TELUS Corp., Non-Voting Shares 3,268,696 2,634,198


ENERGY (4.9%) 9,600 Canadian Oil Sands Trust 215,223 230,784

45,900 CU Inc., 4.60% Series 1 1,080,717 782,136 26,000 Imperial Oil Ltd. 1,030,778 1,190,800 13,270 Nexen Inc. 370,523 283,580 35,800 Spectra Energy Corp. 810,842 637,279 33,419 Suncor Energy Inc. 1,246,165 937,403 47,806 Talisman Energy Inc. 686,375 633,908 65,900 TransCanada Corp.* 2,295,975 1,961,843


21,894 British American Tobacco PLC 754,794 638,770 34,766 Diageo PLC 746,908 494,268 70,000 Loblaw Cos. Ltd., Preferred, Series A 1,548,320 1,694,000 39,360 Nestle SA, Registered Shares 1,518,503 1,677,584

8,300 Procter & Gamble Co. 544,286 491,904 45,200 Unilever NV* 1,363,376 1,121,919

6,476,187 6,118,445UTILITIES (4.2%)

300,000 Canadian Utilities Ltd. 10.2% 11/30/2009 364,389 315,342

50,700 Fortis Inc., 4.9% Preferred 1,211,598 988,650 50,800 Fortis Inc., 5.45% Preferred, Series C 1,377,610 1,295,400 82,500 Fortis Inc., Preferred, Series E,

Callable/Convertible 2,161,318 2,054,250 55,400 TransAlta Corp. 1,894,323 1,022,130

7,009,238 5,675,772MATERIALS (3.6%)

16,230 Cameco Corp. 540,302 349,594 18,500 CCL Industries Inc., Class B 484,013 386,650 37,100 SPDR Gold Trust 4,068,170 4,221,639

5,092,485 4,957,883HEALTH CARE (1.8%)

32,100 Eli Lilly and Co., Rights 1,489,187 1,349,624 17,300 Johnson & Johnson 1,213,534 1,146,558


23,300 Nokia OYJ, Class A, ADR 612,200 342,798 72,900 Thomson Reuters PLC 1,945,372 2,050,420


475,000 Canadian Tire Corp., Ltd. 5.22% 10/01/2010 474,924 484,894

96,000 Tesco PLC 726,250 578,750 1,201,174 1,063,644





INDUSTRIALS (0.7%) 14,900 Bombardier Inc., Preferred, Class B 260,860 122,776 88,500 Quebecor World Inc., Preferred, Series 3 1,946,220 18,585 25,000 Waste Management Inc. 801,064 805,587

3,008,144 946,948



Short Term Notes (8.1%) 11,000,000 11,000,000





Total Net Assets (100.0%) 135,849,681





2 UBS Warburg NY A-1 16-Apr-09 (1,296,000) Australian $ 1,040,428 Canadian $ (93,798)5 UBS Warburg NY A-1 16-Apr-09 (3,516,000) British Pound 6,806,044 Canadian $ 446,465 3 Bank of Nova Scotia†† A-1+ 16-Apr-09 (10,197,637) Canadian $ 7,965,000 US $ (156,671)1 UBS Warburg NY A-1 16-Apr-09 (103,093) Canadian $ 96,000 Swiss Franc 3,272 2 UBS Warburg NY A-1 16-Apr-09 (2,157,967) Canadian $ 1,698,000 US $ (17,407)6 Morgan Stanley A-1 16-Apr-09 (2,941,088) Canadian $ 1,834,000 Euro 130,279 5 UBS Warburg NY A-1 16-Apr-09 (3,595,637) Canadian $ 1,946,000 British Pound (75,802)1 UBS Warburg NY A-1 16-Apr-09 (38,539) Canadian $ 46,000 Australian $ 1,719 1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (509,571) Canadian $ 307,000 Euro 4,557 4 Morgan Stanley A-1 16-Apr-09 (2,729,000) Euro 4,346,878 Canadian $ (223,330)1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (307,000) Euro 506,179 Canadian $ (7,949)2 UBS Warburg NY A-1 16-Apr-09 (1,287,000) Swiss Franc 1,329,111 Canadian $ (96,839)1 UBS Warburg NY A-1 16-Apr-09 (2,425,000) US $ 3,039,034 Canadian $ (18,008)2 Royal Bank of Canada A-1+ 16-Apr-09 (2,791,000) US $ 3,533,857 Canadian $ 15,422 3 Morgan Stanley A-1 16-Apr-09 (4,332,000) US $ 5,451,002 Canadian $ (10,074)2 State Street Trust Co. of Canada A-1 16-Apr-09 (5,318,000) US $ 6,743,954 Canadian $ 39,891 1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (5,484,000) US $ 6,869,478 Canadian $ (43,850)



Signature Dividend Corporate ClassFinancial Statements






Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



120,993 166,613557 1,390

11,000 5,000- -

2,097 -- -

642 -- -- -

371 138744 1,105

- -454 789

136,858 175,035

- -- -- 1

744 804- -- 203

231 204- -- -- -

33 431,008 1,255

135,850 173,780

159,215 180,283- -

123,647 161,7294,683 7,3325,014 2,9381,386 959

4 61,055 731

61 85

10.91 13.9511.34 14.42

8.36 10.506.86 9.287.51 10.086.42 9.007.12 9.91

11,329,852 11,591,835412,902 508,305599,695 279,753201,969 103,398

582 592164,346 81,204

8,535 8,535


2009 2008


2009 2008









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















6,989 7,358492 1,230

44 49- -- -- -

(247) (229)7,278 8,408

2,221 2,824300 383

1 1029 11

126 1852,677 3,4134,601 4,995

(47) -4,554 4,995

(16,349) 4,909(290) (72)(212) (292)

- -

(23,850) (26,777)(40,701) (22,232)(36,147) (17,237)

(33,636) (15,974)(1,347) (763)

(527) (472)(297) (13)

(2) -(320) (15)

(18) -

(2.98) (1.30)(3.03) (1.28)(1.41) (0.89)(2.05) (0.28)(2.10) 0.12(2.27) (0.30)(2.02) (0.02)

161,729 183,149- (197)

161,729 182,952

34,154 43,077- -

(30,652) (30,872)(7,948) (17,454)(4,446) (5,249)

- -- -- -- -

(33,636) (15,974)123,647 161,729

7,332 9,219- (10)

7,332 9,209

969 2,303- -

(2,142) (2,209)(129) (1,208)

(1,302) (1,114)

- -- -- -- -

(1,347) (763)4,683 7,332

2,938 3,246- (4)

2,938 3,242

1,919 5,041- -

(307) (1,408)991 (3,465)

2,603 168

- -- -- -- -

(527) (472)5,014 2,938


2009 2008


2009 2008























85 -- -

85 -

- -- -- -- 86- 86

- -- -

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

(18) -61 85

173,780 195,614- (211)

173,780 195,403

38,765 51,805- -

(33,919) (34,533)(6,457) (21,626)(1,611) (4,354)

- -- -

(172) (32)(172) (32)

(36,147) (17,237)135,850 173,780

959 -- -

959 -

867 767- -

(480) (17)403 234790 984

- -- -

(66) (12)(66) (12)

(297) (13)1,386 959

6 -- -6 -

- -- -- -- 6- 6

- -- -- -- -

(2) -4 6

731 -- -

731 -

856 617- -

(338) (27)226 175744 765

- -- -

(100) (19)(100) (19)(320) (15)

1,055 731



2009 2008



2009 2008


Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules










2009 2008

11,591,835 12,013,9002,899,091 2,901,088

- -(2,541,102) (2,111,266)

(619,972) (1,211,887)11,329,852 11,591,835

508,305 587,96077,479 150,145

- -(167,154) (146,744)

(5,728) (83,056)412,902 508,305

279,753 288,243233,138 445,110

- -(33,933) (129,034)120,737 (324,566)599,695 279,753

103,398 -114,542 80,502

- -(67,274) (1,800)51,303 24,696

201,969 103,398

592 -- -- -

(10) (2)- 594

582 592

81,204 -107,471 66,380

- -(50,457) (2,930)26,128 17,754

164,346 81,204

8,535 -- -- -- -- 8,535

8,535 8,535









2009 2008

10.91 13.950.05 0.05

10.96 14.00

11.34 14.420.05 0.05

11.39 14.47

8.36 10.500.04 0.048.40 10.54

6.86 9.280.03 0.036.89 9.31

7.51 10.080.03 0.047.54 10.12

6.42 9.000.03 0.036.45 9.03

7.12 9.910.03 0.037.15 9.94


Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules



2009 2008


6,423 17,7536,845 18,868


2009 2008


208 15116 15

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

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

1.501.00

Paid directly by investor1.501.001.501.00

0.200.20

-0.200.200.200.20


2009


Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11)


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




Credit Rating (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 2.2 A 29.6 BBB/Baa/B++ 10.8 BB/Ba/B+ 3.9 B 0.1 Not Rated 5.7 Total 56.7




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (13,473) 2,575 1.9 British Pound (2,840) 2,560 1.9 Australian Dollar (1,095) 675 0.5 Euro (1,499) 576 0.4 Swiss Franc (1,319) 359 0.3 Total (20,226) 6,745 5.0









12,245 642 - 547 13,434


Signature High Income Corporate ClassStatement of Investment Portfolio as at March 31, 2009



CORPORATE BONDS (41.8%)USD 886,000 Ace Cash Express Inc. 10.25% 10/01/2014 881,072 279,245

497,000 Advantage Energy Income Fund, Convertible 7.5% 10/01/2009 497,244 469,665

USD 2,108,000 AES Corp. 8.75% 05/15/2013 2,195,442 2,617,693 USD 671,000 Agilent Technologies Inc.

6.5% 11/01/2017 630,272 693,180 USD 890,000 Alliance One International Inc.

11% 05/15/2012 927,788 1,043,482 USD 272,625 Allison Transmission Inc.

11% 11/01/2015 268,934 163,257 USD 599,000 American Railcar Industries Inc.

7.5% 03/01/2014 682,811 524,836 USD 1,545,428 Aramark Corp., Term Loan,

Private Placement 7.47% 01/27/2014^ 1,827,211 1,695,039 2,635,000 Athabasca Oil Sands Corp.

13% 07/30/2011^ 2,640,151 2,226,575 USD 800,000 Axcan Intermediate Holdings Inc.

9.25% 03/01/2015 787,486 975,782 USD 1,051,000 Baker & Taylor Inc. 11.5% 07/01/2013 1,211,872 317,999 USD 600,000 Berry Plastics Co.

5.84438% 02/15/2015 560,491 548,405 USD 1,580,000 Biomet Inc. 10% 10/15/2017 1,616,546 1,971,987 USD 497,000 Boston Scientific Corp.

6.25% 11/15/2015 469,937 576,443 USD 1,273,000 Boston Scientific Corp.,

Senior Notes 6.4% 06/15/2016 1,216,445 1,500,555 917,400 Bowater Inc. 10.85% 11/30/2014 1,039,065 189,590

1,280,500 Bragg Communication Inc., Loan, Private Placement 7.53% 08/31/2014^ 1,280,500 1,162,054

785,000 Canada Housing Trust No.1, FRN Series 12 0.62429% 09/15/2010 788,980 784,034

400,000 Canadian Utilities Ltd. 10.2% 11/30/2009 485,852 420,456

USD 977,702 CanWest MediaWorks Inc. 8% 09/15/2012 1,134,204 240,355

USD 1,211,000 Cascades Inc. 7.25% 02/15/2013 1,205,677 851,140 USD 1,310,000 CCS Inc., Private Placement

11% 11/15/2015^ 1,183,944 891,819 USD 1,407,000 CEVA Group PLC 10% 09/01/2014 1,430,131 678,480 USD 1,030,000 Chesapeake Energy Corp.

9.5% 02/15/2015 1,219,733 1,262,812 720,000 CIT Group Holdings Inc.

4.72% 02/10/2011 719,712 516,586 620,000 Citigroup Finance Canada Inc.

4.37% 02/03/2011 608,115 606,472 USD 2,118,270 Clarketerm, Private Placement

7.84% 06/30/2014^ 2,416,543 1,588,950 USD 818,000 Clondalkin FRN 3.32% 12/15/2013 805,204 647,111 USD 1,556,000 Connacher Oil and Gas Ltd.

10.25% 12/15/2015 1,556,096 617,920 USD 474,000 Constellation Brands Inc.

7.25% 05/15/2017 499,046 567,693 USD 400,000 Constellation Brands Inc.

8.125% 01/15/2012 399,915 504,280 USD 149,000 Constellation Brands Inc.,

Senior Notes 7.25% 09/01/2016 152,654 178,452

CORPORATE BONDS (41.8%) (cont’d)USD 1,997,073 Corral Finans AB

2.59438% 04/15/2010 2,175,573 1,158,147 USD 983,000 Couche-Tard Finance Corp., Callable

7.5% 12/15/2013 1,157,707 1,217,581 707,000 Countrywide Financial Corp.

4.69% 06/01/2009 653,096 699,690 USD 290,000 CSC Holdings Inc. 8.5% 04/15/2014 341,084 360,119 USD 250,000 DIRECTV Group Inc.

7.625% 05/15/2016 251,712 308,872 USD 797,000 Dollarama Group LP

8.875% 08/15/2012 855,161 859,085 USD 692,000 Dollarama Group LP FRN

8.5725% 08/15/2012 771,279 392,582 USD 1,477,000 Domtar Inc. 7.875% 10/15/2011 1,566,271 1,508,264 USD 1,251,000 Dow Jones CDX HY ,

Private Placement 6.75% 06/29/2012^ 1,321,520 1,277,480 USD 94,033 Dow Jones CDX HY, T4 Series 3-4,

Private Placement 10.5% 12/29/2009^ 129,998 121,511 USD 105,000 El Paso Corp. 8.25% 02/15/2016 123,579 123,769

800,000 First Capital Realty Inc. 5.5% 09/30/2017 797,496 624,000

USD 805,000 First Data Corp. 9.875% 09/24/2015 735,569 593,695 USD 672,000 Flextronics International Ltd.

6.5% 05/15/2013 725,301 754,000 USD 1,374,000 FMG Finance Pty. Ltd.

10.625% 09/01/2016 1,671,780 1,455,050 USD 1,196,000 FMG Finance Pty. Ltd. 10% 09/01/2013 1,470,853 1,281,628 USD 303,000 FMG Finance Pty. Ltd.

5.26125% 09/01/2011 335,274 324,693 USD 660,000 Foot Locker Inc. 8.5% 01/15/2022 747,998 669,810 USD 240,000 Forest Oil Corp. 8.5% 02/15/2014 283,818 280,632 USD 1,926,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 2,110,818 2,324,914 USD 3,014,100 Gerdau Ameristeel Corp.

10.375% 07/15/2011 4,008,994 3,804,626 USD 1,376,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 1,542,282 1,249,001 USD 642,933 Great Canadian Gaming Corp.,

Private Placement 4.30375% 02/12/2014^ 687,070 709,228 USD 773,000 H&E Equipment Services Inc.

8.375% 07/15/2016 908,021 613,948 USD 575,000 Hawker Beechcraft Corp.

8.5% 04/01/2015 180,209 184,850 902,000 HBOS Treasury Services PLC

0.72857% 09/29/2009 902,000 880,713 USD 941,000 HCA Inc. 9.125% 11/15/2014 1,029,766 1,127,003 USD 468,000 HealthSouth Corp.,

Private Placement 8.15% 03/10/2013^ 585,550 518,470 USD 1,113,000 Host Hotels & Resorts Inc.

2.625% 04/15/2027 1,046,372 975,196 USD 855,000 Hovnanian Enterprise Inc.

11.5% 05/01/2013 902,627 750,487 USD 1,290,000 Hughes Network Systems LLC

9.5% 04/15/2014 1,443,009 1,455,541 USD 969,000 Huntsman International LLC

7.875% 11/15/2014 1,069,044 500,864


CIG - 2304





CORPORATE BONDS (41.8%) (cont’d)USD 366,000 Innophos Inc. 8.875% 08/15/2014 406,431 378,361 USD 1,965,000 Intelsat Bermuda Ltd.

11.25% 06/15/2016 2,415,303 2,402,958 USD 1,625,000 Intergen NV 9% 06/30/2017 1,752,098 1,854,017

1,815,000 Iron Mountain Inc. 7.5% 03/15/2017 1,795,365 1,597,200 USD 1,959,000 iStar Financial Inc., FRN

1.66% 09/15/2009 1,681,464 2,099,255 USD 1,826,000 Jabil Circuit Inc.

8.25% 03/15/2018 1,871,508 1,715,019 USD 795,000 James River Coal Co.

9.375% 06/01/2012 806,876 671,512 USD 2,970,000 JP Morgan Chase & Co.

7.9% 04/29/2049 2,769,876 2,406,224 USD 166,000 Kansas City Southern

12.5% 04/01/2016 193,195 197,745 USD 122,000 Kansas City Southern de Mexico

8% 06/01/2015 121,182 127,274 USD 889,000 Kansas City Southern de Mexico

9.375% 05/01/2012 922,096 1,019,894 USD 80,000 Lender Processing Services Inc.

8.125% 07/01/2016 81,440 100,100 880,000 Merrill Lynch & Co., Inc.

4.5% 01/30/2012 815,658 831,248 USD 833,064 Metals USA Holdings Corp., FRN

7.2075% 07/01/2012 795,329 246,807 USD 564,000 MetroPCS Wireless Inc.

9.25% 11/01/2014 574,517 689,704 USD 1,550,000 MGM Mirage Inc. 5.875% 02/27/2014 1,384,171 683,930 USD 602,000 MGM Mirage Inc. 7.5% 06/01/2016 630,003 265,630 USD 719,000 MGM Mirage Inc. 8.5% 09/15/2010 846,571 371,642 USD 1,406,000 Mohegan Tribal Gaming

6.125% 02/15/2013 1,277,366 762,194 460,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 447,339 443,693 665,000 Morgan Stanley FRN

1.10571% 02/23/2012 614,384 521,673 710,000 NAV Canada 4.428% 02/24/2011 711,932 731,591

USD 1,233,000 Neiman Marcus Group Inc. 10.375% 10/15/2015 1,392,652 497,422

USD 561,000 Newell Rubbermaid Inc. 10.6% 04/15/2019 695,515 713,950

USD 2,396,000 Nortel Networks Corp. 10.75% 07/15/2016 2,260,610 573,921

USD 191,000 NOVA Chemicals Corp. 7.4% 04/01/2009 192,214 240,794

USD 317,000 Nova Chemicals Ltd. 6.5% 01/15/2012 328,648 347,689 USD 1,040,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 932,951 747,343 USD 939,000 NXP BV/NXP Funding LLC

7.875% 10/15/2014 1,045,064 275,233 USD 2,208,000 OPTI Canada Inc., Callable

8.25% 12/15/2014 2,418,230 1,245,673 USD 1,057,000 PetroQuest Energy Inc.

10.375% 05/15/2012 1,257,329 819,524 USD 349,000 Province Healthcare Co.

7.5% 06/01/2013 465,936 422,825

CORPORATE BONDS (41.8%) (cont’d)USD 2,032,000 Qwest Capital Funding Inc.

7.25% 02/15/2011 2,050,496 2,446,464 USD 904,000 Rathgibson Inc.

11.25% 02/15/2014 1,033,873 239,331 300,000 RBC Capital Trust

4.87% 12/31/2050 299,304 259,308 1,465,000 Rogers Wireless Inc.

7.625% 12/15/2011 1,491,336 1,546,190 USD 144,000 Rogers Wireless Inc. 8% 12/15/2012 171,793 183,129

2,000,000 Royal Bank of Canada 5.13% 09/27/2010 1,999,680 2,101,300

600,000 Royal Bank of Scotland 5.37% 05/12/2049 564,234 205,500

USD 2,114,000 Sabine Pass LNG LP 7.5% 11/30/2016 2,044,980 1,785,631 USD 178,000 Scientific Games Corp.

6.25% 12/15/2012 164,665 196,354 USD 930,000 Scientific Games Corp.

7.875% 06/15/2016 943,605 1,014,170 713,000 Shaw Communications Inc.

7.5% 11/20/2013 737,550 754,625 479,000 Sherritt International Corp.

7.875% 11/26/2012 483,672 356,855 1,959,000 Sherritt International Corp.

8.25% 10/24/2014 1,959,000 1,361,505 USD 526,034 Skilled Healthcare Group Inc.

11% 01/15/2014 642,115 661,513 USD 1,930,000 SLM Corp. 4.5% 07/26/2010 2,156,925 1,824,864

485,000 SLM Corp. 4.625% 06/15/2011 419,898 300,763 USD 425,000 SLM Corp. 5.125% 08/27/2012 327,063 288,709 USD 515,000 Sotheby's Holdings Inc.

7.75% 06/15/2015 517,227 473,960 138,000 Speciality Foods 7.25% 12/14/2011^ 499,800 138,000

USD 752,000 Steel Dynamics Inc., Senior Notes 6.75% 04/01/2015 592,115 642,302

USD 1,322,000 Targa Resources Inc. 8.5% 11/01/2013 1,475,845 1,033,320

1,890,000 TD Capital Trust 9.523% 01/30/2108 1,890,000 2,059,382

USD 181,000 Teck Cominco Ltd. 5.375% 10/01/2015 107,315 120,939 USD 675,000 Teck Cominco Ltd. 6.125% 10/01/2035 399,945 421,955 USD 375,000 Teck Cominco Ltd. 7% 09/15/2012 263,078 314,387 USD 986,000 Texas Competitive Electric

Holdings Co. LLC 10.25% 11/01/2015 908,292 621,525 USD 1,121,000 The Mosaic Co. 7.375% 12/01/2014 1,283,480 1,384,980 USD 725,000 Transmeridian Exploration Inc.

12% 12/15/2010 701,488 45,700 USD 1,555,000 United Rentals North America Inc.

6.5% 02/15/2012 1,664,017 1,568,311 USD 1,014,000 United Surgical Partners International Inc.

8.875% 05/01/2017 1,011,683 990,721 USD 1,838,997 US Oncology Holdings Inc.

6.90375% 03/15/2012 1,865,509 1,391,054 700,000 Viterra Inc. 8% 04/08/2013 700,000 728,203

1,298,000 Viterra Inc. 8.5% 08/01/2017 1,296,760 1,342,794 USD 260,000 Wells Fargo & Co.

7.98% 02/28/2049 194,327 154,058






CORPORATE BONDS (41.8%) (cont’d)USD 3,195,000 Wells Fargo Capital

7.7% 12/29/2049 2,782,937 1,918,587 AUD 1,159,000 Western Areas 8% 07/02/2012 943,212 807,499 USD 1,150,000 Wynn Las Vegas LLC

6.625% 12/01/2014 1,059,081 1,094,603 330,000 YPG Holdings Inc. 5.25% 02/15/2016 296,974 268,171

137,716,431 115,466,503

ROYALTY TRUSTS (9.4%) 165,200 ARC Energy Trust* 3,193,290 2,337,580 125,700 Bonavista Energy Trust 3,191,722 1,904,355

84,900 Crescent Point Energy Trust 1,481,751 2,237,964 88,800 Northland Power Income Fund 1,211,987 889,776

126,700 SPDR Gold Trust 13,902,863 14,417,294 152,447 Vermilion Energy Trust 3,639,658 4,100,824

26,621,271 25,887,793COMMON EQUITIES (7.9%)

7,693 American Capital Ltd. 325,033 18,039 19,800 Atlantia SpA 606,133 375,725 54,000 BCE Inc. 1,854,776 1,347,840 78,280 BFI Canada Ltd. 1,754,028 727,221 46,400 CI Financial Corp.† 1,406,747 643,568

534,100 Inter Pipeline Fund LP 4,747,387 3,952,340 1,034,670 Macquarie Airports 2,961,119 1,641,239

787,200 Macquarie Infrastructure Group 1,696,296 1,007,232 115,100 Otelco Inc. 1,974,009 1,316,117

98,231 Progress Energy Resources Corp. 1,558,093 918,460 78,731 Resolve Business Outsourcing

Income Fund 642,566 125,182 20,360 Simon Property Group Inc. 794,938 885,798 42,800 Spectra Energy Corp. 991,515 761,887

115,700 TransAlta Corp. 3,923,312 2,134,665 49,100 TransCanada Corp.* 1,812,393 1,461,707

710,550 Transurban Group 3,727,449 2,870,695 8,073 Unibail* 1,811,772 1,438,908

32,587,566 21,626,623REITS (6.2%)

211,510 Allied Properties REIT 3,328,302 2,584,652 177,053 Artis REIT 2,402,590 1,108,352 174,796 Calloway REIT 3,483,105 1,746,212 143,110 Canadian Apartment Properties REIT 2,132,948 1,784,582 229,430 Canadian REIT 4,730,560 4,545,008 240,992 Cominar REIT 3,820,442 3,243,752

91,900 H&R REIT 1,352,623 698,440 56,200 Primaris Retail REIT 551,219 510,296 74,978 RioCan REIT* 1,259,652 932,726

23,061,441 17,154,020

INCOME TRUSTS (5.8%) 41,045 AltaGas Income Trust 857,028 584,891

179,750 Altus Group Income Fund 2,937,495 1,186,350 154,319 Bell Aliant Regional Communications

Income Fund 4,504,604 3,719,088 25,765 Boston Pizza Royalties Income Fund 341,186 221,579

108,200 Canadian Oil Sands Trust 2,320,996 2,601,128 79,100 CML Healthcare Income Fund 1,005,861 1,036,210 76,300 Davis & Henderson Income Fund 1,399,986 893,473 80,300 Enerplus Resources Fund 3,239,846 1,670,240 46,800 Keyera Facilities Income Fund 662,474 725,400 29,800 Labrador Iron Ore Royalty Income Fund 730,628 812,348 83,700 Livingston International Income Fund 1,684,088 327,267

154,420 Pembina Pipeline Income Fund 2,243,694 2,158,792 21,927,886 15,936,766

GOVERNMENT BONDS (0.2%) 550,000 Canadian Government Bond

4% 09/01/2010* 574,612 574,954

PREFERRED SHARES (0.1%) 38,400 ION Media Networks Inc., 12% Preferred^ 6,065 48 91,400 Nortel Networks Corp., Preferred,

Series 7, Class A 1,607,202 10,968 120,000 Nortel Networks Corp., Preferred,

Series F 2,228,466 19,200 3,841,733 30,216



Short Term Notes (18.5%) 51,000,000 51,000,000




Other Assets (net) (10.5%) 28,805,896

Total Net Assets (100.0%) 275,361,725


†CI Investments Inc., the manager, is a corporation controlled by CI Financial Corp. Investments in CI Financial Corp. are identified above.*Denotes all or part of securities lent.^Denotes illiquid securities.The accompanying notes are an integral part of these financial statements. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.







3 UBS Warburg NY A-1 16-Apr-09 (4,932,000) Australian $ 3,950,860 Canadian $ (365,501)1 UBS Warburg NY A-1 16-Apr-09 (167,000) British Pound 334,468 Canadian $ 32,406 2 State Street Trust Co. of Canada A-1 16-Apr-09 (12,671,111) Canadian $ 9,988,000 US $ (79,879)2 Royal Bank of Canada A-1+ 16-Apr-09 (1,295,107) Canadian $ 1,018,000 US $ (11,779)4 Morgan Stanley A-1 16-Apr-09 (1,423,272) Canadian $ 878,000 Euro 47,099 1 UBS Warburg NY A-1 16-Apr-09 (299,014) Canadian $ 167,000 British Pound 3,048 2 UBS Warburg NY A-1 16-Apr-09 (313,223) Canadian $ 380,000 Australian $ 19,343 1 UBS Warburg NY A-1 16-Apr-09 (52,064) Canadian $ 33,000 Euro 3,200 2 UBS Warburg NY A-1 16-Apr-09 (6,795,300) Canadian $ 5,351,000 US $ (49,637)2 Bank of Nova Scotia†† A-1+ 16-Apr-09 (779,296) Canadian $ 476,000 Euro 17,853 4 Morgan Stanley A-1 16-Apr-09 (1,152,000) Euro 1,867,864 Canadian $ (61,370)1 UBS Warburg NY A-1 16-Apr-09 (33,000) Euro 54,354 Canadian $ (910)1 Bank of Nova Scotia†† A-1+ 16-Apr-09 (725,000) Euro 1,142,093 Canadian $ (72,052)1 UBS Warburg NY A-1 16-Apr-09 (12,225,000) US $ 15,320,492 Canadian $ (90,783)2 State Street Trust Co. of Canada A-1 16-Apr-09 (21,148,000) US $ 26,361,971 Canadian $ (297,960)3 Bank of Nova Scotia†† A-1+ 16-Apr-09 (21,793,000) US $ 27,411,268 Canadian $ (61,773)3 Morgan Stanley A-1 16-Apr-09 (24,010,000) US $ 30,186,959 Canadian $ (80,912)1 Royal Bank of Canada A-1+ 16-Apr-09 (8,945,500) US $ 11,205,581 Canadian $ (71,439)



Signature High Income Corporate ClassFinancial Statements





Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares





196,677 292,80222,398 1,41751,000 31,000

- -883 -

- -123 -

- -- -

1,361 9252,993 414

- -3,651 3,601

279,086 330,159

- -- -- 1

1,244 1,090- -

1,491 479648 501

- -- -- -

341 5833,724 2,654

275,362 327,505

246,255 301,575- -

230,344 292,48314,549 16,30618,270 15,185

5,044 98071 81

6,927 2,457157 13

14.07 17.7014.80 18.52

8.67 10.747.29 9.687.60 10.056.83 9.377.54 10.26

16,369,711 16,527,298982,889 880,668

2,106,286 1,413,592691,626 101,281

9,361 8,1041,014,302 262,090

20,868 1,308


2009 2008


2009 2008










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















2,457 3,35318,963 19,891

93 132204 -

- -- -

(250) (236)21,467 23,140

3,530 4,243577 694

- 13194 231205 284

4,506 5,46516,961 17,675

(20) -16,941 17,675

(44,286) 9,139895 (30)

(213) (392)- -

(40,836) (36,321)(84,440) (27,604)(67,499) (9,929)

(59,132) (9,379)(3,465) (412)(2,864) (173)

(705) 15(30) -

(1,298) 20(5) -

(3.62) (0.51)(3.82) (0.43)(1.87) (0.12)(1.97) 0.33(2.94) 0.15(2.13) 0.15(1.42) 0.47

292,483 346,842- (447)

292,483 346,395

64,737 60,488- -

(59,362) (62,873)(8,382) (42,148)(3,007) (44,533)

- -- -- -- -

(59,132) (9,379)230,344 292,483

16,306 17,322- (22)

16,306 17,300

5,748 4,364- -

(4,900) (3,600)860 (1,346)

1,708 (582)

- -- -- -- -

(3,465) (412)14,549 16,306

15,185 13,831- (18)

15,185 13,813

10,035 3,891- -

(4,989) (1,401)903 (945)

5,949 1,545

- -- -- -- -

(2,864) (173)18,270 15,185


2009 2008


2009 2008























13 -- -

13 -

175 13- -

(95) -73 -

153 13

- -- -

(4) -(4) -(5) -

157 13

327,505 377,995- (487)

327,505 377,508

92,428 71,642- -

(70,696) (67,930)(5,757) (43,723)

15,975 (40,011)

- -- -

(619) (63)(619) (63)

(67,499) (9,929)275,362 327,505

980 -- -

980 -

5,423 779- -

(724) (13)237 209

4,936 975

- -- -

(167) (10)(167) (10)(705) 15

5,044 980

81 -- -

81 -

135 76- -

(110) -- 6

25 82

- -- -

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

(30) -71 81

2,457 -- -

2,457 -

6,175 2,031- -

(516) (43)552 501

6,211 2,489

- -- -

(443) (52)(443) (52)

(1,298) 206,927 2,457



2009 2008



2009 2008









Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008

16,527,298 19,054,2034,131,429 3,339,519

- -(3,807,987) (3,510,731)

(481,029) (2,355,693)16,369,711 16,527,298

880,668 914,442352,938 231,638

- -(299,138) (192,132)

48,421 (73,280)982,889 880,668

1,413,592 1,271,2141,126,816 352,307

- -(550,675) (129,351)116,553 (80,578)

2,106,286 1,413,592

101,281 -654,527 80,960

- -(91,361) (1,338)27,179 21,659

691,626 101,281

8,104 -15,155 7,516

- -(13,898) (2)

- 5909,361 8,104

262,090 -750,926 214,270

- -(67,080) (4,574)68,366 52,394

1,014,302 262,090

1,308 -22,577 1,308

- -(11,465) -

8,448 -20,868 1,308










2009 2008

14.07 17.700.02 0.03

14.09 17.73

14.80 18.520.03 0.03

14.83 18.55

8.67 10.740.02 0.028.69 10.76

7.29 9.680.01 0.017.30 9.69

7.60 10.050.01 0.017.61 10.06

6.83 9.370.01 0.026.84 9.39

7.54 10.260.01 0.027.55 10.28



2009 2008


5,308 53,9585,657 57,345

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules


2009 2008


207 25816 25


Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

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

1.250.75

Paid directly by investor1.250.751.250.75

0.200.20

-0.200.200.200.20


2009


Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Other Price RiskThe Fund is invested in Canadian and U.S. stocks and therefore sensitive to changes in generaleconomic conditions in Canada and the United States, however some of the Fund's assets areinvested in fixed income securities and their market risk exposure will be discussed in the followingsections.

As at March 31, 2009, had the Canadian and U.S. markets increased or decreased by 10%, withall other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $8,064,000. In practice, the actual trading results may differ fromthis analysis. The difference may be material.



Credit Rating (%)AAA/Aaa/A++ 10.3 AA/Aa/A+ 1.4 A 2.8BBB/Baa/B++ 6.9 BB/Ba/B+ 12.3 B 10.4 CCC/Caa/C++ 3.1 Not Rated 13.5 Total 60.7




Exposure Exposure* AssetsCurrency (in $000’s) (in $000’s) (%)US Dollar (90,474) 25,067 9.1 Australian Dollar (3,989) 2,358 0.9 Euro (876) 939 0.3 Total (95,339) 28,364 10.3






As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $621,000. In practice, the actual results may differ. The difference may be material.



78,330 26,922 26,169 58,017 189,438


CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2009


Equities Subject to Forward (100.5%) 2,386,350 Canfor Corp. 15,765,902 11,335,163 2,903,834 Celestica Inc. 15,761,827 12,893,023 1,122,300 FirstService Corp. 15,756,752 11,627,028 1,747,993 CGI Group Inc. 15,752,517 17,602,290

845,270 MacDonald Dettwiler & Associates Ltd. 15,757,781 21,004,960 2,995,509 Red Back Mining Inc. 15,760,772 24,263,623

270,690 Research In Motion Ltd. (USD) 15,736,189 14,749,898 1,310,458 RONA Inc. 15,763,999 15,450,300 1,604,022 Sino-Forest Corp. 15,760,512 13,826,670 2,101,006 Teck Cominco Ltd. 9,331,319 14,812,092 1,609,481 TriStar Oil & Gas Ltd. 15,759,994 14,855,510 2,168,116 Viterra Inc. 15,760,769 19,036,058 1,559,186 Westjet Airlines Ltd. 15,811,966 18,351,619


Total Equities Subject to Forward Contract (100.5%) 198,480,299 209,808,234


Forward Contract (-2.3%) (see Schedule A) (4,859,760)



Total Net Assets (100.0%) 208,769,330

Schedule AForward Contract (-2.3%)

No. of Shares/Face Amount Investments sold forward Fair Value $

2,386,350 Canfor Corp. (11,454,481)2,903,834 Celestica Inc. (12,922,061)1,122,300 FirstService Corp. (11,638,251)1,747,993 CGI Group Inc. (17,794,569)

845,270 MacDonald Dettwiler & Associates Ltd. (21,038,770)2,995,509 Red Back Mining Inc. (24,413,399)

270,690 Research In Motion Ltd. (USD) (14,749,898)1,310,458 RONA Inc. (15,555,136)1,604,022 Sino-Forest Corp. (14,099,353)2,101,006 Teck Cominco Ltd. (14,812,092)1,609,481 TriStar Oil & Gas Ltd. (14,855,510)2,168,116 Viterra Inc. (19,036,058)1,559,186 Westjet Airlines Ltd. (18,367,211)

(210,736,789)

Notional Shares Underlying Fund Fair Value $

20,229,429 CI Short-Term Advantage Trust 205,877,029

Total Forward Contracts Value (4,859,760)

Due date May 22, 2013Credit Rating of the Counterparty A-1


CIG - 2313


CI Short-Term Advantage Corporate ClassFinancial Statements


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










Expenses absorbed by the managerNet investment income (loss) for the period


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





209,808 -3,877 -

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

479 -- -- -

26 -214,190 -

- -- -- -- -

4,860 - -- -

469 -- -

92 - -- -- -

5,421 -208,769 -

198,480 -- -

148,765 -6,698 -

53,306 -

10.04 -10.06 -10.13 -

14,813,238 -665,569 -

5,261,231 -

- -177 -128 -

- -- -

114 -- -

419 -

828 -- -3 -- -

36 -867 -(64) -

(384) -

(4,519) -- -- -- -

(743)

6,468 -1,206 -

822 -

197 -38 -

587 -

0.02 -0.05 -0.11 -

Statement of Operations for the period ended March 31(in $000’s except for per share amounts)

2009

Statement of Net Assets as at March 31(in $000’s except for per share amounts and shares outstanding)

2009



A SharesNet assets, beginning of periodCapital transactions

Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemed(Excess) deficiency on amounts paid on units redeemedConversion of shares (net)


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




Total FundNet assets, beginning of periodCapital transactions




- -

128,629 -- -

(76,074) -(492)656 -

52,719 -

- -- -- -- -

587 -53,306 -

- -

340,383 -- -

(161,812) -(967)

30,343 -207,947 -

- -- -- -- -

822 -208,769 -

- -

200,107 -- -

(78,584) -(432)

27,477 -148,568 -

- -- -- -- -

197 -148,765 -

- -

11,647 -- -

(7,154) -(43)

2,210 -6,660 -

- -- -- -- -

38 -6,698 -

CI Short-Term Advantage Corporate ClassFinancial Statements

Statement of Changes in Net Assets for the period ended March 31 (in $000’s)

2009


Statement of Changes in Net Assets (cont’d)for the period ended March 31 (in $000’s)

2009


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


2009


- -- -

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules

Schedule of Commissionsfor the period ended March 31 (in $000’s)

2009


- -- -

Schedule of Fund Share Transactions for the period ended March 31

2009

- -19,933,189 -

- -(7,848,992) -2,729,041 -

14,813,238 -

- -1,159,111 -

- -(713,980) -220,438 -665,569 -

- -12,749,212 -

- -(7,555,283) -

67,302 -5,261,231 -




1.000.75


---


2009




10.04 -0.05 -

10.09 -

10.06 -0.05 -

10.11 -

10.13 -0.05 -

10.18 -


2009


Other Price RiskCI Short-Term Advantage Corporate Class (the “Fund) is exposed to the financial instruments’ risksof the CI Short-Term Advantage Trust (the “Underlying Fund”). The Fund was created to obtainexposure to an actively managed portfolio of money market instruments issued in Canada and otherdeveloped countries by virtue of the Forward Agreement. By entering into the Forward Agreement,the Fund eliminated the direct risk exposure to its common share portfolio and assumed the riskexposure of the CI Short-Term Advantage Trust, as well as credit risk to the Counterparty of theForward Agreement. For details of the credit rating of the Counterparty to the Forward Agreementplease refer to the “Statement of Investment Portfolio” - Schedule A.

The Fund bears the other price risk exposure of the Underlying Fund. The other price risk of theUnderlying Fund is insignificant as the Underlying Fund is predominantly interested in fixed incomesecurities and their risk exposure will be discussed in the following section.

Credit RiskThe Underlying Fund was invested in debt securities, preferred securities and derivative instruments ifapplicable, with the following credit ratings, as per table below:


Credit Rating (%)AAA/Aaa/A++ 20.5AA/Aa/A+ 22.2A 2.5BBB/Baa/B++ 0.7Not Rated 0.6Total 46.5


CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11)


Currency RiskThe Underlying Fund's investments are denominated in Canadian dollars, the functional currency ofthe Underlying Fund and the Fund. As a result, the Fund and Underlying Fund are not exposed tocurrency risk.

Interest Rate RiskThe table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.



As at March 31, 2009, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Underlying Fund would have decreased orincreased, respectively, by approximately $50,000. In practice, the actual results may differ. Thedifference may be material.



164,954 36,360 4,054 300 205,668


1. THE FUNDS

CI Corporate Class Limited (formerly, CI Sector Fund Limited) (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario. The name change was effective May 2, 2005.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares. Each designated

class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class of shares of the Corporation.

Each class of shares is referred to as a “Fund”.

Due to the change in the name to CI Corporate Class Limited, all of the share classes within CI Corporate Class Limited will carry the designation “Corporate Class” instead of “Sector Fund”.

The following Funds are a class of shares of the Corporation.

Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares

CI Corporate Class

CI American Equity Corporate Class February 24, 2000 July 17, 2000 –

CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001

CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 –

CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002

CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006

CI Can-Am Small Cap Corporate Class November 28, 2005† November 28, 2005† November 28, 2005

CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 December 19, 2006

CI European Corporate Class September 21, 1992 July 31, 2001 –

CI Global Balanced Corporate Class* June 11, 1998 July 17, 2000 July 31, 2001

CI Global Biotechnology Corporate Class August 5, 1999 July 17, 2000 –

CI Global Bond Corporate Class August 28, 2002 July 17, 2000 –

CI Global Consumer Products Corporate Class April 11, 1997 July 17, 2000 July 31, 2001

CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006

CI Global Financial Services Corporate Class July 23, 1996 July 17, 2000 July 31, 2001

CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 December 17, 2001

CI Global High Dividend Advantage Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001

CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001

CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –

CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006

CI International Balanced Corporate Class July 31, 2001 December 17, 2001 –

CI International Corporate Class July 31, 2001 July 31, 2001 –

CI International Value Corporate Class July 23, 1996 July 31, 2001 December 19, 2006

CI Japanese Corporate Class December 23, 1998 July 17, 2000 –

CI Pacific Corporate Class July 8, 1987 July 17, 2000 –

CI Short-Term Advantage Corporate Class May 12, 2008 May 12, 2008 May 13, 2008

CI Short-Term Corporate Class July 8, 1987 July 17, 2000 November 7, 2005

CI Short-Term US$ Corporate Class July 31, 2001 – –

CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001

Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005

Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006

Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 –

Harbour Growth & Income Corporate Class August 1, 2006 August 1, 2006 –

Signature Canadian Bond Corporate Class* (Formerly CI Canadian Bond Corporate Class) August 28, 2002 August 28, 2002 February 7, 2006

Signature Canadian Resource Corporate Class July 31, 2001 July 31, 2001 –

Signature Corporate Bond Corporate Class July 15, 2003 July 15, 2003 December 19, 2006

Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Global Energy Corporate Class* (Formerly CI Global Energy Corporate Class) June 11, 1998 July 31, 2001 –

Signature Global Income & Growth Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

Notes to the Financial Statements - CI Corporate Class LimitedAs at March 31, 2009


THE FUNDS (cont’d)

Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares

CI Corporate Class

Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005

Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006

Synergy American Corporate Class September 21, 1992 July 17, 2000 –

Synergy Canadian Corporate Class November 28, 2005† November 28, 2005† November 28, 2005†

Synergy Canadian Style Management Corporate Class November 28, 2005† November 28, 2005† November 28, 2005†

Synergy Global Corporate Class July 23, 2004 July 23, 2004 September 7, 2004

Synergy Global Style Management Corporate Class July 23, 2004 July 23, 2004 –

Inception Date Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares of W Shares

Portfolio Select Series

Select Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006 November 7, 2005

Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select 100e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 100i Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 20i80e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006







Inception Date Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares of W Shares

Cambridge Corporate Class

Cambridge Canadian Asset Allocation Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Canadian Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Global Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

*Name change effective July 31, 2008


CI Value Trust Corporate Class offered Class Y, Z and Insight shares to investors commencing on

April 7, 2004.

Synergy Canadian Corporate Class offered Insight shares to investors commencing on November 28, 2005.

Each Fund offers Class A and F shares except for CI Short-Term US$ Corporate Class which offers

only Class A shares. Some funds also offer Class AT5, AT8, FT5, FT8, I, IT5, IT8, W, WT5, WT8, Y, Z or

Insight shares.

Shares of the Select Funds are available only to investors who participate in the PSS program.

Class A shares of all other funds are available to all investors.

Class F, FT5, FT8, W, WT5 and WT8 shares are available to certain investors including those who

participate in fee-based programs through their financial advisers or who are members of certain groups.

Insight shares are issued to investors of the Insight Program, for use in fee-based accounts.

Class Y and Z shares were issued to certain investors in connection with various mutual fund

reorganizations and are generally only available for purchase by those investors.

Class I, IT5, IT8 shares are only available to institutional clients and investors who have entered into

a Class I Account Agreement with CI Investments Inc.

Unlike other classes of shares offered by the Funds, holders of Class AT5, AT8, FT5, FT8, IT5, IT8, WT5

and WT8 shares (also called the T-Class Securities) receive regular monthly cash distributions.



On October 1, 2007 the Corporation issued the T-Class series of Funds which pay a monthly return of

capital (ROC) distribution to clients. Built on the tax-efficient CI Corporate Class structure, the T-Class

gives clients the choice of a 5% or 8% annual target ROC distribution. Monthly ROC distributions from

T-Class Funds are not taxable. The T-Class are available in Class A, Class F, Class I and Class W shares.

The following Funds had T-Class shares outstanding as at March 31, 2009.

CI American Equity Corporate Class - AT5, AT8, FT5

CI American Value Corporate Class - AT5, AT8, FT5, IT5

CI Canadian Investment Corporate Class - AT5, AT8, FT5, FT8, IT5

CI Global Corporate Class - AT5, AT8, FT5

CI Global High Dividend Advantage Corporate Class - AT5, AT8, FT8, IT5

CI Value Trust Corporate Class - AT5, AT8, FT5, FT8

Harbour Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Harbour Foreign Equity Corporate Class - AT5, AT8, FT5, FT8, IT5

Harbour Foreign Growth & Income Corporate Class - AT5, AT8, FT8, IT5, IT8

Harbour Growth & Income Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Dividend Corporate Class - AT5, AT8, FT5, FT8

Signature Global Income & Growth Corporate Class - AT5, AT8, FT5, IT5

Signature High Income Corporate Class - AT5, AT8, FT5, FT8

Signature Income & Growth Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Select Canadian Corporate Class - AT5, AT8, FT5, FT8, IT5

Synergy Global Corporate Class - AT5, AT8, FT5, IT5

Select 100e Managed Portfolio Corporate Class - AT5, AT8, IT5, IT8

Select 100i Managed Portfolio Corporate Class - AT5, AT8, FT5, IT5, IT8, WT8

Select 20i80e Managed Portfolio Corporate Class - AT5, AT8

Select 30i70e Managed Portfolio Corporate Class - AT5, AT8, WT5

Select 40i60e Managed Portfolio Corporate Class - AT5, AT8, FT5, WT5, WT8



Select 70i30e Managed Portfolio Corporate Class - AT5, AT8

Select 80i20e Managed Portfolio Corporate Class - AT5, AT8, FT5

Cambridge Canadian Asset Allocation Corporate Class - AT5, AT8, FT5, IT5

Cambridge Canadian Equity Corporate Class - AT5, AT8, FT5

Cambridge Global Equity Corporate Class - AT5, AT8, FT5, FT8

The CI Global High Dividend Advantage Corporate Class through a forward agreement or agreements

(the "Forward Agreement") with National Bank of Canada, provides unitholders with exposure to the

performance of two managed accounts ("Underlying Accounts") or equity baskets managed by Epoch

Investment Partners Inc., in exchange for the Canadian equity portfolio. The Underlying Accounts

consist 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 Accounts.

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

Agreement") with Bank of Montreal provides unitholders with exposure to the performance of

underlying fund ("Underlying Fund"), in exchange for the Canadian equity portfolio. The Underlying

Fund consist of money market instruments issued in Canada and other developed countries. However,

neither the Fund nor the shareholders will have any ownership interest in the Underlying Fund.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at March 31,

2009 and the Statements of Net Assets, Schedule of Net Assets Reconciliation and Schedule of

Securities Lending are as at March 31, 2009 and March 31, 2008, were applicable. The Statements of

Operations, Statements of Changes in Net Assets, Schedule of Fund Share Transactions and Schedule

of Commissions for each Fund are for the years ended March 31, 2009 and March 31, 2008, except for

Funds established during either period, in which case the information provided relates to the period

from inception to March 31, 2009 or to March 31, 2008. The Fund Specific Financial Instruments Risks

for each of the Funds are as at March 31, 2009.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Accounting Principles (“GAAP”).

(a) Adoption of New Accounting Standards

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 3862 “Financial Instruments –

Disclosures” and Section 3863 “Financial Instruments – Presentation” in place of Section 3861

“Financial Instruments – Disclosure and Presentation”. Sections 3862 and 3863 became effective for

interim and annual financial statements relating to fiscal years beginning on or after October 1, 2007,

specifically April 1, 2008 for the Funds. These sections establish standards for disclosure of financial

instruments including the nature and extent of risks arising from financial instruments to which the

Funds are exposed during the reporting period. The adoption of the new accounting standards has no

impact on valuation policies, nor the way the Funds’ Net Assets are calculated.

Section 1535 “Capital Disclosures” establishes standards for disclosing information about an entity’s

capital and how it is managed. This new standard became effective for interim and annual financial

statements relating to fiscal years beginning on or after October 1, 2007, specifically April 1, 2008 for

the Funds. The adoption of this new accounting standard has no impact on the Funds’ Net Assets.

(b) Valuation of Investments

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 3855, “Financial Instruments –

Recognition and Measurement”, which requires the fair value of financial instruments to be measured

based on investments’ bid/ask price depending on investment position (long/short). For financial

reporting purposes, on April 1, 2007, the Funds adopted Section 3855 on a retrospective basis without

restatement of prior years’ numbers. Prior to adoption of Section 3855 the fair value of investments for

financial reporting purposes was measured based on the closing market price for the day.

The Canadian Securities Administrators (“CSA”) amended section 14.2 of National Instrument 81-106

on September 5, 2008. The amended section 14.2 requires the net asset value of an investment fund to

be calculated using the fair value of the fund's assets and liabilities. The adoption of Section 3855

results in a different valuation method for calculating net asset value for financial reporting purposes.

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

closing market price (referred to as “Net Asset Value”), while for financial statement purposes net asset

value is calculated based on bid/ask price (referred to as “Net Assets”). In accordance with NI 81-106,

a reconciliation between the Net Asset Value per share and the Net Assets per share is disclosed in the

Schedule of Net Assets Reconciliation as at March 31, 2009 and 2008. The Portfolio Select Series Funds

invest in units of other funds, “underlying funds”. As a result, the Section 3855 has no impact the Funds’

valuation policies. The underlying funds will continue to be valued at their net asset value as reported

by the funds manager. The Funds’ investment transactions are not subject to transaction costs.


Investments are categorized as held for trading in accordance with Section 3855, “Financial

Instruments – Recognition and Measurement” and are recorded at their fair value for financial

reporting purposes. Listed securities are valued based on the bid price for securities held long and the

ask price for securities held short on the financial reporting date. Unlisted securities are valued based

on price quotations from recognized investment dealers, or failing that, their fair value is determined

by the Manager on the basis of the latest reported information available. Fixed income securities,

debentures, money market investments and other debt instruments are valued at the bid quotation

from recognized investment dealers. Underlying funds are valued on each business day at their Net

Asset Value as reported by the fund manager.

(c) Commissions and other portfolio transaction costs

Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities,

are included in “Commissions and other portfolio transaction costs” in the Statements of Operations.

(d) Cost of Investments

Cost of investments represents the amount paid for each security and is determined on an average cost

basis excluding commissions and transactions costs.

(e) Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes and any

realized gains and losses from such transactions are calculated on an average cost basis.

Dividend income and distributions from investment funds are recognized on the ex-dividend/ex-

distribution date and interest income on the accrual basis.

Distributions received from income trust holdings are recorded as income, capital gains or a return of

capital, based on the best information available to the Manager. Due to the nature of these

investments, actual allocations could vary from this information. Distributions from income trusts that

are treated as a return of capital for income tax purposes reduce the average cost of the underlying

investment trust.

(f) Foreign Exchange

Foreign currency amounts are translated into the functional currency as follows: fair value of

investments, forward currency contracts, other assets and liabilities at the closing rate of exchange on

each business day and income, expenses and purchases, sales and settlements of investments at the

rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains

(losses) on completed transactions are included in “Foreign exchange gain (loss)” as reflected in the

Statements of Operations.

(g) Increase (Decrease) in Net Assets from Operations per Share

“Increase (decrease) in net assets from operations per share” in the Statements of Operations is

calculated by dividing the increase (decrease) in net assets from operations of a Fund by the weighted

average number of shares outstanding during the period per class for that class.

(h) Forward Contracts

The Fund may enter into forward contracts. Forward foreign currency contracts are valued using a bid

price on the related public exchange, on each valuation day according to the gain (loss) that would be

realized if the contracts were closed out.

All gains (losses) arising from forward foreign currency contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations and

“Unrealized gain (loss) on derivative instruments” in the Statements of Net Assets until the contracts

are closed out or expire, at which time the gains (losses) are realized and reported as ”Realized gain

(loss) on investments” in the Statements of Operations.

The value of the Forward Agreement on the valuation date is equal to the gain or loss that would be

realized if the contract were closed out or expired. Investments sold forward as part of the forward

agreement are valued at the market close price, and the Underlying Fund/Account is valued at its net

asset value as determined by the Underlying Fund’s/Account’s portfolio manager on the valuation date

for 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” 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.

(i) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related public

exchange. All gains or losses arising from futures contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations until the

contracts are closed out or expired, at which time the gains (losses) are realized and reported as

“Realized gain (loss) on investments” in the Statements of Operations.

(j) Short Selling

Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund

sells a security short, it will borrow that security from a broker to complete the sale. The Fund will incur

a loss as a result of a short sale if the price of the borrowed security increases between the date of the

short sale and the date on which the Fund closes out its short position by buying that security. The Fund

will realize a gain if the security declines in price between those dates. The gain or loss that would be

realized if, on the valuation date, the position were to be closed out is reflected in the Statements of

Operations as part of “Change in unrealized appreciation (depreciation) of investments” and in the

Statements of Net Assets in “Investments sold short at fair value”. When the short position is closed

out, gains and losses are realized and included in “Realized gain (loss) on investments”.

(k) Private Placements

The fair value of private placements are determined using indicative bid values obtained from third-

party broker-dealers. The broker-dealers determine the fair value using valuation models that are

based, in part, on assumptions that are not supported by observable market inputs. The indicative bid

values are independently assessed internally to ensure that they are reasonable. The fair values of

private placements are affected by the perceived credit risk of the issuers, predictability of cash flows

and the length of time to maturity.

(l) Cash and Short-Term Investments

Cash is comprised of cash on deposit. Short-term investments are comprised of short-term debt

instruments with maturity of less than one year at acquisition.

(m) Net Asset Value Per Share

Net asset value per share of each class is calculated at the end of each day on which the Toronto Stock

Exchange is open for business by dividing the net asset value of each class of the Fund by the number

of shares of that class outstanding.



The net asset value of each class is computed by calculating the value of that class’s proportionate

share of the Fund’s assets less that class’s proportionate share of the Fund’s common liabilities and

less class specific liabilities. Expenses directly attributable to a class are charged to that class. Other

income and expenses, and gains and losses are allocated to each class proportionately based upon the

relative net asset value of each class.

(n) 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 income and expenses

during the reporting period. Actual results could differ from those estimates.

3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of each Fund.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally the Funds have no restrictions or specific capital requirements, except for the minimum

subscription/ redemption amounts. The relevant changes pertaining to subscription and redemption of

each Fund shares are disclosed in the Statements of Changes in Net Assets. Differences, if any,

between the original stated capital and the capital paid upon redemption of the shares of the Funds are

recorded as “(Excess) deficiency on amounts paid on units redeemed” in the Statement of Changes in

Net Assets.

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.

The shareholder transactions are processed based on net asset value which is calculated daily based

on the closing market price on that day.

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a

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 the class on a reasonable basis.

Temporary differences between the carrying value of assets and liabilities for accounting and income

tax purposes give rise to future income tax assets and liabilities. When the market value of a security

in the Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes

payable by the Corporation are refundable under the provisions of the Income Tax Act (Canada), the

future tax liability is offset by these future refundable taxes. If the cost base exceeds the market value

of the security, a future income tax asset is generated. A full valuation allowance is taken to offset

this asset given the uncertainty that such future assets will ultimately be realized. Unused capital and

non-capital losses, as disclosed below, represent future tax assets to the Corporation for which a full

valuation allowance has been established for the reasons noted above.

Tax losses apply to the Corporation, not the Funds. The Corporation has the following tax losses

carried forward as at March 31, 2009. 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.

These non-capital losses will expire March 31 of the years indicated unless previously applied.

(in 000’s) ($)

Net capital loss 3,091,762

By year of expiration (in 000’s) ($)

2009

Non-capital loss –

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration of 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 or IT8) at the end of each business day.

Investors in Class I, IT5 or IT8 shares are charged a management fees directly as negotiated between

the investor and the Manager.

During the year ended March 31, 2009, the Manager of the Fund absorbed total of $105,000 and

U.S. $33,000 in Management Fees due to the declining yields generated by the following funds

CI Short-Term US$ Corporate Class, CI Short-Term Corporate Class and CI Short-Term Advantage

Corporate Class.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs

and new governmental fees) in return for fixed annual administration fees (the “Administration Fees”).

Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class

of a Fund (other than Class I, IT5 or IT8) at the end of each business day.

Refer to fund specific schedules in the financial statements for management fee and administration

fee rates applicable to each class of each Fund.

During the reporting period the Fund may receive management fee rebates from the Underlying

Funds. The management fee rebates are included in “Management fee rebate receivable” and in

“Management fee rebate” as reflected in the Statement of Net Assets and Statement of Operations

of each Fund, as applicable. However, upon the manager’s discretion the management fee rebate may

from time to time be netted against management fees expenses.

The CI Global High Dividend Advantage Corporate Class and CI Short Term Advantage Corporate Class

will pay to the counterparty under the Forward Agreement a fee of approximately 0.50% per annum of

the market value of notional exposure to the Underlying Fund/Account under the Forward Agreement,

calculated and paid monthly.



6. SECURITIES LENDING

Certain Funds have entered into a securities lending program with their custodian, RBC Dexia Investor

Services Trust ("RBC Dexia"). The aggregate market value of all securities loaned by a Fund cannot

exceed 50% of the net assets of the Fund. A Fund will receive collateral of at least 102% of the value

of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed

by the Government of Canada or a province thereof, or by the United States government or its

agencies, but may include obligations of other governments with appropriate credit ratings. RBC Dexia

has indemnified the Funds against the credit risk of the borrowers. For those Funds participating in the

program, amounts for securities loaned, the collateral received, and the income collected appear on

the fund specific schedules in the financial statements and income from securities lending is included

in "Securities lending" in the Statements of Operations and any cash collateral received or cash

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

On October 6, 2008 Sun Life Financial Inc. sold its significant interest in CI Financial Corp. (formerly

CI Financial Income Fund) to The Bank of Nova Scotia. As CI Financial Corp. is the parent company of

the Manager, The Bank of Nova Scotia therefore is considered a related party to the Funds. The Bank

of Nova Scotia did not hold investments in the Funds as at March 31, 2009.

Blackmont Capital Inc. is a subsidiary of CI Financial Corp. As CI Financial Corp., is the parent company

of the Manager of the Funds, Blackmont Capital Inc. is thus considered a related party to the Funds.

The Funds paid the following brokerage commissions to Blackmont Capital Inc., an affiliated company

of CI Investments Inc. during the years ended March 31, 2009 and 2008:

2009 2008

Fund ($) ($)

Cambridge Canadian Asset Allocation Corporate Class 7,383 164

Cambridge Canadian Equity Corporate Class 21,999 440

Cambridge Global Equity Corporate Class 8,938 396

CI Can-Am Small Cap Corporate Class 708 -

CI Canadian Investment Corporate Class 3,366 -

CI Global Energy Corporate Class 6,949 8,893

Harbour Corporate Class 10,675 30,305

Select Canadian Equity Managed Corporate Class 1,151 709

Select Income Managed Corporate Class 221 270

Signature Canadian Resource Corporate Class 5,377 1,070

Signature Dividend Corporate Class 354 524

Signature High Income Corporate Class 1,948 10,340

Signature Income & Growth Corporate Class 1,946 5,063

Signature Select Canadian Corporate Class 2,527 1,528

Synergy Canadian Corporate Class 21,406 33,976

Synergy Canadian Style Management Corporate Class 4,087 4,701

9. FUTURE ACCOUNTING STANDARDS

“International Financial Reporting Standards”

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use

of International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly

accountable profit-oriented enterprises. IFRS will replace Canadian Generally Accepted Accounting

Principles (“GAAP”). IFRS becomes effective for interim and annual financial statements relating to

fiscal years beginning on or after January 1, 2011.

At March 31, 2009, the Manager is taking the following steps to transition to IFRS:

• Identification of areas where changes in disclosure will be required under IFRS standards.

• Identification of operational areas impacted by the adoption of IFRS.

• Identification of major differences between current accounting policies and IFRS standards.

• Assessment of impact, if any, on net asset value per share.

• Assessment of current reporting systems and their readiness for IFRS implementation.

• Implementation of an IFRS transition plan.

As at March 31, 2009, the Manager has determined that there is no expected impact to net asset value

per share as a result of the transition to IFRS.

Amendments to Section 3862, “Financial Instruments - Disclosures”

Section 3862, was recently amended and requires publicly accountable enterprises to enhance their

disclosures about fair value measurements and the liquidity risk of financial instruments. The

amendments will be effective for annual financial statements relating to fiscal years ending after

September 30, 2009, specifically the March 31, 2010 financial statements for the Funds. These

amendments have been made to address the need for increased consistency and comparability in fair

value measurements, and to expand the disclosure surrounding fair value measurements, and do not

have any impact on the net assets of the Funds.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments in accordance with CICA 3855, Financial Instruments –

Recognition and Measurement (“CICA 3855”) are as follows: financial assets and financial liabilities

held for trading which include investments and derivative instruments are stated at fair value.

Due from brokers, interest and dividends receivable, subscriptions receivable and other receivables are

designated as loans and receivables. They are recorded at amortized cost which approximates their

fair value due to their short term nature. Similarly, redemptions payable, due to brokers, accrued

management fees, accrued expenses and other payables are designated as other liabilities and are

carried at their amortized cost which approximates their fair value, due to their short term nature.

11. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk

(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is

exposed depends on the investment objective and the type of investments the Fund holds. The value of

the investments within the portfolio can fluctuate daily as a result of changes in prevailing interest rates,

economic and market conditions and company specific news related to investments held by the Funds.

The Manager of the Funds may minimize potential adverse effects of these risks on the Funds’

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.



Details of each individual Fund’s exposure to financial instruments risks are available in the “Fund

Specific Financial Instruments Risks” section of the financial statements of each 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. Except for options

written, future contracts sold short and investments sold short, the maximum risk resulting from

financial instruments is equivalent to their fair value.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest in

debt securities and income trusts will be affected by changes in applicable interest rates. If interest

rates fall, the fair value of existing debt securities may increase due to the increase in yield. On the

other hand, if interest rates rise, the yield of existing debt securities decrease which may then lead to

a decrease in their fair value. The magnitude of the decline will generally be greater for long-term debt

securities than for short-term debt securities.

Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these

securities varies inversely with interest rates, similar to other debt securities. However, since they may

be converted into common shares, convertible securities are generally less affected by interest rate

fluctuations than other debt securities.

All fixed income securities rated BBB/Baa/B++ or above are considered investment grade and have a

lower credit risk than below investment grade bonds.

The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to

indirect interest rate risk in the event that the underlying fund invests in interest bearing financial

instruments.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the

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, if applicable. Equities traded in foreign markets are also exposed to currency risk

as the prices denominated in foreign currencies are converted to the Funds’ functional currency to

determine their fair value.


indirect currency risk in the event that the underlying fund invests in financial instruments that are

denominated in a currency other than the functional currency of the Fund.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit

worthiness of the debt issuer. The carrying amount of debt instruments as presented on the Statement

of Investment Portfolio represent credit risk exposure of each Fund. Credit risk exposure for derivative

instruments is based on each Fund’s unrealized gain (loss) on the contractual obligations with the

counterparty as at the reporting date. The credit rating of a counterparty to derivative instrument is

disclosed in Statement of Investment Portfolio 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.

Significant cash balances may be maintained at the custodian and the manager monitors the credit

worthiness of the custodian on an regular basis.

All transactions executed by a Fund in listed securities are settled / paid for upon delivery using

approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made

once the broker has received payment. Payment is made on a purchase once the securities have been

received by the broker. The trade will fail if either party fails to meet its obligation.


indirect credit risk in the event that the underlying fund invests in debt instruments, preferred

securities and derivatives.

Liquidity Risk

Liquidity risk is the risk that the Funds may not be able to settle or meet their obligations, on time or

at a reasonable price. The Funds are exposed to daily cash redemption of redeemable units. Therefore,

the Funds aim to invest the majority of their assets in investments that are traded in active markets

and can be readily disposed of. In addition, the Funds aim to retain sufficient cash and cash

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, if applicable.



Legal Notice

Notice: Should you require additional copies of this 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 fundinvestments. Please read the prospectus before investing. Unless otherwise indicated and except forreturns for periods less than one year, the indicated rates of return are the historical annual compoundedtotal returns including changes in security value. All performance data assume reinvestment of alldistributions or dividends and do not take into account sales, redemption, distribution or optional charges orincome taxes payable by any securityholder that would have reduced returns. Mutual funds are notguaranteed, their values change frequently and past performance may not be repeated. Mutual fundsecurities are not covered by the Canada Deposit Insurance Corporation or by any other governmentdeposit insurer.

The commentaries contained herein are provided as a general source of information and should not beconsidered personal investment advice or an offer or solicitation to buy or sell securities. Every effort hasbeen made to ensure that the material contained in these commentaries is accurate at the time ofpublication. However, the Manager cannot guarantee its accuracy or completeness and accepts noresponsibility for any loss arising from any use of or reliance on the information contained herein.

Simplified Prospectus: The Simplified Prospectus and Annual Information Form of a Fund are renewedannually. The Manager would be pleased to provide, without charge, the most recent SimplifiedProspectus upon request to its Toronto office.

®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and AmericanManagers are registered trademarks of CI Investments Inc.

™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.com

CICORP_AR_06/09E

Head Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

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