ci corporate class look inside overview1 equity funds ci american equity corporate class 2

CI Corporate Class

Annual Financial St atements | as at March 31, 2008

A look inside

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

Equity Funds

CI American Equity Corporate Class..............................................................................................2

CI American Managers® Corporate Class .....................................................................................7

CI American Small Companies Corporate Class .........................................................................12

CI American Value Corporate Class.............................................................................................16

CI Canadian Investment Corporate Class....................................................................................22

CI Can-Am Small Cap Corporate Class .......................................................................................30

CI Emerging Markets Corporate Class ........................................................................................34

CI European Corporate Class .......................................................................................................39

CI Global Biotechnology Corporate Class....................................................................................43

CI Global Consumer Products Corporate Class ...........................................................................47

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

CI Global Energy Corporate Class................................................................................................58

CI Global Financial Services Corporate Class .............................................................................62

CI Global Health Sciences Corporate Class ................................................................................66

CI Global High Dividend Advantage Corporate Class.................................................................70

CI Global Managers® Corporate Class ........................................................................................78

CI Global Science & Technology Corporate Class.......................................................................83

CI Global Small Companies Corporate Class ..............................................................................87

CI Global Value Corporate Class..................................................................................................92

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

CI International Value Corporate Class .....................................................................................102

CI Japanese Corporate Class.....................................................................................................107

CI Pacific Corporate Class..........................................................................................................111

CI Value Trust Corporate Class ..................................................................................................116

Harbour Corporate Class............................................................................................................124

Harbour Foreign Equity Corporate Class ...................................................................................132

Signature Canadian Resource Corporate Class ........................................................................138

Signature Select Canadian Corporate Class .............................................................................143

Synergy American Corporate Class...........................................................................................151

Synergy Canadian Corporate Class ...........................................................................................156

Synergy Canadian Style Management Corporate Class...........................................................163

Synergy Global Corporate Class ................................................................................................173

Synergy Global Style Management Corporate Class ...............................................................180

Balanced Funds

CI Global Balanced Corporate Class ........................................................................................189

CI International Balanced Corporate Class ...............................................................................196

Harbour Foreign Growth & Income Corporate Class ................................................................202

Harbour Growth & Income Corporate Class..............................................................................210

Signature Global Income & Growth Corporate Class ...............................................................217

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

Income Funds

CI Canadian Bond Corporate Class............................................................................................235

CI Global Bond Corporate Class ................................................................................................241

CI Short-Term Corporate Class ..................................................................................................245

CI Short-Term US Corporate Class ............................................................................................249

Signature Corporate Bond Corporate Class ..............................................................................253

Signature Dividend Corporate Class .........................................................................................257

Signature High Income Corporate Class ...................................................................................266

Notes to the Financial Statements ....................................................................................276

About the CI Funds Board of Governors and

Letter from the CI Funds Board of Governors .................................................................281

Management and Audit Reports ........................................................................................282

Legal Notice..........................................................................................................................283

– 1 –

CI Investments is pleased to present the Annual Financial Statements for

your mutual fund holdings for the year ending March 31, 2008. Inside is

important information about each fund, including financial statements

and a complete list of portfolio holdings.

If you would prefer to receive future annual and semi-annual financial

statements and other important documents electronically, you may

sign up at InvestorOnline at www.ci.com. This service gives you easy

online access to up-to-date information about your account, and

allows you to view and print documents such as this report and your

account statements, trade confirmations and tax receipts.

If you have any questions about this report or CI’s funds, please contact

your advisor or CI Client Services at 1-800-563-5181.

Thank you for investing with CI.

ABOUT CI INVESTMENTS

Experience. Strength. Diversity.

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

has grown to become one of Canada’s largest fund companies, managing

$55 billion in assets. Two million Canadians have placed their trust in CI

to help them achieve their financial goals. CI is a corporation controlled by

CI Financial Income Fund, a diversified wealth management firm listed

on the Toronto Stock Exchange. CI Financial had $99.6 billion in fee-

earning assets at March 31, 2008.

CI Investments is known for providing the industry’s widest selection

of investment products and leading portfolio managers. Our portfolio

management expertise is available through several different platforms –

including mutual and segregated funds, managed solutions and

alternative investments. Our products are supported by a complete

suite of investment services.

CI is proud to partner with financial advisors across Canada who offer

our funds to their clients. We believe investors are most successful

when they follow a sound financial plan developed with the assistance

of a qualified advisor.

For more information on CI, please visit us online at www.ci.com.

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

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

– 2 –

CI American Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2008

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


INFORMATION TECHNOLOGY (38.7%) 6,300 Agilent Technologies Inc. 239,334 192,502 5,000 Blackbaud Inc. 142,084 124,656 7,600 Broadcom Corp. 197,233 150,084

12,600 Brocade Communications Systems Inc. 90,222 94,020 7,900 Cisco Systems Inc. 233,428 195,416 5,200 Cognizant Technology Solutions Corp. 204,772 153,500 4,900 Corning Inc. 116,640 120,705

10,100 EMC Corp. 214,305 148,346 400 Google Inc., Class A 204,501 180,831

1,400 International Business Machines Corp. 138,680 165,279 6,000 J2 Global Communications Inc.* 178,160 137,455 5,200 Juniper Networks Inc. 139,888 133,485

12,500 Marvell Technology Group Ltd. 241,880 139,334 8,550 Microsoft Corp. 288,137 246,861 5,500 Omniture Inc. 107,366 130,799

19,900 ON Semiconductor Corp.* 137,311 115,812 6,000 Oracle Corp. 121,816 120,273

22,100 PMC-Sierra, Inc.* 185,472 129,295 7,400 Valueclick Inc.* 154,504 131,096 8,900 Xerox Corp. 138,964 136,659

3,474,697 2,946,408 HEALTH CARE (21.0%)

2,500 Abbott Laboratories Inc. 136,195 141,284 2,543 Allergan Inc. 159,108 147,159 2,900 ArthroCare Corp.* 119,306 99,298 2,000 Biogen Idec Inc. 135,953 126,637 2,300 Celgene Corp. 116,832 144,476 1,900 Cerner Corp. 105,387 72,643 4,400 NuVasive Inc.* 118,420 155,536 2,700 Pharmaceutical Product Development Inc. 99,113 116,061

13,700 Service Corp. International 130,835 142,163 5,300 St. Jude Medical Inc. 241,339 234,678 2,800 UnitedHealth Group Inc. 131,666 98,719 1,500 Zimmer Holdings Inc. 99,205 119,658

1,593,359 1,598,312 CONSUMER DISCRETIONARY (11.8%)

13,000 DR Horton Inc. 256,871 209,355 2,800 Harman International Industries Inc. 180,045 124,900 4,100 JC Penney Co. Inc. 208,217 158,230 5,000 OfficeMax Inc. 210,782 98,072 2,900 Polo Ralph Lauren Corp., Class A 184,716 173,206 4,200 Walt Disney Co. 122,343 135,146

1,162,974 898,909 FINANCIALS (7.9%)

5,200 American International Group Inc.* 365,833 230,784 2,900 Ameriprise Financial Inc. 174,583 153,948 5,900 Janus Capital Group Inc. 141,911 140,675 4,900 SLM Corp. 142,063 77,201

824,390 602,608 ENERGY (5.9%)

1,800 Exterran Holdings Inc. 145,061 119,054 3,200 Forest Oil Corp. 114,936 160,808 3,300 Valero Energy Corp. 220,182 166,341

480,179 446,203

INDUSTRIALS (4.3%) 4,200 Continental Airlines Inc., Class B 98,422 82,898

13,100 Flextronics International Ltd. 153,734 125,987 5,100 Quanta Services Inc.* 133,724 121,077

385,880 329,962 TELECOMMUNICATION SERVICES (3.1%)

5,000 SAVVIS Inc. 135,934 83,498 9,500 Time Warner Telecom Inc., Class A 199,049 150,845

334,983 234,343 CONSUMER STAPLES (2.8%)

3,000 Procter & Gamble Co. 204,677 215,482

UTILITIES (1.2%) 5,500 AES Corp. 114,020 94,105

MATERIALS (1.1%) 1,500 Carpenter Technology Corp. 88,535 86,171

Commission and other portfolio transaction costs (12,964)

Total Investments (97.8%) 8,650,730 7,452,503

Other Assets (net) (2.2%) 165,476

Total Net Assets (100.0%) 7,617,979

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

Annual Financial Statements as at March 31, 2008 CIG - 294

– 3 –

CI American Equity Corporate Class Financial Statements

Annual Financial Statements as at March 31, 2008

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

AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsPremium paid for options contractReceivable for share subscriptionsReceivable for securities soldReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsInvestments sold short at fair value*Dividends payableCapital taxes payable

Net assets and shareholders' equity

*Investments at costInvestments sold short at cost

Net assets per class(see schedule of Net Assets Reconciliation)

A SharesF SharesA T5 SharesF T5 SharesA T8 Shares

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


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


IncomeDividendsInterest Securities lending (Note 5)Derivative income (loss)Income distribution from investmentsLess: Foreign withholding taxes

ExpensesManagement fees (Note 4)Administrative fees (Note 4)Interest expenseCapital taxesGoods and services tax

Income (loss) before taxesProvision for income taxesNet 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 SharesA T5 SharesF T5 SharesA T8 Shares

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


7,453 9,854174 179

- -- -- -- -- -- -- 28- -1 2

7,628 10,063

- -- -- -- -- -- -9 39- -- -1 -

10 397,618 10,024

8,651 9,135- -

6,984 9,758526 266

7 -17 -84 -

4.60 6.155.39 7.13

10.30 -9.54 -7.96 -

1,518,346 1,586,96597,467 37,389

700 -1,816 -

10,570 -

50 7213 71 -- -- -

(7) (9)57 70

183 18520 20

- 1- -

12 13215 219(158) (149)

- -(158) (149)

(461) 726(58) 4(51) -

- -

(1,910) 419(2,480) 1,149(2,638) 1,000

(2,460) 951(168) 49

- -(1) -(9) -

(1.55) 0.59(1.98) 0.760.34 -(0.37) -(1.30) -

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

2008 2007

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

2008 2007

– 4 –




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

Proceeds from shares issued Reinvested dividends (Note 6)Amounts paid for shares redeemedConversion of shares (net)

Distributions 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




A T5 SharesNet assets, beginning of yearCapital transactions




9,758 9,629(8)

9,750

2,270 1,527- -

(1,923) (2,253)(653) (96)(306) (822)

- -- -- -- -

(2,460) 9516,984 9,758

266 338-

266

879 56- -

(396) (2)(55) (175)428 (121)

- -- -- -- -

(168) 49526 266

- -

- -- -- -7 -7 -

- -- -- -- -- -7 -

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

2008 2007

F T5 SharesNet assets, beginning of yearCapital transactions








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




- -

18 -- -- -- -

18 -

- -- -- -- -

(1) -17 -

- -

49 -- -- -

47 -96 -

- -- -

(3) -(3) -(9) -84 -

10,024 9,967(8)

10,016

3,216 1,583- -

(2,319) (2,255)(654) (271)243 (943)

- -- -

(3) -(3) -

(2,638) 1,0007,618 10,024


2008 2007

– 5 –




A SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

F SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

A T5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

F T5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year


Schedule of Fund Share Transactions for the years ended March 31

2008 2007

1,586,965 1,741,544402,556 267,790

- -(352,046) (400,717)(119,129) (21,652)

1,518,346 1,586,965

37,389 53,355136,221 8,028

- -(65,331) 826(10,812) (24,820)97,467 37,389

- -- -- -- -

700 -700 -

- -1,819 -

- -(3) -- -

1,816 -

- -5,305 -

- -- -

5,265 -10,570 -

A SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class

Net assets per shareSection 3855 adjustment on net assets per shareNet asset value per share

F SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


A T5 SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


F T5 SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class




6,98410

6,994

4.600.014.61

526-

526

5.390.015.40

7-7

10.300.01

10.31

17-

17

9.540.029.56

84-

84

7.960.027.98

Net Assets Reconciliation (Note 2)as at March 31 ($000’s except for per share amounts)

2008

– 6 –Annual Financial Statements as at March 31, 2008

CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules

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

Schedule of Securities Lending (Note 5)as at March 31 (in $000’s)

2008 2007

LoanedCollateral (non-cash)

860 375914 399

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

2008 2007

Brokerage commissionsSoft Dollar commissions†

34 344 5

Annual management fee rateA SharesF SharesA T5 SharesF T5 SharesA T8 Shares

Annual fixed administration fee rateA SharesF SharesA T5 SharesF T5 SharesA T8 Shares

2.001.002.001.002.00

0.210.210.210.210.21

Schedule of Fees for the year ended March 31 (%)

2008

– 7 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INFORMATION TECHNOLOGY (18.1%) 67,000 Accenture Ltd., Class A 2,718,992 2,414,470 84,500 Agilent Technologies Inc. 3,154,944 2,581,973

425,863 Alcatel-Lucent SA, ADR* 3,800,785 2,508,985 30,200 Alliance Data Systems Corp. 1,630,776 1,469,270

103,100 Broadcom Corp. 2,060,787 2,036,010 101,700 Brocade Communications Systems Inc. 753,216 758,877 186,156 Cisco Systems Inc. 4,927,509 4,604,795 84,000 Cognizant Technology Solutions Corp. 2,562,256 2,479,616 80,600 Corning Inc. 1,856,808 1,985,466 88,300 Dell Inc. 2,503,584 1,830,747 4,700 Google Inc., Class A 2,548,361 2,124,764

38,000 Hewlett-Packard Co. 1,388,687 1,780,884 86,000 Juniper Networks Inc. 2,316,205 2,207,641

208,900 Marvell Technology Group Ltd. 3,389,192 2,328,544 31,300 MEMC Electronic Materials Inc. 1,062,076 2,277,433

345,813 Microsoft Corp. 10,760,649 9,984,522 271,610 Oracle Corp. 5,297,832 5,444,578 93,020 QUALCOMM Inc. 4,159,762 3,911,637 10,200 Tessera Technologies Inc.* 381,779 217,761 38,000 VeriSign, Inc.* 1,330,952 1,296,465

58,605,152 54,244,438 HEALTH CARE (17.3%)

98,100 Abbott Laboratories Inc. 5,741,491 5,543,977 66,000 Aetna Inc. 3,551,117 2,845,855 39,028 Allergan Inc. 2,564,731 2,258,487

178,820 Boston Scientific Corp. 3,368,694 2,360,333 131,350 Bristol-Myers Squibb Co.* 3,319,181 2,867,568 87,600 Cooper Cos. Inc.* 4,726,009 3,087,597 8,400 Coventry Health Care Inc. 526,870 347,888

61,080 Covidien Ltd. 2,582,816 2,774,141 14,000 CR Bard Inc. 1,200,607 1,383,791 60,150 DaVita Inc. 3,429,150 2,946,133 30,500 Eli Lilly and Co., Rights 1,736,333 1,615,034

180,837 HealthSouth Corp.* 5,060,502 3,292,738 25,852 ImClone Systems Inc. 1,090,163 1,125,857 22,500 Johnson & Johnson 1,469,372 1,498,106 46,750 Laboratory Corp. of America Holdings 3,005,844 3,529,234 63,800 NuVasive Inc.* 1,822,951 2,255,278 73,500 St. Jude Medical Inc. 2,841,097 3,254,496

108,800 Thermo Fisher Scientific Inc.* 5,785,842 6,347,448 60,270 Wyeth 3,158,918 2,578,988


65,620 Arbitron Inc.* 3,470,663 2,900,190 83,200 Burger King Holdings Inc. 2,062,869 2,360,356 32,700 Coach Inc. 1,549,362 1,010,254 86,320 Comcast Corp., Class A 1,605,737 1,710,842

174,075 Comcast Corp., Special Class A 4,078,138 3,382,231 196,300 DR Horton Inc.* 3,033,049 3,161,254 29,700 General Motors Corp.* 1,019,353 580,721 47,100 Harman International Industries Inc. 2,943,424 2,101,004 96,000 International Game Technology* 3,843,180 3,957,138

113,500 JC Penney Co. Inc. 6,141,396 4,380,260 22,700 Kohl's Corp. 1,057,110 997,208 28,475 Liberty Media Corp., Capital Series A 451,384 459,444

150,300 Liberty Media Corp., Entertainment Series A 3,397,174 3,444,799 38,200 LKQ Corp. 813,144 879,837

150,500 News Corp. Inc., Class A 2,981,740 2,888,646

CONSUMER DISCRETIONARY (13.0%) (cont’d)28,420 OfficeMax Inc. 1,129,528 557,444 15,700 Polo Ralph Lauren Corp., Class A 965,391 937,701 4,800 Priceline.com Inc.* 407,754 595,443

54,700 Tempur-Pedic International Inc. 1,744,645 617,584 69,800 Walt Disney Co. 2,033,409 2,245,997

44,728,450 39,168,353 FINANCIALS (12.0%)

15,300 American Express Co. 934,128 685,475 64,400 American International Group Inc. 3,532,787 2,858,168 46,600 Ameriprise Financial Inc. 2,797,875 2,473,778 26,900 Bank of America Corp. 1,419,681 1,046,424 9,200 Blackrock Inc. (USD) 1,572,942 1,926,346

68,550 Everest Re Group Ltd. 7,301,538 6,288,042 3,800 Goldman Sachs Group Inc. 732,674 643,474

97,100 Janus Capital Group Inc. 2,336,956 2,315,179 65,190 JP Morgan Chase & Co. 3,033,672 2,872,487 67,410 Protective Life Corp. 3,179,119 2,805,636 17,000 State Street Corp. 1,163,847 1,378,279 33,200 T. Rowe Price Group Inc. 1,772,186 1,703,482 50,280 Torchmark Corp. 3,378,091 3,097,989 30,700 US Bancorp 1,027,067 1,018,103 49,600 Ventas Inc. 2,160,606 2,286,341 27,200 Waddell & Reed Financial Inc. 816,689 896,449 54,500 Wells Fargo & Co. 1,981,060 1,625,021

39,140,918 35,920,673 INDUSTRIALS (10.3%)

24,050 Alliant Techsystems Inc.* 2,673,711 2,552,171 23,800 Ametek Inc. 1,029,134 1,071,181 14,000 Burlington Northern Santa Fe Corp. 1,066,123 1,325,163 73,400 Corrections Corp. of America 1,355,714 2,071,786 27,900 Danaher Corp. 2,263,237 2,177,236

220,000 Flextronics International Ltd. 2,579,914 2,115,819 85,740 General Electric Co. 3,399,185 3,244,687 83,900 Quanta Services Inc.* 2,202,337 1,991,837 31,600 Raytheon Co. 1,849,743 2,094,277 37,300 Roper Industries Inc., Rights 2,394,866 2,275,642 68,250 Spirit Aerosystems Holdings Inc. 2,776,012 1,550,945 15,905 Tyco International Ltd. 789,675 719,111 13,600 Union Pacific Corp. 1,559,360 1,748,368 37,000 United Technologies Corp. 2,609,167 2,610,523 98,500 Waste Management Inc. 3,789,190 3,387,871

32,337,368 30,936,617 CONSUMER STAPLES (8.6%)

138,630 Altria Group Inc. 3,042,599 3,150,294 29,700 Bunge Ltd.* 1,677,126 2,645,711

130,500 CVS Corp. 4,863,459 5,419,417 65,637 Kraft Foods Inc., Class A* 2,192,194 2,088,462 53,056 Molson Coors Brewing Co., Class B (USD)* 2,104,867 2,859,517

138,630 Phillip Morris International Inc. 6,897,288 7,177,092 36,700 Procter & Gamble Co. 2,557,479 2,636,066

23,335,012 25,976,559 ENERGY (7.3%)

9,756 Apache Corp. 767,806 1,208,335 19,700 ConocoPhillips 1,596,581 1,539,151 22,000 Devon Energy Corp. 1,964,733 2,355,175 26,500 Exxon Mobil Corp. 2,370,854 2,300,540 53,400 Forest Oil Corp. 2,000,127 2,683,483 34,500 Marathon Oil Corp. 2,165,864 1,614,731



– 8 –

CI American Managers® Corporate Class Statement of Investment Portfolio as at March 31, 2008


ENERGY (7.3%) (cont’d)39,600 National Oilwell Varco Inc. 2,846,268 2,368,814 39,948 Noble Energy Inc. 2,404,924 2,984,988 16,090 Transocean Inc. 1,659,639 2,230,318 54,500 Valero Energy Corp. 3,489,411 2,747,152

21,266,207 22,032,687 MATERIALS (4.3%)

52,900 Alcoa Inc. 1,990,014 1,955,217 18,100 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 1,130,854 1,786,815 73,000 International Flavors & Fragrances Inc. 3,469,906 3,293,796 20,772 Massey Energy Co. 458,550 777,554 7,900 Monsanto Co. 924,435 900,211

14,900 Owens-Illinois Inc. 823,433 862,851 37,100 Praxair Inc. 3,064,842 3,200,955

11,862,034 12,777,399 TELECOMMUNICATION SERVICES (1.8%)

52,400 SBA Communications Corp.* 1,636,724 1,603,280 200,790 Sprint Nextel Corp.* 4,499,000 1,372,564 156,100 Time Warner Telecom Inc., Class A* 3,108,608 2,478,617

9,244,332 5,454,461 UTILITIES (0.7%)

55,600 NRG Energy Inc.* 1,928,620 2,219,937


Total Equities (93.4%) 299,033,517 280,644,073

Short Term Notes (1.8%) 5,298,275 5,337,275


Other Assets (net) (4.8%) 14,430,200

Total Net Assets (100.0%) 300,411,548



– 9 –

CI American Managers® Corporate Class Financial Statements







A SharesF SharesI Shares










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



280,644 309,06013,929 19,2925,337 -

- -- -- -- -- -

211 679351 1,594227 229

300,699 330,854

- -- -- -- -- -

24 1,108201 79

- -- -

62 34287 1,221

300,412 329,633

299,034 272,859- -

33,672 50,142533 807

266,207 278,684

10.55 12.9511.43 13.8812.06 14.46

3,192,806 3,872,71846,648 58,138

22,070,102 19,269,018

3,363 2,373908 84730 19

- -- -

(478) (304)3,823 2,935

887 89994 953 4

28 2557 62

1,069 1,0852,754 1,850

- -2,754 1,850

(5,250) 10,101(1,876) (150)(1,198) -

- -

(54,316) 19,582(62,640) 29,533(59,886) 31,383

(8,865) 3,827(140) 55

(50,881) 27,501

(2.41) 1.26(2.51) 1.47(2.42) 1.67


2008 2007


2008 2007


– 10 –









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








278,684 150,950(199)

278,485

46,824 104,587- -

(8,238) (4,354)17 -

38,603 100,233

- -- -- -- -

(50,881) 27,501266,207 278,684

329,633 193,737(235)

329,398

51,127 115,536- -

(19,475) (13,221)(752) 2,198

30,900 104,513

- -- -- -- -

(59,886) 31,383300,412 329,633

50,142 42,132(36)

50,106

4,134 10,728- -

(11,008) (8,680)(695) 2,135

(7,569) 4,183

- -- -- -- -

(8,865) 3,82733,672 50,142

807 655-

807

169 221- -

(229) (187)(74) 63

(134) 97

- -- -- -- -

(140) 55533 807

CI American Managers® Corporate Class Financial Statements



2008 2007


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

2008 2007


2008 2007


750 66479 75

– 11 –



I SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year


2008 2007


32,906 33,78534,972 35,974

CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

3,872,718 3,506,274343,354 899,819

- -(961,563) (725,854)(61,703) 192,479

3,192,806 3,872,718

58,138 51,35813,163 17,129

- -(18,325) (15,124)(6,328) 4,77546,648 58,138

19,269,018 11,512,4703,442,264 8,087,112

- -(642,399) (330,564)

1,219 -22,070,102 19,269,018



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

-


2008





I SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


33,67251

33,723

10.550.01

10.56

5331

534

11.430.02

11.45

266,207412

266,619

12.060.02

12.08


2008

– 12 –

CI American Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INFORMATION TECHNOLOGY (18.2%) 4,070 ADC Telecommunications Inc.* 67,541 50,422 7,333 Arris Group Inc.* 83,124 43,654 1,470 Cypress Semiconductor Corp. 26,054 35,578 3,640 DTS Inc. 77,305 89,666 2,100 Fair Isaac Corp.* 84,475 46,299 3,150 Macrovision Corp.* 80,295 43,615

950 MEMC Electronic Materials Inc. 56,733 69,123 14,240 Powerwave Technologies Inc. 131,856 36,832 5,250 Sapient Corp.* 37,535 37,397

14,738 Silicon Image Inc.* 147,533 75,787 4,100 Sybase Inc. 91,653 110,592 3,511 THQ Inc.* 73,410 78,524

957,514 717,489 FINANCIALS (16.9%)

1,100 Everest Re Group Ltd. 118,922 100,902 2,850 Hudson City Bancorp Inc. 37,512 51,718 3,640 iStar Financial Inc. 162,114 52,305 2,800 Janus Capital Group Inc. 75,155 66,761 8,680 Northstar Realty Finance Corp. 132,063 72,788 4,000 People's United Financial Inc. 70,150 70,863 2,480 Signature Bank* 76,975 64,909 1,350 UMB Financial Corp.* 53,094 56,977 2,750 Ventas Inc. 109,637 126,763

835,622 663,986 HEALTH CARE (15.8%)

3,000 Bio-Reference Labs Inc.* 84,242 81,198 6,250 Cambrex Corp. 110,554 44,392 2,400 DaVita Inc. 134,114 117,551 2,000 Endo Pharmaceuticals Holdings Inc. 67,179 49,082

630 Haemonetics Corp. 34,886 38,533 1,390 Inverness Medical Innovations Inc. 62,630 42,744

900 Laboratory Corp. of America Holdings 70,673 67,942 6,670 Service Corp. International 65,740 69,214 2,400 SonoSite Inc.* 78,254 69,762 1,860 Sunrise Senior Living Inc.* 69,137 42,325

777,409 622,743 INDUSTRIALS (10.3%)

650 Alliant Techsystems Inc.* 54,616 68,978 1,450 DRS Technologies Inc. 73,921 86,618 1,730 Dycom Industries Inc.* 37,873 21,326 2,120 Hexcel Corp.* 47,872 41,583 1,120 IHS Inc., Class A* 43,464 73,814 1,750 Kennametal Inc. 62,659 52,808

750 Teleflex Inc. 44,849 36,666 734 URS Corp. 22,287 24,613

387,541 406,406 CONSUMER DISCRETIONARY (10.0%)

2,800 Arbitron Inc.* 137,936 123,751 8,696 Charming Shoppes, Inc.* 71,821 42,753 9,770 Multimedia Games Inc. 102,675 53,449 4,910 Shuffle Master Inc.* 107,162 26,962 1,400 Tupperware Brands Corp. 45,868 55,481 1,940 Wabco Holdings Inc. 96,336 90,839

561,798 393,235

UTILITIES (9.8%) 1,850 Nalco Holding Co. 43,498 40,160 2,300 NSTAR 79,621 71,695 1,000 Oneok Inc. 49,862 45,706 3,500 Southern Union Co. 104,402 83,487 2,450 Vectren Corp. 70,454 67,343 3,250 Westar Energy Inc.* 85,282 75,889

433,119 384,280 MATERIALS (9.4%)

950 Foundation Coal Holdings Inc. 40,465 49,037 2,760 Hercules Inc.* 53,756 51,728 1,900 International Flavors & Fragrances Inc. 99,581 85,729 1,285 Methanex Corp. (USD) 21,685 34,371 1,500 Schweitzer-Mauduit International Inc. 31,636 35,626

820 Sensient Technologies Corp.* 22,514 24,778 1,740 Silgan Holdings Inc.* 100,342 88,386

369,979 369,655 ENERGY (5.2%)

1,670 Helix Energy Solutions Group 70,491 53,994 600 Overseas Shipholding Group 44,393 43,127 500 SEACOR Holdings Inc.* 37,609 43,766

5,118 Warren Resources Inc.* 72,318 62,144 224,811 203,031

CONSUMER STAPLES (2.1%) 950 Bunge Ltd.* 94,609 84,627

TELECOMMUNICATION SERVICES (0.9%) 1,300 NeuStar Inc., Class A 33,798 35,213

PRIVATE PLACEMENTS (0.1%) 3,200 Syndesis Ltd., Preferred, Private Placement 8,434 4,171







– 13 –

CI American Small Companies Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares






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


A SharesF Shares

3,885 7,20670 237

- -- -- -- -- -- -- 4- -5 4

3,960 7,451

- -6 -1 -- -- -

13 20- 2- -- -4 4

24 263,936 7,425

4,675 6,164- -

3,135 5,671801 1,754

5.77 7.386.86 8.69

543,839 768,680116,661 201,797

162 399 132 1- -- -

(28) (6)145 47

106 10612 12

- -- 17 7

125 12620 (79)

- -20 (79)

498 393(19) 3(35) -

- -

(1,822) 567(1,378) 963(1,358) 884

(1,087) 702(271) 182

(1.60) 0.95(1.70) 1.28


2008 2007


2008 2007

– 14 –

CI American Small Companies Corporate Class Financial Statements















7,425 3,839(10)

7,415

707 974- -

(1,645) (1,121)(1,183) (377)(2,121) 2,702

- -- -- -- -

(1,358) 8843,936 7,425

5,671 2,607(7)

5,664

576 490- -

(1,198) (914)(820) (88)

(1,442) 2,362

- -- -- -- -

(1,087) 7023,135 5,671

1,754 1,232(3)

1,751

131 484- -

(447) (207)(363) (289)(679) 340

- -- -- -- -

(271) 182801 1,754


2008 2007


2008 2007

– 15 –

CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


17 171 2




2008 2007


1,378 3451,465 368


2008 2007

768,680 377,78285,186 67,062

- -(185,130) (132,013)(124,897) (9,254)543,839 768,680

201,797 153,07516,306 60,526

- -(54,526) (25,882)(46,916) (34,716)116,661 201,797

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.210.21


2008





3,1356

3,141

5.770.015.78

8011

802

6.860.016.87


2008

– 16 –

CI American Value Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INFORMATION TECHNOLOGY (16.5%) 131,150 Agilent Technologies Inc. 4,967,783 4,007,406 26,750 Apple Computer Inc. 968,356 3,939,961

100,600 Automatic Data Processing Inc. 5,192,779 4,377,011 154,370 Electronic Arts Inc. 8,802,069 7,901,663 95,150 Fiserv Inc. 4,735,581 4,696,559 70,300 MEMC Electronic Materials Inc. 2,774,017 5,115,128

456,190 Microsoft Corp. 14,627,968 13,171,393 330,570 Oracle Corp. 5,460,557 6,626,465 131,020 Yahoo! Inc. 4,595,351 3,893,161

52,124,461 53,728,747 FINANCIALS (16.3%)

108,915 Bank of New York Mellon Corp. 5,321,583 4,657,182 80,650 Everest Re Group Ltd. 8,828,368 7,397,966

464,000 Hudson City Bancorp Inc. 6,460,329 8,420,085 267,590 iStar Financial Inc. 9,086,376 3,845,157 86,000 Legg Mason Inc.* 6,592,832 4,934,310

207,200 Ventas Inc. 6,229,768 9,551,004 142,600 Visa Inc., Class A 8,113,987 9,115,581 233,350 Western Union Co. 5,643,964 5,091,987

56,277,207 53,013,272 HEALTH CARE (14.6%)

140,750 Aetna Inc. 5,286,626 6,069,002 333,870 Boston Scientific Corp. 9,258,733 4,406,914 259,550 Bristol-Myers Squibb Co. 8,163,526 5,666,367 162,450 DaVita Inc.* 7,020,069 7,956,762 147,600 Endo Pharmaceuticals Holdings Inc. 4,227,860 3,622,281 93,100 Laboratory Corp. of America Holdings 5,680,323 7,028,272

149,900 Thermo Fisher Scientific Inc. 6,494,086 8,745,244 87,500 WellPoint Inc. 5,591,584 3,962,413

51,722,807 47,457,255 ENERGY (12.8%)

81,654 ConocoPhillips 4,039,252 6,379,585 55,150 Diamond Offshore Drilling Inc.* 4,049,377 6,587,795

156,000 Exxon Mobil Corp. 10,689,860 13,542,801 125,550 National Oilwell Varco Inc.* 4,507,932 7,510,217 44,750 Overseas Shipholding Group* 3,093,208 3,216,573 57,150 Weatherford International Ltd. 3,523,581 4,244,544


522,625 Comcast Corp., Special Class A 13,034,983 10,154,464 224,150 International Game Technology* 8,741,863 9,239,504 24,420 Liberty Media Corp., Capital Series A 394,548 394,016

196,650 Liberty Media Corp., Entertainment Series A 4,487,183 4,507,118 311,200 News Corp. Inc., Class A 6,364,739 5,973,067 59,200 Nike Inc., Class B 2,791,133 4,126,403

35,814,449 34,394,572 INDUSTRIALS (7.7%)

67,600 Alliant Techsystems Inc.* 5,680,498 7,173,671 96,400 Boeing Co. 6,608,001 7,358,529 74,850 Paccar Inc. 3,245,758 3,457,937

207,450 Waste Management Inc. 7,877,932 7,135,166 23,412,189 25,125,303

MATERIALS (7.3%) 56,830 Arch Coal Inc.* 2,246,384 2,535,616

140,500 EI Du Pont de Nemours & Co.* 7,013,634 6,743,216 130,695 International Flavors & Fragrances Inc. 6,208,466 5,897,024 99,300 Praxair Inc.* 7,084,209 8,567,514

22,552,693 23,743,370

CONSUMER STAPLES (5.9%) 96,000 Altria Group Inc. 2,125,266 2,181,549

117,170 Anheuser-Busch Cos. Inc. 5,904,903 5,706,487 71,020 Bunge Ltd.* 3,748,146 6,326,545 96,000 Phillip Morris International Inc. 4,817,779 4,970,070

16,596,094 19,184,651 UTILITIES (5.8%)

104,850 NSTAR 3,566,042 3,268,357 66,650 Oneok Inc. 3,193,234 3,046,275

170,230 SCANA Corp.* 6,438,530 6,384,411 263,836 Southern Union Co.* 7,720,410 6,293,415

20,918,216 18,992,458



Other Assets (net) (2.5%) 8,090,844

Total Net Assets (100.0%) 325,211,987



– 17 –

CI American Value Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares





317,121 314,1478,232 27,719

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

338 726- -

501 242326,192 342,834

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

911 81- -- -

69 58980 139

325,212 342,695

308,821 259,970- -

52,705 64,6729,776 12,065

262,439 265,95853 -21 -

218 -

10.52 11.9610.87 12.2313.77 15.299.26 -9.84 -9.51 -

5,009,492 5,408,984899,126 986,752

19,052,418 17,396,5605,740 -2,084 -

22,913 -

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

2008 2007


2008 2007


– 18 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares



4,990 4,170967 73331 32

- -- -

(869) (701)5,119 4,234

1,324 1,247150 138

- 112 3685 86

1,571 1,5083,548 2,726

- -3,548 2,726

6,545 6,228(593) (99)(756) -

- -

(45,641) 27,407(40,445) 33,536(36,897) 36,262

(7,632) 6,646(1,213) 870

(28,039) 28,746(2) -- -

(11) -

(1.43) 1.15(1.34) 1.27(1.52) 1.77(0.47) -(0.08) -(0.74) -


2008 2007













64,672 60,247(43)

64,629

9,834 11,917- -

(12,797) (15,941)(1,329) 1,803(4,292) (2,221)

- -- -- -- -

(7,632) 6,64652,705 64,672

12,065 5,100(9)

12,056

2,895 6,484- -

(3,624) (566)(338) 177

(1,067) 6,095

- -- -- -- -

(1,213) 8709,776 12,065

265,958 241,487(183)

265,775

34,332 73,457- -

(11,035) (77,732)1,406 -

24,703 (4,275)

- -- -- -- -

(28,039) 28,746262,439 265,958


2008 2007


– 19 –

















342,695 306,834(235)

342,460

47,363 91,858- -

(27,456) (94,239)(251) 1,980

19,656 (401)

- -- -

(7) -(7) -

(36,897) 36,262325,212 342,695

- -

56 -- -- -- -

56 -

- -- -

(1) -(1) -(2) -53 -

- -

21 -- -- -- -

21 -

- -- -- -- -- -

21 -

- -

225 -- -- -

10 -235 -

- -- -

(6) -(6) -

(11) -218 -




2008 2007



2008 2007








CI American Value Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

5,408,984 5,646,063868,182 1,073,413

- -(1,143,697) (1,464,947)

(123,977) 154,4555,009,492 5,408,984

986,752 472,364252,293 551,768

- -(311,165) (49,924)(28,754) 12,544899,126 986,752

17,396,560 18,108,2632,331,514 5,362,484

- -(772,934) (6,074,187)

97,278 -19,052,418 17,396,560

- -5,740 -

- -- -- -

5,740 -

- -2,088 -

- -(4) -- -

2,084 -

- -21,903 -

- -- -

1,010 -22,913 -













52,70580

52,785

10.520.02

10.54

9,77615

9,791

10.870.02

10.89

262,439395

262,834

13.770.03

13.80

53-

53

9.260.029.28

21-

21

9.840.029.86

218-

218

9.510.029.53


2008

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



2008 2007


28,497 47,68630,286 50,776

CI American Value Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007


230 24520 28

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares

2.001.00

Paid directly by investor2.001.002.00

0.210.21

-0.210.210.21


2008


– 22 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at March 31, 2008



ENERGY (27.3%) 8,800 Anadarko Petroleum Corp. 457,260 568,674 6,480 BP PLC, ADR 472,118 403,387

82,655 Canadian Natural Resources Ltd. 3,152,155 5,804,034 142,190 Canadian Oil Sands Trust 2,541,562 5,898,041

9,700 Chevron Corp. 806,428 848,456 117,935 EnCana Corp. 5,924,094 9,209,544 11,940 Eni SpA 441,891 418,730 16,100 Exxon Mobil Corp. 1,377,697 1,397,686 7,600 Halliburton Co. 287,408 306,799

156,305 Imperial Oil Ltd. 4,757,417 8,402,957 18,100 Nabors Industries Ltd. 570,436 626,630 57,500 Nexen Inc. 1,882,235 1,750,300 88,500 OPTI Canada Inc.* 1,610,817 1,528,395

204,679 Petro-Canada 8,623,094 9,143,011 183,700 Precision Drilling Trust 4,476,607 4,362,875 12,092 Schlumberger Ltd. 999,444 1,078,535 8,520 Statoil ASA 267,877 262,083

20,000 Suncor Energy Inc. 1,822,914 1,978,000 340,800 Talisman Energy Inc. 6,530,255 6,192,336

9,260 Total SA 757,920 705,462 63,527 TransCanada Corp.* 2,123,829 2,512,493 4,288 Transocean Inc. 486,412 594,382

175,900 Trican Well Service Ltd.* 3,473,778 3,750,188 53,843,648 67,742,998

FINANCIALS (25.5%) 9,100 Aflac Inc. 502,833 606,555

25,970 Alleanza Assicurazioni SpA 370,463 347,005 1,933 Allianz AG, Registered Shares 440,760 392,201

27,900 American International Group Inc. 1,842,314 1,238,244 48,160 Bangkok Bank PCL, Foreign Registered Shares 189,166 215,090

180,386 Bank of Montreal 10,910,758 8,285,129 172,342 Bank of Nova Scotia 7,416,631 7,994,945

4,227 Bank of Yokohama Ltd. 29,804 29,329 62,674 Benfield Group Ltd. 379,537 317,896 1,720 BNP Paribas SA 207,489 178,060

53,900 Canadian Imperial Bank of Commerce 3,654,292 3,561,712 11,140 Cheung Kong Holdings Ltd. 168,316 162,341 34,600 Citigroup Inc. 1,435,784 757,501 18,870 Daiwa Securities Group Inc. 179,665 166,865

166,700 Dawnay Day Treveria PLC 289,626 178,300 10,630 DBS Group Holdings Ltd. 166,343 142,521 41,226 Experian Group Ltd. 309,815 307,362 6,682 Great-West Lifeco Inc.,

4.85% Preferred, Series H 162,038 143,128 46,900 IGM Financial Inc.* 2,004,810 2,109,562 5,439 ING Groep NV 254,674 208,989

75,806 Joyo Bank Ltd. 520,480 391,748 19,500 JP Morgan Chase & Co. 995,540 859,235 3,880 Kookmin Bank, ADR 375,520 223,215

40,900 Manulife Financial Corp. 1,537,690 1,604,507 18,300 MBIA Inc.* 891,848 229,154

49 Mid REIT Inc. 262,080 194,203 16,890 Mitsubishi UFJ Financial Group Inc. 164,236 147,965 47,057 Mitsui Sumitomo Insurance Co. Ltd. 478,805 477,155

FINANCIALS (25.5%) (cont’d)6,520 National Australia Bank Ltd. 240,713 183,100

31 New City Residence Investment Corp. 169,896 97,652 58 Nippon Commerical Invesment 290,164 225,096 29 Nippon Residential Investment Corp. 182,860 102,398

64,900 Nipponkoa Insurance Co. Ltd. 633,922 504,418 10,990 Nomura Holdings Inc. 216,875 167,779 16,990 Nordea Bank AB (SEK) 300,205 282,360

246,909 Power Corp. of Canada 7,728,073 8,392,437 49,974 Power Financial Corp. 1,639,887 1,754,087

179,638 Royal Bank of Canada 6,798,653 8,601,067 15,740 Royal Bank of Canada,

4.45% Preferred, Series AA 393,500 318,263 5,810 Standard Chartered PLC 196,217 203,802

54,324 Sumitomo Trust & Banking Co. Ltd. 537,235 381,955 113,308 Sun Life Financial Inc.† 5,024,318 5,430,852 78,658 Toronto-Dominion Bank 4,627,810 4,963,320 21,320 UniCredito Italiano SpA 210,800 145,978

20 United Urban Investment Corp. 135,179 126,003 23,300 Wells Fargo & Co. 803,840 694,734

66,271,464 64,045,218 MATERIALS (8.9%)

139,970 Barrick Gold Corp. 4,660,775 6,272,056 1,050 BASF AG 136,068 144,944

147,739 Cascades Inc. 1,692,194 1,155,319 13,529 Gammon Gold Inc. 142,560 104,173 8,000 Gold Fields Ltd., ADR 118,257 113,314

149,200 Goldcorp Inc. 4,615,061 5,939,652 103,801 Methanex Corp. 2,192,783 2,787,057 18,900 Newmont Mining Corp.* 929,829 878,578 51,710 Sumitomo Bakelite Co. Ltd. 392,172 267,225 7,661 Symrise AG 191,395 202,246

96,638 Teck Cominco Ltd., Class B 2,617,837 4,067,493 17,688,931 21,932,057

INDUSTRIALS (7.7%) 19,480 Ansaldo STS SpA 277,966 276,545 14,700 Apollo Group Inc. 793,954 651,503 20,900 BAE Systems PLC 207,447 206,612 7,400 Boeing Co. 568,576 564,866

122,010 Canadian National Railway Co. 5,318,514 6,068,777 252,700 Celestica Inc.* 1,736,363 1,730,995 11,211 Daiwa House Industry Co. Ltd. 170,721 113,448 51,900 Finning International Inc. 1,359,456 1,507,176 31,400 General Electric Co. 1,210,328 1,188,281 10,250 Henkel KGaA, Preferred, Non-Voting Shares 562,187 485,208 6,260 Metro AG 531,640 518,809

31,900 Mitsui-Soko Co. Ltd. 227,578 187,839 109,500 Mullen Group Income Fund 2,106,492 2,054,220

1,340 Siemens AG, Registered Shares 177,188 148,580 3,710 SMC Corp. 437,838 400,635 9,830 Suzuki Motor Corp. 304,640 253,490 2,200 Thales SA 132,792 146,141 9,500 United Parcel Service Inc., Class B* 711,344 712,003

49,700 Westjet Airlines Ltd.* 804,029 921,935 17,639,053 18,137,063

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


– 23 –

CI Canadian Investment Corporate Class Statement of Investment Portfolio as at March 31, 2008



CONSUMER STAPLES (6.9%) 11,500 Anheuser-Busch Cos. Inc. 627,834 560,080 31,752 Cadbury Schweppes PLC 404,077 357,680 6,822 Carrefour SA 513,652 539,847

33,260 Diageo PLC 742,931 688,358 99,422 Empire Co. Ltd., Class A 3,622,726 3,814,822 24,268 Estee Lauder Cos. Inc., Class A 1,161,568 1,141,314 34,020 George Weston Ltd. 2,876,788 1,606,424 4,000 George Weston Ltd., 5.2% Preferred 99,220 74,840

10,803 George Weston Ltd., 5.2% Preferred, Series IV 270,499 200,720 10,160 Heineken NV 611,439 605,754 16,616 KOSE Corp. 501,616 368,615 74,100 Loblaw Cos. Ltd.* 3,392,309 2,251,158 3,065 L'Oreal SA 380,786 399,355 1,145 Nestle SA, Registered Shares 514,811 586,315 9,700 Seven & I Holdings Co. Ltd. 316,747 248,640

58,300 Shoppers Drug Mart Corp. 2,949,873 3,027,519 11,100 Sugi Pharmacy Co. Ltd. 262,906 322,234 10,810 Unilever NV 345,280 372,269


29,340 Arnoldo Mondadori Editore SpA 325,595 252,956 24,954 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 1,575,363 1,650,957 21,400 eBay Inc. 582,566 654,775

145 Fuji Television Network Inc. 344,800 217,932 8,100 Harley-Davidson Inc. 282,360 311,686

61,150 Kingfisher PLC 273,370 164,052 5,550 Koninklijke Philips Electronics NV 242,304 217,931

56,398 Mediaset SpA 650,000 535,592 9,900 Nordstrom Inc.* 329,899 331,260

39,200 Office Depot Inc. 566,331 443,790 25,500 Sony Corp., ADR 1,318,894 1,046,927

142,900 Thomson Corp.* 5,903,113 4,927,192 19,230 Vivendi Universal SA 862,691 770,995 49,930 WPP Group PLC 801,792 611,272

185,723 Yellow Pages Income Fund 2,707,059 1,938,948 16,766,137 14,076,265

TELECOMMUNICATION SERVICES (3.3%) 111,800 BCE Inc.* 4,254,338 3,885,050 13,710 Deutsche Telekom AG, Registered Shares 275,756 234,180

255,370 Telecom Italia SpA,Non-Convertible Savings Shares 657,905 431,645

69,400 TELUS Corp., Non-Voting Shares 3,463,546 2,991,140 17,560 Vodafone Group PLC, ADR 575,817 531,875

9,227,362 8,073,890 INFORMATION TECHNOLOGY (2.6%)

14,600 Accenture Ltd., Class A 517,669 526,138 35,740 Alcatel-Lucent SA, ADR 419,803 210,563 2,450 Apple Computer Inc. 300,010 360,856

27,500 Applied Materials Inc. 553,508 549,560 18,400 Canon Inc., ADR 990,894 874,410 14,900 Cisco Systems Inc. 368,259 368,570 4,400 International Business Machines Corp. 481,463 519,448

36,100 Microsoft Corp. 1,118,345 1,042,301 2,690 Nokia OYJ 78,218 87,318

73,600 Nortel Networks Corp.* 2,005,969 507,104 16,600 QUALCOMM Inc. 667,254 698,056

INFORMATION TECHNOLOGY (2.6%) (cont’d)505 Samsung Electronics Co. Ltd. 335,994 325,544

202,480 Telefonaktiebolaget LM Ericsson, Class B 731,870 407,514 8,569,256 6,477,382

HEALTH CARE (2.3%) 27,420 GlaxoSmithKline PLC 823,149 594,861 21,300 Johnson & Johnson 1,459,953 1,418,207 26,300 Merck & Co. Inc. 1,325,864 1,024,433 3,280 Novartis AG, Registered Shares 199,835 172,364

52,600 Pfizer Inc. 1,419,324 1,127,282 5,240 Sanofi-Aventis 502,030 403,364 7,850 Takeda Pharmaceutical Co. Ltd. 528,567 401,629

13,800 WellPoint Inc. 1,093,390 624,929 7,352,112 5,767,069

UTILITIES (1.1%) 49,813 Atco Ltd., Class I 1,703,242 2,353,664 41,000 Energias de Portugal SA 261,565 255,145 7,360 Scottish and Southern Energy PLC 243,981 210,346

2,208,788 2,819,155


Total Equities (91.3%) 219,018,572 226,237,041

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (173,327)


Other Assets (net) (8.8%) 21,730,505

Total Net Assets (100.0%) 247,794,219

Schedule AForeign Currency Forward Contracts (-0.1%)

Credit FairContracts Pay Receive Price Due Date Rating Value $

1 (11,000,000) US $ 11,281,820 Canadian $ 1.03 30-Apr-08 A-1+ (14,410)1 (1,500,000) US $ 1,542,300 Canadian $ 1.03 27-May-08 A-1+ 967 1 (2,700,000) US $ 2,767,230 Canadian $ 1.03 23-Apr-08 A-1+ (5,147)1 (2,800,000) US $ 2,770,950 Canadian $ 1.03 7-Apr-08 A-1+ (103,316)1 (3,500,000) US $ 3,542,525 Canadian $ 1.03 25-Apr-08 A-1+ (51,421)

Total Foreign Currency Forward Contracts Value (173,327)



– 24 –

CI Canadian Investment Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 Shares





226,237 244,14521,146 14,157

- -- -- -- -- 25- -

549 377506 -522 518

248,960 259,222

- -- -1 1

173 -- -

615 276242 791

- -1 -

134 831,166 1,151

247,794 258,071

219,019 208,540- -

225,354 240,54413,164 12,4905,066 5,0371,038 -

34 -885 -

2,253 -

17.31 17.7718.26 18.5711.29 11.339.19 -

10.10 -9.41 -9.21 -

13,021,232 13,536,372720,732 672,690448,752 444,583112,953 -

3,334 -94,144 -

244,659 -


2008 2007


2008 2007


– 25 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 Shares



5,041 3,7991,626 1,962

5 132- -- 745

(133) (5)6,539 6,633

4,866 4,656512 48913 -51 43

309 3205,751 5,508

788 1,125- -

788 1,125

21,768 13,533(307) 9(274) -

- -

(28,450) 3,911(7,263) 17,453(6,475) 18,578

(6,104) 17,160(223) 1,063(92) 355(34) -

1 -(19) -(4) -

(0.46) 1.23(0.33) 1.47(0.16) 1.03(0.51) -0.17 -(0.23) -(0.05) -


2008 2007














240,544 217,549(125)

240,419

47,636 65,902- -

(40,890) (44,795)(15,707) (15,272)(8,961) 5,835

- -- -- -- -

(6,104) 17,160225,354 240,544

12,490 11,887(7)

12,483

2,703 5,301- -

(2,362) (4,019)563 (1,742)904 (460)

- -- -- -- -

(223) 1,06313,164 12,490

5,037 1,769(3)

5,034

2,842 3,329- -

(2,765) (364)47 (52)

124 2,913

- -- -- -- -

(92) 3555,066 5,037


2008 2007

– 26 –









I T5 SharesNet assets, beginning of yearCapital transactions












- -

2,083 -- -

(10) -219 -

2,292 -

- -- -

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

2,253 -

258,071 231,205(135)

257,936

56,883 74,532- -

(46,041) (49,178)(14,441) (17,066)(3,599) 8,288

- -- -

(68) -(68) -

(6,475) 18,578247,794 258,071

- -

961 -- -

(10) -137 -

1,088 -

- -- -

(16) -(16) -(34) -

1,038 -

- -

33 -- -- -- -

33 -

- -- -- -- -1 -

34 -

-

625 -- -

(4) -300 -921 -

- -- -

(17) -(17) -(19) -885 -




2008 2007



2008 2007







I T5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

13,536,372 13,111,0642,642,883 3,942,522

- -(2,281,885) (2,655,275)

(876,138) (861,939)13,021,232 13,536,372

672,690 692,633142,629 306,732

- -(124,778) (227,464)

30,191 (99,211)720,732 672,690

444,583 171,048240,920 312,677

- -(238,612) (34,869)

1,861 (4,273)448,752 444,583

- -100,217 -

- -(1,080) -13,816 -

112,953 -

- -3,340 -

- -(6) -- -

3,334 -

- -62,500 -

- -(442) -

32,086 -94,144 -


- -222,988 -

- -(1,092) -22,763 -

244,659 -

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

2008 2007













I T5 SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class




2008

225,354421

225,775

17.310.03

17.34

13,16424

13,188

18.260.04

18.30

5,0669

5,075

11.290.02

11.31

1,0382

1,040

9.190.029.21

34-

34

10.100.01

10.11

8852

887

9.410.019.42



2,2534

2,257

9.210.029.23

Net Assets Reconciliation (Note 2) (cont’d)as at March 31 ($000’s except for per share amounts)

2008




2008 2007


19,044 9,26020,240 9,860



2008 2007


205 10722 8

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 Shares

1.951.00

Paid directly by investor1.951.00

Paid directly by investor1.95

0.200.20

-0.200.20

-0.20


2008


– 30 –

CI Can-Am Small Cap Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INDUSTRIALS (16.9%) 26,500 FirstService Corp.* 592,772 585,915 22,000 Graco Inc.* 808,101 817,650

130,333 Heartland Express Inc.* 2,560,330 1,903,599 92,764 Miller Industries Inc. 2,415,669 914,044

156,000 Mullen Group Income Fund 3,590,526 2,926,560 118,900 Richelieu Hardware Ltd. 2,616,474 2,470,742 72,550 Russel Metals Inc.* 2,127,421 1,895,006

202,600 Transcontinental Inc., Class A 3,672,252 3,768,360 18,383,545 15,281,876

ENERGY (16.7%) 227,500 AltaGas Income Trust 5,833,116 5,485,025 83,600 Crescent Point Energy Trust 1,820,982 2,390,960

224,600 Pason Systems Inc. 3,105,508 3,384,722 71,260 Savanna Energy Services Corp.* 1,626,742 1,369,617 66,800 Vermilion Energy Trust* 2,100,710 2,424,840


70,500 Alberto-Culver Co.* 2,361,084 1,981,248 37,300 Canada Bread Co. Ltd.* 2,106,646 2,564,375 96,500 Empire Co. Ltd., Class A 3,885,485 3,702,705

137,200 Metro Inc., Class A 4,037,325 3,332,588 107,400 Saputo Inc. 1,789,894 2,955,648

14,180,434 14,536,564 FINANCIALS (15.4%)

72,000 Canadian Western Bank 1,606,229 1,841,760 131,900 Extendicare REIT 1,696,207 1,511,574 103,200 GMP Capital Trust 2,226,008 1,726,536 51,800 Home Capital Group Inc. 1,817,496 1,820,770

127,700 Industrial Alliance Insurance and Financial Services Inc. 4,063,724 4,809,182

21,600 Laurentian Bank of Canada 708,076 917,136 23,800 Mercury General Corp.* 1,521,973 1,081,441 5,800 Ship Finance International Ltd. 125,742 156,150

13,765,455 13,864,549 MATERIALS (9.5%)

112,000 Canam Manac Group Inc., Class A 1,395,927 1,218,560 118,950 CCL Industries Inc., Class B 3,716,455 3,537,573 379,700 Iamgold Corp.* 3,356,274 2,862,938 76,400 Timberwest Forest Corp., Stapled Units 1,069,265 966,460


84,100 Astral Media Inc., Class A, Non-Voting Shares 3,193,084 3,264,762

277,600 Leon's Furniture Ltd.* 3,581,286 3,331,200 102,600 Reitman's Canada Ltd., Class A 2,215,427 1,875,528


89,000 Aastra Technologies Ltd.* 2,692,520 2,704,710 50,000 Total System Services Inc. 1,143,771 1,212,690


66,950 Manitoba Telecom Services Inc.* 2,818,050 2,616,406

HEALTH CARE (2.2%) 40,000 Barr Pharmaceuticals Inc.* 2,390,169 1,983,003

UTILITIES (0.1%) 1,925 AltaGas Utility Group Inc. 14,649 12,147


Total Equities (93.5%) 88,248,087 84,324,130

Short Term Notes (2.8%) 2,485,275 2,494,250



Total Net Assets (100.0%) 90,310,488



– 31 –

CI Can-Am Small Cap Corporate Class Financial Statements




















84,324 87,6213,681 3,7932,494 -

- -- -- -- -- -

114 233- -

197 20190,810 91,848

- -- -- -- -- -

237 -182 224

- -- -

81 46500 270

90,310 91,578

88,248 86,525- -

56,993 61,6922,131 1,894

31,186 27,992

12.71 13.0711.55 11.7412.03 12.08

4,484,831 4,721,334184,506 161,296

2,593,267 2,317,942

1,885 2,6161,395 1,194

24 5- -- -

(131) (31)3,173 3,784

1,279 1,290130 131

- -34 3381 89

1,524 1,5431,649 2,241

- -1,649 2,241

1,571 3,020(44) (91)

(236) -- -

(4,835) (2,028)(3,544) 901(1,895) 3,142

(1,631) 1,841(42) 114

(222) 1,187

(0.35) 0.52(0.24) 0.60(0.09) 0.39


2008 2007


2008 2007


– 32 –

















27,992 -(54)

27,938

4,357 27,321- -

(971) (824)84 308

3,470 26,805

- -- -- -- -

(222) 1,18731,186 27,992

91,578 67,297(176)

91,402

16,208 46,450- -

(15,218) (23,865)(187) (1,446)803 21,139

- -- -- -- -

(1,895) 3,14290,310 91,578

61,692 63,240(118)

61,574

11,165 18,198- -

(13,639) (20,055)(476) (1,532)

(2,950) (3,389)

- -- -- -- -

(1,631) 1,84156,993 61,692

1,894 4,057(4)

1,890

686 931- -

(608) (2,986)205 (222)283 (2,277)

- -- -- -- -

(42) 1142,131 1,894

CI Can-Am Small Cap Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


101 1629 -

– 33 –





2008 2007


19,752 16,17520,992 17,223

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


2008 2007

4,721,334 4,980,190829,625 1,418,532

- -(1,026,731) (1,555,220)

(39,397) (122,168)4,484,831 4,721,334

161,296 359,34856,199 81,508

- -(50,017) (260,506)17,028 (19,054)

184,506 161,296

2,317,942 -345,797 2,360,392

- -(77,881) (69,032)

7,409 26,5822,593,267 2,317,942





2.001.00


0.200.20

-


2008







56,993232

57,225

12.710.05

12.76

2,1318

2,139

11.550.04

11.59

31,186126

31,312

12.030.04

12.07


2008

– 34 –

CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at March 31, 2008



BRAZIL (13.1%) 18,100 Banco Bradesco SA, Preferred, ADR 532,075 514,791 38,000 Cia Vale do Rio Doce, ADR 587,720 1,349,509 12,600 Empresa Brasileira de Aeronautica SA 568,788 509,933 37,906 Energias do Brasil SA 573,863 569,181 23,700 Gafisa S.A., ADR* 816,418 811,261 41,550 MRV Engenharia e Participacoes SA 900,860 747,656 64,372 Net Servicos de Comunicacao SA 886,579 704,408 22,900 Petroleo Brasileiro SA, ADR 973,520 2,398,403 36,392 Redecard SA 502,729 615,020 22,300 Tam SA, ADR* 733,351 438,776 5,450 Unibanco - Uniao de Bancos Brasileiros SA,

GDR 501,785 651,742 7,577,688 9,310,680

RUSSIA (12.5%) 43,900 Comstar-United Telesystems 396,583 461,854 45,500 MMC Norilsk Nickel, ADR 2,079,373 1,313,703 11,200 Mobile Telesystems OJSC, ADR 580,247 870,452 6,100 NovaTek OAO, Registered GDR 351,013 499,004

60,900 OAO Gazprom, ADR 2,960,054 3,181,642 21,100 OAO TMK, GDR* 876,922 700,388 25,200 PIK Group 766,646 633,699

184,781 Sberbank RF 748,469 591,736 14,700 Uralkali, GDR 550,437 603,523

9,309,744 8,856,001 TAIWAN (8.1%)

445,787 Acer Inc. 1,025,055 817,628 281,000 Asustek Computer Inc. 881,999 843,794 909,930 Compal Electronics Inc. 955,232 888,248 262,457 Delta Electronics Inc. 865,644 793,432 160,005 Hon Hai Precision Industry Co. Ltd. 1,052,408 934,992 257,913 Innolux Display Corp. 1,028,965 696,063 371,252 Taiwan Semiconductor Manufacturing Co. Ltd. 781,773 790,019

6,591,076 5,764,176 SOUTH KOREA (8.0%)

4,030 Daelim Industrial Co. 795,706 528,352 1,628 Hyundai Heavy Industries Co., Ltd. 625,207 624,286

11,700 Kookmin Bank, ADR 1,014,470 673,097 2,167 NHN Corp. 579,109 518,798 2,345 Samsung Electronics Co. Ltd. 1,606,056 1,511,683 9,578 Samsung Techwin Company Ltd. 518,136 536,039 9,927 Shinhan Financial Group Co. Ltd. 527,498 537,052 1,140 Shinsegae Co. Ltd. 625,597 736,072

6,291,779 5,665,379 HONG KONG (7.3%)

407,600 Angang New Steel Company Ltd. 960,674 950,378 14,100 China Mobile (Hong Kong) Ltd., ADR 883,508 1,085,417

296,000 China Overseas Land & Investment Ltd. 505,362 554,320 6,700 CNOOC Ltd., ADR 629,903 1,009,456

2,186,000 Industrial & Commercial Bank of China 1,648,822 1,556,769 4,628,269 5,156,340

SOUTH AFRICA (7.1%) 12,600 African Rainbow Minerals Ltd. 279,502 358,808

102,400 Aspen Pharmacare Holdings Ltd. 515,121 408,874 98,068 Massmart Holdings Ltd. 1,043,779 829,075 90,200 MTN Group Ltd. 1,214,274 1,404,111 40,800 Naspers Ltd. 971,053 728,063 20,200 SABMiller PLC (ZAR) 469,935 452,521

SOUTH AFRICA (7.1%) (cont’d)76,179 Standard Bank Group Ltd. 1,139,674 850,342

5,633,338 5,031,794 INDIA (5.5%)

31,850 Bharti Tele Ventures Ltd. 520,685 666,311 6,000 Grasim Industries Ltd. 439,378 396,149

128,100 Gujarat Ambuja Cements Ltd. 405,181 397,598 38,800 Reliance Communicaitons Ventures Ltd. 521,380 505,688 85,800 Rolta India Ltd. 546,139 576,174 70,400 Satyam Computer Services Ltd. 893,464 710,310 7,642 State Bank of India Ltd., GDR 572,237 678,484

3,898,464 3,930,714 MEXICO (5.5%)

23,900 America Movil SAB de C.V., ADR, Series L 1,303,282 1,561,394 236,477 Corporacion GEO SAB de CV, Series B 756,999 774,286 31,600 Groupo Televisa SA, GDR 846,901 785,557

171,243 Grupo Financiero Banorte SA de CV 694,116 759,702 3,601,298 3,880,939

INDONESIA (4.2%) 351,500 Astra International TBK PT 859,030 948,491

1,587,000 PT Bank Mandiri 554,539 552,993 1,182,001 PT Bumi Resources TBK 277,340 810,560

247,517 PT Semen Gresik Persero TBK 80,964 136,616 498,300 PT Telekomunikasi Indonesia TBK 453,277 536,180

2,225,150 2,984,840 TURKEY (3.7%)

135,941 Akbank TAS 810,466 580,372 48,051 Anadolu Efes Biracilik ve Malt Sanayii AS 413,377 432,466 48,489 Turkcell Iletisim Hizmet AS, ADR 805,183 1,037,685

119,600 Turkiye Garanti Bankasi AS 588,576 552,008 2,617,602 2,602,531

THAILAND (3.5%) 127,800 Bangkok Bank PCL, Foreign Registered Shares 456,614 570,774 56,200 Banpu Public Company Ltd. 379,342 762,153

380,300 Kasikornbank PCL, Foreign Registered Shares 798,230 1,140,582 1,634,186 2,473,509

U.K. (3.3%) 60,900 Billiton PLC 1,407,860 1,842,143 55,600 Hikma Pharmaceuticals PLC 477,899 527,787

1,885,759 2,369,930 CHINA (3.1%)

390,000 China Molybdenum Co., Ltd. 513,800 438,212 19,800 Focus Media Holding Ltd., ADR 834,458 714,140 8,300 PetroChina Co. Ltd., ADR 1,280,392 1,067,530

2,628,650 2,219,882 CZECH REPUBLIC (2.4%)

14,705 CEZ 723,766 1,146,343 2,329 Komercni Banka AS 413,046 571,299

1,136,812 1,717,642 ISRAEL (2.2%)

54,000 ICL-Israel Chemicals Ltd. 328,472 775,611 17,000 Teva Pharmaceutical Industries Ltd., ADR 682,212 802,121

1,010,684 1,577,732 CHILE (2.0%)

11,300 Banco Santander Chile SA, ADR 564,819 604,736 56,000 Lan Airlines SA, ADR* 884,649 808,146

1,449,468 1,412,882



– 35 –

CI Emerging Markets Corporate Class Statement of Investment Portfolio as at March 31, 2008


EGYPT (1.7%) 6,584 Egyptian Co. for Mobile Services 232,809 244,012 6,169 Orascom Construction Industries 434,405 473,367 7,000 Orascom Telecom Holding SAE,

Registered GDR* 459,482 488,566 1,126,696 1,205,945

COLOMBIA (1.4%) 27,300 Bancolombia SA, ADR 950,462 993,334

LUXEMBOURG (1.0%) 13,500 Tenaris SA, ADR 658,196 690,741

HUNGARY (0.8%) 2,800 Richter Gedeon Nyrt. 608,259 588,432

PHILIPPINES (0.7%) 3,341,771 Pnoc Energy Development Corp. 388,836 470,427

CAYMAN ISLANDS (0.6%) 258,000 FU JI Food and Catering Services

Holdings Ltd. 525,951 445,049




Total Net Assets (100.0%) 70,909,669

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


– 36 –

CI Emerging Markets Corporate Class Financial Statements




















69,349 55,7161,135 934

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

119 4634 -

462 17971,099 56,875

- -- -- -- -- -

18 146167 25

- -- -4 1

189 17270,910 56,703

66,232 48,028- -

50,325 38,0773,716 2,895

16,869 15,731

16.21 15.4719.03 17.9811.27 10.47

3,104,016 2,461,770195,231 160,947

1,497,272 1,502,362

3,336 1,80185 592 2- -- -

(169) (72)3,254 1,790

1,080 707114 74

1 42 -

68 481,265 8331,989 957

- -1,989 957

5,505 3,805(151) (143)(335) -

- -

(4,368) 1,686651 5,348

2,640 6,305

1,233 5,022147 514

1,260 769

0.44 2.320.82 2.850.84 0.48


2008 2007


2008 2007


– 37 –

















15,731 -(57)

15,674

405 15,000- -

(476) (38)6 -

(65) 14,962

- -- -- -- -

1,260 76916,869 15,731

56,703 30,262(204)

56,499

18,490 25,822- -

(9,761) (8,262)3,042 2,576

11,771 20,136

- -- -- -- -

2,640 6,30570,910 56,703

38,077 28,290(136)

37,941

17,379 9,936- -

(8,858) (7,834)2,630 2,663

11,151 4,765

- -- -- -- -

1,233 5,02250,325 38,077

2,895 1,972(11)

2,884

706 886- -

(427) (390)406 (87)685 409

- -- -- -- -

147 5143,716 2,895

CI Emerging Markets Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


232 11927 17

– 38 –





2008 2007


3,322 1,1613,531 1,236

CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

2,461,770 2,161,2121,039,138 717,390

- -(539,189) (598,024)142,297 181,192

3,104,016 2,461,770

160,947 130,91136,304 59,802

- -(22,161) (25,148)20,141 (4,618)

195,231 160,947

1,502,362 -36,113 1,506,036

- -(41,655) (3,674)

452 -1,497,272 1,502,362





2.251.25


0.220.22

-


2008







50,325199

50,524

16.210.07

16.28

3,71614

3,730

19.030.08

19.11

16,86967

16,936

11.270.04

11.31


2008

– 39 –

CI European Corporate ClassStatement of Investment Portfolio as at March 31, 2008



GERMANY (26.5%) 10,542 Bayer AG* 758,762 866,683 30,100 Commerzbank AG 1,143,927 960,472 7,542 DaimlerChrysler AG, Registered Shares 707,212 659,769

11,400 Fresenius AG 963,246 971,954 9,399 Metro AG 652,876 778,960

29,700 GEA Group AG 731,026 1,021,350 6,392 RWE AG, Class A 776,451 805,707

11,376 SAP AG 617,979 580,544 7,439 Siemens AG, Registered Shares 1,017,813 824,841

7,369,292 7,470,280 FRANCE (15.8%)

5,633 Alstom* 643,934 1,250,003 10,600 Bouygues SA* 890,968 691,252 8,245 Groupe Danone* 645,612 756,809 5,154 LVMH Moet Hennessy Louis Vuitton SA* 630,732 587,933 3,740 PPR SA 685,744 567,552 2,373 Vallourec SA 627,588 591,269

4,124,578 4,444,818 SWITZERLAND (14.0%)

11,233 Julius Baer Holding Ltd. 665,775 849,164 2,040 Nestle SA, Registered Shares 795,743 1,044,613 8,295 Novartis AG, Registered Shares* 538,766 435,902 4,002 Roche Holding AG* 845,839 772,566

11,733 Xstrata PLC 640,109 842,732 3,486,232 3,944,977

U.K. (13.4%) 22,302 BG Group PLC 491,750 528,350 14,393 Cairn Energy PLC 549,366 830,901 13,888 Lonmin PLC 1,112,967 867,381 64,884 Prudential PLC 898,739 878,936 48,600 Smith & Nephew PLC 630,708 659,339

3,683,530 3,764,907 NORWAY (5.3%)

29,700 Petroleum Geo-Services ASA 596,850 752,851 37,500 Telenor ASA 784,866 736,266

1,381,716 1,489,117 ITALY (5.2%)

26,500 Lottomatica SpA* 927,771 849,464 99,700 Mediolanum SpA* 764,608 625,286

1,692,379 1,474,750 SWEDEN (4.9%)

40,800 Elekta AB, B Shares* 719,792 717,182 42,900 Volvo AB, Series B 767,277 665,161

1,487,069 1,382,343 NETHERLANDS (3.3%)

23,994 Koninklijke Philips Electronics NV* 1,041,417 942,169

LUXEMBOURG (3.3%) 41,659 Acergy SA* 977,793 921,633

FINLAND (3.1%) 26,800 Nokia OYJ 1,037,051 869,938

BELGIUM (3.0%) 6,244 KBC Groupe NV 823,426 830,968

GREECE (1.8%) 13,500 OPAP SA 502,782 492,691

U.S.A. (1.0%) 2,700 iShares S&P Europe 350 Index Fund 279,905 291,012



Other Assets (net) (-0.6%) (120,257)

Total Net Assets (100.0%) 28,199,346



– 40 –

CI European Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

28,320 35,946- 1,796- -- -- -- -- -- -3 133- 34

25 11928,348 38,028

94 -- -- -- -- -- 22

51 96- -- -4 4

149 12228,199 37,906

27,830 31,423- -

27,181 35,5701,018 2,336

10.79 12.3215.26 17.24

2,519,041 2,887,80166,736 135,550

896 42633 4957 16

- -- -

(130) (46)856 445

690 40878 462 1- 3

44 28814 48642 (41)

- -42 (41)

(593) 2,750(174) (58)(166) -

- -

(4,005) 2,583(4,938) 5,275(4,896) 5,234

(4,624) 4,896(272) 338

(1.61) 2.67(2.33) 3.81


2008 2007


2008 2007

– 41 –













37,906 14,467(28)

37,878

10,341 12,506- -

(9,661) (3,827)(5,463) 9,526(4,783) 18,205

- -- -- -- -

(4,896) 5,23428,199 37,906

35,570 13,503(26)

35,544

10,029 11,838- -

(8,796) (3,540)(4,972) 8,873(3,739) 17,171

- -- -- -- -

(4,624) 4,89627,181 35,570

2,336 964(2)

2,334

312 668- -

(865) (287)(491) 653

(1,044) 1,034

- -- -- -- -

(272) 3381,018 2,336

CI European Corporate Class Financial Statements



2008 2007



2008 2007

– 42 –

CI European Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


117 7314 11




2008 2007


8,318 8,1838,840 8,713


2008 2007

2,887,801 1,363,890844,794 1,070,750

- -(771,749) (325,255)(441,805) 778,416

2,519,041 2,887,801

135,550 70,30618,214 43,226

- -(53,815) (19,787)(33,213) 41,80566,736 135,550



2.001.00

0.220.22


2008





27,18140

27,221

10.790.02

10.81

1,0182

1,020

15.260.02

15.28


2008

– 43 –

CI Global Biotechnology Corporate ClassStatement of Investment Portfolio as at March 31, 2008


U.S.A. (90.1%) 68,500 Acorda Therapeutics Inc. 1,405,841 1,252,191 33,300 Alexion Pharmaceuticals Inc.* 1,625,237 2,025,111 88,200 Alkermes Inc.* 1,685,068 1,074,572 50,260 Amgen Inc.* 5,119,159 2,151,686 55,400 Amylin Pharmaceuticals Inc.* 2,268,192 1,660,385

150,000 Aphton Corp., Restricted Shares 7,185,915 62 43,000 BioMarin Pharmaceuticals Inc.* 386,003 1,559,736 39,500 Celgene Corp. 1,974,062 2,481,217 25,900 Cephalon Inc.* 1,649,684 1,710,397 85,300 Cubist Pharmaceuticals Inc.* 2,008,408 1,610,954

199,284 deCODE genetics Inc.* 812,773 300,681 287,075 Dyax Corp.* 2,591,794 1,387,818 42,000 Forest Laboratories Inc., Class A 1,559,878 1,722,195 34,200 Genentech Inc. 2,351,157 2,847,192 34,750 Genzyme Corp. 2,184,994 2,654,365 51,600 Gilead Sciences Inc.* 1,006,501 2,727,553

470,800 ImmunoGen Inc. 4,845,629 1,710,629 195,600 Indevus Pharmaceuticals Inc. 1,437,754 957,643 73,400 Medarex Inc.* 3,181,952 666,739 40,400 Onyx Pharmaceuticals Inc.* 1,039,906 1,200,456

129,100 PDL BioPharma Inc.* 2,451,297 1,404,586 89,132 Rigel Pharmaceuticals Inc.* 3,652,178 1,705,280 66,650 Sepracor Inc. 3,239,395 1,333,301 69,300 Theravence Inc.* 1,690,805 753,972 13,900 United Therapeutics Corp. 1,137,457 1,234,804 82,700 Vertex Pharmaceuticals Inc.* 2,990,305 2,027,860

61,481,344 40,161,385 SWITZERLAND (6.2%)

14,400 Roche Holding AG* 2,145,768 2,779,848




Total Net Assets (100.0%) 44,597,673



– 44 –

CI Global Biotechnology Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

42,941 83,1901,738 1,538

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

26 41159 -

- 2244,864 84,791

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

256 492- -- -

10 7266 499

44,598 84,292

63,242 108,469- -

44,007 83,512591 780

6.79 9.043.67 4.84

6,484,649 9,239,460160,810 161,166

93 4660 11436 62

- -- -

(5) (6)184 216

1,269 1,942141 215

2 13 -

82 1341,497 2,292(1,313) (2,076)

- -(1,313) (2,076)

(20,622) (36,561)55 (214)

(932) -- -

5,081 28,998(16,418) (7,777)(17,731) (9,853)

(17,501) (9,800)(230) (53)

(2.24) (0.87)(1.21) (0.42)


2008 2007


2008 2007

– 45 –

CI Global Biotechnology Corporate Class Financial Statements















84,292 127,310(102)

84,190

2,763 5,637- -

(22,908) (35,381)(1,716) (3,421)

(21,861) (33,165)

- -- -- -- -

(17,731) (9,853)44,598 84,292

83,512 126,373(101)

83,411

2,703 5,444- -

(22,579) (35,097)(2,027) (3,408)

(21,903) (33,061)

- -- -- -- -

(17,501) (9,800)44,007 83,512

780 937(1)

779

60 193- -

(329) (284)311 (13)42 (104)

- -- -- -- -

(230) (53)591 780


2008 2007


2008 2007

– 46 –

CI Global Biotechnology Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


153 26018 38




2008 2007


19,813 26,62721,057 28,352


2008 2007

9,239,460 13,009,931338,551 616,411

- -(2,842,735) (4,000,530)

(250,627) (386,352)6,484,649 9,239,460

161,166 182,21113,063 42,164

- -(79,296) (60,944)65,877 (2,265)

160,810 161,166



2.001.00

0.220.22


2008





44,00771

44,078

6.790.016.80

5911

592

3.670.013.68


2008

– 47 –

CI Global Consumer Products Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (26.9%) 9,640 Altria Group Inc. 113,690 219,064 4,050 Columbia Sportswear Co.* 180,755 182,904

17,980 Comcast Corp., Class A 324,433 356,359 16,070 IAC/InterActiveCorp.* 508,416 341,760 11,258 Kraft Foods Inc., Class A 252,683 358,211 5,165 Liberty Media Corp., Capital Series A 117,644 83,337

20,660 Liberty Media Corp., Entertainment Series A 653,792 473,517 7,840 Molson Coors Brewing Co., Class B* 354,697 422,546

16,590 OfficeMax Inc. 528,696 325,404 9,640 Phillip Morris International Inc. 257,724 499,078 7,830 Procter & Gamble Co. 397,746 562,409 7,560 TJX Cos. Inc. 188,626 256,299

11,360 Wal-Mart Stores Inc. 907,867 613,544 4,786,769 4,694,432

U.K. (22.0%) 8,700 British American Tobacco PLC 297,591 334,949

26,090 British Sky Broadcasting PLC 320,031 295,493 44,380 Cadbury Schweppes PLC 444,292 499,932 33,850 Diageo PLC 543,401 700,568

179,745 Kingfisher PLC 1,151,435 482,215 221,380 Signet Group PLC 391,229 277,339 26,970 Tesco PLC 240,198 208,218 11,085 Vodafone Group PLC, ADR 325,455 335,754 57,780 WPP Group PLC 769,624 707,376

4,483,256 3,841,844 JAPAN (13.9%)

185 Fuji Television Network Inc. 449,910 278,051 10,800 Honda Motor Co. Ltd. 336,432 314,637 23,006 KOSE Corp.* 739,123 510,373 17,490 Seven & I Holdings Co. Ltd. 782,793 448,320 21,500 Sugi Pharmacy Co. Ltd. 475,521 624,147 9,500 Suzuki Motor Corp.* 152,256 244,980

2,936,035 2,420,508 FRANCE (13.6%)

10,710 Carrefour SA 616,679 847,518 5,000 L'Oreal SA* 473,517 651,476

21,760 Vivendi Universal SA* 972,900 872,431 2,063,096 2,371,425

GERMANY (8.4%) 3,220 Bayerische Motoren Werke AG 199,761 182,484

19,350 Henkel KGaA* 654,133 841,032 5,310 Metro AG 321,020 440,076

1,174,914 1,463,592 SWITZERLAND (6.0%)

2,040 Nestle SA, Registered Shares 686,602 1,044,613

ITALY (4.9%) 23,610 Arnoldo Mondadori Editore SpA* 281,058 203,554 67,940 Mediaset SpA 903,402 645,202

1,184,460 848,756 NETHERLANDS (3.8%)

11,195 Heineken NV 525,006 667,462

FINLAND (0.4%) 2,060 Nokia OYJ 44,006 66,868




Total Net Assets (100.0%) 17,473,320



– 48 –

CI Global Consumer Products Corporate Class Financial Statements




















17,420 28,14476 792

- -- -- -- -- -- -9 67- -

56 6317,561 29,066

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

86 100- -- -2 2

88 10217,473 28,964

17,827 24,034- -

16,781 28,069203 308489 587

24.94 29.9110.94 12.9812.54 14.69

672,867 938,52118,527 23,71039,015 39,948

562 72620 2817 15

- -- -

(68) (66)531 703

443 49749 552 -- -

29 34523 586

8 117- -8 117

282 700(48) (21)

(105) -- -

(4,501) 3,371(4,372) 4,050(4,364) 4,167

(4,228) 4,037(49) 39(87) 91

(5.21) 4.32(2.10) 2.00(2.17) 2.40


2008 2007


2008 2007


– 49 –

















587 479(1)

586

36 63- -

(46) (46)- -

(10) 17

- -- -- -- -

(87) 91489 587

28,964 26,825(17)

28,947

1,964 3,836- -

(7,025) (7,119)(2,049) 1,255(7,110) (2,028)

- -- -- -- -

(4,364) 4,16717,473 28,964

28,069 26,181(16)

28,053

1,872 3,491- -

(6,882) (6,950)(2,034) 1,310(7,044) (2,149)

- -- -- -- -

(4,228) 4,03716,781 28,069

308 165-

308

56 282- -

(97) (123)(15) (55)(56) 104

- -- -- -- -

(49) 39203 308

CI Global Consumer Products Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


23 303 3

– 50 –





2008 2007


3,325 5,8843,533 6,265

CI Global Consumer Products Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

938,521 1,033,32068,082 125,996

- -(257,245) (262,804)(76,491) 42,009672,867 938,521

23,710 15,1314,435 22,931

- -(7,926) (10,275)(1,692) (4,077)18,527 23,710

39,948 39,4132,813 4,360

- -(3,746) (3,825)

- -39,015 39,948





2.001.00


0.220.22

-


2008







16,78129

16,810

24.940.04

24.98

203-

203

10.940.02

10.96

4891

490

12.540.02

12.56


2008

– 51 –

CI Global Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (44.0%) 33,400 Abbott Laboratories Inc. 1,828,760 1,887,552 77,500 AES Corp. 1,306,508 1,326,030 59,900 Agilent Technologies Inc. 2,294,157 1,830,298 22,873 Allergan Inc. 1,446,581 1,323,623 51,700 American International Group Inc. 3,656,278 2,294,523 27,100 Ameriprise Financial Inc. 1,628,096 1,438,613 59,300 Amkor Technology Inc.* 653,054 649,434 68,200 Annaly Mortgage Management Inc., Class A 1,008,823 1,072,406 18,500 Biogen Idec Inc. 1,253,493 1,171,393 71,100 Broadcom Corp. 1,848,397 1,404,077

115,900 Brocade Communications Systems Inc. 829,526 864,837 21,000 Celgene Corp. 1,066,726 1,319,128 17,500 Cerner Corp. 973,194 669,084 75,200 Chico's FAS Inc.* 854,319 548,787 73,950 Cisco Systems Inc. 2,191,357 1,829,243 47,300 Cognizant Technology Solutions Corp. 1,876,192 1,396,260 39,200 Continental Airlines Inc., Class B 918,563 773,716 54,900 Corning Inc. 1,319,334 1,352,383

121,900 DR Horton Inc. 2,507,971 1,963,102 63,800 El Paso Corp. 1,034,591 1,087,693 22,100 Electronic Arts Inc. 1,304,403 1,131,222 93,400 EMC Corp. 1,974,410 1,371,838 16,200 Exterran Holdings Inc. 1,305,339 1,071,487 29,900 Forest Oil Corp. 1,028,859 1,502,550 3,500 Google Inc., Class A 1,813,419 1,582,271

24,100 Harman International Industries Inc. 1,581,567 1,075,036 13,300 International Business Machines Corp. 1,321,558 1,570,150 54,000 Janus Capital Group Inc. 1,300,137 1,287,535 37,500 JC Penney Co. Inc. 1,935,327 1,447,223 47,900 Juniper Networks Inc. 1,290,392 1,229,604

116,350 Microsoft Corp. 4,167,068 3,359,327 28,100 Molson Coors Brewing Co., Class B (USD) 1,448,232 1,514,484 19,700 Norfolk Southern Corp. 993,745 1,096,534 46,900 OfficeMax Inc. 2,035,215 919,919 52,800 Oracle Corp. 1,071,946 1,058,406 24,000 Pharmaceutical Product Development Inc. 881,113 1,031,654

202,300 PMC-Sierra, Inc.* 1,716,403 1,183,551 26,700 Polo Ralph Lauren Corp., Class A 1,696,854 1,594,688 33,600 Procter & Gamble Co. 2,299,113 2,413,401 46,700 Quanta Services Inc.* 1,225,754 1,108,686 37,200 Sepracor Inc. 848,413 744,168

103,900 Service Corp. International 1,284,263 1,078,159 64,800 SLM Corp. 1,686,849 1,020,939 49,100 St. Jude Medical Inc. 2,272,293 2,174,092

101,500 Time Warner Telecom Inc., Class A* 2,096,755 1,611,657 28,200 UnitedHealth Group Inc. 1,326,096 994,242 32,500 Valero Energy Corp. 2,155,601 1,638,210 61,300 Vertex Pharmaceuticals Inc.* 1,975,436 1,503,117 44,800 Walt Disney Co. 1,466,311 1,441,557 86,700 Xerox Corp. 1,357,037 1,331,272 13,600 Zimmer Holdings Inc. 902,229 1,084,896

80,258,057 69,374,057 JAPAN (13.2%)

20,000 Canon Inc. 998,173 940,904 81,360 Credit Saison Co. Ltd. 2,932,290 2,320,011 29,700 Daiichi Sankyo Co. Ltd. 891,327 898,883

290,500 Haseko Corp. 884,228 436,615 39,100 Hoya Corp. 1,587,260 935,834

JAPAN (13.2%) (cont’d)14,250 Ibiden Co. Ltd. 944,735 573,576

97 Inpex Holdings Inc. 1,015,951 1,098,408 200 Japan Tobacco Inc. 1,079,615 1,023,259

28,000 Komatsu Ltd. 692,143 795,548 22,200 Komeri Co. Ltd.* 724,889 549,626 52,000 Konica Minolta Holdings Inc. 725,241 722,129 12,900 Lawson Inc. 475,736 584,308

214,000 Mitsui Trust Holdings, Inc. 1,676,446 1,323,999 408 Mizuho Financial Group Inc.* 2,511,166 1,528,836

33,000 Nikon Corp.* 886,370 900,242 1,600 Nintendo Co. Ltd. 726,483 840,020

43,743 Nishimatsuya Chain Co. Ltd.* 736,396 538,116 23,950 Nitori Co. Ltd.* 1,071,549 1,388,076

265,000 Sumitomo Metal Industries Ltd.* 1,309,101 1,025,730 48,000 Toyota Motor Corp.* 2,969,828 2,445,939

24,838,927 20,870,059 GERMANY (8.4%)

19,064 Bayer AG* 1,351,054 1,567,298 52,800 Commerzbank AG 1,686,679 1,684,815 14,988 DaimlerChrysler AG, Registered Shares 1,421,717 1,311,140 18,600 Fresenius AG 1,444,640 1,585,820 14,287 Metro AG* 1,009,762 1,184,062 50,126 GEA Group AG* 1,088,407 1,723,777 10,658 RWE AG, Class A 1,310,616 1,343,434 29,176 SAP AG 1,579,773 1,488,919 11,872 Siemens AG, Registered Shares 1,669,667 1,316,375

12,562,315 13,205,640 SWITZERLAND (4.4%)

23,157 Julius Baer Holding Ltd. 1,140,447 1,750,565 3,424 Nestle SA, Registered Shares 1,538,669 1,753,312

13,184 Novartis AG, Registered Shares* 851,805 692,819 7,224 Roche Holding AG* 1,477,486 1,394,557

18,283 Xstrata PLC 1,226,509 1,313,191 6,234,916 6,904,444

U.K. (3.7%) 20,944 BG Group PLC 465,108 496,178 79,500 British Energy Group PLC 937,570 1,056,686 20,014 Cairn Energy PLC 763,738 1,155,399 22,995 Lonmin PLC 1,865,670 1,436,163

121,300 Prudential PLC 1,590,193 1,643,163 5,622,279 5,787,589

FRANCE (3.7%) 10,962 Alstom* 991,339 2,432,546 6,000 Bouygues SA* 439,412 391,275 6,742 LVMH Moet Hennessy Louis Vuitton SA* 810,129 769,081 5,902 PPR SA* 1,091,065 895,639 5,194 Vallourec SA 1,291,626 1,294,165

4,623,571 5,782,706 HONG KONG (3.2%)

51,000 Cheung Kong Holdings Ltd. 637,730 743,212 314,000 Hutchison Whampoa Ltd. 3,510,144 3,039,526 84,000 Sun Hung Kai Properties Ltd. 1,037,277 1,332,677

5,185,151 5,115,415 SOUTH KOREA (3.1%)

4,840 Hyundai Motor Co. 420,785 395,275 20,700 Kookmin Bank, ADR 1,924,094 1,190,864 10,400 Samsung Electronics Co. Ltd., GDR 2,909,314 3,333,128

5,254,193 4,919,267



– 52 –

CI Global Corporate Class Statement of Investment Portfolio as at March 31, 2008



NORWAY (1.7%) 53,600 Petroleum Geo-Services ASA 797,336 1,358,681 69,100 Telenor ASA 1,444,899 1,356,694

2,242,235 2,715,375 SWEDEN (1.6%)

73,700 Elekta AB, B Shares* 1,296,415 1,295,498 81,200 Volvo AB, Series B 1,416,747 1,258,998

2,713,162 2,554,496 ITALY (1.4%)

36,300 Lottomatica SpA* 1,261,265 1,163,605 160,400 Mediolanum SpA* 1,230,067 1,005,977

2,491,332 2,169,582 NETHERLANDS (1.0%)

41,709 Koninklijke Philips Electronics NV* 1,797,659 1,637,781

LUXEMBOURG (1.0%) 73,900 Acergy SA 1,775,671 1,634,910

BELGIUM (1.0%) 11,278 KBC Groupe NV 1,370,842 1,500,906

FINLAND (0.9%) 42,163 Nokia OYJ 1,613,790 1,368,627

BERMUDA (0.8%) 116,800 Marvell Technology Group Ltd. 2,307,056 1,301,934

SINGAPORE (0.8%) 123,000 Flextronics International Ltd. 1,441,222 1,182,935

INDIA (0.6%) 39,900 Satyam Computer Services Ltd., ADR 1,008,121 923,907

800 State Bank of India Ltd., GDR 71,340 71,027 1,079,461 994,934

RUSSIA (0.5%) 16,100 OAO Gazprom, ADR 720,713 841,124

CANADA (0.5%) 19,900 Goldcorp Inc. (USD) 545,754 791,278

BRAZIL (0.4%) 18,700 Cia Vale do Rio Doce, ADR 630,325 664,101

MALAYSIA (0.3%) 48,149 Genting International PLC, Rights (11Apr08) - 7,936

481,495 Resorts World BHD 307,490 525,341 307,490 533,277

MEXICO (0.3%) 19,300 Groupo Televisa SA, GDR 467,390 479,786

TURKEY (0.3%) 100,300 Akbank TAS 737,467 428,210

INDONESIA (0.3%) 462,330 Gudang Garam TBK PT 573,485 394,372


Total Bonds & Equities (97.1%) 167,108,374 153,152,805





Total Net Assets (100.0%) 157,709,369



1 (13,345,013) US $ 13,330,000 Canadian $ 0.97 12-June-08 A-1+ (386,496)




– 53 –

CI Global Corporate Class Financial Statements





















153,153 240,2513,249 2,776

- -- -- -

766 819- 423- -

88 2542,738 378

365 403160,359 245,304

- -- -1 1

386 -- -

1,898 1,211346 554

- -- -

19 132,650 1,779

157,709 243,525

167,108 217,457- -

140,529 225,4652,641 4,042

14,441 14,01831 -41 -26 -

14.59 18.317.75 9.629.58 11.749.82 -

10.07 -8.68 -

9,631,743 12,312,490340,943 420,300

1,507,264 1,193,7413,161 -4,078 -2,959 -

3,034 4,389272 222121 120

- -- -

(361) (566)3,066 4,165

3,751 4,465417 491

2 147 -

241 3104,418 5,280(1,352) (1,115)

- -(1,352) (1,115)

(4,120) 22,238(1,043) (309)(1,077) -

- -

(37,378) (804)(43,618) 21,125(44,970) 20,010

(40,929) 19,128(745) 355

(3,298) 527- -1 -1 -

(3.69) 1.45(1.88) 0.86(2.24) 1.17(0.11) -0.15 -0.94 -


2008 2007


2008 2007

– 54 –
















225,465 240,368(167)

225,298

7,953 13,278- -

(39,867) (44,256)(11,926) (3,053)(43,840) (34,031)

- -- -- -- -

(40,929) 19,128140,529 225,465

4,042 3,049(3)

4,039

761 1,090- -

(1,176) (701)(238) 249(653) 638

- -- -- -- -

(745) 3552,641 4,042

14,018 525(10)

14,008

4,638 12,781- -

(160) (45)(747) 230

3,731 12,966

- -- -- -- -

(3,298) 52714,441 14,018


2008 2007













- -

6 -- -- -

25 -31 -

- -- -- -- -- -

31 -

- -

40 -- -- -- -

40 -

- -- -- -- -1 -

41 -

- -

25 -- -- -- -

25 -

- -- -- -- -1 -

26 -


2008 2007

– 55 –





243,525 243,942(180)

243,345

13,423 27,149- -

(41,203) (45,002)(12,886) (2,574)(40,666) (20,427)

- -- -- -- -

(44,970) 20,010157,709 243,525




2008 2007



CI Global Corporate ClassFinancial Statements – Supplementary Schedules









2008 2007

12,312,490 14,360,852479,052 779,297

- -(2,421,744) (2,641,519)

(738,055) (186,140)9,631,743 12,312,490

420,300 350,51785,084 119,737

- -(135,038) (79,520)(29,403) 29,566340,943 420,300

1,193,741 50,092398,717 1,128,187

- -(15,002) (3,959)(70,192) 19,421

1,507,264 1,193,741

- -683 -

- -- -

2,478 -3,161 -

- -4,086 -

- -(8) -- -

4,078 -

- -2,957 -

- -- -2 -

2,959 -













140,529272

140,801

14.590.03

14.62

2,6415

2,646

7.750.017.76

14,44128

14,469

9.580.029.60

31-

31

9.820.029.84

41-

41

10.070.02

10.09

26-

26

8.680.018.69


2008


CI Global Corporate ClassFinancial Statements – Supplementary Schedules



2008 2007


24,006 36,53625,513 38,903


2008 2007


706 72983 107



2.001.00


0.220.22

-0.220.220.22


2008

– 58 –

CI Global Energy Corporate ClassStatement of Investment Portfolio as at March 31, 2008



CANADA (54.9%) 16,300 Addax Petroleum Corp. 479,341 662,758 55,300 Baytex Energy Trust* 1,121,336 1,258,075 5,700 Bonavista Energy Trust 166,296 169,746

71,800 Boralex Inc., Class A* 810,310 1,273,732 69,300 Calfrac Well Services Ltd.* 1,335,120 1,546,776 60,100 Cameco Corp. 2,595,211 2,030,779

218,500 Canadian Hydro Developers Inc. 1,249,476 1,413,695 143,700 Canadian Natural Resources Ltd. 9,359,253 10,090,614 48,900 Canadian Oil Sands Trust 1,428,790 2,028,372 78,000 Celtic Exploration Ltd. 672,229 1,205,880 59,200 CIC Energy Corp.* 783,808 1,003,440 58,100 Duvernay Oil Corp. 1,634,287 2,541,294

161,300 EnCana Corp. 9,180,030 12,595,917 385,864 Horizon North Logistics Inc.* 1,390,342 1,045,691 151,500 Husky Energy Inc.* 5,678,500 6,088,785 137,900 Imperial Oil Ltd. 5,373,034 7,413,504 208,332 Iteration Energy Ltd. 755,478 1,252,075 167,100 Nexen Inc. 5,078,645 5,086,524 78,100 Oilexco Inc. 970,507 1,044,978 89,500 OPTI Canada Inc.* 1,832,336 1,545,665 24,500 Petrobank Energy and Resources Ltd.* 1,260,668 1,139,250 90,400 Petro-Canada 4,464,141 4,038,168 11,400 Plutonic Power Corp.* 85,385 84,132 48,900 Precision Drilling Trust 898,911 1,161,375 88,000 ProEx Energy Ltd. 1,086,466 1,446,720

177,100 Saxon Energy Services Inc. 806,246 1,060,829 129,100 Storm Exploration Inc.* 1,235,108 1,551,782 362,500 Strateco Resources Inc., Warrants (31Jan09) - 73,113 103,603 Suncor Energy Inc. 9,125,115 10,246,337 415,000 Talisman Energy Inc. 7,687,576 7,540,550 96,200 Trican Well Service Ltd. 1,710,566 2,050,984

149,500 TriStar Oil and Gas Ltd. 1,816,425 2,146,820 592,200 UTS Energy Corp. 3,206,667 3,067,596

85,277,603 96,905,956 U.S.A. (27.1%)

31,000 Air Products and Chemicals Inc. 2,318,135 2,921,881 22,100 Albemarle Corp. 988,461 828,398 19,100 Anadarko Petroleum Corp. 974,557 1,234,282 39,900 Apache Corp. 3,254,514 4,941,837 23,900 Chesapeake Energy Corp.* 858,338 1,132,103 45,700 Chevron Corp. 3,684,109 3,997,366 39,200 ConocoPhillips 3,022,533 3,062,676 27,600 Cooper Cameron Corp.* 1,195,032 1,179,603 25,800 Devon Energy Corp. 2,168,951 2,761,978 52,300 El Paso Corp. 935,873 891,636 79,400 Exxon Mobil Corp. 5,800,447 6,892,938 30,400 FMC Technologies Inc. 1,630,217 1,775,112 48,400 Halliburton Co. 1,685,889 1,953,824 36,400 Helmerich & Payne Inc. 1,533,665 1,751,106 67,263 Marathon Oil Corp. 3,799,283 3,148,164 39,300 Peabody Energy Corp. 1,925,358 2,052,774 27,200 Smith International Inc. 1,822,609 1,790,943 27,200 Southwestern Energy Co.* 562,021 940,280 26,500 Weatherford International Ltd. 1,669,785 1,968,161 40,875 XTO Energy Inc. 1,825,132 2,586,048

41,654,909 47,811,110

CAYMAN ISLANDS (2.0%) 25,660 Transocean Inc. 2,599,861 3,556,866

FRANCE (2.0%) 46,600 Total SA, ADR 3,528,321 3,539,913

U.K. (1.7%) 22,600 BP PLC, ADR 1,693,197 1,406,875 43,327 Royal Dutch Shell PLC, Class A* 1,725,912 1,532,168

3,419,109 2,939,043 AUSTRALIA (1.3%)

485,000 Paladin Resources Ltd.* 2,764,003 2,226,150

NETHERLANDS (0.8%) 16,200 Schlumberger Ltd. 1,223,632 1,444,944


Total Equities (89.8%) 140,282,447 158,423,982

Short Term Notes (9.6%) 17,000,000 17,000,000





Total Net Assets (100.0%) 176,525,105



1 (289,113) Canadian $ 190,000 European Euro 1.61 16-Jan-09 A-1+ 15,865 1 (190,000) European Euro 283,427 Canadian $ 1.61 16-Jan-09 A-1+ (21,551)8 (23,305,000) US $ 23,655,925 Canadian $ 1.03 21-May-08 A-1+ (288,017)2 (3,030,000) US $ 3,093,431 Canadian $ 1.03 16-Jan-09 A-1+ (34,156)1 (3,204,460) Canadian $ 3,290,000 US $ 1.03 21-May-08 A-1+ 175,740




– 59 –

CI Global Energy Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

158,424 157,7551,361 352

17,000 11,400- -- -- -- 554- -

171 426- 2,533

118 180177,074 173,200

- -- -1 1

152 -- -- 1,947

311 639- -- -

85 52549 2,639

176,525 170,561

140,282 137,789- -

165,988 161,12510,537 9,436

47.11 43.2334.55 31.37

3,523,779 3,726,813304,926 300,754

1,740 1,5671,259 1,153

35 16- 80- -

(135) (132)2,899 2,684

3,422 3,644393 412

6 533 17

219 2544,073 4,332(1,174) (1,648)

- -(1,174) (1,648)

18,601 30,388(33) (39)

(477) -- -

(2,289) (23,489)15,802 6,86014,628 5,212

13,675 4,847953 365

3.80 1.103.14 1.11


2008 2007


2008 2007

– 60 –













170,561 210,065(242)

170,319

38,577 40,840- -

(48,015) (72,237)1,016 (13,319)(8,422) (44,716)

- -- -- -- -

14,628 5,212176,525 170,561

161,125 200,361(229)

160,896

36,818 38,504- -

(46,110) (69,696)709 (12,891)

(8,583) (44,083)

- -- -- -- -

13,675 4,847165,988 161,125

9,436 9,704(13)

9,423

1,759 2,336- -

(1,905) (2,541)307 (428)161 (633)

- -- -- -- -

953 36510,537 9,436

CI Global Energy Corporate Class Financial Statements



2008 2007



2008 2007

– 61 –

CI Global Energy Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


276 524- 44




2008 2007


17,002 2,37618,069 2,530


2008 2007

3,726,813 4,794,273801,799 966,844

- -(1,014,928) (1,726,421)

10,095 (307,883)3,523,779 3,726,813

300,754 323,49153,702 79,187

- -(58,277) (86,732)

8,747 (15,192)304,926 300,754



2.001.00

0.220.22


2008





165,988224

166,212

47.110.06

47.17

10,53714

10,551

34.550.05

34.60


2008

– 62 –

CI Global Financial Services Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (32.4%) 30,400 Aflac Inc. 1,381,775 2,026,292 15,900 American Express Co. 916,807 712,357 18,391 American International Group Inc. 1,499,135 816,220 38,700 Citigroup Inc. 2,694,967 847,263 41,540 Fifth Third Bancorp 1,723,319 891,958 52,000 Investors Bancorp. Inc.* 807,269 817,670 31,700 JP Morgan Chase & Co. 1,525,767 1,396,807 16,400 Legg Mason Inc. 1,661,714 940,962 25,000 People's United Financial Inc. 396,325 442,891 37,900 Protective Life Corp. 1,546,389 1,577,416 43,000 Torchmark Corp. 1,745,735 2,649,433 19,570 Wachovia Corp. 953,901 542,339

16,853,103 13,661,608 JAPAN (17.8%)

12,221 Bank of Yokohama Ltd. 86,170 84,794 102,200 Daiwa Securities Group Inc.* 1,984,257 903,740 317,700 Joyo Bank Ltd.* 2,244,853 1,641,800 97,627 Mitsui Sumitomo Insurance Co. Ltd. 1,147,492 989,932

94 Nippon Commerical Invesment 414,448 364,811 161,200 Nipponkoa Insurance Co. Ltd.* 1,679,320 1,252,885 60,500 Nomura Holdings Inc.* 2,023,291 923,625

155,000 Shinsei Bank Ltd.* 438,334 520,174 117,936 Sumitomo Trust & Banking Co. Ltd.* 1,128,921 829,213

11,147,086 7,510,974 ITALY (10.0%)

115,080 Alleanza Assicurazioni SpA 1,581,248 1,537,670 20,900 Assicurazioni Generali SpA 788,152 963,948 63,000 Credito Emiliano SpA* 661,154 853,021

123,380 UniCredito Italiano SpA 792,349 844,781 3,822,903 4,199,420

BERMUDA (6.5%) 212,000 Benfield Group Ltd.* 1,482,651 1,075,309 18,000 Everest Re Group Ltd. 1,773,884 1,651,127

3,256,535 2,726,436 THAILAND (3.8%)

358,000 Bangkok Bank PCL, Foreign Registered Shares 818,752 1,598,881

CANADA (3.1%) 28,230 Bank of Montreal* 1,145,997 1,296,604

SWEDEN (2.9%) 74,280 Nordea Bank AB (SEK) 472,477 1,234,473

FRANCE (2.9%) 11,770 BNP Paribas SA 772,837 1,218,468

AUSTRALIA (2.8%) 42,600 National Australia Bank Ltd.* 906,946 1,196,331

U.K. (2.7%) 103,490 Experian Group Ltd. 797,942 771,574 30,500 HBOS PLC 542,450 347,925

1,340,392 1,119,499 SINGAPORE (2.7%)

83,400 DBS Group Holdings Ltd. 698,149 1,118,178

SWITZERLAND (2.2%) 18,030 Credit Suisse Group 758,492 940,955

GERMANY (1.8%) 3,690 Allianz AG, Registered Shares 613,881 748,692

SOUTH KOREA (1.8%) 12,863 Kookmin Bank 376,691 738,549

AUSTRIA (1.3%) 8,360 Erste Bank der Oesterreichischen

Sparkassen AG* 193,973 551,544

IRELAND (1.3%) 25,100 Allied Irish Banks PLC 446,215 540,594

NETHERLANDS (0.9%) 9,468 ING Groep NV* 310,200 363,800




Total Net Assets (100.0%) 42,208,580



– 63 –

CI Global Financial Services Corporate ClassFinancial Statements




















40,765 71,0651,067 4,565

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

83 38311 -166 231

42,392 75,899

- -- -- -- -- -

86 -86 200

- -- -

11 9183 209

42,209 75,690

43,765 52,244- -

41,180 74,050823 1,426206 214

19.12 27.569.10 12.97

10.87 15.30

2,154,200 2,686,96490,486 109,91718,929 14,017

1,808 1,973102 6953 54

- -- -

(237) (254)1,726 1,842

1,143 1,481127 164

- 12 -

74 1031,346 1,749

380 93- -

380 93

749 354(367) (167)(259) -

- -

(21,770) 3,939(21,647) 4,126(21,267) 4,219

(20,761) 4,092(439) 119(67) 8

(8.57) 1.40(3.94) 0.79(4.36) 1.06


2008 2007


2008 2007


– 64 –

















214 2,619-

214

61 313- -

(2) (2,749)- 23

59 (2,413)

- -- -- -- -

(67) 8206 214

75,690 83,692(52)

75,638

6,629 8,633- -

(15,970) (20,673)(2,821) (181)

(12,162) (12,221)

- -- -- -- -

(21,267) 4,21942,209 75,690

74,050 80,079(51)

73,999

6,365 7,721- -

(15,743) (17,680)(2,680) (162)

(12,058) (10,121)

- -- -- -- -

(20,761) 4,09241,180 74,050

1,426 994(1)

1,425

203 599- -

(225) (244)(141) (42)(163) 313

- -- -- -- -

(439) 119823 1,426

CI Global Financial Services Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


38 464 4

– 65 –





2008 2007


9,109 15,3329,681 16,325

CI Global Financial Services Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

2,686,964 3,085,530282,814 292,866

- -(696,585) (683,700)(118,993) (7,732)

2,154,200 2,686,964

109,917 82,18718,262 50,510

- -(20,473) (19,340)(17,220) (3,440)90,486 109,917

14,017 186,0265,042 23,041

- -(130) (196,566)

- 1,51618,929 14,017





2.001.00


0.220.22

-


2008







41,180142

41,322

19.120.06

19.18

8233

826

9.100.039.13

206-

206

10.870.03

10.90


2008

– 66 –

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (66.7%) 435,000 Advocat Inc. 8,592,175 4,862,206 296,700 Altus Pharmaceuticals Inc.* 3,337,709 1,376,487 221,900 Angiodynamics Inc.* 3,961,748 2,623,771 505,626 Angiotech Pharmaceuticals Inc. (USD) 4,059,403 1,074,276 150,000 Arena Pharmaceuticals Inc.* 2,160,601 1,050,006 326,100 BioMarin Pharmaceuticals Inc.* 3,012,038 11,828,606 669,700 Boston Scientific Corp. 17,958,010 8,839,699 220,100 Capital Senior Living Corp.* 1,939,215 1,802,765 141,500 Cooper Cos. Inc.* 8,091,490 4,987,386 796,300 Emageon Inc.* 9,095,374 1,863,493 75,000 Emergency Medical Services Corp., Class A* 1,975,707 1,900,634

195,000 EV3 Inc. 2,283,941 1,625,200 645,000 HealthSouth Corp.* 16,568,538 11,744,365 120,000 Hospira Inc.* 4,927,754 5,259,268 50,000 Human Genome Sciences Inc. 247,121 301,761

400,000 Idenix Pharmaceuticals Inc.* 6,013,129 2,061,009 270,000 ImClone Systems Inc. 9,310,599 11,758,529 177,300 Medarex Inc.* 2,808,983 1,610,528

2,107,949 Nitromed Inc.* 8,385,714 2,315,048 70,000 Onyx Pharmaceuticals Inc. 2,304,693 2,079,998

1,556,542 Panacos Pharmaceuticals Inc. 4,591,980 1,118,343 308,323 Pozen Inc.* 4,319,836 3,278,551 180,000 Psychiatric Solutions Inc.* 7,726,031 6,263,087 950,000 Rite Aid Corp.* 4,569,417 2,837,480 170,000 Wyeth 7,884,764 7,274,398 210,000 ZymoGenetics Inc.* 3,395,402 2,108,018

149,521,372 103,844,912 AUSTRALIA (5.9%)

1,900,000 Healthscope Ltd.* 6,541,684 9,249,341

JAPAN (5.1%) 70,080 Sugi Pharmacy Co. Ltd. 1,559,038 2,034,429

115,000 Takeda Pharmaceutical Co. Ltd.* 8,436,086 5,883,740 9,995,124 7,918,169

U.K. (4.7%) 337,201 GlaxoSmithKline PLC 10,952,466 7,315,375

FRANCE (4.0%) 80,000 Sanofi-Aventis 6,922,119 6,158,234

BERMUDA (2.9%) 100,000 Covidien Ltd. 4,541,089 4,541,815

GERMANY (2.4%) 50,000 Stada Arzneimittel AG* 2,359,036 3,722,491

CANADA (2.0%) 1,039,439 Patheon Inc.* 6,700,895 3,128,711

BRAZIL (1.6%) 250,000 Medial Saude SA 3,094,676 2,412,385

FINLAND (1.4%) 100,000 Orion Corp.* 2,220,759 2,220,205

SWITZERLAND (0.9%) 16,000 Speedel Holding AG* 2,500,875 1,438,537

SINGAPORE (0.8%) 400,000 Biosensors International Group 319,267 217,740

1,100,000 Raffles Medical Group Ltd. 935,145 1,017,113 1,254,412 1,234,853


Total Equities (98.3%) 206,124,463 153,185,028


Option Contracts (Long) (1.7%) (see Schedule A) 3,145,594 2,588,263

Option Contracts (Short) (-0.1%) (see Schedule B) (46,166) (96,954)



Total Net Assets (100.0%) 155,720,594

Schedule ALong Option Contracts (1.7%)

No. of underlying Underlying Expiry Strike Premium Paid Fair

Contracts interest Interest Date Price (Received) $ Value $

1,000 100,000 Bostan Scientific Corp. Call 20-Jan-09 7.50 585,048 585,048 400 40,000 ImClone Systems Inc. Call 20-Jan-09 20.00 592,660 927,866 49 4,900 Sanofi-Aventis ADR Call 20-Jan-09 30.00 61,861 40,738

700 70,000 The Cooper Cos. Inc. Call 19-Jan-09 20.00 1,906,025 1,034,611

Total Long Option Contracts Value 3,145,594 2,588,263

Schedule BShort Option Contracts (-0.1%)

No. of underlying Underlying Expiry Strike Premium Paid Fair

Contracts interest Interest Date Price (Received) $ Value $

(184) (18,400) Idenix Pharmaceuticals Inc. Call 17-Jan-09 7.50 (10,274) (12,276)(500) (50,000) Idenix Pharmaceuticals Inc. Call 20-Jan-09 5.00 (35,892) (84,678)

Total Short Option Contracts Value (46,166) (96,954)



– 67 –

CI Global Health Sciences Corporate Class Financial Statements




















153,185 255,621- 621- -- -- -- -- 422

3,146 2,694106 364186 3,240620 392

157,243 263,354

397 -- -1 1

608 -46 644 3,775

415 818- -- -

11 71,522 4,607

155,721 258,747

206,124 242,234- -

150,028 249,0324,331 8,4591,362 1,256

19.47 25.1611.60 14.8410.65 13.45

7,705,401 9,896,137373,273 570,090127,828 93,437

2,218 2,05086 134

211 136648 -

- -(347) (288)

2,816 2,032

3,980 4,812445 53111 24 -

256 3344,696 5,679(1,880) (3,647)

- -(1,880) (3,647)

15,968 19,619(404) (269)(876) -

- -

(66,789) 2,897(52,101) 22,247(53,981) 18,600

(51,956) 17,736(1,717) 720

(308) 144

(5.83) 1.75(3.42) 1.16(2.59) 1.21


2008 2007


2008 2007


– 68 –

















1,256 912(3)

1,253

105 470- -

(86) (293)398 23417 200

- -- -- -- -

(308) 1441,362 1,256

258,747 254,847(568)

258,179

16,017 40,434- -

(57,587) (57,750)(6,907) 2,616

(48,477) (14,700)

- -- -- -- -

(53,981) 18,600155,721 258,747

249,032 249,315(547)

248,485

14,818 35,250- -

(53,660) (55,495)(7,659) 2,226

(46,501) (18,019)

- -- -- -- -

(51,956) 17,736150,028 249,032

8,459 4,620(18)

8,441

1,094 4,714- -

(3,841) (1,962)354 367

(2,393) 3,119

- -- -- -- -

(1,717) 7204,331 8,459

CI Global Health Sciences Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


258 41030 37

– 69 –





2008 2007


61,651 47,89365,521 50,996

CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

9,896,137 10,677,724665,363 1,508,423

- -(2,499,791) (2,384,119)

(356,308) 94,1097,705,401 9,896,137

570,090 339,04882,070 350,184

- -(304,084) (145,788)

25,197 26,646373,273 570,090

93,437 74,8518,531 40,413

- -(7,885) (23,628)33,745 1,801

127,828 93,437





2.001.00


0.220.22

-


2008







150,028423

150,451

19.470.06

19.53

4,33112

4,343

11.600.03

11.63

1,3624

1,366

10.650.03

10.68


2008

– 70 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2008


EQUITIES SUBJECT TO FORWARD (87.5%)161,900 Aastra Technologies Ltd. 4,363,205 4,920,141 160,300 FNX Mining Co. Inc. 4,364,969 4,618,243 111,900 Gildan Activewear Inc. 4,365,219 4,299,198 232,600 HudBay Minerals Inc. 4,363,576 3,786,728 93,800 MacDonald Dettwiler & Associates Ltd. 4,361,700 4,357,010 86,300 Major Drilling Group International Inc. 4,365,054 4,595,475

422,500 Nortel Networks Corp. 4,364,425 2,911,025 47,600 Research In Motion Ltd. 4,362,064 5,493,516

271,000 RONA Inc. 4,363,100 3,850,910 232,600 Sino-Forest Corp., Class A 4,363,576 3,719,274 252,200 Westjet Airlines Ltd. 4,363,060 4,678,310

Commissions and other portfolio transaction costs -

Total Equities Subject to Forward (87.5%) 47,999,948 47,229,830


Forward Contracts (0.5%) (see Schedule A) 262,948


Other Assets (net) (12.0%) 6,470,101

Total Net Assets (100.0%) 53,962,879

Schedule AForward Contracts( 0.5 %)

FairInvestments sold forward Value ($)

Aastra Technologies Ltd. 4,946,045FNX Mining Co. Inc. 4,618,243Gildan Activewear Inc. 4,332,768HudBay Minerals Inc. 3,791,380MacDonald Dettwiler & Associates Ltd. 4,360,762Major Drilling Group International Inc. 4,617,050Nortel Networks Corp. 2,957,500Research In Motion Ltd. 5,497,324RONA Inc. 3,867,170Sino-Forest Corp., Class A 3,721,600Westjet Airlines Ltd. 4,685,876Total Equity Swap Contracts Value 47,395,718

Underlying FundsNational Bank of Canada Global BB Units (See Schedule 1) 21,850,600 National Bank Financial Inc. BB Units (See Schedule 2) 25,808,066

47,658,666

Total Forward Contract Value 262,948

Due date July 21, 2008Credit Rating A-1



– 71 –

CI Global High Dividend Advantage Corporate Class Statement of Investment Portfolio as at March 31, 2008

Schedule 1National Bank of Canada Global BB Units Statement of Investment Portfolio as at March 31, 2008


145,400 APN News & Media Ltd. 676,780 625,98956,800 Arnoldo Mondadori Editore SpA 445,726 492,4649,700 Australia & New Zealand Banking Group Ltd. 221,803 205,167

26,800 Barclays PLC 239,790 247,3043,900 BASF AG 492,347 539,184

20,200 Belgacom SA 925,729 918,24114,800 British American Tobacco Malaysia BHD 201,220 201,84686,200 C&C Group PLC 548,071 551,79417,500 DnB NOR ASA 228,477 272,68688,900 Enel SpA 972,131 968,152

244,001 Far EasTone Telecommunications Co., Ltd. 374,171 428,5729,100 Fortum OYJ 387,808 380,629

29,100 France Telecom SA 1,047,252 1,004,48963,900 GKN PLC 335,572 396,0317,700 InBev NV 625,151 695,553

102,600 Independent News & Media PLC 304,078 345,84634,900 Intesa Sanpaolo SpA 231,223 252,534

204,100 John Fairfax Holdings Ltd. 748,937 664,297102,400 Legal & General Group PLC 255,487 263,66126,600 Lloyds TSB Group PLC 220,091 244,37520,300 Manitoba Telecom Services Inc. 836,360 794,94848,500 National Grid PLC 744,990 683,1752,200 Nestle SA, Registered Shares 948,353 1,128,249

30,600 PagesJaunes SA 553,074 559,3754,100 RWE AG, Class A 528,011 517,334

189,000 Singapore Press Holdings Ltd. 590,759 648,29811,800 St. George Bank Ltd. 292,219 284,56012,800 Swedish Match AB 292,480 286,3611,100 Swisscom AG, Registered Shares 382,156 386,788

10,200 Telefonica SA 293,364 300,84617,600 Telekom Austria AG 480,245 373,358

237,800 Terna SpA 980,780 1,041,671134,300 Tomkins PLC 474,012 489,013

7,200 Total SA 531,530 548,8743,800 TransAlta Corp. 127,452 121,334

45,100 Veidekke ASA 400,232 456,833334,000 Vitasoy International Holdings Ltd. 139,321 149,32315,500 Vivendi Universal SA 597,190 621,698

162,600 Vodafone Group 567,194 499,81311,100 Westpac Banking Corp. 243,182 247,27343,500 Yellow Pages Income Fund 515,475 456,315

Total Investments 20,000,223 20,294,253

Other Assets 1,556,347

Total Net Asset Value 21,850,600

Schedule 2National Bank Financial Inc. BB Units Statement of Investment Portfolio as at March 31, 2008


26,300 AT&T Inc. 987,501 1,033,88111,300 AllianceBernstein Holding LP 733,878 735,10110,500 Altria Group Inc. 235,506 239,2546,300 AstraZeneca PLC, ADR 231,195 245,655

11,500 Automatic Data Processing Inc. 452,518 500,35431,600 Bristol-Myers Squibb Co. 723,963 690,8499,900 CBS Corp., Class B 244,973 224,363

13,800 Chunghwa Telecom Co., Ltd., ADR 338,667 368,55573,200 Citizens Communications Co. 805,273 788,13913,100 Ball Corp. 590,615 617,7017,400 ConocoPhillips 565,926 578,8429,400 Diageo PLC, ADR 781,263 784,5884,900 Diamond Offshore Drilling Inc. 530,416 585,4177,600 Eni SpA, ADR 485,594 531,3013,900 Kinder Morgan Energy Partners LP 224,843 218,9224,800 DaVita Inc. 259,459 235,3004,000 Health Care Property Investors Inc. 115,716 138,8107,400 NSTAR 230,529 231,127

10,300 Westar Energy Inc. 249,613 240,7226,300 Dow Chemical Co. 244,117 238,284

23,700 EI Du Pont de Nemours & Co. 1,117,862 1,137,4683,500 Nucor Corp. 232,315 243,349

15,000 Southern Co. 543,694 548,25131,700 TECO Energy Inc. 512,785 518,96321,700 Telecom Corporation of New Zealand Ltd., ADR 346,027 331,1977,600 Ventas Inc. 333,527 350,326

12,500 General Electric Co. 430,055 474,83827,800 Great Plains Energy Inc. 757,195 703,3609,100 KT Corp., ADR 238,750 221,8307,600 The Laclede Group Inc. 255,616 277,937

14,700 Magellan Midstream Partners 649,213 611,0678,300 ONEOK Partners LP 528,990 489,849

30,500 Packaging Corp. of America 729,680 699,04421,000 Pfizer Inc. 476,757 451,13310,500 Phillip Morris International Inc. 533,871 545,1104,200 Philippine Long Distance Telephone Co., ADR 308,967 286,5012,200 Plains All American Pipeline LP 111,564 107,349

16,700 Progress Energy Inc. 750,915 714,77417,500 Reynolds American Inc. 1,125,150 1,060,2966,200 SCANA Corp. 233,154 232,7835,700 Southern Copper Corp. 572,111 607,4556,100 Spectr Energy Corp. 142,639 142,439

31,400 Statoil ASA, ADR 838,591 962,67819,200 UST Inc. 1,061,862 1,074,41813,500 US Bancorp 441,892 448,39322,600 Verizon Communications Inc. 842,904 845,51780,700 Windstream Corp. 943,520 989,82358,500 Duke Energy Corp. 1,095,045 1,071,791

Total Investments 25,186,216 25,375,104

Other Assets 432,962

Total Net Asset Value 25,808,066



– 72 –

CI Global High Dividend Advantage Corporate Class Financial Statements


AssetsInvestments at fair value*CashShort term investmentsUnrealized gain on equity swap contractMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on derivative investmentsPremium paid for options contractReceivable for share subscriptionsReceivable for securities soldReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on derivative investmentsPremium received from options contractPayable for securities purchasedPayable for share redemptionsForward fee payableInvestments sold short at fair value*Dividends payableCapital taxes payable




A SharesF SharesI SharesA T5 SharesA T8 SharesF T8 SharesI T8 Shares





47,230 5,3306,298 330

- -263 -

- -- -- -- -- -

224 430- 1- 33

54,015 6,124

- -(85) -

- -- -- -- 610

100 620 -

- -- -

17 852 624

53,963 5,500

48,000 5,287- -

35,501 4,9692,465 153

13,746 378708 -

1,390 -56 -97 -

8.65 10.148.82 10.238.85 10.158.93 -8.77 -9.03 -8.72 -

4,106,310 490,195279,476 14,967

1,552,757 37,28179,220 -

158,516 -6,215 -

11,181 -


2008 2007


2008 2007


– 73 –






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 investmentsForward feesChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesA T8 SharesF T8 SharesI T8 Shares



- -50 -

- -- -- -- -

50 -

484 464 -5 -9 8

36 -598 12(548) (12)

- -(548) (12)

(6,011) -(71) (1)

- -325 33(32) -

(550) 43(6,339) 75(6,887) 63

(4,916) 57(366) 1

(1,497) 5(29) -(63) -(5) -

(11) -

(1.71) 0.13(1.68) 0.23(1.76) 0.23(0.69) -(0.80) -(0.64) -(0.89) -


2008 2007














4,969 --

4,969

35,702 3,774- -

(6,862) (100)6,608 1,238

35,448 4,912

- -- -- -- -

(4,916) 5735,501 4,969

153 --

153

5,381 122- -

(2,667) -(36) 30

2,678 152

- -- -- -- -

(366) 12,465 153

378 --

378

18,057 353- -

(6,398) -3,206 20

14,865 373

- -- -- -- -

(1,497) 513,746 378


2008 2007

– 74 –





















- -

113 -- -

(1) -- -

112 -

- -- -

(4) -(4) -

(11) -97 -

5,500 --

5,500

61,240 4,249- -

(15,931) (100)10,087 1,28855,396 5,437

- -- -

(46) -(46) -

(6,887) 6353,963 5,500

- -

519 -- -- -

228 -747 -

- -- -

(10) -(10) -(29) -708 -

- -

1,405 -- -

(3) -81 -

1,483 -

- -- -

(30) -(30) -(63) -

1,390 -

- -

63 -- -- -- -

63 -

- -- -

(2) -(2) -(5) -56 -




2008 2007



2008 2007








CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

490,195 -3,698,257 376,762

- -(743,739) (10,077)661,597 123,510

4,106,310 490,195

14,967 -541,066 12,021

- -(271,571) (12)

(4,986) 2,958279,476 14,967

37,281 -1,868,500 35,266

- -(706,239) (32)353,215 2,047

1,552,757 37,281

- -55,037 -

- -- -

24,183 -79,220 -

- -149,963 -

- -(297) -

8,850 -158,516 -

- -6,250 -

- -(35) -

- -6,215 -


- -11,270 -

- -(89) -

- -11,181 -


2008 2007

















2008

35,501109

35,610

8.650.028.67

2,4658

2,473

8.820.038.85

13,74643

13,789

8.850.038.88

7082

710

8.930.038.96

1,3904

1,394

8.770.028.79

56-

56

9.030.039.06



971

98

8.720.038.75


2008




2008 2007


- -- -



2008 2007


- -- -

Annual management fee rateA SharesF SharesI SharesA T5 SharesA T8 SharesF T8 SharesI T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesA T8 SharesF T8 SharesI T8 Shares

2.101.10



0.220.22

-0.220.220.22

-


2008


– 78 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (58.6%) 5,200 Allergan Inc. 344,136 300,916 3,900 Alliant Techsystems Inc.* 418,861 413,866

15,390 Altria Group Inc. 273,179 349,730 13,800 American International Group Inc. 698,569 612,465 18,150 Bristol-Myers Squibb Co. 429,324 396,242 15,500 Citrix Systems Inc. 607,991 466,935 51,060 Comcast Corp., Class A 1,198,496 1,011,997 23,600 Comcast Corp., Special Class A 557,721 458,542 60,000 Consumer Staples Select Sector SPDR Fund 1,844,053 1,715,729 9,020 Cooper Cos. Inc.* 349,657 317,924

20,650 DaVita Inc. 1,196,512 1,011,432 47,100 Dow Jones Euro Stoxx 50 Fund 2,147,552 2,718,349 10,910 General Electric Co. 382,457 412,871 24,308 HealthSouth Corp.* 733,167 442,608 6,788 ImClone Systems Inc. 227,016 295,618

12,450 International Game Technology 473,779 513,191 26,000 iShares MSCI EMU Index Fund 1,898,168 2,903,211 80,000 iShares MSCI Japan Index Fund 995,168 1,013,261 5,200 Laboratory Corp. of America Holdings 406,176 392,557 3,840 Liberty Media Corp., Capital Series A 59,828 61,958

32,920 Liberty Media Corp., Entertainment Series A 726,949 754,510 69,155 Microsoft Corp. 2,144,520 1,996,685 3,316 Molson Coors Brewing Co., Class B (USD)* 125,573 178,720 7,000 National Oilwell Varco Inc.* 461,649 418,730 8,450 Newmont Mining Corp.* 397,092 392,803 3,250 Noble Energy Inc. 136,052 242,846

10,200 NuVasive Inc.* 289,316 360,562 11,680 Oracle Corp. 171,841 234,132 16,800 O'Reilly Automotive Inc. 456,375 491,612 6,930 Paccar Inc. 308,835 320,154 3,000 Pharmaceutical Holders Trust 251,916 214,281

15,390 Phillip Morris International Inc. 619,272 796,764 9,700 QUALCOMM Inc. 408,227 407,900

13,850 Spirit Aerosystems Holdings Inc.* 471,224 314,734 30,470 Sprint Nextel Corp. 755,095 208,287 14,700 St. Jude Medical Inc. 683,229 650,899 7,274 Stillwater Mining Co.* 122,439 115,275

43,000 streetTRACKS Gold Trust 2,266,415 3,973,929 8,550 Thermo Fisher Scientific Inc. 482,630 498,811

29,700 Time Warner Telecom Inc., Class A 562,581 471,588 9,400 UnitedHealth Group Inc. 442,031 331,414 5,100 Visa Inc., Class A 290,192 326,013

20,300 Walgreen Co.* 1,038,309 793,639 14,100 Waste Management Inc. 594,843 484,964 11,740 Wyeth 631,119 502,361

30,079,534 31,291,015 JAPAN (7.2%)

3,645 Bank of Yokohama Ltd. 25,701 25,290 25,300 Credit Saison Co. Ltd. 1,292,943 721,439

78 Mid REIT Inc. 425,933 309,140 28,258 Mitsui Sumitomo Insurance Co. Ltd. 282,905 286,534

94 Mizuho Financial Group Inc.* 901,382 352,232 900 Nintendo Co. Ltd.* 334,510 472,511 74 Nippon Commerical Invesment 424,144 287,192

74,080 Nipponkoa Insurance Co. Ltd. 736,782 575,768 11,000 Nitori Co. Ltd.* 482,150 637,530 28,117 Sumitomo Trust & Banking Co. Ltd. 247,044 197,692

5,153,494 3,865,328

U.K. (6.1%) USD 1,000,000 AngloGold Holdings PLC 2.375% 02/27/2009 1,007,861 998,173

24,000 British Sky Broadcasting PLC 278,505 271,822 27,045 Cadbury Schweppes PLC 306,682 304,656 25,040 GlaxoSmithKline PLC 718,172 543,228 69,700 Tesco PLC 630,451 538,109 19,785 Vodafone Group PLC, ADR 531,264 599,269

3,472,935 3,255,257 FRANCE (3.8%)

29,791 Alcatel-Lucent SA, ADR 431,013 175,515 7,200 Groupe Danone* 545,156 660,889 7,230 Total SA 546,045 550,809

16,130 Vivendi Universal SA 472,117 646,706 1,994,331 2,033,919

ITALY (2.2%) 72,050 Mediaset SpA 903,459 684,233


1,581,657 1,164,372 SWITZERLAND (1.8%)

16,800 ABB Ltd., ADR 431,874 463,505 350 SGS SA, Registered Shares* 441,956 516,509

873,830 980,014 BRAZIL (1.6%)

3,600 Petroleo Brasileiro SA, ADR 392,062 377,042 29,600 Redecard SA 486,478 500,236

878,540 877,278 GERMANY (1.6%)

1,583 Allianz AG, Registered Shares 273,219 321,187 10,000 SAP AG 502,558 510,323

775,777 831,510 HONG KONG (1.5%)

84,600 Hutchison Whampoa Ltd. 947,783 818,930

SWEDEN (1.5%) 391,630 Telefonaktiebolaget LM Ericsson, Class B* 1,362,166 788,200

BERMUDA (1.2%) 4,050 Bunge Ltd.* 250,558 360,779 6,462 Covidien Ltd. 229,231 293,492

479,789 654,271 RUSSIA (1.1%)

11,100 OAO Gazprom, ADR 558,494 579,905

NETHERLANDS (1.0%) 8,600 Boskalis Westminster CVA 309,361 506,333

BELGIUM (0.9%) 5,300 InBev NV 408,708 477,211



– 79 –

CI Global Managers® Corporate Class Statement of Investment Portfolio as at March 31, 2008


SOUTH KOREA (0.7%) 1,100 Samsung Electronics Co. Ltd., GDR 310,025 352,542




Total Net Assets (100.0%) 53,389,669

Principal amounts stated in:USD - U.S. Dollar



– 80 –

CI Global Managers® Corporate Class Financial Statements




















48,476 79,0415,081 5,753

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

30 6178 359

116 18753,781 85,401

- -- -- -- -- -

26 53307 286

- -- -

58 37391 376

53,390 85,025

49,079 67,202- -

51,791 84,598271 427

1,328 -

8.54 10.058.72 10.15

11.35 -

6,067,457 8,420,85331,140 42,037

117,032 -

1,376 1,245204 33419 22

- -- -

(82) (134)1,517 1,467

1,338 1,744149 195

3 521 2686 121

1,597 2,091(80) (624)

- -(80) (624)

1,953 13,144(346) 63(301) -

- -

(12,394) (4,041)(11,088) 9,166(11,168) 8,542

(11,015) 8,488(59) 54(94) -

(1.53) 0.88(1.49) 0.99(0.73) (0.02)


2008 2007


2008 2007


– 81 –

















- 15--

406 -- -

(369) (15)1,385 -1,422 (15)

- -- -- -- -

(94) -1,328 -

85,025 100,333(48)

84,977

2,921 3,973- -

(20,497) (25,727)(2,843) (2,096)

(20,419) (23,850)

- -- -- -- -

(11,168) 8,54253,390 85,025

84,598 99,996(48)

84,550

2,487 3,901- -

(20,051) (25,589)(4,180) (2,198)

(21,744) (23,886)

- -- -- -- -

(11,015) 8,48851,791 84,598

427 322-

427

28 72- -

(77) (123)(48) 102(97) 51

- -- -- -- -

(59) 54271 427

CI Global Managers® Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


125 20729 28

– 82 –





2008 2007


6,517 8,8696,926 9,444

CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

8,420,853 11,043,399270,983 419,950

- -(2,168,824) (2,797,473)

(455,555) (245,023)6,067,457 8,420,853

42,037 35,5503,027 8,318

- -(8,003) (12,934)(5,921) 11,10331,140 42,037

- 1,21134,435 -

- -(32,403) (1,211)115,000 -117,032 -





2.001.00


0.220.22

-


2008







51,791103

51,894

8.540.018.55

2711

272

8.720.018.73

1,3283

1,331

11.350.02

11.37


2008

– 83 –

CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (81.5%) 41,000 Abbott Laboratories Inc. 2,209,052 2,317,055 37,800 Allergan Inc. 2,375,709 2,187,425 39,900 Amdocs Ltd. 1,264,786 1,160,617 19,100 Biogen Idec Inc. 1,315,984 1,209,384 51,800 Broadcom Corp. 1,263,199 1,022,942

105,400 Cadence Design Systems Inc. 1,695,198 1,153,225 290,300 Cisco Systems Inc. 7,994,907 7,180,923 114,900 Citrix Systems Inc. 4,588,783 3,461,341 65,400 Cognizant Technology Solutions Corp. 1,901,397 1,930,558

186,000 Comcast Corp., Class A* 5,105,295 3,686,476 6,250,000 Consilient, Inc., Private Placement 7,775,001 64 2,083,334 Consilient, Inc., Warrants, Private Placement - 21

36,600 DaVita Inc. 2,190,955 1,792,659 113,400 Dell Inc. 2,989,658 2,351,152 102,100 eBay Inc. 3,823,243 3,123,949 31,600 Electronic Arts Inc. 1,827,724 1,617,494

152,300 EMC Corp. 3,215,047 2,236,947 5,900 Google Inc., Class A 3,503,873 2,667,257

53,200 IAC/InterActiveCorp.* 2,158,708 1,131,404 30,300 Juniper Networks Inc. 865,030 777,808 71,200 Kenexa Corp.* 1,275,974 1,350,511

176,200 Maxim Integrated Products Inc. 5,205,340 3,683,945 367,386 Microsoft Corp. 13,387,870 10,607,390 151,800 Network Appliance Inc. 4,127,604 3,123,938 34,100 NII Holdings Inc., Class B 1,773,329 1,109,857

161,800 Oracle Corp. 3,177,775 3,243,374 266,600 PMC-Sierra, Inc.* 2,345,687 1,559,736 51,000 QUALCOMM Inc. 1,890,872 2,144,630 78,900 SAVVIS Inc.* 2,643,226 1,317,591 59,900 St. Jude Medical Inc. 2,174,442 2,652,303

155,800 Symantec Corp. 3,074,077 2,651,357 227,700 Time Warner Telecom Inc., Class A 4,593,045 3,615,510 77,700 Vertex Pharmaceuticals Inc.* 2,306,088 1,905,256 76,100 Walgreen Co.* 3,723,603 2,975,170 35,900 WellPoint Inc. 2,859,691 1,625,722 18,000 Zimmer Holdings Inc. 1,216,910 1,435,891

113,839,082 86,010,882 GERMANY (6.4%)

232,700 Infineon Technologies AG* 3,584,905 1,670,601 98,700 SAP AG 5,270,879 5,036,889

8,855,784 6,707,490 BERMUDA (2.5%)

240,000 Marvell Technology Group Ltd. 4,591,923 2,675,206

INDIA (2.4%) 245,200 Satyam Computer Services Ltd. 2,786,394 2,475,632

SWEDEN (1.7%) 908,300 Telefonaktiebolaget LM Ericsson, Class B* 3,620,073 1,828,058

FRANCE (1.5%) 259,900 Alcatel-Lucent SA* 3,472,538 1,524,711

FINLAND (1.1%) 34,700 Nokia OYJ, Class A, ADR 1,100,175 1,131,522

CANADA (0.1%) 750,000 Elysium Boardband Inc., Private Placement 750,000 8




Total Net Assets (100.0%) 105,498,742



– 84 –

CI Global Science & Technology Corporate Class Financial Statements




















102,354 174,0983,430 3,794

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

40 81- 142

10 161105,834 178,276

- -- -- 1- -- -- 170

323 677- -- -

12 8335 856

105,499 177,420

138,783 175,186- -

89,776 154,0561,078 1,551

14,645 21,813

9.20 12.242.37 3.129.73 12.65

9,754,607 12,582,858454,617 496,873

1,504,789 1,725,050

1,056 3,976159 12737 59

- -- -

(153) (537)1,099 3,625

2,478 3,314275 366

1 55 -

159 2302,918 3,915(1,819) (290)

- -(1,819) (290)

535 (8,994)(356) 3(871) -

- -

(35,211) 14,408(35,903) 5,417(37,722) 5,127

(32,711) 3,918(360) 60

(4,651) 1,149

(2.96) 0.27(0.75) 0.10(2.87) 0.55


2008 2007


2008 2007


– 85 –

















21,813 24,695(16)

21,797

434 713- -

(2,935) (4,961)- 217

(2,501) (4,031)

- -- -- -- -

(4,651) 1,14914,645 21,813

177,420 224,068(131)

177,289

6,926 10,500- -

(40,824) (60,179)(170) (2,096)

(34,068) (51,775)

- -- -- -- -

(37,722) 5,127105,499 177,420

154,056 198,154(114)

153,942

6,281 9,133- -

(37,434) (54,600)(302) (2,549)

(31,455) (48,016)

- -- -- -- -

(32,711) 3,91889,776 154,056

1,551 1,219(1)

1,550

211 654- -

(455) (618)132 236(112) 272

- -- -- -- -

(360) 601,078 1,551

CI Global Science & Technology Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


464 71654 105

– 86 –





2008 2007


13,312 23,98514,148 25,539

CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

12,582,858 16,806,066572,473 790,795

- -(3,390,946) (4,794,662)

(9,778) (219,339)9,754,607 12,582,858

496,873 409,96670,197 217,208

- -(156,719) (206,260)

44,266 75,959454,617 496,873

1,725,050 2,076,31636,619 61,289

- -(256,880) (429,499)

- 16,9441,504,789 1,725,050





2.001.00


0.220.22

-


2008







89,776113

89,889

9.200.029.22

1,0781

1,079

2.37-

2.37

14,64519

14,664

9.730.019.74


2008

– 87 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (34.7%) 10,900 Actuate Corp.* 55,448 45,870 7,590 ADC Telecommunications Inc. 122,031 94,030 1,800 Alliant Techsystems Inc.* 166,642 191,015 4,590 American Ecology Corp.* 101,539 119,098 2,300 Arbitron Inc.* 112,424 101,652 5,603 Arris Group Inc.* 62,218 33,355 3,313 Bio-Reference Labs Inc.* 91,837 89,670 8,500 Cal Dive International, Inc. 100,776 90,297 4,000 Cambrex Corp. 68,505 28,411 1,540 Cypress Semiconductor Corp. 28,966 37,272 2,850 DRS Technologies Inc. 149,176 170,249 2,630 DTS Inc. 58,831 64,786 6,590 Duff & Phelps Corp. 118,100 121,413 4,550 Education Realty Trust Inc. 66,053 58,703 5,300 Endo Pharmaceuticals Holdings Inc. 157,383 130,068 3,350 Flushing Financial Corp. 50,645 60,379 1,780 Foundation Coal Holdings Inc. 73,781 91,879 1,000 Haemonetics Corp. 56,969 61,163 7,700 Harmonic Inc.* 68,552 60,065 1,660 Hercules Inc.* 31,492 31,112 1,530 Hexcel Corp.* 35,398 30,010 2,470 IHS Inc., Class A* 122,894 162,786 5,100 Iris International Inc. 65,337 69,411 2,150 Kennametal Inc. 71,243 64,879 4,550 KV Pharmaceutical Co., Class A* 130,683 116,519 1,350 Landauer Inc. 67,274 69,420 6,693 Mako Surgical Corp. 65,446 59,972

10,110 Multimedia Games Inc. 105,227 55,309 4,780 Nalco Holding Co. 109,427 103,766 1,700 NeuStar Inc., Class A 44,175 46,047 2,490 NTELOS Holdings Corp. 57,552 61,542 2,000 Nutri/System Inc.* 56,532 30,792 1,000 Pediatrix Medical Group Inc. 58,284 69,138

12,110 Powerwave Technologies Inc.* 99,899 31,323 1,620 Schweitzer-Mauduit International Inc. 36,525 38,476

850 SEACOR Holdings Inc.* 55,348 74,402 2,160 Sensient Technologies Corp.* 59,779 65,269 9,330 Service Corp. International 99,802 96,816

11,450 Shuffle Master Inc.* 168,575 62,875 2,780 Signature Bank* 87,314 72,761 3,348 Silgan Holdings Inc.* 185,187 170,067 2,650 Solera Holdings Inc. 51,868 66,258 2,650 SonoSite Inc.* 86,767 77,029 1,390 Sunrise Senior Living Inc.* 53,029 31,630 3,500 Sybase Inc. 76,408 94,408 3,600 Syndesis Ltd., Preferred, Private Placement 9,488 4,693 5,050 Syniverse Holdings Inc. 80,943 86,354 1,850 Teleflex Inc. 107,000 90,442 5,964 THQ Inc.* 130,330 133,386 2,700 Tupperware Brands Corp. 93,033 106,999 2,000 UMB Financial Corp.* 78,961 84,411 4,650 Vectren Corp. 131,413 127,814 2,200 Wabco Holdings Inc. 104,548 103,014 7,852 Warren Resources Inc.* 105,101 95,341 6,850 Westar Energy Inc.* 170,433 159,951

12,350 Wilshire Bancorp Inc. 111,786 96,845 4,914,377 4,590,642

U.K. (12.8%) 7,100 Aggreko PLC 83,697 93,358 7,850 Balfour Beatty PLC 72,022 75,276

19,000 Cobham PLC 72,854 77,214 1,950 Expro International Group PLC 32,563 46,356 3,250 Homeserve PLC 85,083 127,309 3,350 Intertek Group PLC 66,173 70,356 1,161 Lonmin PLC 68,387 72,511

21,000 Northumbrian Water Group PLC 133,740 149,422 9,550 Pennon Group PLC 126,757 125,865

10,100 Petrofac Ltd. 93,161 115,420 14,807 Serco Group PLC 120,729 136,786 14,930 Spice Holdings PLC* 107,724 131,156 3,400 Ultra Electronics Holdings PLC 77,149 89,414 8,300 United Utilities PLC 123,955 116,745 9,800 VT Group PLC 122,024 131,156 4,950 Wellstream holdings PLC 133,275 131,285

1,519,293 1,689,629JAPAN (6.4%)

7,400 Air Water Inc. 84,975 72,598 2,850 Asahi Pretec Corp.* 71,089 77,895 4,500 ASICS Corp. 65,674 53,088 2,640 Daiseki Co. Ltd.* 48,876 81,124

10 Dowa Mining Co. Ltd. 87 61 2,900 Modec, Inc.* 114,456 96,427 2,900 Mori Seiki Co. Ltd. 66,997 53,199 2,550 Moshi Moshi Hotline Inc. 59,381 79,014

500 Nakanishi Inc. 25,882 51,266 4,900 Shinko Plantech Co. Ltd. 68,409 64,415 1,900 Sumco Corp.* 42,650 42,346 5,400 Suruga Bank Ltd. 73,135 69,709 1,700 Sysmex Corp.* 79,049 62,826 2,600 Yoshimoto Kogyo Co. 50,082 35,063

850,742 839,031 SWITZERLAND (5.8%)

25 Bank Sarasin & Compagnie AG, Class B 108,243 111,120 400 Lonza Group AG, Registered Shares* 40,462 54,400 120 SGS SA, Registered Shares 137,461 177,089 150 Sonova Holdings AG* 9,008 14,122 150 St. Galler Kantonalbank 63,896 72,043 500 Syngenta AG* 114,749 150,235 500 Synthes Inc. 70,136 71,720

4,300 Temenos Group AG* 114,310 113,760 658,265 764,489

GERMANY (4.2%) 400 Bilfinger Berger AG 35,462 35,251

1,250 Fresenius AG 88,803 106,574 1,050 Fresenius Medical Care AG 54,278 54,060 1,030 Hamburger Hafen Und Logistik AG 80,379 80,122 3,800 Rhoen Klinikum AG 114,316 115,467 2,250 Stada Arzneimittel AG 144,879 167,512

518,117 558,986



– 88 –

CI Global Small Companies Corporate Class Statement of Investment Portfolio as at March 31, 2008



FRANCE (3.8%) 300 Sperian Protection 40,919 35,403

1,530 Bourbon SA 63,402 94,667 300 Compagnie Generale de Geophysique-Veritas 70,271 76,660

1,750 EDF Energies Nouvelles SA 122,813 109,584 600 Eurofins Scientific 62,757 61,346

2,000 Orpea 65,508 124,332 425,670 501,992

BELGIUM (3.8%) 1,350 Ackermans & van Haaren NV 78,418 143,694

800 CFE (CIE Francois D'enter) 46,699 79,111 700 EVS Broadcast Equipment SA 69,222 77,140

5,950 Telenet Group Holding NV 156,028 134,995 1,250 Umicore 44,500 66,586

394,867 501,526 CANADA (2.9%)

5,800 Aurizon Mines Ltd.* 23,162 28,072 29,300 Eastern Platinum Ltd. 78,019 93,760 2,100 Goldcorp Inc. (USD) 77,357 83,502 3,419 Methanex Corp. (USD) 73,145 91,451 6,900 Polaris Minerals Corp. 89,595 57,891 2,217 Yamana Gold Inc. 31,501 33,299

372,779 387,975 HONG KONG (2.0%)

168,900 Dalian Port (PDA) Co. Ltd. 130,192 95,558 171,400 Euro-Asia Agricultural Holdings Co. Ltd. 12,970 -

5,450 Hong Kong Aircraft Engineering Co. Ltd. 115,139 91,281 13,670 Integrated Distribution Services Group Ltd. 38,054 39,121

464,700 Wah Sang Gas Holdings Ltd. 79,267 7,967 36,000 Zijin Mining Group Co. Ltd. 28,332 35,323

403,954 269,250 NETHERLANDS (1.6%)

2,350 Boskalis Westminster CVA 73,805 138,359 2,250 SBM Offshore NV 97,621 74,494

171,426 212,853 DENMARK (1.3%)

470 Carlsberg A/S, Class B* 64,960 61,690 1,050 FLSmidth & Co. A/S 100,871 106,216

165,831 167,906 BERMUDA (1.2%)

10,500 Aquarius Platinum Ltd. 68,778 159,454

GREECE (1.2%) 5,250 Intralot S.A. Integrated Lottery 96,591 96,482 7,141 Marfin Popular Bank Public Company Ltd. 65,686 59,715

162,277 156,197 PORTUGAL (0.8%)

13,650 Jeronimo Martins SGPS SA 93,151 111,601

FINLAND (0.8%) 650 Outotec OYJ 35,996 35,499

2,400 YIT OYJ* 57,669 69,854 93,665 105,353

AUSTRIA (0.8%) 850 Flughafen Wien AG 97,687 105,089

AUSTRALIA (0.8%) 6,250 Sino Gold Ltd.* 39,600 43,616 5,350 Transfield Services Ltd. 58,931 54,899

98,531 98,515 SPAIN (0.7%)

2,250 Prosegur Cia de Seguridad SA 72,927 96,810

ITALY (0.6%) 3,600 ACEA SpA 67,834 72,168

LUXEMBOURG (0.4%) 2,450 Acergy SA, ADR 49,771 53,437

CAYMAN ISLANDS (0.3%) 32,000 China Fishery Group Ltd. 37,626 35,793



Other Assets (net) (13.1%) 1,741,422

Total Net Assets (100.0%) 13,220,118



– 89 –

CI Global Small Companies Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

11,479 14,7561,735 1,075

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

29 89- -

24 2213,267 15,942

- -21 13 -- -- -4 17

14 107- -- -5 2

47 12713,220 15,815

11,078 11,697- -

10,933 13,1982,287 2,617

7.68 9.148.74 10.29

1,423,125 1,443,989261,684 254,416

319 14864 508 9- -- -

(40) (15)351 192

273 23333 28

- -2 1

18 16326 27825 (86)

- -25 (86)

563 456(77) 4

(459) -- -

(2,634) 1,590(2,607) 2,050(2,582) 1,964

(2,147) 1,591(435) 373

(1.47) 1.22(1.56) 1.45


2008 2007


2008 2007

– 90 –

CI Global Small Companies Corporate Class Financial Statements















15,815 12,014(25)

15,790

3,503 3,174- -

(2,632) (2,084)(859) 747

12 1,837

- -- -- -- -

(2,582) 1,96413,220 15,815

13,198 10,095(21)

13,177

2,878 2,866- -

(2,232) (2,004)(743) 650(97) 1,512

- -- -- -- -

(2,147) 1,59110,933 13,198

2,617 1,919(4)

2,613

625 308- -

(400) (80)(116) 97109 325

- -- -- -- -

(435) 3732,287 2,617


2008 2007


2008 2007

– 91 –

CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


52 155 2




2008 2007


2,801 1,6202,977 1,725


2008 2007

1,443,989 1,276,125340,554 345,125

- -(271,901) (248,840)(89,517) 71,579

1,423,125 1,443,989

254,416 217,65462,780 34,522

- -(41,302) (8,814)(14,210) 11,054261,684 254,416



2.001.00

0.220.22


2008





10,93323

10,956

7.680.027.70

2,2874

2,291

8.740.028.76


2008

– 92 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (30.9%) 16,390 Altria Group Inc. 338,430 372,454 2,385 Apache Corp. 183,504 295,396

35,960 Boston Scientific Corp. 668,078 474,654 37,130 Brocade Communications Systems Inc. 271,110 277,061 16,075 Cisco Systems Inc. 392,525 397,635 42,180 Comcast Corp., Class A 790,872 835,998 22,930 Cooper Cos. Inc.* 1,137,174 808,203 23,086 General Electric Co. 898,686 873,651 27,143 HealthSouth Corp.* 697,534 494,228 13,760 IAC/InterActiveCorp.* 455,266 292,634 10,223 ImClone Systems Inc. 370,676 445,213 8,490 JP Morgan Chase & Co. 401,290 374,097

15,377 Kraft Foods Inc., Class A 477,654 489,271 8,937 Liberty Media Corp., Capital Series A 148,052 144,198

35,748 Liberty Media Corp., Entertainment Series A 822,780 819,326 7,601 Massey Energy Co. 259,014 284,526

24,280 Microsoft Corp. 692,628 701,027 12,072 Molson Coors Brewing Co., Class B (USD)* 508,372 650,635 3,517 Noble Energy Inc. 191,368 262,797

10,594 OfficeMax Inc. 421,974 207,796 20,790 Oracle Corp. 359,045 416,747 16,390 Phillip Morris International Inc. 767,190 848,536 12,420 Protective Life Corp. 585,011 516,926 12,570 QUALCOMM Inc. 536,631 528,588 60,330 Sprint Nextel Corp. 1,191,718 412,405 14,114 Stillwater Mining Co. 233,140 223,673 13,380 Torchmark Corp. 852,723 824,405 22,710 Wyeth 1,189,272 971,774

15,841,717 14,243,854 U.K. (15.1%)

13,936 BP PLC, ADR 959,562 867,531 59,230 Cadbury Schweppes PLC 671,469 667,214 54,350 Diageo PLC 1,074,990 1,124,842 75,328 Experian Group Ltd. 574,563 561,611 50,850 GlaxoSmithKline PLC 1,406,779 1,103,160 93,002 Kingfisher PLC 408,990 249,503 14,380 Scottish and Southern Energy PLC 347,156 410,974 30,926 Vodafone Group PLC, ADR 920,242 936,719 84,550 WPP Group PLC 1,153,238 1,035,109

7,516,989 6,956,663 JAPAN (13.2%)

8,033 Bank of Yokohama Ltd. 56,640 55,736 22,006 Daiwa House Industry Co. Ltd. 339,113 222,686

250 Fuji Television Network Inc. 567,512 375,744 88,506 Joyo Bank Ltd. 570,372 457,378

64 Mid REIT Inc. 367,281 253,653 31,810 Mitsubishi UFJ Financial Group Inc. 308,594 278,671 77,395 Mitsui Sumitomo Insurance Co. Ltd. 776,922 784,781


99,140 Nipponkoa Insurance Co. Ltd.* 857,442 770,540 18,540 Seven & I Holdings Co. Ltd. 626,447 475,235 6,678 SMC Corp. 787,828 721,143

90,376 Sumitomo Trust & Banking Co. Ltd. 731,587 635,438 8,410 Takeda Pharmaceutical Co. Ltd. 503,463 430,280

7,484,594 6,054,754

FRANCE (8.3%) 55,366 Alcatel-Lucent SA, ADR* 675,291 326,190 9,450 Carrefour SA 667,753 747,810 5,210 Sanofi-Aventis 489,225 401,055

14,830 Total SA 1,119,335 1,129,806 30,290 Vivendi Universal SA* 1,231,731 1,214,427

4,183,335 3,819,288 GERMANY (6.2%)

3,735 Allianz AG, Registered Shares 697,719 757,823 24,280 Deutsche Telekom AG, Registered Shares 549,389 414,727 14,142 Henkel KGaA, Preferred, Non-Voting Shares 644,217 669,445 8,630 Metro AG* 622,359 715,227 2,550 Siemens AG, Registered Shares 271,422 282,746

2,785,106 2,839,968 ITALY (6.0%)

39,830 Alleanza Assicurazioni SpA 544,738 532,198 18,440 Eni SpA 573,866 646,682 91,260 Mediaset SpA 1,100,035 866,664

415,184 Telecom Italia SpA,Non-Convertible Savings Shares 1,076,256 701,774

3,294,895 2,747,318 NETHERLANDS (4.2%)

18,921 Heineken NV 1,001,052 1,128,097 10,506 ING Groep NV* 388,298 403,684 10,300 Koninklijke Philips Electronics NV* 379,883 404,449

1,769,233 1,936,230 BERMUDA (3.9%)

11,715 Covidien Ltd. 511,674 532,074 5,580 Everest Re Group Ltd. 596,487 511,849 6,575 Tyco Electronics Ltd. 249,040 231,206

11,278 Tyco International Ltd. 501,043 509,911 1,858,244 1,785,040

SWEDEN (2.4%) 25,420 Nordea Bank AB (SEK)* 357,901 422,460

348,400 Telefonaktiebolaget LM Ericsson, Class B* 1,167,686 701,195 1,525,587 1,123,655

SWITZERLAND (2.4%) 2,157 Nestle SA, Registered Shares 818,639 1,104,525

SOUTH KOREA (1.4%) 6,880 Kookmin Bank, ADR 476,040 395,804

344 Samsung Electronics Co. Ltd. 210,360 221,756 90 Samsung Electronics Co. Ltd., GDR 27,596 28,844

713,996 646,404 SOUTH AFRICA (0.9%)

5,756 AngloGold Ashanti Ltd., ADR 230,646 200,634 16,520 Gold Fields Ltd., ADR 244,201 233,994

474,847 434,628 THAILAND (0.9%)

89,080 Bangkok Bank PCL, Foreign Registered Shares 261,846 397,844

SINGAPORE (0.5%) 17,890 DBS Group Holdings Ltd. 208,342 239,858

HONG KONG (0.5%) 14,940 Cheung Kong Holdings Ltd. 180,129 217,717



– 93 –

CI Global Value Corporate Class Statement of Investment Portfolio as at March 31, 2008


CANADA (0.4%) 22,310 Gammon Gold Inc.* 234,724 171,787







Total Net Assets (100.0%) 46,043,985



Credit Fair1 (918,000) British Pound 1,808,460 US $ 1.97 26-Jun-08 A-1+ (809)1 (1,205,000) European Euro 1,848,922 US $ 1.57 26-Jun-08 A-1+ (47,150)




– 94 –

CI Global Value Corporate Class Financial Statements




















44,720 66,3351,189 1,527

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

15 46323 115163 150

46,410 68,173

- -- -- -

48 -- -

229 13384 122

- -- -5 3

366 25846,044 67,915

49,072 58,455- -

20,792 36,207970 1,465

24,282 30,243

11.48 14.959.98 12.879.30 11.83

1,811,152 2,421,45597,155 113,878

2,611,940 2,557,186

1,496 98475 8541 25

- -- -

(181) (105)1,431 989

590 70267 796 12 1

38 49703 832728 157

- -728 157

(2,962) 1,76928 (114)

(187) -- -

(12,221) 2,683(15,342) 4,338(14,614) 4,495

(7,707) 2,936(340) 180

(6,567) 1,379

(3.53) 1.14(2.97) 1.12(2.38) 1.46


2008 2007


2008 2007


– 95 –

















30,243 -(26)

30,217

11,495 27,930- -

(10,988) (62)125 996632 28,864

- -- -- -- -

(6,567) 1,37924,282 30,243

67,915 38,446(59)

67,856

13,477 32,203- -

(17,220) (7,708)(3,455) 479(7,198) 24,974

- -- -- -- -

(14,614) 4,49546,044 67,915

36,207 37,311(32)

36,175

1,777 3,732- -

(6,151) (7,470)(3,302) (302)(7,676) (4,040)

- -- -- -- -

(7,707) 2,93620,792 36,207

1,465 1,135(1)

1,464

205 541- -

(81) (176)(278) (215)(154) 150

- -- -- -- -

(340) 180970 1,465

CI Global Value Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


83 7110 6

– 96 –





2008 2007


6,190 10,6236,578 11,311

CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

2,421,455 2,720,038131,763 269,061

- -(476,782) (543,453)(265,284) (24,191)

1,811,152 2,421,455

113,878 97,16716,538 47,439

- -(7,533) (14,348)

(25,728) (16,380)97,155 113,878

2,557,186 -1,137,663 2,464,897

- -(1,095,021) (5,290)

12,112 97,5792,611,940 2,557,186





2.001.00


0.220.22

-


2008







20,79257

20,849

11.480.03

11.51

9702

972

9.980.03

10.01

24,28265

24,347

9.300.029.32


2008

– 97 –

CI International Corporate ClassStatement of Investment Portfolio as at March 31, 2008



JAPAN (19.9%) 2,900 Canon Inc. 144,717 136,431

13,380 Credit Saison Co. Ltd. 480,269 381,536 4,400 Daiichi Sankyo Co. Ltd. 131,198 133,168

46,300 Haseko Corp. 152,367 69,588 6,200 Hoya Corp. 248,652 148,393 2,155 Ibiden Co. Ltd. 142,868 86,741

16 Inpex Holdings Inc. 166,054 181,181 38 Japan Tobacco Inc. 205,175 194,419

5,900 Komatsu Ltd. 144,930 167,633 3,700 Komeri Co. Ltd. 131,158 91,604 8,500 Konica Minolta Holdings Inc. 118,566 118,040 2,200 Lawson Inc. 81,168 99,649

800 Mitsubishi Heavy Industries Ltd.* 4,767 3,500 31,000 Mitsui Trust Holdings, Inc. 243,775 191,794

59 Mizuho Financial Group Inc.* 400,152 221,082 5,000 Nikon Corp. 136,851 136,400

300 Nintendo Co. Ltd. 142,783 157,504 5,834 Nishimatsuya Chain Co. Ltd.* 98,234 71,768 3,400 Nitori Co. Ltd.* 161,056 197,055

40,000 Sumitomo Metal Industries Ltd.* 197,697 154,827 7,000 Toyota Motor Corp.* 439,324 356,700 7,200 Yamaha Motor Co. Ltd. 205,631 135,342

4,177,392 3,434,355GERMANY (15.9%)

3,923 Bayer AG * 277,585 322,519 11,100 Commerzbank AG 383,317 354,194 2,795 DaimlerChrysler AG, Registered Shares 262,704 244,505 4,200 Fresenius AG 356,257 358,088 3,437 Metro AG 223,427 284,848

10,500 GEA Group AG 241,237 361,083 2,407 RWE AG, Class A 292,422 303,401 4,246 SAP AG * 225,153 216,683 2,709 Siemens AG, Registered Shares 368,093 300,376

2,630,195 2,745,697FRANCE (9.6%)

2,103 Alstom 191,493 466,671 3,900 Bouygues SA* 326,886 254,329 3,053 Groupe Danone* 238,966 280,235 1,895 LVMH Moet Hennessy Louis Vuitton SA* 229,035 216,169 1,363 PPR SA 249,152 206,838

911 Vallourec SA 235,673 226,990 1,471,205 1,651,232

SWITZERLAND (8.5%) 4,094 Julius Baer Holding Ltd. 199,866 309,488

783 Nestle SA, Registered Shares 291,711 400,947 2,984 Novartis AG, Registered Shares* 188,689 156,809 1,467 Roche Holding AG* 307,240 283,197 4,358 Xstrata PLC 227,247 313,017

1,214,753 1,463,458U.K. (8.1%)

8,190 BG Group PLC 180,603 194,027 5,313 Cairn Energy PLC 202,891 306,717 5,133 Lonmin PLC 403,652 320,584

23,949 Prudential PLC 314,798 324,420 17,900 Smith & Nephew PLC 224,401 242,843

1,326,345 1,388,591

HONG KONG (3.8%) 38,000 CNOOC Ltd. 63,596 57,431 46,800 Hutchison Whampoa Ltd. 512,375 453,025 8,700 Sun Hung Kai Properties Ltd. 110,278 138,027

686,249 648,483 SOUTH KOREA (3.7%)

921 CJ39 Shopping Corp. 69,863 59,658 2,900 Kookmin Bank, ADR 265,589 166,836 1,300 Samsung Electronics Co. Ltd., GDR 432,965 416,641

768,417 643,135 NORWAY (3.2%)

10,900 Petroleum Geo-Services ASA 171,169 276,299 13,800 Telenor ASA 289,176 270,946

460,345 547,245 ITALY (3.2%)

9,800 Lottomatica SpA* 343,698 314,141 36,700 Mediolanum SpA* 281,400 230,170

625,098 544,311 SWEDEN (2.9%)

15,000 Elekta AB, B Shares* 264,652 263,670 15,800 Volvo AB, Series B 282,677 244,978

547,329 508,648 NETHERLANDS (2.0%)

8,809 Koninklijke Philips Electronics NV* 379,646 345,902

LUXEMBOURG (2.0%) 15,393 Acergy SA* 359,219 340,543


BELGIUM (1.8%) 2,342 KBC Groupe NV 287,237 311,680

CANADA (1.4%) 4,200 Brookfield Asset Management Inc., Class A 148,249 115,962

172 Brookfield Infrastructure Partners LP 3,821 2,984 3,200 Gildan Activewear Inc.* 130,341 122,944

282,411 241,890 GREECE (1.1%)

5,000 OPAP SA 186,214 182,478

AUSTRALIA (1.0%) 4,900 CSL Ltd.* 151,393 168,584

BRAZIL (0.9%) 2,600 Cia Vale do Rio Doce, ADR 87,633 92,335 5,720 Net Servicos de Comunicacao SA 87,923 62,593

175,556 154,928 INDIA (0.9%)

5,700 Satyam Computer Services Ltd., ADR 143,581 131,987 200 State Bank of India Ltd., GDR 17,857 17,757

161,438 149,744 RUSSIA (0.7%)

2,200 OAO Gazprom, ADR 98,480 114,936



– 98 –

CI International Corporate Class Statement of Investment Portfolio as at March 31, 2008




SOUTH AFRICA (0.4%) 8,200 Massmart Holdings Ltd. 98,369 69,323



CHINA (0.3%) 1,400 Focus Media Holding Ltd., ADR 55,593 50,495





Futures Contracts (-0.1%) (see Schedule A) (923)



Total Net Assets (100.0%) 17,215,490

Schedule AFutures Contracts (-0.1%)

FairContracts Futures Price Expires Country Cost $ Value $

5 Eurex DJ Euro Stoxx 50 Index Futures 3,549 20-June-08 European 286,779 287,572

1 TSE Topix Stock Index Futures 1,215 13-June-08 Japan 126,844 125,128

413,623 412,700 Exercise Price 413,623 Total Future Contracts Value (923)



– 99 –

CI International Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

16,264 21,443972 1,310

- -- -- -

123 118- 5- -9 96

283 9750 77

17,701 23,146

- -- -- -1 -- -

426 4955 10

- -- -4 2

486 6117,215 23,085

16,761 18,965- -

13,335 18,9363,880 4,149

10.90 13.1612.12 14.48

1,223,135 1,438,352320,156 286,493

457 33621 3922 13

- -- -

(57) (37)443 351

365 31645 38

- -1 -

24 22435 376

8 (25)- -8 (25)

(606) 1,474(77) (24)

(105) -- -

(2,962) 908(3,750) 2,358(3,742) 2,333

(3,033) 1,825(709) 508

(2.24) 1.55(2.33) 1.83


2008 2007


2008 2007

– 100 –

CI International Corporate Class Financial Statements















23,085 14,706(19)

23,066

3,050 6,554- -

(3,397) (2,556)(1,762) 2,048(2,109) 6,046

- -- -- -- -

(3,742) 2,33317,215 23,085

18,936 11,694(16)

18,920

2,552 5,740- -

(2,908) (2,300)(2,196) 1,977(2,552) 5,417

- -- -- -- -

(3,033) 1,82513,335 18,936

4,149 3,012(3)

4,146

498 814- -

(489) (256)434 71443 629

- -- -- -- -

(709) 5083,880 4,149


2008 2007


2008 2007

– 101 –

CI International Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


69 568 8




2008 2007


4,051 4,4334,305 4,721


2008 2007

1,438,352 998,982216,091 478,548

- -(246,953) (192,273)(184,355) 153,095

1,223,135 1,438,352

286,493 236,23537,415 64,074

- -(36,640) (19,837)32,888 6,021

320,156 286,493



2.001.00

0.220.22


2008





13,33529

13,364

10.900.03

10.93

3,8809

3,889

12.120.03

12.15


2008

– 102 –

CI International Value Corporate ClassStatement of Investment Portfolio as at March 31, 2008



JAPAN (24.1%) 4,298 Bank of Yokohama Ltd. 30,305 29,821

11,607 Daiwa House Industry Co. Ltd. 174,240 117,455 20,660 Daiwa Securities Group Inc.* 204,139 182,693

140 Fuji Television Network Inc. 349,051 210,417 81,357 Joyo Bank Ltd. 541,667 420,434 16,204 KOSE Corp.* 539,233 359,475

51 Mid REIT Inc. 306,410 202,130 17,960 Mitsubishi UFJ Financial Group Inc. 177,502 157,339 46,638 Mitsui Sumitomo Insurance Co. Ltd. 478,526 472,907 31,331 Mitsui-Soko Co. Ltd.* 206,339 184,489


63,890 Nipponkoa Insurance Co. Ltd. 570,415 496,568 11,704 Nomura Holdings Inc.* 221,257 178,680 9,626 Seven & I Holdings Co. Ltd. 354,858 246,743 3,710 SMC Corp. 442,675 400,635

11,400 Sugi Pharmacy Co. Ltd. 267,529 330,943 51,500 Sumitomo Bakelite Co. Ltd.* 427,761 266,140 55,241 Sumitomo Trust & Banking Co. Ltd. 482,229 388,402 9,789 Suzuki Motor Corp.* 233,841 252,433 8,150 Takeda Pharmaceutical Co. Ltd. 567,143 416,978

24 United Urban Investment Corp. 161,052 151,204 7,410,383 5,859,378

U.K. (18.1%) 21,264 BAE Systems PLC 126,862 210,210 6,350 BP PLC, ADR 459,540 395,294

32,598 Cadbury Schweppes PLC 373,663 367,210 173,280 Dawnay Day Treveria PLC 282,489 185,338 29,160 Diageo PLC 556,727 603,503 41,922 Experian Group Ltd. 314,652 312,551 26,500 GlaxoSmithKline PLC 774,590 574,902 62,954 Kingfisher PLC 298,995 168,891 7,240 Scottish and Southern Energy PLC 154,251 206,916 5,610 Standard Chartered PLC 142,785 196,786

18,708 Vodafone Group PLC, ADR 560,546 566,647 50,980 WPP Group PLC 717,563 624,126

4,762,663 4,412,374 FRANCE (13.6%)

32,730 Alcatel-Lucent SA, ADR 418,083 192,830 1,840 BNP Paribas SA 174,732 190,483 7,292 Carrefour SA 526,438 577,040 2,925 L'Oreal SA* 305,556 381,114 5,210 Sanofi-Aventis 494,224 401,055 2,220 Thales SA* 107,110 147,470 8,580 Total SA 659,411 653,657

19,050 Vivendi Universal SA 722,983 763,778 3,408,537 3,307,427

ITALY (9.6%) 26,480 Alleanza Assicurazioni SpA 367,938 353,819 20,068 Ansaldo STS SpA 248,842 284,892 26,440 Arnoldo Mondadori Editore SpA* 290,484 227,953 11,070 Eni SpA 327,132 388,220 55,678 Mediaset SpA 684,794 528,754


21,771 UniCredito Italiano SpA 163,057 149,066 2,719,818 2,333,316

GERMANY (8.7%) 1,958 Allianz AG, Registered Shares 363,597 397,274 1,070 BASF AG 91,115 147,705

14,020 Deutsche Telekom AG, Registered Shares 293,749 239,476 10,202 Henkel KGaA, Preferred, Non-Voting Shares 484,776 482,936 5,830 Metro AG 386,521 483,172 1,330 Siemens AG, Registered Shares 133,380 147,471 7,932 Symrise AG 198,149 209,400

1,951,287 2,107,434 NETHERLANDS (5.8%)

10,332 Heineken NV 508,430 616,009 5,169 ING Groep NV* 200,602 198,614 5,740 Koninklijke Philips Electronics NV* 209,092 225,392

10,860 Unilever NV* 299,738 373,991 1,217,862 1,414,006

SWITZERLAND (3.1%) 1,117 Nestle SA, Registered Shares 406,359 571,977 3,460 Novartis AG, Registered Shares* 203,295 181,823

609,654 753,800 SWEDEN (2.9%)

17,930 Nordea Bank AB (SEK)* 243,213 297,982 204,350 Telefonaktiebolaget LM Ericsson, Class B* 740,891 411,278

984,104 709,260 SOUTH KOREA (2.3%)

4,000 Kookmin Bank, ADR 293,951 230,119 520 Samsung Electronics Co. Ltd. 324,095 335,213

618,046 565,332 BERMUDA (1.4%)

64,910 Benfield Group Ltd.* 399,657 329,237

NORWAY (1.0%) 8,220 Statoil ASA 252,382 252,855

PORTUGAL (1.0%) 40,490 Energias de Portugal SA 160,243 251,972

THAILAND (0.9%) 49,116 Bangkok Bank PCL, Foreign Registered Shares 152,077 219,359

AUSTRALIA (0.8%) 6,600 National Australia Bank Ltd.* 199,132 185,347


SINGAPORE (0.6%) 11,660 DBS Group Holdings Ltd. 144,178 156,330

SOUTH AFRICA (0.5%) 8,200 Gold Fields Ltd., ADR* 121,214 116,147

CANADA (0.4%) 13,798 Gammon Gold Inc.* 150,671 106,245



– 103 –

CI International Value Corporate Class Statement of Investment Portfolio as at March 31, 2008






Total Net Assets (100.0%) 24,362,090



– 104 –

CI International Value Corporate Class Financial Statements




















23,333 32,162989 1,588

- -- -- -- -- -- -- 80

182 -97 98

24,601 33,928

- -- -- -- -- -

88 39147 37

- -- -4 2

239 7824,362 33,850

25,409 27,352- -

18,326 27,5023,821 5,7862,215 562

11.43 14.4412.57 15.729.44 11.65

1,603,153 1,903,979304,073 368,166234,590 48,236

886 59047 5431 17

- -- -

(108) (62)856 599

528 42064 511 -1 2

34 29628 502228 97

- -228 97

(202) 1,186(44) (86)(89) -

- -

(6,854) 1,864(7,189) 2,964(6,961) 3,061

(5,627) 2,385(1,126) 611

(208) 65

(3.05) 1.43(3.15) 1.68(1.93) 1.55


2008 2007


2008 2007


– 105 –

















562 -(1)

561

1,298 400- -

(367) (3)931 100

1,862 497

- -- -- -- -

(208) 652,215 562

33,850 18,152(33)

33,817

5,799 11,292- -

(5,845) (3,270)(2,448) 4,615(2,494) 12,637

- -- -- -- -

(6,961) 3,06124,362 33,850

27,502 14,622(27)

27,475

3,700 9,175- -

(4,683) (2,893)(2,539) 4,213(3,522) 10,495

- -- -- -- -

(5,627) 2,38518,326 27,502

5,786 3,530(5)

5,781

801 1,717- -

(795) (374)(840) 302(834) 1,645

- -- -- -- -

(1,126) 6113,821 5,786

CI International Value Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


40 415 4

– 106 –





2008 2007


4,309 6,5924,580 7,019

CI International Value Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

1,903,979 1,128,625277,454 680,282

- -(370,513) (216,241)(207,767) 311,313

1,603,153 1,903,979

368,166 252,94555,174 121,274

- -(57,552) (26,181)(61,715) 20,128304,073 368,166

48,236 -119,719 40,000

- -(34,906) (296)101,541 8,532234,590 48,236





2.001.00


0.220.22

-


2008







18,32653

18,379

11.430.03

11.46

3,82111

3,832

12.570.03

12.60

2,2156

2,221

9.440.039.47


2008

– 107 –

CI Japanese Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INDUSTRIALS (39.3%) 12,400 Aeon Delight Co. Ltd. 215,774 311,466 1,100 Astellas Pharma Inc. 77,364 43,483 2,100 Benesse Corp.* 85,865 101,173 7,000 Dai Nippon Printing Co. Ltd. 166,528 113,711

14,832 Daiseki Co. Ltd.* 184,920 455,767 10 East Japan Railway Co. 75,312 85,134

3,030 Fanuc Ltd. 289,867 294,452 8,000 Hitachi Construction Machinery Co. Ltd.* 121,166 205,064 9,500 Kurita Water Industries Ltd.* 170,130 357,935 9,900 Mitsubishi Corp. 107,870 305,742 4,853 Mitsubishi Estate Co. Ltd. 82,982 120,650 5,500 Mitsui Fudosan Co. Ltd. 100,670 111,936 3,300 Mori Seiki Co. Ltd. 75,607 60,537 4,800 Omron Corp. 198,796 99,567 3,400 Secom Co. Ltd.* 320,906 169,054 4,300 Shin-Etsu Chemical Co. Ltd. 283,710 227,969

19,608 Shinko Plantech Co. Ltd. 221,042 257,765 1,100 SMC Corp. 292,873 118,787 7,700 Sohgo Security Services Co. Ltd. 146,438 109,943 7,700 Sumitomo Electric Industries Ltd.* 176,971 99,638 6,000 Sumitomo Trust & Banking Co. Ltd. 64,748 42,186 2,500 Tokyo Broadcasting System Inc. 128,210 61,123 1,600 Tokyo Electric Power Co. Inc. 57,469 43,730

20,000 Tokyo Gas Co. Ltd.* 95,559 82,355 17,920 Toshiba Plant Systems & Services Corp.* 157,729 142,046

10 West Japan Railway Co. 54,061 44,883 8,000 Yamato Transport Co. Ltd.* 272,447 119,662

4,225,014 4,185,758 FINANCIALS (10.9%)

9,000 Bank of Yokohama Ltd.* 54,388 62,446 7,000 Chiba Bank Ltd.* 55,320 48,713 6,000 Daiwa Securities Group Inc.* 83,131 53,057 4,500 Gunma Bank Ltd.* 31,283 32,983 3,700 Hachijuni Bank Ltd. 32,006 24,072 6,100 Joyo Bank Ltd.* 35,977 31,523

560 Nomura ETF - Nikkei 225 Exchange Traded Fund 74,727 73,502 4,400 Nomura Holdings Inc.* 99,406 67,173

11,000 Nomura TOPIX Exchange-Traded Fund 165,874 140,189 740 Orix Corp. 142,716 102,917 57 Osaka Securities Exchange Co. Ltd.* 114,889 265,224

6,600 Shizuoka Bank Ltd. 77,802 79,629 10,000 Sumitomo Realty & Development Co. Ltd. 117,076 180,151


4,100 Asatsu Inc. 155,012 149,412 5,600 Fuji Photo Film Co. Ltd. 267,625 202,922

65 Jupiter Telecommunication Co. 59,794 61,560 36,300 Keiyo Co. Ltd.* 285,796 264,569 1,450 Sony Corp., ADR 73,287 59,531 4,100 Toyota Motor Corp.* 235,557 208,924

335 Toyota Motor Corp., ADR 36,412 34,666 9,600 Yoshimoto Kogyo Co. 171,178 129,462

1,284,661 1,111,046

INFORMATION TECHNOLOGY (10.2%) 2,900 Canon Inc. 114,900 136,431

16,000 Fujitsu Ltd. 123,672 106,897 5,000 Ibiden Co. Ltd. 144,158 201,255 1,100 Nintendo Co. Ltd.* 225,562 577,513 2,500 NS Solutions Corp. 89,619 63,568

697,911 1,085,664 MATERIALS (9.5%)

25,100 Air Water Inc. 275,270 246,244 7,750 Asahi Pretec Corp.* 160,431 211,819

19,100 Dowa Mining Co. Ltd. 212,036 115,614 19,100 Dowa Mining Co. Ltd., Rights (Bonus Option) - - 13,200 Mitsui Chemicals Inc.* 124,589 89,413 15,000 Sumitomo Chemical Co. Ltd.* 110,754 98,208 13,000 Sumitomo Metal Mining Co. Ltd.* 108,373 247,178

991,453 1,008,476 CONSUMER STAPLES (8.1%)

4,800 Aeon Co. Ltd. 76,340 58,604 7,000 Ajinomoto Co. Inc.* 97,091 72,637

12,000 Kirin Brewery Co. Ltd. 195,635 231,623 8,000 Nippon Meat Packers Inc.* 137,801 120,979

10,100 Nippon Suisan Kaisha Ltd. 69,655 38,574 3,000 Nissin Food Products Co. Ltd.* 99,506 103,149 5,900 Seven & I Holdings Co. Ltd. 425,012 151,234 2,800 Yakult Honsha Co. Ltd.* 50,402 88,779

1,151,442 865,579 HEALTH CARE (5.0%)

6,400 Chugai Pharmaceutical Co. Ltd. 135,568 74,053 1,500 Nakanishi Inc. 214,030 153,798 5,600 Sysmex Corp.* 251,098 206,958 1,900 Takeda Pharmaceutical Co. Ltd. 157,600 97,210

758,296 532,019 ENERGY (3.4%)

7,900 AOC Holdings Inc. 166,358 73,193 15 Inpex Holdings Inc. 139,090 169,857

1,300 Modec, Inc.* 41,576 43,226 9,000 TonenGeneral Sekiyu KK* 100,857 78,752

447,881 365,028




Total Net Assets (100.0%) 10,648,547



– 108 –

CI Japanese Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

10,315 20,968292 1,790

- -- -- -- -- -- -9 51- 227

82 8310,698 23,119

- -- -- -- -- -- 118

42 93- -- -7 6

49 21710,649 22,902

10,618 19,142- -

10,198 21,870451 1,032

9.53 12.237.07 8.98

1,070,535 1,788,49663,748 114,925

203 22722 3010 19

- -- -

(15) (17)220 259

310 44135 501 11 2

20 31367 525(147) (266)

- -(147) (266)

(1,917) (342)(86) 5(55) -

- -

(2,105) (506)(4,163) (843)(4,310) (1,109)

(4,129) (1,047)(181) (62)

(2.89) (0.58)(2.08) (0.33)


2008 2007


2008 2007

– 109 –

CI Japanese Corporate Class Financial Statements















22,902 24,021(24)

22,878

1,753 8,310- -

(7,879) (7,533)(1,793) (787)(7,919) (10)

- -- -- -- -

(4,310) (1,109)10,649 22,902

21,870 22,815(23)

21,847

1,714 8,066- -

(7,579) (7,249)(1,655) (715)(7,520) 102

- -- -- -- -

(4,129) (1,047)10,198 21,870

1,032 1,206(1)

1,031

39 244- -

(300) (284)(138) (72)(399) (112)

- -- -- -- -

(181) (62)451 1,032


2008 2007


2008 2007

– 110 –

CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


8 201 2




2008 2007


4,119 9,3984,378 10,007


2008 2007

1,788,496 1,793,441159,289 674,781

- -(720,643) (615,111)(156,607) (64,615)

1,070,535 1,788,496

114,925 130,4164,881 27,977

- -(39,299) (34,505)(16,759) (8,963)63,748 114,925



2.001.00

0.220.22


2008





10,19843

10,241

9.530.049.57

4512

453

7.070.037.10


2008

– 111 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at March 31, 2008



JAPAN (48.3%) 14,000 Aeon Delight Co. Ltd. 243,661 351,655 16,500 Aioi Insurance Co. Ltd. 132,630 93,591 20,000 Air Water Inc. 218,610 196,210 12,900 Asahi Pretec Corp.* 322,592 352,577 2,600 Asatsu Inc. 96,921 94,749 3,621 Astellas Pharma Inc. 121,777 143,139 3,000 Canon Inc. 101,774 141,136 6,000 Dai Nippon Printing Co. Ltd. 100,277 97,467

11,220 Daiseki Co. Ltd.* 166,540 344,776 40 Dentsu Inc.* 107,007 93,061

11,600 Dowa Mining Co. Ltd. 107,898 70,216 40 East Japan Railway Co. 301,250 340,537

2,500 Fanuc Ltd. 147,437 242,947 23,400 Fuji Fire & Marine Insurance 106,508 63,594

30 Fuji Television Network Inc. 90,270 45,089 25,000 Fukuoka Financial Group Inc. 143,049 133,055

16 Inpex Holdings Inc. 61,401 181,181 14,530 Japan Securities Finance Co. Ltd.* 208,945 83,015

660 Keyence Corp. 132,666 155,385 10,900 Mitsubishi Corp. 110,484 336,626 11,848 Mitsubishi Estate Co. Ltd. 173,192 294,552 15,000 Mitsui & Co. Ltd. 118,474 309,603 10,000 Mitsui Fudosan Co. Ltd. 97,465 203,519 4,000 Mitsui Sumitomo Insurance Co. Ltd. 53,405 40,560 1,500 Modec, Inc.* 47,972 49,876 5,300 Mori Seiki Co. Ltd. 121,429 97,226

900 Nakanishi Inc. 116,479 92,279 1,100 Nintendo Co. Ltd.* 209,686 577,513

33,000 Nippon Suisan Kaisha Ltd. 230,656 126,034 23 Nippon Telegraph & Telephone Corp. 131,739 101,574

900 Nippon Television Network Corp. 157,957 126,096 9,000 Nomura Holdings Inc.* 164,534 137,399

30,400 Nomura TOPIX Banks Exchange Trade Fund 122,105 76,985 40 NTT Data Corp. 169,062 179,534 50 NTT DoCoMo Inc.* 140,455 77,208 99 Osaka Securities Exchange Co. Ltd.* 200,249 460,652

670 Ryohin Keikaku Co. Ltd. 56,697 39,797 3,800 Secom Co. Ltd.* 201,583 188,943

10,900 Shimizu Corp. 79,943 51,167 24,676 Shinko Plantech Co. Ltd. 270,937 324,388 13,000 Shiseido Co. Ltd.* 244,573 351,964 2,200 Sumitomo Real Estate Sales Co. Ltd. 170,164 76,322

20,000 Sumitomo Realty & Development Co. Ltd. 118,065 360,303 13,400 Sumitomo Warehouse Co. Ltd.* 99,953 64,420 7,200 Suruga Bank Ltd. 104,183 92,946 2,200 Sysmex Corp.* 101,604 81,305 3,300 Takeda Pharmaceutical Co. Ltd. 205,387 168,838 8,500 Tokyo Broadcasting System Inc. 149,357 207,817

27,000 Tokyo Gas Co. Ltd.* 127,821 111,179 1,600 Tokyo Tatemono Co. Ltd. 19,547 10,772

14,000 TonenGeneral Sekiyu KK* 142,337 122,503 20,110 Toshiba Plant Systems & Services Corp. 177,023 159,405 8,300 Toyota Industries Corp.* 188,985 301,614 4,800 Toyota Motor Corp. 190,878 244,594

60 West Japan Railway Co. 324,363 269,300 11,000 Yamato Transport Co. Ltd.* 223,956 164,535

8,473,912 9,902,728

INDIA (14.2%) 100,480 Gujarat Ambuja Cements Ltd. 105,362 311,249

6,100 Larsen & Toubro Ltd., Participating Notes (JP Morgan) 277,762 471,518

13,000 LIC Housing Finance, GDR 101,428 186,036 7,500 Oil & Natural Gas Corp. Ltd.,

Warrants (09Mar09) 143,083 188,413 15,000 Reliance Industries Ltd., Participating Notes 306,936 869,107 5,400 State Bank of India Ltd., GDR 113,134 479,431

27,000 Wire and Wireless India Ltd. 42,433 24,908 3,250 Wire and Wireless India Ltd.,

Participating Notes 4,228 2,998 54,000 Zee Entertainment Ltd.,

Participating Notes (JP Morgan) 340,741 338,067 24,413 Zee News Ltd. 10,930 31,423 2,938 Zee News Ltd., Participating Notes 1,089 3,782

1,447,126 2,906,932 HONG KONG (7.4%)

62,000 China Resources Enterprise 156,558 204,415 210,800 China Shineway Pharmaceutical Group Ltd. 142,479 148,176 192,955 CNOOC Ltd. 103,064 291,622 150,000 Dalian Port (PDA) Co. Ltd. 99,491 84,865 14,190 Hong Kong Aircraft Engineering Co. Ltd. 250,609 237,666

146 Hutchison Telecommunications International Ltd. 143 213 11,000 Hutchison Whampoa Ltd. 104,880 106,480

101,000 SmarTone Telecommunications Holding Ltd. 170,591 106,826 15,360 TCL Communication Technology Holdings Ltd. 456 608 57,600 TCL Multimedia Technology Holdings Ltd. 13,472 2,393 21,500 Zhaojin Mining Industry 116,677 71,311

271,548 Zijin Mining Group Co. Ltd. 121,058 266,440 1,279,478 1,521,015

CHINA (6.5%) 228,000 Beijing Datang Power Generation Co. Ltd.,

Class H 83,051 123,883 10,013 China Life Insurance Co. Ltd., ADR 118,543 535,038

296,500 China Oilfield Services Ltd., Series H 139,797 497,384 131,970 PetroChina Co. Ltd., Class H 40,969 168,647

382,360 1,324,952 AUSTRALIA (6.0%)

7,400 APN News & Media Ltd.* 31,426 31,790 7,445 Australia & New Zealand

Banking Group Ltd. 131,416 157,471 4,861 Commonwealth Bank of Australia* 136,642 190,358

17,500 Sino Gold Ltd.* 103,339 122,124 12,900 Tabcorp Holdings Ltd.* 146,142 170,245 6,700 Transfield Services Ltd.* 74,888 68,751

16,500 Transpacific Industries Group Ltd.* 163,301 136,039 5,600 United Group Ltd.* 71,919 63,242 5,700 Woodside Petroleum Ltd.* 83,255 289,029

942,328 1,229,049 SINGAPORE (3.5%)

2,000 Ascendas REIT 2,226 3,535 104,000 Midas Holdings Ltd. 121,404 77,551 89,300 Singapore Post Ltd. 43,530 75,912 64,175 Singapore Press Holdings Ltd. 208,395 219,651

138,500 Singapore Technologies Engineering Ltd. 212,630 349,077 588,185 725,726



– 112 –

CI Pacific Corporate Class Statement of Investment Portfolio as at March 31, 2008



THAILAND (2.6%) 19,400 Bangkok Bank PCL 39,055 84,746 75,000 Italian-Thai Development PCL,

Foreign Registered Shares 25,607 19,315 70,000 PTT Exploration & Production,

Foreign Registered Shares 69,182 344,578 29,500 Siam Commercial Bank PCL,

Foreign Registered Shares 39,102 87,033 172,946 535,672

JERSEY ISLAND (2.7%) 3,738 Dish TV India Ltd., Participating Notes 3,659 4,735

31,050 Dish TV India Ltd., Participating Notes (May 2012) 36,720 39,331

9,000 Oil & Natural Gas Corp. Ltd., Participating Notes 144,987 226,096

750 Reliance Capital Ltd. 4,580 23,597 15,000 Reliance Communicaitons Ventures Ltd.,

Participating Notes 59,743 195,107 1,125 Reliance Energy Ltd., Participating Notes 8,942 36,019

15,000 Reliance Natural Resources, Participating Notes 3,813 38,269 262,444 563,154

U.S.A. (2.0%) 26,257 Coeur d'Alene Mines Corp. 107,560 108,879 1,550 MSCI Pacific Ex-Japan

iShares Index Fund 198,382 215,569 940 streetTRACKS Gold Trust 62,095 86,872

368,037 411,320 SOUTH KOREA (1.6%)

460 Cheil Communications Inc. 62,799 111,796 300 Kookmin Bank, ADR 13,419 17,259

9,000 Korea Electric Power Corp., ADR 110,879 138,841 1,300 STX Engine Co. Ltd. 52,251 61,842

239,348 329,738 U.K. (1.1%)

3,700 Lonmin PLC 214,732 231,085

MALAYSIA (1.0%) 38,500 Asiatic Development BHD 72,718 103,162 75,841 Top Glove Corp. BHD 196,501 94,916

269,219 198,078 CAYMAN ISLANDS (0.9%)

162,234 China Fishery Group Ltd. 198,088 181,463

TAIWAN (0.8%) 11,124 Taiwan Semiconductor

Manufacturing Co. Ltd., ADR 127,514 117,259 12,688 United Microelectronics Corp., ADR 56,457 44,018

183,971 161,277 NEW ZEALAND (0.3%)

22,833 Telecom Corporation of New Zealand Ltd.* 84,895 68,919

NETHERLAND (0.2%) 6,500 Zee Telefilms Ltd., Promissory Notes 15,720 40,693




Total Net Assets (100.0%) 20,519,454



– 113 –

CI Pacific Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

20,332 24,067112 1,264

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

25 43- 134

114 24220,583 25,750

- -- -- -- -- -- 124

60 53- -- -4 3

64 18020,519 25,570

15,086 16,158- -

19,610 24,403909 1,167

8.68 9.778.78 9.78

2,260,037 2,498,985103,514 119,343

286 58248 389 10- -- -

(37) (44)306 586

469 43555 49

- -- 2

30 30554 516(248) 70

- -(248) 70

353 1,083(93) 4(50) -

- -

(2,618) 1,077(2,408) 2,164(2,656) 2,234

(2,531) 2,126(125) 108

(1.06) 0.87(0.97) 0.96


2008 2007


2008 2007

– 114 –

CI Pacific Corporate Class Financial Statements















25,570 21,180(45)

25,525

4,595 6,662- -

(5,612) (4,852)(1,333) 346(2,350) 2,156

- -- -- -- -

(2,656) 2,23420,519 25,570

24,403 20,586(43)

24,360

4,403 6,275- -

(5,494) (4,730)(1,128) 146(2,219) 1,691

- -- -- -- -

(2,531) 2,12619,610 24,403

1,167 594(2)

1,165

192 387- -

(118) (122)(205) 200(131) 465

- -- -- -- -

(125) 108909 1,167


2008 2007


2008 2007

– 115 –

CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


3 24- 3




2008 2007


4,071 7,6524,327 8,148


2008 2007

2,498,985 2,325,352463,248 702,260

- -(581,780) (544,197)(120,416) 15,570

2,260,037 2,498,985

119,343 67,71619,785 43,961

- -(13,250) (13,865)(22,364) 21,531103,514 119,343



2.001.00

0.220.22


2008





19,61073

19,683

8.680.038.71

9094

913

8.780.048.82


2008

– 116 –

CI Value Trust Corporate ClassStatement of Investment Portfolio as at March 31, 2008


U.S.A. (94.7%) 3,241,300 AES Corp. 39,854,638 55,458,873

930,400 Aetna Inc. 33,326,858 40,117,937 724,345 Amazon.com Inc. 39,528,155 53,009,195 633,150 American International Group Inc. 40,420,832 28,100,142 355,200 Amgen Inc. 19,047,537 15,206,503 158,500 Beazer Homes USA Inc. 9,273,756 1,535,739 704,162 CA Inc. 20,349,971 16,240,219 346,300 Capital One Financial Corp. 24,549,523 17,462,864 340,800 Centex Corp. 22,638,110 8,468,580 776,000 Cisco Systems Inc. 18,074,915 19,195,303

1,240,300 Citigroup Inc. 54,110,002 27,154,000 1,740,900 Countrywide Financial Corp. 49,733,682 9,738,376 1,444,000 Eastman Kodak Co. 46,679,136 26,144,599 1,184,300 eBay Inc. 48,412,916 36,235,972

369,300 Electronic Arts Inc. 22,498,505 18,903,181 617,642 Expedia Inc. 21,075,436 13,851,745

1,168,000 Freddie Mac 35,227,175 30,354,477 905,930 General Electric Co. 35,194,674 34,283,408 34,300 Goldman Sachs Group Inc. 6,603,673 5,808,201 58,900 Google Inc., Class A 12,982,179 26,627,361

579,100 Hewlett-Packard Co. 22,052,444 27,139,740 201,900 International Business Machines Corp. 23,540,368 23,835,589 359,800 JC Penney Co. Inc. 17,861,622 13,885,618 978,800 JP Morgan Chase & Co. 45,766,186 43,129,166 350,400 Merrill Lynch & Co. Inc. 18,431,956 14,594,605 65,700 Nucor Corp. 3,832,213 4,562,612

595,100 Pulte Homes Inc. 24,789,767 8,868,962 5,649,700 Qwest Communications International Inc. 32,013,982 26,152,797

129,600 Ryland Group Inc. 8,530,809 4,375,071 331,400 Sears Holdings Corp. 47,219,084 34,725,773

1,852,500 Sprint Nextel Corp. 36,756,627 12,663,351 552,300 Texas Instruments Inc. 19,361,090 16,025,702

1,625,100 Time Warner Inc. 33,374,971 23,385,374 1,006,229 UnitedHealth Group Inc. 40,357,607 35,476,420

311,000 Wachovia Corp. 11,087,145 8,618,672 1,330,000 Yahoo! Inc. 48,140,734 39,519,953

1,032,698,278 820,856,080

Commission and other portfolio transaction costs (1,440,220)

Total Investments (94.7%) 1,031,258,058 820,856,080

Other Assets (net) (5.3%) 46,013,137

Total Net Assets (100.0%) 866,869,217



– 117 –

CI Value Trust Corporate Class Financial Statements







A SharesF SharesI SharesInsight SharesY SharesZ SharesA T5 SharesF T5 SharesA T8 Shares





820,856 1,200,12047,148 20,751

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

979 2,846- 272

314 533869,297 1,224,522

- -- -2 3- -- -

1,119 -1,204 2,043

- -- -

103 362,428 2,082

866,869 1,222,440

1,031,258 1,057,102- -

288,622 523,42810,838 18,745

481,283 513,8314,621 8,790

280 92981,134 156,717

24 -18 -49 -

8.29 12.428.67 12.858.74 12.767.34 10.877.37 10.897.07 10.588.05 -8.96 -7.91 -

34,823,838 42,136,6121,250,707 1,458,787

55,062,698 40,256,735630,022 808,74738,060 85,319

11,469,716 14,818,5652,959 -2,054 -6,129 -


2008 2007


2008 2007


– 118 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesInsight SharesY SharesZ SharesA T5 SharesF T5 SharesA T8 Shares



10,476 9,851808 432446 151

- -- -

(1,489) (1,290)10,241 9,144

12,339 15,5591,204 1,517

6 167 25

786 1,06714,402 18,169(4,161) (9,025)

- -(4,161) (9,025)

(26,805) 21,323(573) (449)

(2,229) -- -

(352,438) 10,047(382,045) 30,921(386,206) 21,896

(156,103) 2,659(5,824) 251

(176,805) 18,362(2,510) 208

(224) 18(44,728) 398

(4) -(3) -(5) -

(4.05) 0.09(4.12) 0.21(4.01) 0.40(3.43) 0.21(3.23) 0.22(3.38) 0.10(1.63) -(0.96) -(1.04) -


2008 2007














523,428 597,096(421)

523,007

49,701 71,134- -

(108,783) (136,584)(19,200) (10,877)(78,282) (76,327)

- -- -- -- -

(156,103) 2,659288,622 523,428

18,745 18,829(15)

18,730

3,457 5,976- -

(5,241) (6,441)(284) 130

(2,068) (335)

- -- -- -- -

(5,824) 25110,838 18,745

513,831 470,180(413)

513,418

209,080 90,072- -

(64,330) (65,727)(80) 944

144,670 25,289

- -- -- -- -

(176,805) 18,362481,283 513,831


2008 2007

– 119 –

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
















- -

18 -- -- -

10 -28 -

- -- -- -- -

(4) -24 -

- -

21 -- -- -- -

21 -

- -- -- -- -

(3) -18 -

- -

59 -- -- -

(3) -56 -

- -- -

(2) -(2) -(5) -49 -

8,790 8,762(7)

8,783

2,123 3,298- -

(3,775) (3,478)- -

(1,652) (180)

- -- -- -- -

(2,510) 2084,621 8,790

929 1,072(1)

928

164 176- -

(473) (249)(115) (88)(424) (161)

- -- -- -- -

(224) 18280 929

156,717 197,873(126)

156,591

5,859 4,132- -

(34,623) (42,855)(1,965) (2,831)

(30,729) (41,554)

- -- -- -- -

(44,728) 39881,134 156,717




2008 2007



2008 2007

– 120 –





1,222,440 1,293,812(983)

1,221,457

270,482 174,788- -

(217,225) (255,334)(21,637) (12,722)31,620 (93,268)

- -- -

(2) -(2) -

(386,206) 21,896866,869 1,222,440




2008 2007






Insight SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

Y SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

Z SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

42,136,612 48,660,5714,702,147 5,994,086

- -(10,245,347) (11,561,741)(1,769,574) (956,304)34,823,838 42,136,612

1,458,787 1,499,877307,366 485,392

- -(482,109) (540,910)(33,337) 14,428

1,250,707 1,458,787

40,256,735 38,278,95020,954,727 7,465,778

- -(6,136,340) (5,576,019)

(12,424) 88,02655,062,698 40,256,735

808,747 826,106226,764 314,646

- -(405,489) (332,005)

- -630,022 808,747

85,319 100,94916,338 16,259

- -(50,419) (23,033)(13,178) (8,856)38,060 85,319

14,818,565 18,990,655594,049 410,794

- -(3,726,388) (4,300,673)

(216,510) (282,211)11,469,716 14,818,565




- -1,957 -

- -- -

1,002 -2,959 -

- -2,058 -

- -(4) -- -

2,054 -

- -6,129 -

- -- -- -

6,129 -


2008 2007









Insight SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


Y SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


Z SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class




2008

288,622317

288,939

8.290.018.30

10,83812

10,850

8.67-

8.67

481,283530

481,813

8.740.018.75

4,6215

4,626

7.34-

7.34

2801

281

7.37-

7.37

81,13490

81,224

7.070.017.08







24-

24

8.050.018.06

18-

18

8.960.018.97

49-

49

7.910.017.92


2008




2008 2007


169,736 273,510180,391 291,232



2008 2007


581 379- 59

Annual management fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesA T5 SharesF T5 SharesA T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesA T5 SharesF T5 SharesA T8 Shares

2.251.25

Paid directly by investor1.111.002.002.251.252.25

0.210.21

-0.210.210.210.210.210.21


2008


– 124 –

Harbour Corporate ClassStatement of Investment Portfolio as at March 31, 2008



ENERGY (18.5%) 210,000 Canadian Oil Sands Trust 3,502,946 8,710,800 200,000 EnCana Corp. 8,635,224 15,618,000 375,000 Ensign Energy Services Inc. 4,129,645 7,455,000 200,000 Patterson-UTI Energy Inc. 6,784,094 5,370,119 300,000 Petro-Canada 11,896,537 13,401,000 210,000 Suncor Energy Inc. 11,553,317 20,769,000 750,000 Talisman Energy Inc. 8,362,290 13,627,500

54,864,053 84,951,419 MATERIALS (18.2%)

165,000 Barrick Gold Corp. 5,175,581 7,393,650 600,000 BHP Billiton Ltd.* 12,113,503 20,153,265 120,000 Cameco Corp. 2,563,134 4,054,800 335,000 Goldcorp Inc. 8,231,873 13,336,350 450,000 Norbord Inc.* 2,991,582 2,245,500 75,000 Potash Corp. of Saskatchewan 2,094,814 11,945,250

230,000 Rio Tinto PLC 15,459,104 24,517,529 48,629,591 83,646,344

FINANCIALS (16.2%) 175,000 AGF Management Ltd., Class B 3,205,109 3,797,500 275,000 Bank of Nova Scotia 9,977,519 12,757,250 165,000 Canadian Imperial Bank of Commerce 11,239,390 10,903,200 300,000 Discover Financial Services 6,742,417 5,037,566 300,000 Manulife Financial Corp. 11,520,013 11,769,000 80,000 Morgan Stanley 4,735,150 3,741,840

260,000 Royal Bank of Canada 9,429,421 12,448,800 220,000 Toronto-Dominion Bank 10,843,072 13,882,000

67,692,091 74,337,156 INDUSTRIALS (9.3%)

350,000 Canadian National Railway Co. 13,506,404 17,409,000 550,000 General Electric Co. 21,267,245 20,813,832 40,000 Martin Marietta Materials Inc.* 4,172,057 4,353,163


500,000 Cisco Systems Inc. 13,527,551 12,368,108 350,000 Intel Corp. 7,429,605 7,608,696 375,000 Microsoft Corp. 11,631,815 10,827,226 900,000 Taiwan Semiconductor

Manufacturing Co. Ltd., ADR 9,074,770 9,487,006 41,663,741 40,291,036

CONSUMER DISCRETIONARY (7.5%) 220,000 Bed Bath & Beyond Inc. 6,367,758 6,654,555 15,000 PetSmart Inc. 311,555 314,232

200,000 Ross Stores Inc. 5,885,067 6,146,077 250,000 Thomson Corp.* 8,709,472 8,620,000 220,000 TJX Cos. Inc. 6,829,413 7,458,431 500,000 Yellow Pages Income Fund 6,847,551 5,220,000

34,950,816 34,413,295

CONSUMER STAPLES (4.6%) 215,000 Cadbury Schweppes PLC 2,139,266 2,421,931 240,000 Cott Corp.* 3,407,164 864,000 325,000 Diageo PLC 5,655,995 6,726,284

8,000 Nestle SA, Registered Shares 2,762,950 4,096,522 200,000 Tim Hortons Inc. 6,904,000 6,982,000

20,869,375 21,090,737


Total Equities (83.1%) 307,218,661 381,305,982

Short Term Notes (16.0%) 72,565,117 73,295,829


Foreign Currency Forward Contracts (-0.8%) (see Schedule A) (3,486,452)



Total Net Assets (100.0%) 459,012,842


Credit Fair Contracts Pay Receive Price Due Date Rating Value $

1 (1,510,000) Australian $ 1,394,742 Canadian $ 0.93 30-May-08 A-1+ (11,670)5 (15,262,000) Australian $ 13,827,562 Canadian $ 0.93 30-Apr-08 A-1+ (442,365)1 (3,514,000) Australian $ 3,250,211 Canadian $ 0.93 30-June-08 A-1+ (10,017)1 (2,720,830) Canadian $ 1,361,000 British Pound 2.03 30-Apr-08 A-1+ 46,965 6 (13,859,000) British Pound 27,504,859 Canadian $ 2.03 30-Apr-08 A-1+ (679,467)2 (1,718,000) British Pound 3,330,887 Canadian $ 2.03 30-May-08 A-1+ (156,240)1 (572,000) British Pound 1,155,297 Canadian $ 2.03 30-June-08 A-1+ (3,476)3 (2,430,600) Swiss Franc 2,278,841 Canadian $ 1.03 30-Apr-08 A-1+ (234,846)1 (539,000) Swiss Franc 491,045 Canadian $ 1.03 30-May-08 A-1+ (66,712)1 (688,000) Swiss Franc 700,109 Canadian $ 1.04 30-June-08 A-1+ (12,160)3 (194,343,236) Taiwanese $ 6,078,101 US $ 0.03 5-May-08 A-1+ (333,995)1 (50,122,304) Taiwanese $ 1,666,300 US $ 0.03 5-Nov-08 A-1+ 6,364 1 (1,666,300) US $ 1,649,387 Canadian $ 1.03 5-Nov-08 A-1+ (68,043)1 (3,346,715) Canadian $ 3,267,000 US $ 1.03 30-Apr-08 A-1+ 8,266 7 (32,745,000) US $ 32,910,368 Canadian $ 1.03 30-June-08 A-1+ (758,981)5 (50,665,000) US $ 51,327,617 Canadian $ 1.03 30-Apr-08 A-1+ (701,794)3 (6,078,100) US $ 6,174,206 Canadian $ 1.03 5-May-08 A-1+ (68,281)

Total Foreign Currency Forward Contracts Value (3,486,452)



– 125 –

Harbour Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares





381,306 268,4217,246 8,413

73,296 44,205- -

985 911- -- -- -

2,676 443- -

776 1,086466,285 323,479

- -- -2 1

3,486 -- -

1,822 -1,962 560

- -- -- -

7,272 561459,013 322,918

307,219 186,545- -

396,219 300,27423,369 16,44621,787 6,1985,090 -

452 -934 -

10,992 -25 -

145 -

24.33 23.5622.08 21.1513.47 12.739.47 -9.68 -9.61 -9.35 -9.61 -9.23 -

16,282,500 12,746,3511,058,457 777,5111,617,662 486,753

537,329 -46,684 -97,176 -

1,175,818 -2,627 -

15,767 -


2008 2007


2008 2007


– 126 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares



5,888 4,6643,424 3,288

23 20- -- -

(430) (312)8,905 7,660

7,242 5,578744 571

4 3133 67456 383

8,579 6,602326 1,058

- -326 1,058

18,206 14,123791 (354)(541) -

- -

(10,296) 8,4398,160 22,2088,486 23,266

7,787 21,385664 1,239156 642(22) -

9 -4 -

(107) -- -

(5) -

0.55 1.780.75 1.780.18 1.20(0.09) -0.27 -0.05 -(0.17) -0.07 -(0.32) -


2008 2007














300,274 253,688(231)

300,043

120,057 69,999- -

(55,581) (42,739)23,913 (2,059)88,389 25,201

- -- -- -- -

7,787 21,385396,219 300,274

16,446 10,469(12)

16,434

8,034 7,209- -

(3,023) (2,341)1,260 (130)6,271 4,738

- -- -- -- -

664 1,23923,369 16,446

6,198 1,793(5)

6,193

7,061 6,337- -

(762) (3,174)9,139 600

15,438 3,763

- -- -- -- -

156 64221,787 6,198


2008 2007

– 127 –





















I T8 SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted Net assets, beginning of year Capital transactions




- -

11,214 -- -

(112) -247 -

11,349 -

- -- -

(250) -(250) -(107) -

10,992 -

- -

17 -- -- -9 -

26 -

- -- -

(1) -(1) -- -

25 -

- -

113 -- -

(1) -43 -

155 -

- -- -

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

145 -

- -

4,679 -- -

(99) -597 -

5,177 -

- -- -

(65) -(65) -(22) -

5,090 -

- -

448 -- -

(1) -- -

447 -

- -- -

(4) -(4) -9 -

452 -

-

625 -- -

(4) -326 -947 -

- -- -

(17) -(17) -

4 -934 -




2008 2007



2008 2007

– 128 –





322,918 265,950(248)

322,670

152,248 83,545- -

(59,583) (48,254)35,534 (1,589)

128,199 33,702

- -- -

(342) -(342) -

8,486 23,266459,013 322,918




2008 2007









Harbour Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

12,746,351 11,594,5414,850,380 3,147,949

- -(2,259,942) (1,915,431)

945,711 (80,708)16,282,500 12,746,351

777,511 538,607362,544 362,542

- -(136,235) (118,199)

54,637 (5,439)1,058,457 777,511

486,753 155,172514,939 542,761

- -(57,531) (254,230)673,501 43,050

1,617,662 486,753

- -485,257 -

- -(10,231) -62,303 -

537,329 -

- -46,782 -

- -(98) -

- -46,684 -

- -62,501 -

- -(445) -

35,120 -97,176 -




- -1,164,129 -

- -(11,676) -23,365 -

1,175,818 -

- -1,730 -

- -- -

897 -2,627 -

- -11,270 -

- -(99) -

4,596 -15,767 -


2008 2007

















2008

396,219374

396,593

24.330.03

24.36

23,36922

23,391

22.080.02

22.10

21,78720

21,807

13.470.01

13.48

5,0905

5,095

9.470.019.48

452-

452

9.680.019.69

9341

935

9.610.019.62







10,99210

11,002

9.350.019.36

25-

25

9.610.019.62

1451

146

9.230.019.24


2008




2008 2007


35,494 20,62037,722 21,956



2008 2007


285 9527 5

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares

2.001.00




0.200.20

-0.200.20

-0.200.20

-


2008


– 132 –

Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (30.3%) 752,000 American Eagle Outfitters Inc.* 16,172,956 13,515,129 200,000 Anadarko Petroleum Corp.* 10,847,326 12,924,416 520,000 Baldor Electric Co.* 18,401,970 14,928,357 380,000 CARBO Ceramics Inc.* 19,644,146 15,636,367 825,000 Cisco Systems Inc. 20,816,148 20,407,378 720,000 Discover Financial Services 14,312,818 12,090,159

3,750,000 Finisar Corp. 7,245,415 4,926,715 510,000 GeoGlobal Resources Inc.* 4,195,110 1,444,759 90,000 GeoGlobal Resources Inc.,

Restricted Shares 695,038 254,958 45,000 GeoGlobal Resources Inc.,

Warrants (09Sep07) - - 73,000 Laboratory Corp. of America Holdings 3,963,393 5,510,890

715,000 Patterson-UTI Energy Inc. 22,119,382 19,198,177 850,000 Ross Stores Inc. 23,813,080 26,120,828 300,000 Starbucks Corp. 6,821,731 5,391,674 390,000 Ultra Petroleum Corp.* 22,032,629 30,982,880 260,000 Unit Corp.* 14,829,975 15,107,156

205,911,117 198,439,843 U.K. (14.8%)

1,250,000 Diageo PLC 22,307,670 25,870,322 330,000 Rio Tinto PLC 15,831,931 35,177,324

1,850,000 Royal Bank of Scotland Group PLC 14,285,387 12,699,884 1,050,000 Travis Perkins PLC* 31,547,546 22,886,069

83,972,534 96,633,599 SWITZERLAND (11.8%)

239,000 Holcim Ltd.* 22,114,521 25,761,071 87,000 Nestle SA, Registered Shares* 29,978,109 44,549,682 26,000 Swatch Group AG 6,806,855 7,127,060

58,899,485 77,437,813 FRANCE (11.0%)

145,000 Air Liquide* 14,403,642 22,692,526 217,000 Schneider Electric SA* 23,983,683 28,822,675 280,000 Vinci SA* 11,455,290 20,777,882

49,842,615 72,293,083 IRELAND (9.4%)

1,120,000 Allied Irish Banks PLC 30,028,393 24,122,128 971,000 Iaws Group PLC* 19,290,053 23,304,881

1,000,000 Kingspan Group PLC* 14,827,641 13,791,203 64,146,087 61,218,212

AUSTRALIA (3.7%) 720,000 BHP Billiton Ltd.* 11,196,052 24,183,918

JAPAN (3.6%) 500,000 Canon Inc. 23,277,424 23,522,608

GERMANY (2.7%) 44,000 Puma AG* 15,020,534 17,535,539

BRAZIL (2.2%) 135,000 Petroleo Brasileiro SA, ADR 11,384,224 14,139,057

FINLAND (1.3%) 163,000 Cargotec Corp., Class B* 6,893,720 8,199,397

SOUTH KOREA (1.0%) 55,000 POSCO, ADR 3,277,848 6,716,652


Total Equities (91.8%) 532,700,946 600,319,721

Short Term Notes (8.4%) 54,233,855 54,853,015




Other Assets (net) (3.2%) 21,960,729

Total Net Assets (100.0%) 654,793,301



5 (20,001,000) Australian $ 18,123,147 Canadian $ 0.93 30-Apr-08 A-1+ (577,732)1 (2,071,000) Australian $ 1,916,193 Canadian $ 0.93 30-June-08 A-1+ (5,245)2 (2,272,000) Australian $ 2,091,544 Canadian $ 0.93 30-May-08 A-1+ (24,593)1 (5,689,552) Canadian $ 2,846,000 British Pound 2.03 30-Apr-08 A-1+ 98,210 2 (3,053,000) British Pound 6,162,296 Canadian $ 2.03 30-June-08 A-1+ (22,553)6 (37,270,000) British Pound 74,077,552 Canadian $ 2.03 30-Apr-08 A-1+ (1,716,506)1 (5,998,000) British Pound 11,629,871 Canadian $ 2.03 30-May-08 A-1+ (544,628)2 (16,711,000) European Euro 26,642,304 Canadian $ 1.62 30-June-08 A-1+ (371,607)3 (25,512,000) European Euro 37,436,763 Canadian $ 1.62 30-May-08 A-1+ (3,848,355)4 (60,275,000) European Euro 91,315,040 Canadian $ 1.62 30-Apr-08 A-1+ (6,314,584)1 (12,549,600) Canadian $ 8,400,000 European Euro 1.62 30-Apr-08 A-1+ 1,056,187 3 (1,176,750,500) Japanese Yen 11,330,944 Canadian $ 0.01 30-Apr-08 A-1+ (813,127)3 (443,679,000) Japanese Yen 4,591,371 Canadian $ 0.01 30-June-08 A-1+ (7,675)3 (550,320,000) Japanese Yen 5,138,688 Canadian $ 0.01 30-May-08 A-1+ (553,654)2 (994,569) Canadian $ 5,841,000 Swedish Krona 0.17 30-May-08 A-1+ 12,403 2 (5,841,000) Swedish Krona 936,105 Canadian $ 0.17 30-May-08 A-1+ (70,867)7 (13,482,736) Canadian $ 80,225,000 Swedish Krona 0.17 30-Apr-08 A-1+ 363,441 5 (80,225,000) Swedish Krona 12,928,023 Canadian $ 0.17 30-Apr-08 A-1+ (918,154)2 (12,339,000) Swiss Franc 12,596,478 Canadian $ 1.04 30-June-08 A-1+ (177,782)2 (5,288,000) Swiss Franc 4,826,832 Canadian $ 1.03 30-May-08 A-1+ (645,181)4 (55,241,000) Swiss Franc 51,782,244 Canadian $ 1.03 30-Apr-08 A-1+ (5,347,100)5 (136,850,000) US $ 139,434,238 Canadian $ 1.03 30-Apr-08 A-1+ (1,101,137)2 (23,423,000) US $ 23,545,586 Canadian $ 1.03 30-May-08 A-1+ (524,475)3 (26,383,000) US $ 26,842,308 Canadian $ 1.03 30-June-08 A-1+ (285,450)




– 133 –

Harbour Foreign Equity Corporate Class Financial Statements




















600,320 483,1676,939 29,527

54,853 93,974- -

905 797- -- -- -

1,091 1,01816,794 -2,045 1,900

682,947 610,383

- -- -2 2

22,340 -- -

5,016 22,357796 713

- -- -- -

28,154 23,072654,793 587,311

532,701 387,768- -

533,900 481,61413,858 7,974

104,051 97,7231,241 -

97 -1,646 -

11.81 13.0112.48 13.6011.20 12.058.86 -9.87 -8.57 -

45,200,632 37,016,0381,110,234 586,4549,286,705 8,109,558

139,980 -9,785 -

192,183 -

11,201 8,7243,261 2,900

346 227- -- -

(1,501) (1,295)13,307 10,556

10,624 7,4241,182 824

18 385 139

677 51212,586 8,902

721 1,654- -

721 1,654

(12,064) 5,560510 (117)

(1,902) -- -

(49,043) 48,933(62,499) 54,376(61,778) 56,030

(52,682) 44,553(1,194) 817(7,785) 10,660

(55) -1 -

(63) -

(1.28) 1.42(1.38) 1.60(0.89) 1.55(0.65) -0.05 -(0.49) -


2008 2007


2008 2007


– 134 –















481,614 330,444(376)

481,238

158,927 141,329- -

(63,838) (49,253)10,255 14,541

105,344 106,617

- -- -- -- -

(52,682) 44,553533,900 481,614

7,974 4,669(6)

7,968

6,556 3,093- -

(2,072) (1,312)2,600 7077,084 2,488

- -- -- -- -

(1,194) 81713,858 7,974

97,723 81,748(76)

97,647

27,493 17,544- -

(14,357) (13,371)1,053 1,142

14,189 5,315

- -- -- -- -

(7,785) 10,660104,051 97,723


2008 2007














- -

1,309 -- -

(10) -16 -

1,315 -

- -- -

(19) -(19) -(55) -

1,241 -

- -

83 -- -- -

14 -97 -

- -- -

(1) -(1) -1 -

97 -

- -

1,531 -- -

(148) -375 -

1,758 -

- -- -

(49) -(49) -(63) -

1,646 -


2008 2007

– 135 –





587,311 416,861(458)

586,853

195,899 161,966- -

(80,425) (63,936)14,313 16,390

129,787 114,420

- -- -

(69) -(69) -

(61,778) 56,030654,793 587,311




2008 2007









Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

37,016,038 28,353,57912,506,395 11,592,691

- -(5,099,486) (4,123,228)

777,685 1,192,99645,200,632 37,016,038

586,454 387,322486,500 246,631

- -(157,585) (102,711)194,865 55,212

1,110,234 586,454

8,109,558 7,755,0592,308,026 1,494,717

- -(1,212,183) (1,245,077)

81,304 104,8599,286,705 8,109,558

- -139,719 -

- -(1,124) -1,385 -

139,980 -

- -8,329 -

- -(8) -

1,464 -9,785 -

- -170,676 -

- -(16,285) -37,792 -

192,183 -













533,900409

534,309

11.810.01

11.82

13,85811

13,869

12.480.01

12.49

104,05179

104,130

11.200.01

11.21

1,241-

1,241

8.860.018.87

97-

97

9.87-

9.87

1,6461

1,647

8.57-

8.57


2008




2008 2007


210,597 147,162223,817 156,698

Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007


976 37493 21



2.001.00


0.220.22

-0.220.220.22


2008


– 138 –

Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at March 31, 2008



ENERGY (45.9%) 11,300 Addax Petroleum Corp. 393,236 459,458 6,400 Anadarko Petroleum Corp. 331,146 413,581

11,900 Apache Corp. 1,068,237 1,473,881 8,000 BP PLC, ADR 562,264 498,009

73,300 Canadian Natural Resources Ltd.* 4,897,261 5,147,126 22,400 Canadian Oil Sands Trust 679,034 929,152 16,400 Chesapeake Energy Corp.* 614,355 776,840 10,700 Chevron Corp. 914,648 935,926 6,700 ConocoPhillips 526,270 523,468

10,800 Cooper Cameron Corp. 471,016 461,584 18,100 Devon Energy Corp. 1,653,504 1,937,667 31,100 Duvernay Oil Corp. 1,016,450 1,360,314 68,600 EnCana Corp. 4,300,248 5,356,974 12,900 Exxon Mobil Corp. 1,026,499 1,119,885 15,300 FMC Technologies Inc. 819,618 893,395 33,600 Halliburton Co. 1,170,366 1,356,374 65,400 Husky Energy Inc.* 2,539,825 2,628,426 49,900 Imperial Oil Ltd. 2,213,064 2,682,624 11,285 Marathon Oil Corp. 630,586 528,181 98,700 Nexen Inc. 3,115,889 3,004,428 52,700 Norsk Hydro ASA 590,530 788,242 50,100 Petro-Canada* 2,572,673 2,237,967 24,300 ProEx Energy Ltd. 323,095 399,492 7,500 Schlumberger Ltd. 603,026 668,956

14,500 Smith International Inc. 951,670 954,731 39,600 Suncor Energy Inc.* 3,613,830 3,916,440

201,100 Talisman Energy Inc. 3,823,548 3,653,987 32,700 Total SA, ADR 2,525,750 2,484,016 10,287 Transocean Inc. 1,181,996 1,425,934 68,000 Trican Well Service Ltd.* 1,188,918 1,449,760 99,290 TriStar Oil and Gas Ltd. 1,206,374 1,425,804

333,000 UTS Energy Corp. 1,900,762 1,724,940 17,800 Weatherford International Ltd. 1,146,966 1,322,010

50,572,654 54,939,572 MATERIALS (39.0%)

15,400 Agnico-Eagle Mines Ltd.* 592,899 1,072,148 21,700 Agrium Inc. 1,191,660 1,383,158 11,100 Air Products and Chemicals Inc. 886,640 1,046,222 12,400 Albemarle Corp. 552,948 464,803 31,900 Alcoa Inc. 1,141,709 1,179,044 8,832 Anglo American PLC 521,766 544,230

75,400 Baffinland Iron Mines Corp. 275,210 233,740 24,732 Barrick Gold Corp. 877,448 1,108,241 97,000 BHP Billiton PLC 2,475,839 2,952,028 45,200 Cameco Corp. 1,912,244 1,527,308

162,500 Centamin Egypt Ltd. 228,459 229,125 41,700 Cia Vale do Rio Doce, ADR 861,543 1,480,909 5,100 Cleveland-Cliffs Inc. 616,372 624,806

117,700 Consolidated Thompson Iron Mines Ltd.* 694,886 945,131 48,500 Domtar Corp.* 475,535 339,500

174,100 Equinox Minerals Ltd.* 672,636 844,385 7,000 First Quantum Minerals Ltd. 548,768 582,610

34,270 FNX Mining Co. Inc.* 975,265 987,319 35,800 Fording Canadian Coal Trust* 1,193,216 1,915,658

MATERIALS (39.0%) (cont’d)26,600 Freeport-McMoRan Copper & Gold Inc.,

Class B * 2,470,931 2,625,927 59,962 Goldcorp Inc. 1,752,845 2,387,087 22,500 HudBay Minerals Inc.* 414,948 366,300 75,100 ICL-Israel Chemicals Ltd. 704,593 1,078,674 24,100 Inmet Mining Corp. 1,646,090 1,807,259 46,971 Kinross Gold Corp. 752,136 1,071,409 8,502 Lonmin PLC 566,789 530,996

75,869 Lundin Mining Corp.* 509,585 530,324 10,500 Monsanto Co. 939,734 1,196,484 68,000 Norbord Inc.* 597,857 339,320

336,000 Paladin Resources Ltd.* 2,100,125 1,542,240 18,400 Peabody Energy Corp. 932,516 961,095 8,600 Potash Corp. of Saskatchewan 868,579 1,369,722

23,436 Rio Tinto PLC 1,971,189 2,498,230 64,101 Sherritt International Corp.,

Restricted Voting Shares 743,749 929,464 55,200 Silver Wheaton Corp.* 800,400 878,784 45,163 Teck Cominco Ltd., Class B 1,653,757 1,900,911 53,100 Thompson Creek Metals Co. Inc.* 908,375 994,563 28,500 Umicore 1,121,814 1,518,159

750 Umicore - Strip VVPR - 12 178,950 Western Areas NL* 746,909 988,637 12,400 Xstrata PLC 929,562 890,640 36,100 Yamana Gold Inc. 435,377 542,222 29,825 Zinifex Ltd.* 385,406 278,911

40,648,309 46,687,735 INDUSTRIALS (3.1%)

45,100 Celtic Exploration Ltd. 498,654 697,246 150 Cumerio Strip - 2

209,400 Eastern Platinum Ltd. 458,541 670,080 35,100 Quadra Mining Ltd.* 718,852 662,688 23,000 Russel Metals Inc. 603,620 600,760 63,300 Westshore Terminals Inc. 859,296 1,051,413


9,100 Bunge Ltd. 992,817 810,639 11,300 The Mosaic Co. 561,213 1,187,203

1,554,030 1,997,842 UTILITIES (1.1%)

38,300 Boralex Inc., Class A 626,711 679,442 105,200 Canadian Hydro Developers Inc. 627,018 680,644

1,253,729 1,360,086



– 139 –

Signature Canadian Resource Corporate Class Statement of Investment Portfolio as at March 31, 2008


WARRANTS (0.1%) 38 Goldcorp Inc., Warrants (09Jun11) - 536

2,700 Iamgold Corp., Warrants (12Aug08) - 621 - 1,157



Short Term Notes (7.5%) 9,000,000 9,000,000





Total Net Assets (100.0%) 119,712,717



1 (140,000) Australian $ 122,528 Canadian $ 0.90 16-Jan-09 A-1+ (4,085)1 (751,000) Australian $ 687,713 Canadian $ 0.92 19-Aug-08 A-1+ (4,491)3 (171,000) European Euro 255,078 Canadian $ 1.61 16-Jan-09 A-1+ (19,403)1 (200,000) European Euro 309,290 Canadian $ 1.62 21-May-08 A-1+ (14,451)8 (11,455,000) US $ 11,619,676 Canadian $ 1.03 21-May-08 A-1+ (149,381)1 (1,275,940) Canadian $ 1,310,000 US $ 1.03 21-May-08 A-1+ 69,976 2 (1,570,000) US $ 1,602,868 Canadian $ 1.03 16-Jan-09 A-1+ (17,697)




– 140 –

Signature Canadian Resource Corporate Class Financial Statements







A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

108,669 65,129500 660

9,000 4,000- -- -- -- 89- -

899 2021,376 1,377

113 98120,557 71,555

- -- -1 -

140 -- -

449 1,949218 200

- -- -

36 17844 2,166

119,713 69,389

97,052 56,806- -

115,181 66,2674,532 3,122

40.73 34.2342.19 35.08

2,827,689 1,935,984107,404 88,993

897 635660 31525 6

- 41- -

(63) (62)1,519 935

1,916 1,204196 124

7 120 10

120 832,259 1,422(740) (487)

- -(740) (487)

13,314 12,937(124) (39)(316) -

- -

3,145 (2,652)16,019 10,24615,279 9,759

14,608 9,365671 394

5.97 4.836.72 5.27


2008 2007


2008 2007


– 141 –













69,389 50,957(81)

69,308

46,890 25,677- -

(22,230) (18,417)10,466 1,41335,126 8,673

- -- -- -- -

15,279 9,759119,713 69,389

66,267 48,444(77)

66,190

46,196 23,943- -

(21,493) (16,675)9,680 1,190

34,383 8,458

- -- -- -- -

14,608 9,365115,181 66,267

3,122 2,513(4)

3,118

694 1,734- -

(737) (1,742)786 223743 215

- -- -- -- -

671 3944,532 3,122

Signature Canadian Resource Corporate Class Financial Statements



2008 2007



2008 2007

– 142 –

Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


220 19121 16




2008 2007


19,157 4,15520,360 4,425


2008 2007

1,935,984 1,666,9421,202,784 777,106

- -(563,682) (552,979)252,603 44,915

2,827,689 1,935,984

88,993 85,32617,622 55,576

- -(18,549) (56,844)19,338 4,935

107,404 88,993



2.001.00

0.200.20


2008





115,181180

115,361

40.730.07

40.80

4,5327

4,539

42.190.07

42.26


2008

– 143 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2008



FINANCIALS (32.1%) 441,000 Aberdeen Asset Management PLC 1,328,839 1,242,393 31,400 AGF Management Ltd., Class B 788,162 681,380

146,550 AXA Asia Pacific Holdings Ltd. 746,437 756,029 68,400 Bank of Montreal 2,882,264 3,141,612

USD 300,000 Bank of Montreal Chicago FRN 2.91125% 03/12/2009 353,953 307,920

148,400 Bank of Nova Scotia 6,904,563 6,884,276 129,400 Barclays PLC* 1,220,355 1,193,413 47,370 BNP Paribas SA* 5,473,492 4,903,892 37,400 Brookfield Properties Corp. 718,823 735,284

300,000 Canada Housing Trust No. 1,FRN Series 12 3.55714% 09/15/2010 301,521 300,960

167,300 Canadian Imperial Bank of Commerce 13,133,067 11,055,184 100,000 Citigroup Finance Canada Inc.

4.03% 08/04/2009 99,969 99,708 205,000 Credit Agricole SA 3.70857% 10/06/2008 205,000 205,000 10,100 Franklin Resources Inc. 947,098 1,003,904

286,000 HBOS Treasury Services PLC 3.69429% 09/29/2009 286,000 283,226

59,800 Hosted Data Transaction Solutions Inc. 100,091 55,016 1,200,000 HSBC Bank Canada FRN

3.82429% 06/02/2008 1,200,000 1,200,120 91,600 ING Groep NV 3,945,789 3,519,651

180,700 Intesa Sanpaolo SpA 1,227,416 1,300,943 16,000 Kookmin Bank 1,052,864 918,665 18,300 Legg Mason Inc. 1,313,730 1,049,975 64,500 Lincoln National Corp. 3,624,728 3,433,936 89,000 Merrill Lynch 3.74429% 11/09/2009 89,000 89,000

180,000 Morgan Stanley FRN 4.14857% 02/23/2012 179,681 173,848 51,100 National Australia Bank Ltd. 1,395,257 1,435,035 44,000 National Bank of Canada 2,463,751 2,102,320

158,800 Royal Bank of Canada 7,400,501 7,603,344 665,000 Royal Bank of Canada FRN

4.02714% 09/27/2010 665,000 662,666 40,300 Sun Life Financial Inc. 1,951,075 1,931,579

112,500 Toronto-Dominion Bank 6,485,607 7,098,750 64,100 UBS AG 3,387,838 1,910,447 66,700 Wachovia Corp. 2,853,963 1,848,442

74,725,834 69,127,918 ENERGY (17.7%)

24,600 Canadian Natural Resources Ltd. 1,662,771 1,727,412 14,500 Devon Energy Corp. 1,310,302 1,552,274 65,580 EnCana Corp. 3,708,471 5,121,142 30,700 Halliburton Co. 1,080,337 1,239,306 43,500 Imperial Oil Ltd. 1,690,523 2,338,560 20,600 Marathon Oil Corp. 1,185,621 964,158 68,300 Nexen Inc. 1,790,409 2,079,052 57,600 Petro-Canada 2,664,818 2,572,992 45,800 Precision Drilling Trust 753,296 1,087,750 18,600 Schlumberger Ltd. 1,797,465 1,659,010 24,600 Smith International Inc. 1,632,555 1,619,750 32,100 Spectr Energy Corp. 744,810 748,236 59,402 Suncor Energy Inc. 5,360,184 5,874,858

250,600 Talisman Energy Inc. 4,099,251 4,553,402 20,688 Total SA 1,531,814 1,576,091 11,854 Transocean Inc. 1,297,600 1,643,144

ENERGY (17.7%) (cont’d)72,300 TriStar Oil and Gas Ltd. 884,258 1,038,228

117,700 UTS Energy Corp. 711,634 609,686 33,906,119 38,005,051

MATERIALS (11.6%) 14,900 Agrium Inc. 955,750 949,726 12,400 Air Products and Chemicals Inc. 974,173 1,168,752 35,100 Alcoa Inc. 1,257,647 1,297,318 17,978 Anglo American PLC 1,055,094 1,107,809 80,432 BHP Billiton PLC 2,225,564 2,447,809 84,500 Cameco Corp. 3,556,602 2,855,255

119,600 Consolidated Thompson Iron Mines Ltd. 932,880 960,388 14,200 Fording Canadian Coal Trust* 527,125 759,842 5,500 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 493,524 542,955 56,000 Goldcorp Inc. 1,780,403 2,229,360

118,900 ICL-Israel Chemicals Ltd. 817,263 1,707,781 16,185 Lonmin PLC 1,085,679 1,010,841 17,500 Pactiv Corp. 477,402 470,784

259,200 Paladin Resources Ltd. 1,477,828 1,189,728 38,900 Peabody Energy Corp. 1,893,920 2,031,881 10,462 Rio Tinto PLC 715,404 1,115,228 54,500 Silver Wheaton Corp.* 838,125 867,640 23,750 Umicore 751,085 1,265,132 3,500 United States Steel Corp. 447,129 454,690

39,600 Yamana Gold Inc. 492,492 594,792 22,755,089 25,027,711

INDUSTRIALS (10.1%) 500,000 407 International Inc. 4.05714% 05/26/2008 499,574 500,085 42,800 ABB Ltd. 1,059,627 1,178,310 8,800 Alliant Techsystems Inc.* 909,992 933,851

36,951 Amec PLC 587,347 543,829 10,700 Ametek Inc. 472,178 481,581 82,400 Atlas Copco AB, Series A 1,324,704 1,441,309 87,901 BAE Systems PLC 801,663 868,965 6,800 Boeing Co. 715,307 519,066

69,800 CAE Inc. 914,596 809,680 7,720 Canadian Pacific Railway Ltd. 380,756 508,439

15,800 Eaton Corp. 1,502,270 1,291,368 7,800 Fanuc Ltd. 804,581 757,994

32,900 Finmeccanica SpA 909,678 1,148,456 46,000 Finning International Inc. 901,997 1,335,840

400,000 Greater Toronto Airports Authority,FRN 4.1957% 10/24/2008 400,026 399,632

18,500 Joy Global Inc. 1,098,555 1,235,384 23,100 Koninklijke Vopak NV* 1,052,519 1,491,808

50 Kuehne & Nagel International AG 3,547 5,134 19,200 Manitowoc Co. 634,199 804,040 44,000 Pacer International Inc. 653,851 741,101 9,800 Raytheon Co. 586,792 649,491 6,750 Rheinmetall AG 602,117 487,659

88,745 Tesco PLC 705,851 685,143 5,700 Union Pacific Corp. 710,119 732,772

50,199 Wolseley PLC 645,014 540,428 20,300 WW Grainger Inc. 1,631,980 1,591,446

20,508,840 21,682,811



– 144 –

Signature Select Canadian Corporate Class Statement of Investment Portfolio as at March 31, 2008



CONSUMER STAPLES (7.9%) 47,100 Alimentation Couche-Tard Inc., Class B 1,109,184 757,839 8,668 Altria Group Inc. 194,608 196,976

21,285 British American Tobacco PLC 741,371 819,471 9,200 Bunge Ltd. 1,047,352 819,547

14,500 Cosan SA Industria e Comercio 264,197 218,235 43,803 CVS Corp. 1,567,953 1,819,055 35,305 Diageo PLC 759,379 730,681 26,885 Fomento Economico Mexicano SA de CV, ADR 856,809 1,149,597 18,612 Groupe Danone* 1,702,807 1,708,397 10,700 InBev NV 609,942 963,427 3,250 Nestle SA, Registered Shares 1,270,074 1,664,212 8,668 Phillip Morris International Inc. 441,158 448,756

18,616 Procter & Gamble Co. 1,371,126 1,337,139 27,540 Saputo Inc. 556,873 757,901 38,030 Shoppers Drug Mart Corp. 1,830,886 1,974,898 29,600 Unilever NV 936,251 1,019,350

129,800 Wal-Mart de Mexico SA de CV 455,159 564,077 15,715,129 16,949,558

CONSUMER DISCRETIONARY (5.2%) 11,550 Continental AG 1,597,472 1,203,554 7,500 DaimlerChrysler AG, Registered Shares 707,195 656,095

34,700 Gildan Activewear Inc. 1,323,153 1,333,174 200,500 Li & Fung Ltd. 741,244 758,886 21,500 Linamar Corp. 438,172 292,615 35,900 Marriott International Inc., Class A 1,470,925 1,266,088 26,000 Rogers Communications Inc., Class B 689,225 958,620 37,779 RONA Inc.* 801,363 536,840 34,836 Starbucks Corp. 1,110,475 626,081 79,300 Thomson Corp.* 3,366,792 2,734,264 15,900 Toyota Motor Corp.* 981,088 810,217 17,000 Universo Online SA 137,135 74,212


5,400 Apple Computer Inc. 667,089 795,357 72,100 Cisco Systems Inc. 2,339,504 1,783,481 6,500 Electronic Arts Inc. 346,104 332,712

55,300 Intel Corp. 1,269,517 1,202,174 22,900 Micron Technology Inc. 310,952 140,322 42,600 Synopsys Inc. 1,182,772 991,674

6,115,938 5,245,720 UTILITIES (2.4%)

131,500 Canadian Hydro Developers Inc. 736,293 850,805 12,500 Constellation Energy Group Inc. 1,221,852 1,132,503 17,900 FPL Group Inc. 1,241,216 1,152,693 9,300 Sempra Energy 611,024 508,012

20,980 Suez SA 1,205,029 1,411,677 5,015,414 5,055,690

TELECOMMUNICATION SERVICES (0.7%) 14,200 TELUS Corp. 603,126 634,740 19,900 TELUS Corp., Non-Voting Shares 914,588 857,690

1,517,714 1,492,430 HEALTH CARE (0.2%)

110,800 Patheon Inc.* 866,300 333,508

WARRANTS (0.1%) 22,500 Hosted Data Transaction Solutions Inc.,

Purchase Warrants (03Aug09) - 22,500 21,750 Iamgold Corp., Warrants (12Aug08) - 5,002

- 27,502



Short Term Notes (9.8%) 21,000,000 21,000,000





Total Net Assets (100.0%) 215,108,213




1 (2,010,000) European Euro 3,108,364 Canadian $ 1.62 21-May-08 A-1+ (145,233)3 (3,300,000) European Euro 4,922,398 Canadian $ 1.61 16-Jan-09 A-1+ (374,591)1 (1,418,000) Swiss Franc 1,325,258 Canadian $ 1.04 19-Aug-08 A-1+ (143,316)8 (20,315,000) US $ 20,624,849 Canadian $ 1.03 21-May-08 A-1+ (247,118)2 (3,470,000) US $ 3,542,651 Canadian $ 1.03 16-Jan-09 A-1+ (39,107)2 (4,668,407) Canadian $ 4,790,000 US $ 1.03 21-May-08 A-1+ 252,919




– 145 –

Signature Select Canadian Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 Shares





194,199 172,85281 648

21,000 14,400- -- -- -- 116- 69

657 497- 901

499 233216,436 189,716

- -- -1 1

696 -- -- 919

560 354- -- -

71 381,328 1,312

215,108 188,404

194,303 146,233- -

187,857 173,41410,947 9,52412,039 5,466

920 -38 -

899 -2,386 -

22 -

18.94 19.6419.79 20.3012.25 12.419.35 -

10.24 -9.56 -9.04 -9.93 -

9,918,226 8,830,756553,050 469,116983,091 440,53098,452 -3,691 -

93,955 -263,769 -

2,241 -


2008 2007


2008 2007


– 146 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 Shares



3,776 2,1081,320 848

51 139 129- -

(224) (137)4,932 2,961

3,956 2,874407 29613 533 19

250 1974,659 3,391

273 (430)- -

273 (430)

19,450 20,336(180) (8)(534) -

- -

(27,418) 2,058(8,682) 22,386(8,409) 21,956

(7,687) 19,400(301) 1,155(356) 1,401(33) -

1 -(4) -

(29) -- -

(0.78) 2.51(0.58) 2.77(0.42) 1.83(0.46) -0.32 -(0.06) -(0.24) -

- -


2008 2007














173,414 126,670(109)

173,305

54,650 41,353- -

(29,025) (21,456)(3,386) 7,44722,239 27,344

- -- -- -- -

(7,687) 19,400187,857 173,414

9,524 5,917(6)

9,518

3,362 3,263- -

(2,445) (1,202)813 391

1,730 2,452

- -- -- -- -

(301) 1,15510,947 9,524

5,466 637(4)

5,462

7,251 11,606- -

(1,744) (5,514)1,426 (2,664)6,933 3,428

- -- -- -- -

(356) 1,40112,039 5,466


2008 2007

– 147 –

























- -

2,274 -- -

(53) -246 -

2,467 -

- -- -

(52) -(52) -(29) -

2,386 -

- -

- -- -- -

22 -22 -

- -- -- -- -- -

22 -

188,404 133,224(119)

188,285

69,131 56,222- -

(33,302) (28,172)(510) 5,174

35,319 33,224

- -- -

(87) -(87) -

(8,409) 21,956215,108 188,404

- -

932 -- -

(30) -69 -

971 -

- -- -

(18) -(18) -(33) -920 -

- -

37 -- -- -- -

37 -

- -- -- -- -1 -

38 -

-

625 -- -

(5) -300 -920 -

- -- -

(17) -(17) -(4) -

899 -




2008 2007



2008 2007








Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

8,830,756 7,373,7852,762,885 2,265,853

- -(1,489,431) (1,194,193)

(185,984) 385,3119,918,226 8,830,756

469,116 336,410163,411 177,027

- -(119,648) (65,141)

40,171 20,820553,050 469,116

440,530 60,138569,037 1,102,030

- -(139,534) (471,811)113,058 (249,827)983,091 440,530

- -94,892 -

- -(3,254) -6,814 -

98,452 -

- -3,698 -

- -(7) -- -

3,691 -

- -62,500 -

- -(494) -

31,949 -93,955 -



- -243,877 -

- -(5,643) -25,535 -

263,769 -

- -- -- -- -

2,241 -2,241 -


2008 2007

















2008

187,857235

188,092

18.940.02

18.96

10,94713

10,960

19.790.03

19.82

12,03915

12,054

12.250.01

12.26

9202

922

9.350.019.36

38-

38

10.240.01

10.25

8991

900

9.560.029.58





2,3862

2,388

9.040.029.06

22-

22

9.930.019.94


2008




2008 2007


10,256 10,25110,899 10,915



2008 2007


380 27137 23

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 Shares

2.001.00



0.200.20

-0.200.20

-0.200.20


2008


– 151 –

Synergy American Corporate ClassStatement of Investment Portfolio as at March 31, 2008



INDUSTRIALS (15.7%) 3,200 Ametek Inc. 138,373 144,024 2,200 Burlington Northern Santa Fe Corp. 132,413 208,240 8,700 Corrections Corp. of America 156,155 245,566 2,400 Expeditors International Washington Inc. 107,725 110,974 1,100 General Cable Corp. 95,391 66,692 1,200 Honeywell International Inc. 68,506 69,491

900 Jacobs Engineering Group Inc. 67,308 68,016 2,300 Kansas City Southern* 57,546 94,523 1,800 Lockheed Martin Corp. 173,988 183,440 1,100 Net 1 UEPS Technologies, Inc. 34,245 25,403 1,300 Parker-Hannifin Corp., Rights 106,785 92,335 2,500 Raytheon Co. 145,319 165,686 4,350 Republic Services Inc. 130,126 130,552 2,000 Union Pacific Corp. 214,274 257,113 3,600 United Technologies Corp. 254,180 253,997

1,882,334 2,116,052 FINANCIALS (13.3%)

4,000 Bank of America Corp. 223,505 155,602 1,900 Bank of New York Mellon Corp. 81,428 81,244 2,400 CB Richard Ellis Group Inc., Class A* 23,782 53,209 3,800 Federated Investors Inc., Class B 149,357 152,346

400 Goldman Sachs Group Inc. 77,023 67,734 6,000 JP Morgan Chase & Co. 271,726 264,380 3,400 MetLife Inc. 217,592 210,293 1,600 Plum Creek Timber Co. Inc., REIT 70,657 66,839 1,400 PNC Financial Services Group Inc. 107,361 94,221 2,000 Reinsurance Group of America Inc. 120,510 111,836 1,900 State Street Corp. 131,381 154,043 3,400 T. Rowe Price Group Inc. 185,542 174,453 3,300 US Bancorp 110,664 109,438 2,700 Waddell & Reed Financial Inc. 81,068 88,986


700 Apple Computer Inc. 69,696 103,102 1,900 Ciena Corp. 52,377 60,084 7,000 Cisco Systems Inc. 178,047 173,154 4,300 Hewlett-Packard Co. 154,301 201,521

900 International Business Machines Corp. 100,954 106,251 4,400 JA Solar Holdings Co. Ltd. 76,786 84,000 3,400 MEMC Electronic Materials Inc. 108,478 247,389 4,600 Microsoft Corp. 149,649 132,814

12,700 Oracle Corp. 263,553 254,579 5,200 QUALCOMM Inc. 239,115 218,668 1,400 Tessera Technologies Inc.* 49,774 29,889 4,200 VeriSign, Inc.* 148,750 143,294


8,500 Burger King Holdings Inc. 217,617 241,142 2,100 Coach Inc. 64,836 64,879 2,200 Darden Restaurants Inc. 77,140 73,410 3,000 General Motors Corp.* 102,537 58,659 2,600 Kohl’s Corp. 121,277 114,218 3,600 Liberty Media Corp., Entertainment Series A 88,105 82,510 6,200 LKQ Corp. 111,944 142,801

CONSUMER DISCRETIONARY (11.2%) (cont’d)4,500 McDonald’s Corp. 175,426 257,452 8,400 News Corp. Inc., Class A 177,910 161,227 1,600 Polo Ralph Lauren Corp., Class A 98,370 95,562

600 Priceline.com Inc.* 49,962 74,430 3,600 Tupperware Brands Corp. 121,736 142,665

1,406,860 1,508,955 HEALTH CARE (10.7%)

6,000 Abbott Laboratories Inc. 369,255 339,081 3,300 Baxter International Inc. 187,132 195,640 2,600 Becton Dickinson & Co. 174,168 228,702 2,100 Covidien Ltd. 91,486 95,378 3,700 Henry Schein Inc. 192,747 217,759

800 Myriad Genetics Inc.* 32,269 33,066 5,700 Thermo Fisher Scientific Inc.* 255,599 332,541


2,900 Altria Group Inc. 66,632 65,901 7,900 CVS Corp. 271,193 328,072 1,800 Hansen Natural Corp. 79,723 65,199 7,100 Kroger Co. 179,161 184,664 2,000 Loews Corp. - Carolina Group 116,611 148,684 1,300 Molson Coors Brewing Co., Class B (USD) 68,109 70,065 2,900 PepsiCo Inc. 192,205 214,848 2,900 Phillip Morris International Inc. 151,050 150,138 1,500 Procter & Gamble Co. 102,824 107,741

1,227,508 1,335,312 ENERGY (9.7%)

2,600 Chevron Corp. 201,921 227,421 2,900 Devon Energy Corp. 167,141 310,455 3,500 Marathon Oil Corp. 217,542 163,813 3,900 Noble Energy Inc. 232,309 291,415 1,679 Transocean Inc. 175,634 232,735 1,300 XTO Energy Inc. 77,639 82,247

1,072,186 1,308,086 MATERIALS (9.0%)

2,200 Albemarle Corp. 70,747 82,465 6,200 Alcoa Inc. 230,704 229,156 1,200 Celanese Corp. 54,236 48,097 1,900 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 110,293 187,566 1,500 Monsanto Co. 97,521 170,926 2,700 Owens-Illinois Inc. 117,794 156,355 2,100 Praxair Inc. 109,843 181,186 4,400 Steel Dynamics Inc. 118,120 149,214

909,258 1,204,965 UTILITIES (2.2%)

600 Entergy Corp. 52,420 67,034 5,700 NRG Energy Inc.* 201,955 227,583

254,375 294,617



– 152 –

Synergy American Corporate Class Statement of Investment Portfolio as at March 31, 2008


TELECOMMUNICATION SERVICES (2.0%) 1,900 NII Holdings Inc., Class B 120,367 61,840 6,600 SBA Communications Corp.* 216,144 201,940

336,511 263,780




Total Net Assets (100.0%) 13,450,573



– 153 –

Synergy American Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

13,013 15,415404 628

- -- -- -- -- -- -2 8

49 2228 11

13,476 16,284

- -- -- -- -- -

16 727 23- -- -2 1

25 9613,451 16,188

11,821 12,832- -

12,405 14,9281,046 1,260

11.10 12.597.43 8.34

1,117,191 1,185,840140,666 151,102

172 17042 591 3- -- -

(26) (23)189 209

283 30331 33

- -1 -

18 21333 357(144) (148)

- -(144) (148)

(163) 1,274(93) (35)(38) -

- -

(1,380) (233)(1,674) 1,006(1,818) 858

(1,684) 760(134) 98

(1.48) 0.65(0.95) 0.49


2008 2007


2008 2007

– 154 –

Synergy American Corporate Class Financial Statements















16,188 15,912(12)

16,176

2,161 2,674- -

(3,067) (3,432)(1) 176

(907) (582)

- -- -- -- -

(1,818) 85813,451 16,188

14,928 15,716(11)

14,917

1,787 1,753- -

(2,418) (3,181)(197) (120)(828) (1,548)

- -- -- -- -

(1,684) 76012,405 14,928

1,260 196(1)

1,259

374 921- -

(649) (251)196 296(79) 966

- -- -- -- -

(134) 981,046 1,260


2008 2007


2008 2007

– 155 –

Synergy American Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


22 332 3




2008 2007


989 611,052 65


2008 2007

1,185,840 1,315,626152,299 151,243

- -(204,094) (271,888)(16,854) (9,141)

1,117,191 1,185,840

151,102 25,00547,127 116,649

- -(81,966) (30,621)24,403 40,069

140,666 151,102



2.001.00

0.210.21


2008





12,40513

12,418

11.100.02

11.12

1,0461

1,047

7.430.017.44


2008

– 156 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2008



ENERGY (20.1%) 368,650 Addax Petroleum Corp.* 10,155,939 14,989,309 581,900 Baytex Energy Trust* 12,430,660 13,238,225 339,700 Birchcliff Energy Ltd.* 1,733,423 3,312,075 34,100 Chevron Corp. 2,708,564 2,982,717

1,051,900 CNOOC Ltd. 993,170 1,589,788 362,600 Connacher Oil and Gas Ltd.* 1,435,369 1,124,060 38,500 Devon Energy Corp. 3,006,511 4,121,556 77,200 Duvernay Oil Corp. 2,688,791 3,376,728

898,400 EnCana Corp. 54,787,445 70,156,056 540,900 First Calgary Petroleums Ltd. 1,605,522 1,525,338 89,500 Iberdrola Renovables 700,993 638,188

245,100 Imperial Oil Ltd. 10,901,836 13,176,576 270,000 Inter Pipeline Fund LP 2,511,000 2,573,100 96,600 JKX Oil & Gas PLC 772,675 865,329

140,300 John Wood Group PLC 1,188,586 1,157,473 271,700 Maire Tecnimont SpA 1,305,102 1,391,391 45,900 Marathon Oil Corp. 2,837,947 2,148,294

864,500 Nexen Inc. 26,966,214 26,315,380 200,600 Niko Resources Ltd.* 14,707,236 16,665,848 50,900 Noble Energy Inc. 3,125,088 3,803,342 18,600 OAO Gazprom, ADR 1,108,419 971,733

310,800 Pan Orient Energy Corp. 3,008,015 3,574,200 49,700 Petrobank Energy and Resources Ltd.* 2,609,593 2,311,050 17,200 PetroChina Co. Ltd., ADR 2,058,204 2,212,231 15,900 Petroleo Brasileiro SA, ADR 1,537,234 1,665,267 73,000 Royal Dutch Shell PLC, Class A * 3,075,787 2,584,919

811,500 Saxon Energy Services Inc. 4,402,201 4,860,885 211,000 Singapore Petroleum Co. Ltd. 1,157,510 1,062,041 31,988 Statoil ASA 896,333 983,980

456,700 Suncor Energy Inc. 41,683,861 45,167,630 61,400 Total SA* 4,929,701 4,677,688

667,500 TransCanada Corp.* 25,432,249 26,399,625 21,607 Transocean Inc. 2,299,917 2,995,058

141,300 TriStar Oil and Gas Ltd. 2,097,953 2,029,068 55,600 Wellstream holdings PLC 1,413,739 1,474,633 16,400 XTO Energy Inc. 979,077 1,037,583

312,500 Xtreme Coil Drilling Corp. 3,274,106 2,268,750 258,525,970 291,427,114

FINANCIALS (20.1%) 145,400 Banco Santander Central Hispano SA 2,759,444 2,971,338 51,900 Bank of America Corp. 2,777,245 2,018,937 24,700 Bank of New York Mellon Corp. 1,058,666 1,056,167

760,100 Bank of Nova Scotia 36,652,326 35,261,039 281,200 Barclays PLC* 4,198,165 2,593,414 666,300 BOC Hong Kong Holdings Ltd. 1,803,242 1,639,689 31,500 CB Richard Ellis Group Inc., Class A* 761,226 698,362

679,900 Coastal Energy Co. 2,375,666 2,488,434 17,900 Corp. Financiera Alba, SA 1,263,908 1,203,854 46,400 Credit Suisse Group 3,274,739 2,421,537

117,500 DBS Group Holdings Ltd. 2,038,906 1,575,370 50,100 Federated Investors Inc., Class B 1,967,325 2,008,566

1,527,000 First Financial Holding Co., Ltd. 1,131,018 1,642,770 171,011 Gluskin Sheff & Associates Inc.* 3,256,699 3,411,669

4,900 Goldman Sachs Group Inc. 944,482 829,743

FINANCIALS (20.1%) (cont’d)182,900 Home Capital Group Inc. 6,911,618 6,428,935 94,030 Hyundai Marine & Fire Insurance Co. 2,327,473 2,036,762

167,500 Industrial Alliance Insurance and Financial Services Inc. 6,778,015 6,308,050

28,700 ING Groep NV* 1,211,147 1,102,773 78,300 JP Morgan Chase & Co. 3,603,838 3,450,157

112,800 Kerry Properties Ltd. 876,944 694,714 1,201,300 Manulife Financial Corp. 43,112,136 47,126,999

94,630 Meritz Fire & Marine Insurance Co. Ltd. 1,127,198 883,652 44,000 MetLife Inc. 2,854,858 2,721,435

1,437,500 Midland Holdings Ltd. 2,027,833 1,457,855 321 Mizuho Financial Group Inc.* 2,487,037 1,202,834

108,900 Nordea Bank AB (SEK)* 1,260,302 1,809,830 21,200 Plum Creek Timber Co. Inc., REIT 936,615 885,618 18,500 PNC Financial Services Group Inc.* 1,408,233 1,245,068

228,800 Public Bank BHD, Foreign Shares 821,402 792,958 25,700 Reinsurance Group of America Inc.* 1,551,089 1,437,098

740,300 Royal Bank of Canada 35,030,264 35,445,564 37,600 Standard Chartered PLC 1,255,065 1,318,922 24,500 State Street Corp. 1,691,183 1,986,344

691,200 Sun Life Financial Inc.† 35,393,844 33,129,216 43,900 T. Rowe Price Group Inc. 2,407,347 2,252,495 12,700 Topdanmark AS* 1,936,392 2,180,272

957,700 Toronto-Dominion Bank* 63,150,831 60,430,870 211,100 TSX Group Inc.* 8,698,833 8,184,347 172,100 UniCredito Italiano SpA 1,707,165 1,178,366 42,600 US Bancorp 1,428,617 1,412,742 35,700 Waddell & Reed Financial Inc. 1,071,905 1,176,589

299,330,241 290,101,354MATERIALS (14.7%)

189,500 Agnico-Eagle Mines Ltd.* 6,163,892 13,192,990 268,700 Agrium Inc. 13,876,498 17,126,938 27,800 Albemarle Corp. 912,607 1,042,058 80,400 Alcoa Inc. 2,985,812 2,971,634 14,900 BASF AG 1,339,019 2,056,821 43,900 Bayer AG* 3,384,213 3,609,126 27,700 BHP Billiton Ltd.* 955,146 930,409 14,900 Celanese Corp.* 673,435 597,205

4,603,400 Centamin Egypt Ltd. 4,586,162 6,490,794 55,300 Cia Vale do Rio Doce, ADR 1,958,613 1,963,891 70,000 Croda International PLC 843,360 945,387

109,000 Detour Gold Corp.* 1,897,261 1,907,500 983,200 Equinox Minerals Ltd.* 3,144,475 4,768,520 178,800 First Quantum Minerals Ltd. 15,665,667 14,881,524

200 Formosa Plastics Corp. 415 619 24,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 1,803,514 2,448,233 548,000 Gerdau Ameristeel Corp.* 8,003,395 7,973,400 214,000 Goldcorp Inc. 7,104,934 8,519,340 225,136 HudBay Minerals Inc.* 2,254,586 3,665,214 593,700 Kinross Gold Corp.* 9,435,285 13,542,297 12,600 Lafarge SA 1,910,996 2,245,727

188,600 Methanex Corp. 5,129,506 5,063,910 2,900 MMX Mineracao e Metalicos SA 1,532,361 1,595,188

19,100 Monsanto Co. 1,314,032 2,176,461



– 157 –

Synergy Canadian Corporate Class Statement of Investment Portfolio as at March 31, 2008



MATERIALS (14.7%) (cont’d)402,520 Nan Ya Plastics Corp. 661,422 1,019,711 217,200 North American Palladium Ltd.* 877,488 1,218,492 257,300 NOVA Chemicals Corp.* 8,812,033 6,303,850 34,500 Owens-Illinois Inc. 1,507,328 1,997,875

1,200,400 Paladin Resources Ltd.* 6,967,581 5,509,836 209,000 Potash Corp. of Saskatchewan 21,824,720 33,287,430 26,500 Praxair Inc. 1,695,801 2,286,396 15,886 Rio Tinto PLC 780,646 1,693,415 4,700 Salzgitter AG 824,213 835,178

26,700 SGL Carbon AG 1,418,819 1,727,326 683,200 Sherritt International Corp.,

Restricted Voting Shares 10,418,800 9,906,400 509,000 Silver Wheaton Corp.* 7,679,052 8,103,280 107,600 Silvercorp Metals Inc. 1,094,475 881,244 57,000 Steel Dynamics Inc.* 1,529,636 1,932,997 5,900 Syngenta AG* 1,610,542 1,772,774

41,800 Xstrata PLC 2,454,757 3,002,318 743,900 Yamana Gold Inc.* 10,221,230 11,173,378

177,253,727 212,367,086INDUSTRIALS (11.3%)

57,000 ABB Ltd. 1,490,128 1,569,245 616,800 Allen-Vanguard Corp.* 5,859,600 2,078,616

5,000 Alstom* 1,011,320 1,109,536 41,300 Ametek Inc. 1,785,852 1,858,814

1,910,100 Bombardier Inc., Class B,Sub-Voting Shares* 11,118,963 10,429,146

29,300 Burlington Northern Santa Fe Corp. 2,313,006 2,773,377 1,006,100 CAE Inc.* 9,993,495 11,670,760

505,500 Canadian National Railway Co. 25,101,694 25,143,570 112,600 Corrections Corp. of America 2,124,571 3,178,244

2,255,200 Eastern Platinum Ltd.* 5,090,883 7,216,640 31,200 Expeditors International Washington Inc.* 1,398,819 1,442,665

695,500 Finning International Inc. 15,567,065 20,197,320 6,600 FLSmidth & Co. A/S 428,765 667,642

23,300 Fresenius Medical Care AG 1,209,758 1,199,626 14,300 General Cable Corp.* 1,214,676 867,000 15,400 Honeywell International Inc. 879,158 891,805

297,000 Itochu Corp.* 2,859,449 2,999,333 11,500 Jacobs Engineering Group Inc. 860,523 869,098 26,800 Kansas City Southern* 799,733 1,101,400 22,900 Lockheed Martin Corp. 2,225,436 2,333,765 14,200 MAN AG 1,292,252 1,933,498

313,400 Marubeni Corp. 2,026,513 2,332,580 163,800 Mitsubishi Electric Corp. 1,678,047 1,451,832 162,400 Mitsui OSK Lines Ltd.* 1,903,006 2,004,493 14,700 Net 1 UEPS Technologies, Inc. 457,641 339,481 17,600 Parker-Hannifin Corp., Rights 1,445,831 1,250,072 73,600 QBE Insurance Group Ltd.* 1,500,719 1,533,261

172,300 Quadra Mining Ltd.* 3,262,161 3,253,024 129,700 Raytheon Co. 7,405,075 8,595,813 844,900 Red Back Mining Inc.* 5,335,018 5,897,402 56,000 Republic Services Inc. 1,674,511 1,680,667

800 SGS SA, Registered Shares* 983,867 1,180,592 188,000 SNC-Lavalin Group Inc. 7,923,919 8,360,360 25,900 Union Pacific Corp. 2,800,541 3,329,613 46,400 United Technologies Corp. 3,314,109 3,273,736

INDUSTRIALS (11.3%) (cont’d)6,200 Vestas Wind Systems A/S 624,888 693,871

25,100 Vinci SA 1,938,147 1,862,589 64,200 Weir Group PLC 1,012,468 995,217

749,600 Westjet Airlines Ltd.* 11,965,865 13,905,080 151,877,472 163,470,783

CONSUMER DISCRETIONARY (9.9%) 20,600 Accor SA* 1,851,325 1,543,014

192,200 Astral Media Inc., Class A,Non-Voting Shares 7,658,632 7,461,204

109,700 Burger King Holdings Inc. 2,800,487 3,112,153 202,300 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 13,865,347 13,384,168 27,600 Coach Inc. 1,078,077 852,691

50 Comcast Corp., Special Class A 1,110 971 125,200 Compass Group PLC 820,364 821,218 20,700 DaimlerChrysler AG, Registered Shares 2,107,828 1,810,822 28,500 Darden Restaurants Inc. 999,309 950,995 96,200 Esprit Holdings Ltd. 965,415 1,176,075 16,300 Focus Media Holding Ltd., ADR 889,863 587,903

182,500 Forzani Group Ltd., Class A 2,999,917 3,182,800 40,000 General Motors Corp.* 1,367,232 782,116

435,400 Gildan Activewear Inc.* 10,763,508 16,728,068 312,500 Great Canadian Gaming Corp.* 4,682,943 3,534,375 19,300 Inditex SA 981,857 1,100,650

1,200,700 Intrinsyc Software International Inc. 1,260,735 984,574 33,500 Kohl's Corp. 1,562,429 1,471,651 47,800 Liberty Media Corp., Entertainment Series A 1,166,545 1,095,552 80,000 LKQ Corp.* 1,443,370 1,842,591 73,100 Magna International Inc., Class A 6,429,888 5,429,137 57,900 McDonald's Corp. 2,386,366 3,312,545

551,400 Miranda Technologies Inc. 5,782,656 4,135,500 109,100 News Corp. Inc., Class A 2,106,462 2,094,028 20,300 Nokian Renkaat OYJ* 789,940 888,244 20,600 Polo Ralph Lauren Corp., Class A 1,266,697 1,230,359 7,300 Priceline.com Inc.* 614,031 905,569

721,850 Rogers Communications Inc., Class B* 19,734,417 26,614,610 304,600 Shaw Communications Inc., Class B 7,176,110 5,683,836 186,300 Thomas Cook Group PLC 999,561 1,099,599 579,600 Thomson Corp.* 24,013,542 19,984,608 55,000 Tokai Rika Co. Ltd.* 1,715,246 1,472,093 25,600 Toyota Boshoku Corp.* 749,540 784,018 31,500 Toyota Motor Corp.* 2,260,339 1,605,148 47,000 Tupperware Brands Corp.* 1,590,310 1,862,575 5,000 Volkswagen AG* 966,011 1,490,941

48,600 Woongjin Thinkbig Co., Ltd. 1,299,457 1,047,676 40,500 Yamaha Corp.* 902,196 792,151

140,049,062 142,856,228INFORMATION TECHNOLOGY (8.1%)

9,400 Apple Computer Inc. 970,925 1,384,510 75,677 ASML Holding NV 2,216,639 1,910,750

785,100 AXIA NetMedia Corp.* 2,808,290 2,316,045 61,100 Capcom Co. Ltd.* 1,625,916 2,138,550

1,563,000 CGI Group Inc.* 16,953,091 16,896,030 25,300 Ciena Corp. 697,439 800,071 98,000 Cisco Systems Inc. 2,476,484 2,424,149 51,000 Cognizant Technology Solutions Corp. 2,192,681 1,505,481

430,200 Descartes Systems Group Inc.* 1,816,963 1,540,116



– 158 –

INFORMATION TECHNOLOGY (8.1%) (cont’d)56,100 Hewlett-Packard Co. 2,166,627 2,629,148 18,400 International Business Machines Corp. 2,081,137 2,172,238 56,900 JA Solar Holdings Co. Ltd. 1,004,841 1,086,279

1,428,400 Lenovo Group Ltd. 1,031,835 940,006 77,800 LG.Philips LCD Co. Ltd. 3,606,108 3,580,058

127,800 MEMC Electronic Materials Inc. 7,423,158 9,298,910 60,000 Microsoft Corp. 1,947,219 1,732,356 3,700 NHN Corp. 866,667 885,811

13,800 Nintendo Co. Ltd.* 5,653,145 7,245,169 60,400 Nokia OYJ 1,811,431 1,960,607 14,600 Nokia OYJ, Class A, ADR 465,157 476,087

195,800 Open Text Corp. 6,067,675 6,306,718 166,900 Oracle Corp. 3,477,816 3,345,606 67,200 QUALCOMM Inc. 3,302,699 2,825,865

328,100 Research In Motion Ltd. 18,092,277 37,866,021 29,550 SAP AG 1,710,382 1,508,005 16,600 Tessera Technologies Inc.* 612,877 354,395 54,700 VeriSign, Inc.* 1,936,226 1,866,227

140,600 Vtech Holdings Ltd. 1,114,669 700,902 96,130,374 117,696,110

CONSUMER STAPLES (6.4%) 37,600 Altria Group Inc. 859,530 854,440

103,900 CVS Corp. 3,697,037 4,314,770 22,800 Hansen Natural Corp.* 1,020,816 825,853 27,600 Heineken NV 1,716,397 1,645,551 38,200 InBev NV 2,222,358 3,439,523 72,200 Koninklijke Ahold NV 1,013,867 1,097,520 92,100 Kroger Co. 2,355,621 2,395,424 24,000 KT&G Corp. 1,678,908 1,930,192 26,500 Loews Corp. - Carolina Group 1,592,130 1,970,065 16,700 Molson Coors Brewing Co., Class B (USD) 874,936 900,067 8,000 Nestle SA, Registered Shares* 3,233,914 4,096,522

15,200 Nutreco Holding NV 950,718 1,195,683 34,600 PepsiCo Inc. 2,412,832 2,563,358 37,600 Phillip Morris International Inc. 1,948,473 1,946,611 19,900 Procter & Gamble Co. 1,369,766 1,429,365 62,174 Reckitt Benckiser Group PLC 2,364,682 3,534,816

261,700 Saputo Inc. 7,248,496 7,201,984 460,000 Shoppers Drug Mart Corp. 20,865,175 23,887,800 336,700 Tim Hortons Inc.* 11,431,235 11,754,197 985,000 Viterra Inc. 8,037,187 14,262,800 259,300 William Morrison Supermarkets PLC 1,444,230 1,448,860

78,338,308 92,695,401HEALTH CARE (2.8%)

225,800 Abbott Laboratories Inc. 13,740,780 12,760,755 43,300 Baxter International Inc. 2,463,672 2,567,032 30,000 Becton Dickinson & Co. 2,114,633 2,638,872 18,165 Bukwang Pharmaceutical Co. Ltd. 744,794 611,852

337,600 Cardiome Pharma Corp.* 3,323,675 2,933,744 42,900 Henry Schein Inc.* 2,275,434 2,524,824 31,400 Icon PLC, ADR 1,050,785 2,091,335 77,000 Kaken Pharmaceutical Co. Ltd.* 561,341 583,402 10,700 Myriad Genetics Inc.* 437,537 442,264 28,000 Nihon Kohden Corp.* 670,799 657,192 19,300 Roche Holding AG* 3,478,083 3,725,769 22,900 Sonova Holdings AG* 1,415,035 2,155,934 26,000 Suzuken Co. Ltd.* 941,588 1,092,025

HEALTH CARE (2.8%) (cont’d)30,800 Takeda Pharmaceutical Co. Ltd. 1,985,978 1,575,819 74,700 Thermo Fisher Scientific Inc.* 3,504,215 4,358,037

38,708,349 40,718,856UTILITIES (1.9%)

233,500 Canadian Utilities Ltd.,Class A, Special Shares* 11,967,536 9,669,235

15,900 E.ON AG 2,570,283 3,021,995 7,900 Entergy Corp. 695,616 882,616

74,700 NRG Energy Inc.* 2,675,600 2,982,541 60,300 Suez SA 2,819,893 4,057,395

152,200 Terna SpA 652,314 664,731 196,600 TransAlta Corp.* 5,783,717 6,277,438

6,900 Wartsila OYJ* 451,187 476,915 27,616,146 28,032,866

TELECOMMUNICATION SERVICES (1.4%) 165,500 China Mobile (Hong Kong) Ltd. 1,586,906 2,525,291 105,964 France Telecom SA 3,426,073 3,657,721

6,000 Mobile Telesystems OJSC, ADR 556,401 466,314 24,900 NII Holdings Inc., Class B 1,623,572 810,423 1,000 NTT DoCoMo Inc.* 1,720,049 1,544,154

157,300 Royal KPN NV* 2,380,453 2,727,628 85,600 SBA Communications Corp.* 2,807,337 2,619,099

532,680 Singapore Telecommunications Ltd. 989,850 1,549,123 106,700 Telefonica SA 1,912,805 3,145,355 535,000 Vodafone Group 1,997,177 1,643,438

19,000,623 20,688,546PRIVATE PLACEMENTS (0.1%)

152,300 Mag Silver Corp., Private Placement 2,360,650 1,979,900 57,852 Metrophotonics Inc., Private Placement - 1 45,000 Tellamon Photonic Networks Inc. (USD),

Private Placement 526 462 2,361,176 1,980,363

WARRANTS (0.1%) 62,800 Detour Gold Corp., Special Warrants 1,023,640 1,099,000

100,350 Metallica Resources Inc.,Purchase Warrants (21Dec09) - 241,747

901,200 Sikanni Services Ltd., Warrants (30Sep08) - 69,92451,250 Skye Resources Inc., Warrants (15Jan09) - 7,944

1,023,640 1,418,615


Total Investments (96.9%) 1,288,497,173 1,403,453,322

Other Assets (net) (3.1%) 42,941,222

Total Net Assets (100.0%) 1,446,394,544

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2008





– 159 –

Synergy Canadian Corporate Class Financial Statements








A SharesF SharesI SharesInsight Shares










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



1,403,453 1,497,23446,864 45,349

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

1,358 2,4813,352 5,2702,315 2,534

1,457,342 1,552,868

- -- -4 4- -- -

7,732 5,9212,737 3,272

- -- -

474 37410,947 9,571

1,446,395 1,543,297

1,288,497 1,264,818- -

820,756 921,53730,754 29,279

586,407 580,7138,478 11,768

14.78 15.228.60 8.77

12.21 12.2916.23 16.53

55,542,925 60,542,6313,575,285 3,339,146

48,010,934 47,248,613522,371 711,772

23,329 20,4995,111 4,963

424 443- -- -

(1,056) (806)27,808 25,099

18,239 18,3851,866 1,887

18 29100 117

1,157 1,26521,380 21,6836,428 3,416

- -6,428 3,416

87,593 101,308(1,365) (391)(5,397) -

- -

(116,214) 51,961(35,383) 152,878(28,955) 156,294

(23,740) 90,413(602) 2,911

(4,496) 61,686(117) 1,284

(0.42) 1.39(0.17) 0.89(0.10) 1.37(0.18) 1.67


2008 2007


2008 2007

– 160 –













Insight SharesNet assets, beginning of yearSection 3855 transitional adjustment Adjusted Net assets, beginning of year Capital transactions








11,768 12,135(9)

11,759

2,925 4,011- -

(6,089) (5,662)- -

(3,164) (1,651)

- -- -- -- -

(117) 1,2848,478 11,768

1,543,297 1,520,963(1,246)

1,542,051

205,307 239,366- -

(270,108) (355,239)(1,900) (18,087)

(66,701) (133,960)

- -- -- -- -

(28,955) 156,2941,446,395 1,543,297

921,537 967,889(745)

920,792

81,275 95,912- -

(155,662) (214,074)(1,909) (18,603)

(76,296) (136,765)

- -- -- -- -

(23,740) 90,413820,756 921,537

29,279 26,844(23)

29,256

10,226 9,294- -

(8,565) (10,289)439 519

2,100 (476)

- -- -- -- -

(602) 2,91130,754 29,279

580,713 514,095(469)

580,244

110,881 130,149- -

(99,792) (125,214)(430) (3)

10,659 4,932

- -- -- -- -

(4,496) 61,686586,407 580,713

Synergy Canadian Corporate Class Financial Statements



2008 2007



2008 2007





Insight SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested distributions (Note 6)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of year

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

60,542,631 70,415,3455,280,692 6,850,812

- -(10,125,342) (15,308,147)

(155,056) (1,415,379)55,542,925 60,542,631

3,339,146 3,426,2661,150,865 1,131,080

- -(962,748) (1,279,382)

48,022 61,1823,575,285 3,339,146

47,248,613 47,411,9288,745,369 11,484,836

- -(7,945,890) (11,647,400)

(37,158) (751)48,010,934 47,248,613

711,772 822,074173,372 261,109

- -(362,773) (371,411)

- -522,371 711,772







Insight SharesNet assets per classSection 3855 adjustment on net assetsNet asset value per class


820,7561,621

822,377

14.780.03

14.81

30,75461

30,815

8.600.028.62

586,4071,158

587,565

12.210.03

12.24

8,47817

8,495

16.230.03

16.26


2008




2008 2007


327,041 174,666347,569 185,984

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007


3,683 3,353359 331

Annual management fee rateA SharesF SharesI SharesInsight Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsight Shares

2.001.00


0.200.20

-0.20


2008


– 163 –

Synergy Canadian Style Management Corporate ClassStatement of Investment Portfolio as at March 31, 2008



FINANCIALS (20.2%) 750 Ackermans & van Haaren NV 47,921 79,830

7,400 Akbank TAS 54,278 31,593 19,460 Alleanza Assicurazioni SpA 266,097 260,020 1,825 Allianz AG, Registered Shares 317,249 370,288

28,600 Altus Group Income Fund 414,363 484,770 2,400 American International Group Inc. 156,565 106,516

21,500 Banco Santander Central Hispano SA 391,164 439,366 44,750 Bangkok Bank PCL, Foreign Registered Shares 139,589 199,860 6,300 Bank of America Corp. 343,248 245,073

72,686 Bank of Montreal 4,488,729 3,338,468 3,100 Bank of New York Mellon Corp. 132,843 132,555

125,616 Bank of Nova Scotia 5,970,712 5,827,326 3,959 Bank of Yokohama Ltd. 27,915 27,469

13 Bank Sarasin & Compagnie AG, Class B 56,282 57,782 31,500 Barclays PLC* 458,911 290,514 79,200 BOC Hong Kong Holdings Ltd. 214,188 194,902 2,200 Brookfield Asset Management Inc., Class A 77,845 60,742

10,700 Canadian Imperial Bank of Commerce 701,601 707,056 17,234 Canadian Western Bank 302,484 440,846 1,315 Capital One Financial Corp.* 110,257 66,311 3,800 CB Richard Ellis Group Inc., Class A 87,430 84,247 7,390 Cheung Kong Holdings Ltd. 91,746 107,693 7,650 Citigroup Inc. 376,367 167,482

68,000 Coastal Energy Co. 248,044 248,880 5,800 Commerzbank AG 198,919 185,074 2,100 Corp. Financiera Alba, SA 148,365 141,234 7,075 Countrywide Financial Corp.* 191,117 39,577 6,880 Credit Saison Co. Ltd. 250,126 196,186 5,500 Credit Suisse Group 372,665 287,036

24,200 DBS Group Holdings Ltd. 358,382 324,459 3,640 Duff & Phelps Corp. 65,191 67,063 2,400 Education Realty Trust Inc. 34,841 30,964 2,620 Everest Re Group Ltd. 277,733 240,331

37,128 Experian Group Ltd. 280,367 276,809 6,100 Federated Investors Inc., Class B 239,632 244,556

183,000 First Financial Holding Co., Ltd. 134,522 196,874 1,800 Flushing Financial Corp. 27,267 32,442 4,350 Freddie Mac 131,920 113,050

14,989 Gluskin Sheff & Associates Inc. 280,566 299,031 725 Goldman Sachs Group Inc. 140,039 122,768

2,165 Guardian Capital Group Ltd., Class A 24,236 20,892 15,400 Home Capital Group Inc. 581,848 541,310 25,000 Hutchison Whampoa Ltd. 274,706 242,000 11,240 Hyundai Marine & Fire Insurance Co. 278,339 243,467 15,400 IGM Financial Inc.* 658,333 692,692 14,300 Industrial Alliance Insurance

and Financial Services Inc. 579,643 538,538 10,533 ING Groep NV* 416,160 404,721 43,471 Joyo Bank Ltd. 290,734 224,648 19,830 JP Morgan Chase & Co. 919,514 873,775 2,236 Julius Baer Holding Ltd. 104,392 169,032

13,400 Kerry Properties Ltd. 104,176 82,528 4,770 Kookmin Bank, ADR 397,292 274,416

135,800 Manulife Financial Corp. 4,716,450 5,327,434 3,739 Marfin Popular Bank Public Company Ltd. 29,522 31,266

FINANCIALS (20.2%) (cont’d)19,600 Mediolanum SpA* 150,325 122,925 11,310 Meritz Fire & Marine Insurance Co. Ltd. 134,754 105,612 1,300 Merrill Lynch & Co. Inc. 69,566 54,147 5,400 MetLife Inc. 349,387 333,994

29 Mid REIT Inc. 182,580 114,937 170,300 Midland Holdings Ltd. 239,842 172,711 15,560 Mitsubishi UFJ Financial Group Inc. 153,775 136,313 37,708 Mitsui Sumitomo Insurance Co. Ltd. 377,514 382,357 17,000 Mitsui Trust Holdings, Inc. 133,732 105,177

61 Mizuho Financial Group Inc.* 460,017 228,576 23 New City Residence Investment Corp. 154,237 72,452 30 Nippon Commerical Invesment 180,953 116,429 27 Nippon Residential Investment Corp. 177,121 95,336

49,020 Nipponkoa Insurance Co. Ltd. 482,519 380,995 6,500 Nomura Holdings Inc.* 118,909 99,232

34,300 Nordea Bank AB (SEK) 399,848 570,038 2,600 Plum Creek Timber Co. Inc., REIT 115,217 108,614 2,300 PNC Financial Services Group Inc.* 175,390 154,792

93,796 Power Corp. of Canada 2,924,236 3,188,126 16,851 Power Financial Corp. 560,283 591,470 6,010 Protective Life Corp. 308,135 250,139

12,632 Prudential PLC 164,488 171,116 27,000 Public Bank BHD, Foreign Shares 96,931 93,575 3,200 Reinsurance Group of America Inc. 192,159 178,938

121,090 Royal Bank of Canada* 5,566,382 5,797,789 1,480 Signature Bank* 46,945 38,736

60 St. Galler Kantonalbank 24,719 28,817 5,100 Standard Chartered PLC 170,235 178,896

200 State Bank of India Ltd., GDR 17,857 17,757 3,000 State Street Corp. 206,793 243,226

44,544 Sumitomo Trust & Banking Co. Ltd. 407,238 313,191 4,600 Sun Hung Kai Properties Ltd. 57,448 72,980

104,243 Sun Life Financial Inc.† 5,155,821 4,996,367 3,000 Suruga Bank Ltd. 41,149 38,727 5,400 T. Rowe Price Group Inc. 296,545 277,072 1,500 Topdanmark AS* 228,613 257,512 6,550 Torchmark Corp. 418,426 403,576

111,820 Toronto-Dominion Bank* 7,206,466 7,055,842 17,700 TSX Group Inc. 729,681 686,229 1,100 UMB Financial Corp.* 43,095 46,426

20,400 UniCredito Italiano SpA 202,360 139,678 5,200 US Bancorp 174,401 172,447 1,150 Wachovia Corp. 41,504 31,870 4,300 Waddell & Reed Financial Inc. 129,109 141,718 6,800 Wilshire Bancorp Inc. 61,312 53,323

57,510,842 55,253,942 ENERGY (19.9%)

8,368 Acergy SA 196,020 185,128 1,350 Acergy SA, ADR 26,906 29,445

30,900 Addax Petroleum Corp. 820,599 1,256,394 13,101 AltaGas Income Trust 357,474 315,865 1,169 Apache Corp. 92,407 144,787

49,000 Baytex Energy Trust* 1,046,621 1,114,750 4,327 BG Group PLC 95,413 102,510

28,800 Birchcliff Energy Ltd. 146,315 280,800



– 164 –

Synergy Canadian Style Management Corporate Class Statement of Investment Portfolio as at March 31, 2008



ENERGY (19.9%) (cont’d)770 Bourbon SA 32,993 47,643

6,844 BP PLC, ADR 513,405 426,047 2,683 Cairn Energy PLC 102,159 154,888 4,600 Cal Dive International, Inc. 54,391 48,867

27,375 Canadian Natural Resources Ltd. 1,480,306 1,922,272 46,995 Canadian Oil Sands Trust 1,101,686 1,949,353 6,100 Chevron Corp. 470,379 533,565

182,100 CNOOC Ltd. 167,610 275,217 150 Compagnie Generale de Geophysique-Veritas 35,136 38,330

30,700 Connacher Oil and Gas Ltd.* 121,829 95,170 5,400 Crew Energy Inc. 73,328 72,306

37,000 Day4 Energy Inc. 268,250 170,200 4,700 Devon Energy Corp. 343,688 503,151

16,421 Duvernay Oil Corp. 612,767 718,255 50,000 EarthFirst Canada Inc. 112,500 95,000

900 EDF Energies Nouvelles SA 63,019 56,358 115,014 EnCana Corp. 6,693,073 8,981,443 11,730 Eni SpA 385,384 411,366 5,400 Ensign Energy Services Inc. 91,956 107,352 1,000 Expro International Group PLC 16,047 23,772

66,300 First Calgary Petroleums Ltd.* 210,986 186,966 22,300 Galleon Energy Inc., Class A* 385,325 329,594 10,700 Iberdrola Renovables 83,806 76,297 72,044 Imperial Oil Ltd. 2,844,837 3,873,085

8 Inpex Holdings Inc. 82,838 90,590 23,200 Inter Pipeline Fund LP 215,760 221,096 24,786 Iteration Energy Ltd. 190,661 148,964 11,400 JKX Oil & Gas PLC 91,184 102,120 16,300 John Wood Group PLC 138,090 134,475 31,800 Maire Tecnimont SpA 152,089 162,850 5,600 Marathon Oil Corp. 349,435 262,101 1,500 Modec, Inc.* 59,324 49,876

91,600 Nexen Inc. 2,875,172 2,788,304 16,800 Niko Resources Ltd. 1,159,699 1,395,744 8,020 Noble Energy Inc. 453,963 599,269

18,300 NuVista Energy Ltd.* 259,120 288,774 3,400 OAO Gazprom, ADR 184,793 177,629

29,300 OPTI Canada Inc.* 533,593 506,011 46,000 Pan Orient Energy Corp. 440,133 529,000 4,200 Petrobank Energy and Resources Ltd.* 219,509 195,300

66,654 Petro-Canada 3,010,341 2,977,434 2,500 PetroChina Co. Ltd., ADR 286,936 321,545 5,300 Petrofac Ltd. 48,886 60,567 1,900 Petroleo Brasileiro SA, ADR 183,753 198,994 6,100 Petroleum Geo-Services ASA 86,363 154,626

10,100 Petrominerales Ltd.* 206,258 142,511 4,400 Phoenix Technology Income Fund 37,990 46,948

60,600 Precision Drilling Trust 1,483,964 1,439,250 21,300 ProEx Energy Ltd. 293,892 350,172 95,127 ProspEx Resources Ltd. 317,532 325,334 8,800 Royal Dutch Shell PLC, Class A * 370,694 311,607

114,400 Saxon Energy Services Inc. 610,982 685,256 1,200 SBM Offshore NV 52,064 39,730

450 SEACOR Holdings Inc.* 37,728 39,389 15,200 ShawCor Ltd., Class A, Sub-Voting Shares 379,898 425,144 25,000 Singapore Petroleum Co. Ltd. 137,171 125,834 4,312 Statoil ASA 120,800 132,641

ENERGY (19.9%) (cont’d)44,900 Suncor Energy Inc. 4,032,865 4,440,610

111,700 Talisman Energy Inc. 2,137,243 2,029,589 15,710 Total SA 1,227,028 1,196,848 92,976 TransCanada Corp.* 3,505,903 3,677,201 2,698 Transocean Inc. 282,925 373,984

65,767 Trican Well Service Ltd.* 1,336,578 1,402,152 25,683 TriStar Oil and Gas Ltd. 350,622 368,808 53,900 UTS Energy Corp. 251,882 279,202 4,115 Warren Resources Inc.* 55,471 49,966 9,150 Wellstream holdings PLC 236,559 242,678 2,000 XTO Energy Inc. 119,462 126,534

45,000 Xtreme Coil Drilling Corp. 472,785 326,700 48,126,553 54,469,533

MATERIALS (12.1%) 15,900 Agnico-Eagle Mines Ltd.* 488,264 1,106,958 22,500 Agrium Inc. 1,155,338 1,434,150 4,000 Air Water Inc. 44,950 39,242

14,600 Alamos Gold Inc. 96,224 87,308 3,500 Albemarle Corp. 109,601 131,194

13,000 Alcoa Inc. 485,463 480,488 2,825 AngloGold Ashanti Ltd., ADR 113,949 98,470 5,550 Aquarius Platinum Ltd. 32,439 84,283 6,400 Armtec Infrastructure Income Fund 117,470 147,200 1,600 Asahi Pretec Corp.* 40,133 43,730 3,000 Aurizon Mines Ltd.* 11,980 14,520

45,760 Barrick Gold Corp. 1,520,696 2,050,506 3,200 BASF AG 310,868 441,733 7,414 Bayer AG 558,242 609,523 3,300 BHP Billiton Ltd.* 113,790 110,843

16,900 Canam Manac Group Inc., Class A 121,680 183,872 82,466 Cascades Inc. 786,405 644,884 15,968 CCL Industries Inc., Class B 447,824 474,888 1,900 Celanese Corp. 85,874 76,154

402,400 Centamin Egypt Ltd. 395,139 567,384 7,900 Cia Vale do Rio Doce, ADR 277,327 280,556 8,200 Croda International PLC 98,796 110,745

30,600 Detour Gold Corp.* 337,628 535,500 46,668 Eldorado Gold Corp. 249,038 328,543

135,100 Equinox Minerals Ltd. 449,196 655,235 15,000 First Quantum Minerals Ltd. 1,314,556 1,248,450

970 Foundation Coal Holdings Inc. 40,176 50,069 8,600 Franco-Nevada Corp.* 129,357 173,290 3,000 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 206,676 296,157 10,960 Gammon Gold Inc.* 123,200 84,392 53,700 Gerdau Ameristeel Corp. 788,294 781,335 7,600 Gold Fields Ltd., ADR* 112,344 107,649

66,800 Goldcorp Inc. 2,107,873 2,659,308 1,150 Goldcorp Inc. (USD) 42,772 45,727

920 Hercules Inc.* 17,477 17,243 18,920 HudBay Minerals Inc.* 170,898 308,018 1,400 International Forest Products Ltd., Class A 11,275 8,050

22,400 Jaguar Mining Inc.* 179,185 241,472 49,800 Kinross Gold Corp. 791,628 1,135,938 1,500 Lafarge SA 221,029 267,348 3,333 Lonmin PLC 250,522 208,164

200 Lonza Group AG, Registered Shares* 20,230 27,200



– 165 –

MATERIALS (12.1%) (cont’d)7,800 Mag Silver Corp. 91,004 101,400 1,200 Major Drilling Group International Inc. 65,866 63,900 3,733 Massey Energy Co. 133,328 139,737

50,172 Methanex Corp. 1,103,198 1,347,118 1,862 Methanex Corp. (USD) 43,115 49,805 7,700 Minefinders Corp.* 95,727 96,096

300 MMX Mineracao e Metalicos SA 158,520 165,019 2,300 Monsanto Co. 187,117 262,087

97,840 Nan Ya Plastics Corp. 160,969 247,860 18,400 North American Palladium Ltd.* 74,336 103,224 21,700 NOVA Chemicals Corp. 745,227 531,650

250 Nucor Corp. 14,654 17,362 4,200 Owens-Illinois Inc. 182,362 243,220

101,100 Paladin Resources Ltd. 588,429 464,049 20,700 Potash Corp. of Saskatchewan 2,102,877 3,296,889 3,700 Praxair Inc. 229,645 319,233 1,919 Rio Tinto PLC 103,148 204,561

500 Salzgitter AG 87,682 88,849 860 Schweitzer-Mauduit International Inc. 18,981 20,426

1,200 Sensient Technologies Corp.* 33,290 36,261 3,200 SGL Carbon AG 170,056 207,020

75,340 Sherritt International Corp.,Restricted Voting Shares 1,070,325 1,092,430

17,200 Sherwood Copper Corp.* 108,042 86,000 1,800 Silgan Holdings Inc.* 99,352 91,434 4,100 Silver Standard Resources Inc.* 163,946 127,387

42,700 Silver Wheaton Corp.* 643,036 679,784 9,100 Silvercorp Metals Inc. 92,562 74,529 3,300 Sino Gold Ltd.* 20,878 23,029 7,000 Steel Dynamics Inc. 187,942 237,386 6,925 Stillwater Mining Co.* 122,448 109,745 7,059 streetTRACKS Gold Trust 412,644 652,371

950 Syngenta AG* 245,085 285,447 32,048 Teck Cominco Ltd., Class B 928,913 1,348,900 9,900 Thompson Creek Metals Co. Inc.* 101,097 185,427

37,200 UEX Corp. 229,790 150,660 750 Umicore 24,715 39,952 460 Vallourec SA 117,697 114,616

6,176 Xstrata PLC 353,691 443,596 63,647 Yamana Gold Inc. 872,936 955,978 18,000 Zijin Mining Group Co. Ltd. 14,145 17,661

27,174,581 33,119,817 INDUSTRIALS (10.9%)

6,900 ABB Ltd. 180,384 189,961 9,300 Absolute Software Corp.* 124,850 118,482 5,700 Aecon Group Inc. 96,696 100,662 3,800 Aggreko PLC 44,796 49,966

84,700 Allen-Vanguard Corp. 725,208 285,439 1,000 Alliant Techsystems Inc.* 94,245 106,119 1,744 Alstom 221,696 387,006 2,400 American Ecology Corp. 52,944 62,274 5,100 Ametek Inc. 220,529 229,539

200 Bacou-Dalloz 27,280 23,602 4,150 Balfour Beatty PLC 36,559 39,796

250 Bilfinger Berger AG 22,164 22,032 4,200 Bird Construction Income Fund 101,062 149,100

INDUSTRIALS (10.9%) (cont’d)162,500 Bombardier Inc., Class B, Sub-Voting Shares* 943,920 887,250

1,250 Boskalis Westminster CVA 38,321 73,595 3,600 Burlington Northern Santa Fe Corp. 287,810 340,756

86,200 CAE Inc. 823,797 999,920 82,795 Canadian National Railway Co.* 4,000,141 4,118,223 87,000 Celestica Inc.* 600,658 595,950

400 CFE (CIE Francois D'enter) 23,355 39,555 10,200 Cobham PLC 38,406 41,452 13,800 Corrections Corp. of America 244,614 389,518 1,408 Daiseki Co. Ltd.* 26,797 43,266

10,623 Daiwa House Industry Co. Ltd. 165,568 107,498 90,650 Dalian Port (PDA) Co. Ltd. 69,605 51,287 1,550 DRS Technologies Inc. 89,558 92,591

320,100 Eastern Platinum Ltd. 781,992 1,024,320 3,800 Expeditors International Washington Inc. 170,254 175,709

109,352 Finning International Inc. 2,357,149 3,175,582 1,400 FLSmidth & Co. A/S 108,707 141,621

500 Flughafen Wien AG 57,352 61,817 3,250 Fresenius Medical Care AG 168,624 167,330 1,500 General Cable Corp. 130,062 90,944

18,810 General Electric Co. 759,267 711,833 550 Hamburger Hafen Und Logistik AG 43,118 42,784

6,978 Henkel KGaA, Preferred, Non-Voting Shares 296,159 330,320 790 Hexcel Corp.* 18,269 15,495

1,650 Homeserve PLC 35,742 64,634 1,900 Honeywell International Inc. 108,468 110,028 3,000 Hong Kong Aircraft Engineering Co. Ltd. 66,205 50,246 1,360 IHS Inc., Class A* 67,968 89,631 1,850 Intertek Group PLC 36,543 38,853

30,600 Itochu Corp.* 288,471 309,022 1,400 Jacobs Engineering Group Inc. 104,817 105,803 4,000 Kansas City Southern* 118,006 164,388 1,210 KBC Groupe NV 145,159 161,030 1,200 Kennametal Inc. 39,066 36,211 3,000 Komatsu Ltd. 73,437 85,237

15,100 Lockerbie & Hole, Inc. 156,931 185,730 2,800 Lockheed Martin Corp. 268,284 285,351 2,000 MAN AG 182,007 272,324

24,774 Martinrea International Inc.* 143,871 186,053 33,500 Marubeni Corp. 202,510 249,334 6,164 Metro AG 392,317 510,853 5,500 MG Technologies AG 124,416 189,139

24,000 Mitsubishi Electric Corp. 236,800 212,723 19,400 Mitsui OSK Lines Ltd.* 223,537 239,453 1,600 Mori Seiki Co. Ltd. 36,466 29,351 1,350 Moshi Moshi Hotline Inc. 31,511 41,831

36,100 Mullen Group Income Fund 664,582 677,236 44,600 Neo Material Technologies Inc.* 154,641 169,926 1,800 Net 1 UEPS Technologies, Inc. 56,038 41,569

19,300 New Flyer Industries Inc. 176,107 218,090 3,000 Nikon Corp. 82,111 81,840

350 Outotec OYJ 19,382 19,115 2,200 Parker-Hannifin Corp., Rights 180,734 156,259 3,700 Polaris Minerals Corp. 47,924 31,043 1,250 Prosegur Cia de Seguridad SA 39,365 53,783 8,600 QBE Insurance Group Ltd.* 152,906 179,158






– 166 –– 166 –

INDUSTRIALS (10.9%) (cont’d)24,200 Quadra Mining Ltd.* 460,962 456,896 13,200 Raytheon Co. 753,792 874,824

121,700 Red Back Mining Inc.* 754,707 849,466 6,850 Republic Services Inc. 201,669 205,582 3,800 Ritchie Bros. Auctioneers Inc. 230,359 320,530

12,871 Russel Metals Inc. 269,611 336,191 7,982 Serco Group PLC 63,506 73,737

163 SGS SA, Registered Shares 197,035 240,546 2,600 Shinko Plantech Co. Ltd. 36,384 34,179 2,703 Siemens AG, Registered Shares 310,383 299,710 3,310 SMC Corp. 395,694 357,440

15,800 SNC-Lavalin Group Inc. 661,437 702,626 8,068 Spice Holdings PLC 54,883 70,875

21,000 Sumitomo Metal Industries Ltd.* 103,627 81,284 1,050 Teleflex Inc. 60,367 51,332

13,200 Toromont Industries Ltd. 315,813 379,368 5,097 Transat AT Inc., Class B 91,763 118,148 2,900 Transfield Services Ltd. 31,918 29,758 3,315 Tyco Electronics Ltd. 127,089 116,570 5,577 Tyco International Ltd. 250,424 252,152 1,850 Ultra Electronics Holdings PLC 40,977 48,651 3,200 Union Pacific Corp. 338,954 411,381 5,700 United Technologies Corp. 399,831 402,162

23,139 Vector Aerospace Corp. 87,928 104,588 700 Vestas Wind Systems A/S 70,552 78,340

2,600 Vinci SA 200,764 192,937 8,400 Volvo AB, Series B 150,247 130,241 5,300 VT Group PLC 67,767 70,932 7,700 Weir Group PLC 121,433 119,364

93,000 Westjet Airlines Ltd.* 1,463,800 1,725,150 3,800 Yamaha Motor Co. Ltd. 108,521 71,430 1,200 YIT OYJ* 28,135 34,927


2,400 Accor SA* 215,688 179,769 2,945 Amazon.com Inc. 162,244 215,522 1,300 Arbitron Inc.* 63,387 57,456 2,400 ASICS Corp.* 35,028 28,314

16,400 Astral Media Inc., Class A, Non-Voting Shares 641,940 636,648 425 Beazer Homes USA Inc.* 35,888 4,118

13,600 Burger King Holdings Inc. 348,632 385,827 25,279 Canadian Tire Corp. Ltd., Class A,

Non-Voting Shares 1,717,987 1,672,459 1,275 Centex Corp.* 91,991 31,683

501 CJ39 Shopping Corp. 38,006 32,452 3,400 Coach Inc. 127,520 105,042 4,500 Cogeco Cable Inc., Sub-Voting Shares 183,289 161,415

20,720 Comcast Corp., Class A 387,788 410,666 50 Comcast Corp., Special Class A 1,127 971

14,700 Compass Group PLC 96,321 96,421 3,913 DaimlerChrysler AG, Registered Shares 386,796 342,307 3,500 Darden Restaurants Inc. 122,722 116,789 5,425 Eastman Kodak Co. 147,103 98,223 4,425 eBay Inc. 205,605 135,392

13,300 Esprit Holdings Ltd. 133,472 162,597 2,350 Expedia Inc.* 62,381 52,703

CONSUMER DISCRETIONARY (8.8%) (cont’d)2,700 Focus Media Holding Ltd., ADR 136,982 97,383

29,286 Forzani Group Ltd., Class A 466,409 510,748 110 Fuji Television Network Inc. 285,284 165,327

4,900 General Motors Corp.* 167,559 95,809 39,000 Gildan Activewear Inc.* 947,190 1,498,380 36,400 Great Canadian Gaming Corp. 535,281 411,684 1,400 Groupo Televisa SA, GDR 33,882 34,803

23,900 Haseko Corp. 93,138 35,921 7,490 IAC/InterActiveCorp.* 242,910 159,290 2,700 Inditex SA 137,358 153,977 7,360 Integrated Distribution Services Group Ltd. 20,526 21,063 2,814 Intralot S.A. Integrated Lottery 44,213 51,714

104,600 Intrinsyc Software International Inc. 109,830 85,772 1,350 JC Penney Co. Inc. 66,752 52,100

45,680 Kingfisher PLC 195,293 122,549 4,100 Kohl's Corp. 191,209 180,112 1,900 Komeri Co. Ltd. 74,274 47,040 9,674 Koninklijke Philips Electronics NV* 363,753 379,867

15,884 Le Chateau Inc. 171,735 197,120 4,265 Liberty Media Corp., Capital Series A 56,625 68,816

22,860 Liberty Media Corp., Entertainment Series A 456,895 523,940 9,700 LKQ Corp. 174,212 223,414 5,100 Lottomatica SpA 179,106 163,482 1,045 LVMH Moet Hennessy Louis Vuitton SA* 125,643 119,206 6,200 Magna International Inc., Class A 545,243 460,474 7,100 McDonald's Corp. 284,350 406,202

44,750 Mediaset SpA 576,805 424,975 63,400 Miranda Technologies Inc. 679,090 475,500 5,320 Multimedia Games Inc. 55,242 29,104 3,077 Net Servicos de Comunicacao SA 47,306 33,671

13,400 News Corp. Inc., Class A 263,690 257,195 3,600 Nishimatsuya Chain Co. Ltd.* 60,345 44,286 1,700 Nitori Co. Ltd.* 78,729 98,527 2,400 Nokian Renkaat OYJ* 93,392 105,014 1,050 Nutri/System Inc.* 29,611 16,166 5,206 OfficeMax Inc. 200,341 102,113 2,700 OPAP SA 100,550 98,538 2,500 Polo Ralph Lauren Corp., Class A 153,716 149,315

736 PPR SA 134,994 111,689 900 Priceline.com Inc.* 75,563 111,646

2,250 Pulte Homes Inc.* 95,281 33,532 74,200 Rogers Communications Inc., Class B 1,890,218 2,735,754

600 Ryland Group Inc.* 39,299 20,255 1,240 Sears Holdings Corp.* 170,942 129,933

35,400 Shaw Communications Inc., Class B 849,625 660,564 6,300 Shuffle Master Inc.* 91,726 34,595

22,000 Thomas Cook Group PLC 118,038 129,851 106,400 Thomson Corp.* 4,322,804 3,668,672

6,075 Time Warner Inc. 123,529 87,420 7,000 Tokai Rika Co. Ltd. 218,304 187,357 3,000 Toyota Boshoku Corp.* 87,837 91,877 9,400 Toyota Motor Corp.* 625,584 478,996 7,200 Tupperware Brands Corp. 244,124 285,331

14,880 Vivendi Universal SA 547,577 596,589 600 Volkswagen AG 115,921 178,913

1,200 Wabco Holdings Inc. 57,027 56,189 5,700 Woongjin Thinkbig Co., Ltd. 152,406 122,876

41,210 WPP Group PLC 506,166 504,516 4,800 Yamaha Corp. 106,927 93,885






– 167 –– 167 –– 167 –

CONSUMER DISCRETIONARY (8.8%) (cont’d)61,785 Yellow Pages Income Fund 922,669 645,035 1,400 Yoshimoto Kogyo Co. 28,740 18,880


14,220 Altria Group Inc. 304,173 323,142 28,951 Cadbury Schweppes PLC 337,058 326,127

270 Carlsberg A/S, Class B 37,317 35,439 4,640 Carrefour SA 328,831 367,179

17,000 China Fishery Group Ltd. 19,989 19,015 12,600 CVS Corp. 433,876 523,254 26,030 Diageo PLC 450,351 538,724 32,802 Empire Co. Ltd., Class A 1,204,514 1,258,613 12,360 George Weston Ltd. 1,051,262 583,639 1,664 Groupe Danone* 130,325 152,739

21,200 Gudang Garam TBK PT 27,360 18,084 2,800 Hansen Natural Corp. 122,936 101,421

12,626 Heineken NV 659,129 752,780 4,500 InBev NV 267,971 405,179 7,350 Jeronimo Martins SGPS SA 50,368 60,093 8,500 Koninklijke Ahold NV 119,361 129,209 8,601 Kraft Foods Inc., Class A 280,265 273,670

11,400 Kroger Co. 286,884 296,502 2,900 KT&G Corp. 202,541 233,232 1,100 Lawson Inc. 40,629 49,825

15,891 Liquor Stores Income Fund 261,267 338,160 25,300 Loblaw Cos. Ltd.* 1,160,499 768,614 3,200 Loews Corp. - Carolina Group 185,257 237,895 4,400 Massmart Holdings Ltd. 52,796 37,198 7,938 Molson Coors Brewing Co., Class B (USD)* 335,197 427,828 2,856 Nestle SA, Registered Shares 1,080,857 1,462,459 1,800 Nutreco Holding NV 112,585 141,594 5,000 PepsiCo Inc. 341,900 370,427

14,220 Phillip Morris International Inc. 689,532 736,192 4,100 Procter & Gamble Co. 295,000 294,492 7,509 Reckitt Benckiser Group PLC 293,989 426,914

34,600 Rothmans Inc. 852,890 902,714 45,588 Saputo Inc. 1,020,125 1,254,582 9,100 Seven & I Holdings Co. Ltd. 345,229 233,260

78,000 Shoppers Drug Mart Corp.* 3,530,722 4,050,540 40,600 Tim Hortons Inc. 1,393,520 1,417,346

107,300 Viterra Inc. 940,117 1,553,704 31,000 William Morrison Supermarkets PLC 167,170 173,215


3,403 Aastra Technologies Ltd.* 113,973 103,417 5,750 Actuate Corp.* 27,972 24,197 4,190 ADC Telecommunications Inc.* 66,185 51,908

27,193 Alcatel-Lucent SA, ADR 366,748 160,208 1,100 Apple Computer Inc. 102,099 162,017 3,095 Arris Group Inc.* 33,791 18,425 9,122 ASML Holding NV 267,252 230,319

85,600 AXIA NetMedia Corp. 344,079 252,520 15,800 Bridgewater Systems Corp. 86,900 41,870 18,240 Brocade Communications Systems Inc. 135,090 136,105 2,625 CA Inc. 75,651 60,541 1,600 Canon Inc. 79,831 75,272

INFORMATION TECHNOLOGY (6.2%) (cont’d)7,400 Capcom Co. Ltd.* 196,919 259,006

132,100 CGI Group Inc. 1,432,543 1,428,001 3,100 Ciena Corp. 85,457 98,032

22,738 Cisco Systems Inc. 551,038 562,452 6,100 Cognizant Technology Solutions Corp. 265,674 180,067

37,400 COM DEV International Ltd. 210,149 140,624 830 Cypress Semiconductor Corp. 15,368 20,088

36,500 Descartes Systems Group Inc. 154,321 130,670 1,480 DTS Inc. 28,250 36,458 1,375 Electronic Arts Inc. 91,296 70,381

350 EVS Broadcast Equipment SA 34,611 38,570 223 Google Inc., Class A 109,678 100,813

4,250 Harmonic Inc.* 37,670 33,153 9,075 Hewlett-Packard Co. 345,299 425,303 3,200 Hoya Corp. 129,565 76,590 1,145 Ibiden Co. Ltd. 75,913 46,087 2,960 International Business Machines Corp. 329,060 349,447 6,900 JA Solar Holdings Co. Ltd. 123,006 131,728 3,500 Konica Minolta Holdings Inc. 48,813 48,605

750 Landauer Inc. 37,292 38,567 168,700 Lenovo Group Ltd. 121,864 111,019

9,500 LG.Philips LCD Co. Ltd. 440,335 437,154 12,400 MEMC Electronic Materials Inc. 676,759 902,242 24,380 Microsoft Corp. 685,892 703,914

400 NHN Corp. 93,630 95,763 1,700 Nintendo Co. Ltd.* 714,237 892,521

10,850 Nokia OYJ 371,897 352,195 1,700 Nokia OYJ, Class A, ADR 54,162 55,435

25,400 Nortel Networks Corp.* 694,006 175,006 490 Nortel Networks Corp. (USD) 17,204 3,365

21,700 Open Text Corp. 677,660 698,957 30,410 Oracle Corp. 574,491 609,586 6,520 Powerwave Technologies Inc.* 55,211 16,864

14,630 QUALCOMM Inc. 691,038 615,214 32,400 Research In Motion Ltd. 1,459,706 3,739,284

170 Samsung Electronics Co. Ltd. 115,468 109,589 1,000 Samsung Electronics Co. Ltd., GDR 333,065 320,493 5,664 SAP AG 316,331 289,047 2,900 Satyam Computer Services Ltd., ADR 73,445 67,151 1,450 Solera Holdings Inc. 28,554 36,254 1,000 Sumco Corp.* 22,447 22,287 1,900 Sybase Inc. 49,343 51,250

1 Taiwan Semiconductor Manufacturing Co. Ltd.,ADR - 11

170,570 Telefonaktiebolaget LM Ericsson, Class B* 580,986 343,292 3,200 Telenet Group Holding NV 83,879 72,602 2,300 Temenos Group AG* 61,142 60,848 2,300 Tessera Technologies Inc.* 81,057 49,103 2,050 Texas Instruments Inc. 72,329 59,483 3,151 THQ Inc.* 84,725 70,473 6,700 VeriSign, Inc.* 237,228 228,587

16,600 Vtech Holdings Ltd. 131,415 82,752 5,175 Yahoo! Inc. 196,011 153,771

15,797,010 16,956,953






– 168 –– 168 –– 168 –– 168 –

HEALTH CARE (3.7%) 21,900 Abbott Laboratories Inc. 1,345,401 1,237,646 3,550 Aetna Inc. 186,361 153,073 1,325 Amgen Inc. 71,802 56,725

14,100 Atrium Innovations Inc. 255,787 221,652 5,300 Baxter International Inc. 298,001 314,209 4,400 Becton Dickinson & Co. 308,805 387,035 1,820 Bio-Reference Labs Inc.* 50,265 49,260

17,530 Boston Scientific Corp. 352,873 231,387 2,173 Bukwang Pharmaceutical Co. Ltd. 89,239 73,193 2,200 Cambrex Corp. 36,835 15,626

35,600 Cardiome Pharma Corp.* 362,856 309,364 11,240 Cooper Cos. Inc.* 562,712 396,171 9,145 Covidien Ltd. 399,773 415,349 2,500 CSL Ltd.* 77,201 86,012 2,200 Daiichi Sankyo Co. Ltd. 65,561 66,584 8,000 Elekta AB, B Shares 141,142 140,624 2,900 Endo Pharmaceuticals Holdings Inc. 91,903 71,169

350 Eurofins Scientific 37,165 35,785 2,900 Fresenius AG 233,341 247,251

24,880 GlaxoSmithKline PLC 724,598 539,757 560 Haemonetics Corp. 32,105 34,251

13,133 HealthSouth Corp.* 309,213 239,130 6,300 Henry Schein Inc.* 332,422 370,778 5,021 ImClone Systems Inc. 191,208 218,665 2,800 Iris International Inc. 34,925 38,108 9,000 Kaken Pharmaceutical Co. Ltd. 65,611 68,190 2,500 KV Pharmaceutical Co., Class A* 71,585 64,022 3,638 Mako Surgical Corp. 35,575 32,598 1,300 Myriad Genetics Inc.* 52,438 53,733

300 Nakanishi Inc. 39,237 30,760 3,000 Nihon Kohden Corp. 71,871 70,413 4,109 Novartis AG, Registered Shares* 271,846 215,928 1,000 Orpea 32,564 62,166

520 Pediatrix Medical Group Inc. 29,878 35,952 6,500 Pfizer Inc. 180,253 139,303 2,050 Rhoen Klinikum AG 56,995 62,291 2,912 Roche Holding AG* 537,909 562,147 2,890 Sanofi-Aventis 276,250 222,466 5,150 Service Corp. International 53,819 53,441 9,400 Smith & Nephew PLC 114,628 127,526 1,450 SonoSite Inc.* 47,260 42,148 2,900 Sonova Holdings AG* 195,135 273,022 1,200 Stada Arzneimittel AG 76,920 89,340

770 Sunrise Senior Living Inc.* 28,949 17,522 3,000 Suzuken Co. Ltd.* 108,645 126,003

250 Synthes Inc. 35,068 35,860 900 Sysmex Corp.* 42,264 33,261

8,830 Takeda Pharmaceutical Co. Ltd. 567,731 451,769 9,900 Thermo Fisher Scientific Inc. 440,740 577,571 3,800 UnitedHealth Group Inc. 260,974 133,976

11,150 Wyeth 570,829 477,115 10,856,468 10,007,327

TELECOMMUNICATION SERVICES (2.9%) 37,200 BCE Inc. 1,415,376 1,292,700 2,100 Bouygues SA* 176,117 136,946

22,500 China Mobile (Hong Kong) Ltd. 215,786 343,318 17,990 Deutsche Telekom AG, Registered Shares 327,223 307,287 12,798 France Telecom SA 416,845 441,768 25,200 Manitoba Telecom Services Inc.* 1,080,120 984,816

700 Mobile Telesystems OJSC, ADR 64,913 54,403 950 NeuStar Inc., Class A 24,685 25,732

3,100 NII Holdings Inc., Class B 196,674 100,896 1,370 NTELOS Holdings Corp. 31,510 33,860

100 NTT DoCoMo Inc. 172,005 154,415 20,600 Qwest Communications International Inc.* 129,545 95,359 18,300 Royal KPN NV* 247,155 317,327 10,400 SBA Communications Corp.* 341,404 318,208

114,880 Singapore Telecommunications Ltd. 209,184 334,090 36,980 Sprint Nextel Corp. 888,272 252,789 2,800 Syniverse Holdings Inc. 45,103 47,879


15,100 Telefonica SA 270,697 445,125 7,300 Telenor ASA 152,719 143,327

22,900 TELUS Corp., Non-Voting Shares 1,149,375 986,990 63,800 Vodafone Group 238,168 195,984 15,155 Vodafone Group PLC, ADR 408,621 459,030

8,735,915 7,815,882 UTILITIES (2.4%)

1,950 ACEA SpA 36,744 39,091 12,050 AES Corp. 224,395 206,176 16,906 Atco Ltd., Class I 697,372 798,808

88 Brookfield Infrastructure Partners LP 1,955 1,526 24,600 Canadian Utilities Ltd., Class A,

Special Shares 1,241,361 1,018,686 25,887 Caribbean Utilities Co. Ltd., Class A 362,259 319,642 42,000 Consumers' Waterheater Income Fund 663,331 550,620 1,800 E.ON AG 286,026 342,113

33,200 Emera Inc.* 691,636 698,196 1,000 Entergy Corp. 85,845 111,724

17,597 Great Lakes Hydro Income Fund 279,093 295,102 2,590 Nalco Holding Co. 58,910 56,225

11,100 Northumbrian Water Group PLC 71,046 78,980 9,100 NRG Energy Inc.* 318,812 363,335 5,150 Pennon Group PLC 68,321 67,875 1,245 RWE AG, Class A 151,128 156,931 6,990 Scottish and Southern Energy PLC 146,110 199,771 7,000 Suez SA 332,970 471,008

18,100 Terna SpA 77,575 79,051 16,500 TransAlta Corp.* 479,407 526,845 4,400 United Utilities PLC 65,711 61,889 2,550 Vectren Corp. 72,039 70,092

800 Wartsila OYJ 52,312 55,294 3,750 Westar Energy Inc.* 92,998 87,565

6,557,356 6,656,545 PRIVATE PLACEMENTS (0.1%)

21,400 Mag Silver Corp., Private Placement 331,700 278,200 75,806 Metrophotonics Inc., Private Placement - 1 70,000 Tellamon Photonic Networks Inc. (USD),

Private Placement 819 718 332,519 278,919






– 169 –– 169 –– 169 –– 169 –– 169 –

WARRANTS (0.1%) 5,500 Detour Gold Corp., Special Warrants 89,650 96,250

25,000 EarthFirst Canada Inc., Warrants (11Dec09) - 5,000 9,350 Metallica Resources Inc.,

Purchase Warrants (21Dec09) - 22,525 87,650 Sikanni Services Ltd., Warrants (30Sep08) - 6,801 4,200 Skye Resources Inc. , Warrants (15Jan09) - 651

89,650 131,227


Total Equities (95.1%) 246,709,283 259,946,026




Other Assets (net) (5.0%) 14,082,308

Total Net Assets (100.0%) 274,004,584



1 (442,000) British Pound 870,740 US $ 1.97 26-Jun-08 A-1+ (390)1 (597,000) European Euro 916,022 US $ 1.57 26-Jun-08 A-1+ (23,360)






– 170 –

Synergy Canadian Style Management Corporate Class Financial Statements




















259,946 332,84314,293 11,133

- 2,700- -- -- -- -- -

191 317992 923525 648

275,947 348,564

- -- -1 1

24 -- -

1,021 945738 1,315

- -- -

158 1111,942 2,372

274,005 346,192

246,709 285,641- -

266,470 337,4676,547 7,818

988 907

10.76 11.418.30 8.715.85 6.06

24,753,730 29,572,885788,483 897,748168,728 149,728

5,491 5,8321,353 1,875

87 113- -- -

(279) (246)6,652 7,574

6,241 7,044632 713

4 247 50

396 4857,320 8,294(668) (720)

- -(668) (720)

19,549 18,739(502) (34)(987) -

- -

(33,684) 11,586(15,624) 30,291(16,292) 29,571

(15,937) 28,777(318) 735(37) 59

(0.59) 0.86(0.37) 0.75(0.23) 0.59


2008 2007


2008 2007


– 171 –

















907 444(1)

906

136 380- -

(7) (1)(10) 25119 404

- -- -- -- -

(37) 59988 907

346,192 388,989(305)

345,887

16,425 21,591- -

(68,861) (89,574)(3,154) (4,385)

(55,590) (72,368)

- -- -- -- -

(16,292) 29,571274,005 346,192

337,467 381,251(297)

337,170

15,401 19,961- -

(66,421) (87,566)(3,743) (4,956)

(54,763) (72,561)

- -- -- -- -

(15,937) 28,777266,470 337,467

7,818 7,294(7)

7,811

888 1,250- -

(2,433) (2,007)599 546(946) (211)

- -- -- -- -

(318) 7356,547 7,818

Synergy Canadian Style Management Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


572 61158 56

– 172 –





2008 2007


43,548 35,42846,282 37,724

Synergy Canadian Style Management Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

29,572,885 36,397,4641,355,575 1,878,263

22 -(5,845,805) (8,241,576)

(328,947) (461,266)24,753,730 29,572,885

897,748 922,520101,513 155,457

- -(279,073) (246,325)

68,295 66,096788,483 897,748

149,728 81,73321,693 63,818

- -(1,090) (109)(1,603) 4,286

168,728 149,728





2.001.00


0.200.20

-


2008







266,470580

267,050

10.760.03

10.79

6,54715

6,562

8.300.028.32

9882

990

5.850.025.87


2008

– 173 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (44.9%) 52,700 Abbott Laboratories Inc. 3,182,355 2,978,263 19,300 Albemarle Corp. 651,814 723,443 54,300 Alcoa Inc. 2,027,584 2,006,962 25,700 Altria Group Inc. 589,710 584,019 27,900 Ametek Inc. 1,206,421 1,255,712 6,300 Apple Computer Inc. 642,104 927,916

34,900 Bank of America Corp. 1,902,833 1,357,628 17,000 Bank of New York Mellon Corp. 728,572 726,916 29,200 Baxter International Inc. 1,673,846 1,731,116 17,000 Becton Dickinson & Co. 1,148,298 1,495,361 75,000 Burger King Holdings Inc. 1,918,172 2,127,725 19,800 Burlington Northern Santa Fe Corp. 1,305,961 1,874,159 21,200 CB Richard Ellis Group Inc., Class A* 370,675 470,009 10,200 Celanese Corp. 461,009 408,825 23,100 Chevron Corp. 1,849,789 2,020,551 17,100 Ciena Corp. 471,392 540,759 61,400 Cisco Systems Inc. 1,623,494 1,518,804 18,700 Coach Inc. 637,028 577,729 38,700 Cognizant Technology Solutions Corp. 1,624,936 1,142,394 76,300 Corrections Corp. of America 1,480,440 2,153,642 70,000 CVS Corp. 2,502,533 2,906,967 19,200 Darden Restaurants Inc. 673,218 640,670 25,900 Devon Energy Corp. 1,763,110 2,772,683 5,400 Entergy Corp. 483,131 603,307

21,000 Expeditors International Washington Inc. 942,256 971,025 33,800 Federated Investors Inc., Class B 1,327,942 1,355,081 16,700 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 1,123,569 1,648,608 9,700 General Cable Corp.* 826,653 588,105

27,200 General Motors Corp.* 930,867 531,839 3,300 Goldman Sachs Group Inc. 636,039 558,806

15,400 Hansen Natural Corp.* 690,216 557,813 27,400 Henry Schein Inc.* 1,466,710 1,612,592 37,900 Hewlett-Packard Co. 1,448,390 1,776,198 10,400 Honeywell International Inc. 593,717 602,258 12,400 International Business Machines Corp. 1,402,677 1,463,900 7,800 Jacobs Engineering Group Inc. 583,684 589,475

53,000 JP Morgan Chase & Co. 2,418,350 2,335,355 17,400 Kansas City Southern* 467,849 715,088 22,600 Kohl's Corp. 1,054,011 992,815 63,100 Kroger Co. 1,618,921 1,641,165 32,200 Liberty Media Corp., Entertainment Series A 785,946 738,008 54,000 LKQ Corp. 971,281 1,243,749 15,600 Lockheed Martin Corp. 1,528,292 1,589,814 17,900 Loews Corp. - Carolina Group 1,095,660 1,330,723 31,100 Marathon Oil Corp. 1,930,178 1,455,598 39,500 McDonald's Corp. 1,667,360 2,259,853 29,900 MEMC Electronic Materials Inc. 1,117,646 2,175,567 29,600 MetLife Inc. 1,915,176 1,830,784 40,600 Microsoft Corp. 1,319,081 1,172,228 11,300 Molson Coors Brewing Co., Class B (USD) 592,023 609,027 13,000 Monsanto Co. 879,704 1,481,361 7,300 Myriad Genetics Inc.* 297,464 301,732

10,100 Net 1 UEPS Technologies, Inc. 314,433 233,249 73,900 News Corp. Inc., Class A 1,517,709 1,418,412 17,000 NII Holdings Inc., Class B 1,152,159 553,301 34,600 Noble Energy Inc. 2,126,022 2,585,376

U.S.A. (44.9%) (cont’d)50,300 NRG Energy Inc.* 1,798,178 2,008,324

112,400 Oracle Corp. 2,344,549 2,253,122 23,300 Owens-Illinois Inc. 1,015,355 1,349,290 12,000 Parker-Hannifin Corp., Rights 985,797 852,322 22,200 PepsiCo Inc. 1,480,744 1,644,698 25,700 Phillip Morris International Inc. 1,336,818 1,330,529 14,300 Plum Creek Timber Co. Inc., REIT 630,983 597,374 12,600 PNC Financial Services Group Inc.* 963,782 847,992 13,900 Polo Ralph Lauren Corp., Class A 854,698 830,194 18,100 Praxair Inc. 1,099,438 1,561,652 5,000 Priceline.com Inc.* 420,655 620,253

13,600 Procter & Gamble Co. 941,730 976,853 45,900 QUALCOMM Inc. 2,115,989 1,930,167 22,400 Raytheon Co. 1,309,193 1,484,551 17,700 Reinsurance Group of America Inc.* 1,070,002 989,752 37,850 Republic Services Inc. 1,150,269 1,135,951 57,700 SBA Communications Corp.* 1,897,946 1,765,444 16,500 State Street Corp. 1,136,986 1,337,742 38,600 Steel Dynamics Inc. 1,036,308 1,309,012 30,100 T. Rowe Price Group Inc. 1,644,265 1,544,422 12,500 Tessera Technologies Inc.* 437,533 266,864 50,300 Thermo Fisher Scientific Inc. 2,415,162 2,934,528 31,700 Tupperware Brands Corp.* 1,071,600 1,256,248 17,600 Union Pacific Corp. 1,899,094 2,262,594 31,700 United Technologies Corp. 2,294,127 2,236,583 28,800 US Bancorp 965,933 955,093 36,900 VeriSign, Inc.* 1,306,418 1,258,936 24,000 Waddell & Reed Financial Inc. 720,608 790,984 11,000 XTO Energy Inc. 656,508 695,940

104,661,078 111,491,879 JAPAN (7.3%)

39,000 Capcom Co. Ltd.* 1,037,819 1,365,032 169,300 Itochu Corp.* 1,609,560 1,709,721 49,000 Kaken Pharmaceutical Co. Ltd. 357,217 371,256

198,900 Marubeni Corp. 1,146,006 1,480,377 98,400 Mitsubishi Electric Corp. 997,994 872,163

102,100 Mitsui OSK Lines Ltd.* 1,176,543 1,260,214 204 Mizuho Financial Group Inc.* 1,580,547 764,418

18,000 Nihon Kohden Corp. 431,228 422,480 8,700 Nintendo Co. Ltd.* 3,115,185 4,567,607

600 NTT DoCoMo Inc.* 1,032,029 926,492 17,000 Suzuken Co. Ltd.* 615,654 714,017 14,400 Takeda Pharmaceutical Co. Ltd. 973,071 736,747 35,000 Tokai Rika Co. Ltd. 1,091,520 936,787 15,600 Toyota Boshoku Corp.* 456,751 477,761 20,000 Toyota Motor Corp.* 1,439,470 1,019,141 23,500 Yamaha Corp. 523,496 459,643

17,584,090 18,083,856 U.K. (6.5%)

178,400 Barclays PLC* 2,712,947 1,645,324 103,000 Chloride Group PLC 326,789 397,598 78,200 Compass Group PLC 512,400 512,933 43,700 Croda International PLC 526,486 590,192 24,000 Icon PLC, ADR 931,202 1,598,473 63,000 JKX Oil & Gas PLC 503,914 564,345 99,300 John Wood Group PLC 841,245 819,223 39,639 Reckitt Benckiser Group PLC 1,673,360 2,253,620



– 174 –

Synergy Global Corporate Class Statement of Investment Portfolio as at March 31, 2008



U.K. (6.5%) (cont’d)10,128 Rio Tinto PLC 513,443 1,079,624 46,500 Royal Dutch Shell PLC, Class A* 1,959,023 1,646,558 23,500 Standard Chartered PLC 784,416 824,326

116,700 Thomas Cook Group PLC 626,132 688,799 338,300 Vodafone Group 1,262,888 1,039,206 40,700 Weir Group PLC 641,860 630,924 34,600 Wellstream holdings PLC 879,733 917,667

164,100 William Morrison Supermarkets PLC 938,783 916,922 15,634,621 16,125,734

SWITZERLAND (5.4%) 36,600 ABB Ltd. 956,819 1,007,621 30,000 Credit Suisse Group 2,110,885 1,565,649 5,000 Nestle SA, Registered Shares 2,133,915 2,560,327

12,200 Roche Holding AG* 2,132,426 2,355,149 500 SGS SA, Registered Shares 614,917 737,870

14,700 Sonova Holdings AG* 966,739 1,383,940 3,700 Syngenta AG 1,010,001 1,111,740

36,400 Xstrata PLC 2,194,808 2,614,459 12,120,510 13,336,755

FRANCE (5.0%) 13,300 Accor SA* 1,195,273 996,218 3,100 Alstom 627,018 687,912

67,557 France Telecom SA 2,157,165 2,331,968 8,000 Lafarge SA 1,247,955 1,425,858

41,600 Suez SA 2,039,543 2,799,131 39,400 Total SA 3,109,031 3,001,643 16,200 Vinci SA 1,250,916 1,202,149

11,626,901 12,444,879 GERMANY (4.8%)

7,800 BASF AG 700,963 1,076,725 28,000 Bayer AG 2,155,358 2,301,948 13,950 DaimlerChrysler AG, Registered Shares 1,425,259 1,220,337 10,700 E.ON AG 1,760,536 2,033,669 14,600 Fresenius Medical Care AG 758,046 751,697 7,400 MAN AG 673,427 1,007,597 2,900 Salzgitter AG 508,557 515,323

18,450 SAP AG 1,056,319 941,546 16,800 SGL Carbon AG 892,720 1,086,857 3,100 Volkswagen AG 598,927 924,383

10,530,112 11,860,082 SOUTH KOREA (2.8%)

11,497 Bukwang Pharmaceutical Co. Ltd. 471,508 387,254 59,520 Hyundai Marine & Fire Insurance Co. 1,473,604 1,289,249 14,400 KT&G Corp. 1,001,010 1,158,115 50,000 LG.Philips LCD Co. Ltd. 2,317,550 2,300,809 59,900 Meritz Fire & Marine Insurance Co. Ltd. 713,572 559,344 2,300 NHN Corp. 538,662 550,639

30,400 Woongjin Thinkbig Co., Ltd. 812,625 655,337 7,328,531 6,900,747

HONG KONG (2.6%) 422,800 BOC Hong Kong Holdings Ltd. 1,144,677 1,040,463 106,500 China Mobile (Hong Kong) Ltd. 1,014,633 1,625,036 774,500 CNOOC Ltd. 787,262 1,170,540 51,100 Esprit Holdings Ltd. 512,814 624,713 71,500 Kerry Properties Ltd. 555,864 440,355

895,000 Lenovo Group Ltd. 646,522 588,984 905,200 Midland Holdings Ltd. 1,272,606 918,018

5,934,378 6,408,109

NETHERLANDS (2.5%) 48,211 ASML Holding NV 1,428,659 1,217,268 17,500 Heineken NV 1,088,286 1,043,375 18,100 ING Groep NV* 732,100 695,477 45,000 Koninklijke Ahold NV 631,912 684,050 9,600 Nutreco Holding NV 600,454 755,168

110,000 Royal KPN NV* 1,653,932 1,907,432 6,135,343 6,302,770

SPAIN (2.2%) 92,700 Banco Santander Central Hispano SA 1,772,008 1,894,381 11,300 Corp. Financiera Alba, SA 797,908 759,975 56,700 Iberdrola Renovables 444,093 404,304 14,400 Inditex SA 783,351 821,210 55,700 Telefonica SA 998,531 1,641,952

4,795,891 5,521,822 BRAZIL (1.3%)

34,400 Cia Vale do Rio Doce, ADR 1,218,378 1,221,661 1,800 MMX Mineracao e Metalicos SA 951,120 990,116

10,000 Petroleo Brasileiro SA, ADR 966,772 1,047,338 3,136,270 3,259,115

FINLAND (1.0%) 38,300 Nokia OYJ 1,148,640 1,243,232 11,900 Nokia OYJ, Class A, ADR 379,135 388,043 12,700 Nokian Renkaat OYJ* 494,199 555,700 4,900 Wartsila OYJ 320,408 338,679

2,342,382 2,525,654 CHINA (1.0%)

10,300 Focus Media Holding Ltd., ADR 562,306 371,497 38,400 JA Solar Holdings Co. Ltd. 679,537 733,095 10,800 PetroChina Co. Ltd., ADR 1,295,909 1,389,075

2,537,752 2,493,667 SINGAPORE (1.0%)

74,400 DBS Group Holdings Ltd. 1,291,018 997,511 133,000 Singapore Petroleum Co. Ltd. 729,636 669,438 283,370 Singapore Telecommunications Ltd. 526,569 824,088

2,547,223 2,491,037 BELGIUM (0.9%)

23,900 InBev NV 1,445,552 2,151,953 1,445,552 2,151,953

DENMARK (0.9%) 4,100 FLSmidth & Co. A/S 270,398 414,747 7,500 Topdanmark AS* 1,143,667 1,287,562 3,900 Vestas Wind Systems A/S 393,075 436,467

1,807,140 2,138,776 ITALY (0.8%)

169,400 Maire Tecnimont SpA 811,523 867,507 100,000 Terna SpA 428,590 436,748 109,100 UniCredito Italiano SpA 1,082,230 747,006

2,322,343 2,051,261 CAYMAN ISLANDS (0.8%)

14,671 Transocean Inc. 1,564,250 2,033,623

AUSTRALIA (0.8%) 30,800 BHP Billiton Ltd.* 1,071,554 1,034,534 45,900 QBE Insurance Group Ltd.* 961,203 956,205

2,032,757 1,990,739



– 175 –

TAIWAN (0.7%) 967,000 First Financial Holding Co., Ltd. 710,801 1,040,314

400 Formosa Plastics Corp. 850 1,239 258,650 Nan Ya Plastics Corp. 429,717 655,243

1,141,368 1,696,796 BERMUDA (0.6%)

18,600 Covidien Ltd. 810,445 844,778 108,300 Vtech Holdings Ltd. 885,573 539,884

1,696,018 1,384,662 RUSSIA (0.4%)

3,800 Mobile Telesystems OJSC, ADR 352,387 295,332 11,800 OAO Gazprom, ADR 703,190 616,476

1,055,577 911,808 SWEDEN (0.3%)

48,300 Nordea Bank AB (SEK)* 485,982 802,707

NORWAY (0.3%) 22,244 Statoil ASA 623,326 684,246

MALAYSIA (0.2%) 143,400 Public Bank BHD, Foreign Shares 514,812 496,985



Other Assets (net) (5.0%) 12,655,903

Total Net Assets (100.0%) 248,245,565

Synergy Global Corporate ClassStatement of Investment Portfolio as at March 31, 2008




– 176 –

Synergy Global Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesA T8 Shares










Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesA T8 Shares



235,590 248,79912,027 30,822

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

495 1,024428 1,467592 610

249,132 282,722

- -- -1 1- -- -

146 625670 580

- -- -

69 52886 1,258

248,246 281,464

221,315 210,575- -

197,678 235,8849,330 10,548

40,499 35,032400 -339 -

4.89 5.585.32 6.00

14.08 15.699.08 -8.97 -

40,391,729 42,264,9691,755,184 1,758,6052,875,447 2,233,347

44,109 -37,801 -

4,966 4,001813 1,068132 123

- -- -

(653) (439)5,258 4,753

4,530 3,900510 438

4 718 33

290 2705,352 4,648

(94) 105- -

(94) 105

(8,983) 17,393(1,208) (270)

(849) -- -

(23,737) 5,407(34,777) 22,530(34,871) 22,635

(28,813) 18,897(1,184) 933(4,828) 2,805

(28) -(18) -

(0.68) 0.52(0.67) 0.62(1.77) 1.75(0.87) -(0.70) -


2008 2007


2008 2007


– 177 –

Synergy Global Corporate Class Financial Statements














235,884 176,307(180)

235,704

35,091 58,721- -

(42,409) (33,423)(1,895) 15,382(9,213) 40,680

- -- -- -- -

(28,813) 18,897197,678 235,884

10,548 5,980(8)

10,540

1,907 4,393- -

(1,929) (1,971)(4) 1,213

(26) 3,635

- -- -- -- -

(1,184) 9339,330 10,548

35,032 10,712(26)

35,006

23,118 22,825- -

(13,100) (1,981)303 671

10,321 21,515

- -- -- -- -

(4,828) 2,80540,499 35,032


2008 2007














- -

436 -- -- -- -

436 -

- -- -

(8) -(8) -

(28) -400 -

- -

225 -- -

(14) -156 -367 -

- -- -

(10) -(10) -(18) -339 -

281,464 192,999(214)

281,250

60,777 85,939- -

(57,452) (37,375)(1,440) 17,2661,885 65,830

- -- -

(18) -(18) -

(34,871) 22,635248,246 281,464


2008 2007







Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

42,264,969 34,595,5656,671,400 11,195,012

- -(8,161,601) (6,481,606)

(383,039) 2,955,99840,391,729 42,264,969

1,758,605 1,103,318338,487 788,608

- -(340,707) (348,878)

(1,201) 215,5571,755,184 1,758,605

2,233,347 766,1271,504,243 1,561,757

- -(882,468) (144,508)

20,325 49,9712,875,447 2,233,347

- -44,109 -

- -- -- -

44,109 -

- -23,724 -

- -(1,565) -15,642 -37,801 -











197,678274

197,952

4.890.014.90

9,33013

9,343

5.32-

5.32

40,49957

40,556

14.080.02

14.10

4001

401

9.080.019.09

3391

340

8.970.018.98


2008




2008 2007


42,176 33,70044,824 35,883

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007


555 52254 52

Annual management fee rateA SharesF SharesI SharesA T5 SharesA T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesA T8 Shares

2.001.00


0.220.22

-0.220.22


2008


– 180 –

Synergy Global Style Management Corporate Class Statement of Investment Portfolio as at March 31, 2008



U.S.A. (36.5%) 10,900 Abbott Laboratories Inc. 668,755 615,997 7,650 Actuate Corp.* 36,121 32,193 5,220 ADC Telecommunications Inc.* 83,398 64,669

11,180 AES Corp. 173,279 191,291 3,335 Aetna Inc. 126,766 143,802 4,000 Albemarle Corp. 126,839 149,936

16,200 Alcoa Inc. 605,226 598,762 1,250 Alliant Techsystems Inc.* 112,724 132,649

18,460 Altria Group Inc. 372,111 419,494 2,640 Amazon.com Inc. 125,338 193,201 3,240 American Ecology Corp. 72,716 84,069 2,210 American International Group Inc. 147,820 98,083 5,800 Ametek Inc. 250,796 261,044 1,225 Amgen Inc. 67,769 52,444 1,547 Apache Corp. 114,229 191,605 1,300 Apple Computer Inc. 132,377 191,475 1,600 Arbitron Inc.* 78,259 70,715 3,850 Arris Group Inc.* 41,952 22,919 7,200 Bank of America Corp. 391,134 280,084 3,500 Bank of New York Mellon Corp. 150,007 149,659 6,100 Baxter International Inc. 344,694 361,637 4,800 Becton Dickinson & Co. 328,144 422,219 2,286 Bio-Reference Labs Inc.* 62,964 61,873

25,510 Boston Scientific Corp. 504,459 336,719 25,110 Brocade Communications Systems Inc. 185,971 187,369 15,500 Burger King Holdings Inc. 397,221 439,730 4,100 Burlington Northern Santa Fe Corp. 273,298 388,084 2,400 CA Inc. 72,630 55,352 5,800 Cal Dive International, Inc. 68,842 61,615 2,750 Cambrex Corp. 47,900 19,532 1,215 Capital One Financial Corp.* 100,420 61,269 4,400 CB Richard Ellis Group Inc., Class A* 59,946 97,549 2,100 Celanese Corp. 94,914 84,170 1,225 Centex Corp.* 85,982 30,440 7,900 Chevron Corp. 614,896 691,011 3,500 Ciena Corp. 96,484 110,682

25,893 Cisco Systems Inc. 636,149 640,495 9,125 Citigroup Inc. 487,756 199,774 3,900 Coach Inc. 123,998 120,489 6,300 Cognizant Technology Solutions Corp. 270,949 185,971

27,730 Comcast Corp., Class A 517,888 549,602 15,050 Cooper Cos. Inc.* 757,068 530,460 15,900 Corrections Corp. of America 294,939 448,793 6,925 Countrywide Financial Corp. 210,799 38,738

14,500 CVS Corp. 522,540 602,157 1,030 Cypress Semiconductor Corp. 19,222 24,929 4,000 Darden Restaurants Inc. 140,254 133,473 5,400 Devon Energy Corp. 358,026 578,088 1,950 DRS Technologies Inc. 101,811 116,486 1,800 DTS Inc. 39,893 44,340 4,520 Duff & Phelps Corp. 80,843 83,276 4,975 Eastman Kodak Co. 174,419 90,076 4,050 eBay Inc. 190,911 123,918 3,150 Education Realty Trust Inc. 45,770 40,641 1,260 Electronic Arts Inc. 81,544 64,495 3,650 Endo Pharmaceuticals Holdings Inc. 108,555 89,575 1,100 Entergy Corp. 94,393 122,896

U.S.A. (36.5%) (cont’d)2,350 Expedia Inc.* 62,855 52,703 4,400 Expeditors International Washington Inc. 197,186 203,453 7,000 Federated Investors Inc., Class B 274,983 280,638 2,300 Flushing Financial Corp. 34,809 41,454 1,230 Foundation Coal Holdings Inc. 51,600 63,490 3,975 Freddie Mac 121,751 103,304 3,500 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 215,420 345,517 2,000 General Cable Corp.* 173,398 121,259

24,642 General Electric Co. 1,003,518 932,535 5,500 General Motors Corp.* 188,279 107,541

820 Goldman Sachs Group Inc. 158,209 138,855 204 Google Inc., Class A 47,971 92,224 730 Haemonetics Corp. 41,811 44,649

3,200 Hansen Natural Corp. 140,574 115,909 5,300 Harmonic Inc.* 47,054 41,343

16,783 HealthSouth Corp.* 530,062 305,590 6,900 Henry Schein Inc.* 363,534 406,091 1,150 Hercules Inc.* 21,881 21,553 9,900 Hewlett-Packard Co. 362,195 463,967 1,050 Hexcel Corp.* 24,295 20,595 2,200 Honeywell International Inc. 125,594 127,401 9,590 IAC/InterActiveCorp.* 288,751 203,950 1,710 IHS Inc., Class A* 83,980 112,698 6,873 ImClone Systems Inc. 362,015 299,320 3,295 International Business Machines Corp. 366,185 388,996 3,500 Iris International Inc. 43,351 47,635 1,600 Jacobs Engineering Group Inc. 119,717 120,918 1,225 JC Penney Co. Inc. 61,949 47,276

23,580 JP Morgan Chase & Co. 1,121,140 1,039,013 4,300 Kansas City Southern* 111,545 176,717 1,500 Kennametal Inc. 49,013 45,264 4,700 Kohl's Corp. 219,243 206,470

10,454 Kraft Foods Inc., Class A 315,153 332,629 13,000 Kroger Co. 330,400 338,116 3,160 KV Pharmaceutical Co., Class A* 90,723 80,923

950 Landauer Inc. 47,271 48,851 5,945 Liberty Media Corp., Capital Series A 86,550 95,923

30,480 Liberty Media Corp., Entertainment Series A 644,701 698,586 11,200 LKQ Corp. 201,322 257,963 3,200 Lockheed Martin Corp. 306,899 326,116 3,700 Loews Corp. - Carolina Group 218,590 275,066 4,539 Mako Surgical Corp. 44,386 40,672 6,500 Marathon Oil Corp. 403,278 304,225 4,944 Massey Energy Co. 180,376 185,068 8,200 McDonald's Corp. 322,358 469,134 6,200 MEMC Electronic Materials Inc. 213,046 451,121 1,225 Merrill Lynch & Co. Inc. 65,476 51,023 6,200 MetLife Inc. 398,526 383,475

32,490 Microsoft Corp. 921,524 938,071 10,670 Molson Coors Brewing Co., Class B (USD)* 438,391 575,073 2,700 Monsanto Co. 181,786 307,667 6,930 Multimedia Games Inc. 71,424 37,912 1,500 Myriad Genetics Inc.* 60,505 62,000 3,220 Nalco Holding Co. 73,002 69,901 2,100 Net 1 UEPS Technologies, Inc. 65,377 48,497 1,150 NeuStar Inc., Class A 29,883 31,150



– 181 –




U.S.A. (36.5%) (cont’d)15,400 News Corp. Inc., Class A 311,982 295,582 3,500 NII Holdings Inc., Class B 221,473 113,915 9,552 Noble Energy Inc. 533,647 713,743

10,500 NRG Energy Inc.* 368,191 419,233 1,730 NTELOS Holdings Corp. 39,928 42,758

250 Nucor Corp. 14,484 17,362 1,350 Nutri/System Inc.* 38,113 20,785 6,969 OfficeMax Inc. 261,841 136,693

36,190 Oracle Corp. 673,810 725,449 4,900 Owens-Illinois Inc. 214,502 283,756 2,500 Parker-Hannifin Corp., Rights 205,379 177,567

690 Pediatrix Medical Group Inc. 39,553 47,705 5,500 PepsiCo Inc. 368,100 407,470

10,000 Pfizer Inc. 323,317 214,312 18,460 Phillip Morris International Inc. 843,542 955,703 3,000 Plum Creek Timber Co. Inc., REIT 132,935 125,323 2,600 PNC Financial Services Group Inc.* 200,355 174,983 2,900 Polo Ralph Lauren Corp., Class A 178,291 173,206 8,220 Powerwave Technologies Inc.* 65,408 21,261 4,000 Praxair Inc. 229,748 345,116 1,000 Priceline.com Inc.* 84,097 124,051 5,400 Procter & Gamble Co. 392,734 387,868 8,480 Protective Life Corp. 430,277 352,942 2,050 Pulte Homes Inc.* 93,748 30,552

17,620 QUALCOMM Inc. 792,054 740,949 22,400 Qwest Communications International Inc.* 92,983 103,691 4,500 Raytheon Co. 261,344 298,236 3,700 Reinsurance Group of America Inc. 223,144 206,897 7,900 Republic Services Inc. 231,339 237,094

450 Ryland Group Inc.* 32,265 15,191 12,000 SBA Communications Corp.* 392,674 367,163 1,120 Schweitzer-Mauduit International Inc. 24,495 26,601

550 SEACOR Holdings Inc.* 40,126 48,142 1,135 Sears Holdings Corp.* 180,098 118,931 1,480 Sensient Technologies Corp.* 40,836 44,721 6,420 Service Corp. International 67,846 66,620 7,850 Shuffle Master Inc.* 118,384 43,106 1,910 Signature Bank* 61,912 49,991 2,300 Silgan Holdings Inc.* 127,757 116,832 1,800 Solera Holdings Inc. 35,110 45,006 1,800 SonoSite Inc.* 58,778 52,322

47,440 Sprint Nextel Corp. 1,094,337 324,291 3,400 State Street Corp. 234,608 275,656 8,000 Steel Dynamics Inc. 214,363 271,298 9,149 Stillwater Mining Co.* 165,781 144,990

930 Sunrise Senior Living Inc.* 34,826 21,162 2,400 Sybase Inc. 58,668 64,737 3,500 Syniverse Holdings Inc. 56,246 59,849 6,200 T. Rowe Price Group Inc. 340,172 318,120 1,300 Teleflex Inc. 75,120 63,554 2,600 Tessera Technologies Inc.* 90,867 55,508 1,900 Texas Instruments Inc. 68,108 55,131

10,400 Thermo Fisher Scientific Inc. 469,335 606,741 4,101 THQ Inc.* 107,729 91,720 5,625 Time Warner Inc. 115,814 80,944 8,870 Torchmark Corp. 581,519 546,523 8,450 Tupperware Brands Corp. 286,886 334,867

U.S.A. (36.5%) (cont’d)1,350 UMB Financial Corp.* 53,210 56,977 3,700 Union Pacific Corp. 390,680 475,659 6,600 United Technologies Corp. 465,611 465,661 3,705 UnitedHealth Group Inc. 186,003 130,626 6,000 US Bancorp 201,227 198,978 3,200 Vectren Corp. 90,699 87,958 7,700 VeriSign, Inc.* 272,579 262,705 1,550 Wabco Holdings Inc. 73,654 72,578 1,100 Wachovia Corp. 39,473 30,484 5,000 Waddell & Reed Financial Inc. 150,127 164,788 5,481 Warren Resources Inc.* 76,192 66,552 4,700 Westar Energy Inc.* 116,916 109,748 8,500 Wilshire Bancorp Inc. 76,975 66,654

15,410 Wyeth 815,926 659,403 2,300 XTO Energy Inc. 137,622 145,515 4,425 Yahoo! Inc. 166,725 131,486

41,553,521 40,639,195JAPAN (9.9%)

5,000 Air Water Inc. 56,326 49,053 1,950 Asahi Pretec Corp.* 51,827 53,296 3,200 ASICS Corp.* 46,699 37,751 5,377 Bank of Yokohama Ltd. 37,913 37,308 2,300 Canon Inc. 114,775 108,204 7,500 Capcom Co. Ltd.* 199,581 262,506

10,280 Credit Saison Co. Ltd. 371,347 293,138 3,400 Daiichi Sankyo Co. Ltd. 101,359 102,902 1,848 Daiseki Co. Ltd.* 36,131 56,787

14,273 Daiwa House Industry Co. Ltd. 209,129 144,434 10 Dowa Mining Co. Ltd. 92 61

910 Dowa Mining Co. Ltd., Rights (Bonus Option) - - 151 Fuji Television Network Inc. 395,488 226,949

35,800 Haseko Corp. 109,551 53,807 4,800 Hoya Corp. 192,235 114,885 1,715 Ibiden Co. Ltd. 113,700 69,030

12 Inpex Holdings Inc. 124,965 135,886 32,000 Itochu Corp.* 303,294 323,160 60,072 Joyo Bank Ltd. 403,208 310,438 9,000 Kaken Pharmaceutical Co. Ltd. 65,611 68,190 5,000 Komatsu Ltd. 121,366 142,062 2,900 Komeri Co. Ltd. 96,223 71,798 6,500 Konica Minolta Holdings Inc. 90,636 90,266 1,700 Lawson Inc. 62,708 77,002

34,500 Marubeni Corp. 140,560 256,777 42 Mid REIT Inc. 264,428 166,460

21,900 Mitsubishi Electric Corp. 219,833 194,109 500 Mitsubishi Heavy Industries Ltd.* 2,956 2,188

21,140 Mitsubishi UFJ Financial Group Inc. 208,921 185,197 19,500 Mitsui OSK Lines Ltd.* 225,238 240,687 50,407 Mitsui Sumitomo Insurance Co. Ltd. 504,650 511,124 24,200 Mitsui Trust Holdings, Inc. 191,175 149,723

76 Mizuho Financial Group Inc.* 536,404 284,783 2,000 Modec, Inc.* 79,157 66,502 2,000 Mori Seiki Co. Ltd. 44,672 36,689 1,700 Moshi Moshi Hotline Inc. 39,072 52,676

400 Nakanishi Inc. 47,461 41,013 35 New City Residence Investment Corp. 219,242 110,253

3,000 Nihon Kohden Corp. 71,871 70,413



– 182 –

JAPAN (9.9%) (cont’d)4,000 Nikon Corp. 109,481 109,120 1,900 Nintendo Co. Ltd.* 719,461 997,523

44 Nippon Commerical Invesment 264,313 170,763 37 Nippon Residential Investment Corp. 246,355 130,646

68,570 Nipponkoa Insurance Co. Ltd.* 599,524 532,943 4,661 Nishimatsuya Chain Co. Ltd.* 78,495 57,338 2,600 Nitori Co. Ltd.* 120,799 150,689 9,600 Nomura Holdings Inc.* 175,619 146,559

100 NTT DoCoMo Inc.* 172,005 154,415 12,180 Seven & I Holdings Co. Ltd. 450,222 312,209 3,300 Shinko Plantech Co. Ltd. 46,017 43,381 4,420 SMC Corp. 529,042 477,306 1,300 Sumco Corp.* 29,182 28,973

30,900 Sumitomo Metal Industries Ltd.* 152,133 119,604 60,491 Sumitomo Trust & Banking Co. Ltd. 475,307 425,315 4,000 Suruga Bank Ltd. 54,800 51,636 3,000 Suzuken Co. Ltd.* 108,645 126,003 1,200 Sysmex Corp.* 55,526 44,348

12,860 Takeda Pharmaceutical Co. Ltd. 846,298 657,956 7,000 Tokai Rika Co. Ltd. 218,304 187,357 3,100 Toyota Boshoku Corp.* 90,765 94,940

12,100 Toyota Motor Corp.* 798,556 616,581 5,000 Yamaha Corp. 111,382 97,796 5,600 Yamaha Motor Co. Ltd. 159,891 105,266 1,800 Yoshimoto Kogyo Co. 37,809 24,274

12,749,735 11,060,448U.K. (8.7%)

5,000 Aggreko PLC 58,941 65,745 5,350 Balfour Beatty PLC 48,489 51,303

32,100 Barclays PLC* 470,100 296,048 6,420 BG Group PLC 141,574 152,094 9,308 BP PLC, ADR 663,945 579,433

38,648 Cadbury Schweppes PLC 441,517 435,362 4,076 Cairn Energy PLC 155,542 235,306

12,900 Cobham PLC 46,960 52,424 15,300 Compass Group PLC 100,252 100,356 8,500 Croda International PLC 102,412 114,797

31,460 Diageo PLC 541,464 651,104 50,420 Experian Group Ltd. 381,273 375,908 1,300 Expro International Group PLC 19,970 30,904

33,820 GlaxoSmithKline PLC 964,484 733,705 2,250 Homeserve PLC 63,697 88,137 4,200 Icon PLC, ADR 139,986 279,733 2,300 Intertek Group PLC 45,432 48,304

11,600 JKX Oil & Gas PLC 92,784 103,911 16,700 John Wood Group PLC 141,478 137,775 61,132 Kingfisher PLC 303,252 164,003 4,810 Lonmin PLC 369,434 300,411

14,250 Northumbrian Water Group PLC 89,425 101,394 6,500 Pennon Group PLC 86,245 85,667 7,000 Petrofac Ltd. 64,567 79,994

18,680 Prudential PLC 243,415 253,044 7,669 Reckitt Benckiser Group PLC 283,937 436,010 1,960 Rio Tinto PLC 74,925 208,932 9,000 Royal Dutch Shell PLC, Class A * 379,039 318,689

10,180 Scottish and Southern Energy PLC 195,312 290,940 10,047 Serco Group PLC 80,448 92,814

U.K. (8.7%) (cont’d)14,000 Smith & Nephew PLC 170,826 189,933 10,189 Spice Holdings PLC 69,966 89,507 4,600 Standard Chartered PLC 153,545 161,357

27,600 Thomas Cook Group PLC 148,084 162,904 2,300 Ultra Electronics Holdings PLC 50,690 60,486 5,650 United Utilities PLC 84,328 79,471

65,600 Vodafone Group 244,887 201,513 20,495 Vodafone Group PLC, ADR 554,883 620,774 6,700 VT Group PLC 85,490 89,668 7,900 Weir Group PLC 124,587 122,464

10,050 Wellstream holdings PLC 260,539 266,548 31,500 William Morrison Supermarkets PLC 170,968 176,009 51,750 WPP Group PLC 659,322 633,553

9,568,414 9,718,434 GERMANY (6.3%)

2,495 Allianz AG, Registered Shares 416,753 506,230 3,700 BASF AG 368,506 510,754 8,396 Bayer AG* 626,944 690,256

250 Bilfinger Berger AG 22,164 22,032 8,683 Commerzbank AG 267,783 277,069 4,714 DaimlerChrysler AG, Registered Shares* 461,662 412,378

26,380 Deutsche Telekom AG, Registered Shares 556,242 450,597 1,800 E.ON AG 286,026 342,113 4,150 Fresenius AG 338,359 353,825 3,550 Fresenius Medical Care AG 184,141 182,776

700 Hamburger Hafen Und Logistik AG 54,969 54,452 9,740 Henkel KGaA, Preferred, Non-Voting Shares 379,457 461,066 8,697 Metro AG 579,447 720,780 8,200 GEA Group AG 188,145 281,989 2,550 Rhoen Klinikum AG 73,795 77,484 1,805 RWE AG, Class A 219,139 227,519

600 Salzgitter AG 105,219 106,618 6,634 SAP AG 367,293 338,548 3,900 SGL Carbon AG 207,232 252,306 3,841 Siemens AG, Registered Shares 459,253 425,892 1,550 Stada Arzneimittel AG 99,908 115,397

600 Volkswagen AG* 115,921 178,913 6,378,358 6,988,994

FRANCE (6.0%) 2,500 Accor SA* 224,675 187,259

37,437 Alcatel-Lucent SA, ADR* 515,629 220,561 2,202 Alstom 269,242 488,639

200 Sperian Protection 27,626 23,602 1,055 Bourbon SA 45,977 65,277 3,100 Bouygues SA* 258,507 202,159 6,340 Carrefour SA 449,234 501,705

200 Compagnie Generale de Geophysique-Veritas 46,847 51,107 1,150 EDF Energies Nouvelles SA 80,635 72,012

450 Eurofins Scientific 46,958 46,009 13,071 France Telecom SA 423,460 451,192 2,479 Groupe Danone* 194,135 227,548 1,500 Lafarge SA* 221,029 267,348 1,489 LVMH Moet Hennessy Louis Vuitton SA* 179,432 169,855 1,300 Orpea 43,490 80,815 1,107 PPR SA* 203,152 167,989 3,650 Sanofi-Aventis 352,383 280,969 7,200 Suez SA 328,748 484,465

19,240 Total SA* 1,416,699 1,465,777






– 183 –– 183 –

FRANCE (6.0%) (cont’d)681 Vallourec SA 175,094 169,682

2,600 Vinci SA 200,764 192,937 20,120 Vivendi Universal SA 729,307 806,678

6,433,023 6,623,585 SWITZERLAND (4.9%)

7,100 ABB Ltd. 185,612 195,467 16 Bank Sarasin & Compagnie AG, Class B 69,282 71,117

5,700 Credit Suisse Group 368,419 297,473 3,267 Julius Baer Holding Ltd. 155,804 246,971

300 Lonza Group AG, Registered Shares* 30,346 40,800 3,662 Nestle SA, Registered Shares 1,350,212 1,875,183 6,180 Novartis AG, Registered Shares* 409,907 324,759 3,570 Roche Holding AG* 635,979 689,171

164 SGS SA, Registered Shares 196,903 242,021 3,000 Sonova Holdings AG* 174,305 282,437

85 St. Galler Kantonalbank 34,733 40,824 1,050 Syngenta AG* 271,856 315,494

350 Synthes Inc. 49,095 50,204 3,000 Temenos Group AG* 79,751 79,368

10,470 Xstrata PLC 608,483 752,016 4,620,687 5,503,305

NETHERLANDS (2.7%) 9,333 ASML Holding NV 274,967 235,647 1,600 Boskalis Westminster CVA 46,192 94,202

15,965 Heineken NV 821,425 951,856 13,718 ING Groep NV* 482,888 527,102 8,800 Koninklijke Ahold NV 123,574 133,770

13,983 Koninklijke Philips Electronics NV* 526,615 549,068 1,900 Nutreco Holding NV 118,840 149,460

18,700 Royal KPN NV* 281,440 324,263 1,550 SBM Offshore NV 67,250 51,318

2,743,191 3,016,686 ITALY (2.6%)

2,450 ACEA SpA 46,165 49,114 27,190 Alleanza Assicurazioni SpA 378,181 363,306 16,490 Eni SpA 502,687 578,296 7,600 Lottomatica SpA 266,945 243,620

33,000 Maire Tecnimont SpA 158,218 168,995 60,980 Mediaset SpA 791,679 579,105 29,300 Mediolanum SpA* 224,720 183,760


18,600 Terna SpA 79,718 81,235 20,800 UniCredito Italiano SpA 206,328 142,417

3,422,279 2,848,199 SOUTH KOREA (2.2%)

2,226 Bukwang Pharmaceutical Co. Ltd. 91,416 74,978 759 CJ39 Shopping Corp. 58,033 49,164

11,550 Hyundai Marine & Fire Insurance Co. 286,148 250,182 6,870 Kookmin Bank, ADR 461,980 395,229 2,900 KT&G Corp. 202,576 233,232 9,600 LG.Philips LCD Co. Ltd. 444,970 441,755

11,620 Meritz Fire & Marine Insurance Co. Ltd. 138,457 108,507 400 NHN Corp. 93,633 95,763 253 Samsung Electronics Co. Ltd. 137,701 163,094

1,551 Samsung Electronics Co. Ltd., GDR 460,756 497,085 5,900 Woongjin Thinkbig Co., Ltd. 157,747 127,187

2,533,417 2,436,176

HONG KONG (1.8%) 81,600 BOC Hong Kong Holdings Ltd. 220,758 200,808 10,010 Cheung Kong Holdings Ltd. 115,493 145,874 15,700 China Mobile (Hong Kong) Ltd. 152,839 239,559

172,400 CNOOC Ltd. 185,871 260,557 114,750 Dalian Port (PDA) Co. Ltd. 88,361 64,922 13,100 Esprit Holdings Ltd. 131,465 160,152 3,650 Hong Kong Aircraft Engineering Co. Ltd. 78,973 61,133

36,500 Hutchison Whampoa Ltd. 401,774 353,321 9,420 Integrated Distribution Services Group Ltd. 26,246 26,958

13,800 Kerry Properties Ltd. 107,286 84,992 211,500 Lenovo Group Ltd. 152,781 139,185 176,300 Midland Holdings Ltd. 248,190 178,796

6,400 Sun Hung Kai Properties Ltd. 81,514 101,537 24,000 Zijin Mining Group Co. Ltd. 18,888 23,549

2,010,439 2,041,343 SWEDEN (1.6%)

11,700 Elekta AB, B Shares* 206,408 205,662 51,810 Nordea Bank AB (SEK)* 559,374 861,040

231,110 Telefonaktiebolaget LM Ericsson, Class B* 787,716 465,135 12,300 Volvo AB, Series B 219,961 190,710

1,773,459 1,722,547 BERMUDA (1.4%)

7,200 Aquarius Platinum Ltd. 44,360 109,340 11,592 Covidien Ltd. 526,628 526,487 3,750 Everest Re Group Ltd. 397,135 343,985 4,682 Tyco Electronics Ltd. 197,469 164,640 7,338 Tyco International Ltd. 351,769 331,772

16,900 Vtech Holdings Ltd. 133,796 84,248 1,651,157 1,560,472

SPAIN (1.2%) 24,000 Banco Santander Central Hispano SA 436,911 490,455 2,200 Corp. Financiera Alba, SA 155,333 147,960

11,000 Iberdrola Renovables 86,156 78,436 2,600 Inditex SA 132,271 148,274 1,550 Prosegur Cia de Seguridad SA 48,008 66,691

14,500 Telefonica SA 259,941 427,438 1,118,620 1,359,254

BELGIUM (0.9%) 900 Ackermans & van Haaren NV 57,452 95,796 500 CFE (CIE Francois D'enter) 28,157 49,444 450 EVS Broadcast Equipment SA 44,500 49,590

4,700 InBev NV 263,852 423,187 1,800 KBC Groupe NV 215,814 239,549 4,050 Telenet Group Holding NV 106,332 91,887

750 Umicore 24,089 39,952 740,196 989,405

SINGAPORE (0.8%) 29,700 DBS Group Holdings Ltd. 425,678 398,200 26,000 Singapore Petroleum Co. Ltd. 142,603 130,868

136,700 Singapore Telecommunications Ltd. 247,174 397,547 815,455 926,615

BRAZIL (0.7%) 8,700 Cia Vale do Rio Doce, ADR 304,710 308,967

300 MMX Mineracao e Metalicos SA 158,520 165,019 4,515 Net Servicos de Comunicacao SA 69,412 49,407 2,000 Petroleo Brasileiro SA, ADR 193,354 209,468

725,996 732,861






– 184 –– 184 –– 184 –

FINLAND (0.7%) 13,450 Nokia OYJ 470,949 436,592 1,800 Nokia OYJ, Class A, ADR 57,348 58,696 2,500 Nokian Renkaat OYJ* 97,283 109,390

450 Outotec OYJ 24,920 24,576 800 Wartsila OYJ* 52,312 55,294

1,600 YIT OYJ* 36,381 46,569 739,193 731,117

CHINA (0.6%) 3,100 Focus Media Holding Ltd., ADR 152,866 111,810 8,000 JA Solar Holdings Co. Ltd. 141,320 152,728 2,900 PetroChina Co. Ltd., ADR 275,360 372,992

569,546 637,530 DENMARK (0.5%)

320 Carlsberg A/S, Class B* 44,228 42,002 1,550 FLSmidth & Co. A/S 123,117 156,795 1,600 Topdanmark AS* 244,055 274,680

800 Vestas Wind Systems A/S 80,631 89,532 492,031 563,009

CANADA (0.5%) 4,000 Aurizon Mines Ltd.* 15,973 19,360 3,200 Brookfield Asset Management Inc., Class A 113,245 88,352

128 Brookfield Infrastructure Partners LP 2,843 2,220 19,900 Eastern Platinum Ltd. 52,607 63,680 14,960 Gammon Gold Inc.* 170,703 115,192 2,400 Gildan Activewear Inc.* 97,761 92,208 1,400 Goldcorp Inc. (USD) 51,620 55,668 2,367 Methanex Corp. (USD) 57,216 63,312 4,700 Polaris Minerals Corp. 61,298 39,433 1,470 Yamana Gold Inc. 21,383 22,079

644,649 561,504 NORWAY (0.5%)

8,550 Petroleum Geo-Services ASA 120,438 216,730 4,311 Statoil ASA 120,800 132,610

10,700 Telenor ASA 224,021 210,081 465,259 559,421

AUSTRALIA (0.5%) 3,400 BHP Billiton Ltd.* 117,238 114,202 3,800 CSL Ltd.* 117,318 130,738 9,000 QBE Insurance Group Ltd.* 162,047 187,491 4,200 Sino Gold Ltd.* 26,451 29,310 3,650 Transfield Services Ltd. 40,193 37,454

463,247 499,195 CAYMAN ISLANDS (0.4%)

22,000 China Fishery Group Ltd. 25,868 24,608 3,018 Transocean Inc. 315,752 418,341

341,620 442,949 SOUTH AFRICA (0.3%)

3,730 AngloGold Ashanti Ltd., ADR 150,453 130,015 10,400 Gold Fields Ltd., ADR* 153,734 147,309 6,400 Massmart Holdings Ltd. 76,860 54,106

381,047 331,430 TAIWAN (0.3%)

188,000 First Financial Holding Co., Ltd. 138,177 202,253 50,050 Nan Ya Plastics Corp. 82,987 126,793

1 Taiwan Semiconductor Manufacturing Co. Ltd., ADR - 11

221,164 329,057

LUXEMBOURG (0.3%) 11,954 Acergy SA 280,822 264,462 1,650 Acergy SA, ADR 33,975 35,988

314,797 300,450 GREECE (0.3%)

3,560 Intralot S.A. Integrated Lottery 57,416 65,424 4,807 Marfin Popular Bank Public Company Ltd. 36,769 40,197 4,900 OPAP SA 182,531 178,829

276,716 284,450 RUSSIA (0.2%)

700 Mobile Telesystems OJSC, ADR 64,913 54,403 4,000 OAO Gazprom, ADR 213,150 208,975

278,063 263,378 THAILAND (0.2%)

45,720 Bangkok Bank PCL, Foreign Registered Shares 164,536 204,192

INDIA (0.1%) 4,400 Satyam Computer Services Ltd., ADR 111,076 101,884

200 State Bank of India Ltd., GDR 17,857 17,757 128,933 119,641

PORTUGAL (0.1%) 9,300 Jeronimo Martins SGPS SA 63,387 76,036

AUSTRIA (0.1%) 600 Flughafen Wien AG 68,911 74,181

MALAYSIA (0.1%) 5,217 Genting International PLC, Rights (11Apr08) - 860






Total Equities (94.2%) 104,503,738 104,330,877


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (32,369)



Total Net Assets (100.0%) 111,342,604






– 185 –– 185 –– 185 –



1 (543,000) British Pound 1,069,710 US $ 1.97 26-June-08 A-1+ (479)1 (815,000) European Euro 1,250,516 US $ 1.57 26-June-08 A-1+ (31,890)





– 186 –

Synergy Global Style Management Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

104,331 136,8826,791 5,221

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

39 126522 621334 352

112,017 143,202

- -- -- 1

32 -- -

457 229163 162

- -- -

22 12674 404

111,343 142,798

104,504 115,275- -

110,203 141,1191,140 1,679

5.00 6.074.88 5.86

22,031,912 23,251,939233,642 286,567

2,706 2,612254 26377 76

- -- -

(345) (288)2,692 2,663

2,851 2,948280 290

3 110 3

181 2023,325 3,444(633) (781)

- -(633) (781)

(1,017) 8,546(657) (191)(414) -

- -

(21,694) 4,217(23,782) 12,572(24,415) 11,791

(24,151) 11,648(264) 143

(1.07) 0.49(1.00) 0.54


2008 2007


2008 2007

– 187 –













142,798 134,407(118)

142,680

3,613 5,857- -

(9,092) (10,168)(1,443) 911(6,922) (3,400)

- -- -- -- -

(24,415) 11,791111,343 142,798

141,119 133,242(117)

141,002

3,455 5,308- -

(8,774) (9,946)(1,329) 867(6,648) (3,771)

- -- -- -- -

(24,151) 11,648110,203 141,119

1,679 1,165(1)

1,678

158 549- -

(318) (222)(114) 44(274) 371

- -- -- -- -

(264) 1431,140 1,679

Synergy Global Style Management Corporate Class Financial Statements



2008 2007



2008 2007

– 188 –

Synergy Global Style Management Corporate Class Financial Statements – Supplementary Schedules




2008 2007


236 26222 28




2008 2007


16,371 18,91917,398 20,145


2008 2007

23,251,939 23,950,628620,817 930,033

- -(1,599,573) (1,781,024)

(241,271) 152,30222,031,912 23,251,939

286,567 219,19128,596 100,496

- -(60,833) (41,774)(20,688) 8,654233,642 286,567



2.001.00

0.220.22


2008





110,203207

110,410

5.000.015.01

1,1402

1,142

4.880.014.89


2008

– 189 –

CI Global Balanced Corporate Class Statement of Investment Portfolio as at March 31, 2008



U.S.A. (33.6%) 37,500 Abbott Laboratories Inc. 2,047,065 2,119,257 50,600 AES Corp. 808,776 865,770 52,800 Agilent Technologies Inc. 2,008,826 1,613,351 28,688 Allergan Inc. 1,817,044 1,660,128 39,600 American International Group Inc. 2,951,805 1,757,507 24,200 Ameriprise Financial Inc. 1,454,813 1,284,666

190,000 Aphton Corp., Restricted Shares 9,102,159 78 22,000 ArthroCare Corp.* 905,081 753,295 23,600 Biogen Idec Inc. 1,603,129 1,494,318 43,500 Blackbaud Inc. 1,135,137 1,084,509 58,200 Broadcom Corp. 1,525,226 1,149,329 96,300 Brocade Communications Systems Inc. 689,308 718,583 11,600 Carpenter Technology Corp.* 684,083 666,392 17,500 Celgene Corp. 888,939 1,099,273 15,700 Cerner Corp. 874,046 600,264 72,800 Chico's FAS Inc.* 1,176,438 531,272

100,400 Cisco Systems Inc. 2,780,732 2,483,516 BRL 300,000 Citibank NA 15% 07/02/2010 151,912 175,553

27,600 Citrix Systems Inc. 1,113,287 831,445 41,100 Cognizant Technology Solutions Corp. 1,614,281 1,213,241 58,400 Comcast Corp., Class A 1,564,540 1,157,474

6,250,000 Consilient, Inc., Private Placement 7,775,000 64 2,083,333 Consilient, Inc., Warrants, Private Placement - 21

32,100 Continental Airlines Inc., Class B 752,175 633,579 71,900 Corning Inc. 1,707,587 1,771,154 12,400 DaVita Inc. 755,197 607,349 37,900 Dell Inc. 879,070 785,791

137,900 DR Horton Inc. 2,591,687 2,220,769 18,200 eBay Inc. 623,371 556,865 13,900 Electronic Arts Inc. 817,754 711,493

126,500 EMC Corp. 2,687,497 1,858,003 10,700 Estee Lauder Cos. Inc., Class A 443,271 503,217 14,100 Exterran Holdings Inc. 1,136,262 932,590

USD 600,000 Federal Home Loan Bank 3.625% 12/17/2010 631,376 635,916 24,500 Forest Oil Corp. 820,837 1,231,186

NZD 500,000 General Electric Capital Corp.6.75% 09/26/2016 397,200 358,474

2,900 Google Inc., Class A 1,509,546 1,311,025 21,600 Harman International Industries Inc. 1,416,762 963,518 29,500 IAC/InterActiveCorp.* 1,064,224 627,376 11,000 International Business Machines Corp. 1,089,656 1,298,621 44,900 Janus Capital Group Inc. 1,080,053 1,070,562 40,700 JC Penney Co. Inc. 2,041,591 1,570,719 11,200 Johnson & Johnson 822,292 745,724 39,800 Juniper Networks Inc. 1,071,182 1,021,675 43,400 Maxim Integrated Products Inc. 1,083,150 907,396

136,200 Microsoft Corp. 7,313,997 3,932,449 39,700 Network Appliance Inc. 1,058,809 816,998 15,400 Norfolk Southern Corp. 809,495 857,189 33,700 NuVasive Inc.* 897,308 1,191,267 71,400 OfficeMax Inc. 2,590,988 1,400,474 42,000 Omniture Inc. 819,888 998,830

151,800 ON Semiconductor Corp.* 1,027,147 883,428 102,700 Oracle Corp. 2,040,354 2,058,680 16,700 O'Reilly Automotive Inc. 451,616 488,686 14,900 PepsiCo Inc. 1,084,886 1,103,874

U.S.A. (33.6%) (cont’d)20,600 Pharmaceutical Product Development Inc. 756,406 885,503

185,900 PMC-Sierra, Inc.* 1,577,264 1,087,603 22,200 Polo Ralph Lauren Corp., Class A 1,422,780 1,325,921 40,000 Procter & Gamble Co. 2,738,760 2,873,096 22,600 QUALCOMM Inc. 981,601 950,365 38,800 Quanta Services Inc.* 1,017,532 921,136 62,100 SAVVIS Inc.* 1,866,531 1,037,040 32,000 Sepracor Inc.* 729,817 640,145

110,000 Service Corp. International 1,034,910 1,141,458 54,800 SLM Corp. 1,448,282 863,386

NZD 1,100,000 SLM Corp. 6.5% 06/15/2010 759,072 775,008 40,800 St. Jude Medical Inc. 1,899,381 1,806,577 15,500 Starbucks Corp. 337,623 278,570

USD 175,000 STH Peru Copper 7.5% 07/27/2035 212,609 184,207 42,800 Symantec Corp. 846,968 728,357

144,700 Time Warner Telecom Inc., Class A 2,980,301 2,297,603 USD 725,000 United States Treasury Inflation

Indexed Bonds 2.15488% 07/15/2013* 791,152 922,428 USD 725,000 United States Treasury Note/Bond

2.67343% 07/15/2017* 735,056 863,614 USD 500,000 United States Treasury Note/Bond



6.25% 08/15/2023* 302,207 252,671 25,300 UnitedHealth Group Inc. 1,189,730 891,997 25,100 Valero Energy Corp. 1,693,428 1,265,202 56,800 Valueclick Inc.* 1,202,640 1,006,249 26,600 Vertex Pharmaceuticals Inc. 864,361 652,250 56,900 Walgreen Co.* 2,822,226 2,224,536 32,200 Walt Disney Co. 938,142 1,036,119 12,000 WellPoint Inc. 968,620 543,417 14,400 WESCO International Inc. 963,592 537,997 69,600 Xerox Corp. 1,118,856 1,068,703 26,200 Zimmer Holdings Inc. 1,732,845 2,090,019

125,467,166 91,650,132 JAPAN (9.1%)

17,800 Canon Inc. 888,395 837,405 77,520 Credit Saison Co. Ltd.* 2,888,546 2,210,512 25,800 Daiichi Sankyo Co. Ltd. 774,284 780,848 31,000 Don Quijote Co. Ltd.* 843,980 577,616

549,600 Haseko Corp.* 1,509,084 826,036 42,400 Hoya Corp. 1,779,638 1,014,818 13,008 Ibiden Co. Ltd. 862,393 523,584

81 Inpex Holdings Inc. 848,859 917,227 170 Japan Tobacco Inc. 917,712 869,770

4,000 Keyence Corp. 988,073 941,728 24,000 Komatsu Ltd. 593,701 681,898 65,600 Komeri Co. Ltd.* 2,113,886 1,624,120 45,500 Konica Minolta Holdings Inc. 634,604 631,863 11,200 Lawson Inc. 413,049 507,306

190,000 Mitsui Trust Holdings, Inc. 1,508,476 1,175,513 345 Mizuho Financial Group Inc.* 2,086,444 1,292,765

28,000 Nikon Corp.* 752,490 763,841 1,400 Nintendo Co. Ltd. 642,551 735,017

121,607 Nishimatsuya Chain Co. Ltd.* 2,082,360 1,495,980



– 190 –




JAPAN (9.1%) (cont’d)54,350 Nitori Co. Ltd.* 2,407,420 3,149,976

241,000 Sumitomo Metal Industries Ltd.* 1,188,791 932,834 42,700 Toyota Motor Corp.* 2,732,850 2,175,867

29,457,586 24,666,524 GERMANY (7.0%)

19,272 Bayer AG* 1,369,923 1,584,398 9,500 Bayerische Motoren Werke AG* 524,666 538,384

EUR 750,000 Bundesrepublik Deutschland 5% 01/04/2012 1,238,871 1,273,904 54,000 Commerzbank AG 1,545,459 1,723,106 13,756 DaimlerChrysler AG, Registered Shares 1,287,654 1,203,366

EUR 650,000 Deutschland I/L Bond 1.57154% 04/15/2016* 968,404 1,098,541 19,900 Fresenius AG 1,682,286 1,696,657 79,200 Infineon Technologies AG* 1,320,734 568,593 26,999 Metro AG* 1,699,945 2,237,593 52,000 GEA Group AG* 1,177,409 1,788,222 11,488 RWE AG, Class A* 1,395,568 1,448,055 45,823 SAP AG 2,435,473 2,338,454 13,600 Siemens AG, Registered Shares 1,828,550 1,507,977

18,474,942 19,007,250 CANADA (5.0%)

12,760,000 Canada Housing Trust No. 14.05% 03/15/2011 13,015,583 13,041,868

100,000 Canadian Government Bond4.5% 06/01/2015* 104,980 108,284

100,000 Canadian Government Bond 5% 06/01/2014* 101,804 110,595 200,000 Canadian Government Bond

5.75% 06/01/2029* 210,688 251,608 95,000 Canadian Government Bond

5.75% 06/01/2033* 118,370 122,242 13,551,425 13,634,597

U.K. (4.9%) 39,908 BG Group PLC 879,920 945,448 58,100 British Sky Broadcasting PLC 672,631 658,035 25,860 Cairn Energy PLC 987,096 1,492,885 45,700 Diageo PLC 782,984 945,819 82,800 easyJet PLC* 950,260 625,752 38,600 GlaxoSmithKline PLC 1,158,413 837,404

146,300 Kingfisher PLC 368,807 392,490 25,398 Lonmin PLC 2,065,382 1,586,243

116,100 Prudential PLC 1,538,060 1,572,722 86,900 Smith & Nephew PLC 1,127,743 1,178,941

121,400 Tesco PLC 938,748 937,251 GBP 270,000 United Kingdom Gilt 4.75% 09/07/2015* 614,834 572,048 GBP 165,000 United Kingdom Gilt 5% 09/07/2014 343,770 354,997 GBP 565,000 United Kingdom Treasury Note

5% 03/07/2025* 1,288,167 1,209,034 13,716,815 13,309,069

FRANCE (4.7%) 82,400 Alcatel-Lucent SA* 1,118,450 483,402 10,300 Alstom* 899,245 2,285,643 19,100 Bouygues SA* 1,398,585 1,245,558

EUR 425,000 France Government Bond OAT3.4101% 07/25/2012 757,879 836,687

EUR 300,000 France Government Bond OAT 4% 04/25/2009 507,119 487,246 EUR 500,000 France Government Bond OAT 5% 10/25/2016 874,275 866,609

27,630 Groupe Danone* 2,137,601 2,536,160 4,200 L'Oreal SA* 505,549 547,240

FRANCE (4.7%) (cont’d)9,792 LVMH Moet Hennessy Louis Vuitton SA* 1,180,474 1,117,005 6,838 PPR SA* 1,263,062 1,037,679

19,600 Thomson Corp. 314,454 139,760 4,328 Vallourec SA 1,114,276 1,078,388

12,070,969 12,661,377 SWITZERLAND (3.6%)

14,200 Compagnie Financiere Richemont AG 898,713 817,382 20,538 Julius Baer Holding Ltd. 974,034 1,552,581 6,033 Nestle SA, Registered Shares 1,881,821 3,089,290

29,429 Novartis AG, Registered Shares* 1,862,472 1,546,494 7,325 Roche Holding AG* 1,531,881 1,414,055

21,047 Xstrata PLC 1,104,856 1,511,717 8,253,777 9,931,519


527,500 Hutchison Whampoa Ltd. 5,914,081 5,106,210 111,000 Sun Hung Kai Properties Ltd. 1,346,550 1,761,038

8,077,397 7,843,624 SOUTH KOREA (2.8%)

7,250 Hyundai Motor Co. 626,000 592,095 30,800 Kookmin Bank, ADR 2,809,745 1,771,914 16,700 Samsung Electronics Co. Ltd., GDR 4,542,613 5,352,234

7,978,358 7,716,243 NETHERLANDS (1.5%)

71,261 Koninklijke Philips Electronics NV* 3,139,722 2,798,195 EUR 750,000 Netherlands Government Bond

3% 01/15/2010 1,222,776 1,202,071 4,362,498 4,000,266

ITALY (1.3%) 121,799 Intesa Sanpaolo SpA 917,586 876,887 48,000 Lottomatica SpA* 1,673,177 1,538,651

187,600 Mediolanum SpA* 1,173,314 1,176,566 3,764,077 3,592,104

BRAZIL (1.1%) 28,500 Cia Vale do Rio Doce, ADR 960,581 1,012,132

BRL 3,950 Nota Do Tesouro Nacional 10% 01/01/2017 2,142,434 2,009,082 3,103,015 3,021,214

SWEDEN (1.1%) 74,600 Elekta AB, B Shares* 1,316,085 1,311,318

208,100 Telefonaktiebolaget LM Ericsson, Class B* 828,268 418,825 78,400 Volvo AB, Series B 1,400,344 1,215,585

3,544,697 2,945,728 MEXICO (1.0%)

28,500 Groupo Televisa SA, GDR 690,178 708,492 MXN 190,000 Mexico Government Bond 9% 12/20/2012 2,115,060 1,950,672 USD 108,000 Mexico Government International Bond

6.375% 01/16/2013 162,858 121,770 2,968,096 2,780,934

NORWAY (1.0%) 54,300 Petroleum Geo-Services ASA* 748,540 1,376,425 68,400 Telenor ASA 1,429,765 1,342,950

2,178,305 2,719,375 LUXEMBOURG (1.0%)

76,224 Acergy SA* 1,795,998 1,686,324 EUR 600,000 Germany Government Bond

4.75% 07/04/2028 892,734 1,000,454 2,688,732 2,686,778



– 191 –

RUSSIA (0.9%) RUB 9,200,000 European Investment Bank 6.75% 06/13/2017 382,767 364,753 USD 350,000 Gazprom OAO 9.625% 03/01/2013 488,342 403,821 RUB 8,400,000 Gazprombank 7.25% 02/22/2010 348,246 359,091

24,000 OAO Gazprom, ADR 1,074,366 1,253,849 2,293,721 2,381,514

INDIA (0.8%) 93,400 Satyam Computer Services Ltd., ADR 2,421,371 2,162,729 1,300 State Bank of India Ltd., GDR 115,938 115,419

2,537,309 2,278,148 AUSTRALIA (0.6%)

AUD 1,700,000 New South Wales Treasury Corp.7% 12/01/2010 1,502,308 1,600,596

FINLAND (0.6%) 48,500 Nokia OYJ 1,893,641 1,574,328

BELGIUM (0.6%) 11,416 KBC Groupe NV 1,367,765 1,519,272

BERMUDA (0.5%) 114,800 Marvell Technology Group Ltd. 2,429,659 1,279,640

ISRAEL (0.5%) ILS 3,920,000 Israel Government Bond 7.5% 03/31/2014 1,148,025 1,250,557

GREECE (0.4%) 32,300 OPAP SA 1,202,788 1,178,809

COLOMBIA (0.4%) COP 1,534,000,000 Republic of Colombia 11.75% 03/01/2010 816,255 874,056 COP 193,000,000 Republic of Colombia 9.85% 06/28/2027 106,919 96,594

923,174 970,650 SINGAPORE (0.4%)

100,800 Flextronics International Ltd. 1,189,495 969,430




SPAIN (0.2%) EUR 350,000 Spain Government Bond 5.75% 07/30/2032 681,327 648,203

TURKEY (0.2%) 148,200 Akbank TAS 1,101,343 632,710

POLAND (0.2%) PLN 1,110,000 Poland Government Bond 5.75% 03/24/2010 391,164 507,427

NEW ZEALAND (0.2%) NZD 500,000 Inter-American Development Bank

7.25% 05/24/2012 403,650 398,848

IRAQ (0.1%) USD 500,000 Republic of Iraq 5.8% 01/15/2028 377,797 356,468

PERU (0.1%) PEN 255 Republic of Peru 6.90% 08/12/2037 84,264 95,017




Foreign Currency Forward Contracts (0.3%) (see Schedule A) 789,538

Futures Contracts (-0.1%) (see Schedule B) (46,185)


Other Assets (net) (11.0%) 30,565,793

Total Net Assets (100.0%) 272,560,963

Principal amounts stated in:AUD - Australian Dollar BRL - Brazilian Real COP - Columbian Peso EUR - European Euro GBP - British Pound ILS - Israeli Shekel MXN - Mexican Peso NZD - New Zealand Dollar PEN - Peruvian New Sol PLN - Polish Zloty RUB - Russian Rouble USD - U.S. Dollar






– 192 –

Schedule AForeign Currency Forward Contracts (0.3%)


1 (1,830,609) US $ 2,018,000 Australian $ 0.90 12-June-08 A-1+ (5,129)2 (2,510,000) Australian $ 2,271,801 US $ 0.90 12-June-08 A-1+ 1,123 1 (1,900,000) Brazilian Real 1,098,266 US $ 0.57 20-May-08 A-1+ 25,329 1 (1,150,000) British Pound 2,295,377 US $ 1.97 12-June-08 A-1+ 26,998 1 (9,540,733) US $ 9,530,000 Canadian $ 0.97 12-June-08 A-1+ (276,317)1 (13,324,596) US $ 8,720,000 European Euro 1.57 12-June-08 A-1+ 408,313 1 (6,080,000) Israeli Shekel 1,701,175 US $ 0.28 12-June-08 A-1+ (22,593)1 (23,835,458) US $ 2,428,000,000 Japanese Yen 0.01 12-June-08 A-1+ 636,128 1 (16,400,000) Mexican Peso 1,494,673 US $ 0.09 12-June-08 A-1+ (32,949)1 (163,493) US $ 210,000 New Zealand $ 0.78 12-June-08 A-1+ (478)1 (1,360,000) Euro 10,803,568 Norwegian Krone 0.12 12-June-08 A-1+ (33,232)1 (11,022,800) Norwegian Krone 1,360,000 Euro 0.12 12-June-08 A-1+ (10,818)1 (2,496,390) US $ 2,550,000 Swiss Franc 1.01 12-June-08 A-1+ 73,163

Total Foreign Currency Forward Contracts Value 789,538

Schedule BFutures Contracts (-0.1%)

FairContracts Futures Price Expires Country Cost $ Value $

(55) Eurex DJ Euro Stoxx 50 Index Futures 3,549 20-Jun-08 European (3,165,784) (3,163,297)

(13) S&P 500 Stock Index Futures 1,324 19-Jun-08 United States (4,374,348) (4,416,599)(11) TSE Topix Stock Index Futures 1,215 13-Jun-08 Japan (1,369,990) (1,376,410)

(8,910,121) (8,956,306)Exercise Price (8,910,121)Total Future Contracts Value (46,185)




– 193 –

CI Global Balanced Corporate Class Financial Statements




















241,252 397,54818,143 2,875

- -- -

4,599 2,8616,606 4,871

743 309- -

146 2562,954 1,020

854 1,430275,297 411,170

- -- -1 2- -- -

1,837 2,948898 1,349

- -- -- -

2,736 4,299272,561 406,871

280,130 382,659- -

267,748 401,302660 835

4,153 4,734

12.34 14.357.17 8.25

12.42 14.11

21,703,874 27,962,11392,034 101,125

334,482 335,474

4,032 6,1093,100 2,726

179 194- -- -

(510) (715)6,801 8,314

6,651 8,427734 93011 3874 22

427 5857,897 10,002(1,096) (1,688)

- -(1,096) (1,688)

5,541 39,531(1,399) (687)(1,573) -

- -

(53,055) 476(50,486) 39,320(51,582) 37,632

(50,882) 36,956(110) 97(590) 579

(2.05) 1.14(1.11) 0.74(1.72) 1.39


2008 2007


2008 2007


– 194 –

















4,734 8,374(3)

4,731

597 712- -

(822) (4,931)237 -12 (4,219)

- -- -- -- -

(590) 5794,153 4,734

406,871 493,454(278)

406,593

10,652 15,419- -

(87,251) (129,816)(5,851) (9,818)

(82,450) (124,215)

- -- -- -- -

(51,582) 37,632272,561 406,871

401,302 484,140(274)

401,028

9,945 14,567- -

(86,234) (124,540)(6,109) (9,821)

(82,398) (119,794)

- -- -- -- -

(50,882) 36,956267,748 401,302

835 940(1)

834

110 140- -

(195) (345)21 3(64) (202)

- -- -- -- -

(110) 97660 835

CI Global Balanced Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


870 1,223102 180

– 195 –





2008 2007


56,820 66,47260,386 70,780

CI Global Balanced Corporate Class Financial Statements – Supplementary Schedules


2008 2007

27,962,113 37,091,929749,802 1,082,413

- -(6,540,218) (9,460,123)

(467,823) (752,106)21,703,874 27,962,113

101,125 126,47114,266 19,523

- -(26,071) (45,270)

2,714 40192,034 101,125

335,474 668,02743,899 53,650

- -(62,892) (386,203)18,001 -

334,482 335,474





2.001.00


0.220.22

-


2008







267,748347

268,095

12.340.01

12.35

6601

661

7.170.017.18

4,1536

4,159

12.420.01

12.43


2008

– 196 –

CI International Balanced Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (32.5%) 933 Abbott Laboratories Inc. 50,454 52,727

2,000 AES Corp. 34,938 34,220 1,540 Agilent Technologies Inc. 58,246 47,056

580 Allergan Inc. 36,829 33,564 1,425 American International Group Inc. 96,976 63,244

720 Ameriprise Financial Inc. 42,681 38,221 1,600 Amkor Technology Inc.* 17,607 17,523 1,900 Annaly Mortgage Management Inc., Class A 28,251 29,876

450 Biogen Idec Inc. 30,219 28,493 1,940 Broadcom Corp. 50,134 38,311 3,200 Brocade Communications Systems Inc. 22,951 23,878

530 Celgene Corp. 26,922 33,292 450 Cerner Corp. 25,131 17,205

2,000 Chico's FAS Inc.* 22,608 14,595 2,000 Cisco Systems Inc. 59,080 49,472 1,193 Cognizant Technology Solutions Corp. 47,015 35,216 1,050 Continental Airlines Inc., Class B 24,616 20,725 1,500 Corning Inc. 35,860 36,950 3,300 DR Horton Inc. 66,311 53,144 1,700 El Paso Corp. 27,610 28,982

633 Electronic Arts Inc. 36,377 32,401 2,400 EMC Corp. 50,523 35,251

450 Exterran Holdings Inc. 36,370 29,764 USD 10,000 Fannie Mae 4.75% 12/15/2010 11,663 10,840 USD 10,000 Federal Home Loan Bank 3.625% 12/17/2010 10,523 10,599 USD 20,000 FNMA 4.875% 05/18/2012 21,036 21,969

820 Forest Oil Corp. 28,045 41,207 82 Google Inc., Class A 43,221 37,070

640 Harman International Industries Inc. 43,058 28,549 360 International Business Machines Corp. 35,673 42,500

1,500 Janus Capital Group Inc. 35,999 35,765 1,000 JC Penney Co. Inc. 51,255 38,593 1,300 Juniper Networks Inc. 34,904 33,371 3,200 Microsoft Corp. 116,601 92,392

800 Molson Coors Brewing Co., Class B (USD) 41,240 43,117 500 Norfolk Southern Corp. 25,281 27,831

1,300 OfficeMax Inc. 53,630 25,499 1,500 Oracle Corp. 30,411 30,068

700 Pharmaceutical Product Development Inc. 26,077 30,090 5,100 PMC-Sierra, Inc.* 42,717 29,837

740 Polo Ralph Lauren Corp., Class A 46,593 44,197 900 Procter & Gamble Co. 61,539 64,645

1,300 Quanta Services Inc.* 33,943 30,863 1,060 Sepracor Inc. 24,186 21,205 2,784 Service Corp. International 34,358 28,889 1,700 SLM Corp. 44,085 26,784

NZD 60,000 SLM Corp. 6.5% 06/15/2010 42,361 42,273 1,300 St. Jude Medical Inc. 59,805 57,563 2,700 Time Warner Telecom Inc., Class A 56,112 42,872

USD 40,000 United States Treasury Inflation Indexed Bonds2.15488% 07/15/2013* 43,650 50,893

USD 40,000 United States Treasury Note/Bond 2.67343% 07/15/2017* 40,555 47,648

USD 10,000 United States Treasury Note/Bond 4.25% 08/15/2015* 11,477 11,182

USD 35,000 United States Treasury Note/Bond4.25% 11/15/2013* 46,142 39,202

U.S.A. (32.5%) (cont’d)USD 10,000 United States Treasury Note/Bond

5% 02/15/2011* 13,098 11,197 USD 30,000 United States Treasury Note/Bond


6.25% 08/15/2023* 34,996 30,320 720 UnitedHealth Group Inc. 33,882 25,385 930 Valero Energy Corp. 60,512 46,878

1,600 Vertex Pharmaceuticals Inc.* 50,726 39,233 1,200 Walt Disney Co. 39,155 38,613 2,300 Xerox Corp. 36,101 35,316

330 Zimmer Holdings Inc. 21,816 26,325 2,453,181 2,170,590

GERMANY (7.5%) 417 Bayer AG 28,889 34,283

EUR 57,000 Bundesrepublik Deutschland 5% 01/04/2012 94,667 96,817 1,300 Commerzbank AG 39,871 41,482

315 DaimlerChrysler AG, Registered Shares 29,455 27,556 EUR 40,000 Deutschland I/L Bond 1.57154% 04/15/2016* 59,594 67,603

505 Fresenius AG 41,805 43,056 EUR 12,000 Hypothekenbank In Essen AG

2.75% 02/27/2009 17,731 19,177 420 Metro AG 25,772 34,808

1,300 GEA Group AG 27,974 44,706 247 RWE AG, Class A 30,042 31,134 478 SAP AG 25,091 24,393 317 Siemens AG, Registered Shares 43,080 35,149

463,971 500,164 JAPAN (7.1%)

450 Canon Inc. 22,403 21,170 2,080 Credit Saison Co. Ltd. 73,252 59,312

700 Daiichi Sankyo Co. Ltd. 21,008 21,186 7,100 Haseko Corp. 22,015 10,671

900 Hoya Corp. 36,321 21,541 336 Ibiden Co. Ltd. 22,285 13,524

2 Inpex Holdings Inc. 21,182 22,648 1,000 Komatsu Ltd. 25,483 28,412

600 Komeri Co. Ltd. 19,305 14,855 1,500 Konica Minolta Holdings Inc. 20,935 20,831

350 Lawson Inc. 12,929 15,853 5,300 Mitsui Trust Holdings, Inc. 41,939 32,791

9 Mizuho Financial Group Inc. 56,593 33,724 1,000 Nikon Corp.* 25,893 27,280 1,082 Nishimatsuya Chain Co. Ltd.* 17,958 13,310

580 Nitori Co. Ltd.* 26,228 33,615 6,300 Sumitomo Metal Industries Ltd.* 30,953 24,385 1,100 Toyota Motor Corp. 68,417 56,053

565,099 471,161 CANADA (6.2%)

297,000 Canada Housing Trust No. 14.05% 03/15/2011 302,949 303,561

18,000 Canadian Government Bond 4.5% 06/01/2015* 18,896 19,491 16,000 Canadian Government Bond 5% 06/01/2014* 16,289 17,695 11,000 Canadian Government Bond

5.75% 06/01/2033* 13,728 14,154 500 Goldcorp Inc. (USD) 13,703 19,881

NZD 50,000 Province of Manitoba 6.375% 09/01/2015 39,335 37,169 404,900 411,951



– 197 –

CI International Balanced Corporate Class Statement of Investment Portfolio as at March 31, 2008



FRANCE (5.0%) 311 Alstom 28,362 69,013 400 Bouygues SA* 29,294 26,085

EUR 27,000 France Government Bond OAT3.4101% 07/25/2012 48,148 53,154

EUR 50,000 France Government Bond OAT 5% 10/25/2016 87,354 86,661 250 Groupe Danone* 19,722 22,948 211 LVMH Moet Hennessy Louis Vuitton SA* 25,586 24,069 158 PPR SA 28,972 23,977 99 Vallourec SA 24,214 24,667

291,652 330,574 U.K. (4.2%)

933 BG Group PLC 20,577 22,103 578 Cairn Energy PLC 22,139 33,368 588 Lonmin PLC 48,132 36,724

2,707 Prudential PLC 35,164 36,670 2,000 Smith & Nephew PLC 25,953 27,133

GBP 16,000 United Kingdom Gilt 4.75% 09/07/2015* 35,042 33,899 GBP 11,000 United Kingdom Gilt 5% 09/07/2014* 22,918 23,666 GBP 32,000 United Kingdom Treasury Note 5% 03/07/2025* 72,523 68,476

282,448 282,039 SWITZERLAND (2.6%)

540 Julius Baer Holding Ltd. 25,554 40,822 85 Nestle SA, Registered Shares 35,787 43,526

346 Novartis AG, Registered Shares* 21,816 18,182 167 Roche Holding AG* 34,922 32,239 495 Xstrata PLC 25,000 35,554

143,079 170,323 BRAZIL (2.2%)

540 Cia Vale do Rio Doce, ADR 18,093 19,177 BRL 250 Nota Do Tesouro Nacional 10% 01/01/2017 135,597 127,157

153,690 146,334 HONG KONG (2.1%)

1,800 Cheung Kong Holdings Ltd. 23,138 26,231 7,200 Hutchison Whampoa Ltd. 80,720 69,696 2,900 Sun Hung Kai Properties Ltd. 41,092 46,009

144,950 141,936 MEXICO (2.1%)

620 Groupo Televisa SA, GDR 15,030 15,413 MXN 11,410 Mexico Government Bond 9% 12/20/2012 124,180 117,143 USD 4,000 Mexico Government International Bond

6.375% 01/16/2013 6,236 4,510 145,446 137,066

SOUTH KOREA (2.0%) 190 Hyundai Motor Co. 16,280 15,517 540 Kookmin Bank, ADR 51,172 31,066 270 Samsung Electronics Co. Ltd., GDR 69,472 86,533

136,924 133,116 AUSTRALIA (1.5%)

AUD 104,000 New South Wales Treasury Corp.7% 12/01/2010 93,061 97,919

LUXEMBOURG (1.4%) 1,783 Acergy SA 41,614 39,446

EUR 33,000 Germany Government Bond 4.75% 07/04/2028 49,100 55,025 90,714 94,471

RUSSIA (1.4%) RUB 1,100,000 European Investment Bank 6.75% 06/13/2017 45,766 43,612 USD 20,000 Gazprom OAO 9.625% 03/01/2013 27,905 23,076

450 OAO Gazprom, ADR 20,144 23,510 93,815 90,198

ISRAEL (1.1%) ILS 235,000 Israel Government Bond 7.5% 03/31/2014 68,310 74,970

NETHERLANDS (1.1%) 1,001 Koninklijke Philips Electronics NV* 42,628 39,306

EUR 20,000 Netherlands Government Bond 3% 01/15/2010 31,999 32,055 74,627 71,361

NORWAY (1.0%) 1,250 Petroleum Geo-Services ASA 17,688 31,686 1,650 Telenor ASA 34,572 32,396

52,260 64,082 COLOMBIA (0.9%)

COP 90,000,000 Republic of Colombia 11.75% 03/01/2010 48,208 51,281 COP 12,000,000 Republic of Colombia 9.85% 06/28/2027 6,621 6,006

54,829 57,287 SWEDEN (0.8%)

1,600 Elekta AB, B Shares 28,223 28,125 1,800 Volvo AB, Series B 32,189 27,909

60,412 56,034 INDIA (0.7%)

1,200 Satyam Computer Services Ltd., ADR 30,470 27,787 200 State Bank of India Ltd., GDR 17,857 17,757

48,327 45,544 ITALY (0.6%)

2,233 Intesa Sanpaolo SpA 16,826 16,076 720 Lottomatica SpA 24,903 23,080

41,729 39,156 FINLAND (0.6%)

1,150 Nokia OYJ 44,368 37,329

BERMUDA (0.5%) 3,100 Marvell Technology Group Ltd. 59,468 34,555

BELGIUM (0.5%) 250 KBC Groupe NV 29,801 33,271

SINGAPORE (0.5%) 3,300 Flextronics International Ltd. 38,641 31,737

POLAND (0.4%) PLN 65,000 Poland Government Bond 5.75% 03/24/2010 22,906 29,714

SPAIN (0.4%) EUR 14,000 Spain Government Bond 5.75% 07/30/2032 26,446 25,928

GREECE (0.3%) 520 OPAP SA 19,286 18,978

MALAYSIA (0.2%) 1,340 Genting International PLC, Rights (11Apr08) - 221




– 198 –


NEW ZEALAND (0.2%) NZD 15,000 Inter-American Development Bank

7.25% 05/24/2012 12,110 11,965


PERU (0.1%) PEN 16 Republic of Peru 6.90% 08/12/2037 5,287 5,962




Foreign Currency Forward Contracts (0.5%) (see Schedule A) 35,829

Futures Contracts (-0.1%) (see Schedule B) (1,241)




Principal amounts stated in:AUD - Australian Dollar BRL - Brazilian Real COP - Columbian Peso EUR - European Euro GBP - British Pound ILS - Israeli Shekel MXN - Mexican Peso NZD - New Zealand Dollar PEN - Peruvian New Sol PLN - Polish Zloty RUB - Russian Rouble USD - U.S. Dollar

Schedule AForeign Currency Forward Contracts (0.5%)


1 (28,575) US $ 31,500 Australian $ 0.90 12-June-08 A-1+ (80)2 (90,000) Australian $ 81,459 US $ 0.90 12-June-08 A-1+ 40 1 (110,000) Brazilian Real 63,584 US $ 0.57 20-May-08 A-1+ 1,466 1 (15,000) British Pound 29,940 US $ 1.97 12-June-08 A-1+ 352 1 (210,237) US $ 210,000 Canadian $ 0.97 12-June-08 A-1+ (6,089)1 (588,299) US $ 385,000 European Euro 1.57 12-June-08 A-1+ 18,028 1 (367,000) Israeli Shekel 102,686 US $ 0.28 12-June-08 A-1+ (1,364)1 (873,705) US $ 89,000,000 Japanese Yen 0.01 12-June-08 A-1+ 23,318 1 (600,000) Mexican Peso 54,683 US $ 0.09 12-June-08 A-1+ (1,205)1 (50,000) New Zealand $ 38,927 US $ 0.78 12-June-08 A-1+ 114 1 (50,000) Euro 397,190 Norwegian Krone 0.12 12-June-08 A-1+ (1,222)1 (405,250) Norwegian Krone 50,000 Euro 0.12 12-June-08 A-1+ (398)1 (97,898) US $ 100,000 Swiss Franc 1.01 12-June-08 A-1+ 2,869

Total Foreign Currency Forward Contracts Value 35,829

Schedule BFutures Contracts (-0.1%)

Fair Contracts Futures Price Expires Country Cost $ Value $

(1) Eurex DJ Euro Stoxx 50 Index Futures 3,549 20-June-08 European (57,576) (57,514)

(2) S&P 500 Stock Index Futures 1,324 20-June-08 United States (134,592) (135,895)

(192,168) (193,409)Exercise Price (192,168)Total Future Contracts Value (1,241)

CI International Balanced Corporate ClassStatement of Investment Portfolio as at March 31, 2008




– 199 –

CI International Balanced Corporate Class Financial Statements








A SharesF Shares


A SharesF Shares


A SharesF Shares








A SharesF Shares

5,852 8,223318 1,247

- -- -- -

488 38435 -

- -2 2

56 1134 54

6,785 9,921

- -12 11 -- 3- -

60 2817 79

- -- -

10 7100 118

6,685 9,803

6,157 7,650- -

6,544 9,619141 184

9.55 10.7110.01 11.11

685,043 898,11814,104 16,557

77 115147 127

3 3- -- -

(10) (15)217 230

165 16918 19

- 13 3

11 12197 20420 26

- -20 26

(129) 415(44) 9(33) -

- -

(835) 99(1,041) 523(1,021) 549

(1,001) 541(20) 8

(1.23) 0.65(1.19) 0.76


2008 2007


2008 2007

– 200 –













9,803 8,427(5)

9,798

886 1,832- -

(1,972) (1,487)(1,006) 482(2,092) 827

- -- -- -- -

(1,021) 5496,685 9,803

9,619 8,412(5)

9,614

886 1,668- -

(1,937) (1,484)(1,018) 482(2,069) 666

- -- -- -- -

(1,001) 5416,544 9,619

184 15-

184

- 164- -

(35) (3)12 -(23) 161

- -- -- -- -

(20) 8141 184

CI International Balanced Corporate Class Financial Statements



2008 2007



2008 2007

– 201 –

CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules




2008 2007


19 172 3




2008 2007


842 915895 975


2008 2007

898,118 836,62787,922 163,426

- -(197,219) (148,630)(103,778) 46,695685,043 898,118

16,557 1,483- 15,410- -

(3,618) (337)1,165 1

14,104 16,557



2.001.00

0.220.22


2008





6,5447

6,551

9.550.019.56

141-

141

10.010.02

10.03


2008

– 202 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2008



U.S.A. (20.4%) 135,200 American Eagle Outfitters Inc. 2,928,348 2,429,848 37,500 Anadarko Petroleum Corp. 2,121,699 2,423,328 93,400 Baldor Electric Co. * 3,331,646 2,681,363 55,300 CARBO Ceramics Inc. * 2,717,473 2,275,503

147,000 Cisco Systems Inc. 3,844,407 3,636,224 124,000 Discover Financial Services 2,390,772 2,082,194 80,493 GeoGlobal Resources Inc. * 589,428 228,026 11,300 Laboratory Corp. of America Holdings 739,989 853,056

139,200 Patterson-UTI Energy Inc. 3,591,535 3,737,603 173,300 Ross Stores Inc. 5,003,801 5,325,576 63,300 Starbucks Corp. 1,439,678 1,137,643 68,100 Ultra Petroleum Corp. * 4,068,712 5,410,087 45,000 Unit Corp. 2,450,852 2,614,700

USD 1,550,000 United States Treasury Note/Bond 6.75% 08/15/2026 2,228,223 2,086,967

37,446,563 36,922,118 U.K. (13.6%)

343,300 Diageo PLC 7,039,169 7,105,025 62,100 Rio Tinto PLC 3,870,403 6,619,733

520,000 Royal Bank of Scotland Group PLC 3,956,822 3,569,697 202,000 Travis Perkins PLC 5,985,910 4,402,844

GBP 690,000 United Kingdom Gilt 4.75% 09/07/2015 * 1,568,669 1,461,902 GBP 650,000 United Kingdom Treasury Note

5% 03/07/2025 * 1,564,197 1,390,924 23,985,170 24,550,125

AUSTRALIA (11.1%) AUD 8,400,000 Australia Government Bond

6.25% 04/15/2015 7,496,105 7,947,747 AUD 9,000,000 Australia Government Bond

7.5% 09/15/2009 8,133,924 8,585,341 107,700 BHP Billiton Ltd. * 2,204,756 3,617,511

17,834,785 20,150,599 SWITZERLAND (8.8%)

44,900 Holcim Ltd. 4,519,001 4,839,632 19,500 Nestle SA, Registered Shares * 7,860,395 9,985,274 4,000 Swatch Group AG 1,047,208 1,096,471

13,426,604 15,921,377 FRANCE (8.3%)

32,960 Air Liquide * 4,070,074 5,158,246 43,400 Schneider Electric SA 5,346,340 5,764,535 54,300 Vinci SA 3,268,492 4,029,425

12,684,906 14,952,206 IRELAND (7.1%)

266,500 Allied Irish Banks PLC 6,687,147 5,739,774 181,800 Iaws Group PLC 3,887,528 4,363,365 196,100 Kingspan Group PLC * 2,833,095 2,704,455

13,407,770 12,807,594

JAPAN (2.9%) 112,244 Canon Inc. 5,491,966 5,280,543

NETHERLANDS (1.6%) USD 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 2,960,425

GERMANY (1.6%) EUR 70,000 Germany Government Bond 5% 07/04/2011 124,307 118,319

6,750 Puma AG 2,488,221 2,690,111 2,612,528 2,808,430

BRAZIL (1.3%) 22,300 Petroleo Brasileiro SA, ADR 1,931,216 2,335,563

FINLAND (0.6%) 23,000 Cargotec Corp., Class B 996,906 1,156,970

SOUTH KOREA (0.5%) 6,857 POSCO, ADR 495,734 837,383



Short Term Notes (24.4%) 43,589,860 44,079,930


Foreign Currency Forward Contracts (-2.5%)(see Schedule A) (4,437,486)



Total Net Assets (100.0%) 180,879,449

Principal amounts stated in:AUD - Australian Dollar EUR - European Euro GBP - British Pound USD - U.S. Dollar



– 203 –

Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2008



2 (11,030,000) Australian $ 10,208,093 Canadian $ 0.93 30-Jun-08 A-1+ (25,350)4 (8,668,000) Australian $ 7,871,167 Canadian $ 0.93 30-Apr-08 A-1+ (233,389)2 (984,000) Australian $ 893,773 Canadian $ 0.93 30-May-08 A-1+ (22,723)1 (1,571,000) British Pound 3,046,103 Canadian $ 2.03 30-May-08 A-1+ (142,649)2 (2,387,000) British Pound 4,811,720 Canadian $ 2.03 30-Jun-08 A-1+ (23,928)1 (1,041,552) Canadian $ 521,000 British Pound 2.03 30-Apr-08 A-1+ 17,979 6 (7,245,000) British Pound 14,352,457 Canadian $ 2.03 30-Apr-08 A-1+ (381,323)1 (2,548,764) Canadian $ 1,706,000 European Euro 1.62 30-Apr-08 A-1+ 214,507 2 (5,445,000) European Euro 8,680,722 Canadian $ 1.62 30-Jun-08 A-1+ (121,310)2 (5,509,000) European Euro 8,082,703 Canadian $ 1.62 30-May-08 A-1+ (832,306)4 (8,414,000) European Euro 12,645,120 Canadian $ 1.62 30-Apr-08 A-1+ (983,344)3 (103,669,000) Japanese Yen 967,283 Canadian $ 0.01 30-May-08 A-1+ (105,038)3 (126,288,000) Japanese Yen 1,217,580 Canadian $ 0.01 30-Apr-08 A-1+ (85,713)3 (148,813,000) Japanese Yen 1,536,421 Canadian $ 0.01 30-Jun-08 A-1+ (6,131)1 (182,082) Canadian $ 1,066,000 Swedish Krona 0.17 30-May-08 A-1+ 1,693 1 (1,066,000) Swedish Krona 171,190 Canadian $ 0.17 30-May-08 A-1+ (12,585)7 (2,396,620) Canadian $ 14,200,000 Swedish Krona 0.17 30-Apr-08 A-1+ 54,184 5 (14,200,000) Swedish Krona 2,282,637 Canadian $ 0.17 30-Apr-08 A-1+ (168,166)3 (2,259,000) Swiss Franc 2,073,532 Canadian $ 1.03 30-May-08 A-1+ (264,077)3 (4,931,000) Swiss Franc 5,026,443 Canadian $ 1.04 30-Jun-08 A-1+ (78,499)5 (8,028,000) Swiss Franc 7,477,978 Canadian $ 1.03 30-Apr-08 A-1+ (824,449)5 (23,575,000) US $ 24,019,598 Canadian $ 1.03 30-Apr-08 A-1+ (190,278)4 (5,601,000) US $ 5,603,611 Canadian $ 1.03 30-May-08 A-1+ (152,117)2 (6,673,000) US $ 6,788,896 Canadian $ 1.03 30-Jun-08 A-1+ (72,474)




– 204 –

Harbour Foreign Growth & Income Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares





140,683 76,5501,977 11,259

44,080 29,993- -- -- -- -- -

788 5652,327 -

844 441190,699 118,808

- -- -1 -

4,437 -- -

4,607 9,832614 108

- -- -

161 699,820 10,009

180,879 108,799

133,311 67,941- -

152,409 104,5034,372 3,472

21,825 8241,012 -

263 -840 -58 -

100 -

12.58 13.3413.29 13.9510.30 10.689.18 -9.58 -8.93 -9.31 -8.92 -

12,118,261 7,832,484328,947 248,847

2,118,069 77,157110,196 -27,428 -94,147 -6,215 -

11,182 -


2008 2007


2008 2007


– 205 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares



1,765 8772,573 1,158

41 18- -- -

(265) (140)4,114 1,913

2,719 1,233303 138

3 192 59

173 853,290 1,516

824 397- -

824 397

(5,352) 632(89) (41)

(345) -- -

(5,117) 4,783(10,903) 5,374(10,079) 5,771

(9,081) 5,515(206) 228(715) 28(26) -(6) -

(35) -(2) -(8) -

(0.90) 1.02(0.74) 1.18(0.75) 0.61(0.40) -(0.26) -(0.57) -(0.36) -(0.70) -


2008 2007














104,503 43,688(65)

104,438

70,888 53,501- -

(19,738) (8,241)5,902 10,040

57,052 55,300

- -- -- -- -

(9,081) 5,515152,409 104,503

3,472 1,215(2)

3,470

1,958 2,080- -

(1,023) (645)173 594

1,108 2,029

- -- -- -- -

(206) 2284,372 3,472

824 -(1)

823

22,822 600- -

(1,705) (4)600 200

21,717 796

- -- -- -- -

(715) 2821,825 824


2008 2007

– 206 –

























- -

62 -- -- -- -

62 -

- -- -

(2) -(2) -(2) -58 -

- -

113 -- -

(1) -- -

112 -

- -- -

(4) -(4) -(8) -

100 -

108,799 44,903(68)

108,731

97,970 56,181- -

(22,551) (8,890)6,857 10,834

82,276 58,125

- -- -

(49) -(49) -

(10,079) 5,771180,879 108,799

- -

968 -- -- -

86 -1,054 -

- -- -

(16) -(16) -(26) -

1,012 -

-

275 -- -

(1) -- -

274 -

- -- -

(5) -(5) -(6) -

263 -

- -

884 -- -

(83) -96 -

897 -

- -- -

(22) -(22) -(35) -840 -




2008 2007



2008 2007








Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

7,832,484 3,543,0615,377,643 4,164,935

- -(1,526,022) (651,014)

434,156 775,50212,118,261 7,832,484

248,847 95,243142,031 157,674

- -(74,520) (49,341)12,589 45,271

328,947 248,847

77,157 -2,144,807 58,340

- -(161,724) (331)

57,829 19,1482,118,069 77,157

- -101,333 -

- -(36) -

8,899 -110,196 -

- -27,500 -

- -(72) -

- -27,428 -

- -93,627 -

- -(9,240) -9,760 -

94,147 -



- -6,250 -

- -(35) -

- -6,215 -

- -11,271 -

- -(89) -

- -11,182 -


2008 2007

















2008

152,40921

152,430

12.58-

12.58

4,372-

4,372

13.29-

13.29

21,8253

21,828

10.300.01

10.31

1,012-

1,012

9.18-

9.18

263-

263

9.58-

9.58

8401

841

8.93-

8.93





58-

58

9.31-

9.31

100-

100

8.92-

8.92


2008




2008 2007


30,219 10,16632,116 10,825



2008 2007


220 5821 3

Annual management fee rateA SharesF SharesI SharesA T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares

2.001.00




0.220.22

-0.22

-0.220.22

-


2008


– 210 –

Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2008


14,145,121 Harbour Growth & Income Fund (Class I)* 239,702,167 235,091,909



Total Net Assets (100.0%) 238,265,364

Top 25 holdings of Harbour Growth & Income Fund as at March 31, 2008

Percentage of

Security Name Net Asset Value (%)

Rio Tinto PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0

Suncor Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.6

General Electric Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.2

Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8

Canadian National Railway Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6

Toronto-Dominion Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6

Canadian Imperial Bank of Commerce . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

EnCana Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5

Goldcorp Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4

Royal Bank of Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3

BHP Billiton Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0

Potash Corp. of Saskatchewan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0

Manulife Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9

Cisco Systems Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9

Talisman Energy Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8

Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8

Canadian Government Bond 5.72076% 12/01/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8

Petro-Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6

Barrick Gold Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5

Taiwan Semiconductor Manufacturing Co. Ltd., ADR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4

Thomson Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3

Discover Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3

Canadian Oil Sands Trust . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3

Canadian Government Bond 6% 06/01/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

Canadian Government Bond 5.5% 06/01/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

*The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.The accompanying notes and supplementary schedules are an integral part of these financial statements. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.


– 211 –

Harbour Growth & Income Corporate Class Financial Statements






Net assets per classA SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares

Net assets per share A SharesF SharesI SharesA T5 SharesF T5 SharesI T5 SharesA T8 SharesF T8 SharesI T8 Shares



235,092 33,8232,840 127

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

5,623 644100 -

- -243,655 34,594

- -- -1 -- -- -

4,859 298528 30

- -2 -- -

5,390 328238,265 34,266

239,702 33,759- -

191,554 32,6606,817 9419,283 665

12,250 -43 -

892 -17,261 -

154 -11 -

10.89 10.6610.95 10.6110.53 10.079.52 -9.93 -9.92 -9.32 -9.70 -9.57 -

17,590,847 3,063,202622,453 88,682881,767 66,026

1,287,335 -4,328 -

89,992 -1,852,936 -

15,919 -1,140 -


2008 2007


2008 2007


– 212 –






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)





- -29 4

- -- -

3,506 219- -

3,535 223

2,020 184206 19

1 1- -

123 122,350 2161,185 7

- -1,185 7

12 (8)(14) (2)

- -3,660 857

(4,674) 64(1,016) 911

169 918

13 86528 48

102 522 -

- -- -3 -1 -- -

- 0.830.08 1.090.18 0.080.04 -0.04 -

- -- -

0.10 -(0.10) -


2008 2007

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

A SharesNet assets, beginning of yearCapital transactions




F SharesNet assets, beginning of yearCapital transactions




I SharesNet assets, beginning of yearCapital transactions




32,660 -

148,608 25,801- -

(15,364) (1,554)25,637 7,548

158,881 31,795

- -- -- -- -

13 865191,554 32,660

941 -

6,184 1,407- -

(1,284) (621)948 107

5,848 893

- -- -- -- -

28 486,817 941

665 -

8,658 660- -

(1,571) -1,429 -8,516 660

- -- -- -- -

102 59,283 665


2008 2007

– 213 –

























- -

16,634 -- -

(500) -1,502 -

17,636 -

- -- -

(378) -(378) -

3 -17,261 -

- -

62 -- -

(1) -95 -

156 -

- -- -

(3) -(3) -1 -

154 -

- -

11 -- -- -- -

11 -

- -- -- -- -- -

11 -

- -

11,735 -- -

(170) -823 -

12,388 -

- -- -

(160) -(160) -

22 -12,250 -

- -

49 -- -

(5) -- -

44 -

- -- -

(1) -(1) -- -

43 -

-

900 -- -- -- -

900 -

- -- -

(8) -(8) -- -

892 -




2008 2007



2008 2007

– 214 –

Total FundNet assets, beginning of yearCapital transactions




34,266 -

192,841 27,868- -

(18,895) (2,175)30,434 7,655

204,380 33,348

- -- -

(550) -(550) -169 918

238,265 34,266




2008 2007









Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

3,063,202 -13,597,862 2,480,899

- -(1,413,506) (147,287)2,343,289 729,590

17,590,847 3,063,202

88,682 -565,329 137,462

- -(117,995) (59,119)

86,437 10,339622,453 88,682

66,026 -830,470 66,062

- -(151,507) (36)136,778 -881,767 66,026

- -1,218,906 -

- -(17,924) -86,353 -

1,287,335 -

- -4,860 -

- -(532) -

- -4,328 -

- -90,000 -

- -(8) -- -

89,992 -




- -1,749,491 -

- -(53,410) -156,855 -

1,852,936 -

- -6,250 -

- -(62) -

9,731 -15,919 -

- -1,144 -

- -(4) -- -

1,140 -


2008 2007




2008 2007


- -- -

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2008


– 217 –

Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2008


3,175,322 Signature Global Income & Growth Fund(Class I)* 28,459,415 26,132,903



Total Net Assets (100.0%) 26,261,908

Top 25 holdings of Signature Global Income & Growth Fund as at March 31, 2008

Percentage of


Dow Jones CDX HY , Private Placement 6.75% 06/29/2012 . . . . . . . . . . . . . . . . . . . . . . . . 1.7

Germany Government Bond 4.25% 07/04/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5

United States Treasury Note/Bond 4.5% 05/15/2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4

ING Groep NV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

HSBC Holdings PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

Wachovia Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0

Unibail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Mohegan Tribal Gaming 6.125% 02/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Eaton Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

National Australia Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

UBS AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Atlas Copco AB, Series A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Lincoln National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Nuveen Investments Inc., Senior Notes 5% 09/15/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Barclays PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

American International Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Continental AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Enbridge Energy Management, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Public Service Enterprise Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Banco Itau Holding Financeira SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Wyeth . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

AXA Asia Pacific Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

Komatsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7

BAE Systems PLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7



– 218 –

Signature Global Income & Growth Corporate Class Financial Statements







Net assets per classA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares

Net assets per share A SharesF SharesI SharesA T5 SharesF T5 SharesA T8 Shares












26,133 2,330152 96

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

17 307101 -

- 1726,403 2,750

- -42 -5 -- -- -- 185

53 18- -- -

41 3141 206

26,262 2,544

28,459 2,343- -

22,510 2,4281,724 1161,133 -

250 -39 -

606 -

8.84 9.879.04 9.999.21 -9.74 -9.57 -9.35 -

2,547,646 246,071190,666 11,629123,118 -25,699 -4,064 -

64,796 -

- -12 -

- -- -

296 -- -

308 -

345 139 -

- -38 322 -

444 4(136) (4)

- -(136) (4)

(202) -(2) (1)- -

622 17

(2,313) (14)(1,895) 2(2,031) (2)

(1,811) (2)(118) -(89) -(4) -(1) -(8) -

(1.00) (0.14)(0.85) (0.01)(0.75) -(0.24) -(0.22) -(0.22) -


2008 2007


2008 2007

– 219 –
















2,428 -

20,049 1,886- -

(2,847) (18)4,691 562

21,893 2,430

- -- -- -- -

(1,811) (2)22,510 2,428

116 -

1,926 114- -

(561) -361 2

1,726 116

- -- -- -- -

(118) -1,724 116

- -

1,583 -- -

(590) -229 -

1,222 -

- -- -- -- -

(89) -1,133 -


2008 2007













- -

222 -- -- -

36 -258 -

- -- -

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

250 -

- -

41 -- -- -- -

41 -

- -- -

(1) -(1) -(1) -39 -

- -

639 -- -

(10) -- -

629 -

- -- -

(15) -(15) -(8) -

606 -


2008 2007

– 220 –








2,544 -

24,460 2,000- -

(4,008) (18)5,317 564

25,769 2,546

- -- -

(20) -(20) -

(2,031) (2)26,262 2,544


2008 2007


Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules









2008 2007

246,071 -2,132,114 190,907

- -(313,523) (1,809)482,984 56,973

2,547,646 246,071

11,629 -201,345 11,397

- -(60,897) (1)38,589 233

190,666 11,629

- -160,492 -

- -(61,251) -23,877 -

123,118 -

- -21,992 -

- -- -

3,707 -25,699 -

- -4,064 -

- -- -- -

4,064 -

- -65,868 -

- -(1,037) -

(35) -64,796 -


2008 2007


- -- -



2.001.00


0.220.22

-0.220.220.22


2008

– 222 –

Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2008



FINANCIALS (25.2%) 288,000 Aberdeen Asset Management PLC 873,365 811,358

USD 427,000 Ace Cash Express Inc. 10.25% 10/01/2014 461,032 357,192 27,200 AGF Management Ltd., Class B 681,636 590,240 28,579 Allied Properties REIT* 538,161 552,432

240,000 American Express Canada 4.7% 05/20/2011 237,017 239,417 34,680 Artis REIT 552,506 541,008

107,550 AXA Asia Pacific Holdings Ltd. 547,745 554,834 25,000 Bank of Ireland 3.8% 09/22/2015 24,184 24,550 50,300 Bank of Montreal 2,119,656 2,310,279

USD 700,000 Bank of Montreal Chicago FRN2.91125% 03/12/2009 825,890 718,479

110,200 Bank of Nova Scotia 5,438,830 5,112,178 1,000,000 Bank of Nova Scotia 4.58% 02/15/2011 999,940 1,010,480

250,000 Bank of Nova Scotia 4.99% 03/27/2018 249,955 249,932 62,367 Barclays PLC 585,087 575,190 33,149 BNP Paribas SA 3,824,979 3,431,689 85,000 Boardwalk REIT, Callable 5.31% 01/23/2012 86,006 84,850 5,577 Boston Pizza Royalties Income Fund 88,495 62,853

34,200 Brookfield Properties Corp. 656,676 672,372 4,100 Brookfield Real Estate Services Fund Trust Unit 51,150 47,314

56,319 Calloway REIT* 1,352,228 1,133,701 170,000 Calloway REIT, Callable 4.51% 09/22/2010 167,073 167,141 600,000 Canada Housing Trust No. 1 3.7% 09/15/2008 595,260 602,970 512,000 Canada Housing Trust No. 1

4.05% 03/15/2011 511,533 523,310 1,200,000 Canada Housing Trust No. 1

4.55% 12/15/2012 1,199,964 1,253,964 500,000 Canada Housing Trust No. 1 4.6% 09/15/2011 508,911 520,325 440,000 Canada Housing Trust No. 1

4.65% 09/15/2009 451,242 450,806 360,000 Canada Housing Trust No. 1 4.8% 06/15/2012 359,910 378,958

1,100,000 Canada Housing Trust No. 1,FRN Series 12 3.55714% 09/15/2010 1,105,577 1,103,520

42,450 Canadian Apartment Properties REIT* 709,551 671,134 120,000 Canadian Imperial Bank of Commerce* 9,494,747 7,929,600 525,000 Canadian Imperial Bank of Commerce

4.4% 03/07/2011 524,386 524,627 150,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 151,538 150,051 245,000 Canadian Revolving Auto Floorplan Trust

5.406% 11/15/2010 245,000 246,196 75,000 Canadian Western Bank 6.199% 12/31/2056 75,000 76,739

225,000 Canadian Western Bank 5.07% 03/22/2017 225,000 233,584 44,370 Chartwell Seniors Housing REIT 556,563 408,648 22,700 CI Financial Income Fund† 624,938 489,866

300,000 CIT Group Holdings Inc. 4.72% 02/10/2011 297,250 265,284 100,000 Citigroup Finance Canada Inc.

4.03% 08/04/2009 99,969 99,708 46,080 Cominar REIT 915,577 937,267

175,000 Commerzbank AG FRN 4.5% 12/15/2016 170,073 166,576 60,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 60,679 61,820 USD 173,000 Couche-Tard Finance Corp.,

Callable 7.5% 12/15/2013 203,043 177,123 290,000 Countrywide Financial Corp.

4.69% 06/01/2009 286,642 246,454

FINANCIALS (25.2%) (cont’d)240,000 Credit Agricole SA 3.70857% 10/06/2008 240,000 240,000 11,500 Crombie REIT 125,193 125,350 13,400 Davis & Henderson Income Fund 262,336 229,408 75,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 74,949 75,627 33,050 European Capital Ltd. 457,653 321,630

240,000 Export Development Canada 3.1% 07/15/2008 234,170 239,743 200,000 First Capital Realty Inc. 5.25% 03/30/2011 199,580 202,266 150,000 First Capital Realty Inc. 5.34% 04/01/2013 149,130 157,122 183,000 First Capital Realty Inc. 5.5% 09/30/2017 187,054 172,112 100,000 First Captial Realty Inc. 5.49% 12/01/2011 102,389 102,931

5,500 Franklin Resources Inc. 517,222 546,681 180,000 GE Capital Canada Funding 4.4% 06/01/2014 176,232 175,208 12,700 General Property Trust 34,482 38,596 46,810 H&R REIT 1,041,829 909,518


29,400 Hosted Data Transaction Solutions Inc. 23,091 27,048 200,000 HSBC Bank Canada 4.94% 03/16/2021 193,010 192,818 175,000 HSBC Bank Canada 4.53% 05/19/2009 174,979 176,004 150,000 HSBC Bank Canada 5.31% 10/12/2010 149,984 153,747

USD 350,000 HSBC Finance Corp.,FRN 3.07% 05/21/2008 398,615 359,240

76,900 ING Groep NV 3,295,731 2,954,816 34,990 InnVest REIT 405,901 347,101 11,980 InStorage REIT 124,850 64,213

132,000 Intesa Sanpaolo SpA 896,524 950,329 USD 1,105,000 iStar Financial Inc.,

FRN 6.03438% 09/15/2009 948,452 909,299 110,000 Kaupthing Bank 4.7% 02/15/2010 109,890 94,161 400,000 KFW Bankengruppe 5.15% 12/15/2017* 408,048 425,320 160,000 Kimco North Trust III 5.18% 08/16/2013 154,986 146,859 11,500 Kookmin Bank 762,090 660,291 13,200 Legg Mason Inc. 947,107 757,359 47,900 Lincoln National Corp. 2,701,604 2,550,163 13,300 Macquarie Goodman Group 49,188 53,268

125,000 Manulife Financial Capital Trust6.7% 06/30/2012 138,792 133,680

95,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 90,978 89,429 89,000 Merrill Lynch 3.74429% 11/09/2009 89,000 89,000

320,000 Met Life Global Funding 4.35% 02/10/2009 317,884 321,110 180,000 Morgan Stanley FRN 4.14857% 02/23/2012 179,681 173,848 37,900 National Australia Bank Ltd. 1,036,548 1,064,341 35,300 National Bank of Canada 1,968,324 1,686,634 35,000 National Bank of Canada 4.456% 11/02/2016 35,000 34,718

120,000 NBC Asset Trust Capital 7.235% 06/30/2049 120,000 123,365 180,000 Nordea Bank AB 3.95% 08/05/2015 175,063 178,079

USD 476,000 Nuveen Investments Inc. 10.5% 11/15/2015 459,200 418,945 USD 1,131,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 1,008,996 1,004,142 27,900 Primaris Retail REIT 449,406 464,256

125,000 RBC Capital Trust,Callable 5.812% 12/29/2049 132,678 128,460

39,840 RioCan REIT* 900,584 822,696 275,000 RioCan REIT 4.7% 06/15/2012 267,843 267,583 114,400 Royal Bank of Canada 5,928,837 5,477,472



– 223 –

Signature Income & Growth Corporate Class Statement of Investment Portfolio as at March 31, 2008



FINANCIALS (25.2%) (cont’d)235,000 Royal Bank of Canada 4.84% 03/11/2018 235,000 233,353 392,000 Royal Bank of Canada 4.97% 06/05/2014 389,752 396,390 300,000 Royal Bank of Canada 5.13% 09/27/2010 299,952 307,257

1,995,000 Royal Bank of Canada FRN4.02714% 09/27/2010 1,995,000 1,987,998

225,000 Royal Bank of Canada,Senior Notes 4.53% 05/07/2012 224,133 225,610

200,000 Royal Bank of Scotland 4.25% 03/30/2015 196,441 198,758 375,000 Royal Bank of Scotland 5.37% 05/12/2049 363,588 341,861

USD 450,000 Royal Bank of Scotland Group PLC6.99% 10/04/2049 449,170 392,090

150,000 Royal Office Finance LP 5.209% 11/12/2032 149,998 156,542 110,000 Scotiabank Capital Trust 6.282% 12/29/2049 120,183 114,761 28,900 Sun Life Financial Inc.† 1,402,572 1,385,177 81,700 Toronto-Dominion Bank* 5,379,721 5,155,270 95,000 Toronto-Dominion Bank 4.779% 12/14/2105 91,645 87,995

225,000 Toronto-Dominion Bank 4.854% 02/13/2013 225,000 227,588 240,000 Toronto-Dominion Bank 4.97% 10/30/2104 234,120 229,714 260,000 Toronto-Dominion Bank 5.141% 11/19/2012 260,000 266,422 21,000 Toronto-Dominion Bank,

Callable 4.54% 09/05/2013 21,282 21,112 50,400 UBS AG 2,580,013 1,502,130 3,103 Unibail 699,568 817,916

45,500 Valad Property Group 34,248 40,757 44,000 Wachovia Corp. 1,881,174 1,219,362 2,750 Westfield Group 45,906 45,862

100,000 YPG Holdings Inc. 5.25% 02/15/2016 98,370 94,150 86,284,883 79,375,889

ENERGY (14.5%) 120,415 Alliance Pipeline LP 7.181% 06/30/2023 143,826 146,437

6,900 AltaGas Income Trust 183,688 166,359 125,000 AltaGas Income Trust 5.07% 01/19/2012 124,956 125,748 58,600 ARC Energy Trust* 1,461,400 1,541,180 4,700 Baytex Energy Trust 95,900 106,925

24,300 Bonavista Energy Trust 820,439 723,654 55,000 Brookfield Power Corp. 5.84% 11/05/2036 54,984 44,222 17,400 Canadian Natural Resources Ltd. 1,171,502 1,221,828

100,000 Canadian Natural Resources Ltd.4.5% 01/23/2013 99,982 98,791

28,400 Canadian Oil Sands Trust 1,026,518 1,178,032 USD 651,000 Connacher Oil and Gas Ltd.

10.25% 12/15/2015 628,990 673,197 USD 441,726 Corral Finans AB 6.85% 04/15/2010 504,039 344,574

15,700 Crescent Point Energy Trust 332,861 449,020 125,000 CU Inc. 5.556% 10/30/2037 125,000 128,492 13,700 Devon Energy Corp. 1,240,094 1,466,632 36,000 Enbridge Gas Distribution Inc.

4.48% 12/16/2008 36,503 36,285 100,000 Enbridge Pipelines Inc. 4.46% 12/17/2012* 98,930 102,765 57,600 EnCana Corp. 3,532,943 4,497,984

175,000 EnCana Corp. 5.8% 01/18/2018 174,542 180,369 13,700 Enerplus Resources Fund 704,679 610,061 28,600 Halliburton Co. 1,006,205 1,154,533 37,500 Imperial Oil Ltd. 1,665,180 2,016,000

111,200 Inter Pipeline Fund LP 1,088,218 1,059,736 2,300 Keyera Facilities Income Fund 46,113 48,185

ENERGY (14.5%) (cont’d)15,100 Marathon Oil Corp. 862,319 706,737 56,600 Nexen Inc. 1,759,138 1,722,904

140,000 Nova Gas Transmission 8.9% 05/27/2025 195,515 189,249 USD 1,275,000 Opti Canada Inc., Callable 8.25% 12/15/2014 1,401,411 1,308,659

10,708 Pembina Pipeline Income Fund 176,584 174,433 15,800 Penn West Energy Trust* 443,098 453,776 37,600 Petro-Canada 1,815,360 1,679,592

USD 280,000 PetroQuest Energy Inc. 10.375% 05/15/2012 332,521 295,295 37,500 Precision Drilling Trust 616,752 890,625 26,500 Primary Energy Recycling Corp. 223,255 165,890 21,700 Progress Energy Trust 327,363 276,241

USD 1,272,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,252,019 1,259,884 17,800 Schlumberger Ltd. 1,699,413 1,587,654 22,400 Smith International Inc. 1,470,405 1,474,894 29,500 Spectr Energy Corp. 684,528 687,631 51,102 Suncor Energy Inc.* 4,640,007 5,053,988

192,100 Talisman Energy Inc. 3,676,695 3,490,457 USD 371,000 Targa Resources Inc. 8.5% 11/01/2013 426,494 350,330

175,000 Terasen Gas Vancouver Island Inc.6.05% 02/15/2038 174,879 183,535

13,000 Total Energy Services Trust 174,446 100,750 14,200 Total SA 1,104,886 1,081,811

142,000 TransCanada Pipelines Ltd.5.65% 01/15/2014 148,623 150,189

USD 303,000 Transmeridian Exploration Inc.12% 12/15/2010 291,391 242,579

10,824 Transocean Inc. 1,193,082 1,500,371 65,300 TriStar Oil and Gas Ltd. 799,623 937,708

111,400 UTS Energy Corp. 671,317 577,052 28,100 Vermilion Energy Trust* 938,963 1,020,030

43,867,579 45,683,273 MATERIALS (9.7%)

13,100 Agrium Inc. 837,818 834,994 7,945 Air Products and Chemicals Inc. 656,084 748,850

30,300 Alcoa Inc. 1,077,411 1,119,907 13,572 Anglo American PLC 802,211 836,310 57,616 BHP Billiton PLC 1,633,173 1,753,444 29,000 Bowater Inc. 10.85% 11/30/2014 31,356 14,500 64,500 Cameco Corp. 2,781,557 2,179,455

USD 734,000 Cascades Inc. 7.25% 02/15/2013 764,956 664,855 USD 547,000 Clondalkin FRN 4.8% 12/15/2013 540,712 460,381

96,300 Consolidated Thompson Iron Mines Ltd. 751,140 773,289 USD 794,000 Domtar Inc. 7.875% 10/15/2011 854,604 814,961

150,000 Falconbridge Ltd. 8.5% 12/08/2008 159,198 154,924 USD 275,000 FMG Finance 10% 09/01/2013 348,166 303,429 USD 159,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 212,071 183,597 USD 208,000 FMG Finance Pty. Ltd. 9.12375% 09/01/2011 231,741 206,019

16,400 Fording Canadian Coal Trust 607,814 877,564 USD 1,252,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 1,350,038 1,355,729 4,500 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD)* 403,794 444,236 USD 457,000 Gerdau Ameristeel Corp.

10.375% 07/15/2011 558,168 490,172 48,500 Goldcorp Inc. 1,549,364 1,930,785

USD 546,000 Hexion US/NOVA 9.75% 11/15/2014 664,629 601,044



– 224 –

MATERIALS (9.7%) (cont’d)USD 580,000 Huntsman International LLC

7.875% 11/15/2014 651,725 631,030 93,854 ICL-Israel Chemicals Ltd. 790,878 1,348,041

USD 521,000 Innophos Inc. 8.875% 08/15/2014 583,023 518,711 11,500 Labrador Iron Ore Royalty Income Fund 345,069 628,130 11,572 Lonmin PLC 773,263 722,734

USD 331,000 Metals USA Holdings Corp.,FRN 10.72875% 07/01/2012 308,112 253,105

42,000 Noranda Operating Trust 6.529% 12/20/2010 43,350 43,491 16,000 Pactiv Corp. 437,217 430,431

194,200 Paladin Resources Ltd. 1,102,594 891,378 28,500 Peabody Energy Corp. 1,405,855 1,488,653

USD 565,000 Rathgibson Inc. 11.25% 02/15/2014 637,344 565,418 7,263 Rio Tinto PLC 525,915 774,221

67,660 Seaspan Corp. 1,871,253 1,978,521 160,000 Sherritt International Corp.

7.875% 11/26/2012 164,712 169,715 52,700 Silver Wheaton Corp.* 811,770 838,984

USD 387,000 Steel Dynamics Inc. 7.375% 11/01/2012 374,542 401,189 18,000 Timberwest Forest Corp., Stapled Units 264,630 227,700 18,000 Umicore 739,077 958,837 2,800 United States Steel Corp. 357,704 363,752

AUD 327,000 Western Areas 8% 07/02/2012 272,829 297,822 26,600 Yamana Gold Inc. 348,998 399,532

29,625,865 30,679,840 INDUSTRIALS (9.3%)

700,000 407 International Inc. 4.05714% 05/26/2008 699,404 700,119 30,600 ABB Ltd. 762,065 842,437

200,000 Aeroports De Montreal 5.67% 10/16/2037 199,800 208,692 6,100 Alliant Techsystems Inc.* 633,599 647,328

50,000 Altalink Investments 5.019% 11/21/2012 51,269 50,606 185,000 Altalink LP 5.249% 09/22/2036 184,500 180,371 28,643 Amec PLC 452,648 421,555

USD 287,000 American Railcar Industries Inc.7.5% 03/01/2014 333,874 259,227

7,600 Ametek Inc. 335,058 342,058 14,500 Arctic Glacier Income Fund 175,695 132,820 10,850 Asciano Group* 70,646 40,504 61,400 Atlas Copco AB, Series A 976,304 1,073,985 73,428 BAE Systems PLC 671,441 725,889 13,960 BFI Canada Income Fund 387,012 308,795 6,000 Boeing Co. 610,859 458,000

11,624 British Land Co. PLC 232,948 217,132 50,200 CAE Inc. 660,281 582,320 5,500 Canadian Pacific Railway Ltd. 330,441 362,230

USD 315,000 CII Carbon, LLC 11.125% 11/15/2015 301,751 287,751 15,300 Contrans Income Fund 186,683 130,509 14,760 Danaos Corp. 392,219 372,530 11,700 Eaton Corp. 1,089,299 956,266 5,800 Fanuc Ltd. 594,351 563,637

23,645 Finmeccanica SpA 660,842 825,387 35,700 Finning International Inc. 824,361 1,036,728

USD 486,000 Flextronics International Ltd.6.5% 05/15/2013 508,110 476,383

125,000 FortisAlberta Inc. 5.33% 10/31/2014 131,450 132,840 75,000 Greater Toronto Airports Authority,

Callable 6.98% 10/15/2032 89,634 90,511

INDUSTRIALS (9.3%) (cont’d)600,000 Greater Toronto Airports Authority,

FRN 4.1957% 10/24/2008 600,052 599,448 225,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 224,687 232,954 583,000 Iron Mountain Inc. 7.5% 03/15/2017 568,914 556,765

USD 810,000 Jabil Circuit Inc. 8.25% 03/15/2018 825,753 802,285 13,200 Joy Global Inc. 789,855 881,463

USD 270,000 Kansas City Southern de Mexico9.375% 05/01/2012 280,185 286,134

19,900 Koninklijke Vopak NV 992,138 1,285,151 16,800 Livingston International Income Fund 355,390 252,840

372,390 Macquarie Airports 1,221,644 1,128,211 47,730 Macquarie Infrastructure Co. LLC 1,764,309 1,425,610 16,300 Manitowoc Co. 568,453 682,596

270,000 NAV Canada 4.428% 02/24/2011 267,790 276,747 42,000 Nexen Inc. 6.3% 06/02/2008 44,145 42,231

USD 729,000 NXP BV/NXP Funding LLC 7.875% 10/15/2014 807,501 684,644 30,400 Pacer International Inc. 453,381 512,034 7,000 Raytheon Co. 420,934 463,922

17,600 Resolve Business Outsourcing 152,633 130,416 5,800 Rheinmetall AG* 511,883 419,026

1,558,000 Sherritt International Corp.8.25% 10/24/2014 1,558,000 1,661,919

216,120 Strait Crossing Development Inc.6.17% 09/15/2031 225,085 233,014

65,540 Tesco PLC 539,491 505,992 29,864 TransForce Income Fund 463,145 225,772 4,100 Union Pacific Corp. 511,809 527,082

USD 1,000,000 United Rentals North America Inc.6.5% 02/15/2012 1,103,292 928,891

USD 597,418 US Oncology Holdings Inc.7.94938% 03/15/2012 634,176 490,551

5,200 Wajax Income Fund 179,786 157,040 36,548 Wolseley PLC 468,946 393,466 16,000 WW Grainger Inc. 1,317,681 1,254,342


USD 392,000 Allison Transmission Inc. 11% 11/01/2015 382,889 350,043 USD 350,000 Baker & Tylor 11.5% 07/01/2013 413,629 323,765

170,000 Canadian Tire Corp. Ltd. 5.22% 10/01/2010 171,224 173,835 USD 169,000 CanWest MediaWorks Inc. 8% 09/15/2012 193,014 164,788 USD 97,000 CCH II LLC 10.25% 09/15/2010 112,327 90,351 USD 505,000 Charter Communications Holdings II LLC

10.25% 09/15/2010 595,028 471,682 USD 516,000 Charter Communications,

Inc. 6.5% 10/01/2027 433,453 233,034 USD 436,000 Claire's Stores Inc. 10.5% 06/01/2017 345,214 196,904

8,850 Continental AG 1,223,407 922,204 USD 82,000 CSC Holdings Inc. 8.125% 08/15/2009 80,603 85,006

6,900 DaimlerChrysler AG, Registered Shares 643,282 603,607 USD 454,000 Dollarama Group LP 8.875% 08/15/2012 485,597 438,026 USD 409,000 Dollarama Group LP FRN

10.59875% 08/15/2012 458,751 396,708 USD 272,000 Foot Locker Inc. 8.5% 01/15/2022 307,990 245,679 USD 702,000 General Motors Nova Scotia Finance Co.

6.85% 10/15/2008 690,697 706,121 26,400 Gildan Activewear Inc.* 1,009,126 1,014,288

USD 167,580 Great Canadian Gaming Corp.6.86% 02/12/2014 182,621 165,554






– 225 –

CONSUMER DISCRETIONARY (6.4%) (cont’d)USD 336,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 380,700 328,058 USD 334,000 H&E Equipment Services Inc.

8.375% 07/15/2016 415,596 282,824 USD 497,000 Harrahs Operating Co. Inc. 5.625% 06/01/2015 418,762 295,870 USD 427,000 Host Hotels & Resorts Inc.

2.625% 04/15/2027 409,182 367,053 2,709 Keg Royalties Income Fund 36,100 29,474

USD 578,000 Landry's Restaurants Inc. 9.5% 12/15/2014 568,707 578,427 188,000 Li & Fung Ltd. 694,687 711,574 17,500 Linamar Corp.* 348,788 238,175 40,600 Macquarie Media Group Ltd. 165,838 140,141 32,700 Marriott International Inc., Class A 1,317,250 1,153,233

USD 3,000 Masonite International Corp.11% 04/06/2015 3,316 2,094

USD 922,000 MGM Mirage Inc. 5.875% 02/27/2014 846,692 809,121 USD 377,000 MGM Mirage Inc. 7.5% 06/01/2016 394,933 348,257 USD 248,000 MGM Mirage Inc. 8.5% 09/15/2010 299,458 262,820 USD 984,000 Mohegan Tribal Gaming 6.125% 02/15/2013 891,326 921,604 USD 793,000 Neiman Marcus Group Inc.

10.375% 10/15/2015 965,553 813,934 21,800 Rogers Communications Inc., Class B 729,514 803,766 36,895 RONA Inc.* 778,307 524,278

125,000 RONA Inc. 5.4% 10/20/2016 121,101 112,055 USD 152,000 Scientific Games Corp. 6.25% 12/15/2012 140,566 145,092

67,000 Shaw Communications Inc. 7.5% 11/20/2013 72,268 71,105 20,498 Starbucks Corp. 645,839 368,395

USD 208,000 Station Casinos 6% 04/01/2012 226,791 175,063 150,000 The Thomson Corp. 4.35% 12/01/2009 147,782 150,675 150,000 The Thomson Corp.,

Callable 4.5% 06/01/2009 148,642 150,830 57,300 Thomson Corp.* 2,455,200 1,975,704 12,700 Toyota Motor Corp.* 745,713 647,155 11,600 Universo Online SA 83,372 50,639

USD 760,000 WII Components, Inc. 10% 02/15/2012 868,745 663,054 USD 389,000 Wynn Las Vegas LLC 6.625% 12/01/2014 361,369 384,297

41,550 Yellow Pages Income Fund 580,060 433,782 23,991,009 20,520,144

CONSUMER STAPLES (5.6%) 45,900 Alimentation Couche-Tard Inc., Class B 980,139 738,531

USD 90,000 Alliance One International Inc.11% 05/15/2012 92,242 93,762

7,686 Altria Group Inc. 173,503 174,660 20,110 British American Tobacco PLC 773,560 774,234 8,000 Bunge Ltd. 908,246 712,649

USD 289,000 Constellation Brands Inc. 7.25% 05/15/2017 310,806 287,730 USD 475,000 Constellation Brands Inc.

8.125% 01/15/2012 470,168 492,415 6,970 Cosan SA Industria e Comercio 136,740 104,903

40,481 CVS Corp. 1,470,449 1,681,099 33,212 Diageo PLC 677,838 687,364 24,790 Fomento Economico Mexicano SA de CV, ADR 926,837 1,060,015

135,000 George Weston Ltd. 5.9% 02/05/2009 136,551 136,439 12,024 Groupe Danone* 1,092,062 1,103,684 10,100 InBev NV 781,143 909,403 10,400 Liquor Stores Income Fund 202,855 221,312

175,000 Loblaw Cos. Ltd. 6.5% 01/19/2011 181,195 180,712 130,000 Metro Inc. 5.97% 10/15/2035 118,423 105,491

CONSUMER STAPLES (5.6%) (cont’d)297,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 291,258 296,489 3,100 Nestle SA, Registered Shares 1,270,079 1,587,402

USD 49,000 Norcross Safety Products LLC9.875% 08/15/2011 60,072 51,802

7,686 Phillip Morris International Inc. 393,315 397,916 17,545 Procter & Gamble Co. 1,241,456 1,260,212 19,958 Saputo Inc. 422,107 549,244

556,000 Saskatchewan Wheat Pool Inc.8.5% 08/01/2017 554,270 562,950

25,946 Shoppers Drug Mart Corp. 1,267,008 1,347,376 USD 553,000 The Mosaic Co. 7.375% 12/01/2014 629,348 607,331

23,800 Unilever NV 752,808 819,612 150,000 Viterra Inc. 8% 04/08/2013 151,758 159,855 119,900 Wal-Mart de Mexico SA de CV 421,774 521,054

16,888,010 17,625,646 GOVERNMENT BONDS (3.5%)

500,000 55 Ontario School Board Trust5.9% 06/02/2033 557,020 577,275

300,000 Austria Government International Bond5.375% 12/01/2034 325,944 333,513



1,007,000 Canadian Government Bond3.75% 09/01/2011* 1,025,252 1,036,374

100,000 Canadian Government Bond 4% 06/01/2016* 102,000 104,927 540,000 Canadian Government Bond

4.25% 12/01/2008* 538,704 545,972 30,000 Canadian Government Bond 4.5% 06/01/2015* 30,405 32,485




124,000 Canadian Government Bond 6% 06/01/2008* 127,175 124,795 22,000 Canadian Government Bond 8% 06/01/2023* 32,306 32,558

200,000 Canadian Government Bond,Series XW 98 5% 06/01/2037* 226,060 236,806

675,000 Canadian Government Bond,Series YF 56 4% 06/01/2017* 682,264 704,963

150,000 City of Montreal 6% 06/01/2043 177,558 172,305 400,000 City of Toronto 5.05% 07/18/2017 398,912 420,832 200,000 Eurofima 5.15% 12/13/2019 211,464 213,072 42,000 Municipal Finance Authority

of British Columbia 8.75% 05/12/2013 54,185 51,734 850,000 Province of Ontario 4.3% 03/08/2017 824,516 867,748 200,000 Province of Ontario 4.4% 03/08/2016 194,980 206,760 900,000 Province of Ontario 4.5% 12/02/2012* 911,374 935,127 230,000 Province of Ontario 4.6% 12/02/2012 230,444 233,307

1,150,000 Province of Ontario 4.7% 06/02/2037 1,150,306 1,163,926 400,000 Province of Quebec 4.5% 12/01/2016 396,137 410,944 200,000 Province of Quebec 5% 12/01/2038 211,366 206,878 100,000 Queen's University 6.1% 11/19/2032 114,730 117,850 100,000 University of British Columbia

6.65% 12/01/2031 121,980 126,226 10,752,971 11,042,902






– 226 –

UTILITIES (2.7%) USD 1,576,000 AES Corp. 8.75% 05/15/2013 1,649,198 1,682,309

400,000 Brascan Power Corp. 4.65% 12/16/2009 402,000 400,252 108,400 Canadian Hydro Developers Inc. 632,244 701,348 106,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 105,722 108,867 100,000 Canadian Utilities Ltd. 10.2% 11/30/2009 121,463 110,655

9,300 Constellation Energy Group Inc. 907,215 842,582 8,300 Consumers' Waterheater Income Fund 119,260 108,813

13,100 FPL Group Inc. 908,295 843,591 400,000 Hydro One Inc. 4.64% 03/03/2016 395,502 408,312

USD 881,000 Intergen NV 9% 06/30/2017 942,961 944,949 16,000 Northland Power Income Fund 221,028 205,440 6,800 Sempra Energy 464,008 371,450

16,340 Suez SA 945,640 1,099,466 160,000 Terasen Gas Inc. 6.5% 05/01/2034 179,518 183,104 100,000 Union Gas Ltd. 5.46% 09/11/2036 97,770 99,902 500,000 Union Gas Ltd. 7.2% 06/01/2010 538,025 536,645


USD 263,000 Advanced Micro Devices, Inc.7.75% 11/01/2012 307,497 218,654

USD 83,000 Agilent Technologies, Inc. 6.5% 11/01/2017 80,097 85,486 5,000 Apple Computer Inc. 617,655 736,441

USD 964,000 CEVA Group PLC 10% 09/01/2014 980,369 957,292 52,600 Cisco Systems Inc. 1,707,127 1,301,125 4,300 Electronic Arts Inc. 229,432 220,102

USD 484,000 First Data Corp. 9.875% 09/24/2015 440,963 408,599 USD 738,000 Hughes Network 9.5% 04/15/2014 797,513 753,695

38,800 Intel Corp. 891,465 843,478 USD 62,000 Iron Mountain Inc. 8.625% 04/01/2013 73,311 64,273

13,200 Micron Technology Inc. 183,746 80,884 USD 703,000 Rural Cellular Corp. 8.12375% 06/01/2013 726,370 721,558

29,700 Synopsys Inc. 814,301 691,378 85,260 Teranet Income Fund 853,480 818,496


225,000 Bell Aliant Regional 5.41% 09/26/2016 226,529 214,146 21,900 Bell Aliant Regional Communications

Income Fund 596,322 655,686 USD 54,000 Cincinnati Bell Inc. 8.375% 01/15/2014 61,758 51,961

275,000 France Telecom SA 4.95% 06/23/2011 274,414 282,645 USD 630,000 Hawaiian Telcom Communications Inc.

12.5% 05/01/2015 789,632 439,709 USD 80,000 Hawaiian Telcom Communications Inc.

9.75% 05/01/2013 93,302 61,584 USD 933,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 1,157,425 970,798 USD 538,000 Intelsat Bermuda Ltd. 8.25% 01/15/2013 544,326 556,344 USD 277,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 293,051 261,568 USD 1,196,000 Qwest Capital Funding, Inc. 7% 08/03/2009 1,197,605 1,221,435

358,000 Rogers Wireless Inc. 7.625% 12/15/2011 383,892 386,504 USD 47,000 Rogers Wireless Inc. 8% 12/15/2012 55,618 49,929 USD 799,000 Rural Cellular Corp. 8.25% 03/15/2012 854,820 840,595

8,500 TELUS Corp. 425,630 379,950 11,900 TELUS Corp., Non-Voting Shares 545,392 512,890

USD 935,000 Triton PCS Inc. 8.5% 06/01/2013 993,018 999,270 8,492,734 7,885,014

HEALTH CARE (1.1%) USD 510,000 Axcan Intermediate Hold 9.25% 03/01/2015 502,023 518,229 USD 495,000 Biomet, Inc. 10% 10/15/2017 496,273 532,201 USD 152,000 Boston Scientific Corp. 5.5% 11/15/2015 141,111 145,092 USD 435,000 Boston Scientific Corp.,

Senior Notes 6.4% 06/15/2016 411,206 416,346 11,500 CML Healthcare Income Fund 170,966 182,620

USD 323,000 HealthSouth Corp. 10.75% 06/15/2016 354,184 348,103 USD 85,000 HealthSouth Corp., Callable 10.75% 10/01/2008 94,196 87,462 USD 199,000 Medcath Holdings 9.875% 07/15/2012 229,180 213,445

152,300 Patheon Inc.* 814,891 458,423 USD 170,679 Skilled Healthcare Group Inc.

11% 01/15/2014 211,566 183,068 USD 466,000 United Surgical Partners International Inc.

8.875% 05/01/2017 466,390 449,604 3,891,986 3,534,593

PRIVATE PLACEMENTS (0.6%) USD 512,820 Aramark Term Loan 7.47% 01/27/2014 605,867 490,829

447,750 Bragg Loan, Private Placement7.53% 08/31/2014 447,750 436,556

USD 636,800 Clarketerm, Private Placement7.84% 06/30/2014 726,226 526,157

USD 399,000 Dow Jones CDX HY , Private Placement6.75% 06/29/2012 416,736 396,735

USD 93,432 HealthSouth Corp., Private Placement 8.15% 03/10/2013 125,535 88,586

2,322,114 1,938,863 ASSET BACKED (0.1%)

130,000 Canada Capital Auto Receivables Asset Trust4.393% 01/17/2009 129,535 130,075

50,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 49,999 46,281 150,000 CCIC 2006-WEM MBS 4.934% 09/15/2016 149,995 149,384

329,529 325,740 WARRANTS (0.1%)

13,500 Hosted Data Transaction Solutions Inc.,Purchase Warrants (03Aug09) - 13,500

Commission and other portfoliotransaction costs (161,834)


Short Term Notes (9.8%) 31,000,000 31,000,000


Foreign Currency Forward Contracts (-0.3%)(see Schedule A) (998,140)


Other Assets (net) (6.5%) 20,992,853

Total Net Assets (100.0%) 315,636,419

Principal amounts stated in:AUD - Australian Dollar USD - U.S. Dollar






– 227 –



1 (665,500) Australian $ 609,418 Canadian $ 0.92 19-Aug-08 A-1+ (3,980)1 (1,560,000) European Euro 2,412,462 Canadian $ 1.62 21-May-08 A-1+ (112,718)3 (2,800,000) European Euro 4,176,596 Canadian $ 1.61 16-Jan-09 A-1+ (317,819)1 (983,000) Swiss Franc 918,709 Canadian $ 1.04 19-Aug-08 A-1+ (99,351)1 (2,327,860) Canadian $ 2,390,000 US $ 1.03 21-May-08 A-1+ 127,666 9 (50,615,732) US $ 51,463,240 Canadian $ 1.03 21-May-08 A-1+ (540,200)3 (6,270,000) US $ 6,420,199 Canadian $ 1.03 16-Jan-09 A-1+ (51,738)





– 228 –

Signature Income & Growth Corporate Class Financial Statements












264,642 193,65418,030 50631,000 26,761

- -- -- -- 355- 42

1,499 1,502107 592

2,076 1,159317,354 224,571

- -- -1 1

998 10- -

212 1,275272 410

- -- -

235 1051,718 1,801

315,636 222,770

274,016 183,646- -

274,476 206,46912,852 9,61713,822 6,6845,444 -

222 -1,211 -7,390 -

114 -105 -

12.60 12.9212.51 12.7011.42 11.459.41 -9.96 -9.71 -9.27 -9.65 -9.35 -

21,788,492 15,981,2451,027,341 757,1551,210,073 583,895

578,376 -22,245 -

124,782 -797,224 -11,764 -11,188 -


2008 2007


2008 2007


– 229 –











3,241 1,3468,341 4,546

53 105 78- -

(158) (125)11,482 5,855

5,260 2,862537 294

5 2131 89331 195

6,264 3,4425,218 2,413

- -5,218 2,413

8,230 5,639(481) (175)(434) -

- -

(20,579) 6,412(13,264) 11,876(8,046) 14,289

(7,635) 13,235(243) 714(119) 340(21) -

2 -- -

(27) -- -

(3) -

(0.39) 1.17(0.26) 1.24(0.11) 1.19(0.08) -0.08 -0.01 -(0.06) -0.03 -(0.25) -


2008 2007














206,469 90,127(136)

206,333

114,897 102,758- -

(44,969) (20,983)5,850 21,332

75,778 103,107

- -- -- -- -

(7,635) 13,235274,476 206,469

9,617 3,833(6)

9,611

5,942 4,929- -

(2,581) (1,322)123 1,463

3,484 5,070

- -- -- -- -

(243) 71412,852 9,617

6,684 1,289(4)

6,680

11,352 3,936- -

(4,402) (48)311 1,167

7,261 5,055

- -- -- -- -

(119) 34013,822 6,684


2008 2007

– 230 –

























- -

6,699 -- -

(185) -1,079 -7,593 -

- -- -

(176) -(176) -(27) -

7,390 -

- -

118 -- -- -- -

118 -

- -- -

(4) -(4) -- -

114 -

- -

113 -- -

(1) -- -

112 -

- -- -

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

105 -

- -

5,078 -- -

(31) -491 -

5,538 -

- -- -

(73) -(73) -(21) -

5,444 -

- -

50 -- -- -

172 -222 -

- -- -

(2) -(2) -2 -

222 -

-

1,225 -- -

(1) -- -

1,224 -

- -- -

(13) -(13) -

- -1,211 -




2008 2007



2008 2007

– 231 –





222,770 95,249(146)

222,624

145,474 111,623- -

(52,170) (22,353)8,026 23,962

101,330 113,232

- -- -

(272) -(272) -

(8,046) 14,289315,636 222,770




2008 2007









Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

15,981,245 7,569,6388,896,246 8,380,400

- -(3,518,773) (1,703,701)

429,774 1,734,90821,788,492 15,981,245

757,155 331,203463,810 411,226

- -(204,564) (110,267)

10,940 124,9931,027,341 757,155

583,895 125,077975,947 355,521

- -(379,295) (4,405)

29,526 107,7021,210,073 583,895

- -529,829 -

- -(3,347) -51,894 -

578,376 -

- -5,076 -

- -- -

17,169 -22,245 -

- -124,903 -

- -(121) -

- -124,782 -




- -705,380 -

- -(19,512) -111,356 -797,224 -

- -11,799 -

- -(35) -

- -11,764 -

- -11,269 -

- -(81) -

- -11,188 -


2008 2007

















2008

274,476266

274,742

12.600.01

12.61

12,85212

12,864

12.510.01

12.52

13,82213

13,835

11.420.01

11.43

5,4445

5,449

9.410.019.42

222-

222

9.960.019.97

1,2112

1,213

9.710.019.72







7,3907

7,397

9.270.019.28

114-

114

9.650.019.66

105-

105

9.350.019.36


2008




2008 2007


21,227 18,18422,560 19,362



2008 2007


308 19530 16



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2008


– 235 –

CI Canadian Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2008



CORPORATE BONDS (40.3%) 200,000 407 International Inc. 4.05714% 05/26/2008 199,830 200,034 500,000 407 International Inc. 4.9% 10/04/2010 499,750 513,380 400,000 407 International Inc. 5% 01/31/2011 399,272 408,232 890,000 407 International Inc. 5.96% 12/03/2035* 951,799 955,904 168,752 Access Health Abbotsford Ltd.

6.032% 03/07/2038 190,458 191,340 397,763 Access Roads Edmonton Ltd.

5.812% 09/30/2037 441,067 454,967 396,506 Alliance Pipeline LP 7.181% 06/30/2023 473,595 482,191 501,862 Alliance Pipeline LP 7.217% 12/31/2025 585,598 596,734

1,025,000 AltaGas Income Trust 4.41% 09/01/2010 1,006,951 1,025,594 200,000 AltaGas Income Trust 5.07% 01/19/2012 199,930 201,196 600,000 Altalink Investments 5.019% 11/21/2012 596,100 607,272 360,000 American Express Canada 4.7% 05/20/2011 357,007 359,125 150,000 Bank of Ireland 3.8% 09/22/2015 144,756 147,302

USD 400,000 Bank of Montreal ChicagoFRN 2.91125% 03/12/2009 471,937 410,560

1,276,800 Bank of Nova Scotia 4.58% 02/15/2011 1,276,723 1,290,181 1,250,000 Bank of Nova Scotia 4.99% 03/27/2018 1,249,775 1,249,662

730,000 BCE Inc. 7.35% 10/30/2009 797,951 769,179 1,150,000 Bell Aliant Regional 5.41% 09/26/2016 1,144,862 1,094,524

405,000 Brascan Power Corp. 4.65% 12/16/2009 403,650 405,255 380,000 Brookfield Power Corp. 5.84% 11/05/2036 379,890 305,531 750,000 Calloway REIT, Callable 4.51% 09/22/2010 740,644 737,385 800,000 Canada Capital Auto Receivables Asset Trust

3.383% 06/17/2008 790,450 799,344 675,000 Canada Capital Auto Receivables Asset Trust

4.393% 01/17/2009 672,584 675,392 3,162,000 Canada Housing Trust No. 1

4.05% 03/15/2011 3,154,109 3,231,849 6,410,000 Canada Housing Trust No. 1




4.8% 06/15/2012 2,622,100 2,736,916 193,000 Canada Mortgage Pool

#96414453 3.95% 02/01/2009 80,702 81,328 200,000 Canada Mortgage Pool

#97505432 4% 10/01/2009 94,622 95,516 930,000 Canada Safeway Ltd. 4.45% 11/14/2008 926,420 934,762 200,000 Canadian Hydro Developers Inc.

5.334% 09/01/2015 200,000 205,410 400,000 Canadian Imperial Bank of Commerce

3.68% 10/23/2009 398,774 395,520 1,800,000 Canadian Imperial Bank of Commerce

4.4% 03/07/2011 1,797,894 1,798,722 675,000 Canadian Natural Resources Ltd.

4.95% 06/01/2015 668,089 662,276 993,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 1,010,589 993,338

1,090,000 Canadian Revolving Auto Floorplan Trust5.406% 11/15/2010 1,090,000 1,095,319

900,000 Canadian Tire Corp. Ltd. 5.22% 10/01/2010 918,630 920,304 500,000 Canadian Utilities Ltd. 10.2% 11/30/2009 607,315 553,275

CORPORATE BONDS (40.3%) (cont’d)500,000 Canadian Western Bank 6.199% 12/31/2056 500,000 511,595 850,000 Canadian Western Bank 5.07% 03/22/2017 850,000 882,428 230,000 Canadian Western Bank 5.5% 11/19/2014 230,000 238,050 300,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 299,992 277,686

1,000,000 CCIC 2006-WEM MBS 4.934% 09/15/2016 999,965 995,890 575,000 CIT Group Holdings Inc. 4.72% 02/10/2011 568,978 508,461 100,000 Citigroup Finance Canada Inc.

4.03% 08/04/2009 99,969 99,708 750,000 Commerzbank AG FRN 4.5% 12/15/2016 739,813 713,895 825,000 Co-operators Financial Services Ltd.

5.07% 07/20/2012 826,864 850,030 1,000,000 Countrywide Financial Corp.

4.69% 06/01/2009 970,474 849,840 170,000 Credit Agricole SA 3.70857% 10/06/2008 170,000 170,000 475,000 CU Inc. 5.556% 10/30/2037 475,000 488,272

1,265,000 Depfa ACS Bank 5.25% 03/31/2025 1,302,791 1,285,923 570,000 Deutsche Bank AG 4.9% 08/22/2016 567,267 574,497 945,000 Enbridge Gas Distribution Inc

. 6.9% 11/15/2032 1,117,984 1,130,522 725,000 EnCana Corp. 5.8% 01/18/2018 723,100 747,243 180,000 Export Development Canada

3.1% 07/15/2008 175,628 179,807 2,000,000 Export Development Canada

5.1% 06/02/2014 2,132,000 2,167,360 2,750,000 Export Development Canada

6.2% 06/22/2010 2,993,402 2,943,050 1,270,000 Falconbridge Ltd. 8.5% 12/08/2008 1,342,640 1,311,694

485,000 Farm Credit Canada 4.5% 06/01/2009 486,111 494,288 800,000 First Capital Realty Inc. 5.34% 04/01/2013 799,672 837,984 525,000 First Captial Realty Inc. 5.49% 12/01/2011 528,724 540,388 727,000 FortisAlberta Inc. 5.33% 10/31/2014 735,488 772,597

1,200,000 France Telecom SA 4.95% 06/23/2011 1,200,696 1,233,360 775,000 GE Capital Canada Funding 4.4% 06/01/2014 766,849 754,370 495,000 George Weston Ltd. 7.1% 02/05/2032 531,179 463,280 160,703 Greater Toronto Airports Authority

6.45% 07/30/2029 169,086 179,560 165,000 Greater Toronto Airports Authority,

Callable 6.98% 10/15/2032 197,209 199,124 234,000 HBOS Treasury Services PLC

3.69429% 09/29/2009 234,000 231,730 975,000 Holcim Finance Canada Inc. 5.9% 06/21/2013 973,645 1,009,466 400,000 HSBC Bank Canada 4.94% 03/16/2021 392,884 385,636 792,000 HSBC Bank Canada 4.53% 05/19/2009 791,848 796,546 750,000 HSBC Bank Canada 5.31% 10/12/2010 750,428 768,735 800,000 HSBC Bank Canada

FRN 3.65714% 11/21/2008 800,000 798,744 798,000 John Hancock Canadian Corp.

6.672% 05/31/2011 851,801 858,592 450,000 Kaupthing Bank 4.7% 02/15/2010 449,550 385,204

1,600,000 KFW Bankengruppe 5.15% 12/15/2017* 1,633,216 1,701,280 440,000 Kimco North Trust II 4.45% 04/21/2010 435,513 428,507 600,000 Kimco North Trust III 5.18% 08/16/2013 592,428 550,722 240,000 Magna International Inc.,

Callable 12/31/2008 232,501 233,414 120,000 Mansfield Trust 6.571% 11/15/2025 113,806 108,028 400,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 382,361 376,544



– 236 –

CI Canadian Bond Corporate Class Statement of Investment Portfolio as at March 31, 2008



CORPORATE BONDS (40.3%) (cont’d)77,000 Merrill Lynch 3.74429% 11/09/2009 77,000 77,000

750,000 Merrill Lynch Financial Assets Inc.4.678% 03/12/2039 742,919 751,155

490,000 Met Life Global Funding 4.35% 02/10/2009 486,233 491,700 430,000 Met Life Global Funding 4.5% 02/10/2011 425,043 431,492

1,020,000 Metro Inc. 5.97% 10/15/2035 989,979 827,699 800,000 MI Developments Inc. 6.05% 12/22/2016 787,149 820,160 375,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 371,965 374,355 150,000 Morgan Stanley FRN 4.14857% 02/23/2012 149,734 144,873 197,000 N-45 First CMBS Issuer Corp.

4.636% 12/15/2019 196,506 198,883 240,000 National Bank of Canada

4.456% 11/02/2016 240,000 238,063 535,000 NBC Asset Trust Capital 7.235% 06/30/2049 535,000 550,001 150,000 Noranda Operating Trust 6.529% 12/20/2010 156,832 155,325 765,000 Nordea Bank AB 3.95% 08/05/2015 748,076 756,837 584,000 Queen's University 6.1% 11/19/2032 664,887 688,244 525,000 RioCan REIT 4.91% 03/08/2011 524,474 524,150 525,000 RONA Inc. 5.4% 10/20/2016 515,417 470,631 900,000 Royal Bank of Canada 4.84% 03/11/2018 900,000 893,691 500,000 Royal Bank of Canada 4.92% 07/06/2011 499,955 510,380

1,000,000 Royal Bank of Canada 5.13% 09/27/2010 999,840 1,024,190 750,000 Royal Bank of Canada,

Senior Notes 4.53% 05/07/2012 747,396 752,032 900,000 Royal Bank of Scotland 4.25% 03/30/2015 886,007 894,411

2,580,000 Royal Bank of Scotland 5.37% 05/12/2049 2,484,016 2,352,005 650,000 Royal Office Finance LP 5.209% 11/12/2032 649,994 678,346 955,672 Strait Crossing Development Inc.

6.17% 09/15/2031 997,818 1,030,377 900,000 Sun Life Financial Inc. 5% 07/11/2031 899,388 919,656 25,000 Terasen Gas Inc. 5.55% 09/25/2036 24,996 25,314

325,000 Terasen Gas Inc. 6% 10/02/2037 324,589 350,662 200,000 Terasen Gas Inc. 6.5% 05/01/2034 222,920 228,880 800,000 Terasen Gas Vancouver Island Inc.

6.05% 02/15/2038 799,448 839,016 375,000 Toronto-Dominion Bank 4.779% 12/14/2105 355,793 347,348

1,125,000 Toronto-Dominion Bank 4.854% 02/13/2013 1,125,000 1,137,938 1,125,000 Toronto-Dominion Bank 4.97% 10/30/2104 1,093,995 1,076,782

875,000 Toronto-Dominion Bank 5.141% 11/19/2012 875,885 896,612 385,000 Total Capital SA 4.125% 01/25/2012 374,767 392,854 350,000 Union Gas Ltd. 5.46% 09/11/2036 347,770 349,657 300,000 University of British Columbia

6.65% 12/01/2031 365,940 378,678 425,000 University of Ottawa 6.28% 04/15/2043 491,402 535,666 300,000 Wells Fargo Financial Canada Corp.

4.38% 06/30/2015 294,315 289,209 185,000 Wilfrid Laurier University 5.429% 02/01/2045 185,000 201,184

94,454,288 94,813,095

GOVERNMENT BONDS (30.4%) 1,179,000 Canadian Government Bond

3.75% 06/01/2009* 1,165,975 1,194,162 7,450,000 Canadian Government Bond



4% 06/01/2016* 1,362,987 1,420,712 4,735,000 Canadian Government Bond




5.5% 06/01/2010* 2,596,788 2,671,195 835,000 Canadian Government Bond




8% 06/01/2027 2,442,114 2,576,849 880,000 Canadian Government Bond

Series XW 98 5% 06/01/2037* 994,664 1,041,946 8,202,000 Canadian Government Bond,

Series YF 56 4% 06/01/2017* 8,269,396 8,566,087 69,262,657 71,365,131

PROVINCIAL BONDS (13.0%) 2,934,000 55 Ontario School Board Trust

5.9% 06/02/2033 3,292,562 3,387,450 200,000 City of Montreal 6% 06/01/2043 237,516 229,740

2,000,000 City of Toronto 5.05% 07/18/2017 1,994,560 2,104,160 248,202 New Brunswick F-M Project Co. Inc.,

Callable 6.47% 11/30/2027 273,810 295,695 3,300,000 Province of Ontario 4.3% 03/08/2017 3,199,579 3,368,904

800,000 Province of Ontario 4.4% 03/08/2016 779,920 827,040 4,500,000 Province of Ontario 4.5% 12/02/2012* 4,554,773 4,675,635

750,000 Province of Ontario 4.6% 12/02/2012 751,450 760,785 5,220,000 Province of Ontario 4.7% 06/02/2037 5,220,359 5,283,214 1,600,000 Province of Quebec 4.5% 12/01/2016 1,573,084 1,643,776 1,500,000 Province of Quebec 5% 12/01/2038 1,585,245 1,551,585

400,000 Province of Quebec 5.35% 06/01/2025 433,032 427,792 1,290,000 Province of Quebec 4.5% 12/01/2017 1,279,810 1,315,194

510,000 Province of Quebec 4.5% 12/01/2018 513,902 516,115 750,000 Province of Quebec 5.75% 12/01/2036 809,385 862,312

2,790,000 Province of Quebec 6% 10/01/2029 3,141,423 3,251,857 29,640,410 30,501,254

FOREIGN GOVERNMENT BONDS (1.4%) 1,686,000 Austria Government International Bond

5.375% 12/01/2034 1,802,798 1,874,343 1,250,000 Eurofima 5.15% 12/13/2019 1,304,852 1,331,700

3,107,650 3,206,043



– 237 –

REITS (0.2%) 375,000 RioCan REIT 5.7% 09/11/2012 374,888 372,049

Commission and other portfolio transaction costs -


Short Term Notes (9.8%) 23,000,000 23,000,000




Other Assets (net) (5.0%) 11,875,744

Total Net Assets (100.0%) 235,129,165




3 (25,000) US $ 24,916 Canadian $ 1.03 21-May-08 A-1+ (769)2 (300,000) US $ 306,280 Canadian $ 1.03 16-Jan-09 A-1+ (3,382)


CI Canadian Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2008




– 238 –

CI Canadian Bond Corporate Class Financial Statements




















200,258 121,8297,071 375

23,000 12,106- -- -- -- -- -

2,914 298- 156

2,388 1,541235,631 136,305

- -- -1 -4 -- -- 1,639

216 238- -- -

281 67502 1,944

235,129 134,361

196,840 121,281- -

132,799 80,9848,267 8,382

94,063 44,995

12.28 11.8012.46 11.9111.16 10.55

10,815,239 6,862,402663,658 703,794

8,431,008 4,263,961

1 -7,765 5,077

26 13- -- -

(3) (1)7,789 5,089

1,275 965165 12411 2

214 5182 67

1,747 1,2096,042 3,880

- -6,042 3,880

(42) 386(27) 24(2) -- -

2,865 6562,794 1,0668,836 4,946

3,943 2,479304 189

4,589 2,278

0.52 0.500.51 0.530.75 0.57


2008 2007


2008 2007


– 239 –

















44,995 4,583-

44,995

49,502 60,332- -

(10,036) (22,761)5,013 563

44,479 38,134

- -- -- -- -

4,589 2,27894,063 44,995

134,361 60,419-

134,361

110,359 107,179- -

(30,490) (41,115)12,063 2,93291,932 68,996

- -- -- -- -

8,836 4,946235,129 134,361

80,984 52,746-

80,984

57,411 42,119- -

(18,266) (17,334)8,727 974

47,872 25,759

- -- -- -- -

3,943 2,479132,799 80,984

8,382 3,090-

8,382

3,446 4,728- -

(2,188) (1,020)(1,677) 1,395

(419) 5,103

- -- -- -- -

304 1898,267 8,382

CI Canadian Bond Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


- -- -

– 240 –





2008 2007


70,528 36,61374,955 38,986

CI Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

6,862,402 4,631,4194,791,008 3,639,749

- -(1,544,136) (1,489,166)

705,965 80,40010,815,239 6,862,402

703,794 270,331288,182 403,086

- -(183,566) (87,346)(144,752) 117,723663,658 703,794

4,263,961 456,9544,623,083 5,927,885

- -(919,041) (2,174,947)463,005 54,069

8,431,008 4,263,961





1.350.85


0.170.17

-


2008







132,799-

132,799

12.28-

12.28

8,2671

8,268

12.46-

12.46

94,0631

94,064

11.16-

11.16


2008

– 241 –

CI Global Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2008


FUNDS (99.7%) 1,373,547 CI Global Bond Fund (Class F)* 10,300,481 10,301,604

879,162 CI Global Bond Fund (Class F) (USD)* 6,316,133 6,596,334




Total Net Assets (100.0%) 16,948,388



– 242 –

CI Global Bond Corporate Class Financial Statements







Net assets per classA SharesF Shares

Net assets per share A SharesF Shares


A SharesF Shares









A SharesF Shares

16,898 8,988137 69

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

80 8- -- 24

17,115 9,089

- -9 -- -- -- -

93 922 3

- -- -

43 19167 31

16,948 9,058

16,617 9,649- -

15,128 7,4441,820 1,614

9.71 9.309.88 9.38

1,557,425 800,403184,184 171,995

- -6 3- -- -

471 337- -

477 340

62 46- -- -

24 113 3

89 60388 280

- -388 280

(470) (367)- 1- -- 164

941 273471 71859 351

766 30393 48

0.83 0.420.50 0.50


2008 2007


2008 2007

– 243 –













9,058 7,020-

9,058

8,610 2,930- -

(2,674) (1,401)1,095 1587,031 1,687

- -- -- -- -

859 35116,948 9,058

7,444 6,106-

7,444

7,021 2,347- -

(1,348) (1,151)1,245 (161)6,918 1,035

- -- -- -- -

766 30315,128 7,444

1,614 914-

1,614

1,589 583- -

(1,326) (250)(150) 319113 652

- -- -- -- -

93 481,820 1,614

CI Global Bond Corporate Class Financial Statements



2008 2007



2008 2007

– 244 –

CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules






2008 2007


- -- -


2008 2007

800,403 691,614778,546 259,138

- -(151,840) (130,944)130,316 (19,405)

1,557,425 800,403

171,995 103,408180,475 63,034

- -(152,487) (28,251)(15,799) 33,804184,184 171,995



2.001.00

0.180.18


2008

– 245 –

CI Short-Term Corporate ClassStatement of Investment Portfolio as at March 31, 2008



BONDS (60.3%) 4,200,000 Arkle Master FRN 3.69286% 11/17/2012 4,200,000 4,200,000

13,000,000 Bank of MontrealFRN 4.50143% 02/01/2010 13,000,000 13,011,310

6,500,000 Bear Stearns Co. Inc. 4.86714% 10/02/2009 6,500,000 6,500,000 1,300,000 Canada Capital Auto Receivables Asset Trust

4.393% 01/17/2009 1,295,346 1,300,754 3,800,000 Canada Capital Auto Receivables Asset Trust



4.1% 12/15/2008 37,507,358 37,450,595 24,600,000 Canada Housing Trust No. 1,

FRN Series 12 3.55714% 09/15/2010* 24,724,722 24,678,720 100,000,000 Canada Housing Trust. 3.55% 03/15/2009 100,790,000 100,740,000

2,800,000 Canadian Imperial Bank of Commerce 4.10143% 02/02/2009 2,800,000 2,786,028

66,800,000 Canadian Mortgage and Housing FRN 3.73429% 12/01/2009 67,011,572 66,939,612

2,530,000 Credit Agricole SA 3.70857% 10/06/2008 2,530,000 2,530,000 5,300,000 GE Capital Canada Funding

3.66071% 06/25/2010 5,272,652 5,244,244 3,700,000 GE Capital Canada Funding

4.77714% 04/02/2009 3,692,568 3,686,680 17,400,000 General Electric Capital Corp.

3.755% 08/27/2008 17,407,747 17,400,000 15,100,000 Greater Toronto Airports Authority,

FRN 4.1957% 10/24/2008 15,102,606 15,086,108 3,522,000 HBOS Treasury Services PLC

3.69429% 09/29/2009 3,522,000 3,487,837 9,500,000 Honda Canada Finance Inc.

4.00143% 08/25/2008 9,500,119 9,500,000 4,600,000 HSBC Bank Canada FRN

3.65714% 11/21/2008 4,600,000 4,592,778 3,600,000 Hydro-Quebec FRN 3.59786% 06/21/2010 3,605,760 3,608,280 2,600,000 John Deere Credit Inc.

3.76286% 06/09/2008 2,600,000 2,600,000 3,200,000 John Deere Credit Inc. 3.78% 09/29/2009 3,200,000 3,200,000 1,076,000 Merrill Lynch 3.74429% 11/09/2009 1,076,000 1,076,000 2,020,000 Morgan Stanley FRN 4.14857% 02/23/2012 2,016,425 1,950,956 8,400,000 NAV Canada, Series 2007-1,

FRN 4.05% 05/03/2010 8,365,850 8,357,244 37,200,000 Province of Ontario FRN

3.62429% 12/03/2010 37,139,568 37,154,616 3,500,000 Province of Ontario FRN

3.87857% 05/30/2008* 3,503,465 3,504,760 3,600,000 Province of Quebec,

Series B068, FRN 3.72929% 06/06/2008* 3,603,600 3,602,484 14,800,000 Royal Bank of Canada

FRN 4.02714% 09/27/2010 14,800,000 14,748,052 427,000,398 426,861,786

SHORT-TERM INVESTMENTS (18.5%) 13,200 Bank of Nova Scotia BDN 3.6% 05/30/08 13,087,668 13,122,516

7,000,000 CIBC BA 3.83% 05/27/08 6,934,480 6,960,940 7,000,000 Encana Corp. 3.75% 04/25/08 4,582,106 4,588,454 9,300,000 Government of Canada T-Bill

2.55% 03/19/09 9,072,429 9,077,265 6,800,000 Government of Canada T-Bill




4.43% 10/02/08 21,392,151 22,048,902 7,100,000 Telus Corporation 4.% 04/14/08 7,064,358 7,089,989 6,500,000 Terasen Gas 3.98% 04/02/08 6,475,300 6,498,700

10,200,000 Toronto Dominion Bank BDN4.53% 05/16/08 9,757,932 10,153,998

9,400,000 Total S.A. 3.7% 04/22/08 9,354,504 9,378,944 129,893,449 131,168,562



Other Assets (net) (21.2%) 149,915,462

Total Net Assets (100.0%) 707,945,810



– 246 –

CI Short-Term Corporate Class Financial Statements




















558,030 273,830158,990 15,249

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

2,536 1,060- -

2,372 471721,928 290,610

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

12,878 728- -- -

1,104 32413,982 1,052

707,946 289,558

556,894 273,832- -

327,909 163,67949,540 19,185

330,497 106,694

10.06 9.7412.22 11.8111.02 10.56

32,585,422 16,797,8984,052,642 1,625,081

29,983,505 10,101,433

- -21,300 10,901

7 2- -- -- -

21,307 10,903

2,591 1,737- 121 23

780 278147 108

3,519 2,15817,788 8,745

- -17,788 8,745

16 (569)(123) (2)

- -- -

1,579 3151,472 (256)

19,260 8,489

7,877 5,4961,090 513

10,293 2,480

0.33 0.310.43 0.390.46 0.42


2008 2007


2008 2007


– 247 –

















106,694 23,048(163)

106,531

310,849 158,403- -

(115,400) (80,652)18,224 3,415

213,673 81,166

- -- -- -- -

10,293 2,480330,497 106,694

289,558 190,722(441)

289,117

725,619 338,775- -

(348,804) (223,860)22,754 (24,568)

399,569 90,347

- -- -- -- -

19,260 8,489707,946 289,558

163,679 159,069(249)

163,430

343,038 159,541- -

(188,908) (135,393)2,472 (25,034)

156,602 (886)

- -- -- -- -

7,877 5,496327,909 163,679

19,185 8,605(29)

19,156

71,732 20,831- -

(44,496) (7,815)2,058 (2,949)

29,294 10,067

- -- -- -- -

1,090 51349,540 19,185

CI Short-Term Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


- -- -

– 248 –





2008 2007


24,252 -25,774 -

CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

16,797,898 16,853,81434,581,908 16,664,511

- -(19,032,102) (14,139,165)

237,718 (2,581,262)32,585,422 16,797,898

1,625,081 754,6705,947,647 1,794,860

- -(3,694,206) (670,988)

174,120 (253,461)4,052,642 1,625,081

10,101,433 2,275,31828,847,714 15,278,834

- -(10,643,810) (7,783,430)

1,678,168 330,71129,983,505 10,101,433





1.000.75


---


2008







327,909(120)

327,789

10.06-

10.06

49,540(18)

49,522

12.22-

12.22

330,497(123)

330,374

11.02-

11.02


2008

– 249 –

CI Short-Term US Corporate ClassStatement of Investment Portfolio as at March 31, 2008


BONDS (16.3%) USD 1,000,000 American Express Credit Corp.,

FRN 2.61875% 05/19/2009 996,397 994,390 USD 500,000 Bank of Montreal Chicago

FRN 2.91125% 03/12/2009 500,000 500,000 USD 350,000 Bear Stearns Co. Inc. 3.47375% 01/31/2011 350,243 350,000 USD 260,000 GE Capital Corp., FRN 2.045% 06/11/2008 260,906 259,831 USD 70,000 Goldman Sachs Group Inc.

4.1775% 07/23/2009 70,349 69,381 USD 600,000 Hartford Life Inc., FRN 2.97% 09/15/2009 599,544 599,388 USD 500,000 HSBC Finance Corp., FRN 3.07% 05/21/2008 500,000 500,000 USD 1,470,000 BP Capital Markets PLC

FRN 3.01% 03/17/2010 1,470,000 1,466,692 USD 415,000 Province of Manitoba 5.5% 10/01/2008 418,428 421,022 USD 950,000 United States Treasury Note/Bond

4.875% 05/31/2008 948,516 955,348 USD 600,000 General Mills Inc., FRN 4.02375% 01/22/2010 595,534 587,292

6,709,917 6,703,344 SHORT-TERM INVESTMENTS (3.6%)

USD 1,500,000 CN Railway Co. US 2.72% 04/29/08 1,496,100 1,496,580



Other Assets (net) (80.1%) 32,820,472

Total Net Assets (100.0%) 41,020,396




– 250 –

CI Short-Term US Corporate Class Financial Statements







A Shares


A Shares


A Shares






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


A Shares

8,200 4,56032,711 12,022

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

150 4- -

107 3141,168 16,617

- -35 -

- -- -- -- -

36 5- -- -

77 24148 29

41,020 16,588

8,206 4,559- -

41,020 16,588

11.27 10.89

3,638,390 1,522,546

- -1,109 496

- -- -- -- -

1,109 496

251 96- 1- 1

53 2114 6

318 125791 371

- -791 371

3 7- -- -- -

- (3)3 4

794 375

794 375

0.35 0.42


2008 2007


2008 2007


– 251 –





16,588 7,112(7)

16,581

42,702 23,799- -

(20,115) (14,956)1,058 258

23,645 9,101

- -- -- -- -

794 37541,020 16,588

CI Short-Term US Corporate Class Financial Statements



2008 2007



2008 2007


- -- -

– 252 –



2008 2007


- -- -

CI Short-Term US Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

1,522,546 678,8513,826,331 2,220,929

- -(1,817,794) (1,402,743)

107,307 25,5093,638,390 1,522,546



Annual management fee rateA Shares

Annual fixed administration fee rateA Shares

1.00

-


2008



41,0201

41,021

11.27-

11.27


2008

– 253 –

Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2008


3,165,367 Signature Corporate Bond Fund (Class I)* 31,901,929 30,704,057



Total Net Assets (100.0%) 30,827,101

Top 25 holdings of Signature Corporate Bond Fund as at March 31, 2008

Percentage of


Canadian Imperial Bank of Commerce 4.4% 03/07/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0

Royal Bank of Scotland 5.37% 05/12/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2

MI Developments Inc. 6.05% 12/22/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1

Noranda Operating Trust 6.529% 12/20/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Holcim Finance Canada Inc. 5.9% 06/21/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

France Telecom SA 4.95% 06/23/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Toronto-Dominion Bank 5.141% 11/19/2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Royal Bank of Canada 5.13% 09/27/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Countrywide Financial Corp. 4.69% 06/01/2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Canadian Western Bank 5.96% 10/24/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Toronto-Dominion Bank, Callable 4.54% 09/05/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Met Life Global Funding 4.5% 02/10/2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Molson Coors Capital Finance Co., Senior Notes 5% 09/22/2015 . . . . . . . . . . . . . . . . . . . . 0.9

AES Corp. 8.75% 05/15/2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Royal Bank of Scotland 4.25% 03/30/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

Nordea Bank AB 3.95% 08/05/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9

HSBC Bank Canada 4.94% 03/16/2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Bell Aliant Regional 5.41% 09/26/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Opti Canada Inc., Callable 8.25% 12/15/2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

RBC Capital Trust, Callable 5.812% 12/29/2049 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

HSBC Bank Canada 5.31% 10/12/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Schlumberger Canada Ltd. 5.14% 07/12/2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Toronto-Dominion Bank 4.97% 10/30/2004 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

Canadian Government Bond 4.5% 06/01/2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

ERAC Canada Finance Ltd. 5.38% 02/26/2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8



– 254 –

Signature Corporate Bond Corporate Class Financial Statements






Net assets per classA SharesF SharesI Shares

Net assets per share A SharesF SharesI Shares












30,704 24,676189 129

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

69 9429 12

- 13830,991 25,049

- -- -- -- -- -

10 366 85

- -- -

88 44164 132

30,827 24,917

31,902 24,628- -

26,086 22,4161,104 1,3583,637 1,143

11.73 11.8711.55 11.6310.27 10.16

2,224,542 1,888,35695,573 116,789

354,176 112,588

- -11 11

- -- -

1,765 1,099- -

1,776 1,110

516 33852 341 1

44 3533 23

646 4311,130 679

- -1,130 679

(163) (5)6 (5)- -

46 -

(1,246) 272(1,357) 262

(227) 941

(274) 863(13) 6460 14

(0.14) 0.65(0.09) 0.690.20 0.15


2008 2007


2008 2007


– 255 –

















1,143 -

1,730 286- -

(325) (3)1,029 8462,434 1,129

- -- -- -- -

60 143,637 1,143

24,917 11,933

12,663 12,964- -

(5,090) (3,085)(1,436) 2,1646,137 12,043

- -- -- -- -

(227) 94130,827 24,917

22,416 10,882

10,084 11,809- -

(4,013) (2,877)(2,127) 1,7393,944 10,671

- -- -- -- -

(274) 86326,086 22,416

1,358 1,051

849 869- -

(752) (205)(338) (421)(241) 243

- -- -- -- -

(13) 641,104 1,358

Signature Corporate Bond Corporate Class Financial Statements



2008 2007



2008 2007


2008 2007


- -- -

– 256 –





2008 2007


- -- -

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

1,888,356 966,239863,078 1,018,419

- -(344,196) (248,329)(182,696) 152,027

2,224,542 1,888,356

116,789 95,69173,887 75,725

- -(65,672) (18,072)(29,431) (36,555)95,573 116,789

112,588 -171,012 28,485

- -(32,153) (263)102,729 84,366354,176 112,588





2.001.50


0.200.20

-


2008

– 257 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at March 31, 2008



FINANCIALS (61.6%) 41,403 5Banc Split Inc., 4.75 % Preferred, Series B 420,290 393,743

128,100 AXA Asia Pacific Holdings Ltd. 637,530 660,848 56,900 Bank of Montreal 2,398,394 2,613,417 62,100 Bank of Montreal 4.5% Preferred, Series 13 1,537,407 1,233,306 51,800 Bank of Montreal 4.75% Preferred,

Series 6, Class B* 1,347,492 1,295,518 61,800 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 1,980,331 1,639,703 USD 300,000 Bank of Montreal Chicago

FRN 2.91125% 03/12/2009 353,953 307,920 68,500 Bank of Montreal Preferred 1,699,933 1,712,500 82,600 Bank of Nova Scotia 3,963,541 3,831,814 89,000 Bank of Nova Scotia 4.5% Preferred,

Series 14 2,205,634 1,825,390 70,000 Bank of Nova Scotia 5% Preferred.,

Series 18 1,750,000 1,747,200 69,000 Bank of Nova Scotia 5.25% Preferred 1,725,000 1,624,950 43,000 Bank of Nova Scotia 5.6% Preferred,

Series 17 1,075,000 1,062,100 32,500 Bank of Nova Scotia, Preferred, Series 13* 811,630 703,950

146,455 Barclays PLC* 1,378,802 1,350,706 39,066 BNP Paribas SA 4,661,880 4,044,236 45,400 Brookfield Asset Management Inc.,

4.75% Preferred 1,108,782 844,894 3,300 Brookfield Asset Management Inc.,

Preferred, Series 11 89,304 84,843 56,500 Brookfield Asset Management Inc.,

Preferred, Series 12 1,549,977 1,432,840 94,200 Brookfield Asset Management Inc.,

Preferred, Series 2 2,220,384 1,766,250 25,600 Brookfield Asset Management Inc.,

Preferred, Series 4 608,850 473,856 54,300 Brookfield Financial Corp., Preferred,

Series 13 1,273,959 1,018,125 71,900 Brookfield Properties Corp. 1,384,488 1,413,554 37,800 Brookfield Properties Corp.,

5.25% Preferred, Series G (USD) 1,168,949 905,931 71,900 Brookfield Properties Corp.,

5.75% Preferred, Series H 1,891,577 1,689,650 65,900 Brookfield Properties Corp.,

6% Preferred, Series F 1,776,854 1,640,910 70,600 Brookfield Properties Corp.,

Preferred, Series I 1,833,135 1,729,700 55,700 Brookfield Properties Corp.,

Preferred, Series K 1,421,764 1,203,677 300,000 Canada Housing Trust No. 1,

FRN Series 12 3.55714% 09/15/2010 301,521 300,960 26,700 Canadian General Investment,

3.9% Preferred, Series 3 676,762 634,392 139,500 Canadian Imperial Bank of Commerce 11,162,166 9,218,160 72,000 Canadian Imperial Bank of Commerce

4.7% Preferred, Series 31* 1,789,271 1,432,080 64,400 Canadian Imperial Bank of Commerce,

Preferred, Series 30, Cl 1,620,082 1,299,592 200,000 Citigroup Finance Canada Inc.

4.03% 08/04/2009 199,938 199,416 275,000 Credit Agricole SA 3.70857% 10/06/2008 275,000 275,000

FINANCIALS (61.6%) (cont’d)35,500 E-L Financial Corp. Ltd., 4.75% Preferred,

Series 2 10/17/20 880,806 688,700 29,500 E-L Financial Corp. Ltd., 5.30% Preferred,

Series 1 10/17/20 758,430 603,570 23,693 European Capital Ltd. 351,044 230,572

360,000 Export Development Canada 3.1% 07/15/2008 351,256 359,615 44,400 Great-West Lifeco Inc.,

4.8% Preferred, Series E 1,224,902 1,181,040 55,600 Great-West Lifeco Inc.,

4.85% Preferred, Series H 1,376,214 1,190,952 9,100 Great-West Lifeco Inc.,

5.2% Preferred, Series G* 232,739 210,028 54,000 Great-West Lifeco Inc., Preferred, Series I 1,264,709 1,085,400


400,000 HSBC Bank Canada 5.31% 10/12/2010 399,956 409,992 1,400,000 HSBC Bank Canada FRN

3.82429% 06/02/2008 1,400,000 1,400,140 35,000 HSBC Bank Canada, 5% Preferred, Series D 886,305 758,450 72,500 HSBC Bank Canada,

5.1% Preferred, Series 5 1,865,388 1,634,875 94,358 HSBC Holdings PLC 1,981,922 1,595,346 45,500 Industrial Alliance Insurance and Financial Inc.,

Preferred 1,130,379 919,100 79,500 ING Groep NV* 3,555,295 3,054,719

154,000 Intesa Sanpaolo SpA 1,045,945 1,108,717 8,300 Kookmin Bank, ADR 510,282 477,496

41,800 Lincoln National Corp. 2,294,605 2,225,403 73,100 Manulife Financial Corp., 4.65% Preferred,

Series 2, Class A* 1,823,967 1,600,890 107,000 Merrill Lynch 3.74429% 11/09/2009 107,000 107,000 300,000 MI Developments Inc. 6.05% 12/22/2016 297,540 307,560 200,000 Morgan Stanley FRN 4.14857% 02/23/2012 199,646 193,164 54,300 National Australia Bank Ltd. 1,490,231 1,524,900 27,000 National Bank of Canada, 4.85% Preferred,

Series 16 685,162 555,930 69,100 Power Financial Corp. 2,327,434 2,425,410 61,300 Power Financial Corp.,

4.7% Preferred, Series J* 1,641,687 1,575,410 62,500 Power Financial Corp.,

4.95% Preferred, Series K 1,571,056 1,386,875 10,700 Power Financial Corp.,

5.9% Preferred, Series F 269,326 266,965 70,000 Power Financial Corp., Preferred, Series L* 1,761,357 1,571,500 54,200 Premium Income Corp., Preferred 867,894 812,458 68,000 Royal Bank of Canada 3,378,567 3,255,840 18,300 Royal Bank of Canada 4.5% Series AG 415,142 375,150

1,000,000 Royal Bank of Canada 5.13% 09/27/2010 999,840 1,024,190 59,000 Royal Bank of Canada, 4.45% Preferred,

Series AA 1,457,464 1,192,980 45,000 Royal Bank of Canada, 4.6% Preferred,

Series AC 1,121,673 947,250 73,391 Royal Bank of Canada, 4.7% Preferred,

Series AB 1,833,674 1,577,906 27,800 Royal Bank of Canada, 4.7% Preferred,

Series K 720,902 697,780 9,200 Royal Bank of Canada, Preferred, Series W* 236,772 204,792



– 258 –

Signature Dividend Corporate Class Statement of Investment Portfolio as at March 31, 2008



FINANCIALS (61.6%) (cont’d)500,000 Royal Bank of Scotland 5.37% 05/12/2049 470,195 455,815 46,100 Sun Life Financial Inc., Preferred, Series 1,

Class A† 1,155,513 988,845 63,050 Sun Life Financial Inc., Preferred, Series 4 1,511,473 1,229,475 52,000 Toronto-Dominion Bank 3,218,393 3,281,200 89,000 Toronto-Dominion Bank 4.85% Preferred,

Series O 2,252,480 2,047,890 44,300 Toronto-Dominion Bank 5.25% Series P* 1,063,200 1,060,985 8,800 Toronto-Dominion Bank Class A, Preferred.,

Series R 219,336 218,856 48,962 UBS AG 2,604,921 1,459,272 51,200 Wachovia Corp. 1,883,475 1,418,894

150,000 YPG Holdings Inc. 5.25% 02/15/2016 149,356 141,225 119,926,433 107,029,948

ENERGY (8.1%) 40,500 CU Inc., 4.60% Series 1 1,003,674 830,655 51,600 Enbridge Inc.* 1,808,591 2,182,680 20,892 EnCana Corp. 1,184,685 1,631,456 40,500 Imperial Oil Ltd. 1,583,791 2,177,280 23,300 Nexen Inc. 632,154 709,252 27,700 Spectr Energy Corp. 642,752 645,674 24,211 Suncor Energy Inc.* 2,157,427 2,394,468 39,206 Talisman Energy Inc. 646,343 712,373 13,340 Total SA 1,014,102 1,016,292 46,200 TransCanada Corp.* 1,610,538 1,827,210


29,600 AT&T Inc. 1,168,974 1,163,608 96,700 BCE Inc., 4.4% Preferred, Series AF 16 2,439,741 2,320,800 31,000 BCE Inc., 4.486% Preferred, Class H,

Series 18 779,370 751,750 87,200 BCE Inc., 5.55% Preferred, Series 19 2,254,658 2,092,800 94,200 BCE Inc., Preferred, Series AB 2,443,598 2,237,250 25,237 Bell Aliant Regional Communications

Income Fund 817,810 755,596 13,400 TELUS Corp. 618,103 598,980 46,200 TELUS Corp., Non-Voting Shares 2,183,382 1,991,220 17,900 Verizon Communications Inc. 652,473 668,944

259,900 Vodafone Group 818,644 798,373 14,176,753 13,379,321

CONSUMER STAPLES (6.9%) 28,197 Altria Group Inc. 620,710 640,762 45,694 British American Tobacco PLC 1,603,702 1,759,216 90,966 Diageo PLC 2,078,444 1,882,656 93,300 George Weston Ltd., 5.15% Preferred,

Series 2 2,502,564 2,305,443 2,866 Nestle SA, Registered Shares 1,050,406 1,467,579

28,197 Phillip Morris International Inc. 1,407,092 1,459,803 17,100 Procter & Gamble Co. 1,117,410 1,228,249 37,000 Unilever NV 1,133,621 1,274,187

11,513,949 12,017,895 UTILITIES (4.8%)

300,000 Canadian Utilities Ltd. 10.2% 11/30/2009 364,389 331,965 188,592 Enel SpA 1,965,878 2,050,777 35,900 Fortis Inc.* 814,499 1,048,280 44,700 Fortis Inc., 4.9% Preferred 1,111,563 953,004

UTILITIES (4.8%) (cont’d)44,700 Fortis Inc., 5.45% Preferred, Series C 1,224,720 1,150,578 72,600 Fortis Inc., Preferred, Series E,

Callable/Convertible 1,931,978 1,852,026 4,299 Gaz de France 167,041 266,066

13,000 Integrys Energy Group Inc. 683,631 621,125 8,263,699 8,273,821

INDUSTRIALS (3.2%) 500,000 407 International Inc. 4.05714% 05/26/2008 499,574 500,085 13,100 Bombardier Inc., Preferred, Class B 244,789 220,342 28,100 Caldwell Partners International Inc., Class A 49,177 36,811 46,500 General Electric Co. 1,903,492 1,759,715

200,000 Greater Toronto Airports Authority,FRN 4.1957% 10/24/2008 200,026 199,816

19,900 Koninklijke Vopak NV* 882,953 1,285,151 88,500 Quebecor World Inc., Preferred, Series 3 1,946,220 16,815

144,900 Tesco PLC 1,130,314 1,118,680 10,000 Waste Management Inc. 411,407 343,946

7,267,952 5,481,361 MATERIALS (2.4%)

22,730 Cameco Corp. 942,685 768,047 15,600 CCL Industries Inc., Class B 416,265 463,944 17,600 Peabody Energy Corp. 1,042,325 919,309 54,100 Xstrata Canada Corp., 6.5% Series H 1,442,073 1,353,041 27,700 Xstrata Canada Corp., 4.58% Preferred,

Series 3 697,529 681,974 4,540,877 4,186,315

CONSUMER DISCRETIONARY (1.2%) 475,000 Canadian Tire Corp. Ltd. 5.22% 10/01/2010 474,924 485,716 114,500 Idearc Inc. 518,794 427,783 34,900 Thomson Corp.* 1,469,695 1,203,352

2,463,413 2,116,851



Short Term Notes (2.9%) 5,000,000 5,000,000





Total Net Assets (100.0%) 173,779,991




– 259 –



1 (2,380,000) British Pound 4,745,196 Canadian $ 2.03 21-May-08 A-1+ (88,410)3 (2,150,000) European Euro 3,207,052 Canadian $ 1.61 16-Jan-09 A-1+ (244,017)2 (3,070,000) European Euro 4,788,146 Canadian $ 1.62 21-May-08 A-1+ (181,279)1 (950,000) Swiss Franc 887,867 Canadian $ 1.04 19-Aug-08 A-1+ (96,015)1 (1,051,974) Canadian $ 1,080,000 US $ 1.03 21-May-08 A-1+ 57,636 8 (12,320,000) US $ 12,407,237 Canadian $ 1.03 21-May-08 A-1+ (250,535)2 (130,000) US $ 132,722 Canadian $ 1.03 16-Jan-09 A-1+ (1,464)


Signature Dividend Corporate ClassStatement of Investment Portfolio as at March 31, 2008



– 260 –

Signature Dividend Corporate Class Financial Statements







A SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares





166,613 178,3391,390 1,0145,000 14,700

- -- -- -- -- 16

138 1,0631,105 233

789 614175,035 195,979

- -- -1 1

804 8- -

203 -204 324

- -- -

43 321,255 365

173,780 195,614

180,283 165,818- -

161,729 183,1497,332 9,2192,938 3,246

959 -6 -

731 -85 -

13.95 15.2414.42 15.6810.50 11.269.28 -

10.08 -9.00 -9.91 -

11,591,835 12,013,900508,305 587,960279,753 288,243103,398 -

592 -81,204 -8,535 -


2008 2007


2008 2007


– 261 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares



7,358 5,1101,230 1,185

49 24- -- -

(229) (107)8,408 6,212

2,824 2,370383 32210 111 22

185 1673,413 2,8824,995 3,330

- -4,995 3,330

4,909 7,304(72) 74

(292) -- -

(26,777) 2,746(22,232) 10,124(17,237) 13,454

(15,974) 12,235(763) 636(472) 583(13) -

- -(15) -

- -

(1.30) 1.17(1.28) 1.28(0.89) 1.06(0.28) -0.12 -(0.30) -(0.02) -


2008 2007














183,149 128,445(197)

182,952

43,077 61,122- -

(30,872) (22,590)(17,454) 3,937(5,249) 42,469

- -- -- -- -

(15,974) 12,235161,729 183,149

9,219 5,927(10)

9,209

2,303 3,598- -

(2,209) (1,441)(1,208) 499(1,114) 2,656

- -- -- -- -

(763) 6367,332 9,219

3,246 1,239(4)

3,242

5,041 7,301- -

(1,408) (3,933)(3,465) (1,944)

168 1,424

- -- -- -- -

(472) 5832,938 3,246


2008 2007

– 262 –





















- -

- -- -- -

86 -86 -

- -- -

(1) -(1) -- -

85 -

195,614 135,611(211)

195,403

51,805 72,021- -

(34,533) (27,964)(21,626) 2,492(4,354) 46,549

- -- -

(32) -(32) -

(17,237) 13,454173,780 195,614

- -

767 -- -

(17) -234 -984 -

- -- -

(12) -(12) -(13) -959 -

- -

- -- -- -6 -6 -

- -- -- -- -- -6 -

- -

617 -- -

(27) -175 -765 -

- -- -

(19) -(19) -(15) -731 -




2008 2007



2008 2007








Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

12,013,900 9,082,3072,901,088 4,204,767

- -(2,111,266) (1,548,172)(1,211,887) 274,99811,591,835 12,013,900

587,960 409,637150,145 240,669

- -(146,744) (96,096)(83,056) 33,750508,305 587,960

288,243 120,829445,110 715,878

- -(129,034) (362,456)(324,566) (186,008)279,753 288,243

- -80,502 -

- -(1,800) -24,696 -

103,398 -

- -- -- -

(2) -594 -592 -

- -66,380 -

- -(2,930) -17,754 -81,204 -


- -- -- -- -

8,535 -8,535 -


2008 2007

















2008

161,729564

162,293

13.950.05

14.00

7,33226

7,358

14.420.05

14.47

2,93810

2,948

10.500.04

10.54

9594

963

9.280.039.31

6-6

10.080.04

10.12

7313

734

9.000.039.03



85-

85

9.910.039.94


2008




2008 2007


17,753 15,28818,868 16,279



2008 2007


151 10915 9

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares

1.501.00

Paid directly by investor1.501.001.501.00

0.200.20

-0.200.200.200.20


2008


– 266 –

Signature High Income Corporate ClassStatement of Investment Portfolio as at March 31, 2008



CORPORATE BONDS (38.2%) 900,000 407 International Inc. 4.05714% 05/26/2008 899,233 900,153

USD 775,000 Ace Cash Express Inc. 10.25% 10/01/2014 880,747 648,299 USD 505,000 Advanced Micro Devices, Inc.

7.75% 11/01/2012 590,576 419,848 412,000 Advantage Energy Income Fund,

Convertible 7.5% 10/01/2009 414,047 415,914 USD 3,300,500 AES Corp. 8.75% 05/15/2013 3,449,913 3,523,135 USD 210,000 Agilent Technologies, Inc. 6.5% 11/01/2017 202,655 216,290 USD 160,000 Alliance One International Inc.

11% 05/15/2012 164,422 166,687 USD 863,000 Allison Transmission Inc. 11% 11/01/2015 851,316 770,631 USD 504,000 American Railcar Industries Inc.

7.5% 03/01/2014 595,712 455,228 USD 1,565,190 Aramark Term Loan 7.47% 01/27/2014 1,849,181 1,498,070 USD 1,200,000 Axcan Intermediate Hold 9.25% 03/01/2015 1,181,229 1,219,362 USD 936,000 Baker & Tylor 11.5% 07/01/2013 1,113,188 865,839 USD 800,000 Bank of Montreal Chicago FRN

2.91125% 03/12/2009 943,875 821,119 USD 1,260,000 Biomet, Inc. 10% 10/15/2017 1,263,240 1,354,693 USD 397,000 Boston Scientific Corp. 5.5% 11/15/2015 368,624 378,957 USD 1,073,000 Boston Scientific Corp.,

Senior Notes 6.4% 06/15/2016 1,017,140 1,026,987 917,400 Bowater Inc. 10.85% 11/30/2014 1,039,065 458,700

1,293,500 Bragg Loan, Private Placement7.53% 08/31/2014 1,293,500 1,261,162

900,000 Canada Housing Trust No. 1,FRN Series 12 3.55714% 09/15/2010 904,563 902,880

400,000 Canadian Utilities Ltd. 10.2% 11/30/2009 485,852 442,620 USD 1,210,702 CanWest MediaWorks Inc. 8% 09/15/2012 1,478,491 1,180,530 USD 941,000 Cascades Inc. 7.25% 02/15/2013 1,010,649 852,355 USD 281,000 CCH II LLC 10.25% 09/15/2010 324,661 261,739 USD 1,407,000 CEVA Group PLC 10% 09/01/2014 1,430,792 1,397,209 USD 880,000 Charter Communications Holdings II LLC

10.25% 09/15/2010 1,075,373 821,940 USD 616,000 Charter Communications, Inc.

6.5% 10/01/2027 460,308 278,195 USD 344,000 CII Carbon, LLC 11.125% 11/15/2015 329,845 314,242 USD 730,000 Cincinnati Bell Inc. 8.375% 01/15/2014 896,400 702,442

720,000 CIT Group Holdings Inc. 4.72% 02/10/2011 719,712 636,682 400,000 Citigroup Finance Canada Inc.

4.03% 08/04/2009 399,876 398,832 USD 1,100,000 Claire's Stores Inc. 10.5% 06/01/2017 878,181 496,777 USD 2,145,220 Clarketerm, Private Placement

7.84% 06/30/2014 2,446,473 1,772,491 USD 718,000 Clondalkin FRN 4.8% 12/15/2013 716,624 604,303 USD 1,059,000 Connacher Oil and Gas Ltd.

10.25% 12/15/2015 1,025,388 1,095,109 USD 437,000 Constellation Brands Inc. 7.25% 05/15/2017 478,539 435,080

1,112,000 Constellation Brands Inc.8.125% 01/15/2012 1,100,687 1,152,769

USD 1,635,417 Corral Finans AB 6.85% 04/15/2010 1,867,595 1,275,729 USD 735,000 Couche-Tard Finance Corp.,

Callable 7.5% 12/15/2013 908,614 752,517 645,000 Credit Agricole SA 3.70857% 10/06/2008 645,000 645,000

USD 203,000 CSC Holdings Inc. 8.125% 08/15/2009 199,541 210,443 USD 316,800 Dex Media West LLC 9.875% 08/15/2013 441,874 282,892

CORPORATE BONDS (38.2%) (cont’d)USD 888,000 Dollarama Group LP 8.875% 08/15/2012 953,969 856,756 USD 592,000 Dollarama Group LP FRN

10.59875% 08/15/2012 678,271 574,209 USD 1,754,000 Domtar Inc. 7.875% 10/15/2011 1,851,196 1,800,304 USD 1,251,000 Dow Jones CDX HY,

Private Placement 6.75% 06/29/2012 1,321,520 1,243,899 USD 111,600 Dow Jones CDX HY T4 Series 3-4,

Private Placement 10.5% 12/29/2009 154,284 117,983 1,020,000 Export Development Canada

3.1% 07/15/2008 995,224 1,018,909 1,230,000 Falconbridge Ltd. 8.5% 12/08/2008 1,307,434 1,270,381

700,000 First Capital Realty Inc. 5.5% 09/30/2017 715,502 658,350 USD 970,000 First Data Corp. 9.875% 09/24/2015 886,627 818,887 USD 598,000 Flextronics International Ltd.

6.5% 05/15/2013 656,400 586,166 USD 996,000 FMG Finance 10% 09/01/2013 1,263,244 1,098,965 USD 584,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 779,505 674,344 USD 743,000 FMG Finance Pty. Ltd. 9.12375% 09/01/2011 829,028 735,923 USD 660,000 Foot Locker Inc. 8.5% 01/15/2022 747,998 596,133 USD 1,726,000 Freeport-McMoRan Copper & Gold Inc.

8.25% 04/01/2015 1,902,655 1,869,001 USD 1,127,000 General Motors Nova Scotia Finance Co.

6.85% 10/15/2008 1,107,754 1,133,617 USD 2,709,100 Gerdau Ameristeel Corp.

10.375% 07/15/2011 3,697,366 2,905,745 USD 574,113 Great Canadian Gaming Corp.

6.86% 02/12/2014 626,788 567,172 USD 1,166,000 Great Canadian Gaming Corp.

7.25% 02/15/2015 1,333,013 1,138,438 500,000 Greater Toronto Airports Authority,

FRN 4.1957% 10/24/2008 500,065 499,540 USD 653,000 H&E Equipment Services Inc.

8.375% 07/15/2016 812,355 552,947 USD 1,443,000 Harrahs Operating Co. Inc.

5.625% 06/01/2015 1,214,766 859,034 USD 726,000 Hawaiian Telcom Communications Inc.

12.5% 05/01/2015 889,320 506,713 USD 135,000 Hawaiian Telcom Communications Inc.

9.75% 05/01/2013 157,447 103,923 902,000 HBOS Treasury Services PLC

3.69429% 09/29/2009 902,000 893,251 USD 1,116,000 HealthSouth Corp. 10.75% 06/15/2016 1,207,721 1,202,734 USD 396,033 HealthSouth Corp. 8.15% 03/10/2013 532,117 375,493 USD 280,000 HealthSouth Corp.,

Callable 10.75% 10/01/2008 304,195 288,110 USD 714,000 Hexion US/NOVA 9.75% 11/15/2014 887,757 785,980 USD 963,000 Host Hotels & Resorts Inc.

2.625% 04/15/2027 930,111 827,804 800,000 HSBC Bank Canada 5.31% 10/12/2010 799,912 819,984

USD 1,125,000 Hughes Network 9.5% 04/15/2014 1,270,361 1,148,925 USD 854,000 Huntsman International LLC

7.875% 11/15/2014 959,537 929,137 USD 579,000 Innophos Inc. 8.875% 08/15/2014 653,110 576,456 USD 2,026,000 Intelsat Bermuda Ltd. 11.25% 06/15/2016 2,537,383 2,108,077 USD 899,000 Intelsat Bermuda Ltd. 8.25% 01/15/2013 909,188 929,653 USD 1,525,000 Intergen NV 9% 06/30/2017 1,645,249 1,635,695



– 267 –

Signature High Income Corporate Class Statement of Investment Portfolio as at March 31, 2008



CORPORATE BONDS (38.2%) (cont’d)1,815,000 Iron Mountain Inc. 7.5% 03/15/2017 1,795,365 1,733,325

USD 426,000 Iron Mountain Inc. 8.625% 04/01/2013 509,752 441,618 USD 2,149,000 iStar Financial Inc.,

FRN 6.03438% 09/15/2009 1,844,546 1,768,401 USD 1,830,000 Jabil Circuit Inc. 8.25% 03/15/2018 1,865,589 1,812,569 USD 449,000 Kansas City Southern de Mexico

9.375% 05/01/2012 466,574 475,831 USD 1,189,000 Landry's Restaurants Inc. 9.5% 12/15/2014 1,172,322 1,189,879 USD 1,476,000 Masonite International Corp.

11% 04/06/2015 1,812,018 1,030,176 USD 490,000 Medcath Holdings 9.875% 07/15/2012 570,578 525,568

350,000 Merrill Lynch & Co. Inc. 4.5% 01/30/2012 329,808 329,476 235,000 Merrill Lynch 3.74429% 11/09/2009 235,000 235,000 600,000 Met Life Global Funding 4.35% 02/10/2009 599,502 602,082

USD 811,000 Metals USA Holdings Corp.,FRN 10.72875% 07/01/2012 767,707 620,145

USD 680,000 MetroPCS Wireless Inc. 9.25% 11/01/2014 730,315 642,115 USD 1,280,000 MGM Mirage Inc. 5.875% 02/27/2014 1,175,364 1,123,291 USD 502,000 MGM Mirage Inc. 7.5% 06/01/2016 553,603 463,727 USD 733,000 MGM Mirage Inc. 8.5% 09/15/2010 888,066 776,802 USD 2,006,000 Mohegan Tribal Gaming

6.125% 02/15/2013 1,822,473 1,878,798 360,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 353,330 359,381 450,000 Morgan Stanley FRN 4.14857% 02/23/2012 449,204 434,619 600,000 NAV Canada 4.428% 02/24/2011 600,000 614,994

USD 972,000 Neiman Marcus Group Inc.10.375% 10/15/2015 1,156,314 997,660

USD 612,600 Norcross Safety Products LLC9.875% 08/15/2011 840,516 647,635

USD 897,000 Nuveen Investments Inc. 10.5% 11/15/2015 865,649 789,483 USD 1,669,000 Nuveen Investments Inc.,

Senior Notes 5% 09/15/2010 1,497,206 1,481,797 USD 1,450,000 NXP BV/NXP Funding LLC

7.875% 10/15/2014 1,711,870 1,361,775 USD 2,258,000 Opti Canada Inc.,

Callable 8.25% 12/15/2014 2,521,258 2,317,609 USD 1,107,000 PetroQuest Energy Inc.

10.375% 05/15/2012 1,353,645 1,167,470 USD 349,000 Province Healthcare Co.

7.5% 06/01/2013 465,936 363,586 USD 2,507,000 Qwest Capital Funding, Inc.

7% 08/03/2009 2,507,808 2,560,316 USD 754,000 Rathgibson Inc. 11.25% 02/15/2014 884,395 754,557

300,000 RBC Capital Trust 4.87% 12/31/2050 * 299,304 282,282 1,465,000 Rogers Wireless Inc. 7.625% 12/15/2011 1,491,336 1,581,643

USD 144,000 Rogers Wireless Inc. 8% 12/15/2012 171,793 152,974 2,000,000 Royal Bank of Canada 5.13% 09/27/2010 1,999,680 2,048,380

600,000 Royal Bank of Scotland 5.37% 05/12/2049 564,234 546,978 USD 1,100,000 Royal Bank of Scotland Group PLC

6.99% 10/04/2049 1,098,009 958,441 USD 1,285,000 Rural Cellular Corp. 8.12375% 06/01/2013 1,332,304 1,318,923 USD 1,065,000 Rural Cellular Corp. 8.25% 03/15/2012 1,200,510 1,120,443 USD 1,894,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,869,129 1,875,960

1,298,000 Saskatchewan Wheat Pool Inc.8.5% 08/01/2017 1,296,760 1,314,225

CORPORATE BONDS (38.2%) (cont’d)USD 273,000 Scientific Games Corp. 6.25% 12/15/2012 252,547 260,592

579,000 Shaw Communications Inc. 7.5% 11/20/2013 596,376 614,475 479,000 Sherritt International Corp.

7.875% 11/26/2012 483,672 508,085 1,959,000 Sherritt International Corp.

8.25% 10/24/2014 1,959,000 2,089,665 USD 436,034 Skilled Healthcare Group Inc.

11% 01/15/2014 546,918 467,684 138,000 Speciality Foods 12/14/2011 499,800 138,000

USD 553,000 Station Casinos 6% 04/01/2012 603,023 465,431 USD 477,000 Steel Dynamics Inc. 7.375% 11/01/2012 465,909 494,488

177,000 Stelco Inc. 02/01/2099 53,542 - USD 1,122,000 Targa Resources Inc. 8.5% 11/01/2013 1,289,828 1,059,490 USD 980,000 The Mosaic Co. 7.375% 12/01/2014 1,131,355 1,076,282 USD 725,000 Transmeridian Exploration Inc.

12% 12/15/2010 699,121 580,429 USD 1,749,000 Triton PCS Inc. 8.5% 06/01/2013 1,858,002 1,869,223 USD 1,698,000 United Rentals North America Inc.

6.5% 02/15/2012 1,872,785 1,577,257 USD 746,000 United Surgical Partners International Inc.

8.875% 05/01/2017 770,615 719,752 USD 1,466,679 US Oncology Holdings Inc.

7.94938% 03/15/2012 1,569,460 1,204,318 700,000 Viterra Inc. 8% 04/08/2013 700,000 745,990

AUD 984,000 Western Areas 8% 07/02/2012 825,647 896,198 USD 834,000 WII Components, Inc. 10% 02/15/2012 939,690 727,614 USD 980,000 Wynn Las Vegas LLC 6.625% 12/01/2014 910,378 968,151

138,959,513 125,185,546 COMMON EQUITIES (16.1%)

7,342 Ares Capital Corp.* 150,371 94,499 2,647 Ares Capital Corp., Rights* - 1,277

40,550 Asciano Group* 266,595 151,378 137,302 Barclays PLC* 1,292,631 1,266,291 36,023 BNP Paribas SA 4,301,265 3,729,215 87,855 British Land Co. PLC 1,766,647 1,641,096 65,200 Brookfield Properties Corp. 1,255,744 1,281,832 23,100 Brookfield Real Estate Services Fund

Trust Unit 255,068 266,574 119,200 Canadian Imperial Bank of Commerce 9,629,384 7,876,736 79,300 Citizens Communications Co.* 1,064,862 852,189 45,500 Consumers' Waterheater Income Fund 638,823 596,505 31,280 Danaos Corp. 789,554 789,481 65,000 Enbridge Inc.* 2,516,837 2,749,500

180,600 Enel SpA 1,782,114 1,963,871 23,504 European Capital Ltd. 337,833 228,732 81,960 HSBC Holdings PLC 1,708,875 1,385,729 69,000 ING Groep NV 3,306,952 2,651,266 6,700 Integrys Energy Group Inc. 352,330 320,118

591,400 Inter Pipeline Fund LP 5,334,192 5,636,042 9,400 Koninklijke Vopak NV 588,338 607,056

647,070 Macquarie Airports 2,138,148 1,960,395 70,700 Macquarie Goodman Group 261,468 283,163 39,110 Macquarie Infrastructure Co. LLC 1,357,458 1,168,146

120,900 Macquarie Media Group Ltd. 501,479 417,315 98,700 Otelco Inc. 1,890,003 1,577,328

132,900 Primary Energy Recycling Corp. 1,297,207 831,954



– 268 –

COMMON EQUITIES (16.1%) (cont’d)90,600 Resolve Business Outsourcing 830,710 671,346 76,280 Seaspan Corp. 2,018,786 2,230,588 28,100 Spectr Energy Corp. 652,012 654,998 95,700 Timberwest Forest Corp., Stapled Units 1,292,195 1,210,605 33,000 TransCanada Corp.* 1,237,837 1,305,150

316,550 Transurban Group* 2,016,093 1,924,009 39,200 UBS AG 2,159,736 1,168,323 11,682 Unibail* 2,714,907 3,079,242 14,700 Westfield Group 245,346 245,154

57,951,800 52,817,103 INCOME TRUSTS (13.0%)

35,245 AltaGas Income Trust 762,736 849,757 71,200 Arctic Glacier Income Fund 825,779 652,192

105,319 Bell Aliant Regional CommunicationsIncome Fund 3,453,816 3,153,251

69,480 BFI Canada Income Fund 1,653,472 1,536,898 34,265 Boston Pizza Royalties Income Fund 500,627 386,167

183,500 Canadian Oil Sands Trust 3,978,773 7,611,580 132,800 CI Financial Income Fund 4,026,208 2,865,824 68,700 CML Healthcare Income Fund 874,608 1,090,956 74,108 Contrans Income Fund* 947,280 632,141 66,100 Davis & Henderson Income Fund 1,250,965 1,131,632 69,200 Enerplus Resources Fund 2,927,420 3,081,476 40,400 Keyera Facilities Income Fund 543,169 846,380 61,900 Labrador Iron Ore Royalty Income Fund 1,495,905 3,380,978 53,300 Liquor Stores Income Fund 825,005 1,134,224 72,300 Livingston International Income Fund 1,559,206 1,088,115

141,387 Pembina Pipeline Income Fund 2,107,143 2,303,194 70,400 Precision Drilling Trust 1,158,348 1,672,000

437,460 Teranet Income Fund 4,342,018 4,199,616 65,600 Total Energy Services Trust 812,709 508,400

138,536 TransForce Income Fund 2,130,817 1,047,332 27,700 Wajax Income Fund 614,366 836,540

249,673 Yellow Pages Income Fund 3,364,440 2,606,586 40,154,810 42,615,239

REITS (12.5%) 149,710 Allied Properties REIT* 2,389,309 2,893,894 173,353 Artis REIT 2,644,208 2,704,307 294,896 Calloway REIT* 6,169,418 5,936,256 222,010 Canadian Apartment Properties REIT* 3,341,406 3,509,978 225,540 Chartwell Seniors Housing REIT* 2,482,166 2,077,223 246,700 Cominar REIT 4,146,744 5,017,878 53,300 Crombie REIT 522,095 580,970 67,300 General Property Trust 182,729 204,527

344,900 H&R REIT 5,808,455 6,701,407 223,786 InnVest REIT* 2,373,843 2,219,957 60,490 InStorage REIT 667,599 324,226

147,200 Primaris Retail REIT 1,517,108 2,449,408 295,478 RioCan REIT* 5,354,959 6,101,621 240,500 Valad Property Group 181,006 215,431

37,781,045 40,937,083 ROYALTY TRUSTS (8.3%)

294,900 ARC Energy Trust* 5,804,729 7,755,870 46,800 Baytex Energy Trust* 961,279 1,064,700

127,900 Bonavista Energy Trust 3,399,092 3,808,862 80,600 Crescent Point Energy Trust 1,321,994 2,305,160

ROYALTY TRUSTS (8.3%) (cont’d)48,100 Fording Canadian Coal Trust* 1,772,319 2,573,831 31,735 Keg Royalties Income Fund 389,561 345,277 78,200 Northland Power Income Fund 1,097,592 1,004,088 76,200 Penn West Energy Trust* 2,219,457 2,188,464

118,000 Progress Energy Trust 1,558,853 1,502,140 129,400 Vermilion Energy Trust* 2,852,597 4,697,220

21,377,473 27,245,612 PREFERRED SHARES (0.7%)

38,400 ION Media Networks Inc., 12% Preferred 6,065 1,971 91,400 Nortel Networks Corp., Preferred,

Series 7, Class A 1,607,202 1,020,024 120,000 Nortel Networks Corp., Preferred, Series F 2,228,466 1,352,400

3,841,733 2,374,395 GOVERNMENT BONDS (0.5%)



1,342,000 Canadian Government Bond6% 06/01/2008* 1,375,282 1,350,602

1,635,137 1,626,817



Short Term Notes (9.5%) 31,000,000 31,000,000





Total Net Assets (100.0%) 327,504,909

Principal amounts stated in:AUD - Australian Dollar USD - U.S. Dollar






– 269 –



1 (1,292,000) Australian $ 1,183,123 Canadian $ 0.92 19-Aug-08 A-1+ (7,726)1 (120,000) European Euro 185,574 Canadian $ 1.62 21-May-08 A-1+ (8,671)4 (2,743,000) European Euro 4,092,824 Canadian $ 1.61 16-Jan-09 A-1+ (310,097)3 (11,534,500) US $ 11,856,003 Canadian $ 1.03 16-Jan-09 A-1+ (49,988)9 (70,222,738) US $ 71,434,722 Canadian $ 1.03 21-May-08 A-1+ (713,280)



The accompanying notes and supplementary schedules are an integral part of these financial statements. All common shares unless otherwise noted. Percentages shown in brackets relate investments at fair value to total net assets of the Fund.


– 270 –

Signature High Income Corporate Class Financial Statements












292,802 348,8561,417 1,225

31,000 25,599- -- -- -- 1,002- 31

925 1,043414 196

3,601 3,618330,159 381,570

- -- -1 2

1,090 -- -

479 2,393501 828

- -- -

583 3522,654 3,575

327,505 377,995

301,575 322,913- -

292,483 346,84216,306 17,32215,185 13,831

980 -81 -

2,457 -13 -

17.70 18.2018.52 18.9410.74 10.889.68 -

10.05 -9.37 -

10.26 -

16,527,298 19,054,203880,668 914,442

1,413,592 1,271,214101,281 -

8,104 -262,090 -

1,308 -


2008 2007


2008 2007


– 271 –








Increase (decrease) in net assets from operations per classA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares



3,353 3,65419,891 20,477

132 50- 43- -

(236) (295)23,140 23,929

4,243 4,572694 74613 3

231 250284 331

5,465 5,90217,675 18,027

- -17,675 18,027

9,139 10,852(30) 106

(392) -- -

(36,321) (12,090)(27,604) (1,132)(9,929) 16,895

(9,379) 15,404(412) 892(173) 599

15 -- -

20 -- -

(0.51) 0.77(0.43) 0.89(0.12) 0.610.33 -0.15 -0.15 -0.47 -


2008 2007














346,842 350,704(447)

346,395

60,488 96,208- -

(62,873) (77,413)(42,148) (38,061)(44,533) (19,266)

- -- -- -- -

(9,379) 15,404292,483 346,842

17,322 15,856(22)

17,300

4,364 6,919- -

(3,600) (4,912)(1,346) (1,433)

(582) 574

- -- -- -- -

(412) 89216,306 17,322

13,831 1,116(18)

13,813

3,891 18,823- -

(1,401) (5,553)(945) (1,154)

1,545 12,116

- -- -- -- -

(173) 59915,185 13,831


2008 2007

– 272 –





















- -

13 -- -- -- -

13 -

- -- -- -- -- -

13 -

377,995 367,676(487)

377,508

71,642 121,950- -

(67,930) (87,878)(43,723) (40,648)(40,011) (6,576)

- -- -

(63) -(63) -

(9,929) 16,895327,505 377,995

- -

779 -- -

(13) -209 -975 -

- -- -

(10) -(10) -15 -

980 -

- -

76 -- -- -6 -

82 -

- -- -

(1) -(1) -- -

81 -

- -

2,031 -- -

(43) -501 -

2,489 -

- -- -

(52) -(52) -20 -

2,457 -




2008 2007



2008 2007








Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules


2008 2007

19,054,203 20,136,1223,339,519 5,480,603

- -(3,510,731) (4,397,813)(2,355,693) (2,164,709)16,527,298 19,054,203

914,442 879,332231,638 380,233

- -(192,132) (267,555)(73,280) (77,568)880,668 914,442

1,271,214 108,902352,307 1,814,189

- -(129,351) (536,907)(80,578) (114,970)

1,413,592 1,271,214

- -80,960 -

- -(1,338) -21,659 -

101,281 -

- -7,516 -

- -(2) -

590 -8,104 -

- -214,270 -

- -(4,574) -52,394 -

262,090 -


- -1,308 -

- -- -- -

1,308 -


2008 2007

















2008

292,483509

292,992

17.700.03

17.73

16,30629

16,335

18.520.03

18.55

15,18527

15,212

10.740.02

10.76

9802

982

9.680.019.69

811

82

10.050.01

10.06

2,4574

2,461

9.370.029.39



13-

13

10.260.02

10.28


2008




2008 2007


53,958 53,30057,345 56,753



2008 2007


258 24825 21

Annual management fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesA T5 SharesF T5 SharesA T8 SharesF T8 Shares

1.250.75

Paid directly by investor1.250.751.250.75

0.200.20

-0.200.200.200.20


2008


Notes to the Financial Statements - CI Corporate Class Limited


1. THE FUND

CI Corporate Class 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.

CI Corporate Class Inception Date of A Shares Inception Date of F Shares Inception Date of I SharesCI American Equity Corporate Class February 24, 2000 July 17, 2000 –CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 –CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002CI Canadian Bond Corporate Class August 28, 2002 August 28, 2002 February 7, 2006CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006CI Can-Am Small Cap Corporate Class November 28, 2005† November 28, 2005† November 28, 2005CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 December 19, 2006CI European Corporate Class September 21, 1992 July 31, 2001 –CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006CI Global Biotechnology Corporate Class August 5, 1999 July 17, 2000 –CI Global Bond Corporate Class August 28, 2002 July 17, 2000 –CI Global Balanced Corporate Class* June 11, 1998 July 17, 2000 July 31, 2001CI Global Consumer Products Corporate Class April 11, 1997 July 17, 2000 July 31, 2001CI Global Energy Corporate Class June 11, 1998 July 31, 2001 –CI Global Financial Services Corporate Class July 23, 1996 July 17, 2000 July 31, 2001CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 December 17, 2001CI Global High Dividend Advantage Corporate Class February 22, 2007 February 22, 2007 February 22, 2007CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006CI 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, 2006CI Japanese Corporate Class December 23, 1998 July 17, 2000 –CI Pacific Corporate Class July 8, 1987 July 17, 2000 –CI Short-TermCorporate Class July 8, 1987 July 17, 2000 November 7, 2005CI Short-Term US$ Corporate Class July 31, 2001 – –CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 –Harbour Growth & Income Corporate Class August 1, 2006 August 1, 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, 2006Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006Signature Global Income & Growth Corporate Class February 22, 2007 February 22, 2007 February 22, 2007Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005Synergy 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, 2004Synergy Global Style Management Corporate Class July 23, 2004 July 23, 2004 –

– 276 –



Portfolio Select Series Inception Date of A Shares Inception Date of F Shares Inception Date of I Shares Inception Date of W SharesSelect Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006 November 7, 2005Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005Select 100i Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 80i20e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 70i30e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 60i40e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 50i50e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 40i60e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 30i70e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 20i80e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006Select 100e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

United Funds Inception Date of A Shares Inception Date of F Shares Inception Date of W SharesShort Term Income Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Canadian Fixed Income Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Global Fixed Income Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Canadian Equity Value Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Canadian Equity Diversified Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Canadian Equity Growth Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Canadian Equity Small Cap Corporate Class October 22, 2007 October 22, 2007 October 22, 2007US Equity Value Corporate Class October 22, 2007 October 22, 2007 October 22, 2007US Equity Diversified Corporate Class October 22, 2007 October 22, 2007 October 22, 2007US Equity Growth Corporate Class October 22, 2007 October 22, 2007 October 22, 2007International Equity Value Corporate Class October 22, 2007 October 22, 2007 October 22, 2007International Equity Diversified Corporate Class October 22, 2007 October 22, 2007 October 22, 2007International Equity Growth Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Real Estate Investment Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Enhanced Income Corporate Class October 22, 2007 October 22, 2007 October 22, 2007US Equity Small Cap Corporate Class October 22, 2007 October 22, 2007 October 22, 2007Emerging Markets Equity Corporate Class October 22, 2007 October 22, 2007 October 22, 2007

Cambridge Funds Inception Date of A Shares Inception Date of F Shares Inception Date of I Shares Inception Date of W SharesCambridge Canadian Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008Cambridge Canadian Asset Allocation Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008Cambridge 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 7, 2006.

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.

The date of inception of each class of shares is shown above.

A Shares are available to all investors.

F and W 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.

I Shares are available to institutional clients and investors who have entered into a Class I

Account Agreement with CI Investments Inc.

Insight Shares are issued to investors of the Insight Program, for use in fee-based accounts.

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. Each of the

United Funds offer Class A shares, Class W shares and Class F shares. Class A shares are

intended only for investors who want to receive the Optima Strategy Class A Services as

described in the simplified prospectus. Investors in Class F shares or Class W shares will

participate in our Asset Management Service if they qualify for the Asset Management

Service as described in the Funds’ simplified prospectus.

The manager and trustee of the United Corporate Class is United Financial Corporation (the

“Manager” or the “Trustee”). The Manager is a subsidiary of CI Investments Inc.

Shares of the Funds are distributed by principal distributors who have the exclusive right to

distribute units of the Pools in the jurisdictions in which they are appropriately registered.

These principal distributors are affiliates of the Manager within the meaning of applicable

securities legislation. For further information, please refer to the Funds’ simplified prospectus.

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

– 277 –



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 units. The following Funds offer T-Class units:

Cambridge Canadian Asset Allocation Corporate Class

Cambridge Canadian Equity Corporate Class

Cambridge Global Equity Corporate Class

CI American Equity Corporate Class

CI American Value Corporate Class

CI Canadian Investment Corporate Class

CI Global Corporate Class

CI Global High Dividend Advantage Corporate Class

CI Value Trust Corporate Class

Harbour Corporate Class

Harbour Foreign Equity Corporate Class

Harbour Foreign Growth & Income Corporate Class

Harbour Growth & Income Corporate Class

Portfolio Series Balanced Fund

Portfolio Series Balanced Growth Fund

Portfolio Series Growth Fund

Portfolio Series Maximum Growth Fund

Select 100e Managed Portfolio Corporate Class

Select 100i Managed Portfolio Corporate Class

Select 20i80e Managed Portfolio Corporate Class







Signature Dividend Corporate Class

Signature Global Income & Growth Corporate Class

Signature High Income Corporate Class

Signature Income & Growth Corporate Class

Signature Select Canadian Corporate Class

Synergy Global Corporate Class

Effective as of close of business on July 28, 2006, CI Explorer Corporate Class was merged

with CI American Small Companies Corporate Class.

The purchase method of accounting has been adopted for the merger of the Funds. Under

this method, one of the Funds in each merger is identified as the acquiring Fund, and is

known as the “Continuing Fund”, and the other Fund is known as the “Terminated Fund”.

The mergers were effected by transferring the net assets of the Terminated Funds in

exchange for securities of the Continuing Funds. The value of the securities of the

Continuing Funds issued in connection with these mergers was equal to the market value

of the net assets on the merger date transferred from the Terminated Funds.

The Terminated Funds are not included in these financial statements. The financial

statements of the continuing fund do not include the operating results of the terminated fund

prior to the merger date. The comparative figures are those of the continuing funds only.

The Statement of Investment Portfolio and Net Assets Reconciliation for each of the Funds

are as at March 31, 2008 and the Statements of Net Assets and Schedule of Securities

Lending are as at March 31, 2008 and March 31, 2007. The Statements of Operations,

Changes in Net Assets, Schedule of Fund Unit Transactions, Schedule of Fees and Schedule

of Commissions for each Fund are for the year ended March 31, 2008 and March 31, 2007,

except for Funds established during either period, in which case the information provided

relates to the period from inception to March 31, 2008 or to March 31, 2007.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian generally

accepted accounting principles. The following is a summary of significant accounting

policies of the Corporation and the Funds which are a class of shares of the Corporation:

Adoption of New Accounting Standards

The Canadian Institute of Chartered Accountants (“CICA”) issued Section 3855, Financial

Instruments: Recognition and Measurement, effective for interim and annual financial

statements relating to fiscal years beginning on or after October 1, 2006. This section

establishes standards for the fair valuation of investments and the way transaction costs

are recorded for financial reporting purposes.

The Canadian Securities Administrators (“CSA”) issued National Instrument 81-106, section

14.2 in 2005 which requires net asset value of an investment fund be calculated in

accordance with Canadian Generally Accepted Accounting Principles (“GAAP”). The

adoption of Section 3855 results in a different valuation method for calculating Net Asset

Value. As a result the CSA has granted temporary relief to investments funds, for the

purposes of calculating and reporting net asset value other than for financial reporting

purposes, from complying with Section 3855 until September 30, 2008.

In accordance with this decision made by the CSA, reconciliation between the net asset value

calculated in accordance with GAAP (referred to as “Net Assets”) and the price used for

subscriptions and redemptions (referred to as “Net Asset Value”) is required to be disclosed

in the financial statements. This is shown in the Net Assets Reconciliation schedule.

On April 1, 2007, the Funds adopted Section 3855 on a retrospective basis without

restatement of prior year periods. Accordingly, the opening net assets in the Statements of

Changes in Net Assets for the period ended March 31, 2007 has been adjusted.

Some Funds invest only in units of underlying funds. As a result, the new standards do not

impact the Fund’s valuation policies. The underlying funds will continue to be valued at their

net asset value as reported by the fund manager on the valuation date. The investment

transactions of these Funds are not subject to transaction costs.

In accordance with Section 3855, 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. Prior to this new standard,

these costs were added to the cost of the securities purchased or deducted from the

proceeds of sale. There is no impact to the net assets or the net asset value of the Funds

in using either of these methods.

(a) Valuation of Investments

Listed securities are valued based on the bid price for long securities and the ask price

for securities held short on the valuation date. Securities with no available bid prices

are valued at the last traded price for the day. Unlisted securities are valued based on

price quotations from recognized investment dealers, or failing that, management’s best

estimate of fair value. Short-term fixed income securities are valued at the evaluated

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. This Net Asset

Value is an observable market input.

– 278 –



(b) Foreign Exchange

Foreign currency amounts are translated into Canadian dollars as follows: market value

of investments, forward currency contracts, options contracts, other assets and

liabilities at the closing rate of exchange on each business day; income, expenses and

purchases, sales and settlements of investments at the rate of exchange prevailing on

the respective dates of such transactions.

(c) 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 dividends from investment funds are recognized

on the ex-dividend/ex-distribution date and interest income on the accrual basis.

For share basket forwards, forward fees are accrued daily and included in the valuation

of the share basket forward. Daily variation margin on derivative instruments is treated

as a cash account reflecting the daily transfer of cash on the Statement of Net Assets.

Realized gains and losses are not recognized until the contracts are settled.

Dividends 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. Dividends from

income trusts that are treated as a return of capital for income tax purposes reduce the

average cost of the underlying income trust on the Statement of Investments.

Dividends received from investment fund holdings are recognized by the funds in the

same form in which they were received from the underlying funds.

(d) 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 assets 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 are allocated to each class

proportionately based upon the relative net asset value of each class.

(e) Forward Contracts

Forward contracts are marked-to-market, using a bid price on the related public

exchange, each valuation day according to the gain or loss that would be realized if the

contracts were closed out. All gains or losses arising from forward and swap contracts

are recorded as unrealized appreciation (depreciation) on investments until the

contracts are closed out or expire, at which time the gains (losses) are realized. The

valuation of the investments sold forward and the value of the underlying fund are

valued based on market close price.

(f) 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) in value of investments” and in the Statements of Net Assets in

“Investments sold short at market value”. When the short position is closed out, gains

and losses are realized and included in “Net realized gain (loss) on sale of investments”.

(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 the Fund by the weighted average number of shares outstanding during

the period per class for that class.

(h) 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. 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 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, 2008. 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 1,334,347

By year of expiration (in 000’s) ($)

2009

Non-capital loss 23,308

– 279 –



4. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation. The Manager is entitled to receive

a fee calculated on the net assets value, excluding mutual fund investments, at the end of

each business day.

Effective September 2005, 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 the Fund 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.

5. 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.

6. 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. The Manager may change the dividend policy at its discretion. Further information

regarding reinvestment of dividends can be found in the funds’ Simplified Prospectus.

7. RELATED PARTY TRANSACTIONS

Sun Life Financial Inc. (“Sun Life”) owns a significant interest in CI Financial Income Fund,

the parent company of the Manager, and is therefore considered a related party to the

Funds. Sun Life did not hold investments in the Funds at March 31, 2008 or March 31, 2007.

The Funds paid the following brokerage commissions to Blackmont Capital Inc., an affiliated

company of CI Investments Inc.:

Fund For the year ended March 31, 2008

($)

Signature Canadian Resource Corporate Class 1,070

Signature Select Canadian Corporate Class 1,528

CI Global Energy Corporate Class 8,893

Harbour Corporate Class 30,305

Select Income Managed Corporate Class 270

Select Canadian Equity Managed Corporate Class 709

Signature High Income Corporate Class 10,340

Signature Dividend Corporate Class 524

Signature Income & Growth Corporate Class 5,063

Cambridge Canadian Equity Corporate Class 440

Cambridge Canadian Asset Allocation Corporate Class 164

Cambridge Canadian Global Equity Corporate Class 396

Synergy Canadian Corporate Class 33,976

Synergy Canadian Style Management Corporate Class 4,701

The Manager compensated the following funds for capital losses incurred due to market

instability during the initial period after their launch.

Fund For the year ended March 31, 2008

(in $000’s)

Cambridge Canadian Equity Corporate Class 74

Cambridge Canadian Asset Allocation Corporate Class 35

Cambridge Global Equity Corporate Class 171

8. SHORT SELLING AND DERIVATIVE RISKS

There is no assurance that securities will decline in value during the period of the short sale

sufficient to offset the interest paid by the mutual fund and make a profit for the mutual

fund, and securities sold short may instead increase in value. The mutual fund may also

experience difficulties repurchasing and returning the borrowed securities if a liquid market

for the securities does not exist. The lender from whom the mutual fund has borrowed

securities may go bankrupt and the mutual fund may lose the collateral it has deposited

with the lender.

The use of derivatives comes with a number of risks. Hedging with derivatives may not

always work and could restrict the Fund’s ability to increase in value. There are no

guarantees that a derivative contract can be obtained when needed, that the regulators

may impose limits on trading of derivatives or that the other party to a derivative contract

can honour the terms of the contract, thus preventing the Fund from making a profit or

limiting a loss. The price of a derivative may not reflect the true value of the underlying

security or if based on an index, could be distorted if some or all of the stocks included in

the index stop trading. Derivatives traded on foreign markets may be harder to close than

those traded in Canada. In some circumstances, investment dealer and futures brokers may

hold some of the Fund’s assets on deposit as collateral to a derivative contract, thus

increasing risk because another party is responsible for the safekeeping of the assets.

9. FUTURE ACCOUNTING STANDARDS

On April 1, 2007, the Funds adopted Section 1506 of the CICA Handbook Accounting Changes,

which prescribes the criteria for changing accounting policies, together with the accounting

treatment and disclosure of changes in accounting policies, changes in accounting estimates

and corrections of errors. This standard did not affect the Funds’ net assets.

Recent Canadian accounting pronouncements issued and not yet adopted include:

CICA Handbook Sections 3862 and 3863

The new Sections 3862 and 3863 replace Handbook Section 3861 Financial Instruments -

Disclosure and Presentation, revising and enhancing its disclosure requirements, and

carrying forward unchanged its presentation requirements.

These new sections place increased emphasis on disclosures about the nature and

extent of risks arising from financial instruments and how the Funds manage those risks.

The new standards apply to interim and annual financial statements relating to fiscal years

beginning on or after October 1, 2007, specifically April 1, 2008 for the Funds.

This standard will impact the Funds’ disclosures provided but will not affect the Funds’

net assets.

– 280 –

The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of thefirst such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body of all CI Funds, providingimpartial judgment on conflicts of interest with a view to the best interests of the CI Funds andCI Funds investors. The Board of Governors recommends the best course of action to achievea 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 CI Funds. All of the members ofthe 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 Canadiansecurities regulators. Along with dealing with conflicts of interest, the mandate provides thatthe Board acts as an audit committee for the CI Funds for the purpose of reviewing the financialstatements of the CI Funds with the auditors of the CI Funds and reviews holdings, purchasesand sales by the CI Funds of securities of Sun Life Financial Inc. and CI Financial Income Fund.

The Board also reviews and discusses on a regular basis matters including compliance of theCI Funds with CI’s relevant policies and procedures, approval of the CI Funds’ auditors and thefees 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 regulatorsin National Instrument 81-107 Independent Review Committee for Investment Funds whichrequires all mutual funds in Canada to have independent review committees.

The Board of Governors are compensated as recommended by the Canadian securities regulatorsin their rule and as set out in its mandate. These expenses are paid by CI and charged to theCI Funds as part of their administration fee.

During fiscal 2008 the members of the Board of Governors were:

William Harding, Managing Partner, Alpine Asset Advisors AGGovernor since June 2005

Stuart P. Hensman, Corporate DirectorGovernor since December 2004

Christopher M. Hopper, President, KLQ Mechanical Ltd.Governor since May 2007

Stephen T. Moore, Managing Director, Newhaven Asset Management Inc.Governor from September 2001 to July 2007

Sharon M. Ranson, President, The Ranson GroupGovernor since December 2004

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

About the CI Funds Board of Governors

Your CI Funds Board of Governors is pleased to report on its activities in respect of the periodended March 31, 2008 and to date. The Governors are appointed pursuant to the Declarations ofTrust governing the CI Funds that are trusts, and constitute the board of directors of CI CorporateClass Limited.

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 CI Funds’securityholders and that, at all times, the interests of the CI Funds and their securityholders areplaced above personal interests of employees, officers and directors of the Manager and eachof its subsidiaries and affiliates, the subadvisers, and the Governors, through the applicationof the highest standards of integrity and ethical business conduct. The CI Code of Ethics andConduct requires the prior clearance of personal trades and restricts the ability of staff to tradeany securities held by the CI Funds. The objective is not only to remove any potential for realconflict of interest but to avoid any perception of conflict. The Manager's year 2007 report oncompliance with the CI Code of Ethics and Conduct and other relevant policies has beenprovided to the Governors in a timely and satisfactory manner.

The Governors report that management has been open and cooperative, permitting theGovernors to meet with subadvisers, to meet with individual department heads and personnelto review control mechanisms and compliance procedures, including those relating to the personal securities trading activity of employees, and to consider other matters that affect theCI Funds. During the period ended March 31, 2008, the Governors also acted as the audit committee of the CI Funds. The audit committee reviewed, with the CI Funds’ auditors, theplanning, scope and results of the audit of the financial statements of the CI Funds for the period ended March 31, 2008. In May 2008, the Board of Governors received and accepted theAnnual Financial Statements of the CI Funds for the period ended March 31, 2008.

Stuart P. HensmanChair, CI Funds Board of Governors

May 27, 2008

Letter from the CI Funds Board of Governors

Annual Financial Statements as at March 31, 2008 – 281 –

Management and Audit Reports - CI Corporate Class Limited


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 3 to the

financial statements.

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,

2008 and the Statements of Net Assets, Statements of Operations and Changes in Net Assets

as at and for the period indicated in Note 1. These financial statements are the responsibility

of the management of the Corporation. 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 operations and changes in 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

May 27, 2008

– 282 –

– 283 –

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

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