semi-annual financial statements– as at september 30, 2013 · the ci funds board of governors is...

Semi-Annual Financial Statements – as at September 30, 2013

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

About the CI Funds Board of Governors

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

Equity Funds

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

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

CI American Value Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

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

CI Can-Am Small Cap Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

CI Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

CI Global Health Sciences Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59

CI Global High Dividend Advantage Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

CI Global Managers® Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

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

CI Global Value Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

CI International Value Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99

CI Pacific Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106

Harbour Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111

Harbour Global Equity Corporate Class

(formerly Harbour Foreign Equity Corporate Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 122

Harbour Voyageur Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

Red Sky Canadian Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142

Signature Global Resource Corporate Class

(formerly Signature Canadian Resource Corporate Class) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151

Signature Emerging Markets Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157

Signature Global Dividend Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166

Signature Global Energy Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 176

Signature Global Science & Technology Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182

Signature International Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 188

Signature Select Canadian Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 197

Signature Select Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209

Synergy American Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219

Synergy Canadian Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 225

Synergy Global Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

Balanced Funds

Harbour Global Growth & Income Corporate Class

(formerly Harbour Foreign Growth & Income Corporate Class) . . . . . . . . . . . . . . . . . . . . . . . . . 247

Harbour Growth & Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255

Signature Global Income & Growth Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264

Signature Income & Growth Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275

Income Funds

CI Short-Term Advantage Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284

CI Short-Term Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291

CI Short-Term US$ Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 296

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

Signature Corporate Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 310

Signature Diversified Yield Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 318

Signature Dividend Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327

Signature Global Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340

Signature Gold Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 347

Signature High Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 352

Signature High Yield Bond Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361

Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 370

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 381

CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the Funds’ AnnualFinancial Statements. Under Canadian securities laws (National Instrument 81-106), if an auditor has notreviewed the Semi-Annual Financial Statements, this must be disclosed in an accompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual Financial Statements inaccordance with standards established by the Canadian Institute of Chartered Accountants.

– 1 –

Enclosed are the Financial Statements for your CI Investments

mutual funds for the six months ending September 30, 2013. Inside

is important information about each fund, including its financial

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

of the period.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an

investment plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

CANADA’S INVESTMENT COMPANY

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

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

We manage over $85 billion on behalf of two million Canadians.

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

firm with $111 billion in fee-earning assets at September 30, 2013.

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

products and services and a strong lineup of leading portfolio

management teams. Our portfolio management expertise is offered

through several platforms, including mutual funds, tax-efficient funds,

guaranteed solutions, alternative investments, and managed solutions.

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

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

– 2 –Semi-Annual Financial Statements as at September 30, 2013

The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the first

such fund governance bodies in Canada.

The Board of Governors acts as an independent governance body the Funds, providing impartial

judgment on conflicts of interest with a view to the best interests of the Funds and investors.

The Board of Governors recommends the best course of action to achieve a fair and reasonable result

on any conflict of interest issues, and CI takes into account its recommendation in accordance with

its fiduciary duty to the Funds. All of the members of the Board are independent of CI.

The Board of Governors mandate is set out in a separate charter and reviewed annually by the Board

to ensure its mandate conforms to the expectations and requirements of Canadian securities

regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as

an audit committee for the Funds for the purpose of reviewing the financial statements of the Funds

with the auditors of the Funds and reviews holdings, purchases and sales by the Funds of securities

of The Bank of Nova Scotia and CI Financial Corp.

The Board also reviews and discusses on a regular basis matters including compliance of the Funds

with CI’s relevant policies and procedures, approval of the Funds’ auditors and the fees paid to those

auditors, and the performance of the Board and its members.

The Board of Governors adheres to the requirements set out by Canadian securities regulators in

National Instrument 81-107 Independent Review Committee for Investment Funds which requires all

mutual funds in Canada to have independent review committees.

The Board of Governors are compensated as recommended by the Canadian securities regulators

in their rule and as set out in its mandate. These expenses are paid by CI and charged to the Funds

as part of their administration fee.

The members of the Board of Governors are:

William Harding, Managing Partner, Alpine Asset Advisors AG

Governor since June 2005

Stuart P. Hensman, Corporate Director

Governor since December 2004

Christopher M. Hopper, President, KLQ Mechanical Ltd.

Governor since May 2007

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

James M. Werry, Corporate Director

Governor since September 2011

Further information regarding the Board is available at www.ci.com including the Board’s full mandate.

About the CI Funds Board of Governors

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

period ended September 30, 2013 and to date. The Governors are appointed pursuant to the

Declarations of Trust governing the Funds.

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

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

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

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

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

ethical business conduct. The CI Code of Ethics and Conduct requires the prior clearance of personal

trades and restricts the ability of staff to trade any securities held by the Funds. The objective is not

only to remove any potential for real conflict of interest but to avoid any perception of conflict. The

Manager's year 2013 report on compliance with the CI Code of Ethics and Conduct and other relevant

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

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

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

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

activity of employees, and to consider other matters that affect the Funds. During 2013, the Governors

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

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

year 2013. In November 2013, the Board of Governors received and accepted the Semi-Annual

Financial Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

November 2013

Letter from the CI Funds Board of Governors

– 3 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

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

FINANCIALS (17.6%) 5,000 Affiliated Managers Group Inc. 930,160 940,587

66,280 American International Group Inc. 2,591,411 3,319,359 58,380 Aon PLC 3,322,006 4,476,985 50,000 Bankunited Inc. 1,506,988 1,605,842 12,310 BlackRock Inc. (USD) 2,144,539 3,434,597 25,000 Century Bancorp Inc. 867,791 848,758 98,600 CIT Group Inc. 4,056,976 4,950,160 38,600 Citigroup Inc. 1,504,162 1,928,350 56,495 CME Group Inc. 3,075,165 4,298,678 78,800 CNO Financial Group Inc. 1,189,803 1,169,626 35,200 Discover Financial Services 1,532,773 1,832,461 5,000 First Citizens BancShares Inc. 920,530 1,053,016

30,000 First Republic Bank 1,181,941 1,440,314 9,900 Goldman Sachs Group Inc. 1,144,535 1,614,258

55,400 Hartford Financial Services Group Inc. 1,553,736 1,775,279 89,400 HFF Inc. 1,766,655 2,304,916

103,270 Marsh & McLennan Co. Inc. 3,732,471 4,632,540 35,100 Ocwen Financial Corp. 651,406 2,015,982 15,000 PNC Financial Services Group Inc. 881,220 1,118,939 15,000 Prosperity Bancshares Inc.* 647,296 955,317 11,800 Prudential Financial Inc. 583,071 947,933

143,800 Radian Group Inc.* 1,346,019 2,063,321 37,400 Realogy Holdings Corp. 1,692,058 1,657,676

176,800 Regions Financial Corp. 1,240,258 1,688,180 25,000 State Street Corp. 1,261,937 1,693,654 40,000 SunTrust Banks Inc. 1,177,289 1,335,352 50,000 The Bank of New York Mellon Corp. 1,579,227 1,554,340 25,890 Torchmark Corp. 1,196,877 1,929,423 57,610 Unum Group 1,120,537 1,805,746

46,398,837 60,391,589 INFORMATION TECHNOLOGY (16.2%)

20,000 Accenture PLC 1,501,639 1,517,258 82,440 Agilent Technologies Inc. 3,016,726 4,352,847 20,000 Akamai Technologies Inc. 683,355 1,064,862 10,000 ANSYS Inc. 507,472 891,196 14,414 AOL Inc. 328,022 513,115 13,545 Apple Inc. 4,512,351 6,651,606 64,000 CA Inc. 1,673,201 1,955,935 40,000 CGI Group Inc. (USD) 1,079,793 1,445,773 42,870 Check Point Software Technologies Ltd. 2,582,505 2,496,698

126,362 Cisco Systems Inc. 2,421,547 3,049,619 75,390 Electronic Arts Inc.* 1,593,298 1,983,314 43,700 Facebook Inc. 1,526,544 2,261,455 75,000 Frequency Electronics Inc. 669,648 900,776 4,700 Google Inc., Class A 3,525,355 4,238,680

45,600 Informatica Corp. 1,737,485 1,830,426 17,000 IPG Photonics Corp. 1,052,761 986,033

120,240 Juniper Networks Inc.* 2,566,613 2,459,716 217,119 Marvell Technology Group Ltd.* 2,529,030 2,569,654 111,800 Microsoft Corp. 3,398,645 3,834,801 47,560 Oracle Corp. 1,117,523 1,623,496

107,800 Ruckus Wireless Inc.* 1,724,046 1,867,676 76,250 Texas Instruments Inc. 2,160,664 3,164,419 65,640 TIBCO Software Inc. 1,533,041 1,730,874 92,600 WNS Holdings Ltd., ADR 1,191,847 2,017,336 40,000 Zygo Corp. 542,638 656,346

45,175,749 56,063,911

HEALTH CARE (14.7%) 111,750 Abbott Laboratories Inc. 3,388,662 3,820,424 93,950 AbbVie Inc. 3,361,579 4,330,586 25,400 Aetna Inc. 1,702,594 1,675,228 30,000 Akorn Inc.* 495,434 607,830 10,000 Allergan Inc. 1,017,641 931,986 9,000 Alnylam Pharmaceuticals Inc. 427,640 593,214

27,250 BioMarin Pharmaceutical Inc.* 662,578 2,027,688 50,000 Cambrex Corp. 782,188 678,801 15,000 Catamaran Corp. (USD) 725,286 709,960 27,000 Celgene Corp. 3,713,463 4,250,672 25,000 Cerner Corp. 996,226 1,353,224 24,060 Covidien PLC 1,019,013 1,510,519 58,050 Endo Pharmaceuticals Holdings Inc.* 1,385,828 2,717,048 51,900 Gilead Sciences Inc. 2,107,736 3,359,924 35,000 HCA Holdings Inc. 1,115,858 1,541,207

128,497 HealthSouth Corp. 3,274,851 4,565,023 8,000 Henry Schein Inc. 654,222 854,444 8,000 Illumina Inc.* 411,591 665,822 1,700 Intuitive Surgical Inc. 645,503 658,721

15,000 Mednax Inc. 1,076,993 1,550,477 30,000 Merck & Co., Inc. 1,281,764 1,470,906 10,000 MWI Veterinary Supply Inc. 991,275 1,536,726 7,500 Perrigo Co. 697,237 953,076

18,200 Premier Inc. 506,781 596,150 41,600 Team Health Holdings Inc. 1,758,332 1,625,298 18,800 Thermo Fisher Scientific Inc. 1,626,067 1,784,860 49,590 UnitedHealth Group Inc. 2,789,322 3,656,307 25,000 Zoetis Inc. 782,159 801,376

39,397,823 50,827,497 INDUSTRIALS (12.9%)

15,000 3M Co. 1,148,987 1,845,431 40,000 Aceto Corp. 642,429 643,573 20,000 Alaska Air Group Inc. 794,232 1,290,030 12,000 BE Aerospace Inc. 898,972 912,209 24,230 Boeing Co. 2,245,395 2,932,069 25,300 Bristow Group Inc. 1,467,313 1,895,357 17,500 Deere & Co. 1,415,192 1,466,941 16,000 Fluor Corp. 1,171,687 1,169,309 20,000 GATX Corp. 976,731 978,956 46,600 GenCorp Inc. 782,156 768,483

133,780 General Electric Co. 2,654,160 3,293,411 25,000 Hexcel Corp. 790,179 999,403 27,700 Honeywell International Inc. 1,579,307 2,369,036 56,900 Huron Consulting Group Inc.* 2,724,241 3,083,453 64,850 Ingersoll-Rand PLC 3,009,242 4,339,231 47,400 KBR Inc. 1,656,659 1,593,622 12,500 Moog Inc., Class A 516,026 754,252 75,000 Orbital Sciences Corp. 1,176,705 1,636,229 17,000 Ryder System Inc. 817,365 1,045,569 25,000 Simpson Manufacturing Co., Inc. 843,740 838,715 40,000 Spirit Aerosystems Holdings Inc., Class A 899,234 998,733 15,000 Teledyne Technologies Inc. 982,019 1,310,992 12,500 Teleflex Inc. 856,764 1,058,759 14,000 Towers Watson & Co. 1,343,433 1,542,433 25,000 Trinity Industries Inc. 986,259 1,167,558 25,000 Triumph Group Inc. 1,522,753 1,808,762 11,000 Union Pacific Corp. 668,025 1,760,422 17,000 United Rentals Inc.* 784,913 1,020,354

35,354,118 44,523,292 *Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.

CIG - 209Semi-Annual Financial Statements as at September 30, 2013


– 4 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


ENERGY (9.5%) 18,300 Anadarko Petroleum Corp. 1,417,739 1,752,471 32,106 Apache Corp. 2,709,617 2,816,960 56,210 Baker Hughes Inc. 2,513,282 2,843,416 35,000 Cabot Oil & Gas Corp. 1,156,718 1,345,447 54,900 Carrizo Oil & Gas Inc. 1,658,172 2,109,298 21,000 Cimarex Energy Co. 1,695,104 2,084,577 7,000 Concho Resources Inc. 687,061 784,628

15,000 Continental Resources Inc.* 1,165,018 1,657,396 20,000 Devon Energy Corp. 1,163,302 1,189,910 20,900 EOG Resources Inc. 2,780,005 3,645,547 20,000 EPL Oil & Gas Inc. 723,912 764,088 7,500 Helmerich & Payne Inc. 522,059 532,740

64,370 National Oilwell Varco Inc. 3,971,764 5,182,328 71,620 Noble Corp. 2,367,250 2,786,366 45,676 Noble Energy Inc. 2,035,637 3,152,713

26,566,640 32,647,885 CONSUMER DISCRETIONARY (8.3%)

20,000 CBS Corp., Class B 1,008,669 1,136,553 42,486 Coach Inc. 2,388,422 2,387,247 62,390 Comcast Corp., Class A 1,357,103 2,901,547 66,505 Comcast Corp., Special Class A 1,537,968 2,971,671 7,500 Home Depot Inc. 381,191 585,968

63,668 International Game Technology 1,071,698 1,240,792 48,600 JC Penney Co., Inc. 483,176 440,530 32,000 Lions Gate Entertainment Corp.* 798,923 1,154,970 7,000 Lululemon Athletica Inc. (USD) 467,130 527,003

22,200 Michael Kors Holdings Ltd.* 505,127 1,704,737 8,000 Panera Bread Co., Class A 1,159,109 1,306,346 1,000 Priceline.com Inc. 915,830 1,041,367 7,500 Starbucks Corp. 370,197 594,775

34,746 Target Corp. 2,214,477 2,289,486 58,580 Time Warner Inc. 2,507,014 3,972,190 15,000 TJX Co., Inc. 500,388 871,419 52,900 Twenty-First Century Fox Inc. 1,306,469 1,825,397

979 Vail Resorts Inc. 68,842 69,934 15,000 Walt Disney Co. 896,360 996,724 13,253 Weight Watchers International Inc.* 596,065 509,736

20,534,158 28,528,392 CONSUMER STAPLES (8.0%)

35,100 Avon Products Inc. 873,591 744,785 30,800 Constellation Brands Inc., Class A 1,176,240 1,821,040 6,000 Costco Wholesale Corp. 515,126 711,659

61,650 CVS Caremark Corp. 3,364,464 3,604,394 25,000 Kroger Co. 699,016 1,038,802 50,490 Lorillard Inc.* 1,723,488 2,328,876 71,956 Molson Coors Brewing Co., Class B (USD)* 3,101,644 3,714,795 67,520 PepsiCo Inc. 4,554,741 5,529,820 26,697 Philip Morris International Inc. 1,773,803 2,380,876 40,200 Post Holdings Inc.* 1,236,811 1,671,636 46,390 Wal-Mart Stores Inc. 2,724,708 3,534,094 10,000 Whole Foods Market Inc. 437,924 602,371

22,181,556 27,683,148

MATERIALS (6.0%) 17,340 Agrium Inc. (USD) 1,393,053 1,501,218 15,000 Balchem Corp. 780,544 799,419 70,200 E.I. du Pont de Nemours & Co. 3,077,341 4,233,707 49,860 International Paper Co. 2,269,201 2,300,844 37,100 KapStone Paper and Packaging Corp. 1,749,714 1,634,439

176,650 Kinross Gold Corp. 1,752,213 915,047 35,130 Newmont Mining Corp. 1,616,205 1,016,452 10,000 PPG Industries Inc. 780,783 1,720,384 31,400 Praxair Inc. 2,789,512 3,886,067 46,800 RPM International Inc. 1,698,274 1,745,064 8,000 Sigma-Aldrich Corp. 708,328 702,904 7,400 Weyerhaeuser Co. 230,770 218,228

18,845,938 20,673,773 TELECOMMUNICATION SERVICES (1.1%)

63,995 CenturyLink Inc.* 2,352,755 2,068,501 22,400 SBA Communications Corp.* 1,101,527 1,855,995

3,454,282 3,924,496 UTILITIES (0.9%)

57,690 Exelon Corp. 1,985,364 1,761,309 43,430 Public Service Enterprise Group Inc. 1,365,785 1,473,568

3,351,149 3,234,877

Commission and other portfolio transaction costs (212,884)

Total Equities (95.2%) 261,047,366 328,498,860

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.6%)(see Schedule A) 2,158,855

Total Investments (95.8%) 261,047,366 330,657,715

Other Net Assets (Liabilities) (4.2%) 14,537,470

Net Assets (100.0%) 345,195,185

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

Semi-Annual Financial Statements as at September 30, 2013


– 5 –

CI American Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)

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

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


Schedule AForeign Currency Forward Contracts (0.6%)

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

1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 0.97 (18,310,860) Canadian $ 17,800,000 US $ 30,829 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (1,961,556) Canadian $ 1,889,000 US $ (15,060)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (4,372,281) Canadian $ 4,211,000 US $ (33,110)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (6,340,859) Canadian $ 6,100,000 US $ (55,187)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (8,403,143) Canadian $ 8,100,000 US $ (56,604)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.05 (12,200,000) US $ 12,825,860 Canadian $ 254,437 1 Canadian Imperial Bank of Commerce A-1 5-Dec-13 1.06 (13,056,000) US $ 13,791,053 Canadian $ 319,615 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.06 (32,715,000) US $ 34,623,920 Canadian $ 912,800 1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.97 (9,481,000) US $ 9,763,439 Canadian $ (9,966)1 Credit Suisse Group AG A-1 15-Oct-13 1.06 (1,482,000) US $ 1,568,534 Canadian $ 41,409 1 Credit Suisse Group AG A-1 5-Dec-13 1.06 (8,791,000) US $ 9,286,821 Canadian $ 216,092 1 Royal Bank of Canada A-1+ 15-Oct-13 1.06 (3,229,000) US $ 3,417,574 Canadian $ 90,255 1 Royal Bank of Canada A-1+ 5-Dec-13 1.06 (9,380,000) US $ 9,901,950 Canadian $ 223,494 1 The Bank of Nova Scotia†† A-1 5-Dec-13 1.06 (2,161,000) US $ 2,282,708 Canadian $ 52,945 1 The Bank of Nova Scotia†† A-1 15-Oct-13 1.06 (2,554,000) US $ 2,703,051 Canadian $ 71,286 1 Toronto-Dominion Bank A-1+ 5-Dec-13 1.06 (4,723,000) US $ 4,988,905 Canadian $ 115,620 Total Foreign Currency Forward Contracts Value 2,158,855

– 6 –

CI American Managers® Corporate ClassFinancial Statements (unaudited)

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

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

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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and

foreign currency forward contractsSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable

Net assets and shareholders' equity

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

Net assets per classA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

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

A SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

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


328,499 306,60616,321 13,168

- -- -

305 305- -

2,329 338- -- -

142 1602,602 3,164

- -204 239

350,402 323,980

- -- -- -

170 542- -

4,987 2,38850 58

- -- -- -- -

5,207 2,988345,195 320,992

261,047 254,559- -

341,098 317,9012,463 1,6451,586 1,422

10 -24 1214 12

14.16 12.6516.30 14.4718.46 16.2910.03 -11.11 10.2711.61 10.59

24,092,297 25,138,431151,176 113,65485,902 87,3081,000 -2,132 1,1471,174 1,135

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

as at as atSeptember 30, 2013 March 31, 2013

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



– 7 –


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

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

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

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

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

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

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

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


2,307 1,59121 813 21

- -- -- -

(326) (223)2,015 1,397

3,381 2,405358 253

1 -- -

391 2614,131 2,919(2,116) (1,522)

- -(2,116) (1,522)

21,410 4,211399 (219)(274) (253)

- -

17,768 (7,327)39,303 (3,588)37,187 (5,110)

36,732 (5,095)263 (9)188 (6)

- -2 -2 -

1.50 (0.23)1.89 (0.11)2.20 (0.04)0.03 -1.10 0.621.40 0.73

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

2013 2012



A SharesNet assets, beginning of periodCapital transactions

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

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

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

F SharesNet assets, beginning of periodCapital transactions




I SharesNet assets, beginning of periodCapital transactions




317,901 250,581

5,463 27,003- -

(18,865) (3,288)(133) (1,704)

(13,535) 22,011

- -- -- -- -

36,732 (5,095)341,098 267,497

1,645 851

545 367- -

(120) (271)130 63555 159

- -- -- -- -

263 (9)2,463 1,001

1,422 2,035

138 52- -

(54) (109)(108) (251)(24) (308)

- -- -- -- -

188 (6)1,586 1,721

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

2013 2012

– 8 –


O SharesNet assets, beginning of periodCapital transactions




AT8 SharesNet assets, beginning of periodCapital transactions




IT8 SharesNet assets, beginning of periodCapital transactions




- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

12 -

2 10- -- -9 -

11 10

- -- -

(1) -(1) -2 -

24 10

12 -

- 10- -- -- -- 10

- -- -- -- -2 -

14 10

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

2013 2012



Total FundNet assets, beginning of periodCapital transactions




320,992 253,467

6,158 27,442- -

(19,039) (3,668)(102) (1,892)

(12,983) 21,882

- -- -

(1) -(1) -

37,187 (5,110)345,195 270,239


2013 2012

– 9 –

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

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

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

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

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

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

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

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

Schedule of Fund Share Transactions for the periods ended September 30

2013 2012

25,138,431 21,945,565401,847 2,390,578

- -(1,438,116) (297,499)

(9,865) (148,920)24,092,297 23,889,724

113,654 65,84236,483 29,495

- -(7,787) (21,717)8,826 4,966

151,176 78,586

87,308 141,7437,749 3,752

- -(3,060) (7,920)(6,095) (16,766)85,902 120,809

- -1,000 -

- -- -- -

1,000 -

1,147 10169 1,05543 31

- -773 -

2,132 1,096

1,135 10- 1,046

39 30- -- -

1,174 1,086


A SharesNet assets per shareNet asset value per share

F SharesNet assets per shareNet asset value per share

I SharesNet assets per shareNet asset value per share

O SharesNet assets per shareNet asset value per share

AT8 SharesNet assets per shareNet asset value per share

IT8 SharesNet assets per shareNet asset value per share

14.16 11.2014.16 11.20

16.30 12.7416.30 12.75

18.46 14.2518.47 14.25

10.03 -10.03 -

11.11 9.4711.11 9.47

11.61 9.6311.61 9.64

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

2013 2012

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

2013 2012LoanedCollateral (non-cash)

20,278 11,74621,292 12,334

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

2013 2012Brokerage commissionsSoft Dollar commissions†

273 25218 3

Annual management fee rateA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

2.001.00

Paid directly by investorPaid directly by investor

2.00Paid directly by investor

0.210.21

-0.150.21

-

Schedule of Fees (Note 5)as at September 30, 2013 (%)

– 10 –

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

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

as at March 31, 2013

Categories Net Assets (%)Information Technology ........................................................................................................... 18.0 Financials ................................................................................................................................. 16.0 Health Care .............................................................................................................................. 14.3 Industrials ................................................................................................................................ 10.6 Consumer Discretionary........................................................................................................... 10.0 Energy ...................................................................................................................................... 9.3 Consumer Staples.................................................................................................................... 8.3 Materials.................................................................................................................................. 6.7 Other Net Assets (Liabilities) .................................................................................................. 4.6 Telecommunication Services ................................................................................................... 1.2 Utilities..................................................................................................................................... 1.1 Foreign Currency Forward Contracts ....................................................................................... (0.1)

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair value hierarchy,refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposure to thoserisks remains unchanged.



– 11 –

CI American Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


INDUSTRIALS (23.5%) 48,000 AGCO Corp.* 1,894,122 2,987,794 79,430 Armstrong World Industries Inc.* 3,754,658 4,496,640 59,450 Con-way Inc. 1,963,219 2,638,058 60,000 Curtiss-Wright Corp.* 1,965,323 2,902,259 42,907 Genesee & Wyoming Inc.* 2,183,457 4,109,805

124,700 Harsco Corp. 2,868,651 3,197,041 85,400 Herman Miller Inc.* 2,313,288 2,566,847 80,450 Hexcel Corp. 1,470,648 3,216,077 39,321 Kennametal Inc. 1,197,018 1,846,912

177,760 Masco Corp. 2,437,916 3,894,560 82,250 Mueller Industries Inc. 2,677,106 4,708,811

345,800 Mueller Water Products Inc. 2,643,136 2,842,397 77,140 Simpson Manufacturing Co., Inc.* 2,172,499 2,587,940 33,500 Teleflex Inc. 1,836,684 2,837,474 90,166 Wabtec Corp. 2,297,866 5,839,991 99,120 Waste Connections Inc. 3,423,059 4,635,258 95,500 Woodward Inc.* 2,811,701 4,016,424

39,910,351 59,324,288 FINANCIALS (14.9%)

99,500 Arthur J. Gallagher & Co.* 2,868,804 4,472,647 63,850 Bank of Hawaii Corp. 2,888,774 3,579,120

143,010 Bankunited Inc. 3,685,826 4,593,030 263,830 Brookline Bancorp., Inc.* 2,423,745 2,554,517 196,220 Capitol Federal Financial Inc. 2,433,019 2,512,298 37,090 CBOE Holdings Inc. 960,141 1,727,986

185,541 CVB Financial Corp.* 1,971,157 2,583,886 73,700 First Republic Bank* 2,126,111 3,538,371

293,750 Huntington Bancshares Inc.* 2,302,600 2,496,253 9,515 Interactive Brokers Group Inc. 181,550 183,767

132,300 Investors Bancorp. Inc.* 1,634,267 2,981,700 49,900 Sterling Financial Corp. 1,181,830 1,473,104 62,150 Tanger Factory Outlet Centers 1,607,034 2,088,887 50,500 Waddell & Reed Financial Inc. 1,604,027 2,678,373


98,920 Allison Transmission Holdings Inc. 2,484,301 2,554,437 193,390 American Eagle Outfitters Inc. 3,979,748 2,786,818 116,425 Brinker International Inc. 4,035,333 4,859,286 94,600 CST Brands Inc.* 2,919,704 2,902,809 58,100 Dana Holding Corp.* 866,064 1,366,876

156,828 Express Inc.* 2,714,419 3,807,501 115,100 Iconix Brand Group Inc.* 2,003,878 3,936,137 226,900 International Game Technology 3,839,670 4,421,936 74,753 JOS A Bank Clothiers Inc.* 3,413,185 3,381,029 63,210 Life Time Fitness Inc.* 2,792,780 3,351,172 31,900 Visteon Corp. 2,028,948 2,486,073

31,078,030 35,854,074 HEALTH CARE (14.2%)

44,340 Alere Inc. 1,513,631 1,396,658 152,695 Alkermes PLC 1,849,146 5,287,853 116,172 Bio-Reference Laboratories Inc.* 2,419,694 3,575,517 85,590 Endo Pharmaceuticals Holdings Inc.* 2,362,830 4,006,067 51,000 Haemonetics Corp.* 1,525,808 2,094,991 95,900 Integra LifeSciences Holdings Corp.* 3,368,804 3,973,978

180,690 Service Corp. International 1,641,856 3,465,538 42,680 Sirona Dental Systems Inc.* 2,202,111 2,943,282

HEALTH CARE (14.2%) (cont’d)71,980 WellCare Health Plans Inc.* 3,962,899 5,171,456

138,390 Wright Medical Group Inc.* 2,680,796 3,717,655 23,527,575 35,632,995

INFORMATION TECHNOLOGY (9.6%) 42,150 Check Point Software Technologies Ltd. 2,475,911 2,454,767

264,820 Cypress Semiconductor Corp.* 3,056,230 2,547,736 82,350 Euronet Worldwide Inc. 2,226,724 3,376,008

345,000 Harmonic Inc. 2,115,845 2,729,211 121,180 National Instruments Corp.* 3,209,804 3,860,714 140,110 Teradyne Inc.* 2,029,322 2,382,720 147,230 Total System Services Inc. 2,893,506 4,458,620 60,160 Veeco Instruments Inc. 1,807,051 2,307,054

19,814,393 24,116,830 MATERIALS (7.5%)

134,442 Chemtura Corp.* 2,229,825 3,183,690 141,750 Flotek Industries Inc.* 1,514,546 3,356,749

3,570 Haynes International Inc. 185,461 166,433 89,185 Methanex Corp. (USD) 2,018,950 4,709,903 34,800 Rock-Tenn Co., Class A 2,167,984 3,629,010 77,630 Silgan Holdings Inc.* 3,121,906 3,759,037

11,238,672 18,804,822 UTILITIES (5.9%)

68,089 Cleco Corp.* 3,005,702 3,144,846 73,800 CMS Energy Corp. 1,246,320 2,000,019

157,450 Great Plains Energy Inc.* 3,388,795 3,600,414 87,250 Vectren Corp. 2,194,873 2,996,318 95,600 Westar Energy Inc.* 2,171,363 3,016,211


55,977 Ingredion Inc.* 2,144,894 3,814,137 39,850 TreeHouse Foods Inc.* 2,230,696 2,741,553

4,375,590 6,555,690 EXCHANGE-TRADED FUNDS (2.0%)

22,900 iShares Russell 2000 Index Fund* 1,636,997 2,515,667 25,950 iShares Russell 2000 Value Index Fund 1,762,478 2,450,579

3,399,475 4,966,246 ENERGY (1.5%)

35,550 Oil States International Inc.* 2,644,686 3,787,415

TELECOMMUNICATION SERVICES (1.1%) 55,100 Lumos Networks Corp.* 730,714 1,229,893 31,750 NeuStar Inc., Class A 824,562 1,617,866

1,555,276 2,847,759 PRIVATE PLACEMENTS (0.0%)

145,200 Craftsman & Scribes Co., Private Placement^ 1 2 1,110,700 Energenius Inc., Private Placement^ 11 11

302,600 Simex Inc., Private Placement^ 60,520 - 60,532 13




Net Assets (100.0%) 251,323,142

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



– 12 –

CI American Small Companies Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares



244,112 219,4876,699 3,213

- -- -

299 299- -

- -- -- -

104 35- 4,366- -

203 177251,417 227,577

- -- -- -

- -- -

86 1,8738 30- -- -- -- -

94 1,903251,323 225,674

177,316 168,377- -

247,392 223,489328 85

2,108 1,247202 222

1,239 60640 1214 13

8.99 7.9715.74 13.9511.36 10.0124.02 21.0316.46 14.4211.42 10.4711.93 10.80

27,533,785 28,055,64120,816 6,091

185,667 124,6098,406 10,581

75,309 41,9933,495 1,1721,198 1,159


as at as at

September 30, 2013 March 31, 2013


as at as at



– 13 –








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



1,540 1,15627 3426 16

- -- -- -

(228) (167)1,365 1,039

2,415 1,801259 190

- -- -

282 1992,956 2,190(1,591) (1,151)

- -(1,591) (1,151)

14,514 6,859136 (139)(75) (76)

- -

15,686 (12,082)30,261 (5,438)28,670 (6,589)

28,278 (6,549)26 (1)

218 (24)24 (9)

119 (6)4 -1 -

1.02 (0.24)1.81 (0.39)1.37 (0.23)2.66 (0.49)1.97 (0.26)1.31 0.451.51 0.56


2013 2012







E SharesNet assets, beginning of periodCapital transactions








223,489 199,352

1,677 12,467- -

(7,233) (4,565)1,181 (10,076)(4,375) (2,174)

- -- -- -- -

28,278 (6,549)247,392 190,629

85 27

223 -- -

(7) -1 -

217 -

- -- -- -- -

26 (1)328 26

1,247 875

506 15- -- (4)

137 (6)643 5

- -- -- -- -

218 (24)2,108 856


2013 2012

– 14 –














222 345

36 -- -

(23) (35)(57) (24)(44) (59)

- -- -- -- -

24 (9)202 277

606 330

461 51- -

(76) (55)129 -514 (4)

- -- -- -- -

119 (6)1,239 320

12 -

25 10- -- -- -

25 10

- -- -

(1) -(1) -4 -

40 10


2013 2012











13 -

- 10- -- -- -- 10

- -- -- -- -1 -

14 10

225,674 200,929

2,928 12,553- -

(7,339) (4,659)1,391 (10,106)(3,020) (2,212)

- -- -

(1) -(1) -

28,670 (6,589)251,323 192,128

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

2013 2012

– 15 –

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

†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.


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







2013 2012

28,055,641 28,686,159197,182 1,837,121

- -(855,580) (687,399)136,542 (1,485,746)

27,533,785 28,350,135

6,091 2,22315,143 1

- -(468) -

50 -20,816 2,224

124,609 101,35048,115 1,830

- -(12) (469)

12,955 (765)185,667 101,946

10,581 19,2431,598 24

- -(1,054) (2,078)(2,719) (1,397)8,406 15,792

41,993 26,82329,423 4,344

- -(4,811) (4,616)8,704 -

75,309 26,551

1,172 102,283 1,075

40 32- -- -

3,495 1,117

1,159 10- 1,065

39 31- -- -

1,198 1,106



E SharesNet assets per shareNet asset value per share






8.99 6.728.99 6.73

15.74 11.7715.74 11.77

11.36 8.4011.36 8.40

24.02 17.5424.02 17.55

16.46 12.0416.46 12.04

11.42 9.2111.42 9.21

11.93 9.3711.94 9.37


2013 2012



39,891 28,79741,886 30,237



74 754 4

– 16 –

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



Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

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

2.001.951.00



0.210.150.21

-0.150.21

-


– 17 –

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



Categories Net Assets (%)Industrials ................................................................................................................................ 22.3 Consumer Discretionary........................................................................................................... 16.2 Financials ................................................................................................................................. 15.4 Health Care .............................................................................................................................. 13.3 Information Technology ........................................................................................................... 7.4 Materials.................................................................................................................................. 7.4 Utilities..................................................................................................................................... 7.4 Consumer Staples.................................................................................................................... 3.1 Other Net Assets (Liabilities) .................................................................................................. 2.7 Exchange-Trade Funds ............................................................................................................. 2.0 Telecommunication Services ................................................................................................... 1.5 Energy ...................................................................................................................................... 1.3




– 18 –

CI American Value Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


INFORMATION TECHNOLOGY (19.0%) 240,670 Agilent Technologies Inc. 9,071,782 12,707,420 35,949 Apple Inc. 13,585,845 17,653,642

506,830 Applied Materials Inc. 6,539,282 9,156,905 95,610 Check Point Software Technologies Ltd. 4,931,261 5,568,214

189,420 Electronic Arts Inc.* 6,682,338 4,983,145 203,106 Fidelity National Information Services Inc. 5,944,825 9,717,740 527,040 Microsoft Corp. 15,631,565 18,077,760 389,220 Oracle Corp. 8,802,013 13,286,313 136,480 Seagate Technology PLC 5,784,997 6,150,407 281,750 Texas Instruments Inc.* 7,572,934 11,692,786

84,546,842 108,994,332 FINANCIALS (18.5%)

71,548 American Express Co. 3,522,414 5,566,392 182,210 American International Group Inc. 7,374,395 9,125,233 85,950 Ameriprise Financial Inc. 3,587,983 8,061,769 56,140 BlackRock Inc. (USD) 9,664,983 15,663,547

124,865 Capital One Financial Corp. 6,859,886 8,844,974 201,330 CIT Group Inc. 8,118,930 10,107,665 185,580 Citigroup Inc. 9,178,668 9,271,067 132,700 CME Group Inc. 6,960,491 10,097,081 239,880 Marsh & McLennan Co. Inc. 8,004,120 10,760,663 128,401 Ventas Inc. 4,965,972 8,133,928 58,063 Visa Inc., Class A 4,546,088 11,441,790


223,330 Comcast Corp., Special Class A* 5,579,344 9,979,147 100,220 Delphi Automotive PLC 4,990,183 6,029,738 152,300 General Motors Co. 5,720,738 5,639,695 73,500 Genuine Parts Co. 3,396,072 6,121,025

493,720 International Game Technology 11,544,854 9,621,852 179,650 Kohl's Corp.* 9,086,937 9,576,226 74,500 McDonald's Corp. 6,560,235 7,383,775

410,500 Staples Inc.* 7,376,005 6,194,519 195,660 Time Warner Inc. 7,333,189 13,267,305 203,668 TJX Co., Inc.* 5,141,175 11,832,015

66,728,732 85,645,297 HEALTH CARE (10.8%)

261,130 Abbott Laboratories Inc. 7,525,419 8,927,314 194,350 AbbVie Inc. 5,595,750 8,958,481 174,720 Aetna Inc. 6,965,532 11,523,461 194,754 DaVita Inc.* 5,824,605 11,410,450 100,074 Thermo Fisher Scientific Inc.* 4,768,800 9,500,964 162,540 UnitedHealth Group Inc. 6,523,849 11,984,192

37,203,955 62,304,862 INDUSTRIALS (9.2%)

144,900 Boeing Co. 9,203,410 17,534,328 184,400 Danaher Corp. 8,056,769 13,170,479 151,000 Ingersoll-Rand PLC* 6,196,449 10,103,684 94,700 Rockwell Collins Inc.* 5,143,350 6,618,455 52,400 United Technologies Corp. 4,452,582 5,817,365

33,052,560 53,244,311

ENERGY (8.8%) 123,375 Cameron International Corp.* 5,583,664 7,416,504 124,400 Devon Energy Corp. 8,624,547 7,401,238 145,050 Exxon Mobil Corp. 11,035,380 12,855,085 159,753 National Oilwell Varco Inc. 9,668,782 12,861,463 105,855 Occidental Petroleum Corp. 9,073,464 10,199,187


105,100 Colgate-Palmolive Co. 4,237,963 6,420,775 182,150 CVS Caremark Corp. 9,411,063 10,649,479 119,680 PepsiCo Inc. 8,246,924 9,801,672 57,280 The J. M. Smucker Co. 4,740,764 6,195,701

26,636,714 33,067,627 MATERIALS (5.7%)

153,500 E.I. du Pont de Nemours & Co. 7,213,333 9,257,465 21,839 Ecolab Inc. 1,412,787 2,222,299

201,580 International Paper Co. 6,752,492 9,302,127 97,400 Praxair Inc. 8,006,099 12,054,232

23,384,711 32,836,123 UTILITIES (3.0%)

192,408 Northeast Utilities 6,001,227 8,173,322 223,730 Wisconsin Energy Corp.* 6,104,249 9,303,359


293,368 CenturyLink Inc.* 9,776,832 9,482,492




Net Assets (100.0%) 577,669,738




– 19 –

CI American Value Corporate ClassFinancial Statements (unaudited)








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


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



560,859 510,75714,704 11,880

- -- -

461 461- -

- -- -- -

1,634 530- -- -

264 377577,922 524,005

- -- -- -

- -- -- -

252 296- -- -- 11- -

252 307577,670 523,698

409,896 406,429- -

527,430 481,7651,806 348

17,104 13,72720,150 20,5757,860 5,163

655 55113 1127 113

340 28713 11

2,090 97913 11

145 13511 1113 11

13.36 12.0314.23 12.8114.63 13.1019.94 17.7314.88 13.248.88 8.17

11.83 10.8810.05 9.198.66 7.86

12.12 11.017.66 7.14

11.44 10.6611.38 10.5512.15 11.1811.73 10.80

39,480,817 40,052,795126,842 27,130

1,168,931 1,047,8021,010,789 1,160,746

528,367 389,97473,728 67,4141,060 1,0382,731 12,342

39,302 36,5611,060 1,038

272,767 137,1301,096 1,059

12,761 12,761875 971

1,095 1,059






– 20 –








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



5,331 4,11673 5817 12

- -- -- -

(784) (606)4,637 3,580

5,308 3,828573 410

- -- -

631 4196,512 4,657(1,875) (1,077)

- -(1,875) (1,077)

12,367 11,463216 (349)(44) (124)

- -

46,635 (22,061)59,174 (11,071)57,299 (12,148)

52,297 (11,472)49 -

1,579 (261)2,427 (325)

709 (25)58 (17)2 -4 (16)

36 (8)2 -

116 (21)2 -

15 (3)1 -2 -

1.33 (0.33)1.03 (0.01)1.46 (0.26)2.28 (0.25)1.53 (0.14)0.87 (0.23)1.20 0.030.91 (0.39)0.96 (0.15)1.35 0.040.61 (0.15)1.16 0.031.21 (0.23)1.44 (0.17)1.32 0.04

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

2013 2012


2013 2012



– 21 –


























481,765 405,963

21,251 52,257- -

(29,838) (17,097)1,955 (17,544)(6,632) 17,616

- -- -- -- -

52,297 (11,472)527,430 412,107

348 49

1,347 40- -

(17) (4)79 191

1,409 227

- -- -- -- -

49 -1,806 276

13,727 11,819

3,091 2,073- -

(2,194) (1,349)901 194

1,798 918

- -- -- -- -

1,579 (261)17,104 12,476

20,575 21,007

212 330- -

(3,082) (1,859)18 1,391

(2,852) (138)

- -- -- -- -

2,427 (325)20,150 20,544

5,163 1,852

2,136 558- -

(980) (229)832 491

1,988 820

- -- -- -- -

709 (25)7,860 2,647

551 614

184 10- -

(133) (7)8 (20)

59 (17)

- -- -

(13) (14)(13) (14)58 (17)

655 566


2013 2012


2013 2012



– 22 –


ET5 SharesNet assets, beginning of periodCapital transactions




FT5 SharesNet assets, beginning of periodCapital transactions








OT5 SharesNet assets, beginning of periodCapital transactions












11 -

- 10- -- -- -- 10

- -- -- -- -2 -

13 10

979 772

848 214- -

(80) (31)279 106

1,047 289

- -- -

(52) (38)(52) (38)116 (21)

2,090 1,002

11 -

- 10- -- -- -- 10

- -- -- -- -2 -

13 10

11 -

- 10- -- -- -- 10

- -- -- -- -2 -

13 10

113 632

- -- -

(89) (463)- -

(89) (463)

- -- -

(1) (7)(1) (7)4 (16)

27 146

287 380

- -- -

(3) (43)27 -24 (43)

- -- -

(7) (8)(7) (8)36 (8)

340 321


2013 2012



2013 2012


– 23 –


















523,698 443,231

29,069 55,522- -

(36,416) (21,082)4,098 (15,191)(3,249) 19,249

- -- -

(78) (72)(78) (72)

57,299 (12,148)577,670 450,260

135 132

- -- -- -- -- -

- -- -

(5) (5)(5) (5)15 (3)

145 124

11 11

- -- -- -

(1) -(1) -

- -- -- -- -1 -

11 11

11 -

- 10- -- -- -- 10

- -- -- -- -2 -

13 10


2013 2012



2013 2012


– 24 –

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








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


2013 2012

40,052,795 36,721,5471,633,735 4,832,232

- -(2,356,464) (1,593,480)

150,751 (1,614,844)39,480,817 38,345,455

27,130 4,13295,529 3,488

- -(1,308) (304)5,491 16,816

126,842 24,132

1,047,802 992,254216,172 179,787

- -(158,054) (117,956)

63,011 17,4601,168,931 1,071,545

1,160,746 1,320,76811,339 21,345

- -(161,669) (120,225)

373 90,9151,010,789 1,312,803

389,974 155,696150,416 48,129

- -(68,701) (19,895)56,678 42,416

528,367 226,346

67,414 77,94620,883 1,320

- -(15,459) (883)

890 (2,576)73,728 75,807

1,038 -- 1,000

22 8- -- -

1,060 1,008

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


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





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

2013 2012

12,342 72,004- -- -

(9,611) (54,566)- -

2,731 17,438

36,561 51,384- -- -

(401) (6,122)3,142 -

39,302 45,262

1,038 -- 1,000

22 8- -- -

1,060 1,008

137,130 108,938110,128 31,896

20 -(10,627) (4,701)36,116 15,065

272,767 151,198

1,059 -- 1,000

37 14- -- -

1,096 1,014

12,761 12,747- -- -- -- -

12,761 12,747

971 1,027- -

12 18- -

(108) -875 1,045


– 25 –





2013 2012

1,059 -- 1,000

36 14- -- -

1,095 1,014








ET5 SharesNet assets per shareNet asset value per share

FT5 SharesNet assets per shareNet asset value per share


OT5 SharesNet assets per shareNet asset value per share


13.36 10.7513.36 10.75

14.23 11.4414.23 11.45

14.63 11.6414.63 11.65

19.94 15.6519.93 15.65

14.88 11.7014.88 11.70

8.88 7.478.88 7.47

11.83 9.9511.83 9.95

10.05 8.3710.05 8.37

8.66 7.108.66 7.10

12.12 9.9612.12 9.96

7.66 6.637.66 6.63


2013 2012





11.44 9.9011.44 9.90

11.38 9.7411.38 9.74

12.15 10.2512.15 10.25

11.73 9.9111.73 9.91

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

2013 2012



35,289 25,68237,054 26,966



41 1227 19

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

2.001.951.00


2.001.951.00


2.001.951.00



– 26 –




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

0.210.150.21

-0.150.210.150.21

-0.150.210.150.21

-0.15

Schedule of Fees (Note 5) (cont’d)as at September 30, 2013 (%)

– 27 –

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



Categories Net Assets (%)Financials ................................................................................................................................. 19.3 Information Technology ........................................................................................................... 18.0 Consumer Discretionary........................................................................................................... 13.7 Health Care .............................................................................................................................. 11.6 Energy ...................................................................................................................................... 9.1 Industrials ................................................................................................................................ 8.5 Consumer Staples.................................................................................................................... 6.1 Materials.................................................................................................................................. 5.5 Utilities..................................................................................................................................... 3.6 Other Net Assets (Liabilities) .................................................................................................. 2.5 Telecommunication Services ................................................................................................... 2.1




– 28 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (26.9%) 139,730 Aflac Inc. 6,150,994 8,923,560

9,253 Allianz S.E.* 1,164,571 1,496,995 144,122 American International Group Inc. 4,845,099 7,217,754 13,959 Aon PLC 759,079 1,070,473

426,714 Bank of Yokohama Ltd. 2,118,910 2,504,347 279,883 Canadian Imperial Bank of Commerce 20,422,966 22,964,400 43,890 Capital One Financial Corp. 3,070,381 3,109,005 78,689 Cheung Kong Holdings Ltd. 1,157,640 1,232,110

103,869 Citigroup Inc. 4,716,865 5,189,010 39,594 Deutsche Boerse AG 2,110,187 3,064,918 84,500 Genworth MI Canada Inc.* 2,092,121 2,447,965 48,243 Goldman Sachs Group Inc. 6,488,086 7,866,328

246,994 IGM Financial Inc.* 10,624,358 11,853,242 127,372 Intact Financial Corp. 5,811,497 7,867,768 55,178 Japan Exchange Group Inc.* 922,197 1,256,016

105,790 JPMorgan Chase & Co. 4,402,894 5,632,588 658,449 Manulife Financial Corp. 10,647,133 11,219,971 63,354 MS&AD Insurance Group Holdings Inc. 1,449,389 1,698,416 60,946 NKSJ Holdings Inc.* 1,591,354 1,608,951

610,708 Power Corp. of Canada 16,045,669 17,759,389 644,127 Royal Bank of Canada 33,604,067 42,512,382 78,913 Standard Chartered PLC 1,907,474 1,948,973 84,175 State Street Corp. 3,540,934 5,702,533

449,314 Sumitomo Mitsui Trust Holdings Inc. 1,667,976 2,283,817 452,391 The Bank of Nova Scotia††* 23,368,841 26,686,545 516,159 Toronto-Dominion Bank 36,652,116 47,837,616 108,030 Turkiye Garanti Bankasi AS 374,708 438,276 76,810 UBS AG 1,037,809 1,618,489

121,750 Wells Fargo & Co. 3,311,751 5,181,865 58,615 Willis Group Holdings PLC 2,055,340 2,616,100

214,112,406 262,809,802ENERGY (19.4%)

79,748 Anadarko Petroleum Corp. 5,454,356 7,636,941 63,702 Apache Corp. 5,096,154 5,589,173 27,680 BP PLC, ADR 1,380,368 1,198,061

689,603 Canadian Natural Resources Ltd. 22,928,966 22,322,449 740,775 Canyon Services Group Inc.* 9,185,374 8,659,660 12,179 Cenovus Energy Inc. 375,350 374,261

136,305 Chesapeake Energy Corp.* 3,322,011 3,632,160 423,170 Crescent Point Energy Corp.* 17,081,448 16,499,398 146,530 Enbridge Inc. 5,829,520 6,297,859 39,329 EnCana Corp. 1,083,330 699,663 89,466 Inpex Corp. 1,319,173 1,084,828 85,965 MEG Energy Corp. 2,884,921 3,047,459

2,100,000 Mullen Group Income Fund 10% 07/01/2018^ 3,184,676 4,896,570

501,557 Mullen Group Ltd. 9,218,481 12,589,081 49,180 Noble Corp. 1,596,990 1,913,341

1,111,067 Precision Drilling Corp. 12,467,384 11,332,883 837,132 Savanna Energy Services Corp.* 6,652,192 6,337,089 154,286 Schlumberger Ltd. 11,379,501 14,048,682 852,690 Suncor Energy Inc. 29,885,002 31,396,046 167,249 Suncor Energy Inc. (USD) 5,459,217 6,162,250

ENERGY (19.4%) (cont’d)143,320 Talisman Energy Inc. 1,763,335 1,692,609 16,140 Total S.A.* 930,025 964,527

377,518 Tourmaline Oil Corp. 9,826,717 15,765,152 394,167 Trican Well Service Ltd.* 6,854,804 5,518,338

175,159,295 189,658,480INDUSTRIALS (10.0%)

2,731,928 Air Canada, Class B 6,615,096 9,643,706 125,151 Amada Co., Ltd. 854,936 1,158,149 72,450 Boeing Co. 4,707,240 8,767,164

3,289,747 Bombardier Inc., Class B, Sub-Voting Shares 16,273,011 15,757,888

572,934 CAE Inc. 5,845,309 6,439,778 126,063 Canadian National Railway Co. 7,912,746 13,157,195 261,990 Celestica Inc.* 2,549,800 2,970,967 114,785 Finning International Inc. 2,569,531 2,713,517 91,437 Fluor Corp. 4,983,162 6,682,380 41,113 Foster Wheeler AG 1,015,204 1,115,031

108,898 Mitsubishi Corp.* 2,404,779 2,265,426 101,251 Norfolk Southern Corp. 6,590,935 8,067,082

3,489 Osram Licht AG* 130,755 168,538 17,671 Siemens AG, Registered Shares* 1,742,949 2,192,315 7,641 SMC Corp. 1,117,851 1,868,248

90,519 Suzuki Motor Corp. 2,019,741 2,230,293 61,778 THK Co., Ltd. 1,151,431 1,406,900

435,190 WestJet Airlines Ltd. 6,254,372 10,710,026 74,738,848 97,314,603

INFORMATION TECHNOLOGY (8.9%) 362,583 Applied Materials Inc. 4,457,758 6,550,792 33,113 Autodesk Inc. 1,226,467 1,404,564

482,399 CGI Group Inc.* 10,257,719 17,429,076 82,070 Check Point Software Technologies Ltd. 3,808,521 4,779,660

292,691 Cisco Systems Inc. 5,639,087 7,063,801 385,152 Corning Inc. 5,345,806 5,788,210

6,680 Google Inc., Class A 4,971,644 6,024,337 304,823 Intel Corp. 6,875,520 7,196,464 292,830 Microsoft Corp. 8,315,242 10,044,229

8,136 Nintendo Co., Ltd. 1,590,585 949,021 128,139 Open Text Corp.* 6,979,856 9,862,859 110,075 Oracle Corp. 3,434,332 3,757,492 63,596 SanDisk Corp. 2,923,770 3,897,002

175,719 Telefonaktiebolaget LM Ericsson, Class B 1,931,826 2,407,966 67,758,133 87,155,473

CONSUMER DISCRETIONARY (8.7%) 10,870 Adidas AG* 645,426 1,213,298 90,000 Aimia Inc. 1,398,871 1,615,500 23,230 Daimler AG* 1,212,331 1,864,887

285,185 Ford Motor Co. 3,708,949 4,952,689 142,097 Garmin Ltd.* 5,527,489 6,612,839 52,649 Grupo Televisa S.A., ADR 1,378,415 1,514,669 67,328 Harman International Industries Inc. 2,764,675 4,593,115

115,861 Johnson Controls Inc. 4,488,388 4,952,702 237,568 Magna International Inc., Class A 8,392,127 20,181,402 355,188 Shaw Communications Inc., Class B* 7,642,748 8,496,097 427,583 Staples Inc.* 6,196,060 6,452,305

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.^Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



– 29 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


CONSUMER DISCRETIONARY (8.7%) (cont’d)509,260 Thomson Reuters Corp.* 16,299,515 18,338,453 42,626 Walt Disney Co. 1,592,537 2,832,425 48,260 WPP PLC 695,114 1,022,100

61,942,645 84,642,481MATERIALS (7.5%)

9,260 Agrium Inc. (USD) 648,833 801,688 115,600 Allegheny Technologies Inc.* 3,569,937 3,636,501 38,222 Anglo American PLC 1,495,023 967,262

141,958 CCL Industries Inc., Class B 3,723,628 9,647,466 90,703 Dow Chemical Co. 3,374,657 3,588,581

170,990 Glencore Xstrata PLC 938,509 960,099 663,450 Goldcorp Inc. 22,537,625 17,767,191 436,210 Incitec Pivot Ltd. 1,364,449 1,123,367 108,630 Kinross Gold Corp. 1,185,945 562,703 70,940 Lundin Mining Corp.* 322,986 321,358

186,535 Norsk Hydro ASA* 1,086,724 796,582 290,055 Potash Corp. of Saskatchewan Inc. 12,543,258 9,339,771 851,045 Teck Resources Ltd., Class B 30,406,716 23,514,373 41,550 Yamana Gold Inc. (USD) 490,344 445,104

83,688,634 73,472,046CONSUMER STAPLES (5.0%)

45,162 Carrefour S.A.* 1,453,057 1,596,926 26,790 Danone S.A. 1,719,921 2,077,138 67,773 Diageo PLC 1,287,577 2,220,861

111,713 Empire Co., Ltd., Class A 5,464,824 8,308,096 103,820 George Weston Ltd. 6,822,134 8,393,847

1,844,236 Golden Agri-Resources Ltd. 955,373 787,417 25,942 Heineken N.V. 1,371,296 1,892,094 13,170 Henkel AG & Co., KGaA, Preferred,

Non-Voting Shares 751,808 1,395,695 4,425 L'Oreal S.A.* 492,444 782,801

35,460 Nestle S.A., Registered Shares 1,982,213 2,552,561 17,439 Philip Morris International Inc. 1,035,770 1,555,235 58,836 Procter & Gamble Co. 3,900,134 4,581,648

174,348 Shoppers Drug Mart Corp. 7,201,793 10,340,580 19,562 Sugi Holdings Co., Ltd. 479,412 860,032 26,851 Symrise AG 614,900 1,222,218

35,532,656 48,567,149HEALTH CARE (3.9%)

984,476 Biosensors International Group Ltd. 1,057,713 775,999 29,830 Covidien PLC 1,227,804 1,872,767 94,500 GlaxoSmithKline PLC 2,056,705 2,454,494 95,563 Johnson & Johnson 6,131,794 8,532,288

111,653 Kyowa Hakko Kirin Co., Ltd. 1,265,003 1,178,337 98,503 Merck & Co., Inc. 4,354,627 4,829,623 34,497 Novartis AG, Registered Shares 1,936,828 2,728,814 11,420 Roche Holding AG 1,900,262 3,172,475 51,684 Thermo Fisher Scientific Inc.* 3,128,478 4,906,847 97,290 UnitedHealth Group Inc. 5,454,023 7,173,262

28,513,237 37,624,906UTILITIES (1.6%)

316,056 Atco Ltd., Class I 7,599,817 14,124,543 55,010 E.ON AG* 1,429,574 1,004,196

9,029,391 15,128,739

PRIVATE PLACEMENTS (0.3%) 43,086 Empire Co., Ltd., Private Placement 3,274,536 3,204,737

TELECOMMUNICATION SERVICES (0.3%) 44,960 MTN Group Ltd. 811,448 903,088 45,489 Vodafone Group PLC, ADR 1,196,988 1,648,386

2,008,436 2,551,474


Total Bonds & Equities (92.5%) 755,119,912 902,129,890

Short-Term Investments (2.0%)(see Schedule A) 19,832,047 19,859,924


Foreign Currency Forward Contracts (0.2%)(see Schedule B) 2,063,103



Net Assets (100.0%) 975,353,871




Schedule AShort-Term Investments (2.0%)

Average FairPar Value Description Cost ($) Value ($)

700,000 Canadian Treasury Bill 0.9941% 10/07/2013 699,657 699,871 320,000 Canadian Treasury Bill 1.01472% 10/24/2013 319,134 319,798 900,000 Canadian Treasury Bill 1.01891% 11/07/2013 897,288 899,099 600,000 Canadian Treasury Bill 1.01943% 11/21/2013 598,266 599,174

1,100,000 Canadian Treasury Bill 1.02453% 12/19/2013 1,095,808 1,097,652 700,000 Canadian Treasury Bill 1.02979% 01/16/2014 695,790 697,973 900,000 Canadian Treasury Bill 1.03027% 05/08/2014 892,089 894,594

3,800,000 Canadian Treasury Bill 1.03034% 01/30/2014 3,782,372 3,787,555 3,650,000 Canadian Treasury Bill 1.0309% 02/13/2014 3,631,130 3,636,656

500,000 Canadian Treasury Bill 1.04459% 12/05/2013 498,212 499,123 5,800,000 Canadian Treasury Bill 1.0446% 01/03/2014 5,781,434 5,785,239

150,000 Canadian Treasury Bill 1.06481% 03/13/2014 148,810 149,337 200,000 Canadian Treasury Bill 1.06481% 04/10/2014 198,414 198,960 300,000 Canadian Treasury Bill 1.08958% 07/03/2014 296,898 297,702 300,000 Canadian Treasury Bill 1.09991% 08/28/2014 296,745 297,191

Total Short-Term Investments 19,832,047 19,859,924

– 30 –

CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)




Schedule BForeign Currency Forward Contracts (0.2 %)


1 The Bank of Nova Scotia†† A-1 16-Oct-13 1.06 (56,500,000) US $ 59,662,305 Canadian $ 1,440,553 1 Toronto-Dominion Bank A-1+ 15-Nov-13 1.03 (14,500,000) US $ 14,978,500 Canadian $ 25,528 1 Toronto-Dominion Bank A-1+ 18-Dec-13 0.97 (25,000,000) US $ 25,780,000 Canadian $ (22,809)1 Toronto-Dominion Bank A-1+ 16-Oct-13 1.06 (24,000,000) US $ 25,351,200 Canadian $ 619,831 Total Foreign Currency Forward Contracts Value 2,063,103

– 31 –

CI Canadian Investment Corporate ClassFinancial Statements (unaudited)








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


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



902,130 925,28727,187 18,11219,860 9,422

- -3,566 3,566

- -

2,086 -- -- -

172 21220,845 543

- -1,808 1,933

977,654 959,075

- -- -- -

23 2,216- -

1,552 521725 908

- -- -- 82- -

2,300 3,727975,354 955,348

755,120 843,545- -

937,229 919,1201,307 1,3282,361 1,4406,301 6,0606,641 7,7886,833 5,4093,479 3,489

13 1211 3411 -13 1288 82

10,455 9,87313 1217 16

569 66113 12

19.93 18.3611.77 10.8212.91 11.8922.24 20.3814.77 13.4413.50 12.298.00 7.54

11.69 11.029.41 8.739.43 -

12.28 11.4410.98 10.416.74 6.44

11.01 10.537.16 6.818.78 8.29

11.58 10.95

47,021,010 50,061,548111,048 122,712182,834 121,132283,279 297,367449,749 579,612506,335 439,982434,695 462,527

1,077 1,0521,165 3,9491,166 -1,055 1,0318,031 7,907

1,550,606 1,531,8991,144 1,1022,343 2,356

64,846 79,7641,118 1,077


as at as at



as at as at



– 32 –








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



12,709 12,211246 221176 123

- 161- -- -

(574) (453)12,557 12,263

9,342 8,979994 928

- -- -

1,063 96611,399 10,8731,158 1,390

- -1,158 1,390

8,578 (9,195)(76) (330)

(461) (555)- -

69,561 (12,876)77,602 (22,956)78,760 (21,566)

75,566 (20,972)112 1144 12512 (165)680 (137)565 (16)277 (77)

1 11 (1)1 41 16 -

828 (241)1 12 -

62 221 1

1.57 (0.39)0.95 0.011.03 0.301.83 (0.42)1.36 (0.17)1.18 (0.06)0.63 (0.15)0.93 1.110.50 (0.16)0.86 0.021.11 1.250.84 0.010.55 (0.14)0.88 1.080.62 (0.10)0.82 0.221.06 1.22


2013 2012


2013 2012



– 33 –



Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedAquisition of assets from terminated funds Conversion of shares (net)



D SharesNet assets, beginning of periodCapital transactions





Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedAquisition of assets from terminated fundsConversion of shares (net)















919,120 1,126,357

6,545 37,348- -

(54,307) (59,218)- 20,932

(9,695) (192,898)(57,457) (193,836)

- -- -- -- -

75,566 (20,972)937,229 911,549

1,328 -

40 1- -

(169) (21)- 1,327

(4) -(133) 1,307

- -- -- -- -

112 11,307 1,308

1,440 104

185 26- -- (12)- -

592 502777 516

- -- -- -- -

144 122,361 632

6,060 7,990

380 324- -

(719) (843)- 21

68 (626)(271) (1,124)

- -- -- -- -

512 (165)6,301 6,701

7,788 10,367

141 522- -

(613) (1,034)- 5,255

(1,355) (1,572)(1,827) 3,171

- -- -- -- -

680 (137)6,641 13,401

5,409 2,730

374 330- -

(225) (400)- -

710 345859 275

- -- -- -- -

565 (16)6,833 2,989


2013 2012


2013 2012



– 34 –


























- 950

10 -- -- (41)- -- (755)

10 (796)

- -- -- (19)- (19)1 4

11 139

12 -

- 10- -- -- -- -- 10

- -- -- -- -1 1

13 11

82 -

- -2 -- -- 166- -2 166

- -- -

(2) (1)(2) (1)6 -

88 165

3,489 3,771

72 252- -

(273) (133)- -

(7) (185)(208) (66)

- -- -

(79) (90)(79) (90)277 (77)

3,479 3,538

12 -

- 10- -- -- -- -- 10

- -- -- -- -1 1

13 11

34 62

10 5- -

(34) (19)- -- -

(24) (14)

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

11 46


2013 2012



2013 2012


– 35 –


























661 632

- -4 2

(111) (7)- -

(23) 437(130) 432

- -- -

(24) (33)(24) (33)62 22

569 1,053

12 -

- 10- -- -- -- -- 10

- -- -- -- -1 1

13 11

955,348 1,164,599

8,385 39,15513 8

(56,932) (62,226)- 27,701

(9,738) (195,085)(58,272) (190,447)

- -- -

(482) (582)(482) (582)

78,760 (21,566)975,354 952,004

9,873 11,620

628 3077 6

(481) (498)- -

(24) (333)130 (518)

- -- -

(376) (437)(376) (437)828 (241)

10,455 10,424

12 -

- 10- -- -- -- -- 10

- -- -- -- -1 1

13 11

16 16

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

- -- -

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

17 15


2013 2012



2013 2012


– 36 –

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


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

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

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

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

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

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


2013 2012

50,061,548 64,975,970341,198 2,200,840

- -- 1,231,268

(2,867,136) (3,585,605)(514,600) (11,238,474)

47,021,010 53,583,999

122,712 -3,672 122

- -- 132,704

(14,989) (2,108)(347) -

111,048 130,718

121,132 9,30614,960 2,476

- -- -

(10) (1,105)46,752 46,742

182,834 57,419

297,367 419,44617,831 17,791

- -- 1,126

(34,281) (46,354)2,362 (35,305)

283,279 356,704

579,612 836,5199,781 43,822

- -- 427,931

(43,995) (87,033)(95,649) (132,275)449,749 1,088,964

439,982 240,44028,706 30,535

- -- -

(17,180) (37,472)54,827 31,827

506,335 265,330

AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Aquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

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

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

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

AT6 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Aquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

2013 2012

462,527 503,6959,215 35,892

- 2- -

(35,932) (18,971)(1,115) (26,622)

434,695 493,996

1,052 10- 993

25 17- -- -- -

1,077 1,020

3,949 7,2831,147 571

18 -- -

(3,949) (2,276)- -

1,165 5,578

- 111,9341,139 -

27 -- -- (5,175)- (89,914)

1,166 16,845

1,031 10- 972

24 17- -- -- -

1,055 999

7,907 -- -

168 24- 16,572

(44) -- -

8,031 16,596


– 37 –


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

ET8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Aquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Aquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Aquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2013 2012

1,531,899 1,762,40194,277 50,0001,116 973

- -(72,603) (81,179)(4,083) (54,001)

1,550,606 1,678,194

1,102 10- 1,013

42 29- -- -- -

1,144 1,052

2,356 2,382- -- -- -

(13) (13)- -

2,343 2,369

79,764 76,382- -

516 306- -

(12,775) (918)(2,659) 57,64964,846 133,419

1,077 10- 992

41 27- -- -- -

1,118 1,029



D SharesNet assets per shareNet asset value per share













19.93 17.0119.94 17.03

11.77 10.0111.77 10.02

12.91 11.0112.92 11.03

22.24 18.7922.25 18.81

14.77 12.3114.77 12.32

13.50 11.2713.50 11.28

8.00 7.168.01 7.17

11.69 10.4711.70 10.48

9.41 8.259.41 8.26

9.43 8.229.44 8.24

12.28 10.7512.29 10.76

10.98 9.9610.99 9.97

6.74 6.216.75 6.22

11.01 10.1511.01 10.16


2013 2012


– 38 –




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

0.200.200.150.20

-0.150.200.150.20

-0.150.200.200.150.20

-0.15






2013 2012

7.16 6.537.17 6.54

8.78 7.908.78 7.91

11.58 10.4411.59 10.45



128,421 75,920134,842 79,716



452 53651 83

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

1.951.651.951.00


1.951.951.00


1.951.951.951.00



– 39 –

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



Categories Net Assets (%)Financials ................................................................................................................................. 26.6 Energy ...................................................................................................................................... 22.5 Materials.................................................................................................................................. 11.4 Industrials ................................................................................................................................ 8.9 Consumer Discretionary........................................................................................................... 7.7 Information Technology ........................................................................................................... 7.6 Consumer Staples.................................................................................................................... 5.8 Health Care .............................................................................................................................. 4.2 Other Net Assets (Liabilities) .................................................................................................. 2.3 Utilities..................................................................................................................................... 1.8 Short-Term Investments........................................................................................................... 1.0 Telecommunication Services ................................................................................................... 0.4 Foreign Currency Forward Contracts ....................................................................................... (0.2)

During the six-month period the Fund's currency risk and fair value hierarchy exposure changedsignificantly as disclosed in the section below. For details relating to other price risk, credit risk andinterest rate risk, refer to the audited annual financial statements as at March 31, 2013, as the Fund'sexposure to those risks remains unchanged.

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

as at September 30, 2013Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 264,394 (123,606) 140,788 14.4 Japanese Yen 27,362 - 27,362 2.8 Euro 25,388 - 25,388 2.6 Swiss Franc 12,432 - 12,432 1.3 British Pound 11,646 - 11,646 1.2 Swedish Krona 2,904 - 2,904 0.3 Singapore Dollar 2,007 - 2,007 0.2 Hong Kong Dollar 1,514 - 1,514 0.2 Australian Dollar 1,373 - 1,373 0.1 South Africa Rand 1,107 - 1,107 0.1 Norwegian Krone 976 - 976 0.1 Turkish Lira 537 - 537 0.1 Total 351,640 (123,606) 228,034 23.4

Currency Risk (cont’d)

as at March 31, 2013Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 238,109 (152,393) 85,716 9.0 Euro 23,476 - 23,476 2.5 Japanese Yen 23,065 - 23,065 2.4 Swiss Franc 10,918 - 10,918 1.1 British Pound 10,357 - 10,357 1.1 Swedish Krona 2,670 - 2,670 0.3 South Africa Rand 1,854 - 1,854 0.2 Singapore Dollar 1,786 - 1,786 0.2 Australian Dollar 1,731 - 1,731 0.2 Norwegian Krone 999 - 999 0.1 Hong Kong Dollar 985 - 985 0.1 Malaysian Ringgit 460 - 460 - Total 316,410 (152,393) 164,017 17.2

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant,net assets of the Fund would have decreased or increased, respectively, by approximately $22,803,000(March 31, 2013 - $16,402,000). In practice, actual results may differ from this analysis and thedifference may be material.

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

Long Positions at fair value as at September 30, 2013Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Equities 897,233 - - 897,233 Bonds - - 4,897 4,897 Short-term investments - 19,860 - 19,860 Foreign currency forward contracts, net - 2,063 - 2,063 Total 897,233 21,923 4,897 924,053

There were no transfers between Level 1, 2 and 3 during the six-month period ended September 30, 2013.

Long Positions at fair value as at March 31, 2013Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)Equities 920,977 - - 920,977 Bonds - - 4,310 4,310 Short-term investments - 9,422 - 9,422 Foreign currency forward contracts, net - (2,216) - (2,216) Total 920,977 7,206 4,310 932,493

There were no transfers between Level 1 and 2 and Level 1 and 3 during the year ended March 31, 2013.



– 40 –

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



The tables below summarize the movement in financial instruments classified as Level 3.

for the period ended September 30, 2013Change in

Balance at Net transfers Realized gain unrealized gain Balance atMarch 31, 2013 Purchases Sales in (out) (loss) (loss)* September 30, 2013

(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Bonds 4,310 - - - - 587 4,897 Total 4,310 - - - - 587 4,897

*Change in unrealized gain (loss) related to investments held at September 30, 2013 was $586,950.

for the year ended March 31, 2013Change in

Balance at Net transfers Realized gain unrealized gain Balance atMarch 31, 2012 Purchases Sales in (out) (loss) (loss)** March 31, 2013

(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Bonds - - - 4,167 - 143 4,310 Total - - - 4,167 - 143 4,310

**Change in unrealized gain (loss) related to investments held at March 31, 2013 was $214,620.

During the year ended March 31, 2013, fixed income investments with a net fair value of $4,167,000 were transferred out of Level 2 into Level 3 as observable market inputs were no longer available for these investments.

Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 30, 2013 and March 31, 2013.

– 41 –

CI Can-Am Small Cap Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (20.0%) 213,200 Canadian Western Bank* 5,321,814 6,592,144 11,715 E-L Financial Corp., Ltd. 5,407,611 7,392,282

405,100 GMP Capital Inc. 3,804,842 2,576,436 113,100 Industrial Alliance Insurance and

Financial Services Inc. 3,387,808 4,905,147 118,200 Laurentian Bank of Canada* 5,304,927 5,285,904 443,000 New York Community BanCorp. Inc. * 5,918,561 6,899,416

29,145,563 33,651,329 ENERGY (15.5%)

183,200 AltaGas Ltd. 4,567,203 6,686,800 281,600 Ensign Energy Services Inc. 4,077,507 4,956,160 84,100 Gibson Energy Inc.* 1,977,910 2,062,973

199,100 Mullen Group Ltd. 3,718,918 4,997,410 317,100 Pason Systems Inc. 4,027,647 7,191,828


143,859 Aastra Technologies Ltd. 2,692,749 2,949,110 55,883 MacDonald Dettwiler & Associates Ltd. 2,712,501 4,420,345 44,800 Open Text Corp.* 3,260,263 3,448,256

151,580 Scansource Inc. 4,613,892 5,397,568 189,700 Total System Services Inc.* 3,815,233 5,744,754


114,300 Empire Co., Ltd., Class A 5,360,104 8,500,491 294,700 Jean Coutu Group Inc., Class A 3,345,237 5,351,752

8,705,341 13,852,243 UTILITIES (6.6%)

182,250 Atco Ltd., Class I 4,732,983 8,144,752 63,600 WGL Holdings Inc.* 2,161,841 2,797,973

6,894,824 10,942,725 INDUSTRIALS (6.4%)

163,000 Ampco-Pittsburgh Corp.* 2,846,309 3,012,082 192,564 Miller Industries Inc.* 3,701,285 3,360,047 97,200 Richelieu Hardware Ltd. 1,976,831 4,248,612


183,850 Manitoba Telecom Services Inc.* 6,048,593 6,039,472 149,100 Telephone & Data Systems Inc. 3,616,474 4,539,823

9,665,067 10,579,295 MATERIALS (5.2%)

106,050 Canam Group Inc. 870,445 1,005,354 69,650 CCL Industries Inc., Class B 1,962,715 4,733,414

388,350 Major Drilling Group International Inc. 3,299,415 2,869,906 6,132,575 8,608,674

CONSUMER DISCRETIONARY (4.9%) 340,625 Leon's Furniture Ltd.* 4,112,094 4,428,125 254,150 Transcontinental Inc., Class A 3,553,907 3,746,171

7,666,001 8,174,296

HEALTH CARE (3.4%) 74,000 Varian Medical Systems Inc. 5,401,974 5,696,178

PRIVATE PLACEMENTS (0.1%) 1,400 Empire Co., Ltd., Private Placemen 106,400 104,132




Net Assets (100.0%) 166,939,356




– 42 –

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












150,085 125,62219,652 4,168

- 11,388- -

285 285- -

- -- -- -

444 424- 36- -

314 280170,780 142,203

- -- -- -

- -- -

3,714 68127 220

- -- -- -- -

3,841 288166,939 141,915

117,516 100,692- -

148,582 128,3431,755 1,0744,569 3,7817,334 5,8794,580 2,809

105 1714 12

19.25 17.6814.08 12.9218.55 16.9520.75 18.8214.71 13.3611.48 10.9311.98 11.26

7,720,255 7,260,721124,602 83,124246,264 223,122353,483 312,369311,405 210,364

9,167 1,5721,140 1,100


as at as at



as at as at




– 43 –











3,058 1,73741 4995 20

- -- -- -

(96) (64)3,098 1,742

1,454 812164 83

- -- -

161 881,779 9831,319 759

- -1,319 759

4,376 4,497128 33(55) (34)

- -

7,629 (3,757)12,078 73913,397 1,498

11,929 780103 7356 40650 632351 38

6 -2 1

1.58 0.151.09 0.251.56 0.231.92 0.311.36 0.321.11 0.801.14 0.92


2013 2012















128,343 82,741

17,687 15,971- -

(8,178) (4,328)(1,199) (3,452)8,310 8,191

- -- -- -- -

11,929 780148,582 91,712

1,074 338

685 140- -

(29) -(78) (66)578 74

- -- -- -- -

103 71,755 419

3,781 2,562

1,009 333- -

(577) (209)- (107)

432 17

- -- -- -- -

356 404,569 2,619


2013 2012

– 44 –














5,879 34,469

1,299 510- -

(640) (18,686)146 (197)805 (18,373)

- -- -- -- -

650 6327,334 16,728

2,809 1,058

1,014 260- -

(192) (15)598 205

1,420 450

- -- -- -- -

351 384,580 1,546

17 -

- 10- -- -

84 -84 10

- -- -

(2) -(2) -6 -

105 10


2013 2012











12 -

- 10- -- -- -- 10

- -- -- -- -2 1

14 11

141,915 121,168

21,694 17,234- -

(9,616) (23,238)(449) (3,617)

11,629 (9,621)

- -- -

(2) -(2) -

13,397 1,498166,939 113,045


2013 2012

– 45 –

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










2013 2012

7,260,721 5,402,963962,936 1,044,433

2 -(444,035) (286,837)(59,369) (230,687)

7,720,255 5,929,872

83,124 30,21249,779 12,822

- -(2,216) (10)(6,085) (5,938)

124,602 37,086

223,122 176,41955,841 23,191

- -(33,005) (14,530)

306 (7,473)246,264 177,607

312,369 2,165,18167,375 32,860

- -(33,163) (1,157,327)

6,902 (12,695)353,483 1,028,019

210,364 93,48572,384 23,167

- -(13,417) (1,298)42,074 18,475

311,405 133,829

1,572 10- 1,016

40 28- -

7,555 -9,167 1,054

1,100 10- 1,007

40 28- -- -

1,140 1,045









19.25 15.4719.31 15.50

14.08 11.3114.13 11.33

18.55 14.7518.61 14.78

20.75 16.2720.82 16.31

14.71 11.5614.75 11.58

11.48 9.9411.51 9.97

11.98 10.1212.02 10.14


2013 2012



30,069 17,65031,572 18,532



55 333 13

– 46 –

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





2.001.951.00



0.200.150.20

-0.150.20

-


– 47 –

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



Categories Net Assets (%)Financials ................................................................................................................................. 18.7 Information Technology ........................................................................................................... 12.2 Energy ...................................................................................................................................... 12.2 Utilities..................................................................................................................................... 8.8 Consumer Staples.................................................................................................................... 8.7 Materials.................................................................................................................................. 8.5 Short-Term Investments........................................................................................................... 8.0 Industrials ................................................................................................................................ 6.5 Consumer Discretionary........................................................................................................... 6.2 Health Care .............................................................................................................................. 3.8 Other Net Assets (Liabilities) .................................................................................................. 3.5 Telecommunication Services ................................................................................................... 2.9

During the six-month period the Fund's currency risk exposure changed significantly as disclosed inthe section below. For details relating to other price risk, credit risk, interest rate risk and fair valuehierarchy , refer to the audited annual financial statements as at March 31, 2013, as the Fund'sexposure to those risks remains unchanged.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 54,377 - 54,377 32.6 Total 54,377 - 54,377 32.6



As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$5,438,000 (March 31, 2013 - $3,447,000). In practice, actual results may differ from this analysis andthe difference may be material.



– 48 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (38.4%) 17,600 Activision Blizzard Inc. 265,941 302,207 87,700 Advanced Micro Devices Inc.* 224,298 343,273

800 Apple Inc. 464,832 392,860 25,900 Bank of America Corp., Warrants (16Jan19) 169,998 161,937 15,252 Baxter International Inc. 937,006 1,031,850 15,400 Calpine Corp. 230,197 308,213 8,550 Chevron Corp. 965,597 1,069,510

22,500 Citigroup Inc. 771,953 1,124,038 2,500 Continental Resources Inc.* 205,825 276,233

10,600 CSX Corp. 272,551 281,042 4,400 Danaher Corp. 281,060 314,263 7,700 Dow Chemical Co. 232,353 304,643 1,300 EOG Resources Inc. 165,923 226,756 9,101 Exxon Mobil Corp. 718,985 806,578

30,200 Forest City Enterprises Inc., Class A 566,655 589,174 6,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 255,277 231,633 15,800 General Electric Co. 342,659 388,966 3,200 General Motors Co. 114,861 118,497

500 Google Inc., Class A 334,454 450,923 20,000 Intel Corp. 444,211 472,173 6,200 International Paper Co. 233,619 286,106

65,750 JPMorgan Chase & Co., Warrants (28Oct18) 941,547 1,128,308 8,200 Kraft Foods Group Inc. 380,584 443,013

10,600 Merck & Co., Inc. 526,436 519,720 9,950 MetLife Inc. 336,328 480,881 5,200 Mosaic Co. 330,334 230,372 3,250 National Oilwell Varco Inc. 220,980 261,652 6,364 NIKE Inc., Class B 285,499 476,302

18,500 NMI Holdings Inc., Private Placement^ 187,232 221,048 12,100 Noble Energy Inc. 544,873 835,183 4,600 NRG Energy Inc. 126,595 129,495 4,700 OGE Energy Corp. 129,613 174,768 9,108 PepsiCo Inc. 615,568 745,936 2,300 PG&E Corp. 93,009 96,944

39,500 PNC Financial Services Group Inc., Warrants (31Dec18) 434,155 625,357

1,100 Precision Castparts Corp. 196,761 257,565 8,700 Procter & Gamble Co. 555,409 677,482

11,400 QUALCOMM Inc. 598,969 790,742 6,200 Quanta Services Inc. 112,509 175,687 5,600 SPDR Gold Trust* 722,239 739,318 3,600 Stanley Black & Decker Inc. 252,776 335,775 5,800 Target Corp. 373,335 382,174 9,492 TJX Co., Inc. 227,169 551,434 4,750 Triumph Group Inc. 264,646 343,665 6,000 United Rentals Inc. 346,043 360,125

49,000 Wells Fargo & Co., Warrants (28Oct18) 559,981 708,631 3,800 Whiting Petroleum Corp. 188,837 234,224

17,749,682 21,406,676

SWITZERLAND (6.9%) 950 Cie Financiere Richemont S.A. 55,011 98,033

13,502 Credit Suisse Group AG 267,073 424,759 12,150 Nestle S.A., Registered Shares 765,378 874,608 7,350 Novartis AG, Registered Shares 431,216 581,407 4,700 Pentair Ltd. 252,544 314,437 4,500 Roche Holding AG 916,892 1,250,100 1,900 Sulzer AG, Registered Shares 279,324 302,322

2,967,438 3,845,666 U.K. (6.4%)

31,000 Aberdeen Asset Management PLC 189,222 195,724 26,100 Ashmore Group PLC 145,541 169,880 15,475 BHP Billiton PLC 479,447 469,682 9,680 British American Tobacco PLC 403,675 528,917

18,200 Diageo PLC 388,622 596,398 25,700 Drax Group PLC 228,644 292,508 8,710 GKN PLC 50,954 49,661

14,920 Intercontinental Hotels Group PLC, ADR 296,730 448,110 60,400 Kingfisher PLC 257,752 388,699 3,300 Rio Tinto PLC 187,560 166,362 1,900 Scottish and Southern Energy PLC 48,776 46,704

112,132 Standard Chartered PLC (IDR) 207,533 238,697 2,600 W&G Investments PLC^ 4,165 4,336

2,888,621 3,595,678 FRANCE (4.7%)

4,211 BNP Paribas S.A. 234,841 293,400 10,318 GDF Suez 225,982 266,929 3,556 LVMH Moet Hennessy Louis Vuitton S.A.* 595,899 721,487 9,247 Rexel S.A. 221,461 241,542 2,400 Safran S.A. 118,795 152,270 3,216 Sanofi 322,582 335,887 7,280 Schneider Electric S.A. 530,894 633,837

2,250,454 2,645,352 JAPAN (4.7%)

4,400 Denso Corp. 222,884 211,197 43,000 Hitachi Ltd. 250,695 291,119 3,600 Honda Motor Co., Ltd. 145,670 140,728

18,000 Marubeni Corp.* 129,122 145,256 11,600 Nabtesco Corp. 247,645 290,431 18,200 Nexon Co., Ltd. 283,050 228,125 1,350 SMC Corp. 269,959 330,079

63,350 Taiheiyo Cement Corp. 142,723 283,494 22,800 Tokyo Gas Co., Ltd. 127,018 128,554 4,600 Toyota Motor Corp. 247,820 302,270

20,000 Yokogawa Electric Corp. 281,438 292,817 2,348,024 2,644,070

NETHERLANDS (3.7%) 14,200 BinckBank N.V. 150,114 133,685 19,600 Delta Lloyd N.V. 318,574 429,353 3,060 European Aeronautic Defense and

Space Co. N.V. 183,772 200,818 9,400 Koninklijke Philips Electronics N.V. 280,353 312,146 5,800 Nutreco N.V. 265,863 310,925

16,900 Unilever N.V. 605,382 677,182 1,804,058 2,064,109

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



– 49 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


BELGIUM (2.2%) 6,500 Anheuser-Busch InBev N.V. 427,246 666,467 9,450 UCB S.A. 404,571 592,386

831,817 1,258,853 GERMANY (2.2%)

500 Allianz S.E. 77,553 80,892 5,300 Bayer AG 375,716 642,688

950 Continental AG 80,643 165,875 2,000 Siemens AG, Registered Shares 215,269 248,126

400 Volkswagen AG, Preferred 88,958 96,597 838,139 1,234,178

AUSTRALIA (2.1%) 103,900 AMP Ltd. 494,667 460,265 150,400 Telstra Corp., Ltd. 474,524 718,283

969,191 1,178,548 SOUTH KOREA (1.7%)

600 Hyundai Motor Co. 115,269 144,365 620 Samsung Electronics Co., Ltd. 658,452 811,859

773,721 956,224 THAILAND (1.6%)

48,250 Bangkok Bank PCL 251,162 311,368 65,850 Kasikornbank PCL 292,097 379,415 40,100 Siam Commercial Bank PCL 174,947 195,401

718,206 886,184 CANADA (1.4%)

8,320 Brookfield Asset Management Inc., Class A 241,114 320,653 5,200 BRP Inc. 112,808 140,660 8,650 Suncor Energy Inc. 273,222 318,493

627,144 779,806 SWEDEN (1.1%)

42,900 Telefonaktiebolaget LM Ericsson, Class B 529,903 587,880

MEXICO (1.0%) 2,450 Coca-Cola Femsa S.A.B. de C.V. 220,423 318,001

91,500 Wal-Mart de Mexico S.A.B. de C.V. 254,758 246,554 475,181 564,555

CAYMAN ISLANDS (0.9%) 32,250 Edwards Group Ltd. 257,243 326,543 29,700 ENN Energy Holdings Ltd. 97,280 168,819

354,523 495,362 CHINA (0.9%)

99,700 China Longyuan Power Group Corp., Ltd. 108,883 106,457 346,700 China Railway Construction Corp., Ltd.,

Class H 312,089 376,642 420,972 483,099

TAIWAN (0.8%) 25,426 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 279,772 444,182

BERMUDA (0.8%) 60,500 China Resources Gas Group Ltd. 163,724 158,608 2,100 Credicorp Ltd. 257,924 277,655

421,648 436,263

DENMARK (0.8%) 4,100 Carlsberg AS, Class B 363,768 434,709

BRAZIL (0.6%) 42,632 Fleury S.A. 473,124 360,534

IRELAND (0.6%) 5,000 Eaton Corp PLC 285,312 354,593

RUSSIA (0.6%) 500 New Century Holdings V L.P.,

Private Placement^ - - 27,200 Sberbank of Russia, ADR 326,529 337,328

326,529 337,328 NETHERLANDS ANTILLES (0.5%)

3,350 Schlumberger Ltd. 252,508 305,038

INDONESIA (0.5%) 396,100 Bank Mandiri Persero Tbk PT 304,022 280,105

JERSEY ISLAND (0.3%) 2,850 Delphi Automotive PLC 89,405 171,470

SOUTH AFRICA (0.2%) 80,700 African Bank Investments Ltd.* 167,410 138,114

HONG KONG (0.2%) 50,100 China Resources Power Holdings Co., Ltd. 143,821 122,959

INDIA (0.1%) 13,510 Tata Motors Ltd. 69,837 73,426


Total Equities (85.9%) 39,681,014 48,084,961


Foreign Currency Forward Contracts (-0.5%)(see Schedule A) (303,746)



Net Assets (100.0%) 55,979,696




– 50 –

CI Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)




Schedule AForeign Currency Forward Contracts (-0.5%)


1 Barclays PLC A-2 18-Oct-13 0.64 (37,565) Canadian $ 24,000 British Pound 2,469 1 Barclays PLC A-2 18-Oct-13 1.04 (305,131) Canadian $ 318,000 Australian $ 183 1 Credit Suisse Group AG A-1 18-Oct-13 1.04 (318,000) Australian $ 305,286 Canadian $ (27)1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (5,656,140) Canadian $ 5,475,000 US $ (6,178)1 Morgan Stanley A-2 18-Oct-13 0.73 (259,000) Euro 354,456 Canadian $ (6,635)1 Morgan Stanley A-2 18-Oct-13 0.74 (325,000) Euro 438,310 Canadian $ (14,792)1 Morgan Stanley A-2 18-Oct-13 0.90 (136,000) Swiss Franc 150,544 Canadian $ (4,450)1 Morgan Stanley A-2 18-Oct-13 0.92 (804,000) Swiss Franc 872,335 Canadian $ (43,939)1 Morgan Stanley A-2 12-Dec-13 1.03 (1,794,000) US $ 1,852,915 Canadian $ 1,586 1 Royal Bank of Canada A-1+ 18-Oct-13 0.64 (591,000) British Pound 924,641 Canadian $ (61,189)1 Royal Bank of Canada A-1+ 18-Oct-13 0.61 (490,128) Canadian $ 300,000 British Pound 10,307 1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (935,943) Canadian $ 906,000 US $ (991)1 Royal Bank of Canada A-1+ 18-Oct-13 0.74 (919,000) Euro 1,238,898 Canadian $ (42,334)1 State Street Corp. A-1 12-Dec-13 1.03 (213,791) Canadian $ 207,000 US $ (176)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (542,000) Brazilian Real 247,211 Canadian $ (3,955)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (247,672) Canadian $ 542,000 Brazilian Real 3,494 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (979,000) Euro 1,321,375 Canadian $ (43,507)1 The Bank of Nova Scotia†† A-1 12-Dec-13 1.03 (3,874,000) US $ 4,002,036 Canadian $ 4,236 1 UBS AG A-1 18-Oct-13 0.64 (680,000) British Pound 1,064,860 Canadian $ (69,428)1 UBS AG A-1 18-Oct-13 0.61 (232,140) Canadian $ 142,000 British Pound 4,732 1 UBS AG A-1 18-Oct-13 0.61 (450,995) Canadian $ 276,000 British Pound 9,405 1 UBS AG A-1 18-Oct-13 0.01 (76,657) Canadian $ 7,163,000 Japanese Yen (1,544)1 UBS AG A-1 18-Oct-13 0.88 (105,385) Canadian $ 93,000 Swiss Franc 605 1 UBS AG A-1 18-Oct-13 97.13 (10,122,000) Japanese Yen 104,209 Canadian $ (1,931)1 UBS AG A-1 18-Oct-13 97.15 (11,159,000) Japanese Yen 114,860 Canadian $ (2,153)1 UBS AG A-1 18-Oct-13 96.73 (6,598,000) Japanese Yen 68,213 Canadian $ (974)1 UBS AG A-1 18-Oct-13 95.92 (9,108,000) Japanese Yen 94,952 Canadian $ (555)1 UBS AG A-1 18-Oct-13 95.69 (97,250,000) Japanese Yen 1,016,302 Canadian $ (3,472)1 UBS AG A-1 18-Oct-13 0.90 (100,000) Swiss Franc 111,074 Canadian $ (2,892)1 UBS AG A-1 18-Oct-13 0.92 (546,316) Swiss Franc 592,418 Canadian $ (30,188)1 UBS AG A-1 12-Dec-13 1.03 (920,000) US $ 949,946 Canadian $ 547 Total Foreign Currency Forward Contracts Value (303,746)

– 51 –

CI Global Corporate ClassFinancial Statements (unaudited)








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


A SharesF SharesI SharesO SharesAT5 SharesFT5 SharesAT8 SharesFT8 SharesIT8 Shares



48,085 50,9967,979 1,378

- -- -

63 63- -

37 189- -- -

50 40129 680

- -87 92

56,430 53,438

- -- -- -

341 117- -

51 62758 109

- -- -- 3- -

450 85655,980 52,582

39,681 43,456- -

53,273 50,3101,372 1,304

545 48710 -

165 8312 11

577 36313 1213 12

15.34 14.488.64 8.11

11.48 10.7010.02 -7.77 7.508.40 8.065.74 5.62

11.74 11.4311.18 10.81

3,473,638 3,474,624158,755 160,70547,501 45,5371,000 -

21,202 11,1141,420 1,389

100,596 64,5661,099 1,0601,176 1,134


as at as at



as at as at



– 52 –








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



714 7482 1

19 12- -- -- -

(110) (107)625 654

545 48964 55

- -- -

62 55671 599(46) 55

- -(46) 55

2,779 892(27) (218)(48) (62)

- -

488 (1,008)3,192 (396)3,146 (341)

2,992 (354)83 937 3

- -8 -1 -

23 (1)1 11 1

0.85 (0.09)0.53 0.050.74 0.070.04 -0.45 (0.12)0.51 (0.06)0.31 (0.03)0.73 0.960.78 0.96


2013 2012















50,310 52,123

4,133 1,261- -

(3,990) (5,548)(172) (134)(29) (4,421)

- -- -- -- -

2,992 (354)53,273 47,348

1,304 1,396

28 5- -

(35) (25)(8) -

(15) (20)

- -- -- -- -

83 91,372 1,385

487 519

- 21- -

(5) (117)26 -21 (96)

- -- -- -- -

37 3545 426


2013 2012

– 53 –














- -

10 -- -

(27) -27 -10 -

- -- -- -- -- -

10 -

83 12

80 6- -

(3) -- 43

77 49

- -- -

(3) (1)(3) (1)8 -

165 60

11 34

- -- -- (7)- -- (7)

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

12 26


2013 2012















363 148

157 -- -

(1) (4)52 11

208 7

- -- -

(17) (5)(17) (5)23 (1)

577 149

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11


2013 2012

– 54 –








52,582 54,232

4,408 1,313- -

(4,061) (5,701)(75) (80)272 (4,468)

- -- -

(20) (7)(20) (7)

3,146 (341)55,980 49,416


2013 2012

– 55 –

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

3,474,624 4,070,907275,992 102,279

- -(265,278) (447,921)(11,700) (10,936)

3,473,638 3,714,329

160,705 196,7133,291 539

- -(4,020) (3,632)(1,221) 1,330

158,755 194,950

45,537 56,156- 2,386- -

(438) (12,777)2,402 -

47,501 45,765

- -1,000 -

- -(2,647) -2,647 -1,000 -

11,114 1,71410,452 767

- -(364) -

- 6,35621,202 8,837

1,389 4,488- -

31 -- (955)- -

1,420 3,533

64,566 27,53127,150 -

5 -(139) (692)

9,014 2,136100,596 28,975




2013 2012

1,060 10- 981

39 26- -- -

1,099 1,017

1,134 10- 1,047

42 30- -- -

1,176 1,087











15.34 12.7515.34 12.76

8.64 7.108.65 7.11

11.48 9.3111.48 9.32

10.02 -10.03 -

7.77 6.767.77 6.77

8.40 7.318.40 7.32

5.74 5.145.74 5.14

11.74 10.4011.75 10.41

11.18 9.7711.18 9.78


2013 2012

– 56 –

CI Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




2,358 1,7062,476 1,791



44 5914 16


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

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

2.001.00


2.001.002.001.00

Paid directly by investor

0.220.22

-0.150.220.220.220.22

-


– 57 –

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



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 41.0 U.K............................................................................................................................................ 7.9 Switzerland .............................................................................................................................. 7.8 Australia................................................................................................................................... 4.6 Japan ....................................................................................................................................... 4.2 France....................................................................................................................................... 4.0 Other Net Assets (Liabilities) .................................................................................................. 2.9 Netherlands ............................................................................................................................. 2.4 Germany ................................................................................................................................... 2.2 Belgium .................................................................................................................................... 2.2 Canada ..................................................................................................................................... 2.0 Mexico ..................................................................................................................................... 1.9 South Korea ............................................................................................................................. 1.9 Brazil ........................................................................................................................................ 1.8 Thailand ................................................................................................................................... 1.7 Hong Kong................................................................................................................................ 1.3 Sweden .................................................................................................................................... 1.0 Ireland ...................................................................................................................................... 0.9 Poland ...................................................................................................................................... 0.9 Taiwan...................................................................................................................................... 0.8 Indonesia.................................................................................................................................. 0.8 Cayman Islands........................................................................................................................ 0.8 Denmark ................................................................................................................................... 0.8 China ........................................................................................................................................ 0.7 Bermuda ................................................................................................................................... 0.6 Russia....................................................................................................................................... 0.6 Netherlands Antilles................................................................................................................ 0.6 Spain ........................................................................................................................................ 0.5 Israel ........................................................................................................................................ 0.4 Chile ......................................................................................................................................... 0.3 Jersey Island............................................................................................................................ 0.2 India ......................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's fair value hierarchy exposure changed significantly as disclosedin the section below. For details relating to other price risk, credit risk, currency risk and interest raterisk, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposure tothose risks remains unchanged.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 47,460 400 225 48,085 Foreign currency forward contracts, net - (304) - (304) Total 47,460 96 225 47,781

During the six-month period ended September 30, 2013, equity investments with a net fair value of$239,000 were transferred from Level 2 into Level 1.

There were no transfers between Level 1 and 3 during the six-month period ended September 30, 2013.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 50,601 224 171 50,996 Foreign currency forward contracts, net - 72 - 72 Total 50,601 296 171 51,068

There were no transfers between Level 1, 2 and 3 during the year ended March 31, 2013.



– 58 –

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






(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities 171 21 - 4 - 29 225 Total 171 21 - 4 - 29 225


During the six-month period ended September 30, 2013, equity investments with a net fair value of $4,000 were transferred from Level 2 into Level 3 as observable market inputs were not longer available for these investments.



(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 167 - - - 4 171 Total - 167 - - - 4 171


Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 30, 2013 and March 31, 2013.

– 59 –

CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (59.1%) 68,348 Acadia Healthcare Co., Inc. 1,015,428 2,775,936

240,000 Air Methods Corp.* 9,054,391 10,523,779 250,000 Allscripts Healthcare Solutions Inc. 2,559,976 3,831,773 150,000 Aphton Corp., Restricted Shares^ 363 155 127,168 BioMarin Pharmaceutical Inc.* 2,865,323 9,462,642

1,229,700 Boston Scientific Corp.* 14,307,264 14,883,115 190,000 Brookdale Senior Living Inc.* 3,258,304 5,147,142 146,007 Capital Senior Living Corp.* 1,247,034 3,180,833 443,952 Diversicare Healthcare Services Inc. 8,640,130 2,313,893 470,000 Exelixis Inc.* 2,611,750 2,812,748 94,000 Gilead Sciences Inc. 2,114,355 6,085,411

335,000 HealthSouth Corp.* 8,012,961 11,901,311 25,000 Intercept Pharmaceuticals Inc. 1,428,158 1,777,345

100,000 Isis Pharmaceuticals Inc. 3,744,600 3,866,794 184,500 Kindred Healthcare Inc.* 1,815,628 2,548,484 113,154 KYTHERA Biopharmaceuticals Inc.* 2,559,526 5,319,519 220,000 Mako Surgical Corp.* 2,533,117 6,689,534 358,000 Merit Medical Systems Inc.* 4,291,980 4,469,330 250,000 Nektar Therapeutics* 3,219,121 2,690,996 250,000 NPS Pharmaceuticals Inc. 3,013,092 8,194,020 298,200 NuVasive Inc.* 5,439,407 7,519,273 516,300 NxStage Medical Inc. 5,922,770 6,998,659

1,167,500 Rite Aid Corp.* 3,668,466 5,724,277 240,000 Sangamo Biosciences Inc.* 1,761,517 2,588,301 290,000 Solazyme Inc.* 3,255,994 3,220,131 200,000 TearLab Corp.* 2,666,764 2,278,463 60,000 Thermo Fisher Scientific Inc. 3,344,124 5,696,363

260,400 Volcano Corp. 5,583,894 6,415,920 476,645 XenoPort Inc. 3,037,116 2,788,690 28,498 Zimmer Holdings Inc.* 1,425,180 2,411,159

114,397,733 154,115,996 SWITZERLAND (8.6%)

125,000 Novartis AG, Registered Shares 7,955,408 9,887,866 45,400 Roche Holding AG 8,304,927 12,612,117

16,260,335 22,499,983 U.K. (4.1%)

32,895 Consort Medical PLC 464,489 477,256 202,201 GlaxoSmithKline PLC 6,018,067 5,251,865 267,861 Synergy Health PLC* 2,924,753 4,886,850

9,407,309 10,615,971 CANADA (4.1%)

1,737,139 Patheon Inc. 8,759,742 10,596,548

JAPAN (4.0%) 690,598 Kyowa Hakko Kirin Co., Ltd. 7,974,945 7,288,268 70,080 Sugi Holdings Co., Ltd. 1,559,038 3,081,028

9,533,983 10,369,296 BERMUDA (2.6%)

4,100,000 Biosensors International Group Ltd. 3,158,533 3,231,766 10,000,000 China Animal Healthcare Ltd. 2,751,111 3,492,830

5,909,644 6,724,596

BRAZIL (2.5%) 550,000 Diagnosticos da America S.A. 3,018,610 2,982,450 419,100 Profarma Distribuidora de

Produtos Farmaceuticos S.A. 3,925,234 3,425,493 6,943,844 6,407,943

FRANCE (2.4%) 59,000 Sanofi* 5,379,366 6,162,105

IRELAND (2.2%) 90,000 Covidien PLC 3,989,824 5,650,320

ITALY (1.8%) 848,538 Amplifon SpA 4,333,512 4,734,464

GERMANY (1.6%) 52,500 MorphoSys AG 2,240,536 4,180,276

SINGAPORE (1.2%) 1,209,000 Raffles Medical Group Ltd. 1,036,324 3,126,955

RUSSIA (0.8%) 150,138 Pharmstandard OJSC, GDR 3,096,318 2,196,017




Net Assets (100.0%) 260,461,076




– 60 –

CI Global Health Sciences Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesO SharesY SharesZ Shares


A SharesF SharesI SharesO SharesY SharesZ Shares

247,380 152,68812,499 11,678

- -- -

155 155- -

- -- -- -

1,766 650- 539- -

159 139261,959 165,849

- -- -- -

- -- 91

948 400550 295

- -- -- -- -

1,498 786260,461 165,063

190,828 128,306- -

205,378 128,48021,432 7,8731,801 587

11 -482 445

31,357 27,678

41.05 33.6725.96 21.1725.61 20.7410.79 -22.24 18.1421.25 17.43






5,002,794 3,815,710825,525 371,86070,343 28,2931,000 -

21,689 24,5271,475,448 1,587,945




– 61 –
















128,480 77,606

54,245 4,094- -

(14,767) (6,059)4,614 366

44,092 (1,599)

- -- -- -- -

32,806 12,967205,378 88,974

7,873 3,771

12,839 350- -

(3,680) (114)1,018 279

10,177 515

- -- -- -- -

3,382 70221,432 4,988

587 218

1,070 3- -

(218) (132)89 262

941 133

- -- -- -- -

273 831,801 434


2013 2012







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



991 59276 1

252 25- 46- -- 1

(176) (91)1,143 574

2,053 1,069273 120

- -- -

245 1182,571 1,307(1,428) (733)

- -(1,428) (733)

11,949 2,373(108) 93(215) (99)

- -

32,200 15,96243,826 18,32942,398 17,596

32,806 12,9673,382 702

273 831 -

96 775,840 3,767

7.42 4.024.91 2.654.88 3.200.79 -4.05 2.233.81 2.06


2013 2012

– 62 –








Y SharesNet assets, beginning of periodCapital transactions




Z SharesNet assets, beginning of periodCapital transactions




- -

10 -- -- -- -

10 -

- -- -- -- -1 -

11 -

445 450

1 1- -

(5) (21)(55) -(59) (20)

- -- -- -- -

96 77482 507

27,678 23,488

193 236- -

(2,175) (2,321)(179) (306)

(2,161) (2,391)

- -- -- -- -

5,840 3,76731,357 24,864


2013 2012





165,063 105,533

68,358 4,684- -

(20,845) (8,647)5,487 601

53,000 (3,362)

- -- -- -- -

42,398 17,596260,461 119,767


2013 2012

– 63 –

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






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

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


2013 2012

3,815,710 3,273,3751,459,968 157,705

- -(397,029) (239,459)124,145 13,917

5,002,794 3,205,538

371,860 255,792565,708 20,955

- -(158,930) (7,258)

46,887 17,929825,525 287,418

28,293 15,26247,474 198

- -(9,448) (7,965)4,024 18,206

70,343 25,701

- -1,000 -

- -- -- -

1,000 -

24,527 35,59544 67

- -(236) (1,550)

(2,646) -21,689 34,112

1,587,945 1,913,71110,097 18,244

- -(113,053) (177,120)

(9,541) (24,356)1,475,448 1,730,479






Y SharesNet assets per shareNet asset value per share

Z SharesNet assets per shareNet asset value per share

41.05 27.7641.08 27.78

25.96 17.3625.98 17.37

25.61 16.8925.63 16.91

10.79 -10.80 -

22.24 14.8722.26 14.88

21.25 14.3721.27 14.38


2013 2012



42,716 12,17844,851 12,787



211 8831 9

Annual management fee rateA SharesF SharesI SharesO SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesI SharesO SharesY SharesZ Shares

2.001.00


1.002.00

0.220.22

-0.150.220.22


– 64 –

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



Categories Net Assets (%)Long Positions:U.S.A. ....................................................................................................................................... 57.4 Switzerland .............................................................................................................................. 8.7 Other Net Assets (Liabilities) .................................................................................................. 7.6 U.K............................................................................................................................................ 6.6 Singapore ................................................................................................................................. 3.6 Canada ..................................................................................................................................... 3.5 Ireland ...................................................................................................................................... 3.1 France....................................................................................................................................... 3.1 Japan ....................................................................................................................................... 1.5 Cayman Islands........................................................................................................................ 1.4 Germany ................................................................................................................................... 1.3 Brazil ........................................................................................................................................ 1.3 Italy .......................................................................................................................................... 0.7 Australia................................................................................................................................... 0.3 Total Long Positions............................................................................................................. 100.1

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

During the six-month period the Fund's other price risk and currency risk exposure changed significantlyas disclosed in the section below. For details relating to credit risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in globalequities and therefore was sensitive to changes in general economic conditions across the world.

As at September 30, 2013, had global markets increased or decreased by 10% (March 31, 2013 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $24,738,000 (March 31, 2013 - $15,269,000). In practice, actual resultsmay differ from this analysis and the difference may be material.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 161,294 - 161,294 61.9 Swiss Franc 22,500 - 22,500 8.6 Euro 14,970 - 14,970 5.7 British Pound 10,641 - 10,641 4.1 Japanese Yen 10,380 - 10,380 4.0 Brazilian Real 6,408 - 6,408 2.5 Singapore Dollar 6,359 - 6,359 2.4 Hong Kong Dollar 3,493 - 3,493 1.3 Total 236,045 - 236,045 90.5



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 105,597 - 105,597 64.0 Swiss Franc 14,389 - 14,389 8.7 Euro 8,401 - 8,401 5.1 British Pound 8,043 - 8,043 4.9 Singapore Dollar 5,900 - 5,900 3.6 Japanese Yen 2,543 - 2,543 1.5 Brazilian Real 1,806 - 1,806 1.1 Australian Dollar 468 - 468 0.3 Total 147,147 - 147,147 89.2

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$23,605,000 (March 31, 2013 - $14,715,000). In practice, actual results may differ from this analysisand the difference may be material.



– 65 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

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


FairValue ($)

Purchase Forward Agreement (9.5%)(see Schedule A) 24,353,665


Net Assets (100.0%) 255,949,500

Schedule APurchase Forward Agreement (9.5%)

Purchase Forward Agreement Fair Value ($)Restricted cash subject to forward agreement(cash deposit is held by the National Bank of Canada^) (228,233,806)

Notional Units Underlying Trust Fair Value ($)2,023,735 National Bank of Canada Global BB Units (See Schedule 1) 252,587,471

Total Purchase Forward Agreement Value 24,353,665

Settlement Date 27-Sep-17Credit Rating of the Counterparty‡^ A-1

– 66 –

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)



Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2013)

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

44,642 AbbVie Inc. 1,517,865 2,056,835 120,800 Altria Group Inc. 3,212,619 4,274,157 83,830 Ameren Corp. 2,992,326 3,008,392 14,690 Anheuser-Busch InBev N.V. 817,046 1,506,215 4,005 Apple Inc. 1,807,338 1,966,754

33,000 Arthur J. Gallagher & Co. 911,671 1,483,730 82,190 AstraZeneca PLC, ADR 4,022,743 4,396,369 86,800 AT&T Inc. 2,716,409 3,023,780 20,800 Automatic Data Processing Inc. 1,017,554 1,550,739

574,750 BAE Systems PLC 3,065,225 4,355,314 34,850 BASF AG 2,630,303 3,443,138 92,600 BCE Inc. 3,172,022 4,076,252 56,750 BHP Billiton Ltd. 1,939,979 1,948,999 26,880 Bristol-Myers Squibb Co. 769,403 1,281,384 34,700 British American Tobacco PLC 1,463,803 1,896,015

486,550 Centrica PLC 2,885,004 2,999,709 106,950 CenturyLink Inc. 3,961,029 3,456,930 19,200 CME Group Inc. 1,055,581 1,461,117 30,200 Coca-Cola Co. 992,727 1,178,348 34,400 Comcast Corp., Special Class A 772,150 1,536,755 20,550 Commonwealth Bank of Australia 1,432,239 1,406,190 96,450 Compass Group PLC 904,663 1,367,173 50,100 ConocoPhillips Co. 2,724,106 3,587,086 52,470 Corrections Corp. of America 1,861,927 1,867,308 42,700 Daimler AG 2,420,967 3,428,519 15,400 Deere & Co. 1,269,813 1,291,066 91,800 Deutsche Post AG 2,224,501 3,137,948

277,850 Deutsche Telekom AG 3,492,422 4,148,662 9,900 Diageo PLC, ADR 803,732 1,295,893

44,300 Diamond Offshore Drilling Inc. 3,258,109 2,843,728 21,490 Dominion Resources Inc. 1,132,685 1,383,038 52,900 Dow Chemical Co. 1,791,062 2,092,395 59,614 Duke Energy Corp. 3,420,070 4,100,639 24,400 E.I. du Pont de Nemours & Co. 1,085,096 1,471,796 90,050 Electricite de France S.A. 2,265,220 2,933,822 29,300 Emerson Electric Co. 1,393,103 1,952,669 31,000 Enterprise Products Partners L.P. 1,367,556 1,949,095

147,600 GlaxoSmithKline PLC 3,292,157 3,833,686 58,340 Health Care REIT Inc. 3,604,458 3,748,596 17,810 Honeywell International Inc. 924,933 1,523,379

106,150 Imperial Tobacco Group PLC 3,710,645 4,048,446 28,010 Integrys Energy Group Inc. 1,460,619 1,612,516 22,100 Johnson & Johnson 1,455,705 1,973,413 31,100 Kimberly-Clark Corp. 2,191,667 3,018,285 43,600 Kinder Morgan Energy Partners L.P. 3,290,437 3,585,167 32,900 KLA-Tencor Corp. 1,516,583 2,062,117 35,100 Lockheed Martin Corp. 2,893,639 4,611,523 84,200 Lorillard Inc. 3,002,436 3,883,765 25,900 Markwest Energy Partners L.P. 1,306,811 1,926,967 62,700 Mattel Inc. 1,853,446 2,703,483 17,300 McDonald's Corp. 1,417,147 1,714,443 36,800 Merck & Co., Inc. 1,382,847 1,804,691 43,500 Microchip Technology Inc. 1,369,469 1,805,275

Schedule 1 (cont’d)National Bank of Canada Global BB Units Investment Portfolio (as at September 30, 2013)

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

42,500 Microsoft Corp. 1,210,478 1,458,211 16,830 Muenchener Rueckversicherungs AG,

Registered Shares 2,468,086 3,387,717 355,940 National Grid PLC 3,833,203 4,336,099 21,500 Nestle S.A., Registered Shares 1,169,777 1,548,886 33,400 Novartis AG, Registered Shares 1,879,994 2,643,940

184,500 Orkla ASA 1,497,479 1,384,262 124,400 Pearson PLC 2,063,835 2,607,701 16,200 PepsiCo Inc. 1,066,381 1,326,597 33,100 Philip Morris International Inc. 2,154,135 2,952,246 18,272 Philippine Long Distance Telephone Co., ADR 1,057,976 1,276,817

126,000 PPL Corp. 3,706,000 3,942,894 101,340 Regal Entertainment Group 1,347,992 1,981,226 76,300 Reynolds American Inc. 2,841,349 3,833,744 11,600 Roche Holding AG 2,049,126 3,222,479 43,250 Rogers Communications Inc., Class B 1,601,950 1,915,543 56,300 Royal Dutch Shell PLC, Class A, ADR 3,747,359 3,808,889

118,200 RR Donnelley & Sons Co. 1,776,778 1,923,674 19,950 Sanofi 1,467,077 2,084,183 12,706 SCANA Corp. 516,450 602,561 94,200 Scor S.E. 2,373,429 3,212,766

169,600 Scottish and Southern Energy PLC 3,774,445 4,168,939 62,850 Severn Trent PLC 1,695,401 1,847,820 97,700 Shaw Communications Inc., Class B 2,005,990 2,336,984 47,900 Southern Co. 1,970,963 2,031,789 30,600 Svenska Handelsbanken AB, Series A 1,375,634 1,348,223 8,570 Swisscom AG, Registered Shares 3,480,599 4,242,197

122,600 TECO Energy Inc. 2,101,410 2,088,732 775,700 Telstra Corp., Ltd. 3,466,325 3,704,600 868,900 Terna SpA 3,684,376 4,039,255 22,920 Time Warner Inc. 815,921 1,553,686 78,400 Total S.A. 4,292,384 4,686,280

273,036 United Utilities Group PLC 2,804,290 3,146,300 19,746 Vectren Corp. 521,000 678,316 61,400 Verizon Communications Inc. 2,213,866 2,951,005 72,550 Vinci S.A. 3,684,703 4,344,184

105,036 Vivendi S.A. 2,444,240 2,488,974 1,388,850 Vodafone Group PLC 3,694,295 5,002,778

61,300 Waste Management Inc. 2,037,018 2,603,970 44,500 Wells Fargo & Co. 1,853,977 1,893,988 61,232 Westpac Banking Corp. 1,452,079 1,925,820

309,500 WM Morrison Supermarkets PLC 1,425,970 1,445,176 54,400 Yara International ASA 2,551,523 2,313,787

Total Investments 202,418,330 245,306,949

Other Net Assets 7,280,522

Total Net Asset Value of National Bank of Canada BB Units 252,587,471

– 67 –

CI Global High Dividend Advantage Corporate ClassFinancial Statements (unaudited)


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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on forward agreementSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable




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



- -3,363 17,340

- -228,234 270,852

- -174 174

- -- -

24,354 31,136- -- -

70 586- -- -- -

256,195 320,088

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

173 88- -

72 72- -- 48- -

245 208255,950 319,880

- -- -

211,279 268,0331,234 1,4704,728 4,804

18,039 26,47710,176 8,6034,054 4,506

868 237860 98911 -

1,386 1,2522,341 2,493

12 1291 8710 96

861 821

10.78 10.0813.11 12.2411.68 10.8512.67 11.6813.71 12.658.38 8.01

11.87 11.3311.75 11.1712.99 -12.48 11.786.88 6.67

11.18 10.827.45 7.189.18 8.52

11.76 11.26

19,597,166 26,603,37594,096 120,109

404,921 442,6501,424,168 2,266,382

742,399 679,808483,539 562,18973,152 20,91573,174 88,531

830 -111,096 106,279340,380 373,710

1,105 1,06512,176 12,1121,142 11,282

73,198 72,886


as at as at



as at as at



– 68 –






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

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





- -40 27

- 161- -- -

341 297- -

381 485

3,001 2,186333 243

5 -- -

359 3153,698 2,744(3,317) (2,259)

- -(3,317) (2,259)

32,088 2,10825 (39)

- -- -

(514) (745)

(6,782) 6,56524,817 7,88921,500 5,630

17,695 4,494112 17352 141

1,820 705739 124305 5720 474 71 11

134 -168 38

- -7 26 5

67 25

0.69 0.200.86 0.320.81 0.281.11 0.371.03 0.390.60 0.170.33 0.430.89 0.550.96 0.341.06 0.130.47 0.130.75 0.720.54 0.181.32 0.320.92 0.34


2013 2012


2013 2012

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


– 69 –


























26,477 16,393

109 4,585- -

(401) (249)(9,966) 1,363

(10,258) 5,699

- -- -- -- -

1,820 70518,039 22,797

8,603 2,945

743 1,051- -

(783) (147)874 253834 1,157

- -- -- -- -

739 12410,176 4,226

4,506 1,951

99 1,077- -

(100) (47)(663) (36)(664) 994

- -- -

(93) (64)(93) (64)305 57

4,054 2,938

268,033 183,079

2,056 33,171- -

(74,156) (3,868)(2,349) (756)

(74,449) 28,547

- -- -- -- -

17,695 4,494211,279 216,120

1,470 482

164 155- -

(236) -(276) 54(348) 209

- -- -- -- -

112 171,234 708

4,804 4,810

430 542- -

(527) (1,439)(331) 138(428) (759)

- -- -- -- -

352 1414,728 4,192


2013 2012



2013 2012


– 70 –


























1,252 -

350 160- -

(27) -(290) -

33 160

- -- -

(33) (1)(33) (1)134 -

1,386 159

2,493 1,830

35 1075 3

(174) (199)(96) 39

(230) (50)

- -- -

(90) (73)(90) (73)168 38

2,341 1,745

12 -

- 10- -- -- -- 10

- -- -- -- -- -

12 10

237 -

- 125- -- -

628 -628 125

- -- -

(17) (3)(17) (3)20 4

868 126

989 47

30 184- -

(179) (6)(33) -

(182) 178

- -- -

(21) (4)(21) (4)74 7

860 228

- 381

10 -- -- (42)- -

10 (42)

- -- -- (9)- (9)1 11

11 341


2013 2012



2013 2012


– 71 –


















319,880 212,849

4,036 41,24418 14

(76,592) (6,139)(12,603) 1,033(85,141) 36,152

- -- -

(289) (190)(289) (190)

21,500 5,630255,950 254,441

87 49

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

- -- -

(3) (2)(3) (2)7 2

91 49

96 121

10 77- -- (134)

(101) (22)(91) (79)

- -- -

(1) (4)(1) (4)6 5

10 43

821 761

- -12 11(8) (8)- -4 3

- -- -

(31) (30)(31) (30)67 25

861 759


2013 2012



2013 2012


– 72 –

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










2013 2012

26,603,375 20,355,533196,219 3,703,185

- -(6,980,485) (431,080)

(221,943) (83,606)19,597,166 23,544,032

120,109 44,21513,096 14,501

- -(18,222) (10)(20,887) 4,90194,096 63,607

442,650 502,00338,901 55,958

- -(46,942) (145,567)(29,688) 13,971404,921 426,365

2,266,382 1,612,3579,188 446,056

- -(32,166) (24,157)

(819,236) 134,9851,424,168 2,169,241

679,808 267,05256,452 95,350

- -(59,732) (13,208)65,871 21,768

742,399 370,962

562,189 259,59712,346 144,459

- -(12,170) (6,343)(78,826) (4,964)483,539 392,749

20,915 1025 11,96241 -(11) -

52,182 -73,152 11,972









2013 2012

88,531 4,5122,672 18,130

- -(15,172) (606)(2,857) -73,174 22,036

- 33,792812 -18 -

- (3,788)- -

830 30,004

106,279 1029,689 14,639

7 16(2,170) (14)

(22,709) -111,096 14,651

373,710 283,6685,162 17,011

681 441(25,415) (31,115)(13,758) 6,071340,380 276,076

1,065 101 981

39 27- -- -

1,105 1,018

12,112 7,2031 -

173 -(110) -

- -12,176 7,203

11,282 15,0481,116 9,678

41 53- (16,654)

(11,297) (2,702)1,142 5,423


– 73 –

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



2013 2012

72,886 71,698- -

1,025 1,087(713) (708)

- -73,198 72,077





2.101.951.10


2.101.951.10


2.101.951.10


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15


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

– 74 –

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

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

as at September 30, 2013

Categories Net Assets (%)Utilities..................................................................................................................................... 17.0Telecommunication Services ................................................................................................... 13.4Consumer Staples.................................................................................................................... 12.8Industrials ................................................................................................................................ 11.5Health Care .............................................................................................................................. 9.2Energy ...................................................................................................................................... 8.9Consumer Discretionary........................................................................................................... 8.6Financials ................................................................................................................................. 7.9Materials.................................................................................................................................. 4.5Information Technology ........................................................................................................... 3.5Cash & Equivalents.................................................................................................................. 1.6Other Net Assets (Liabilities) .................................................................................................. 0.6Foreign Currency Forward Contracts ....................................................................................... 0.5


Categories Net Assets (%)Utilities..................................................................................................................................... 15.0 Consumer Staples.................................................................................................................... 14.9 Telecommunication Services ................................................................................................... 13.0 Consumer Discretionary........................................................................................................... 9.7 Health Care .............................................................................................................................. 9.6 Industrials ................................................................................................................................ 9.4 Energy ...................................................................................................................................... 7.9 Financials ................................................................................................................................. 7.4 Other Net Assets (Liabilities) .................................................................................................. 5.0 Information Technology ........................................................................................................... 3.8 Materials.................................................................................................................................. 2.7 Cash & Equivalents.................................................................................................................. 1.6


Other Price RiskThe Fund was exposed to the financial instrument risks of the National Bank of Canada Global BBunits (the “Underlying Account”). The Fund was created to obtain exposure to an actively managedportfolio of global equities. As at September 30, 2013 and March 31, 2013, the credit rating of theCounterparty to the Forward Agreement was A-2 (2013 - A-2).

As at September 30, 2013 and March 31, 2013, the Underlying Account was invested predominantlyin global equities and therefore the Fund was sensitive to changes in global markets.


Currency RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct exposure tocurrency risk.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposureof the Underlying Account.

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

as at September 30, 2013Currency Net Assets (%)US Dollar 26.2 Euro 16.9 British Pound 16.3 Swiss Franc 4.6 Australian Dollar 3.6 Norwegian Krone 1.5 Swedish Krona 0.5 Total 69.6

as at March 31, 2013Currency Net Assets (%)US Dollar 31.2 British Pound 15.7 Euro 14.1 Swiss Franc 5.4 Australian Dollar 2.1 Norwegian Krone 0.7 Swedish Krona 0.6 Total 69.8

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Underlying Account, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $17,073,000 (March 31, 2013 - $31,147,000). In practice, actual resultsmay differ from this analysis and the difference may be material.



– 75 –

CI Global Managers® Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

Average FairNo. of Units Cost ($) Value ($)

FUNDS (99.6%) 1,363,597 CI Global High Dividend Advantage Fund

(Class I)† 9,244,054 10,240,614 1,127,001 Signature Select Global Fund (Class A)† 11,597,534 13,659,249

696,233 CI Global Value Fund (Class I)† 8,671,883 10,575,775


Other Net Assets (Liabilities) (0.4%) 145,046

Net Assets (100.0%) 34,620,684

†The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 76 –

CI Global Managers® Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

Net assets per share A SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

34,476 32,156- -- -- -

142 142- -

- -- -- -

94 4211 -

- -- -

34,723 32,340

14 1- -- -

- -- -

34 854 58

- -- -- -- -

102 6734,621 32,273

29,513 29,235- -

29,714 28,663687 478

4,184 3,10810 -13 1213 12

11.09 10.3612.02 11.1716.83 15.5310.07 -10.45 10.1310.92 10.44






2,679,306 2,766,26357,191 42,797

248,642 200,1751,000 -1,206 1,1631,193 1,151




– 77 –









Capital gain distribution from investmentsChange in unrealized appreciation (depreciation)


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



16 762- 5- 16- -- -- -- (114)

16 669

302 26134 29

- -- -

33 29369 319(353) 350

- -(353) 350

233 368- (85)- (42)

403 -

2,042 (374)2,678 (133)2,325 217

1,981 (130)40 2

302 343- -1 11 1

0.73 (0.04)0.82 0.041.28 0.120.08 -0.71 0.820.86 0.95


2013 2012













28,663 27,819

1,513 994- -

(2,250) (2,508)(193) (394)(930) (1,908)

- -- -- -- -

1,981 (130)29,714 25,781

478 337

105 11- -

(4) (7)68 4

169 8

- -- -- -- -

40 2687 347

3,108 37,453

875 847- -

(181) (1,152)80 94

774 (211)

- -- -- -- -

302 3434,184 37,585


2013 2012

– 78 –














- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11


2013 2012







32,273 65,609

2,503 1,872- -

(2,435) (3,667)(45) (296)23 (2,091)

- -- -- -- -

2,325 21734,621 63,735


2013 2012

– 79 –

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









2013 2012

2,766,263 2,981,826140,351 110,554

1 -(209,021) (273,185)(18,288) (47,930)

2,679,306 2,771,265

42,797 33,8608,957 1,159

- -(300) (704)

5,737 45957,191 34,774

200,175 2,744,83254,774 64,337

- -(11,108) (87,356)

4,801 7,054248,642 2,728,867

- -1,000 -

- -- -- -

1,000 -

1,163 10- 1,072

43 31- -- -

1,206 1,113

1,151 10- 1,061

42 31- -- -

1,193 1,102


Annual management fee rateA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesO SharesAT8 SharesIT8 Shares

2.001.00



0.220.22

-0.150.22

-



– 80 –

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

The Fund’s investments were concentrated in the following Underlying Funds:


Funds Net Assets (%)Signature Select Global Fund (Class A) .................................................................................. 39.5CI Global Value Fund (Class I).................................................................................................. 30.5CI Global High Dividend Advantage Fund (Class I) ................................................................. 29.6Other Net Assets (Liabilities) .................................................................................................. 0.4


Funds Net Assets (%)Signature Select Global Fund (Class A) .................................................................................. 39.9 CI Global Value Fund (Class I).................................................................................................. 30.3 CI Global High Dividend Advantage Fund (Class I) ................................................................. 29.4 Other Net Assets (Liabilities) .................................................................................................. 0.4




– 81 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (49.6%) 11,550 Actuate Corp. 60,136 87,443 1,500 AGCO Corp. 59,651 93,369 1,850 Alere Inc. 59,695 58,273 3,919 Allison Transmission Holdings Inc. 98,404 101,201 5,850 American Eagle Outfitters Inc. 124,523 84,301 1,650 Armstrong World Industries Inc. 71,724 93,409 2,600 Bank of Hawaii Corp. 120,435 145,743 3,850 Bankunited Inc. 102,292 123,650 4,850 Big 5 Sporting Goods Corp. 84,247 80,331 3,465 Bio-Reference Laboratories Inc.* 67,153 106,645 3,040 Brinker International Inc. 103,996 126,882

10,000 Brookline Bancorp., Inc. 97,246 96,824 7,080 Capitol Federal Financial Inc. 87,324 90,649 1,290 CBOE Holdings Inc. 35,217 60,100 5,308 Chemtura Corp. 98,195 125,698 2,540 Cleco Corp. 112,996 117,316 4,100 CST Brands Inc. 126,743 125,809 2,550 Curtiss-Wright Corp. 82,854 123,346 7,115 CVB Financial Corp. 79,839 99,085

10,680 Cypress Semiconductor Corp.* 124,762 102,748 4,260 Douglas Dynamics Inc. 51,191 64,635 1,496 Dril-Quip Inc.* 99,721 176,747 2,250 Endo Pharmaceuticals Holdings Inc. 57,883 105,312 2,950 Euronet Worldwide Inc. 81,395 120,938 4,750 Express Inc. 78,564 115,321 5,400 Flotek Industries Inc. 62,606 127,876 7,150 Flushing Financial Corp. 112,808 135,881 2,522 Forrester Research Inc. 77,915 95,468

760 G-III Apparel Group Ltd. 27,059 42,735 5,500 Great Plains Energy Inc. 113,024 125,769 1,300 Greatbatch Inc. 38,574 45,541 2,400 Haemonetics Corp. 74,724 98,588 9,900 Harmonic Inc. 66,022 78,316 4,150 Harsco Corp. 96,227 106,397 2,820 Herman Miller Inc. 76,333 84,760 2,530 Hexcel Corp. 29,001 101,140 3,718 Iconix Brand Group Inc. 68,412 127,146 1,260 Ingredion Inc. 80,953 85,853

820 Innophos Holdings Inc. 43,178 44,538 3,400 Integra LifeSciences Holdings Corp. 119,704 140,892 6,050 Investors Bancorp. Inc. 71,951 136,351 4,700 John Bean Technologies Corp. 76,987 120,450 1,975 JOS A Bank Clothiers Inc.* 101,420 89,328 3,180 KapStone Paper and Packaging Corp. 93,470 140,095 1,380 Landauer Inc. 71,343 72,765 1,130 Life Time Fitness Inc. 49,356 59,909 4,967 Lumos Networks Corp. 74,174 110,869 3,730 M/I Homes Inc. 80,308 79,185 3,090 Mako Surgical Corp.* 32,001 93,958 4,936 Monarch Casino & Resort Inc. 65,852 96,449 2,100 Mueller Industries Inc. 63,379 120,225

13,500 Mueller Water Products Inc. 103,474 110,967 4,250 National Instruments Corp. 118,113 135,402 1,500 Oil States International Inc. 115,390 159,807 1,500 OSI Systems Inc. 93,712 114,922 4,400 Perry Ellis International Inc. 100,525 85,341 5,000 Resources Connection Inc.* 62,185 69,786

U.S.A. (49.6%) (cont’d)6,590 Rovi Corp. 139,897 130,126

11,600 Scorpio Tankers Inc. 99,751 116,618 6,450 Service Corp. International 63,883 123,708 2,250 Silgan Holdings Inc. 85,144 108,951 2,580 Simpson Manufacturing Co., Inc. 74,006 86,555 1,250 Sirona Dental Systems Inc. 66,941 86,202 4,050 Spartan Stores Inc. 68,124 91,986 2,100 Supertex Inc. 48,893 54,791 2,400 Tanger Factory Outlet Centers 64,030 80,665 1,350 Teleflex Inc. 82,759 114,346 5,950 Teradyne Inc.* 91,130 101,186 2,000 Texas Capital Bancshares Inc. 86,056 94,702 5,150 Titan Machinery Inc.* 116,147 85,247 1,300 TreeHouse Foods Inc. 77,032 89,436 2,450 Vectren Corp. 70,416 84,137 2,420 Veeco Instruments Inc. 74,599 92,804 5,250 ViewPoint Financial Group 63,348 111,670 1,500 Visteon Corp. 94,575 116,900 2,200 Waddell & Reed Financial Inc. 51,314 116,682 3,150 Waste Connections Inc. 108,637 147,307 1,570 WellCare Health Plans Inc. 87,589 112,798 3,900 Westar Energy Inc. 97,723 123,046 3,750 Woodward Inc.* 109,963 157,713 5,230 Wright Medical Group Inc.* 104,422 140,497

6,652,745 8,430,557 U.K. (9.5%)

45,650 Afren PLC 79,646 105,285 8,750 Alent PLC 42,579 51,786

11,753 Ashtead Group PLC 30,772 120,441 5,100 Babcock International Group PLC 56,231 101,634

23,790 Barratt Developments PLC 84,920 122,431 5,700 Bovis Homes Group PLC 46,509 68,107 4,050 Domino's Pizza UK & IRL PLC 23,405 39,443

23,617 Enquest PLC 46,237 51,200 53,900 Hays PLC 94,940 106,245 4,101 Inchcape PLC 40,513 41,718

19,842 Intermediate Capital Group PLC 104,555 147,446 4,750 International Personal Finance PLC 37,218 48,122

14,628 Jazztel PLC 89,327 163,072 9,494 Lavendon Group PLC 29,953 31,032

19,150 Premier Oil PLC 121,469 103,886 7,050 Sthree PLC 40,803 41,796

52,400 Taylor Wimpey PLC 77,786 87,646 38,650 Thomas Cook Group PLC 93,926 98,808 11,300 Vesuvius PLC 65,730 84,196

1,206,519 1,614,294 JAPAN (9.5%)

3,900 Anritsu Corp. 47,030 50,927 2,800 ASKUL Corp. 46,538 66,671 2,400 Century Tokyo Leasing Corp.* 74,829 77,344 1,800 CyberAgent Inc. 47,174 51,160 4,000 Daifuku Co., Ltd. 45,857 44,436 2,100 Horiba Ltd. 62,518 80,771

6 Japan Logistics Fund Inc. 65,404 62,190 4,300 JGC Corp. 104,169 159,530 2,700 JSR Corp. 52,273 51,443 7,150 Kansai Paint Co., Ltd. 66,706 97,563




– 82 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


JAPAN (9.5%) (cont’d)12,000 KYB Co., Ltd. 47,308 79,608 2,100 MISUMI Group Inc. 53,335 62,504 9,000 Monex Group Inc. 40,025 38,672 7,000 Nichias Corp. 50,121 48,345 1,250 Nifco Inc. 25,578 34,323 1,400 Nihon Kohden Corp. 37,105 58,762 4,000 Rohto Pharmaceutical Co., Ltd. 50,735 58,018

800 Sawai Pharmaceutical Co., Ltd.* 36,434 57,767 1,300 Sundrug Co., Ltd. 43,061 66,486 7,000 Suruga Bank Ltd. 117,141 123,687 1,500 Sysmex Corp. 47,360 98,252 3,800 Tokyo Ohka Kogyo Co., Ltd. 77,569 86,659 1,200 TS Tech Co Ltd 37,844 48,544

1,276,114 1,603,662 ITALY (4.7%)

20,750 Astaldi SpA* 148,265 173,635 7,000 Azimut Holding SpA 129,392 164,460 9,400 Banca Popolare dell'Emilia Romagna Scrl 75,448 69,489 4,776 Danieli & C. Officine Meccaniche SpA 70,854 94,838

21,950 Fondiaria-Sai SpA 49,401 47,991 3,500 Lottomatica SpA 95,396 103,056

18,739 Mediolanum SpA 93,445 140,095 662,201 793,564

SWITZERLAND (3.9%) 9,041 EFG International* 117,175 130,265 3,850 GAM Holding AG 52,079 71,697

115 Helvetia Holding AG 39,541 52,459 260 Kuoni Reisen Holding AG 92,416 109,571 325 Partners Group Holding AG 57,698 82,067 550 Sulzer AG, Registered Shares 66,420 87,514

4,950 Temenos Group AG 98,563 124,882 523,892 658,455

GERMANY (3.7%) 9,250 Deutz AG 60,265 85,756 1,150 Duerr AG 67,591 86,953 1,100 GFK S.E. 43,092 65,529 2,650 Hamburger Hafen und Logistik AG 75,380 66,728

900 KUKA AG 24,212 40,114 1,600 MorphoSys AG 42,726 127,399 3,650 ProSiebenSat.1 Media AG 88,791 159,581

402,057 632,060 FRANCE (3.0%)

18,170 Alcatel-Lucent S.A. 41,042 66,920 1,865 Alten Ltd. 57,758 82,072

18,787 Altran Technologies S.A. 122,820 158,910 6,050 Havas S.A. 50,466 48,712 1,300 Ipsos 45,670 50,270 1,400 JC Decaux S.A. 33,170 52,859 1,461 Mersen S.A. 48,459 46,663

399,385 506,406 CANADA (2.3%)

10,175 Algonquin Power & Utilities Corp.* 59,290 64,510 1,700 Black Diamond Group Ltd. 37,692 41,684

620 MacDonald Dettwiler & Associates Ltd. 43,848 49,042 3,030 Methanex Corp. (USD) 60,562 160,016 5,660 Whitecap Resources Inc. 54,788 68,486

256,180 383,738

IRELAND (1.8%) 4,997 Alkermes PLC 67,036 173,047

400 Smurfit Kappa Group PLC (Dublin common) 6,330 9,309 5,400 Smurfit Kappa Group PLC (London common) 70,451 125,590

143,817 307,946 SPAIN (1.1%)

4,250 Bolsas y Mercados Espanoles S.A. 110,173 136,629 3,740 Mediaset Espana Comunicacion S.A. 44,301 43,283

154,474 179,912 AUSTRALIA (0.8%)

1,150 Flight Centre Ltd. 27,271 53,364 62,700 Goodman Fielder Ltd. 43,120 42,476 3,760 Seek Ltd. 43,072 42,851

113,463 138,691 ISLE OF MAN (0.8%)

11,300 Playtech Ltd. 72,577 138,317

CAYMAN ISLANDS (0.6%) 90,000 Hutchison Telecommunications Hong Kong

Holdings Ltd. 37,165 40,041 11,300 Kingboard Chemical Holdings Ltd. 32,315 29,594 45,844 Polarcus Ltd. 46,676 29,967

116,156 99,602 NORWAY (0.6%)

18,530 Dolphin Group ASA 24,211 18,251 3,050 Petroleum Geo-Services ASA 42,702 38,818 5,150 SpareBank 1 SR Bank ASA 41,304 41,992

108,217 99,061 SWEDEN (0.6%)

1,750 Modern Times Group AB 74,323 93,989

BERMUDA (0.6%) 8,350 Catlin Group Ltd. 57,007 66,992

171,400 Euro-Asia Agricultural Holdings Co., Ltd.^ 12,970 - 2,100 Lancashire Holdings Ltd. 19,592 26,791

89,569 93,783 LUXEMBOURG (0.5%)

3,595 Subsea 7 S.A.* 67,149 76,976

PORTUGAL (0.4%) 68,840 Banco Espirito Santo S.A. 82,587 75,400

NETHERLANDS (0.3%) 825 Fugro N.V. 53,228 51,728

TAIWAN (0.3%) 36,111 TXC Corp. 60,062 49,639

SOUTH KOREA (0.3%) 550 Daum Communications Corp. 48,199 48,822

GREECE (0.3%) 5,370 Hellenic Exchanges S.A. Holding Clearing

Settlement and Registry 34,821 46,919

FINLAND (0.2%) 1,050 Cargotec OYJ 41,448 41,920

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




– 83 –

CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


JERSEY ISLAND (0.2%) 4,600 Informa PLC 32,214 40,273

HONG KONG (0.2%) 5,900 Television Broadcasts Ltd. 32,635 38,042

AUSTRIA (0.2%) 602 Andritz AG 20,132 36,311

MEXICO (0.2%) 2,800 Grupo Aeroportuario del Sureste S.A.B. de C.V. 33,495 31,483




Net Assets (100.0%) 16,953,793



– 84 –

CI Global Small Companies Corporate ClassFinancial Statements (unaudited)













16,312 12,425613 259

- -- -

15 15- -

- -- -- -3 21

52 79- -

23 2217,018 12,821

- -2 1- -

- -- -

53 259 17- -- -- -- -

64 4316,954 12,778

12,733 9,826- -

9,610 8,238573 452

4,701 3,172436 5

1,606 88714 1214 12

10.42 9.2014.72 12.9812.59 11.0515.28 13.3215.43 13.4711.16 10.2011.61 10.48

921,958 895,36138,968 34,773

373,417 287,04128,516 379

104,090 65,9051,226 1,1841,216 1,175






– 85 –











199 1362 17 4- -- -- -

(26) (18)182 123

116 9317 12

- -- -

13 10146 11536 8

- -36 8

976 (123)(10) (7)(18) (9)

- -

980 (427)1,928 (566)1,964 (558)

1,086 (420)68 4

570 (140)43 -

193 (4)2 12 1

1.22 (0.42)1.76 1.261.62 (0.49)2.27 (0.08)2.03 (0.13)1.33 0.771.51 0.90


2013 2012















8,238 8,829

942 452- -

(559) (499)(97) 160286 113

- -- -- -- -

1,086 (420)9,610 8,522

452 -

66 35- -

(13) -- 25

53 60

- -- -- -- -

68 4573 64

3,172 3,218

295 71- -

(169) (559)833 115959 (373)

- -- -- -- -

570 (140)4,701 2,705


2013 2012

– 86 –














5 10

261 4- -- -

127 -388 4

- -- -- -- -

43 -436 14

887 212

397 204- -

(11) (3)140 177526 378

- -- -- -- -

193 (4)1,606 586

12 -

- 10- -- -- -- 10

- -- -- -- -2 1

14 11


2013 2012











12 -

- 10- -- -- -- 10

- -- -- -- -2 1

14 11

12,778 12,269

1,961 786- -

(752) (1,061)1,003 4772,212 202

- -- -- -- -

1,964 (558)16,954 11,913


2013 2012

– 87 –

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










2013 2012

895,361 1,046,49694,732 56,996

- -(57,320) (63,495)(10,815) 18,162921,958 1,058,159

34,773 105,127 3,260

- -(932) -

- 2,34338,968 5,613

287,041 321,06824,425 7,567

- -(14,218) (59,867)76,169 12,320

373,417 281,088

379 80019,642 394

- -(26) -

8,521 -28,516 1,194

65,905 17,56728,591 17,822

- -(747) (296)

10,341 15,152104,090 50,245

1,184 10- 1,088

42 33- -- -

1,226 1,131

1,175 10- 1,081

41 32- -- -

1,216 1,123









10.42 8.0610.44 8.06

14.72 11.3614.73 11.37

12.59 9.6212.60 9.63

15.28 11.5215.30 11.53

15.43 11.6615.45 11.67

11.16 9.3011.17 9.31

11.61 9.4311.63 9.44


2013 2012



1,242 1,3611,304 1,429



13 62 2

– 88 –

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





2.001.951.00



0.220.150.22

-0.150.22

-


– 89 –

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



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 51.8 U.K............................................................................................................................................ 9.5 Japan ....................................................................................................................................... 7.5 Switzerland .............................................................................................................................. 3.9 Germany ................................................................................................................................... 3.7 Italy .......................................................................................................................................... 3.1 Other Net Assets (Liabilities) .................................................................................................. 2.8 France....................................................................................................................................... 2.4 Luxembourg.............................................................................................................................. 1.7 Canada ..................................................................................................................................... 1.6 Spain ........................................................................................................................................ 1.4 Bermuda ................................................................................................................................... 1.3 Ireland ...................................................................................................................................... 1.0 Hong Kong................................................................................................................................ 0.9 Cayman Islands........................................................................................................................ 0.9 Australia................................................................................................................................... 0.9 Norway..................................................................................................................................... 0.8 Isle of Man............................................................................................................................... 0.8 South Korea ............................................................................................................................. 0.7 Taiwan...................................................................................................................................... 0.4 Brazil ........................................................................................................................................ 0.4 Singapore ................................................................................................................................. 0.4 Austria...................................................................................................................................... 0.4 Sweden .................................................................................................................................... 0.4 Netherlands ............................................................................................................................. 0.3 Jersey Island............................................................................................................................ 0.3 Mexico ..................................................................................................................................... 0.3 Portugal .................................................................................................................................... 0.2 Greece ...................................................................................................................................... 0.2

During the six-month period the Fund's other price risk, currency risk and fair value hierarchy exposurechanged significantly as disclosed in the section below. For details relating to credit risk and interestrate risk, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in globalequities and therefore was sensitive to changes in general economic conditions across the world.

As at September 30, 2013, had global markets increased or decreased by 10% (March 31, 2013 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $1,631,000 (March 31, 2013 - $1,243,000). In practice, actual results maydiffer from this analysis and the difference may be material.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 8,950 - 8,950 52.8 Euro 2,664 - 2,664 15.7 British Pound 1,748 - 1,748 10.3 Japanese Yen 1,631 - 1,631 9.6 Swiss Franc 658 - 658 3.9 Norwegian Krone 206 - 206 1.2 Hong Kong Dollar 108 - 108 0.6 Australian Dollar 100 - 100 0.6 Swedish Krona 94 - 94 0.6 Taiwan Dollar 53 - 53 0.3 Korean Won 49 - 49 0.3 Mexican Peso 31 - 31 0.2 Total 16,292 - 16,292 96.1


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 7,068 - 7,068 55.3 Euro 1,576 - 1,576 12.3 British Pound 1,452 - 1,452 11.4 Japanese Yen 970 - 970 7.6 Swiss Franc 498 - 498 3.9 Norwegian Krone 295 - 295 2.3 Hong Kong Dollar 189 - 189 1.5 Australian Dollar 110 - 110 0.9 Korean Won 86 - 86 0.7 Taiwan Dollar 56 - 56 0.4 Brazilian Real 52 - 52 0.4 Singapore Dollar 48 - 48 0.4 Swedish Krona 46 - 46 0.4 Mexican Peso 33 - 33 0.3 Total 12,479 - 12,479 97.8

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10%(March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $1,629,000 (March 31, 2013 - $1,248,000). In practice, actual results may differ fromthis analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 16,224 88 - 16,312 Total 16,224 88 - 16,312

During the six-month period ended September 30, 2013 equity investments with a net fair value of$88,000 were transferred out of Level 1 into Level 2.

There were no transfers between Level 1 and 3 and Level 2 and 3 during the six-month period endedSeptember 30, 2013.



– 90 –

CI Global Small Companies Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)

Fair Value Hierarchy (cont’d)


(in $000's) (in $000's) (in $000's) (in $000's)Equities 12,425 - - 12,425 Total 12,425 - - 12,425

There were no transfers between Level 1, 2 and 3 during the year ended March 31, 2013.



– 91 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (34.5%) 7,939 AOL Inc. 160,277 282,616 7,795 Apache Corp. 688,800 683,928

11,800 Baker Hughes Inc. 558,979 596,910 7,575 BioMarin Pharmaceutical Inc. 153,150 563,660

14,834 Cisco Systems Inc. 293,906 358,004 6,870 Coach Inc. 386,662 386,019

11,900 Comcast Corp., Class A 216,920 553,429 21,300 Exelon Corp. 749,213 650,301 31,036 General Electric Co. 595,217 764,048 11,953 HealthSouth Corp. 243,519 424,646 28,050 Juniper Networks Inc. 617,998 573,811 12,340 Lorillard Inc.* 367,621 569,188 7,572 Molson Coors Brewing Co., Class B (USD) 347,079 390,912 8,270 Newmont Mining Corp. 386,335 239,284

13,220 Oracle Corp. 316,624 451,274 8,910 PepsiCo Inc. 581,388 729,720 5,054 Philip Morris International Inc. 297,985 450,723

12,010 Principal Financial Group Inc. 339,143 529,473 5,070 Prudential Financial Inc. 267,697 407,290

11,945 Public Service Enterprise Group Inc. 374,296 405,291 24,130 Stillwater Mining Co.* 268,072 273,405 10,041 Target Corp. 555,901 661,622 20,320 TIBCO Software Inc. 447,451 535,822 11,620 Time Warner Inc. 395,084 787,928 6,670 Torchmark Corp. 223,700 497,074

25,090 Unum Group 497,710 786,429 9,996 Wal-Mart Stores Inc. 527,001 761,518 6,652 Weight Watchers International Inc.* 329,427 255,849

11,187,155 14,570,174 JAPAN (13.8%)

143,019 Bank of Yokohama Ltd. 759,757 839,366 20,000 Inpex Corp. 279,473 242,512 13,195 Japan Exchange Group Inc. 232,532 300,358 38,826 Kyowa Hakko Kirin Co., Ltd. 443,172 409,753 41,230 Mitsubishi Corp.* 917,773 857,716 17,655 MS&AD Insurance Group Holdings Inc. 456,909 473,301 3,058 Nintendo Co., Ltd. 659,066 356,699

15,693 NKSJ Holdings Inc. 464,892 414,289 2,640 SMC Corp. 380,541 645,488

174,707 Sumitomo Mitsui Trust Holdings Inc. 669,451 888,018 15,923 Suzuki Motor Corp. 339,087 392,326

5,602,653 5,819,826 SWITZERLAND (9.4%)

12,714 Foster Wheeler AG 319,047 344,818 12,930 Nestle S.A., Registered Shares 653,877 930,756 20,070 Noble Corp. 674,732 780,820 11,600 Novartis AG, Registered Shares 623,239 917,594 3,530 Roche Holding AG 557,286 980,634

2,828,181 3,954,622

GERMANY (8.9%) 3,230 Adidas AG* 166,884 360,529 2,845 Allianz S.E. 381,172 460,278 7,930 Daimler AG 413,805 636,614

12,333 Deutsche Boerse AG 653,388 954,681 15,130 E.ON AG 456,998 276,195 2,542 Henkel AG & Co., KGaA, Preferred,

Non-Voting Shares 118,072 269,389 630 Osram Licht AG* 16,898 30,432

6,120 Siemens AG, Registered Shares* 563,616 759,265 2,770,833 3,747,383

U.K. (8.8%) 13,140 Anglo American PLC 488,414 332,526 9,116 Aon PLC 440,276 699,078 7,646 BP PLC, ADR 427,829 330,938

23,867 Diageo PLC 457,020 782,100 25,550 GlaxoSmithKline PLC 592,489 663,623 21,650 Standard Chartered PLC 525,437 534,706 10,381 Vodafone Group PLC, ADR 267,854 376,177

3,199,319 3,719,148 CANADA (4.6%)

3,299 Agrium Inc. (USD) 220,413 285,612 16,890 Canadian Natural Resources Ltd. 598,822 546,729 48,900 Kinross Gold Corp. 437,944 253,302 25,069 Lundin Mining Corp.* 118,347 113,563 61,430 Talisman Energy Inc. 776,301 725,488

2,151,827 1,924,694 FRANCE (3.8%)

14,641 Carrefour S.A.* 488,928 517,705 9,430 Danone S.A.* 615,928 731,146 6,120 Total S.A.* 369,203 365,731

1,474,059 1,614,582 IRELAND (3.3%)

8,195 Covidien PLC 328,720 514,493 19,206 Willis Group Holdings PLC 656,238 857,201

984,958 1,371,694 SWEDEN (1.4%)

43,806 Telefonaktiebolaget LM Ericsson, Class B 499,604 600,296

NETHERLANDS (1.3%) 7,629 Heineken N.V. 398,234 556,425

HONG KONG (1.2%) 31,316 Cheung Kong Holdings Ltd. 452,181 490,345

MEXICO (1.1%) 15,930 Grupo Televisa S.A., ADR 418,775 458,293

NETHERLANDS ANTILLES (1.0%) 4,620 Schlumberger Ltd. 322,680 420,679

BERMUDA (0.8%) 28,953 Marvell Technology Group Ltd. 428,843 342,666

SOUTH AFRICA (0.7%) 13,827 MTN Group Ltd. 243,959 277,736




– 92 –

CI Global Value Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


MAURITIUS (0.6%) 609,415 Golden Agri-Resources Ltd. 317,888 260,196

AUSTRALIA (0.5%) 83,750 Incitec Pivot Ltd. 250,036 215,680

TURKEY (0.5%) 47,260 Turkiye Garanti Bankasi AS 163,924 191,733


Total Equities (96.2%) 33,642,946 40,536,172





Net Assets (100.0%) 42,139,063

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





1 The Bank of New York Mellon Corp. A-1 27-Nov-13 98.81 (101,367,000) Japanese Yen 1,025,878 US $ (6,001) Total Foreign Currency Forward Contracts Value (6,001)

– 93 –

CI Global Value Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares


A SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares



40,536 39,4971,515 418

- -- -

53 53- -

- -- -- -

51 4296 1,626

- -96 136

42,347 41,772

- -- -- -

6 7- -

171 88431 96

- -- -- -- -

208 98742,139 40,785

33,643 34,437- -

39,354 38,110809 636

1,927 2,00310 -13 1213 1213 12

13.95 12.9412.88 11.8812.90 11.8110.11 -11.85 11.2411.27 10.8310.95 10.39

2,820,162 2,945,31162,838 53,566

149,408 169,6261,000 -1,098 1,0741,156 1,1151,229 1,186






– 94 –








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



598 5814 4

19 17- -- -- -

(90) (76)531 526

397 37047 41

- -- -

48 41492 45239 74

- -39 74

1,280 (747)(8) (9)

(17) (28)- -

1,834 (46)3,089 (830)3,128 (756)

2,909 (686)51 (53)

165 (21)- -1 21 11 1

1.01 (0.21)0.98 (0.82)1.05 (0.12)0.11 -0.87 1.020.84 1.000.95 1.07


2013 2012















38,110 39,958

1,197 408- -

(2,740) (2,954)(122) (300)

(1,665) (2,846)

- -- -- -- -

2,909 (686)39,354 36,426

636 1,169

3 3- -

(9) (600)128 10122 (587)

- -- -- -- -

51 (53)809 529

2,003 2,258

3 3- -

(11) (490)(233) 26(241) (461)

- -- -- -- -

165 (21)1,927 1,776


2013 2012

– 95 –














- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

12 -

- 9- -- -- -- 9

- -- -- -- -1 2

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11


2013 2012











12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

40,785 43,385

1,213 443- -

(2,760) (4,044)(227) (264)

(1,774) (3,865)

- -- -- -- -

3,128 (756)42,139 38,764


2013 2012

– 96 –

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

†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









2013 2012

2,945,311 3,442,43388,757 37,007

- -(204,741) (265,714)

(9,165) (26,941)2,820,162 3,186,785

53,566 110,953208 363

- -(760) (61,678)

9,824 1,08562,838 50,723

169,626 218,380244 301

- -(908) (49,075)

(19,554) 2,732149,408 172,338

- -1,000 -

- -- -- -

1,000 -

1,074 10- 1,018

24 17- -- -

1,098 1,045

1,115 10- 1,030

41 29- -- -

1,156 1,069

1,186 10- 1,094

43 32- -- -

1,229 1,136









13.95 11.4313.96 11.44

12.88 10.4312.88 10.44

12.90 10.3112.90 10.31

10.11 -10.11 -

11.85 10.1811.86 10.18

11.27 9.9511.27 9.95

10.95 9.4310.95 9.44


2013 2012



4,106 4,2924,311 4,507



14 252 -

Annual management fee rateA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

2.001.00


2.002.00



– 97 –

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

The accompanying notes are an integral part of these financial statements


Annual fixed administration fee rateA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

0.220.22

-0.150.220.22

-


– 98 –

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



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 39.1 Japan ....................................................................................................................................... 12.2 U.K............................................................................................................................................ 9.7 Switzerland .............................................................................................................................. 9.1 Germany ................................................................................................................................... 8.4 Canada ..................................................................................................................................... 5.9 France....................................................................................................................................... 3.3 Other Net Assets (Liabilities) .................................................................................................. 3.2 Ireland ...................................................................................................................................... 1.5 Sweden .................................................................................................................................... 1.5 Netherlands ............................................................................................................................. 1.3 Bermuda ................................................................................................................................... 0.9 South Africa ............................................................................................................................. 0.9 Singapore ................................................................................................................................. 0.7 Australia................................................................................................................................... 0.7 Hong Kong................................................................................................................................ 0.7 Netherlands Antilles................................................................................................................ 0.5 Malaysia .................................................................................................................................. 0.4




– 99 –

CI International Value Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


JAPAN (22.7%) 534,277 Amada Co., Ltd.* 3,635,083 4,944,208

1,807,553 Bank of Yokohama Ltd. 9,138,033 10,608,369 384,000 Inpex Corp. 5,289,183 4,656,227 235,510 Japan Exchange Group Inc.* 3,895,782 5,360,913 372,604 Kyowa Hakko Kirin Co., Ltd. 4,264,733 3,932,299 451,860 Mitsubishi Corp.* 9,981,780 9,400,132 269,629 MS&AD Insurance Group Holdings Inc. 6,421,134 7,228,309 34,823 Nintendo Co., Ltd. 8,062,092 4,061,916

258,403 NKSJ Holdings Inc.* 6,488,121 6,821,742 32,446 SMC Corp. 4,570,944 7,933,146 83,012 Sugi Holdings Co., Ltd.* 1,883,109 3,649,576

1,921,222 Sumitomo Mitsui Trust Holdings Inc. 6,978,184 9,765,373 384,114 Suzuki Motor Corp. 8,823,449 9,464,165 261,631 THK Co., Ltd. 4,780,996 5,958,247

84,212,623 93,784,622 GERMANY (14.1%)

46,090 Adidas AG 2,583,221 5,144,518 39,238 Allianz S.E.* 4,904,942 6,348,112 98,270 Daimler AG* 5,126,181 7,889,043

171,996 Deutsche Boerse AG* 9,152,641 13,313,979 234,030 E.ON AG* 6,603,175 4,272,168 56,272 Henkel AG & Co., KGaA, Preferred,

Non-Voting Shares 3,029,635 5,963,442 14,544 Osram Licht AG* 552,512 702,555 74,952 Siemens AG, Registered Shares* 7,335,479 9,298,761

114,432 Symrise AG 2,567,145 5,208,775 41,854,931 58,141,353

SWITZERLAND (13.6%) 175,049 Foster Wheeler AG 4,528,644 4,747,525 150,030 Nestle S.A., Registered Shares 7,681,546 10,799,795 208,070 Noble Corp. 6,762,399 8,094,933 146,299 Novartis AG, Registered Shares 8,137,909 11,572,680 48,470 Roche Holding AG 7,968,472 13,464,962

354,660 UBS AG 5,133,562 7,473,160 40,212,532 56,153,055

U.K. (11.8%) 162,096 Anglo American PLC 6,358,148 4,102,071 59,474 Aon PLC 3,217,979 4,560,880

117,360 BP PLC, ADR 6,397,925 5,079,640 276,186 Diageo PLC 5,004,792 9,050,371 400,390 GlaxoSmithKline PLC 8,410,000 10,399,523 337,209 Standard Chartered PLC 8,227,887 8,328,300 192,888 Vodafone Group PLC, ADR 4,710,311 6,989,689

42,327,042 48,510,474 CANADA (6.3%)

39,213 Agrium Inc. (USD) 2,613,873 3,394,881 168,370 Canadian Natural Resources Ltd. 5,799,468 5,450,137 51,629 Cenovus Energy Inc. 1,513,195 1,586,559

166,759 EnCana Corp. 4,994,317 2,966,643 460,670 Kinross Gold Corp.* 5,032,697 2,386,271 229,216 Lundin Mining Corp.* 1,052,418 1,038,348 606,370 Talisman Energy Inc. 7,465,528 7,161,230 177,230 Yamana Gold Inc. (USD) 2,051,035 1,898,573

30,522,531 25,882,642 FRANCE (5.6%)

193,280 Carrefour S.A.* 6,583,460 6,834,369 113,350 Danone S.A.* 7,256,153 8,788,487

FRANCE (5.6%) (cont’d)18,705 L'Oreal S.A.* 2,050,167 3,308,993 68,440 Total S.A. 4,213,679 4,089,977

20,103,459 23,021,826 IRELAND (4.6%)

126,900 Covidien PLC 5,230,249 7,966,951 248,180 Willis Group Holdings PLC 8,397,292 11,076,748

13,627,541 19,043,699 SWEDEN (2.3%)

693,911 Telefonaktiebolaget LM Ericsson, Class B 7,532,806 9,509,012

JERSEY ISLAND (2.0%) 725,110 Glencore Xstrata PLC 3,924,433 4,071,451 204,660 WPP PLC 2,947,825 4,334,498

6,872,258 8,405,949 NETHERLANDS (2.0%)

113,601 Heineken N.V. 5,834,987 8,285,550

MEXICO (1.6%) 224,806 Grupo Televisa S.A., ADR 5,886,375 6,467,488

NETHERLANDS ANTILLES (1.6%) 70,920 Schlumberger Ltd. 4,880,619 6,457,699

U.S.A. (1.5%) 70,786 Philip Morris International Inc. 3,925,793 6,312,796

HONG KONG (1.3%) 332,950 Cheung Kong Holdings Ltd. 4,812,554 5,213,322

AUSTRALIA (1.2%) 1,849,845 Incitec Pivot Ltd. 5,850,456 4,763,885

SOUTH AFRICA (0.9%) 191,760 MTN Group Ltd. 3,398,253 3,851,782

NORWAY (0.8%) 791,043 Norsk Hydro ASA* 4,764,809 3,378,082

MAURITIUS (0.8%) 7,860,964 Golden Agri-Resources Ltd. 4,082,829 3,356,325

BERMUDA (0.8%) 4,196,339 Biosensors International Group Ltd. 4,513,142 3,307,704

TURKEY (0.4%) 457,790 Turkiye Garanti Bankasi AS 1,587,871 1,857,245


Total Equities (95.9%) 336,308,303 395,704,510


Net Assets (100.0%) 412,763,559




– 100 –

CI International Value Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares





395,705 376,67916,045 8,250

- -- -

481 481- -

- -- -- -

40 19749 -

- -1,226 1,624

414,246 387,053

- -- -- -

- -- -

1,431 10651 42

- -- -- -- -

1,482 148412,764 386,905

336,308 340,911- -

409,772 384,2281,631 1,4801,312 1,161

10 -13 1213 1213 12

12.70 11.6914.83 13.5711.97 10.8910.40 -11.71 11.0411.12 10.6310.74 10.14

32,268,175 32,855,111110,014 109,035109,566 106,619

1,000 -1,108 1,0831,167 1,1241,247 1,202






– 101 –








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



6,980 6,24040 50

329 242- -- -- -

(976) (778)6,373 5,754

4,019 3,444500 386

- -- -

471 3754,990 4,2051,383 1,549

- -1,383 1,549

7,944 (9,024)9 (160)

(115) (189)- -

23,628 (4,794)31,466 (14,167)32,849 (12,618)

32,598 (12,495)130 (85)118 (41)

- -1 11 11 1

1.00 (0.36)1.22 (0.68)1.07 (0.27)0.40 -0.93 1.000.89 0.991.00 1.03


2013 2012















384,228 383,006

1,385 33,020- -

(7,877) (34,268)(562) (18,758)

(7,054) (20,006)

- -- -- -- -

32,598 (12,495)409,772 350,505

1,480 1,954

21 14- -

(186) (528)186 321 (511)

- -- -- -- -

130 (85)1,631 1,358

1,161 1,694

9 19- -

(14) (96)38 (118)33 (195)

- -- -- -- -

118 (41)1,312 1,458


2013 2012

– 102 –














- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11


2013 2012











12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

386,905 386,654

1,425 33,083- -

(8,077) (34,892)(338) (18,873)

(6,990) (20,682)

- -- -- -- -

32,849 (12,618)412,764 353,354


2013 2012

– 103 –

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










2013 2012

32,855,111 35,650,005114,031 3,130,619

- -(655,263) (3,257,943)(45,704) (1,803,462)

32,268,175 33,719,219

109,035 158,3951,478 1,191

- -(13,562) (46,650)13,063 265

110,014 113,201

106,619 173,534802 2,043

- -(1,230) (10,438)3,375 (12,666)

109,566 152,473

- -1,000 -

- -- -- -

1,000 -

1,083 10- 1,029

25 18- -- -

1,108 1,057

1,124 10- 1,041

43 30- -- -

1,167 1,081

1,202 10- 1,111

45 33- -- -

1,247 1,154









12.70 10.3912.71 10.40

14.83 12.0014.83 12.01

11.97 9.5611.98 9.57

10.40 -10.40 -

11.71 10.0511.72 10.06

11.12 9.8311.13 9.84

10.74 9.2710.75 9.28


2013 2012



56,793 71,52059,633 75,096



100 17514 7

Annual management fee rateA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

2.001.00


2.002.00



– 104 –

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



Annual fixed administration fee rateA SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

0.220.22

-0.150.220.22

-


– 105 –

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



Categories Net Assets (%)Japan ....................................................................................................................................... 21.4 U.K............................................................................................................................................ 16.8 Germany ................................................................................................................................... 14.1 Switzerland .............................................................................................................................. 13.4 Canada ..................................................................................................................................... 7.9 France....................................................................................................................................... 6.0 Other Net Assets (Liabilities) .................................................................................................. 2.6 Sweden .................................................................................................................................... 2.5 Ireland ...................................................................................................................................... 2.3 Netherlands ............................................................................................................................. 2.0 South Africa ............................................................................................................................. 1.7 U.S.A. ....................................................................................................................................... 1.7 Singapore ................................................................................................................................. 1.7 Australia................................................................................................................................... 1.6 Netherlands Antilles................................................................................................................ 1.6 Norway..................................................................................................................................... 0.9 Hong Kong................................................................................................................................ 0.9 Mexico ..................................................................................................................................... 0.5 Malaysia .................................................................................................................................. 0.4




– 106 –

CI Pacific Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


JAPAN (43.8%) 18,000 Aozora Bank Ltd. 50,229 54,895 2,200 Canon Inc. 82,314 72,167 5,000 Chugai Pharmaceutical Co., Ltd. 112,287 105,483 9,000 Daihatsu Motor Co., Ltd.* 175,930 179,211 8,400 Dainippon Sumitomo Pharma Co., Ltd.* 99,544 117,525 2,122 Daito Trust Construction Co., Ltd.* 163,339 218,164

10,000 Daiwa House Industry Co., Ltd. 165,510 193,464 22,000 Daiwa Securities Group Inc. 206,278 202,666 8,200 Dena Co., Ltd.* 169,736 170,930 8,000 Fuji Heavy Industries Ltd. 127,323 227,127 7,500 Hitachi Construction Machinery Co., Ltd.* 178,057 172,452 8,000 Hitachi Ltd. 50,772 54,162 8,000 Isuzu Motors Ltd. 64,091 54,162 3,400 Japan Airlines Co., Ltd. 162,786 211,658 6,500 Japan Tobacco Inc. 206,539 240,128 5,000 JGC Corp. 159,580 185,500

12,000 Kirin Holdings Co., Ltd 191,816 179,714 8,000 Mitsubishi Motors Corp.* 102,493 90,884

12,000 Mitsui OSK Lines Ltd. 50,125 55,587 4,100 Nippon Telegraph & Telephone Corp. 220,214 217,852

14,400 Panasonic Corp. 134,883 143,067 39,100 Resona Holdings Inc. 177,560 205,298 2,700 Sony Corp.* 57,908 59,366 2,700 Sumitomo Corp. 36,092 37,351 5,700 Sumitomo Mitsui Financial Group Inc. 235,169 283,453 1,800 Suzuken Co., Ltd. 57,138 60,932 1,800 T&D Holdings Inc. 24,692 22,882 4,000 Tokyu Corp. 29,883 29,303

27,000 Tosoh Corp. 74,000 114,035 38 United Urban Investment Corp. 51,306 59,737

3,617,594 4,019,155 AUSTRALIA (10.7%)

5,300 Amcor Ltd. 51,376 53,221 650 ASX Ltd. 23,924 21,568

3,850 CSL Ltd. 209,257 236,773 9,440 Goodman Group 37,770 44,267 3,700 Newcrest Mining Ltd. 44,680 41,599

10,950 Westfield Group 119,250 115,849 10,930 Westpac Banking Corp. 314,711 343,762 3,300 Woodside Petroleum Ltd. 123,601 121,452

924,569 978,491 SOUTH KOREA (10.3%)

234 Doosan Corp. 28,946 33,759 810 Hyundai Mobis Co., Ltd. 228,270 222,070

1,170 Hyundai Motor Co. 230,348 281,513 1,720 Mirae Asset Securities Co., Ltd. 51,553 60,016

66 Samsung Electronics Co., Ltd. 85,932 86,424 335 SK Holdings Co., Ltd. 54,855 62,300 950 SK Telecom Co., Ltd. 144,593 198,982

824,497 945,064 HONG KONG (7.6%)

4,500 China Mobile Ltd. (Hong Kong) 48,175 51,845 12,800 Hang Seng Bank Ltd. 207,401 214,702

188,000 Lenovo Group Ltd. 136,821 201,240 76,000 Shougang Fushan Resources Group Ltd. 22,377 26,142 71,100 SJM Holdings Ltd. 155,746 205,849

570,520 699,778

CHINA (6.6%) 131,000 Agricultural Bank of China Ltd., Class H 54,959 61,936 396,000 Bank of China Ltd. 189,989 185,649 72,000 Bank of Communications Co., Ltd. 47,767 54,504

166,600 China Petroleum & Chemical Corp., Class H 129,928 134,082 22,500 China Shenhua Energy Co., Ltd., Class H 63,484 70,521 15,500 China Vanke Co., Ltd., Class B 30,431 28,984 19,000 Jiangxi Copper Co., Ltd. 41,442 38,405 34,000 Zhejiang Expressway Co., Ltd. 31,212 32,195

589,212 606,276 TAIWAN (4.5%)

47,000 Cathay Financial Holding Co., Ltd. 67,479 68,947 150,880 Fubon Financial Holding Co., Ltd. 193,026 215,027

8,000 HTC Corp. 46,901 36,517 5,000 Phison Electronics Corp. 33,193 37,110

24,000 Quanta Computer Inc. 53,662 53,522 394,261 411,123

PHILIPPINES (3.1%) 130,450 DMCI Holdings Inc. 154,557 142,174 21,150 Manila Electric Co. 129,483 143,215

284,040 285,389 IRELAND (2.2%)

19,850 James Hardie Industries S.E. 178,743 203,143

CAYMAN ISLANDS (2.1%) 20,000 Mstar Semiconductor Inc. 155,743 190,252

THAILAND (1.9%) 21,200 Advanced Info Services PCL 156,349 177,990

INDONESIA (1.8%) 363,500 Perusahaan Gas Negara Persero Tbk PT 153,232 166,518

MALAYSIA (1.8%) 38,500 DiGi.Com Bhd 52,973 59,035 27,600 MISC Bhd 49,530 44,677 27,300 Petronas Chemicals Group Bhd 59,645 58,864

162,148 162,576 INDIA (0.9%)

8,412 Hindustan Unilever Ltd. 65,933 86,744

SINGAPORE (0.8%) 9,000 Singapore Airlines Ltd. 77,568 76,779




Net Assets (100.0%) 9,181,267




– 107 –

CI Pacific Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares

9,009 6,247145 61

- -- -- -- -

- -- -- -5 8- -- -

27 509,186 6,366

- -- -- -

- -- -- -5 -- -- -- -- -5 -

9,181 6,366

8,147 5,463- -

8,842 6,130339 236

8.34 8.168.95 8.72

1,059,798 750,77537,834 27,122


as at as at









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


A SharesF Shares

135 153- -1 -- -- -- -

(16) (23)120 130

73 638 7- -- -8 7

89 7731 53

- -31 53

117 (277)(14) (6)(17) (9)

- -

78 (69)164 (361)195 (308)

184 (297)11 (11)

0.21 (0.34)0.31 (0.32)


2013 2012


– 108 –

CI Pacific Corporate ClassFinancial Statements (unaudited)


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











6,130 6,833

280 119- -

(698) (507)3,160 -(214) (207)

2,528 (595)

- -- -- -- -

184 (297)8,842 5,941

236 273

69 7- -

(71) (32)135 -(41) 892 (17)

- -- -- -- -

11 (11)339 245

6,366 7,106

349 126- -

(769) (539)3,295 -(255) (199)

2,620 (612)

- -- -- -- -

195 (308)9,181 6,186


2013 2012



– 109 –

CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedAcquisition of assets from terminated Funds (Note 1)Shares issued (redeemed) on conversion (net)Balance, end of period

F SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedAcquisition of assets from terminated Funds (Note 1)Shares issued (redeemed) on conversion (net)Balance, end of period


2013 2012

750,775 926,09433,990 17,068

- -(84,735) (72,079)385,864 -(26,096) (29,869)

1,059,798 841,214

27,122 35,0097,972 912

- -(7,953) (4,358)15,432 -(4,739) 1,08837,834 32,651




8.34 7.068.35 7.08

8.95 7.508.96 7.51


2013 2012



814 467854 490



11 5- -

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22


– 110 –

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



Categories Net Assets (%)Japan ....................................................................................................................................... 39.0 Australia................................................................................................................................... 12.1 South Korea ............................................................................................................................. 10.8 China ........................................................................................................................................ 10.8 Hong Kong................................................................................................................................ 5.9 Taiwan...................................................................................................................................... 5.7 Indonesia.................................................................................................................................. 3.1 Thailand ................................................................................................................................... 2.4 Ireland ...................................................................................................................................... 2.1 Philippines................................................................................................................................ 2.0 Other Net Assets (Liabilities) .................................................................................................. 1.9 India ......................................................................................................................................... 1.5 Singapore ................................................................................................................................. 0.7 Malaysia .................................................................................................................................. 0.6 Cayman Islands........................................................................................................................ 0.5 U.S.A. ....................................................................................................................................... 0.5 New Zealand............................................................................................................................ 0.4


Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in Asia-Pacificequities and therefore was sensitive to changes in general economic conditions across the Asia-Pacific region.

As at September 30, 2013, had Asia-Pacific markets increased or decreased by 10% (March 31,2013 - 10%), with all other variables held constant, net assets of the Fund would have increased or decreased, respectively, by approximately $901,000 (March 31, 2013 - $625,000). In practice, actual results may differ from this analysis and the difference may be material.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 4,040 - 4,040 44.0 Hong Kong Dollar 1,307 - 1,307 14.2 Australian Dollar 1,183 - 1,183 12.9 Korean Won 945 - 945 10.3 Taiwan Dollar 604 - 604 6.6 Philippine Peso 285 - 285 3.1 Thai Baht 178 - 178 1.9 Indonesian Rupiah 167 - 167 1.8 Malaysian Ringgit 163 - 163 1.8 US Dollar 130 - 130 1.4 Indian Rupee 87 - 87 0.9 Singapore Dollar 77 - 77 0.8 New Zealand Dollar 2 - 2 - Total 9,168 - 9,168 99.7



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 2,514 - 2,514 39.5 Hong Kong Dollar 1,066 - 1,066 16.7 Australian Dollar 904 - 904 14.2 Korean Won 701 - 701 11.0 Taiwan Dollar 398 - 398 6.3 Indonesian Rupiah 197 - 197 3.1 Thai Baht 150 - 150 2.4 Philippine Peso 129 - 129 2.0 Indian Rupee 96 - 96 1.5 US Dollar 74 - 74 1.2 Singapore Dollar 44 - 44 0.7 Malaysian Ringgit 38 - 38 0.6 New Zealand Dollar 27 - 27 0.4 Total 6,338 - 6,338 99.6

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$917,000 (March 31, 2013 - $634,000). In practice, actual results may differ from this analysis and thedifference may be material.



– 111 –

Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (25.8%) 960,000 Canadian Imperial Bank of Commerce 69,615,064 78,768,000

1,300,000 Discover Financial Services 25,765,951 67,676,112 1,993,500 Dream Unlimited Corp. 10,701,470 25,536,735 1,993,500 Dundee Corp., Class A 18,104,641 38,055,915

835,000 Intact Financial Corp. 51,465,526 51,577,950 1,200,000 Manulife Financial Corp. 22,338,351 20,448,000 2,200,000 The Bank of New York Mellon Corp. 44,616,602 68,390,964 1,300,000 The Bank of Nova Scotia††* 62,999,153 76,687,000

305,606,758 427,140,676 ENERGY (17.1%)

11,500,000 Aurora Oil & Gas Ltd. 34,458,657 36,570,000 1,200,000 Canadian Natural Resources Ltd. 35,657,280 38,844,000 1,440,000 Cenovus Energy Inc. 43,405,941 44,251,200 2,275,000 Suncor Energy Inc. 75,892,139 83,765,500 3,800,000 Talisman Energy Inc. 60,406,069 44,878,000 1,550,000 Ultra Petroleum Corp.* 34,044,283 32,825,520

283,864,369 281,134,220 MATERIALS (10.5%)

1,800,000 Barrick Gold Corp. 70,098,462 34,488,000 1,100,000 BHP Billiton Ltd. 39,005,880 37,777,949 1,970,000 Cameco Corp. 49,055,277 36,602,600 1,360,000 Goldcorp Inc. 52,725,908 36,420,800

840,000 Potash Corp. of Saskatchewan Inc. 36,973,402 27,048,000 247,858,929 172,337,349

INFORMATION TECHNOLOGY (7.7%) 1,800,000 Intel Corp. 38,411,766 42,495,597 1,500,000 Microsoft Corp. 39,873,385 51,450,820 1,850,000 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 20,083,252 32,318,738 98,368,403 126,265,155

CONSUMER STAPLES (7.5%) 1,900,000 Diageo PLC 35,083,519 62,261,319

755,000 George Weston Ltd. 52,056,904 61,041,750 87,140,423 123,303,069

INDUSTRIALS (6.3%) 650,000 Canadian National Railway Co. 37,382,780 67,840,500 350,000 Martin Marietta Materials Inc. 28,869,348 35,381,066


575,000 PetSmart Inc. 18,627,445 45,167,022 565,000 Tim Hortons Inc. 21,847,523 33,736,150

40,474,968 78,903,172

HEALTH CARE (2.8%) 1,000,000 AbbVie Inc. 25,023,092 46,094,579



Total Equities (85.1%) 1,197,585,203 1,401,168,286



Foreign Currency Forward Contracts (0.0%)(see Schedule B) (621,254)

Total Investments (96.5%) 1,384,190,399 1,587,483,974


Net Assets (100.0%) 1,646,627,394

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.




Average FairPar Value Description Cost ($) Value ($)35,000,000 Canadian Treasury Bill 0.99128% 10/11/2013 34,986,450 34,989,885 3,000,000 Canadian Treasury Bill 0.9941% 10/07/2013 2,998,530 2,999,448 3,700,000 Canadian Treasury Bill 1.00109% 10/10/2013 3,687,681 3,699,027 4,200,000 Canadian Treasury Bill 1.01472% 10/24/2013 4,188,540 4,197,350

14,400,000 Canadian Treasury Bill 1.01891% 11/07/2013 14,355,900 14,385,586 16,600,000 Canadian Treasury Bill 1.01943% 11/21/2013 16,546,706 16,577,158 15,200,000 Canadian Treasury Bill 1.02396% 12/05/2013 15,144,784 15,173,339 4,600,000 Canadian Treasury Bill 1.02402% 01/30/2014 4,578,932 4,584,935

10,300,000 Canadian Treasury Bill 1.02453% 12/19/2013 10,253,527 10,278,010 9,000,000 Canadian Treasury Bill 1.02979% 01/16/2014 8,944,605 8,973,936 4,500,000 Canadian Treasury Bill 1.03027% 05/08/2014 4,460,535 4,472,968

25,900,000 Canadian Treasury Bill 1.0446% 01/03/2014 25,788,901 25,834,084 17,500,000 Canadian Treasury Bill 1.05948% 02/13/2014 17,394,280 17,436,020 7,000,000 Canadian Treasury Bill 1.06481% 03/13/2014 6,944,490 6,969,053 2,500,000 Canadian Treasury Bill 1.06481% 04/10/2014 2,480,175 2,487,005 6,000,000 Canadian Treasury Bill 1.08958% 07/03/2014 5,937,960 5,954,034 8,000,000 Canadian Treasury Bill 1.09991% 08/28/2014 7,913,200 7,925,104


– 112 –

Harbour Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)




Schedule BForeign Currency Forward Contracts (0.0%)


1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (2,904,000) Australian $ 2,785,575 Canadian $ (2,971)1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 1.06 (3,231,000) Australian $ 3,044,248 Canadian $ (55,898)1 Canadian Imperial Bank of Commerce A-1 05-Dec-13 1.05 (6,040,500) Australian $ 5,750,043 Canadian $ (38,644)1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.63 (1,289,000) British Pound 2,034,777 Canadian $ (115,787)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 0.63 (1,293,000) British Pound 2,042,811 Canadian $ (113,924)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.03 (8,258,920) Canadian $ 8,000,000 US $ (15,448)1 Canadian Imperial Bank of Commerce A-1 05-Dec-13 1.06 (10,397,000) US $ 10,982,351 Canadian $ 254,521 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.06 (15,973,000) US $ 16,905,025 Canadian $ 445,671 1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.97 (36,588,700) US $ 37,678,677 Canadian $ (38,459)1 Royal Bank of Canada A-1+ 05-Dec-13 1.05 (1,957,000) Australian $ 1,860,670 Canadian $ (14,743)1 Royal Bank of Canada A-1+ 31-Oct-13 1.06 (2,324,667) Australian $ 2,186,581 Canadian $ (43,933)1 Royal Bank of Canada A-1+ 15-Oct-13 1.04 (3,366,000) Australian $ 3,228,433 Canadian $ (3,744)1 Royal Bank of Canada A-1+ 05-Dec-13 0.61 (11,489,000) British Pound 18,820,107 Canadian $ (361,024)1 Royal Bank of Canada A-1+ 31-Oct-13 0.63 (6,204,000) British Pound 9,783,553 Canadian $ (567,172)1 Royal Bank of Canada A-1+ 15-Oct-13 1.03 (16,517,600) Canadian $ 16,000,000 US $ (30,656)1 Royal Bank of Canada A-1+ 05-Dec-13 0.61 (3,095,680) Canadian $ 1,886,000 British Pound 53,050 1 Royal Bank of Canada A-1+ 31-Oct-13 1.03 (23,273,604) Canadian $ 22,569,000 US $ (8,516)1 Royal Bank of Canada A-1+ 05-Dec-13 1.06 (17,773,000) US $ 18,761,979 Canadian $ 423,472 1 Royal Bank of Canada A-1+ 31-Oct-13 0.97 (198,733,000) US $ 204,536,004 Canadian $ (326,017)1 Royal Bank of Canada A-1+ 15-Oct-13 1.06 (26,714,000) US $ 28,274,098 Canadian $ 746,697 1 The Bank of Nova Scotia†† A-1 15-Oct-13 1.04 (4,423,000) Australian $ 4,242,519 Canadian $ (4,635)1 The Bank of Nova Scotia†† A-1 31-Oct-13 1.06 (5,165,000) Australian $ 4,862,827 Canadian $ (92,990)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.63 (2,121,000) British Pound 3,348,966 Canadian $ (189,706)1 The Bank of Nova Scotia†† A-1 15-Oct-13 1.07 (1,970,969) Canadian $ 2,101,000 Australian $ 46,477 1 The Bank of Nova Scotia†† A-1 15-Nov-13 28.77 (291,463,000) Taiwanese $ 10,131,586 Canadian $ (45,168)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.97 (9,637,000) US $ 9,924,086 Canadian $ (10,130)1 Toronto-Dominion Bank A-1+ 15-Oct-13 1.04 (3,020,000) Australian $ 2,896,814 Canadian $ (3,119)1 Toronto-Dominion Bank A-1+ 31-Oct-13 1.06 (5,063,000) Australian $ 4,767,827 Canadian $ (90,122)1 Toronto-Dominion Bank A-1+ 05-Dec-13 1.05 (972,500) Australian $ 924,770 Canadian $ (7,187)1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.63 (1,114,100) British Pound 1,758,885 Canadian $ (99,876)1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.63 (1,977,000) British Pound 3,136,234 Canadian $ (162,204)1 Toronto-Dominion Bank A-1+ 15-Oct-13 0.63 (4,478,000) British Pound 7,074,927 Canadian $ (394,415)1 Toronto-Dominion Bank A-1+ 05-Dec-13 0.61 (7,525,000) British Pound 12,340,925 Canadian $ (222,254)1 Toronto-Dominion Bank A-1+ 15-Nov-13 28.84 (1,622,989) Canadian $ 46,807,000 Taiwanese $ 11,323 1 Toronto-Dominion Bank A-1+ 15-Oct-13 1.03 (9,692,547) Canadian $ 9,386,000 US $ (20,891)1 Toronto-Dominion Bank A-1+ 15-Nov-13 0.04 (61,468,000) Taiwanese $ 2,159,803 Canadian $ 13,544 1 Toronto-Dominion Bank A-1+ 15-Nov-13 28.79 (594,106,000) Taiwanese $ 20,635,844 Canadian $ (108,002)1 Toronto-Dominion Bank A-1+ 15-Oct-13 1.06 (22,959,000) US $ 24,298,658 Canadian $ 640,592 1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.97 (79,608,200) US $ 81,994,456 Canadian $ (68,966)Total Foreign Currency Forward Contracts Value (621,254)

– 113 –

Harbour Corporate ClassFinancial Statements (unaudited)













1,401,168 1,478,69844,103 109,558

186,937 206,602- -

9,678 6,712- -

2,635 1,890- -- -

168 7733,204 -

- -4,117 3,542

1,652,010 1,807,775

- -- -- -

3,256 6,670- -- -

2,127 2,087- -- -- 263- -

5,383 9,0201,646,627 1,798,755

1,197,585 1,246,019- -

1,535,008 1,671,5902,889 3,213

19,887 22,69732,118 40,40414,485 13,96913,008 14,420

214 216627 1,078458 603430 397

25,649 28,169231 236870 989508 525245 249

26.54 26.1512.11 11.9225.54 25.0216.74 16.2912.64 12.317.82 7.90

10.96 11.078.50 8.549.07 9.04

11.51 11.486.49 6.65

10.35 10.617.10 7.247.34 7.42

10.85 10.99

57,839,881 63,927,121238,647 269,513778,584 907,014

1,918,637 2,480,1441,146,254 1,134,9291,662,416 1,825,567

19,538 19,50173,716 126,28750,517 66,76837,359 34,578

3,953,410 4,237,14022,293 22,293

122,473 136,54569,246 70,72422,598 22,650






– 114 –











19,097 21,3171,304 770

62 59- -- -- -

(1,418) (1,809)19,045 20,337

17,028 16,8171,734 1,710

1 -- -

1,964 1,88620,727 20,413(1,682) (76)

- -(1,682) (76)

53,535 13,419(426) 51(343) (95)

- -

(24,914) (15,586)27,852 (2,211)26,170 (2,287)

23,717 (2,784)46 66

417 (91)936 469393 218199 (46)

3 1(5) (4)18 2711 3

392 (157)4 -

19 314 76 1

0.38 (0.04)0.19 0.480.51 (0.08)0.44 0.140.34 0.350.11 (0.02)0.17 1.06(0.06) (0.02)0.28 0.140.29 1.590.09 (0.03)0.16 (0.02)0.15 0.020.20 0.090.29 1.18


2013 2012


2013 2012



– 115 –


























1,671,590 1,689,177

41,162 69,843- -

(165,078) (96,640)(36,383) 11,376

(160,299) (15,421)

- -- -- -- -

23,717 (2,784)1,535,008 1,670,972

3,213 922

- 475- -

(71) (21)(299) 1,111(370) 1,565

- -- -- -- -

46 662,889 2,553

22,697 27,232

1,368 1,279- -

(3,200) (3,873)(1,395) (836)(3,227) (3,430)

- -- -- -- -

417 (91)19,887 23,711

40,404 56,065

480 1,104- -

(4,022) (4,802)(5,680) (3,786)(9,222) (7,484)

- -- -- -- -

936 46932,118 49,050

13,969 5,061

2,423 1,235- -

(1,122) (213)(1,178) 3,221

123 4,243

- -- -- -- -

393 21814,485 9,522

14,420 16,780

201 262- -

(975) (1,106)(511) (303)

(1,285) (1,147)

- -- -

(326) (378)(326) (378)199 (46)

13,008 15,209


2013 2012


2013 2012



– 116 –


























397 -

25 101 -(4) -10 11832 128

- -- -

(10) (1)(10) (1)11 3

430 130

28,169 35,445

1,192 1,0985 7

(1,732) (2,734)(1,323) (1,219)(1,858) (2,848)

- -- -

(1,054) (1,283)(1,054) (1,283)

392 (157)25,649 31,157

236 246

- -- -- -- -- -

- -- -

(9) (9)(9) (9)4 -

231 237

216 -

- 10- -- -- -- 10

- -- -

(5) -(5) -3 1

214 11

1,078 1,285

67 14- -

(52) (225)(446) -(431) (211)

- -- -

(15) (28)(15) (28)(5) (4)

627 1,042

603 1,630

- 100- -

(5) (16)(145) 25(150) 109

- -- -

(13) (40)(13) (40)18 27

458 1,726


2013 2012



2013 2012


– 117 –


















1,798,755 1,835,428

47,067 75,4609 8

(176,461) (109,644)(47,414) 9,708

(176,799) (24,468)

- -- -

(1,499) (1,800)(1,499) (1,800)26,170 (2,287)

1,646,627 1,806,873

989 920

148 -- -

(189) (8)(60) -

(101) (8)

- -- -

(37) (35)(37) (35)19 3

870 880

525 665

1 201 1(9) (6)(4) 1

(11) 16

- -- -

(20) (26)(20) (26)14 7

508 662

249 -

- 102 -(2) -- -- 10

- -- -

(10) -(10) -

6 1245 11


2013 2012



2013 2012


– 118 –

Harbour Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

63,927,121 67,085,8051,573,755 2,825,990

- -(6,281,964) (3,964,424)(1,379,031) 437,75657,839,881 66,385,127

269,513 80,401- 42,604- -

(5,860) (1,824)(25,006) 101,294238,647 222,475

907,014 1,142,43454,314 55,545

- -(126,997) (169,937)(55,747) (38,351)778,584 989,691

2,480,144 3,660,97028,912 74,342

- -(246,356) (319,264)(344,063) (250,432)

1,918,637 3,165,616

1,134,929 436,629197,717 108,476

- -(89,450) (18,549)(96,942) 286,329

1,146,254 812,885

1,825,567 2,102,17425,500 34,955

42 6(124,376) (144,285)(64,317) (40,251)

1,662,416 1,952,599

19,501 1012 94625 16

- -- -

19,538 972









2013 2012

126,287 150,6857,741 1,686

- -(6,105) (27,902)

(54,207) -73,716 124,469

66,768 182,729- 11,976- -

(512) (1,796)(15,739) 3,10950,517 196,018

34,578 102,183 930

126 15(343) (6)815 10,667

37,359 11,616

4,237,140 5,114,104180,629 167,190

764 1,119(262,912) (414,177)(202,211) (188,102)

3,953,410 4,680,134

22,293 22,292- -- -- -- -

22,293 22,292

136,545 123,32120,736 -

- -(26,397) (1,225)(8,411) -

122,473 122,096

70,724 88,090106 2,76189 89

(1,170) (846)(503) 117

69,246 90,211


– 119 –




2013 2012

22,650 10- 947

182 25(199) -(35) -

22,598 982







2013 2012












26.54 25.1726.56 25.19

12.11 11.4712.12 11.48

25.54 23.9625.56 23.98

16.74 15.4916.75 15.51

12.64 11.7112.65 11.72

7.82 7.797.83 7.80

10.96 10.9110.97 10.92

8.50 8.378.51 8.38

9.07 8.819.08 8.82

11.51 11.2011.52 11.21

6.49 6.666.49 6.66


2013 2012

10.35 10.6210.36 10.63

7.10 7.217.11 7.22

7.34 7.347.34 7.35

10.85 10.8810.86 10.89



104,356 27109,573 28



331 8222 -



2.001.951.00


2.001.951.00


2.001.951.00



– 120 –





0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15


– 121 –

Harbour Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Financials ................................................................................................................................. 21.5 Energy ...................................................................................................................................... 16.7 Materials.................................................................................................................................. 11.5 Short-Term Investments........................................................................................................... 11.5 Information Technology ........................................................................................................... 9.1 Consumer Staples.................................................................................................................... 8.2 Other Net Assets (Liabilities) .................................................................................................. 6.6 Industrials ................................................................................................................................ 6.2 Consumer Discretionary........................................................................................................... 5.9 Health Care .............................................................................................................................. 3.1 Foreign Currency Forward Contracts ....................................................................................... (0.3)

During the six-month period the Fund’s currency risk exposure changed significantly as disclosed in thesection below. For details relating to other price risk, credit risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund’s exposureto those risks remains unchanged.

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


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 428,757 (373,319) 55,438 3.4 British Pound 63,189 (59,375) 3,814 0.2 Australian Dollar 37,778 (34,945) 2,833 0.2 Taiwan Dollar - (31,368) (31,368) (1.9)Total 529,724 (499,007) 30,717 1.9


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 540,573 (448,309) 92,264 5.1 British Pound 61,316 (54,666) 6,650 0.4 Australian Dollar 38,764 (37,156) 1,608 0.1 Taiwan Dollar - (35,855) (35,855) (2.0)Total 640,653 (575,986) 64,667 3.6

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, by approximately $3,072,000 (March 31, 2013 - $6,467,000). In practice, actual results may differfrom this analysis and the difference may be material.



– 122 –

Harbour Global Equity Corporate Class (formerly Harbour Foreign Equity Corporate Class)

Statement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (33.5%) 175,000 Bed Bath & Beyond Inc.* 9,496,434 13,946,571 750,000 Cisco Systems Inc. 18,037,507 18,100,491 800,000 CSX Corp. 17,330,231 21,210,717 150,000 CVS Caremark Corp. 4,848,573 8,769,816 450,000 Discover Financial Services 8,351,527 23,426,347 10,000 Mastercard Inc., Class A* 2,007,006 6,934,273

550,000 Microsoft Corp. 13,238,928 18,865,301 225,000 Occidental Petroleum Corp. 18,953,164 21,678,873 450,000 Owens-Illinois Inc.* 9,642,501 13,914,898 700,000 Patterson-UTI Energy Inc. 18,204,300 15,415,675 950,000 The Bank of New York Mellon Corp. 22,436,092 29,532,462

142,546,263 191,795,424U.K. (14.4%)

700,000 Diageo PLC 12,342,468 22,938,381 1,000,000 Domino's Pizza UK & IRL PLC 6,517,808 9,739,014

800,000 GlaxoSmithKline PLC 15,903,568 20,778,788 780,000 Travis Perkins PLC 11,762,580 21,436,505 200,000 Weir Group PLC 5,124,828 7,761,194

51,651,252 82,653,882IRELAND (7.8%)

300,000 Kerry Group PLC, Class A 10,665,321 18,678,409 1,544,600 Kingspan Group PLC 17,445,011 26,334,524

28,110,332 45,012,933CANADA (5.2%)

520,000 Barrick Gold Corp. 20,813,390 9,963,200 950,000 Ultra Petroleum Corp.* 35,558,236 20,118,867

56,371,626 30,082,067JAPAN (4.4%)

300,000 Nidec Corp.* 23,982,717 25,466,885

SWITZERLAND (4.0%) 330,000 Aryzta AG 13,269,796 22,721,164

SWEDEN (3.2%) 600,000 Atlas Copco AB, Series A* 8,135,410 18,098,242

FRANCE (2.5%) 100,000 Air Liquide S.A.* 8,683,256 14,339,065

AUSTRALIA (2.2%) 2,000,000 Aurora Oil & Gas Ltd. 6,401,491 6,360,000 1,500,000 Treasury Wine Estates Ltd. 5,895,827 6,370,957

12,297,318 12,730,957TAIWAN (2.0%)

670,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 6,593,834 11,704,624

GERMANY (2.0%) 30,000 Puma S.E.* 9,127,753 9,268,136 35,000 Wincor Nixdorf AG 2,116,971 2,240,601

11,244,724 11,508,737


Total Equities (81.2%) 362,283,132 466,113,980




Net Assets (100.0%) 574,368,358






3,000,000 Canadian Treasury Bill 0.99128% 10/11/2013 2,998,490 2,999,133














1,000,000 Canadian Treasury Bill 1.06481% 04/10/2014 992,070 994,802


3,000,000 Canadian Treasury Bill 1.09991% 08/28/2014 2,967,450 2,971,914 Total Short-Term Investments 93,320,713 93,510,937

– 123 –


Financial Statements (unaudited)













466,114 435,70810,450 17,08093,511 72,376

- -3,618 3,618

- -

- 4,552- -- -

516 601- -- -

896 883575,105 534,818

- -- -- -

- 2,498- -- -

737 1,151- -- -- 26- -

737 3,675574,368 531,143

362,283 361,666- -

510,019 478,9525,136 2,849

15,559 14,28529,717 25,2257,801 4,6141,411 1,262

216 99279 236124 118

1,042 1,0062,495 2,046

13 1245 43

371 262140 134

13.22 12.3914.08 13.1914.82 13.8114.31 13.2414.70 13.617.48 7.17

12.79 12.258.86 8.446.05 5.73

13.43 12.716.08 5.90

12.09 11.746.93 6.70

10.43 10.0012.68 12.17

38,568,833 38,656,659364,732 216,027

1,049,646 1,034,2992,077,000 1,905,360

530,784 338,953188,625 176,00416,864 8,04031,479 27,99820,494 20,65977,576 79,126

410,672 346,6821,054 1,0166,475 6,475

35,602 26,20611,043 10,970


as at as at



as at as at



– 124 –












5,046 4,605422 299179 113

- -- -- 1

(689) (568)4,958 4,450

5,194 4,510611 505

- -- -

622 5376,427 5,552(1,469) (1,102)

- -(1,469) (1,102)

10,022 (2,678)94 (115)(33) (168)

- -

27,826 43937,909 (2,522)36,440 (3,624)

32,133 (3,803)276 14

1,071 (44)2,099 147

477 7989 212 118 710 (90)79 84

139 (25)1 14 1

22 110 1

0.84 (0.09)0.90 0.121.02 (0.04)1.06 0.071.08 0.430.49 0.010.84 1.300.58 0.180.46 (0.67)1.01 1.690.39 (0.07)0.78 1.270.47 (0.01)0.76 0.040.96 1.41


2013 2012


2013 2012



– 125 –



























478,952 472,090

34,694 15,335- -

(30,593) (35,477)(5,167) (4,908)(1,066) (25,050)

- -- -- -- -

32,133 (3,803)510,019 443,237

2,849 912

1,215 409- -- (111)

796 2862,011 584

- -- -- -- -

276 145,136 1,510

14,285 12,961

1,669 1,042- -

(1,754) (1,486)288 83203 (361)

- -- -- -- -

1,071 (44)15,559 12,556

25,225 23,442

2,070 55- -

(419) (311)742 (378)

2,393 (634)

- -- -- -- -

2,099 14729,717 22,955

4,614 1,644

1,418 277- -

(97) (13)1,389 7802,710 1,044

- -- -- -- -

477 797,801 2,767

1,262 929

91 73- -

(27) (32)27 13491 175

- -- -

(31) (24)(31) (24)89 2

1,411 1,082


2013 2012


2013 2012



– 126 –



























.1,006 -

- 10- -

(20) (4)- 847

(20) 853

- -- -

(23) (14)(23) (14)79 84

1,042 923

2,046 2,299

53 86- -

(36) (163)371 (172)388 (249)

- -- -

(78) (81)(78) (81)139 (25)

2,495 1,944

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

99 -

- 10- -- -

109 -109 10

- -- -

(4) -(4) -12 1

216 11

236 221

31 1- -- (4)- 163

31 160

- -- -

(6) (9)(6) (9)18 7

279 379

118 1,196

- 10- -

(1) (4)- (1,094)

(1) (1,088)

- -- -

(3) (8)(3) (8)10 (90)

124 10


2013 2012



2013 2012


– 127 –



















531,143 515,990

41,326 17,3282 -

(32,950) (37,607)(1,430) (4,258)6,948 (24,537)

- -- -

(163) (147)(163) (147)

36,440 (3,624)574,368 487,682

43 42

- -- -- -- -- -

- -- -

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

45 41

262 254

85 -- -

(2) (2)15 198 (1)

- -- -

(11) (9)(11) (9)22 1

371 245

134 -

- 102 -(1) -- -1 10

- -- -

(5) -(5) -10 1

140 11


2013 2012



2013 2012


– 128 –


Financial Statements – Supplementary Schedules (unaudited)










2013 2012

38,656,659 41,843,9312,711,389 1,410,767

- -(2,395,730) (3,266,278)

(403,485) (453,744)38,568,833 39,534,676

216,027 75,99989,099 35,622

- -- (9,184)

59,606 24,129364,732 126,566

1,034,299 1,041,842117,043 85,998

2 -(121,647) (123,518)

19,949 5,8131,049,646 1,010,135

1,905,360 1,992,368149,237 4,664

- -(30,350) (27,358)52,753 (30,129)

2,077,000 1,939,545

338,953 135,67199,547 24,046

- -(6,868) (1,122)99,152 68,622

530,784 227,217

176,004 135,58412,598 11,030

41 19(3,648) (4,920)3,630 21,132

188,625 162,845

8,040 109 920

22 15- -

8,793 -16,864 945









2013 2012

27,998 27,6673,481 103

- 8- (558)- 21,546

31,479 48,766

20,659 209,001- 1,928

45 16(210) (775)

- (208,226)20,494 1,944

79,126 10- 9027 15

(1,557) (341)- 78,681

77,576 79,267

346,682 396,0418,816 15,915

20 -(6,027) (29,265)61,181 (32,203)

410,672 350,488

1,016 101 937

37 25- -- -

1,054 972

6,475 6,475- -- -- -- -

6,475 6,475

26,206 26,4558,118 -

33 -(171) (173)

1,416 9335,602 26,375


– 129 –





2013 2012

10,970 10- 920

157 24(84) -

- -11,043 954







2013 2012












13.22 11.2113.23 11.22

14.08 11.9314.09 11.94

14.82 12.4314.83 12.44

14.31 11.8414.32 11.85

14.70 12.1814.71 12.19

7.48 6.657.49 6.65

12.79 11.3512.80 11.36

8.86 7.788.87 7.78

6.05 5.256.06 5.25

13.43 11.6413.44 11.65

6.08 5.556.08 5.55


2013 2012

12.09 11.0312.10 11.04

6.93 6.266.94 6.27

10.43 9.2910.44 9.30

12.68 11.3112.69 11.33



71,516 73,74075,092 77,427



21 1571 -


– 130 –







2.001.951.00


2.001.951.00


2.001.951.00


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15


– 131 –


Fund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 34.2 U.K............................................................................................................................................ 14.1 Short-Term Investments........................................................................................................... 13.6 Ireland ...................................................................................................................................... 7.0 Canada ..................................................................................................................................... 6.6 Other Net Assets (Liabilities) .................................................................................................. 4.0 Switzerland .............................................................................................................................. 3.7 Japan ....................................................................................................................................... 3.4 Sweden .................................................................................................................................... 3.3 Australia................................................................................................................................... 3.1 France....................................................................................................................................... 2.3 Taiwan...................................................................................................................................... 2.2 Germany ................................................................................................................................... 2.1 Foreign Currency Forward Contracts ....................................................................................... 0.4

During the six-month period the Fund's currency risk exposure changed significantly as disclosed in thesection below. For details relating to other price risk, credit risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 225,359 - 225,359 39.2 British Pound 83,236 - 83,236 14.5 Euro 70,861 - 70,861 12.3 Japanese Yen 25,584 - 25,584 4.5 Swiss Franc 22,721 - 22,721 4.0 Swedish Krona 18,098 - 18,098 3.2 Australian Dollar 6,442 - 6,442 1.1 Total 452,301 - 452,301 78.8


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 213,198 (150,222) 62,976 11.9 British Pound 75,740 (69,562) 6,178 1.2 Euro 60,954 (56,119) 4,835 0.9 Swiss Franc 19,774 (17,511) 2,263 0.4 Swedish Krona 17,285 (16,039) 1,246 0.2 Japanese Yen 18,301 (17,409) 892 0.2 Australian Dollar 9,072 (8,742) 330 0.1 Total 414,324 (335,604) 78,720 14.9




– 132 –

Harbour Voyageur Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)



CANADA (55.6%) 98,700 Aecon Group Inc. 1,181,051 1,376,865 47,600 Alimentation Couche-Tard Inc., Class B 2,178,216 3,049,256

165,000 ATS Automation Tooling Systems Inc.* 1,735,659 2,267,100 20,000 AutoCanada Inc. 500,000 738,400 70,000 Avigilon Corp.* 1,141,580 1,323,000

131,600 Bauer Performance Sports Ltd. 1,286,331 1,683,164 67,000 Cameco Corp. 1,359,162 1,244,860 80,000 Canadian Natural Resources Ltd. 2,600,323 2,589,600 49,000 Canadian Western Bank 1,400,999 1,515,080

110,000 Canyon Services Group Inc. 1,233,975 1,285,900 38,000 CCL Industries Inc., Class B 1,983,393 2,582,480 34,000 CGI Group Inc. 1,017,076 1,228,420 80,000 Crew Energy Inc.* 587,230 446,400 36,000 Dollarama Inc. 2,101,335 3,009,960 75,000 Dream Unlimited Corp. 851,880 960,750 37,500 Finning International Inc. 945,056 886,500 45,000 Intact Financial Corp. 2,773,910 2,779,650

167,000 Martinrea International Inc. 1,322,875 1,763,520 106,700 MEGA Brands Inc.* 1,616,663 1,727,473 70,000 Redknee Solutions Inc. 361,900 364,000 81,000 Rocky Mountain Dealerships Inc. 959,634 933,120 12,000 ShawCor Ltd. 512,977 521,280

107,200 Winpak Ltd. 2,039,961 2,449,520 110,000 Yamana Gold Inc. 1,741,927 1,177,000

33,433,113 37,903,298 U.S.A. (19.3%)

55,000 CVS Caremark Corp. 2,493,483 3,215,599 40,000 Dollar Tree Inc. 1,637,934 2,354,686 1,800 Google Inc., Class A 1,250,363 1,623,324

37,000 Halliburton Co. 1,313,928 1,835,460 2,200 Mastercard Inc., Class A 974,953 1,525,540

84,900 Owens-Illinois Inc. 2,502,098 2,625,277 10,172,759 13,179,886

U.K. (6.1%) 148,349 APR Energy PLC* 2,112,334 2,403,420 65,000 Devro PLC 330,529 351,638 25,000 Ensco PLC, Class A 1,391,922 1,385,155

3,834,785 4,140,213 FRANCE (3.3%)

20,000 Compagnie Generale des EtablissementsMichelin, Class B 1,551,078 2,284,496


GERMANY (2.0%) 22,000 Gerresheimer AG 1,294,900 1,356,108


Total Equities (88.4%) 51,261,983 60,316,778


Foreign Currency Forward Contracts (-0.1%) (see Schedule A) (94,659)



Net Assets (100.0%) 68,249,953



– 133 –

Harbour Voyageur Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)






1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.90 (211,700) Swiss Franc 234,378 Canadian $ (6,989)1 Canadian Imperial Bank of Commerce A-1 5-Dec-13 0.89 (65,700) Swiss Franc 74,032 Canadian $ (965)1 Canadian Imperial Bank of Commerce A-1 5-Dec-13 1.06 (1,571,200) US $ 1,659,659 Canadian $ 38,463 1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.97 (4,493,000) US $ 4,626,846 Canadian $ (4,723)1 The Bank of Nova Scotia†† A-1 5-Dec-13 0.61 (100,000) British Pound 163,930 Canadian $ (3,022)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.63 (1,025,000) British Pound 1,618,430 Canadian $ (91,678)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.62 (112,000) British Pound 179,762 Canadian $ (7,102)1 The Bank of Nova Scotia†† A-1 5-Dec-13 0.61 (124,000) British Pound 203,530 Canadian $ (3,492)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.62 (165,000) British Pound 267,314 Canadian $ (7,979)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.61 (77,000) British Pound 125,711 Canadian $ (2,760)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.63 (85,000) British Pound 135,615 Canadian $ (6,201)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.61 (145,181) Canadian $ 88,000 British Pound 1,645 1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.73 (945,750) Euro 1,290,747 Canadian $ (28,245)1 The Bank of Nova Scotia†† A-1 5-Dec-13 0.89 (158,700) Swiss Franc 178,996 Canadian $ (2,161)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.90 (543,000) Swiss Franc 600,965 Canadian $ (18,130)1 The Bank of Nova Scotia†† A-1 31-Oct-13 0.97 (3,469,600) US $ 3,572,959 Canadian $ (3,647)1 The Bank of Nova Scotia†† A-1 5-Dec-13 1.06 (824,000) US $ 870,408 Canadian $ 20,188 1 Toronto-Dominion Bank A-1+ 5-Dec-13 1.04 (1,551,703) Canadian $ 1,498,000 US $ (6,104)1 Toronto-Dominion Bank A-1+ 15-Oct-13 0.73 (715,000) Euro 973,923 Canadian $ (22,828)1 Toronto-Dominion Bank A-1+ 5-Dec-13 0.72 (766,000) Euro 1,065,123 Canadian $ (4,252)1 Toronto-Dominion Bank A-1+ 15-Oct-13 0.91 (59,500) Swiss Franc 65,356 Canadian $ (2,447)1 Toronto-Dominion Bank A-1+ 15-Oct-13 0.90 (64,000) Swiss Franc 70,887 Canadian $ (2,044)1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.90 (73,850) Swiss Franc 81,747 Canadian $ (2,453)1 Toronto-Dominion Bank A-1+ 5-Dec-13 1.04 (968,000) US $ 1,008,656 Canadian $ 9,885 1 Toronto-Dominion Bank A-1+ 5-Dec-13 1.06 (1,210,000) US $ 1,278,123 Canadian $ 29,621 1 Toronto-Dominion Bank A-1+ 15-Oct-13 1.06 (1,215,300) US $ 1,286,213 Canadian $ 33,909 1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.97 (1,325,200) US $ 1,364,923 Canadian $ (1,148) Total Foreign Currency Forward Contracts Value (94,659)

– 134 –

Harbour Voyageur Corporate ClassFinancial Statements (unaudited)







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

60,317 53,4738,132 12,106

- -- -- -- -

133 172- -- -

15 28- -- -

48 4868,645 65,827

- -- 4- -

228 215- -

166 -1 97- -- -- 1- -

395 31768,250 65,510

51,262 49,045- -

65,212 62,73438 11

668 577657 674

1,561 1,32828 612 1112 1212 111 100

12 1112 1213 1212 11


as at as at




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



12.67 11.9511.58 10.9212.96 12.1613.87 12.9311.84 11.0411.40 11.0110.94 10.5711.67 11.2211.21 10.7010.67 10.4710.56 10.3610.95 10.6711.24 10.8910.83 10.49

5,147,482 5,247,7123,268 1,000

51,538 47,48447,329 52,133

131,896 120,3232,424 5491,058 1,0331,057 1,0321,057 1,033

118 9,5531,096 1,0541,128 1,0861,119 1,0771,095 1,054


as at as at



– 135 –






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



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

528 27452 1324 4

- -- -- -

(44) (20)560 271

648 25470 26

- -- -

71 36789 316(229) (45)

- -(229) (45)

(430) (476)34 (41)(44) (43)

- -

4,575 3554,135 (205)3,906 (250)

3,699 (266)2 -

42 (1)45 14

111 -1 (1)1 -- 11 -1 11 -- 11 11 -


2013 2012




0.71 (0.11)0.73 0.270.82 (0.02)0.93 0.340.82 0.350.91 0.060.63 0.270.73 1.230.76 0.280.11 0.160.61 0.270.69 1.200.78 1.480.74 0.28


2013 2012

– 136 –




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











62,734 699

1,086 16,085- -

(1,784) (44)(523) 25,387

(1,221) 41,428

- -- -- -- -

3,699 (266)65,212 41,861

11 -

25 10- -- -- -

25 10

- -- -- -- -2 -

38 10

577 515

115 130- -

(68) (208)2 (70)

49 (148)

- -- -- -- -

42 (1)668 366


2013 2012














674 456

17 3- -

(2) (11)(77) 89(62) 81

- -- -- -- -

45 14657 551

1,328 -

1,219 10- -

(1,095) -(2) 69

122 79

- -- -- -- -

111 -1,561 79

6 16

21 -- -- -- -

21 -

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

28 15


2013 2012

– 137 –
















11 -

- 10- -- -- -- 10

- -- -- -- -1 -

12 10

12 1

- 9- -- -- -- 9

- -- -- -- -- 1

12 11

11 -

- 10- -- -- -- 10

- -- -- -- -1 -

12 10


2013 2012













100 20

- 22- -- -

(98) 58(98) 80

- -- -

(2) (3)(2) (3)1 11 98

11 -

- 10- -- -- -- 10

- -- -- -- -1 -

12 10

12 1

- 9- -- -- -- 9

- -- -- -- -- 1

12 11


2013 2012

– 138 –
















12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

11 -

- 10- -- -- -- 10

- -- -- -- -1 -

12 10

65,510 1,708

2,483 16,328- -

(2,949) (263)(698) 25,533

(1,164) 41,598

- -- -

(2) (3)(2) (3)

3,906 (250)68,250 43,053


2013 2012

– 139 –

Harbour Voyageur Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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

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

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

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

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

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

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


2013 2012

5,247,712 62,65190,078 1,428,399

- -(146,203) (4,035)(44,105) 2,235,983

5,147,482 3,722,998

1,000 -2,268 1,000

- -- -- -

3,268 1,000

47,484 45,7999,351 12,102

- -(5,521) (19,619)

224 (6,084)51,538 32,198

52,133 38,6791,349 240

- -(215) (983)

(5,938) 7,92247,329 45,858

120,323 -110,258 1,000

- -(98,586) -

(99) 6,701131,896 7,701

549 1,4421,859 -

16 2- -- -

2,424 1,444

1,033 -- 1,000

25 8- -- -

1,058 1,008

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

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

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

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

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

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

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


2013 2012

1,032 103- 889

25 16- -- -

1,057 1,008

1,033 -- 1,000

24 8- -- -

1,057 1,008

9,553 1,8861 2,1064 4- -

(9,440) 5,553118 9,549

1,054 -- 1,000

42 13- -- -

1,096 1,013

1,086 106- 911

42 28- -- -

1,128 1,045

1,077 10- 999

42 27- -- -

1,119 1,036

1,054 -- 1,000

41 13- -- -

1,095 1,013

– 140 –

Harbour Voyageur Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

















12.67 11.2412.69 11.26

11.58 10.2711.60 10.28

12.96 11.3812.98 11.39

13.87 12.0213.90 12.03

11.84 10.2811.86 10.29

11.40 10.6111.42 10.62

10.94 10.1810.96 10.20

11.67 10.7511.69 10.76

11.21 10.1911.23 10.20

10.67 10.2410.69 10.25

10.56 10.1310.58 10.14

10.95 10.3710.97 10.39

11.24 10.5211.26 10.53

10.83 10.1410.84 10.15


2013 2012

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

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

2.001.951.00


2.001.951.00

Paid directly by investor2.001.951.00


0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15




5,102 1,5235,357 1,599



43 423 -

– 141 –

Harbour Voyageur Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Canada ..................................................................................................................................... 48.4 U.S.A. ....................................................................................................................................... 19.6 Other Net Assets (Liabilities) .................................................................................................. 18.5 Belgium .................................................................................................................................... 3.5 France....................................................................................................................................... 2.6 U.K............................................................................................................................................ 2.3 Switzerland .............................................................................................................................. 1.9 South Korea ............................................................................................................................. 1.9 Germany ................................................................................................................................... 1.4 Foreign Currency Forward Contracts ....................................................................................... (0.1)

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund'sexposure to those risks remains unchanged.



– 142 –

Red Sky Canadian Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)



ENERGY (18.0%) 19,320 Advantage Oil & Gas Ltd. 69,415 76,314 16,710 Athabasca Oil Corp.* 148,112 131,174 34,970 Bellatrix Exploration Ltd. 249,451 273,116 13,000 Tourmaline Oil Corp. 542,473 542,880


8,470 Dow Jones Euro Stoxx 50 Index Fund 329,426 335,021 2,000 SPDR S&P 500 ETF Trust 333,103 346,116 9,000 SPDR S&P Homebuilders ETF 255,807 283,582

918,336 964,719 INFORMATION TECHNOLOGY (16.0%)

700 Apple Inc. 336,686 343,752 19,700 Blackberry Ltd.* 242,170 159,570 5,300 Blackberry Ltd.(USD)* 49,061 43,346 7,000 CGI Group Inc. 194,748 252,910

21,380 Redknee Solutions Inc. 64,071 111,176 886,736 910,754

FINANCIALS (15.3%) 3,220 Citigroup Inc. 166,525 160,862 2,500 Crombie Real Estate Investment Trust 31,750 31,975 5,000 Difference Capital Financial Inc. 14,892 15,300

30,120 Element Financial Corp. 323,226 390,355 1,760 JPMorgan Chase & Co. 98,045 93,708

62,230 Newstrike Capital Inc. 108,499 49,162 10,450 WisdomTree Investments Inc. 130,602 124,970

873,539 866,332 CONSUMER STAPLES (11.3%)

6,220 Alimentation Couche-Tard Inc., Class B 361,485 398,453 3,000 George Weston Ltd. 236,975 242,550

598,460 641,003 UTILITIES (7.5%)

12,500 Pattern Energy Group Inc. 283,318 300,001 128,410 Renewable Energy Developers Inc. 145,787 125,842

429,105 425,843 CONSUMER DISCRETIONARY (7.5%)

10,410 Bauer Performance Sports Ltd. 121,578 133,144 950 Ford Motor Co. 16,804 16,498

6,500 General Motors Co. 250,723 240,696 1,020 Melco Crown Entertainment Ltd. 28,406 33,432

417,511 423,770 MATERIALS (3.3%)

9,740 Barrick Gold Corp. 208,985 186,618

INDUSTRIALS (2.4%) 28,580 Bombardier Inc., Class B, Sub-Voting Shares 137,711 136,898




Net Assets (100.0%) 5,677,203



– 143 –

Red Sky Canadian Equity Corporate ClassFinancial Statements (unaudited)








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

5,579 3,708912 1,748

- -- -- -- -

- -- -- -- 1

57 114- -6 9

6,554 5,580

- -- -- -

- -- -

877 268- -- -- -- 1- -

877 2695,677 5,311

5,477 3,727- -

272 16811 11

499 4261,711 1,6083,082 2,999

11 1111 1111 1112 1111 1111 1111 1112 1112 11


as at as at







11.39 10.6711.39 10.6611.49 10.6911.60 10.7211.59 10.7210.98 10.5310.99 10.5311.08 10.5611.18 10.5910.75 10.4510.76 10.4610.84 10.4810.96 10.5210.94 10.51

23,742 16,0821,000 1,000

43,420 39,827147,501 149,896265,909 279,673

1,036 1,0121,037 1,0121,036 1,0121,036 1,0121,059 1,0201,060 1,0201,059 1,0191,059 1,0191,059 1,019


as at as at


– 144 –










285----

(2)31

53--19

22-

22

289(5)

(18)-

121387409

19-

27128232

---1---11

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

2013




0.740.730.730.870.850.700.690.820.890.700.700.770.840.83

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

2013

– 145 –















168

70-

(1)1685

----

19272

11

-----

-----

11

426

104-

(58)-

46

----

27499

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

2013














1,608

---

(25)(25)

----

1281,711

2,999

--

(47)(102)(149)

----

2323,082

11

-----

-----

11

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

2013

– 146 –
















11

-----

-----

11

11

-----

-----

11

11

-----

----1

12


2013













11

-----

-----

11

11

-----

-----

11

11

-----

-----

11


2013

– 147 –
















11

-----

----1

12

11

-----

----1

12

5,311

174-

(106)(111)(43)

----

4095,677


2013

– 148 –

Red Sky Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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







Schedule of Fund Share Transactions for the period ended September 30

2013

16,0826,245

-(49)

1,46423,742

1,000----

1,000

39,8279,052

-(5,416)

(43)43,420

149,896---

(2,395)147,501

279,673--

(4,142)(9,622)

265,909

1,012-

24--

1,036

1,0121

24--

1,037








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

2013

1,012-

24--

1,036

1,012-

24--

1,036

1,020-

40-

(1)1,059

1,020-

40--

1,060

1,0191

39--

1,059

1,0191

39--

1,059

1,0191

39--

1,059

– 149 –

Red Sky Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

















11.3911.41

11.3911.41

11.4911.51

11.6011.62

11.5911.61

10.9811.01

10.9911.02

11.0811.10

11.1811.20

10.7510.77

10.7610.78

10.8410.86

10.9610.98

10.9410.96


2013



2.001.951.00


2.001.951.00



0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15



2013LoanedCollateral (non-cash)

211222

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

2013Brokerage commissionsSoft Dollar commissions†

18-

– 150 –

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




Categories Net Assets (%)Financials ................................................................................................................................. 34.6Other Net Assets (Liabilities) .................................................................................................. 30.2Exchange-Traded Funds ........................................................................................................... 8.6Information Technology ........................................................................................................... 7.5Energy ...................................................................................................................................... 6.8Consumer Discretionary........................................................................................................... 6.5Materials.................................................................................................................................. 2.3Utilities..................................................................................................................................... 1.9Consumer Staples.................................................................................................................... 1.6

During the six-month period the Fund's other price risk and currency risk exposure changedsignificantly as disclosed in the section below. For details relating to credit risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposure to those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in Canadianequities and therefore was sensitive to changes in general economic conditions in Canada.

As at September 30, 2013, had the Canadian markets increased or decreased by 10% (March 31, 2013- 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $558,000 (March 31, 2013 - $371,000). In practice, actualresults may differ from this analysis and the difference may be material.






As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $203,000 (March 31, 2013 - $120,000). In practice, actual results may differ from thisanalysis and the difference may be material.


– 151 –

Signature Global Resource Corporate Class(formerly Signature Canadian Resource Corporate Class)



CANADA (47.4%) 111,650 ARC Resources Ltd.* 2,303,360 2,929,696 47,000 Barrick Gold Corp. 996,437 900,520 49,100 Baytex Energy Corp.* 1,963,544 2,086,259 40,600 Calfrac Well Services Ltd.* 975,351 1,270,780

139,200 Canadian Natural Resources Ltd. 4,621,083 4,505,904 90,285 Cenovus Energy Inc. 2,852,886 2,774,458 55,550 Crescent Point Energy Corp.* 2,173,274 2,165,894

204,900 Crew Energy Inc.* 1,634,578 1,143,342 89,000 Eldorado Gold Corp. 1,130,554 614,990

179,200 EnCana Corp. 3,482,197 3,187,968 137,100 First Quantum Minerals Ltd.* 2,708,761 2,624,094 45,150 Franco-Nevada Corp.* 1,637,601 2,104,442

133,548 Goldcorp Inc. 4,699,358 3,576,415 2,400 HMZ Metals Inc., Restricted Shares^ - -

50,000 Husky Energy Inc.* 1,329,538 1,481,000 37,900 Imperial Oil Ltd. 1,599,943 1,714,217

USD 634,000 Inmet Mining Corp., 7.5% 06/01/2021 656,141 669,376 USD 634,000 Inmet Mining Corp., 8.75% 06/01/2020 692,729 693,865

81,852 Kelt Exploration Ltd. 295,132 685,920 743,650 Lundin Mining Corp.* 3,742,003 3,368,734 48,200 MEG Energy Corp. 1,642,690 1,708,690 47,200 Paramount Resources Ltd., Class A* 1,576,014 1,695,896 34,193 Potash Corp. of Saskatchewan Inc. 1,578,336 1,101,015

146,986 Suncor Energy Inc. 4,752,534 5,412,025 105,700 Talisman Energy Inc. 1,730,598 1,248,317 44,550 Teck Resources Ltd., Class B 1,520,221 1,230,916 89,520 TORC Oil & Gas Ltd. 702,732 783,300

131,250 Tourmaline Oil Corp.* 3,322,849 5,481,000 88,650 Trican Well Service Ltd.* 1,205,996 1,241,100 68,200 Trilogy Energy Corp. 1,733,650 1,997,578 61,900 Turquoise Hill Resources Ltd.* 485,757 281,026 67,200 Yamana Gold Inc. 994,403 719,040

60,740,250 61,397,777 U.S.A. (28.7%)

8,700 Anadarko Petroleum Corp. 757,640 833,142 18,050 Cameron International Corp. 833,538 1,085,049 11,790 Chevron Corp. 1,132,253 1,474,797 60,300 Consol Energy Inc. 2,095,005 2,090,062 28,550 Continental Resources Inc.* 1,076,725 3,154,578 28,750 Devon Energy Corp. 2,067,408 1,710,495 44,300 Dow Chemical Co. 1,336,154 1,752,689 7,800 EOG Resources Inc. 1,313,921 1,360,539

94,500 Freeport-McMoRan Copper & Gold Inc., Class B (USD) 3,424,812 3,219,014

37,150 Halliburton Co. 1,291,608 1,842,901 38,200 Marathon Oil Corp. 1,124,286 1,372,450 29,500 Mosaic Co. 1,773,829 1,306,918 31,850 National Oilwell Varco Inc. 2,043,830 2,564,194 26,700 Occidental Petroleum Corp. 2,207,782 2,572,560 18,900 Pioneer Natural Resources Co. 1,900,321 3,677,872 49,200 Range Resources Corp. 2,875,950 3,845,468 19,900 Southwestern Energy Co. 768,490 745,714 43,100 Whiting Petroleum Corp. 1,869,907 2,656,597

29,893,459 37,265,039

U.K. (7.0%) 141,338 BHP Billiton PLC 4,405,966 4,289,755 93,950 Rio Tinto PLC 4,853,752 4,736,277

9,259,718 9,026,032 NETHERLANDS ANTILLES (2.8%)

40,600 Schlumberger Ltd. 3,078,589 3,696,878

JERSEY ISLAND (1.2%) 278,805 Glencore Xstrata PLC 1,536,076 1,565,474

No. of Ounces BULLION (3.7%) 3,509 Gold Bullion 4,720,444 4,803,066





Foreign Currency Forward Contracts (0.0%)(see Schedule B) 46,936



Net Assets (100.0%) 129,738,066

Principal amounts stated in:USD U.S. Dollar

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



– 152 –


Statement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)






1 Credit Suisse Group AG A-1 12-Dec-13 0.97 (1,861,951) Canadian $ 1,811,000 US $ 6,901 1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (1,811,000) US $ 1,870,917 Canadian $ 2,044 1 Royal Bank of Canada A-1+ 12-Dec-13 0.97 (3,506,600) Canadian $ 3,409,000 US $ 11,303 1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (3,409,000) US $ 3,521,667 Canadian $ 3,728 1 State Street Corp. A-1 12-Dec-13 0.97 (3,017,591) Canadian $ 2,935,000 US $ 11,165 1 State Street Corp. A-1 12-Dec-13 1.03 (2,935,000) US $ 3,031,286 Canadian $ 2,495 1 The Bank of Nova Scotia†† A-1 12-Dec-13 0.97 (2,912,777) Canadian $ 2,833,000 US $ 10,722 1 The Bank of Nova Scotia†† A-1 12-Dec-13 1.03 (2,833,000) US $ 2,926,631 Canadian $ 3,098 1 UBS AG A-1 12-Dec-13 1.03 (1,152,326) Canadian $ 1,116,000 US $ (664)1 UBS AG A-1 12-Dec-13 0.97 (1,116,000) US $ 1,147,795 Canadian $ (3,856)Total Foreign Currency Forward Contracts Value 46,936


Average FairPar Value Description Cost ($) Value ($)10,000,000 ABN Amro Canada 1% 10/01/2013 10,000,000 10,000,000

1,000,000 National Bank of Canada 0.9% 10/02/2013 1,000,000 1,000,000 Total Short-Term Investments 11,000,000 11,000,000

– 153 –









Net assets per classA SharesE SharesF SharesI SharesO Shares


A SharesE SharesF SharesI SharesO Shares



117,754 144,873490 871

11,000 11,000- -

449 449- -

51 242- -- -

160 18- 1,067- -

199 296130,103 158,816

- -- -- -

4 14- -- 260

361 629- -- -- -- -

365 903129,738 157,913

109,126 141,581- -

122,754 148,464553 574

2,319 3,8133,028 3,8861,084 1,176

37.38 37.0510.42 10.3341.03 40.4410.44 10.2210.91 10.69

3,283,673 4,007,33653,062 55,58956,520 94,287

290,008 380,12499,410 110,006










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



1,506 1,76679 6213 14

- -- -- -

(92) (78)1,506 1,764

1,341 1,771138 180

1 1- -

130 1741,610 2,126(104) (362)

- -(104) (362)

(4,775) (12,257)47 (56)(89) (216)

- -

5,155 9,406338 (3,123)234 (3,485)

281 (3,430)(4) 2

(72) (96)20 209 19

0.08 (0.71)(0.08) 0.16(1.11) (0.80)0.07 0.040.09 0.17


2013 2012


– 154 –

















148,464 196,159

1,943 3,469- -

(19,345) (14,385)(8,589) (4,183)

(25,991) (15,099)

- -- -- -- -

281 (3,430)122,754 177,630

574 135

158 96- -

(175) -- 16

(17) 112

- -- -- -- -

(4) 2553 249

3,813 5,493

99 139- -

(433) (441)(1,088) (495)(1,422) (797)

- -- -- -- -

(72) (96)2,319 4,600


2013 2012I SharesNet assets, beginning of periodCapital transactions












3,886 4,735

345 834- -

(956) (759)(267) (385)(878) (310)

- -- -- -- -

20 203,028 4,445

1,176 1,163

170 89- -

(45) (65)(226) 248(101) 272

- -- -- -- -9 19

1,084 1,454

157,913 207,685

2,715 4,627- -

(20,954) (15,650)(10,170) (4,799)(28,409) (15,822)

- -- -- -- -

234 (3,485)129,738 188,378


2013 2012

– 155 –



†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.








2013 2012

4,007,336 5,105,31753,877 96,352

- -(536,964) (399,306)(240,576) (117,639)

3,283,673 4,684,724

55,589 12,59215,967 9,442

- -(18,494) -

- 1,52953,062 23,563

94,287 132,3972,473 3,543

- -(11,101) (11,372)(29,139) (12,824)56,520 111,744

380,124 457,30234,617 88,759

- -(97,245) (75,931)(27,488) (40,262)290,008 429,868

110,006 107,29015,934 8,828

- -(4,425) (6,416)

(22,105) 24,73099,410 134,432






37.38 37.9237.40 37.96

10.42 10.5710.43 10.58

41.03 41.1741.05 41.21

10.44 10.3410.45 10.35

10.91 10.8210.91 10.83


2013 2012



20,534 24,06321,560 25,266



88 21427 60

Annual management fee rateA SharesE SharesF SharesI SharesO Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO Shares

2.001.951.00


0.200.150.20

-0.15


– 156 –





Categories Net Assets (%)Energy ...................................................................................................................................... 59.6 Materials.................................................................................................................................. 29.1 Short-Term Investments........................................................................................................... 7.0 Bullion ...................................................................................................................................... 3.0 Other Net Assets (Liabilities) .................................................................................................. 1.2 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's other price risk and credit risk exposure changed significantlyas disclosed in the section below. For details relating to currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was invested in Canadian equities andgold bullion and therefore was sensitive to changes in general economic conditions in Canada,however some of the Fund’s assets were invested in fixed income securities and their market riskexposure is described below.

As at September 30, 2013, had the Canadian markets increased or decreased by 10% (March 31, 2013 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $11,639,000 (March 31, 2013 - $14,487,000). In practice,actual results may differ from this analysis and the difference may be material.

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

as at September 30, 2013*Credit Rating^ Net Assets (%)AA/Aa/A+ 8.5 B 1.1 Total 9.6

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 7.0 AA/Aa/A+ 0.1 Total 7.1

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

^Refer to Note 11 for Credit Rating cross reference.



– 157 –

Signature Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


SOUTH KOREA (10.5%) 7,130 Daum Communications Corp. 814,960 632,905

57,280 Hynix Semiconductor Inc. 1,487,017 1,660,989 13,390 Hyundai Motor Co. 2,558,649 3,221,755 2,400 Hyundai Wia Corp. 403,979 389,959

49,958 KB Financial Group Inc., ADR 2,225,111 1,800,038 13,740 Kia Motors Corp. 750,615 858,762 3,490 NCSoft Corp. 953,137 637,322 7,438 Samsung Electronics Co., Ltd. 7,425,686 9,739,690

33,480 Shinhan Financial Group Co., Ltd. 1,371,850 1,400,903 17,991,004 20,342,323

CAYMAN ISLANDS (7.7%) 64,700 21Vianet Group Inc. 1,037,131 1,098,960

129,950 ENN Energy Holdings Ltd. 489,738 738,655 1,047,850 Haitian International Holdings Ltd. 1,218,190 2,477,085 5,653,255 Hengdeli Holdings Ltd. 2,259,798 1,381,459 1,498,750 Intime Retail Group Co., Ltd. 1,785,681 1,671,977 3,774,450 Ju Teng International Holdings Ltd.* 1,565,654 2,275,785

543,700 Phoenix Satellite Television Holdings Ltd. 194,477 200,014 101,500 TPK Holding Co., Ltd. 1,974,374 949,616

2,047,500 Want Want China Holdings Ltd. 2,217,243 3,186,935 1,778,800 Wasion Group Holdings Ltd. 1,026,831 1,107,954

13,769,117 15,088,440TAIWAN (7.0%)

90,750 Asustek Computer Inc. 850,181 744,689 3,276,800 Inventec Corp. 1,969,543 3,254,111

526,662 Shin Zu Shing Co., Ltd. 1,887,083 1,194,677 702,808 Taiwan Mobile Co., Ltd. 2,233,806 2,571,364 340,900 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 4,663,846 5,955,383 11,604,459 13,720,224

BRAZIL (6.7%) 14,900 BB Seguridade Participacoes S.A. 128,682 151,002

118,000 BB Seguridade Participacoes S.A., Reg S 1,020,538 1,195,851 52,850 Cia Brasileira de Distribuicao Grupo

Pao de Acucar., Preferred 2,265,162 2,480,310 105,100 Cia De Bebidas Das Americas 3,418,156 4,135,453 48,600 Cia Energetica de Minas Gerais, Preferred 422,766 434,265

280,364 Fleury S.A. 3,396,352 2,371,009 114,550 Mills Estruturas e Servicos de

Engenharia S.A. 1,535,485 1,615,982 103,900 Raia Drogasil S.A. 1,044,297 882,534

13,231,438 13,266,406CHINA (5.4%)

880,400 China Longyuan Power Group Corp., Ltd. 943,998 940,065 2,550,100 China Railway Construction Corp., Ltd.,

Class H 2,261,372 2,770,335 267,191 China Shenhua Energy Co., Ltd., Class H 1,104,995 837,444 288,200 Dongfeng Motor Group Co., Ltd. 436,969 450,880 166,900 Great Wall Motor Co., Ltd., Class H 735,637 929,844 25,707 PetroChina Co., Ltd., ADR 3,280,027 2,912,999

965,650 Wumart Stores Inc., Class H 1,983,086 1,762,091 10,746,084 10,603,658

U.K. (5.2%) 156,200 Aberdeen Asset Management PLC 970,407 986,197 141,500 Ashmore Group PLC 808,314 920,995 61,150 BHP Billiton PLC 2,058,999 1,855,966 23,200 Rio Tinto PLC 1,310,804 1,169,576 90,150 Royal Dutch Shell PLC, Class A 3,061,482 3,063,882 57,146 Standard Chartered PLC 1,253,997 1,411,377

389,761 Standard Chartered PLC (IDR) 691,790 829,692 10,155,793 10,237,685

HONG KONG (4.6%) 679,752 AIA Group Ltd. 2,616,180 3,281,532 248,300 China Resources Power Holdings Co., Ltd. 699,854 609,397 727,650 Galaxy Entertainment Group Ltd. 2,084,552 5,242,567

5,400,586 9,133,496THAILAND (4.6%)

475,977 Bangkok Bank PCL, Foreign Registered Shares 2,440,207 3,079,421

12,800 Big C Supercenter PCL 82,528 84,287 156,700 Big C Supercenter PCL,

Foreign Registered Shares 1,016,437 1,031,857 121,600 Glow Energy PCL 269,705 261,237 103,393 Kasikornbank PCL 425,705 595,730 405,742 Kasikornbank PCL,

Foreign Registered Shares 1,556,685 2,357,845 108,850 Siam Cement PCL 1,240,946 1,526,717 148,100 Tisco Financial Group PCL 183,366 182,855

7,215,579 9,119,949SOUTH AFRICA (3.9%)

1,153,500 African Bank Investments Ltd.* 3,483,156 1,974,157 49,600 Barclays Africa Group Ltd.* 710,629 747,115 34,700 Naspers Ltd. 2,178,221 3,301,116

123,450 Vodacom Group Ltd.* 1,522,693 1,571,937 7,894,699 7,594,325

U.S.A. (3.0%) 25,750 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 920,268 877,139 59,300 Noble Energy Inc. 2,778,807 4,093,088 10,500 Occidental Petroleum Corp. 1,007,485 1,011,681

4,706,560 5,981,908MEXICO (3.0%)

10,750 Coca-Cola Femsa S.A.B. de C.V. 1,143,817 1,395,309 145,900 Grupo Financiero Banorte S.A.B. de C.V. 805,051 936,789 793,200 OHL Mexico S.A.B. de C.V.* 1,492,673 2,149,191 529,350 Wal-Mart de Mexico S.A.B. de C.V. 1,521,508 1,426,376

4,963,049 5,907,665INDIA (2.6%)

341,297 Adani Port and Special Economic Zone Ltd. 865,387 770,336 76,600 HCL Technologies Ltd. 1,137,101 1,361,458 81,417 Housing Development Finance Corp., Ltd. 1,067,723 1,015,765 50,100 ICICI Bank Ltd. 968,632 725,723 90,900 Shriram Transport Finance Co., Ltd. 1,153,716 851,193 61,760 Tata Motors Ltd. 315,811 335,662

5,508,370 5,060,137




– 158 –

Signature Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


TURKEY (2.4%) 153,900 Turkcell Iletisim Hizmetleri AS, ADR 2,341,587 2,336,646 374,403 Turkiye Garanti Bankasi AS 1,689,814 1,518,946 121,300 Turkiye Halk Bankasi AS 974,770 911,891

5,006,171 4,767,483RUSSIA (2.3%)

1,786,188 Sberbank of Russia 5,014,946 4,599,642

CHILE (2.3%) 17,564 Banco de Chile, ADR* 1,563,891 1,628,256 58,220 Banco Santander Chile S.A., ADR 1,551,252 1,575,394 2,338 CorpBanca S.A., ADR* 45,472 38,436

129,000 S.A.C.I. Falabella 1,303,771 1,269,528 4,464,386 4,511,614

INDONESIA (2.1%) 4,319,128 Bank Mandiri Persero Tbk PT 3,193,330 3,054,298 9,031,600 Panin Financial Tbk PT 176,978 136,572

778,050 Semen Indonesia Persero Bank Tbk PT 972,179 899,703 4,342,487 4,090,573

BERMUDA (2.0%) 335,800 China Resources Gas Group Ltd. 901,673 880,338 17,900 Credicorp Ltd. 2,198,371 2,366,680

587,600 Digital China Holdings Ltd. 934,409 735,114 4,034,453 3,982,132

JERSEY ISLAND (1.8%) 615,610 Atrium European Real Estate Ltd. 3,136,146 3,615,836

PHILIPPINES (1.6%) 145,415 Ayala Corp. 2,018,986 2,080,958 15,260 Philippine Long Distance Telephone Co. 1,128,615 1,076,704

3,147,601 3,157,662NETHERLANDS ANTILLES (1.1%)


HUNGARY (0.9%) 95,540 Richter Gedeon Nyrt 1,606,493 1,706,020

POLAND (0.8%) 132,715 Powszechna Kasa Oszczednosci Bank

Polski S.A. 1,399,481 1,622,709

PERU (0.7%) 44,600 Graña y Montero S.A.A. ADR 977,792 915,126 30,300 Inretail Peru Corp.* 602,271 521,214

1,580,063 1,436,340DENMARK (0.6%)

12,000 Carlsberg AS, Class B 1,084,707 1,272,319

PANAMA (0.6%) 7,600 Copa Holdings S.A. 835,912 1,085,793

SINGAPORE (0.5%) 74,741 Great Eastern Holdings Ltd. 873,204 1,045,715

CANADA (0.5%) 213,100 Lundin Mining Corp.* 1,101,895 965,343

COLOMBIA (0.4%) 13,350 Bancolombia S.A., ADR 799,581 790,689

CZECH REPUBLIC (0.4%) 3,363 Komercni Banka AS 682,076 771,714

JAPAN (0.3%) 41,000 Nexon Co., Ltd. 613,062 513,907

MALAYSIA (0.0%) 81,000 Astro Malaysia Holdings Bhd 78,294 74,778


Total Equities (85.5%) 154,377,056 168,133,459





Net Assets (100.0%) 196,631,913




– 159 –

Signature Emerging Markets Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)






1 Barclays PLC A-2 18-Oct-13 0.64 (142,000) British Pound 222,257 Canadian $ (14,609)1 Barclays PLC A-2 18-Oct-13 0.64 (355,000) British Pound 558,257 Canadian $ (33,910)1 Barclays PLC A-2 18-Oct-13 28.88 (4,984,699) Canadian $ 143,983,000 Taiwanese $ 36,532 1 Barclays PLC A-2 18-Oct-13 0.04 (143,983,000) Taiwanese $ 5,050,263 Canadian $ 28,990 1 Credit Suisse Group AG A-1 18-Oct-13 2.17 (7,876,000) Brazilian Real 3,627,821 Canadian $ (21,979)1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (1,157,055) Canadian $ 1,120,000 US $ (1,264)1 Morgan Stanley A-2 18-Oct-13 0.72 (104,000) Euro 144,338 Canadian $ (658)1 Morgan Stanley A-2 18-Oct-13 0.74 (15,000) Euro 20,230 Canadian $ (683)1 Morgan Stanley A-2 18-Oct-13 1,092.28 (6,795,740,000) Korean Won 6,221,636 Canadian $ (287,006)1 Morgan Stanley A-2 12-Dec-13 1.03 (2,953,000) US $ 3,049,977 Canadian $ 2,611 1 Royal Bank of Canada A-1+ 18-Oct-13 0.64 (1,130,000) British Pound 1,767,925 Canadian $ (116,995)1 Royal Bank of Canada A-1+ 18-Oct-13 0.61 (1,633,761) Canadian $ 1,000,000 British Pound 34,355 1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (1,537,178) Canadian $ 1,488,000 US $ (1,627)1 Royal Bank of Canada A-1+ 18-Oct-13 0.74 (968,000) Euro 1,304,954 Canadian $ (44,591)1 Royal Bank of Canada A-1+ 18-Oct-13 0.11 (43,232,000) South African Rand 4,556,732 Canadian $ 127,770 1 State Street Corp. A-1 12-Dec-13 1.03 (356,318) Canadian $ 345,000 US $ (293)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (10,974,000) Brazilian Real 5,005,336 Canadian $ (80,069)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.29 (9,302,000) Brazilian Real 4,063,109 Canadian $ (247,366)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.61 (183,000) British Pound 299,209 Canadian $ (6,056)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (5,014,675) Canadian $ 10,974,000 Brazilian Real 70,736 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.08 (1,546,810) Canadian $ 19,158,000 Mexican Peso (42,162)1 The Bank of Nova Scotia†† A-1 21-Oct-13 1.99 (1,619,906) Canadian $ 3,216,000 Turkish Lira 13,908 1 The Bank of Nova Scotia†† A-1 18-Oct-13 497.00 (1,284,152) Canadian $ 638,224,220 Chilean Peso 15,883 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.00 (638,224,220) Chilean Peso 1,302,022 Canadian $ 1,976 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (255,000) Euro 344,178 Canadian $ (11,332)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.08 (19,158,000) Mexican Peso 1,559,228 Canadian $ 54,572 1 The Bank of Nova Scotia†† A-1 21-Oct-13 0.52 (3,216,000) Turkish Lira (New) 1,681,620 Canadian $ 47,759 1 UBS AG A-1 18-Oct-13 0.64 (1,263,000) British Pound 1,977,820 Canadian $ (128,954)1 UBS AG A-1 18-Oct-13 66.63 (1,836,935) Canadian $ 122,395,000 Indian Rupee 167,122 1 UBS AG A-1 18-Oct-13 0.61 (286,718) Canadian $ 176,000 British Pound 6,870 1 UBS AG A-1 18-Oct-13 62.12 (341,877) Canadian $ 21,236,000 Indian Rupee 5,849 1 UBS AG A-1 18-Oct-13 64.27 (457,959) Canadian $ 29,433,000 Indian Rupee 23,979 1 UBS AG A-1 18-Oct-13 0.10 (3,439,682) Canadian $ 33,303,000 South African Rand (27,956)1 UBS AG A-1 18-Oct-13 0.61 (735,318) Canadian $ 450,000 British Pound 15,334 1 UBS AG A-1 18-Oct-13 62.17 (1,495,287) Canadian $ 92,962,000 Indian Rupee 26,909 1 UBS AG A-1 18-Oct-13 0.02 (266,026,000) Indian Rupee 4,358,224 Canadian $ 2,159 1 UBS AG A-1 18-Oct-13 0.10 (29,187,000) South African Rand 3,030,652 Canadian $ 40,579 1 UBS AG A-1 18-Oct-13 0.10 (4,116,000) South African Rand 427,892 Canadian $ 6,227 Total Foreign Currency Forward Contracts Value (337,390)

– 160 –

Signature Emerging Markets Corporate ClassFinancial Statements (unaudited)













168,133 191,00529,840 13,629

- -- -

218 218- -

730 385- -- -

72 4562 2,752

- -219 275

199,274 208,309

- -- -- -

1,067 172- -

1,520 2,12855 3,363

- -- -- -- -

2,642 5,663196,632 202,646

154,377 171,801- -

181,486 189,171819 640

2,381 2,5068,809 7,5033,091 2,773

26 2720 26

14.98 15.4411.92 12.2718.65 19.1112.04 12.2412.47 12.708.95 9.639.47 10.03

12,116,978 12,252,30168,693 52,150

127,681 131,121731,698 613,065247,745 218,398

2,938 2,7732,156 2,570






– 161 –











3,325 2,9516 4

59 9- -- -- -

(364) (312)3,026 2,652

2,113 1,647226 172

- -- -

237 1792,576 1,998

450 654- -

450 654

344 (2,962)(446) (557)(236) (226)

- -

(5,998) (2,590)(6,336) (6,335)(5,886) (5,681)

(5,653) (5,403)(17) (15)(61) (112)(98) (83)(55) (68)

- -(2) -

(0.46) (0.51)(0.30) (0.35)(0.47) (0.84)(0.15) (0.24)(0.23) (0.19)(0.14) 0.66(0.15) (0.23)


2013 2012















189,171 157,958

981 14,374- -

(3,828) (3,202)815 (4,980)

(2,032) 6,192

- -- -- -- -

(5,653) (5,403)181,486 158,747

640 503

133 25- -

(1) -64 -

196 25

- -- -- -- -

(17) (15)819 513

2,506 2,661

120 241- -

(222) (695)38 40(64) (414)

- -- -- -- -

(61) (112)2,381 2,135


2013 2012

– 162 –














7,503 3,834

1,600 12- -

(551) (454)355 51

1,404 (391)

- -- -- -- -

(98) (83)8,809 3,360

2,773 3,710

894 454- -

(616) (37)95 62

373 479

- -- -- -- -

(55) (68)3,091 4,121

27 -

- 10- -- -- -- 10

- -- -

(1) -(1) -- -

26 10


2013 2012











26 15

- -1 -- (4)

(4) 4(3) -

- -- -

(1) (1)(1) (1)(2) -20 14

202,646 168,681

3,728 15,1161 -

(5,218) (4,392)1,363 (4,823)(126) 5,901

- -- -

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

(5,886) (5,681)196,632 168,900


2013 2012

– 163 –

Signature Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

12,252,301 10,929,41765,733 1,034,291

- 8(254,709) (233,619)

53,653 (354,667)12,116,978 11,375,430

52,150 43,97111,318 2,367

- -(93) (10)

5,318 -68,693 46,328

131,121 150,3606,324 13,894

- -(11,782) (42,302)

2,018 2,325127,681 124,277

613,065 343,759133,769 1,123

- -(44,833) (41,879)29,697 4,827

731,698 307,830

218,398 320,10572,707 41,031

- -(50,977) (3,305)

7,617 5,771247,745 363,602

2,773 10- 1,108

52 34- -

113 -2,938 1,152

2,570 1,478- -

55 12- (443)

(469) 4732,156 1,520









14.98 13.9615.07 14.00

11.92 11.0711.99 11.10

18.65 17.1818.76 17.24

12.04 10.9212.11 10.95

12.47 11.3312.55 11.37

8.95 9.079.00 9.10

9.47 9.319.52 9.34


2013 2012

– 164 –

Signature Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




6,887 2,1557,231 2,263



225 21870 61




2.251.951.25



0.220.150.22

-0.150.22

-


– 165 –

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



Categories Net Assets (%)South Korea ............................................................................................................................. 9.2 Brazil ........................................................................................................................................ 8.7 Hong Kong................................................................................................................................ 7.9 Thailand ................................................................................................................................... 5.8 Other Net Assets (Liabilities) .................................................................................................. 5.6 Cayman Islands........................................................................................................................ 5.5 Taiwan...................................................................................................................................... 5.4 U.S.A. ....................................................................................................................................... 5.1 China ........................................................................................................................................ 4.5 Indonesia.................................................................................................................................. 4.2 Mexico ..................................................................................................................................... 4.1 India ......................................................................................................................................... 3.1 Bermuda ................................................................................................................................... 2.9 U.K............................................................................................................................................ 2.8 South Africa ............................................................................................................................. 2.8 Turkey ....................................................................................................................................... 2.7 Chile ......................................................................................................................................... 2.5 Russia....................................................................................................................................... 2.5 Poland ...................................................................................................................................... 2.4 Jersey Island............................................................................................................................ 1.7 Singapore ................................................................................................................................. 1.7 Netherlands ............................................................................................................................. 1.5 Netherlands Antilles................................................................................................................ 1.2 Japan ....................................................................................................................................... 1.1 Switzerland .............................................................................................................................. 1.0 Luxembourg.............................................................................................................................. 0.8 Hungary .................................................................................................................................... 0.6 Demark ..................................................................................................................................... 0.6 Israel ........................................................................................................................................ 0.4 Canada ..................................................................................................................................... 0.4 Colombia .................................................................................................................................. 0.4 Peru .......................................................................................................................................... 0.3 Panama .................................................................................................................................... 0.3 Czech Republic ......................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's fair value hierarchy exposure changed significantly asdisclosed in the section below. For details relating to other price risk, credit risk, currency risk andinterest rate risk, refer to the audited annual financial statements as at March 31, 2013, as theFund's exposure to those risks remains unchanged.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 167,982 151 - 168,133 Foreign currency forward contracts, net - (337) - (337) Total 167,982 (186) - 167,796

During the six-month period ended September 30, 2013 equity investments with a net fair value of$830,000 were transferred out of Level 2 into Level 1.

There were no transfers between Level 1 and 3 and Level 2 and 3 during the six-month period endedSeptember 30, 2013.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 189,953 1,052 - 191,005 Foreign currency forward contracts, net - 213 - 213 Total 189,953 1,265 - 191,218

There were no transfers between Level 1, 2 and 3 druing the year ended March 31, 2013.



– 166 –

Signature Global Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.2%) 16,706,530 Signature Global Dividend Fund, (Class A)† 182,182,463 188,950,854



Net Assets (100.0%) 190,503,349

†The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc. Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 167 –

Signature Global Dividend Corporate ClassFinancial Statements (unaudited)








188,951 64,4801,343 736

- -- -- -- -

- -- -- -

1,089 4,489- -- -1 -

191,384 69,705

- -- -- -

- -- -

809 4,57271 22

- -- -1 3- -

881 4,597190,503 65,108

182,182 62,300- -

100,934 49,5301,663 1165,972 472

62,909 10,82010,896 3,5542,230 213

933 111,353 52

861 111,531 138

162 158749 11105 11205 11


as at as at



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



11.49 10.8711.49 10.8711.58 10.8911.71 10.9411.69 10.9311.10 10.7411.12 10.7411.19 10.7711.30 10.8010.87 10.6610.88 10.6710.96 10.6911.08 10.7311.07 10.73

8,783,427 4,557,005144,713 10,686515,564 43,319

5,372,088 989,161931,952 325,086200,974 19,85883,943 1,012

120,913 4,81176,158 1,012

140,921 12,94614,876 14,83168,374 1,0199,449 1,019

18,533 1,019


as at as at



– 168 –











-6---

1,679-

1,685

842100

1-

1211,064

621-

621

2254-

1,516

4,5896,3346,955

3,85217

1462,372

425571314261610223

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

2013




0.550.230.590.650.710.500.450.440.510.300.610.160.300.36

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

2013

– 169 –















49,530

33,486-

(2,078)16,14447,552

----

3,852100,934

116

676-

(27)881

1,530

----

171,663

472

3,594-

(120)1,8805,354

----

1465,972

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

2013














10,820

29,406-

(342)20,65349,717

----

2,37262,909

3,554

3,940-

(100)3,0776,917

----

42510,896

213

1,684-

(11)319

1,992

--

(32)(32)57

2,230


2013

– 170 –
















11

930-

(12)-

918

--

(9)(9)13

933

52

1,124-

(12)185

1,297

--

(10)(10)14

1,353

11

550-

(16)304838

--

(14)(14)26

861


2013













138

7731

(11)641

1,404

--

(27)(27)16

1,531

158

-----

--

(6)(6)10

162

11

45-

(78)774741

--

(5)(5)2

749


2013

– 171 –
















11

-1-

9495

--

(3)(3)2

105

11

1001(1)94

194

--

(3)(3)3

205

65,108

76,3083

(2,808)45,046

118,549

--

(109)(109)

6,955190,503


2013

– 172 –

Signature Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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







Schedule of Fund Share Transactions for the period ended September 30

2013

4,557,0052,987,881

-(181,003)

1,419,5448,783,427

10,68659,613

-(2,406)76,820

144,713

43,319319,230

-(10,284)163,299515,564

989,1612,572,714

-(29,682)

1,839,8955,372,088

325,086344,309

-(8,688)

271,245931,952

19,858153,375

8(1,022)28,755

200,974

1,01283,943

16(1,028)

-83,943








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

2013

4,811100,527

16(1,027)16,586

120,913

1,01249,867

18(1,410)26,67176,158

12,94670,596

117(1,038)58,300

140,921

14,8317

38--

14,876

1,0194,102

38(6,999)70,21468,374

1,0191

100-

8,3299,449

1,0198,965

93(52)

8,50818,533

– 173 –

Signature Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2.001.951.00


2.001.951.00



0.220.150.22

-0.150.220.150.220.150.220.150.22

-0.15



– 174 –

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


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


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 39.0Other Net Assets (Liabilities) .................................................................................................. 12.1Switzerland .............................................................................................................................. 8.5U.K............................................................................................................................................ 8.4France....................................................................................................................................... 6.3Germany ................................................................................................................................... 4.9Netherlands ............................................................................................................................. 3.3Australia................................................................................................................................... 2.8Canada ..................................................................................................................................... 2.3Sweden .................................................................................................................................... 2.2Thailand ................................................................................................................................... 1.7Singapore ................................................................................................................................. 1.2Japan ....................................................................................................................................... 1.1Denmark ................................................................................................................................... 0.8Bermuda ................................................................................................................................... 0.7Turkey ....................................................................................................................................... 0.7Brazil ........................................................................................................................................ 0.6Russia....................................................................................................................................... 0.6Netherlands Antilles................................................................................................................ 0.6Luxembourg.............................................................................................................................. 0.6Indonesia.................................................................................................................................. 0.6Jersey Island............................................................................................................................ 0.5Italy .......................................................................................................................................... 0.3Belgium ................................................................................................................................... 0.2Cayman Islands........................................................................................................................ 0.2China ........................................................................................................................................ 0.2South Africa ............................................................................................................................. 0.2Foreign Currency Forward Contracts ....................................................................................... (0.6)


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 41.9 Other Net Assets (Liabilities) ................................................................................................. 9.5Switzerland .............................................................................................................................. 9.5 U.K. .......................................................................................................................................... 6.9 Germany .................................................................................................................................. 6.0 Australia .................................................................................................................................. 3.4 Netherlands ............................................................................................................................ 3.0 France....................................................................................................................................... 2.8 Canada .................................................................................................................................... 2.6 Indonesia ................................................................................................................................. 1.5 Singapore ................................................................................................................................. 1.5 Thailand ................................................................................................................................... 1.5 Belgium .................................................................................................................................... 1.1 Japan ...................................................................................................................................... 1.1 Sweden .................................................................................................................................... 1.0 Bermuda .................................................................................................................................. 0.8 Denmark .................................................................................................................................. 0.8 Netherlands Antilles................................................................................................................ 0.8 Turkey ....................................................................................................................................... 0.8 Brazil ........................................................................................................................................ 0.7 Russia....................................................................................................................................... 0.6 Jersey Island............................................................................................................................ 0.5 Hong Kong................................................................................................................................ 0.4 Ireland ...................................................................................................................................... 0.4 Poland ...................................................................................................................................... 0.4 Spain ....................................................................................................................................... 0.3 Foreign Currency Forward Contracts ....................................................................................... 0.2


Other Price RiskThe Fund bears the other price risk of the Underlying Fund. As at September 30, 2013 and March 31, 2013,the Underlying Fund was predominantly invested in global equities and preferred shares and thereforewas sensitive to changes in general economic conditions across the world.

As at September 30, 2013, had the global markets increased or decreased by 10% (March 31, 2013 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $16,599,000 (March 31, 2013 - $6,448,000). In practice,actual results may differ from this analysis and the difference may be material.


As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposureof the Underlying Fund.


– 175 –

Signature Global Dividend Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)



The tables below summarize the Underlying Fund's exposure to currency risk.

as at September 30, 2013Currency Net Assets (%)US Dollar 43.5 Euro 7.0 British Pound 6.9 Swiss Franc 4.3 Australian Dollar 2.3 Swedish Krona 2.2 Thai Baht 1.6 Singapore Dollar 1.2 Japanese Yen 1.1 Danish Krone 0.8 Hong Kong Dollar 0.7 Brazilian Real 0.6 Indonesian Rupiah 0.6 South Africa Rand 0.2 Total 73.0

as at March 31, 2013Currency Net Assets (%)US Dollar 45.6 Euro 5.2 Swiss Franc 4.9 British Pound 4.3 Australian Dollar 1.6 Thai Baht 1.5 Singapore Dollar 1.4 Japanese Yen 1.1 Swedish Krona 1.0 Danish Krone 0.8 Indonesian Rupiah 0.7 Brazilian Real 0.7 Hong Kong Dollar 0.7 Polish Zloty 0.4 Total 69.9

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $13,793,000 (March 31, 2013 - $4,507,000). In practice, actual results may differ fromthis analysis and the difference may be material.


– 176 –

Signature Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


CANADA (44.2%) 151,600 Advantage Oil & Gas Ltd. 611,849 598,820 103,362 ARC Resources Ltd.* 2,123,225 2,712,219 57,350 Baytex Energy Corp.* 2,138,181 2,436,802 36,400 Calfrac Well Services Ltd.* 844,570 1,139,320

125,940 Canadian Natural Resources Ltd. 4,043,624 4,076,678 82,375 Cenovus Energy Inc. 2,465,467 2,531,384 62,900 Crescent Point Energy Corp.* 2,426,575 2,452,471

364,600 Crew Energy Inc.* 2,628,346 2,034,468 165,125 EnCana Corp. 3,313,418 2,937,574 81,050 Husky Energy Inc.* 2,302,860 2,400,701 43,100 Imperial Oil Ltd. 1,899,192 1,949,413

110,750 Kelt Exploration Ltd. 452,898 928,085 85,000 MEG Energy Corp.* 2,980,896 3,013,250

251,000 NuVista Energy Ltd.* 1,230,439 1,679,190 148,900 Painted Pony Petroleum Ltd., Class A* 1,726,372 1,192,689 77,000 Paramount Resources Ltd., Class A* 2,386,557 2,766,610 73,500 Precision Drilling Corp. 646,785 749,700 26,350 ShawCor Ltd. 735,803 1,144,644

131,244 Suncor Energy Inc. 4,236,961 4,832,404 82,400 Talisman Energy Inc. 1,356,145 973,144 83,600 TORC Oil & Gas Ltd. 656,260 731,500

118,350 Tourmaline Oil Corp. 3,077,422 4,942,296 82,200 Trican Well Service Ltd. 1,106,801 1,150,800 62,000 Trilogy Energy Corp. 1,595,278 1,815,980 31,750 Vermilion Energy Inc.* 1,278,304 1,797,685

48,264,228 52,987,827 U.S.A. (37.1%)

36,250 Anadarko Petroleum Corp. 2,712,437 3,471,424 23,700 Baker Hughes Inc. 1,219,101 1,198,878 32,750 Cameron International Corp. 1,675,865 1,968,717 38,260 Chevron Corp. 4,171,973 4,785,899 35,500 Consol Energy Inc. 1,209,756 1,230,468 35,350 Continental Resources Inc.* 1,383,564 3,905,930 22,400 Devon Energy Corp. 1,595,798 1,332,699 7,100 EOG Resources Inc. 1,196,005 1,238,439

45,221 Exxon Mobil Corp. 3,714,142 4,007,720 34,600 Halliburton Co. 1,177,436 1,716,403 19,424 Kinder Morgan Inc. Warrants (25May17) - 97,837 34,550 Marathon Oil Corp. 1,022,900 1,241,313 29,450 National Oilwell Varco Inc. 1,892,517 2,370,973 22,700 Noble Energy Inc. 986,545 1,566,831 26,350 Occidental Petroleum Corp. 2,222,224 2,538,837 18,050 Pioneer Natural Resources Co. 1,788,116 3,512,465 32,850 Questar Corp. 511,111 760,656 44,500 Range Resources Corp. 2,430,474 3,478,117 33,200 Southwestern Energy Co. 1,246,668 1,244,107 48,300 Whiting Petroleum Corp.* 1,799,143 2,977,114

33,955,775 44,644,827

NETHERLANDS ANTILLES (3.2%) 42,750 Schlumberger Ltd. 3,161,071 3,892,649

SWITZERLAND (1.4%) 110,200 Weatherford International Ltd., (Switzerland) 1,506,812 1,740,125

U.K. (1.3%) 47,184 Royal Dutch Shell PLC, Class A 1,632,070 1,603,619

AUSTRALIA (0.5%) 180,500 Aurora Oil & Gas Ltd.* 686,099 573,990


Total Equities (87.7%) 89,116,845 105,443,037



Foreign Currency Forward Contracts (0.0%)(see Schedule B) 46,938



Net Assets (100.0%) 120,239,023




– 177 –

Signature Global Energy Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)

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




1 Credit Suisse Group AG A-1 12-Dec-13 0.97 (556,220) Canadian $ 541,000 US $ 2,061 1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (541,000) US $ 558,899 Canadian $ 610 1 Morgan Stanley A-2 12-Dec-13 0.97 (989,542) Canadian $ 962,000 US $ 3,189 1 Morgan Stanley A-2 12-Dec-13 1.03 (962,000) US $ 993,592 Canadian $ 850 1 Royal Bank of Canada A-1+ 12-Dec-13 0.97 (2,270,186) Canadian $ 2,207,000 US $ 7,318 1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (2,207,000) US $ 2,279,941 Canadian $ 2,413 1 State Street Corp. A-1 12-Dec-13 0.97 (5,681,502) Canadian $ 5,526,000 US $ 21,024 1 State Street Corp. A-1 12-Dec-13 1.03 (5,526,000) US $ 5,707,286 Canadian $ 4,698 1 UBS AG A-1 12-Dec-13 0.97 (1,212,590) Canadian $ 1,179,000 US $ 4,074 1 UBS AG A-1 12-Dec-13 1.03 (1,179,000) US $ 1,217,376 Canadian $ 701 Total Foreign Currency Forward Contracts Value 46,938


Average FairPar Value Description Cost ($) Value ($)10,000,000 ABN Amro Canada 1% 10/01/2013 10,000,000 10,000,000 4,000,000 National Bank of Canada 0.9% 10/02/2013 4,000,000 4,000,000


– 178 –

Signature Global Energy Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares

105,443 114,756305 1,524

14,000 9,000- -

411 411- -

47 200- -- -

31 93- 310- -

159 185120,396 126,479

- -- -- -

- -- -- 440

157 359- -- -- -- -

157 799120,239 125,680

89,117 101,021- -

106,883 112,62213,356 13,058

48.48 46.2437.74 35.79

2,204,611 2,435,540353,866 364,857


as at as at









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


A SharesF Shares

1,001 1,20251 -22 22

- -- -- -

(48) (58)1,026 1,166

1,165 1,258139 146

1 1- -

131 1461,436 1,551(410) (385)

- -(410) (385)

3,613 (3,922)80 35(50) (144)

- -

2,438 2,1466,081 (1,885)5,671 (2,270)

4,964 (2,215)707 (55)

2.16 (0.77)1.95 (0.15)


2013 2012


– 179 –

Signature Global Energy Corporate ClassFinancial Statements (unaudited)















112,622 133,005

2,743 3,512- -

(11,421) (11,384)(2,025) (3,281)

(10,703) (11,153)

- -- -- -- -

4,964 (2,215)106,883 119,637

13,058 13,662

120 149- -

(501) (1,014)(28) 913

(409) 48

- -- -- -- -

707 (55)13,356 13,655

125,680 146,667

2,863 3,661- -

(11,922) (12,398)(2,053) (2,368)

(11,112) (11,105)

- -- -- -- -

5,671 (2,270)120,239 133,292


2013 2012

– 180 –

Signature Global Energy Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2013 2012

2,435,540 3,020,44058,659 85,015

- -(245,288) (273,481)(44,300) (80,169)

2,204,611 2,751,805

364,857 405,2023,317 4,675

- -(13,691) (32,440)

(617) 30,530353,866 407,967




48.48 43.4848.51 43.53

37.74 33.4737.76 33.51


2013 2012

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22




24,842 29,00626,084 30,456



50 14415 40

– 181 –

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



Categories Net Assets (%)Canada ..................................................................................................................................... 48.2 U.S.A. ....................................................................................................................................... 37.3 Short-Term Investments........................................................................................................... 7.2 Netherlands Antilles................................................................................................................ 3.2 Netherlands ............................................................................................................................. 1.3 Other Net Assets (Liabilities) .................................................................................................. 1.3 U.K............................................................................................................................................ 0.8 Australia................................................................................................................................... 0.5 Foreign Currency Forward Contracts ....................................................................................... 0.2

During the six-month period the Fund’s currency risk exposure changed significantly as disclosed in thesection below. For details relating to other price risk, credit risk, interest rate risk and fair valuehierarchy refer to the audited annual financial statements as at March 31, 2013, as the Fund’s exposureto those risks remains unchanged.

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


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 50,523 - 50,523 42.0 British Pound 1,604 - 1,604 1.3 Euro 1 - 1 - Total 52,128 - 52,128 43.3


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 51,995 (16,347) 35,648 28.4 British Pound 2,267 - 2,267 1.8 Total 54,262 (16,347) 37,915 30.2

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10%(March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $5,213,000 (March 31, 2013 - $3,792,000). In practice, actual results may differfromthis analysis and the difference may be material.



– 182 –


U.S.A. (68.6%) 153,600 Activision Blizzard Inc. 1,702,706 2,637,446 847,200 Advanced Micro Devices Inc.* 2,866,288 3,316,090 13,900 Apple Inc. 7,114,065 6,825,938 44,600 Atlantic Tele-Network Inc. 2,069,965 2,393,937 51,500 Bottomline Technologies Inc.* 1,423,161 1,478,961 98,000 Chimerix Inc.* 1,392,102 2,211,695 86,100 Ciena Corp. * 1,327,538 2,215,401

155,900 Cisco Systems Inc. 3,798,237 3,762,489 21,800 Citrix Systems Inc. 1,519,151 1,585,324 65,800 Facebook Inc. 1,769,486 3,405,119 89,800 Finisar Corp.* 1,827,202 2,093,234 25,000 FireEye Inc. 513,173 1,069,446 89,800 Fortinet Inc. 2,080,171 1,874,938 3,300 Google Inc., Class A 2,329,835 2,976,095

35,000 Infoblox Inc. 557,314 1,507,679 88,500 Intel Corp. 1,866,475 2,089,367 47,600 KLA-Tencor Corp. 2,171,054 2,982,017

151,000 LifeLock Inc. 2,149,843 2,306,614 202,600 Limelight Networks Inc. 462,579 402,767 75,000 Marketo Inc. 1,003,417 2,459,751 56,500 Merck & Co., Inc. 2,821,841 2,770,207

149,100 Micron Technology Inc.* 1,185,506 2,681,506 116,686 Microsoft Corp. 4,015,527 4,002,394 52,000 Oracle Corp. 1,749,033 1,775,058 34,700 QUALCOMM Inc. 1,578,302 2,406,907 50,000 Quintiles Transnational Holdings Inc. 2,052,893 2,311,424 88,000 Rally Software Development Corp. 1,350,351 2,709,352 70,000 RetailMeNot Inc.* 1,525,339 2,564,713 5,000 Rocket Fuel Inc. 148,820 278,370

20,000 Tableau Software Inc. 638,070 1,467,404 36,200 Texas Instruments Inc. 1,342,110 1,502,321

100,000 Violin Memory Inc. 927,223 762,234 59,278,777 74,826,198

CAYMAN ISLANDS (5.2%) 113,700 21Vianet Group Inc. 1,821,461 1,931,247 225,000 Edwards Group Ltd. 1,802,072 2,278,205

1,778,300 Ju Teng International Holdings Ltd. 709,725 1,072,217 46,000 TPK Holding Co., Ltd. 829,865 430,368

5,163,123 5,712,037 SOUTH KOREA (4.9%)

67,500 Hynix Semiconductor Inc. 1,947,543 1,957,345 2,600 Samsung Electronics Co., Ltd. 3,591,089 3,404,570

5,538,632 5,361,915 GERMANY (3.1%)

20,050 Bayer AG 1,475,575 2,431,302 88,300 Infineon Technologies AG 916,575 907,585

2,392,150 3,338,887 NETHERLANDS (2.8%)

30,100 NXP Semiconductor N.V. 877,345 1,153,984 204,651 STMicroelectronics N.V.* 1,232,163 1,943,218

2,109,508 3,097,202 ISLE OF MAN (2.8%)

250,000 Playtech Ltd. 2,363,240 3,060,118

TAIWAN (2.3%) 144,800 Taiwan Semiconductor Manufacturing

Co., Ltd., ADR 1,872,486 2,529,596

ISRAEL (1.8%) 34,400 Check Point Software Technologies Ltd. 1,873,737 2,003,416

SWEDEN (1.8%) 145,300 Telefonaktiebolaget LM Ericsson, Class B 1,795,033 1,991,119

SINGAPORE (1.0%) 24,300 Avago Technologies Ltd. 877,957 1,078,799

SWITZERLAND (0.5%) 1,800 Roche Holding AG 360,237 500,040

JAPAN (0.3%) 29,000 Nexon Co., Ltd. 489,039 363,495


,806 Total Equities (95.1%) 83,983,103 103,862,822





Net Assets (100.0%) 109,208,930




Signature Global Science & Technology Corporate Class Statement of Investment Portfolio as at September 30, 2013 (unaudited)

– 183 –




Signature Global Science & Technology Corporate Class Statement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)



1 Barclays PLC A-2 18-Oct-13 0.63 (61,000) British Pound 96,314 Canadian $ (5,439)1 Barclays PLC A-2 18-Oct-13 0.64 (66,000) British Pound 103,789 Canadian $ (6,304)1 Barclays PLC A-2 18-Oct-13 0.64 (761,000) British Pound 1,191,111 Canadian $ (78,292)1 Barclays PLC A-2 18-Oct-13 0.61 (637,022) Canadian $ 390,000 British Pound 13,543 1 Barclays PLC A-2 18-Oct-13 0.62 (82,537) Canadian $ 51,000 British Pound 2,537 1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (1,486,609) Canadian $ 1,439,000 US $ (1,624)1 Morgan Stanley A-2 18-Oct-13 0.73 (367,169) Canadian $ 269,000 Euro 7,863 1 Morgan Stanley A-2 18-Oct-13 0.74 (2,073,000) Euro 2,795,741 Canadian $ (94,350)1 Morgan Stanley A-2 18-Oct-13 1,092.28 (1,897,674,000) Korean Won 1,737,359 Canadian $ (80,145)1 Morgan Stanley A-2 18-Oct-13 0.92 (1,307,000) Swiss Franc 1,418,087 Canadian $ (71,428)1 Morgan Stanley A-2 12-Dec-13 1.03 (3,713,000) US $ 3,834,935 Canadian $ 3,282 1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (2,413,205) Canadian $ 2,336,000 US $ (2,554)1 State Street Corp. A-1 12-Dec-13 1.03 (62,000) US $ 64,034 Canadian $ 53 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.73 (158,241) Canadian $ 116,000 Euro 3,483 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (148,000) Euro 199,758 Canadian $ (6,577)1 UBS AG A-1 18-Oct-13 0.92 (1,190,657) Canadian $ 1,098,000 Swiss Franc 60,672 Total Foreign Currency Forward Contracts Value (255,280)

– 184 –

Signature Global Science & Technology Corporate Class Financial Statements (unaudited)








Net assets per classA SharesF SharesI SharesO Shares


A SharesF SharesI SharesO Shares



103,863 82,8756,226 6,159

- -- -

147 147- -

91 -- -- 21

246 85- 4,137- -

59 36110,632 93,460

- -- -- -

346 -- -

928 3,491149 147

- -- -- -- -

1,423 3,638109,209 89,822

83,983 76,833- -

101,844 86,3276,429 2,746

926 74910 -

19.38 16.275.30 4.42

23.42 19.4110.46 -

5,254,128 5,307,5391,213,154 621,168

39,512 38,5891,000 -










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



845 5375 5

55 23- -- -- -

(121) (83)784 482

970 862117 97

- -- -

113 971,200 1,056(416) (574)

- -(416) (574)

3,797 11,611217 (312)(129) (122)

- -

13,727 (17,462)17,612 (6,285)17,196 (6,859)

16,258 (6,733)784 (124)154 (2)

- -

3.11 (1.13)0.88 (0.26)4.01 (0.05)0.47 -


2013 2012

– 185 –

Signature Global Science & Technology Corporate Class Financial Statements (unaudited)





















86,327 96,136

5,840 2,414- -

(6,640) (7,427)59 (435)

(741) (5,448)

- -- -- -- -

16,258 (6,733)101,844 83,955

2,746 1,982

2,995 317- -

(195) (193)99 29

2,899 153

- -- -- -- -

784 (124)6,429 2,011

749 498

60 -- -

(4) (124)(33) 32823 204

- -- -- -- -

154 (2)926 700

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

89,822 98,616

8,905 2,731- -

(6,839) (7,744)125 (78)

2,191 (5,091)

- -- -- -- -

17,196 (6,859)109,209 86,666


2013 2012


2013 2012



– 186 –

Signature Global Science & Technology Corporate Class Financial Statements – Supplementary Schedules (unaudited)







2013 2012

5,307,539 6,108,127321,063 164,898

- -(376,091) (513,419)

1,617 (30,762)5,254,128 5,728,844

621,168 468,456611,986 82,401

- -(39,525) (50,477)19,525 7,506

1,213,154 507,886

38,589 27,1802,756 -

- -(191) (7,069)

(1,642) 20,40539,512 40,516

- -1,000 -

- -- -- -

1,000 -






19.38 14.6519.39 14.69

5.30 3.965.30 3.97

23.42 17.2823.43 17.32

10.46 -10.47 -


2013 2012

Annual management fee rateA SharesF SharesI SharesO Shares

Annual fixed administration fee rateA SharesF SharesI SharesO Shares

2.001.00


0.220.22

-0.15




10,485 11,63311,010 12,214



127 12139 34

– 187 –

Signature Global Science & Technology Corporate Class Fund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 63.8 Other Net Assets (Liabilities) .................................................................................................. 7.7 Germany ................................................................................................................................... 4.4 South Korea ............................................................................................................................. 4.0 Switzerland .............................................................................................................................. 3.9 Netherlands ............................................................................................................................. 3.2 Cayman Islands........................................................................................................................ 3.1 Taiwan...................................................................................................................................... 2.8 Sweden .................................................................................................................................... 2.0 Israel ........................................................................................................................................ 1.4 Hong Kong................................................................................................................................ 1.3 Brazil ........................................................................................................................................ 1.1 Singapore ................................................................................................................................. 1.0 Japan ....................................................................................................................................... 0.3

During the six-month period the Fund's other price risk exposure changed significantly as disclosed inthe section below. For details relating to credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in U.S. equitiesand therefore was sensitive to changes in general economic conditions in the United States.

As at September 30, 2013, had the U.S. markets increased or decreased by 10% (March 31, 2013 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $10,386,000 (March 31, 2013 - $8,288,000). In practice,actual results may differ from this analysis and the difference may be material.



– 188 –

Signature International Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


SWITZERLAND (11.0%) 103,600 ABB Ltd. 1,995,339 2,521,649

6,700 Cie Financiere Richemont S.A. 404,603 691,390 103,413 Credit Suisse Group AG 2,295,651 3,253,263 90,000 GAM Holding AG 1,527,136 1,676,025

170,350 Nestle S.A., Registered Shares 10,566,031 12,262,515 81,650 Novartis AG, Registered Shares 4,809,028 6,458,754 38,100 Roche Holding AG 7,509,681 10,584,177 18,900 Sulzer AG, Registered Shares 2,926,656 3,007,312 7,200 Zurich Financial Services AG 1,925,403 1,909,131

33,959,528 42,364,216 U.K. (9.7%)

227,000 Aberdeen Asset Management PLC 1,385,385 1,433,206 138,274 BHP Billiton PLC 4,444,315 4,196,759 83,357 British American Tobacco PLC 3,861,180 4,554,644

115,900 Diageo PLC 2,736,812 3,797,940 218,500 Drax Group PLC 1,974,403 2,486,888 181,210 GKN PLC 881,430 1,033,198 237,200 HSBC Holdings PLC 2,633,122 2,647,115 133,793 Intercontinental Hotels Group PLC, ADR 3,232,320 4,018,364 712,600 Kingfisher PLC 3,030,139 4,585,881 23,700 Rio Tinto PLC 1,381,533 1,194,782

156,850 Royal Dutch Shell PLC, Class A 5,362,075 5,330,781 12,500 Scottish and Southern Energy PLC 320,060 307,263

813,358 Standard Chartered PLC (IDR) 1,488,248 1,731,410 33,000 W&G Investments PLC^ 52,869 55,032

32,783,891 37,373,263 JAPAN (8.5%)

113,600 Asahi Group Holdings Ltd. 2,395,257 3,070,430 42,900 Denso Corp. 2,168,616 2,059,171

441,000 Hitachi Ltd. 2,531,761 2,985,662 57,500 Honda Motor Co., Ltd. 2,326,679 2,247,741

125,000 Marubeni Corp.* 896,681 1,008,719 89,300 Nabtesco Corp.* 1,851,236 2,235,822

114,250 Nexon Co., Ltd. 1,732,652 1,432,046 36,100 Omron Corp. 767,007 1,341,198 11,600 SMC Corp. 2,329,373 2,836,235

404,400 Taiheiyo Cement Corp. 880,688 1,809,708 85,400 Tokio Marine Holdings Inc. 2,264,138 2,864,029

177,600 Tokyo Gas Co., Ltd. 995,053 1,001,370 24,100 Toyota Industries Corp. 1,109,388 1,068,383 66,400 Toyota Motor Corp. 3,577,393 4,363,201

165,000 Yokogawa Electric Corp. 2,322,073 2,415,738 28,147,995 32,739,453

FRANCE (6.7%) 14,430 Arkema S.A. 1,258,840 1,655,302 56,800 BNP Paribas S.A.* 3,156,680 3,957,526 81,500 GDF Suez 1,754,585 2,108,424 29,710 LVMH Moet Hennessy Louis Vuitton S.A. 4,945,215 6,027,948 63,222 Rexel S.A. 1,513,639 1,651,426 26,600 Safran S.A. 1,275,532 1,687,659 22,003 Sanofi 2,207,021 2,298,048 49,833 Schneider Electric S.A. 3,550,071 4,338,739 33,510 Total S.A.* 1,740,575 2,002,559

21,402,158 25,727,631

GERMANY (5.8%) 14,400 Allianz S.E. 2,199,934 2,329,701 55,350 Bayer AG 3,831,980 6,711,849 9,346 Continental AG 941,427 1,631,858

39,450 Deutsche Bank AG 1,848,943 1,860,299 53,150 GEA Group AG 1,732,589 2,240,444

218,800 Infineon Technologies AG 2,016,175 2,248,918 26,350 Siemens AG, Registered Shares 2,863,976 3,269,057 8,900 Volkswagen AG, Preferred 2,003,447 2,149,285

17,438,471 22,441,411 NETHERLANDS (5.0%)

139,950 BinckBank N.V. 1,319,395 1,317,553 145,400 Delta Lloyd N.V. 2,340,250 3,185,095 24,801 European Aeronautic Defense

and Space Co. N.V. 1,468,011 1,627,607 102,250 ING Groep N.V. 816,753 1,189,891 116,800 Koninklijke Ahold N.V. 1,486,952 2,084,145 103,100 Koninklijke Philips Electronics N.V. 3,081,429 3,423,641 38,600 Nutreco N.V. 1,768,107 2,069,260

110,850 Unilever N.V. 3,962,695 4,441,754 16,243,592 19,338,946

U.S.A. (3.7%) 601,300 Advanced Micro Devices Inc.* 1,508,107 2,353,594 32,600 Citigroup Inc. 1,677,988 1,628,606 13,900 Noble Energy Inc. 666,834 959,425 60,650 QUALCOMM Inc. 3,335,924 4,206,886 37,500 SPDR Gold Trust* 4,836,688 4,950,790

12,025,541 14,099,301 SOUTH KOREA (3.6%)

9,300 Hyundai Motor Co. 1,747,579 2,237,664 3,500 Hyundai Wia Corp. 589,137 568,691

39,570 KB Financial Group Inc. 1,588,619 1,426,239 7,500 Samsung Electronics Co., Ltd. 6,636,453 9,820,876

10,561,788 14,053,470 SWEDEN (3.5%)

88,800 Atlas Copco AB, Series A* 2,156,455 2,678,540 236,700 Nordea Bank AB 2,895,844 2,938,226 162,400 Swedbank AB 3,567,678 3,896,488 299,000 Telefonaktiebolaget LM Ericsson, Class B 3,693,830 4,097,348

12,313,807 13,610,602 THAILAND (3.2%)

404,800 Bangkok Bank PCL 2,572,087 2,612,265 952,450 Kasikornbank PCL, Foreign Registered Shares 4,443,143 5,534,871 848,000 Siam Commercial Bank PCL 4,110,486 4,132,170

11,125,716 12,279,306 BELGIUM (2.9%)

50,200 Anheuser-Busch InBev N.V. 3,837,295 5,147,175 95,150 UCB S.A. 4,255,997 5,964,609

8,093,292 11,111,784 AUSTRALIA (2.7%)

930,250 AMP Ltd. 4,578,980 4,120,897 43,000 Australia & New Zealand Banking Group Ltd. 1,107,754 1,271,827

1,017,050 Telstra Corp., Ltd. 3,401,728 4,857,243 9,088,462 10,249,967




– 189 –

Signature International Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


CAYMAN ISLANDS (2.0%) 120,500 Edwards Group Ltd. 933,707 1,220,105 149,950 ENN Energy Holdings Ltd. 517,648 852,338

4,774,990 Hengdeli Holdings Ltd. 1,945,851 1,166,842 2,793,150 Want Want China Holdings Ltd. 2,880,065 4,347,540

6,277,271 7,586,825 HONG KONG (1.8%)

399,900 China Resources Power Holdings Co., Ltd. 1,146,780 981,466 817,200 Galaxy Entertainment Group Ltd. 2,092,667 5,887,757

3,239,447 6,869,223 CHINA (1.6%)

922,400 China Longyuan Power Group Corp., Ltd. 990,934 984,911 3,333,200 China Railway Construction Corp., Ltd., Class H 2,860,305 3,621,066

449,900 Dongfeng Motor Group Co., Ltd. 681,800 703,855 181,800 Great Wall Motor Co., Ltd., Class H 753,072 1,012,856

5,286,111 6,322,688 NETHERLANDS ANTILLES (1.6%)


BRAZIL (1.4%) 50,050 Cia Brasileira de Distribuicao Grupo Pao

de Acucar., Preferred 2,045,013 2,348,903 356,171 Fleury S.A. 3,984,400 3,012,101

6,029,413 5,361,004 RUSSIA (1.4%)

478,300 Sberbank of Russia 1,348,778 1,231,678 321,400 Sberbank of Russia, ADR 3,860,950 3,985,925

5,209,728 5,217,603 MEXICO (1.2%)

17,250 Coca-Cola Femsa S.A.B. de C.V.* 1,709,028 2,238,984 870,400 Wal-Mart de Mexico S.A.B. de C.V. 2,437,903 2,345,363

4,146,931 4,584,347 INDONESIA (1.1%)

6,106,200 Bank Mandiri Persero Tbk PT 4,579,679 4,318,037

JERSEY ISLAND (1.0%) 75,044 Wolseley PLC 2,598,942 3,999,677

BERMUDA (1.0%) 643,900 China Resources Gas Group Ltd. 1,728,021 1,688,058 16,000 Credicorp Ltd. 1,968,400 2,115,468

3,696,421 3,803,526 TAIWAN (0.8%)

176,091 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 2,076,339 3,076,237

DENMARK (0.8%) 28,150 Carlsberg AS, Class B 2,496,924 2,984,649

NORWAY (0.6%) 106,875 Statoil ASA 2,638,871 2,498,944

INDIA (0.4%) 51,800 ICICI Bank Ltd. 1,002,955 750,348 99,800 Shriram Transport Finance Co., Ltd. 1,233,574 934,533

2,236,529 1,684,881 CHILE (0.4%)

59,534 Banco Santander Chile S.A., ADR 1,588,864 1,610,950

AUSTRIA (0.4%) 45,300 Erste Group Bank AG 1,404,735 1,478,711

SOUTH AFRICA (0.3%) 716,400 African Bank Investments Ltd.* 2,152,246 1,226,082

TURKEY (0.3%) 284,037 Turkiye Garanti Bankasi AS 1,210,345 1,152,333

POLAND (0.3%) 87,589 Powszechna Kasa Oszczednosci Bank Polski S.A. 934,850 1,070,952


Total Equities (84.7%) 275,552,962 326,423,281


Foreign Currency Forward Contracts (-1.0%)(see Schedule A) (3,830,079)



Net Assets (100.0%) 385,310,620




– 190 –

Signature International Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)






1 Barclays PLC A-2 18-Oct-13 0.64 (1,605,887) Canadian $ 1,026,000 British Pound 105,554 1 Barclays PLC A-2 18-Oct-13 1.04 (1,959,360) Canadian $ 2,042,000 Australian $ 1,174 1 Credit Suisse Group AG A-1 18-Oct-13 1.04 (2,042,000) Australian $ 1,960,361 Canadian $ (174)1 Credit Suisse Group AG A-1 18-Oct-13 2.17 (3,823,000) Brazilian Real 1,760,940 Canadian $ (10,669)1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (6,442,318) Canadian $ 6,236,000 US $ (7,037)1 Morgan Stanley A-2 18-Oct-13 0.74 (6,388,000) Euro 8,615,145 Canadian $ (290,742)1 Morgan Stanley A-2 18-Oct-13 1,092.28 (5,140,815,000) Korean Won 4,706,519 Canadian $ (217,113)1 Morgan Stanley A-2 18-Oct-13 0.92 (13,473,000) Swiss Franc 14,618,126 Canadian $ (736,301)1 Morgan Stanley A-2 12-Dec-13 1.03 (2,624,000) US $ 2,710,172 Canadian $ 2,320 1 Royal Bank of Canada A-1+ 18-Oct-13 0.64 (6,949,000) British Pound 10,871,959 Canadian $ (719,464)1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (1,438,006) Canadian $ 1,392,000 US $ (1,522)1 Royal Bank of Canada A-1+ 18-Oct-13 0.61 (5,909,314) Canadian $ 3,617,000 British Pound 124,262 1 Royal Bank of Canada A-1+ 18-Oct-13 0.74 (16,637,000) Euro 22,428,230 Canadian $ (766,385)1 State Street Corp. A-1 12-Dec-13 1.03 (332,564) Canadian $ 322,000 US $ (274)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.29 (5,012,000) Brazilian Real 2,189,239 Canadian $ (133,283)1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (6,218,000) Brazilian Real 2,836,084 Canadian $ (45,368)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.64 (2,965,000) British Pound 4,643,878 Canadian $ (301,955)1 The Bank of Nova Scotia†† A-1 21-Oct-13 1.99 (764,620) Canadian $ 1,518,000 Turkish Lira 6,565 1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.19 (2,841,375) Canadian $ 6,218,000 Brazilian Real 40,080 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.61 (1,267,142) Canadian $ 775,000 British Pound 25,648 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.64 (1,449,512) Canadian $ 922,000 British Pound 88,454 1 The Bank of Nova Scotia†† A-1 18-Oct-13 2.24 (431,758) Canadian $ 965,000 Brazilian Real 15,423 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.73 (2,459,000) Euro 3,364,969 Canadian $ (63,299)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (3,596,000) Euro 4,853,590 Canadian $ (159,808)1 The Bank of Nova Scotia†† A-1 21-Oct-13 0.52 (1,518,000) Turkish Lira (New) 793,750 Canadian $ 22,543 1 UBS AG A-1 18-Oct-13 0.64 (5,665,000) British Pound 8,871,220 Canadian $ (578,406)1 UBS AG A-1 18-Oct-13 0.01 (1,002,879) Canadian $ 95,417,000 Japanese Yen (2,322)1 UBS AG A-1 18-Oct-13 0.61 (4,902,120) Canadian $ 3,000,000 British Pound 102,228 1 UBS AG A-1 18-Oct-13 95.69 (1,323,680,000) Japanese Yen 13,832,999 Canadian $ (47,259)1 UBS AG A-1 18-Oct-13 96.55 (93,899,000) Japanese Yen 972,563 Canadian $ (12,067)1 UBS AG A-1 18-Oct-13 96.07 (98,327,000) Japanese Yen 1,023,494 Canadian $ (7,572)1 UBS AG A-1 18-Oct-13 97.13 (99,462,000) Japanese Yen 1,023,987 Canadian $ (18,972)1 UBS AG A-1 18-Oct-13 0.90 (1,296,000) Swiss Franc 1,434,484 Canadian $ (42,514)1 UBS AG A-1 18-Oct-13 0.92 (3,709,804) Swiss Franc 4,022,863 Canadian $ (204,992)1 UBS AG A-1 12-Dec-13 1.03 (5,326,000) US $ 5,499,361 Canadian $ 3,168 Total Foreign Currency Forward Contracts Value (3,830,079)

– 191 –

Signature International Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares



326,423 355,76761,461 4,137

- -- -

371 371- -

537 1,540- -- -

25 44582 12,583

- -709 703

390,108 375,145

- -- -- -

4,367 640- -

303 4,685127 63

- -- -- -- -

4,797 5,388385,311 369,757

275,553 308,221- -

381,005 364,928111 105

3,346 4,175180 162626 35112 1218 1213 12

9.88 9.3513.55 12.8211.67 10.9916.97 15.8714.21 13.3011.83 11.4711.26 11.0810.91 10.59

38,564,477 39,010,6868,218 8,217

286,695 380,04910,628 10,19044,041 26,3811,053 1,0281,638 1,0651,180 1,136






– 192 –








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



6,100 5,025171 56247 122

- -- -- -

(959) (709)5,559 4,494

3,820 2,760465 307

1 -- -

445 3034,731 3,370

828 1,124- -

828 1,124

21,469 2,573189 (2,615)(453) (452)

- -

(1,406) 1,20419,799 71020,627 1,834

20,388 1,7866 1

200 3911 221 3

- 1- 11 1

0.52 0.050.72 0.980.66 0.241.12 0.220.78 0.190.64 0.900.55 0.880.73 0.95


2013 2012














364,928 280,959

1,247 26,872- -

(5,503) (27,124)- 40,593

(55) (2,132)(4,311) 38,209

- -- -- -- -

20,388 1,786381,005 320,954

105 -

- 10- -- -- -- -- 10

- -- -- -- -6 1

111 11

4,175 1,365

28 2- -

(251) (105)- 2,528

(806) (2)(1,029) 2,423

- -- -- -- -

200 393,346 3,827


2013 2012


– 193 –














162 153

3 6- -- -- 114 (35)7 (18)

- -- -- -- -

11 2180 137

351 104

257 36- -

(4) (1)- -1 38

254 73

- -- -- -- -

21 3626 180

12 -

- 10- -- -- -- -- 10

- -- -- -- -- 1

12 11


2013 2012















12 -

1 101 -- -- -5 -7 10

- -- -

(1) -(1) -- 1

18 11

12 -

- 10- -- -- -- -- 10

- -- -- -- -1 1

13 11

369,757 282,581

1,536 26,9561 -

(5,758) (27,230)- 43,132

(851) (2,131)(5,072) 40,727

- -- -

(1) -(1) -

20,627 1,834385,311 325,142


2013 2012

– 194 –

Signature International Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


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

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

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

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

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



2013 2012

39,010,686 33,708,969129,947 3,194,487

- -- 4,902,584

(570,870) (3,225,775)(5,286) (255,441)

38,564,477 38,324,824

8,217 101 908- -- -- -- -

8,218 918

380,049 141,0202,513 338

- -- 261,384

(22,715) (11,270)(73,152) (188)286,695 391,284

10,190 11,066199 445

- -- 776

(16) -255 (2,543)

10,628 9,744

26,381 9,01517,934 3,133

- -- -

(321) (56)47 3,226

44,041 15,318

1,028 10- 975

25 16- -- -- -

1,053 1,001


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


2013 2012

1,065 1086 98547 27

- -- -

440 -1,638 1,022

1,136 10- 1,049

44 30- -- -- -

1,180 1,089










9.88 8.379.89 8.38

13.55 11.4813.57 11.49

11.67 9.7811.69 9.79

16.97 14.0316.99 14.05

14.21 11.7714.22 11.78

11.83 10.5211.85 10.53

11.26 10.3011.27 10.31

10.91 9.7410.92 9.75


2013 2012

– 195 –

Signature International Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




15,529 18,27816,306 19,192



434 439134 123


Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesAT8 SharesIT8 Shares

2.001.951.00


2.002.00


0.220.150.22

-0.150.220.22

-


– 196 –

Signature International Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)U.K............................................................................................................................................ 12.3 Switzerland .............................................................................................................................. 11.6 Japan ....................................................................................................................................... 7.8 U.S.A. ....................................................................................................................................... 6.1 Netherlands ............................................................................................................................. 5.4 Australia................................................................................................................................... 5.3 France....................................................................................................................................... 5.0 Germany ................................................................................................................................... 4.4 South Korea ............................................................................................................................. 3.8 Hong Kong................................................................................................................................ 3.7 Other Net Assets (Liabilities) .................................................................................................. 3.6 Thailand ................................................................................................................................... 3.3 Brazil ........................................................................................................................................ 3.2 Belgium .................................................................................................................................... 2.6 Mexico ..................................................................................................................................... 2.3 Indonesia.................................................................................................................................. 2.2 Sweden .................................................................................................................................... 2.1 Poland ...................................................................................................................................... 1.8 Netherlands Antilles................................................................................................................ 1.7 Jersey Island............................................................................................................................ 1.4 Singapore ................................................................................................................................. 1.4 China ........................................................................................................................................ 1.2 Russia....................................................................................................................................... 1.2 Bermuda ................................................................................................................................... 1.0 Spain ........................................................................................................................................ 0.9 Taiwan...................................................................................................................................... 0.8 Denmark ................................................................................................................................... 0.8 Norway..................................................................................................................................... 0.7 Cayman Islands........................................................................................................................ 0.6 South Africa ............................................................................................................................. 0.4 Israel ........................................................................................................................................ 0.4 Chile ......................................................................................................................................... 0.4 Turkey ....................................................................................................................................... 0.3 Foreign Currency Forward Contracts ....................................................................................... 0.2 India ......................................................................................................................................... 0.1




(in $000's) (in $000's) (in $000's) (in $000's)Equities 322,669 3,699 55 326,423 Foreign currency forward contracts, net - (3,830) - (3,830) Total 322,669 (131) 55 322,593

During the six-month period ended September 30, 2013, equity investments with a net fair value of $3,007,000 were transferred from Level 1 into Level 2 and equity investments with a net fair vale of $1,731,000 were transferred out of Level 2 into Level 1.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 351,759 4,008 - 355,767 Foreign currency forward contracts, net - 900 - 900 Total 351,759 4,908 - 356,667

During the year ended March 31, 2013, equity investments with a net fair value of $959,000 weretransferred from Level 1 into Level 2.

There were no transfers between Level 1 and 3 and Level 2 and 3 during the six-month period endedSeptember 30, 2013 and the year ended March 31, 2013.



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



(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 55 - - - - 55 Total - 55 - - - - 55


Investments classified as Level 3 are valued at fair value based on unobservable inputs and assumptions, which may include credit spreads, industry multipliers, and discount rates. Management has assessed thatthe effect of changing these inputs to reasonably possible alternatives would not have a significant impact on the net assets of the Fund as at September 30, 2013.

– 197 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (25.4%) 1,369,300 African Bank Investments Ltd.* 2,907,873 2,343,488

706,650 Bangkok Bank PCL 3,711,882 4,560,170 39,500 BNP Paribas S.A. 2,154,700 2,752,153

697,860 Brookfield Asset Management Inc., Class A 18,845,630 26,895,524 665,400 Brookfield Office Properties Inc. (USD) 11,321,855 13,077,297 655,420 Canadian Imperial Bank of Commerce 49,151,161 53,777,211 277,400 Citigroup Inc. 9,839,250 13,858,142 122,436 Credit Suisse Group AG 2,194,210 3,851,706 414,200 Forest City Enterprises Inc., Class A 7,773,727 8,080,661 113,831 Genworth MI Canada Inc.* 2,420,136 3,297,684 222,333 Gluskin Sheff + Associates Inc. 4,145,555 4,182,084 142,400 Intact Financial Corp. 8,748,725 8,796,048 817,800 Kasikornbank PCL 3,947,145 4,712,005 98,900 MetLife Inc. 3,219,451 4,779,815

971,550 Royal Bank of Canada 57,593,422 64,122,300 441,900 Sberbank of Russia, ADR 5,303,262 5,480,337 122,600 Swedbank AB 2,920,296 2,941,561 889,450 The Bank of Nova Scotia††* 49,498,129 52,468,656

1,187,900 Toronto-Dominion Bank* 90,009,241 110,094,572 335,705,650 390,071,414

ENERGY (14.9%) 1,091,950 Canadian Natural Resources Ltd. 35,488,163 35,346,422

850,950 Cenovus Energy Inc. 27,748,587 26,149,694 104,400 Chevron Corp. 12,299,933 13,059,275 54,600 Continental Resources Inc.* 4,483,006 6,032,922

276,050 Crescent Point Energy Corp.* 11,309,386 10,763,190 135,650 Enbridge Inc. 5,396,040 5,830,237 471,300 EnCana Corp. 9,565,697 8,384,427 40,200 EOG Resources Inc. 5,139,085 7,012,008 81,400 Exxon Mobil Corp. 7,584,277 7,214,091

160,950 Halliburton Co. 5,934,937 7,984,253 189,500 Imperial Oil Ltd. 8,453,014 8,571,085 122,650 National Oilwell Varco Inc. 8,527,788 9,874,359 211,000 Schlumberger Ltd. 15,878,068 19,212,838

1,256,824 Suncor Energy Inc. 40,179,955 46,276,260 974,350 Talisman Energy Inc. 15,733,998 11,507,074 115,027 TransCanada Corp. 5,096,093 5,204,972

218,818,027 228,423,107 HEALTH CARE (9.5%)

428,400 Baxter International Inc. 27,444,481 28,982,738 176,000 Bayer AG 12,985,778 21,342,103 291,200 Merck & Co., Inc. 14,461,929 14,277,598 513,250 Nordion Inc.* 4,767,150 4,526,865 252,137 Novartis AG, Registered Shares 14,554,146 19,944,776

1,357,004 Patheon Inc. 3,428,128 8,277,724 141,200 Roche Holding AG 28,849,194 39,225,349 87,673 Sanofi 8,794,081 9,156,784


256,800 Alimentation Couche-Tard Inc., Class B 8,088,162 16,450,608 160,185 British American Tobacco PLC 6,859,451 8,752,542 134,800 Cia Brasileira de Distribuicao Grupo

Pao de Acucar., Preferred 5,722,041 6,326,315 190,553 CVS Caremark Corp. 7,298,700 11,140,764 379,455 Diageo PLC 8,022,116 12,434,405 223,100 Kraft Foods Group Inc. 10,336,156 12,053,186

CONSUMER STAPLES (9.3%) (cont’d)291,150 Loblaw Co., Ltd. 10,219,441 13,247,325 214,300 Nestle S.A., Registered Shares 12,173,044 15,426,222 150,500 PepsiCo Inc. 10,079,425 12,325,799 149,266 Procter & Gamble Co. 9,674,159 11,623,569 232,440 Saputo Inc.* 8,945,624 11,354,694 79,370 Shoppers Drug Mart Corp. 3,221,784 4,707,435

2,486,624 Wal-Mart de Mexico S.A.B. de C.V. 6,228,947 6,700,409 106,869,050 142,543,273

INDUSTRIALS (8.4%) 641,600 Bombardier Inc., Class B, Sub-Voting Shares 2,747,284 3,073,264 381,600 Canadian National Railway Co. 27,951,083 39,827,592 121,700 Danaher Corp. 7,755,584 8,692,230 111,300 Eaton Corp PLC 6,348,951 7,893,251 107,771 European Aeronautic Defense and

Space Co. N.V. 6,464,997 7,072,650 403,200 General Electric Co. 8,802,084 9,926,022 582,000 ITOCHU Corp.* 6,228,354 7,319,371 119,900 Pentair Ltd. 6,400,174 8,021,492 35,100 Precision Castparts Corp. 6,196,679 8,218,671

170,450 Quanta Services Inc. 3,234,122 4,829,970 65,500 Safran S.A.* 3,206,139 4,155,702 94,493 Schneider Electric S.A. 7,197,837 8,227,088

487,400 Tokyo Gas Co., Ltd. 2,726,158 2,748,131 65,800 Triumph Group Inc. 4,175,635 4,760,660 81,300 United Rentals Inc. 4,687,847 4,879,692 44,000 W&G Investments PLC^ 70,491 73,376

104,193,419 129,719,162 MATERIALS (4.4%)

321,950 BHP Billiton PLC 10,072,330 9,771,517 198,200 Dow Chemical Co. 6,694,359 7,841,602 181,550 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 6,801,007 6,184,253 551,300 Goldcorp Inc. 24,301,163 14,763,814 160,700 International Paper Co. 6,210,783 7,415,675 346,750 Potash Corp. of Saskatchewan Inc. 15,057,944 11,165,350 207,200 Rio Tinto PLC 11,895,815 10,445,520


468,600 Activision Blizzard Inc. 7,073,713 8,046,272 13,500 Apple Inc. 7,797,717 6,629,508 15,100 Google Inc., Class A 10,125,681 13,617,888

509,450 Intel Corp. 11,520,616 12,027,434 206,200 KLA-Tencor Corp. 9,740,900 12,917,899 547,900 Posera-HDX Ltd. 264,938 106,840 534,000 Telefonaktiebolaget LM Ericsson, Class B 7,132,760 7,317,671


28,100 Cie Financiere Richemont S.A. 1,608,241 2,899,712 26,600 Continental AG 2,512,011 4,644,492 90,600 Delphi Automotive PLC 2,990,421 5,450,950 81,000 Denso Corp. 4,117,404 3,887,944 83,700 General Motors Co. 3,002,208 3,099,425

168,450 GKN PLC 985,329 960,445 9,346,480 Hengdeli Holdings Ltd. 3,824,328 2,283,956

10,000 Hyundai Motor Co. 1,935,451 2,406,091 81,900 Magna International Inc., Class A 4,805,509 6,957,405

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.^Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



– 198 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


CONSUMER DISCRETIONARY (3.9%) (cont’d)292,979 RONA Inc.* 3,488,471 3,454,222 72,000 Stanley Black & Decker Inc.* 5,164,252 6,715,491

162,200 Target Corp. 10,367,515 10,687,694 101,700 Toyota Motor Corp. 5,575,375 6,682,794

50,376,515 60,130,621 WARRANTS (2.6%)

944,410 Bank of America Corp., Warrants (16Jan19) 5,041,387 5,904,812 1,712,451 JPMorgan Chase & Co., Warrants (28Oct18) 20,623,834 29,386,642

338,019 Wells Fargo & Co., Warrants (28Oct18) 3,246,127 4,888,381 28,911,348 40,179,835

UTILITIES (1.5%) 281,950 Calpine Corp. 4,242,519 5,642,892 41,210 Edison International 1,891,295 1,954,316

114,500 GDF Suez 2,626,661 2,962,142 276,700 NRG Energy Inc. 6,749,566 7,789,429 34,500 Scottish and Southern Energy PLC 883,932 848,045 52,150 Sempra Energy* 3,035,846 4,597,094


158,600 SPDR Gold Trust* 20,455,859 20,938,539


363,750 NMI Holdings Inc., Private Placement^ 3,650,351 4,346,281 9,395,951 9,969,409

TELECOMMUNICATION SERVICES (0.3%) 96,200 BCE Inc. 3,384,508 4,229,914


Total Equities (86.2%) 1,146,670,124 1,323,984,372



Foreign Currency Forward Contracts (-0.4%)(see Schedule B) (5,567,765)



Net Assets (100.0%) 1,535,148,142



– 199 –

Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)






149,000,000 ABN Amro Canada 1% 10/01/2013 149,000,000 149,000,000 58,000,000 National Bank of Canada 0.9% 10/02/2013 58,000,000 58,000,000


Schedule BForeign Currency Forward Contracts (-0.4%)


1 Barclays PLC A-2 18-Oct-13 1.04 (54,000) Australian $ 51,815 Canadian $ (31)1 Barclays PLC A-2 18-Oct-13 0.62 (1,555,000) British Pound 2,493,551 Canadian $ (100,338)1 Barclays PLC A-2 18-Oct-13 0.64 (1,586,000) British Pound 2,494,072 Canadian $ (151,496)1 Barclays PLC A-2 18-Oct-13 0.64 (2,120,000) British Pound 3,318,207 Canadian $ (218,104)1 Barclays PLC A-2 12-Dec-13 1.03 (9,045,500) US $ 9,340,202 Canadian $ 5,651 1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (12,493,000) US $ 12,906,331 Canadian $ 14,098 1 Morgan Stanley A-2 18-Oct-13 0.74 (7,632,000) Euro 10,292,859 Canadian $ (347,361)1 Morgan Stanley A-2 18-Oct-13 0.92 (17,162,000) Swiss Franc 18,620,669 Canadian $ (937,905)1 Morgan Stanley A-2 12-Dec-13 1.03 (7,579,000) US $ 7,827,894 Canadian $ 6,700 1 Royal Bank of Canada A-1+ 18-Oct-13 0.64 (4,053,000) British Pound 6,341,063 Canadian $ (419,627)1 Royal Bank of Canada A-1+ 18-Oct-13 0.73 (1,723,000) Euro 2,349,933 Canadian $ (52,220)1 Royal Bank of Canada A-1+ 18-Oct-13 0.73 (4,323,000) Euro 5,956,013 Canadian $ (71,018)1 Royal Bank of Canada A-1+ 18-Oct-13 0.74 (7,262,000) Euro 9,789,854 Canadian $ (334,525)1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (22,901,000) US $ 23,657,878 Canadian $ 25,043 1 State Street Corp. A-1 12-Dec-13 1.03 (14,171,131) Canadian $ 13,721,000 US $ (11,665)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.64 (12,667,000) British Pound 19,839,461 Canadian $ (1,290,005)1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.73 (2,814,553) Canadian $ 2,044,000 Euro 35,145 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.61 (5,619,571) Canadian $ 3,437,000 British Pound 113,747 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.61 (8,860,386) Canadian $ 5,424,000 British Pound 187,474 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (5,058,000) Euro 6,826,879 Canadian $ (224,780)1 The Bank of Nova Scotia†† A-1 12-Dec-13 1.03 (10,246,000) US $ 10,584,630 Canadian $ 11,204 1 UBS AG A-1 18-Oct-13 0.64 (4,561,000) British Pound 7,142,389 Canadian $ (465,685)1 UBS AG A-1 18-Oct-13 0.61 (1,838,707) Canadian $ 1,119,000 British Pound 27,921 1 UBS AG A-1 18-Oct-13 0.96 (51,849) Canadian $ 54,000 Australian $ (3)1 UBS AG A-1 18-Oct-13 0.74 (1,701,000) Euro 2,294,938 Canadian $ (76,527)1 UBS AG A-1 18-Oct-13 0.92 (23,845,374) Swiss Franc 25,857,614 Canadian $ (1,317,618)1 UBS AG A-1 12-Dec-13 1.03 (40,621,500) US $ 41,943,730 Canadian $ 24,160 Total Foreign Currency Forward Contracts Value (5,567,765)

– 200 –

Signature Select Canadian Corporate ClassFinancial Statements (unaudited)













1,323,984 1,412,9693,148 2,888

207,000 76,000- -

2,875 2,875- -

451 4,157- -- -

520 8991,820 5,077

- -2,818 3,872

1,542,616 1,508,737

- -- -- -

6,019 512- -

440 1,3771,009 957

- -- -- 110- -

7,468 2,9561,535,148 1,505,781

1,146,670 1,285,140- -

1,431,523 1,414,2183,036 2,199

16,975 14,72153,239 45,09411,584 10,2984,044 3,910

12 1133 34

1,345 1,32427 12

12,544 13,30112 11

226 92506 51442 42

22.24 21.2612.74 12.1724.63 23.4116.36 15.4513.31 12.588.29 8.12

11.53 11.289.67 9.429.70 9.38

12.11 11.726.74 6.69

10.87 10.807.84 7.74

10.24 10.0511.41 11.20

64,378,683 66,522,423238,403 180,644689,309 628,768

3,254,824 2,919,526870,436 818,772487,593 481,543

1,041 1,0163,389 3,596

138,656 141,1922,244 995

1,861,767 1,987,1381,104 1,062

28,874 11,85149,427 51,2083,679 3,714






– 201 –











19,590 18,847582 462219 191

- -- -- -

(1,344) (1,314)19,047 18,186

14,652 13,4151,521 1,351

8 5- -

1,720 1,47517,901 16,2461,146 1,940

- -1,146 1,940

28,365 33,424(343) (876)(727) (1,040)

- -

40,272 (45,532)67,567 (14,024)68,713 (12,084)

63,430 (12,158)101 48799 (65)

2,917 135610 142174 (47)

1 12 (1)

77 31 -

564 (145)1 15 -

29 12 1

0.97 (0.17)0.55 0.381.23 (0.10)0.92 0.060.72 0.360.37 (0.09)0.51 1.110.46 (0.05)0.55 0.020.63 (0.03)0.29 (0.08)0.49 1.100.31 (0.02)0.58 0.020.63 0.15


2013 2012


2013 2012



– 202 –


























1,414,218 1,483,302

32,139 68,940- -

(65,903) (63,797)(12,361) (119,232)(46,125) (114,089)

- -- -- -- -

63,430 (12,158)1,431,523 1,357,055

2,199 675

998 442- -

(73) (115)(189) 853736 1,180

- -- -- -- -

101 483,036 1,903

14,721 14,814

1,221 769- -

(1,707) (1,425)1,941 (439)1,455 (1,095)

- -- -- -- -

799 (65)16,975 13,654

45,094 37,109

7,388 4,170- -

(3,976) (4,094)1,816 (581)5,228 (505)

- -- -- -- -

2,917 13553,239 36,739

10,298 2,852

1,163 915- -

(373) (39)(114) 2,764676 3,640

- -- -- -- -

610 14211,584 6,634

3,910 4,270

383 1651 -

(260) (136)(72) (260)52 (231)

- -- -

(92) (100)(92) (100)174 (47)

4,044 3,892


2013 2012


2013 2012



– 203 –


























12 -

- 10- -- -

15 115 11

- -- -

(1) -(1) -1 -

27 11

13,301 14,553

544 3653 2

(1,066) (507)(316) (663)(835) (803)

- -- -

(486) (531)(486) (531)564 (145)

12,544 13,074

11 -

- 10- -- -- -- 10

- -- -- -- -1 1

12 11

11 -

- 10- -- -- -- 10

- -- -- -- -1 1

12 11

34 63

- -- -

(2) (4)- -

(2) (4)

- -- -

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

33 57

1,324 1,225

- -- -

(25) (12)- -

(25) (12)

- -- -

(31) (29)(31) (29)77 3

1,345 1,187


2013 2012



2013 2012


– 204 –


















1,505,781 1,559,475

43,935 75,8374 2

(73,390) (70,134)(9,257) (117,399)

(38,708) (111,694)

- -- -

(638) (688)(638) (688)

68,713 (12,084)1,535,148 1,435,009

92 93

99 -- -- -

36 -135 -

- -- -

(6) (4)(6) (4)5 -

226 89

514 519

- -- -

(5) (5)(13) 2(18) (3)

- -- -

(19) (20)(19) (20)29 1

506 497

42 -

- 41- -- -- 156- 197

- -- -

(2) (3)(2) (3)2 1

42 195


2013 2012



2013 2012


– 205 –

Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

66,522,423 74,022,2931,486,153 3,492,336

- -(3,056,457) (3,310,963)

(573,436) (5,929,717)64,378,683 68,273,949

180,644 58,94480,010 39,942

- -(5,953) (10,012)

(16,298) 78,375238,403 167,249

628,768 678,47450,908 36,590

- -(72,942) (67,401)82,575 (20,597)

689,309 627,066

2,919,526 2,610,780469,074 303,970

- -(251,018) (297,175)117,242 (42,785)

3,254,824 2,574,790

818,772 245,94691,047 80,644

- -(28,917) (3,328)(10,466) 247,196870,436 570,458

481,543 531,00746,565 21,598

78 11(31,660) (18,109)(8,933) (34,070)

487,593 500,437

1,016 101 960

24 16- -- -

1,041 986









2013 2012

3,596 6,822- -- -

(207) (458)- -

3,389 6,364

141,192 135,210- -- -

(2,536) (1,391)- -

138,656 133,819

995 10- 940

24 16(26) (1)

1,251 12,244 966

1,987,138 2,131,07781,452 56,862

411 327(159,587) (77,735)(47,647) (101,452)

1,861,767 2,009,079

1,062 10- 978

42 27- -- -

1,104 1,015

11,851 11,83612,484 -

- -(18) (19)

4,557 -28,874 11,817

51,208 51,909- -- -

(514) (537)(1,267) 19349,427 51,565


– 206 –




2013 2012

3,714 101 3,767- -

(36) (28)- 14,399

3,679 18,148







2013 2012












22.24 19.8822.25 19.90

12.74 11.3812.74 11.39

24.63 21.7724.64 21.80

16.36 14.2716.36 14.29

13.31 11.6313.31 11.64

8.29 7.788.30 7.79

11.53 10.8111.53 10.82

9.67 8.979.67 8.98

9.70 8.879.71 8.88

12.11 11.1012.12 11.11

6.74 6.516.74 6.52


2013 2012

10.87 10.5010.88 10.51

7.84 7.497.84 7.50

10.24 9.6510.25 9.66

11.41 10.7711.41 10.78



154,901 117,471162,646 123,344



708 1,022219 286



2.001.951.00


2.001.951.00


2.001.951.00



– 207 –





0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15


– 208 –

Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Financials ................................................................................................................................. 25.0 Energy ...................................................................................................................................... 18.1 Consumer Staples.................................................................................................................... 11.1 Health Care .............................................................................................................................. 10.0 Materials.................................................................................................................................. 8.0 Industrials ................................................................................................................................ 7.7 Short-Term Investments........................................................................................................... 5.0 Information Technology ........................................................................................................... 4.1 Consumer Discretionary........................................................................................................... 3.5 Telecommunication Services ................................................................................................... 2.4 Warrants .................................................................................................................................. 2.3 Utilities..................................................................................................................................... 1.4 Other Net Assets (Liabilities) .................................................................................................. 1.0 Private Placements .................................................................................................................. 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.2




(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,255,545 2,900 4,420 1,262,865 Exchange-traded funds 20,939 - - 20,939 Short-term investments - 207,000 - 207,000 Warrants 40,180 - - 40,180 Foreign currency forward contracts, net - (5,568) - (5,568) Total 1,316,664 204,332 4,420 1,525,416


(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,374,846 - 3,490 1,378,336 Short-term investments - 76,000 - 76,000 Warrants 34,633 - - 34,633 Foreign currency forward contracts, net - 3,645 - 3,645 Total 1,409,479 79,645 3,490 1,492,614

There were no transfers between Level 1, 2 and 3 during the six-month period ended September 30, 2013and the year ended March 31, 2013.






(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's)

Long Positions/Assets:Equities 3,490 320 - - - 610 4,420 Total 3,490 320 - - - 610 4,420




(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 3,486 (83) - - 87 3,490 Total - 3,486 (83) - - 87 3,490



– 209 –

Signature Select Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.4%)3,233,733 Signature Select Global Fund (Class A)† 33,045,246 39,192,845



Net Assets (100.0%) 39,423,741



– 210 –

Signature Select Global Corporate ClassFinancial Statements (unaudited)











39,193 26,005203 146

- -- -- -- -

- -- -- -

56 124- 67- -- -

39,452 26,342

- -1 -- -

- -- -

20 267 8- -- -- 1- -

28 3539,424 26,307

33,045 21,765- -

5,001 2,2251,044 320

474 45027,042 19,3385,408 3,787

12 12144 1213 1213 12

221 9113 1213 1213 1213 12

13.01 12.2914.05 13.2613.35 12.5414.49 13.5214.66 13.6810.78 10.4212.73 12.3012.30 11.8213.36 12.7511.39 11.1612.02 11.7711.69 11.3911.64 11.2612.62 12.22

384,214 180,93974,290 24,13935,494 35,911

1,865,899 1,430,512368,959 276,744

1,148 1,12211,292 9781,050 1,026

981 95919,412 8,1891,061 1,0221,104 1,0641,129 1,0891,038 1,001


as at as at



as at as at




– 211 –













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

49 119 2- -- -7 2

65 15(63) (14)

- -(63) (14)

271 130- -- -- -

1,908 972,179 2272,116 213

179 (3)27 330 -

1,551 144311 63

- -1 -1 11 1

11 11 -1 11 11 1

0.63 (0.03)0.54 0.470.80 (0.01)0.94 0.090.92 0.810.60 0.230.17 0.950.75 0.960.90 1.100.68 0.910.68 0.930.72 0.950.79 1.000.85 1.07


2013 2012


2013 2012


– 212 –



























2013 2012


2013 2012



2,225 911

1,088 84- -

(109) (39)1,618 (12)2,597 33

- -- -- -- -

179 (3)5,001 941

320 33

692 26- -- -5 136

697 162

- -- -- -- -

27 31,044 198

450 288

23 19- -

(35) (8)6 (193)(6) (182)

- -- -- -- -

30 -474 106

19,338 18,160

4,753 828- -

(867) (1,575)2,267 4706,153 (277)

- -- -- -- -

1,551 14427,042 18,027

3,787 128

944 2,127- -

(369) 28735 259

1,310 2,414

- -- -- -- -

311 635,408 2,605

12 -

- 10- -- -- -- 10

- -- -- -- -- -

12 10

– 213 –



























2013 2012


2013 2012



91 -

43 10- -- -

83 5126 15

- -- -

(7) -(7) -11 1

221 16

12 -

- 10- -- -- -- 10

- -- -- -- -1 -

13 10

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

132 10- -- -- -

132 10

- -- -

(1) -(1) -1 -

144 10

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

– 214 –















2013 2012



12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

26,307 19,520

7,675 3,174- -

(1,380) (1,594)4,714 665

11,009 2,245

- -- -

(8) -(8) -

2,116 21339,424 21,978

– 215 –

Signature Select Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012










2013 2012

180,939 84,13485,451 8,041

- -(8,590) (3,764)

126,414 (1,102)384,214 87,309

24,139 2,79649,762 2,266

- -(10) -399 12,003

74,290 17,065

35,911 26,3661,787 1,767

- -(2,707) (763)

503 (17,720)35,494 9,650

1,430,512 1,563,180338,293 74,605

- -(62,198) (139,552)159,292 41,044

1,865,899 1,539,277

276,744 10,87466,495 183,727

- -(25,935) 2,68851,655 22,260

368,959 219,549

1,122 -- 1,088

26 9- -- -

1,148 1,097

978 1010,289 930

25 15- -- -

11,292 955

1,026 10- 976

24 16- -- -

1,050 1,002

959 10- 912

22 15- -- -

981 937

8,189 103,712 999

41 27- -

7,470 50319,412 1,539

1,022 10- 947

39 26- -- -

1,061 983

1,064 10- 987

40 27- -- -

1,104 1,024

1,089 10- 1,010

40 28- -- -

1,129 1,048

1,001 10- 929

37 25- -- -

1,038 964

– 216 –

Signature Select Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2.001.951.00


2.001.951.00



0.220.150.22

-0.150.220.150.220.150.220.150.22

-0.15



– 217 –

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




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 37.6Other Net Assets (Liabilities) .................................................................................................. 15.9Switzerland .............................................................................................................................. 6.8U.K............................................................................................................................................ 6.4Japan ....................................................................................................................................... 4.7France....................................................................................................................................... 4.6Netherlands ............................................................................................................................. 3.6Belgium .................................................................................................................................... 2.2Germany ................................................................................................................................... 2.2Australia................................................................................................................................... 2.1South Korea ............................................................................................................................. 1.7Thailand ................................................................................................................................... 1.6Canada ..................................................................................................................................... 1.4Sweden .................................................................................................................................... 1.0Mexico ..................................................................................................................................... 1.0China ........................................................................................................................................ 0.9Cayman Islands........................................................................................................................ 0.8Taiwan...................................................................................................................................... 0.8Bermuda ................................................................................................................................... 0.8Denmark ................................................................................................................................... 0.8Brazil ........................................................................................................................................ 0.7Ireland ...................................................................................................................................... 0.6Russia....................................................................................................................................... 0.6Netherlands Antilles................................................................................................................ 0.5Indonesia.................................................................................................................................. 0.5Jersey Island............................................................................................................................ 0.3South Africa ............................................................................................................................. 0.2Hong Kong................................................................................................................................ 0.2India ......................................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... (0.5)


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 39.6 U.K............................................................................................................................................ 7.7 Switzerland .............................................................................................................................. 7.6 Other Net Assets (Liabilities) .................................................................................................. 5.3 Australia................................................................................................................................... 4.6 Japan ....................................................................................................................................... 4.0 France....................................................................................................................................... 3.9 Netherlands ............................................................................................................................. 2.4 Germany ................................................................................................................................... 2.2 Belgium .................................................................................................................................... 2.1 Canada ..................................................................................................................................... 1.9 Mexico ..................................................................................................................................... 1.9 South Korea ............................................................................................................................. 1.8 Brazil ........................................................................................................................................ 1.8 Thailand ................................................................................................................................... 1.7 Hong Kong................................................................................................................................ 1.3 Sweden .................................................................................................................................... 1.0 Ireland ...................................................................................................................................... 0.9 Poland ...................................................................................................................................... 0.8 Taiwan...................................................................................................................................... 0.8 Indonesia.................................................................................................................................. 0.8 Cayman Islands........................................................................................................................ 0.8 Denmark ................................................................................................................................... 0.8 China ........................................................................................................................................ 0.7 Bermuda ................................................................................................................................... 0.6 Russia....................................................................................................................................... 0.6 Netherlands Antilles................................................................................................................ 0.6 Spain ........................................................................................................................................ 0.5 Israel ........................................................................................................................................ 0.4 Chile ......................................................................................................................................... 0.3 Jersey Island............................................................................................................................ 0.2 India ......................................................................................................................................... 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.2


Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2013 andMarch 31, 2013, the Underlying Fund was predominantly invested in global equities and thereforewas sensitive to changes in general economic conditions across the world.

As at September 30, 2013, had global markets increased or decreased by 10% (March 31, 2013 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $3,919,000 (March 31, 2013 - $2,601,000). In practice, actual results maydiffer from this analysis and the difference may be material.


– 218 –

Signature Select Global Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)




as at September 30, 2013Currency Net Assets (%)US Dollar 57.5 Euro 6.2 British Pound 4.5 Swiss Franc 3.2 Japanese Yen 2.3 Australian Dollar 2.1 Korean Won 1.7 Hong Kong Dollar 1.6 Thai Baht 1.6 Swedish Krona 1.0 Brazilian Real 1.0 Danish Krone 0.8 Indian Rupee 0.6 Indonesian Rupiah 0.5 Mexican Peso 0.4 Taiwan Dollar 0.3 South Africa Rand 0.2 Total 85.5

as at March 31, 2013Currency Net Assets (%)US Dollar 49.9 Euro 4.9 Japanese Yen 4.1 British Pound 3.9 Swiss Franc 3.6 Hong Kong Dollar 2.4 Australian Dollar 2.3 Brazilian Real 2.1 Korean Won 1.8 Thai Baht 1.7 Mexican Peso 1.1 Swedish Krona 1.0 Polish Zloty 0.8 Danish Krone 0.8 Indonesian Rupiah 0.8 Indian Rupee 0.6 Taiwan Dollar 0.4 Israeli Shekel 0.4 Chilean Peso 0.1 Total 82.7

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $3,351,000 (March 31, 2013 - $2,151,000). In practice, actual results may differ from thisanalysis and the difference may be material.



– 219 –

Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (20.0%) 38,600 ACE Ltd. 3,642,897 3,720,324 16,800 Aon PLC 1,244,863 1,288,341 8,900 BlackRock Inc. (USD) 1,738,628 2,483,177

110,100 Blackstone Group L.P. 2,018,643 2,820,460 51,300 CIT Group Inc. 2,499,143 2,575,489 95,400 Citigroup Inc. 4,310,342 4,765,922

126,900 CNO Financial Group Inc. 1,914,685 1,883,573 81,600 Discover Financial Services 3,491,594 4,247,978 21,600 Goldman Sachs Group Inc. 2,720,324 3,522,017 59,800 Hartford Financial Services Group Inc. 1,713,425 1,916,276 24,800 Hercules Technology Growth Capital Inc.* 372,407 389,819 67,300 HFF Inc. 1,229,319 1,735,133

252,500 MGIC Investment Corp.* 1,319,506 1,893,431 31,400 Nelnet Inc. 1,193,427 1,243,929 82,300 Ocwen Financial Corp. 1,681,957 4,726,933 41,600 Realogy Holdings Corp. 1,835,152 1,843,833

232,500 Regions Financial Corp. 1,642,975 2,220,033 20,600 State Street Corp. 1,256,107 1,395,571 97,700 SunTrust Banks Inc. 3,323,509 3,261,598 86,000 Western Union Co. 1,310,742 1,653,863

40,459,645 49,587,700INFORMATION TECHNOLOGY (16.8%)

23,800 Agilent Technologies Inc. 1,281,201 1,256,644 11,900 Apple Inc. 5,243,355 5,843,788 53,500 Avago Technologies Ltd. 2,330,145 2,375,133

147,500 CA Inc. 3,924,902 4,507,818 147,100 Cisco Systems Inc. 3,200,836 3,550,110 33,300 Euronet Worldwide Inc. 1,255,915 1,365,162 53,000 Facebook Inc. 1,884,127 2,742,725 55,700 Finisar Corp.* 1,239,145 1,298,364 5,700 Google Inc., Class A 4,454,262 5,140,527

94,900 Informatica Corp. 3,590,711 3,809,372 101,700 Intel Corp. 2,558,490 2,401,001 24,800 Lam Research Corp. 1,211,627 1,307,656 16,700 Rally Software Development Corp. 430,931 514,161 83,100 Ruckus Wireless Inc. 1,221,621 1,439,739 50,000 TE Connectivity Ltd. 2,510,317 2,667,305 20,300 VMware Inc. 1,867,295 1,690,987

38,204,880 41,910,492HEALTH CARE (13.2%)

80,200 AbbVie Inc. 3,650,599 3,696,785 36,500 Aetna Inc. 2,443,454 2,407,316 47,300 Cardinal Health Inc. 2,528,101 2,540,810 32,600 Celgene Corp. 4,224,199 5,132,293 53,700 Eli Lilly and Co. 2,933,508 2,783,928 57,900 Gilead Sciences Inc. 2,980,334 3,748,354 37,700 HCA Holdings Inc. 1,514,502 1,660,100 14,700 Intercept Pharmaceuticals Inc. 1,008,476 1,045,079 31,100 Omnicare Inc. 1,692,005 1,777,271 24,600 PAREXEL International Corp. 990,192 1,272,785 66,200 Service Corp. International 1,209,259 1,269,681 44,700 Team Health Holdings Inc. 1,603,200 1,746,414 41,400 Thermo Fisher Scientific Inc. 2,872,495 3,930,490

29,650,324 33,011,306

INDUSTRIALS (11.3%) 25,700 AGCO Corp. 1,444,566 1,599,715 27,200 Bristow Group Inc. 1,571,943 2,037,696

121,500 General Electric Co. 2,871,035 2,991,100 55,000 Honeywell International Inc. 3,082,660 4,703,862 30,900 Huron Consulting Group Inc. 1,435,332 1,674,494 20,400 Kansas City Southern de Mexico* 909,884 2,298,186 47,100 Northrop Grumman Corp. 4,061,352 4,621,557 45,500 Quanta Services Inc. 1,187,876 1,289,314 17,600 Towers Watson & Co. 1,224,698 1,939,058 31,400 Union Pacific Corp. 2,240,328 5,025,203

20,029,674 28,180,185ENERGY (10.5%)

47,500 Anadarko Petroleum Corp. 3,478,693 4,548,762 63,800 Carrizo Oil & Gas Inc. 1,764,938 2,451,243 37,000 Cimarex Energy Co. 2,835,457 3,672,826 17,900 ConocoPhillips Co. 1,244,652 1,281,614 16,300 EOG Resources Inc. 1,886,612 2,843,177 74,200 Noble Energy Inc. 3,719,453 5,121,537 29,200 Occidental Petroleum Corp. 2,722,508 2,813,436 24,200 PDC Energy Inc. 1,149,817 1,483,413 24,000 SM Energy Co. 1,755,523 1,906,987

20,557,653 26,122,995CONSUMER DISCRETIONARY (9.9%)

7,900 Amazon.com Inc. 2,462,389 2,544,473 27,700 Cedar Fair L.P. 1,260,581 1,243,437 45,900 General Motors Co. 1,790,168 1,699,685 36,700 H&R Block Inc. 1,119,955 1,007,820 34,400 Hanesbrands Inc.* 1,389,350 2,207,867 18,300 Home Depot Inc. 1,032,174 1,429,761 53,500 Jack in the Box Inc. 1,923,539 2,204,299 18,800 Las Vegas Sands Corp. 1,254,779 1,286,409 17,900 Magna International Inc. 1,207,100 1,522,227 30,200 The Men's Wearhouse Inc.* 1,256,752 1,059,518

100,800 Twenty-First Century Fox Inc. 2,498,893 3,478,261 600 Vail Resorts Inc. 42,191 42,860

17,700 Whirlpool Corp. 2,268,944 2,670,415 35,100 Wyndham Worldwide Corp.* 1,002,979 2,204,709

20,509,794 24,601,741CONSUMER STAPLES (7.3%)

57,100 Avon Products Inc. 1,395,008 1,211,602 15,400 Bunge Ltd. 1,213,713 1,203,504 47,800 Campbell Soup Co. 2,217,141 2,003,422 42,500 Constellation Brands Inc., Class A 1,591,619 2,512,798 18,800 Costco Wholesale Corp. 1,802,872 2,229,865 34,300 CVS Caremark Corp. 1,275,302 2,005,364 31,000 Fortune Brands Home & Security Inc. 1,279,129 1,328,987 17,100 McCormick & Co., Inc. 830,350 1,139,436 19,400 Nu Skin Enterprises Inc., Class A 1,150,480 1,913,363 28,300 The Hershey Co. 1,497,882 2,696,987

14,253,496 18,245,328




– 220 –

Synergy American Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


MATERIALS (3.9%) 62,300 Berry Plastics Group Inc. 1,338,304 1,282,154 15,000 Cytec Industries Inc. 1,238,954 1,257,378

222,200 Graphic Packaging Holding Co. 1,766,496 1,959,181 33,400 HB Fuller Co. 1,410,590 1,554,696 28,500 KapStone Paper and Packaging Corp. 1,347,605 1,255,570 33,700 RPM International Inc. 1,213,420 1,256,595 25,700 Silgan Holdings Inc. 1,253,938 1,244,458

9,569,307 9,810,032UTILITIES (1.5%)

41,000 Edison International 2,114,552 1,944,357 58,500 Westar Energy Inc. 1,993,164 1,845,694

4,107,716 3,790,051TELECOMMUNICATION SERVICES (1.3%)

39,100 SBA Communications Corp.* 2,022,525 3,239,706


Total Equities (95.7%) 199,189,740 238,499,536


Foreign Currency Forward Contracts (0.0%)(see Schedule A) (19,291)



Net Assets (100.0%) 249,198,213

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


Schedule AForeign Currency Forward Contracts (0.0%)


1 Royal Bank of Canada A-1+ 15-Jan-14 0.97 (29,994,895) US $ 30,960,131 Canadian $ (19,291) Total Foreign Currency Forward Contracts Value (19,291)

– 221 –

Synergy American Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesF SharesI SharesAT8 SharesIT8 Shares


A SharesF SharesI SharesAT8 SharesIT8 Shares



238,500 222,41210,559 9,480

- -- -

43 43- -

- 282- -- -

66 135,213 4,998

- -188 116

254,569 237,344

- -- -- -

19 -- -

5,307 4,89545 27

- -- -- -- -

5,371 4,922249,198 232,422

199,190 185,147- -

225,682 217,0311,636 1,221

21,603 14,11275 20

202 38

12.86 11.759.14 8.31

13.38 12.089.46 8.96

11.34 10.60

17,555,749 18,473,038178,998 146,976

1,614,155 1,168,1487,955 2,264

17,841 3,576


as at as at









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



1,878 1,34717 65 21- -- -- -

(292) (190)1,608 1,184

2,264 1,659239 175

- -- -

265 1812,768 2,015(1,160) (831)

- -(1,160) (831)

21,303 4,19812 (251)

(382) (326)- -

1,744 (8,339)22,677 (4,718)21,517 (5,549)

19,547 (5,353)145 (24)

1,817 (172)2 -6 -

1.09 (0.32)0.85 (0.17)1.29 (0.17)0.61 0.451.00 (0.19)


2013 2012


– 222 –

Synergy American Corporate ClassFinancial Statements (unaudited)















217,031 180,293

2,042 18,773- -

(12,727) (2,168)(211) (8,658)

(10,896) 7,947

- -- -- -- -

19,547 (5,353)225,682 182,887

1,221 1,001

480 55- -

(154) (55)(56) 19270 19

- -- -- -- -

145 (24)1,636 996

14,112 10,246

3,976 741- -

(293) (602)1,991 5285,674 667

- -- -- -- -

1,817 (172)21,603 10,741


2013 2012













20 -

38 101 -- -

15 -54 10

- -- -

(1) -(1) -2 -

75 10

38 15

86 -1 -- (4)

74 4161 -

- -- -

(3) (1)(3) (1)6 -

202 14

232,422 191,555

6,622 19,5792 -

(13,174) (2,829)1,813 (8,107)(4,737) 8,643

- -- -

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

21,517 (5,549)249,198 194,648


2013 2012

– 223 –

Synergy American Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)








2013 2012

18,473,038 17,027,800166,619 1,810,039

- -(1,065,751) (213,218)

(18,157) (825,959)17,555,749 17,798,662

146,976 135,14756,179 7,686

- -(18,073) (7,762)(6,084) 2,773

178,998 137,844

1,168,148 964,173310,073 72,040

- -(22,851) (58,778)158,785 51,582

1,614,155 1,029,017

2,264 124,025 1,219

82 36(1) -

1,585 -7,955 1,267

3,576 1,4787,655 -

71 10- (430)

6,539 41617,841 1,474







12.86 10.2812.86 10.28

9.14 7.229.14 7.23

13.38 10.4413.39 10.44

9.46 8.159.46 8.16

11.34 9.5211.35 9.53


2013 2012



6,987 8,2527,337 8,664



381 32524 28

Annual management fee rateA SharesF SharesI SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT8 SharesIT8 Shares

2.001.00

Paid directly by investor2.00


0.210.21

-0.21

-


– 224 –

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



Categories Net Assets (%)Information Technology ........................................................................................................... 17.7 Financials ................................................................................................................................. 16.7 Health Care .............................................................................................................................. 13.0 Consumer Discretionary........................................................................................................... 12.1 Industrials ................................................................................................................................ 10.4 Energy ...................................................................................................................................... 9.5 Consumer Staples.................................................................................................................... 8.3 Materials.................................................................................................................................. 4.8 Other Net Assets (Liabilities) .................................................................................................. 4.2 Utilities..................................................................................................................................... 1.9 Telecommunication Services ................................................................................................... 1.3 Foreign Currency Forward Contracts ....................................................................................... 0.1




– 225 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (28.7%) 41,300 ACE Ltd. 3,897,420 3,980,554

222,900 AIA Group Ltd. Reg S 850,838 1,076,059 34,500 Allianz S.E.* 5,124,004 5,581,575 18,000 Aon PLC 1,333,578 1,380,365 89,000 AXA S.A. 1,967,798 2,122,000 54,600 Azimut Holding SpA 1,108,910 1,282,790

134,600 Bank of Montreal 9,012,854 9,253,750 422,700 Bank of Yokohama Ltd. 2,061,596 2,480,789

9,600 BlackRock Inc. (USD) 1,861,601 2,678,483 117,900 Blackstone Group L.P. 2,158,490 3,020,274 68,500 Boardwalk REIT 4,175,042 3,946,285 47,500 BR Properties S.A. 529,772 434,810

110,900 Brookfield Asset Management Inc., Class A 3,546,023 4,274,086 267,200 Brookfield Office Properties Inc.* 4,535,401 5,255,824 154,000 Canadian Imperial Bank of Commerce 11,809,690 12,635,700 738,858 Cathay Financial Holding Co., Ltd. 1,018,938 1,083,879

1,607,300 China Construction Bank Corp., Class H 1,343,431 1,274,363 55,300 CIT Group Inc. 2,690,647 2,776,307

102,300 Citigroup Inc. 4,581,253 5,110,627 136,100 CNO Financial Group Inc. 2,053,488 2,020,128 54,300 Credit Suisse Group AG 1,461,676 1,708,220 35,000 Deutsche Bank AG 1,599,155 1,650,456

359,500 Difference Capital Financial Inc. 1,348,125 1,100,070 87,600 Discover Financial Services 3,742,900 4,560,329

122,000 DnB ASA 1,787,037 1,908,000 40,500 Ellie Mae Inc. 1,285,848 1,335,357 23,100 Goldman Sachs Group Inc. 2,899,483 3,766,602

393,300 Great-West Lifeco Inc.* 10,500,532 11,802,933 64,400 Hartford Financial Services Group Inc. 1,842,118 2,063,682 26,711 Hercules Technology Growth Capital Inc.* 401,144 419,857 69,800 HFF Inc. 1,275,066 1,799,588

179,600 Hutchison Whampoa Ltd. 2,023,274 2,214,675 297,100 IGM Financial Inc.* 12,842,636 14,257,829 99,500 Industrial Alliance Insurance and Financial

Services Inc. 2,969,381 4,315,315 52,100 Intact Financial Corp.* 2,534,501 3,218,217 51,700 Investor AB 1,549,432 1,615,811 1,068 Japan Retail Fund Investment Corp. 2,191,912 2,262,076

80,200 Lancashire Holdings Ltd. 989,218 1,023,147 3,031,000 Lloyds Banking Group PLC 3,484,664 3,719,186

924,200 Manulife Financial Corp. 12,783,726 15,748,368 272,000 MGIC Investment Corp.* 1,423,022 2,039,657 457,700 Mitsubishi UFJ Financial Group Inc. 2,253,478 3,002,789

1,435,300 Mizuho Financial Group Inc.* 2,606,622 3,203,995 13,200 Muenchener Rueckversicherungs AG,

Registered Shares* 2,148,587 2,650,595 26,300 National Australia Bank Ltd. 891,937 867,350 33,400 Nelnet Inc. 1,268,014 1,323,161

156,500 Nordea Bank AB 1,812,740 1,942,680 88,700 Ocwen Financial Corp. 1,589,286 5,094,519

136,900 ORIX Corp. 1,223,946 2,288,409 320,600 Power Financial Corp.* 9,608,072 10,265,612 44,500 Realogy Holdings Corp. 1,962,153 1,972,369

249,000 Regions Financial Corp. 1,738,318 2,377,584 205,800 Resolution Ltd. 1,070,173 1,089,661

FINANCIALS (28.7%) (cont’d)587,400 Resona Holdings Inc. 2,910,716 3,084,191 609,300 Royal Bank of Canada 33,020,115 40,213,800 65,500 Societe Generale S.A. 3,119,754 3,361,619 22,200 State Street Corp. 1,353,675 1,503,965

126,800 Sumitomo Mitsui Financial Group Inc.* 4,034,992 6,305,580 168,600 Sun Life Financial Inc. 5,061,283 5,546,940 133,900 Suncorp Group Ltd. 1,293,953 1,681,695 104,500 SunTrust Banks Inc. 3,554,828 3,488,608

5,400 Swiss Life Holding AG 1,074,180 1,052,974 521,900 The Bank of Nova Scotia††* 28,012,034 30,786,881 427,520 Toronto-Dominion Bank 31,286,060 39,622,554 92,100 Western Union Co. 1,403,748 1,771,172

280,894,288 328,696,726 ENERGY (16.7%)

470,000 Afren PLC 979,923 1,083,982 195,300 AltaGas Ltd. 6,722,593 7,128,450 50,300 Anadarko Petroleum Corp. 3,682,984 4,816,900

323,900 ARC Resources Ltd.* 7,653,401 8,499,136 184,000 Baytex Energy Corp.* 7,747,395 7,818,160 112,600 BG Group PLC 2,251,397 2,216,698 42,200 Calfrac Well Services Ltd.* 1,484,106 1,320,860

471,600 Canadian Natural Resources Ltd. 14,757,969 15,265,692 68,500 Carrizo Oil & Gas Inc.* 1,889,296 2,631,820 73,450 Cenovus Energy Inc. 2,416,927 2,257,118 39,700 Cimarex Energy Co. 3,035,205 3,940,843 19,300 ConocoPhillips Co. 1,341,999 1,381,852

228,300 DeeThree Exploration Ltd. 1,563,058 2,086,662 172,200 Enerflex Ltd. 2,396,176 2,384,970 266,300 Enerplus Corp.* 4,062,749 4,540,415 470,400 Enquest PLC 815,573 1,019,795 17,400 EOG Resources Inc. 2,001,351 3,035,048

351,000 Gibson Energy Inc.* 6,784,805 8,610,030 746,200 Gran Tierra Energy Inc.* 4,340,341 5,447,260 195,800 Husky Energy Inc.* 5,882,405 5,799,596 202,500 JX Holdings Inc.* 1,118,929 1,080,220 91,400 Kelt Exploration Ltd. 322,574 765,932

178,600 Keyera Corp. 8,694,926 10,455,244 37,500 LUKOIL Oil Co., ADR 2,441,593 2,448,935 94,500 MEG Energy Corp. 3,168,117 3,350,025 79,500 Noble Energy Inc. 3,932,190 5,487,361 31,200 Occidental Petroleum Corp. 2,908,888 3,006,137 55,600 Paramount Resources Ltd., Class A 1,989,946 1,997,708 25,900 PDC Energy Inc. 1,230,784 1,587,620

200,200 Peyto Exploration & Development Corp. 4,414,670 6,080,074 149,200 Precision Drilling Corp. 1,527,885 1,521,840 152,000 Premier Oil PLC 828,359 824,574 238,400 Raging River Exploration Inc. 1,276,685 1,289,744 48,000 Repsol YPF S.A. 1,114,686 1,220,033

128,700 RMP Energy Inc. 705,430 729,729 25,700 SM Energy Co. 1,879,872 2,042,065 91,500 Statoil ASA 2,101,197 2,139,447

567,521 Suncor Energy Inc. 19,191,198 20,896,123 339,000 TransCanada Corp. 15,414,812 15,339,750 254,300 Trilogy Energy Corp. 5,164,891 7,448,447 472,000 Trinidad Drilling Ltd. 3,449,220 4,691,680

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



– 226 –

Synergy Canadian Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


ENERGY (16.7%) (cont’d)16,900 Valeo S.A. 802,527 1,485,538 68,100 Vermilion Energy Inc.* 3,877,806 3,855,822


36,700 Amadeus IT Holdings S.A. 1,286,521 1,327,116 14,400 Amazon.com Inc. 4,575,094 4,638,027 30,400 Avex Group Holdings Inc.* 784,524 910,235 29,800 Berkeley Group Holdings PLC 1,068,075 1,028,700 27,000 Bridgestone Corp. 747,315 1,010,186

147,500 Canadian Tire Corp., Ltd., Class A,Non-Voting Shares* 8,864,320 13,454,950

29,400 Cedar Fair L.P. 1,337,959 1,319,749 1 Citadel Broadcasting Corp.^ - -

101,200 Corus Entertainment Inc., Class B 1,831,215 2,504,700 28,700 Daimler AG 2,151,606 2,304,015 65,200 Dollarama Inc. 2,328,835 5,451,372 37,900 Fuji Heavy Industries Ltd. 427,478 1,076,014

143,000 General Motors Co. 4,673,252 5,295,314 153,500 Gildan Activewear Inc.* 4,321,483 7,337,300 24,200 GNC Acquisition Holdings Inc., Class A 1,299,171 1,362,267 39,300 H&R Block Inc. 1,199,294 1,079,219 37,100 Hanesbrands Inc. 1,497,553 2,381,159

154,600 Haseko Corp. 1,106,125 1,139,028 19,600 Home Depot Inc. 1,096,319 1,531,329 26,600 Honda Motor Co., Ltd. 981,614 1,039,824 26,900 Hudson's Bay Co. 461,335 461,873

244,200 Hudson's Bay Co., Sub Receipt* 4,115,436 4,229,544 8,000 Hyundai Motor Co. 1,279,172 1,924,873

17,222 Imperial Holdings Ltd. 338,573 383,699 34,273 Intercontinental Hotels Group PLC, ADR 883,618 1,029,362

657,400 ITV PLC 1,001,500 1,921,825 57,500 Jack in the Box Inc. 2,067,040 2,369,107 20,100 Las Vegas Sands Corp. 1,341,631 1,375,362 49,700 Lottomatica SpA* 940,028 1,463,394 19,300 Magna International Inc. 1,295,252 1,641,284

213,600 Magna International Inc., Class A 7,499,483 18,145,320 24,500 ProSiebenSat.1 Media AG 1,060,264 1,071,162 26,400 Publicis Groupe 2,046,796 2,163,886

181,400 Quebecor Inc., Class B 3,194,121 4,424,346 99,300 Sekisui House Ltd. 1,380,565 1,370,581 61,000 Sony Corp.* 1,174,986 1,341,235

950,200 Taylor Wimpey PLC 1,489,233 1,589,345 32,400 The Men's Wearhouse Inc.* 1,348,507 1,136,702 56,400 Toyota Motor Corp. 2,631,225 3,706,092

211,900 TUI Travel PLC 997,742 1,298,998 109,000 Twenty-First Century Fox Inc. 2,706,357 3,761,215

700 Vail Resorts Inc. 49,223 50,004 4,800 Volkswagen AG, Preferred 974,297 1,159,165

35,000 Walt Disney Co. 1,866,599 2,325,690 19,000 Whirlpool Corp. 2,435,493 2,866,547

270,277 William Hill PLC 1,685,711 1,816,420 145,100 WPP PLC 2,383,126 3,073,076 37,700 Wyndham Worldwide Corp. * 968,337 2,368,021

91,193,403 126,658,632 INDUSTRIALS (10.8%)

276,500 Aecon Group Inc. 3,370,745 3,857,175 27,700 AGCO Corp.* 1,557,016 1,724,206

INDUSTRIALS (10.8%) (cont’d)232 AP Moller - Maersk AS 2,237,474 2,191,080

145,100 Ashtead Group PLC 976,622 1,486,933 51,200 Atlantia SpA 1,109,772 1,072,345

379,000 ATS Automation Tooling Systems Inc.* 2,628,187 5,207,460 488,000 Bombardier Inc., Class B, Sub-Voting Shares 2,311,104 2,337,520 315,700 Brambles Ltd. 2,705,052 2,763,657 28,300 Bristow Group Inc.* 1,635,250 2,120,102

209,995 Canadian National Railway Co. 13,498,636 21,917,178 231,100 Celestica Inc.* 2,236,260 2,620,674 11,700 Central Japan Railway Co. 1,526,947 1,541,312

1,064,000 China Communications Construction Co., Ltd. 916,577 864,798 115,400 COMSYS Holdings Corp.* 1,352,461 1,653,270 438,100 ENTREC Corp. 766,675 591,435 52,400 European Aeronautic Defense and Space

Co. N.V. 1,977,269 3,438,837 90,600 Ferrovial S.A. 1,575,158 1,660,196

347,700 Finning International Inc. 7,674,665 8,219,628 129,900 General Electric Co. 3,067,731 3,197,893

1,112 Georg Fischer AG 643,131 697,240 106,100 Honeywell International Inc. 6,234,606 9,074,177 33,000 Huron Consulting Group Inc. 1,532,661 1,788,295 22,000 Kansas City Southern de Mexico* 881,449 2,478,436

141,500 Martinrea International Inc. 1,722,983 1,494,240 141,500 Marubeni Corp.* 983,891 1,141,870 111,700 Mineral Resources Ltd. 1,179,782 1,168,886 43,000 Mitsubishi Estate Co., Ltd. 973,481 1,303,726

210,100 Mitsubishi Heavy Industries Ltd. 932,076 1,237,462 34,400 Mitsui Fudosan Co., Ltd. 879,296 1,186,107 50,600 Northrop Grumman Corp. 4,362,070 4,964,985 48,800 Quanta Services Inc. 1,272,741 1,382,825 24,300 Randstad Holding N.V. 1,012,661 1,410,011

147,300 Rolls-Royce Group PLC 2,546,418 2,731,553 18,200 Safran S.A. 794,734 1,154,714

170,900 SK Networks Co., Ltd. 1,492,679 1,068,139 180,000 Superior Plus Corp. 1,752,889 1,978,200 298,000 Tokyo Gas Co., Ltd. 1,486,987 1,680,228 19,000 Towers Watson & Co. 1,322,147 2,093,302 33,800 Union Pacific Corp. 2,076,772 5,409,295 20,000 Vinci S.A. 1,077,393 1,197,570

329,600 WestJet Airlines Ltd. 4,523,213 8,111,456 92,807,661 123,218,416

MATERIALS (7.1%) 127,600 Agnico-Eagle Mines Ltd. 4,327,153 3,479,652 59,451 Agrium Inc. 5,357,169 5,144,890

186,700 Alamos Gold Inc.* 3,063,145 2,987,200 217,100 Amcor Ltd. 2,191,478 2,180,054 77,700 Antofagasta PLC 1,136,582 1,060,576 66,600 Berry Plastics Group Inc. 1,430,673 1,370,650 69,800 BHP Billiton PLC 2,017,964 2,118,502 48,200 CCL Industries Inc., Class B 2,419,267 3,275,672

957,300 China Metal Recycling Holdings Ltd.^ 764,816 298,770 15,900 Cytec Industries Inc. 1,313,175 1,332,820

117,700 Dominion Diamond Corp. 1,722,073 1,475,958 235,900 Dundee Precious Metals Inc.* 1,900,771 1,344,630 186,600 Duratex S.A. 1,233,339 1,140,189 253,300 First Majestic Silver Corp.* 4,143,584 3,090,260 136,774 First Quantum Minerals Ltd. 2,396,679 2,617,854




– 227 –



MATERIALS (7.1%) (cont’d)482,600 Goldcorp Inc. 15,837,492 12,924,028 238,200 Graphic Packaging Holding Co. 1,893,118 2,100,256 83,500 HB Fuller Co. 3,471,129 3,886,741

154,300 Intertape Polymer Group Inc. 1,120,351 2,291,355 30,500 KapStone Paper and Packaging Corp. 1,441,813 1,343,680

118,400 Labrador Iron Ore Royalty Corp. 3,445,063 3,681,056 64,500 Mondi PLC 598,878 1,121,879 60,900 Orica Ltd. 1,112,748 1,173,337

300,100 PanAust Ltd. 661,114 608,471 126,300 Potash Corp. of Saskatchewan Inc. 5,460,229 4,066,860 283,200 Rio Alto Mining Ltd. 1,283,841 577,728 21,100 Rio Tinto PLC 1,077,296 1,063,709 36,300 RPM International Inc. 1,307,055 1,353,543

425,000 SEMAFO Inc. 826,546 1,054,000 27,400 Silgan Holdings Inc. 1,336,923 1,326,776 48,000 Smurfit Kappa Group PLC (Dublin common) 336,063 1,117,026

308,300 Teck Resources Ltd., Class B 9,765,044 8,518,329 86,392,571 81,126,451

INFORMATION TECHNOLOGY (7.1%) 25,400 Agilent Technologies Inc. 1,367,332 1,341,125 12,800 Apple Inc. 5,497,773 6,285,755 12,300 ASML Holding N.V. 1,017,305 1,251,219 57,200 Avago Technologies Ltd. 2,491,300 2,539,394 91,800 Brother Industries Ltd. 1,051,590 1,062,139

158,200 CA Inc. 4,229,168 4,834,826 105,100 Cadence Design Systems Inc. 1,440,821 1,461,481 21,500 Cap Gemini S.A. 791,459 1,317,198

218,600 CGI Group Inc. 3,957,819 7,898,018 274,400 Cisco Systems Inc. 6,554,408 6,622,366 35,600 Euronet Worldwide Inc. 1,342,904 1,459,452 56,600 Facebook Inc. 2,011,603 2,929,024 59,700 Finisar Corp. 1,328,132 1,391,604 9,700 Google Inc., Class A 7,962,341 8,747,915

180,074 Himax Technologies Inc. 1,088,858 1,852,991 236,900 Hitachi Ltd. 1,228,398 1,603,862 52,600 Hynix Semiconductor Inc. 1,449,761 1,525,279

159,600 Informatica Corp. 6,021,796 6,406,489 108,900 Intel Corp. 2,741,509 2,570,984 26,500 Lam Research Corp. 1,294,638 1,397,294

329,200 Nokia OYJ* 1,987,976 2,228,552 378,300 Nokia OYJ, Class A, ADR 2,136,220 2,532,833

2,427 Nortel Networks Corp. - 13 137,200 Opera Software ASA 894,466 1,498,242 17,900 Rally Software Development Corp. 461,974 551,107 89,100 Ruckus Wireless Inc. 1,309,809 1,543,691 1,751 Samsung Electronics Co., Ltd. 1,738,197 2,292,847

377,100 Sandvine Corp. 789,598 757,971 53,600 TE Connectivity Ltd. 2,690,325 2,859,351 21,800 VMware Inc. 2,005,272 1,815,937

68,882,752 80,578,959 HEALTH CARE (6.1%)

86,000 AbbVie Inc. 3,914,609 3,964,134 35,100 Actelion Ltd. 1,626,795 2,566,625 39,300 Aetna Inc. 2,630,906 2,591,987 20,400 Bayer AG 1,933,314 2,473,744 50,700 Cardinal Health Inc. 2,709,813 2,723,448 39,100 Catamaran Corp. 2,306,457 1,849,821

HEALTH CARE (6.1%) (cont’d)34,800 Celgene Corp. 4,502,287 5,478,644 17,700 Coloplast AS 706,737 1,037,708 57,200 Eli Lilly and Co. 3,124,666 2,965,376

134,000 Gilead Sciences Inc. 7,156,264 8,674,948 40,700 HCA Holdings Inc. 1,632,841 1,792,204 15,800 Intercept Pharmaceuticals Inc. 1,084,016 1,123,282 6,300 Novo Nordisk AS 1,056,054 1,100,528

33,400 Omnicare Inc. 1,817,159 1,908,709 26,300 PAREXEL International Corp. 1,045,393 1,360,742 12,000 Roche Holding AG 2,285,771 3,333,599 23,200 Sanofi* 1,894,028 2,423,065 68,700 Service Corp. International 1,254,926 1,317,629 40,600 Shire PLC 1,679,613 1,677,759 48,300 Team Health Holdings Inc.* 1,726,336 1,887,065 44,700 Thermo Fisher Scientific Inc. 3,093,702 4,243,790

743,900 Trimel Pharmaceuticals Corp. 598,840 587,681 115,200 Valeant Pharmaceuticals International Inc. 6,538,276 12,364,416


61,100 Avon Products Inc. 1,494,705 1,296,478 37,600 British American Tobacco PLC 1,992,470 2,054,472 16,600 Bunge Ltd. 1,308,288 1,297,284 51,500 Campbell Soup Co. 2,389,146 2,158,498 45,600 Constellation Brands Inc., Class A 1,696,715 2,696,085 20,100 Costco Wholesale Corp. 1,925,079 2,384,058 36,700 CVS Caremark Corp. 1,344,315 2,145,682 50,800 Diageo PLC 1,270,997 1,664,671 33,300 Fortune Brands Home & Security Inc.* 1,375,084 1,427,589 58,000 Japan Tobacco Inc. 1,740,088 2,142,677

100,000 Loblaw Co., Ltd.* 4,174,749 4,550,000 18,200 McCormick & Co., Inc. 860,460 1,212,733

289,900 Minerva S.A. 1,462,493 1,348,410 20,800 Nu Skin Enterprises Inc., Class A 1,233,479 2,051,441 36,900 Rallye S.A.* 1,097,647 1,388,339 35,500 Seven & I Holdings Co., Ltd. 1,301,598 1,331,929

208,700 Shoppers Drug Mart Corp. 9,487,729 12,377,997 29,100 The Hershey Co. 1,499,295 2,773,227


230,100 BT Group PLC 632,114 1,313,870 85,400 Deutsche Telekom AG 1,084,852 1,274,538 52,400 Freenet AG 845,315 1,304,852 57,000 KDDI Corp. 2,521,089 3,004,778 19,300 Nippon Telegraph & Telephone Corp. 1,065,551 1,025,498 95,900 Rogers Communications Inc., Class B* 4,089,818 4,245,493 42,100 SBA Communications Corp.* 2,099,184 3,488,277

274,100 Shin Corp. PCL 710,585 742,276 265,000 Shin Corp. PCL, Foreign Registered Shares 536,165 717,633

4,400 Swisscom AG, Registered Shares 2,125,928 2,177,523 305,100 TELUS Corp. 9,121,054 10,403,910

24,831,655 29,698,648 UTILITIES (1.0%)

160,400 Centrica PLC 823,360 988,641 44,200 Edison International 2,279,341 2,096,112 55,900 Electricite de France S.A. 1,668,473 1,820,438 53,800 GDF Suez 1,295,639 1,391,819

124,800 National Grid PLC 1,487,279 1,520,327




– 228 –



UTILITIES (1.0%) (cont’d)604,300 Tenaga Nasional Bhd 1,308,551 1,725,229 63,300 Westar Energy Inc. 2,156,984 1,997,135


36,800 Empire Co., Ltd., Private Placement 2,796,800 2,737,184

EXCHANGE-TRADED FUNDS (0.2%) 44,800 iShares MSCI Emerging Markets Index Fund 1,960,558 1,881,376

Commission and other portfolio transaction costs (1,174,503)

Total Equities (95.7%) 922,944,790 1,092,913,902


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (1,367,273)

Total Investments (95.6%) 922,944,790 1,091,546,629


Net Assets (100.0%) 1,142,477,410

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




1 Royal Bank of Canada A-1+ 15-Jan-14 0.97 (32,276,416) US $ 33,315,071 Canadian $ (20,759)1 Royal Bank of Canada A-1+ 8-Jan-14 0.61 (7,480,043) British Pound 12,205,702 Canadian $ (289,740)1 Royal Bank of Canada A-1+ 8-Jan-14 0.73 (17,915,142) Euro 24,677,469 Canadian $ (355,822)1 Royal Bank of Canada A-1+ 8-Jan-14 96.50 (3,725,001,954) Japanese Yen 38,600,936 Canadian $ (564,689)1 Royal Bank of Canada A-1+ 8-Jan-14 0.90 (4,471,792) Swiss Franc 4,974,340 Canadian $ (136,263) Total Foreign Currency Forward Contracts Value (1,367,273)

– 229 –

Synergy Canadian Corporate ClassFinancial Statements (unaudited)








Net assets per classA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares



1,092,914 1,093,40238,604 38,429

- -- -

9,820 9,820- -

- 1,588- -- -

534 1,04914,665 15,169

- -2,710 3,028

1,159,247 1,162,485

- -- -- -

1,367 26- -

13,954 17,1381,449 2,517

- -- -- -- -

16,770 19,6811,142,477 1,142,804

922,945 934,816- -

812,306 824,814237 134

41,400 34,261181,915 173,369

1,886 2,041455 413

1,745 1,709102,508 106,039

12 1213 12

15.65 14.7712.79 12.069.67 9.07

14.75 13.7518.30 17.1713.42 12.5213.71 12.8613.10 12.369.85 9.66

10.25 9.92

51,892,770 55,835,78818,552 11,134

4,281,824 3,775,99712,334,863 12,611,699

103,065 118,88333,884 32,968

127,295 132,8257,824,374 8,577,496

1,244 1,1971,236 1,190


as at as at



as at as at



– 230 –








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



14,542 14,46678 -

282 275- -- -- -

(854) (769)14,048 13,972

9,509 8,7741,017 895

- 1- -

1,068 1,00711,594 10,6772,454 3,295

- -2,454 3,295

57,937 (1,337)93 (651)

(1,688) (1,783)- -

8,454 (20,995)64,796 (24,766)67,250 (21,471)

46,284 (17,013)11 1

2,381 (430)12,327 (1,411)

121 (39)31 (1)

110 (41)5,984 (2,539)

- 11 1

0.86 (0.31)0.73 1.090.61 (0.11)1.00 (0.09)1.10 (0.26)0.93 (0.11)0.84 (0.23)0.73 (0.25)0.56 0.930.72 1.06


2013 2012















824,814 834,640

6,243 40,100- -

(57,635) (49,464)(7,400) (31,339)

(58,792) (40,703)

- -- -- -- -

46,284 (17,013)812,306 776,924

134 -

21 10- -- -

71 -92 10

- -- -- -- -

11 1237 11

34,261 32,275

5,345 2,948- -

(3,334) (3,686)2,747 1744,758 (564)

- -- -- -- -

2,381 (430)41,400 31,281


2013 2012

– 231 –






Insight SharesNet assets, beginning of periodCapital transactions








173,369 188,401

6,445 6,815- -

(10,226) (24,649)- (5)

(3,781) (17,839)

- -- -- -- -

12,327 (1,411)181,915 169,151

2,041 2,565

109 93- -

(251) (191)(134) (152)(276) (250)

- -- -- -- -

121 (39)1,886 2,276

413 251

- -- -

(4) (10)15 -11 (10)

- -- -- -- -

31 (1)455 240


2013 2012















1,709 2,229

7 30- -

(80) (263)(1) (48)

(74) (281)

- -- -- -- -

110 (41)1,745 1,907

106,039 122,353

790 954- -

(8,186) (11,651)(2,119) (590)(9,515) (11,287)

- -- -- -- -

5,984 (2,539)102,508 108,527

12 -

- 10- -- -- -- 10

- -- -- -- -- 1

12 11


2013 2012

– 232 –










12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

1,142,804 1,182,714

18,960 50,970- -

(79,716) (89,914)(6,821) (31,960)

(67,577) (70,904)

- -- -- -- -

67,250 (21,471)1,142,477 1,090,339



2013 2012


– 233 –

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






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




2013 2012

55,835,788 59,936,607413,243 2,928,546

- -(3,860,904) (3,720,218)

(495,357) (2,330,267)51,892,770 56,814,668

11,134 101,641 942

- -- -

5,777 -18,552 952

3,775,997 3,814,757577,028 364,333

- -(359,393) (455,467)288,192 21,104

4,281,824 3,744,727

12,611,699 14,893,757452,393 556,060

- -(729,229) (1,996,156)

- (370)12,334,863 13,453,291

118,883 160,2976,098 6,256

- -(14,159) (12,539)(7,757) (9,995)

103,065 144,019

32,968 21,791- -- -

(317) (868)1,233 -

33,884 20,923

132,825 185,849536 2,637

- -(5,996) (23,340)

(70) (4,132)127,295 161,014





2013 2012

8,577,496 10,499,41062,441 85,824

- -(650,095) (1,048,500)(165,468) (53,267)

7,824,374 9,483,467

1,197 10- 1,097

47 33- -- -

1,244 1,140

1,190 10- 1,091

46 32- -- -

1,236 1,133






Insight SharesNet assets per shareNet asset value per share


15.65 13.6715.66 13.69

12.79 11.1612.80 11.18

9.67 8.359.67 8.36

14.75 12.5714.76 12.59

18.30 15.8018.31 15.82

13.42 11.4613.43 11.48


2013 2012

– 234 –

Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)






13.71 11.8413.72 11.86

13.10 11.4413.11 11.46

9.85 9.329.86 9.33

10.25 9.4410.25 9.46


2013 2012



160,684 112,019168,718 117,620



1,669 1,767106 153


Annual management fee rateA SharesE SharesF SharesI SharesInsight SharesO SharesY SharesZ SharesAT8 SharesIT8 Shares

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

2.001.951.00




0.200.150.20

-0.200.150.200.200.20

-


– 235 –

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



Categories Net Assets (%)Financials ................................................................................................................................. 26.2 Energy ...................................................................................................................................... 16.6 Materials.................................................................................................................................. 11.3 Consumer Discretionary........................................................................................................... 10.7 Industrials ................................................................................................................................ 10.1 Information Technology ........................................................................................................... 7.1 Health Care .............................................................................................................................. 5.3 Consumer Staples.................................................................................................................... 4.3 Other Net Assets (Liabilities) .................................................................................................. 4.2 Telecommunication Services ................................................................................................... 3.1 Utilities..................................................................................................................................... 1.0 Foreign Currency Forward Contracts ....................................................................................... 0.1




(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,090,734 - 299 1,091,033 Exchange-traded funds 1,881 - - 1,881 Foreign currency forward contracts, net - (1,367) - (1,367) Total 1,092,615 (1,367) 299 1,091,547

There were no transfers between Level 1, 2 and 3 during the six-month period ended September 30, 2013.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 1,092,122 73 1,181 1,093,376 Warrants 26 - - 26 Foreign currency forward contracts, net - 1,562 - 1,562 Total 1,092,148 1,635 1,181 1,094,964







(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities 1,181 - - - - (882) 299 Total 1,181 - - - - (882) 299

*Change in unrealized gain (loss) related to investments held at September 30, 2013 was ($882,714).



(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - - - 1,182 - (1) 1,181 Total - - - 1,182 - (1) 1,181


During the year ended March 31, 2013, equity investments with a net fair value of $1,182,000 were transferred out of Level 2 into Level 3 as observable market inputs were no longer available for these investments.


– 236 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


U.S.A. (50.3%) 33,000 AbbVie Inc. 1,501,600 1,521,121 15,100 Aetna Inc. 1,010,863 995,904 10,700 AGCO Corp. 601,426 666,029 9,700 Agilent Technologies Inc. 522,170 512,162 3,200 Amazon.com Inc. 996,116 1,030,673

19,400 Anadarko Petroleum Corp. 1,412,163 1,857,810 4,900 Apple Inc. 2,100,031 2,406,266

23,400 Avon Products Inc. 573,239 496,524 25,400 Berry Plastics Group Inc. 545,647 522,740 3,700 BlackRock Inc. (USD) 710,929 1,032,332

45,700 Blackstone Group L.P. 836,676 1,170,709 11,300 Bristow Group Inc. 652,264 846,543 60,700 CA Inc. 1,622,052 1,855,082 20,000 Campbell Soup Co.* 928,032 838,252 19,500 Cardinal Health Inc. 1,042,271 1,047,480 26,400 Carrizo Oil & Gas Inc. 727,525 1,014,307 11,300 Cedar Fair L.P. 514,232 507,250 13,300 Celgene Corp. 1,717,129 2,093,850 15,300 Cimarex Energy Co. 1,170,529 1,518,763 60,600 Cisco Systems Inc. 1,310,179 1,462,520 21,400 CIT Group Inc. 1,040,919 1,074,376 39,200 Citigroup Inc. 1,747,869 1,958,324 52,400 CNO Financial Group Inc. 790,600 777,772 7,400 ConocoPhillips Co. 514,549 529,829

17,600 Constellation Brands Inc., Class A 654,872 1,040,594 7,700 Costco Wholesale Corp. 737,199 913,296

14,100 CVS Caremark Corp. 499,804 824,363 6,200 Cytec Industries Inc. 512,072 519,716

35,600 Discover Financial Services 1,521,087 1,853,284 17,100 Edison International 881,733 810,939 21,900 Eli Lilly and Co. 1,196,377 1,135,345 6,700 EOG Resources Inc. 765,370 1,168,668

13,700 Euronet Worldwide Inc. 516,837 561,643 21,700 Facebook Inc. 771,286 1,122,965 22,700 Finisar Corp. 505,002 529,136 12,800 Fortune Brands Home & Security Inc. 528,373 548,743 52,200 General Electric Co. 1,232,757 1,285,065 18,800 General Motors Co. 733,228 696,167 23,700 Gilead Sciences Inc. 1,216,078 1,534,301 8,900 Goldman Sachs Group Inc. 1,111,622 1,451,202 2,400 Google Inc., Class A 1,864,963 2,164,432

91,600 Graphic Packaging Holding Co. 726,923 807,655 15,100 H&R Block Inc. 460,786 414,662 14,300 Hanesbrands Inc. 575,845 917,805 25,000 Hartford Financial Services Group Inc. 714,387 801,119 13,600 HB Fuller Co. 574,119 633,050 15,700 HCA Holdings Inc. 629,903 691,341 10,300 Hercules Technology Growth Capital Inc. 154,658 161,901 27,200 HFF Inc. 496,839 701,272 7,500 Home Depot Inc. 417,654 585,968

23,000 Honeywell International Inc. 1,267,436 1,967,069 12,600 Huron Consulting Group Inc. 585,249 682,803 39,100 Informatica Corp. 1,481,533 1,569,510 41,800 Intel Corp. 1,053,035 986,842 6,000 Intercept Pharmaceuticals Inc. 411,629 426,563

22,200 Jack in the Box Inc. 797,710 914,681

U.S.A. (50.3%) (cont’d)8,500 Kansas City Southern de Mexico* 329,735 957,578

11,600 KapStone Paper and Packaging Corp. 548,763 511,039 10,200 Lam Research Corp. 498,263 537,826 7,700 Las Vegas Sands Corp. 513,968 526,880 7,100 McCormick & Co., Inc.* 327,394 473,099

103,700 MGIC Investment Corp.* 542,744 777,619 12,900 Nelnet Inc. 489,927 511,041 30,700 Noble Energy Inc. 1,499,479 2,119,019 19,400 Northrop Grumman Corp. 1,671,012 1,903,571 8,000 Nu Skin Enterprises Inc., Class A 474,429 789,016

12,000 Occidental Petroleum Corp. 1,118,815 1,156,207 34,400 Ocwen Financial Corp. 612,019 1,975,777 12,900 Omnicare Inc. 701,830 737,196 10,100 PAREXEL International Corp. 399,959 522,566 10,000 PDC Energy Inc. 474,896 612,981 18,700 Quanta Services Inc. 486,802 529,894 6,900 Rally Software Development Corp. 178,092 212,438

17,200 Realogy Holdings Corp. 757,415 762,354 95,400 Regions Financial Corp. 655,082 910,930 14,000 RPM International Inc. 504,053 522,028 34,300 Ruckus Wireless Inc. 504,206 594,261 16,500 SBA Communications Corp.* 819,589 1,367,139 26,700 Service Corp. International 487,722 512,092 10,500 Silgan Holdings Inc. 512,281 508,436 9,800 SM Energy Co. 716,838 778,686 8,600 State Street Corp. 524,457 582,617

40,000 SunTrust Banks Inc. 1,360,700 1,335,352 18,700 Team Health Holdings Inc. 661,579 730,603 11,800 The Hershey Co. 594,977 1,124,539 12,500 The Men's Wearhouse Inc. 520,348 438,542 17,300 Thermo Fisher Scientific Inc. 1,194,392 1,642,451 7,300 Towers Watson & Co. 507,993 804,269

42,100 Twenty-First Century Fox Inc. 1,043,687 1,452,726 14,100 Union Pacific Corp. 883,093 2,256,540

300 Vail Resorts Inc. 21,095 21,430 8,400 VMware Inc. 772,674 699,719

24,600 Westar Energy Inc. 839,250 776,138 35,400 Western Union Co. 539,601 680,776 7,400 Whirlpool Corp. 948,721 1,116,445

14,700 Wyndham Worldwide Corp. 368,899 923,340 76,792,155 93,553,878

JAPAN (11.4%) 11,800 Avex Group Holdings Inc.* 311,188 353,315

167,500 Bank of Yokohama Ltd. 820,870 983,043 10,500 Bridgestone Corp. 290,392 392,850 36,000 Brother Industries Ltd. 412,388 416,525 4,600 Central Japan Railway Co. 600,406 605,986

47,000 COMSYS Holdings Corp. 549,252 673,342 14,800 Fuji Heavy Industries Ltd. 166,140 420,185 59,100 Haseko Corp. 422,846 435,424 91,900 Hitachi Ltd. 465,775 622,182 10,200 Honda Motor Co., Ltd. 376,408 398,730

408 Japan Retail Fund Investment Corp. 837,360 864,164 21,900 Japan Tobacco Inc. 654,284 809,045 78,800 JX Holdings Inc.* 434,824 420,352 21,900 KDDI Corp. 967,936 1,154,467




– 237 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


JAPAN (11.4%) (cont’d)55,100 Marubeni Corp.* 383,984 444,643 17,100 Mitsubishi Estate Co., Ltd. 387,128 518,459 83,000 Mitsubishi Heavy Industries Ltd. 367,694 488,859

174,600 Mitsubishi UFJ Financial Group Inc. 858,318 1,145,482 13,300 Mitsui Fudosan Co., Ltd. 337,363 458,582

556,200 Mizuho Financial Group Inc. 996,940 1,241,596 7,500 Nippon Telegraph & Telephone Corp. 414,074 398,510

53,300 ORIX Corp. 469,500 890,958 204,900 Resona Holdings Inc. 995,877 1,075,844 39,000 Sekisui House Ltd. 541,932 538,294 13,500 Seven & I Holdings Co., Ltd. 494,974 506,508 23,800 Sony Corp.* 456,742 523,302 49,400 Sumitomo Mitsui Financial Group Inc. 1,581,406 2,456,590

119,000 Tokyo Gas Co., Ltd. 594,495 670,963 21,300 Toyota Motor Corp. 990,176 1,399,641

17,180,672 21,307,841 U.K. (7.6%)

182,000 Afren PLC 378,547 419,755 29,800 Antofagasta PLC 435,879 406,759 6,900 Aon PLC 511,289 529,140

55,600 Ashtead Group PLC 360,989 569,769 11,600 Berkeley Group Holdings PLC 415,761 400,434 43,200 BG Group PLC 863,772 850,456 26,800 BHP Billiton PLC 774,867 813,408 14,700 British American Tobacco PLC 778,978 803,211 82,300 BT Group PLC 224,748 469,933 68,300 Centrica PLC 350,832 420,974 19,800 Diageo PLC 489,495 648,828

216,600 Enquest PLC 373,417 469,574 14,013 Intercontinental Hotels Group PLC, ADR 358,837 420,869

254,900 ITV PLC 379,634 745,168 1,162,000 Lloyds Banking Group PLC 1,334,549 1,425,831

24,700 Mondi PLC 228,809 429,619 48,600 National Grid PLC 579,066 592,050 59,200 Premier Oil PLC 322,624 321,150 8,200 Rio Tinto PLC 418,665 413,384

58,600 Rolls-Royce Group PLC 1,013,036 1,086,687 368,000 Taylor Wimpey PLC 576,107 615,532 84,200 TUI Travel PLC 396,460 516,166

104,744 William Hill PLC 652,602 703,941 12,218,963 14,072,638

FRANCE (4.2%) 34,500 AXA S.A. 762,423 822,573 9,000 Cap Gemini S.A. 328,496 551,385

21,500 Electricite de France S.A. 641,733 700,169 20,800 GDF Suez 500,916 538,101 10,200 Publicis Groupe 789,445 836,047 15,000 Rallye S.A. 443,424 564,366 7,100 Safran S.A. 309,249 450,465 9,100 Sanofi* 736,134 950,426

25,400 Societe Generale S.A. 1,209,886 1,303,590 6,600 Valeo S.A. 293,398 580,151 7,800 Vinci S.A. 420,183 467,052

6,435,287 7,764,325

GERMANY (4.0%) 13,300 Allianz S.E. 1,968,580 2,151,738 7,900 Bayer AG 733,107 957,969

11,100 Daimler AG 832,154 891,100 13,600 Deutsche Bank AG 622,844 641,320 33,100 Deutsche Telekom AG 420,475 493,995 19,200 Freenet AG 301,869 478,114 5,200 Muenchener Rueckversicherungs AG,

Registered Shares* 833,572 1,044,174 9,500 ProSiebenSat.1 Media AG 411,123 415,349 1,900 Volkswagen AG, Preferred 385,617 458,836

6,509,341 7,532,595 SWITZERLAND (3.8%)

15,800 ACE Ltd. 1,490,860 1,522,827 13,600 Actelion Ltd. 611,943 994,476 21,100 Credit Suisse Group AG 565,115 663,784

431 Georg Fischer AG 249,271 270,243 4,700 Roche Holding AG 896,965 1,305,660 2,100 Swiss Life Holding AG 417,737 409,490 1,700 Swisscom AG, Registered Shares 821,010 841,316

20,600 TE Connectivity Ltd. 1,033,541 1,098,930 6,086,442 7,106,726

AUSTRALIA (2.2%) 84,100 Amcor Ltd. 849,028 844,507

121,800 Brambles Ltd. 1,044,016 1,066,244 42,800 Mineral Resources Ltd. 452,056 447,881 10,100 National Australia Bank Ltd. 342,531 333,089 23,600 Orica Ltd. 431,213 454,692

115,700 PanAust Ltd. 254,884 234,589 55,700 Suncorp Group Ltd. 538,261 699,555

3,911,989 4,080,557 SOUTH KOREA (1.4%)

20,200 Hynix Semiconductor Inc. 556,159 585,754 3,100 Hyundai Motor Co. 462,645 745,888

676 Samsung Electronics Co., Ltd. 615,351 885,188 70,800 SK Networks Co., Ltd. 628,591 442,506

2,262,746 2,659,336 NETHERLANDS (1.3%)

4,800 ASML Holding N.V. 396,997 488,281 20,300 European Aeronautic Defense

and Space Co. N.V. 752,097 1,332,221 9,400 Randstad Holding N.V. 391,729 545,436

1,540,823 2,365,938 NORWAY (1.2%)

47,300 DnB ASA 682,711 739,741 53,200 Opera Software ASA* 350,324 580,951 35,300 Statoil ASA 810,460 825,382

1,843,495 2,146,074 JERSEY ISLAND (1.0%)

15,600 Shire PLC 645,369 644,656 55,800 WPP PLC 918,455 1,181,789

1,563,824 1,826,445 DENMARK (0.9%)

89 AP Moller - Maersk AS 858,341 840,543 6,900 Coloplast AS 272,099 404,530 2,400 Novo Nordisk AS 402,306 419,249

1,532,746 1,664,322




– 238 –

Synergy Global Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


SPAIN (0.9%) 14,200 Amadeus IT Holdings S.A. 497,782 513,489 35,100 Ferrovial S.A. 610,246 643,188 18,400 Repsol YPF S.A. 427,532 467,679

1,535,560 1,624,356 ITALY (0.8%)

19,600 Atlantia SpA 424,834 410,507 21,100 Azimut Holding SpA 428,527 495,730 19,100 Lottomatica SpA 357,243 562,391

1,210,604 1,468,628 SWEDEN (0.7%)

20,200 Investor AB 605,387 631,323 59,800 Nordea Bank AB 689,355 742,315

1,294,742 1,373,638 HONG KONG (0.7%)

87,600 AIA Group Ltd. Reg S 335,161 422,893 69,500 Hutchison Whampoa Ltd. 782,893 857,015

1,118,054 1,279,908 TAIWAN (0.6%)

288,235 Cathay Financial Holding Co., Ltd. 397,550 422,831 69,300 Himax Technologies Inc. 418,909 713,108

816,459 1,135,939 BRAZIL (0.6%)

18,300 BR Properties S.A. 204,099 167,516 71,700 Duratex S.A. 473,514 438,111

112,900 Minerva S.A. 570,763 525,131 1,248,376 1,130,758

SINGAPORE (0.5%) 21,800 Avago Technologies Ltd. 949,473 967,811

RUSSIA (0.5%) 14,400 LUKOIL Oil Co., ADR 936,740 940,391

BERMUDA (0.5%) 6,400 Bunge Ltd. 504,400 500,158

31,400 Lancashire Holdings Ltd. 384,582 400,584 888,982 900,742

FINLAND (0.5%) 126,500 Nokia OYJ* 763,895 856,354

CHINA (0.4%) 421,000 China Communications Construction Co., Ltd. 363,561 342,181 621,800 China Construction Bank Corp., Class H 519,720 493,000

883,281 835,181 MALAYSIA (0.4%)

246,900 Tenaga Nasional Bhd 533,991 704,880

CANADA (0.3%) 7,500 Magna International Inc. 503,336 637,805

THAILAND (0.3%) 93,300 Shin Corp. PCL 246,010 252,661

118,100 Shin Corp. PCL, Foreign Registered Shares 238,947 319,821 484,957 572,482

IRELAND (0.2%) 18,400 Smurfit Kappa Group PLC (Dublin common) 128,147 428,193

GUERNSEY (0.2%) 79,700 Resolution Ltd. 414,445 421,992

SOUTH AFRICA (0.1%) 6,800 Imperial Holdings Ltd. 130,914 151,501

CAYMAN ISLANDS (0.1%) 413,200 China Metal Recycling Holdings Ltd.^ 329,734 128,958


Total Equities (97.6%) 151,835,525 181,640,192





Net Assets (100.0%) 186,145,203

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





1 Royal Bank of Canada A-1+ 15-Jan-14 0.97 (12,386,343) US $ 12,784,936 Canadian $ (7,966)1 Royal Bank of Canada A-1+ 8-Jan-14 0.61 (2,915,722) British Pound 4,757,784 Canadian $ (112,941)1 Royal Bank of Canada A-1+ 8-Jan-14 0.73 (8,026,805) Euro 11,056,637 Canadian $ (159,424)1 Royal Bank of Canada A-1+ 8-Jan-14 96.50 (1,449,254,630) Japanese Yen 15,018,136 Canadian $ (219,699)1 Royal Bank of Canada A-1+ 8-Jan-14 0.90 (1,865,303) Swiss Franc 2,074,929 Canadian $ (56,839) Total Foreign Currency Forward Contracts Value (556,869)

– 239 –

Synergy Global Corporate ClassFinancial Statements (unaudited)







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


A SharesF SharesI SharesO SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 SharesIT8 Shares



181,640 174,0613,735 4,902

- -- -

274 274- -

- 693- -- -

96 774,690 5,275

- -323 395

190,758 185,677

- -- -- -

557 6- -

3,858 4,912198 389

- -- -- 2- -

4,613 5,309186,145 180,368

151,836 144,851- -

105,066 102,1855,616 5,328

21,861 19,64510 -

378 50052,775 52,396

110 103- -

315 199- -

14 12

5.35 4.886.17 5.60

17.56 15.8210.13 -14.72 13.3614.08 12.857.45 6.95

- -6.17 5.83

- -11.51 10.74

19,642,804 20,930,521910,387 951,627

1,245,217 1,241,4091,000 -

25,674 37,4513,749,430 4,078,429

14,805 14,768- -

51,019 34,105- -

1,204 1,163


as at as at



as at as at




– 240 –








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



2,265 2,7303 3

46 89- -- -- -

(315) (368)1,999 2,454

1,620 1,530189 171

- 2- -

195 1762,004 1,879

(5) 575- -

(5) 575

17,922 1,538106 (145)(398) (363)

- -

(650) (7,136)16,980 (6,106)16,975 (5,531)

9,424 (3,364)513 (166)

2,151 (464)- -

51 (12)4,808 (1,519)

9 (3)- 1

17 (6)- 12 1

0.48 (0.14)0.56 (0.16)1.73 (0.31)0.14 -1.39 (0.33)1.24 (0.33)0.66 (0.19)

- 0.870.47 (0.17)

- 1.191.16 0.93


2013 2012















102,185 111,486

2,997 1,963- -

(8,969) (10,543)(571) (1,859)

(6,543) (10,439)

- -- -- -- -

9,424 (3,364)105,066 97,683

5,328 5,462

333 63- -

(517) (820)(41) (1)

(225) (758)

- -- -- -- -

513 (166)5,616 4,538

19,645 22,431

701 1,526- -

(636) (5,080)- (1,347)

65 (4,901)

- -- -- -- -

2,151 (464)21,861 17,066


2013 2012

– 241 –














- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

500 484

2 -- -

(173) (41)(2) (2)

(173) (43)

- -- -- -- -

51 (12)378 429

52,396 53,115

91 145- -

(4,422) (1,164)(98) (134)

(4,429) (1,153)

- -- -- -- -

4,808 (1,519)52,775 50,443


2013 2012















103 127

- -- -- -- -- -

- -- -

(2) (3)(2) (3)9 (3)

110 121

- -

- 10- -- (11)- -- (1)

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

199 184

100 -- -

(13) (2)20 -

107 (2)

- -- -

(8) (7)(8) (7)17 (6)

315 169


2013 2012

– 242 –














- -

- 10- -- (11)- -- (1)

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

12 -

- 10- -- -- -- 10

- -- -- -- -2 1

14 11

180,368 193,289

4,234 3,727- -

(14,730) (17,672)(692) (3,343)

(11,188) (17,288)

- -- -

(10) (10)(10) (10)

16,975 (5,531)186,145 170,460



2013 2012


– 243 –

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







2013 2012

- 14- 1,359- 17- (1,390)- -- -

34,105 32,76915,942 -

- -(2,161) (421)3,133 -

51,019 32,348

- 10- 984- 20- (1,014)- -- -

1,163 10- 1,072

41 31- -- -

1,204 1,113










2013 2012

20,930,521 25,688,268584,234 477,624

- -(1,762,175) (2,556,126)

(109,776) (450,658)19,642,804 23,159,108

951,627 1,109,53854,810 13,168

- -(88,683) (178,776)(7,367) (457)

910,387 943,473

1,241,409 1,633,84441,807 117,544

- -(37,999) (386,654)

- (101,206)1,245,217 1,263,528

- -1,000 -

- -- -- -

1,000 -

37,451 41,217158 8

- -(11,824) (3,701)

(111) (186)25,674 37,338

4,078,429 4,650,6966,891 13,276

- -(328,511) (106,928)

(7,379) (12,570)3,749,430 4,544,474

14,768 19,592- -

37 19- -- -

14,805 19,611






5.35 4.225.35 4.22

6.17 4.816.17 4.81

17.56 13.5117.56 13.52

10.13 -10.13 -

14.72 11.4814.73 11.49


2013 2012

– 244 –

Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)









14.08 11.1014.08 11.11

7.45 6.157.45 6.15

- -- -

6.17 5.246.17 5.24

- -- -

11.51 9.5311.51 9.54


2013 2012





388 35525 31

8,266 16,1048,679 16,909

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

0.220.22

-0.150.220.220.220.220.220.22

-


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

2.001.00


1.002.002.001.002.001.00



– 245 –

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



Categories Net Assets (%)U.S.A. ....................................................................................................................................... 50.7 Japan ....................................................................................................................................... 11.4 U.K............................................................................................................................................ 7.1 France....................................................................................................................................... 4.2 Other Net Assets (Liabilities) .................................................................................................. 3.1 Switzerland .............................................................................................................................. 2.5 South Korea ............................................................................................................................. 2.1 Germany ................................................................................................................................... 2.0 Hong Kong................................................................................................................................ 1.6 Bermuda ................................................................................................................................... 1.3 Sweden .................................................................................................................................... 1.3 Thailand ................................................................................................................................... 1.2 China ........................................................................................................................................ 1.2 Netherlands ............................................................................................................................. 1.1 Norway..................................................................................................................................... 1.0 Australia................................................................................................................................... 0.8 Malaysia .................................................................................................................................. 0.7 Italy .......................................................................................................................................... 0.7 Russia....................................................................................................................................... 0.6 Singapore ................................................................................................................................. 0.5 Spain ........................................................................................................................................ 0.5 Brazil ........................................................................................................................................ 0.5 Taiwan...................................................................................................................................... 0.4 Turkey ....................................................................................................................................... 0.4 Cayman Islands........................................................................................................................ 0.4 Israel ........................................................................................................................................ 0.4 Belgium .................................................................................................................................... 0.4 Ireland ...................................................................................................................................... 0.4 Foreign Currency Forward Contracts ....................................................................................... 0.4 Denmark ................................................................................................................................... 0.3 British Virgin Islands................................................................................................................ 0.3 South Africa ............................................................................................................................. 0.3 Jersey Island............................................................................................................................ 0.2




(in $000's) (in $000's) (in $000's) (in $000's)Equities 181,511 - 129 181,640 Foreign currency forward contracts, net - (557) - (557) Total 181,511 (557) 129 181,083

There were no transfers between Level 1, 2 and 3 during the six month period ended September 30, 2013.2010.


(in $000's) (in $000's) (in $000's) (in $000's)Equities 173,551 - 510 174,061 Foreign currency forward contracts, net - 687 - 687 Total 173,551 687 510 174,748




– 246 –

Synergy Global Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)






(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities 510 - - - - (381) 129 Total 510 - - - - (381) 129

*Change in unrealized gain (loss) related to investments held at September 30, 2013 was ($381,007).



(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - - - 510 - (1) 510 Total - - - 510 - (1) 510


During the year ended March 31, 2013, equity investments with a net fair value of $510,000 were transferred out of Level 2 into Level 3 as observable market inputs were no longer available for these investments.


– 247 –

Harbour Global Growth & Income Corporate Class(formerly Harbour Foreign Growth & Income Corporate Class)



U.S.A. (29.8%) 55,000 Bed Bath & Beyond Inc. 2,984,593 4,383,208

182,000 Cisco Systems Inc. 4,296,703 4,392,386 200,000 CSX Corp. 4,451,158 5,302,679 40,000 CVS Caremark Corp. 1,305,254 2,338,617

105,000 Discover Financial Services 1,654,191 5,466,148 3,000 Mastercard Inc., Class A 603,968 2,080,282

170,000 Microsoft Corp. 4,135,647 5,831,093 75,000 Occidental Petroleum Corp. 6,433,895 7,226,291

115,000 Owens-Illinois Inc. 2,527,754 3,556,029 184,200 Patterson-UTI Energy Inc. 4,238,627 4,056,525 235,000 The Bank of New York Mellon Corp. 5,538,040 7,305,398

38,169,830 51,938,656U.K. (12.8%)

175,000 Diageo PLC 3,360,794 5,734,595 225,000 GlaxoSmithKline PLC 4,471,901 5,844,034 230,000 Travis Perkins PLC 3,328,796 6,321,021

GBP 690,000 United Kingdom, Treasury Gilt 4.75% 09/07/2015* 1,568,669 1,245,717

GBP 650,000 United Kingdom, Treasury Note 5% 03/07/2025 1,564,197 1,314,157

50,000 Weir Group PLC 1,281,213 1,940,299 15,575,570 22,399,823

CANADA (9.0%) 140,000 Barrick Gold Corp. 5,464,480 2,682,400 100,000 Canadian Imperial Bank of Commerce 7,201,910 8,205,000 230,000 Ultra Petroleum Corp.* 8,398,872 4,870,884

21,065,262 15,758,284AUSTRALIA (4.9%)

AUD 8,400,000 Government of Australia, Treasury Bond 6.25% 04/15/2015* 7,496,105 8,526,324

IRELAND (4.6%) 20,000 Kerry Group PLC, Class A 864,019 1,245,227

400,000 Kingspan Group PLC 4,597,471 6,819,765 5,461,490 8,064,992


JAPAN (3.5%) 72,050 Nidec Corp.* 5,804,833 6,116,297

SWEDEN (2.2%) 130,000 Atlas Copco AB, Series A* 1,997,553 3,921,286

FRANCE (2.0%) 25,000 Air Liquide S.A.* 2,473,157 3,584,766

TAIWAN (1.9%) 195,000 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 1,914,406 3,406,570

GERMANY (1.4%) 8,000 Puma S.E.* 2,416,772 2,471,503






Net Assets (100.0%) 175,166,873

Principal amounts stated in:AUD Australian Dollar GBP British Pound





Average FairPar Value Description Cost ($) Value ($)2,000,000 Canadian Treasury Bill 0.99128% 10/11/2013 1,999,060 1,999,422 1,000,000 Canadian Treasury Bill 0.9941% 10/07/2013 999,510 999,816 1,100,000 Canadian Treasury Bill 1.0042% 10/10/2013 1,097,283 1,099,711

880,000 Canadian Treasury Bill 1.00833% 10/24/2013 877,624 879,445 2,500,000 Canadian Treasury Bill 1.01891% 11/07/2013 2,492,990 2,497,498 2,100,000 Canadian Treasury Bill 1.02453% 12/19/2013 2,092,214 2,095,516 1,900,000 Canadian Treasury Bill 1.0297% 11/21/2013 1,891,919 1,897,386 1,500,000 Canadian Treasury Bill 1.02979% 01/16/2014 1,490,977 1,495,656 1,000,000 Canadian Treasury Bill 1.03027% 05/08/2014 991,252 993,993 1,200,000 Canadian Treasury Bill 1.03078% 01/30/2014 1,194,453 1,196,070 1,200,000 Canadian Treasury Bill 1.04459% 12/05/2013 1,196,184 1,197,895 8,900,000 Canadian Treasury Bill 1.0446% 01/03/2014 8,858,766 8,877,350 3,550,000 Canadian Treasury Bill 1.05948% 02/13/2014 3,530,116 3,537,021

550,000 Canadian Treasury Bill 1.06481% 03/13/2014 545,638 547,568 300,000 Canadian Treasury Bill 1.06481% 04/10/2014 297,621 298,441

1,000,000 Canadian Treasury Bill 1.08958% 07/03/2014 989,660 992,339 1,000,000 Canadian Treasury Bill 1.09991% 08/28/2014 989,150 990,638


– 248 –









Net assets per classA SharesF SharesI SharesO SharesAT5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesFT8 SharesIT8 Shares


A SharesF SharesI SharesO SharesAT5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesFT8 SharesIT8 Shares



132,385 132,44010,230 7,32431,596 18,487

- -240 240

- -

- 1,416- -- -

258 196- -- -

558 606175,267 160,709

- -- -- -

- 557- -- -

100 167- -- -- 10- -

100 734175,167 159,975

105,888 113,075- -

167,944 153,9171,986 1,3883,454 2,814

10 -683 69934 3288 8510 -

930 1,01315 1513 12

14.40 13.5316.14 15.0713.47 12.4910.18 -7.94 7.63

10.31 9.859.48 9.00

10.10 -6.47 6.315.97 5.788.41 8.09

11,659,267 11,375,503123,048 92,091256,441 225,259

1,000 -86,110 91,5973,282 3,2829,284 9,394

- -143,600 160,529

2,585 2,5851,516 1,462


as at as at



as at as at




– 249 –









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



1,659 1,811460 49334 29

- -- -- -

(191) (174)1,962 2,159

1,647 1,525187 169

- -- -

196 1782,030 1,872

(68) 287- -

(68) 287

4,201 98314 2(21) (43)

- -

6,310 (2,881)10,504 (1,939)10,436 (1,652)

9,972 (1,592)114 (8)232 (35)

- -41 (8)3 -6 -- -

66 (10)1 -1 1

0.87 (0.13)1.06 (0.07)0.99 (0.12)0.18 -0.49 (0.07)0.69 (0.05)0.70 0.020.18 -0.41 (0.05)0.40 (0.04)0.62 0.83


2013 2012















153,917 158,693

13,851 5,667- -

(9,435) (10,679)(361) (1,829)

4,055 (6,841)

- -- -- -- -

9,972 (1,592)167,944 150,260

1,388 1,758

259 18- -

(52) (135)277 2484 (115)

- -- -- -- -

114 (8)1,986 1,635

2,814 3,909

- -- -

(444) (180)852 (885)408 (1,065)

- -- -- -- -

232 (35)3,454 2,809


2013 2012

– 250 –















- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

699 749

45 3- -

(113) (6)26 (25)(42) (28)

- -- -

(15) (17)(15) (17)41 (8)

683 696

32 31

- -- -- -- -- -

- -- -

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

34 30


2013 2012















85 82

- -- -

(1) (1)- -

(1) (1)

- -- -

(2) (2)(2) (2)6 -

88 79

- -

10 -- -- -- -

10 -

- -- -- -- -- -

10 -

1,013 1,137

97 151 -

(78) (88)(130) 17(110) (56)

- -- -

(39) (43)(39) (43)66 (10)

930 1,028


2013 2012

– 251 –















15 15

- -- -- -- -- -

- -- -

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

15 14

12 -

- 10- -- -- -- 10

- -- -- -- -1 1

13 11

159,975 166,374

14,272 5,7131 -

(10,123) (11,089)664 (2,720)

4,814 (8,096)

- -- -

(58) (64)(58) (64)

10,436 (1,652)175,167 156,562



2013 2012


– 252 –












2013 2012

11,375,503 12,631,562988,879 468,417

- -(677,303) (880,355)(27,812) (151,506)

11,659,267 12,068,118

92,091 126,98916,661 1,363

- -(3,337) (9,980)17,633 122

123,048 118,494

225,259 345,205- -- -

(33,898) (16,395)65,080 (81,465)

256,441 247,345

- -1,000 -

- -- -- -

1,000 -

91,597 100,7105,746 433

- -(14,579) (872)

3,346 (3,512)86,110 96,759

3,282 3,282- -- -- -- -

3,282 3,282

9,394 9,566- -- -

(110) (112)- -

9,284 9,454






2013 2012

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

160,529 179,22515,370 2,479

165 28(12,166) (14,364)(20,298) 2,764143,600 170,132

2,585 2,585- -- -- -- -

2,585 2,585

1,462 14- 1,348

54 37- -- -

1,516 1,399


– 253 –















14.40 12.4514.41 12.46

16.14 13.8016.14 13.80

13.47 11.3613.47 11.36

10.18 -10.19 -

7.94 7.197.94 7.19

10.31 9.2310.31 9.23

9.48 8.389.49 8.38

10.10 -10.10 -

6.47 6.046.48 6.04

5.97 5.505.97 5.51

8.41 7.648.42 7.65


2013 2012


Annual management fee rateA SharesF SharesI SharesO SharesAT5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesFT8 SharesIT8 Shares

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

2.001.00


2.001.00


2.001.00


0.220.22

-0.150.220.22

-0.150.220.22

-






17 391 -

29,565 34,34031,043 36,057

– 254 –





Categories Net Assets (%)U.S.A. ....................................................................................................................................... 29.9 U.K............................................................................................................................................ 16.9 Short-Term Investments........................................................................................................... 11.6 Canada ..................................................................................................................................... 10.5 Australia................................................................................................................................... 5.9 Other Net Assets (Liabilities) .................................................................................................. 5.1 Ireland ...................................................................................................................................... 3.9 Switzerland .............................................................................................................................. 3.4 Japan ....................................................................................................................................... 2.7 Sweden .................................................................................................................................... 2.3 Taiwan...................................................................................................................................... 2.1 France....................................................................................................................................... 1.9 Netherlands ............................................................................................................................. 1.7 Germany ................................................................................................................................... 1.6 Foreign Currency Forward Contracts ....................................................................................... 0.5

During the six-month period the Fund's other price risk, credit risk and currency risk exposure changedsignificantly as disclosed in the section below. For details relating to interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was invested in foreign equities and thereforewas sensitive to changes in general economic conditions across the world, however some of the Fund'sassets were invested in fixed income securities and their market risk exposure is described below.

As at September 30, 2013, had foreign markets increased or decreased by 10% (March 31, 2013 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $8,446,000 (March 31, 2013 - $11,767,000). In practice, actual results maydiffer from this analysis and the difference may be material.


as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 22.9 AA/Aa/A+ 1.5 Total 24.4

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 17.9 AA/Aa/A+ 2.0 A 1.8 Total 21.7





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 60,279 - 60,279 34.4 British Pound 22,560 - 22,560 12.9 Euro 14,121 - 14,121 8.1 Australian Dollar 8,758 - 8,758 5.0 Swiss Franc 6,197 - 6,197 3.5 Japanese Yen 6,144 - 6,144 3.5 Swedish Krona 3,921 - 3,921 2.2 Total 121,980 - 121,980 69.6


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 58,612 (40,114) 18,498 11.6 Australian Dollar 9,731 - 9,731 6.1 British Pound 27,163 (25,368) 1,795 1.1 Euro 11,796 (10,949) 847 0.5 Swiss Franc 5,393 (4,776) 617 0.4 Swedish Krona 3,745 (3,475) 270 0.2 Japanese Yen 4,395 (4,181) 214 0.1 Total 120,835 (88,863) 31,972 20.0

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10%(March 31, 2013 - 10%) in relation to all other foreign currencies held in the Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $12,198,000 (March 31, 2013 - $3,197,000). In practice, actual results may differ from thisanalysis and the difference may be material.



– 255 –

Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.8%) 17,339,184 Harbour Growth & Income Fund (Class I)† 278,968,435 309,331,047



Net Assets (100.0%) 310,009,218



– 256 –

Harbour Growth & Income Corporate ClassFinancial Statements (unaudited)











309,331 348,617- 1,357- -- -

1,297 1,297- -

- -- -- -

257 596387 632

- -- -

311,272 352,499

163 -- -- -

- -- -- 56

1,100 1,598- -- -- 297- -

1,263 1,951310,009 350,548

278,968 322,330- -

231,180 262,3782,431 1,9757,571 8,059

13,226 16,8186,940 6,611

18,821 21,726139 11584 634899 906

1,041 88325,434 28,725

88 89134 227

1,395 1,386126 120

11.35 11.2011.44 11.2712.12 11.8912.49 12.1711.94 11.657.50 7.59

10.34 10.458.30 8.358.94 8.93

10.85 10.846.17 6.339.74 9.996.84 6.987.27 7.37

10.24 10.38

20,367,029 23,430,810212,542 175,167624,803 678,005

1,058,663 1,381,638581,087 567,604

2,507,790 2,863,00313,396 1,04670,319 75,938

100,542 101,47595,944 81,462

4,123,116 4,538,5958,990 8,942

19,530 32,573191,825 188,05312,335 11,563


as at as at



as at as at




– 257 –













- -3 7- -- -- -- -- -3 7

3,035 3,860313 394

- -- -

361 4303,709 4,684(3,706) (4,677)

- -(3,706) (4,677)

4,464 1,342(12) (1)

- -- -

4,076 (1,557)8,528 (216)4,822 (4,893)

3,359 (3,935)25 (143)

151 (95)400 (23)155 66270 (394)

2 -12 (4)23 (3)23 62

357 (430)2 24 (1)

36 43 1

0.15 (0.14)0.13 (0.30)0.23 (0.09)0.33 (0.01)0.28 0.200.10 (0.11)0.09 0.800.15 (0.02)0.23 (0.01)0.27 1.050.08 (0.08)0.13 0.870.13 (0.04)0.19 0.020.25 0.91


2013 2012


2013 2012


– 258 –



























2013 2012


2013 2012



262,378 344,531

7,672 8,568- -

(23,523) (31,454)(18,706) (18,137)(34,557) (41,023)

- -- -- -- -

3,359 (3,935)231,180 299,573

1,975 5,875

- 187- -- (115)

431 (3,430)431 (3,358)

- -- -- -- -

25 (143)2,431 2,374

8,059 12,119

757 186- -

(1,023) (1,640)(373) (443)(639) (1,897)

- -- -- -- -

151 (95)7,571 10,127

16,818 22,661

17 141- -

(1,758) (869)(2,251) (1,571)(3,992) (2,299)

- -- -- -- -

400 (23)13,226 20,339

6,611 2,664

633 622- -

(93) (53)(366) 1,181174 1,750

- -- -- -- -

155 666,940 4,480

21,726 29,992

725 1,2794 4

(2,208) (2,846)(1,207) (1,479)(2,686) (3,042)

- -- -

(489) (668)(489) (668)270 (394)

18,821 25,888

– 259 –



























2013 2012


2013 2012



883 -

169 10- -

(29) (5)18 818

158 823

- -- -

(23) (18)(23) (18)23 62

1,041 867

28,725 38,378

651 1,01112 6

(2,264) (3,014)(989) (780)

(2,590) (2,777)

- -- -

(1,058) (1,417)(1,058) (1,417)

357 (430)25,434 33,754

89 -

- 78- -- -- -- 78

- -- -

(3) (1)(3) (1)2 2

88 79

11 -

129 10- -- -- -

129 10

- -- -

(3) -(3) -2 -

139 10

634 1,104

29 12 1

(78) (3)- -

(47) (1)

- -- -

(15) (27)(15) (27)12 (4)

584 1,072

906 2,032

- -- -

(8) (201)- -

(8) (201)

- -- -

(22) (45)(22) (45)23 (3)

899 1,783

– 260 –



















2013 2012


2013 2012



227 384

45 -- -- -

(135) -(90) -

- -- -

(7) (15)(7) (15)4 (1)

134 368

1,386 1,364

- -34 32(6) (6)- -

28 26

- -- -

(55) (52)(55) (52)36 4

1,395 1,342

120 -

10 10- -

(21) -18 -7 10

- -- -

(4) -(4) -3 1

126 11

350,548 461,104

10,837 12,10352 43

(31,011) (40,206)(23,560) (23,841)(43,682) (51,901)

- -- -

(1,679) (2,243)(1,679) (2,243)4,822 (4,893)

310,009 402,067

– 261 –

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012










2013 2012

23,430,810 31,451,437680,995 807,154

15 -(2,083,828) (2,957,425)(1,660,963) (1,709,720)20,367,029 27,591,446

175,167 533,262- 17,865- -- (10,843)

37,375 (322,913)212,542 217,371

678,005 1,053,80063,144 16,596

- -(85,274) (146,177)(31,072) (40,675)624,803 883,544

1,381,638 1,949,5071,411 12,816

- -(142,445) (76,550)(181,941) (141,525)

1,058,663 1,744,248

567,604 239,16853,093 56,756

- -(7,881) (4,819)

(31,729) 110,111581,087 401,216

2,863,003 3,844,35095,796 171,747

500 493(291,935) (382,331)(159,574) (201,924)

2,507,790 3,432,335

1,046 1012,324 983

26 17- -- -

13,396 1,010

75,938 129,9903,451 118

211 136(9,281) (382)

- -70,319 129,862

101,475 227,026- -- -

(933) (23,494)- -

100,542 203,532

81,462 1015,518 964

18 16(2,705) (487)1,651 80,913

95,944 81,416

4,538,595 5,719,783103,690 158,370

1,899 997(361,848) (470,722)(159,220) (123,398)

4,123,116 5,285,030

8,942 104 7,788

44 28- -- -

8,990 7,826

32,573 52,5356,423 -

- -(19) (20)

(19,447) -19,530 52,515

188,053 179,045- -

4,642 4,426(870) (826)

- -191,825 182,645

– 262 –

Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2013 2012

11,563 10944 98143 27

(2,018) -1,803 -

12,335 1,018



2.001.851.00


2.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15



– 263 –

Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)




Categories Net Assets (%)Financials ................................................................................................................................. 24.6Short-Term Investments........................................................................................................... 16.9Energy ...................................................................................................................................... 13.3Materials.................................................................................................................................. 9.7Information Technology ........................................................................................................... 9.2Consumer Staples.................................................................................................................... 8.0Canadian Government Bonds .................................................................................................. 7.5Industrials ................................................................................................................................ 4.8Health Care .............................................................................................................................. 2.4Consumer Discretionary........................................................................................................... 2.1Other Net Assets (Liabilities) .................................................................................................. 1.5


Categories Net Assets (%)Financials ................................................................................................................................. 25.7 Energy ...................................................................................................................................... 13.1 Short-Term Investments........................................................................................................... 11.7 Materials.................................................................................................................................. 10.6 Information Technology ........................................................................................................... 10.0 Consumer Staples.................................................................................................................... 9.1 Canadian Government Bonds .................................................................................................. 6.8 Industrials ................................................................................................................................ 5.0 Consumer Discretionary........................................................................................................... 2.8 Health Care .............................................................................................................................. 2.8 Other Net Assets (Liabilities) .................................................................................................. 2.8 Foreign Currency Forward Contracts ....................................................................................... (0.4)





as at September 30, 2013Currency Net Assets (%)US Dollar 3.0 British Pound 0.2 Australian Dollar 0.2 Taiwan Dollar (1.8)Total 1.6


as at March 31, 2013Currency Net Assets (%)US Dollar 6.2 British Pound 0.4 Australian Dollar 0.1 Taiwan Dollar (1.9)Total 4.8

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $495,000 (March 31, 2013 - $1,673,000). In practice, actual results may differ from thisanalysis and the difference may be material.


– 264 –

Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (98.7%)48,134,980 Signature Global Income & Growth Fund

(Class I)† 359,199,158 382,191,740



Net Assets (100.0%) 387,401,268



– 265 –

Signature Global Income & Growth Corporate ClassFinancial Statements (unaudited)











382,192 195,8183,547 429

- -- -

256 256- -

- -- -- -

4,199 8585 339- -- -

390,199 197,700

- -- 11- 1

- -- -

2,509 407287 354

- -- -2 24- -

2,798 797387,401 196,903

359,199 172,559- -

258,329 171,09911,250 1,39910,789 2,72649,535 13,50330,817 3,7329,695 1,6881,558 121,395 99

98 971,000 12

10,189 2,0791,754 399

152 34218 12622 12

11.22 10.8612.85 12.4312.18 11.7313.33 12.7513.40 12.849.37 9.29

11.64 11.539.14 9.00

10.87 10.6412.20 11.957.54 7.59

10.97 11.0210.96 10.9611.18 11.1011.52 11.45

23,031,646 15,750,086875,267 112,579885,405 232,380

3,716,937 1,059,3022,299,057 290,7421,034,287 181,652

133,817 1,004152,713 10,949

8,985 9,09282,020 984

1,351,522 273,867159,910 36,23313,867 3,08419,514 1,06154,008 1,027


as at as at



as at as at




– 266 –













- -14 2

- -- -

4,491 1,769- -- -

4,505 1,771

2,349 797272 90

- -- -

278 882,899 9751,606 796

- -1,606 796

236 14523 (7)

- -6,898 2,312

(266) (2,303)6,891 1478,497 943

6,038 849111 8187 25

1,477 13377 38105 3

9 -11 14 56 -

129 127 -3 -1 -

12 -

0.31 0.110.24 0.660.35 0.140.55 0.050.34 0.210.20 0.050.27 0.640.17 0.110.48 0.100.22 0.760.18 0.010.29 0.620.36 0.660.42 0.730.37 0.74


2013 2012


2013 2012


– 267 –



Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedAcquisition of assets from terminated funds Conversion of shares (net)
























2013 2012


2013 2012



171,099 70,591

57,353 2,307- -

(11,697) (6,428)- 88,652

35,536 (1,153)81,192 83,378

- -- -- -- -

6,038 849258,329 154,818

1,399 41

6,848 151- -

(621) -- -

3,513 3659,740 516

- -- -- -- -

111 811,250 565

2,726 1,676

4,862 75- -

(243) (52)- 444

3,257 1907,876 657

- -- -- -- -

187 2510,789 2,358

13,503 3,409

12,797 97- -

(1,213) (30)- 428

22,971 (1,249)34,555 (754)

- -- -- -- -

1,477 1349,535 2,668

3,732 1,491

12,683 461- -

(128) (265)- -

14,153 37726,708 573

- -- -- -- -

377 3830,817 2,102

1,688 601

5,315 114- -

(127) (55)- -

2,844 1048,032 163

- -- -

(130) (15)(130) (15)105 3

9,695 752

– 268 –



























2013 2012


2013 2012



12 -

645 10- -

(15) -- -

362 -992 10

- -- -

(10) -(10) -

6 -1,000 10

2,079 991

5,571 1179 -

(30) (32)- -

2,671 (21)8,221 64

- -- -

(240) (38)(240) (38)129 1

10,189 1,018

399 -

1,154 101 -

(13) -- -

229 -1,371 10

- -- -

(43) -(43) -27 -

1,754 10

12 -

1,493 10- -- -- -

54 -1,547 10

- -- -

(10) -(10) -

9 -1,558 10

99 69

1,120 -- -- -- -

182 -1,302 -

- -- -

(17) (2)(17) (2)11 1

1,395 68

97 575

- -- -

(1) (81)- -- -

(1) (81)

- -- -

(2) (12)(2) (12)4 5

98 487

– 269 –



















2013 2012


2013 2012



34 -

36 101 -- -- -

82 -119 10

- -- -

(4) -(4) -3 -

152 10

12 -

- 101 -- -- -

206 -207 10

- -- -

(2) -(2) -1 -

218 10

12 -

491 103 -(4) -- -

126 -616 10

- -- -

(18) -(18) -12 -

622 10

196,903 79,444

110,368 3,38215 -

(14,092) (6,943)- 89,524

86,186 (1,387)182,477 84,576

- -- -

(476) (67)(476) (67)

8,497 943387,401 164,896

– 270 –

Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


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

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

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

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

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

AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Acquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2013 2012


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

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

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

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

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

ET8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Acquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2013 2012

15,750,086 7,225,0085,149,823 240,940

- -- 9,129,962

(1,053,350) (668,108)3,185,087 (120,301)

23,031,646 15,807,501

112,579 3,647535,920 13,492

- -- -

(48,619) -275,387 33,367875,267 50,506

232,380 160,595402,494 7,349

- -- 42,573

(20,164) (4,962)270,695 18,595885,405 224,150

1,059,302 304,558971,849 8,565

- -- 38,052

(91,412) (2,711)1,777,198 (113,500)3,716,937 234,964

290,742 132,087954,792 41,821

- -- -

(9,797) (24,057)1,063,320 33,8322,299,057 183,683

181,652 68,500564,995 13,416

24 -- -

(13,559) (6,426)301,175 12,078

1,034,287 87,568

1,004 10128,199 949

28 16- -- -

4,586 -133,817 975

10,949 8,222122,010 -

- -- -- -

19,754 -152,713 8,222

9,092 58,652- -- -- -

(107) (8,512)- -

8,985 50,140

984 1052,599 930

15 16- -

(1,232) -29,654 -82,020 956

273,867 134,209728,932 16,538

1,168 23- -

(3,943) (4,568)351,498 (3,041)

1,351,522 143,161

36,233 10103,954 968

48 27- -

(1,172) -20,847 -

159,910 1,005

– 271 –

Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Acquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Acquisition of assets from terminated funds Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2013 2012

3,084 103,259 981

56 27- -- -

7,468 -13,867 1,018

1,061 10- 980

75 26- -

(16) -18,394 -19,514 1,016

1,027 1042,205 948

226 26- -

(359) -10,909 -54,008 984


0.220.150.22

-0.150.220.150.22

-0.150.220.150.22

-0.15



2.001.851.00


2.001.851.00


2.001.851.00




– 272 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 36.3Other Net Assets (Liabilities) .................................................................................................. 26.5U.K............................................................................................................................................ 4.7Canada ..................................................................................................................................... 4.1Switzerland .............................................................................................................................. 3.7Japan ....................................................................................................................................... 3.0Netherlands ............................................................................................................................. 2.9France....................................................................................................................................... 2.9Germany ................................................................................................................................... 2.2Australia................................................................................................................................... 1.9Belgium .................................................................................................................................... 1.2Mexico ..................................................................................................................................... 1.0Sweden .................................................................................................................................... 0.9South Korea ............................................................................................................................. 0.9Thailand ................................................................................................................................... 0.8Luxembourg.............................................................................................................................. 0.8Ireland ...................................................................................................................................... 0.7Cayman Islands........................................................................................................................ 0.7Bermuda ................................................................................................................................... 0.5Brazil ........................................................................................................................................ 0.5China ........................................................................................................................................ 0.4Taiwan...................................................................................................................................... 0.4Denmark ................................................................................................................................... 0.4Austria...................................................................................................................................... 0.4Indonesia.................................................................................................................................. 0.4Jersey Island............................................................................................................................ 0.3Russia....................................................................................................................................... 0.3Netherlands Antilles................................................................................................................ 0.3Marshall Islands ...................................................................................................................... 0.2Poland ...................................................................................................................................... 0.2Malaysia .................................................................................................................................. 0.1Spain ........................................................................................................................................ 0.1South Africa ............................................................................................................................. 0.1Peru .......................................................................................................................................... 0.1Norway..................................................................................................................................... 0.1Hong Kong................................................................................................................................ 0.1India ......................................................................................................................................... 0.1British Virgin Islands................................................................................................................ 0.1Foreign Currency Forward Contracts ....................................................................................... (0.3)


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 38.9 Other Net Assets (Liabilities) .................................................................................................. 8.9 U.K............................................................................................................................................ 6.5 Canada ..................................................................................................................................... 5.6 Switzerland .............................................................................................................................. 5.2 Australia................................................................................................................................... 4.3 France....................................................................................................................................... 3.3 Japan ....................................................................................................................................... 3.1 Germany ................................................................................................................................... 2.6 Netherlands ............................................................................................................................. 2.3 Brazil ........................................................................................................................................ 1.8 Mexico ..................................................................................................................................... 1.6 Belgium .................................................................................................................................... 1.5 South Korea ............................................................................................................................. 1.2 Cayman Islands........................................................................................................................ 1.1 Thailand ................................................................................................................................... 1.1 Ireland ...................................................................................................................................... 0.9 Poland ...................................................................................................................................... 0.9 Luxembourg.............................................................................................................................. 0.8 Bermuda ................................................................................................................................... 0.8 Sweden .................................................................................................................................... 0.8 Hong Kong................................................................................................................................ 0.8 Indonesia.................................................................................................................................. 0.7 Spain ........................................................................................................................................ 0.7 Denmark ................................................................................................................................... 0.6 Taiwan...................................................................................................................................... 0.5 China ........................................................................................................................................ 0.5 Malaysia .................................................................................................................................. 0.4 Netherlands Antilles................................................................................................................ 0.4 Russia....................................................................................................................................... 0.4 Marshall Islands ...................................................................................................................... 0.4 Israel ........................................................................................................................................ 0.3 Jersey Island............................................................................................................................ 0.2 Chile ......................................................................................................................................... 0.2 Austria...................................................................................................................................... 0.2 Norway..................................................................................................................................... 0.2 India ......................................................................................................................................... 0.1 South Africa ............................................................................................................................. 0.1 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's other price risk, credit risk, currency risk and interest rate riskexposure changed significantly as disclosed in the section below. For details relating to fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's fair valuehierarchy exposure remains unchanged.

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at September 30, 2013 andMarch 31, 2013, the Underlying Fund was invested in global equities and therefore was sensitive tochanges in general economic conditions across the world, however some of the Underlying Fund'sassets were invested in fixed income securities and their market risk exposure is described below.



– 273 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)

Credit RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct credit risk exposure.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the credit risk exposure of theUnderlying Fund.

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

as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 2.3 AA/Aa/A+ 2.5 A 1.1 BBB/Baa/B++ 3.6 BB/Ba/B+ 5.7 B 8.0 CCC/Caa/C++ 1.4 Not Rated 3.9 Total 28.5

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 2.3 AA/Aa/A+ 1.9 A 1.5 BBB/Baa/B++ 4.7 BB/Ba/B+ 6.0 B 7.7 CCC/Caa/C++ 1.6 Not Rated 0.7 Total 26.4






as at September 30, 2013Currency Net Assets (%)US Dollar 68.3 Euro 4.9 British Pound 3.2 Swiss Franc 1.7 Australian Dollar 1.6 Japanese Yen 1.6 Swedish Krona 0.9 Korean Won 0.9 Brazilian Real 0.9 Hong Kong Dollar 0.9 Thai Baht 0.8 Mexican Peso 0.7 Danish Krone 0.4 Indonesian Rupiah 0.4 Indian Rupee 0.3 Polish Zloty 0.2 Malaysian Ringgit 0.1 South Africa Rand 0.1 Peruvian Nuevo Sol 0.1 New Zealand Dollar 0.1 Total 88.1

as at March 31, 2013Currency Net Assets (%)US Dollar 56.6 Euro 4.4 Japanese Yen 3.2 British Pound 3.0 Brazilian Real 2.8 Swiss Franc 2.5 Australian Dollar 1.9 Hong Kong Dollar 1.6 Korean Won 1.2 Thai Baht 1.1 Mexican Peso 1.0 Polish Zloty 1.0 Swedish Krona 0.8 Indonesian Rupiah 0.7 Danish Krone 0.6 Malaysian Ringgit 0.4 Indian Rupee 0.4 Israeli Shekel 0.3 New Zealand Dollar 0.1 Chilean Peso 0.1 Argentine Peso - Total 83.7




– 274 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)

Interest Rate RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct interest raterisk exposure.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the interest rate riskexposure of the Underlying Fund.

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

as at September 30, 2013Less than 1 - 3 3 - 5 Greater

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

Interest Rate Exposure 29.1 1.2 4.3 21.2 55.8

as at March 31, 2013Less than 1 - 3 3 - 5 Greater



As at September 30, 2013, had the prevailing interest rates increased or decreased by 0.25% (March 31,2013 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $1,477,000 (March 31, 2013 - $589,000).In practice, actual results may differ from this analysis and the difference may be material.



– 275 –

Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.7%) 78,927,604 Signature Income & Growth Fund

(Class I)† 670,532,919 742,708,757



Net Assets (100.0%) 745,050,431



– 276 –

Signature Income & Growth Corporate ClassFinancial Statements (unaudited)









742,709 714,654- 1,127- -- -

1,821 1,821- -

- -- -- -

2,201 2,414288 492

- -- 1

747,019 720,509

202 -- -- -

- -- -

628 7281,139 1,735

- -- -- 438- -

1,969 2,901745,050 717,608

670,533 650,083- -

516,340 506,33119,131 14,06927,929 25,32459,631 63,92427,548 20,40443,495 40,1203,885 3,3793,043 3,5953,541 3,3911,999 545

31,806 30,636232 99

4,131 3,5811,655 1,653

684 557


as at as at






16.00 15.5312.41 12.0216.86 16.2716.54 15.8512.91 12.399.07 9.02

11.26 11.1810.20 10.0910.69 10.5011.73 11.527.53 7.60

10.56 10.648.34 8.377.97 7.94

11.05 11.02

32,265,051 32,603,9051,541,970 1,170,3061,656,560 1,556,7063,606,265 4,033,4552,133,626 1,647,3474,793,255 4,448,290

345,034 302,369298,326 356,395331,098 322,970170,389 47,285

4,223,350 4,031,90121,999 9,322

495,258 427,871207,620 208,22661,896 50,568


as at as at


– 277 –


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








1 69 8- -- -

19,866 13,871- 190- -- -

19,876 14,075

6,266 5,528660 574

- 1- -

726 7937,652 6,896

12,224 7,179- -

12,224 7,179

3,477 (180)(10) 3

- -- -

7,605 4,97211,072 4,79523,296 11,974

15,356 7,757550 171969 472

2,535 1,6621,042 3911,260 625

101 27100 97150 10279 5

907 5073 2

143 7971 6730 10


2013 2012




0.48 0.230.42 0.430.61 0.310.68 0.400.56 0.450.28 0.150.31 0.340.33 0.250.45 0.250.61 0.450.24 0.120.28 0.190.30 0.210.34 0.430.48 0.33


2013 2012


– 278 –














506,331 484,320

38,452 31,642- -

(27,627) (33,794)(16,172) (11,082)(5,347) (13,234)

- -- -- -- -

15,356 7,757516,340 478,843

14,069 2,900

1,994 718- -

(280) (125)2,798 3,6384,512 4,231

- -- -- -- -

550 17119,131 7,302

25,324 24,171

3,904 1,322- -

(2,180) (2,615)(88) (708)

1,636 (2,001)

- -- -- -- -

969 47227,929 22,642


2013 2012















63,924 59,418

4,968 7,060- -

(4,085) (4,842)(7,711) (3,163)(6,828) (945)

- -- -- -- -

2,535 1,66259,631 60,135

20,404 7,207

3,742 1,921- -

(426) (81)2,786 3,0406,102 4,880

- -- -- -- -

1,042 39127,548 12,478

40,120 34,087

5,470 3,3835 3

(2,256) (2,049)(113) 384

3,106 1,721

- -- -

(991) (834)(991) (834)

1,260 62543,495 35,599


2013 2012

– 279 –














3,379 706

463 2633 -

(185) -216 262497 525

- -- -

(92) (22)(92) (22)101 27

3,885 1,236

3,595 3,352

277 654- -

(856) (140)- (44)

(579) 470

- -- -

(73) (91)(73) (91)100 97

3,043 3,828

3,391 4,303

495 -- -

(529) (109)117 (440)83 (549)

- -- -

(83) (96)(83) (96)150 102

3,541 3,760


2013 2012















545 95

1,324 6710 -(49) (1)127 195

1,412 261

- -- -

(37) (4)(37) (4)79 5

1,999 357

30,636 31,808

4,367 2,02428 15

(1,921) (1,949)(1,020) (1,049)1,454 (959)

- -- -

(1,191) (1,209)(1,191) (1,209)

907 50731,806 30,147

99 100

135 -- 1- -- -

135 1

- -- -

(5) (4)(5) (4)3 2

232 99


2013 2012

– 280 –














3,581 2,849

541 57- -

(301) (72)323 305563 290

- -- -

(156) (121)(156) (121)143 79

4,131 3,097

1,653 619

- -7 5

(12) (10)- 963

(5) 958

- -- -

(64) (48)(64) (48)71 67

1,655 1,596

557 253

130 991 -(7) (3)(1) -

123 96

- -- -

(26) (13)(26) (13)30 10

684 346


2013 2012







717,608 656,188

66,262 49,21054 24

(40,714) (45,790)(18,738) (7,699)

6,864 (4,255)

- -- -

(2,718) (2,442)(2,718) (2,442)23,296 11,974

745,050 661,465


2013 2012

– 281 –

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

32,603,905 33,575,6862,451,450 2,214,810

- 32(1,757,697) (2,367,955)(1,032,607) (784,701)32,265,051 32,637,872

1,170,306 260,255164,845 64,956

- -(23,338) (11,432)230,157 329,932

1,541,970 643,711

1,556,706 1,617,203238,210 89,185

- -(132,781) (176,148)

(5,575) (48,912)1,656,560 1,481,328

4,033,455 4,134,634308,645 492,932

- -(256,015) (339,826)(479,820) (222,557)

3,606,265 4,065,183

1,647,347 640,799296,299 171,319

- -(33,826) (7,158)223,806 273,510

2,133,626 1,078,470

4,448,290 3,876,982606,210 394,846

525 291(251,015) (237,976)(10,755) 44,984

4,793,255 4,079,127

302,369 65,04741,660 24,475

225 -(16,679) (10)17,459 24,982

345,034 114,494










2013 2012

356,395 344,52127,493 69,399

- -(85,562) (14,776)

- (4,880)298,326 394,264

322,970 430,76147,843 -

- -(50,780) (11,189)11,065 (44,912)

331,098 374,660

47,285 8,609114,865 6,031

830 24(4,258) (111)11,667 17,878

170,389 32,431

4,031,901 4,166,133578,081 273,318

3,713 2,029(254,558) (261,312)(135,787) (141,120)

4,223,350 4,039,048

9,322 9,33012,677 23

- 85- -- -

21,999 9,438

427,871 342,33664,969 6,929

- -(36,148) (8,763)38,566 38,187

495,258 378,689

208,226 79,5741 -

889 708(1,496) (1,304)

- 128,250207,620 207,228

– 282 –

Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2013 2012

50,568 23,42911,925 9,220

97 6(605) (317)(89) -

61,896 32,338



2.001.851.00


2.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15



– 283 –

Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Financials ................................................................................................................................. 26.2Energy ...................................................................................................................................... 11.5Short-Term Investments........................................................................................................... 9.4Consumer Staples.................................................................................................................... 7.7Health Care .............................................................................................................................. 7.3Industrials ................................................................................................................................ 7.1Consumer Discretionary........................................................................................................... 5.5Materials.................................................................................................................................. 4.9Telecommunication Services ................................................................................................... 4.0Canadian Government Bonds .................................................................................................. 3.0Information Technology ........................................................................................................... 2.9Utilities..................................................................................................................................... 2.8Provincial Bonds....................................................................................................................... 2.6Warrants .................................................................................................................................. 1.9Exchange-Traded Funds ........................................................................................................... 1.0Other Net Assets (Liabilities) .................................................................................................. 0.9Foreign Government Bonds...................................................................................................... 0.7Private Placements .................................................................................................................. 0.6Municipal Bonds ...................................................................................................................... 0.2Asset Backed Securities .......................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... (0.3)


Categories Net Assets (%)Financials ................................................................................................................................. 26.2 Energy ...................................................................................................................................... 13.9 Health Care .............................................................................................................................. 8.1 Consumer Staples.................................................................................................................... 7.9 Materials.................................................................................................................................. 7.1 Industrials ................................................................................................................................ 6.9 Telecommunication Services ................................................................................................... 6.0 Consumer Discretionary........................................................................................................... 5.0 Short-Term Investments........................................................................................................... 3.2 Information Technology ........................................................................................................... 3.0 Utilities..................................................................................................................................... 2.9 Canadian Government Bonds .................................................................................................. 2.8 Provincial Bonds....................................................................................................................... 2.7 Warrants .................................................................................................................................. 1.7 Other Net Assets (Liabilities) .................................................................................................. 1.1 Foreign Government Bonds...................................................................................................... 0.7 Municipal Bonds ...................................................................................................................... 0.3 Private Placements .................................................................................................................. 0.2 Foreign Currency Forward Contracts ....................................................................................... 0.2 Asset-Backed Securities.......................................................................................................... 0.1




– 284 –

CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

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



EQUITIES SUBJECT TO FORWARD AGREEMENT (91.9%) 1,241,315 Allied Nevada Gold Corp. 9,371,928 5,350,068

202,571 Canfor Corp. 3,773,898 4,699,647 73,795 Catamaran Corp. 3,773,876 3,491,241

585,101 Crew Energy Inc. 3,773,901 3,264,864 806,421 Dundee Precious Metals Inc. 3,774,050 4,596,600 390,406 Eldorado Gold Corp. 3,783,035 2,697,705 339,991 Element Financial Corp. 3,773,900 4,406,283 421,021 Horizon S&P/TSX 60 Index ETF 9,371,938 9,489,813 524,882 Kelt Exploration Ltd. 3,773,902 4,398,511 620,169 Kinross Gold Corp. 3,783,031 3,212,475 241,298 Tahoe Resources Inc. 3,773,901 4,459,187 91,813 Tourmaline Oil Corp. 3,777,188 3,834,111 48,099 Valeant Pharmaceuticals International Inc. 3,773,848 5,162,466

60,278,396 59,062,971

Commission and other portfolio transaction costs -

Total Equities Subject to Forward Agreement (91.9%) 60,278,396 59,062,971


Forward Agreement (2.0%) (see Schedule A) 1,303,112



Net Assets (100.0%) 64,280,486

Schedule AForward Agreement (2.0%)

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

1,241,315 Allied Nevada Gold Corp. (5,350,068)202,571 Canfor Corp. (4,711,801)73,795 Catamaran Corp. (3,491,979)

585,101 Crew Energy Inc. (3,264,864)806,421 Dundee Precious Metals Inc. (4,596,600)390,406 Eldorado Gold Corp. (2,713,322)339,991 Element Financial Corp. (4,419,883)421,021 Horizon S&P/TSX 60 Index ETF (9,519,285)524,882 Kelt Exploration Ltd. (4,403,760)620,169 Kinross Gold Corp. (3,218,677)241,298 Tahoe Resources Inc. (4,473,665)91,813 Tourmaline Oil Corp. (3,842,374)48,099 Valeant Pharmaceuticals International Inc. (5,165,833)

(59,172,111)

Notional Units Underlying Trust Fair Value ($)

5,658,846 CI Short-Term Advantage Trust (Class C) 60,475,223 Total Forward Agreement Value 1,303,112

Settlement date 19-Nov-13 Credit Rating of the Counterparty‡^ A-1

– 285 –

CI Short-Term Advantage Corporate ClassFinancial Statements (unaudited)

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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on forward agreementSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable








59,063 111,6034,270 3,013

- -- -- -- -

1,303 -- -- -

11 515- -- -- 13

64,647 115,144

- -- -- -- 22,812- -- -

341 300- -

26 34- -- -- -

367 23,14664,280 91,998

60,278 97,531- -

48,000 64,6371,445 2,5095,018 5,9677,656 14,7312,141 4,134

10 1010 10

10.20 10.1810.07 10.0410.22 10.2010.65 10.5910.20 10.148.77 9.138.90 9.22

4,705,294 6,349,105143,511 249,878490,853 584,948718,634 1,391,124209,919 407,842

1,137 1,0911,136 1,090


as at as at




as at as at



– 286 –




Expenses absorbed by the ManagerIncome (loss) before taxesProvision for income taxesNet investment income (loss) for the period


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





- -10 3122 97

- -- -

109 175- -

141 303

310 4352 3- -- -

24 53336 491(86) (140)

(109) (48)- -

(109) (48)

(8,253) (12,728)(1) 36- -- -

(178) (299)

8,828 13,265396 274287 226

158 299 2

14 381 17225 20

- -- -

0.03 -0.04 0.020.03 -0.08 0.060.08 0.030.01 (0.07)0.05 (0.02)


2013 2012















64,637 81,264

1,222 13,674- -

(11,095) (33,053)(6,922) 16,602

(16,795) (2,777)

- -- -- -- -

158 2948,000 78,516

2,509 999

911 3,912- -

(1,154) (2,054)(830) (1,524)

(1,073) 334

- -- -- -- -9 2

1,445 1,335

5,967 5,191

241 1,024- -

(782) (1,093)(422) (604)(963) (673)

- -- -- -- -

14 35,018 4,521


2013 2012

– 287 –














14,731 37,249

2,139 3,326- -

(5,630) (14,615)(3,665) (2,909)(7,156) (14,198)

- -- -- -- -

81 1727,656 23,223

4,134 4,834

155 4,396- -

(1,920) (4,116)(253) 1,113

(2,018) 1,393

- -- -- -- -

25 202,141 6,247

10 -

- 10- -- -- -- 10

- -- -- -- -- -

10 10


2013 2012











10 -

- 10- -- -- -- 10

- -- -- -- -- -

10 10

91,998 129,537

4,668 26,352- -

(20,581) (54,931)(12,092) 12,678(28,005) (15,901)

- -- -- -- -

287 22664,280 113,862


2013 2012

– 288 –

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





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




2013 2012

6,349,105 8,004,353119,594 1,342,496

- -(1,086,064) (3,243,162)

(677,341) 1,629,4384,705,294 7,733,125

249,878 100,01290,397 389,675

- -(114,483) (204,646)(82,281) (151,715)143,511 133,326

584,948 510,19223,551 100,333

- -(76,424) (107,034)(41,222) (59,087)490,853 444,404

1,391,124 3,554,598201,182 315,940

- -(529,170) (1,387,638)(344,502) (275,366)718,634 2,207,534

407,842 482,45415,206 436,019

- -(188,316) (408,447)(24,813) 110,504209,919 620,530

1,091 10- 1,008

46 29- -- -

1,137 1,047

1,090 10- 1,007

46 29- -- -

1,136 1,047








10.20 10.1510.22 10.20

10.07 10.0110.09 10.06

10.22 10.1710.24 10.22

10.65 10.5210.67 10.57

10.20 10.0710.22 10.12

8.77 9.518.78 9.55

8.90 9.558.92 9.59



2013 2012



- 141,860- 137,521



- -- -


1.000.550.75






– 289 –

CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)




-------


– 290 –

CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)

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


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 49.6Other Net Assets (Liabilities) .................................................................................................. 24.7Provincial Bonds....................................................................................................................... 15.7Short-Term Investments........................................................................................................... 7.0Municipal Bonds ...................................................................................................................... 3.0


Categories Net Assets (%)Corporate Bonds ..................................................................................................................... 44.3Provincial Bonds ...................................................................................................................... 26.9Other Net Assets (Liabilities) ................................................................................................. 18.2Short-Term Investments .......................................................................................................... 8.9Municipal Bonds ..................................................................................................................... 1.7




– 291 –

CI Short-Term Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


CORPORATE BONDS (54.8%) 1,455,000 BAC Canada Finance Co., 2.705%

02/21/2014 1,461,790 1,459,740 2,000,000 Bank of Montreal 1.42% 10/15/2013 2,000,743 2,000,141 1,905,000 Bank of Montreal 1.62% 03/23/2015 1,905,571 1,907,289 1,905,000 Bank of Montreal, FRN, 1.595% 09/12/2014 1,912,065 1,905,760 3,000,000 BMW Canada Inc., FRN, 1.505%

11/24/2014 3,001,880 2,998,800 495,000 BMW Finance N.V., 2.125% 11/22/2013 496,074 495,346 885,000 Canadian Imperial Bank of Commerce

4.95% 01/23/2014 897,864 894,761 3,000,000 Canadian Imperial Bank of Commerce, FRN,

1.54% 08/08/2014 3,001,546 3,004,530 1,610,000 Canadian Imperial Bank of Commerce, FRN,

1.62% 01/16/2014 1,611,707 1,611,513 1,500,000 Daimler Canada Finance Inc.,

1.965% 09/12/2014 1,503,422 1,504,791 3,500,000 Daimler Canada Finance Inc.,

3.16% 04/14/2014 3,549,796 3,529,704 800,000 Enbridge Gas Distribution Inc., 5.57%

01/29/2014 825,846 810,462 2,860,000 Enbridge Inc., FRN, 2.27% 11/25/2013 2,868,594 2,862,559 1,905,000 Enbridge Inc., FRN, 2.275% 08/19/2015 1,916,616 1,926,310 1,145,000 GE Capital Canada Funding Co., 2.09917%

02/10/2014 1,151,801 1,147,811 2,000,000 GE Capital Canada Funding Co., 2.575%

01/26/2015 2,027,909 2,023,899 700,000 GE Capital Canada Funding Co., 2.95%

02/10/2014 705,866 703,950 1,100,000 GE Capital Canada Funding Co., FRN,

2.155% 06/11/2014 1,108,868 1,105,348 1,080,000 Honda Canada Finance Inc., 1.695%

12/03/2015 1,080,425 1,080,508 955,000 Metropolitan Life Global Funding I 4.45%

11/08/2013 960,052 957,671 2,675,000 Metropolitan Life Global Funding I, FRN,

2.175% 06/17/2014 2,685,615 2,684,844 6,300,000 National Bank of Canada 1.44%

10/10/2013 6,301,016 6,300,062 1,970,000 National Bank of Canada, FRN,

1.39% 09/11/2014 1,970,000 1,970,059 2,380,000 National Bank of Canada, FRN,

1.405% 02/25/2014 2,380,081 2,380,286 2,380,000 National Bank of Canada, FRN,

1.44% 02/25/2014 2,381,107 2,380,854 3,500,000 Royal Bank of Canada, FRN, 1.355%

04/10/2014 3,500,689 3,500,490 8,400,000 The Bank of Nova Scotia 3.445%

10/17/2013†† 8,468,851 8,407,171 2,000,000 The Bank of Nova Scotia, FRN,

1.445% 10/20/2014†† 2,005,743 2,001,274 2,545,000 The Bank of Nova Scotia, FRN,

1.625% 09/18/2015†† 2,545,000 2,545,000 2,085,000 VW Credit Canada Inc.,

2.55% 11/18/2013 2,100,017 2,087,975 68,326,554 68,188,908

PROVINCIAL BONDS (14.0%) 2,390,000 Alberta Capital Finance Authority, FRN,

1.385% 10/01/2013 2,392,929 2,389,994 2,380,000 Financement-Quebec, FRN,

1.29% 06/09/2014 2,384,222 2,380,571 1,420,000 Ontario School Boards Financing Corp.,

5.3% 11/07/2013 1,451,214 1,425,313 2,435,000 Province of Manitoba, FRN,

1.42% 10/31/2013 2,439,244 2,435,463 3,795,000 Province of New Brunswick, FRN,

1.355% 08/01/2014 3,807,080 3,791,547 5,000,000 Province of Ontario 1.525% 10/28/2014 5,033,294 5,020,874

17,507,983 17,443,762SHORT-TERM INVESTMENTS (5.8%)

1,430,000 Bank of Montreal 1.24991% 03/03/2014 1,421,191 1,422,784 1,870,000 Bell Canada 1.34005% 01/16/2014 1,857,452 1,863,244 2,575,000 HSBC Bank Canada 1.18118% 11/01/2013 2,568,652 2,572,428 1,310,000 TransCanada PipeLines Ltd., 1.17953%

11/18/2013 1,306,201 1,307,917 7,153,496 7,166,373

MUNICIPAL BONDS (2.8%) 1,500,000 Municipal Finance Authority of British

Columbia 3.1% 06/01/2014 1,526,262 1,518,754 1,910,000 Municipal Finance Authority of British

Columbia 4.9% 12/03/2013 1,957,320 1,921,871 3,483,582 3,440,625

Commission and other portfolio transaction costs -



Net Assets (100.0%) 124,411,683

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in The Bank of Nova Scotia are identified above.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



– 292 –

CI Short-Term Corporate ClassFinancial Statements (unaudited)












96,240 59,05128,239 13,888

- 7,369- -- -- -

- -- -- -

447 19- -- -

350 157125,276 80,484

- -- -- -

- -- -- -

820 191- -- -- -

44 44864 235

124,412 80,249

96,472 66,418- -

65,531 47,331369 -

13,376 12,23341,349 20,6853,787 -

10.52 10.5010.02 -12.81 12.7812.05 11.9710.03 -

6,229,601 4,509,73836,754 -

1,044,289 957,1793,431,759 1,727,545

377,383 -


as at as at












- -1,048 941

- -- -- -- -- -

1,048 941

329 335- -- -- -

29 31358 366(87) (97)777 672

- -777 672

(187) (5)- -- (1)- -

(234) (215)(421) (221)356 451

127 1981 -

29 47187 20612 -

0.03 0.040.03 -0.03 0.040.07 0.080.04 -


2013 2012


– 293 –

CI Short-Term Corporate ClassFinancial Statements (unaudited)

























47,331 61,365

15,003 1,817- -

(11,565) (8,635)14,635 (1,003)18,073 (7,821)

- -- -- -- -

127 19865,531 53,742

- -

467 -- -

(198) -99 -

368 -

- -- -- -- -1 -

369 -

12,233 14,160

1,450 107- -

(541) (888)205 (410)

1,114 (1,191)

- -- -- -- -

29 4713,376 13,016

20,685 30,767

34,854 2,245- -

(8,504) (6,093)(5,873) (3,251)20,477 (7,099)

- -- -- -- -

187 20641,349 23,874

- -

3,187 -- -

(418) -1,006 -3,775 -

- -- -- -- -

12 -3,787 -

80,249 106,292

54,961 4,169- -

(21,226) (15,616)10,072 (4,664)43,807 (16,111)

- -- -- -- -

356 451124,412 90,632


2013 2012


2013 2012



– 294 –

CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)








2013 2012

4,509,738 5,886,1011,427,891 174,012

- -(1,100,649) (826,809)1,392,621 (96,089)6,229,601 5,137,215

- -46,623 -

- -(19,706) -

9,837 -36,754 -

957,179 1,115,362113,354 8,479

- -(42,282) (69,847)16,038 (32,254)

1,044,289 1,021,740

1,727,545 2,606,7302,900,778 189,874

- -(707,232) (514,256)(489,332) (274,331)

3,431,759 2,008,017

- -318,586 -

- -(41,833) -100,630 -377,383 -







10.52 10.4610.52 10.46

10.02 -10.02 -

12.81 12.7412.81 12.74

12.05 11.8912.05 11.89

10.03 -10.04 -


2013 2012



- -- -



- -- -



1.000.550.75


-----


– 295 –

CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 44.6 Provincial Bonds....................................................................................................................... 27.3 Other Net Assets (Liabilities) .................................................................................................. 17.2 Short-Term Investments........................................................................................................... 9.2 Municipal Bonds ...................................................................................................................... 1.7

During the six-month period the Fund's credit risk and interest rate risk exposure changed significantlyas disclosed in the section below. For details relating to other price risk, currency risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.


as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 5.8 AA/Aa/A+ 39.4 A 29.9 BBB/Baa/B++ 2.3 Total 77.4

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 12.5 AA/Aa/A+ 54.9 A 13.7 Not Rated 1.7 Total 82.8



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


1 Year Years Years than 5 Years Total(in $000’s) (in $000’s) (in $000’s) (in $000’s) (in $000’s)

Interest Rate Exposure 104,974 19,505 - - 124,479

Interest Rate Risk (cont’d)



Interest Rate Exposure 68,348 11,960 - - 80,308

As at September 30, 2013, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2013 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $59,000 (March 31, 2013 - $30,000). In practice,actual results may differ from this analysis and the difference may be material.



– 296 –

CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (Expressed in US$) (unaudited)


FUND (102.0%) 1,757,319 CI US Money Market (Class A)† 17,573,199 17,573,199

Total Fund (102.0%) 17,573,199 17,573,199

Other Net Assets (Liabilities) (-2.0%) (349,581)

Net Assets (100.0%) 17,223,618



– 297 –

AssetsInvestments at fair value*CashShort-term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on futures and foreign currency forward contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and foreign currency forward contractsSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable



Net assets per classA SharesE SharesO Shares

Net assets per share A SharesE SharesO Shares


A SharesE SharesO Shares

17,573 17,13974 55

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

21 10- 6- -- -

17,668 17,210

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

444 2- -- -- -- -

444 217,224 17,208

17,573 17,139- -

12,233 12,96210 10

4,981 4,236

11.36 11.3610.00 10.0010.05 10.02

1,076,950 1,141,1801,006 1,006

495,857 422,815











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


A SharesE SharesO Shares

- -- 26- -- -- -

13 -- -

13 26

33 15- -- -- -- 2

33 17(33) (8)13 17

- -13 17

- (15)- -- -- -

- 3- (12)

13 5

- 5- -

13 -

- -- 0.01

0.03 0.01


2013 2012

CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)


– 298 –


CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$) (unaudited)

A ShareNet assets, beginning of periodCapital transactions




E ShareNet assets, beginning of periodCapital transactions




O ShareNet assets, beginning of periodCapital transactions





2013 2012

12,962 15,379

1,997 781- -

(1,694) (1,558)(1,032) 242

(729) (535)

- -- -- -- -- 5

12,233 14,849

10 -

1,000 10- -

(20) -(980) -

- 10

- -- -- -- -- -

10 10

4,236 -

4,671 10- -

(2,687) -(1,252) -

732 10

- -- -- -- -

13 -4,981 10







2013 2012

17,208 15,379

7,668 801- -

(4,401) (1,558)(3,264) 242

3 (515)

- -- -- -- -

13 517,224 14,869

– 299 –

CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$) (unaudited)






2013 2012

1,141,180 1,354,757175,729 70,747

- -(148,841) (137,566)(91,118) 19,293

1,076,950 1,307,231

1,006 -100,000 1,000

- -- -

(100,000) -1,006 1,000

422,815 -465,521 1,000

- -(267,790) -(124,689) -495,857 1,000


Annual management fee rateA SharesE SharesO Shares

Annual fixed administration fee rateA SharesE SharesO Shares

1.000.55


---



– 300 –



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 55.0Other Net Assets (Liabilities) .................................................................................................. 26.7Short-Term Investments........................................................................................................... 18.3


Categories Net Assets (%)Corporate Bonds ..................................................................................................................... 35.2Short-Term Investments .......................................................................................................... 28.8Other Net Assets (Liabilities) ................................................................................................. 27.9Provincial Bonds ...................................................................................................................... 8.1

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund'sexposure to those risks remains unchanged.

CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Expressed in US$) (unaudited) (Note 11)



– 301 –

Signature Canadian Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (100.1%) 39,041,816 Signature Canadian Bond Fund (Class I)† 410,211,261 398,616,941


Other Net Assets (Liabilities) (-0.1%) (554,321)

Net Assets (100.0%) 398,062,620

†The Fund invests in an Underlying Fund. The Fund and the Underlying Fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.


– 302 –

Signature Canadian Bond Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

398,617 564,551276 3,114

- -- -

146 146- -

- -- -- -

310 1,2021,246 753

- -- -

400,595 569,766

- -- -- -

- -- -5 282

2,527 2,211- -- -- 1- -

2,532 2,494398,063 567,272

410,211 559,745- -

244,667 331,8295,859 7,572

23,764 27,56396,341 169,05625,301 31,063

10 10192 10

1,889 1030 14910 10


as at as at



Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

14.76 15.1610.21 10.4715.42 15.7914.67 14.9410.44 10.659.26 9.769.32 9.819.45 9.888.77 9.409.03 9.59

16,577,834 21,887,565573,910 723,325

1,541,456 1,745,6036,566,425 11,314,7542,422,531 2,917,938

1,075 1,04720,550 1,039

200,038 1,0393,466 15,8871,127 1,081


as at as at



– 303 –









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



- -12 19

- -- -

8,827 10,213- -- -

8,839 10,232

2,188 2,460309 332

2 -- -

270 2602,769 3,0526,070 7,180

- -6,070 7,180

(1,377) 638(6) -- -- -

(16,400) 12,022(17,783) 12,660(11,713) 19,840

(8,334) 9,918(202) 175(636) 863

(1,809) 8,268(679) 616

(3) -- -

(51) -1 -- -

(0.42) 0.44(0.28) 0.29(0.38) 0.48(0.24) 0.54(0.24) 0.37(1.07) 0.21(0.03) 0.09(0.28) 0.090.18 0.22(0.17) 0.30


2013 2012














331,829 343,763

18,966 47,718- -

(54,950) (41,202)(42,844) (19,735)(78,828) (13,219)

- -- -- -- -

(8,334) 9,918244,667 340,462

7,572 3,894

3,486 2,776- -

(2,030) (205)(2,967) 1,774(1,511) 4,345

- -- -- -- -

(202) 1755,859 8,414

27,563 26,601

1,776 2,408- -

(4,206) (1,706)(733) 702

(3,163) 1,404- -- -- -- -- -

(636) 86323,764 28,868


2013 2012


– 304 –
















169,056 227,444

4,043 5,361- -

(13,309) (16,000)(61,640) (10,755)(70,906) (21,394)

- -- -- -- -

(1,809) 8,26896,341 214,318

31,063 13,998

7,335 7,197- -

(8,050) (1,774)(4,368) 1,776(5,083) 7,199

- -- -- -- -

(679) 61625,301 21,813

10 -

16 10- -- -

(13) -3 10

- -- -- -- -

(3) -10 10


2013 2012













10 -

60 10- -- -

124 -184 10

- -- -

(2) -(2) -- -

192 10

10 -

2,170 1019 -(17) -

(193) -1,979 10

- -- -

(49) -(49) -(51) -

1,889 10

149 -

- 10- -

(139) -21 -

(118) 10

- -- -

(2) -(2) -1 -

30 10


2013 2012

– 305 –












10 -

- 10- -- -- -- 10

- -- -- -- -- -

10 10

567,272 615,700

37,852 65,51019 -

(82,701) (60,887)(112,613) (26,238)(157,443) (21,615)

- -- -

(53) -(53) -

(11,713) 19,840398,063 613,925


2013 2012

– 306 –

Signature Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

21,887,565 23,453,3651,261,734 3,199,767

- -(3,689,491) (2,766,877)(2,881,974) (1,322,936)16,577,834 22,563,319

723,325 385,998339,299 270,093

- -(198,026) (19,839)(290,688) 172,579573,910 808,831

1,745,603 1,751,972114,240 155,395

- -(271,575) (110,268)(46,812) 44,791

1,541,456 1,841,890

11,314,754 16,008,830269,546 367,837

- -(905,329) (1,103,143)

(4,112,546) (740,867)6,566,425 14,532,657

2,917,938 1,380,291689,767 694,399

- -(769,330) (172,072)(415,844) 171,534

2,422,531 2,074,152

1,047 101,665 989

28 17- -

(1,665) -1,075 1,016

1,039 -6,336 1,000

27 8- -

13,148 -20,550 1,008






2013 2012

1,039 -219,252 1,000

1,954 8(1,792) -

(20,415) -200,038 1,008

15,887 10- 1,001

47 28(14,799) -

2,331 -3,466 1,039

1,081 10- 994

46 28- -- -

1,127 1,032

– 307 –

Signature Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.351.050.85


1.351.05



0.170.150.17

-0.150.170.150.150.17

-




– 308 –

Signature Canadian Bond Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 40.0Canadian Government Bonds .................................................................................................. 27.5Provincial Bonds....................................................................................................................... 19.9Foreign Government Bonds...................................................................................................... 6.7Municipal Bonds ...................................................................................................................... 2.0Other Net Assets (Liabilities) .................................................................................................. 1.8Short-Term Investments........................................................................................................... 0.3Common Equities ..................................................................................................................... 0.1


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 44.2 Provincial Bonds....................................................................................................................... 21.1 Canadian Government Bonds .................................................................................................. 21.0 Foreign Government Bonds...................................................................................................... 6.3 Short-Term Investments........................................................................................................... 3.3 Municipal Bonds ...................................................................................................................... 2.0 Other Net Assets (Liabilities) .................................................................................................. 1.5 REITS ........................................................................................................................................ 0.4 Foreign Currency Forward Contracts ....................................................................................... 0.1 Common Equities ..................................................................................................................... 0.1

During the six-month period the Fund's credit risk, currency risk and interest rate risk exposure changedsignificantly as disclosed in the section below. For details relating to other price risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund's exposureto those risks remains unchanged.

Credit RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct exposure tocredit risk.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the credit risk exposure ofthe Underlying Fund.

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

as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 37.0 AA/Aa/A+ 14.9 A 20.2 BBB/Baa/B++ 17.3 BB/Ba/B+ 3.3 B 0.2 Not Rated 5.3 Total 98.2

Credit Risk (cont’d)

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 36.8 AA/Aa/A+ 14.2 A 26.8 BBB/Baa/B++ 17.6 BB/Ba/B+ 2.4 Not Rated 0.5 Total 98.3




As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposure ofthe Underlying Fund.

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

as at September 30, 2013Currency Net Assets (%)US Dollar 2.8 New Zealand Dollar 0.4 British Pound 0.1 Euro 0.1 Total 3.4

as at March 31, 2013Currency Net Assets (%)US Dollar 2.5 New Zealand Dollar 0.4 Euro - British Pound - Total 2.9

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $1,355,000 (March 31, 2013 - $1,637,000). In practice, actual results may differ from thisanalysis and the difference may be material.



– 309 –

Signature Canadian Bond Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)

Interest Rate RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct exposure tointerest rate risk.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the interest rate riskexposure of the Underlying Fund.

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







As at September 30, 2013, had the prevailing interest rates increased or decreased by 0.25%(March 31, 2013 - 0.25%), with all other variables held constant, net assets of the Fund would haveindirectly decreased or increased, respectively, by approximately $6,439,000 (March 31, 2013 -$9,171,000). In practice, actual results may differ from this analysis and the difference may be material.



– 310 –

Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.5%)66,778,668 Signature Corporate Bond Fund (Class I)† 695,159,847 693,830,361



Net Assets (100.0%) 697,439,883



– 311 –

Signature Corporate Bond Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

693,830 689,9682,697 5,235

- -- -

506 506- -

- -- -- -

1,524 2,216572 1,012

- -- -

699,129 698,937

- -- -- -

- -- -

212 2,3991,477 1,296

- -- -- 7- -

1,689 3,702697,440 695,235

695,160 675,059- -

455,885 450,35217,773 10,00328,909 28,318

143,624 158,51243,223 40,5665,494 5,845

817 73011 11

1,297 677226 131181 90


as at as at



Net assets per share A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares


A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

15.65 15.7011.75 11.7416.14 16.1115.41 15.2912.02 11.9413.88 13.8110.24 10.549.91 10.16

10.04 10.229.74 10.179.37 9.68

29,125,924 28,681,1861,512,768 852,1851,791,171 1,757,4299,320,851 10,365,2903,596,998 3,398,527

395,817 423,30979,823 69,2471,066 1,040

129,219 66,23423,191 12,86419,370 9,295


as at as at



– 312 –









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


A SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

- -29 17

- -- -

19,994 17,951- -- -- -

20,023 17,968

4,170 3,402548 436

- 1- -

528 3955,246 4,234

14,777 13,734- -

14,777 13,734

1,072 224- 44- -- -

(16,239) 5,902(15,167) 6,170

(390) 19,904

(1,763) 12,259(11) 20625 850

1,072 5,270256 1,04328 263(3) 10- -7 -(2) 11 2

(0.06) 0.48(0.02) 0.440.01 0.550.10 0.610.07 0.510.07 0.51(0.02) 0.360.01 0.100.04 0.10(0.06) 0.450.11 0.40


2013 2012














450,352 354,218

76,723 68,885- -

(68,908) (25,102)(519) 12,607

7,296 56,390

- -- -- -- -

(1,763) 12,259455,885 422,867

10,003 3,245

5,696 2,468- -

(1,694) (250)3,779 1,2317,781 3,449

- -- -- -- -

(11) 20617,773 6,900

28,318 21,708

4,205 4,442- -

(3,024) (2,189)(615) (370)566 1,883

- -- -- -- -- -

25 85028,909 24,441


2013 2012


– 313 –












X SharesNet assets, beginning of periodCapital transactions




158,512 113,098

14,206 22,749- -

(18,310) (7,362)(11,856) 1,874(15,960) 17,261

- -- -- -- -

1,072 5,270143,624 135,629

40,566 13,765

15,407 17,035- -

(8,932) (908)(4,074) 1,7382,401 17,865

- -- -- -- -

256 1,04343,223 32,673

5,845 6,929

27 5- -

(406) (600)- -

(379) (595)

- -- -- -- -

28 2635,494 6,597


2013 2012













730 -

209 3711 -

(101) -- -

109 371

- -- -

(19) (7)(19) (7)(3) 10

817 374

11 -

- 10- -- -- -- 10

- -- -- -- -- -

11 10

677 -

1,107 1012 -

(119) -(345) -655 10

- -- -

(42) -(42) -

7 -1,297 10


2013 2012

– 314 –
















131 -

125 104 -(2) -

(21) 21106 31

- -- -

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

226 31

90 52

- -2 -

(11) -104 -95 -

- -- -

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

181 52

695,235 513,015

117,705 115,98519 -

(101,507) (36,411)(13,547) 17,101

2,670 96,675

- -- -

(75) (10)(75) (10)

(390) 19,904697,440 629,584


2013 2012

– 315 –

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)







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



2013 2012

28,681,186 24,110,1364,889,677 4,633,257

- -(4,397,771) (1,689,805)

(47,168) 838,79329,125,924 27,892,381

852,185 297,782484,564 223,615

- -(144,511) (22,426)320,530 112,205

1,512,768 611,176

1,757,429 1,453,245259,051 294,485

- -(186,639) (144,402)(38,670) (24,935)

1,791,171 1,578,393

10,365,290 8,071,001920,612 1,597,070

- -(1,195,059) (517,924)

(769,992) 132,2419,320,851 9,282,388

3,398,527 1,256,5481,283,526 1,529,333

- -(748,020) (80,820)(337,035) 157,553

3,596,998 2,862,614

423,309 545,2101,894 384

- -(29,386) (46,637)

- -395,817 498,957

69,247 1020,286 35,814

62 39(9,772) -

- -79,823 35,863







2013 2012

1,040 -- 1,000

26 8- -- -

1,066 1,008

66,234 -107,797 1,000

1,232 8(11,787) -(34,257) -129,219 1,008

12,864 1012,244 972

399 33(226) -

(2,090) 2,04723,191 3,062

9,295 5,369- -

186 33(1,157) -11,046 (47)19,370 5,355

– 316 –

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesX SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.701.050.85


0.201.701.05



0.200.150.20

-0.150.200.200.150.150.20

-



– 317 –

Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 91.8Short-Term Investments........................................................................................................... 2.6REITS ........................................................................................................................................ 2.0Other Net Assets (Liabilities) .................................................................................................. 1.7Preferred Shares ...................................................................................................................... 1.5Foreign Government Bonds...................................................................................................... 0.2Canadian Government Bonds .................................................................................................. 0.1Common Equities ..................................................................................................................... 0.1


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 91.9 Short-Term Investments........................................................................................................... 3.3 Other Net Assets (Liabilities) .................................................................................................. 1.6 REITS ........................................................................................................................................ 0.9 Preferred Shares ...................................................................................................................... 0.9 Canadian Government Bonds .................................................................................................. 0.7 Foreign Currency Forward Contracts ....................................................................................... 0.4 Foreign Government Bonds...................................................................................................... 0.2 Common Equities ..................................................................................................................... 0.1




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

as at September 30, 2013Currency Net Assets (%)US Dollar 22.9 Euro 0.3 British Pound 0.2 Total 23.4


as at March 31, 2013Currency Net Assets (%)US Dollar 18.0 Euro 0.2 British Pound - Australian Dollar - Total 18.2




– 318 –

Signature Diversified Yield Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

FairValue ($)

Purchase Forward Agreements (6.5%)(see Schedule A) 81,363,933

Other Net Assets (Liabilities) (93.5%) 1,173,499,501

Net Assets (100.0%) 1,254,863,434

Schedule APurchase Forward Agreements (6.5%)

Notional Units Purchase Forward Agreements Fair Value ($)Restricted cash subject to forward agreement(cash deposit is held by the Bank of Montreal^) (1,170,076,256)

Restricted cash subject to forward agreement(cash deposit is held by the National Bank of Canada~) (2,000,000)

(1,172,076,256)

Notional Units Underlying Trust Fair Value ($)84,609,698 Signature Diversified Yield Trust (Class C)^ 1,251,440,189

139,470 Signature Diversified Yield Trust (Class C)~ 2,000,000 1,253,440,189

Total Purchase Forward Agreements Value 81,363,933

Settlement Date^ 09-Dec-14Settlement Date~ 31-Jan-14Credit Rating of the Counterparty‡^ A-1Credit Rating of the Counterparty‡~ A-1

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


– 319 –

Signature Diversified Yield Corporate ClassFinancial Statements (unaudited)


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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on purchase forward agreementSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Spread fee payableForward fee payableBorrowing fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable







- -5,331 210,976

- -1,172,076 1,002,149

- -- -- -

81,364 114,242- -- -

617 11,833- -- -- -

1,259,388 1,339,200

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

3,206 1,512- -- -

1,319 1,081- -- -- 923- -

4,525 3,5161,254,863 1,335,684

- -- -

789,494 839,88060,234 60,72061,570 64,29199,595 124,69076,314 70,31665,961 70,3904,389 5,1604,778 4,9384,659 4,8105,331 4,647

63,333 65,28410,213 10,2472,452 3,027

654 1,5345,886 5,750

12.96 12.8012.46 12.3013.52 13.2814.15 13.8112.97 12.6710.71 10.8411.29 11.4311.21 11.2811.76 11.7611.79 11.809.52 9.79

10.63 10.9310.17 10.4010.49 10.6611.12 11.30

60,931,866 65,621,7024,834,802 4,938,0494,555,343 4,842,8657,040,776 9,031,4725,884,919 5,550,2906,156,819 6,490,908

388,605 451,490426,334 437,768396,203 408,892452,121 393,733

6,650,173 6,669,445960,400 937,777241,021 291,18562,285 143,954

529,420 508,848


as at as at



as at as at



– 320 –







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





352 -481 27

- -- -- -

1,796 1,088(101) -

2,528 1,115

10,420 5,2381,216 602

1 -- -

1,278 75612,915 6,596(10,387) (5,481)

- -(10,387) (5,481)

70,059 18,730(182) 21(115) -

(6,872) (3,654)- -

(32,878) 17,13730,012 32,23419,625 26,753

10,358 16,767779 309

1,152 1,1183,204 4,3431,732 950

857 1,45253 2286 89

114 227120 47802 1,079132 10248 4841 93

147 107

0.16 0.430.15 0.440.25 0.510.42 0.610.28 0.580.13 0.380.12 0.460.18 0.460.29 0.500.26 0.620.11 0.360.14 0.510.17 0.430.41 0.520.27 0.50


2013 2012


2013 2012



– 321 –


























124,690 82,700

3,363 7,519- -

(3,134) (5,347)(28,528) 8,960(28,299) 11,132

- -- -- -- -

3,204 4,34399,595 98,175

70,316 9,825

5,923 8,986- -

(3,211) (587)1,554 7,7624,266 16,161

- -- -- -- -

1,732 95076,314 26,936

70,390 37,408

2,486 8,93732 8

(4,244) (1,844)(1,865) 1,043(3,591) 8,144

- -- -

(1,695) (975)(1,695) (975)

857 1,45265,961 46,029

839,880 412,119

30,335 108,486- -

(55,076) (25,350)(36,003) 19,002(60,744) 102,138

- -- -- -- -

10,358 16,767789,494 531,024

60,720 4,401

2,021 6,595- -

(2,441) (1,153)(845) 3,082

(1,265) 8,524

- -- -- -- -

779 30960,234 13,234

64,291 24,780

2,449 9,086- -

(6,930) (1,715)608 (602)

(3,873) 6,769

- -- -- -- -

1,152 1,11861,570 32,667


2013 2012



2013 2012


– 322 –














5,160 102

102 740- -

(832) -23 163

(707) 903

- -- -

(117) (15)(117) (15)

53 224,389 1,012

4,938 1,775

357 635- -

(441) (206)(39) 145

(123) 574

- -- -

(123) (50)(123) (50)

86 894,778 2,388

4,810 5,396

- 100- -

(123) (307)(27) 341

(150) 134

- -- -

(115) (122)(115) (122)114 227

4,659 5,635


2013 2012














4,647 323

395 -8 2

(42) (6)332 832693 828

- -- -

(129) (22)(129) (22)120 47

5,331 1,176

65,284 24,624

4,037 11,07994 24

(3,233) (1,336)(1,004) 2,383

(106) 12,150

- -- -

(2,647) (1,178)(2,647) (1,178)

802 1,07963,333 36,675

10,247 -

303 4,23930 16

(248) -168 1,004253 5,259

- -- -

(419) (99)(419) (99)132 102

10,213 5,262


2013 2012


– 323 –














3,027 1,060

- 2174 5- (12)

(518) 516(514) 726

- -- -

(109) (48)(109) (48)

48 482,452 1,786

1,534 1,505

3 2387 7(7) (10)

(887) (16)(884) 219

- -- -

(37) (70)(37) (70)41 93

654 1,747

5,750 2,233

185 19850 18

(311) (13)308 173232 376

- -- -

(243) (92)(243) (92)147 107

5,886 2,624


2013 2012






1,335,684 608,251

51,959 167,055225 80

(80,273) (37,886)(66,723) 44,788(94,812) 174,037

- -- -

(5,634) (2,671)(5,634) (2,671)19,625 26,753

1,254,863 806,370


2013 2012


– 324 –

Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)











2013 2012

65,621,702 35,386,2882,351,434 9,156,566

- -(4,265,730) (2,146,294)(2,775,540) 1,598,62760,931,866 43,995,187

4,938,049 393,731162,325 578,706

- -(197,158) (101,102)(68,414) 270,250

4,834,802 1,141,585

4,842,865 2,073,887181,237 743,198

- -(514,123) (141,255)

45,364 (52,184)4,555,343 2,623,646

9,031,472 6,736,457240,642 602,654

- -(222,636) (426,393)

(2,008,702) 715,0837,040,776 7,627,801

5,550,290 870,666463,104 779,988

- -(249,743) (50,580)121,268 678,688

5,884,919 2,278,762

6,490,908 3,614,745228,313 857,536

2,955 775(392,009) (178,061)(173,348) 99,872

6,156,819 4,394,867

451,490 9,3218,839 67,397

38 -(73,764) (11)

2,002 14,951388,605 91,658









2013 2012

437,768 166,78131,856 59,191

17 -(39,361) (18,926)(3,946) 13,368

426,334 220,414

408,892 491,944- 9,149- -

(10,397) (27,661)(2,292) 28,396

396,203 501,828

393,733 29,29433,313 -

666 152(3,549) (571)27,958 75,430

452,121 104,305

6,669,445 2,558,580410,633 1,152,143

9,713 2,463(332,799) (139,093)(106,819) 247,887

6,650,173 3,821,980

937,777 1027,554 395,4752,813 1,488

(23,163) -15,419 94,521

960,400 491,494

291,185 104,883- 21,372

370 479- (1,183)

(50,534) 50,702241,021 176,253

143,954 147,075310 23,265651 640(616) (926)

(82,014) (831)62,285 169,223

– 325 –

Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





2013 2012

508,848 205,52916,343 18,2344,454 1,630

(27,570) (1,214)27,345 15,386

529,420 239,565



1.901.850.90


1.901.850.90


1.901.850.90


0.200.150.20

-0.150.200.150.20

-0.150.200.150.20

-0.15


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

– 326 –



Categories Net Assets (%)Financials ................................................................................................................................. 29.9Other Net Assets (Liabilities) .................................................................................................. 14.1Industrials ................................................................................................................................ 12.9Energy ...................................................................................................................................... 9.4Consumer Discretionary........................................................................................................... 7.5Consumer Staples.................................................................................................................... 7.1Telecommunication Services ................................................................................................... 6.6Materials.................................................................................................................................. 4.8Utilities..................................................................................................................................... 3.7Health Care .............................................................................................................................. 3.0Information Technology ........................................................................................................... 0.8Private Placements .................................................................................................................. 0.3Foreign Government Bonds...................................................................................................... 0.2Funds ........................................................................................................................................ 0.2Foreign Currency Forward Contracts ....................................................................................... (0.5)


Categories Net Assets (%)Financials ................................................................................................................................ 34.9Industrials ............................................................................................................................... 15.2Telecommunication Services .................................................................................................. 8.9Energy ..................................................................................................................................... 8.5Consumer Discretionary .......................................................................................................... 7.2Consumer Staples ................................................................................................................... 6.2Materials ................................................................................................................................. 5.3Health Care ............................................................................................................................. 4.2Utilities .................................................................................................................................... 4.0Other Net Assets (Liabilities) ................................................................................................. 3.5Information Technology ........................................................................................................... 0.9Foreign Currency Forward Contracts ...................................................................................... 0.5Private Placements ................................................................................................................. 0.5Foreign Government Bonds .................................................................................................... 0.2


Signature Diversified Yield Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



– 327 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FINANCIALS (42.0%) 160,600 Aberdeen Asset Management PLC 980,342 1,013,977 377,300 African Bank Investments Ltd.* 802,009 645,730 12,600 Allianz S.E. 1,809,150 2,038,488

520,450 AMP Ltd. 2,836,522 2,305,532 166,100 Ashmore Group PLC 924,667 1,081,111 275,850 Bangkok Bank PCL 1,423,657 1,780,122

2,443,400 Bank Mandiri Persero Tbk PT 1,904,413 1,727,866 95,100 Bank of Montreal, Preferred 4.5%, Series 13 2,288,108 2,396,520

214,850 Bank of Montreal, Preferred 5.25%, Series 14 5,330,791 5,528,090 45,350 Bank of Montreal, Preferred 5.4%, Series 23 1,195,620 1,181,368

172,500 Bank of Montreal, Preferred, Series 17 4,427,280 4,338,375 25,330 BNP Paribas S.A.* 1,441,946 1,764,862

121,640 Brookfield Asset Management Inc., Class A 3,198,060 4,688,006 150,350 Brookfield Asset Management Inc.,

Preferred 4.75%, Series 17* 3,289,696 3,019,028 38,600 Brookfield Asset Management Inc.,

Preferred 5.4%, Series 24* 987,944 969,246 31,900 Brookfield Asset Management Inc.,

Preferred, Series 12 848,660 837,694 193,500 Brookfield Asset Management Inc.,

Preferred, Series 13 3,690,651 3,525,570 330,500 Brookfield Asset Management Inc.,

Preferred, Series 2 6,330,075 6,101,030 7,900 Brookfield Asset Management Inc.,

Preferred, Series 3, Class A 195,051 196,473 93,300 Brookfield Asset Management Inc.,

Preferred, Series 4 1,794,547 1,694,328 241,630 Brookfield Office Properties Inc. (USD) 3,844,216 4,748,824 171,350 Brookfield Office Properties Inc.,

Preferred 5.2%, Series K 4,224,019 4,306,026 134,450 Brookfield Office Properties Inc.,

Preferred 5.25%, Series G (USD) 3,509,147 3,503,791 127,750 Brookfield Office Properties Inc.,

Preferred 5.75%, Series H 3,200,014 3,270,400 290,530 Canadian Imperial Bank of Commerce 21,594,614 23,837,986 132,700 Citigroup Inc. 5,017,997 6,629,327 11,400 Credicorp Ltd. 1,653,387 1,507,271 67,707 Credit Suisse Group AG 1,246,362 2,129,990 97,900 Delta Lloyd N.V. 1,908,617 2,144,572

126,900 E-L Financial Corp., Ltd., Preferred 4.75%, Series 2 2,736,086 2,683,935

104,950 E-L Financial Corp., Ltd., Preferred 5.3%, Series 1 2,421,692 2,442,186

42,767 Genworth MI Canada Inc.* 894,695 1,238,960 93,050 Gluskin Sheff + Associates Inc. 1,724,548 1,750,270 83,750 Great-West Lifeco Inc., Preferred 4.5%,

Series I 1,853,031 1,799,788 163,950 Great-West Lifeco Inc., Preferred 4.85%,

Series H 3,826,774 3,649,527 156,800 Great-West Lifeco Inc., Preferred 5.4%,

Series P 3,919,132 3,882,368 121,350 HSBC Bank Canada, Preferred 5%, Series D 2,957,282 3,033,750 223,700 HSBC Bank Canada, Preferred 5.1%, Series 5* 5,517,926 5,592,500 94,600 Industrial Alliance Insurance and Financial

Services Inc., Preferred 4.6% 2,140,628 2,157,826 57,900 Intact Financial Corp. 3,499,114 3,576,483

FINANCIALS (42.0%) (cont’d) 316,300 Kasikornbank PCL 1,858,085 1,822,459

USD 1,400,000 Macquarie Group Ltd., 10.25% 06/20/2057 1,389,426 1,602,423 204,350 Manulife Financial Corp., Preferred 4.65%,

Series 2, Class A 4,628,464 4,444,612 31,900 MetLife Inc. 1,197,183 1,541,720 45,700 National Bank of Canada, Preferred 4.85%,

Series 16 1,112,986 1,152,554 141,000 Nordea Bank AB 1,725,027 1,750,274 94,500 Power Corp. of Canada, Preferred 5.6% 2,362,025 2,331,315

180,750 Power Financial Corp., Preferred 4.95%, Series K* 4,276,687 4,122,908

189,200 Power Financial Corp., Preferred 5.1%, Series L* 4,488,881 4,381,872

62,100 Power Financial Corp., Preferred 5.5%, Series R* 1,551,480 1,543,806

39,600 Power Financial Corp., Preferred 5.9%, Series F 982,472 999,900

155,200 Royal Bank of Canada 9,233,777 10,243,200 49,300 Royal Bank of Canada, Preferred 4.45%,

Series AA 1,178,261 1,244,825 64,750 Royal Bank of Canada, Preferred 4.5%,

Series AG 1,502,285 1,634,938 153,200 Royal Bank of Canada, Preferred 4.6%,

Series AC 3,706,150 3,886,684 206,650 Royal Bank of Canada, Preferred 4.7%,

Series AB 5,005,130 5,257,176 12,700 Royal Bank of Canada, Preferred 6.25% 322,961 323,088

741,100 RSA Insurance Group PLC 1,335,777 1,492,952 137,700 Sberbank of Russia, ADR 1,620,227 1,707,722 250,600 Siam Commercial Bank PCL 1,284,323 1,221,134 57,900 Standard Chartered PLC 1,388,679 1,429,999

172,400 Sun Life Financial Inc., Preferred 4.45%, Series 4 3,791,393 3,715,220

176,150 Sun Life Financial Inc., Preferred 4.75%, Series 1, Class A 4,069,117 3,935,191

79,600 Swedbank AB 1,755,909 1,909,855 210,350 The Bank of Nova Scotia, Preferred 4.5%,

Series 14†† 5,040,723 5,271,371 81,300 The Bank of Nova Scotia, Preferred 4.8%,

Series 13†† 1,988,789 2,034,126 128,400 The Bank of Nova Scotia, Preferred 5%,


Series 12†† 955,285 948,480 131,200 The Bank of Nova Scotia, Preferred 5.6%,


Series 26†† 1,013,762 1,000,760 168,300 The Bank of Nova Scotia††* 9,257,577 9,928,017

2,010,000 The Royal Bank of Scotland, Callable 5.37% 05/12/2049 1,731,878 1,639,606

383,800 Toronto-Dominion Bank 30,013,301 35,570,584 191,750 Toronto-Dominion Bank, Preferred 4.85%,

Series O* 4,722,313 4,862,780 38,900 Toronto-Dominion Bank, Preferred 5%,

Series AA 994,922 986,115

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



– 328 –

Signature Dividend Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


FINANCIALS (42.0%) (cont’d) 58,450 Toronto-Dominion Bank, Preferred 5.25%,

Series P 1,442,887 1,516,778 14,400 Toronto-Dominion Bank, Preferred, Series R,

Class A* 367,838 375,552 55,250 Toronto-Dominion Bank, Preferred, Series T 1,406,657 1,389,538 6,700 Zurich Financial Services AG 1,785,414 1,776,553


61,544 British American Tobacco PLC 2,754,744 3,362,777 25,400 Carlsberg AS, Class B 2,255,552 2,693,076 71,600 Coca-Cola Co. 2,546,165 2,793,700 32,500 Colgate-Palmolive Co. 1,309,892 1,985,492 53,450 Companhia de Bebidas das Americas,

Preferred 1,550,006 2,120,277 51,500 ConAgra Foods Inc. 1,692,836 1,610,519 83,016 Diageo PLC 1,660,530 2,720,361 43,250 Imperial Tobacco Group PLC 1,434,448 1,649,508

123,700 Koninklijke Ahold N.V. 1,592,789 2,207,266 38,433 Kraft Foods Group Inc. 1,675,673 2,076,379

157,600 Loblaw Co., Ltd. 5,998,416 7,170,800 138,700 Loblaw Co., Ltd., Preferred 5.95%, Series A* 3,549,814 3,642,262 63,700 Mondelez International Inc 1,567,758 2,060,934

106,060 Nestle S.A., Registered Shares 6,450,402 7,634,648 46,900 Nutreco N.V. 2,144,464 2,514,204 29,900 PepsiCo Inc. 1,961,853 2,448,780 63,100 Philip Morris International Inc. 4,493,288 5,627,348 93,200 Procter & Gamble Co. 6,540,033 7,257,625

51,178,663 61,575,956 ENERGY (9.3%)

120,800 ARC Resources Ltd.* 2,803,269 3,169,792 47,600 Baytex Energy Corp.* 2,010,733 2,022,524 78,200 Canadian Natural Resources Ltd. 2,486,218 2,531,334 35,700 Chevron Corp. 4,263,785 4,465,672

152,400 Crescent Point Energy Corp.* 6,330,027 5,942,076 142,900 CU Inc., Preferred 4.6%, Series 1 3,233,679 2,972,320 81,600 Enbridge Inc. 3,473,702 3,507,168 39,400 Enbridge Inc., Preferred 4%, Series F 983,760 949,540 34,000 Exxon Mobil Corp. 3,195,937 3,013,257

246,850 Husky Energy Inc.* 6,993,334 7,311,697 14,600 Occidental Petroleum Corp. 1,400,707 1,406,718

104,479 Royal Dutch Shell PLC, Class A* 3,425,017 3,550,875 27,000 Schlumberger Ltd. 2,155,626 2,458,515 97,869 Suncor Energy Inc. 3,178,616 3,603,537

100,700 Total S.A., ADR 5,447,983 6,012,978 77,856 TransCanada Corp. 3,463,319 3,522,984

122,400 TransCanada Corp., Preferred 3,058,080 3,026,952 57,903,792 59,467,939

TELECOMMUNICATION SERVICES (7.2%) 41,500 BCE Inc. 1,500,442 1,824,755

356,000 BCE Inc., Preferred 4.4%, Series AF 16 8,254,388 7,896,080 88,300 BCE Inc., Preferred, Series 17 2,034,436 1,943,483

359,650 BCE Inc., Preferred, Series AB 8,446,065 8,210,810 342,650 BCE Inc., Preferred, Series AJ 7,801,995 7,747,316 252,100 BT Group PLC 1,373,165 1,439,490 108,400 Deutsche Telekom AG 1,385,392 1,617,798

1,468,800 Singapore Telecommunications Ltd. 4,167,036 4,498,382

TELECOMMUNICATION SERVICES (7.2%) (cont’d) 192,100 TeliaSonera AB 1,431,866 1,515,117 820,000 Telstra Corp., Ltd. 2,408,531 3,916,169 152,900 Turkcell Iletisim Hizmetleri AS, ADR 2,539,107 2,321,463 444,100 Vodafone Group PLC 1,366,478 1,599,323 49,100 West Corp. 1,004,583 1,121,254

43,713,484 45,651,440 INDUSTRIALS (5.3%)

93,700 ABB Ltd. 1,806,464 2,280,680 12,900 Boeing Co. 1,008,099 1,561,027 45,350 Bombardier Inc., Preferred, Class B 771,681 688,866 63,100 Canadian National Railway Co. 5,851,266 6,585,747

277,700 China Resources Gas Group Ltd. 727,242 728,022 80,500 CSX Corp. 1,823,988 2,134,328 31,200 Danaher Corp. 1,648,607 2,228,411 21,300 European Aeronautic Defense and Space

Co. N.V. 1,207,632 1,397,848 75,000 General Electric Co. 1,621,748 1,846,358 73,800 Koninklijke Philips Electronics N.V. 2,209,648 2,450,676 66,412 Rexel S.A. 1,498,266 1,734,752 33,948 Schneider Electric S.A. 2,437,478 2,955,702 22,450 Siemens AG, Registered Shares 2,436,868 2,785,212

149,900 Tokyo Gas Co., Ltd. 839,808 845,188 18,300 United Parcel Service Inc., Class B 1,424,965 1,723,065 13,600 W&G Investments PLC^ 21,788 22,680 31,500 Wolseley PLC 1,469,258 1,678,879

28,804,806 33,647,441 HEALTH CARE (5.2%)

89,200 Baxter International Inc. 5,666,980 6,034,688 46,500 Bayer AG 3,942,295 5,638,681

117,500 Merck & Co., Inc. 5,837,239 5,761,050 77,250 Novartis AG, Registered Shares 4,446,623 6,110,701 23,250 Roche Holding AG 4,604,090 6,458,848 22,384 Sanofi 2,232,083 2,337,840 16,400 UCB S.A. 977,671 1,028,057

27,706,981 33,369,865 WARRANTS (5.1%)

245,883 Bank of America Corp., Warrants (16Jan19) 1,322,759 1,537,354 741,192 JPMorgan Chase & Co., Warrants (28Oct18) 9,597,569 12,719,280 745,487 PNC Financial Services Group Inc.,

Warrants (31Dec18) 7,263,316 11,802,412 433,366 Wells Fargo & Co., Warrants (28Oct18) 4,086,632 6,267,275

22,270,276 32,326,321 UTILITIES (3.6%)

95,750 Brookfield Renewable Power Fund, Preferred 5.25%, Series I 2,438,530 2,289,382

23,300 Brookfield Renewable Power Preferred Equity Inc., Preferred 5%, Series 6 460,858 460,175

662,300 China Longyuan Power Group Corp., Ltd. 697,342 707,184 33,850 Edison International 1,571,128 1,605,280

141,700 ENN Energy Holdings Ltd. 680,274 805,444 67,750 Fortis Inc., Preferred 4.9% 1,638,932 1,602,288

256,650 Fortis Inc., Preferred 4.9%, Series E, Callable/Convertible 6,910,796 6,660,068

141,850 GDF Suez 3,075,425 3,669,693 83,800 National Grid PLC 905,391 1,020,860 49,200 OGE Energy Corp. 1,465,267 1,829,486




– 329 –



UTILITIES (3.6%) (cont’d) 32,300 PG&E Corp. 1,330,928 1,361,429 13,600 Scottish and Southern Energy PLC 348,147 334,302

159,400 Snam Rete Gas SpA 801,021 829,408 22,324,039 23,174,999

CONSUMER DISCRETIONARY (2.9%) 7,100 Continental AG 748,329 1,239,695

61,451 Eutelsat Communications S.A. 1,999,270 2,000,356 10,400 Honda Motor Co., Ltd. 420,825 406,548

169,800 KP Tissue Inc. 2,989,897 2,937,540 19,800 McDonald's Corp. 1,697,342 1,962,399 82,200 Newell Rubbermaid Inc. 1,372,029 2,328,420 31,750 ProSiebenSat.1 Media AG 1,354,736 1,388,139 18,350 RTL Group S.A. 1,338,529 1,915,778 18,200 Stanley Black & Decker Inc. 1,277,842 1,697,527 18,300 Toyota Motor Corp. 1,132,194 1,202,509 5,100 Volkswagen AG, Preferred 1,132,021 1,231,613


8,300 Apple Inc. 3,748,620 4,075,920 109,600 Cisco Systems Inc. 2,670,218 2,645,085 144,600 Intel Corp. 3,696,482 3,413,813 161,500 Microsoft Corp. 4,870,781 5,539,538 35,300 Texas Instruments Inc. 1,308,744 1,464,970

16,294,845 17,139,326 MATERIALS (1.8%)

222,250 BHP Billiton PLC 7,161,800 6,745,518 59,400 Dow Chemical Co. 1,784,434 2,350,107 72,600 Potash Corp. of Saskatchewan Inc. 3,087,380 2,337,720


74,800 NMI Holdings Inc., Private Placement^ 741,000 893,751





Foreign Currency Forward Contracts (-0.5%)(see Schedule B) (2,990,084)



Net Assets (100.0%) 637,888,986

Principal amounts stated in:USD U.S. Dollar

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



Average FairPar Value Description Cost ($) Value ($)29,000,000 ABN Amro Canada 1% 10/01/2013 29,000,000 29,000,000


– 330 –





Schedule BForeign Currency Forward Contracts (-0.5%)


1 Barclays PLC A-2 18-Oct-13 1.04 (1,332,000) Australian $ 1,278,094 Canadian $ (766)1 Barclays PLC A-2 18-Oct-13 0.64 (2,003,000) British Pound 3,149,828 Canadian $ (191,328)1 Barclays PLC A-2 18-Oct-13 0.64 (1,685,712) Canadian $ 1,077,000 British Pound 110,801 1 Credit Suisse Group AG A-1 18-Oct-13 1.04 (910,000) Australian $ 873,618 Canadian $ (78)1 Credit Suisse Group AG A-1 18-Oct-13 1.05 (997,000) Australian $ 951,720 Canadian $ (5,501)1 Credit Suisse Group AG A-1 12-Dec-13 1.03 (13,314,000) US $ 13,754,494 Canadian $ 15,024 1 Morgan Stanley A-2 18-Oct-13 0.73 (1,104,000) Euro 1,521,124 Canadian $ (18,048)1 Morgan Stanley A-2 18-Oct-13 0.74 (2,192,000) Euro 2,956,230 Canadian $ (99,766)1 Morgan Stanley A-2 18-Oct-13 0.92 (3,051,000) Swiss Franc 3,310,317 Canadian $ (166,737)1 Morgan Stanley A-2 12-Dec-13 1.03 (9,775,000) US $ 10,096,011 Canadian $ 8,642 1 Royal Bank of Canada A-1+ 18-Oct-13 0.64 (3,602,000) British Pound 5,635,458 Canadian $ (372,933)1 Royal Bank of Canada A-1+ 18-Oct-13 0.72 (1,577,193) Canadian $ 1,133,000 Euro 2,421 1 Royal Bank of Canada A-1+ 18-Oct-13 1.41 (1,889,099) Canadian $ 1,341,000 Euro (19,479)1 Royal Bank of Canada A-1+ 18-Oct-13 0.61 (5,234,570) Canadian $ 3,204,000 British Pound 110,073 1 Royal Bank of Canada A-1+ 18-Oct-13 0.73 (1,073,000) Euro 1,468,186 Canadian $ (27,760)1 Royal Bank of Canada A-1+ 18-Oct-13 0.74 (11,005,000) Euro 14,835,768 Canadian $ (506,946)1 Royal Bank of Canada A-1+ 18-Oct-13 0.73 (1,137,000) Euro 1,560,146 Canadian $ (25,030)1 Royal Bank of Canada A-1+ 12-Dec-13 1.03 (346,000) US $ 357,435 Canadian $ 378 1 State Street Corp. A-1 12-Dec-13 1.03 (2,653,000) US $ 2,740,034 Canadian $ 2,255 1 The Bank of Nova Scotia†† A-1 18-Oct-13 0.74 (5,082,000) Euro 6,859,272 Canadian $ (225,847)1 UBS AG A-1 18-Oct-13 0.64 (9,769,000) British Pound 15,297,961 Canadian $ (997,431)1 UBS AG A-1 18-Oct-13 0.92 (10,582,292) Swiss Franc 11,475,300 Canadian $ (584,744)1 UBS AG A-1 12-Dec-13 1.03 (4,566,000) US $ 4,714,623 Canadian $ 2,716 Total Foreign Currency Forward Contracts Value (2,990,084)

– 331 –

Signature Dividend Corporate ClassFinancial Statements (unaudited)













605,261 582,9161,804 1,779

29,000 14,000- -

2,872 2,872- -

252 2,940- -- -

881 544750 140

- -1,697 2,167

642,517 607,358

- -- -- -

3,242 590- -

906 3,225480 588

- -- -- 88- -

4,628 4,491637,889 602,867

550,503 528,453- -

581,955 554,4571,615 1,096

11,037 10,35613,142 13,37511,260 6,9457,826 6,898

466 259315 151391 368

8,531 7,890492 400623 648147 1289 12

17.87 17.4312.34 12.0519.02 18.4914.87 14.3612.90 12.469.03 9.02

11.17 11.1810.13 10.0911.71 11.597.36 7.46

10.52 10.698.40 8.48

10.33 10.3611.07 11.12

32,559,137 31,818,307130,959 90,960580,354 560,133883,815 931,563873,159 557,202866,563 764,90541,727 23,15231,056 14,97233,368 31,740

1,158,543 1,057,27646,740 37,37674,151 76,36214,232 1,1308,064 1,051


as at as at



as at as at



– 332 –



ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseDividend expense on securities sold shortCapital taxesHarmonized sales tax








11,419 11,445216 225138 112

- -- -- -

(670) (694)11,103 11,088

4,502 3,956634 532

2 17 -- -

575 4585,720 4,9475,383 6,141

- -5,383 6,141

15,851 5,656(128) (146)(293) (222)

- -

(5,045) (3,202)10,385 2,08615,768 8,227

14,192 7,52131 12

310 133462 286304 50195 9610 16 1

13 6213 107

10 220 101 11 1

0.45 0.230.27 0.500.53 0.270.51 0.290.41 0.300.23 0.140.28 0.890.23 0.100.40 0.470.19 0.110.23 0.660.24 0.130.58 0.930.27 1.00


2013 2012


2013 2012



– 333 –


























554,457 522,876

46,414 24,434- -

(31,966) (31,493)(1,142) (4,959)13,306 (12,018)

- -- -- -- -

14,192 7,521581,955 518,379

1,096 37

278 212- -- -

210 310488 522

- -- -- -- -

31 121,615 571

10,356 9,156

887 341- -

(948) (1,084)432 (215)371 (958)

- -- -- -- -

310 13311,037 8,331

13,375 13,131

298 633- -

(469) (442)(524) (1,096)(695) (905)

- -- -- -- -

462 28613,142 12,512

6,945 1,625

3,756 630- -

(1,124) (60)1,379 3464,011 916

- -- -- -- -

304 5011,260 2,591

6,898 5,399

1,330 6651 -

(415) (121)1 259

917 803

- -- -

(184) (145)(184) (145)195 96

7,826 6,153


2013 2012


2013 2012



– 334 –


























7,890 6,415

1,506 6496 1

(612) (128)(148) 141752 663

- -- -

(324) (263)(324) (263)213 107

8,531 6,922

400 -

99 90- -- -- -

99 90

- -- -

(17) (1)(17) (1)10 2

492 91

648 689

59 -1 -

(136) (18)57 -(19) (18)

- -- -

(26) (26)(26) (26)20 10

623 655

259 -

207 10- -- -- -

207 10

- -- -

(10) -(10) -10 1

466 11

151 110

164 -- -- (52)- -

164 (52)

- -- -

(6) (1)(6) (1)6 1

315 58

368 104

25 -2 -(4) (1)(4) 21419 213

- -- -

(9) (4)(9) (4)13 6

391 319


2013 2012



2013 2012


– 335 –














12 -

- 101 -- -

135 -136 10

- -- -

(2) -(2) -1 1

147 11

12 -

60 10- -- -

18 -78 10

- -- -

(2) -(2) -1 1

89 11

602,867 559,542

55,083 27,68411 1

(35,674) (33,399)414 (5,000)

19,834 (10,714)

- -- -

(580) (440)(580) (440)

15,768 8,227637,889 556,615


2013 2012



– 336 –

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

31,818,307 33,026,8152,620,927 1,551,962

- -(1,816,440) (2,009,219)

(63,657) (315,225)32,559,137 32,254,333

90,960 3,39522,558 19,339

- -(10) -

17,451 28,554130,959 51,288

560,133 547,94047,648 20,435

- -(50,667) (65,402)23,240 (13,106)

580,354 489,867

931,563 1,025,49120,520 49,697

- -(32,523) (35,065)(35,745) (86,349)883,815 953,774

557,202 145,947297,247 56,799

- -(88,754) (5,333)107,464 29,948873,159 227,361

764,905 627,302147,325 78,664

73 30(45,917) (14,234)

177 30,258866,563 722,020

23,152 1018,550 966

25 16- -- -

41,727 992









2013 2012

14,972 11,54716,087 -

- -(3) (5,403)- -

31,056 6,144

31,740 9,5982,148 -

135 -(327) (127)(328) 19,951

33,368 29,422

1,057,276 873,805202,841 90,802

751 190(81,981) (17,886)(20,344) 20,023

1,158,543 966,934

37,376 109,320 8,767

44 27- -- -

46,740 8,804

76,362 83,0527,027 -

94 -(16,095) (2,242)

6,763 -74,151 80,810

1,130 101 1,036

62 29(14) -

13,053 -14,232 1,075

1,051 105,338 965

41 26(32) -

1,666 -8,064 1,001


– 337 –

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
















17.87 16.0717.90 16.11

12.34 11.1412.35 11.17

19.02 17.0119.04 17.05

14.87 13.1214.89 13.15

12.90 11.4012.91 11.43

9.03 8.529.04 8.54

11.17 10.5911.18 10.62

10.13 9.5010.15 9.53

11.71 10.8511.73 10.88

7.36 7.167.37 7.18

10.52 10.2810.53 10.31

8.40 8.118.41 8.13

10.33 9.8510.34 9.88

11.07 10.5711.08 10.59


2013 2012



31,256 27,39132,819 28,760



271 21484 60




1.501.951.00


1.501.951.00



0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15


– 338 –

Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Financials ................................................................................................................................. 41.4 Telecommunication Services ................................................................................................... 9.8 Consumer Staples.................................................................................................................... 9.5 Energy ...................................................................................................................................... 9.4 Health Care .............................................................................................................................. 7.0 Industrials ................................................................................................................................ 5.3 Warrants .................................................................................................................................. 4.6 Utilities..................................................................................................................................... 3.4 Materials.................................................................................................................................. 2.9 Consumer Discretionary........................................................................................................... 2.4 Short-Term Investments........................................................................................................... 2.3 Information Technology ........................................................................................................... 0.9 Other Net Assets (Liabilities) .................................................................................................. 0.6 Foreign Currency Forward Contracts ....................................................................................... 0.4 Private Placements .................................................................................................................. 0.1

During the six-month period the Fund’s credit risk, currency risk, interest rate risk and fair valuehierarchy exposure changed significantly as disclosed in the section below. For details relating to otherprice risk, refer to the audited annual financial statements as at March 31, 2013, as the Fund’s exposureto other price risk remains unchanged.

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

as at September 30, 2013*Credit Rating^ Net Assets (%)AA/Aa/A+ 5.7 A 9.8 BBB/Baa/B++ 14.3 BB/Ba/B+ 2.4 B 0.1 Not Rated 1.2 Total 33.5

as at March 31, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 3.3 A 11.1 BBB/Baa/B++ 16.2 BB/Ba/B+ 2.5 B 0.1 Not Rated 1.4 Total 34.7





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 152,332 (31,575) 120,757 18.9 Euro 44,908 (26,642) 18,266 2.9 British Pound 29,711 (18,499) 11,212 1.8 Swiss Franc 26,391 (15,528) 10,863 1.7 Swedish Krona 5,175 - 5,175 0.8 Thai Baht 4,845 - 4,845 0.8 Singapore Dollar 4,498 - 4,498 0.7 Australian Dollar 6,274 (3,112) 3,162 0.5 Danish Krone 2,693 - 2,693 0.4 Japanese Yen 2,452 - 2,452 0.4 Brazilian Real 2,404 - 2,404 0.4 Hong Kong Dollar 2,252 - 2,252 0.4 Indonesian Rupiah 1,728 - 1,728 0.3 South Africa Rand 646 - 646 0.1 Total 286,309 (95,356) 190,953 30.1


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 145,486 (89,695) 55,791 9.3 Euro 29,199 (23,333) 5,866 1.0 Swiss Franc 25,946 (20,113) 5,833 1.0 Singapore Dollar 5,331 - 5,331 0.9 Thai Baht 4,592 - 4,592 0.8 Japanese Yen 3,703 - 3,703 0.6 Brazilian Real 3,155 - 3,155 0.5 Danish Krone 2,746 - 2,746 0.5 British Pound 34,826 (32,251) 2,575 0.4 Indonesian Rupiah 2,252 - 2,252 0.4 Hong Kong Dollar 2,068 - 2,068 0.3 Swedish Krona 1,504 - 1,504 0.2 Australian Dollar 7,090 (6,339) 751 0.1 Total 267,898 (171,731) 96,167 16.0


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



Interest Rate Exposure 30,804 - - 3,242 34,046



– 339 –

Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11) (cont’d)

Interest Rate Risk (cont’d)



Interest Rate Exposure 15,779 - - 3,859 19,638

As at September 30, 2013, had the prevailing interest rates increased or decreased by 0.25%(March 31, 2013 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $21,000 (March 31, 2013 - $38,000). Inpractice, actual results may differ from this analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)Equities 568,777 - 916 569,693 Bonds - 3,242 - 3,242 Short-term investments - 29,000 - 29,000 Warrants 32,326 - - 32,326 Foreign currency forward contracts, net - (2,990) - (2,990) Total 601,103 29,252 916 631,271


Fair Value Hierarchy (cont’d)


(in $000's) (in $000's) (in $000's) (in $000's)Equities 550,585 - 760 551,345 Bonds - 3,859 - 3,859 Short-term investments - 14,000 - 14,000 Warrants 27,712 - - 27,712 Foreign currency forward contracts, net - 2,350 - 2,350 Total 578,297 20,209 760 599,266

There were no transfers between Level 1, 2 and 3 during the six month period ended September 30, 2013and the year ended March 31, 2013.





(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities 760 23 - - - 133 916 Total 760 23 - - - 133 916




(in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) (in $000's) Long Positions/Assets:Equities - 741 - - - 19 760 Total - 741 - - - 19 760



– 340 –

Signature Global Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.8%) 1,411,050 Signature Global Bond Fund (Class F) (USD)† 11,024,976 11,002,593 2,462,540 Signature Global Bond Fund (Class F)† 19,398,600 19,207,815



Net Assets (100.0%) 30,259,632



– 341 –

Signature Global Bond Corporate ClassFinancial Statements (unaudited)







Net assets per classA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Net assets per share A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares



30,210 30,561133 143

- -- -- -- -

- -- -- -

60 13317 -

- -- -

30,420 30,837

- -1 -- -

- -- -9 95

150 6- -- -- -- -

160 10130,260 30,736

30,424 29,839- -

23,184 24,643482 466

1,592 1,9612,405 2,6431,632 968

10 10154 10777 1014 1510 10

11.27 11.5410.09 10.2811.98 12.2211.94 12.0910.29 10.439.30 9.779.51 9.949.62 10.018.80 9.399.05 9.55

2,056,604 2,135,54947,739 45,275

132,872 160,508201,441 218,689158,572 92,771

1,068 1,04116,183 1,03780,769 1,0371,600 1,5541,129 1,083


as at as at



as at as at




– 342 –










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



- -1 1- -- -

305 336212 170

- -518 507

230 21626 23

- -- -

32 6288 245230 262

- -230 262

2 79- 4- -- -

(936) 50(934) 133(704) 395

(587) 270(10) 7(36) 29(31) 65(18) 24

- -(2) -

(20) -- -- -

(0.28) 0.13(0.21) 0.18(0.24) 0.21(0.15) 0.25(0.14) 0.47(0.23) (0.01)(0.26) 0.09(0.24) 0.09(0.21) -(0.12) 0.10


2013 2012















2013 2012

24,643 21,158

3,135 4,264- -

(3,655) (2,176)(352) 948(872) 3,036

- -- -- -- -

(587) 27023,184 24,464

466 240

180 130- -

(129) (55)(25) 14126 216

- -- -- -- -

(10) 7482 463

1,961 1,574

134 140- -

(492) (342)25 113

(333) (89)

- -- -- -- -

(36) 291,592 1,514

– 343 –















2013 2012



2,643 2,992

62 105- -

(112) (89)(157) 49(207) 65

- -- -- -- -

(31) 652,405 3,122

968 -

399 2,050- -

(47) (2)330 21682 2,069

- -- -- -- -

(18) 241,632 2,093

10 -

- 10- -- -- -- 10

- -- -- -- -- -

10 10














2013 2012

10 -

100 10- -- -

49 -149 10

- -- -

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

154 10

10 -

810 1010 -(13) -

- -807 10

- -- -

(20) -(20) -(20) -777 10

15 -

- 10- -- -- -- 10

- -- -

(1) -(1) -- -

14 10

– 344 –











2013 2012



10 -

- 10- -- -- -- 10

- -- -- -- -- -

10 10

30,736 25,964

4,820 6,73910 -

(4,448) (2,664)(130) 1,272252 5,347

- -- -

(24) -(24) -

(704) 39530,260 31,706

– 345 –

Signature Global Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012






2013 2012

2,135,549 1,881,977274,694 378,310

- -(322,319) (191,596)(31,320) 83,878

2,056,604 2,152,569

45,275 24,16017,774 13,106

- -(12,780) (5,466)(2,530) 14,09547,739 45,895

160,508 133,40410,922 11,751

- -(40,451) (28,384)

1,893 9,570132,872 126,341

218,689 259,5785,110 8,913

- -(9,354) (7,575)

(13,004) 4,087201,441 265,003

92,771 1038,408 203,777

- -(4,552) (176)31,945 2,080

158,572 205,691

1,041 10- 985

27 17- -- -

1,068 1,012

1,037 -9,931 1,000

27 8- -

5,188 -16,183 1,008

1,037 -80,119 1,000

970 8(1,357) -

- -80,769 1,008

1,554 10- 998

46 28- -- -

1,600 1,036

1,083 10- 999

46 28- -- -

1,129 1,037

Annual management fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

Annual fixed administration fee rateA SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesOT5 SharesAT8 SharesIT8 Shares

1.751.051.00


1.751.05



0.180.150.18

-0.150.180.150.150.18

-



– 346 –

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




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 37.3Other Net Assets (Liabilities) .................................................................................................. 10.5U.K............................................................................................................................................ 7.9Germany ................................................................................................................................... 7.0Mexico ..................................................................................................................................... 4.3Australia................................................................................................................................... 3.9Japan ....................................................................................................................................... 3.2Austria...................................................................................................................................... 3.0Netherlands ............................................................................................................................. 2.9France....................................................................................................................................... 2.6Sweden .................................................................................................................................... 2.5Malaysia .................................................................................................................................. 2.1Brazil ........................................................................................................................................ 2.0Norway..................................................................................................................................... 1.7Ireland ...................................................................................................................................... 1.6Canada ..................................................................................................................................... 1.5Luxembourg.............................................................................................................................. 1.4Indonesia.................................................................................................................................. 1.2Spain ........................................................................................................................................ 1.0Peru .......................................................................................................................................... 1.0Poland ...................................................................................................................................... 1.0Colombia .................................................................................................................................. 0.7Foreign Currency Forward Contracts ....................................................................................... (0.3)


Categories Net Assets (%)U.S.A. ...................................................................................................................................... 30.8Other Net Assets (Liabilities) ................................................................................................. 12.6Germany .................................................................................................................................. 7.1Australia .................................................................................................................................. 6.8U.K. .......................................................................................................................................... 6.5Canada .................................................................................................................................... 3.8France ...................................................................................................................................... 3.8Austria ..................................................................................................................................... 3.5Mexico .................................................................................................................................... 3.1Netherlands ............................................................................................................................ 3.0Brazil ....................................................................................................................................... 2.7Malaysia ................................................................................................................................. 2.4Sweden ................................................................................................................................... 1.7Poland ..................................................................................................................................... 1.6Indonesia ................................................................................................................................. 1.5Norway .................................................................................................................................... 1.5Luxembourg ............................................................................................................................. 1.5Peru ......................................................................................................................................... 1.4Ireland ..................................................................................................................................... 1.1Spain ....................................................................................................................................... 1.1Colombia ................................................................................................................................. 0.9Japan ...................................................................................................................................... 0.7Philippines ............................................................................................................................... 0.5South Africa ............................................................................................................................ 0.4



– 347 –

Signature Gold Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

Average FairCost ($) Value ($)

No. of Ounces BULLION (63.0%) 21,120 Gold Bullion 34,347,384 28,910,381 19,651 Silver Bullion 417,660 439,147

34,765,044 29,349,528 No. of Shares MATERIALS (21.7%)

371,700 B2Gold Corp. 1,379,287 951,552 115,000 Belo Sun Mining Corp. 137,712 50,600 61,400 Continental Gold Ltd.* 480,762 229,022 93,750 Detour Gold Corp.* 1,954,281 818,438 38,680 Eldorado Gold Corp. 539,722 267,279 33,750 Franco-Nevada Corp.* 1,371,084 1,573,088 15,400 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 537,969 524,580 90,750 Goldcorp Inc. 3,648,267 2,430,285

145,000 Kinross Gold Corp.* 2,191,470 751,100 54,100 Rubicon Minerals Corp.* 233,058 70,330 66,700 Tahoe Resources Inc.* 1,253,751 1,232,616

399,100 Torex Gold Resources Inc. 781,530 530,803 64,600 Yamana Gold Inc. 1,162,490 691,220

15,671,383 10,120,913




Net Assets (100.0%) 46,598,322



– 348 –

Signature Gold Corporate ClassFinancial Statements (unaudited)

AssetsInvestments at fair value*CashShort-term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on futures and foreign currency forward contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and foreign currency forward contractsSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Dividends payableCapital taxes payable

















39,470 52,2627,109 4,741

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

23 34- -- -4 5

46,606 57,042

- -- -- -- -- -- -8 20- -- -- -- -8 20

46,598 57,022

50,412 57,237- -

43,653 53,605182 165

1,749 2,170482 493532 589

7.31 8.907.09 8.627.56 9.157.96 9.577.40 8.91

5,972,836 6,024,48725,727 19,089

231,435 237,24860,510 51,54871,827 66,117

117 14521 341 1- -- -- -

(7) (6)132 174

474 58468 83

- -- -

45 53587 720(455) (546)

- -(455) (546)

(3,732) (1,590)(18) (24)(16) (25)

- -

(5,967) 4,542(9,733) 2,903

(10,188) 2,357

(9,608) 2,161(33) 10

(362) 83(83) 76

(102) 27

(1.61) 0.36(1.93) 0.72(1.58) 0.46(1.59) 0.75(1.36) 0.36


2013 2012


as at as at




– 349 –

Signature Gold Corporate ClassFinancial Statements (unaudited)

























53,605 60,216

3,576 5,093- -

(3,623) (4,031)(297) (656)(344) 406

- -- -- -- -

(9,608) 2,16143,653 62,783

165 74

100 100- -- (12)

(50) -50 88

- -- -- -- -

(33) 10182 172

2,170 1,756

55 182- -

(231) (33)117 123(59) 272

- -- -- -- -

(362) 831,749 2,111

493 724

36 50- -

(7) (585)43 48272 (53)

- -- -- -- -

(83) 76482 747

589 1,108

- -- -

(72) (409)117 -45 (409)

- -- -- -- -

(102) 27532 726

57,022 63,878

3,767 5,425- -

(3,933) (5,070)(70) (51)

(236) 304

- -- -- -- -

(10,188) 2,35746,598 66,539


2013 2012


2013 2012



– 350 –

Signature Gold Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)








2013 2012

6,024,487 6,065,976470,122 529,067

- -(482,690) (426,165)(39,083) (71,358)

5,972,836 6,097,520

19,089 7,76013,504 10,735

- -- (1,271)

(6,866) -25,727 17,224

237,248 173,7946,945 17,984

- -(27,377) (3,338)14,619 11,989

231,435 200,429

51,548 69,5234,471 5,092

- -(890) (55,908)

5,381 49,53860,510 68,245

66,117 114,013- -- -

(8,883) (42,754)14,593 -71,827 71,259






7.31 10.307.31 10.31

7.09 9.967.09 9.97

7.56 10.537.56 10.54

7.96 10.947.96 10.95

7.40 10.197.41 10.20



2013 2012



4,049 2,5554,251 2,683



16 245 7



2.001.951.00


0.280.150.28

-0.15


– 351 –

Signature Gold Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)




Categories Net Assets (%)Bullion ...................................................................................................................................... 62.1 Materials.................................................................................................................................. 29.6 Other Net Assets (Liabilities) .................................................................................................. 8.3

During the six-month period the Fund’s other price risk exposure changed significantly as disclosed inthe section below. For details relating to credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund’s exposureto those risks remains unchanged.

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in gold bullionand equities and therefore was sensitive to changes in price of gold and general economic conditionsacross the world.

As at September 30, 2013, had the global markets increased or decreased by 10% (March 31, 2013 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $3,947,000 (March 31, 2013 - $5,226,000). In practice, actual results may differ from this analysis and the difference may be material.


– 352 –

Signature High Income Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)


FUND (99.6%) 149,473,573 Signature High Income Fund (Class I)† 1,831,460,927 1,938,672,245



Net Assets (100.0%) 1,946,741,346



– 353 –

Signature High Income Corporate ClassFinancial Statements (unaudited)









1,938,672 1,819,2443,203 1,241

- -- -

2,742 2,742- -

- -- -- -

7,234 9,264571 245

- -- -

1,952,422 1,832,736

- -- -- -

- -- -

1,913 1,9453,765 2,968

- -- -3 1,291- -

5,681 6,2041,946,741 1,826,532

1,831,461 1,676,874- -

1,412,931 1,337,52134,119 22,63789,680 83,44866,377 72,09471,187 65,793

118,480 107,5213,159 2,511

12,372 11,5128,722 5,950

105,629 97,5306,813 5,9177,176 6,877

944 1,4119,152 5,810


as at as at






24.86 24.5112.15 12.0226.79 26.3416.45 16.0812.66 12.3910.38 10.4910.95 11.1011.07 11.1611.49 11.528.49 8.71

10.38 10.699.59 9.829.97 10.15

10.82 11.01

56,827,853 54,568,1952,808,265 1,884,0303,347,508 3,168,4754,036,046 4,483,2075,624,824 5,311,955

11,415,166 10,251,164288,435 226,201

1,117,563 1,031,870759,256 516,476

12,446,372 11,202,230656,481 553,671747,963 700,44094,630 138,983

845,997 527,537


as at as at


– 354 –











2 130 18

- -- -

69,193 35,468- 272- -- -

69,225 35,759

10,978 7,7501,837 1,274

2 3- -

1,345 1,17314,162 10,20055,063 25,559

- -55,063 25,559

7,300 64220 10

- -- -

(35,159) 46,794(27,839) 47,44627,224 73,005

18,814 53,303288 1,064

1,411 3,5371,537 4,6151,446 1,5491,573 3,738

36 14188 298153 209

1,400 3,83253 292

110 26925 57

190 228


2013 2012




0.33 1.190.10 0.570.43 1.320.35 0.870.25 0.730.15 0.540.13 0.490.16 0.590.23 0.760.11 0.450.08 0.560.15 0.530.20 0.600.25 0.65


2013 2012

– 355 –














1,337,521 951,241

204,699 190,676- -

(139,551) (61,407)(8,552) (7,560)56,596 121,709

- -- -- -- -

18,814 53,3031,412,931 1,126,253

22,637 14,888

10,140 6,565- -

(2,962) (12)4,016 4,671

11,194 11,224

- -- -- -- -

288 1,06434,119 27,176

83,448 63,083

11,749 11,790- -

(7,659) (4,527)731 (2,255)

4,821 5,008- -- -- -- -- -

1,411 3,53789,680 71,628


2013 2012















72,094 77,371

2,360 3,863- -

(4,551) (4,574)(5,063) (4,165)(7,254) (4,876)

- -- -- -- -

1,537 4,61566,377 77,110

65,793 12,289

11,611 15,622- -

(4,048) (1,303)(3,615) 8,7293,948 23,048

- -- -- -- -

1,446 1,54971,187 36,886

107,521 59,129

19,413 21,76932 5

(5,962) (4,011)(1,224) 4,09412,259 21,857

- -- -

(2,873) (1,751)(2,873) (1,751)1,573 3,738

118,480 82,973


2013 2012

– 356 –














2,511 -

1,502 8012 -

(936) -123 396691 1,197

- -- -

(79) (10)(79) (10)36 14

3,159 1,201

11,512 4,803

4,038 1,236- -

(2,672) (290)(371) 283995 1,229

- -- -

(323) (132)(323) (132)188 298

12,372 6,198

5,950 1,628

2,481 1,43310 -(56) (29)371 1,327

2,806 2,731

- -- -

(187) (78)(187) (78)153 209

8,722 4,490


2013 2012















97,530 68,698

16,478 11,677133 63

(5,285) (3,402)(501) 2,323

10,825 10,661

- -- -

(4,126) (2,909)(4,126) (2,909)1,400 3,832

105,629 80,282

5,917 3,949

3,203 2,07914 1

(957) (200)(1,127) 3221,133 2,202

- -- -

(290) (222)(290) (222)

53 2926,813 6,221

6,877 4,596

1,440 1,9159 8

(677) (504)(283) (407)489 1,012

- -- -

(300) (195)(300) (195)110 269

7,176 5,682


2013 2012

– 357 –














1,411 827

11 -11 6

(407) (6)(56) 169

(441) 169

- -- -

(51) (38)(51) (38)25 57

944 1,015

5,810 3,106

3,088 1,15553 26

(152) (26)505 497

3,494 1,652

- -- -

(342) (155)(342) (155)190 228

9,152 4,831

1,826,532 1,265,608

292,213 270,581264 109

(175,875) (80,291)(15,046) 8,424101,556 198,823

- -- -

(8,571) (5,490)(8,571) (5,490)27,224 73,005

1,946,741 1,531,946


2013 2012



– 358 –

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)










2013 2012

54,568,195 42,755,2278,312,335 8,374,277

- -(5,670,829) (2,706,864)

(381,848) (343,761)56,827,853 48,078,879

1,884,030 1,356,776837,395 583,498

- -(246,239) (1,112)333,079 420,278

2,808,265 2,359,440

3,168,475 2,652,950441,155 482,155

- -(288,850) (187,212)

26,728 (94,493)3,347,508 2,853,400

4,483,207 5,385,092145,135 265,430

- -(280,311) (310,251)(311,985) (282,922)

4,036,046 5,057,349

5,311,955 1,108,851926,708 1,377,037

- -(323,041) (114,755)(290,798) 767,177

5,624,824 3,138,310

10,251,164 5,916,6591,854,001 2,151,723

3,124 462(573,238) (397,632)(119,885) 408,662

11,415,166 8,079,874

226,201 10135,662 73,600

204 -(85,372) -11,740 36,439

288,435 110,049










2013 2012

1,031,870 454,450361,206 115,248

14 -(241,700) (27,056)(33,827) 26,377

1,117,563 569,019

516,476 150,520215,602 131,534

843 31(4,882) (2,572)31,217 121,484

759,256 400,997

11,202,230 8,039,5951,904,372 1,360,954

15,588 7,386(614,520) (398,772)(61,298) 270,981

12,446,372 9,280,144

553,671 374,196299,118 197,391

1,297 111(92,643) (18,658)

(104,962) 30,811656,481 583,851

700,440 479,447147,109 198,207

907 810(69,830) (52,468)(30,663) (42,179)747,963 583,817

138,983 84,3411,138 -1,049 602

(40,835) (647)(5,705) 17,12894,630 101,424

527,537 291,567281,883 106,913

4,880 2,415(13,706) (2,422)45,403 46,139

845,997 444,612

– 359 –

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)





1.251.850.75


1.251.850.75



0.200.150.20

-0.150.200.150.200.150.200.150.20

-0.15



– 360 –

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



Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 43.8Common Equities ..................................................................................................................... 32.4Short-Term Investments........................................................................................................... 12.0REITS ........................................................................................................................................ 8.3Funds ........................................................................................................................................ 1.4Other Net Assets (Liabilities) .................................................................................................. 1.3Preferred Shares ...................................................................................................................... 1.0Foreign Currency Forward Contracts ....................................................................................... (0.2)


Categories Net Assets (%)Corporate Bonds ...................................................................................................................... 44.7 Common Equities ..................................................................................................................... 34.7 REITS ........................................................................................................................................ 9.6 Short-Term Investments........................................................................................................... 7.0 Other Net Assets (Liabilities) .................................................................................................. 2.0 Preferred Shares ...................................................................................................................... 1.7 Foreign Currency Forward Contracts ....................................................................................... 0.3




– 361 –

Signature High Yield Bond Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

FairValue ($)

Purchase Forward Agreement (8.3%)(see Schedule A) 1,870,687


Net Assets (100.0%) 22,484,234

Schedule APurchase Forward Agreement (8.3%)

Purchase Forward Agreement Fair Value ($)Restricted cash subject to forward agreement (18,510,887) (cash deposit is held by the Bank of Montreal^)

Notional Units Underlying Trust Fair Value ($)1,770,771 Signature High Yield Bond II Fund (Class C)^ 20,381,574

Total Purchase Forward Agreement Value 1,870,687

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

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


– 362 –

Signature High Yield Bond Corporate ClassFinancial Statements (unaudited)


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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on purchase forward agreementSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for share redemptionsPayable for cash collateral under securities lending (Note 6)Forward fee payableInvestments sold short at fair value**Dividends payableCapital taxes payable



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

- -2,155 3,172

- -18,511 18,511

- -- -- -

1,871 1,463- -- -3 188- -- -- -

22,540 23,334

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

36 100- -

20 34- -- 17- -

56 15122,484 23,183

- -- -

7,017 7,5183,994 4,0062,006 2,0536,813 6,879

315 29511 1122 2277 110

2,196 2,25611 1111 1111 11


as at as at



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


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

10.92 10.8710.72 10.6511.09 10.9910.90 10.7410.01 10.2210.12 10.3110.16 10.3310.28 10.399.47 9.829.76 10.109.63 9.949.93 10.19

642,906 692,019372,651 376,216180,917 186,806625,169 640,17631,473 28,8241,060 1,0342,127 2,1247,486 10,603

231,928 229,7561,098 1,0551,144 1,0991,097 1,054


as at as at


– 363 –








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


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

1 -46 2

- -- -- -

29 68- -

76 70

123 31921 401 -- -

16 47161 406(85) (336)

- -(85) (336)

(34) -12 (1)

- -(114) (224)

- -

408 1,927272 1,702187 1,366

34 1,27026 419 7295 -1 8- -1 -2 -9 12- -- -- -


2013 2012



0.05 0.360.08 0.070.11 0.340.16 0.120.03 0.330.06 0.120.09 0.410.14 0.120.03 0.320.07 0.120.08 0.560.14 0.12


2013 2012


– 364 –















7,518 2,736

556 40,156- -

(907) (894)(184) 13,035(535) 52,297

- -- -- -- -

34 1,2707,017 56,303

4,006 -

3 1,010- -

(41) -- -

(38) 1,010

- -- -- -- -

26 43,994 1,014

2,053 2,669

133 155- -

(88) (1,157)(111) (129)(66) (1,131)

- -- -- -- -

19 722,006 1,610


2013 2012













6,879 -

- 10- -

(59) -(102) -(161) 10

- -- -- -- -

95 -6,813 10

295 98

55 129- -

(28) -- 20

27 149

- -- -

(8) (6)(8) (6)1 8

315 249

11 -

- 10- -- -- -- 10

- -- -- -- -- -

11 10


2013 2012


– 365 –
















22 1

21 20- -

(21) -- -- 20

- -- -

(1) -(1) -1 -

22 21

110 -

- 10- -

(32) -- -

(32) 10

- -- -

(3) -(3) -2 -

77 10

2,256 188

- 23121 3

- (30)- 48

21 252

- -- -

(90) (16)(90) (16)

9 122,196 436


2013 2012













11 -

- 10- -- -- -- 10

- -- -- -- -- -

11 10

11 1

- 9- -- -- -- 9

- -- -- -- -- -

11 10

11 -

- 10- -- -- -- 10

- -- -- -- -- -

11 10


2013 2012

– 366 –








23,183 5,693

768 41,76021 3

(1,176) (2,081)(397) 12,974(784) 52,656

- -- -

(102) (22)(102) (22)187 1,366

22,484 59,693


2013 2012

– 367 –

Signature High Yield Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


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

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

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

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



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


2013 2012

692,019 272,59951,014 3,951,582

- -(83,224) (86,737)(16,903) 1,295,439642,906 5,432,883

376,216 -239 100,206

- -(3,804) -

- -372,651 100,206

186,806 265,56612,001 15,063

- -(7,950) (113,197)(9,940) (12,870)

180,917 154,562

640,176 -- 1,000- -

(5,507) -(9,500) -

625,169 1,000

28,824 9,8825,371 13,064

6 4(2,728) -

- 2,02531,473 24,975

1,034 -- 1,000

26 8- -- -

1,060 1,008

2,124 1012,018 2,018

3 3(2,018) -

- -2,127 2,122


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

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





2013 2012

10,603 -- 1,000

26 8(3,143) -

- -7,486 1,008

229,756 19,114- 23,633

2,172 272- (3,082)- 4,873

231,928 44,810

1,055 -- 1,000

43 14- -- -

1,098 1,014

1,099 102- 924

45 30- -- -

1,144 1,056

1,054 -- 1,000

43 13- -- -

1,097 1,013

– 368 –

Signature High Yield Bond Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)


Annual management fee rate


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

1.701.300.85




0.200.150.200.150.200.150.200.150.200.150.200.15




– 369 –

Signature High Yield Bond Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)




Categories Net Assets (%)U.S.A. ....................................................................................................................................... 55.2Canada ..................................................................................................................................... 25.3Australia................................................................................................................................... 2.6Luxembourg.............................................................................................................................. 2.6Jersey Island............................................................................................................................ 2.1Netherlands ............................................................................................................................. 2.1Other Net Assets (Liabilities) .................................................................................................. 2.0U.K............................................................................................................................................ 1.6Ireland ...................................................................................................................................... 1.4Germany ................................................................................................................................... 1.1Marshall Islands ...................................................................................................................... 1.0Cayman Islands........................................................................................................................ 1.0British Virgin Islands................................................................................................................ 0.8Bermuda ................................................................................................................................... 0.7France....................................................................................................................................... 0.4Spain ........................................................................................................................................ 0.1


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 50.9 Canada ..................................................................................................................................... 25.0 Australia................................................................................................................................... 3.0 Cayman Islands........................................................................................................................ 3.0 Other Net Assets (Liabilities) .................................................................................................. 2.8 Luxembourg.............................................................................................................................. 2.5 Short-Term Investments........................................................................................................... 2.4 Netherlands ............................................................................................................................. 2.3 Bermuda ................................................................................................................................... 1.6 Jersey Island............................................................................................................................ 1.3 Marshall Islands ...................................................................................................................... 1.0 Mexico ..................................................................................................................................... 0.7 U.K............................................................................................................................................ 0.7 France....................................................................................................................................... 0.7 Foreign Currency Forward Contracts ....................................................................................... 0.6 Brazil ........................................................................................................................................ 0.5 Netherlands Antilles................................................................................................................ 0.5 Ireland ...................................................................................................................................... 0.2 Germany ................................................................................................................................... 0.2 Spain ........................................................................................................................................ 0.1



As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposureof the Underlying Trust.

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

as at September 30, 2013Currency Net Asset (%)US Dollar 37.4 British Pound 1.4 Total 38.8

as at March 31, 2013Currency Net Asset (%)US Dollar 30.9 British Pound 0.2 Australian Dollar - Total 31.1

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31, 2013- 10%) in relation to all other foreign currencies held in the Underlying Trust, with all other variablesheld constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $791,000 (March 31, 2013 - $621,000). In practice, actual results may differ from thisanalysis and the difference may be material.


– 370 –

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited)


1. THE FUNDS

CI Corporate Class Limited (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario.

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”.

The following Funds are a class of shares of the Corporation. “Inception Date” is the date upon which shares of a class of a Fund were first created under prospectus.

Inception Date:

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

CI CORPORATE CLASS

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

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

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

CI Canadian Investment Corporate Class Jul. 15, 03 Sep. 17, 07 Jul. 26, 12 Sep. 17, 07 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 15, 03 Sep. 17, 07

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

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

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

CI Global High Dividend Advantage Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07

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

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

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

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

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

CI Short-Term Advantage Corporate Class May 6, 08 - - Jan. 31, 12 - Jul. 27, 11 - - May 06, 08 -

CI Short-Term Corporate Class Jul. 8, 87 - - - - Jul. 26, 13 - - Jul. 17, 00 -

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

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


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


(formerly Harbour Foreign Growth &

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

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

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

Red Sky Canadian Equity Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

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

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

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

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

Signature Emerging Markets Corporate Class Sep. 21, 92 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 -

Signature Global Bond Corporate Class Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Jul. 26, 12 - Aug. 28, 02 -

Signature Global Dividend Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

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

Signature Global Income & Growth Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07


(formerly Signature Canadian Resource Corporate Class) Jul. 31, 01 - - - - Jul. 27, 11 - - Jul. 31, 01 -

Signature Global Science & Technology Corporate Class Jul. 23, 96 - - - - - - - Jul. 17, 00 -

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

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

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

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

Signature International Corporate Class Jul. 31, 01 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 - - Jul. 31, 01 -

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

– 371 –

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)


Inception Date: (cont’d)


CI CORPORATE CLASS (cont’d)

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

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

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

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

Insight

FT8 Shares I Shares IT5 Shares IT8 Shares Shares O Shares OT5 Shares OT8 Shares X Shares Y Shares


CI American Managers® Corporate Class - Aug. 28, 02 - Jan. 31, 12 - Jul. 26, 13 - - - -

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

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

CI Canadian Investment Corporate Class Sep. 17, 07 Jun. 20, 05 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

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

CI Global Corporate Class Sep. 17, 07 Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI Global Health Sciences Corporate Class - Jul. 31, 01 - - - Jul. 26, 13 - - - Jun. 11, 09

CI Global High Dividend Advantage Corporate Class Sep. 17, 07 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

CI Global Managers® Corporate Class - Jul. 31, 01 - Jan. 31, 12 - Jul. 26, 13 - - - -

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

CI Global Value Corporate Class - Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI International Value Corporate Class - Jun. 20, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

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

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

CI Short-Term Corporate Class - Jun. 20, 05 - - - Jul. 26, 13 - - - -

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

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


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


(formerly Harbour Foreign Growth &

Income Corporate Class) Sep. 17, 07 Dec. 23, 02 Jul. 26, 12 Jul. 26, 12 - Jul. 26, 13 Jul. 26, 13 - - -

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

Harbour Voyageur Corporate Class Jul. 27, 11 Aug. 5, 11 - Dec. 7, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 - -

Red Sky Canadian Equity Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - -

Signature Canadian Bond Corporate Class - Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - -

Signature Corporate Bond Corporate Class - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - Jun. 11, 09* -

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

Signature Dividend Corporate Class Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature Emerging Markets Corporate Class - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 - - - -

Signature Global Bond Corporate Class - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - -

Signature Global Dividend Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - -

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

Signature Global Income & Growth Corporate Class Sep. 17, 07 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -


(formerly Signature Canadian Resource Corporate Class) - Jul. 18, 09 - - - Jul. 27, 11 - - - -

Signature Global Science & Technology Corporate Class - Jul. 31, 01 - - - Jul. 26, 13 - - - -

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

Signature High Income Corporate Class Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

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

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

Signature International Corporate Class - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 - - - -

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

Signature Select Global Corporate Class Jul. 14, 10 Jul. 14, 10 - Dec. 7, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Synergy American Corporate Class - Jul. 18, 08 - Jan. 31, 12 - - - - - -

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

Synergy Global Corporate Class - Sep. 2 , 04 - Jan. 31, 12 - Jul. 26, 13 - - - Jun. 11, 09

– 372 –




Z Shares


CI American Managers® Corporate Class -

CI American Small Companies Corporate Class -

CI American Value Corporate Class -

CI Canadian Investment Corporate Class -

CI Can-Am Small Cap Corporate Class -

CI Global Corporate Class -

CI Global Health Sciences Corporate Class Jun. 11, 09

CI Global High Dividend Advantage Corporate Class -

CI Global Managers® Corporate Class -

CI Global Small Companies Corporate Class -

CI Global Value Corporate Class -

CI International Value Corporate Class -

CI Pacific Corporate Class -

CI Short-Term Advantage Corporate Class -

CI Short-Term Corporate Class -

CI Short-Term US$ Corporate Class -

Harbour Corporate Class -


(formerly Harbour Foreign Equity Corporate Class) -


(formerly Harbour Foreign Growth & Income Corporate Class)

Harbour Growth & Income Corporate Class -

Harbour Voyageur Corporate Class -

Red Sky Canadian Equity Corporate Class -

Signature Canadian Bond Corporate Class -

Signature Corporate Bond Corporate Class -

Signature Diversified Yield Corporate Class -

Signature Dividend Corporate Class -

Signature Emerging Markets Corporate Class -

Signature Global Bond Corporate Class -

Signature Global Dividend Corporate Class -

Signature Global Energy Corporate Class -

Signature Global Income & Growth Corporate Class -


(formerly Signature Canadian Resource Corporate Class) -

Signature Global Science & Technology Corporate Class -

Signature Gold Corporate Class -

Signature High Income Corporate Class -

Signature High Yield Bond Corporate Class -

Signature Income & Growth Corporate Class -

Signature International Corporate Class -

Signature Select Canadian Corporate Class -

Signature Select Global Corporate Class -

Synergy American Corporate Class -

Synergy Canadian Corporate Class Jun. 11, 09

Synergy Global Corporate Class Jun. 11, 09

– 373 –




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

PORTFOLIO SELECT SERIES

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

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

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

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

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

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







IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares U Shares V Shares W Shares WT5 Shares WT8 Shares

PORTFOLIO SELECT SERIES (cont’d)

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

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

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

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

Select 100e Managed Portfolio Corporate Class Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 Jul. 26, 13 Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07

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







Y Shares Z Shares

PORTFOLIO SELECT SERIES (cont’d)

Select Canadian Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select Income Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select U.S. Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select 100e Managed Portfolio Corporate Class - -

Select 20i80e Managed Portfolio Corporate Class - -








CAMBRIDGE CORPORATE CLASS

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

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

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

Cambridge Global Dividend Corporate Class Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13

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

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

– 374 –




FT8 Shares I Shares IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares W Shares Y Shares Z Shares

CAMBRIDGE CORPORATE CLASS (cont’d)

Cambridge American Equity Corporate Class Sep. 17, 07 Dec. 7, 11 - Dec. 7, 11 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 - - -

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

Cambridge Canadian Equity Corporate Class Dec. 27, 07 Dec. 27, 07 Jan. 31, 12 Jan. 31, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Jul. 26, 23 Jul. 26, 23

Cambridge Global Dividend Corporate Class Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 - - -

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

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

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

UNITED CORPORATE CLASS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BLACK CREEK CORPORATE CLASS

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

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

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

IT8 Shares O Shares OT5 Shares OT8 Shares

BLACK CREEK CORPORATE CLASS (cont’d)

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

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

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

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

– 375 –



Effective as of close of business on July 26, 2013, the following Funds were merged:

Terminating Funds Continuing Funds

CI Japanese Corporate Class CI Pacific Corporate Class

Cambridge Canadian Stock Fund Cambridge Canadian Equity Corporate Class

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

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

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

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

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

Effective as of the close of business on July 26, 2013, the Continuing Funds acquired all of the assets of the

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

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

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

Net Asset Units

Terminating Funds Continuing Funds Acquired ($) Issued

CI Japanese Corporate Class CI Pacific Corporate Class 3,295,567 401,296

Cambridge Canadian Stock Fund Cambridge Canadian Equity Corporate Class 43,963,290 4,345,557

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

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a Fund’s

return of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary

income rather than capital gains. The government refers to these as "character conversion transactions." The

Manager is assessing the impact and implications of these changes.

The following Funds currently use forward agreements and may be impacted by changes in legislation:

CI Global High Dividend Advantage Corporate Class

CI Short-Term Advantage Corporate Class

Signature Diversified Yield Corporate Class

Signature High Yield Bond Corporate Class

Select Income Managed Corporate Class

Cambridge Income Corporate Class

The CI Global High Dividend Advantage Corporate Class entered into a forward purchase agreement (the

"Forward Purchase Agreement") with National Bank of Canada. Under the Forward Purchase Agreement the

Fund agrees to buy securities from the National Bank of Canada in return for a purchase price of the National

Bank of Canada Global BB Units (“Underlying Account”). The Fund’s restricted cash subject to forward

agreement was deposited with National Bank of Canada and pledged to the counterparty as security for

performance of the Fund of its obligations under the forward agreement. Through the forward agreement the

Fund provides shareholders with exposure to the performance of the Underlying Account. The Underlying

Account consists of dividend-paying common and preferred shares, debentures, income trusts, equity-related

securities and convertible securities issued by issuers anywhere in the world. However, neither the Fund nor

the shareholders will have any ownership interest in the Underlying Account.

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

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

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

market instruments issued in Canada and other developed countries. However, neither the Fund nor the

shareholders will have any ownership interest in the Underlying Trust.

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

Purchase Agreements") with Bank of Montreal and National Bank of Canada. Under the Forward Purchase

Agreements the Fund agrees to buy securities from the Bank of Montreal and National Bank of Canada in return

for a purchase price of the Signature Diversified Yield Trust (“Underlying Trust”). The Fund’s restricted cash

subject to forward agreements was deposited with Bank of Montreal and National Bank of Canada and

pledged to the counterparties as security for performance of the Fund of its obligations under the forward

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

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

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

any ownership interest in the Underlying Trust.

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

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

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

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

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

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

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

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

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

will have any ownership interest in the Underlying Fund.

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

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

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

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

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

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

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

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

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

Underlying Trust.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class, Signature

Diversified Yield Corporate Class, Signature High Yield Bond Corporate Class and Cambridge Income Corporate

Class may partially settle the Forward Agreements prior to the Settlement Date in order to fund their daily

distributions, redemptions of shares, payment for purchases of shares in the market and expenses of each Fund.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at September 30,

2013. The Statements of Net Assets are as at September 30, 2013 and March 31, 2013. The Schedule of Net

Assets per Share and Net Asset Value per Share and Schedule of Securities Lending are as at September 30,

2013 and 2012, where applicable. The Statements of Operations, Statements of Changes in Net Assets,

Schedule of Fund Share Transactions and Schedule of Commissions are for the periods ended September 30,

2013 and 2012, except for Funds established during either period, in which case the information provided

relates to the period from inception to September 30, 2013 and 2012. The Fund Specific Financial Instruments

Risks for each of the Funds are as at September 30, 2013 and March 31, 2013, where applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

statements are consistent with those used in preparing the annual financial statements. The semi-annual

financial statements should be read in conjunction with the Funds’ March 31, 2013 annual financial

statements.

(a) Valuation of Investments

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

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

– 376 –



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

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

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

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

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

as applicable.

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

the ask price for securities held short. Unlisted securities are valued based on price quotations from recognized

investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest

reported information available. Fixed income securities, debentures, money market investments and other debt

instruments including short-term investments, are valued at the bid quotation from recognized investment

dealers. Underlying Funds are valued on each business day at their net asset value as reported by the

Underlying Funds’ manager.

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

assumptions that are not supported by observable market inputs. These methods and procedures may include,

but are not limited to, performing comparisons with prices of comparable or similar securities, obtaining

valuation related information from issuers and/or other analytical data relating to the investment and using

other available indications of value. These values are independently assessed by the Manager to ensure that

they are reasonable. However, because of the inherent uncertainty of valuation, the estimated fair values for

the aforementioned securities and interests may be materially different from the values that would have been

used had a ready market for the investment existed. The fair values of private placements are affected by the

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

(b) Forward Contracts

A Fund may enter into forward currency contracts. Forward currency contracts are valued on each valuation day

based on the difference between the value of the contract on the date the contract originated and the value of

the contract on the valuation day.

All unrealized gains (losses) arising from forward currency contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts

are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on

investments” in the Statements of Operations.

Some Funds entered into a forward purchase agreement (“Forward Purchase Agreement”) or forward sale

agreements (“Forward Agreement”) with counterparties (“Counterparty”).

Pursuant to each Forward Purchase Agreement the Fund agreed to purchase from the relevant Counterparty

on a future date (“Forward Date”) a specified portfolio of Canadian securities. The amount paid by the

Counterparty on the Forward Date will be determined by reference to the returns of reference fund. During the

term of the Forward Purchase Agreement, the Fund will pledge its assets to the relevant Counterparty. The

Fund’s assets will be comprised solely of its cash and its Forward Purchase Agreement. The Fund’s cash will

be deposited with and pledged to the Counterparty as security for performance by the Fund of its obligations

under the forward transaction.

Pursuant to each Forward Agreement the Fund agreed to sell to the relevant Counterparty on a future date

(“Forward Date”) a specified portfolio of Canadian securities. The amount delivered by the Counterparty on the

Forward Date will be determined by reference to the returns of to the reference fund.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class, Signature


Class entered into Forward Purchase Agreements or Forward Agreements with third parties and the value of

these forward contracts on the valuation date is equal to the gain or loss that would be realized if the contracts

were closed out or expired. Investments sold forward as part of such Forward Agreements, are valued at the

market close price, and the Underlying Account/Fund/Trusts are valued at their net asset value as reported by

the Underlying Account/Fund/Trusts manager on the valuation date for purposes of determining the value of

the forward contracts. All gains (losses) arising from the forward agreements are recorded as part of “Change

in unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on forward agreement”/”Unrealized gain (loss) on purchase forward agreement” in the Statements of

Net Assets until the contract is closed out or expires; at which time the gains (losses) are realized and reported

as “Realized gain (loss) on investments” in the Statements of Operations.

(c) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related public

exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts

are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on

investments” in the Statements of Operations.

(d) Short Selling

Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund sells

a security short, it will borrow that security from a broker to complete the sale. The Fund will incur a loss as a

result of a short sale if the price of the borrowed security increases between the date of the short sale and the

date on which the Fund closes out its short position by buying that security. The Fund will realize a gain if the

security declines in price between those dates. The gain or loss that would be realized if the position was to

be closed out on the valuation date is reflected in the Statements of Operations as part of “Change in

unrealized appreciation (depreciation) of investments” and in the Statements of Net Assets in “Investments

sold short at fair value”. When the short position is closed out, gains and losses are realized and included in

“Realized gain (loss) on investments” in the Statements of Operations.

(e) Options Contracts

Option contracts are valued each valuation day according to the gain or loss that would be realized if the

contracts were closed out. All unrealized gains (losses) arising from option contracts are recorded as part of

“Change in unrealized appreciation (depreciation) of investments” until the contracts are closed out or expire,

at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain

(loss) on investments”.

Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded options are

valued at bid/ask price taken from the exchange.

(f) Bullion

Gold and silver bullion are valued based on North America closing spot price of the underlying commodity.

All unrealized gains (losses) arising from bullion holdings are recorded as part of “Change in unrealized

appreciation (depreciation) of investments” in the Statements of Operations until the bullion holdings are sold,

at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain

(loss) on investments”.

3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of the Corporation.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally the Funds have no restrictions or specific capital requirements, except for the minimum subscription /

redemption amounts and as noted below. Shareholders at any time can transfer their shares from one Corporate

Class to another Corporate Class, which is called a conversion. The relevant changes pertaining to subscription,

redemption and conversion of each Fund’s shares are disclosed in the Statements of Changes in Net Assets and

the Schedule of Fund Share Transactions.

In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeavor to

invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions through utilizing a short-term borrowing facility or disposal of investments when necessary.

– 377 –



In order to establish individual classes the Manager has made the initial investments in the following Funds.

As at September 30, 2013 and 2012, the Manager held investments in the Funds as follows:

2013 2012

Fund (in $) (in $)

CI American Managers® Corporate Class 36,850 20,853

CI American Small Companies Corporate Class 28,300 20,778

CI American Value Corporate Class 50,924 40,381

CI Canadian Investment Corporate Class 74,245 43,961

CI Can-Am Small Cap Corporate Class 26,954 21,108

CI Global Corporate Class 48,038 21,218

CI Global Health Sciences Corporate Class 10,800 -

CI Global High Dividend Advantage Corporate Class 33,611 21,089

CI Global Managers® Corporate Class 35,706 21,173

CI Global Small Companies Corporate Class 27,840 31,672

CI Global Value Corporate Class 49,613 32,000

CI International Value Corporate Class 49,770 31,980

CI Short-Term Advantage Corporate Class 20,121 20,027

CI Short-Term Corporate Class 10,021 -

CI Short-Term US$ Corporate Class - 19,666

Harbour Corporate Class 34,577 32,128


(formerly Harbour Foreign Equity Corporate Class) 51,016 53,296


(formerly Harbour Foreign Growth & Income Corporate Class) 33,132 10,700

Harbour Growth & Income Corporate Class 33,579 42,070

Harbour Voyageur Corporate Class 108,011 96,573

Red Sky Canadian Equity Corporate Class 137,831 -

Signature Canadian Bond Corporate Class 40,028 50,610

Signature Corporate Bond Corporate Class 21,396 30,727

Signature Diversified Yield Corporate Class - 116

Signature Dividend Corporate Class 47,941 42,541

Signature Emerging Markets Corporate Class 11,400 10,585

Signature Global Bond Corporate Class 40,201 50,331

Signature Global Dividend Corporate Class 46,508 -

Signature Global Income & Growth Corporate Class 48,680 62,562


(formerly Signature Canadian Resource Corporate Class) - 107

Signature Global Science & Technology Corporate Class 10,470 -

Signature Gold Corporate Class 71 100

Signature High Income Corporate Class - 116

Signature High Yield Bond Corporate Class 56,455 73,177

Signature Income & Growth Corporate Class 125 230

Signature International Corporate Class 63,729 53,285

Signature Select Canadian Corporate Class 36,510 32,188

Signature Select Global Corporate Class 115,769 95,104

Synergy American Corporate Class 13,112 10,438

Synergy Canadian Corporate Class 37,368 32,121

Synergy Global Corporate Class 23,988 10,621

Select Canadian Equity Managed Corporate Class - 116

Select Income Managed Corporate Class 10,692 20,600

Select International Equity Managed Corporate Class 137 111

Select U.S. Equity Managed Corporate Class - 116

Select 100e Managed Portfolio Corporate Class 75,216 63,030

Select 20i80e Managed Portfolio Corporate Class 87,969 73,425

2013 2012

Fund (cont’d) (in $) (in $)







Cambridge American Equity Corporate Class 107,188 72,263

Cambridge Canadian Asset Allocation Corporate Class 11,974 30,999

Cambridge Canadian Equity Corporate Class 27,384 54,117

Cambridge Global Dividend Corporate Class 155,627 -

Cambridge Global Equity Corporate Class 40,527 31,523

Cambridge Income Corporate Class 36,466 32,846

Canadian Equity Growth Corporate Class 45,532 33,025

Canadian Equity Small Cap Corporate Class 13,278 10,573

Canadian Equity Value Corporate Class 11,194 7,631

Canadian Fixed Income Corporate Class 10,122 10,173

Emerging Markets Equity Corporate Class 10,352 9,528

Enhanced Income Corporate Class 11,356 20,638

Global Fixed Income Corporate Class 9,996 9,984

International Equity Growth Corporate Class 14,424 10,825

International Equity Value Corporate Class 17,630 12,031

International Equity Value Currency Hedged Corporate Class 139 108

Real Estate Investment Corporate Class 10,279 8,845

Short Term Income Corporate Class 40,435 40,245

US Equity Growth Corporate Class 39,983 31,307

US Equity Small Cap Corporate Class 32,915 24,650

US Equity Value Corporate Class 24,982 15,531

US Equity Value Currency Hedged Corporate Class 140 112

Black Creek Global Balanced Corporate Class 67,994 220,306

Black Creek Global Leaders Corporate Class 89,071 75,801

Black Creek International Equity Corporate Class 62,165 55,064

In light of the 2013 budget announcement the following funds were closed to new purchases as of the close

of business on April 15, 2013. The Manager may re-open these Funds to new purchases at a later date.

CI Global High Dividend Advantage Corporate Class

CI Short-Term Advantage Corporate Class

Signature Diversified Yield Corporate Class

Signature High Yield Bond Corporate Class

Select Income Managed Corporate Class

Cambridge Income Corporate Class

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutual fund

corporation. A mutual fund corporation is subject to a special 33 1/3% tax on taxable dividends received from

corporations’ resident in Canada and to tax at normal corporate rates applicable to mutual fund corporations

on other income and net taxable realized capital gains for the year. The special 33 1/3% tax is refundable on

payments of taxable dividends to shareholders at the rate of $1 for each $3 of such dividend paid. All the tax

on net taxable realized capital gains is refundable when the gains are distributed to shareholders as capital

gains dividends or through redemption of shares at the request of shareholders, while the Corporation qualifies

as a mutual fund corporation. Income taxes (if any) are allocated to each class on a reasonable basis.

– 378 –



Temporary differences between the carrying value of assets and liabilities for accounting and income tax

purposes give rise to future income tax assets and liabilities. When the market value of a security in the

Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes payable by the

Corporation are refundable under the provisions of the Income Tax Act (Canada), the future tax liability is offset

by these future refundable taxes. If the cost base exceeds the market value of the security, a future income tax

asset is generated. A full valuation allowance is taken to offset this asset given the uncertainty that such future

assets will ultimately be realized. Future income tax liabilities or assets are calculated using substantively

enacted tax rates expected to apply in the period that the temporary differences are expected to reverse.

Unused capital and non-capital losses represent future tax assets to the Corporation for which a full valuation

allowance has been established for the reasons noted above. Tax losses apply to the Corporation, not the

Funds. Net capital losses may be carried forward indefinitely to reduce future net realized capital gains.

Non-capital losses may be applied against future taxable income.

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration for management fees provides

management services required in the day-to-day operations of the Funds including management of the

investment portfolios of the Funds.

The management fee is calculated based on the net asset values of each class of a Fund (other than, it offered,

Class I, IT5, IT8, O, OT5 or OT8 and Class W, WT5 and WT8 of United Corporate Classes) at the end of each business

day. Investors in Class I, IT5, IT8, O, OT5 or OT8 shares and Class W, WT5 and WT8 shares of United Corporate

Classes are charged management fees directly as negotiated between the investor and the Manager.

For each Class W share of a United Corporate Class, management fees are paid directly by investors on a

quarterly basis (or monthly at the discretion of the Manager) and are not charged to the Funds. The maximum

annual rate for a particular Fund is reduced for investors who elect to use the Asset Management Services

offered by the Manager. Investors who qualify for and have elected to use the Asset Management Service pay

a fee of up to 1.00% of the aggregate net asset value of shares managed through the service. Further, the

Manager may, in its sole discretion, offer to qualified investors a management fee reduction program of up to

0.50% in certain circumstances. For complete information regarding management fees, and the circumstances

in which fee reductions apply, refer to the Funds’ simplified prospectus.

During the period ended September 30, 2013, the Manager of the Funds absorbed $173,000 (2012 - $237,000) and

US $33,000 (2012 - US$8,000) in management fees due to the declining yields generated by the following funds:

CI Short-Term Corporate Class, CI Short-Term Advantage Corporate Class and CI Short-Term US$ Corporate Class,

respectively.

A Fund that invests in units of Underlying Funds will not pay a duplicate management and administration fee

on the portion of assets that are invested in units of Underlying Funds. During the reporting period, a Fund may

have received a management and/or administration fee rebate from an Underlying Fund. The management

and/or administration fee rebates, if applicable, are included in “Fees rebate receivable” and in “Fees rebate”

as reflected in the Statements of Net Assets and Statements of Operations of each Fund, if applicable.

The management fees and the fees rebate reported in the Statements of Operations of each Fund are each

presented on a gross basis. In the prior year, the management fees reported in the Statements of Operations

are net of the management fees and operating expenses paid by its Underlying Fund, if any. This change in

accounting policy has been applied prospectively since it is impracticable to apply this policy to the prior period.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs and

new governmental fees) in return for fixed annual administration fees (“Administration Fees”). Administration

Fees are calculated as a fixed annual percentage of the net asset value of each class of a Fund (other than

Class I, IT5, IT8, E, ET5, ET8, O, OT5, or OT8) at the end of each business day.

Refer to fund specific schedules in the financial statements for management fee and administration fee rates

applicable to each class of each Fund.

The CI Global High Dividend Advantage Corporate Class, CI Short Term Advantage Corporate Class, Signature


Class will pay to the counterparty under the Forward Agreement or Forward Purchase Agreement a fee of no

more than 0.50% per annum of the market value of notional exposure to the Underlying Account/Fund/Trust

under the Forward Agreement, calculated and paid monthly.

6. SECURITIES LENDING

Certain Funds, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class, have entered into a securities lending program with their custodian, RBC Investor Services

Trust (“RBC IS”). The CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class entered into a securities lending program with National Bank of Canada and the Bank of

Montreal, respectively. The aggregate market value of all securities loaned by a Fund cannot exceed 50% of

the assets of the Fund, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term

Advantage Corporate Class as these funds received permission from the Canadian securities regulatory

authorities to deviate from National Instrument 81-102 in order to lend up to 100% of their portfolio securities

pursuant to securities lending arrangements. The permission also allows the funds to appoint a person, other

than the fund’s custodian, as the agent of the Fund for arranging securities loans, and allows each Fund to

pledge the collateral it receives for each such loan. A Fund will receive collateral of at least 102% of the value

of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed by the

Government of Canada or a province thereof, or by the United States government or its agencies, but may

include obligations of other governments with appropriate credit ratings. For those Funds participating in the

program, amounts for securities loaned and the collateral received, appear on the Fund specific schedules in

the financial statements and income from securities lending is included in "Securities lending" in the

Statements of Operations and any cash collateral received or cash collateral payable is included in the

Statements of Net Assets in “Cash collateral received for securities on loan” or “Payable for cash collateral

under securities lending”.

7. REINVESTMENT OF DIVIDENDS

When a Fund pays a dividend to a shareholder, it will be paid in the same currency in which the shares are

held. Dividends are automatically reinvested without charge in the same Fund or paid out in cash to the

shareholder. The Manager may change the dividend policy at its discretion.

8. RELATED PARTY TRANSACTIONS

The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company of the Manager.

The Funds may have direct or indirect holdings in or transactions with The Bank of Nova Scotia and/or

CI Financial Corp. as identified in the Statement of Investment Portfolio of each Fund, if applicable.

The Funds paid the following broker commissions to The Bank of Nova Scotia during the periods ended

September 30:

2013 2012

Fund (in $) (in $)

CI American Managers® Corporate Class 3,558 1,651

CI Canadian Investment Corporate Class 35,000 23,575

CI Can-Am Small Cap Corporate Class 4,352 2,713

CI Global Corporate Class 329 525

CI Global Managers® Corporate Class - 154

Harbour Corporate Class 30,644 -

Harbour Voyageur Corporate Class 180 4,204

Red Sky Canadian Equity Corporate Class 2,826 -

Signature Dividend Corporate Class 2,906 2,436

Signature Emerging Markets Corporate Class 7,218 1,074

Signature Global Energy Corporate Class 4,624 3,731


(formerly Signature Canadian Resource Corporate Class) 8,162 7,635

Signature Global Science & Technology Corporate Class 444 -

Signature Gold Corporate Class - 2,782

Signature International Corporate Class 11,501 2,379

– 379 –



2013 2012

Fund (cont’d) (in $) (in $)

Signature Select Canadian Corporate Class 22,631 20,195

Synergy American Corporate Class 726 4,226

Synergy Canadian Corporate Class 76,458 66,053

Synergy Global Corporate Class 3,436 3,621

Select Canadian Equity Managed Corporate Class 16,537 27,002

Select International Equity Managed Corporate Class 2,621 338

Select U.S. Equity Managed Corporate Class 456 1,404

Cambridge American Equity Corporate Class 12,988 785

Cambridge Canadian Asset Allocation Corporate Class 116,579 113,766

Cambridge Canadian Equity Corporate Class 383,455 176,835

Cambridge Global Equity Corporate Class 18,235 5,011

Canadian Equity Alpha Corporate Class 16,104 5,317

Canadian Equity Small Cap Corporate Class 6,179 1,012

Canadian Equity Value Corporate Class 9,563 3,733

Emerging Markets Equity Corporate Class 4,237 1,047

International Equity Alpha Corporate Class 10,181 170

International Equity Growth Corporate Class 1,024 364

Real Estate Investment Corporate Class 818 -

US Equity Alpha Corporate Class 2,054 1,439

9. INTERNATIONAL FINANCIAL REPORTING STANDARDS

As previously confirmed by the Canadian Accounting Standards Board (“AcSB”), most Canadian publicly

accountable entities adopted International Financial Reporting Standards (“IFRS”), as published by the

International Accounting Standards Board, on January 1, 2011. However, the AcSB has allowed investment

funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 2014. Accordingly, the Funds

will adopt IFRS for their fiscal period beginning April 1, 2014, and will issue their initial financial statements

in accordance with IFRS, including comparative information, for the interim period ending September 30, 2014.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments and derivatives are classified as held for

trading and are stated at fair value. Receivable for share subscriptions, receivable for dividends and accrued

interest, receivable for securities sold, fees rebate receivable and other receivables are designated as loans

and receivables. They are recorded at amortized cost which approximates their fair value due to their short-

term nature. Similarly, payable for share redemptions, payable for securities purchased, management fees

payable, accrued expenses and other payables are designated as financial liabilities and are carried at their

amortized cost which approximates their fair value, due to their short-term nature. Financial liabilities are

generally payable within three months.

11. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk

(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is exposed

depends on the investment objective and the type of investments the Fund holds. The value of investments

within a portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market

conditions and company specific news related to investments held by the Fund. The Manager of the Funds may

minimize potential adverse effects of these risks on the Funds’ performance by, but not limited to, regular

monitoring of the Funds’ positions and market events, diversification of the investment portfolio by asset type,

country, sector, term to maturity within the constraints of the stated objectives, and through the usage of

derivatives to hedge certain risk exposures.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet its financial

obligations. The fair value of a debt instrument includes consideration for the credit worthiness of the debt

issuer. The carrying amount of debt instruments as shown on the Statement of Investment Portfolio represents

the credit risk exposure of each Fund. Credit risk exposure for derivative instruments is based on each Fund’s

unrealized gain on the contractual obligations with the counterparty as at the reporting date. The credit rating

of counterparty to a derivative instrument is disclosed in the Statement of Investment Portfolio or in Fund

Specific Financial Instruments Risks section of the financial statements of each Fund, if applicable. The credit

risk exposure of the Fund’s other assets are represented by their carrying amount as disclosed in the

Statements of Net Assets.

The Funds that invest only in units of underlying funds may be exposed to indirect credit risk in the event that

the underlying funds invest in debt instruments, preferred securities or derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from Standard

& Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond

Rating Services or Canadian Bond Rating Services.

Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned to those

obligations and derivative instruments considered short-term in nature. The table below provides a cross-

reference between the long-term credit ratings disclosed in the Credit Rating table inclusive of the short-term

credit ratings disclosed in the Derivatives Schedules in the Statement of Investment Portfolio.

Credit Rating as per Credit Risk table Credit Rating as per Derivative Schedules

AAA/Aaa/A++ A-1+

AA/Aa/A+ A-1, A-2, A-3

A B, B-1

BBB/Baa/B++ B-2

BB/Ba/B+ B-3

B C

CCC/Caa/C++ -

CC/Ca/C+ -

C and Lower D

Not Rated WR

Cash balances as disclosed in the Statements of Net Assets are maintained by the custodian, RBC IS. The

Manager monitors the credit worthiness of the custodian on a regular basis.

All transactions executed by a Fund in listed securities are settled / paid for upon delivery using approved

brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker

has received payment. Payment is made on a purchase once the securities have been received by the broker.

The trade will fail if either party fails to meet its obligation.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a reasonable

price. The Funds are exposed to daily cash redemption of redeemable shares. Therefore, the Funds invest the

majority of their assets in investments that are traded in active markets and can be readily disposed of. In

addition, the Funds retain sufficient cash and cash equivalents positions to maintain liquidity. From time to

time, the Funds may enter into derivative contracts or invest in unlisted securities that may not trade in an

organized market and may be illiquid. Illiquid securities are identified in the Statement of Investment Portfolio

of each Fund, where applicable.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to changes in

prevailing levels of market interest rates. As a result, the value of the Funds that invest in debt securities and/or

income trusts will be affected by changes in applicable interest rates. If interest rates fall, the fair value of

existing debt securities may increase due to the increase in yield. Alternatively, if interest rates rise, the yield of

existing debt securities may decrease which may then lead to a decrease in their fair value. The magnitude of

the decline will generally be greater for long-term debt securities than for short-term debt securities.

– 380 –



Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these securities

varies inversely with interest rates, similar to other debt securities. However, since they may be converted into

common shares, convertible securities are generally less affected by interest rate fluctuations than other debt

securities.

The Funds that invest only in units of underlying funds may be exposed to indirect interest rate risk in the event

that the underlying funds invest in interest bearing financial instruments.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the functional

currency of the Funds. As a result, the Funds may be exposed to the risk that the value of securities

denominated in other currencies will fluctuate due to changes in exchange rates. The Statement of Investment

Portfolio identifies all bonds and derivative instruments denominated in foreign currencies. Equities traded in

foreign markets are also exposed to currency risk as the prices denominated in foreign currencies are converted

to the Funds’ functional currency to determine their fair value.

The Funds that invest only in units of underlying funds may be exposed to indirect currency risk in the event

that the underlying funds invest in financial instruments that are denominated in a currency other than the

functional currency of the Fund.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes in market

prices (other than those arising from interest rate risk or currency risk). The value of each investment is

influenced by the outlook of the issuer and by general economic and political conditions, as well as industry

and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not subject to

significant other price risk.

Fair Value Hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value hierarchy.

Investments whose values are based on quoted market prices in active markets are classified as Level 1.

This level may include publicly traded equities, exchange traded and retail mutual funds, exchange traded

warrants, futures contracts, traded options, American depositary receipts (“ADRs”) and Global depositary

receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified as

Level 2. These may include fixed income securities, mortgage backed securities (“MBS”), short-term instruments,

non-traded warrants, over-the-counter options, structured notes of indexed securities, foreign currency forward

contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instrument may include private

equities, private term loans, private equity funds and certain derivatives. As observable prices are not available

for these securities, the Funds may use a variety of valuation techniques to derive the fair value.

During the six-month period some Funds' exposure to financial instruments risks including fair value hierarchy

classification changed significantly as per details disclosed in the "Fund Specific Financial Instruments Risks"

section of the financial statements. For details relating to financial instruments risks exposure including fair

value hierarchy classification for remaining Funds refer to the audited annual financial statements as at March 31,

2013, as these Funds’ exposure to financial instruments risks and fair value hierarchy classification remained

unchanged through the period.

12. SUBSEQUENT EVENTS

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a return

of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary income

rather than capital gains. The government refers to these as “character conversion transactions.” Based on the

legislative changes tabled in the House of Commons on October 18, 2013, the taxation of the forward

agreements will be subject to transitional relief. The new tax rules will begin to apply starting in January 2015

for those forward agreements expiring prior to the end of December 31, 2014. For the forward agreements with

a settlement date after December 31, 2014, the transitional relief will allow for them to continue under the old

taxation rules, subject to growth limits, until the lesser of their final settlement period after December 31, 2014

and March 21, 2018.

– 381 –Semi-Annual Financial Statements as at September 30, 2013

Notice: Should you require additional copies of this Semi-Annual Report or have received more than

one copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual

fund investments. Please read the prospectus before investing. Unless otherwise indicated and

except for returns for periods less than one year, the indicated rates of return are the historical annual

compounded total returns including changes in security value. All performance data assume

reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution

or optional charges or income taxes payable by any securityholder that would have reduced returns.

Mutual funds are not guaranteed, their values change frequently and past performance may not be

repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by

any other government deposit insurer.

The commentaries contained herein are provided as a general source of information and should not be

considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort

has been made to ensure that the material contained in these commentaries is accurate at the time

of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no

responsibility for any loss arising from any use of or reliance on the information contained herein.

®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American

Managers

are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.

Legal Notice

CorpClass_SA_11/13E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

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Vancouver 604-681-33461-800-665-6994

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