Annual Financial Statement– as at March 31, 2010CI American Equity Corporate Class Statement of Investment Portfolio as at March 31, 2010 – 4 – INFORMATION TECHNOLOGY (25.8%)

Annual Financial Statement – as at March 31 , 2010

A look inside

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

About the CI Funds Board of Governors and

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

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

Equity Funds

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

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

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

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

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

CI Can-Am Small Cap Corporate Class ......................................................................................39

CI Emerging Markets Corporate Class ........................................................................................44

CI European Corporate Class .......................................................................................................51

CI Global Corporate Class............................................................................................................56

CI Global Health Sciences Corporate Class ................................................................................65

CI Global High Dividend Advantage Corporate Class.................................................................71

CI Global Managers® Corporate Class ........................................................................................80

CI Global Science & Technology Corporate Class.......................................................................87

CI Global Small Companies Corporate Class ..............................................................................92

CI Global Value Corporate Class..................................................................................................99

CI International Corporate Class................................................................................................106

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

CI Japanese Corporate Class.....................................................................................................120

CI Pacific Corporate Class..........................................................................................................125

CI Value Trust Corporate Class ..................................................................................................130

Harbour Corporate Class............................................................................................................138

Harbour Foreign Equity Corporate Class ...................................................................................147

Signature Canadian Resource Corporate Class ........................................................................157

Signature Global Energy Corporate Class .................................................................................164

Signature Select Canadian Corporate Class .............................................................................171

Synergy American Corporate Class...........................................................................................182

Synergy Canadian Corporate Class ...........................................................................................188

Synergy Global Corporate Class ................................................................................................199

Balanced Funds

CI International Balanced Corporate Class ...............................................................................210

Harbour Foreign Growth & Income Corporate Class ................................................................221

Harbour Growth & Income Corporate Class..............................................................................231

Signature Global Income & Growth Corporate Class ...............................................................239

Signature Income & Growth Corporate Class...........................................................................246

Income Funds

CI Global Bond Corporate Class ................................................................................................262

CI Short-Term Corporate Class ..................................................................................................269

CI Short-Term US$ Corporate Class ..........................................................................................274

Signature Canadian Bond Corporate Class ...............................................................................279

Signature Corporate Bond Corporate Class ..............................................................................287

Signature Diversified Yield Corporate Class.............................................................................297

Signature Dividend Corporate Class .........................................................................................306

Signature High Income Corporate Class ...................................................................................316

Specialty Funds

CI Short-Term Advantage Corporate Class................................................................................328

Notes to the Financial Statements ....................................................................................334

Legal Notice..........................................................................................................................343

– 1 –

Enclosed are the Financial Statements for your

CI Investments mutual funds for the year ending

March 31, 2010. Inside is important information about

each fund, including its financial statements for the

period and a list of the portfolio holdings as of the end

of the year.

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.

ABOUT CI INVESTMENTS

CI has been investing on behalf of Canadians since 1965

and has grown to become one of Canada’s largest

investment fund companies. We manage over $68 billion

on behalf of 1.7 million Canadians. CI is a subsidiary of

CI Financial Corp., a TSX-listed financial services firm

with $90.5 billion in fee-earning assets at March 31, 2010.

CI provides one of the industry’s widest selections of

investment products and services and a strong lineup

of leading portfolio management teams. Our portfolio

management expertise is offered through several

platforms, including mutual funds, tax-efficient funds,

segregated funds, and managed solutions.

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

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

– 2 –

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

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

ended March 31, 2010 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 2009 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 2009, 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 2009. In May 2010, the Board of Governors received and accepted the Annual Financial

Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

May 27, 2010

Letter from the CI Funds Board of Governors

Annual Financial Statements as at March 31, 2010

CI Corporate Class LimitedManagement and Auditors’ Reports


MANAGEMENT’S RESPONSIBILITY

FOR FINANCIAL REPORTING

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

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

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

financial statements and other sections of this report.

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

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

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

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

Corporation are described in Note 2 to the financial statements.

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

overseeing the Manager’s performance of its financial reporting responsibilities. They also review the

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

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

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

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

Chief Executive Officer

CI INVESTMENTS INC.

Chief Financial Officer

CI INVESTMENTS INC.

AUDITORS’ REPORT

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

(except shareholders of United Corporate Class Funds) of CI Corporate Class Limited (the “Corporation”).

We have audited the Statement of Investment Portfolio of each of the Funds as at March 31, 2010

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

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

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

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

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

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

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

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

as well as evaluating the overall financial statement presentation.

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

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

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

accounting principles.

PRICEWATERHOUSECOOPERS LLP

Chartered Accountants, Licensed Public Accountants

Toronto, Ontario

May 27, 2010

– 3 –

CI American Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 4 –

INFORMATION TECHNOLOGY (25.8%) 130,200 Accenture PLC 5,187,703 5,542,564 15,635 Apple Computer Inc. 3,272,923 3,728,146 69,700 Avnet Inc. 2,046,475 2,123,403

262,874 Cisco Systems Inc. 6,690,137 6,948,647 10,379 Google Inc., Class A 6,011,508 5,969,026 56,868 Hewlett-Packard Co. 2,894,020 3,069,373 45,323 International Business Machines Corp. 5,756,383 5,902,751

324,110 Microsoft Corp. 9,546,895 9,630,419 238,313 Oracle Corp. 5,512,528 6,214,714 72,300 QUALCOMM Inc. 2,941,603 3,082,188

49,860,175 52,211,231 HEALTH CARE (13.2%)

87,377 Abbott Laboratories Inc. 4,714,822 4,672,576 51,800 Amgen Inc. 3,021,670 3,143,538 49,356 Celgene Corp. 2,815,486 3,102,480 58,500 Covidien PLC 3,089,253 2,983,991 93,900 Gilead Sciences Inc.* 4,427,598 4,336,751 34,800 Mettler-Toledo International Inc. 3,405,708 3,859,049

263,100 Pfizer Inc. 4,785,282 4,582,088 26,259,819 26,680,473

CONSUMER DISCRETIONARY (12.8%) 65,600 Advance Auto Parts Inc. 2,689,056 2,792,567

112,393 DIRECTV* 3,128,668 3,858,894 94,200 Hasbro Inc. 3,070,704 3,661,856 54,000 McDonald's Corp. 3,606,204 3,658,164

137,962 Urban Outfitters Inc.* 4,688,645 5,328,000 189,791 Walt Disney Co. 5,750,795 6,728,277

22,934,072 26,027,758 FINANCIALS (12.6%)

19,900 Arch Capital Group Ltd. 1,439,437 1,539,676 159,600 Charles Schwab Corp.* 3,099,584 3,029,149 121,565 JPMorgan Chase & Co.* 5,593,931 5,523,101 44,200 PNC Financial Services Group Inc. 2,539,264 2,678,733 87,800 State Street Corp. 4,111,543 4,024,709

157,058 US Bancorp 4,105,238 4,121,269 148,300 Wells Fargo & Co. 4,050,677 4,680,590

24,939,674 25,597,227 ENERGY (11.1%)

33,300 EOG Resources Inc. 3,110,851 3,142,862 43,639 Noble Energy Inc. 3,168,911 3,230,139 47,900 Occidental Petroleum Corp. 3,923,704 4,112,218 67,500 Questar Corp.* 3,013,656 2,958,446 69,100 Southwestern Energy Co. 3,424,118 2,857,355 38,400 Transocean Ltd. 3,595,764 3,368,004 59,900 XTO Energy Inc. 2,763,378 2,867,443

23,000,382 22,536,467 CONSUMER STAPLES (8.6%)

71,071 Hansen Natural Corp. 2,771,080 3,127,950 280,910 Kroger Co. 7,022,327 6,178,799 61,100 PepsiCo Inc. 3,987,213 4,105,019 77,300 Phillip Morris International Inc. 4,005,505 4,094,449

17,786,125 17,506,217

INDUSTRIALS (8.1%) 41,400 3M Co. 3,395,228 3,513,413 60,100 CSX Corp. 2,760,413 3,105,885 44,639 Danaher Corp. 3,282,287 3,622,380 53,700 Fastenal Co.* 2,125,172 2,616,998 44,000 General Dynamics Corp. 3,080,531 3,449,438

14,643,631 16,308,114 MATERIALS (4.6%)

120,000 Dow Chemical Co. 3,559,064 3,600,950 67,193 Ecolab Inc. 3,223,760 2,998,896 38,178 Monsanto Co. 3,054,668 2,766,600

9,837,492 9,366,446 TELECOMMUNICATION SERVICES (1.7%)

634,300 Qwest Communications International Inc.* 2,539,779 3,362,356

Commission and other portfolio transaction costs (71,205)

Total Investments (98.5%) 191,729,944 199,596,289

Other Assets (net) (1.5%) 2,982,215

Net Assets (100.0%) 202,578,504

*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 - 294Annual Financial Statements as at March 31, 2010

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


CI American Equity Corporate ClassFinancial Statements

– 5 –

AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on forward currency contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on forward currency 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 SharesAT5 SharesFT5 SharesAT8 Shares

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

A SharesF SharesAT5 SharesFT5 SharesAT8 Shares

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


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

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

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

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

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

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

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

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


199,596 4,9032,862 198

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

62 -- -- -

102 2202,622 5,103

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

38 18- -- -- -5 -

43 21202,579 5,082

191,730 5,286- -

202,040 4,635382 29256 4617 1284 97

4.15 3.384.96 4.008.38 7.177.92 6.696.02 5.30

48,734,587 1,371,44876,945 72,8056,737 6,4152,107 1,789

14,018 18,239

1,118 60- 46 8- -- -- -

(164) (8)960 64

1,782 125188 14

- -4 -

99 72,073 146(1,113) (82)

- -(1,113) (82)

1,431 (2,649)(258) 21(161) (34)

- -

8,250 8159,262 (1,847)8,149 (1,929)

8,043 (1,749)72 (122)10 (13)3 (4)

21 (41)

0.37 (1.20)0.94 (1.33)1.58 (2.78)1.55 (2.39)1.19 (2.45)

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

2010 2009

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

2010 2009


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

CI American Equity Corporate ClassFinancial Statements

– 6 –

A SharesNet assets, beginning of yearCapital transactions

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

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

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

F SharesNet assets, beginning of yearCapital transactions




AT5 SharesNet assets, beginning of yearCapital transactions




FT5 SharesNet assets, beginning of yearCapital transactions








Total FundNet assets, beginning of yearCapital transactions




4,635 6,984

195,072 870- -

(5,585) (1,469)(125) (1)

189,362 (600)

- -- -- -- -

8,043 (1,749)202,040 4,635

292 526

22 123- -

(42) (212)38 (23)18 (112)

- -- -- -- -

72 (122)382 292

46 7

3 55- -- (1)- -3 54

- -- -

(3) (2)(3) (2)10 (13)56 46

12 17

- -- -- -3 -3 -

- -- -

(1) (1)(1) (1)3 (4)

17 12

97 84

- 64- -- -

(26) 1(26) 65

- -- -

(8) (11)(8) (11)21 (41)84 97

5,082 7,618

195,097 1,112- -

(5,627) (1,682)(110) (23)

189,360 (593)

- -- -

(12) (14)(12) (14)

8,149 (1,929)202,579 5,082

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

2010 2009

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

2010 2009



CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules

– 7 –


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

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

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

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


Schedule of Fund Share Transactions for the years ended March 31

2010 2009

1,371,448 1,518,34648,773,218 223,677

- -(1,384,312) (380,927)

(25,767) 10,35248,734,587 1,371,448

72,805 97,4674,292 28,339

- -(9,168) (48,465)9,016 (4,536)

76,945 72,805

6,415 700322 5,789

- -- (74)- -

6,737 6,415

1,789 1,816- -- -

(27) (27)345 -

2,107 1,789

18,239 10,570- 7,890- -- (48)

(4,221) (173)14,018 18,239


A SharesNet assets per shareNet asset value per share

F SharesNet assets per shareNet asset value per share

AT5 SharesNet assets per shareNet asset value per share

FT5 SharesNet assets per shareNet asset value per share


Schedule of Net Assets per Share and Net Asset Value per Share (Note 2)as at March 31 (in $)

2010 2009

4.15 3.384.15 3.39

4.96 4.004.96 4.01

8.38 7.178.38 7.18

7.92 6.697.92 6.71

6.02 5.306.02 5.31

CI American Equity Corporate ClassFinancial Statements – Supplementary Schedules

– 8 –

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

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

2010 2009

LoanedCollateral (non-cash)

12,809 22213,066 237

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

2010 2009

Brokerage commissionsSoft Dollar commissions†

161 3411 3

Annual management fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesAT5 SharesFT5 SharesAT8 Shares

2.001.002.001.002.00

0.210.210.210.210.21

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

2010


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

– 9 –


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

as at March 31, 2009

Percentage ofCategories Net Assets (%)

Information Technology ........................................................................................................... 27.1Health Care .............................................................................................................................. 15.6Financials ................................................................................................................................. 13.9Consumer Discretionary........................................................................................................... 11.8Energy ...................................................................................................................................... 7.1Industrials ................................................................................................................................ 6.9Materials.................................................................................................................................. 5.8Consumer Staples.................................................................................................................... 5.2Other Assets ............................................................................................................................ 3.5Utilities..................................................................................................................................... 3.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in U.S. equities and thereforewas sensitive to changes in general economic conditions in the United States.

As at March 31, 2010, had the U.S. markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $19,960,000 (March 31, 2009 - $490,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to credit risk as substantiallyall of its assets were invested in equities.

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

as at March 31, 2010Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 202,540 - 202,540 99.9 Total 202,540 - 202,540 99.9



As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009 -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$20,254,000 (March 31, 2009 - $510,000). In practice, actual results may differ from this analysisand the difference may be material.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to interest rate riskas substantially all of its assets were invested in equities.

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

Long Positions at fair value as at March 31, 2010Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 199,596 - - 199,596 Total 199,596 - - 199,596


CI American Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 10 –



INFORMATION TECHNOLOGY (19.0%) 43,900 Accenture PLC 1,527,255 1,868,806 31,100 Akamai Technologies Inc. 834,845 991,673 17,750 Apple Computer Inc. 1,979,841 4,232,465 28,400 Applied Materials Inc. 421,166 388,765 27,200 Broadcom Corp. 934,340 916,205

159,946 Cisco Systems Inc. 3,845,230 4,227,912 37,100 EMC Corp. 693,015 679,656 8,300 Google Inc., Class A 4,321,164 4,773,381

40,700 Hewlett-Packard Co. 1,713,826 2,196,727 76,200 Intel Corp. 1,259,010 1,722,497 22,100 Lam Research Corp. 764,150 837,329 2,900 Mastercard Inc., Class A 640,346 747,779

293,293 Microsoft Corp. 8,052,222 8,714,740 94,300 Oracle Corp. 1,717,185 2,459,151 64,010 QUALCOMM Inc. 2,799,793 2,728,781 13,700 Research In Motion Ltd. (USD) 939,428 1,028,954 20,600 SanDisk Corp. 711,700 724,014 44,500 Seagate Technology 596,319 824,710 48,700 Sybase Inc.* 1,910,224 2,302,610

35,661,059 42,366,155HEALTH CARE (16.0%)

66,600 Abbott Laboratories Inc. 3,610,808 3,561,505 66,480 Aetna Inc. 2,773,651 2,369,608 20,400 AmerisourceBergen Corp. 600,204 599,110 24,100 Amgen Inc. 1,453,527 1,462,534

100,340 BioMarin Pharmaceuticals Inc.* 1,674,470 2,376,189 141,010 Boston Scientific Corp. 2,637,610 1,031,005 57,140 Covidien PLC 2,639,923 2,914,619 67,600 Eli Lilly and Co. 3,244,352 2,486,415 85,450 Endo Pharmaceuticals Holdings Inc. 1,933,565 2,053,945 43,600 Gilead Sciences Inc.* 2,223,976 2,013,656

100,967 HealthSouth Corp. 2,728,208 1,917,342 32,800 Johnson & Johnson 2,152,505 2,171,700

101,930 Merck & Co., Ltd. 3,616,985 3,862,977 9,300 Mettler-Toledo International Inc. 909,430 1,031,298

11,100 ResMed Inc. 720,269 717,463 67,300 Talecris Biotherapeutics Holdiings 1,399,036 1,359,341 70,600 Thermo Fisher Scientific Inc. 3,662,087 3,685,791

37,980,606 35,614,498FINANCIALS (14.8%)

11,400 Aflac Inc. 601,697 628,497 159,100 Bank of America Corp. 2,382,949 2,877,481

2,700 BlackRock Inc. (USD) 449,984 597,063 62,000 Charles Schwab Corp.* 1,204,222 1,176,737 12,740 Everest Re Group Ltd. 1,344,949 1,046,896 6,700 Goldman Sachs Group Inc. 861,815 1,160,120

99,470 JPMorgan Chase & Co. 4,123,832 4,519,252 101,870 Kimco Realty Corp. 1,302,652 1,617,937 31,800 Lincoln National Corp. 854,263 990,743 62,470 Prudential Financial Inc. 3,080,873 3,836,734 43,900 State Street Corp. 2,058,568 2,012,355 10,800 T. Rowe Price Group Inc. 596,062 602,547

131,250 TD Ameritrade Holding Corp. 2,518,605 2,540,391 35,390 Torchmark Corp.* 2,377,698 1,922,705

FINANCIALS (14.8%) (cont’d)44,900 US Bancorp 1,012,207 1,178,195 31,000 Visa Inc., Class A 2,146,141 2,865,660

109,100 Wells Fargo & Co.* 3,074,890 3,443,374 29,991,407 33,016,687

CONSUMER DISCRETIONARY (10.5%) 16,800 Abercrombie & Fitch Co., Class A 681,561 778,634 19,900 BorgWarner Inc. 639,130 771,556 15,900 Carnival Corp. 602,187 627,772 48,800 CBS Corp., Class B 731,108 690,814 22,000 Cheesecake Factory Inc.* 587,032 604,545

113,000 Comcast Corp., Class A 2,133,689 2,159,616 141,025 Comcast Corp., Special Class A 2,899,189 2,570,627 35,803 DIRECTV 923,813 1,229,258 10,300 Dollar Tree Stores Inc. 599,007 619,523 70,313 GameStop Holding Co.* 2,003,053 1,562,289 39,500 Gannett Co., Inc. 661,714 662,251 16,400 Harman International Industries Inc. 751,994 778,914 87,850 KB Home* 1,629,170 1,494,290 26,400 RadioShack Corp. 550,052 606,422 57,950 TJX Cos., Inc. 2,403,836 2,502,218 17,600 Tupperware Brands Corp. 742,732 861,823 57,028 Urban Outfitters Inc.* 1,215,672 2,202,383 51,600 Walt Disney Co. 1,426,457 1,829,271 29,500 Wyndham Worldwide Corp. 694,985 770,797

21,876,381 23,323,003ENERGY (10.3%)

41,550 Anadarko Petroleum Corp. 3,032,192 3,072,980 11,736 Apache Corp. 953,861 1,209,544 30,520 Baker Hughes Inc. 1,222,632 1,451,090 29,300 Baytex Energy Trust 750,808 1,010,150 18,500 Chevron Corp. 1,575,117 1,424,594 13,600 ConocoPhillips 1,102,208 706,696 9,800 EOG Resources Inc. 807,284 924,926

32,800 Halliburton Co 1,022,957 1,002,579 22,000 Marathon Oil Corp. 781,508 706,867 42,100 National Oilwell Varco Inc. 2,417,008 1,733,182 53,608 Noble Energy Inc. 3,536,518 3,968,039 7,200 Occidental Petroleum Corp. 634,558 618,121

46,200 Southwestern Energy Co. 2,023,472 1,910,417 25,600 Transocean Ltd. 2,212,745 2,245,336 20,500 Ultra Petroleum Corp. 986,981 969,896

23,059,849 22,954,417INDUSTRIALS (9.8%)

17,000 3M Co. 1,397,450 1,442,706 21,250 Alliant Techsystems Inc.* 2,255,007 1,754,181 36,400 Boeing Co. 1,816,808 2,682,483 40,400 CSX Corp. 1,918,659 2,087,816 11,300 Cummins Inc. 725,414 710,424 15,300 Danaher Corp. 1,074,466 1,241,569 42,800 Delta Air Lines Inc. 578,536 634,129 14,870 Emerson Electric Co. 618,759 759,854 20,800 FTI Consulting Inc. 1,018,781 830,530 9,900 General Dynamics Corp. 693,171 776,124 9,390 Northrop Grumman Corp. 545,677 625,244



CI American Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 11 –– 11 –

INDUSTRIALS (9.8%) (cont’d)6,500 Parker-Hannifin Corp. 395,254 427,331

29,200 Rockwell Collins Inc.* 1,519,322 1,855,950 30,700 Union Pacific Corp. 1,712,920 2,285,182 13,800 Walter Industries Inc. 1,069,251 1,292,918 72,350 Waste Management Inc. 2,664,328 2,527,408

20,003,803 21,933,849CONSUMER STAPLES (9.5%)

40,000 CVS Corp. 1,546,443 1,485,062 22,000 Hansen Natural Corp. 798,982 968,256 22,400 Kellogg Co. 1,039,765 1,214,924 64,800 Kroger Co. 1,765,224 1,425,318 33,530 Lorillard Inc. 2,530,396 2,560,530 47,786 Molson Coors Brewing Co., Class B (USD)* 2,027,428 2,040,055 51,600 PepsiCo Inc.* 3,320,573 3,466,759 51,560 Phillip Morris International Inc. 2,481,571 2,731,045 30,400 Procter & Gamble Co. 2,123,855 1,953,523 52,800 Tyson Foods Inc. 820,027 1,026,789 41,900 Wal-Mart Stores Inc. 2,255,686 2,365,741

20,709,950 21,238,002MATERIALS (4.6%)

13,000 Agrium Inc. 944,594 932,750 15,030 Agrium Inc. (USD) 839,524 1,078,019 7,800 Centerra Gold Inc. 103,810 103,350 9,200 Cliffs Natural Resources Inc. 556,688 662,855

10,600 Domtar Corp. (USD)* 541,637 693,326 30,300 Dow Chemical Co. 913,630 909,240 11,300 Monsanto Co. 1,231,508 818,864 15,510 Newmont Mining Corp.* 521,055 802,165 42,900 Praxair Inc. 3,606,665 3,615,878 65,160 Yamana Gold Inc. 642,334 651,772

9,901,445 10,268,219

TELECOMMUNICATION SERVICES (1.5%) 57,000 AT&T Inc. 1,638,639 1,495,704 75,490 MetroPCS Communications Inc.* 999,988 541,985 38,600 SBA Communications Corp.* 1,176,936 1,413,878

3,815,563 3,451,567


Total Equities (96.0%) 202,767,874 214,166,397

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.8%) (see Schedule A) 1,697,555



Net Assets (100.0%) 222,775,644

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with 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.

Schedule AForeign Currency Forward Contracts (0.8%)

Settlement Contract UnrealizedContracts Counterparty Credit Rating* Date Rate ($) Pay Receive Gain (Loss) ($)

1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.07 (27,384,000) US $ 29,193,261 Canadian $ 1,385,164 1 Royal Bank of Canada A-1+ 30-Apr-10 1.06 (2,800,000) US $ 2,978,808 Canadian $ 135,447 1 Royal Bank of Canada A-1+ 28-May-10 1.05 (3,000,000) US $ 3,154,845 Canadian $ 108,321 1 Toronto Dominion Bank A-1+ 28-May-10 1.05 (1,900,000) US $ 1,998,088 Canadian $ 68,623

Total Foreign Currency Forward Contracts Value 1,697,555

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




CI American Managers® Corporate ClassFinancial Statements

– 12 –






Net assets per classA SharesF SharesI Shares


A SharesF SharesI Shares









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



214,166 226,5087,124 16,786

- -- -- -- -

1,698 456- -- -

81 259898 710

- -148 214

224,115 244,933

- -- -- -- 2,719- -

1,190 190109 85

- -- -- -

40 281,339 3,022

222,776 241,911

202,768 261,776- -

220,521 175,988285 202

1,970 65,721

9.99 7.8211.05 8.5611.97 9.15

22,077,906 22,515,24925,770 23,574

164,602 7,184,649

3,053 4,2045 302

20 44- -- -- -

(406) (569)2,672 3,981

4,125 2,807433 295

- 212 23

228 1554,798 3,282(2,126) 699

- -(2,126) 699

6,943 (57,900)(2,462) 2,192

(542) (592)- -

50,626 (19,180)54,565 (75,480)52,439 (74,781)

48,901 (52,832)62 (99)

3,476 (21,850)

2.18 (3.32)2.48 (2.79)2.97 (1.86)


2010 2009


2010 2009


CI American Managers® Corporate ClassFinancial Statements

– 13 –









I SharesNet assets, beginning of yearCapital transactions








175,988 33,672

10,683 33,084- -

(14,509) (15,083)(542) 177,147

(4,368) 195,148

- -- -- -- -

48,901 (52,832)220,521 175,988

202 533

32 52- -

(35) (322)24 3821 (232)

- -- -- -- -

62 (99)285 202

65,721 266,207

3,831 10,810- -

(71,155) (11,945)97 (177,501)

(67,227) (178,636)

- -- -- -- -

3,476 (21,850)1,970 65,721

241,911 300,412

14,546 43,946- -

(85,699) (27,350)(421) (316)

(71,574) 16,280

- -- -- -- -

52,439 (74,781)222,776 241,911


2010 2009


2010 2009



CI American Managers® Corporate ClassFinancial Statements – Supplementary Schedules

– 14 –




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


2010 2009

22,515,249 3,192,8061,196,009 3,902,918

- -(1,573,409) (1,695,128)

(59,943) 17,114,65322,077,906 22,515,249

23,574 46,6483,082 5,825

- -(3,516) (32,379)2,630 3,480

25,770 23,574

7,184,649 22,070,102375,513 975,958

- -(7,404,364) (982,849)

8,804 (14,878,562)164,602 7,184,649



I SharesNet assets per shareNet asset value per share

9.99 7.829.99 7.83

11.05 8.5611.06 8.57

11.97 9.1511.97 9.16



2010 2009


2010 2009


17,600 33,32717,968 35,519


2010 2009


540 58943 54

Annual management fee rateA SharesF SharesI Shares

Annual fixed administration fee rateA SharesF SharesI Shares

2.001.00

Paid directly by investor

0.210.21

-


2010

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

– 15 –




Health Care .............................................................................................................................. 18.4Information Technology ........................................................................................................... 18.4Financials ................................................................................................................................. 11.9Consumer Discretionary........................................................................................................... 10.4Industrials ................................................................................................................................ 8.9Consumer Staples.................................................................................................................... 8.7Energy ...................................................................................................................................... 7.4Other Assets ............................................................................................................................ 7.2Materials.................................................................................................................................. 7.1Utilities..................................................................................................................................... 1.5Telecommunication Services ................................................................................................... 1.0Foreign Currency Forward Contracts ....................................................................................... -0.9


As at March 31, 2010, had the U.S. markets increased or decreased by 10% (March 31, 2009- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $21,417,000 (March 31, 2009 - $22,651,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit RiskAs at March 31, 2010 and 2009, the Fund’s exposure to credit risk through derivative instruments wasinsignificant.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 217,952 (35,628) 182,324 81.8 Total 217,952 (35,628) 182,324 81.8



As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 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$18,232,000 (March 31, 2009 - $11,986,000). In practice, actual results may differ from thisanalysis and the difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 214,166 - - 214,166 Foreign currency forward contracts - 1,698 - 1,698 Total 214,166 1,698 - 215,864



CI American Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 16 –



FINANCIALS (19.9%) 103,050 Arthur J. Gallagher & Co. 2,628,634 2,569,082 29,962 Capitol Federal Financial 1,009,389 1,139,769

137,750 Federated Investors Inc., Class B* 3,970,478 3,690,157 189,500 First Niagara Financial Group Inc.* 2,627,789 2,736,448 63,550 Hanover Insurance Group Inc.* 2,881,392 2,814,363

117,650 Hudson City Bancorp Inc. 1,660,747 1,692,935 194,600 Investors Bancorp. Inc. 2,159,857 2,608,526 98,450 Platinum Underwriters Holdings, Ltd. 3,783,010 3,706,097

111,931 Texas Capital Bancshares Inc.* 1,816,684 2,156,235 67,850 UMB Financial Corp. 2,795,705 2,797,398

134,150 Validus Holdings Ltd. 3,759,349 3,746,293 63,950 Ventas Inc. 2,694,396 3,082,749

123,300 Waddell & Reed Financial Inc. 3,843,326 4,511,342 191,750 Washington Federal Inc. 3,486,472 3,958,687

39,117,228 41,210,081INDUSTRIALS (19.8%)

112,400 AGCO Corp.* 3,730,106 4,091,984 31,500 Alliant Techsystems Inc.* 2,529,210 2,600,316 72,100 Armstrong World Industries Inc. 2,993,647 2,653,395 72,050 Curtiss-Wright Corp. 2,512,207 2,546,195 47,697 Genesee & Wyoming Inc.* 1,498,503 1,652,641 99,270 Hexcel Corp.* 1,264,959 1,455,672 36,220 IHS Inc., Class A 2,035,773 1,964,120

180,950 Jabil Circuit Inc.* 2,947,771 2,974,979 83,400 Kennametal Inc. 2,206,561 2,378,163

199,660 Masco Corp. 2,999,018 3,146,742 61,850 Monro Muffler Brake Inc.* 1,947,808 2,246,030 33,500 Mueller Industries Inc. 897,486 911,032 16,350 Rockwell Collins Inc. 886,106 1,039,205 74,200 Simpson Manufacturing Co., Inc. 2,059,408 2,091,712 49,250 Teleflex Inc. 2,640,201 3,203,346 71,300 Wabtec Corp. 3,068,544 3,049,694 95,500 Woodward Governor Co. 2,493,178 3,098,508

38,710,486 41,103,734CONSUMER DISCRETIONARY (12.8%)

199,807 GameStop Holding Co.* 4,932,594 4,439,524 61,350 Genuine Parts Co. 2,423,068 2,631,582

204,600 KB Home* 3,396,682 3,480,157 95,300 Leggett & Platt Inc. 2,082,661 2,094,250

361,070 Multimedia Games Inc. 2,332,314 1,429,995 111,100 Ryland Group Inc.* 2,453,009 2,531,718 258,603 Shuffle Master Inc. 2,468,740 2,150,779 74,550 The Warnaco Group Inc.* 3,301,120 3,611,141 84,600 Tupperware Brands Corp.* 4,014,189 4,142,629

27,404,377 26,511,775HEALTH CARE (11.8%)

183,505 Alkermes Inc.* 1,680,391 2,411,352 46,700 Bio-Reference Labs Inc. 1,680,677 2,082,848 62,000 DaVita Inc. 3,545,676 3,991,714

187,940 Endo Pharmaceuticals Holdings Inc. 4,536,495 4,517,476 37,500 Haemonetics Corp. 2,155,169 2,175,955 65,490 Inverness Medical Innovations Inc. 2,812,397 2,590,364

316,320 Service Corp. International 2,381,991 2,948,817 113,000 SonoSite Inc.* 3,227,616 3,680,068

22,020,412 24,398,594

UTILITIES (10.6%) 157,350 CMS Energy Corp.* 2,252,054 2,470,328 86,520 DPL Inc. 2,328,287 2,388,934

106,980 Nalco Holding Co. 2,371,792 2,643,158 78,300 NSTAR 2,591,836 2,816,364 93,250 ONEOK Inc. 3,733,502 4,322,829

149,350 Vectren Corp.* 3,630,438 3,749,144 153,550 Westar Energy Inc.* 3,198,856 3,477,227

20,106,765 21,867,984INFORMATION TECHNOLOGY (9.6%)

379,920 ADC Telecommunications Inc. 2,705,252 2,824,110 95,540 DTS Inc.* 3,059,152 3,301,609 50,800 Fiserv Inc. 2,594,065 2,618,567

286,200 Harmonic Inc. 1,931,276 1,831,001 103,100 MEMC Electronic Materials Inc. 1,570,724 1,605,016 55,900 Rovi Corp.* 1,688,065 2,107,731 89,900 Sybase Inc.* 3,936,563 4,250,608

180,375 THQ Inc.* 1,104,915 1,284,023 18,590,012 19,822,665

MATERIALS (6.6%) 49,150 International Flavors & Fragrances Inc. 2,061,037 2,379,288

131,135 Methanex Corp. (USD) 2,539,007 3,234,630 77,300 RTI International Metals Inc.* 2,123,875 2,380,841 78,370 Sensient Technologies Corp. 2,178,108 2,312,724 53,540 Silgan Holdings Inc.* 3,079,885 3,274,686

11,981,912 13,582,169TELECOMMUNICATION SERVICES (3.6%)

121,100 NeuStar Inc., Class A 2,898,840 3,099,011 224,483 Syniverse Holdings Inc. 4,220,064 4,438,414


36,400 Church & Dwight Co., Inc. 2,119,255 2,474,745 61,200 Corn Products International Inc. 1,952,492 2,154,063

4,071,747 4,628,808ENERGY (1.4%)

252,670 Cal Dive International Inc. 2,674,064 1,880,772 34,218 Dresser-Rand Group Inc. 1,099,319 1,091,790

3,773,383 2,972,562




Net Assets (100.0%) 207,181,480



CI American Small Companies Corporate ClassFinancial Statements

– 17 –




















203,636 2,7734,022 170

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

75 -73 -

- -196 3

208,002 2,946

- -12 41 1- -- -

769 131 1

- -- -- -8 3

821 10207,181 2,936

192,850 3,829- -

206,388 2,424737 50156 11

5.79 4.547.03 5.46

14.21 11.02

35,673,229 534,585104,775 91,860

3,913 977

1,722 62- -8 1- -- -- -

(242) (11)1,488 52

1,769 64186 7

- -7 -

98 42,060 75(572) (23)

- -(572) (23)

949 (490)(131) 2(101) (6)

- -

11,841 (266)12,558 (760)11,986 (783)

11,833 (638)146 (146)

7 1

0.74 (1.21)1.55 (1.39)2.66 0.89


2010 2009


2010 2009


CI American Small Companies Corporate ClassFinancial Statements

– 18 –

















2,424 3,135

200,824 463- -

(8,581) (511)(112) (25)

192,131 (73)

- -- -- -- -

11,833 (638)206,388 2,424

501 801

54 21- -

(17) (88)53 (87)90 (154)

- -- -- -- -

146 (146)737 501

11 -

58 10- -

(20) -- -

38 10

- -- -- -- -7 1

56 11

2,936 3,936

200,936 494- -

(8,618) (599)(59) (112)

192,259 (217)

- -- -- -- -

11,986 (783)207,181 2,936


2010 2009


2010 2009



CI American Small Companies Corporate ClassFinancial Statements – Supplementary Schedules

– 19 –






2010 2009

534,585 543,83936,709,705 90,791

- -(1,551,404) (96,997)

(19,657) (3,048)35,673,229 534,585

91,860 116,6617,938 3,375

- -(2,680) (14,296)7,657 (13,880)

104,775 91,860

977 -4,649 977

- -(1,713) -

- -3,913 977




5.79 4.545.79 4.54

7.03 5.467.03 5.46

14.21 11.0214.22 11.04



2010 2009


2010 2009


31,497 33832,127 360


2010 2009


100 617 -



2.001.00


0.210.21

-


2010

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

– 20 –





Health Care .............................................................................................................................. 18.8Financials ................................................................................................................................. 15.7Utilities..................................................................................................................................... 15.2Information Technology ........................................................................................................... 11.5Consumer Discretionary........................................................................................................... 9.8Industrials ................................................................................................................................ 9.7Materials.................................................................................................................................. 7.8Other Assets ............................................................................................................................ 5.6Consumer Staples.................................................................................................................... 2.6Telecommunication Services ................................................................................................... 1.7Energy ...................................................................................................................................... 1.6


As at March 31, 2010, had the U.S. markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $20,364,000 (March 31, 2009 - $277,000). In practice,actual results may differ from this analysis and the difference may be material.







As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 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$20,395,000 (March 31, 2009 - $282,000). In practice, actual results may differ from this analysisand the difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)



CI American Value Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 21 –

FINANCIALS (25.3%) 192,950 Ameriprise Financial Inc.* 6,403,277 8,883,922 230,765 Bank of New York Mellon Corp.* 9,589,494 7,236,451 74,100 Everest Re Group Ltd. 7,667,484 6,089,092 84,700 Franklin Resources Inc.* 6,240,091 9,538,792

112,850 Hudson City Bancorp Inc. 1,562,814 1,623,865 166,588 MetLife Inc. 5,831,825 7,328,424 200,700 NYSE Euronext 5,180,097 6,034,818 135,350 Prudential Financial Inc. 6,956,783 8,312,822 63,350 St. Paul Travelers Cos., Inc. 3,322,847 3,469,409

176,200 TD Ameritrade Holding Corp. 3,395,384 3,410,415 161,051 Ventas Inc. 4,843,620 7,763,563 179,200 Visa Inc., Class A 10,673,809 16,565,363

71,667,525 86,256,936 INFORMATION TECHNOLOGY (18.5%)

30,400 Apple Computer Inc. 2,018,978 7,248,841 112,250 Automatic Data Processing Inc.* 5,702,643 5,069,112 359,360 Corning Inc. 6,359,396 7,375,211 174,370 Electronic Arts Inc.* 9,065,490 3,304,166 103,950 Fiserv Inc.* 5,048,967 5,358,269 200,550 MEMC Electronic Materials Inc.* 7,848,065 3,122,074 487,490 Microsoft Corp. 14,867,359 14,484,998 358,020 Oracle Corp.* 6,043,920 9,336,427 170,850 Texas Instruments Inc. 4,182,524 4,243,751 197,450 Yahoo! Inc. 3,439,492 3,312,422

64,576,834 62,855,271 INDUSTRIALS (12.7%)

73,900 Alliant Techsystems Inc.* 6,293,386 6,100,423 135,300 Boeing Co.* 8,111,055 9,970,877 86,050 Danaher Corp. 6,867,939 6,982,813

109,300 Deere & Co. 5,080,689 6,594,140 87,050 Rockwell Collins Inc.* 4,708,919 5,532,891

226,750 Waste Management Inc. 8,556,310 7,921,076 39,618,298 43,102,220

HEALTH CARE (11.2%) 86,750 Abbott Laboratories Inc. 4,936,457 4,639,047

191,000 Aetna Inc. 6,861,121 6,807,990 128,400 DaVita Inc.* 5,807,437 8,266,710 87,650 Laboratory Corp. of America Holdings* 5,557,325 6,738,816

163,850 Thermo Fisher Scientific Inc. 7,079,997 8,554,064 92,650 UnitedHealth Group Inc. 2,795,380 3,073,781

33,037,717 38,080,408 ENERGY (11.1%)

103,800 Anadarko Petroleum Corp. 6,926,089 7,676,904 59,454 ConocoPhillips 2,979,265 3,089,406 78,600 Cooper Cameron Corp. 3,706,617 3,421,000 60,300 Diamond Offshore Drilling Inc.* 4,484,711 5,435,781

158,300 Exxon Mobil Corp.* 11,250,536 10,767,242 106,050 National Oilwell Varco Inc. 4,554,771 4,365,890 189,380 Weatherford International Ltd., (Switzerland) 4,802,414 3,046,265

38,704,403 37,802,488

CONSUMER DISCRETIONARY (7.9%) 411,180 Comcast Corp., Special Class A 10,123,192 7,495,056 127,100 eBay Inc. 3,202,693 3,478,426 83,900 Genuine Parts Co. 3,407,509 3,598,855

285,400 International Game Technology 9,829,246 5,347,229 158,934 TJX Cos., Inc. 6,426,104 6,862,597

32,988,744 26,782,163 MATERIALS (4.4%)

153,600 EI Du Pont de Nemours & Co. 7,297,530 5,808,705 108,550 Praxair Inc.* 7,747,711 9,149,268

15,045,241 14,957,973 UTILITIES (4.0%)

36,450 Entergy Corp. 3,120,332 3,011,158 114,650 NSTAR* 3,992,794 4,123,833 126,300 Wisconsin Energy Corp.* 6,175,556 6,337,188


49,050 Colgate-Palmolive Co. 3,628,678 4,246,809

TELECOMMUNICATION SERVICES (0.9%) 589,838 Qwest Communications International Inc.* 2,751,650 3,126,667




Net Assets (100.0%) 340,283,551





CI American Value Corporate ClassFinancial Statements

– 22 –






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


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 Shares



330,683 275,3669,262 20,842

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

497 328- -- -

123 330340,565 296,866

- -- -- -- -- -- 56

222 89- -- -- -

59 46281 191

340,284 296,675

314,887 321,724- -

305,908 265,4689,993 8,902

23,082 21,590201 64583 15

- -412 636105 -

9.68 8.3010.21 8.6613.27 11.127.64 6.908.32 7.42

- -7.33 6.83

10.48 -

31,604,978 31,972,868979,212 1,027,690

1,739,266 1,941,21926,239 9,34470,037 2,053

- -56,183 93,14410,000 -

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

2010 2009


2010 2009



– 23 –







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















6,208 6,1983 95

36 33- -- -- -

(894) (950)5,353 5,376

5,916 4,294632 461

- -65 34

327 2386,940 5,027(1,587) 349

- -(1,587) 349

(9,756) (13,513)(922) 564(186) (273)

- -

62,153 (54,658)51,289 (67,880)49,702 (67,531)

44,119 (62,112)1,541 (2,290)3,836 (2,916)

17 (14)90 (5)

- (19)89 (175)10 -

1.37 (2.69)1.55 (2.33)2.17 (0.45)0.99 (1.98)1.52 (1.94)

- (2.19)1.15 (2.67)1.02 -

265,468 52,705

20,108 40,843- -

(22,911) (23,018)(876) 257,050

(3,679) 274,875

- -- -- -- -

44,119 (62,112)305,908 265,468

8,902 9,776

1,854 3,147- -

(2,870) (2,255)566 524(450) 1,416

- -- -- -- -

1,541 (2,290)9,993 8,902

21,590 262,439

2,569 27,406- -

(7,157) (7,776)2,244 (257,563)(2,344) (237,933)

- -- -- -- -

3,836 (2,916)23,082 21,590


2010 2009


2010 2009




– 24 –









IT5 SharesNet assets, beginning of yearCapital transactions
















636 218

203 535- -

(159) (100)(313) 210(269) 645

- -- -

(44) (52)(44) (52)89 (175)

412 636

- -

100 -- -- -- -

100 -

- -- -

(5) -(5) -10 -

105 -

296,675 325,212

25,426 71,956- -

(33,115) (33,215)1,677 311(6,012) 39,052

- -- -

(81) (58)(81) (58)

49,702 (67,531)340,284 296,675

64 53

73 25- -- -

54 3127 28

- -- -

(7) (3)(7) (3)17 (14)

201 64

15 21

519 -- -

(18) -2 -

503 -

- -- -

(25) (1)(25) (1)90 (5)

583 15

- -

- -- -- (66)- 87- 21

- -- -- (2)- (2)- (19)- -


2010 2009



2010 2009


CI American Value Corporate ClassFinancial Statements – Supplementary Schedules

– 25 –







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



2010 2009

31,972,868 5,009,4922,248,103 4,691,118

- -(2,516,580) (2,547,398)

(99,413) 24,819,65631,604,978 31,972,868

1,027,690 899,126196,241 313,953

- -(301,468) (233,957)

56,749 48,568979,212 1,027,690

1,941,219 19,052,418219,963 2,329,158

- -(592,857) (549,557)170,941 (18,890,800)

1,739,266 1,941,219

9,344 5,7409,804 2,987

- -- -

7,091 61726,239 9,344

2,053 2,08469,941 -

- -(2,245) (31)

288 -70,037 2,053

- -- -- -- (8,725)- 8,725- -

93,144 22,91328,335 61,460

- -(21,963) (14,724)(43,333) 23,49556,183 93,144


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

2010 2009

- -10,000 -

- -- -- -

10,000 -


CI American Value Corporate ClassFinancial Statements – Supplementary Schedules

– 26 –



2010 2009


41,667 60,56642,500 64,549


2010 2009


182 27019 5

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

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

2.001.00

Paid directly by investor2.001.00


0.210.21

-0.210.21

-0.210.21


2010







IT5 SharesNet assets per shareNet asset value per share




2010 2009

9.68 8.309.68 8.32

10.21 8.6610.21 8.68

13.27 11.1213.27 11.14

7.64 6.907.64 6.91

8.32 7.428.32 7.44

- -- -

7.33 6.837.33 6.84

10.48 -10.48 -

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

– 27 –





Financials ................................................................................................................................. 19.8Information Technology ........................................................................................................... 15.8Health Care .............................................................................................................................. 12.3Energy ...................................................................................................................................... 12.2Industrials ................................................................................................................................ 11.7Utilities..................................................................................................................................... 7.4Other Assets ............................................................................................................................ 7.2Materials.................................................................................................................................. 5.8Consumer Staples.................................................................................................................... 4.4Consumer Discretionary........................................................................................................... 3.4


As at March 31, 2010, had the U.S. markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $33,068,000 (March 31, 2009 - $27,537,000). In practice,actual results may differ from this analysis and the difference may be material.







As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009 -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$33,561,000 (March 31, 2009 - $28,091,000). In practice, actual results may differ from thisanalysis and the difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)



CI Canadian Investment Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 28 –


FINANCIALS (25.5%) 77,700 Aflac Inc. 3,150,860 4,283,702 12,053 Allianz AG, Registered Shares* 1,732,708 1,528,472

147,887 Bangkok Bank PCL, Foreign Registered Shares 537,423 627,100 233,200 Bank of America Corp. 3,781,501 4,217,653 256,700 Bank of Montreal 11,541,470 15,825,555 181,042 Bank of Nova Scotia†† 8,125,985 9,195,123 147,134 Bank of Yokohama Ltd. 842,925 730,369

7,665 BNP Paribas SA* 685,358 597,575 349,850 Brookfield Properties Corp.* 3,994,914 5,454,162 84,881 Cheung Kong Holdings Ltd. 1,194,730 1,110,169 89,496 DBS Group Holdings Ltd. 893,340 929,035 77,166 Experian Group Ltd. 703,496 770,768

220,300 IGM Financial Inc.* 8,869,584 9,823,177 203,000 Intact Financial Corp. 6,574,407 9,086,280 75,200 JPMorgan Chase & Co. 3,423,812 3,416,585

1,030,600 Manulife Financial Corp. 21,994,397 20,581,082 105 Mid REIT Inc. 372,981 218,295

147,547 Mitsubishi UFJ Financial Group Inc. 755,221 785,307 31,537 Mitsui Sumitomo Insurance

Group Holdings Inc. 865,194 887,567 14,832 National Australia Bank Ltd. 464,443 380,208

193,013 Nipponkoa Insurance Co., Ltd. 1,364,791 1,226,467 142,909 Nomura Holdings Inc. 1,167,358 1,066,423 973,909 Power Corp. of Canada 27,031,439 29,850,311 482,438 Royal Bank of Canada 24,997,457 28,594,100 18,160 Standard Chartered PLC 535,381 503,161 69,525 State Street Corp. 3,224,514 3,186,992

100,558 Sumitomo Trust & Banking Co., Ltd. 691,696 597,472 19,550 TMX Group Inc. 570,398 582,786

410,758 Toronto-Dominion Bank 25,047,406 31,082,058 60 United Urban Investment Corp. 365,714 349,976

77,700 Wells Fargo & Co. 2,292,250 2,452,339 167,793,153 189,940,269

ENERGY (22.7%) 46,300 Anadarko Petroleum Corp. 2,976,539 3,424,284 27,980 BP PLC, ADR 1,737,575 1,621,564

222,655 Canadian Natural Resources Ltd. 14,340,591 16,736,976 55,290 Canadian Oil Sands Trust 1,547,956 1,683,028 28,279 Cenovus Energy Inc. 768,553 749,676

505,414 EnCana Corp. 15,880,727 15,920,541 44,520 Eni SpA 1,304,484 1,054,140

466,905 Imperial Oil Ltd. 18,750,052 18,316,683 100,200 Marathon Oil Corp. 3,459,166 3,219,457

1,500,000 Mullen Group Income Fund 10% 01/07/2018 2,012,582 2,239,515 503,800 Mullen Group Ltd. 8,359,561 8,080,952 80,700 Nabors Industries Ltd. 1,908,410 1,608,690

1,357,900 Precision Drilling Trust 13,471,088 10,564,462 458,000 Savanna Energy Services Corp. 3,321,521 3,183,100 33,492 Schlumberger Ltd. 2,336,469 2,158,339

121,900 Spectra Energy Corp. 2,573,229 2,788,967 40,380 Statoil ASA 1,047,396 949,522

892,741 Suncor Energy Inc. 32,661,610 29,451,526 1,195,400 Talisman Energy Inc. 22,983,785 20,728,236

ENERGY (22.7%) (cont’d)25,750 Total SA* 1,806,579 1,518,083

225,927 TransCanada Corp.* 7,474,774 8,409,003 43,388 Transocean Ltd. 4,016,571 3,805,493

827,300 Trican Well Service Ltd. 11,989,658 10,854,176 176,728,876 169,066,413

MATERIALS (15.5%) 221,100 Agnico-Eagle Mines Ltd.* 13,072,621 12,512,049 12,520 Agrium Inc. (USD) 674,744 897,991 18,720 Anglo American PLC 698,962 828,874 19,359 Antofagasta PLC 241,958 310,042

480,070 Barrick Gold Corp. 18,590,389 18,684,324 70,400 Barrick Gold Corp. (USD) 2,741,587 2,740,248 6,580 BASF AG 412,852 413,783

20,700 BHP Billiton Ltd., ADR* 1,432,965 1,687,338 345,600 Cameco Corp. 9,984,587 9,597,312 155,300 CCL Industries Inc., Class B 3,456,006 4,384,119 494,850 Gerdau Ameristeel Corp.* 4,077,536 3,948,903 18,901 Gold Fields Ltd., ADR 277,701 241,843

348,300 Goldcorp Inc. 13,795,390 13,179,672 4,959 Inmet Mining Corp. 284,080 291,986

29,300 Monsanto Co. 2,364,021 2,123,249 20,510 Newcrest Mining Ltd. 611,652 627,052 42,900 Newmont Mining Corp.* 2,090,418 2,218,755

214,600 Potash Corp. of Saskatchewan Inc. 22,673,879 26,018,104 72,446 Sumitomo Metal Mining Co., Ltd. 1,245,532 1,093,025

167,000 Teck Resources Ltd., Class B 5,693,538 7,384,740 373,000 Thompson Creek Metals Co., Inc.* 4,676,304 5,117,560 90,840 Yamana Gold Inc. 1,020,725 908,640

110,117,447 115,209,609 INDUSTRIALS (11.5%)

17,990 Ansaldo STS SpA 336,812 373,398 65,380 BAE Systems PLC 446,996 373,989 31,950 Boeing Co. 1,803,733 2,354,542

1,096,800 Bombardier Inc., Class B, Sub-Voting Shares 5,686,583 6,778,224 552,400 CAE Inc. 4,798,896 5,446,664 223,710 Canadian National Railway Co. 11,227,136 13,751,454 299,300 Canadian Pacific Railway Ltd. 14,580,186 17,093,023 781,700 Celestica Inc.* 6,527,025 8,676,870 30,100 Eaton Corp. 1,883,854 2,316,019 7,270 Fanuc Ltd. 646,844 782,567

57,600 Flour Corp. 2,857,911 2,719,906 38,182 Foster Wheeler AG 1,154,400 1,051,930

141,800 General Electric Co. 2,714,409 2,617,873 17,650 Henkel KGaA, Preferred, Non-Voting Shares 888,509 960,284 3,437 Keyence Corp. 714,633 832,526 7,270 Metro AG* 489,543 437,028

34,080 Mitsubishi Corp. 788,439 906,571 61,650 Mitsui & Co., Ltd. 916,358 1,050,008 56,500 Norfolk Southern Corp. 2,692,040 3,206,720 17,016 Secom Co., Ltd. 831,198 755,028 11,961 Siemens AG, Registered Shares 1,232,074 1,211,770

140,318 Sime Darby Berhad 372,774 380,014 6,455 SMC Corp. 801,581 888,354

34,133 Suzuki Motor Corp.* 859,955 763,757 702,700 WestJet Airlines Ltd. 8,241,189 9,570,774

73,493,078 85,299,293

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in 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.




– 29 –– 29 –


– 29 –


CONSUMER DISCRETIONARY (8.7%) 20,850 Adidas AG* 1,065,318 1,126,521 91,700 Best Buy Co., Inc. 3,657,817 3,961,368

193,454 Canadian Tire Corp., Ltd., Class A, Non-Voting Shares 10,802,950 10,725,090

85,400 Comcast Corp., Class A 1,398,735 1,632,134 96,300 eBay Inc. 2,363,528 2,635,503 63,900 Harley-Davidson Inc.* 1,717,901 1,819,522

147,100 Linamar Corp. 2,119,677 2,799,313 179,767 Magna International Inc., Class A 8,064,075 11,282,177 85,100 McGraw-Hill Cos., Inc. 3,006,556 3,080,828

130,990 Reed Elsevier PLC 1,048,494 1,060,035 92,100 Shaw Communications Inc., Class B 1,831,005 1,852,131

419,300 Thomson Corp. 14,759,210 15,472,170 53,000 Walt Disney Co. 1,517,372 1,878,902

110,680 WPP PLC 1,276,507 1,164,379 677,300 Yellow Pages Income Fund 3,571,006 4,165,395


17,360 Bunge Ltd. 1,122,518 1,086,476 29,562 Carrefour SA* 1,575,425 1,447,177 90,400 Diageo PLC 1,640,750 1,539,761

177,822 Empire Co., Ltd., Class A 7,376,142 9,298,312 91,820 George Weston Ltd. 5,936,749 6,424,645 28,160 Heineken NV 1,390,518 1,468,747 41,201 KOSE Corp. 1,047,186 981,878 85,500 Kraft Foods Inc., Class A 2,464,290 2,625,586 9,375 L'Oreal SA* 1,068,215 1,001,097

32,650 Nestle SA, Registered Shares 1,548,949 1,696,802 20,950 Phillip Morris International Inc. 1,084,859 1,109,686 64,393 Seven & I Holdings Co., Ltd. 1,641,956 1,576,543 37,365 Sugi Pharmacy Co., Ltd.* 849,986 907,101 52,541 Symrise AG 1,115,861 1,268,567


35,300 Accenture PLC 1,369,188 1,502,707 19,070 Canon Inc. 786,559 894,845 88,500 Cisco Systems Inc. 2,216,512 2,339,354

204,700 Dell Inc. 3,190,106 3,120,161 81,400 Intel Corp. 1,638,191 1,840,043

157,400 Microsoft Corp. 4,593,758 4,676,893 5,898 Nintendo Co., Ltd.* 1,613,148 2,005,222

85,788 Nokia OYJ 1,382,157 1,355,755 46,913 Nomura Research Institute Ltd. 1,127,270 1,083,862 73,700 QUALCOMM Inc. 2,961,172 3,141,871

525 Samsung Electronics Co., Ltd. 340,907 384,968 22,640 SAP AG 1,188,156 1,110,958

101,646 Telefonaktiebolaget LM Ericsson, Class B 1,310,183 1,087,381 67,325 UbiSoft Entertainment 1,179,603 940,213

24,896,910 25,484,233 HEALTH CARE (2.8%)

62,400 Amgen Inc. 3,766,613 3,786,811 31,280 Covidien PLC 1,406,913 1,595,542 98,920 GlaxoSmithKline PLC 2,333,797 1,928,082 87,100 Johnson & Johnson 5,671,254 5,766,923 56,400 Medtronic Inc. 2,154,045 2,579,048 15,740 Novartis AG, Registered Shares 891,378 862,727 4,900 Roche Holding AG 909,632 806,668

HEALTH CARE (2.8%) (cont’d)20,620 Sanofi-Aventis* 1,730,647 1,560,891 29,700 WellPoint Inc. 1,654,731 1,941,717

20,519,010 20,828,409 UTILITIES (1.2%)

149,313 Atco Ltd., Class I 6,079,858 7,606,004 132,560 Energias de Portugal SA 703,422 535,186 41,269 Scottish and Southern Energy PLC 894,973 699,744


191,900 BCE Inc. 4,998,065 5,714,782 43,100 Verizon Communications Inc. 1,315,781 1,357,680 55,600 Vodafone Group PLC, ADR 1,422,767 1,314,991

7,736,613 8,387,453


Total Bonds & Equities (96.8%) 676,688,943 720,144,459

Short Term Notes (1.3%) 9,992,838 9,994,765


Foreign Currency Forward Contracts (0.2%)(see Schedule A) 1,694,349


Other Assets (net) (1.7%) 13,009,991

Net Assets (100.0%) 744,843,564



– 30 –


– 30 –– 30 –

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with 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.

– 30 –Annual Financial Statements as at March 31, 2010


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

1 Bank of Nova Scotia†† A-1+ 11-May-10 1.03 (1,100,000) US $ 1,128,727 Canadian $ 11,701 1 Royal Bank of Canada A-1+ 25-May-10 1.02 (1,400,000) US $ 1,433,880 Canadian $ 12,202 1 Toronto Dominion Bank A-1+ 25-May-10 1.02 (2,000,000) US $ 2,048,980 Canadian $ 18,011 1 Royal Bank of Canada A-1+ 01-Apr-10 1.07 (2,500,000) US $ 2,666,875 Canadian $ 128,120 1 Bank of Nova Scotia†† A-1+ 22-Apr-10 1.04 (27,000,000) US $ 28,119,690 Canadian $ 701,621 1 Toronto Dominion Bank A-1+ 22-Apr-10 1.04 (30,000,000) US $ 31,246,500 Canadian $ 781,979 1 Toronto Dominion Bank A-1+ 11-May-10 1.02 (4,500,000) US $ 4,610,363 Canadian $ 40,715



CI Canadian Investment Corporate ClassFinancial Statements

– 31 –






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


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



720,144 165,3299,169 5,5349,995 1,799

- -1,569 1,569

- -1,694 21

- -- -

712 4181,124 -

- -1,089 358

745,496 175,028

- -- -- -- 259- -- 60

517 561- -- -- -

135 61652 941

744,844 174,087

676,689 197,158- -

717,522 157,7348,152 6,8139,452 5,1132,421 1,109

31 23834 807

6,364 2,47668 12

- -

17.02 12.6118.33 13.4411.61 8.428.16 6.339.16 7.038.82 6.677.67 6.117.91 6.24

- -

42,159,483 12,510,336444,818 506,941813,798 607,584296,761 175,212

3,369 3,28494,570 120,983

830,270 405,1668,630 2,001

- -


2010 2009


2010 2009



– 32 –







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















9,172 4,973671 1,51253 1417 -

- -- -

(264) (186)9,649 6,313

8,136 3,956843 415

- -74 17

448 2189,501 4,606

148 1,707- (35)

148 1,672

13,066 (29,422)(309) 443(474) (256)

- -

77,212 (39,106)89,495 (68,341)89,643 (66,669)

83,211 (60,585)2,430 (2,754)2,124 (1,695)

464 (384)8 (9)

307 (225)1,081 (1,001)

18 (8)- (8)

3.28 (4.73)5.05 (4.80)3.08 (3.04)2.05 (2.79)2.59 (2.58)2.69 (2.22)1.87 (2.80)2.07 (3.38)

- (0.74)

157,734 225,354

533,156 42,0804,498 -

(54,260) (41,639)(2,303) (7,476)

481,091 (7,035)

- -(4,514) -

- -(4,514) -83,211 (60,585)

717,522 157,734

6,813 13,164

845 1,37753 -

(1,578) (3,944)(357) (1,030)

(1,037) (3,597)

- -(54) -

- -(54) -

2,430 (2,754)8,152 6,813

5,113 5,066

3,208 2,45652 -

(1,503) (1,664)514 950

2,271 1,742

- -(56) -

- -(56) -

2,124 (1,695)9,452 5,113


2010 2009


2010 2009




– 33 –

























2,476 2,253

3,735 2,13613 -

(617) (291)36 (366)

3,167 1,479

- -(33) -

(327) (255)(360) (255)

1,081 (1,001)6,364 2,476

12 -

- 20- -

(18) (29)61 3043 21

- -- -

(5) (1)(5) (1)18 (8)68 12

- -

- 123- -- (1)- (111)- 11

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

1,109 1,038

1,055 7499 -

(194) (234)73 2

943 517

- -(12) -(83) (62)(95) (62)464 (384)

2,421 1,109

23 34

- -- -- -1 -1 -

- -- -

(1) (2)(1) (2)8 (9)

31 23

807 885

- 928- -

(18) (630)(215) (112)(233) 186

- -(7) -

(40) (39)(47) (39)307 (225)834 807


2010 2009



2010 2009


– 34 –






174,087 247,794

541,999 49,8694,625 -

(58,188) (48,432)(2,190) (8,113)

486,246 (6,676)

- -(4,676) -

(456) (362)(5,132) (362)89,643 (66,669)

744,844 174,087


2010 2009



CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules

– 35 –










2010 2009

12,510,336 13,021,23232,886,744 2,931,546

276,820 -(3,381,031) (2,892,196)

(133,386) (550,246)42,159,483 12,510,336

506,941 720,73249,834 90,8263,028 -

(94,999) (248,160)(19,986) (56,457)444,818 506,941

607,584 448,752299,394 220,135

4,747 -(147,408) (174,627)

49,481 113,324813,798 607,584

175,212 112,953137,445 96,528

1,193 -(25,937) (35,301)

8,848 1,032296,761 175,212

3,284 3,334- -

21 -(48) (50)112 -

3,369 3,284

120,983 94,144- 133,967- -

(2,229) (94,430)(24,184) (12,698)94,570 120,983

405,166 244,659501,618 248,705

1,749 -(82,509) (38,575)

4,246 (49,623)830,270 405,166




2010 2009

2,001 -- 2,001

43 -(2,387) (4,309)8,973 4,3098,630 2,001

- -- 12,500- -- (56)- (12,444)- -


CI Canadian Investment Corporate ClassFinancial Statements – Supplementary Schedules

– 36 –



2010 2009


54,520 10,95855,923 11,679


2010 2009


464 24735 16

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

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

1.951.00




0.200.20

-0.200.20

-0.200.20

-


2010












2010 2009

17.02 12.6117.04 12.64

18.33 13.4418.35 13.48

11.61 8.4211.63 8.44

8.16 6.338.17 6.35

9.16 7.039.17 7.05

8.82 6.678.83 6.69

7.67 6.117.68 6.13

7.91 6.247.92 6.26

- -- -

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

– 37 –




Energy ...................................................................................................................................... 25.7Financials ................................................................................................................................. 23.0Materials.................................................................................................................................. 13.8Industrials ................................................................................................................................ 9.3Consumer Staples.................................................................................................................... 6.7Consumer Discretionary........................................................................................................... 5.6Information Technology ........................................................................................................... 5.3Other Assets ............................................................................................................................ 4.2Health Care .............................................................................................................................. 2.6Telecommunication Services ................................................................................................... 1.6Utilities..................................................................................................................................... 1.3Short Term Investments........................................................................................................... 1.0Foreign Currency Forward Contracts ....................................................................................... -0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities and therefore was sensitiveto changes in general economic conditions in Canada, however some of the Fund’s assets were investedin fixed income securities and their market risk exposure is described below.

As at March 31, 2010, had the Canadian markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $71,790,000 (March 31, 2009 - $16,533,000). In practice, actual results maydiffer from this analysis and the difference may be material.

Credit RiskThe Fund was invested in fixed income securities, preferred securities and derivative instruments, asapplicable, with the following credit ratings:

as at March 31, 2010*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 1.6Not Rated 0.4Total 2.0


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

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

^Refer to Note 11 for Credit Rating cross reference.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 117,276 (69,562) 47,714 6.4 Japanese Yen 20,562 - 20,562 2.8 Euro 19,910 - 19,910 2.7 British Pound 9,255 - 9,255 1.2 Swiss Franc 3,366 - 3,366 0.5 Hong Kong Dollar 1,110 - 1,110 0.1 Swedish Krona 1,087 - 1,087 0.1 Australian Dollar 1,008 - 1,008 0.1 Norwegian Krone 950 - 950 0.1 Singapore Dollar 929 - 929 0.1 Thai Baht 627 - 627 0.1 Korean Won 388 - 388 0.1 Malaysian Ringgit 380 - 380 0.1 Total 176,848 (69,562) 107,286 14.4


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 6,443 - 6,443 3.7 Japanese Yen 4,864 - 4,864 2.8 US Dollar 26,636 (22,188) 4,448 2.6 British Pound 3,065 - 3,065 1.8 Swiss Franc 584 - 584 0.3 Australian Dollar 412 - 412 0.2 Swedish Krona 391 - 391 0.2 Taiwan Dollar 314 - 314 0.2 Norwegian Krone 272 - 272 0.2 Korean Won 239 - 239 0.1 Hong Kong Dollar 166 - 166 0.1 Singapore Dollar 163 - 163 0.1 Malaysian Ringgit 131 - 131 0.1 Thai Baht 77 - 77 0.1 Total 43,757 (22,188) 21,569 12.5

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 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$10,729,000 (March 31, 2009 - $2,157,000). In practice, actual results may differ from this analysisand the difference may be material.



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

– 38 –

Interest Rate RiskThe table below summarizes the Fund's exposure to interest rate risk, categorized by the contractualmaturity date.


Interest Rate Exposure

As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $34,000 (March 31, 2009 - $ –). In practice, the actual resultsmay differ from this analysis and the difference may be material.

As at March 31, 2009, the Fund did not have a significant exposure to interest rate risk as substantiallyall of its assets were invested in equities.

– 38 –




(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 717,904 - - 717,904 Bonds - 2,240 - 2,240 Short-term notes - 9,995 - 9,995 Foreign currency forward contracts - 1,694 - 1,694 Total 717,904 13,929 - 731,833


Less than 1 - 3 3 - 5 Greater 1 Year Years Years than 5 Years Total

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

19,164 - - 2,240 21,404

CI Can-Am Small Cap Corporate Class Statement of Investment Portfolio as at March 31, 2010

– 39 –


FINANCIALS (19.3%) 160,600 Canadian Western Bank* 3,071,973 3,886,520 263,700 Crombie REIT 2,128,126 3,143,304

4,675 E-L Financial Corp. Ltd. 2,057,508 2,080,375 196,300 GMP Capital Corp. 2,513,808 2,797,275 161,500 Industrial Alliance Insurance and Financial

Services Inc. 4,837,586 5,629,890 15,000 iShares CDN S&P/TSX SmallCap 171,600 222,450

181,000 New York Community BanCorp. Inc.* 2,738,489 3,036,456 5,800 Ship Finance International Ltd. 125,742 104,604

17,644,832 20,900,874 ENERGY (16.1%)

292,800 AltaGas Income Trust 6,498,729 5,387,520 221,700 Mullen Group Ltd. 3,610,729 3,556,068 373,800 Pason Systems Inc.* 4,747,822 4,272,534 265,760 Savanna Energy Services Corp. 2,903,233 1,847,032 66,900 Vermilion Energy Trust* 2,018,869 2,361,570


70,500 Alberto-Culver Co. 2,361,084 1,869,996 91,400 Empire Co., Ltd., Class A 3,689,660 4,779,306 93,400 Saputo Inc. 1,556,574 2,753,432 25,000 WD-40 Co. 806,538 833,469

8,413,856 10,236,203 MATERIALS (9.2%)

290,800 Canam Manac Group Inc., Class A 2,579,791 2,538,684 285,200 Canfor Corp.* 1,582,964 2,689,436 168,250 CCL Industries Inc., Class B 4,738,240 4,749,698

8,900,995 9,977,818 CONSUMER DISCRETIONARY (8.8%)

112,650 Astral Media Inc., Class A,Non-Voting Shares* 3,626,526 4,010,340

40,000 Gentex Corp. 557,422 788,838 362,200 Leon's Furniture Ltd.* 4,377,163 4,712,222

8,561,111 9,511,400 INDUSTRIALS (8.7%)

142,764 Miller Industries Inc. 2,878,266 1,794,807 112,600 Richelieu Hardware Ltd. 2,290,032 2,594,304 367,300 Transcontinental Inc., Class A 5,136,141 5,006,299

10,304,439 9,395,410 UTILITIES (8.1%)

92,000 Atco Ltd., Class I 3,870,103 4,686,480 118,000 WGL Holdings Inc.* 4,010,964 4,150,862


122,300 Aastra Technologies Ltd.* 2,727,881 3,944,175 73,400 CGI Group Inc. 1,034,966 1,110,542

225,000 Total System Services Inc.* 4,182,313 3,578,102 7,945,160 8,632,819

TELECOMMUNICATION SERVICES (6.3%) 170,900 Bell Aliant Regional Communications

Income Fund 4,008,223 4,342,569 79,350 Manitoba Telecom Services Inc. 2,915,443 2,531,265

6,923,666 6,873,834

HEALTH CARE (1.4%) 177,600 Mediware Information Systems Inc. 1,377,121 1,558,243




Net Assets (100.0%) 108,534,354




CI Can-Am Small Cap Corporate Class Financial Statements

– 40 –




















103,349 73,0734,194 3,055

- 3,499- -- -- -- -- -- -

143 149849 -

- -305 288

108,840 80,064

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

227 194- -- -- -

79 48306 242

108,534 79,822

97,549 96,858- -

71,120 53,8792,622 2,273

34,792 23,670

13.36 9.7012.39 8.9013.23 9.39

5,324,949 5,556,889211,571 255,343

2,628,829 2,520,853

1,974 1,3851,402 1,505

21 23- -- -- -

(51) (25)3,346 2,888

1,257 1,080128 111

- -30 3269 59

1,484 1,2821,862 1,606

- -1,862 1,606

167 (3,761)(127) 963(97) (137)

- -

29,581 (19,867)29,524 (22,802)31,386 (21,196)

19,549 (13,916)818 (789)

11,019 (6,491)

3.77 (2.99)3.78 (2.95)3.98 (2.55)


2010 2009


2010 2009


CI Can-Am Small Cap Corporate Class Financial Statements

– 41 –


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















53,879 56,993

11,554 19,974838 -

(8,767) (9,421)(5,287) 249

225 -(1,437) 10,802

- -(871) -

- -(871) -

19,549 (13,916)71,120 53,879

2,273 2,131

674 1,14729 -

(1,000) (423)(143) 207

- -(440) 931

- -(29) -

- -(29) -818 (789)

2,622 2,273

23,670 31,186

12,503 2,755459 -

(12,366) (3,879)(34) 99

- -562 (1,025)

- -(459) -

- -(459) -

11,019 (6,491)34,792 23,670

79,822 90,310

24,731 23,8761,326 -

(22,133) (13,723)(5,464) 555

225 -(1,315) 10,708

- -(1,359) -

- -(1,359) -31,386 (21,196)

108,534 79,822


2010 2009


2010 2009



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

– 42 –


A SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

F SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

I SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year


2010 2009

5,556,889 4,484,831973,088 1,874,70665,685 -

(730,259) (837,138)(560,143) 34,490

19,689 -5,324,949 5,556,889

255,343 184,50660,671 98,4252,443 -

(91,810) (43,515)(15,076) 15,927

- -211,571 255,343

2,520,853 2,593,2671,173,301 261,687

36,582 -(1,099,948) (345,793)

(1,959) 11,692- -

2,628,829 2,520,853




13.36 9.7013.38 9.75

12.39 8.9012.41 8.95

13.23 9.3913.26 9.44



2010 2009


2010 2009


14,645 7,48915,009 7,982


2010 2009


96 1376 12



2.001.00


0.200.20

-


2010

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

– 43 –





Consumer Staples.................................................................................................................... 17.5Financials ................................................................................................................................. 17.4Consumer Discretionary........................................................................................................... 13.3Energy ...................................................................................................................................... 12.6Industrials ................................................................................................................................ 11.0Telecommunication Services ................................................................................................... 7.5Information Technology ........................................................................................................... 6.9Materials.................................................................................................................................. 5.4Short Term Investments........................................................................................................... 4.4Other Assets ............................................................................................................................ 4.0

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in Canadian equities andtherefore was sensitive to changes in general economic conditions in Canada.

As at March 31, 2010, had the Canadian markets increased or decreased by 10% (March 31, 2009- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $10,335,000 (March 31, 2009 - $7,307,000). In practice,actual results may differ from this analysis and the difference may be material.

Credit RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to credit risk assubstantially all of its assets were invested in equities.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 17,869 - 17,869 16.5 Euro 1 - 1 0.1 Total 17,870 - 17,870 16.6


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





(in $000's) (in $000's) (in $000's) (in $000's)



CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 44 –



BRAZIL (12.0%) 141,029 Banco Bradesco SA, Preferred, ADR 2,613,913 2,639,442 45,532 Companhia de Concessoes Rodoviarias 844,209 1,011,210 10,560 Energias do Brasil SA 185,480 206,242 73,263 Gafisa S.A., ADR* 1,248,092 1,020,001

125,387 Itau Unibanco Banco Multiplo SA, ADR 2,370,541 2,798,715 228,074 MRV Engenharia e Participacoes SA 1,673,752 1,616,345 73,411 Net Servicos de Comunicacao SA, Preferred 1,000,567 964,219 65,399 Petroleo Brasileiro SA, ADR 2,778,988 2,954,690 61,249 Tractebel Energia SA 794,218 694,298

118,933 Vale SA, ADR* 2,814,641 3,882,950 16,324,401 17,788,112

RUSSIA (9.8%) 89,266,207 Federal Grid Co Unified Energy System JSC 1,056,852 1,024,340

22,764 Lukoil, ADR (London Stock Exchange) 1,446,283 1,308,409 68,213 Magnitogorsk Iron & Steel Works, GDR 896,226 838,168 33,327 Mobile Telesystems OJSC, ADR 1,891,657 1,878,312 27,434 NovaTek OAO, Registered GDR 1,531,474 2,019,787 35,561 Novolipet Steel 1,066,170 1,251,283

112,670 OAO Gazprom, ADR 3,978,118 2,669,325 55,856 OAO TMK, Registered GDR 1,606,488 1,155,418

297,182 Rosneft Oil Co.* 2,513,379 2,393,173 15,986,647 14,538,215

SOUTH KOREA (9.6%) 8,628 Daum Communication Inc. 525,109 521,157

22,716 KB Finanical Group Inc., ADR 1,466,922 1,105,189 5,906 Megastudy Co., Ltd. 1,203,855 982,227

13,001 NHN Corp. 2,288,817 2,094,519 5,890 Samsung Electronics Co., Ltd. 4,006,465 4,318,972

25,508 Shinhan Financial Group Co., Ltd. 1,122,415 1,016,488 5,264 Shinsegae Co., Ltd. 2,626,052 2,527,625

56,617 Woongjin Coway Co., Ltd. 1,746,716 1,781,057 14,986,351 14,347,234

INDIA (9.2%)321,123 Bharti Tele Ventures Ltd. 2,549,180 2,281,895 23,719 Housing Development Finance Corp., Ltd. 1,132,114 1,459,002 33,486 Infosys Technologies Ltd., ADR 1,470,057 1,999,829

164,544 Power Finance Corp., Ltd. 873,634 962,942 22,988 State Bank of India Ltd., GDR 1,943,355 2,194,358

119,620 Sterlite Industries India Ltd. 2,063,268 2,306,998 1,475,383 Unitech Ltd. 2,742,492 2,464,771

12,774,100 13,669,795CHINA (8.9%)

199,300 Anhui Conch Cement Co., Ltd. 1,305,692 1,334,615 929,100 China Communications Construction Co., Ltd. 1,098,610 890,728

2,328,400 China Construction Bank Corp., Class H 1,933,528 1,930,748 360,100 China Shenhua Energy Co., Ltd., Class H 1,355,370 1,575,426 767,900 Guangzhou R&F Properties Co., Ltd. 1,493,904 1,269,494

3,950,700 Industrial & Commercial Bank of China 3,140,164 3,053,798 19,812 PetroChina Co., Ltd., ADR 2,622,788 2,358,351

341,000 Yanzhou Coal Mining Co., Ltd. 745,440 828,665 13,695,496 13,241,825

SOUTH AFRICA (8.1%) 129,463 Absa Group Ltd. 2,197,508 2,562,505 189,485 Aspen Pharmacare Holdings Ltd. 1,567,071 2,101,095 98,494 Massmart Holdings Ltd. 1,131,177 1,489,739 91,724 MTN Group Ltd. 1,422,397 1,431,963 80,251 Naspers Ltd. 2,541,639 3,540,421 31,942 SABMiller PLC (ZAR)* 832,245 953,879

9,692,037 12,079,602TAIWAN (7.3%)

654,094 Acer Inc. 1,650,384 1,962,819 498,052 Delta Electronics Inc. 1,570,402 1,601,320 343,792 Hon Hai Precision Industry Co., Ltd. 1,642,355 1,512,292 104,066 MediaTek Inc. 1,551,408 1,834,416 404,123 Synnex Technology International Corp. 820,709 905,001

1,445,212 Taiwan Semiconductor Manufacturing Co., Ltd. 2,904,029 2,843,439

16,106 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 181,792 171,407

10,321,079 10,830,694MEXICO (4.9%)

26,113 America Movil SAB de C.V., ADR, Series L 1,343,821 1,333,573 759,676 Corporacion GEO SAB de CV, Series B 2,102,947 2,334,224 23,557 Desarrolladora Homex SA, ADR* 704,474 675,559

217,786 Grupo Financiero Banorte SA de CV 858,148 969,875 732,018 Grupo Mexico SA de CV 1,702,681 2,024,978

6,712,071 7,338,209HONG KONG (4.9%)

26,419 China Mobile (Hong Kong) Ltd., ADR 1,499,629 1,290,714 583,200 China Overseas Land & Investment Ltd. 1,121,100 1,336,381 13,996 CNOOC Ltd., ADR 1,954,707 2,346,122

1,072,000 Fushan International Energy Group Ltd. 976,622 827,229 6,238,600 Renhe Commercial Holdings 1,530,680 1,468,718

7,082,738 7,269,164THAILAND (3.5%)

274,600 Bangkok Bank PCL, Foreign Registered Shares 996,751 1,164,413

125,100 Banpu Public Co., Ltd. 1,512,749 2,428,391 511,700 Kasikornbank PCL,

Foreign Registered Shares 1,266,062 1,615,304 3,775,562 5,208,108

TURKEY (2.6%) 54,240 Anadolu Efes Biracilik ve Malt Sanayii AS 558,605 566,043

337,218 Haci Omer Sabanci Holding AS 1,521,298 1,455,043 397,803 Turkiye Garanti Bankasi AS 1,406,026 1,876,128

3,485,929 3,897,214CAYMAN ISLANDS (2.6%)

674,100 China High Speed Transmission Equipment Group Co., Ltd. 1,361,459 1,512,935

410,400 Parkson Retail Group Ltd. 575,246 714,974 41,986 SINA Corp. 1,530,224 1,606,975

3,466,929 3,834,884



CI Emerging Markets Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 45 –– 45 –

CZECH REPUBLIC (1.9%) 18,973 CEZ Group 1,034,736 910,814 9,438 Komercni Banka AS 1,939,344 1,947,957

2,974,080 2,858,771ISRAEL (1.9%)

122,458 ICL-Israel Chemicals Ltd. 1,373,124 1,682,079 16,870 Teva Pharmaceutical Industries Ltd., ADR 855,607 1,080,822

2,228,731 2,762,901EGYPT (1.8%)

131,947 Commercial International Bank 1,382,517 1,569,888 22,557 Orascom Construction Industries 1,328,380 1,077,723

2,710,897 2,647,611U.K. (1.7%)

71,448 Billiton PLC* 2,040,023 2,505,714

CHILE (1.6%) 16,969 Banco Santander Chile SA, ADR 950,078 1,176,081 67,226 Lan Airlines SA, ADR 1,067,875 1,204,926

2,017,953 2,381,007BERMUDA (1.5%)

3,001,200 GOME Electrical Appliances Holdings Ltd. 1,128,331 1,024,505 985,000 Huabao International Holdings Ltd. 1,108,592 1,195,537

2,236,923 2,220,042

INDONESIA (0.8%) 2,085,073 PT Bank Mandiri 889,419 1,222,912

POLAND (0.8%) 80,536 Powszechna Kasa Oszczednosci

Bank Polski SA 1,018,252 1,142,206

COLOMBIA (0.7%) 22,676 Bancolombia SA, ADR 916,452 1,049,819

PORTUGAL (0.6%) 79,837 Jeronimo Martins SGPS SA 706,118 821,425




Total Net Assets (100.0%) 148,834,432





CI Emerging Markets Corporate ClassFinancial Statements

– 46 –




















143,655 51,0725,168 622

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

194 68- 84- -

146 134149,163 51,980

- -- -- -- -- -

145 50175 93

- -- -- -9 1

329 144148,834 51,836

135,764 67,489- -

118,224 26,9282,363 1,844

28,247 23,064

14.16 9.7816.95 11.5910.35 6.97

8,351,767 2,753,675139,410 159,063

2,728,072 3,307,940

1,878 2,2681 467 13- -- -- -

(176) (181)1,710 2,146

1,366 916148 102

1 -13 175 50

1,603 1,069107 1,077

- -107 1,077

1,036 (14,404)(400) (142)(317) (182)

- -

24,309 (19,535)24,628 (34,263)24,735 (33,186)

13,064 (19,988)788 (1,508)

10,883 (11,690)

2.95 (6.64)5.44 (7.85)3.39 (4.56)


2010 2009


2010 2009


CI Emerging Markets Corporate ClassFinancial Statements

– 47 –

















26,928 50,325

83,388 7,001- -

(7,158) (8,512)2,002 (1,898)

78,232 (3,409)

- -- -- -- -

13,064 (19,988)118,224 26,928

1,844 3,716

167 314- -

(469) (1,209)33 531

(269) (364)

- -- -- -- -

788 (1,508)2,363 1,844

23,064 16,869

602 15,788- -

(6,417) (296)115 2,393

(5,700) 17,885

- -- -- -- -

10,883 (11,690)28,247 23,064

51,836 70,910

84,157 23,103- -

(14,044) (10,017)2,150 1,026

72,263 14,112

- -- -- -- -

24,735 (33,186)148,834 51,836


2010 2009


2010 2009



CI Emerging Markets Corporate ClassFinancial Statements – Supplementary Schedules

– 48 –






2010 2009

2,753,675 3,104,0165,986,650 530,960

- -(539,098) (707,290)150,540 (174,011)

8,351,767 2,753,675

159,063 195,23110,394 21,823

- -(30,156) (87,387)

109 29,396139,410 159,063

3,307,940 1,497,27262,622 1,538,151

- -(653,552) (38,497)

11,062 311,0142,728,072 3,307,940




14.16 9.7814.19 9.80

16.95 11.5916.99 11.62

10.35 6.9710.38 6.99



2010 2009


2010 2009


6,574 6176,705 657


2010 2009


305 17222 17



2.251.25


0.220.22

-


2010

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

– 49 –





Hong Kong................................................................................................................................ 14.1Brazil ........................................................................................................................................ 12.7South Korea ............................................................................................................................. 11.1Mexico ..................................................................................................................................... 7.2Russia....................................................................................................................................... 6.6Taiwan...................................................................................................................................... 6.6India ......................................................................................................................................... 6.1South Africa ............................................................................................................................. 5.4Israel ........................................................................................................................................ 4.6Chile ......................................................................................................................................... 3.6Cayman Islands........................................................................................................................ 3.4Thailand ................................................................................................................................... 2.9U.K............................................................................................................................................ 2.8Czech Republic ......................................................................................................................... 2.7China ........................................................................................................................................ 2.5Turkey ....................................................................................................................................... 2.4Other Assets ............................................................................................................................ 1.5Indonesia.................................................................................................................................. 1.4Colombia .................................................................................................................................. 1.2Egypt ........................................................................................................................................ 0.7Bermuda ................................................................................................................................... 0.5

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in foreign equities andtherefore was sensitive to changes in general economic conditions across the world.

As at March 31, 2010, had foreign markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $14,366,000 (March 31, 2009 - $5,107,000). In practice, actualresults may differ from this analysis and the difference may be material.




Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 50,808 - 50,808 34.1 Hong Kong Dollar 18,964 - 18,964 12.7 South Africa Rand 14,439 - 14,439 9.7 Korean Won 13,323 - 13,323 9.0 Taiwan Dollar 11,304 - 11,304 7.6 Indian Rupee 9,476 - 9,476 6.4 Mexican Peso 5,329 - 5,329 3.6 Thai Baht 5,208 - 5,208 3.5 Brazilian Real 4,492 - 4,492 3.0 Turkish Lira 3,897 - 3,897 2.6 Czech Koruna 2,859 - 2,859 1.9 Egyptian Pound 2,685 - 2,685 1.8 Israeli Shekel 1,682 - 1,682 1.1 Indonesian Rupiah 1,223 - 1,223 0.8 Polish Zloty 1,142 - 1,142 0.8 Euro 821 - 821 0.6 Argentine Peso 41 - 41 0.1 Philippine Peso 16 - 16 0.1 Total 147,709 - 147,709 99.4


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



– 50 –

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

– 50 –





(in $000's) (in $000's) (in $000's) (in $000's)



CI European Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 51 –



U.K. (28.5%) 48,374 Aviva PLC 294,448 286,851 58,890 Barratt Developments PLC 107,705 112,560 11,043 British American Tobacco PLC 362,990 386,569 8,193 Carnival PLC 302,412 341,486 5,535 Imperial Tobacco Group PLC 222,688 171,404

27,768 National Grid PLC 287,726 274,363 8,824 Next PLC 314,097 294,201

24,600 Prudential PLC 209,149 207,038 11,765 Royal Dutch Shell PLC, Class A 329,388 346,013 15,166 Standard Chartered PLC 346,774 420,206 23,270 United Utilities PLC 180,345 200,328 7,376 Wolseley PLC 176,916 180,776

3,134,638 3,221,795GERMANY (17.0%)

7,914 DaimlerChrysler AG, Registered Shares 345,451 376,891 4,368 Deutsche Boerse AG 388,756 327,053 6,476 Fresenius AG 496,606 495,550 3,537 RWE AG, Class A 346,724 318,061 8,150 SAP AG 400,051 399,925

1,977,588 1,917,480SWITZERLAND (10.7%)

4,764 Adecco SA, Registered Shares* 301,413 274,658 2,519 Roche Holding AG 427,380 414,693

108 SGS SA, Registered Shares 146,746 151,267 1,434 Zurich Financial Services AG 296,468 373,243

1,172,007 1,213,861FRANCE (6.2%)

4,575 Alstom* 263,068 289,770 3,875 Bouygues SA* 240,616 197,803 3,551 Total SA 225,979 209,348

729,663 696,921 IRELAND (5.1%)

12,285 CRH PLC 319,180 311,275 9,626 Ryanair Holdings PLC, ADR 291,332 265,591

610,512 576,866 DENMARK (4.8%)

44 AP Moller - Maersk A/S 306,531 339,712 2,612 Novo Nordisk A/S* 144,531 205,805

451,062 545,517 SPAIN (4.5%)

25,937 Banco Santander Central Hispano SA 433,830 349,907 2,418 Inditex SA 154,882 161,874

588,712 511,781 LUXEMBOURG (3.7%)

9,286 ArcelorMittal* 408,877 413,759

SWEDEN (3.4%) 37,702 Volvo AB, Series B* 267,954 385,294

NORWAY (3.1%) 15,116 Statoil ASA 333,639 355,448

NETHERLANDS (2.6%) 18,339 Royal KPN NV 271,343 294,853

ITALY (2.5%) 11,765 Eni SpA 310,369 278,570

U.S.A. (2.4%) 7,000 iShares S&P Europe 350 Index Fund 272,663 272,041


AUSTRIA (2.2%) 5,867 Erste Bank der Oesterreichischen

Sparkassen AG 270,690 247,171



Other Assets (net) (1.1%) 123,713

Net Assets (100.0%) 11,304,285



CI European Corporate ClassFinancial Statements

– 52 –






Net assets per classA SharesF Shares


A SharesF Shares


A SharesF Shares







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


A SharesF Shares

11,181 11,18494 221

- -- -- -- -- -- -- -4 1- 47- -

44 3111,323 11,484

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

17 18- -- -- -2 1

19 1911,304 11,465

10,935 12,762- -

10,881 11,083423 382

7.14 5.9710.31 8.53

1,524,261 1,857,62541,015 44,786

463 687- 5

21 36- -- -- -

(62) (87)422 641

245 37927 42

- 11 1

14 21287 444135 197

- -135 197

457 (9,044)(92) 18(65) (123)

- -

1,823 (2,068)2,123 (11,217)2,258 (11,020)

2,178 (10,656)80 (364)

1.28 (4.88)1.84 (6.63)


2010 2009


2010 2009


CI European Corporate ClassFinancial Statements

– 53 –













11,083 27,181

875 1,982- -

(2,356) (4,665)(899) (2,759)

(2,380) (5,442)

- -- -- -- -

2,178 (10,656)10,881 11,083

382 1,018

13 195- -

(38) (445)(14) (22)(39) (272)

- -- -- -- -

80 (364)423 382

11,465 28,199

888 2,177- -

(2,394) (5,110)(913) (2,781)

(2,419) (5,714)

- -- -- -- -

2,258 (11,020)11,304 11,465


2010 2009


2010 2009



CI European Corporate ClassFinancial Statements – Supplementary Schedules

– 54 –





2010 2009

1,857,625 2,519,041125,306 245,337

- -(333,639) (584,515)(125,031) (322,238)

1,524,261 1,857,625

44,786 66,7361,204 15,208

- -(3,620) (35,538)(1,355) (1,620)41,015 44,786



7.14 5.977.15 5.98

10.31 8.5310.33 8.55



2010 2009


2010 2009


1,701 1,2851,735 1,369


2010 2009


63 1204 12

Annual management fee rateA SharesF Shares

Annual fixed administration fee rateA SharesF Shares

2.001.00

0.220.22


2010

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

– 55 –





U.K............................................................................................................................................ 27.0Germany ................................................................................................................................... 19.8France....................................................................................................................................... 13.6Switzerland .............................................................................................................................. 7.5Norway..................................................................................................................................... 7.1Spain ........................................................................................................................................ 6.4Sweden .................................................................................................................................... 4.6Italy .......................................................................................................................................... 3.7Portugal .................................................................................................................................... 2.8Finland...................................................................................................................................... 2.7U.S.A. ....................................................................................................................................... 2.5Other Assets ............................................................................................................................ 2.3

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in European equities andtherefore was sensitive to changes in general economic conditions across Europe.

As at March 31, 2010, had European markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,118,000 (March 31, 2009 - $1,118,000). 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) (%)Euro 4,928 - 4,928 43.6 British Pound 3,253 - 3,253 28.8 Swiss Franc 1,214 - 1,214 10.7 US Dollar 592 - 592 5.2 Danish Krone 546 - 546 4.8 Swedish Krona 385 - 385 3.4 Norwegian Krone 355 - 355 3.1 Total 11,273 - 11,273 99.6


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





(in $000's) (in $000's) (in $000's) (in $000's)



CI Global Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 56 –

U.S.A. (43.5%) 6,144 3M Co. 504,185 521,411

12,737 Abbott Laboratories Inc. 664,310 681,124 9,762 Advance Auto Parts Inc. 401,596 415,565 7,550 Amgen Inc. 454,673 458,180 2,294 Apple Computer Inc. 296,620 547,001 2,904 Arch Capital Group Ltd. 196,543 224,684

11,100 Avnet Inc. 325,920 338,160 7,297 Celgene Corp. 416,284 458,684

23,692 Charles Schwab Corp.* 459,580 449,665 36,367 Cisco Systems Inc. 966,891 961,302 8,972 CSX Corp. 443,875 463,661 6,642 Danaher Corp. 458,874 538,987

16,760 DIRECTV 487,671 575,437 17,503 Dow Chemical Co. 519,183 525,229 9,955 Ecolab Inc. 398,310 444,302 4,977 EOG Resources Inc. 415,637 469,730 7,986 Fastenal Co.* 315,809 389,187 6,309 General Dynamics Corp. 424,809 494,602

14,040 Gilead Sciences Inc.* 716,434 648,434 1,448 Google Inc., Class A 753,467 832,754

10,637 Hansen Natural Corp. 381,412 468,152 8,446 Hewlett-Packard Co. 365,916 455,861 6,742 International Business Machines Corp. 800,438 878,061

17,725 JPMorgan Chase & Co. 688,169 805,305 40,312 Kroger Co. 1,078,466 886,689 8,076 McDonald's Corp. 538,818 547,099

49,812 Microsoft Corp. 1,539,830 1,480,085 5,425 Monsanto Co. 594,167 393,127 6,368 Noble Energy Inc. 439,825 471,356 7,179 Occidental Petroleum Corp. 588,055 616,318

35,579 Oracle Corp. 741,870 927,827 9,674 PepsiCo Inc. 627,633 649,950

50,617 Pfizer Inc. 884,851 881,534 12,990 Phillip Morris International Inc. 652,097 688,058 6,579 PNC Financial Services Group Inc. 377,960 398,719

10,714 QUALCOMM Inc. 435,915 456,744 9,683 Questar Corp. 432,318 424,395

94,309 Qwest Communications International Inc.* 377,619 499,922 12,085 Southwestern Energy Co. 544,653 499,727 12,808 State Street Corp. 679,462 587,112 11,297 TJX Cos., Inc. 439,023 487,792 20,120 Urban Outfitters Inc.* 398,361 777,021 23,444 US Bancorp 523,752 615,181 27,694 Walt Disney Co. 781,040 981,780 6,910 Waters Corp. 415,465 473,583

21,497 Wells Fargo & Co. 587,130 678,480 8,696 XTO Energy Inc. 387,249 416,282

25,922,165 27,884,259

JAPAN (8.9%) 15,690 Canon Inc. 691,392 736,241 17,683 Credit Saison Co., Ltd.* 603,923 277,931 3,007 East Japan Railway Co. 219,650 211,978

10,469 FamilyMart Co., Ltd. 336,426 337,620 1,741 Fanuc Ltd. 147,016 187,407

12,616 Honda Motor Co., Ltd. 352,914 451,534 154 Japan Tobacco Inc. 699,370 581,285 310 Jupiter Telecommunication Co.* 247,867 362,989

13,816 Mitsubishi Corp. 233,675 367,523 121,869 Mitsubishi UFJ Financial Group Inc. 697,843 648,638 14,473 Mitsui & Co., Ltd. 221,059 246,501 6,174 Nitori Co., Ltd. 435,449 474,803

14,379 Sumitomo Mitsui Financial Group Inc. 482,736 481,834 8,640 Toyota Motor Corp. 506,170 350,524

5,875,490 5,716,808 U.K. (6.7%)

71,051 Aviva PLC 432,440 421,323 22,850 British American Tobacco PLC 770,959 799,882 10,808 Carnival PLC 407,245 450,479 30,732 National Grid PLC 324,035 303,649 13,514 Next PLC 482,105 450,571 37,600 Prudential PLC 319,678 316,449 26,311 Royal Dutch Shell PLC, Class A* 750,670 773,817 28,614 Standard Chartered PLC 650,090 792,812

4,137,222 4,308,982 GERMANY (5.2%)

16,079 DaimlerChrysler AG, Registered Shares 709,769 765,735 7,343 Deutsche Boerse AG 666,842 549,806

10,074 Fresenius AG 728,812 770,873 5,739 RWE AG, Class A 566,363 516,073

14,740 SAP AG 753,557 723,300 3,425,343 3,325,787

HONG KONG (5.0%) 5,683 China Mobile (Hong Kong) Ltd., ADR 360,852 277,646

265,908 CNOOC Ltd. 326,328 442,382 66,259 Esprit Holdings Ltd. 448,031 531,232 28,722 Hang Seng Bank Ltd. 444,113 406,463

128,132 Hutchison Whampoa Ltd. 1,432,362 951,886 119,335 Li & Fung Ltd. 449,903 595,444

3,461,589 3,205,053 SWITZERLAND (4.2%)

8,091 Adecco SA, Registered Shares* 503,199 466,469 4,417 Mettler-Toledo International Inc. 464,670 489,811 2,822 Roche Holding AG 487,231 464,575 5,716 Transocean Ltd. 493,975 501,341 2,864 Zurich Financial Services AG 609,477 745,444

2,558,552 2,667,640 IRELAND (3.2%)

19,363 Accenture PLC 682,695 824,275 9,300 Covidien PLC 491,111 474,378

28,623 CRH PLC 766,806 725,244 1,940,612 2,023,897





CI Global Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 57 –– 57 –



SOUTH KOREA (1.9%) 5,781 KT&G Corp. 363,578 324,284 3,383 LG Electronics Inc. 350,818 347,657 1,498 Samsung Electronics Co., Ltd., GDR 419,053 555,243

1,133,449 1,227,184 DENMARK (1.9%)

105 AP Moller - Maersk A/S 727,951 810,676 5,270 Novo Nordisk A/S* 287,407 415,234

1,015,358 1,225,910 FRANCE (1.9%)

11,608 Alstom* 610,019 735,224 8,314 Total SA* 532,071 490,149

1,142,090 1,225,373 LUXEMBOURG (1.4%)

16,296 ArcelorMittal* 719,930 726,105 23,300 J.P. Morgan Structured Products. B.V. 176,513 164,962

896,443 891,067 TAIWAN (1.4%)

82,970 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 867,654 883,000

CHINA (1.4%) 746,537 Industrial & Commercial Bank of China 532,186 577,056

2,500 PetroChina Co., Ltd., ADR 305,987 297,591 838,173 874,647

SWEDEN (1.3%) 83,100 Volvo AB, Series B* 568,871 849,237

SPAIN (1.2%) 44,053 Banco Santander Central Hispano SA 743,295 594,303 2,916 Inditex SA 186,759 195,213

930,054 789,516 JERSEY ISLAND (1.0%)

10,443 Housing Development Finance Ltd. 508,513 642,771

NORWAY (1.0%) 26,789 Statoil ASA 591,488 629,934

AUSTRALIA (0.9%) 8,226 Rio Tinto Ltd. 276,809 600,870

NETHERLANDS (0.9%) 36,710 Royal KPN NV 576,023 590,220

BRAZIL (0.9%) 6,108 Petroleo Brasileiro SA, ADR 284,203 275,956 9,487 Vale SA, ADR* 309,463 309,734

593,666 585,690 PORTUGAL (0.9%)

53,194 Jeronimo Martins SGPS SA 368,631 547,301

INDIA (0.8%) 57,487 Bharti Airtel Ltd., Participating Notes

(JP Morgan) 505,390 407,004 2,000 Housing Development Financial Corp. Ltd. 115,948 123,101

621,338 530,105 SINGAPORE (0.7%)

69,521 Keppel Corp., Ltd. 432,964 459,756

CZECH REPUBLIC (0.3%) 3,449 CEZ Group 151,716 165,572


Total Equities (96.5%) 58,728,175 61,850,579


Futures Contracts (0.1%)(see Schedule A) 45,998



Net Assets (100.0%) 64,150,030



Schedule AFutures Contracts (0.1%)

Contracts Futures Price Expiry Date Country Cost ($) Fair Value ($)

18 Eux Dj Euro Stoxx 50 Index Futs June 10 2,851.00 18-Jun-10 Euro 697,138 704,000 3 S&P 500 Stock Index Futures June 10 1,165.20 17-Jun-10 US $ 866,665 887,445 3 Tse Topix Stock Index Futures Jun 10 977.50 11-Jun-10 Japanese Yen 300,175 318,531

1,863,978 1,909,976 Exercise Price 1,863,978 Total Future Contracts Value 45,998

CI Global Corporate ClassFinancial Statements

– 58 –


AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on future contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on future 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 SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares



61,851 70,8162,243 1,139

- -- -- -

144 57746 -

- -- -

40 51- 69- -

154 17864,478 72,830

- -- -- -- -- -- 19

314 307- -- -- -

14 10328 336

64,150 72,494

58,728 82,424- -

60,699 69,1961,482 1,6681,684 1,556

54 1738 26

193 31

11.93 9.766.47 5.248.21 6.567.22 6.207.58 6.435.93 5.24

5,086,923 7,092,961229,018 318,441205,151 237,229

7,490 2,6674,961 4,017

32,537 6,007


2010 2009


2010 2009



– 59 –







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















1,763 2,329- 55

41 67- -- -- -

(181) (274)1,623 2,177

1,391 2,098156 236

- 236 277 116

1,660 2,454(37) (277)

- -(37) (277)

867 (47,238)(340) 276(247) (582)

- -

14,776 2,73415,056 (44,810)15,019 (45,087)

14,278 (40,431)336 (817)376 (3,804)

7 (6)6 (13)

16 (16)

2.36 (4.84)1.33 (2.49)1.73 (3.42)1.23 (2.34)1.49 (3.18)0.78 (3.10)

69,196 140,529

3,408 11,279- -

(21,582) (38,580)(4,601) (3,601)

(22,775) (30,902)

- -- -- -- -

14,278 (40,431)60,699 69,196

1,668 2,641

110 714- -

(654) (663)22 (207)

(522) (156)

- -- -- -- -

336 (817)1,482 1,668

1,556 14,441

78 306- -

(192) (6,998)(134) (2,389)(248) (9,081)

- -- -- -- -

376 (3,804)1,684 1,556


2010 2009


2010 2009




– 60 –

















72,494 157,709

3,735 12,367- -

(22,428) (46,256)(4,657) (6,232)

(23,350) (40,121)

- -- -

(13) (7)(13) (7)

15,019 (45,087)64,150 72,494

17 31

3 44- -- -

29 (51)32 (7)

- -- -

(2) (1)(2) (1)7 (6)

54 17

26 41

- -- -- -7 -7 -

- -- -

(1) (2)(1) (2)6 (13)

38 26

31 26

136 24- -- (15)

20 16156 25

- -- -

(10) (4)(10) (4)16 (16)

193 31


2010 2009



2010 2009


CI Global Corporate ClassFinancial Statements – Supplementary Schedules

– 61 –









2010 2009

7,092,961 9,631,743301,728 985,611

- -(1,903,558) (3,390,358)

(404,208) (134,035)5,086,923 7,092,961

318,441 340,94320,534 118,941

- -(112,073) (112,783)

2,116 (28,660)229,018 318,441

237,229 1,507,26410,844 32,526

- -(26,325) (988,919)(16,597) (313,642)205,151 237,229

2,667 3,161428 4,442

- -- -

4,395 (4,936)7,490 2,667

4,017 4,07863 -

- -(62) (61)943 -

4,961 4,017

6,007 2,95923,318 2,809

- -(19) (1,638)

3,231 1,87732,537 6,007









2010 2009

11.93 9.7611.94 9.77

6.47 5.246.48 5.25

8.21 6.568.22 6.57

7.22 6.207.22 6.21

7.58 6.437.58 6.44

5.93 5.245.93 5.25

CI Global Corporate ClassFinancial Statements – Supplementary Schedules

– 62 –



2010 2009


5,921 8,3706,040 8,920


2010 2009


240 56917 57

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 Shares

2.001.00

Paid directly by investor2.001.002.00

0.220.22

-0.220.220.22


2010


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

– 63 –




U.S.A. ....................................................................................................................................... 43.6Japan ....................................................................................................................................... 11.0Hong Kong................................................................................................................................ 6.5U.K............................................................................................................................................ 6.2Switzerland .............................................................................................................................. 5.5Germany ................................................................................................................................... 5.0France....................................................................................................................................... 2.8Other Assets ............................................................................................................................ 2.4South Korea ............................................................................................................................. 2.2Norway..................................................................................................................................... 1.8Spain ........................................................................................................................................ 1.7Australia................................................................................................................................... 1.3Taiwan...................................................................................................................................... 1.2Russia....................................................................................................................................... 1.0Italy .......................................................................................................................................... 1.0Portugal .................................................................................................................................... 1.0Singapore ................................................................................................................................. 0.8Canada ..................................................................................................................................... 0.8Jersey Island............................................................................................................................ 0.8Bermuda ................................................................................................................................... 0.7Sweden .................................................................................................................................... 0.7Finland...................................................................................................................................... 0.6India ......................................................................................................................................... 0.4Brazil ........................................................................................................................................ 0.4Cayman Islands........................................................................................................................ 0.3Czech Republic ......................................................................................................................... 0.3

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in global equities andtherefore was sensitive to changes in general economic conditions across the world.

As at March 31, 2010, had global markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $6,185,000 (March 31, 2009 - $7,082,000). 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 36,119 171 36,290 56.6 Euro 7,945 2 7,947 12.4 Japanese Yen 5,756 17 5,773 9.0 British Pound 4,366 - 4,366 6.8 Hong Kong Dollar 3,511 - 3,511 5.5 Swiss Franc 1,676 - 1,676 2.6 Danish Krone 1,226 - 1,226 1.9 Swedish Krona 849 - 849 1.3 Korean Won 672 - 672 1.0 Norwegian Krone 630 - 630 1.0 Australian Dollar 605 - 605 0.9 Singapore Dollar 460 - 460 0.7 Czech Koruna 166 - 166 0.3 Taiwan Dollar 51 - 51 0.1 Total 64,032 190 64,222 100.1


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 41,924 - 41,924 57.8 Euro 8,856 - 8,856 12.2 Japanese Yen 8,072 - 8,072 11.1 British Pound 4,549 - 4,549 6.3 Hong Kong Dollar 4,188 - 4,188 5.8 Swiss Franc 1,759 - 1,759 2.4 Norwegian Krone 1,336 - 1,336 1.8 Australian Dollar 923 - 923 1.3 Swedish Krona 506 - 506 0.7 Taiwan Dollar 384 - 384 0.5 Czech Koruna 226 - 226 0.3 Total 72,723 - 72,723 100.2

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009 -10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$6,422,000 (March 31, 2009 - $7,272,000). In practice, actual results may differ from this analysisand the difference may be material.



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

– 64 –




(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 60,513 1,338 - 61,851 Futures contracts 46 - - 46 Total 60,559 1,338 - 61,897

– 64 –



CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 65 –



U.S.A. (67.1%) 443,952 Advocat Inc. 8,640,130 3,061,147 325,000 Allos Therapeutics Inc.* 2,212,961 2,442,269 171,900 Angiodynamics Inc.* 3,028,551 2,721,450 150,000 Aphton Corp., Restricted Shares 363 183 454,900 BioMarin Pharmaceuticals Inc.* 6,162,016 10,772,659 579,700 Boston Scientific Corp.* 11,816,043 4,238,520 160,000 Brookdale Senior Living Inc. 2,691,770 3,384,447 225,607 Capital Senior Living Corp.* 1,968,015 1,200,500 73,500 Celgene Corp. 4,032,775 4,620,154 90,000 Eli Lilly and Co. 3,404,814 3,310,315

185,000 EV3 Inc. 2,166,815 2,979,568 110,000 Exelixis Inc.* 665,005 676,930 67,551 Genzyme Corp. 3,904,344 3,555,424 64,400 Gilead Sciences Inc.* 3,183,246 2,974,300

535,000 HealthSouth Corp.* 13,556,168 10,159,534 52,250 Hospira Inc.* 2,031,440 3,005,301

210,000 Human Genome Sciences Inc. 1,066,227 6,433,881 233,800 ImmunoGen Inc.* 1,848,536 1,918,378 300,000 Inspire Pharmaceuticals Inc.* 1,599,024 1,901,009 150,000 Merck & Co., Ltd. 5,183,575 5,684,749 336,551 NovaMed Inc.* 1,479,220 1,155,170 138,700 Onyx Pharmaceuticals Inc.* 4,479,157 4,260,693 123,157 Psychiatric Solutions Inc.* 3,992,707 3,726,952

1,267,500 Rite Aid Corp. 5,093,576 1,930,713 175,000 Talecris Biotherapeutics Holdiings 3,646,188 3,534,689 67,401 Wright Medical Group Inc.* 1,179,403 1,219,698 50,998 Zimmer Holdings Inc. 2,496,258 3,063,795

195,000 ZymoGenetics Inc.* 2,797,012 1,128,724 104,325,339 95,061,152

U.K. (5.3%) 307,201 GlaxoSmithKline PLC 9,978,050 5,987,756 163,874 Synergy Health PLC 1,284,092 1,518,124

11,262,142 7,505,880IRELAND (4.9%)

135,000 Covidien PLC 6,003,215 6,886,132

AUSTRALIA (4.8%) 1,650,000 Healthscope Ltd.* 5,680,936 6,780,380

FRANCE (3.7%) 70,000 Sanofi-Aventis* 6,056,854 5,298,855

CANADA (2.5%) 1,437,139 Patheon Inc. 7,499,839 3,592,848

SWITZERLAND (2.1%) 18,400 Roche Holding AG 3,133,539 3,029,120

SINGAPORE (1.6%) 1,600,000 Biosensors International Group 938,071 807,230 1,239,000 Raffles Medical Group Ltd. 1,062,039 1,430,082

2,000,110 2,237,312

GERMANY (1.6%) 55,000 Stada Arzneimittel AG 2,084,837 2,199,396

BRAZIL (1.5%) 270,000 Amil Participacoes SA 2,132,673 2,112,374

JAPAN (1.2%) 70,080 Sugi Pharmacy Co., Ltd.* 1,559,038 1,701,316


Total Equities (96.3%) 151,413,902 136,404,765


Written Option Contracts (-0.1%) (see Schedule A) (76,366) (51,791)



Net Assets (100.0%) 141,781,335



CI Global Health Sciences Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 66 –– 66 –

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 AWritten Option Contracts (-0.1%)

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

(5) (50,000) Human Genome Sciences 22-May-10 34.00 (76,366) (51,791)

Total Written Option Contracts Value (76,366) (51,791)


CI Global Health Sciences Corporate ClassFinancial Statements

– 67 –






Net assets per classA SharesF SharesI SharesY SharesZ Shares


A SharesF SharesI SharesY SharesZ Shares









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



136,405 96,8355,059 1,457

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

90 481,006 1,095

- -401 470

142,961 99,905

- -- -- -- -

52 -663 909436 371

- -- -- -

29 61,180 1,286

141,781 98,619

151,414 171,928- -

104,078 95,6913,970 2,408

656 520477 -

32,600 -

20.57 15.5112.52 9.3411.79 8.6810.72 -10.65 -

5,059,335 6,170,525317,198 257,86955,629 59,94044,477 -

3,060,817 -

1,876 1,721- 8

73 227303 163

- -1 -

(325) (327)1,928 1,792

2,611 2,503291 279

- 156 2

145 1393,103 2,924(1,175) (1,132)

- -(1,175) (1,132)

(25,425) (5,212)(581) 282(215) (190)

- -

60,109 (21,546)33,888 (26,666)32,713 (27,798)

29,413 (27,050)762 (636)175 (112)40 -

2,323 -

5.24 (3.93)2.90 (2.22)3.10 (1.41)0.77 -0.68 -


2010 2009


2010 2009


CI Global Health Sciences Corporate ClassFinancial Statements

– 68 –













Y SharesNet assets, beginning of yearCapital transactions




Z SharesNet assets, beginning of yearCapital transactions








95,691 150,028

6,588 6,605- -

(25,790) (32,390)(1,824) (1,502)

- -(21,026) (27,287)

- -- -- -- -

29,413 (27,050)104,078 95,691

2,408 4,331

1,225 630- -

(583) (1,633)158 (284)

- -800 (1,287)

- -- -- -- -

762 (636)3,970 2,408

520 1,362

5 5- -

(7) (239)(37) (496)

- -(39) (730)

- -- -- -- -

175 (112)656 520

- -

2 -- -

(113) -(14) -562 -437 -

- -- -- -- -

40 -477 -

- -

456 -- -

(6,430) -(420) -

36,671 -30,277 -

- -- -- -- -

2,323 -32,600 -

98,619 155,721

8,276 7,240- -

(32,923) (34,262)(2,137) (2,282)37,233 -10,449 (29,304)

- -- -- -- -

32,713 (27,798)141,781 98,619


2010 2009


2010 2009



CI Global Health Sciences Corporate ClassFinancial Statements – Supplementary Schedules

– 69 –





Y SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

Z SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year


2010 2009

6,170,525 7,705,401342,405 370,112

- -(1,354,482) (1,820,464)

(99,113) (84,524)- -

5,059,335 6,170,525

257,869 373,27397,130 56,644

- -(52,246) (149,081)14,445 (22,967)

- -317,198 257,869

59,940 127,828430 492

- -(659) (22,364)

(4,082) (46,016)- -

55,629 59,940

- -147 -

- -(10,636) -(1,233) -56,199 -44,477 -

- -43,479 -

- -(609,690) -(40,143) -

3,667,171 -3,060,817 -





Y SharesNet assets per shareNet asset value per share

Z SharesNet assets per shareNet asset value per share


2010 2009

20.57 15.5120.60 15.56

12.52 9.3412.53 9.37

11.79 8.6811.80 8.71

10.72 -10.73 -

10.65 -10.66 -


2010 2009


199 17614 19


2010 2009


24,423 23,46824,912 25,011

Annual management fee rateA SharesF SharesI SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesI SharesY SharesZ Shares

2.001.00


0.220.22

-0.220.22


2010

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

– 70 –





U.S.A. ....................................................................................................................................... 62.9Australia................................................................................................................................... 6.9U.K............................................................................................................................................ 6.8France....................................................................................................................................... 5.0Bermuda ................................................................................................................................... 4.2Canada ..................................................................................................................................... 3.5Germany ................................................................................................................................... 2.3Finland...................................................................................................................................... 1.9Other Assets ............................................................................................................................ 1.8Japan ....................................................................................................................................... 1.6Ireland ...................................................................................................................................... 1.3Brazil ........................................................................................................................................ 1.0Singapore ................................................................................................................................. 0.8


As at March 31, 2010, had global markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $13,641,000 (March 31, 2009 - $9,684,000). In practice, actualresults may differ from this analysis and the difference may be material.

Credit RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposed to credit risk as substantiallyall of its assets were invested in equities.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 107,359 (51) 107,308 75.7 British Pound 7,612 - 7,612 5.4 Euro 7,498 - 7,498 5.3 Australian Dollar 6,957 - 6,957 4.9 Swiss Franc 3,029 - 3,029 2.1 Singapore Dollar 2,237 - 2,237 1.6 Brazilian Real 2,121 - 2,121 1.5 Japanese Yen 1,705 - 1,705 1.2 Total 138,518 (51) 138,467 97.7

Currency Risk (cont’d)


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 69,440 - 69,440 70.4 Euro 8,736 - 8,736 8.9 Australian Dollar 6,919 - 6,919 7.0 British Pound 6,869 - 6,869 7.0 Japanese Yen 1,614 - 1,614 1.6 Brazilian Real 936 - 936 0.9 Singapore Dollar 825 - 825 0.8 Total 95,339 - 95,339 96.6



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


(in $000's) (in $000's) (in $000's) (in $000's)


Short Positions at fair value as at March 31, 2010Level 1 Level 2 Level 3 Total

(in $000's) (in $000's) (in $000's) (in $000's)

Written Options - short (52) - - (52)Total (52) - - (52)


CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 71 –




EQUITIES SUBJECT TO FORWARD AGREEMENT (115.8%) 476,684 Celestica Inc.* 4,600,000 5,291,192 206,284 Celtic Exploration Ltd.* 2,809,588 4,032,852 371,334 CGI Group Inc.* 3,609,366 5,618,283 421,245 Crew Energy Inc.* 4,600,000 7,317,026 258,320 Eldorado Gold Corp.* 2,464,373 3,174,753 221,901 FirstService Corp.* 4,600,000 5,125,913 586,552 HudBay Minerals Inc.* 3,554,505 7,455,076 398,524 Ivanhoe Mines Ltd.* 2,809,594 7,041,919 68,509 Magna International Inc., Class A* 4,287,311 4,299,625

110,737 Open Text Corp.* 4,600,000 5,337,523 292,621 Quadra Mining Ltd.* 4,600,000 4,547,330 577,968 Red Back Mining Inc.* 3,554,503 11,987,056 47,600 Research In Motion Ltd.* 4,362,064 3,575,236

287,349 RONA Inc.* 3,554,507 4,405,060 300,065 Silver Wheaton Corp.* 4,600,000 4,783,036 388,386 Sino-Forest Corp., Class A* 6,819,272 7,709,462 154,181 Stantec Inc.* 3,609,378 4,071,920 308,932 Storm Exploration Inc.* 4,600,000 3,219,071 91,379 SXC Health Solutions Inc.* 4,600,000 6,241,186

140,909 Teck Resources Ltd., Class B* 4,061,012 6,230,996 273,041 Viterra Inc.* 2,809,592 2,607,542

Commissions and other portfolio transaction costs -

Total Equities Subject to Forward Agreement (115.8%) 85,105,065 114,072,057


Forward Contract (-20.3%) (see Schedule A) (19,961,928)



Net Assets (100.0%) 98,546,992

Schedule AForward Agreement (-20.3%)

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

(476,684) Celestica Inc. (5,291,192)(206,284) Celtic Exploration Ltd. (4,032,852)(371,334) CGI Group Inc. (5,644,277)(421,245) Crew Energy Inc. (7,317,026)(258,320) Eldorado Gold Corp. (3,185,086)(221,901) FirstService Corp. (5,148,103)(586,552) HudBay Minerals Inc. (7,455,076)(398,524) Ivanhoe Mines Ltd. (7,073,801)(68,509) Magna International Inc., Class A (4,305,791)

(110,737) Open Text Corp. (5,362,993)(292,621) Quadra Mining Ltd. (4,550,257)(577,968) Red Back Mining Inc. (11,992,836)(47,600) Research In Motion Ltd. (3,581,900)

(287,349) RONA Inc. (4,407,934)(300,065) Silver Wheaton Corp. (4,786,037)(388,386) Sino-Forest Corp. (7,728,881)(154,181) Stantec Inc. (4,071,920)(308,932) Storm Exploration Inc. (3,219,071)

(91,379) SXC Health Solutions Inc. (6,284,134)(140,909) Teck Resources Ltd., Class B (6,235,223)(273,041) Viterra Inc. (2,618,463)

(114,292,853)

Notional Shares Underlying Account Fair Value $

1,182,822 National Bank of Canada Global BB Units (See Schedule 1) 94,330,925

Total Forward Contracts Value (19,961,928)

Settlement date April 6, 2011Credit 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 and Canadian Bond Rating Services.

CI Global High Dividend Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 72 –– 72 –



Schedule 1National Bank of Canada Global BB Units Investment Portfolio (as at March 31, 2010)

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

12,300 Abbott Laboratories Inc. 704,927 658,005 9,800 Air Liquide 1,155,583 1,194,902

78,900 Altria Group Inc. 1,611,170 1,644,117 23,840 Anheuser-Busch InBev NV - 229 33,040 InBev NV 1,440,239 1,690,413 42,100 Arthur J. Gallagher & Co. 998,246 1,049,571 37,600 Assa Abloy AB, Class B 667,772 747,347 27,700 AstraZeneca PLC, ADR 1,371,930 1,257,940 48,700 AT&T Inc. 1,445,575 1,277,909 10,700 Automatic Data Processing Inc. 494,662 483,203

153,900 BAE Systems PLC 885,365 880,818 42,300 Banco Santander Central Hispano SA 736,545 571,002 14,300 BASF AG 886,870 900,824 54,300 BCE Inc. 1,443,452 1,620,855 16,300 Bemis Co., Inc. 529,133 475,390 6,000 BHP Billiton Ltd., ADR 479,353 489,388

19,600 BP PLC, ADR 1,206,722 1,135,906 45,400 Bristol-Myers Squibb Co. 1,215,726 1,230,965 27,900 British American Tobacco PLC 959,023 976,876 40,300 Canadian Oil Sands Trust 1,230,136 1,227,135 31,900 CenturyTel Inc. 1,242,382 1,148,703 8,400 Chevron Corp. 695,852 646,843

22,500 Coca-Cola Enterprises Inc. 490,792 631,994 100,600 Compass Group PLC 662,036 815,655 19,600 Diageo PLC, ADR 1,444,165 1,342,507 11,300 Diamond Offshore Drilling Inc. 1,185,169 1,019,105 75,400 Duke Energy Corp. 1,383,348 1,249,597 27,300 EI Du Pont de Nemours & Co. 943,560 1,032,407 18,600 Emerson Electric Co. 824,639 950,834 5,900 Exxon Mobil Corp. 458,509 401,306

15,500 Federated Investors Inc., Class B 414,897 415,226 31,900 First Niagara Financial Group Inc. 448,265 460,647

103,000 FirstGroup PLC 719,901 569,973 17,800 Fortum OYJ 454,299 442,222 51,300 France Telecom SA 1,614,004 1,246,697 22,400 Genuine Parts Co. 880,882 960,838 15,500 H.J. Heinz Co. 708,083 717,910 17,800 Honeywell International Inc. 765,938 818,293 32,600 Hudson City Bancorp Inc. 451,925 468,769 53,700 Imperial Tobacco Group PLC 1,792,255 1,663,769 23,200 Johnson & Johnson 1,573,643 1,536,081 12,800 Kellogg Co. 713,544 694,502 18,600 Kimberly-Clark Corp. 1,252,708 1,187,692 15,700 Kinder Morgan Energy Partners LP 948,911 1,043,010 19,000 Lorillard Inc. 1,582,350 1,451,713 11,000 McDonald's Corp. 719,377 745,293

220,300 Meggitt PLC 931,738 1,038,084 29,300 Merck & Co., Ltd. 1,134,954 1,111,314 11,700 MetLife Inc. 443,231 514,936 19,000 MetLife Inc., 6.5% Preferred 475,188 473,678 41,400 Microchip Technology Inc. 1,185,649 1,183,890 33,000 Microsoft Corp. 1,034,778 980,878 9,000 Mobistar SA 651,843 562,569 4,300 Muenchener Rueckversicherungs AG, Registered Shares 698,291 708,752

110,100 National Grid PLC 1,271,188 1,088,696 34,500 Nestle SA, Registered Shares 1,587,747 1,794,608 27,300 Next PLC 840,599 910,631 16,000 Nicor Inc. 690,673 681,114 49,100 NiSource Inc. 782,991 787,802

Schedule 1 (cont’d)National Bank of Canada Global BB Units Investment Portfolio (as at March 31, 2010)

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

13,600 NSTAR 484,002 489,177 28,300 NYSE Euronext 715,285 850,948 27,100 OGE Energy Corp. 1,029,767 1,071,627 19,500 ONEOK Inc. 850,378 903,970 26,900 Oracle Corp. 635,103 701,770 75,000 Pearson PLC 994,095 1,197,688 31,100 Phillip Morris International Inc. 1,638,100 1,647,314 8,572 Philippine Long Distance Telephone Co., ADR 520,439 463,794

31,600 Pitney Bowes Inc. 747,733 784,593 11,300 Progress Energy Inc. 487,431 451,660

103,900 Qwest Communications International Inc. 484,525 550,763 36,480 Redecard SA 569,148 685,389 9,800 Reynolds American Inc. 555,591 537,202 5,200 Roche Holding AG 902,768 856,557

13,250 Rogers Communications Inc., Class B 467,412 459,643 18,800 Royal Dutch Shell PLC, Class A, ADR 1,208,366 1,104,625 9,500 RWE AG, Class A 1,012,956 854,928

11,200 SCANA Corp. 435,489 427,532 24,200 Scor SE 647,054 620,811 47,100 Scottish and Southern Energy PLC 913,213 799,339 44,200 Shaw Communications Inc., Class B 881,209 888,862 26,600 Southern Co. 927,611 895,725 44,300 Spectra Energy Corp. 922,810 1,013,546 18,700 Statoil ASA, ADR 489,728 443,032 3,600 Swisscom AG, Registered Shares 1,321,123 1,334,425

43,900 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 502,755 467,647 109,700 Taiwan Semiconductor Manufacturing Co., Ltd. 222,942 215,834 56,300 TECO Energy Inc. 929,410 908,470 48,900 Telefonica SA 1,423,605 1,176,632

188,800 Terna SpA 786,797 829,456 8,400 Coca-Cola Co. 512,030 469,159

53,615 Toll Holdings Ltd. 379,335 370,699 14,000 Total SA 968,723 825,461 9,700 Tupperware Brands Corp. 497,543 474,982

119,536 United Utilities PLC 1,145,201 1,029,990 16,900 Vectren Corp. 435,473 424,242 43,900 Verizon Communications Inc. 1,534,603 1,382,881 8,500 VF Corp. 648,216 691,832

19,900 Vinci SA 1,100,967 1,191,215 26,900 Vivendi Universal SA 899,680 731,221

583,900 Vodafone Group PLC 1,543,783 1,368,059 8,500 Wal-Mart Stores Inc. 489,674 479,924

20,100 Waste Management Inc. 713,210 702,767 29,900 Westar Energy Inc. 663,759 677,103 24,932 Westpac Banking Corp. 569,372 646,782 17,300 WGL Holdings Inc. 592,734 608,734 42,500 Windstream Corp. 479,564 469,997

Total Investments 92,443,445 91,189,340

Other Assets 3,141,585

Total Net Asset Value of National Bank of Canada BB Units 94,330,925

CI Global High Dividend Advantage Corporate ClassFinancial Statements

– 73 –


AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on forward contractCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on forward contractSwaps, 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 SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares


A SharesF SharesI SharesAT5 SharesIT5 SharesAT8 SharesFT8 SharesIT8 Shares



114,072 36,8534,444 4,536

- -- -- -- -- 1,655- -- -

121 129- -- -

12 5118,649 43,178

- -- -- -

19,962 -- -- -

77 49- -

54 21- -- -9 9

20,102 7998,547 43,099

85,105 39,321- -

82,656 28,3842,833 2,4409,159 9,3291,480 1,078

293 1892,126 1,674

- 5- -

7.80 6.758.14 6.968.39 7.087.22 6.57

10.27 9.496.61 6.21

- 6.48- -

10,590,609 4,204,516348,239 350,446

1,091,570 1,317,177205,033 164,06528,566 19,946

321,732 269,471- 839- -


2010 2009


2010 2009



– 74 –



Expenses absorbed by the managerNet investment income (loss) for the year


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


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















- -1 70

102 17- -- -

20 30- -

123 117

1,072 660127 82

- 2- 8

59 361,258 788

- -(1,135) (671)

(215) (10,668)(43) 42(1) (1)- -

(422) (249)

9,817 (305)9,136 (11,181)8,001 (11,852)

5,377 (7,846)408 (651)

1,720 (2,731)192 (217)27 (7)

276 (384)1 (11)- (5)

0.79 (1.90)1.17 (1.97)1.32 (1.85)0.96 (1.88)1.08 (0.37)0.91 (1.91)1.17 (2.04)

- (0.52)

28,384 35,501

58,726 11,195- -

(7,691) (7,535)(2,140) (2,931)48,895 729

- -- -- -- -

5,377 (7,846)82,656 28,384

2,440 2,465

947 1,658- -

(933) (1,058)(29) 26(15) 626

- -- -- -- -

408 (651)2,833 2,440

9,329 13,746

2,162 4,482- -

(2,846) (7,076)(1,206) 908(1,890) (1,686)

- -- -- -- -

1,720 (2,731)9,159 9,329


2010 2009


2010 2009




– 75 –

























5 56

- 6- -

(6) (43)- -

(6) (37)

- -- -- (3)- (3)1 (11)- 5

- 97

- 1- -- (1)- (88)- (88)

- -- -- (4)- (4)- (5)- -

43,099 53,963

63,583 19,483- -

(12,226) (16,275)(3,659) (2,011)47,698 1,197

- -- -

(251) (209)(251) (209)

8,001 (11,852)98,547 43,099

1,078 708

559 640- -

(339) (69)63 70

283 641

- -- -

(73) (54)(73) (54)192 (217)

1,480 1,078

189 -

300 200- -

(8) (1)(204) -

88 199

- -- -

(11) (3)(11) (3)27 (7)

293 189

1,674 1,390

889 1,301- -

(403) (492)(143) 4343 813

- -- -

(167) (145)(167) (145)276 (384)

2,126 1,674


2010 2009



2010 2009


CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules

– 76 –










2010 2009

4,204,516 4,106,3107,702,257 1,465,906

- -(1,028,908) (996,515)

(287,256) (371,185)10,590,609 4,204,516

350,446 279,476121,298 203,679

- -(120,022) (137,665)

(3,483) 4,956348,239 350,446

1,317,177 1,552,757269,509 576,937

- -(348,120) (919,937)(146,996) 107,420

1,091,570 1,317,177

164,065 79,22078,624 86,091

- -(46,632) (8,834)

8,976 7,588205,033 164,065

19,946 -29,239 20,000

- -(779) (54)

(19,840) -28,566 19,946

269,471 158,516135,604 176,609

- -(61,815) (66,849)(21,528) 1,195321,732 269,471

839 6,215- 839- -

(839) (6,215)- -- 839



2010 2009

- 11,181- 64- -- (101)- (11,144)- -


CI Global High Dividend Advantage Corporate ClassFinancial Statements – Supplementary Schedules

– 77 –



2010 2009


109,802 36,853112,023 -


2010 2009


- -- -

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

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

2.101.10

Paid directly by investor2.10



0.220.22

-0.22

-0.220.22

-

Schedule of Fees (Note 5)The maximum management and fixed administration fee expressed as a percentage of the averagenet asset value that can be charged by a class is as follow:

as at March 31 (%)

2010











2010 2009

7.80 6.757.82 6.78

8.14 6.968.15 7.00

8.39 7.088.41 7.12

7.22 6.577.24 6.60

10.27 9.4910.30 9.54

6.61 6.216.62 6.24

- 6.48- 6.51

- -- -

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

– 78 –

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



Consumer Staples ................................................................................................................... 17.1Utilities .................................................................................................................................... 14.8Telecommunication Services .................................................................................................. 13.2Energy ..................................................................................................................................... 9.0Industrials ............................................................................................................................... 8.2Financials ................................................................................................................................ 7.6Consumer Discretionary .......................................................................................................... 7.5Health Care ............................................................................................................................. 6.7Materials ................................................................................................................................. 4.1Information Technology .......................................................................................................... 4.1Cash & Equivalents ................................................................................................................. 2.6Other Assets ........................................................................................................................... 5.1



Telecommunication Services .................................................................................................. 16.9Consumer Staples ................................................................................................................... 16.7Utilities .................................................................................................................................... 16.4Cash & Equivalents ................................................................................................................. 10.5Energy ..................................................................................................................................... 9.0Materials ................................................................................................................................. 6.4Health Care ............................................................................................................................. 5.8Other Assets ........................................................................................................................... 4.9Consumer Discretionary .......................................................................................................... 4.5Industrials ............................................................................................................................... 3.6Financials ................................................................................................................................ 2.8Information Technology .......................................................................................................... 2.5

Other Price RiskThe Fund was exposed to the financial instrument risks' of the National Bank of Canada Global BB units(the “Underlying Account”). The Fund was created to obtain exposure to an actively managed portfolioof global equities by virtue of the Forward Agreement. By entering into the Forward Agreement, the Fundeliminated the direct risk exposure to its common share portfolio and assumed the risk exposure of theUnderlying Account as well as credit risk to the Counterparty of the Forward Agreement in respect of anypositive amount of the Forward Contract value. For details of the credit rating of the Counterparty to theForward Agreement please refer to Schedule A in the “Statement of Investment Portfolio”.

As at March 31, 2010 and 2009, the Underlying Account was invested predominantly in global equitiesand therefore the Fund was sensitive to changes in global markets.


Credit RiskAs at March 31, 2010 and 2009, the Fund had no siginificant direct exposure to credit risk, except for creditrisk related to the Counterparty to the Forward Agreement. The Fund indirectly bears the credit riskexposure of the Underlying Account. As at March 31, 2010 and 2009, the Underlying Account did not havea significant exposure to credit risk as substantially all of its assets were invested in equities.

Currency RiskAs at March 31, 2010 and 2009, the Fund had no significant direct exposure to currency risk. As atMarch 31, 2010 and 2009, the Fund indirectly bears the credit risk exposure of the Underlying Account.

The tables below summarize the Underlying Account’s exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 54,708 (26,911) 27,797 29.5 Euro 13,572 - 13,572 14.4 British Pound 12,473 - 12,473 13.2 Swiss Franc 3,983 - 3,983 4.2 Australian Dollar 1,022 - 1,022 1.1 Swedish Krona 743 - 743 0.8 Brazilian Real 685 - 685 0.7 Taiwan Dollar 216 - 216 0.2 Total 87,402 (26,911) 60,491 64.1



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 10,225 - 10,225 26.4 Euro 7,693 - 7,693 19.9 British Pound 3,188 - 3,188 8.2 Swiss Franc 1,407 - 1,407 3.6 Australian Dollar 1,318 - 1,318 3.4 Brazilian Real 463 - 463 1.2 Taiwan Dollar 356 - 356 0.9 Swedish Krona 249 - 249 0.6 Norwegian Krone 36 - 36 0.1 Total 24,935 - 24,935 64.3

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31,2009 - 10%) in relation to all other foreign currencies held in the Underlying Account, with allother variables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $6,047,000 (March 31, 2009 - $2,490,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund had no significant direct exposure to interest rate risk.The Fund indirectly bears the interest rate risk exposure of the Underlying Account. As at March 31,2010 and 2009, the Underlying Account did not have a significant exposure to interest rate risk assubstantially all of its assets were invested in equities.



– 79 –

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



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 114,072 - - 114,072 Forward agreement - (19,962) (19,962) Total 114,072 (19,962) - 94,110



CI Global Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 80 –



U.S.A. (61.2%) 7,897 Abbott Laboratories Inc. 427,039 422,300

12,050 Aetna Inc. 378,113 429,509 8,000 Alliance Data Systems Corp.* 397,691 519,853 9,000 Ameriprise Financial Inc. 392,481 414,383 9,950 Anadarko Petroleum Corp. 664,961 735,888 5,970 Apache Corp. 629,349 615,285 2,527 Apple Computer Inc. 385,850 602,560

25,500 Applied Materials Inc. 345,673 349,067 28,260 BioMarin Pharmaceuticals Inc. 506,438 669,236 5,250 Boeing Co. 354,668 386,897

24,536 Charles Schwab Corp.* 441,835 465,684 13,220 Cisco Systems Inc. 294,255 349,449 12,300 CIT Group Inc.* 433,664 486,134 23,040 Comcast Corp., Class A 399,239 440,332 38,950 Comcast Corp., Special Class A 672,109 709,987 60,000 Consumer Staples Select Sector SPDR Fund 1,844,053 1,702,378 27,150 Corning Inc. 485,070 557,204 8,250 Danaher Corp. 619,351 669,474

10,400 DaVita Inc. 591,072 669,578 47,100 Dow Jones Euro Stoxx 50 Fund 2,147,552 1,860,582 15,050 eBay Inc. 382,464 411,883 11,300 Eli Lilly and Co. 430,160 415,628 15,900 Endo Pharmaceuticals Holdings Inc. 381,438 382,185 40,800 Energy Select Sector SPDR 2,470,521 2,381,940 1,381 Google Inc., Class A 706,152 794,222 9,907 Hansen Natural Corp. 374,953 436,023

46,700 iShares MSCI Emerging Markets Index Fund 1,998,773 1,997,011 38,000 iShares MSCI EMU Index Fund 1,387,123 1,383,797 80,000 iShares MSCI Japan Index Fund 995,168 848,143 26,448 Kroger Co. 712,175 581,741 6,150 Laboratory Corp. of America Holdings 466,412 472,832

13,320 Marathon Oil Corp. 476,289 427,976 23,740 Merck & Co., Ltd. 815,497 899,706 69,309 Microsoft Corp. 2,027,131 2,059,408 6,433 Monsanto Co. 551,570 466,173 7,620 Noble Energy Inc. 474,314 564,029

25,850 Oracle Corp. 588,164 674,115 11,700 Phillip Morris International Inc. 596,156 619,729 72,000 PowerShares DB Agriculture Fund 1,997,303 1,767,939 29,100 PowerShares Water Resources 503,138 513,891 8,150 Praxair Inc. 700,958 686,933 2,969 Priceline.com Inc. 377,044 768,827

13,390 Prudential Financial Inc. 639,479 822,377 21,500 SPDR Gold Trust 1,133,208 2,378,069 16,250 Sybase Inc.* 683,122 768,325 29,000 TD Ameritrade Holding Corp. 544,010 561,306 12,750 Thermo Fisher Scientific Inc. 611,166 665,635 11,000 TJX Cos., Inc. 477,135 474,968 13,608 Urban Outfitters Inc. 337,186 525,532 17,688 US Bancorp 398,186 464,141 31,200 Utilities Select Sector SPDR Fund 1,005,547 939,099 7,700 Visa Inc., Class A 597,890 711,793

19,140 Wal-Mart Stores Inc. 1,048,088 1,080,675 11,118 XTO Energy Inc. 508,260 532,224 39,600 Yahoo! Inc. 689,619 664,330

40,496,262 43,198,385

JAPAN (7.5%) 34,105 Bank of Yokohama Ltd. 212,227 169,296 10,969 Canon Inc. 456,331 514,712 29,500 Credit Saison Co., Ltd.* 364,579 463,664 3,500 Fanuc Ltd. 308,903 376,751

16,070 Mitsubishi Corp. 376,443 427,482 5,557 Mitsui Sumitomo Insurance Group Holdings Inc. 166,272 156,394 1,489 Nintendo Co., Ltd. 418,472 506,235

69,361 Nipponkoa Insurance Co., Ltd. 578,833 440,742 121,779 Nomura Holdings Inc. 863,040 908,746 27,230 Seven & I Holdings Co., Ltd. 686,626 666,676 44,376 Sumitomo Metal Mining Co., Ltd. 775,403 669,520

5,207,129 5,300,218 GERMANY (5.0%)

10,890 Adidas AG 519,983 588,384 2,983 Allianz AG, Registered Shares* 437,989 378,282 6,450 Bayer AG* 459,887 440,824 5,959 Deutsche Boerse AG 544,398 446,179

20,867 SAP AG 1,057,631 1,023,956 6,510 Siemens AG, Registered Shares 578,113 659,529

3,598,001 3,537,154 U.K. (4.5%)

12,900 British American Tobacco PLC 449,736 451,575 36,360 GlaxoSmithKline PLC 932,066 708,705 19,400 Intertek Group PLC 403,121 435,995 47,800 Prudential PLC 374,995 402,294 15,183 Standard Chartered PLC 382,102 420,677

331,300 Vodafone Group PLC 801,255 776,225 3,343,275 3,195,471

SWITZERLAND (4.5%) 19,300 Foster Wheeler AG 539,286 531,723 3,600 Mettler-Toledo International Inc. 380,068 399,212

20,390 Nestle SA, Registered Shares 973,221 1,059,657 7,051 Roche Holding AG 1,159,419 1,160,779

3,051,994 3,151,371 BRAZIL (2.9%)

64,200 All America Latina Logistica SA 627,495 593,199 60,600 Companhia Brasileira de Meios de Pagamento 618,133 579,661 55,400 Diagnosticos da America SA 307,454 485,629 9,200 Petroleo Brasileiro SA, ADR 397,750 415,651

1,950,832 2,074,140 IRELAND (1.8%)

12,812 Covidien PLC 519,854 653,519 22,530 Ryanair Holdings PLC, ADR 690,495 621,626

1,210,349 1,275,145 CANADA (1.5%)

7,700 Barrick Gold Corp. (USD) 345,256 299,715 84,650 Bombardier Inc., Class B, Sub-Voting Shares 442,590 523,137 26,340 Yamana Gold Inc. 289,015 263,470

1,076,861 1,086,322 NORWAY (0.8%)

23,126 Statoil ASA 717,226 543,800

FRANCE (0.8%) 38,669 UbiSoft Entertainment* 777,280 540,024



CI Global Managers® Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 81 –– 81 –

HONG KONG (0.7%) 36,857 Cheung Kong Holdings Ltd. 500,522 482,057

BERMUDA (0.7%) 5,830 Everest Re Group Ltd. 503,521 479,074

SWEDEN (0.7%) 44,026 Telefonaktiebolaget LM Ericsson, Class B 618,179 470,978

BELGIUM (0.6%) 10,720 Anheuser-Busch InBev NV - 103 8,720 InBev NV 357,569 445,959

357,569 446,062 ITALY (0.6%)

63,180 Geox SpA* 516,890 444,630

SPAIN (0.6%) 6,400 Inditex SA 400,062 428,452

INDIA (0.6%) 6,500 Housing Development Finance Corp., Ltd. 397,672 399,828


DENMARK (0.3%) 4,385 Vestas Wind Systems A/S* 270,312 241,513


Total Equities (95.7%) 65,130,362 67,605,849


Foreign Currency Forward Contracts (0.4%) (see Schedule A) 284,155



Net Assets (100.0%) 70,548,510

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with 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.



1 Bank of Nova Scotia†† A-1+ 28-May-10 1.02 (305,100) Canadian $ 300,000 US $ (456)1 Bank of Nova Scotia†† A-1+ 28-May-10 1.05 (2,886,000) US $ 3,039,275 Canadian $ 108,516 1 Royal Bank of Canada A-1+ 30-Apr-10 0.99 (990,780) Canadian $ 980,000 US $ 4,377 1 Royal Bank of Canada A-1+ 30-Apr-10 1.06 (1,500,000) US $ 1,595,790 Canadian $ 72,561 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.07 (2,000,000) US $ 2,130,130 Canadian $ 99,157

Total Foreign Currency Forward Contracts Value 284,155





CI Global Managers® Corporate ClassFinancial Statements

– 82 –




















67,606 34,4282,577 1,212

- -- -- -- -

285 278- -- -

99 36- 594- -

142 9470,709 36,642

- -- -- -- -- -

33 3388 93

- -- -- -

39 18160 144

70,549 36,498

65,130 36,084- -

35,820 34,812230 179

34,499 1,507

8.54 7.288.90 7.51

11.90 9.91

4,194,004 4,780,23125,860 23,842

2,899,153 152,022

957 1,011- 57

19 25- -- -- -

(123) (117)853 976

735 83981 93

- 121 1541 47

878 995(25) (19)

- -(25) (19)

3,154 (6,742)(476) 786(177) (109)

- -

4,139 (776)6,640 (6,841)6,615 (6,860)

5,878 (6,643)28 (34)

709 (183)

1.31 (1.25)1.37 (1.22)0.54 (1.44)


2010 2009


2010 2009


CI Global Managers® Corporate ClassFinancial Statements

– 83 –

















34,812 51,791

3,122 1,44177 -

(8,967) (10,803)976 (974)

(4,792) (10,336)

- -(78) -

- -(78) -

5,878 (6,643)35,820 34,812

179 271

71 30- -

(81) (100)33 1223 (58)

- -- -- -- -

28 (34)230 179

1,507 1,328

33,349 35467 -

(893) (571)(173) 579

32,350 362

- -(67) -

- -(67) -709 (183)

34,499 1,507

36,498 53,390

36,542 1,825144 -

(9,941) (11,474)836 (383)

27,581 (10,032)

- -(145) -

- -(145) -

6,615 (6,860)70,549 36,498


2010 2009


2010 2009



CI Global Managers® Corporate ClassFinancial Statements – Supplementary Schedules

– 84 –






2010 2009

4,780,231 6,067,457380,544 186,604

9,012 -(1,093,968) (1,357,034)

118,185 (116,796)4,194,004 4,780,231

23,842 31,1408,024 3,814

41 -(9,773) (12,498)3,726 1,386

25,860 23,842

152,022 117,0322,831,141 33,686

5,657 -(75,839) (59,223)(13,828) 60,527

2,899,153 152,022




8.54 7.288.55 7.31

8.90 7.518.91 7.55

11.90 9.9111.91 9.96



2010 2009


2010 2009


4,117 4,3514,199 4,637


2010 2009


173 10612 9



2.001.00


0.220.22

-


2010

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

– 85 –





U.S.A. ....................................................................................................................................... 65.0Japan ....................................................................................................................................... 5.3France....................................................................................................................................... 4.6Other Assets ............................................................................................................................ 4.6U.K............................................................................................................................................ 4.4Switzerland .............................................................................................................................. 3.2Germany ................................................................................................................................... 2.4Bermuda ................................................................................................................................... 2.2Brazil ........................................................................................................................................ 1.0Belgium .................................................................................................................................... 1.0Netherlands ............................................................................................................................. 0.9Norway..................................................................................................................................... 0.9Foreign Currency Forward Contracts ....................................................................................... 0.8Sweden .................................................................................................................................... 0.7Italy .......................................................................................................................................... 0.7Russia....................................................................................................................................... 0.7Jersey Island............................................................................................................................ 0.6Denmark ................................................................................................................................... 0.5Cayman Islands........................................................................................................................ 0.5






Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 48,132 (5,185) 42,947 60.9 Euro 5,708 - 5,708 8.1 Japanese Yen 5,354 - 5,354 7.6 British Pound 3,226 - 3,226 4.6 Swiss Franc 2,187 - 2,187 3.1 Brazilian Real 1,679 - 1,679 2.4 Norwegian Krone 544 - 544 0.8 Hong Kong Dollar 482 - 482 0.7 Swedish Krona 471 - 471 0.7 Indian Rupee 400 - 400 0.6 Danish Krone 242 - 242 0.3 Total 68,425 (5,185) 63,240 89.8


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 27,535 (8,582) 18,953 51.9 Euro 3,595 - 3,595 9.8 Japanese Yen 1,957 - 1,957 5.4 British Pound 1,239 - 1,239 3.4 Swiss Franc 700 - 700 1.9 Brazilian Real 375 - 375 1.0 Norwegian Krone 314 - 314 0.9 Swedish Krona 265 - 265 0.7 Danish Krone 182 - 182 0.5 Total 36,162 (8,582) 27,580 75.5




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

– 86 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 67,606 - - 67,606 Foreign currency forward contracts - 285 - 285 Total 67,606 285 - 67,891

– 86 –



CI Global Science & Technology Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 87 –



U.S.A. (79.8%) 42,400 Abbott Laboratories Inc. 2,270,610 2,267,384 49,700 Adobe Systems Inc. 1,152,233 1,785,130 39,000 Alliance Data Systems Corp.* 1,688,920 2,534,283 57,600 Altera Corp. 1,081,136 1,421,370 29,800 Apple Computer Inc. 3,620,848 7,105,772 40,100 Avnet Inc. 1,247,370 1,221,642 35,200 Baxter International Inc. 2,248,171 2,080,744 38,700 Broadcom Corp.* 820,687 1,303,572

214,300 Cadence Design Systems Inc. 1,091,511 1,449,355 16,200 Celgene Corp. 726,552 1,018,320

194,700 Cisco Systems Inc. 5,271,074 5,146,578 27,900 Citrix Systems Inc.* 1,021,000 1,345,220 65,387 Cognizant Technology Solutions Corp.* 1,775,693 3,385,086 37,500 Concur Technologies Inc.* 925,594 1,561,707

6,250,000 Consilient Inc., Private Placement^ 7,775,001 63 2,083,334 Consilient Inc., Warrants,

Private Placement^ - 21 157,200 EMC Corp. 2,850,912 2,879,834 37,000 Global Payments Inc. 1,716,787 1,711,467 8,600 Google Inc., Class A 4,540,962 4,945,913

44,300 Hansen Natural Corp. 1,514,039 1,949,715 306,786 Microsoft Corp. 11,032,652 9,115,663 45,000 Network Appliance Inc.* 1,159,175 1,487,448

150,000 Nuance Communications Inc.* 2,301,009 2,533,156 143,900 Oracle Corp. 2,843,584 3,752,617 15,800 Priceline.com Inc. 1,331,300 4,091,435 70,500 QUALCOMM Inc. 2,988,781 3,005,453

162,500 SAVVIS Inc.* 2,644,385 2,724,450 94,900 Time Warner Telecom Inc., Class A 984,191 1,749,127 36,900 Varian Medical Systems Inc. 1,900,925 2,072,941 18,400 Waters Corp. 1,133,916 1,261,060

71,659,018 76,906,526SWITZERLAND (4.5%)

20,400 Mettler-Toledo International Inc. 2,154,008 2,262,201 12,700 Roche Holding AG 2,163,814 2,090,751

4,317,822 4,352,952GERMANY (3.4%)

67,500 SAP AG* 3,448,274 3,312,264

IRELAND (3.4%) 77,200 Accenture PLC 2,672,010 3,286,374

CANADA (1.6%) 750,000 Elysium Boardband Inc., Private Placement^ 750,000 8 21,100 Research In Motion Ltd. (USD) 1,288,607 1,584,739

2,038,607 1,584,747LUXEMBOURG (1.4%)

187,900 J.P. Morgan Structured Products. B.V. 1,315,238 1,330,320

CAYMAN ISLANDS (1.2%) 29,000 SINA Corp. 829,327 1,109,948

U.K. (1.1%) 39,000 Autonomy Corp. PLC 1,000,499 1,095,306

FINLAND (1.0%) 62,800 Nokia OYJ, Class A, ADR 1,624,313 990,397




Net Assets (100.0%) 96,380,392

*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.


CI Global Science & Technology Corporate ClassFinancial Statements

– 88 –




















93,969 77,6653,432 2,904

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

38 70752 3,075

- -49 21

98,240 83,735

- -- -- -- -- -

1,602 2,099247 108

- -- -- -

11 71,860 2,214

96,380 81,521

88,774 97,657- -

95,091 80,633871 634418 254

11.87 8.713.12 2.27

13.16 9.43

8,010,170 9,259,515278,911 279,74231,764 26,964

781 777- 63

44 28- -- -- -

(104) (109)721 759

1,869 1,733207 196

- -49 4

104 962,229 2,029(1,508) (1,270)

- -(1,508) (1,270)

5,633 (20,530)(751) 776(139) (363)

- -

25,187 16,43829,930 (3,679)28,422 (4,949)

28,083 (5,159)243 (26)96 236

3.22 (0.54)0.86 (0.07)3.76 0.50


2010 2009


2010 2009


CI Global Science & Technology Corporate ClassFinancial Statements

– 89 –

















80,633 89,776

6,948 5,799- -

(20,680) (19,511)107 9,728

(13,625) (3,984)

- -- -- -- -

28,083 (5,159)95,091 80,633

634 1,078

370 32- -

(436) (553)60 103(6) (418)

- -- -- -- -

243 (26)871 634

254 14,645

- 125- -

(5) (796)73 (13,956)68 (14,627)

- -- -- -- -

96 236418 254

81,521 105,499

7,318 5,956- -

(21,121) (20,860)240 (4,125)

(13,563) (19,029)

- -- -- -- -

28,422 (4,949)96,380 81,521


2010 2009


2010 2009



CI Global Science & Technology Corporate ClassFinancial Statements – Supplementary Schedules

– 90 –






2010 2009

9,259,515 9,754,607644,921 625,516

- -(1,904,460) (2,178,758)

10,194 1,058,1508,010,170 9,259,515

279,742 454,617126,436 14,577

- -(150,993) (235,477)

23,726 46,025278,911 279,742

26,964 1,504,789- 12,552- -

(399) (76,550)5,199 (1,413,827)

31,764 26,964




11.87 8.7111.88 8.72

3.12 2.273.12 2.27

13.16 9.4313.17 9.45



2010 2009


2010 2009


14,809 12,17815,106 12,978


2010 2009


137 36110 36



2.001.00


0.220.22

-


2010

CI Global Science & Technology Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 91 –





U.S.A. ....................................................................................................................................... 79.8Other Assets ............................................................................................................................ 4.7Cayman Islands........................................................................................................................ 4.0Germany ................................................................................................................................... 3.0Switzerland .............................................................................................................................. 2.6Canada ..................................................................................................................................... 2.3France....................................................................................................................................... 1.6Bermuda ................................................................................................................................... 1.0Finland...................................................................................................................................... 1.0






Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 90,171 - 90,171 93.6 Euro 3,312 - 3,312 3.4 Swiss Franc 1,729 - 1,729 1.8 British Pound 1,095 - 1,095 1.1 Taiwan Dollar 117 - 117 0.1 Total 96,424 - 96,424 100.0



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 77,663 - 77,663 95.3 Euro 3,732 - 3,732 4.6 Taiwan Dollar 136 - 136 0.2 Total 81,531 - 81,531 100.1





(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 92,639 1,330 - 93,969 Total 92,639 1,330 - 93,969


CI Global Small Companies Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 92 –

U.S.A. (50.1%) 6,950 ADC Telecommunications Inc. 47,658 51,662 2,300 AGCO Corp.* 77,565 83,733 1,000 Alliant Techsystems Inc. 89,362 82,550 2,450 Arthur J. Gallagher & Co. 55,587 61,080 3,450 Bio-Reference Labs Inc. 117,965 153,872 8,100 Cal Dive International Inc. 77,869 60,293

596 Capitol Federal Financial 20,465 22,672 1,350 Church & Dwight Co., Inc. 78,950 91,783 6,100 CMS Energy Corp.* 88,593 95,767 1,900 Corn Products International Inc. 60,160 66,874 1,850 Curtiss-Wright Corp. 59,048 65,378 1,850 DaVita Inc. 109,864 119,108 3,310 DPL Inc. 87,791 91,394 1,245 Dresser-Rand Group Inc. 40,631 39,724 2,580 DTS Inc. 67,703 89,158 5,975 Duff & Phelps Corp. 106,700 101,571 5,550 Endo Pharmaceuticals Holdings Inc. 127,960 133,404 1,900 Federal Mogul Corp. 34,458 35,425 3,100 Federated Investors Inc., Class B* 82,851 83,045 5,600 Fidelity National Title Group Inc., Class A 93,524 84,107 6,400 First Niagara Financial Group Inc. 93,282 92,418

846 Forrester Research Inc. 24,407 25,833 2,450 Freightcar America Inc. 49,421 60,035 1,800 Genesee & Wyoming Inc. 57,147 62,368 1,510 Haemonetics Corp. 88,529 87,618 2,000 Hanover Insurance Group Inc.* 81,084 88,572

17,750 Harmonic Inc. 119,853 113,558 1,550 Haynes International Inc. 50,609 55,925 7,000 Hexcel Corp.* 57,068 102,646

11,750 Hypercom Corp. 48,248 45,700 1,250 IHS Inc., Class A 64,492 67,784 6,250 Investors Bancorp. Inc. 64,626 83,778 7,150 Iris International Inc. 98,431 73,988 6,700 Jabil Circuit Inc. 110,687 110,154 5,400 KB Home* 88,115 91,852 1,250 Kennametal Inc. 34,569 35,644 1,330 Landauer Inc. 66,909 88,073 6,700 Mako Surgical Corp.* 63,384 91,580 1,400 Monro Muffler Brake Inc. 44,089 50,840 2,250 Mueller Industries Inc. 56,788 61,189

13,333 Multimedia Games Inc. 85,192 52,804 3,180 Nalco Holding Co. 68,090 78,568 3,700 NeuStar Inc., Class A 84,816 94,685 3,100 NSTAR 116,367 111,504 4,044 NTELOS Holdings Corp. 83,330 73,058 2,550 ONEOK Inc. 93,297 118,211 1,600 Rovi Corp. 35,484 60,329 1,900 RTI International Metals Inc. 52,204 58,520 3,250 Ryland Group Inc. 64,307 74,060

10,900 S1 Corp 70,734 64,975 2,560 Sensient Technologies Corp. 71,138 75,546 9,800 Shuffle Master Inc. 88,767 81,506 1,898 Silgan Holdings Inc. 107,037 116,088

U.S.A. (50.1%) (cont’d)2,000 Simpson Manufacturing Co., Inc. 55,495 56,380 2,500 Solera Holdings Inc. 63,461 98,122 1,200 SonoSite Inc. 34,187 39,080 7,660 SWS Group Inc. 118,633 89,688 2,950 Sybase Inc.* 87,754 139,480 7,200 Syniverse Holdings Inc. 124,280 142,356 1,350 Teleflex Inc. 76,323 87,807 1,800 The Warnaco Group Inc. 69,284 87,191 1,750 Tupperware Brands Corp. 52,842 85,693 1,350 UMB Financial Corp. 58,606 55,659 2,500 Vectren Corp. 69,949 62,758 1,950 Wabtec Corp. 79,160 83,407 3,050 Waddell & Reed Financial Inc. 42,708 111,594 4,650 Washington Federal Inc. 80,724 95,999 1,250 WebMD Health Corp. 54,097 58,835 2,500 Westar Energy Inc. 56,695 56,614 2,450 Woodward Governor Co. 63,655 79,491

5,095,058 5,592,163 U.K. (5.9%)

59,850 Afren PLC 93,520 94,099 52,850 Ashtead Group PLC 76,501 77,717 12,400 Cookson Group PLC 98,300 104,456 7,650 Domino'S Pizza UK & IRL PLC 38,037 39,751

20,142 Intermediate Capital Group PLC 106,307 84,138 1,700 Intertek Group PLC 36,726 38,206

21,850 Meggitt PLC 66,088 102,960 5,083 Promethean World PLC 15,718 14,573 8,250 SSL International PLC 93,146 103,387

624,343 659,287 JAPAN (5.2%)

7,400 Air Water Inc. 84,975 85,845 1,800 House Foods Corp.* 31,738 26,551 2,400 Japan Digital Laboratory Co., Ltd. 33,079 25,939

20 Japan Retail Fund Investment Corp. 26,735 23,810 3,000 JGC Corp. 63,375 54,321 4,000 Kansai Paint Co., Ltd. 34,922 33,108 1,200 Moshi Moshi Hotline Inc.* 28,935 23,293 4,400 Nifco Inc. 86,286 102,708 1,000 Oracle Corporation Japan 46,677 47,033 1,100 Pigeon Corp. 32,352 41,580 2,000 Sysmex Corp.* 93,241 118,831

562,315 583,019 SWITZERLAND (5.0%)

4,700 Clariant AG* 52,592 60,713 8,200 EFG International 139,002 144,551

300 Helvetia Holding AG 88,605 106,781 250 Straumann Holding AG 70,383 63,216 400 Sulzer AG, Registered Shares 34,138 39,495

4,950 Temenos Group AG* 99,430 148,055 484,150 562,811





– 93 –

CI Global Small Companies Corporate ClassStatements of Investment Portfolio as at March 31, 2010

– 93 –

BRAZIL (4.3%) 12,200 All America Latina Logistica SA 87,902 112,726 8,300 Banco ABC Brasil SA 58,642 64,320 3,400 BR Malls Participacoes SA 45,327 40,735

13,200 Diagnosticos da America SA 56,687 115,709 7,500 Localiza Rent a Car SA 38,368 80,392 4,600 Rossi Residencial SA 35,242 32,285 3,500 Santos Brasil Participacoes SA 30,943 33,978

353,111 480,145 BERMUDA (3.2%)

99,000 Huabao International Holdings Ltd. 108,502 120,161 6,400 Lancashire Holdings Ltd. 52,600 47,491 3,100 Platinum Underwriters Holdings, Ltd. 118,930 116,698 2,750 Validus Holdings Ltd. 78,479 76,797

358,511 361,147 CANADA (3.2%)

1,950 Crew Energy Inc. 33,527 33,872 3,100 Methanex Corp. (USD) 49,536 76,466 2,100 Paramount Resources Ltd., Class A* 29,796 35,595

11,900 Sherritt International Corp., Restricted Voting Shares 61,260 95,795

5,800 Sino-Forest Corp., Class A 96,309 115,130 270,428 356,858

ITALY (3.2%) 3,050 Ansaldo STS SpA 63,683 63,305 6,050 Astaldi SpA 45,181 46,685 7,500 Danieli & C. SpA 108,542 109,061 3,450 Exor SpA* 69,959 60,864

19,150 Maire Tecnimont SpA 80,584 73,426 367,949 353,341

FRANCE (2.7%) 3,050 Alten 88,212 87,197 1,650 Carbone Lorraine 66,044 60,866 2,200 Ipsos 75,500 78,680 3,600 Rhodia SA 34,167 75,758

263,923 302,501 SPAIN (2.1%)

100 Construcciones y Auxiliar de F 54,845 59,613 5,650 Ebro Puleva SA 113,106 105,683 2,750 Viscofan SA 70,535 73,338

238,486 238,634 CAYMAN ISLANDS (2.1%)

41,500 China Fishery Group Ltd. 33,129 59,649 3,000 Greenlight Capital Re, Ltd., Class A 71,876 81,280 4,700 Subsea 7 Inc. 78,681 96,704

183,686 237,633 NETHERLANDS (2.0%)

1,000 Core Laboratories NV 106,884 132,827 4,639 SBM Offshore NV 98,550 94,218

205,434 227,045

HONG KONG (2.0%) 171,400 Euro-Asia Agricultural Holdings Co., Ltd. 12,970 -

8,250 Hong Kong Aircraft Engineering Co., Ltd. 128,629 105,637 150,000 Vitasoy International Holdings Ltd. 80,605 119,478

222,204 225,115 GERMANY (1.9%)

600 Axel Springer AG 69,047 70,466 1,750 GFK AG 58,564 64,387 1,400 MorphoSys AG 30,984 32,179

400 Software AG 47,086 48,278 205,681 215,310

CHINA (1.4%) 9,000 Shandong Weigao Group Medical

Polymer Co., Ltd. 19,171 37,903 61,000 Zhuzhou CSR Times Electric Co., Ltd. 68,602 117,281

87,773 155,184 BELGIUM (0.9%)

3,100 Telenet Group Holding NV 67,086 95,133

AUSTRIA (0.6%) 1,150 Andritz AG* 61,426 69,462

SOUTH KOREA (0.5%) 74 Amorepacific Corp. 59,367 54,594

TAIWAN (0.4%) 35,000 Far EasTone Telecommunications Co., Ltd. 43,706 42,549

AUSTRALIA (0.4%) 19,400 Centamin Egypt Ltd. 45,423 40,934




Net Assets (100.0%) 11,161,380





CI Global Small Companies Corporate ClassFinancial Statements

– 94 –








A SharesF Shares


A SharesF Shares









A SharesF Shares

10,853 8,881262 1,183

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

56 566 -

- -19 21

11,256 10,090

- -1 16- 2- -- -

36 11255 6

- -- -- -3 2

95 13811,161 9,952

9,766 9,340- -

8,977 8,2382,184 1,714

7.13 5.808.28 6.67

1,258,636 1,419,811263,651 257,162

229 205- 324 6- -- -- -

(25) (25)208 218

203 21025 25

- -4 1

11 12243 248(35) (30)

- -(35) (30)

870 (2,319)(61) 67(59) (53)

- -

1,546 (859)2,296 (3,164)2,261 (3,194)

1,838 (2,626)423 (568)

1.36 (1.87)1.63 (2.13)


2010 2009


2010 2009


CI Global Small Companies Corporate ClassFinancial Statements

– 95 –













8,238 10,933

1,468 2,333- -

(2,074) (2,068)(493) (334)

(1,099) (69)

- -- -- -- -

1,838 (2,626)8,977 8,238

1,714 2,287

235 364- -

(201) (366)13 (3)47 (5)

- -- -- -- -

423 (568)2,184 1,714

9,952 13,220

1,703 2,697- -

(2,275) (2,434)(480) (337)

(1,052) (74)

- -- -- -- -

2,261 (3,194)11,161 9,952


2010 2009


2010 2009



CI Global Small Companies Corporate ClassFinancial Statements – Supplementary Schedules

– 96 –





2010 2009

1,419,811 1,423,125219,120 351,579

- -(307,556) (304,603)(72,739) (50,290)

1,258,636 1,419,811

257,162 261,68429,984 47,027

- -(25,054) (51,419)

1,559 (130)263,651 257,162



7.13 5.807.14 5.82

8.28 6.678.29 6.68



2010 2009


2010 2009


1,278 7841,303 836


2010 2009


55 482 9



2.001.00

0.220.22


2010

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

– 97 –




U.S.A. ....................................................................................................................................... 44.7Other Assets ............................................................................................................................ 10.7Hong Kong................................................................................................................................ 6.9Japan ....................................................................................................................................... 6.5U.K............................................................................................................................................ 6.5Brazil ........................................................................................................................................ 4.2Cayman Islands........................................................................................................................ 3.3Spain ........................................................................................................................................ 2.6Germany ................................................................................................................................... 2.3France....................................................................................................................................... 2.2Switzerland .............................................................................................................................. 2.1Australia................................................................................................................................... 1.5Mexico ..................................................................................................................................... 1.3Belgium .................................................................................................................................... 1.3Denmark ................................................................................................................................... 1.0Italy .......................................................................................................................................... 0.9Bermuda ................................................................................................................................... 0.7Luxembourg.............................................................................................................................. 0.7Singapore ................................................................................................................................. 0.6


As at March 31, 2010, had global markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $1,085,000 (March 31, 2009 - $888,000). 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 6,140 - 6,140 55.0 Euro 1,430 - 1,430 12.8 British Pound 710 - 710 6.4 Japanese Yen 581 - 581 5.2 Swiss Franc 564 - 564 5.1 Hong Kong Dollar 500 - 500 4.5 Brazilian Real 481 - 481 4.3 Norwegian Krone 97 - 97 0.9 Taiwan Dollar 81 - 81 0.7 Singapore Dollar 60 - 60 0.5 Korean Won 55 - 55 0.5 Total 10,699 - 10,699 95.9


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 4,767 - 4,767 47.9 Euro 910 - 910 9.1 Hong Kong Dollar 684 - 684 6.9 British Pound 645 - 645 6.5 Japanese Yen 559 - 559 5.6 Brazilian Real 416 - 416 4.2 Swiss Franc 210 - 210 2.1 Australian Dollar 148 - 148 1.5 Mexican Peso 135 - 135 1.4 Singapore Dollar 129 - 129 1.3 Norwegian Krone 122 - 122 1.2 Danish Krone 100 - 100 1.0 Taiwan Dollar 35 - 35 0.4 Total 8,860 - 8,860 89.1





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

– 98 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 10,853 - - 10,853Total 10,853 - - 10,853

– 98 –



CI Global Value Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 99 –



U.S.A. (37.0%) 8,715 Apache Corp. 815,099 898,192 5,090 Apollo Group Inc. 315,946 316,594

57,470 Applied Materials Inc. 793,902 786,701 7,250 Automatic Data Processing Inc. 305,065 327,404

18,270 Baker Hughes Inc.* 723,042 868,657 34,660 BioMarin Pharmaceuticals Inc. 615,564 820,797 63,720 Boston Scientific Corp. 886,430 465,894 24,305 Cisco Systems Inc. 550,980 642,463 57,920 Comcast Corp., Class A 1,006,157 1,106,946 12,420 Eli Lilly and Co. 472,795 456,824 6,630 Emerson Electric Co. 255,802 338,792 5,050 EOG Resources Inc. 374,173 476,620

16,390 Flour Corp. 804,344 773,945 37,626 General Electric Co. 899,618 694,641 32,153 HealthSouth Corp. 659,459 610,579 6,560 JPMorgan Chase & Co. 306,693 298,043 5,330 L-3 Communications Holdings Inc. 471,533 495,902 7,890 Lorillard Inc. 614,763 602,522

16,320 Marathon Oil Corp. 554,269 524,367 38,910 Merck & Co., Ltd. 1,318,889 1,474,624 33,310 MetroPCS Communications Inc.* 382,374 239,151 25,020 Microsoft Corp. 670,820 743,430 21,822 Molson Coors Brewing Co., Class B (USD) 1,028,443 931,613 8,090 Newmont Mining Corp.* 334,674 418,409

12,967 Noble Energy Inc. 821,551 959,811 9,261 Northrop Grumman Corp. 485,328 616,654

26,230 Oracle Corp. 555,966 684,025 15,440 Phillip Morris International Inc. 758,863 817,830 13,100 Principal Financial Group Inc. 368,276 388,448 14,160 Prudential Financial Inc. 722,547 869,668 17,980 QUALCOMM Inc. 798,527 766,497 18,340 Torchmark Corp. 900,993 996,395 5,590 Union Pacific Corp. 350,150 416,097

20,400 Wal-Mart Stores Inc. 1,095,937 1,151,817 22,018,972 22,980,352

JAPAN (18.7%) 99,586 Bank of Yokohama Ltd. 646,283 494,342 13,550 Canon Inc. 545,430 635,823 6,070 Fanuc Ltd. 516,044 653,395 2,114 Keyence Corp. 430,559 512,063

23,413 Mitsubishi Corp. 524,994 622,815 122,261 Mitsubishi UFJ Financial Group Inc. 625,794 650,725 51,246 Mitsui & Co., Ltd. 758,055 872,809 22,795 Mitsui Sumitomo Insurance Group Holdings Inc. 679,969 641,535 3,308 Nintendo Co., Ltd.* 909,140 1,124,665

127,024 Nipponkoa Insurance Co., Ltd. 921,039 807,151 25,892 Nomura Holdings Inc. 175,494 193,213 31,885 Nomura Research Institute Ltd. 803,061 736,660 10,990 Secom Co., Ltd. 523,030 487,644 42,640 Seven & I Holdings Co., Ltd. 1,192,730 1,043,961 4,928 SMC Corp. 589,133 678,204

60,959 Sumitomo Metal Mining Co., Ltd. 992,067 919,715 89,952 Sumitomo Trust & Banking Co., Ltd. 608,025 534,455

11,440,847 11,609,175

U.K. (9.8%) 14,140 Anglo American PLC 440,954 626,083 17,938 Antofagasta PLC 181,000 287,284 19,436 BP PLC, ADR 1,174,301 1,126,401 56,770 Diageo PLC 1,020,113 966,950 69,920 GlaxoSmithKline PLC 1,667,352 1,362,834 77,890 Reed Elsevier PLC 628,269 630,324 19,830 Scottish and Southern Energy PLC 433,966 336,231 31,941 Vodafone Group PLC, ADR 816,716 755,434

6,362,671 6,091,541GERMANY (6.5%)

16,690 Adidas AG* 776,421 901,757 5,885 Allianz AG, Registered Shares* 824,540 746,292

11,352 Henkel KGaA, Preferred, Non-Voting Shares 484,057 617,629 6,100 Metro AG* 373,746 366,695

10,290 SAP AG 524,389 504,936 8,700 Siemens AG, Registered Shares 775,719 881,398

3,758,872 4,018,707FRANCE (5.4%)

20,700 Carrefour SA* 1,107,099 1,013,347 13,080 Sanofi-Aventis* 1,006,206 990,129 17,170 Total SA* 1,133,478 1,012,252 23,614 UbiSoft Entertainment* 441,391 329,776

3,688,174 3,345,504CANADA (2.9%)

10,250 Agrium Inc. (USD) 513,025 735,176 16,040 TMX Group Inc. 480,777 478,152 60,080 Yamana Gold Inc. 605,418 600,959

1,599,220 1,814,287SWITZERLAND (2.9%)

20,283 Foster Wheeler AG 576,044 558,805 23,980 Nestle SA, Registered Shares 1,007,607 1,246,227

1,583,651 1,805,032JERSEY ISLAND (2.3%)

64,395 Experian Group Ltd. 551,073 643,206 77,200 WPP PLC 814,788 812,162

1,365,861 1,455,368BERMUDA (2.2%)

8,900 Bunge Ltd. 547,211 557,007 9,440 Everest Re Group Ltd. 891,095 775,722

1,438,306 1,332,729IRELAND (1.8%)

22,455 Covidien PLC 970,628 1,145,393

NETHERLANDS (1.6%) 18,835 Heineken NV 870,375 982,381

HONG KONG (1.3%) 63,218 Cheung Kong Holdings Ltd. 821,269 826,836

SWEDEN (1.0%) 56,000 Telefonaktiebolaget LM Ericsson, Class B 738,476 599,072

SINGAPORE (0.9%) 56,165 DBS Group Holdings Ltd. 551,525 583,035



CI Global Value Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 100 –– 100 –

FINLAND (0.9%) 35,082 Nokia OYJ 618,988 554,420

THAILAND (0.8%) 123,590 Bangkok Bank PCL, Foreign Registered Shares 452,070 524,071

ITALY (0.5%) 13,950 Eni SpA 388,065 330,307

SOUTH KOREA (0.5%) 424 Samsung Electronics Co., Ltd. 262,781 310,907

MALAYSIA (0.5%) 105,835 Sime Darby Berhad 273,953 286,626

SOUTH AFRICA (0.3%) 16,219 Gold Fields Ltd., ADR 213,438 207,526


Total Equities (97.8%) 59,344,014 60,803,269





Net Assets (100.0%) 62,102,621




1 Bank of New York A-1+ 27-May-10 0.01 (377,655,000) Japanese Yen 4,174,459 US $ 135,640 1 Northern Trust A-1+ 27-May-10 1.53 (697,000) British Pound 1,067,198 US $ 9,742 1 State Street Corporation A-1 27-May-10 1.38 (578,000) Euro 794,762 US $ 14,126





CI Global Value Corporate ClassFinancial Statements

– 101 –




















60,803 30,089967 191

- -- -- -- -

160 -- -- -

49 1339 -

- -211 94

62,229 30,387

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

118 8- -- -- -8 1

126 962,103 30,378

59,344 38,145- -

46,210 14,3541,257 864

14,636 15,160

11.03 9.229.80 8.109.36 7.64

4,189,122 1,556,831128,247 106,586

1,563,499 1,983,600

1,334 1,319- 3

29 39- -- -- -

(137) (145)1,226 1,216

751 35484 40

- -2 -

42 20879 414347 802

- -347 802

(1,488) (5,156)(227) 224(120) (56)

- -

9,674 (3,655)7,839 (8,643)8,186 (7,841)

5,007 (3,613)199 (201)

2,980 (4,027)

1.45 (2.19)1.64 (1.95)1.79 (1.63)


2010 2009


2010 2009


CI Global Value Corporate ClassFinancial Statements

– 102 –

















14,354 20,792

1,577 2,248- -

(10,461) (4,330)(2,779) (743)38,512 -26,849 (2,825)

- -- -- -- -

5,007 (3,613)46,210 14,354

864 970

206 186- -

(213) (147)11 56

190 -194 95

- -- -- -- -

199 (201)1,257 864

15,160 24,282

623 273- -

(3,801) (5,654)(367) 286

41 -(3,504) (5,095)

- -- -- -- -

2,980 (4,027)14,636 15,160

30,378 46,044

2,406 2,707- -

(14,475) (10,131)(3,135) (401)38,743 -23,539 (7,825)

- -- -- -- -

8,186 (7,841)62,103 30,378


2010 2009


2010 2009



CI Global Value Corporate ClassFinancial Statements – Supplementary Schedules

– 103 –






2010 2009

1,556,831 1,811,152148,591 224,238

- -(978,388) (417,773)(258,873) (60,786)

3,720,961 -4,189,122 1,556,831

106,586 97,15522,774 19,673

- -(23,113) (16,841)

1,148 6,59920,852 -

128,247 106,586

1,983,600 2,611,94072,875 31,777

- -(453,419) (701,159)(44,281) 41,042

4,724 -1,563,499 1,983,600




11.03 9.2211.04 9.24

9.80 8.109.81 8.12

9.36 7.649.37 7.66



2010 2009


2010 2009


7,115 5,6027,270 5,971


2010 2009


106 527 6



2.001.00


0.220.22

-


2010

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

– 104 –





U.S.A. ....................................................................................................................................... 33.3Japan ....................................................................................................................................... 15.1U.K............................................................................................................................................ 12.0France....................................................................................................................................... 10.3Germany ................................................................................................................................... 5.0Jersey Island............................................................................................................................ 4.1Bermuda ................................................................................................................................... 3.9Netherlands ............................................................................................................................. 2.7Switzerland .............................................................................................................................. 2.1Sweden .................................................................................................................................... 1.7Taiwan...................................................................................................................................... 1.6Italy .......................................................................................................................................... 1.5Finland...................................................................................................................................... 1.3South Africa ............................................................................................................................. 1.0Other Assets ............................................................................................................................ 1.0South Korea ............................................................................................................................. 0.9Canada ..................................................................................................................................... 0.6Singapore ................................................................................................................................. 0.6Malaysia .................................................................................................................................. 0.5Hong Kong................................................................................................................................ 0.4Thailand ................................................................................................................................... 0.4



Credit RiskAs at March 31, 2010 and 2009, the Fund’s exposure to credit risk through derivative instrumentswas insignificant.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 29,644 6,100 35,744 57.6 Euro 9,231 (793) 8,438 13.6 Japanese Yen 11,717 (4,102) 7,615 12.3 British Pound 5,711 (1,074) 4,637 7.5 Swiss Franc 1,246 - 1,246 2.0 Hong Kong Dollar 827 - 827 1.3 Swedish Krona 599 - 599 1.0 Singapore Dollar 583 - 583 0.9 Thai Baht 524 - 524 0.8 Korean Won 313 - 313 0.5 Malaysian Ringgit 287 - 287 0.5 Total 60,682 131 60,813 98.0


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 13,390 - 13,390 44.1 Euro 6,287 - 6,287 20.7 Japanese Yen 4,631 - 4,631 15.2 British Pound 3,602 - 3,602 11.9 Swiss Franc 646 - 646 2.1 Taiwan Dollar 561 - 561 1.8 Swedish Krona 509 - 509 1.7 Singapore Dollar 171 - 171 0.6 Korean Won 154 - 154 0.5 Malaysian Ringgit 148 - 148 0.5 Hong Kong Dollar 130 - 130 0.4 Thai Baht 128 - 128 0.4 Total 30,357 - 30,357 99.9




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

– 105 –



(in $000's) (in $000's) (in $000's) (in $000's)


– 105 –



CI International Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 106 –



U.K. (17.1%) 695,800 Aviva PLC 4,235,988 4,126,000

1,083,900 Barratt Developments PLC 2,040,359 2,071,732 44,800 Berkeley Group Holdings PLC 646,052 561,424

165,944 British American Tobacco PLC* 5,646,925 5,808,999 121,964 Carnival PLC 4,512,909 5,083,478 36,400 Close Brothers Group PLC 443,052 434,556 23,200 Dana Petroleum PLC 558,046 429,133

309,300 Debenhams PLC 455,439 360,671 90,500 Hikma Pharmaceuticals PLC 721,130 879,541 95,173 Imperial Tobacco Group PLC 2,999,310 2,947,246 17,000 Intertek Group PLC 377,881 382,058 45,200 Michael Page International PLC 298,066 278,341

399,819 National Grid PLC 4,407,500 3,950,427 132,900 Next PLC 4,731,229 4,431,024 28,900 Premier Oil PLC 637,775 549,713

344,700 Prudential PLC 2,930,673 2,901,059 178,451 Royal Dutch Shell PLC, Class A* 5,814,669 5,248,316 228,543 Standard Chartered PLC 6,233,147 6,332,270 339,360 United Utilities PLC 3,013,110 2,921,504 104,100 Wolseley PLC 2,495,855 2,551,353

53,199,115 52,248,845JAPAN (14.9%)

17,400 ABC-Mart Inc.* 540,707 563,221 115,550 Canon Inc. 4,873,909 5,422,093 181,580 Credit Saison Co., Ltd.* 2,352,402 2,853,973 20,400 East Japan Railway Co.* 1,490,143 1,438,097 50,640 FamilyMart Co., Ltd. 1,531,745 1,633,116 15,530 Fanuc Ltd. 1,430,946 1,671,700 86,700 Fujikura Ltd.* 473,620 507,599 46,400 Hitachi Transport System Ltd.* 617,978 663,769 99,390 Honda Motor Co., Ltd. 3,172,563 3,557,225 1,060 Japan Tobacco Inc. 3,262,591 4,001,050 2,217 Jupiter Telecommunication Co.* 2,057,278 2,595,958

101,900 Mitsubishi Corp. 2,448,449 2,710,667 560,220 Mitsubishi UFJ Financial Group Inc. 2,959,077 2,981,728 98,700 Mitsui & Co., Ltd. 1,507,536 1,681,034 49,850 Nitori Co., Ltd. 4,107,127 3,833,643 39,575 POINT Inc.* 2,344,711 2,398,658

110,300 Sumitomo Mitsui Financial Group Inc. 3,702,783 3,696,102 20,400 THK Co., Ltd.* 393,534 450,486 67,210 Toyota Motor Corp. 2,790,684 2,726,703

42,057,783 45,386,822GERMANY (10.3%)

7,900 Bilfinger Berger AG 588,098 533,964 120,555 DaimlerChrysler AG, Registered Shares* 6,731,304 5,741,226 62,203 Deutsche Boerse AG* 5,683,240 4,657,438 4,000 Draegerwerk AG & Co. KGaA 284,345 281,556

95,433 Fresenius AG 6,072,695 7,302,631 45,200 Praktiker Bau- und Heimwerkermaerkte

Holding AG* 631,036 488,491 4,300 Rational AG* 683,333 766,561

42,200 RWE AG, Class A 4,148,634 3,794,787 112,529 SAP AG* 5,912,044 5,521,863 17,000 Stada Arzneimittel AG* 519,928 679,813

GERMANY (10.3%) (cont’d)23,900 Tognum AG 427,041 457,049 36,700 United Internet AG 577,761 563,880 44,400 Wacker Neuson SE 585,436 505,610

32,844,895 31,294,869HONG KONG (6.5%)

1,423,090 CNOOC Ltd. 2,479,720 2,367,545 667,872 Esprit Holdings Ltd. 4,960,107 5,354,667

1,324,680 First Pacific Co. Ltd. 881,727 869,748 244,300 Hang Seng Bank Ltd. 3,880,467 3,457,240 470,780 Hutchison Whampoa Ltd. 3,745,524 3,497,398 824,000 Ju Teng International Holdings Ltd. 714,347 801,824 552,740 Li & Fung Ltd. 2,534,835 2,758,000 697,300 New World Department Store China 669,590 678,534

19,866,317 19,784,956SWITZERLAND (5.9%)

70,430 Adecco SA, Registered Shares* 4,455,761 4,060,490 36,156 Roche Holding AG 6,149,803 5,952,221 1,569 SGS SA, Registered Shares 2,220,815 2,197,576

22,799 Zurich Financial Services AG* 5,824,805 5,934,140 18,651,184 18,144,427

FRANCE (3.8%) 78,018 Alstom* 5,983,471 4,941,479 51,650 Bouygues SA* 2,890,719 2,636,527 4,200 Ciments Francais SA 527,569 409,024 6,000 Faiveley SA 554,277 497,236

50,985 Total SA* 3,402,272 3,005,803 13,358,308 11,490,069

BRAZIL (3.0%) 63,794 AES Tiete SA 747,189 633,528 34,000 Gafisa S.A., ADR* 618,936 473,364

134,601 GP Investments Ltd. 755,619 667,966 90,700 Itau Unibanco Banco Multiplo SA, ADR 2,027,863 2,024,480 84,909 MRV Engenharia e Participacoes SA 584,229 601,744 24,500 Petroleo Brasileiro SA, ADR 1,276,749 1,106,896 10,417 Totvs SA 630,145 629,383 95,720 Vale SA, ADR* 2,726,286 3,125,087

9,367,016 9,262,448DENMARK (2.8%)

668 AP Moller - Maersk A/S 5,420,156 5,157,446 7,257 FLSmidth & Co. A/S 442,219 511,351

38,220 Novo Nordisk A/S* 2,593,775 3,011,429 8,456,150 8,680,226

IRELAND (2.8%) 181,650 CRH PLC 5,316,870 4,602,614 142,500 Ryanair Holdings PLC, ADR 4,214,821 3,931,723

9,531,691 8,534,337SWEDEN (2.1%)

6,950 Oriflame Cosmetics SA 397,128 439,936 586,539 Volvo AB, Series B* 6,213,817 5,994,109

6,610,945 6,434,045LUXEMBOURG (2.0%)

136,100 ArcelorMittal* 5,996,708 6,064,240



CI International Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 107 –– 107 –

SPAIN (2.0%) 373,970 Banco Santander Central Hispano SA 6,540,506 5,045,094 14,600 Inditex SA 941,783 977,406

7,482,289 6,022,500SINGAPORE (2.0%)

372,280 DBS Group Holdings Ltd. 3,635,449 3,864,545 318,800 Keppel Corp., Ltd. 2,066,211 2,108,285

5,701,660 5,972,830NORWAY (1.9%)

22,000 Petroleum Geo-Services ASA 296,161 292,686 233,334 Statoil ASA 6,095,278 5,486,768

6,391,439 5,779,454SOUTH KOREA (1.9%)

8,238 CJ39 Shopping Corp. 585,676 528,653 9,263 Samsung Electronics Co., Ltd., GDR 3,071,583 3,433,389 3,504 Shinsegae Co., Ltd. 1,664,128 1,682,523

5,321,387 5,644,565CHINA (1.7%)

1,335,700 Dalian Port (PDA) Co., Ltd. 568,612 634,153 3,073,190 Industrial & Commercial Bank of China 2,699,912 2,375,503 1,368,200 PetroChina Co., Ltd., Class H 1,941,386 1,623,064

28,300 Suntech Power Holdings Co., Ltd., ADR 408,135 401,765 5,618,045 5,034,485

NETHERLANDS (1.5%) 285,412 Royal KPN NV 5,368,149 4,588,831

SOUTH AFRICA (1.5%) 45,200 Massmart Holdings Ltd. 572,103 683,658 81,000 MTN Group Ltd. 1,312,827 1,264,544 56,400 Naspers Ltd. 2,268,514 2,488,190

4,153,444 4,436,392ITALY (1.4%)

167,292 Eni SpA 4,674,246 3,961,122 14,900 Lottomatica SpA 289,381 288,618

4,963,627 4,249,740PORTUGAL (1.3%)

373,349 Jeronimo Martins SGPS SA 3,469,239 3,841,303

INDIA (1.2%) 14,500 HDFC Bank Ltd. 1,997,703 2,052,476 92,300 Sterlite Industries India Ltd., ADR 1,705,030 1,744,321

3,702,733 3,796,797AUSTRIA (1.2%)

88,213 Erste Bank der Oesterreichischen Sparkassen AG* 4,153,611 3,716,333

AUSTRALIA (1.2%) 142,300 Paladin Energy Ltd.* 589,485 521,109 42,670 Rio Tinto Ltd. 2,771,131 3,116,842

3,360,616 3,637,951

RUSSIA (1.2%) 64,160 OAO Gazprom, ADR 1,819,314 1,520,049

248,100 Rosneft Oil Co.* 2,219,711 1,997,921 4,039,025 3,517,970

TAIWAN (0.9%) 296,000 Hon Hai Precision Industry Co., Ltd. 1,273,433 1,302,062 87,000 MediaTek Inc. 1,395,597 1,533,586

2,669,030 2,835,648MEXICO (0.8%)

34,300 America Movil SAB de C.V., ADR, Series L 1,673,221 1,751,678 226,551 Corporacion GEO SAB de CV, Series B 691,945 696,114

2,365,166 2,447,792ISRAEL (0.8%)

36,500 Teva Pharmaceutical Industries Ltd., ADR 1,933,873 2,338,470

TURKEY (0.4%) 281,000 Turkiye Garanti Bankasi AS 1,124,370 1,325,259

BERMUDA (0.4%) 101,700 Aquarius Platinum Ltd. 511,449 672,513 65,000 Lancashire Holdings Ltd. 555,510 482,328

1,066,959 1,154,841CANADA (0.4%)

187,400 Western Coal Corp. 475,480 1,137,518

THAILAND (0.3%) 46,500 Banpu Public Co., Ltd. 669,450 902,639

CAYMAN ISLANDS (0.2%) 87,600 China Nepstar Chain Drugstore Ltd., ADR 625,543 641,384

U.S.A. (0.2%) 8,400 Central European Distribution Corp.* 308,663 298,471

17,000 Net 1 UEPS Technologies Inc. 345,390 317,302 654,053 615,773

JERSEY ISLAND (0.1%) 35,100 Charter International PLC 410,664 406,051



Other Assets (net) (4.3%) 13,589,834

Net Assets (100.0%) 304,959,644





CI International Corporate ClassFinancial Statements

– 108 –




















291,370 7,63113,827 -

- -- -- -5 56- -- -- -

97 3- 19- -

1,050 31306,349 7,740

- 15- -- -- -- -

1,301 -68 57

- -- -- -

20 -1,389 72

304,960 7,668

295,277 9,186- -

303,352 6,3751,364 1,278

244 15

8.10 6.589.20 7.39

12.77 10.13

37,459,228 969,085148,371 173,03719,072 1,490

2,990 3531 5

44 14- -- -- -

(287) (38)2,748 334

2,717 214302 27

- 120 -

151 123,190 254(442) 80

- -(442) 80

906 (4,574)(561) (47)(666) (63)

- -

(2,352) (1,057)(2,673) (5,741)(3,115) (5,661)

(3,428) (4,608)294 (1,053)19 -

(0.21) (4.24)1.90 (4.60)1.78 0.23


2010 2009


2010 2009


CI International Corporate ClassFinancial Statements

– 109 –

















6,375 13,335

309,120 1,395- -

(7,912) (2,505)(803) (1,242)

300,405 (2,352)

- -- -- -- -

(3,428) (4,608)303,352 6,375

1,278 3,880

40 420- -

(156) (674)(92) (1,295)

(208) (1,549)

- -- -- -- -

294 (1,053)1,364 1,278

15 -

218 15- -

(8) -- -

210 15

- -- -- -- -

19 -244 15

7,668 17,215

309,378 1,830- -

(8,076) (3,179)(895) (2,537)

300,407 (3,886)

- -- -- -- -

(3,115) (5,661)304,960 7,668


2010 2009


2010 2009



CI International Corporate ClassFinancial Statements – Supplementary Schedules

– 110 –






2010 2009

969,085 1,223,13537,567,450 169,291

- -(974,994) (300,627)(102,313) (122,714)

37,459,228 969,085

173,037 320,1564,447 40,410

- -(17,662) (67,043)(11,451) (120,486)148,371 173,037

1,490 -18,202 1,490

- -(620) -

- -19,072 1,490




8.10 6.588.11 6.59

9.20 7.399.21 7.40

12.77 10.1312.79 10.15



2010 2009


2010 2009


63,634 84964,907 905


2010 2009


653 5946 6



2.001.00


0.220.22

-


2010

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

– 111 –





Japan ....................................................................................................................................... 19.2U.K............................................................................................................................................ 15.7Germany ................................................................................................................................... 12.6France....................................................................................................................................... 8.7Hong Kong................................................................................................................................ 8.6Switzerland .............................................................................................................................. 4.6Norway..................................................................................................................................... 4.4Spain ........................................................................................................................................ 4.2Sweden .................................................................................................................................... 2.7Australia................................................................................................................................... 2.7South Korea ............................................................................................................................. 2.4Italy .......................................................................................................................................... 2.3Taiwan...................................................................................................................................... 2.1Portugal .................................................................................................................................... 1.7Russia....................................................................................................................................... 1.7Finland...................................................................................................................................... 1.5Singapore ................................................................................................................................. 1.4Jersey Island............................................................................................................................ 1.2India ......................................................................................................................................... 0.8Brazil ........................................................................................................................................ 0.7Cayman Islands........................................................................................................................ 0.5Other Assets ............................................................................................................................ 0.3


As at March 31, 2010, had foreign markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $29,137,000 (March 31, 2009 - $763,000). 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) (%)European Currency 75,959 - 75,959 24.9British Pound 54,275 - 54,275 17.8Japanese Yen 45,693 - 45,693 15.0US Dollar 40,872 - 40,872 13.4Hong Kong Dollar 24,483 - 24,483 8.0Swiss Franc 18,144 - 18,144 5.9Danish Krone 8,680 - 8,680 2.8Swedish Krona 6,434 - 6,434 2.1Singapore Dollar 5,973 - 5,973 2.0Norwegian Krone 5,779 - 5,779 1.9Australian Dollar 3,659 - 3,659 1.2South Africa Rand 3,109 - 3,109 1.0Taiwan Dollar 2,838 - 2,838 0.9Brazilian Real 2,545 - 2,545 0.8Korean Won 2,214 - 2,214 0.7Turkish Lira 1,325 - 1,325 0.4Thai Baht 903 - 903 0.3Mexican Peso 696 - 696 0.2 Total 303,581 - 303,581 99.3


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 2,399 7 2,406 31.4 Japanese Yen 1,489 (1) 1,488 19.4 British Pound 1,212 - 1,212 15.8 US Dollar 824 50 874 11.4 Hong Kong Dollar 564 - 564 7.4 Swiss Franc 354 - 354 4.6 Norwegian Krone 340 - 340 4.4 Swedish Krona 206 - 206 2.7 Australian Dollar 205 - 205 2.7 Singapore Dollar 104 - 104 1.4 Taiwan Dollar 87 - 87 1.1 Total 7,784 56 7,840 102.3



– 112 –

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

– 112 –





(in $000's) (in $000's) (in $000's) (in $000's)



CI International Value Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 113 –



JAPAN (27.6%) 820,859 Bank of Yokohama Ltd. 4,399,038 4,074,722 106,440 Canon Inc. 4,401,976 4,994,613 40,330 Fanuc Ltd. 3,704,616 4,341,254 19,181 Keyence Corp. 3,921,103 4,646,109

230,014 KOSE Corp.* 5,460,828 5,481,560 588 Mid REIT Inc. 1,572,416 1,222,454

184,414 Mitsubishi Corp. 4,350,068 4,905,643 809,856 Mitsubishi UFJ Financial Group Inc. 4,145,258 4,310,396 343,950 Mitsui & Co., Ltd. 5,121,225 5,858,071 172,281 Mitsui Sumitomo Insurance Group

Holdings Inc.* 4,392,411 4,848,619 32,416 Nintendo Co., Ltd.* 8,915,450 11,020,899

1,076,557 Nipponkoa Insurance Co., Ltd. 6,466,489 6,840,789 797,541 Nomura Holdings Inc. 5,988,572 5,951,453 261,827 Nomura Research Institute Ltd.* 6,362,324 6,049,162 93,684 Secom Co., Ltd. 4,620,866 4,156,911

339,243 Seven & I Holdings Co., Ltd. 8,200,140 8,305,735 35,815 SMC Corp. 4,533,567 4,928,955

208,555 Sugi Pharmacy Co., Ltd.* 4,652,917 5,063,041 402,962 Sumitomo Metal Mining Co., Ltd. 7,232,699 6,079,664 560,387 Sumitomo Trust & Banking Co., Ltd. 3,190,358 3,329,574 190,474 Suzuki Motor Corp.* 4,789,224 4,262,027

357 United Urban Investment Corp. 2,095,030 2,082,360 108,516,575 112,754,011

U.K. (13.7%) 102,200 Anglo American PLC 4,115,157 4,525,156 106,414 Antofagasta PLC 1,534,708 1,704,264 364,864 BAE Systems PLC 1,995,416 2,087,106 156,180 BP PLC, ADR 9,187,057 9,051,316 504,530 Diageo PLC 8,386,737 8,593,536 517,490 GlaxoSmithKline PLC 11,158,439 10,086,568 731,090 Reed Elsevier PLC 5,807,091 5,916,335 230,300 Scottish and Southern Energy PLC 4,284,220 3,904,894 101,370 Standard Chartered PLC 2,784,514 2,808,672 310,288 Vodafone Group PLC, ADR 7,347,491 7,338,594

56,600,830 56,016,441GERMANY (10.8%)

116,350 Adidas AG 6,312,998 6,286,364 65,618 Allianz AG, Registered Shares* 8,527,513 8,321,185 36,740 BASF AG 2,241,701 2,310,394 95,802 Henkel KGaA, Preferred, Non-Voting Shares 4,708,604 5,212,302 39,590 Metro AG* 2,459,705 2,379,908

123,860 SAP AG* 6,660,953 6,077,882 66,762 Siemens AG, Registered Shares 6,873,422 6,763,665

287,832 Symrise AG 6,165,958 6,949,507 43,950,854 44,301,207

FRANCE (9.5%) 42,758 BNP Paribas SA* 3,762,777 3,333,476

164,982 Carrefour SA* 7,982,940 8,076,525 52,325 L'Oreal SA* 5,703,023 5,587,459

115,100 Sanofi-Aventis* 9,478,955 8,712,831 136,850 Total SA* 9,127,270 8,067,945 368,182 UbiSoft Entertainment* 6,497,485 5,141,769

42,552,450 38,920,005

SWITZERLAND (5.8%) 192,025 Foster Wheeler AG 6,082,445 5,290,369 176,740 Nestle SA, Registered Shares 8,496,314 9,185,080 86,010 Novartis AG, Registered Shares 4,772,924 4,714,307 27,000 Roche Holding AG 5,011,723 4,444,905

24,363,406 23,634,661CANADA (5.5%)

69,850 Agrium Inc. (USD) 3,872,913 5,009,957 154,919 Cenovus Energy Inc. 4,313,766 4,106,903 124,919 EnCana Corp. 4,119,948 3,934,948 27,279 Inmet Mining Corp. 1,792,640 1,606,188

108,160 TMX Group Inc. 3,319,341 3,224,250 472,230 Yamana Gold Inc. 5,471,843 4,723,547

22,890,451 22,605,793JERSEY ISLAND (2.6%)

423,269 Experian Group Ltd. 4,128,970 4,227,797 617,720 WPP PLC 6,014,530 6,498,557

10,143,500 10,726,354IRELAND (2.1%)

170,780 Covidien PLC 7,786,916 8,711,212

NETHERLANDS (2.0%) 157,172 Heineken NV 7,383,496 8,197,653

FINLAND (1.9%) 478,803 Nokia OYJ* 6,784,567 7,566,789

ITALY (1.9%) 100,378 Ansaldo STS SpA 2,039,546 2,083,434 231,310 Eni SpA 6,459,074 5,476,933

8,498,620 7,560,367HONG KONG (1.5%)

474,284 Cheung Kong Holdings Ltd. 6,745,161 6,203,221

U.S.A. (1.5%) 115,380 Phillip Morris International Inc. 5,964,639 6,111,482

SWEDEN (1.5%) 557,004 Telefonaktiebolaget LM Ericsson, Class B 6,352,124 5,958,674

BERMUDA (1.4%) 88,740 Bunge Ltd. 5,669,806 5,553,797

AUSTRALIA (1.3%) 80,759 National Australia Bank Ltd. 2,418,397 2,070,203

112,220 Newcrest Mining Ltd. 3,780,694 3,430,899 6,199,091 5,501,102

NORWAY (1.3%) 221,240 Statoil ASA 5,810,523 5,202,382

SINGAPORE (1.3%) 499,459 DBS Group Holdings Ltd. 4,887,607 5,184,758

PORTUGAL (0.9%) 884,900 Energias de Portugal SA 4,234,851 3,572,619



CI International Value Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 114 –– 114 –

THAILAND (0.9%) 825,299 Bangkok Bank PCL,

Foreign Registered Shares 3,012,203 3,499,596

SOUTH KOREA (0.5%) 3,020 Samsung Electronics Co., Ltd. 1,969,998 2,214,481

MALAYSIA (0.5%) 764,322 Sime Darby Berhad 2,140,190 2,069,965

SOUTH AFRICA (0.3%) 105,475 Gold Fields Ltd., ADR* 1,568,588 1,349,580



Other Assets (net) (3.7%) 15,757,279

Net Assets (100.0%) 409,173,429




CI International Value Corporate ClassFinancial Statements

– 115 –




















393,416 16,57314,238 394

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

158 2- 239- -

1,584 59409,396 17,267

- -- -- -- -- -- 48

199 45- -- -- -

24 1223 94

409,173 17,173

393,924 21,024- -

402,731 12,5842,532 1,8463,910 2,743

10.71 9.1012.02 10.119.27 7.69

37,591,163 1,382,567210,572 182,526421,722 356,532

4,131 8171 3

66 30- -- -- -

(357) (90)3,841 760

3,650 321407 38

- -24 1

203 184,284 378(443) 382

- -(443) 382

319 (2,517)(292) 67(203) (33)

- -

3,943 (2,375)3,767 (4,858)3,324 (4,476)

2,379 (3,360)338 (519)607 (597)

0.14 (2.31)1.81 (2.35)1.51 (1.79)


2010 2009


2010 2009


CI International Value Corporate ClassFinancial Statements

– 116 –

















12,584 18,326

410,699 2,179- -

(20,599) (3,206)(2,332) (1,355)

387,768 (2,382)

- -- -- -- -

2,379 (3,360)402,731 12,584

1,846 3,821

213 353- -

(78) (716)213 (1,093)348 (1,456)

- -- -- -- -

338 (519)2,532 1,846

2,743 2,215

693 567- -

(157) (432)24 990

560 1,125

- -- -- -- -

607 (597)3,910 2,743

17,173 24,362

411,605 3,099- -

(20,834) (4,354)(2,095) (1,458)

388,676 (2,713)

- -- -- -- -

3,324 (4,476)409,173 17,173


2010 2009


2010 2009



CI International Value Corporate ClassFinancial Statements – Supplementary Schedules

– 117 –






2010 2009

1,382,567 1,603,15338,355,045 222,872

- -(1,918,710) (311,639)

(227,739) (131,819)37,591,163 1,382,567

182,526 304,07317,995 30,463

- -(6,738) (63,398)16,789 (88,612)

210,572 182,526

356,532 234,59079,438 67,750

- -(17,197) (53,404)

2,949 107,596421,722 356,532




10.71 9.1010.73 9.12

12.02 10.1112.04 10.13

9.27 7.699.28 7.71



2010 2009


2010 2009


62,307 3,49763,553 3,727


2010 2009


186 2713 3



2.001.00


0.220.22

-


2010

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

– 118 –





Japan ....................................................................................................................................... 24.9U.K............................................................................................................................................ 15.9France....................................................................................................................................... 14.6Germany ................................................................................................................................... 8.8Jersey Island............................................................................................................................ 4.3Italy .......................................................................................................................................... 3.5Other Assets ............................................................................................................................ 3.4Netherlands ............................................................................................................................. 2.9Switzerland .............................................................................................................................. 2.8Australia................................................................................................................................... 2.1Canada ..................................................................................................................................... 2.1Sweden .................................................................................................................................... 2.0Finland...................................................................................................................................... 1.7South Korea ............................................................................................................................. 1.6Taiwan...................................................................................................................................... 1.6Norway..................................................................................................................................... 1.5U.S.A. ....................................................................................................................................... 1.5South Africa ............................................................................................................................. 1.0Portugal .................................................................................................................................... 0.9Hong Kong................................................................................................................................ 0.9Singapore ................................................................................................................................. 0.8Malaysia .................................................................................................................................. 0.8Thailand ................................................................................................................................... 0.4



Credit RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to credit risk as substantiallyall of its asset were invested in equities.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 113,746 - 113,746 27.8 Euro 110,119 - 110,119 26.9 US Dollar 53,843 - 53,843 13.2 British Pound 50,766 - 50,766 12.4 Swiss Franc 18,344 - 18,344 4.5 Hong Kong Dollar 6,203 - 6,203 1.5 Swedish Krona 5,959 - 5,959 1.5 Australian Dollar 5,506 - 5,506 1.3 Norwegian Krone 5,202 - 5,202 1.3 Singapore Dollar 5,185 - 5,185 1.3 Thai Baht 3,500 - 3,500 0.9 Korean Won 2,231 - 2,231 0.5 Malaysian Ringgit 2,070 - 2,070 0.5 Total 382,674 - 382,674 93.6


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 5,592 - 5,592 32.6 Japanese Yen 4,481 - 4,481 26.1 British Pound 2,639 - 2,639 15.4 US Dollar 1,736 - 1,736 10.1 Swiss Franc 474 - 474 2.8 Australian Dollar 381 - 381 2.2 Swedish Krona 334 - 334 1.9 Taiwan Dollar 284 - 284 1.7 Norwegian Krone 260 - 260 1.5 Korean Won 209 - 209 1.2 Hong Kong Dollar 152 - 152 0.9 Singapore Dollar 148 - 148 0.9 Malaysian Ringgit 119 - 119 0.7 Thai Baht 71 - 71 0.4 Total 16,880 - 16,880 98.4




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

– 119 –



(in $000's) (in $000's) (in $000's) (in $000's)


– 119 –



CI Japanese Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 120 –



INDUSTRIALS (30.8%) 4,200 Astellas Pharma Inc. 210,826 154,198

7 Central Japan Railway Co. 52,111 54,061 1,000 East Japan Railway Co.* 75,312 70,495 1,330 Fanuc Ltd. 127,235 143,166 3,000 Hitachi High-Technologies Corp. 51,435 69,604 2,000 JGC Corp. 35,853 36,214

900 Makita Corp. 24,743 30,012 4,900 Mitsubishi Corp. 53,390 130,347 2,853 Mitsubishi Estate Co., Ltd. 48,784 47,352 3,400 Mitsui & Co., Ltd. 52,723 57,908 3,500 Mitsui Fudosan Co., Ltd.* 64,062 60,296 2,800 Nifco Inc. 31,145 65,359

21,100 Nissan Motor Co., Ltd. 139,530 183,352 3,100 Omron Corp. 128,389 72,564

400 Secom Co., Ltd. 37,754 17,749 1,600 Shin-Etsu Chemical Co., Ltd. 105,567 94,370

200 SMC Corp. 53,250 27,525 5,100 Sohgo Security Services Co., Ltd. 80,519 59,995

10,000 Sumitomo Corp.* 114,019 116,550 7,700 Sumitomo Electric Industries Ltd. 176,971 95,766

10,000 Tobu Railway Co., Ltd. 57,213 56,266 16,000 Tokyo Gas Co., Ltd. 82,826 71,603 8,000 Yamato Transport Co., Ltd. 272,447 114,008


2,700 Benesse Corp. 113,735 118,190 300 Daito Trust Construction Co., Ltd. 14,007 14,648

2,500 Fuji Photo Film Co., Ltd. 119,476 87,304 10 Fuji Media Holdings Inc. 15,042 15,022

4,900 Hikari Tsushin Inc. 91,866 80,741 7,000 Isuzu Motors Ltd.* 14,192 19,161 7,000 NGK Spark Plug Co., Ltd. 92,357 96,336

900 Sankyo Co., Ltd. 52,311 45,116 1,400 Sega Sammy Holdings Inc. 17,340 17,184 4,000 Sekisui House Ltd. 40,426 40,494

700 Shimano Inc. 31,258 31,440 3,300 Sony Corp. 92,195 127,966

700 Toyota Boshoku Corp. 16,981 13,626 500 Toyota Industries Corp. 16,032 14,474

5,000 Toyota Motor Corp. 272,587 202,849 999,806 924,551

FINANCIALS (15.6%) 5,000 77th Bank Ltd.* 31,651 28,893 7,500 Gunma Bank Ltd. 50,732 42,118

16,200 Mitsubishi UFJ Financial Group Inc. 86,494 86,223 50,600 Mizuho Financial Group Inc.* 106,684 101,130 38,000 Mizuho Securities Co., Ltd. 122,523 122,177 27,300 Sapporo Hokuyo Holdings Inc. 120,009 126,324

40 Sony Financial Holding Inc. 119,993 132,952 3,200 Sumitomo Mitsui Financial Group Inc. 120,693 107,231 2,000 Sumitomo Realty & Development Co., Ltd.* 23,415 38,582

20,000 Sumitomo Trust & Banking Co., Ltd. 144,493 118,831 2,000 Yamaguchi Financial Group Inc. 29,581 22,180

956,268 926,641

INFORMATION TECHNOLOGY (11.3%) 4,800 Advantest Corp.* 125,271 121,742 3,800 Canon Inc. 162,143 178,312

900 Canon Marketing Japan Inc. 18,499 12,415 22,000 Fujitsu Ltd.* 160,370 146,008

200 Nintendo Co., Ltd.* 41,011 67,997 70 Rakuten Inc.* 48,582 51,171

1,200 Tokyo Electron Ltd. 81,052 80,684 400 Trend Micro Inc. 16,061 14,142

652,989 672,471 CONSUMER STAPLES (4.7%)

3,500 FamilyMart Co., Ltd. 118,068 112,873 21 Japan Tobacco Inc. 61,003 79,266

2,000 Nippon Meat Packers Inc. 34,451 25,634 1,400 Nissin Food Products Co., Ltd. 47,322 47,674

600 Seven & I Holdings Co., Ltd. 35,316 14,690 296,160 280,137

MATERIALS (5.6%) 5,000 Kansai Paint Co., Ltd. 34,364 41,385

16,000 Mitsubishi Materials Corp. 61,056 46,577 24,000 Mitsui Mining & Smelting Co., Ltd. 68,407 72,993 8,000 Sumitomo Metal Mining Co., Ltd. 123,146 120,700

20,000 Ube Industries Ltd. 49,255 51,921 336,228 333,576

HEALTH CARE (4.2%) 500 Nakanishi Inc. 71,343 51,866

4,000 Olympus Corp. 111,045 130,302 1,500 Takeda Pharmaceutical Co., Ltd. 110,305 67,046

292,693 249,214 UTILITIES (2.4%)

7,000 Osaka Gas Co., Ltd.* 37,661 25,472 3,000 Shikoku Electric Power Co., Inc. 120,040 86,125 6,000 Toho Gas Co., Ltd.* 32,296 33,108

189,997 144,705 ENERGY (3.6%)

400 Idemitsu Kosan Co., Ltd. 30,805 30,675 26,500 Nippon Mining Holdings Inc. 139,602 124,925 11,000 Nippon Oil Corp. 58,444 56,157

228,851 211,757 TELECOMMUNICATION SERVICES (2.8%)

2,700 Nippon Telegraph & Telephone Corp. 146,257 115,258 35 NTT DoCoMo Inc.* 59,898 54,023

206,155 169,281




Total Net Assets (100.0%) 5,942,789



CI Japanese Corporate ClassFinancial Statements

– 121 –








A SharesF Shares


A SharesF Shares









A SharesF Shares

5,741 6,52197 100

- -- -- -- -- -- -- -5 -

445 111- -

52 626,340 6,794

- -- -- -- -- -

378 10316 22

- -- -- -3 2

397 1275,943 6,667

6,224 8,589- -

5,686 6,365257 302

8.14 7.596.17 5.70

698,714 838,77541,573 53,086

108 170- 21 6- -- -- -

(8) (12)101 166

124 17114 19

- -14 17 9

159 200(58) (34)

- -(58) (34)

(1,004) (94)(32) 20(16) (13)

- -

1,586 (1,766)534 (1,853)476 (1,887)

452 (1,810)24 (77)

0.61 (1.92)0.48 (1.37)


2010 2009


2010 2009


CI Japanese Corporate ClassFinancial Statements

– 122 –













6,365 10,198

669 992- -

(1,708) (2,596)(92) (419)

(1,131) (2,023)

- -- -- -- -

452 (1,810)5,686 6,365

302 451

15 17- -

(84) (89)- -

(69) (72)

- -- -- -- -

24 (77)257 302

6,667 10,649

684 1,009- -

(1,792) (2,685)(92) (419)

(1,200) (2,095)

- -- -- -- -

476 (1,887)5,943 6,667


2010 2009


2010 2009



CI Japanese Corporate ClassFinancial Statements – Supplementary Schedules

– 123 –





2010 2009

838,775 1,070,53583,363 111,883

- -(212,059) (296,587)(11,365) (47,056)698,714 838,775

53,086 63,7482,478 2,620

- -(13,957) (13,356)

(34) 7441,573 53,086



8.14 7.598.16 7.60

6.17 5.706.19 5.71



2010 2009


2010 2009


853 1,554870 1,657


2010 2009


12 10- -



2.001.00

0.220.22


2010

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

– 124 –





Industrials ................................................................................................................................ 33.4Consumer Discretionary........................................................................................................... 11.9Consumer Staples.................................................................................................................... 11.4Financials ................................................................................................................................. 11.0Information Technology ........................................................................................................... 10.5Health Care .............................................................................................................................. 5.8Energy ...................................................................................................................................... 4.1Materials.................................................................................................................................. 3.6Telecommunication Services ................................................................................................... 3.2Utilities..................................................................................................................................... 3.0Other Assets ............................................................................................................................ 2.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in Japanese equities andtherefore was sensitive to changes in general economic conditions in Japan.

As at March 31, 2010, had Japanese markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $574,000 (March 31, 2009 - $652,000). In practice, actualresults 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 5,858 - 5,858 98.6 US Dollar 33 - 33 0.6 Total 5,891 - 5,891 99.2


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 6,592 - 6,592 98.9 US Dollar 99 - 99 1.5 Total 6,691 - 6,691 100.4

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 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$589,000 (March 31, 2009 - $669,000). In practice, actual results may differ from this analysis andthe difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)



CI Pacific Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 125 –



JAPAN (63.5%) 8,400 Advantest Corp.* 240,408 213,049 7,021 Astellas Pharma Inc. 256,851 257,768 4,100 Benesse Corp. 187,311 179,474 4,200 Canon Inc. 164,765 197,082 1,200 Daito Trust Construction Co., Ltd. 64,675 58,590 5,800 Dentsu Inc.* 146,565 154,665 6,600 Dowa Mining Co., Ltd. 45,605 40,361 2,100 East Japan Railway Co.* 158,156 148,039 7,100 FamilyMart Co., Ltd. 234,595 228,971 2,500 Fanuc Ltd. 147,437 269,108

30 Fuji Television Network Inc. 90,270 45,067 32,000 Fujitsu Ltd. 198,082 212,376 1,800 Hokuriku Electric Power Co.* 47,101 40,179

10,000 Kansai Paint Co., Ltd. 60,315 82,769 726 Keyence Corp. 132,666 175,855

8,200 Mitsubishi Corp. 83,116 218,130 1,848 Mitsubishi Estate Co., Ltd. 27,014 30,671

15,000 Mitsui & Co., Ltd. 118,474 255,476 6,000 Mitsui Fudosan Co., Ltd.* 58,479 103,363

42,200 Mizuho Financial Group Inc.* 87,916 84,342 66,000 Mizuho Securities Co., Ltd. 213,288 212,202

900 Nakanishi Inc. 116,479 93,360 11,000 NGK Spark Plug Co., Ltd.* 141,820 151,385 5,000 Nifco Inc. 55,624 116,713

600 Nintendo Co., Ltd.* 150,437 203,990 9,000 Nippon Meat Packers Inc. 153,849 115,355

12,000 Nippon Oil Corp. 59,980 61,262 4,700 Nippon Telegraph & Telephone Corp. 272,132 200,634

900 Nippon Television Network Corp. 157,957 124,251 32,600 Nissan Motor Co., Ltd. 285,728 283,283

20 NTT Data Corp.* 84,531 67,562 50 NTT DoCoMo Inc.* 140,455 77,175

3,500 Olympus Corp. 115,142 114,014 1,600 Ono Pharmaceutical Co., Ltd. 84,098 71,950 1,100 Sankyo Co., Ltd.* 63,949 55,141

39,600 Sapporo Hokuyo Holdings Inc. 175,434 183,239 3,800 Secom Co., Ltd. 201,583 168,612 2,300 Seven & I Holdings Co., Ltd. 75,462 56,311 7,000 Shiseido Co., Ltd.* 131,693 154,198

70 Sony Financial Holding Inc. 214,797 232,666 12,000 Sumitomo Metal Mining Co., Ltd. 181,592 181,049 4,400 Sumitomo Mitsui Financial Group Inc. 158,524 147,442

29,000 Sumitomo Trust & Banking Co., Ltd. 171,725 172,305 9,400 Sumitomo Warehouse Co., Ltd. 70,116 42,169 1,800 Takeda Pharmaceutical Co., Ltd. 107,622 80,455

12,000 Toho Gas Co., Ltd.* 64,593 66,215 5,500 Tokai Rika Co., Ltd. 94,388 114,644

32,000 Tokyo Gas Co., Ltd. 162,376 143,206 8,300 Toyota Industries Corp.* 188,985 240,264 5,900 Toyota Motor Corp. 243,136 239,362 3,000 Yamaguchi Financial Group Inc. 44,372 33,271

10,000 Yamato Transport Co., Ltd. 203,596 142,511 7,135,264 7,341,531

AUSTRALIA (24.8%) 13,411 Aristocrat Leisure Ltd. 57,115 56,805 10,645 Australia & New Zealand Banking Group Ltd. 179,151 251,452 16,300 BHP Billiton Ltd. 491,963 662,073 12,448 Bendigo and Adelaide Bank Ltd. 116,654 115,065 21,300 BlueScope Steel Ltd. 54,298 57,558 8,811 Commonwealth Bank of Australia 262,278 461,827

205,800 Intoll International Ltd. 242,862 213,822 6,200 National Australia Bank Ltd. 147,930 158,933

34,150 Qantas Airways Ltd. 62,948 90,373 3,200 Rio Tinto Ltd. 146,013 233,745

19,350 Tabcorp Holdings Ltd. 187,381 124,231 8,833 Westpac Banking Corp. 171,600 228,980 8,200 Woolworths Ltd. 190,438 213,793

2,310,631 2,868,657 HONG KONG (4.8%)

11,900 ASM Pacific Technology Ltd. 113,299 113,929 29,800 China Shineway Pharmaceutical Group Ltd. 20,142 83,408 9,100 CLP Holdings Ltd. 79,208 65,937 2,000 Hang Seng Bank Ltd. 31,358 28,303 6,400 Hong Kong Exchanges and Clearing Ltd. 71,820 108,484 9,000 Hopewell Holdings Ltd. 27,322 27,600

13,500 Wing Hang Bank Ltd. 124,075 125,187 467,224 552,848

SINGAPORE (3.8%) 138,000 CapitaLand Ltd. 231,269 226,402 25,000 SembCorp Industries Ltd. 63,025 74,589 23,000 SembCorp Marine Ltd. 60,966 69,791 76,900 Yangzijiang Shipbuilding Holdings Ltd. 62,997 64,197

418,257 434,979




Net Assets (100.0%) 11,563,932



CI Pacific Corporate ClassFinancial Statements

– 126 –








A SharesF Shares


A SharesF Shares









A SharesF Shares

11,198 11,85729 325

- -- -- -- -- -- -- -6 41

1,069 -- -

87 9612,389 12,319

- -- -- -- -- -

820 -3 41- -- -- -2 2

825 4311,564 12,276

10,310 12,862- -

11,109 11,787455 489

7.48 6.437.73 6.57

1,486,469 1,833,64458,886 74,463

319 463- 173 6- -- -- -

(47) (50)275 436

247 31928 37

- -1 1

14 18290 375(15) 61

- -(15) 61

149 1,165(75) 200(30) (36)

- -

1,892 (6,250)1,936 (4,921)1,921 (4,860)

1,838 (4,639)83 (221)

1.09 (2.27)1.22 (2.30)


2010 2009


2010 2009


CI Pacific Corporate ClassFinancial Statements

– 127 –













11,787 19,610

1,104 1,337- -

(3,040) (3,332)(580) (1,189)

(2,516) (3,184)

- -- -- -- -

1,838 (4,639)11,109 11,787

489 909

12 49- -

(83) (261)(46) 13

(117) (199)

- -- -- -- -

83 (221)455 489

12,276 20,519

1,116 1,386- -

(3,123) (3,593)(626) (1,176)

(2,633) (3,383)

- -- -- -- -

1,921 (4,860)11,564 12,276


2010 2009


2010 2009



CI Pacific Corporate ClassFinancial Statements – Supplementary Schedules

– 128 –





2010 2009

1,833,644 2,260,037154,164 175,257

- -(421,589) (445,322)(79,750) (156,328)

1,486,469 1,833,644

74,463 103,5141,711 6,537

- -(11,415) (37,267)(5,873) 1,67958,886 74,463



7.48 6.437.50 6.44

7.73 6.577.74 6.59



2010 2009


2010 2009


1,816 2,5631,852 2,731


2010 2009


24 301 5



2.001.00

0.220.22


2010

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

– 129 –





Japan ....................................................................................................................................... 66.5Australia................................................................................................................................... 12.9Hong Kong................................................................................................................................ 6.9U.S.A. ....................................................................................................................................... 3.3Other Assets ............................................................................................................................ 3.2Singapore ................................................................................................................................. 2.8China ........................................................................................................................................ 2.3South Korea ............................................................................................................................. 0.8Taiwan...................................................................................................................................... 0.7Cayman Islands........................................................................................................................ 0.6

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in Asia-Pacific equities andtherefore was sensitive to changes in general economic conditions across the Asia-Pacific region.

As at March 31, 2010, had Asia-Pacific markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $1,120,000 (March 31, 2009 - $1,186,000). 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 7,547 - 7,547 65.3 Australian Dollar 3,053 - 3,053 26.4 Hong Kong Dollar 532 - 532 4.6 Singapore Dollar 402 - 402 3.5 US Dollar 26 - 26 0.2 New Zealand Dollar 2 - 2 0.1 Total 11,562 - 11,562 100.1


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen 8,250 - 8,250 67.2 Australian Dollar 1,589 - 1,589 12.9 Hong Kong Dollar 1,041 - 1,041 8.5 US Dollar 950 - 950 7.7 Singapore Dollar 410 - 410 3.3 New Zealand Dollar 2 - 2 0.1 Total 12,242 - 12,242 99.7





(in $000's) (in $000's) (in $000's) (in $000's)



CI Value Trust Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 130 –



U.S.A. (99.9%) 1,643,868 AES Corp.* 20,428,594 18,362,764

283,800 Aetna Inc.* 10,301,963 10,115,746 218,500 Aflac Inc. 4,818,124 12,046,190 115,100 Allstate Corp. 3,567,710 3,776,511 58,500 Amazon.com Inc.* 3,243,134 8,062,656 97,900 American Express Co. 3,310,928 4,099,961

117,547 Amgen Inc. 6,233,773 7,133,465 73,500 Apollo Group Inc. 4,422,891 4,571,638

408,400 Bank of America Corp. 5,708,006 7,386,319 31,800 Boeing Co. 1,626,467 2,343,488

364,800 CA Inc.* 9,909,742 8,687,126 213,015 Capital One Financial Corp.* 5,849,318 8,951,155 340,750 Cisco Systems Inc.* 7,921,894 9,007,172 651,000 Citigroup Inc. 2,866,494 2,677,407 58,250 ConocoPhillips 3,353,333 3,026,842

127,000 DIRECTV* 3,950,040 4,360,410 1,078,950 Eastman Kodak Co.* 28,321,101 6,343,929

365,890 eBay Inc.* 14,051,911 10,013,542 185,357 EMC Corp. 2,357,916 3,395,658 301,100 General Electric Co. 4,664,522 5,558,826 91,200 Genzyme Corp. 5,074,205 4,800,146 41,950 Goldman Sachs Group Inc. 4,463,277 7,263,739 10,875 Google Inc., Class A 2,987,772 6,254,279

165,401 Hewlett-Packard Co. 6,491,547 8,927,294 67,100 International Business Machines Corp. 7,867,638 8,738,931

173,300 JC Penney Co., Inc.* 8,589,837 5,657,935 151,600 JPMorgan Chase & Co. 6,563,013 6,887,690

U.S.A. (99.9%) (cont’d)59,500 Medtronic Inc. 2,473,634 2,720,804

117,550 Merck & Co., Ltd. 4,294,968 4,454,949 175,700 Microsoft Corp. 4,945,003 5,220,649 52,650 Nucor Corp.* 2,907,536 2,425,747

211,850 NYSE Euronext 7,761,688 6,370,086 26,600 PepsiCo Inc. 1,686,415 1,787,128 81,800 Prudential Financial Inc. 2,543,701 5,023,929 89,200 QUALCOMM Inc. 3,783,002 3,802,644 95,500 Sears Holdings Corp.* 13,416,965 10,515,532

179,542 State Street Corp. 8,120,763 8,230,117 315,800 Texas Instruments Inc. 9,887,974 7,844,170 67,907 Time Warner Cable Inc.* 4,223,347 3,676,911

255,413 Time Warner Inc. 10,392,321 8,110,531 186,700 UnitedHealth Group Inc. 7,280,878 6,194,010 219,700 Wells Fargo & Co. 3,736,115 6,934,090 374,750 Yahoo! Inc.* 13,246,695 6,286,807 101,800 Yum! Brands Inc. 3,741,651 3,962,461




Net Assets (100.0%) 282,325,438



CI Value Trust Corporate ClassFinancial Statements

– 131 –






Net assets per classA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



282,011 279,099730 7,719

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

184 1261,396 333

- -129 332

284,450 287,609

- -- -- -- -- -

1,403 1,072708 425

- -- -- -

14 132,125 1,510

282,325 286,099

292,978 407,227- -

164,879 151,1805,877 5,579

65,980 88,5742,356 2,255

74 6843,080 38,328

11 919 1049 96

- -

6.52 4.866.96 5.147.25 5.275.91 4.355.96 4.385.60 4.165.61 4.396.42 4.975.12 4.12

- -

25,283,378 31,097,801844,054 1,086,057

9,104,149 16,822,254398,712 517,94212,399 15,560

7,698,621 9,212,3641,957 1,9572,929 2,0239,550 23,418

- -


2010 2009


2010 2009



– 132 –







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















3,023 10,9601 464

1,011 2,433- -- -- -

(453) (1,644)3,582 12,213

4,844 6,300471 613

- 61 3

266 3455,582 7,267(2,000) 4,946

- -(2,000) 4,946

(27,403) (416,946)(1,267) 7,657

(231) (783)- -

117,162 82,27488,261 (327,798)86,261 (322,852)

49,072 (117,154)1,827 (4,173)

21,911 (169,755)724 (1,634)23 (76)

12,666 (29,973)3 (24)4 (7)

31 (45)- (11)

1.72 (3.45)1.92 (3.57)2.10 (3.71)1.66 (2.94)1.63 (2.99)1.48 (2.92)1.48 (3.45)1.71 (3.54)1.98 (3.17)

- (1.85)

151,180 288,622

12,162 26,747- -

(43,951) (80,278)(3,584) 33,243

(35,373) (20,288)

- -- -- -- -

49,072 (117,154)164,879 151,180

5,579 10,838

641 2,684- -

(2,508) (3,471)338 (299)

(1,529) (1,086)

- -- -- -- -

1,827 (4,173)5,877 5,579

88,574 481,283

5,097 55,021- -

(49,509) (237,085)(93) (40,890)

(44,505) (222,954)

- -- -- -- -

21,911 (169,755)65,980 88,574


2010 2009


2010 2009




– 133 –

Insight SharesNet assets, beginning of yearCapital transactions
























9 24

- 90- -- (21)- (57)- 12

- -- -

(1) (3)(1) (3)3 (24)

11 9

10 18

- -- -- -6 -6 -

- -- -

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

19 10

96 49

17 53- -- (10)

(89) 58(72) 101

- -- -

(6) (9)(6) (9)31 (45)49 96

2,255 4,621

505 1,049- -

(1,109) (1,781)(19) -

(623) (732)

- -- -- -- -

724 (1,634)2,356 2,255

68 280

9 34- -

(22) (98)(4) (72)

(17) (136)

- -- -- -- -

23 (76)74 68

38,328 81,134

1,161 2,085- -

(8,682) (13,958)(393) (960)

(7,914) (12,833)

- -- -- -- -

12,666 (29,973)43,080 38,328


2010 2009



2010 2009


– 134 –










- -

- 38- -- (74)- 47- 11

- -- -- -- -- (11)- -

286,099 866,869

19,592 87,801- -

(105,781) (336,776)(3,838) (8,930)

(90,027) (257,905)

- -- -

(8) (13)(8) (13)

86,261 (322,852)282,325 286,099


2010 2009



CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules

– 135 –





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

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

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



2010 2009

31,097,801 34,823,8382,037,526 4,289,907

- -(7,263,170) (12,586,156)

(588,779) 4,570,21225,283,378 31,097,801

1,086,057 1,250,707103,138 401,827

- -(393,915) (519,883)

48,774 (46,594)844,054 1,086,057

16,822,254 55,062,698761,686 8,757,866

- -(8,466,138) (41,641,574)

(13,653) (5,356,736)9,104,149 16,822,254

517,942 630,02292,409 187,069

- -(208,352) (299,149)

(3,287) -398,712 517,942

15,560 38,0601,457 6,215

- -(3,743) (16,095)

(875) (12,620)12,399 15,560

9,212,364 11,469,716223,886 360,500

- -(1,661,966) (2,454,453)

(75,663) (163,399)7,698,621 9,212,364

1,957 2,959- 13,314- -- (3,817)- (10,499)

1,957 1,957





2010 2009

2,023 2,054- -- -

(33) (31)939 -

2,929 2,023

23,418 6,1293,218 7,587

- -- (1,829)

(17,086) 11,5319,550 23,418

- -- 3,750- -- (9,153)- 5,403- -


CI Value Trust Corporate ClassFinancial Statements – Supplementary Schedules

– 136 –



2010 2009


45,333 94,45146,239 100,662


2010 2009


228 776- -

Annual management fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

Annual fixed administration fee rateA SharesF SharesI SharesInsight SharesY SharesZ SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

2.251.25

Paid directly by investor1.111.002.002.251.252.251.25

0.210.21

-0.210.210.210.210.210.210.21


2010





Insight SharesNet assets per shareNet asset value per share








2010 2009

6.52 4.866.52 4.87

6.96 5.146.97 5.15

7.25 5.277.25 5.27

5.91 4.355.91 4.36

5.96 4.385.96 4.39

5.60 4.165.60 4.17

5.61 4.395.61 4.40

6.42 4.976.42 4.98

5.12 4.125.12 4.13

- -- -

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

– 137 –





U.S.A. ....................................................................................................................................... 97.6Other Assets ............................................................................................................................ 2.4




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









(in $000's) (in $000's) (in $000's) (in $000's)



Harbour Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 138 –



FINANCIALS (22.5%) 400,000 Bank of America Corp. 7,229,896 7,234,397 600,000 Bank of Nova Scotia†† 25,179,902 30,474,000 450,000 Canadian Imperial Bank of Commerce 29,566,687 33,363,000

1,000,000 Discover Financial Services 16,691,801 15,120,743 1,045,500 Dundee Corp., Class A 7,163,271 14,469,720 1,200,000 DundeeWealth Inc. 8,419,448 17,892,000

300,000 JPMorgan Chase & Co. 13,143,879 13,629,994 1,500,000 Manulife Financial Corp. 37,378,943 29,955,000

140,000 Royal Bank of Canada 5,199,090 8,297,800 140,000 Sun Life Financial Inc. 5,704,790 4,565,400 150,000 TMX Group Inc. 4,589,502 4,471,500 450,000 Toronto-Dominion Bank 25,538,924 34,051,500

185,806,133 213,525,054MATERIALS (15.5%)

500,000 Barrick Gold Corp. 17,171,947 19,460,000 1,020,000 BHP Billiton Ltd. 28,037,078 41,430,342

500,000 Cameco Corp. 13,152,259 13,885,000 270,000 Franco-Nevada Corp. 8,357,300 7,346,700 500,000 Goldcorp Inc. 15,218,164 18,920,000 70,000 Norbord Inc. 3,481,232 1,101,100

200,000 Potash Corp. of Saskatchewan Inc. 21,212,252 24,248,000 340,000 Rio Tinto PLC 22,151,170 20,465,511

128,781,402 146,856,653ENERGY (12.7%)

300,000 Canadian Oil Sands Trust 6,987,558 9,132,000 480,000 Cenovus Energy Inc. 12,048,029 12,724,800 500,000 EnCana Corp. 13,911,489 15,750,000 410,000 Patterson-UTI Energy Inc. 10,915,202 5,812,296

1,600,000 Suncor Energy Inc. 53,443,331 52,784,000 1,400,000 Talisman Energy Inc. 19,953,487 24,276,000

117,259,096 120,479,096INFORMATION TECHNOLOGY (9.8%)

1,500,000 Cisco Systems Inc. 39,295,862 39,650,060 900,000 Intel Corp. 18,380,738 20,344,456 280,000 Microsoft Corp.* 8,378,949 8,319,760 70,000 Research In Motion Ltd. 5,229,378 5,257,700

1,800,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 18,414,500 19,156,326

89,699,427 92,728,302INDUSTRIALS (7.4%)

600,000 Canadian National Railway Co. 27,052,091 36,882,000 1,100,000 General Electric Co. 32,189,604 20,307,899

150,000 Martin Marietta Materials Inc. 14,829,882 12,706,907 74,071,577 69,896,806

CONSUMER DISCRETIONARY (6.3%) 600,000 PetSmart Inc.* 14,656,985 19,448,789 350,000 Thomson Corp. 11,934,663 12,915,000 820,000 Tim Hortons Inc. 26,429,983 27,109,200


150,000 CVS Corp. 4,860,119 5,568,983 820,000 Diageo PLC 14,374,715 13,966,859 239,000 George Weston Ltd. 16,569,405 16,722,830 200,000 Nestle SA, Registered Shares 8,540,829 10,393,889


100,000 China Mobile (Hong Kong) Ltd., ADR 5,076,405 4,885,554

WARRANTS (0.1%) 100,000 Franco-Nevada Corp., Warrants (16Jun17) - 730,000


Total Equities (79.7%) 697,402,548 755,227,015

Short Term Notes (14.6%) 138,864,044 138,909,318




Other Assets (net) (4.7%) 45,320,756

Net Assets (100.0%) 948,883,851



Harbour Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 139 –– 139 –




1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.95 (11,090,000) Australian $ 10,494,522 Canadian $ 194,521 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.93 (2,674,000) Australian $ 2,484,903 Canadian $ 9,825 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.63 (1,175,000) British Pound 1,914,240 Canadian $ 103,673 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.73 (5,668,000) British Pound 9,782,311 Canadian $ 1,046,969 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.94 (566,365) Canadian $ 605,000 Australian $ (4,464)1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.02 (2,841,600) Swiss Franc 2,892,128 Canadian $ 154,153 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.97 (315,000) Swiss Franc 304,591 Canadian $ 891 1 Bank of Nova Scotia†† A-1+ 07-May-10 0.03 (70,636,000) Taiwanese $ 2,340,602 Canadian $ 79,977 1 Bank of Nova Scotia†† A-1+ 07-May-10 0.03 (273,578,084) Taiwanese $ 9,151,636 Canadian $ 396,038 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 1.02 (15,083,000) US $ 15,400,573 Canadian $ 82,349 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 1.03 (18,609,000) US $ 19,168,200 Canadian $ 268,754 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.07 (43,848,000) US $ 46,745,037 Canadian $ 2,217,962 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.05 (7,058,000) US $ 7,375,892 Canadian $ 208,475 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.95 (2,418,000) Australian $ 2,285,131 Canadian $ 39,379 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.08 (2,587,000) Australian $ 2,384,632 Canadian $ (1,104)1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.61 (792,000) British Pound 1,278,407 Canadian $ 58,017 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.72 (1,289,000) British Pound 2,222,172 Canadian $ 235,607 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.97 (336,000) Swiss Franc 324,912 Canadian $ 966 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.02 (947,000) Swiss Franc 963,377 Canadian $ 50,912 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.03 (12,535,000) US $ 12,874,699 Canadian $ 145,551 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.07 (18,611,000) US $ 19,831,323 Canadian $ 932,098 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.05 (5,744,000) US $ 6,011,843 Canadian $ 178,788 1 Royal Bank of Canada A-1+ 30-Jun-10 1.08 (3,007,000) Australian $ 2,772,680 Canadian $ (382)1 Royal Bank of Canada A-1+ 30-Apr-10 0.94 (5,321,667) Australian $ 5,025,920 Canadian $ 83,347 1 Royal Bank of Canada A-1+ 28-May-10 0.93 (6,606,000) Australian $ 6,153,879 Canadian $ 39,297 1 Royal Bank of Canada A-1+ 30-Jun-10 0.65 (1,873,000) British Pound 2,874,683 Canadian $ (10,966)1 Royal Bank of Canada A-1+ 28-May-10 1.55 (1,222,000) British Pound 1,891,001 Canadian $ 8,091 1 Royal Bank of Canada A-1+ 30-Apr-10 1.72 (1,645,000) British Pound 2,831,765 Canadian $ 296,546 1 Royal Bank of Canada A-1+ 28-May-10 1.62 (479,000) British Pound 778,219 Canadian $ 40,125 1 Royal Bank of Canada A-1+ 30-Apr-10 1.02 (3,305,000) Swiss Franc 3,359,884 Canadian $ 175,409 1 Royal Bank of Canada A-1+ 28-May-10 0.97 (556,000) Swiss Franc 537,516 Canadian $ 1,664 1 Royal Bank of Canada A-1+ 28-May-10 0.97 (629,000) Swiss Franc 612,005 Canadian $ 5,795 1 Royal Bank of Canada A-1+ 30-Jun-10 0.97 (665,000) Swiss Franc 644,178 Canadian $ 3,031 1 Royal Bank of Canada A-1+ 28-May-10 1.05 (12,456,000) US $ 13,098,916 Canadian $ 449,750 1 Royal Bank of Canada A-1+ 30-Jun-10 1.03 (3,921,000) US $ 4,038,061 Canadian $ 55,864 1 Royal Bank of Canada A-1+ 30-Apr-10 1.06 (6,280,000) US $ 6,681,041 Canadian $ 303,787 1 Toronto Dominion Bank A-1+ 28-May-10 0.93 (1,354,000) Australian $ 1,261,860 Canadian $ 8,583 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.09 (2,880,000) Australian $ 2,651,040 Canadian $ (4,895)1 Toronto Dominion Bank A-1+ 30-Apr-10 0.95 (3,520,333) Australian $ 3,328,510 Canadian $ 58,950 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.65 (1,261,000) British Pound 1,933,302 Canadian $ (9,462)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.72 (4,497,000) British Pound 7,747,994 Canadian $ 817,365 1 Toronto Dominion Bank A-1+ 28-May-10 1.62 (482,000) British Pound 782,346 Canadian $ 39,631 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.02 (418,000) Swiss Franc 425,229 Canadian $ 22,472 1 Toronto Dominion Bank A-1+ 07-May-10 0.03 (188,394,000) Taiwanese $ 6,310,723 Canadian $ 281,354 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.99 (10,308,000) US $ 10,417,471 Canadian $ (51,135)1 Toronto Dominion Bank A-1+ 28-May-10 1.05 (557,000) US $ 585,755 Canadian $ 20,117 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.06 (8,665,000) US $ 9,192,265 Canadian $ 393,087




Harbour Corporate ClassFinancial Statements

– 140 –











755,227 403,32733,205 32,782

138,909 12,490- -

8,051 1,480- -

9,509 11- -- -

4,345 1,885- -- -

1,221 1,174950,467 453,149

- -- -- -

82 4,129- -- -

1,501 709- -- -- -- -

1,583 4,838948,884 448,311

697,403 464,043- -

806,419 364,25235,094 23,57650,474 30,11917,032 9,564

705 1731,815 1,002

36,757 19,512401 41187 72

23.79 18.5622.04 17.0213.80 10.528.36 6.838.74 7.068.90 7.107.75 6.518.16 6.788.02 6.58

33,898,962 19,620,7241,592,495 1,385,2243,658,050 2,862,4822,036,271 1,400,101

80,678 24,548203,988 141,091

4,742,138 2,995,82649,152 6,08723,356 11,007


2010 2009


2010 2009



– 141 –






















11,720 10,349732 3,79217 32

- -- -- -

(836) (852)11,633 13,321

12,679 8,5801,299 883

- 4284 65699 473

14,961 10,005(3,328) 3,316

- (53)(3,328) 3,263

18,591 2,626(514) (297)(246) (304)

- -

131,952 (135,987)149,783 (133,962)146,455 (130,699)

118,931 (106,243)7,190 (6,697)

10,538 (8,172)2,870 (3,117)

113 (111)333 (255)

6,406 (5,950)30 (114)44 (40)

4.63 (5.85)4.96 (5.38)3.17 (3.40)1.85 (2.71)1.65 (2.90)2.12 (2.47)1.66 (2.55)1.23 (5.61)1.67 (2.52)

364,252 396,219

403,180 153,1294,493 -

(83,279) (82,682)3,372 3,829

327,766 74,276

- -(4,530) -

- -(4,530) -

118,931 (106,243)806,419 364,252

23,576 23,369

8,568 11,997176 -

(6,098) (7,365)1,882 2,2724,528 6,904

- -(200) -

- -(200) -

7,190 (6,697)35,094 23,576

30,119 21,787

13,350 15,515290 -

(6,053) (8,210)2,524 9,199

10,111 16,504

- -(294) -

- -(294) -

10,538 (8,172)50,474 30,119


2010 2009


2010 2009




– 142 –

























19,512 10,992

15,883 18,56889 -

(2,896) (2,214)175 (182)

13,251 16,172

- -(206) -

(2,206) (1,702)(2,412) (1,702)6,406 (5,950)

36,757 19,512

41 25

401 4601 -(1) (269)

(55) (46)346 145

- -(1) -

(15) (15)(16) (15)30 (114)

401 41

72 145

181 171 -(4) (60)

(90) 2188 (22)

- -(2) -

(15) (11)(17) (11)44 (40)

187 72

9,564 5,090

7,792 11,36737 -

(1,669) (3,649)(898) 405

5,262 8,123

- -(81) -

(583) (532)(664) (532)

2,870 (3,117)17,032 9,564

173 452

112 1673 -

(15) (344)350 27450 (150)

- -(4) -

(27) (18)(31) (18)113 (111)705 173

1,002 934

850 1,0303 -

(44) (872)(258) 212551 370

- -(9) -

(62) (47)(71) (47)333 (255)

1,815 1,002


2010 2009



2010 2009


– 143 –






448,311 459,013

450,317 212,2505,093 -

(100,059) (105,665)7,002 15,737

362,353 122,322

- -(5,327) -(2,908) (2,325)(8,235) (2,325)

146,455 (130,699)948,884 448,311


2010 2009



Harbour Corporate ClassFinancial Statements – Supplementary Schedules

– 144 –










2010 2009

19,620,724 16,282,50017,634,943 7,243,708

195,106 -(3,713,134) (4,126,818)

161,323 221,33433,898,962 19,620,724

1,385,224 1,058,457412,625 609,275

8,282 -(298,940) (393,859)

85,304 111,3511,592,495 1,385,224

2,862,482 1,617,6621,047,879 1,301,174

21,841 -(467,919) (779,917)193,767 723,563

3,658,050 2,862,482

1,400,101 537,329951,925 1,295,427

4,504 -(205,297) (488,206)(114,962) 55,551

2,036,271 1,400,101

24,548 46,68413,018 20,403

347 -(1,850) (46,777)44,615 4,23880,678 24,548

141,091 97,17696,408 141,557

317 -(5,105) (117,985)

(28,723) 20,343203,988 141,091

2,995,826 1,175,8182,098,344 2,187,196

11,491 -(384,455) (315,993)

20,932 (51,195)4,742,138 2,995,826




2010 2009

6,087 2,62749,702 50,827

74 -(71) (40,535)

(6,640) (6,832)49,152 6,087

11,007 15,76723,843 2,022

145 -(497) (9,023)

(11,142) 2,24123,356 11,007


Harbour Corporate ClassFinancial Statements – Supplementary Schedules

– 145 –



2010 2009


8,541 -8,712 -


2010 2009


233 29414 4



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2010












2010 2009

23.79 18.5623.81 18.62

22.04 17.0222.06 17.07

13.80 10.5213.81 10.55

8.36 6.838.37 6.85

8.74 7.068.75 7.08

8.90 7.108.91 7.12

7.75 6.517.76 6.53

8.16 6.788.17 6.80

8.02 6.588.03 6.60

Harbour Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 146 –





Materials.................................................................................................................................. 17.3Energy ...................................................................................................................................... 17.2Consumer Discretionary........................................................................................................... 15.9Financials ................................................................................................................................. 15.4Information Technology ........................................................................................................... 10.7Industrials ................................................................................................................................ 9.1Other Assets ............................................................................................................................ 8.2Consumer Staples.................................................................................................................... 4.3Short Term Investments........................................................................................................... 2.8

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities therefore was sensitiveto changes in general economic conditions in Canada.

As at March 31, 2010, had the Canadian markets increased or decreased by 10% (March 31, 2009 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $75,523,000 (March 31, 2009 - $40,333,000). In practice,actual results may differ from this analysis and the difference may be material.



Credit Rating^ (%)AAA/Aaa/A++ 15.5AA/Aa/A+ 0.2Total 15.7


Credit Rating^ (%)AAA/Aaa/A++ 2.7 AA/Aa/A+ 0.1Total 2.8





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 198,001 (166,212) 31,789 3.4 Australian Dollar 41,430 (38,068) 3,362 0.4 British Pound 34,768 (31,419) 3,349 0.4 Swiss Franc 10,394 (9,645) 749 0.1 Taiwan Dollar - (17,039) (17,039) (1.8) Total 284,593 (262,383) 22,210 2.5


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 126,081 (116,193) 9,888 2.2 British Pound 19,517 (17,605) 1,912 0.4 Swiss Franc 6,393 (5,919) 474 0.1 Australian Dollar 20,974 (21,106) (132) (0.1)Taiwan Dollar - (9,976) (9,976) (2.2) Total 172,965 (170,799) 2,166 0.4





(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 754,497 - - 754,497 Short-term notes - 138,909 - 138,909 Warrants 730 - - 730 Foreign currency forward contracts - 9,427 - 9,427 Total 755,227 148,336 - 903,563


Harbour Foreign Equity Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 147 –


U.S.A. (31.8%) 100,000 Amerada Hess Corp. 8,846,416 6,348,884 165,000 Anadarko Petroleum Corp. 8,045,630 12,203,170 340,000 Baldor Electric Co. 9,497,589 12,913,053 85,000 Becton Dickinson & Co. 6,193,619 6,794,890

750,000 Cisco Systems Inc. 18,555,266 19,825,030 80,000 Covance Inc. 4,064,290 4,987,306

586,000 CVS Corp. 19,958,671 21,756,159 700,000 Discover Financial Services* 12,991,264 10,584,520 285,000 GameStop Holding Co.* 6,541,477 6,332,433

1,000,000 General Electric Co. 23,532,931 18,461,726 600,000 GeoGlobal Resources Inc. 4,890,148 956,598 45,000 GeoGlobal Resources Inc.,

Warrants (20Jun11) - 39 550,000 Intel Corp. 9,097,246 12,432,723 72,000 Mastercard Inc., Class A 14,017,077 18,565,550

420,000 Microsoft Corp. 9,824,406 12,479,639 500,000 Patterson-UTI Energy Inc. 15,468,099 7,088,165 400,000 Ultra Petroleum Corp.* 22,488,326 18,924,792

194,012,455 190,654,677SWITZERLAND (11.9%)

485,500 Aryzta AG 19,290,053 21,312,847 215,000 Holcim Ltd.* 17,038,211 16,268,266 350,000 Nestle SA, Registered Shares 12,715,683 18,189,306 37,000 Swatch Group AG 8,479,941 11,982,738

185,000 Xstrata PLC 3,006,587 3,560,270 60,530,475 71,313,427

U.K. (7.6%) 1,300,000 Diageo PLC 22,921,727 22,142,582

200,000 Rio Tinto PLC 10,824,454 12,038,536 900,000 Travis Perkins PLC 14,441,441 11,354,913

48,187,622 45,536,031CANADA (5.7%)

65,000 Bank of Nova Scotia†† 3,006,419 3,301,350 900,000 Manulife Financial Corp. 17,355,038 17,973,000 170,000 Thomson Corp. 5,786,800 6,273,000 46,000 Toronto-Dominion Bank 2,925,490 3,480,820

235,000 Trican Well Service Ltd. 3,097,300 3,083,200 32,171,047 34,111,370

FRANCE (5.2%) 140,000 Air Liquide* 13,379,038 17,058,509 120,000 Schneider Electric SA* 12,116,063 14,293,984

25,495,101 31,352,493JAPAN (3.4%)

500,000 Mitsubishi Corp. 9,068,076 13,300,625 20,000 Nintendo Co., Ltd.* 5,523,717 6,799,666

14,591,793 20,100,291TAIWAN (2.5%)

1,425,000 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 14,024,200 15,165,424

IRELAND (2.5%) 1,200,000 Grafton Group PLC 4,691,210 5,220,111 1,100,000 Kingspan Group PLC 14,348,019 9,687,907

19,039,229 14,908,018

AUSTRALIA (2.5%) 300,000 BHP Billiton Ltd. 4,665,022 12,185,395 550,000 Foster's Group Ltd. 2,817,212 2,700,877

7,482,234 14,886,272GERMANY (2.5%)

46,000 Puma AG* 13,995,887 14,703,340

SWEDEN (1.3%) 510,000 Atlas Copco AB, Series A 6,078,776 8,020,549

BRAZIL (0.8%) 105,000 Petroleo Brasileiro SA, ADR* 4,237,717 4,743,841

DENMARK (0.2%) 17,350 NKT Holding A/S* 666,894 973,489


Total Equities (77.9%) 439,752,296 466,469,222

Short Term Notes (13.0%) 77,621,286 77,646,558




Other Assets (net) (6.3%) 38,305,334

Net Assets (100.0%) 599,279,343





– 148 –




1 Bank of Nova Scotia†† A-1+ 28-May-10 0.93 (258,000) Australian $ 240,430 Canadian $ 1,622 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.95 (504,000) Australian $ 476,938 Canadian $ 8,840 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.93 (786,000) Australian $ 730,416 Canadian $ 2,888 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.73 (1,271,000) British Pound 2,193,599 Canadian $ 234,774 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.65 (1,589,000) British Pound 2,620,468 Canadian $ 171,597 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.46 (4,294,194) Canadian $ 2,936,000 Euro (266,412)1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.50 (13,653,000) Euro 20,444,398 Canadian $ 1,714,210 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.01 (93,000,000) Japanese Yen 1,063,475 Canadian $ 52,945 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.01 (204,820,000) Japanese Yen 2,443,462 Canadian $ 218,288 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.01 (247,102,000) Japanese Yen 2,752,711 Canadian $ 66,822 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.14 (1,159,000) Swedish Krona 164,769 Canadian $ 1,684 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.15 (21,294,450) Swedish Krona 3,110,332 Canadian $ 114,716 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.14 (3,391,000) Swedish Krona 485,789 Canadian $ 8,714 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.15 (677,000) Swedish Krona 98,287 Canadian $ 3,040 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.97 (1,686,000) Swiss Franc 1,630,288 Canadian $ 4,769 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.97 (1,788,000) Swiss Franc 1,740,463 Canadian $ 17,245 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.02 (4,213,000) Swiss Franc 4,287,914 Canadian $ 228,550 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.05 (12,894,000) US $ 13,474,746 Canadian $ 380,854 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 1.03 (43,771,000) US $ 45,086,319 Canadian $ 632,147 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.07 (4,581,000) US $ 4,883,667 Canadian $ 231,721 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.05 (6,935,000) US $ 7,303,318 Canadian $ 260,762 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.93 (3,084,000) Australian $ 2,875,676 Canadian $ 21,091 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.93 (771,000) Australian $ 717,061 Canadian $ 3,416 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.95 (796,000) Australian $ 752,260 Canadian $ 12,963 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.08 (761,000) Australian $ 701,471 Canadian $ (325)1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.65 (177,000) British Pound 271,568 Canadian $ (1,128)1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.72 (3,575,000) British Pound 6,163,121 Canadian $ 653,448 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.61 (4,000) British Pound 6,457 Canadian $ 293 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.15 (1,688,158) Canadian $ 11,521,000 Swedish Krona (67,429)1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.38 (774,000) Euro 1,068,159 Canadian $ 6,222 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.50 (3,249,000) Euro 4,859,529 Canadian $ 402,315 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.01 (178,163,000) Japanese Yen 2,126,862 Canadian $ 191,290 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.15 (11,521,000) Swedish Krona 1,681,812 Canadian $ 61,085 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.14 (1,290,700) Swedish Krona 183,570 Canadian $ 1,954 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.14 (2,090,000) Swedish Krona 302,021 Canadian $ 7,979 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.02 (13,988,000) Swiss Franc 14,229,908 Canadian $ 752,012 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.97 (5,509,000) Swiss Franc 5,327,209 Canadian $ 15,831 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.07 (3,422,000) US $ 3,646,381 Canadian $ 171,385 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.05 (3,496,000) US $ 3,659,018 Canadian $ 108,817 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.03 (812,000) US $ 836,397 Canadian $ 11,723 1 Royal Bank of Canada A-1+ 30-Jun-10 1.08 (1,203,000) Australian $ 1,109,256 Canadian $ (153)1 Royal Bank of Canada A-1+ 28-May-10 0.93 (3,050,400) Australian $ 2,841,628 Canadian $ 18,146 1 Royal Bank of Canada A-1+ 30-Apr-10 1.72 (5,994,000) British Pound 10,318,296 Canadian $ 1,080,544 1 Royal Bank of Canada A-1+ 30-Jun-10 0.66 (1,916,000) British Pound 2,916,018 Canadian $ (35,845)1 Royal Bank of Canada A-1+ 30-Jun-10 0.65 (2,316,000) British Pound 3,554,600 Canadian $ (13,559)1 Royal Bank of Canada A-1+ 28-May-10 1.62 (153,000) British Pound 248,575 Canadian $ 12,817 1 Royal Bank of Canada A-1+ 28-May-10 1.61 (1,582,000) British Pound 2,544,830 Canadian $ 107,139 1 Royal Bank of Canada A-1+ 30-Jun-10 1.38 (9,496,000) Euro 13,119,131 Canadian $ 90,491 1 Royal Bank of Canada A-1+ 28-May-10 1.41 (3,304,000) Euro 4,673,327 Canadian $ 140,607 1 Royal Bank of Canada A-1+ 30-Apr-10 1.48 (3,765,000) Euro 5,555,684 Canadian $ 390,611 1 Royal Bank of Canada A-1+ 30-Apr-10 1.49 (6,586,000) Euro 9,841,503 Canadian $ 806,352 1 Royal Bank of Canada A-1+ 30-Jun-10 0.01 (94,531,000) Japanese Yen 1,049,128 Canadian $ 21,623 1 Royal Bank of Canada A-1+ 30-Jun-10 0.01 (131,670,000) Japanese Yen 1,466,779 Canadian $ 35,584 1 Royal Bank of Canada A-1+ 28-May-10 0.01 (128,914,000) Japanese Yen 1,504,604 Canadian $ 103,811 1 Royal Bank of Canada A-1+ 30-Apr-10 0.01 (275,357,500) Japanese Yen 3,283,410 Canadian $ 291,914


– 149 –


– 149 –– 149 –


Schedule AForeign Currency Forward Contracts (2.8%) (cont’d)


1 Royal Bank of Canada A-1+ 30-Jun-10 0.14 (7,772,000) Swedish Krona 1,107,135 Canadian $ 13,525 1 Royal Bank of Canada A-1+ 30-Apr-10 0.15 (11,935,000) Swedish Krona 1,740,574 Canadian $ 61,609 1 Royal Bank of Canada A-1+ 28-May-10 0.15 (3,056,000) Swedish Krona 444,121 Canadian $ 14,171 1 Royal Bank of Canada A-1+ 28-May-10 0.97 (3,599,000) Swiss Franc 3,501,760 Canadian $ 33,160 1 Royal Bank of Canada A-1+ 30-Apr-10 1.02 (4,952,000) Swiss Franc 5,034,234 Canadian $ 262,821 1 Royal Bank of Canada A-1+ 30-Jun-10 0.97 (6,133,000) Swiss Franc 5,940,964 Canadian $ 27,956 1 Royal Bank of Canada A-1+ 30-Apr-10 1.06 (11,141,000) US $ 11,852,464 Canadian $ 538,932 1 Royal Bank of Canada A-1+ 28-May-10 1.05 (20,835,000) US $ 21,910,399 Canadian $ 752,292 1 Royal Bank of Canada A-1+ 30-Jun-10 1.03 (25,330,000) US $ 26,086,227 Canadian $ 360,887 1 Toronto Dominion Bank A-1+ 30-Apr-10 0.95 (1,481,000) Australian $ 1,400,300 Canadian $ 24,800 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.09 (1,491,000) Australian $ 1,372,466 Canadian $ (2,534)1 Toronto Dominion Bank A-1+ 28-May-10 0.93 (914,000) Australian $ 851,802 Canadian $ 5,794 1 Toronto Dominion Bank A-1+ 28-May-10 1.62 (1,057,000) British Pound 1,715,643 Canadian $ 86,908 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.72 (10,015,000) British Pound 17,255,094 Canadian $ 1,820,306 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.65 (1,883,000) British Pound 2,886,921 Canadian $ (14,130)1 Toronto Dominion Bank A-1+ 30-Apr-10 0.15 (2,557,068) Canadian $ 17,486,000 Swedish Krona (97,209)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.01 (8,739,776) Canadian $ 8,655,000 Swiss Franc (400,424)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.50 (8,403,000) Euro 12,572,569 Canadian $ 1,044,720 1 Toronto Dominion Bank A-1+ 28-May-10 1.42 (3,171,000) Euro 4,514,045 Canadian $ 163,764 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.38 (5,198,000) Euro 7,165,703 Canadian $ 33,999 1 Toronto Dominion Bank A-1+ 28-May-10 0.01 (300,393,000) Japanese Yen 3,501,288 Canadian $ 237,189 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.01 (67,925,000) Japanese Yen 755,982 Canadian $ 17,669 1 Toronto Dominion Bank A-1+ 30-Apr-10 0.15 (17,486,000) Swedish Krona 2,552,701 Canadian $ 92,843 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.02 (10,102,000) Swiss Franc 10,276,704 Canadian $ 543,096 1 Toronto Dominion Bank A-1+ 28-May-10 1.04 (2,948,000) Swiss Franc 2,835,842 Canadian $ (5,319)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.07 (12,725,000) US $ 13,552,952 Canadian $ 630,884 1 Toronto Dominion Bank A-1+ 28-May-10 1.05 (20,810,000) US $ 21,884,316 Canadian $ 751,597 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.03 (25,351,000) US $ 26,112,798 Canadian $ 366,123




Harbour Foreign Equity Corporate ClassFinancial Statements

– 150 –






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





466,469 363,43127,516 27,35177,647 5,192

- -7,008 337

- -17,763 1,106

- -- -

978 7403,002 -

- -864 1,526

601,247 399,683

- -- -- -

904 9,003- -- -

1,064 688- -- -- -- -

1,968 9,691599,279 389,992

439,752 519,212- -

561,962 368,27813,396 8,36519,932 11,2961,229 819

35 12- -

2,697 1,20228 20

10.59 6.8911.42 7.3610.51 6.697.14 4.868.12 5.47

- -6.45 4.517.08 4.89

53,081,120 53,441,7781,172,959 1,136,8871,895,586 1,689,180

172,115 168,5954,302 2,249

- -418,156 266,432

4,000 4,000


2010 2009


2010 2009



– 151 –







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















8,746 14,348147 1,877250 323

- -- -3 4

(1,318) (1,612)7,828 14,940

10,021 9,7091,115 1,111

- 4189 42557 539

11,882 11,405(4,054) 3,535

- (36)(4,054) 3,499

6,935 (77,750)(443) 4,563(408) (965)

- -

207,195 (209,492)213,279 (283,644)209,225 (280,145)

196,719 (260,590)4,766 (6,217)6,521 (11,785)

472 (558)8 (42)- (22)

729 (910)10 (21)

3.71 (5.08)4.07 (5.26)3.78 (2.84)2.55 (3.81)2.63 (5.77)

- (4.45)2.29 (3.81)2.65 (5.36)

368,278 533,900

86,945 95,395- -

(90,073) (85,216)93 84,789

(3,035) 94,968

- -- -- -- -

196,719 (260,590)561,962 368,278

8,365 13,858

3,690 3,362- -

(4,137) (3,760)712 1,122265 724

- -- -- -- -

4,766 (6,217)13,396 8,365

11,296 104,051

1,831 12,459- -

(1,488) (7,363)1,772 (86,066)2,115 (80,970)

- -- -- -- -

6,521 (11,785)19,932 11,296


2010 2009


2010 2009




– 152 –

























1,202 1,646

607 1,005- -

(137) (254)435 (130)905 621

- -- -

(139) (155)(139) (155)729 (910)

2,697 1,202

20 -

- 40- -- (42)- 46- 44

- -- -

(2) (3)(2) (3)10 (21)28 20

389,992 654,793

93,182 112,898- -

(95,881) (97,004)2,955 (327)

256 15,567

- -- -

(194) (223)(194) (223)

209,225 (280,145)599,279 389,992

819 1,241

94 637- -

(46) (300)(58) (140)(10) 197

- -- -

(52) (61)(52) (61)472 (558)

1,229 819

12 97

15 -- -- (40)1 -

16 (40)

- -- -

(1) (3)(1) (3)8 (42)

35 12

- -

- -- -- (29)- 52- 23

- -- -- (1)- (1)- (22)- -


2010 2009



2010 2009


Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules

– 153 –










2010 2009

53,441,778 45,200,6329,300,536 10,580,071

- -(9,655,774) (9,878,671)

(5,420) 7,539,74653,081,120 53,441,778

1,136,887 1,110,234364,487 362,600

- -(403,272) (450,691)

74,857 114,7441,172,959 1,136,887

1,689,180 9,286,705199,629 1,100,671

- -(168,534) (715,533)175,311 (7,982,663)

1,895,586 1,689,180

168,595 139,98014,152 90,547

- -(6,893) (54,456)(3,739) (7,476)

172,115 168,595

2,249 9,7851,971 -

- -(34) (7,536)116 -

4,302 2,249

- -- -- -- (5,335)- 5,335- -

266,432 192,183106,654 145,082

- -(24,490) (48,108)69,560 (22,725)

418,156 266,432



2010 2009

4,000 -- 4,000- -- (7,280)- 7,280

4,000 4,000


Harbour Foreign Equity Corporate ClassFinancial Statements – Supplementary Schedules

– 154 –



2010 2009


49,166 38,49150,149 41,022


2010 2009


381 92923 14

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

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

2.001.00



0.220.22

-0.220.22

-0.220.22


2010











2010 2009

10.59 6.8910.59 6.90

11.42 7.3611.43 7.37

10.51 6.6910.52 6.69

7.14 4.867.14 4.86

8.12 5.478.13 5.48

- -- -

6.45 4.516.45 4.51

7.08 4.897.08 4.90

Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 155 –





U.S.A. ....................................................................................................................................... 36.6Switzerland .............................................................................................................................. 14.8U.K............................................................................................................................................ 11.0France....................................................................................................................................... 8.7Other Assets ............................................................................................................................ 7.3Japan ....................................................................................................................................... 4.9Brazil ........................................................................................................................................ 4.1Germany ................................................................................................................................... 3.3Ireland ...................................................................................................................................... 3.0Sweden .................................................................................................................................... 2.8Australia................................................................................................................................... 2.2Taiwan...................................................................................................................................... 2.0Short Term Investments........................................................................................................... 1.3Foreign Currency Forward Contracts ....................................................................................... -2.0












Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 212,065 (195,081) 16,984 2.8 Euro 82,269 (74,989) 7,280 1.2 British Pound 52,503 (48,604) 3,899 0.7 Swiss Franc 46,440 (44,565) 1,875 0.3 Japanese Yen 20,325 (18,703) 1,622 0.3 Danish Krone 972 - 972 0.2 Australian Dollar 14,886 (14,070) 816 0.1 Swedish Krona 8,021 (7,408) 613 0.1 Total 437,481 (403,420) 34,061 5.7


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)British Pound 43,376 (39,669) 3,707 1.0 Euro 72,881 (70,712) 2,169 0.6 Swiss Franc 38,779 (37,405) 1,374 0.4 Swedish Krona 10,725 (10,288) 437 0.1 Australian Dollar 8,390 (8,442) (52) (0.1)Japanese Yen 19,014 (19,232) (218) (0.1)US Dollar 171,772 (175,097) (3,325) (0.9) Total 364,937 (360,845) 4,092 1.0




Harbour Foreign Equity Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 156 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 466,469 - - 466,469 Short-term notes - 77,647 - 77,647 Foreign currency forward contracts - 16,859 - 16,859 Total 466,469 94,506 - 560,975

– 156 –



Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 157 –

ENERGY (46.4%) 45,700 Anadarko Petroleum Corp. 2,782,879 3,379,908 29,652 Apache Corp. 3,001,876 3,056,016

118,100 ARC Energy Trust* 2,255,471 2,418,688 23,700 Baytex Energy Trust* 577,123 813,858

121,800 Bonavista Energy Trust 2,465,691 2,844,030 164,800 BP PLC 1,506,902 1,583,350 72,650 Canadian Natural Resources Ltd. 4,934,852 5,461,100 35,300 Canadian Oil Sands Trust 1,036,306 1,074,532 54,027 Celtic Exploration Ltd.* 749,451 1,056,228 62,985 Cenovus Energy Inc. 1,914,043 1,669,732 19,990 Chevron Corp. 1,762,976 1,539,332

597,300 Connacher Oil and Gas Ltd. 550,761 889,977 15,800 Consol Energy Inc. 609,066 684,313 40,300 Continental Resources Inc.* 1,308,441 1,741,338 21,100 Devon Energy Corp. 1,681,130 1,380,540

300 Enbridge Inc.* 11,516 14,532 139,385 EnCana Corp. 4,712,185 4,390,628 47,350 Energy Resources of Australia Ltd. 965,020 833,899 73,000 Halliburton Co 2,318,829 2,231,350 35,500 Helmerich & Payne Inc. 1,414,381 1,370,626 87,000 Imperial Oil Ltd. 3,788,866 3,413,010

193,450 MacArthur Coal Ltd.* 1,496,091 2,529,053 17,700 National Oilwell Varco Inc. 832,848 728,678 86,590 Nexen Inc. 2,112,837 2,173,409 52,100 Occidental Petroleum Corp. 3,955,289 4,472,789 17,600 Peabody Energy Corp. 752,659 816,248 35,914 PetroBakken Energy Ltd* 876,452 951,003 15,100 Petrobank Energy and Resources Ltd. 813,283 836,691 56,080 Petroleo Brasileiro SA, ADR 1,712,084 2,254,613

1,494,200 Result Energy Inc. 418,376 545,383 37,200 Schlumberger Ltd. 2,588,344 2,397,295 53,500 Southwestern Energy Co. 2,292,992 2,212,279

178,336 Suncor Energy Inc. 5,886,997 5,883,305 309,400 Talisman Energy Inc. 5,304,760 5,364,996 91,300 Trican Well Service Ltd. 1,137,546 1,197,856 20,300 Whiting Petroleum Corp. 1,447,957 1,665,040

71,976,280 75,875,625 MATERIALS (39.2%)

42,500 Agnico-Eagle Mines Ltd. 2,472,471 2,405,075 108,800 Alcoa Inc. 1,564,697 1,573,321 105,897 Barrick Gold Corp. 4,261,556 4,121,511 97,000 BHP Billiton PLC 2,502,338 3,379,114 58,500 Cameco Corp. 1,781,948 1,624,545 59,700 Centerra Gold Inc. 619,381 791,025 11,000 CF Industries Holdings Inc. 1,222,521 1,016,624 35,300 Cliffs Natural Resources Inc. 1,775,553 2,543,346

187,500 Consolidated Thompson Iron Mines Ltd.* 918,564 1,785,000 177,600 Eldorado Gold Corp. 2,311,303 2,182,704 314,400 Equinox Minerals Ltd. 1,185,407 1,201,008 16,200 First Quantum Minerals Ltd. 1,457,206 1,353,672 75,500 FNX Mining Co., Inc.* 993,164 1,023,780 31,100 Franco-Nevada Corp. 828,109 846,231 51,100 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 3,487,478 4,331,933 97,230 Goldcorp Inc. 3,587,181 3,679,183

123,000 HudBay Minerals Inc.* 1,598,802 1,563,330

MATERIALS (39.2%) (cont’d)158,700 IAMGOLD Corp. 2,276,609 2,134,515 28,700 Inmet Mining Corp. 1,430,653 1,689,856 84,400 Kinross Gold Corp. 1,797,114 1,462,652

200,200 Paladin Resources Ltd. 1,011,828 734,734 599,938 Petra Diamonds Ltd., Private Placement^ 628,959 675,075 13,281 Potash Corp. of Saskatchewan Inc. 1,521,669 1,610,188 86,900 Quadra Mining Ltd.* 856,584 1,350,426 29,600 Randgold Resources Ltd., ADR* 2,029,584 2,309,710 28,500 Red Back Mining Inc. 499,024 591,090 56,800 Rio Tinto PLC 3,266,819 3,418,944

180,000 SEMAFO Inc.* 854,141 1,017,000 44,000 Sino-Forest Corp., Class A 756,009 873,400 49,100 South Australian Coal Corp.* - -

USD 75,000 Teck Resources Ltd., 10.25% 05/15/2016 83,460 90,633 USD 190,000 Teck Resources Ltd., 10.75% 05/15/2019 217,928 236,357

62,500 Teck Resources Ltd., Class B 1,141,642 2,763,750 59,900 Thompson Creek Metals Co., Inc.* 783,803 821,828 24,400 United States Steel Corp. 1,620,642 1,573,906

AUD 400,000 Western Areas Ltd., 8% 07/02/2012 176,250 383,443 201,100 Western Areas NL* 887,939 1,002,530 211,630 Xstrata PLC 3,075,992 4,072,756


17,400 Bunge Ltd. 1,239,024 1,088,980 25,100 The Mosaic Co. 1,485,093 1,547,435 96,600 Viterra Inc.* 810,259 922,530

3,534,376 3,558,945 FINANCIALS (1.0%)

114,700 Central Fund of Canada Ltd. 1,611,177 1,629,519

UTILITIES (1.0%) 72,800 TransAlta Corp.* 2,004,379 1,628,536

INDUSTRIALS (0.6%) 46,600 Finning International Inc. 840,659 856,508 3,300 Russel Metals Inc.* 61,546 66,759

902,205 923,267



Short Term Notes (7.3%) 12,000,000 12,000,000





Net Assets (100.0%) 163,696,428

Principal amounts stated in:AUD Australian Dollar 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.




Signature Canadian Resource Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 158 –– 158 –




1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (3,412,000) US $ 3,622,145 Canadian $ 156,946 1 Credit Suisse Group A-1 17-Jun-10 1.06 (3,692,000) US $ 3,918,892 Canadian $ 169,327 1 Morgan Stanley A-1 17-Jun-10 1.06 (3,249,000) US $ 3,449,171 Canadian $ 149,513 1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (2,440,000) US $ 2,589,035 Canadian $ 110,992 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (936,000) US $ 959,428 Canadian $ 8,874 1 State Street Corporation A-1 17-Jun-10 1.06 (3,290,000) US $ 3,492,434 Canadian $ 151,137 1 UBS AG A-1 08-Jun-10 1.09 (599,000) Australian $ 550,134 Canadian $ (3,614)1 UBS AG A-1 08-Jun-10 1.74 (3,739,000) British Pound 6,504,888 Canadian $ 743,209 1 UBS AG A-1 17-Jun-10 1.06 (3,309,000) US $ 3,512,834 Canadian $ 152,241




Signature Canadian Resource Corporate ClassFinancial Statements

– 159 –




















147,850 79,6161,303 270

12,000 17,000- -- -- -

1,642 125- -- -

249 3372,110 4,165

- -206 215

165,360 101,728

- -- -- -4 268- -

1,199 2,857390 314

- -- -- -

71 371,664 3,476

163,696 98,252

137,357 84,011- -

156,827 94,9046,205 3,348

664 -

38.68 29.4540.91 30.829.94 -

4,054,153 3,223,058151,687 108,64566,790 -

1,648 1,456393 81319 41

- -- -- -

(140) (124)1,920 2,186

2,716 2,302277 236

- 142 29

150 1273,185 2,695(1,265) (509)

- -(1,265) (509)

18,482 (25,883)23 743

(438) (397)- -

16,670 (16,016)34,737 (41,553)33,472 (42,062)

32,206 (40,710)1,255 (1,352)

11 -

8.79 (12.85)9.01 (11.87)0.55 -


2010 2009


2010 2009


Signature Canadian Resource Corporate ClassFinancial Statements

– 160 –

















94,904 115,181

53,182 48,781563 -

(27,433) (32,749)4,007 4,401

30,319 20,433

- -(602) -

- -(602) -

32,206 (40,710)156,827 94,904

3,348 4,532

1,346 1,35825 -

(978) (1,553)1,234 3631,627 168

- -(25) -

- -(25) -

1,255 (1,352)6,205 3,348

- -

188 -- -

(1) -466 -653 -

- -- -- -- -

11 -664 -

98,252 119,713

54,716 50,139588 -

(28,412) (34,302)5,707 4,764

32,599 20,601

- -(627) -

- -(627) -

33,472 (42,062)163,696 98,252


2010 2009


2010 2009



Signature Canadian Resource Corporate ClassFinancial Statements – Supplementary Schedules

– 161 –







2010 2009

3,223,058 2,827,6891,471,828 1,315,752

14,544 -(759,050) (981,445)103,773 61,062

4,054,153 3,223,058

108,645 107,40435,394 38,222

602 -(26,286) (48,022)33,332 11,041

151,687 108,645

- -19,296 -

21 -(133) -

47,606 -66,790 -




38.68 29.4538.72 29.49

40.91 30.8240.95 30.86

9.94 -9.95 -


2010 2009


2010 2009


14,024 6,90614,398 7,360


2010 2009


435 39434 30



2.001.00


0.200.20

-


2010

Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 162 –




Energy ...................................................................................................................................... 44.6Materials.................................................................................................................................. 34.1Short Term Investments........................................................................................................... 17.3Other Assets ............................................................................................................................ 1.8Industrials ................................................................................................................................ 0.9Utilities..................................................................................................................................... 0.9Consumer Staples.................................................................................................................... 0.4Warrants .................................................................................................................................. 0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities and therefore wassensitive to changes in general economic conditions in Canada, however some of the Fund’s assetswere invested in fixed income securities and their market risk exposure is described below.




Credit Rating^ (%)AAA/Aaa/A++ 5.1AA/Aa/A+ 3.3Not Rated 0.2Total 8.8


Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 0.2BBB/Baa/B++ 1.4BB/Ba/B+ 0.3Not Rated 8.4Total 19.5





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 49,320 (20,643) 28,677 17.5 British Pound 13,154 (5,763) 7,391 4.5 Australian Dollar 4,769 (558) 4,211 2.6 Total 67,243 (26,964) 40,279 24.6


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 30,542 (17,598) 12,944 13.2 British Pound 4,057 (2,760) 1,297 1.3 Australian Dollar 650 (454) 196 0.2 Total 35,249 (20,812) 14,437 14.7

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009 -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$4,028,000 (March 31, 2009 - $1,444,000). In practice, actual results may differ from this analysisand the difference may be material.

Interest Rate RiskThe tables below summarize the Fund's exposure to interest rate risk, categorized by the contractualmaturity date.





As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $6,000 (March 31, 2009 - $16,000). In practice,the actual results may differ from this analysis and the difference may be material.



13,303 383 - 327 14,013



17,270 - 363 1,563 19,196



Signature Canadian Resource Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 163 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 147,140 - - 147,140 Bonds - 710 - 710 Short-term notes - 12,000 - 12,000 Foreign currency forward contracts - 1,638 - 1,638 Total 147,140 14,348 - 161,488

– 163 –



Signature Global Energy Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 164 –



CANADA (54.4%) 239,900 Advantage Oil & Gas Ltd. 1,353,920 1,648,113 131,100 ARC Energy Trust* 2,511,648 2,684,928 85,600 Baytex Energy Trust* 1,755,949 2,939,504

138,300 Bonavista Energy Trust 2,763,692 3,229,305 62,200 Calfrac Well Services Ltd. 1,153,626 1,318,640 79,000 Cameco Corp. 2,380,222 2,193,830

121,370 Canadian Natural Resources Ltd. 7,794,261 9,123,383 78,700 Canadian Oil Sands Trust 2,261,276 2,395,628 83,600 Celtic Exploration Ltd.* 1,196,984 1,634,380

106,425 Cenovus Energy Inc. 2,906,856 2,821,327 664,800 Connacher Oil and Gas Ltd.* 623,004 990,552

USD 1,000,000 Connacher Oil and Gas Ltd., Private Placement 11.75% 07/15/2014^ 1,033,403 1,115,614

79,900 Crescent Point Energy Corp.* 2,779,933 3,113,703 247,400 Crew Energy Inc. 2,349,095 4,297,338 164,600 Daylight Resources Trust 1,625,530 1,731,592 109,000 Emerge Oil & Gas Inc. 439,476 433,820 155,625 EnCana Corp. 5,122,699 4,902,188 142,800 Flint Energy Services Ltd.* 1,678,548 1,749,300 80,300 Galleon Energy Inc., Class A* 618,047 553,267 28,100 Husky Energy Inc.* 982,196 817,148

119,900 Imperial Oil Ltd. 5,098,532 4,703,677 295,030 Inter Pipeline Fund LP 2,358,734 3,493,155 117,300 Legacy Oil & Gas Inc. 1,350,461 1,538,976 285,000 Midway Energy Ltd. 541,500 931,950 96,650 Nexen Inc. 2,244,228 2,425,915 20,800 Niko Resources Ltd. 1,564,179 2,244,736

153,000 Pengrowth Energy Trust (CAD) 1,593,881 1,793,160 67,263 PetroBakken Energy Ltd* 1,448,847 1,781,124 62,300 Petrobank Energy and Resources Ltd. 2,385,241 3,452,043

1,579,100 Result Energy Inc. 442,148 576,372 210,144 Suncor Energy Inc. 6,616,897 6,932,651 64,600 Superior Plus Corp. 800,700 914,736

343,600 Talisman Energy Inc. 5,686,955 5,958,024 30,000 Toromont Industries Ltd. 901,482 890,700

120,200 TransAlta Corp.* 3,367,284 2,688,874 162,800 Vero Energy Inc. 1,036,596 945,868 174,900 Wild Stream Exploration Inc. 883,620 1,175,328

81,651,650 92,140,849U.S.A. (27.5%)

51,700 Anadarko Petroleum Corp. 3,077,689 3,823,660 64,350 Apache Corp. 6,017,377 6,632,087 65,000 Chesapeake Energy Corp.* 1,791,102 1,559,752 37,560 Chevron Corp. 3,124,619 2,892,311 27,200 CNX Gas Corp. 840,944 1,049,341 17,700 Consol Energy Inc. 661,963 766,603 72,300 Continental Resources Inc.* 2,206,817 3,124,038 23,900 Devon Energy Corp. 1,883,092 1,563,740

U.S.A. (27.5%) (cont’d)23,300 FMC Technologies Inc. 1,166,068 1,528,978 76,900 Halliburton Co 2,429,019 2,350,560 44,400 Helmerich & Payne Inc. 1,660,957 1,714,247 30,100 National Oilwell Varco Inc. 1,406,241 1,239,164

139,900 Northern Oil & Gas Inc.* 1,290,144 2,236,150 65,600 Occidental Petroleum Corp. 4,760,668 5,631,765 30,400 Questar Corp. 1,357,331 1,332,396 76,000 Southwestern Energy Co. 3,196,886 3,142,677 28,700 Whiting Petroleum Corp.* 1,261,216 2,354,021 73,920 XTO Energy Inc. 3,336,791 3,538,588

41,468,924 46,480,078BRAZIL (3.0%)

130,000 OGX Petroleo e Gas Participacoes SA 789,224 1,235,331 95,127 Petroleo Brasileiro SA, ADR 3,302,742 3,824,439

4,091,966 5,059,770U.K. (2.0%)

176,900 BP PLC 1,688,940 1,699,603 37,600 Ensco International PLC, ADR 1,748,775 1,709,820

3,437,715 3,409,423NETHERLANDS (1.4%)

36,700 Schlumberger Ltd. 2,372,044 2,365,073

AUSTRALIA (1.3%) 76,350 Energy Resources of Australia Ltd. 1,525,893 1,344,629

222,700 Paladin Resources Ltd. 927,979 817,309 2,453,872 2,161,938

SWITZERLAND (0.5%) 10,000 Transocean Ltd. 744,272 877,084



Short Term Notes (8.9%) 15,000,000 15,000,000





Net Assets (100.0%) 169,266,893

Principal amounts stated in:USD U.S. Dollar



Signature Global Energy Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 165 –– 165 –




1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (4,862,000) US $ 5,161,451 Canadian $ 223,643 1 Credit Suisse Group A-1 17-Jun-10 1.06 (5,261,000) US $ 5,584,315 Canadian $ 241,287 1 Morgan Stanley A-1 17-Jun-10 1.06 (4,630,000) US $ 4,915,254 Canadian $ 213,064 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (4,311,276) Canadian $ 4,206,000 US $ (39,874)1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (3,478,000) US $ 3,690,436 Canadian $ 158,210 1 State Street Corporation A-1 17-Jun-10 1.06 (4,689,000) US $ 4,977,514 Canadian $ 215,404 1 UBS AG A-1 08-Jun-10 1.09 (161,000) Australian $ 147,866 Canadian $ (971)1 UBS AG A-1 08-Jun-10 1.74 (418,000) British Pound 727,211 Canadian $ 83,087 1 UBS AG A-1 17-Jun-10 1.06 (4,716,000) US $ 5,006,506 Canadian $ 216,974




Signature Global Energy Corporate ClassFinancial Statements

– 166 –








A SharesF Shares


A SharesF Shares









A SharesF Shares

152,494 99,242540 2,932

15,000 21,000- -- -- -

1,352 292- -- -

174 548693 1,429

- -317 221

170,570 125,664

- -- -- -

41 227- -

794 2,497348 436

- -- -- -

120 681,303 3,228

169,267 122,436

136,057 113,215- -

158,919 114,53510,348 7,901

43.66 32.8032.70 24.31

3,640,114 3,491,610316,491 324,987

2,106 1,823974 1,38330 49

- -- -- -

(163) (148)2,947 3,107

3,056 3,065347 348

- 1115 34170 170

3,688 3,618(741) (511)

- -(741) (511)

12,061 (23,269)(102) 482(362) (379)

- -

31,657 (31,898)43,254 (55,064)42,513 (55,575)

39,731 (52,268)2,782 (3,307)

10.96 (14.87)8.64 (10.42)


2010 2009


2010 2009


Signature Global Energy Corporate ClassFinancial Statements

– 167 –













114,535 165,988

32,928 38,063881 -

(27,990) (36,710)(270) (538)

5,549 815

- -(896) -

- -(896) -

39,731 (52,268)158,919 114,535

7,901 10,537

603 3,00154 -

(1,027) (2,971)94 641

(276) 671

- -(59) -

- -(59) -

2,782 (3,307)10,348 7,901

122,436 176,525

33,531 41,064935 -

(29,017) (39,681)(176) 103

5,273 1,486

- -(955) -

- -(955) -

42,513 (55,575)169,267 122,436


2010 2009


2010 2009



Signature Global Energy Corporate ClassFinancial Statements – Supplementary Schedules

– 168 –





2010 2009

3,491,610 3,523,779819,597 906,14120,205 -

(682,928) (917,223)(8,370) (21,087)

3,640,114 3,491,610

324,987 304,92620,281 97,0801,652 -

(34,172) (96,473)3,743 19,454

316,491 324,987



43.66 32.8043.69 32.86

32.70 24.3132.72 24.35



2010 2009


2010 2009


19,310 10,06419,943 10,726


2010 2009


360 37628 28



2.001.00

0.220.22


2010

Signature Global Energy Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 169 –





Canada ..................................................................................................................................... 38.1U.S.A. ....................................................................................................................................... 30.2Short Term Investments........................................................................................................... 17.2Switzerland .............................................................................................................................. 3.4Brazil ........................................................................................................................................ 3.2U.K............................................................................................................................................ 2.2Australia................................................................................................................................... 2.2France....................................................................................................................................... 1.9Other Assets ............................................................................................................................ 1.5Foreign Currency Forward Contracts ....................................................................................... 0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in global equities and therefore wassensitive 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.




Credit Rating^ (%)AAA/Aaa/A++ 9.1AA/Aa/A+ 0.6BB/Ba/B+ 0.7Total 10.4


Credit Rating^ (%)AAA/Aaa/A++ 17.2 AA/Aa/A+ 0.2 BB/Ba/B+ 0.4Total 17.8





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 56,439 (23,793) 32,646 19.3 Brazilian Real 1,235 - 1,235 0.7 Australian Dollar 1,269 (150) 1,119 0.7 British Pound 1,700 (644) 1,056 0.6 Total 60,643 (24,587) 36,056 21.3


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 47,979 (29,828) 18,151 14.8 Brazilian Real 1,485 - 1,485 1.2 British Pound 2,704 (1,518) 1,186 1.0 Total 52,168 (31,346) 20,822 17.0







As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $10,000 (March 31, 2009 - $4,000). In practice, the actualresults may differ from this analysis and the difference may be material.



15,540 - 1,116 - 16,656



23,932 - - 529 24,461


Signature Global Energy Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 170 –



(in $000's) (in $000's) (in $000's) (in $000's)


– 170 –



Signature Select Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 171 –



FINANCIALS (23.5%) 1,325,700 Aberdeen Asset Management PLC 3,151,648 2,656,509

523,400 Banco Santander Brasil SA 6,972,301 6,524,902 246,700 Banco Santander Central Hispano SA 4,059,942 3,328,140 932,400 Bank of America Corp. 14,983,908 16,863,379 913,100 Bank of America Corp., Warrants (16Jan19) 7,860,439 8,799,601 63,200 Bank of Nova Scotia†† 2,861,407 3,209,928

747,000 Barclays PLC 4,094,890 4,148,081 247,800 Brookfield Asset Management Inc., Class A 5,647,366 6,395,718 97,900 Canadian Imperial Bank of Commerce 6,196,703 7,258,306

2,849,200 China Construction Bank Corp., Class H 2,328,259 2,362,604 75,300 Credit Suisse Group 3,538,142 3,938,687 7,500 Fairfax Financial Holdings Ltd.,

Sub-Voting Shares 2,777,215 2,849,850 25,600 FBR Capital Markets Corp. 167,445 118,285

191,845 Genworth MI Canada Inc. 4,254,803 5,252,716 92,200 Gluskin Sheff & Associates Inc. 1,884,568 2,038,542 72,900 Hosted Data Transaction Solutions Inc. 110,856 36,450

202,600 HSBC Holdings PLC 2,144,196 2,086,116 406,306 JPMorgan Chase & Co 5,290,924 6,341,698 77,400 Lazard Ltd. 2,884,876 2,805,214 60,700 Macquarie Group Ltd. 2,691,906 2,669,698

447,600 Manulife Financial Corp. 9,302,071 8,938,572 67,100 MetLife Inc. 2,935,861 2,951,817

136,800 Moody's Corp. 3,985,261 4,132,868 180,000 Morgan Stanley,

FRN, Floating Rate, 02/23/2012 179,681 176,465 32,900 National Bank of Canada 1,946,469 2,034,207

314,600 Prudential PLC 2,821,508 2,647,732 401,800 Royal Bank of Canada 22,263,515 23,814,686 33,200 Sun Life Financial Inc. 963,648 1,082,652 51,600 TMX Group Inc. 1,517,784 1,538,196

473,700 Toronto-Dominion Bank 29,982,968 35,844,879 129,900 Wells Fargo & Co. 3,615,829 4,099,856 134,000 Western Union Co. 2,345,655 2,307,858

165,762,044 179,254,212ENERGY (18.9%)

58,000 Apache Corp. 6,069,220 5,977,639 303,800 Canadian Natural Resources Ltd. 21,262,026 22,836,646 163,700 Canadian Oil Sands Trust 5,108,068 4,983,028 187,700 Cenovus Energy Inc. 5,562,154 4,975,927 346,600 EnCana Corp. 11,478,703 10,917,900 217,700 Halliburton Co 6,940,040 6,654,315 214,000 Imperial Oil Ltd. 8,877,325 8,395,220 250,230 Nexen Inc. 6,157,850 6,280,773 123,100 Occidental Petroleum Corp. 10,089,639 10,568,144

3,711,900 Result Energy Inc. 1,039,332 1,354,844 52,200 Schlumberger Ltd. 3,390,049 3,363,946

125,000 Spectra Energy Corp. 2,683,108 2,859,892 827,871 Suncor Energy Inc. 29,863,705 27,311,464

1,117,000 Talisman Energy Inc. 20,436,571 19,368,780 161,000 TransCanada Corp.* 5,267,128 5,992,420 22,600 Transocean Ltd. 1,938,263 1,982,211

146,163,181 143,823,149

INFORMATION TECHNOLOGY (8.6%) 214,600 Activision Inc. 2,747,837 2,623,824 840,500 Advanced Micro Devices Inc. 4,991,752 7,895,104 285,800 EMC Corp. 5,035,107 5,235,729 182,600 Finisar Corp. 2,754,085 2,909,391 65,500 FormFactor Inc.* 1,391,164 1,181,307 6,100 Google Inc., Class A 3,231,231 3,508,147

362,900 Intel Corp. 7,442,821 8,203,337 197,500 JDS Uniphase Corp. 1,744,614 2,511,018 81,800 Maxim Integrated Products Inc. 1,586,424 1,610,681

481,100 Micron Technology Inc. 3,689,166 5,061,433 255,800 Microsoft Corp. 7,158,184 7,600,695 170,700 NVIDIA Corp. 2,281,302 3,012,740 144,200 Research In Motion Ltd. (USD) 10,280,844 10,830,302 178,900 Symantec Corp. 3,492,194 3,072,079

57,826,725 65,255,787INDUSTRIALS (8.2%)

61,200 BE Aerospace Inc. 1,565,322 1,889,932 876,900 Bombardier Inc., Class B, Sub-Voting Shares 3,892,621 5,419,242 118,100 Canadian National Railway Co. 6,340,353 7,259,607 232,800 Finning International Inc. 4,133,671 4,278,864 154,200 Ingersoll-Rand PLC 5,067,164 5,455,580 50,200 Joy Global Inc. 2,892,118 2,885,350 55,900 Parker-Hannifin Corp. 3,401,540 3,675,047 62,400 Randstad Holding NV 3,369,260 3,011,927 39,470 Schneider Electric SA 4,189,626 4,701,530 86,700 SNC-Lavalin Group Inc. 3,780,857 4,294,251 19,600 TransDigm Group Inc. 1,008,578 1,054,102

111,000 Union Pacific Corp. 6,532,561 8,262,384 290,300 Weir Group PLC 3,402,119 4,183,900 181,500 WestJet Airlines Ltd. 2,168,643 2,472,030 30,400 WW Grainger Inc.* 2,963,448 3,337,783

54,707,881 62,181,529MATERIALS (7.4%)

63,900 Agrium Inc. 3,384,082 4,584,825 273,000 Barrick Gold Corp. 10,760,954 10,625,160 108,800 BHP Billiton PLC 3,186,450 3,790,181 150,800 Cameco Corp. 4,806,546 4,187,716 90,200 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 7,758,858 7,646,583 195,500 Goldcorp Inc. 7,975,738 7,397,720 923,600 Paladin Resources Ltd. 4,232,002 3,389,612 50,800 Potash Corp. of Saskatchewan Inc. 5,519,874 6,158,992 58,300 Rio Tinto PLC 2,980,655 3,509,233 33,600 United States Steel Corp.* 1,841,238 2,167,346

172,200 Xstrata PLC 3,512,570 3,313,938 55,958,967 56,771,306

CONSUMER STAPLES (7.2%) 46,700 Alimentation Couche-Tard Inc., Class B 914,771 862,082 54,285 British American Tobacco PLC 1,849,461 1,900,289 76,600 Bunge Ltd.* 5,242,739 4,794,015

174,903 CVS Corp. 6,628,916 6,493,545 162,105 Diageo PLC 2,790,047 2,761,095 43,877 Groupe Danone* 3,014,760 2,683,964




– 172 –– 172 –

CONSUMER STAPLES (7.2%) (cont’d)137,200 Nestle SA, Registered Shares 6,293,670 7,130,208 53,400 PepsiCo Inc. 3,394,457 3,587,692 76,516 Procter & Gamble Co. 4,907,438 4,916,965

126,340 Saputo Inc. 3,142,427 3,724,503 60,230 Shoppers Drug Mart Corp. 2,712,019 2,628,437

139,900 Unilever NV* 4,494,616 4,298,046 435,800 Viterra Inc.* 4,333,720 4,161,890 292,900 Wal-Mart de Mexico SA de CV* 1,106,456 1,516,328 64,400 Wal-Mart Stores Inc. 3,559,774 3,636,127

54,385,271 55,095,186HEALTH CARE (6.5%)

143,700 Amylin Pharmaceuticals Inc. 2,372,966 3,264,383 350,300 Eli Lilly and Co. 13,334,029 12,884,483 165,277 Johnson & Johnson 10,971,733 10,943,051 167,800 Merck & Co., Ltd. 6,592,210 6,359,340 608,500 Patheon Inc. 2,179,187 1,521,250 48,600 Roche Holding AG 8,382,683 8,000,828

422,100 Smith & Nephew PLC 3,899,461 4,271,424 101,100 Talecris Biotherapeutics Holdiings 2,077,637 2,042,041


498,600 BCE Inc. 13,405,943 14,848,308 100,549 Manitoba Telecom Services Inc.* 3,324,821 3,207,513 365,200 Rogers Communications Inc., Class B* 10,704,583 12,639,572 377,600 TELUS Corp., Non-Voting Shares 12,497,884 13,718,208


45,800 BorgWarner Inc. 1,550,962 1,775,742 119,800 Bridgestone Corp. 2,118,962 2,074,237 61,800 DaimlerChrysler AG, Registered Shares 3,230,262 2,943,120 69,300 Honda Motor Co., Ltd. 2,264,685 2,480,287 64,200 Johnson Controls Inc.* 1,762,837 2,150,779

131,979 RONA Inc. 2,172,914 2,023,238 469,145 Tesco PLC 3,280,075 3,147,520

6,800 Volkswagen AG, Preferred 609,050 606,352 47,600 Volkswagen AG, Private Placement^ 4,499,000 4,392,038 47,600 Volkswagen AG, Rights (13Apr10) - 31,017

498,900 Yellow Pages Income Fund 2,866,612 3,068,235 24,355,359 24,692,565

UTILITIES (0.9%) 35,000 Sempra Energy 2,022,469 1,773,565

234,300 TransAlta Corp.* 5,679,174 5,241,291 7,701,643 7,014,856



Short Term Notes (6.8%) 52,000,000 52,000,000




Other Assets (net) (1.6%) 11,941,684

Net Assets (100.0%) 762,760,966





– 173 –






1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.02 (7,665,075) Canadian $ 7,500,000 US $ (48,478)1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.57 (1,802,000) Euro 2,821,060 Canadian $ 348,557 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.38 (2,286,000) Euro 3,150,295 Canadian $ 14,125 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.51 (2,637,000) Euro 3,970,555 Canadian $ 352,514 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (19,836,000) US $ 21,057,699 Canadian $ 912,418 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (9,153,000) US $ 9,667,216 Canadian $ 371,560 1 Credit Suisse Group A-1 17-Jun-10 1.06 (21,464,000) US $ 22,783,070 Canadian $ 984,409 1 Morgan Stanley A-1 08-Jun-10 1.50 (1,855,000) Euro 2,791,534 Canadian $ 246,421 1 Morgan Stanley A-1 08-Jun-10 1.56 (3,227,000) Euro 5,046,320 Canadian $ 618,596 1 Morgan Stanley A-1 17-Jun-10 1.06 (18,890,000) US $ 20,053,813 Canadian $ 869,281 1 Morgan Stanley A-1 17-Jun-10 1.07 (332,000) US $ 356,502 Canadian $ 19,320 1 Morgan Stanley A-1 17-Jun-10 1.07 (6,262,000) US $ 6,677,546 Canadian $ 317,875 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (4,872,993) Canadian $ 4,754,000 US $ (45,069)1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (14,189,000) US $ 15,055,664 Canadian $ 645,439 1 Royal Bank of Canada A-1+ 17-Jun-10 1.07 (5,800,000) US $ 6,222,762 Canadian $ 332,253 1 State Street Corporation A-1 17-Jun-10 1.02 (7,669,950) Canadian $ 7,500,000 US $ (53,348)1 State Street Corporation A-1 17-Jun-10 1.06 (19,131,000) US $ 20,308,130 Canadian $ 878,843 1 State Street Corporation A-1 17-Jun-10 1.07 (5,800,000) US $ 6,209,770 Canadian $ 319,276 1 State Street Corporation A-1 17-Jun-10 1.07 (6,262,000) US $ 6,686,094 Canadian $ 326,413 1 UBS AG A-1 08-Jun-10 1.09 (471,000) Australian $ 432,576 Canadian $ (2,841)1 UBS AG A-1 08-Jun-10 1.08 (671,000) Australian $ 618,535 Canadian $ (1,775)1 UBS AG A-1 08-Jun-10 1.74 (11,750,000) British Pound 20,441,945 Canadian $ 2,335,571 1 UBS AG A-1 08-Jun-10 1.04 (4,409,000) Swiss Franc 4,596,826 Canadian $ 346,754 1 UBS AG A-1 17-Jun-10 1.07 (1,095,000) US $ 1,169,153 Canadian $ 57,073 1 UBS AG A-1 17-Jun-10 1.06 (19,238,000) US $ 20,423,061 Canadian $ 885,104



Signature Select Canadian Corporate ClassFinancial Statements

– 174 –











687,789 141,383494 809

52,000 33,000- -

709 709- -

11,182 917- -- -

1,652 4138,656 2,327

- -1,562 440

764,044 179,998

- -- -- -

152 838- -

525 275426 286

- -- -- -

180 661,283 1,465

762,761 178,533

656,066 159,073- -

717,378 155,21213,024 6,45517,168 10,5493,048 1,412

34 271,341 1,046

10,231 3,81673 16

464 -

19.12 14.2920.39 15.0812.93 9.458.51 6.669.55 7.409.13 6.987.72 6.228.63 6.93

10.74 -

37,523,927 10,860,955638,843 427,996

1,327,630 1,116,189358,012 211,959

3,567 3,636146,787 149,821

1,325,858 613,7028,423 2,241

43,209 -


2010 2009


2010 2009



– 175 –






















9,612 4,841359 94953 82

(124) 191- -- -

(569) (367)9,331 5,696

8,254 3,631837 372

- -163 50454 200

9,708 4,253(377) 1,443

- (16)(377) 1,427

30,341 (38,867)(521) 259

(1,159) (563)- -

60,365 (16,809)89,026 (55,980)88,649 (54,553)

79,256 (47,568)2,735 (2,191)3,867 (3,062)

533 (352)8 (9)

371 (289)1,843 (1,078)

11 (4)25 -

3.58 (4.63)5.02 (4.67)3.32 (2.99)2.07 (2.26)2.59 (2.36)2.89 (2.64)1.87 (2.42)1.79 (2.25)0.88 -

155,212 187,857

522,738 53,7852,534 -

(41,280) (37,336)1,463 (1,526)

485,455 14,923

- -(2,545) -

- -(2,545) -79,256 (47,568)

717,378 155,212

6,455 10,947

4,545 2,23243 -

(1,515) (3,688)805 (845)

3,878 (2,301)

- -(44) -

- -(44) -

2,735 (2,191)13,024 6,455

10,549 12,039

6,287 3,88052 -

(4,098) (3,353)564 1,045

2,805 1,572

- -(53) -

- -(53) -

3,867 (3,062)17,168 10,549


2010 2009


2010 2009




– 176 –

























3,816 2,386

5,605 2,59810 -

(707) (341)265 570

5,173 2,827

- -(33) -

(568) (319)(601) (319)

1,843 (1,078)10,231 3,816

16 22

71 -- -

(84) -61 -48 -

- -- -

(2) (2)(2) (2)11 (4)73 16

- -

478 -1 -

(23) -- -

456 -

- -(1) -

(16) -(17) -25 -

464 -

1,412 920

1,076 1,0788 -

(89) (294)216 132

1,211 916

- -(10) -(98) (72)

(108) (72)533 (352)

3,048 1,412

27 38

- -- -- -- -- -

- -- -

(1) (2)(1) (2)8 (9)

34 27

1,046 899

500 1,121- -

(21) (950)(501) 316(22) 487

- -(4) -

(50) (51)(54) (51)371 (289)

1,341 1,046


2010 2009



2010 2009


– 177 –






178,533 215,108

541,300 64,6942,648 -

(47,817) (45,962)2,873 (308)

499,004 18,424

- -(2,690) -

(735) (446)(3,425) (446)88,649 (54,553)

762,761 178,533


2010 2009



Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules

– 178 –










2010 2009

10,860,955 9,918,22628,744,145 3,352,734

137,781 -(2,313,414) (2,333,442)

94,460 (76,563)37,523,927 10,860,955

427,996 553,050246,631 130,854

2,180 -(81,493) (210,504)43,529 (45,404)

638,843 427,996

1,116,189 983,091525,651 368,489

4,165 -(379,034) (345,692)

60,659 110,3011,327,630 1,116,189

211,959 98,452131,264 133,600

939 -(10,912) (40,662)24,762 20,569

358,012 211,959

3,636 3,691- -

14 -(52) (55)(31) -

3,567 3,636

149,821 93,95556,433 150,816

- -(2,491) (125,638)

(56,976) 30,688146,787 149,821

613,702 263,769772,003 324,953

1,280 -(97,410) (47,215)36,283 72,195

1,325,858 613,702




2010 2009

2,241 2,2418,423 -

- -(10,593) -

8,352 -8,423 2,241

- -45,257 -

67 -(2,115) -

- -43,209 -


Signature Select Canadian Corporate ClassFinancial Statements – Supplementary Schedules

– 179 –



2010 2009


29,518 8,22630,279 8,767


2010 2009


1,149 55590 42



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2010












2010 2009

19.12 14.2919.14 14.31

20.39 15.0820.41 15.11

12.93 9.4512.95 9.47

8.51 6.668.52 6.67

9.55 7.409.56 7.41

9.13 6.989.14 6.99

7.72 6.227.73 6.23

8.63 6.938.64 6.94

10.74 -10.75 -

Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 180 –





Financials ................................................................................................................................. 22.0Short Term Investments........................................................................................................... 18.5Materials.................................................................................................................................. 14.6Energy ...................................................................................................................................... 10.6Consumer Staples.................................................................................................................... 7.2Industrials ................................................................................................................................ 6.6Information Technology ........................................................................................................... 6.2Telecommunication Services ................................................................................................... 4.8Health Care .............................................................................................................................. 3.9Other Assets ............................................................................................................................ 2.2Consumer Discretionary........................................................................................................... 2.0Utilities..................................................................................................................................... 1.3Warrants .................................................................................................................................. 0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian and foreign equities andtherefore was sensitive to changes in general economic conditions in Canada and across the world,however some of the Fund’s assets were invested in fixed income securities and their market riskexposure is described below.

As at March 31, 2010, had the Canadian and foreign markets increased or decreased by 10% (March 31, 2009 - 10%), with all other variables held constant, net assets of the Fund would haveincreased or decreased, respectively, by approximately $68,761,000 (March 31, 2009 - $13,835,000).In practice, actual results may differ from this analysis and the difference may be material.



Credit Rating^ (%)AAA/Aaa/A++ 7.1AA/Aa/A+ 1.1A 0.1Total 8.3

Credit Risk (cont’d)


Credit Rating^ (%)AAA/Aaa/A++ 9.2AA/Aa/A+ 10.5A 1.0Not Rated 0.1Total 20.8





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 257,505 (129,677) 127,828 16.8 British Pound 39,826 (18,112) 21,714 2.8 Swiss Franc 19,699 (4,247) 15,452 2.0 Euro 27,134 (16,197) 10,937 1.4 Brazilian Real 6,562 - 6,562 0.9 Japanese Yen 4,781 - 4,781 0.6 Hong Kong Dollar 2,363 - 2,363 0.3 Australian Dollar 2,670 (1,064) 1,606 0.2 Mexican Peso 1,516 - 1,516 0.2 Uruguayan New Peso - - - 0.0 Total 362,056 (169,297) 192,759 25.2


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 63,997 (36,693) 27,304 15.3 British Pound 7,844 (4,508) 3,336 1.9 Euro 3,461 (1,852) 1,609 0.9 Hong Kong Dollar 872 - 872 0.5 Australian Dollar 2,019 (1,237) 782 0.4 Israeli Shekel 711 - 711 0.4 Swiss Franc 1,956 (1,620) 336 0.2 Mexican Peso 280 - 280 0.2 Brazilian Real 63 - 63 0.1 Japanese Yen 8 - 8 0.1 Total 81,211 (45,910) 35,301 20.0



– 181 –

Signature Select Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 181 –







As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $– (March 31, 2009 - $5,000). In practice, the actual resultsmay differ from this analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 687,007 606 - 687,613 Bonds - 176 - 176 Short-term notes - 52,000 - 52,000 Foreign currency forward contracts - 11,030 - 11,030 Total 687,007 63,812 - 750,819



52,494 176 - - 52,670



34,088 1,100 - 1,652 36,840


Synergy American Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 182 –



INFORMATION TECHNOLOGY (19.4%) 40,500 Adobe Systems Inc. 1,479,577 1,454,683 58,800 Akamai Technologies Inc. 1,603,211 1,874,931 12,200 Apple Computer Inc. 2,512,878 2,909,074 49,000 Broadcom Corp. 1,683,329 1,650,517

139,000 Cisco Systems Inc. 3,516,327 3,674,239 132,200 EMC Corp. 2,455,977 2,421,845 25,000 F5 Networks Inc. 1,302,936 1,561,834 4,300 Google Inc., Class A 2,507,684 2,472,956

62,200 Hewlett-Packard Co. 3,122,546 3,357,160 11,200 International Business Machines Corp.* 1,474,673 1,458,659 44,300 Lam Research Corp. 1,672,191 1,678,446 37,100 Lexmark International Inc., Class A 1,069,033 1,359,311 7,900 Mastercard Inc., Class A 1,915,462 2,037,053

71,400 Microsoft Corp. 2,197,861 2,121,539 79,600 Oracle Corp. 2,046,050 2,075,805 79,800 QUALCOMM Inc. 3,426,030 3,401,917 35,300 Research In Motion Ltd. (USD) 2,435,708 2,651,246 31,600 SanDisk Corp.* 1,067,060 1,110,624 74,100 Seagate Technology 1,207,115 1,373,281

38,695,648 40,645,120FINANCIALS (15.1%)

27,800 Aflac Inc. 1,440,866 1,532,650 36,500 Ameriprise Financial Inc. 1,597,040 1,680,555

214,900 Bank of America Corp. 3,599,054 3,886,680 7,500 BlackRock Inc. (USD) 1,765,501 1,658,509

30,300 Capital One Financial Corp.* 1,225,847 1,273,244 46,000 Comerica Inc. 1,780,386 1,775,088 23,700 Goldman Sachs Group Inc. 4,383,903 4,103,710

136,800 JPMorgan Chase & Co. 6,363,212 6,215,277 12,100 Lazard Ltd. 448,425 438,541 38,782 Reinsurance Group of America Inc.* 1,984,203 2,066,819 29,100 St. Paul Travelers Cos., Inc. 1,589,935 1,593,683 21,900 State Street Corp. 1,061,892 1,003,885 39,000 T. Rowe Price Group Inc.* 2,152,441 2,175,864 72,600 Wells Fargo & Co.* 1,999,480 2,291,374

31,392,185 31,695,879INDUSTRIALS (11.9%)

19,900 3M Co. 1,645,797 1,688,814 44,400 Cooper Industries PLC 2,041,578 2,160,619 59,900 CSX Corp. 2,731,608 3,095,549 28,700 Cummins Inc. 1,678,383 1,804,351 60,200 Delta Air Lines Inc. * 797,054 891,929 36,800 General Dynamics Corp. 2,588,371 2,884,985 78,600 General Electric Co. 1,270,105 1,451,092 23,600 Goodrich Corp.* 1,583,845 1,690,062 41,900 Tyco International Ltd. 1,529,817 1,626,660 55,600 Union Pacific Corp. 3,364,975 4,138,636 27,000 URS Corp. 1,351,775 1,360,227 22,700 Walter Industries Inc. 1,765,338 2,126,756

22,348,646 24,919,680

ENERGY (11.0%) 10,603 Anadarko Petroleum Corp. 763,804 784,183 84,300 Baytex Energy Trust 2,286,070 2,906,336 27,700 Chevron Corp. 2,234,290 2,133,041 90,600 Cobalt International Energy Inc. 1,298,449 1,251,254 35,400 Concho Resources Inc. 1,550,604 1,807,854 61,900 Noble Energy Inc. 4,464,208 4,581,809 27,600 Occidental Petroleum Corp. 2,371,527 2,369,462 68,000 Penn West Energy Trust 1,479,396 1,458,415 26,800 Pioneer Natural Resources Co.* 1,219,769 1,532,766 52,500 Southwestern Energy Co. 2,578,948 2,170,928 24,179 Transocean Ltd. 2,305,472 2,120,702

22,552,537 23,116,750HEALTH CARE (10.6%)

43,100 AmerisourceBergen Corp. 1,268,077 1,265,768 27,600 Amgen Inc. 1,645,887 1,674,936 18,600 Becton Dickinson & Co. 1,321,823 1,486,882 36,900 Cephalon Inc.* 2,184,072 2,539,840 24,900 Covidien PLC 1,258,331 1,270,109 33,100 Medco Health Solutions Inc. 1,989,292 2,170,051 39,550 Merck & Co., Ltd. 1,634,519 1,498,879 24,600 ResMed Inc. 1,515,613 1,590,054

103,200 Talecris Biotherapeutics Holdiings 2,127,220 2,084,457 32,400 Teva Pharmaceutical Industries Ltd., ADR 1,815,664 2,075,793 88,700 Thermo Fisher Scientific Inc. 4,423,203 4,630,732


37,800 Abercrombie & Fitch Co., Class A 1,455,860 1,751,926 28,841 Carnival Corp. 1,070,589 1,138,715 89,000 CBS Corp., Class B 1,333,368 1,259,886 39,200 Cheesecake Factory Inc.* 1,051,210 1,077,190 30,900 Dollar Tree Stores Inc. 1,647,798 1,858,569

147,200 Ford Motor Co.* 1,137,124 1,878,977 29,600 Harman International Industries Inc. 1,345,687 1,405,845 27,000 Kohl's Corp. 1,599,452 1,500,883 13,200 Lear Corp. 1,098,586 1,061,641 67,800 Lowe's Cos., Inc. 1,639,279 1,668,940 32,000 McDonald's Corp. 1,968,204 2,167,801 74,500 RadioShack Corp. 1,565,863 1,711,305 38,700 Tupperware Brands Corp. 1,868,382 1,895,032 68,900 Wyndham Worldwide Corp. 1,624,653 1,800,269


19,200 Colgate-Palmolive Co. 1,636,928 1,662,360 71,400 ConAgra Foods Inc. 1,719,223 1,816,287 31,800 H.J. Heinz Co. 1,525,409 1,472,874 42,500 Kellogg Co.* 2,255,879 2,305,101 24,000 NBTY Inc. 1,227,167 1,169,364 30,700 PepsiCo Inc. 1,987,747 2,062,587 50,000 Phillip Morris International Inc. 2,583,690 2,648,415 26,400 Procter & Gamble Co. 1,700,538 1,696,480 25,600 The J. M. Smucker Co. 1,431,310 1,566,562

108,600 Tyson Foods Inc.* 1,641,170 2,111,918 50,900 Walgreen Co. 2,097,476 1,916,620

19,806,537 20,428,568



Synergy American Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 183 –– 183 –

MATERIALS (4.1%) 26,200 Agrium Inc. 1,834,897 1,879,850 25,200 Allegheny Technologies Inc. 1,389,962 1,380,608

113,200 Centerra Gold Inc. 1,463,742 1,499,900 19,700 Cliffs Natural Resources Inc. 1,165,765 1,419,375 16,600 Domtar Corp. (USD)* 905,793 1,085,775 20,400 United States Steel Corp.* 1,070,519 1,315,888


110,900 SBA Communications Corp.* 3,547,448 4,062,151 44,300 Time Warner Telecom Inc., Class A 804,882 816,505

4,352,330 4,878,656

UTILITIES (1.7%) 58,600 American Electric Power Co., Inc. 1,923,299 2,033,987 45,400 Edison International 1,593,510 1,575,358

3,516,809 3,609,345


Total Equities (96.4%) 191,970,261 202,339,874





Net Assets (100.0%) 209,866,168




1 Royal Bank of Canada A-1+ 14-Apr-10 1.03 (47,970,358) US $ 49,266,277 Canadian $ 552,985






Synergy American Corporate ClassFinancial Statements

– 184 –




















202,340 13,0186,620 1,406

- -- -- -- -

553 -- -- -

94 225,469 24

- -179 15

215,255 14,485

- -- -- -- -- -

5,275 -101 8

- -- -- -

13 25,389 10

209,866 14,475

191,970 12,875- -

202,915 11,487932 1,025

6,019 1,963

9.27 8.406.33 5.688.87 7.85

21,897,163 1,368,005147,060 180,381678,907 250,160

1,328 1991 164 1- -- -- -

(177) (28)1,156 188

1,846 248195 27

- -18 2

102 142,161 291(1,005) (103)

- -(1,005) (103)

(1,330) (2,428)51 (25)

(395) (29)- -

10,779 (1,049)9,105 (3,531)8,100 (3,634)

7,504 (3,216)106 (400)490 (18)

0.73 (2.68)0.66 (2.06)1.06 (0.17)


2010 2009


2010 2009


Synergy American Corporate ClassFinancial Statements

– 185 –

















11,487 12,405

192,614 3,579- -

(7,929) (2,496)(761) 1,215

183,924 2,298

- -- -- -- -

7,504 (3,216)202,915 11,487

1,025 1,046

203 907- -

(486) (802)84 274

(199) 379

- -- -- -- -

106 (400)932 1,025

1,963 -

5,490 1,084- -

(1,924) (40)- 937

3,566 1,981

- -- -- -- -

490 (18)6,019 1,963

14,475 13,451

198,307 5,570- -

(10,339) (3,338)(677) 2,426

187,291 4,658

- -- -- -- -

8,100 (3,634)209,866 14,475


2010 2009


2010 2009



Synergy American Corporate ClassFinancial Statements – Supplementary Schedules

– 186 –






2010 2009

1,368,005 1,117,19121,498,367 383,448

- -(882,849) (264,986)(86,360) 132,352

21,897,163 1,368,005

180,381 140,66634,029 136,481

- -(81,249) (138,402)13,899 41,636

147,060 180,381

250,160 -658,063 135,871

- -(229,316) (4,962)

- 119,251678,907 250,160




9.27 8.409.27 8.41

6.33 5.686.34 5.69

8.87 7.858.87 7.86



2010 2009


2010 2009


18,770 1,17219,146 1,249


2010 2009


394 2842 -



2.001.00


0.210.21

-


2010

Synergy American Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 187 –





Information Technology ........................................................................................................... 17.0Health Care .............................................................................................................................. 16.6Consumer Discretionary........................................................................................................... 10.5Other Assets ............................................................................................................................ 10.0Energy ...................................................................................................................................... 9.7Consumer Staples.................................................................................................................... 9.6Financials ................................................................................................................................. 8.7Industrials ................................................................................................................................ 8.3Materials.................................................................................................................................. 4.9Telecommunication Services ................................................................................................... 3.0Utilities..................................................................................................................................... 1.7













(in $000's) (in $000's) (in $000's) (in $000's)



Synergy Canadian Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 188 –


FINANCIALS (24.6%) 25,100 Aflac Inc. 1,300,939 1,383,796

368,200 AGF Management Ltd., Class B 6,202,272 6,642,328 33,000 Ameriprise Financial Inc. 1,443,899 1,519,406

163,000 Amlin PLC* 1,069,024 975,111 203,425 Banco Santander Central Hispano SA 3,274,533 2,744,333 194,600 Bank of America Corp. 3,084,481 3,519,534 768,200 Bank of Montreal 39,207,304 47,359,530 202,116 Bank of Nova Scotia†† 7,580,765 10,265,472

6,300 BlackRock Inc. (USD) 943,095 1,393,147 18,529 BNP Paribas SA* 1,189,077 1,444,548

556,300 BOC Hong Kong Holdings Ltd. 1,263,028 1,347,500 218,200 Canadian Imperial Bank of Commerce 15,513,712 16,177,348 168,834 Canadian Western Bank 3,051,282 4,085,783 27,500 Capital One Financial Corp.* 1,112,378 1,155,584 41,600 Comerica Inc. 1,610,110 1,605,297 23,600 Deutsche Bank AG 1,670,843 1,841,185

304,300 Fukuoka Financial Group Inc. 1,282,884 1,308,912 271,200 Genworth MI Canada Inc. 5,482,676 7,425,456 147,300 Gluskin Sheff & Associates Inc.* 2,807,911 3,256,803 21,400 Goldman Sachs Group Inc. 3,219,389 3,705,459

354,600 Home Capital Group Inc. 13,059,928 15,329,358 153,300 HSBC Holdings PLC 1,717,814 1,578,488 112,750 IGM Financial Inc.* 4,172,341 5,027,522 287,800 Industrial Alliance Insurance and

Financial Services Inc. 9,975,572 10,032,708 319,000 Intact Financial Corp. 9,362,724 14,278,440 123,800 JPMorgan Chase & Co. 5,366,162 5,624,644 11,000 Lazard Ltd. 407,659 398,674

159,000 Mitsubishi UFJ Financial Group Inc. 868,151 846,265 64,300 National Australia Bank Ltd. 1,749,287 1,648,288

183,300 National Bank of Canada* 8,820,838 11,333,439 217,900 Nomura Holdings Inc. 1,792,322 1,626,025 156,900 Nordea Bank AB* 1,674,901 1,572,534 35,152 Reinsurance Group of America Inc.* 1,979,869 1,873,364

958,190 Royal Bank of Canada* 44,811,491 56,791,921 49,400 Shinhan Financial Group Co., Ltd. 2,108,271 1,968,580

514 Sony Financial Holding Inc. 1,560,959 1,708,432 26,400 St. Paul Travelers Cos., Inc. 1,441,164 1,445,815 67,500 Standard Chartered PLC 1,525,227 1,870,231 19,900 State Street Corp. 964,961 912,206 36,600 Sumitomo Mitsui Financial Group Inc. 1,249,952 1,226,449

456,100 Sun Life Financial Inc.* 14,088,012 14,873,421 106,900 Suncorp-Metway Ltd. 868,191 849,686 97,200 Svenska Handelsbanken AB, Series A 2,734,121 2,891,803 35,000 T. Rowe Price Group Inc. 1,931,696 1,952,698 5,513 The Dai-ichi Mutual Life Insurance Co.^ 8,676,932 8,383,576

759,620 Toronto-Dominion Bank 48,149,801 57,480,445 90,500 United Overseas Bank Ltd. 1,053,357 1,262,684 65,200 Wells Fargo & Co.* 1,795,703 2,057,818

296,217,008 346,002,046 MATERIALS (17.8%)

359,600 Agrium Inc.* 20,962,412 25,801,300 22,800 Allegheny Technologies Inc. 1,257,545 1,249,122

933,700 Alumina Ltd. 1,446,469 1,496,467 568,900 Anatolia Minerals Development Ltd.* 1,287,688 2,457,648

MATERIALS (17.8%) (cont’d)40,100 Anglo American PLC 1,617,703 1,775,526

1,092,500 Anvil Mining Ltd.* 3,187,094 4,195,200 600,500 Aura Minerals Inc. 2,006,944 2,095,745

2,179,000 B2Gold Corp.* 1,610,108 2,745,540 72,800 Banpu Public Co., Ltd. 959,846 1,413,164

596,100 Banro Corp. 1,351,889 1,281,615 498,460 Barrick Gold Corp. 19,990,249 19,400,063 261,500 Cameco Corp. 6,427,399 7,261,855

17 Capstone Mining Corp. 36 51 438,350 Cascades Inc. 1,912,276 3,576,936

68 CCL Industries Inc., Class B 1,546 1,920 1,002,954 Centerra Gold Inc.* 9,552,170 13,289,140

148,600 Clariant AG* 1,618,749 1,919,571 17,800 Cliffs Natural Resources Inc. 1,053,260 1,282,481 15,000 Domtar Corp. (USD)* 818,421 981,122 92,700 Eurasian Natural 1,452,416 1,700,393 74,200 First Quantum Minerals Ltd.* 4,451,475 6,200,152

332,800 Gerdau Ameristeel Corp.* 3,374,935 2,655,744 1,712,300 Gleichen Resources Ltd. 1,758,500 1,746,546

1,700 Gold Wheaton Gold Corp. 765 502 552,100 Goldcorp Inc. 20,425,228 20,891,464 909,300 Greystar Resources Ltd. 4,315,045 5,919,543 31,914 HeidelbergCement AG 2,206,608 1,802,893 87,000 HudBay Minerals Inc. 1,108,992 1,105,770

471,500 IAMGOLD Corp. 6,815,876 6,341,675 50 Jaguar Mining Inc.* 233 466

55,400 JFE Holdings Inc.* 2,094,307 2,262,616 172,300 Labrador Iron Ore Royalty Income Fund 6,859,362 9,218,050 301,800 Lihir Gold Ltd. 785,931 849,293

1,500,300 Lundin Mining Corp.* 6,390,066 8,086,617 280,250 Major Drilling Group International Inc.* 3,908,511 7,174,400 534,325 Methanex Corp.* 10,593,569 13,144,395

1,025,900 Mineral Deposits Ltd. 1,011,574 912,935 120,900 Potash Corp. of Saskatchewan Inc. 14,526,823 14,657,916 867,100 Premier Gold Mines Ltd. 3,188,005 3,676,504 10,900 Randgold Resources Ltd. 823,277 841,757

826,350 Red Back Mining Inc.* 6,807,283 17,138,499 206,400 Rengo Co., Ltd. 1,362,753 1,233,064 41,500 Rhodia SA 840,094 873,325 74,319 Rio Tinto PLC 3,216,971 4,473,460

606,800 Taseko Mines Ltd.* 2,646,040 3,191,768 402,300 Teck Resources Ltd., Class B* 10,754,728 17,789,706 18,500 United States Steel Corp.* 972,787 1,193,330

132,700 Western Areas NL* 600,192 661,540 145,100 Xstrata PLC 1,867,860 2,792,406

202,222,010 250,761,195 ENERGY (17.2%)

9,500 Anadarko Petroleum Corp. 684,351 702,607 929,600 Bankers Petroleum Ltd.* 5,730,323 8,515,136 679,500 Baytex Energy Trust* 16,726,887 23,334,030 76,100 Baytex Energy Trust* 1,849,477 2,623,632

206,800 Bonavista Energy Trust 5,039,029 4,828,780 693,000 Cairn Energy PLC 3,495,333 4,454,428 277,400 Canadian Natural Resources Ltd. 19,682,468 20,852,158 203,800 Cenovus Energy Inc. 5,265,662 5,402,738

^Denotes illiquid securities.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in 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.



– 189 –


– 189 –


ENERGY (17.2%) (cont’d)25,100 Chevron Corp. 1,985,084 1,932,828

1,438,500 CNOOC Ltd. 2,009,531 2,393,182 764,200 Coastal Energy Co.* 2,769,588 3,324,270 81,200 Cobalt International Energy Inc. 1,163,731 1,121,433 32,100 Concho Resources Inc. 1,407,808 1,639,325

1,046,600 Daylight Resources Trust 8,915,478 11,010,232 323,100 Enbridge Inc.* 12,969,287 15,650,964 524,339 EnCana Corp. 16,601,853 16,516,678 360,100 Fort Chicago Energy Partners LP 3,580,837 3,881,878 521,000 Inter Pipeline Fund LP 4,948,109 6,168,640 312,300 Keyera Facilities Income Fund 5,624,277 8,397,747 563,800 Legacy Oil & Gas Inc. 6,341,149 7,397,056 895,800 NAL Oil & Gas Trust 9,994,558 11,600,610 55,600 Noble Energy Inc. 3,512,092 4,115,486 24,900 Occidental Petroleum Corp. 2,039,566 2,137,667

286,200 Penn West Energy Trust* 5,922,199 6,130,404 61,400 Penn West Energy Trust* 1,335,774 1,316,863

215,600 Petrobank Energy and Resources Ltd.* 8,944,256 11,946,396 64,500 Petroleum Geo-Services ASA 645,303 858,101 24,300 Pioneer Natural Resources Co. 1,109,218 1,389,784

545,500 Precision Drilling Trust 3,672,863 4,243,990 47,500 Southwestern Energy Co. 2,095,726 1,964,173

796,021 Suncor Energy Inc. 25,227,445 26,260,733 391,800 Talisman Energy Inc. 7,519,646 6,793,812 14,000 Technip SA* 941,311 1,155,223 22,005 Transocean Ltd. 2,321,299 1,930,024

471,300 Trilogy Energy Corp.* 4,298,491 4,020,189 41,800 Tullow Oil PLC 837,407 804,751

147,600 Vero Energy Inc. 1,064,884 857,556 710,900 West Energy Ltd. 3,016,880 3,526,064

211,289,180 241,199,568 INDUSTRIALS (12.1%)

18,000 3M Co. 1,489,190 1,527,571 37,300 Adecco SA, Registered Shares* 2,075,535 2,150,451

638,900 Aecon Group Inc.* 7,811,190 8,663,484 56,800 Australia & New Zealand Banking Group Ltd. 1,262,002 1,341,707 4,900 Bekaert NV 873,246 895,370

2,712,600 Bombardier Inc., Class B, Sub-Voting Shares 15,317,857 16,763,868 474,595 Canadian National Railway Co.* 24,197,260 29,173,355

1,417,100 Celestica Inc.* 12,018,291 15,729,810 40,000 Cooper Industries PLC 1,839,296 1,946,504 54,100 CSX Corp. 2,449,912 2,795,813 25,900 Cummins Inc. 1,514,756 1,628,317 18,000 CVTech Group Inc. 27,900 23,400 54,300 Delta Air Lines Inc. * 719,008 804,514

101,800 Ferrovial SA 1,012,278 1,004,105 18,400 FLSmidth & Co. A/S 1,122,900 1,296,522 33,400 General Dynamics Corp. 2,321,756 2,618,437 70,900 General Electric Co. 1,247,704 1,308,936

261,400 GLV Inc. 1,989,273 2,365,670 21,300 Goodrich Corp.* 1,429,634 1,525,353 83,300 Groupe Eurotunnel SA* 917,660 859,569 60,000 Henkel KGaA, Preferred, Non-Voting Shares 2,984,836 3,264,421 12,900 Heroux-Devtek Inc. 58,824 67,209 27,000 LG Corp. 1,812,244 1,720,542 84,500 MacDonald Dettwiler & Associates Ltd. 3,035,428 3,171,285

INDUSTRIALS (12.1%) (cont’d)57,100 Makita Corp. 2,033,556 1,904,091

218,874 Martinrea International Inc. 1,595,445 1,926,091 84,300 Mitsubishi Corp. 2,063,593 2,242,485

189,600 Mitsubishi Electric Corp.* 1,660,292 1,767,010 99,500 Mitsui & Co., Ltd. 1,652,304 1,694,659

197,200 Nissan Motor Co., Ltd.* 1,417,640 1,713,603 814,200 Noble Group Ltd. 1,895,408 1,808,611 196,700 NSK Ltd.* 1,573,544 1,572,517 363,900 Onex Corp.* 9,135,441 10,476,681 130,100 Orient Overseas International Ltd. 1,016,249 978,417 231,000 Quebecor World Inc., Class B 5,605,468 7,987,980 302,200 SembCorp Marine Ltd. 841,865 916,987 17,600 Siemens AG, Registered Shares 1,749,926 1,783,058

204,400 SNC-Lavalin Group Inc. 8,629,307 10,123,932 291,448 Stagecoach Group PLC 880,555 823,018

9,000 Sulzer AG, Registered Shares 853,633 888,634 258,200 Sumitomo Heavy Industries Ltd. 1,491,468 1,576,180 44,300 TNT NV 1,144,905 1,288,678

347,400 Tomkins PLC 1,183,016 1,261,618 37,600 Tyco International Ltd. 1,361,623 1,459,723 11,000 Uni-Charm Corp.* 1,144,540 1,077,736 50,300 Union Pacific Corp. 2,922,870 3,744,125 24,500 URS Corp. 1,226,688 1,234,280 20,500 Walter Industries Inc. 1,594,312 1,920,639

412,900 WestJet Airlines Ltd. 5,842,761 5,623,698 150,044,389 170,440,664

INFORMATION TECHNOLOGY (8.2%) 36,600 Adobe Systems Inc. 1,337,093 1,314,603 53,200 Akamai Technologies Inc. 1,450,876 1,696,367 11,000 Apple Computer Inc. 1,618,378 2,622,936 44,500 Broadcom Corp. 1,528,733 1,498,939

1,206,300 CGI Group Inc.* 12,997,368 18,251,319 125,900 Cisco Systems Inc. 3,090,540 3,327,962 735,700 Comba Telecom Systems Holdings Ltd. 872,248 956,458

1,287,900 Compal Electronics Inc. 1,852,505 1,711,948 190,500 DragonWave Inc.* 1,958,746 1,788,795 85,400 Elpida Memory Inc.* 1,329,126 1,706,825

118,300 EMC Corp. 2,197,752 2,167,204 22,500 F5 Networks Inc. 1,172,642 1,405,650

199,900 Fujitsu Ltd.* 1,415,025 1,326,683 3,900 Google Inc., Class A 2,269,362 2,242,914

20,900 Gree Inc.* 1,223,391 1,294,000 55,900 Hewlett-Packard Co. 2,352,051 3,017,126

470,700 Hitachi Ltd. 1,766,243 1,779,249 326,200 Hon Hai Precision Industry Co., Ltd. 1,245,529 1,434,908 402,100 Infineon Technologies AG* 2,387,288 2,819,858 10,100 International Business Machines Corp. 1,329,795 1,315,398 40,100 Lam Research Corp. 1,306,626 1,519,316 33,500 Lexmark International Inc., Class A 929,668 1,227,410 7,100 Mastercard Inc., Class A 1,589,596 1,830,770

64,000 Microsoft Corp. 1,954,572 1,901,659 12,300 Nidec Corp. 1,126,641 1,332,029

100,500 Nokia OYJ* 1,492,397 1,588,257 2,427 Nortel Networks Corp. - 121

206,700 Open Text Corp. 8,186,064 9,962,940 71,600 Oracle Corp. 1,840,438 1,867,181




– 190 –– 190 –


– 190 –


INFORMATION TECHNOLOGY (8.2%) (cont’d)72,200 QUALCOMM Inc. 3,456,024 3,077,925

384,400 Research In Motion Ltd. 26,915,989 28,872,284 32,000 Research In Motion Ltd. (USD) 2,209,654 2,403,396 4,488 Samsung Electronics Co., Ltd. 2,523,072 3,290,925

28,700 SanDisk Corp.* 969,164 1,008,700 67,200 Seagate Technology 887,692 1,245,405


34,200 Abercrombie & Fitch Co., Class A 1,316,774 1,585,076 169,400 Astral Media Inc., Class A, Non-Voting Shares 5,003,715 6,030,640

1,147,100 Belle International Holdings Ltd. 1,166,939 1,554,318 193,079 Canadian Tire Corp., Ltd., Class A,

Non-Voting Shares 10,640,225 10,704,300 26,200 Carnival Corp. 972,676 1,034,442 80,700 CBS Corp., Class B 1,209,021 1,142,391 35,500 Cheesecake Factory Inc.* 951,991 975,516

1 Citadel Broadcasting Corp. - - 25,900 Compagnie Financiere Richemont SA 891,975 1,017,927

372,400 Corus Entertainment Inc., Class B 6,298,976 7,369,796 27,900 Dollar Tree Stores Inc. 1,487,219 1,678,125

252,100 Dorel Industries Inc., Class B 7,875,391 8,160,477 9,000 Fast Retailing Co., Ltd. 1,635,969 1,587,603

133,400 Ford Motor Co.* 879,959 1,702,823 86 Forzani Group Ltd., Class A 1,200 1,230

26,900 Harman International Industries Inc. 1,222,734 1,277,609 18,300 Inditex SA 1,213,441 1,225,105

1,419,200 ITV PLC 1,397,317 1,328,962 24,100 Kohl's Corp. 1,428,307 1,339,677

101,800 Koninklijke Philips Electronics NV* 3,137,773 3,314,662 12,000 Lear Corp. 998,735 965,128 61,400 Lowe's Cos., Inc. 1,484,529 1,511,400

228,500 Magna International Inc., Class A 11,367,935 14,340,660 28,900 McDonald's Corp. 1,380,568 1,957,795

306,700 Mediaset SpA 2,594,562 2,673,816 93,300 Miranda Technologies Inc.* 908,133 431,979

114,700 Next PLC 3,529,606 3,824,217 30,200 PSA Peugeot Citroen* 1,085,830 902,955 67,200 RadioShack Corp. 1,412,631 1,543,620 82,700 Sony Corp. 2,639,789 3,206,912

122,100 Tesco PLC 878,269 819,176 431,400 Thomson Corp. 14,954,917 15,918,660 35,100 Tupperware Brands Corp.* 1,466,012 1,718,750 51,100 Whitbread PLC 1,169,527 1,159,448

306,400 World Color Press Inc. 3,545,540 3,640,433 62,000 Wyndham Worldwide Corp. 1,462,024 1,619,981


648,700 BCE Inc. 16,384,772 19,318,286 1,289,400 BT Group PLC 2,997,448 2,462,530

62,200 KT Corp. 2,602,023 2,609,847 358,400 Rogers Communications Inc., Class B 11,962,297 12,404,224 73,500 Royal KPN NV 1,251,459 1,181,727

100,500 SBA Communications Corp.* 3,041,948 3,681,210 40,100 Time Warner Telecom Inc., Class A 728,561 739,094

1,165,600 Vodafone Group PLC 2,672,266 2,730,963 41,640,774 45,127,881

CONSUMER STAPLES (2.6%) 143,400 Alimentation Couche-Tard Inc., Class B 2,864,154 2,647,164 17,300 Colgate-Palmolive Co. 1,474,948 1,497,855 64,200 ConAgra Foods Inc. 1,545,849 1,633,132 28,700 H.J. Heinz Co. 1,376,711 1,329,292

223 Japan Tobacco Inc. 855,376 841,730 38,500 Kellogg Co. 2,036,108 2,088,150 12,100 L'Oreal SA 1,393,068 1,292,083 21,700 NBTY Inc. 1,109,597 1,057,300 38,600 Nestle SA, Registered Shares 1,651,408 2,006,021 27,900 PepsiCo Inc.* 1,775,172 1,874,468 45,300 Phillip Morris International Inc. 2,332,319 2,399,464 23,900 Procter & Gamble Co. 1,539,502 1,535,829

203,100 Shoppers Drug Mart Corp. 9,169,842 8,863,284 23,100 The J. M. Smucker Co.* 1,339,668 1,413,577 98,300 Tyson Foods Inc.* 1,485,940 1,911,616 65,900 Unilever PLC 2,099,559 1,965,572 45,700 Walgreen Co. 1,881,915 1,720,816

35,931,136 36,077,353 HEALTH CARE (2.1%)

39,000 AmerisourceBergen Corp. 1,147,448 1,145,358 25,000 Amgen Inc. 1,634,579 1,517,152 56,400 AstraZeneca PLC 2,909,254 2,553,323 16,700 Becton Dickinson & Co. 1,190,774 1,334,996 33,000 Cephalon Inc.* 2,679,542 2,271,402 22,500 Covidien PLC 1,137,046 1,147,689 29,400 Medco Health Solutions Inc. 1,583,556 1,927,477 35,600 Merck & Co., Ltd. 1,471,294 1,349,180 67,700 Novartis AG, Registered Shares 3,659,811 3,710,715 22,300 ResMed Inc. 1,373,881 1,441,391 12,300 Sawai Pharmaceutical Co., Ltd. 873,215 814,982 12,000 Sonova Holdings AG 1,523,263 1,510,823 93,500 Talecris Biotherapeutics Holdiings 1,969,137 1,888,534 29,400 Teva Pharmaceutical Industries Ltd., ADR 1,627,909 1,883,590 79,800 Thermo Fisher Scientific Inc. 3,955,520 4,166,093 10,700 William Demant Holding A/S* 819,551 768,152

29,555,780 29,430,857 UTILITIES (0.8%)

887,650 Advantage Oil & Gas Ltd.* 5,009,584 6,098,156 53,100 American Electric Power Co., Inc.* 1,768,693 1,843,083 41,100 Edison International 1,442,592 1,426,150

166,900 International Power PLC 910,321 819,900 24,600 Korea Electric Power Corp. 853,857 806,985

9,985,047 10,994,274




– 191 –– 191 –– 191 –


– 191 –


WARRANTS (0.1%) 27,450 Laramide Resources Ltd., Warrants (05Mar12) - 1,290

159,600 Mediobanca SpA, Warrants (18Mar11) - 20,471 - 21,761

PRIVATE PLACEMENTS (0.1%) 115,000 Tellamon Photonic Networks Inc. (USD),

Private Placement^ 1,296 1,168

Commission and other portfolio transaction costs (1,415,925)

Total Bonds Equities (96.6%) 1,175,863,192 1,354,129,836



Total Investments (96.8%) 1,175,863,192 1,356,644,631

Other Assets (net) (3.2%) 49,255,968

Net Assets (100.0%) 1,405,900,599

^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+ 14-Apr-10 1.03 (85,942,266) US $ 88,263,996 Canadian $ 990,711 1 Royal Bank of Canada A-1+ 07-Apr-10 0.65 (7,335,000) British Pound 11,278,553 Canadian $ (27,251)1 Royal Bank of Canada A-1+ 07-Apr-10 0.73 (2,450,000) Euro 3,348,917 Canadian $ (12,079)1 Royal Bank of Canada A-1+ 07-Apr-10 1.41 (4,687,022) Euro 6,617,888 Canadian $ 188,039 1 Royal Bank of Canada A-1+ 07-Apr-10 0.01 (1,640,661,317) Japanese Yen 19,191,718 Canadian $ 1,369,938 1 Royal Bank of Canada A-1+ 07-Apr-10 0.01 (60,000,000) Japanese Yen 657,185 Canadian $ 5,437



Synergy Canadian Corporate ClassFinancial Statements

– 192 –






Net assets per classA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares


A SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares



1,354,130 883,13247,152 18,168

- -- -

10,289 5,969- -

2,554 -- -- -

1,588 1,45811,750 5,680

- -2,328 2,825

1,429,791 917,232

- -- -- -

39 -- -

16,818 7706,378 1,334

- -- -- -

655 35723,890 2,461

1,405,901 914,771

1,175,863 1,017,843- -

1,031,006 809,19730,713 21,936

- -160,947 79,338

4,378 4,3003,607 -

175,250 -

13.29 9.927.90 5.83

- -11.51 8.3914.93 11.0111.20 -11.12 -

77,559,382 81,595,9133,886,600 3,760,215

- -13,986,348 9,457,556

293,265 390,516322,132 -

15,754,848 -


2010 2009


2010 2009



– 193 –







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











H SharesNet assets, beginning of yearCapital transactions




22,054 25,5685,237 5,343

311 676- -- -- -

(872) (1,140)26,730 30,447

21,753 18,0652,210 1,842

- 21180 93

1,198 99425,341 21,0151,389 9,432

- (135)1,389 9,297

40,946 (207,608)(3,004) 1,581(3,866) (3,543)

- -

315,493 (249,667)349,569 (459,237)350,958 (449,940)

282,917 (390,316)8,265 (9,597)

8 -36,300 (47,725)1,435 (2,302)

499 -21,534 -

3.56 (5.32)2.20 (2.72)0.29 -3.02 (2.12)4.27 (5.09)1.35 -1.27 -

809,197 820,756

57,245 103,38314,365 -

(158,330) (151,362)(4,967) 426,73645,065 -(46,622) 378,757

- -(14,486) -

- -(14,486) -282,917 (390,316)

1,031,006 809,197

21,936 30,754

5,345 7,181377 -

(8,524) (6,922)1,305 5202,413 -

916 779

- -(404) -

- -(404) -

8,265 (9,597)30,713 21,936

- -

- -- -- -

(413) -405 -

(8) -

- -- -- -- -8 -- -


2010 2009


2010 2009




– 194 –





Insight SharesNet assets, beginning of yearCapital transactions
















- -

3,759 -2,411 -

(26,496) -(2,275) -

178,876 -156,275 -

- -(2,559) -

- -(2,559) -21,534 -

175,250 -

914,771 1,446,395

133,383 160,64719,449 -

(218,864) (235,976)(5,051) (6,355)

231,006 -159,923 (81,684)

- -(19,751) -

- -(19,751) -350,958 (449,940)

1,405,901 914,771

79,338 586,407

66,405 48,6672,184 -

(22,634) (74,400)1,538 (433,611)

- -47,493 (459,344)

- -(2,184) -

- -(2,184) -36,300 (47,725)

160,947 79,338

4,300 8,478

580 1,41662 -

(1,844) (3,292)(92) -

- -(1,294) (1,876)

- -(63) -

- -(63) -

1,435 (2,302)4,378 4,300

- -

49 -50 -

(1,036) -(147) -

4,247 -3,163 -

- -(55) -

- -(55) -499 -

3,607 -


2010 2009



2010 2009


Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules

– 195 –




H SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year


Insight SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year



2010 2009

81,595,913 55,542,9254,793,680 9,131,7561,138,245 -

(13,018,510) (12,762,968)(721,105) 29,684,200

3,771,159 -77,559,382 81,595,913

3,760,215 3,575,285743,065 1,045,74150,346 -

(1,171,430) (1,005,453)162,581 144,642341,823 -

3,886,600 3,760,215

- -- -- -

(36) -(40,507) -40,543 -

- -

9,457,556 48,010,9346,266,600 4,583,495

201,329 -(2,074,649) (7,589,811)

135,512 (35,547,062)- -

13,986,348 9,457,556

390,516 522,37142,699 98,9354,415 -

(137,932) (230,790)(6,433) -

- -293,265 390,516

- -4,594 -4,756 -

(98,523) -(13,436) -424,741 -322,132 -



2010 2009

- -354,470 -228,357 -

(2,501,962) -(213,574) -

17,887,557 -15,754,848 -


Synergy Canadian Corporate ClassFinancial Statements – Supplementary Schedules

– 196 –



2010 2009


229,462 131,885234,756 140,558


2010 2009


3,813 3,510403 -

Annual management fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares

Annual fixed administration fee rateA SharesF SharesH SharesI SharesInsight SharesY SharesZ Shares

2.001.00

-Paid directly by investor

0.951.002.00

0.200.20

--

0.200.200.20


2010




H SharesNet assets per shareNet asset value per share


Insight SharesNet assets per shareNet asset value per share




2010 2009

13.29 9.9213.31 9.94

7.90 5.837.91 5.85

- -- -

11.51 8.3911.52 8.41

14.93 11.0114.95 11.04

11.20 -11.21 -

11.12 -11.14 -

Synergy Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 197 –




Financials ................................................................................................................................. 20.2Energy ...................................................................................................................................... 19.9Materials.................................................................................................................................. 15.7Industrials ................................................................................................................................ 9.9Information Technology ........................................................................................................... 8.1Consumer Discretionary........................................................................................................... 8.0Consumer Staples.................................................................................................................... 5.6Health Care .............................................................................................................................. 5.0Other Assets ............................................................................................................................ 3.4Telecommunication Services ................................................................................................... 2.5Utilities..................................................................................................................................... 1.5Private Placements .................................................................................................................. 0.1Warrants .................................................................................................................................. 0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was predominantly invested in Canadian equities andtherefore was sensitive to changes in general economic conditions in Canada.

As at March 31, 2010, had the Canadian markets increased or decreased by 10% (March 31, 2009- 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $135,413,000 (March 31, 2009 - $88,313,000). Inpractice, actual results may differ from this analysis and the difference may be material.




Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 203,278 (87,274) 116,004 8.3British Pound 41,151 (11,306) 29,845 2.1European Currency 34,103 (9,791) 24,312 1.7Japanese Yen 37,840 (18,473) 19,367 1.4Swiss Franc 13,204 - 13,204 0.9Korean Won 10,460 - 10,460 0.7Australian Dollar 7,803 - 7,803 0.6Hong Kong Dollar 7,230 - 7,230 0.5Swedish Krona 4,464 - 4,464 0.3Singapore Dollar 3,988 - 3,988 0.3Taiwan Dollar 3,370 - 3,370 0.2Danish Krone 2,065 - 2,065 0.1Thai Baht 1,413 - 1,413 0.1Norwegian Krone 858 - 858 0.1Total 371,227 (126,844) 244,383 17.3


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 145,886 - 145,886 15.9 Euro 32,980 - 32,980 3.6 Japanese Yen 21,903 - 21,903 2.4 British Pound 21,816 - 21,816 2.4 Swiss Franc 10,930 - 10,930 1.2 Hong Kong Dollar 9,916 - 9,916 1.1 Korean Won 7,035 - 7,035 0.8 Swedish Krona 4,079 - 4,079 0.4 Australian Dollar 2,989 - 2,989 0.3 Taiwan Dollar 2,229 - 2,229 0.2 Norwegian Krone 1,325 - 1,325 0.1 Czech Koruna 705 - 705 0.1 Singapore Dollar 471 - 471 0.1 Total 262,264 - 262,264 28.6





Synergy Canadian Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 198 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 1,345,722 1 8,385 1,354,108Warrants 22 - - 22 Foreign currency forward contracts - 2,515 - 2,515 Total 1,345,744 2,516 8,385 1,356,645

– 198 –


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

for the year ended March 31, 2010Change in

Balance at Net transfers Realized gain unrealized gain Balance atMarch 31, 2009 Purchases Sales in (out) (loss)* (loss) March 31, 2010

(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 - long 31 8,678 (4) - 4 (324) 8,385 Total 31 8,678 (4) - 4 (324) 8,385

*Change in unrealized gain (loss) related to investments held at March 31, 2010 was ($293,356).

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.


Synergy Global Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 199 –


U.S.A. (39.1%) 11,900 3M Co. 983,791 1,009,894 22,700 Abercrombie & Fitch Co., Class A 874,869 1,052,083 24,400 Adobe Systems Inc. 891,402 876,402 16,600 Aflac Inc. 860,362 915,180 35,100 Akamai Technologies Inc. 955,393 1,119,219 15,200 Allegheny Technologies Inc. 838,432 832,748 36,300 American Electric Power Co., Inc. 1,208,424 1,259,961 22,300 Ameriprise Financial Inc. 975,726 1,026,750 26,000 AmerisourceBergen Corp. 764,965 763,572 16,700 Amgen Inc. 1,094,976 1,013,457 6,700 Anadarko Petroleum Corp. 482,646 495,523 7,500 Apple Computer Inc. 1,126,495 1,788,365

129,200 Bank of America Corp. 2,084,520 2,336,710 11,400 Becton Dickinson & Co. 789,358 911,315 4,500 BlackRock Inc. (USD) 723,076 995,105

29,100 Broadcom Corp. 999,694 980,205 18,000 Capital One Financial Corp.* 729,913 756,382 53,200 CBS Corp., Class B 797,024 753,100 22,400 Cephalon Inc.* 1,748,180 1,541,800 23,600 Cheesecake Factory Inc.* 633,202 648,512 16,600 Chevron Corp. 1,305,729 1,278,285 83,100 Cisco Systems Inc. 2,063,543 2,196,613 11,900 Cliffs Natural Resources Inc. 702,837 857,389 55,900 Cobalt International Energy Inc. 801,140 772,021 11,700 Colgate-Palmolive Co. 997,555 1,013,000 27,600 Comerica Inc. 1,068,211 1,065,053 43,400 ConAgra Foods Inc. 1,045,006 1,104,017 21,500 Concho Resources Inc. 941,381 1,097,990 36,300 CSX Corp. 1,659,509 1,875,934 17,100 Cummins Inc. 999,848 1,075,067 36,900 Delta Air Lines Inc. 488,420 546,714 19,100 Dollar Tree Stores Inc. 1,018,518 1,148,824 27,400 Edison International 961,722 950,767 82,600 EMC Corp. 1,534,521 1,513,195 15,300 F5 Networks Inc. 797,397 955,842 89,000 Ford Motor Co.* 620,776 1,136,066 22,600 General Dynamics Corp. 1,567,423 1,771,757 47,100 General Electric Co. 829,425 869,547 14,300 Goldman Sachs Group Inc. 2,202,117 2,476,078 14,100 Goodrich Corp. 946,076 1,009,741 2,500 Google Inc., Class A 1,462,343 1,437,765

19,000 H.J. Heinz Co. 911,413 880,019 17,700 Harman International Industries Inc. 804,856 840,657 37,700 Hewlett-Packard Co. 1,619,968 2,034,806 6,700 International Business Machines Corp. 882,148 872,591

82,400 JPMorgan Chase & Co. 3,597,160 3,743,705 25,600 Kellogg Co. 1,338,834 1,388,484 16,400 Kohl's Corp. 972,015 911,648 26,700 Lam Research Corp. 872,529 1,011,614 8,000 Lear Corp. 665,834 643,419

22,700 Lexmark International Inc., Class A 630,016 831,708 40,900 Lowe's Cos., Inc. 988,872 1,006,779 4,800 Mastercard Inc., Class A 1,076,803 1,237,703

19,300 McDonald's Corp. 958,079 1,307,455 20,000 Medco Health Solutions Inc. 1,085,534 1,311,209

U.S.A. (39.1%) (cont’d)24,150 Merck & Co., Ltd. 998,049 915,245 43,800 Microsoft Corp. 1,336,946 1,301,448 14,500 NBTY Inc. 741,343 706,491 37,400 Noble Energy Inc. 2,361,186 2,768,331 16,700 Occidental Petroleum Corp. 1,348,284 1,433,696 48,900 Oracle Corp.* 1,256,833 1,275,212 18,300 PepsiCo Inc. 1,162,345 1,229,490 30,100 Phillip Morris International Inc. 1,547,694 1,594,346 16,400 Pioneer Natural Resources Co. 747,169 937,961 15,800 Procter & Gamble Co. 1,017,746 1,015,318 48,100 QUALCOMM Inc. 2,249,553 2,050,529 45,500 RadioShack Corp. 955,758 1,045,159 23,498 Reinsurance Group of America Inc.* 1,299,832 1,252,285 14,900 ResMed Inc. 918,612 963,082 18,900 SanDisk Corp. 638,227 664,266 66,100 SBA Communications Corp.* 1,974,178 2,421,174 31,600 Southwestern Energy Co. 1,388,419 1,306,692 17,800 St. Paul Travelers Cos., Inc. 971,965 974,830 13,000 State Street Corp. 630,673 595,914 24,200 T. Rowe Price Group Inc. 1,335,626 1,350,151 65,400 Talecris Biotherapeutics Holdiings 1,373,430 1,320,964 15,400 The J. M. Smucker Co. 890,493 942,385 54,000 Thermo Fisher Scientific Inc. 2,665,741 2,819,160 26,500 Time Warner Telecom Inc., Class A 481,455 488,428 23,100 Tupperware Brands Corp. 958,652 1,131,143 65,300 Tyson Foods Inc. 986,614 1,269,873 33,400 Union Pacific Corp. 1,959,797 2,486,159 12,200 United States Steel Corp.* 637,986 786,953 16,300 URS Corp. 816,244 821,174 31,600 Walgreen Co. 1,301,782 1,189,886 13,700 Walter Industries Inc. 1,065,376 1,283,549 44,700 Wells Fargo & Co. 1,230,721 1,410,805 41,500 Wyndham Worldwide Corp. 978,765 1,084,342

100,207,500 108,086,186 JAPAN (12.9%)

75,200 Elpida Memory Inc. 1,156,518 1,502,965 8,000 Fast Retailing Co., Ltd. 1,454,194 1,411,202

177,400 Fujitsu Ltd.* 1,257,025 1,177,357 268,700 Fukuoka Financial Group Inc. 1,132,804 1,155,783 18,600 Gree Inc.* 1,084,032 1,151,598

429,600 Hitachi Ltd. 1,612,021 1,623,891 199 Japan Tobacco Inc. 763,317 751,140

49,700 JFE Holdings Inc.* 1,900,821 2,029,820 50,100 Makita Corp. 1,785,349 1,670,665 73,700 Mitsubishi Corp. 1,801,168 1,960,512

168,800 Mitsubishi Electric Corp. 1,478,178 1,573,160 140,800 Mitsubishi UFJ Financial Group Inc. 768,839 749,397 88,600 Mitsui & Co., Ltd. 1,471,350 1,509,013 11,500 Nidec Corp. 963,033 1,245,393

178,000 Nissan Motor Co., Ltd.* 1,350,467 1,546,761 194,200 Nomura Holdings Inc. 1,604,013 1,449,170 174,600 NSK Ltd. 1,396,448 1,395,839 189,700 Rengo Co., Ltd. 1,252,713 1,133,296 11,100 Sawai Pharmaceutical Co., Ltd. 788,023 735,472




– 200 –


– 200 –


JAPAN (12.9%) (cont’d)73,100 Sony Corp. 2,366,690 2,834,646

454 Sony Financial Holding Inc. 1,378,337 1,509,005 229,200 Sumitomo Heavy Industries Ltd. 1,323,978 1,399,150 34,000 Sumitomo Mitsui Financial Group Inc. 1,164,254 1,139,324 1,415 The Dai-ichi Mutual Life Insurance Co.^ 2,227,074 2,151,779 9,800 Uni-Charm Corp.* 1,017,658 960,165

34,498,304 35,766,503 U.K. (11.3%)

144,200 Amlin PLC* 930,708 862,644 35,600 Anglo American PLC 1,434,902 1,576,277 49,700 AstraZeneca PLC 2,556,587 2,250,002

1,128,700 BT Group PLC 2,694,845 2,155,621 179,900 Cairn Energy PLC 935,905 1,156,351 81,800 Eurasian Natural 1,281,636 1,500,455

136,400 HSBC Holdings PLC 1,565,423 1,404,473 148,200 International Power PLC 808,352 728,036

1,287,300 ITV PLC 1,267,451 1,205,449 102,200 Next PLC 3,126,305 3,407,454

9,900 Randgold Resources Ltd. 747,747 764,532 65,659 Rio Tinto PLC 2,958,170 3,952,191

264,000 Stagecoach Group PLC 797,596 745,508 59,600 Standard Chartered PLC 1,410,026 1,651,345

111,400 Tesco PLC 801,303 747,389 308,400 Tomkins PLC 1,050,179 1,119,985 37,200 Tullow Oil PLC 745,252 716,190 57,600 Unilever PLC 1,835,122 1,718,012

1,054,900 Vodafone Group PLC 2,428,929 2,471,596 46,800 Whitbread PLC 1,071,115 1,061,882

30,447,553 31,195,392 SWITZERLAND (6.0%)

34,000 Adecco SA, Registered Shares* 1,890,746 1,960,197 134,200 Clariant AG* 1,462,798 1,733,556 23,400 Compagnie Financiere Richemont SA 805,877 919,671 33,170 Nestle SA, Registered Shares 1,437,499 1,723,826 60,400 Novartis AG, Registered Shares 3,161,057 3,310,593 11,200 Sonova Holdings AG 1,421,712 1,410,101 8,000 Sulzer AG, Registered Shares 758,785 789,897

14,389 Transocean Ltd. 1,487,940 1,262,037 25,800 Tyco International Ltd. 933,603 1,001,619

128,900 Xstrata PLC 1,812,294 2,480,642 15,172,311 16,592,139

GERMANY (3.7%) 21,000 Deutsche Bank AG 1,486,767 1,638,343 29,214 HeidelbergCement AG* 2,016,346 1,650,364 52,800 Henkel KGaA, Preferred, Non-Voting Shares 2,626,655 2,872,691

357,100 Infineon Technologies AG* 2,119,785 2,504,280 16,000 Siemens AG, Registered Shares 1,590,716 1,620,962

9,840,269 10,286,640 SOUTH KOREA (3.4%)

21,900 Korea Electric Power Corp. 760,141 718,414 56,600 KT Corp. 2,366,289 2,374,877 25,000 LG Corp. 1,678,690 1,593,094 3,983 Samsung Electronics Co., Ltd. 2,341,639 2,920,622

42,200 Shinhan Financial Group Co., Ltd. 1,800,993 1,681,661 8,947,752 9,288,668

CANADA (2.5%) 15,700 Agrium Inc. 1,099,214 1,126,475 51,200 Baytex Energy Trust 1,256,353 1,765,177 70,100 Centerra Gold Inc. 906,436 928,825 9,900 Domtar Corp. (USD)* 538,184 647,540

41,100 Penn West Energy Trust 894,217 881,483 21,200 Research In Motion Ltd. (USD) 1,459,820 1,592,250

6,154,224 6,941,750 FRANCE (2.1%)

16,800 BNP Paribas SA* 1,260,596 1,309,752 77,500 Groupe Eurotunnel SA* 853,765 799,719 11,300 L'Oreal SA* 1,300,964 1,206,656 26,800 PSA Peugeot Citroen* 970,853 801,298 36,800 Rhodia SA 744,951 774,418 11,100 Technip SA* 726,086 915,927

5,857,215 5,807,770 HONG KONG (2.1%)

1,062,400 Belle International Holdings Ltd. 1,116,913 1,439,549 503,400 BOC Hong Kong Holdings Ltd. 1,140,433 1,219,363

1,301,600 CNOOC Ltd. 1,849,159 2,165,426 680,400 Comba Telecom Systems Holdings Ltd. 806,683 884,564

4,913,188 5,708,902 AUSTRALIA (1.9%)

830,800 Alumina Ltd. 1,286,768 1,331,547 50,600 Australia & New Zealand Banking Group Ltd. 1,124,258 1,195,253 58,500 National Australia Bank Ltd. 1,591,498 1,499,609 94,100 Suncorp-Metway Ltd. 764,235 747,946

120,800 Western Areas NL* 546,368 602,216 5,313,127 5,376,571

NETHERLANDS (1.9%) 89,900 Koninklijke Philips Electronics NV* 2,767,947 2,927,192 67,000 Royal KPN NV 1,141,502 1,077,221 39,300 TNT NV 1,035,228 1,143,229

4,944,677 5,147,642 SPAIN (1.6%)

179,750 Banco Santander Central Hispano SA 2,900,707 2,424,942 89,700 Ferrovial SA 891,935 884,756 17,200 Inditex SA 1,140,502 1,151,464

4,933,144 4,461,162 SWEDEN (1.4%)

139,500 Nordea Bank AB* 1,489,156 1,398,142 86,500 Svenska Handelsbanken AB, Series A 2,429,004 2,573,467

3,918,160 3,971,609 SINGAPORE (1.2%)

655,800 Noble Group Ltd. 1,530,711 1,456,751 270,700 SembCorp Marine Ltd. 754,113 821,405 80,400 United Overseas Bank Ltd. 973,095 1,121,765

3,257,919 3,399,921 TAIWAN (1.0%)

1,028,900 Compal Electronics Inc. 1,475,660 1,367,670 305,800 Hon Hai Precision Industry Co., Ltd. 1,156,858 1,345,171

2,632,518 2,712,841





– 201 –– 201 –



1 Royal Bank of Canada A-1+ 14-Apr-10 1.03 (30,368,476) US $ 31,188,880 Canadian $ 350,077 1 Royal Bank of Canada A-1+ 07-Apr-10 0.65 (6,500,000) British Pound 9,994,628 Canadian $ (24,149)1 Royal Bank of Canada A-1+ 07-Apr-10 0.73 (1,700,000) Euro 2,323,739 Canadian $ (8,382)1 Royal Bank of Canada A-1+ 07-Apr-10 1.41 (4,479,398) Euro 6,324,731 Canadian $ 179,709 1 Royal Bank of Canada A-1+ 07-Apr-10 0.01 (1,543,607,023) Japanese Yen 18,056,420 Canadian $ 1,288,899



– 201 –– 201 –


ITALY (0.9%) 273,000 Mediaset SpA 2,312,488 2,380,019 147,100 Mediobanca SpA, Warrants (18Mar11) - 18,868

2,312,488 2,398,887 IRELAND (0.8%)

26,900 Cooper Industries PLC 1,236,737 1,309,024 15,000 Covidien PLC 758,031 765,126

1,994,768 2,074,150 DENMARK (0.7%)

16,400 FLSmidth & Co. A/S 999,448 1,155,596 9,600 William Demant Holding A/S* 735,230 689,183

1,734,678 1,844,779 FINLAND (0.5%)

89,200 Nokia OYJ* 1,323,897 1,409,677

THAILAND (0.5%) 1,600 Banpu Public Co., Ltd. 21,096 30,656

64,600 Banpu Public Co., Ltd. 851,732 1,253,989 872,828 1,284,645

ISRAEL (0.4%) 19,200 Teva Pharmaceutical Industries Ltd., ADR 1,059,853 1,230,099

BERMUDA (0.4%) 7,300 Lazard Ltd. 270,538 264,574

118,500 Orient Overseas International Ltd. 925,641 891,179 1,196,179 1,155,753

CAYMAN ISLANDS (0.3%) 44,200 Seagate Technology 579,353 819,150

PAPUA NEW GUINEA (0.3%) 282,900 Lihir Gold Ltd. 713,293 796,107

NORWAY (0.3%) 58,400 Petroleum Geo-Services ASA 581,749 776,947

PANAMA (0.3%) 17,200 Carnival Corp. 638,463 679,099


Total Equities (97.5%) 253,823,490 269,212,989





Net Assets (100.0%) 276,545,906




Synergy Global Corporate ClassFinancial Statements

– 202 –






Net assets per classA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares


A SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



269,213 150,5777,422 6,109

- -- -- -- -

1,819 -- -- -

277 1703,236 1,308

- -696 462

282,663 158,626

- -- -- -

33 -- -

5,351 386695 345

- -- -- -

38 176,117 748

276,546 157,878

253,823 157,816- -

163,056 142,1637,247 6,042

35,278 9,151713 -

69,861 -207 323

- 8- -

184 191

3.97 3.454.40 3.79

11.96 10.1710.51 -10.44 -6.58 6.03

- 6.52- -

6.07 5.74

41,091,818 41,159,8971,646,088 1,593,6622,949,635 899,903

67,801 -6,689,070 -

31,522 53,633- 1,250- -

30,301 33,212


2010 2009


2010 2009



– 203 –







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















4,930 5,6916 132

85 168- -- -- -

(649) (713)4,372 5,278

4,387 3,622492 409

- 78 15

244 2015,131 4,254(759) 1,024

- -(759) 1,024

9,265 (49,847)(1,313) 551(1,094) (619)

- -

24,414 (21,512)31,272 (71,427)30,513 (70,403)

21,313 (62,588)1,021 (2,791)4,686 (4,723)

39 -3,381 -

45 (141)1 (8)- (15)

27 (137)

0.49 (1.48)0.59 (1.58)1.94 (3.10)0.52 -0.44 -0.85 (2.73)0.81 (3.41)

- (2.87)0.85 (2.95)

142,163 197,678

12,850 22,140- -

(45,800) (37,190)(8,061) 22,12340,591 -

(420) 7,073

- -- -- -- -

21,313 (62,588)163,056 142,163

6,042 9,330

907 2,787- -

(2,895) (3,605)(171) 321

2,343 -184 (497)

- -- -- -- -

1,021 (2,791)7,247 6,042

9,151 40,499

24,248 5,500- -

(2,500) (4,323)(307) (27,802)

- -21,441 (26,625)

- -- -- -- -

4,686 (4,723)35,278 9,151


2010 2009


2010 2009




– 204 –

























8 -

- 25- -

(9) (8)- -- -

(9) 17

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

- -

- -- -- (36)- 52- -- 16

- -- -- (1)- (1)- (15)- -

191 339

4 177- -

(14) (78)(8) (76)- -

(18) 23

- -- -

(16) (34)(16) (34)27 (137)

184 191

- -

4 -- -

(102) -(52) -824 -674 -

- -- -- -- -

39 -713 -

- -

479 -- -

(17,882) -(645) -

84,528 -66,480 -

- -- -- -- -

3,381 -69,861 -

323 400

36 115- -

(90) (28)(90) -

- -(144) 87

- -- -

(17) (23)(17) (23)45 (141)

207 323


2010 2009



2010 2009


– 205 –






157,878 248,246

38,528 30,744- -

(69,292) (45,268)(9,334) (5,382)

128,286 -88,188 (19,906)

- -- -

(33) (59)(33) (59)

30,513 (70,403)276,546 157,878


2010 2009



Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules

– 206 –







AT5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year


2010 2009

41,159,897 40,391,7293,648,882 5,329,448

- -(12,051,393) (9,201,920)(2,115,138) 4,640,64010,449,570 -41,091,818 41,159,897

1,593,662 1,755,184244,128 590,291

- -(685,098) (815,990)(38,864) 64,177532,260 -

1,646,088 1,593,662

899,903 2,875,4472,293,250 423,762

- -(216,864) (349,900)(26,654) (2,049,406)

- -2,949,635 899,903

- -4,979 -

- -(9,959) -(4,954) -77,735 -67,801 -

- -80,051 -

- -(1,747,238) -

(63,363) -8,419,620 -6,689,070 -

53,633 44,1095,614 13,342

- -(13,807) (4,213)(13,918) 395

- -31,522 53,633

FT5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

IT5 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

AT8 SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year


2010 2009

1,250 -- 2,500- -

(1,250) (1,250)- -- -- 1,250

- -- -- -- (5,288)- 5,288- -- -

33,212 37,801643 22,045

- -(2,295) (14,401)(1,259) (12,233)

- -30,301 33,212


Synergy Global Corporate ClassFinancial Statements – Supplementary Schedules

– 207 –



2010 2009


30,728 25,35331,343 27,020


2010 2009


1,077 603114 -

Annual management fee rateA SharesF SharesI SharesY SharesZ SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

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

2.001.00

Paid directly by investor1.002.002.001.00


0.220.22

-0.220.220.220.22

-0.22


2010












2010 2009

3.97 3.453.97 3.46

4.40 3.794.41 3.80

11.96 10.1711.97 10.18

10.51 -10.52 -

10.44 -10.45 -

6.58 6.036.59 6.04

- 6.52- 6.53

- -- -

6.07 5.746.07 5.75

Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 208 –




U.S.A. ....................................................................................................................................... 50.6Japan ....................................................................................................................................... 7.5U.K............................................................................................................................................ 7.5France....................................................................................................................................... 5.4Switzerland .............................................................................................................................. 5.4Other Assets ............................................................................................................................ 4.3South Korea ............................................................................................................................. 2.9Hong Kong................................................................................................................................ 2.9Netherlands ............................................................................................................................. 2.0Germany ................................................................................................................................... 1.8Sweden .................................................................................................................................... 1.5Australia................................................................................................................................... 1.1Canada ..................................................................................................................................... 1.0Bermuda ................................................................................................................................... 0.9Spain ........................................................................................................................................ 0.9Italy .......................................................................................................................................... 0.8Israel ........................................................................................................................................ 0.7Taiwan...................................................................................................................................... 0.5Norway..................................................................................................................................... 0.5Cayman Islands........................................................................................................................ 0.4Russia....................................................................................................................................... 0.3Czech Republic ......................................................................................................................... 0.3Jersey Island............................................................................................................................ 0.2China ........................................................................................................................................ 0.2Singapore ................................................................................................................................. 0.2Ireland ...................................................................................................................................... 0.2



Credit RiskAs at March 31, 2010 and 2009, the Fund’s exposure to credit risk through derivative instrumentswas insignificant.



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 127,518 (30,839) 96,679 35.0 British Pound 33,801 (10,019) 23,782 8.6 Euro 29,625 (8,477) 21,148 7.6 Japanese Yen 33,785 (16,767) 17,018 6.2 Swiss Franc 11,848 - 11,848 4.3 Korean Won 9,347 - 9,347 3.4 Hong Kong Dollar 6,600 - 6,600 2.4 Australian Dollar 6,212 - 6,212 2.2 Swedish Krona 3,972 - 3,972 1.4 Singapore Dollar 3,400 - 3,400 1.2 Taiwan Dollar 2,786 - 2,786 1.0 Danish Krone 1,845 - 1,845 0.7 Thai Baht 1,285 - 1,285 0.5 Norwegian Krone 777 - 777 0.3 Total 272,801 (66,102) 206,699 74.8


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 90,539 - 90,539 57.2 Euro 18,307 - 18,307 11.6 British Pound 12,476 - 12,476 7.9 Japanese Yen 12,468 - 12,468 7.9 Swiss Franc 6,258 - 6,258 4.0 Hong Kong Dollar 5,447 - 5,447 3.5 Korean Won 4,008 - 4,008 2.5 Swedish Krona 2,417 - 2,417 1.5 Australian Dollar 1,699 - 1,699 1.1 Norwegian Krone 725 - 725 0.5 Taiwan Dollar 620 - 620 0.4 Czech Koruna 395 - 395 0.3 Singapore Dollar 272 - 272 0.2 Total 155,631 - 155,631 98.6





Synergy Global Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 209 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 267,042 - 2,152 269,194Foreign currency forward contracts - 1,786 - 1,786 Warrants 19 - - 19Total 267,061 1,786 2,152 270,999






Long Positions/Assets:Equities - long - 2,227 - - - (75) 2,152 Total - 2,227 - - - (75) 2,152




CI International Balanced Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 210 –

U.S.A. (30.8%) 9,616 3M Co. 790,215 816,062

18,506 Abbott Laboratories Inc. 904,382 989,628 15,550 Advance Auto Parts Inc. 638,933 661,957

347 Aflac Inc. 17,008 19,131 1,070 AGCO Corp.* 36,075 38,954

740 Alliance Data Systems Corp.* 48,530 48,086 1,510 Ameriprise Financial Inc. 48,382 69,524

10,679 Amgen Inc. 643,167 648,067 190,000 Aphton Corp., Restricted Shares 460 232

3,487 Apple Computer Inc. 646,011 831,471 4,096 Arch Capital Group Ltd. 280,650 316,910 2,200 AT&T Inc. 62,038 57,729

14,481 Avnet Inc. 425,207 441,162 12,028 Celgene Corp. 696,049 756,071 37,295 Charles Schwab Corp.* 722,387 707,845 51,756 Cisco Systems Inc. 1,221,609 1,368,086

BRL 300,000 Citibank NA 15% 07/02/2010 186,729 173,626 6,250,000 Consilient Inc., Private Placement^ 69 63 2,083,333 Consilient Inc., Warrants, Private Placement^ 23 21

12,455 CSX Corp. 614,743 643,657 9,591 Danaher Corp. 634,458 778,294

855 Devon Energy Corp. 58,979 55,941 23,306 DIRECTV 636,105 800,187 25,515 Dow Chemical Co. 757,334 765,652 16,118 Ecolab Inc. 737,980 719,364 7,502 EOG Resources Inc. 609,836 708,041 1,100 Exxon Mobil Corp. 82,559 74,820

USD 715,000 Fannie Mae 4.875% 05/18/2012 850,316 780,805 11,115 Fastenal Co.* 449,644 541,675

750 FTI Consulting Inc. 38,208 29,947 8,898 General Dynamics Corp. 599,136 697,571

NZD 125,000 General Electric Capital Corp., 6.5% 09/28/2015 87,846 90,121

NZD 1,010,000 General Electric Capital Corp., 6.75% 09/26/2016 705,139 730,581

20,492 Gilead Sciences Inc.* 1,002,845 946,419 800 Global Payments Inc. 37,204 37,005

EUR 100,000 Goldman Sachs Group Inc., 3.5% 12/08/2011 161,148 142,232 2,276 Google Inc., Class A 1,188,505 1,308,942

15,872 Hansen Natural Corp. 572,034 698,552 11,795 Hewlett-Packard Co. 571,561 636,619 10,178 International Business Machines Corp. 1,320,190 1,325,556

525 Johnson & Johnson* 35,056 34,760 26,359 JPMorgan Chase & Co. 1,200,758 1,197,577 59,850 Kroger Co. 1,389,561 1,316,440 11,717 McDonald's Corp. 782,528 793,754 3,200 MetroPCS Communications Inc. 28,074 22,975

78,201 Microsoft Corp. 2,084,582 2,323,620 6,285 Monsanto Co. 565,188 455,448

267 New Oriental Education & Technology Group, ADR 22,604 23,185

8,968 Noble Energy Inc. 619,383 663,807 900 Norfolk Southern Corp. 46,782 51,080

U.S.A. (30.8%) (cont’d)9,943 Occidental Petroleum Corp. 814,454 853,607

49,332 Oracle Corp. 1,186,106 1,286,477 14,639 PepsiCo Inc. 947,545 983,525 70,351 Pfizer Inc. 1,251,417 1,225,216 16,042 Phillip Morris International Inc. 831,259 849,717 9,192 PNC Financial Services Group Inc. 528,075 557,080

202 Priceline.com Inc. 33,044 52,308 16,215 QUALCOMM Inc. 659,722 691,254 14,584 Questar Corp. 651,044 639,200

142,121 Qwest Communications International Inc.* 568,825 753,368 NZD 1,160,000 SLM Corp., 6.5% 06/15/2010 675,213 817,573

17,866 Southwestern Energy Co. 759,394 738,777 19,561 State Street Corp. 1,037,079 896,667

USD 175,000 STH Peru Copper 7.5% 07/27/2035 174,713 183,848 15,964 TJX Cos., Inc. 620,392 689,308

USD 1,341,000 United States, Treasury Inflation Indexed Bonds 2.7299% 01/15/2025 1,703,192 1,638,526

USD 1,565,000 United States, Treasury Note/Bond 2.74415% 07/15/2017 1,884,808 1,825,965

USD 310,000 United States, Treasury Note/Bond 4.25% 08/15/2015 366,580 339,891

USD 215,000 United States, Treasury Note/Bond 4.25% 11/15/2013 258,056 236,497

1,350 UnitedHealth Group Inc. 41,863 44,788 29,825 Urban Outfitters Inc. 914,474 1,151,822 35,112 US Bancorp 866,101 921,354

500 Vertex Pharmaceuticals Inc. 18,810 20,742 39,026 Walt Disney Co. 1,109,152 1,383,510 9,562 Waters Corp. 579,086 655,340

31,632 Wells Fargo & Co. 864,131 998,358 13,499 XTO Energy Inc. 598,042 646,204

45,800,787 48,420,174JAPAN (6.0%)

4,100 Asahi Glass Co., Ltd. 35,272 46,761 23,100 Canon Inc. 957,669 1,083,949 32,063 Credit Saison Co., Ltd.* 506,950 503,948 4,200 East Japan Railway Co.* 306,794 296,079

15,700 FamilyMart Co., Ltd. 527,078 506,318 3,000 Fanuc Ltd. 270,374 322,930

23,800 Honda Motor Co., Ltd. 848,902 851,816 276 Japan Tobacco Inc. 905,608 1,041,783 565 Jupiter Telecommunication Co.* 549,228 661,577 11 KDDI Corp. 66,569 57,770

21,500 Mitsubishi Corp. 513,498 571,927 169,400 Mitsubishi UFJ Financial Group Inc. 1,109,767 901,618 20,100 Mitsui & Co., Ltd. 307,006 342,338 9,659 Nitori Co., Ltd. 754,525 742,812

13,900 Nomura Holdings Inc. 90,931 103,725 41 Sony Financial Holding Inc. 134,077 136,276

22,700 Sumitomo Mitsui Financial Group Inc. 758,809 760,667 13,635 Toyota Motor Corp. 652,183 553,171

64 Yahoo! Japan Corp.* 24,706 23,601 9,319,946 9,509,066





– 211 –


U.K. (5.9%) 600 Autonomy Corp. PLC 16,934 16,851

114,561 Aviva PLC 696,659 679,331 124,351 Barratt Developments PLC 227,419 237,681

6,600 BG Group PLC 123,503 115,977 1,700 BHP Billiton PLC 48,074 59,222

34,853 British American Tobacco PLC 1,200,890 1,220,056 17,750 Carnival PLC 646,847 739,823 5,400 Diageo PLC 92,781 91,977 1,200 GlaxoSmithKline PLC 25,479 23,390

15,658 Imperial Tobacco Group PLC 492,098 484,885 70,694 National Grid PLC 739,080 698,495 18,981 Next PLC 675,716 632,846 1,900 Petropavlovsk PLC 33,697 34,852

65,756 Prudential PLC 563,090 553,415 1,180 Rio Tinto PLC 51,757 71,027

30,060 Royal Dutch Shell PLC, Class A* 883,228 884,077 31,412 Standard Chartered PLC 800,547 870,336

GBP 225,000 United Kingdom Gilt 5% 09/07/2014 450,519 383,546 GBP 340,000 United Kingdom, Treasury Note 5% 03/07/2025 686,263 560,189

48,798 United Utilities PLC 378,172 420,095 53,700 Vodafone Group PLC 123,618 125,817

300 Vodafone Group PLC, ADR 7,265 7,095 15,234 Wolseley PLC 365,324 373,365

9,328,960 9,284,348 FRANCE (5.6%)

12,044 Alstom* 877,741 762,839 8,336 Bouygues SA* 423,585 425,520

EUR 1,000,000 Caisse d'Amortissement de la Dette Sociale (CADES) 3.625% 04/25/2015* 1,650,760 1,449,756

EUR 1,650,000 France Government Bond OAT 4.25% 04/25/2019 2,727,309 2,442,801

EUR 1,924,000 France Government Bond OAT 5% 10/25/2016 3,358,955 2,994,150

1,921 Groupe Danone* 113,363 117,508 544 Publicis Groupe* 21,296 23,646 350 Sanofi-Aventis 27,788 26,494

1,000 Societe Generale, Class A* 86,190 63,873 7,451 Total SA 448,198 439,271

9,735,185 8,745,858 GERMANY (5.3%)

EUR 410,000 Bayerische Landesbank 2.75% 01/23/2012 650,665 576,739 EUR 200,000 Bundesrepublik Deutschland 5% 01/04/2012 335,909 293,957

17,067 DaimlerChrysler AG, Registered Shares* 847,549 812,787 11,448 Deutsche Boerse AG 918,732 857,167

EUR 1,010,000 Deutsche Bundesrepublik 4.75% 07/04/2034 1,723,586 1,577,315 13,254 Fresenius AG 779,867 1,014,210 1,300 Fresenius SE 68,170 97,944

EUR 553,000 Germany Government Bond 4.25% 07/04/2014 928,220 830,695

EUR 500,000 Kreditanstalt fuer Wiederaubfbau Bankengruppe 4.125% 07/04/2017 834,717 737,842

7,084 RWE AG, Class A 698,436 637,021 17,233 SAP AG 868,550 845,633 1,300 SAP AG, ADR* 63,408 63,591

726 Siemens AG, Registered Shares 65,559 73,551 8,783,368 8,418,452

CANADA (4.2%) 2,000 Barrick Gold Corp. 82,051 77,840

900 Barrick Gold Corp. (USD) 33,570 35,032 1,700 Cameco Corp. 51,007 47,209

2,800,000 Canada Housing Trust No.1 3.6% 06/15/2013 2,924,880 2,889,185 208,000 Canadian Government Bond 4.5% 06/01/2015* 225,896 223,941 65,000 Canadian Government Bond 5% 06/01/2014* 72,020 70,872 95,000 Canadian Government Bond 5.75% 06/01/2029* 116,606 115,983

432,000 Canadian Government Bond 5.75% 06/01/2033* 542,268 537,432 USD 100,000 Canadian Imperial Bank of Commerce

2% 02/04/2013 106,445 101,942 900 Canadian Imperial Bank of Commerce* 59,796 66,726 770 Canadian National Railway Co.* 41,943 47,332

1,300 Goldcorp Inc. 56,970 49,192 572 Goldcorp Inc., (USD) 22,241 21,620 400 Potash Corp. of Saskatchewan Inc. 41,347 48,480 800 Potash Corp. of Saskatchewan Inc. 79,083 96,992

NZD 405,000 Province of Manitoba 6.375% 09/01/2015 296,231 299,353 USD 200,000 Province of Ontario 3.5% 07/15/2013 226,818 212,959 USD 969,000 Province of Quebec 4.875% 05/05/2014 1,154,525 1,063,349 EUR 435,000 Province of Quebec 5.625% 06/21/2011 721,900 627,780

2,200 Talisman Energy Inc. 41,821 38,148 6,897,418 6,671,367

HONG KONG (3.2%) 7,600 China Mobile (Hong Kong) Ltd., ADR 471,723 371,302

380,500 CNOOC Ltd. 574,562 633,025 104,724 Esprit Holdings Ltd. 862,794 839,625 48,938 Hang Seng Bank Ltd. 763,259 692,552

195,100 Hutchison Whampoa Ltd. 1,594,935 1,449,387 165,600 Li & Fung Ltd. 651,956 826,292 296,500 Renhe Commercial Holdings 65,921 69,803 14,000 Wharf Holdings Ltd. 78,955 80,201

5,064,105 4,962,187 SOUTH KOREA (2.9%)

7,820 KT&G Corp. 488,596 438,662 5,450 LG Electronics Inc. 563,405 560,074

KRW 1,000,000,000 Republic of Korea 4.18% 12/02/2011 911,679 909,688 KRW 1,931,000,000 Republic of Korea, Monetary Stab Bond

4.15% 08/02/2011 1,735,561 1,757,890 50 Samsung Electronics Co., Ltd. 36,738 36,664

2,100 Samsung Electronics Co., Ltd., GDR 674,573 778,378 121 Shinsegae Co., Ltd. 58,382 58,101

4,468,934 4,539,457 SWITZERLAND (2.7%)

750 ACE Ltd. 39,801 39,833 10,231 Adecco SA, Registered Shares* 647,263 589,846 6,680 Mettler-Toledo International Inc. 698,786 740,760 2,371 Nestle SA, Registered Shares 104,252 123,220

510 Novartis AG, Registered Shares 27,336 27,954 5,943 Roche Holding AG 1,009,116 978,373

188 SGS SA, Registered Shares 255,798 263,317 8,283 Transocean Ltd. 714,811 726,489 3,121 Zurich Financial Services AG 712,103 812,336

4,209,266 4,302,128





– 212 –


LUXEMBOURG (2.7%) 19,557 ArcelorMittal* 864,300 871,406

EUR 750,000 European Investment Bank 3.875% 10/15/2016 1,239,865 1,093,696 EUR 400,000 Germany Government Bond 4.75% 07/04/2028 681,290 621,881

58,000 J.P. Morgan Structured Products. B.V. 447,401 410,636 AUD 1,311,000 Queensland Treasury Corp., 6% 09/14/2017 1,185,906 1,222,799

1,006 Reliance Industries Ltd. 24,573 24,480 1,250 SES SA 30,219 31,981

4,473,554 4,276,879 BRAZIL (2.4%)

BRL 4,200 Nota Do Tesouro Nacional 10% 01/01/2017 2,225,201 2,209,479 8,100 Petroleo Brasileiro SA, ADR 376,891 365,953

BRL 1,150,000 Republic of Brazil 12.5% 05/01/2016 761,128 744,596 2,800 Tractebel Energia SA 36,797 31,740

14,800 Vale SA, ADR* 341,961 483,194 3,741,978 3,834,962

IRELAND (2.3%) 28,038 Accenture PLC 1,120,412 1,193,567 12,140 Covidien PLC 641,091 619,242 27,624 CRH PLC 780,093 699,932

EUR 400,000 Depfa ACS Bank 4.375% 01/15/2015 592,854 554,825 22,216 Ryanair Holdings PLC, ADR 667,035 612,963

3,801,485 3,680,529 AUSTRALIA (2.0%)

AUD 1,380,000 National Australia Bank Ltd., 5.75% 12/19/2013 1,249,617 1,282,695

AUD 694,000 New South Wales Treasury Corp., 7% 12/01/2010 654,252 657,967

1,700 Newcrest Mining Ltd. 51,173 51,974 11,502 Rio Tinto Ltd. 621,498 840,167 6,200 Telstra Corp., Ltd. 20,376 17,216

200,000 Western Australia Treasury Corp., 7% 04/15/2015 199,619 194,830

2,400 Westpac Banking Corp. 60,086 62,216 2,856,624 3,107,065

MEXICO (1.7%) 6,649 America Movil SAB de C.V. 16,742 16,995

MXN 105,735 Mexico Government Bond 10% 12/05/2024 1,016,555 1,018,606 USD 112,000 Mexico Government Bond 6.375% 01/16/2013 135,835 126,247 MXN 60,000 Mexico Government Bond 8% 12/17/2015 503,107 514,146 MXN 115,000 Mexico Government Bond 9% 12/20/2012 1,048,416 1,015,456

2,720,655 2,691,450 DENMARK (1.3%)

99 AP Moller - Maersk A/S 729,776 764,352 EUR 535,000 Commerzbank AG 2.75% 01/13/2012 850,656 752,574

6,593 Novo Nordisk A/S* 438,976 519,475 2,019,408 2,036,401

SWEDEN (1.3%) 1,800 Hexagon AB, Series B 27,223 26,080

SEK 7,240,000 Sweden Government Bond 3% 07/12/2016 1,121,700 1,036,455 90,868 Volvo AB, Series B* 793,715 928,621

1,942,638 1,991,156 ISRAEL (1.2%)

ILS 5,915,000 Israel Government Bond 7.5% 03/31/2014 2,006,078 1,851,368 1,400 Teva Pharmaceutical Industries Ltd., ADR 79,115 89,695

2,085,193 1,941,063

CHINA (0.9%) 65,600 China Communications Construction Co., Ltd. 80,289 62,891 64,100 China Construction Bank Corp., Class H 55,535 53,153

1,046,800 Industrial & Commercial Bank of China 812,846 809,152 3,100 PetroChina Co., Ltd., ADR 379,549 369,013

104,300 PetroChina Co., Ltd., Class H 133,728 123,729 1,461,947 1,417,938

TAIWAN (0.8%) 1,600 Hon Hai Precision Industry Co., Ltd. 6,756 7,038

115,767 Taiwan Semiconductor Manufacturing Co., Ltd., ADR 1,314,908 1,232,039

1,321,664 1,239,077 SPAIN (0.7%)

59,881 Banco Santander Central Hispano SA 998,102 807,833 4,310 Inditex SA 271,796 288,536 2,400 Repsol YPF SA 59,125 57,716

1,329,023 1,154,085 JERSEY ISLAND (0.6%)

16,231 Housing Development Finance Ltd. 855,203 999,026 900 Shire PLC 16,822 20,157

872,025 1,019,183 NORWAY (0.6%)

39,064 Statoil ASA 938,820 918,576

POLAND (0.6%) PLN 2,400,000 Poland Government Bond 5.75% 04/25/2014 884,764 875,144

NEW ZEALAND (0.5%) NZD 545,000 Inter-American Development Bank

7.25% 05/24/2012 431,209 415,137 NZD 565,000 New Zealand Government Bond

6% 12/15/2017 438,540 414,238 2,900 Telecom Corp. of New Zealand Ltd., ADR 29,730 22,735

899,479 852,110 NETHERLANDS (0.5%)

47,260 Royal KPN NV 783,065 759,843

SINGAPORE (0.5%) 110,200 Keppel Corp., Ltd. 686,355 728,774


INDIA (0.4%) 72,920 Bharti Airtel Ltd., Participating Notes

(JP Morgan) 623,860 516,269 1,600 GAIL India Ltd., GDR 89,979 86,926

937 Housing Development Financial Corp. Ltd. 56,446 57,673 800 Reliance Communications Ltd. 3,479 3,112

2,000 Reliance Communications Ltd., Warrants (30Dec13), Private Placement^ 11,786 7,779

785,550 671,759 AUSTRIA (0.4%)

15,497 Erste Bank der Oesterreichischen Sparkassen AG 698,104 652,874






– 213 –– 213 –

ITALY (0.4%) 26,711 Eni SpA 703,553 632,460

IRAQ (0.3%) USD 500,000 Republic of Iraq 5.8% 01/15/2028 376,630 408,737

MALAYSIA (0.3%) MYR 1,300,000 Malaysia Government Bond

3.835% 08/12/2015 401,699 406,364

FINLAND (0.2%) EUR 150,000 Finland Government Bond 4.25% 07/04/2015 250,921 224,727

3,000 Nokia OYJ 43,285 47,411 294,206 272,138

RUSSIA (0.2%) 3,085,400 Federal Grid Co Unified Energy System JSC 37,301 35,405

USD 160,000 Gazprom OAO 9.625% 03/01/2013 191,931 185,592 571,500 OGK-4 Open Joint-Stock Co. 27,303 43,888

256,535 264,885 CZECH REPUBLIC (0.2%)

3,900 CEZ Group 230,237 187,223 288 Komercni Banka AS 63,798 59,442

294,035 246,665 TURKEY (0.1%)

1,000 BIM Birlesik Magazalar A.S. 44,161 52,848 26,400 Turkiye Garanti Bankasi AS 105,696 124,508

149,857 177,356 CAYMAN ISLANDS (0.1%)

4,090 SINA Corp. 141,130 156,541

SOUTH AFRICA (0.1%) 5,700 Gold Fields Ltd. 77,409 73,096 2,100 MTN Group Ltd. 31,194 32,784

800 Naspers Ltd. 29,174 35,293 137,777 141,173

COLOMBIA (0.1%) COP 205,000,000 Republic of Colombia 9.85% 06/28/2027 101,320 126,710

THAILAND (0.1%) 22,500 Bangkok Bank PCL, Foreign Registered Shares 82,005 95,409





GREECE (0.1%) 5,700 Hellenic Telecommunications

Organization SA ADR 44,456 36,177




Foreign Currency Forward Contracts (-0.2%) (see Schedule A) (384,352)

Futures Contracts (0.1%) (see Schedule B) 65,596


Other Assets (net) (9.4%) 15,332,881

Net Assets (100.0%) 157,390,653

Principal amounts stated in:AUD Australian Dollar BRL Brazilian Real COP Colombian Peso EUR Euro GBP British Pound ILS Israeli Shekel KRW Korean Won MXN Mexican Peso MYR Malaysian Ringgit NZD New Zealand Dollar PLN Polish Zloty SEK Swedish Krona USD U.S. Dollar

– 214 –


– 214 –



Schedule AForeign Currency Forward Contracts (-0.2%)


1 Barclays Bank A-1 10-Jun-10 1.11 (1,850,000) Australian $ 1,672,493 US $ (11,420)1 Barclays Bank A-1 10-Jun-10 1.36 (2,955,000) Euro 4,013,865 US $ 22,149 1 Barclays Bank A-1 10-Jun-10 1.03 (1,719,866) US $ 1,770,000 Canadian $ 23,435 1 Barclays Bank A-1 10-Jun-10 1.03 (4,041,447) US $ 4,150,000 Canadian $ 45,820 1 Citigroup Inc. A-1 10-Jun-10 1.02 (2,661,800) US $ 2,720,000 Canadian $ 16,890 1 Deutsche Bank AG A-1 10-Jun-10 0.75 (1,380,000) Euro 1,840,796 US $ (23,859)1 Deutsche Bank AG A-1 10-Jun-10 8.07 (1,150,000) Euro 9,281,650 Norwegian Krone 3,073 1 Deutsche Bank AG A-1 10-Jun-10 3.78 (2,237,000) Israeli Shekel 591,330 US $ (13,875)1 Deutsche Bank AG A-1 10-Jun-10 8.13 (9,345,705) Norwegian Krone 1,150,000 Euro (13,965)1 Royal Bank of Scotland Group PLC A-1 10-Jun-10 1.11 (3,540,000) Australian $ 3,179,504 US $ (42,996)1 Royal Bank of Scotland Group PLC A-1 10-Jun-10 1.45 (3,940,000) New Zealand $ 2,720,393 US $ (64,924)1 Royal Bank of Scotland Group PLC A-1 10-Jun-10 1.10 (2,481,317) US $ 2,740,000 Australian $ 12,631 1 State Street Boston A-1 10-Jun-10 0.67 (2,615,000) British Pound 3,927,730 US $ (40,393)1 State Street Boston A-1 10-Jun-10 0.01 (7,922,222) US $ 713,000,000 Japanese Yen (296,918)

Total Foreign Currency Forward Contracts Value (384,352)


Schedule BFutures Contracts (0.1%)

Contracts Futures Price Expiry Date Country Cost ($) Fair Value ($)

70 EUX DJ Euro Stoxx 50 Index Futures 2,851.00 18-Jun-10 Euro 2,717,815 2,737,779 13 S&P 500 Stock Index Futures 1,165.20 17-Jun-10 US $ 3,837,399 3,845,597 11 TSE Topix Stock Index Futures 977.50 11-Jun-10 Japanese Yen 1,130,512 1,167,946

7,685,726 7,751,322 Exercise Price 7,685,726 Total Future Contracts Value 65,596

CI International Balanced Corporate ClassFinancial Statements

– 215 –


AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on futures and forward currency contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and forward currency 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

















142,377 3,65313,013 594

- -- -

960 -832 40190 20

- -- -

75 -124 2

- -1,046 25

158,617 4,334

- -- 7- 1

508 54- -

12 1706 2

- -- -- -- 4

1,226 69157,391 4,265

141,384 3,988- -

156,456 4,151528 114407 -

8.89 8.059.53 8.53

10.39 -

17,589,328 515,77855,440 13,36539,206 -

1,254 671,472 83

15 2- -- -- -

(138) (8)2,603 144

2,260 105250 12

1 151 2

125 62,687 126

(84) 18- -

(84) 18

5,501 (895)(1,313) 6

(257) (20)- -

1,043 (99)4,974 (1,008)4,890 (990)

4,844 (970)25 (20)21 -

0.39 (1.65)0.64 (1.48)0.44 -


2010 2009


2010 2009


CI International Balanced Corporate ClassFinancial Statements

– 216 –

















4,151 6,544

2,697 1,003- -

(34,713) (1,186)(2,542) (1,240)

182,019 -147,461 (1,423)

- -- -- -- -

4,844 (970)156,456 4,151

114 141

24 8- -

(66) (15)4 -

427 -389 (7)

- -- -- -- -

25 (20)528 114

- -

- -- -

(10) -(122) -518 -386 -

- -- -- -- -

21 -407 -

4,265 6,685

2,721 1,011- -

(34,789) (1,201)(2,660) (1,240)

182,964 -148,236 (1,430)

- -- -- -- -

4,890 (990)157,391 4,265


2010 2009


2010 2009



CI International Balanced Corporate ClassFinancial Statements – Supplementary Schedules

– 217 –






2010 2009

515,778 685,043303,359 119,371

- -(3,889,568) (140,012)

(286,181) (148,624)20,945,940 -17,589,328 515,778

13,365 14,1042,455 897

- -(6,897) (1,636)

384 -46,133 -55,440 13,365

- -- -- -

(924) -(11,667) -51,797 -39,206 -




8.89 8.058.90 8.05

9.53 8.539.54 8.54

10.39 -10.40 -



2010 2009


2010 2009


13,406 30613,674 326


2010 2009


246 1717 2



2.001.00


0.220.22

-


2010

CI International Balanced Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 218 –





U.S.A. ....................................................................................................................................... 29.4Other Assets ............................................................................................................................ 15.0Japan ....................................................................................................................................... 7.4U.K............................................................................................................................................ 6.8Germany ................................................................................................................................... 6.3France....................................................................................................................................... 6.0Hong Kong................................................................................................................................ 4.0Switzerland .............................................................................................................................. 3.3Brazil ........................................................................................................................................ 3.2Canada ..................................................................................................................................... 2.1Luxembourg.............................................................................................................................. 2.0Australia................................................................................................................................... 1.8South Korea ............................................................................................................................. 1.2Colombia .................................................................................................................................. 1.2Norway..................................................................................................................................... 1.2Mexico ..................................................................................................................................... 1.1Israel ........................................................................................................................................ 0.9Russia....................................................................................................................................... 0.9Spain ........................................................................................................................................ 0.9Denmark ................................................................................................................................... 0.8Sweden .................................................................................................................................... 0.8Taiwan...................................................................................................................................... 0.7Singapore ................................................................................................................................. 0.5Italy .......................................................................................................................................... 0.5Finland...................................................................................................................................... 0.5Portugal .................................................................................................................................... 0.5Bermuda ................................................................................................................................... 0.4Jersey Island............................................................................................................................ 0.4India ......................................................................................................................................... 0.3New Zealand............................................................................................................................ 0.3Czech Republic ......................................................................................................................... 0.2Cayman Islands........................................................................................................................ 0.2Future Contracts....................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... -0.9

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in foreign equities and therefore wassensitive 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 March 31, 2010, had foreign markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $9,681,000 (March 31, 2009 - $260,000). In practice, actual resultsmay differ from this analysis and the difference may be material.



Credit Rating^ (%)AAA/Aaa/A++ 16.0AA/Aa/A+ 1.5A 6.2BBB/Baa/B++ 2.7BB/Ba/B+ 0.1Not Rated 3.7Total 30.2


Credit Rating^ (%)AAA/Aaa/A++ 15.2 AA/Aa/A+ 1.9 A 1.3 BBB/Baa/B++ 1.2 BB/Ba/B+ 1.2 Not Rated 5.6Total 26.4




– 219 –





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 71,346 (76) 71,270 45.3 Euro 27,073 (5,927) 21,146 13.4 Japanese Yen 9,621 7,811 17,432 11.1 Hong Kong Dollar 5,721 - 5,721 3.6 British Pound 9,391 (4,031) 5,360 3.4 Korean Won 3,775 - 3,775 2.4 Brazilian Real 3,244 - 3,244 2.1 Swiss Franc 2,795 - 2,795 1.8 Mexican Peso 2,620 - 2,620 1.7 Swedish Krona 2,013 - 2,013 1.3 Australian Dollar 4,399 (2,469) 1,930 1.2 Danish Krone 1,276 - 1,276 0.8 Israeli Shekel 1,851 (615) 1,236 0.8 Norwegian Krone 981 48 1,029 0.7 Polish Zloty 921 - 921 0.6 Singapore Dollar 736 - 736 0.5 Malaysian Ringgit 408 - 408 0.3 Czech Koruna 247 - 247 0.2 Turkish Lira 177 - 177 0.1 South Africa Rand 157 - 157 0.1 Colombian Peso 135 - 135 0.1 Thai Baht 106 - 106 0.1 Taiwan Dollar 89 - 89 0.1 Argentine Peso 32 - 32 0.1 New Zealand Dollar 2,802 (2,842) (40) (0.1) Total 151,916 (8,101) 143,815 91.7



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 1,903 (4) 1,899 44.5 Japanese Yen 320 484 804 18.9 Euro 722 31 753 17.7 British Pound 291 (99) 192 4.5 Hong Kong Dollar 151 - 151 3.5 Brazilian Real 128 - 128 3.0 Swiss Franc 64 44 108 2.5 Norwegian Krone 54 2 56 1.3 Colombian Peso 52 - 52 1.2 New Zealand Dollar 74 (36) 38 0.9 Swedish Krona 33 - 33 0.8 Australian Dollar 101 (80) 21 0.5 Taiwan Dollar 13 - 13 0.3 Czech Koruna 9 - 9 0.2 Argentine Peso 1 - 1 0.1 Mexican Peso 43 (42) 1 0.1 Israeli Shekel 40 (53) (13) (0.3) Total 3,999 247 4,246 99.7







As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $589,000 (March 31, 2009 - $15,000). In practice, actualresults may differ from this analysis and the difference may be material.



14,662 7,686 10,251 25,985 58,584



679 149 164 693 1,685



– 220 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 94,743 2,055 - 96,798Bonds - 45,571 - 45,571 Foreign currency forward contracts - (384) - (384)Futures contracts 66 - - 66 Warrants - 8 - 8Total 94,809 47,250 - 142,059



Harbour Foreign Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 221 –


U.S.A. (25.1%) 21,514 Amerada Hess Corp. 1,844,829 1,365,899 35,000 Anadarko Petroleum Corp. 1,644,555 2,588,551 71,700 Baldor Electric Co. 1,884,882 2,723,135

USD 1,500,000 Baldor Electric Co., 8.625% 02/15/2017 1,512,840 1,610,831 15,000 Becton Dickinson & Co. 1,092,992 1,199,098

162,000 Cisco Systems Inc. 3,910,420 4,282,206 20,000 Covance Inc. 1,016,073 1,246,827

135,000 CVS Corp. 4,595,848 5,012,084 144,000 Discover Financial Services* 2,268,605 2,177,387 60,000 GameStop Holding Co.* 1,380,273 1,333,144

235,000 General Electric Co. 6,462,431 4,338,506 80,493 GeoGlobal Resources Inc. 589,428 128,332

160,000 Intel Corp.* 2,642,212 3,616,792 16,000 Mastercard Inc., Class A 3,128,174 4,125,678

140,000 Microsoft Corp. 3,275,789 4,159,880 104,200 Patterson-UTI Energy Inc. 2,688,491 1,477,174 85,000 Ultra Petroleum Corp. 4,863,017 4,021,518

44,800,859 45,407,042SWITZERLAND (9.1%)

90,900 Aryzta AG 3,887,528 3,990,397 45,337 Holcim Ltd. 3,855,025 3,430,486

110,000 Nestle SA, Registered Shares 4,437,780 5,716,639 8,000 Swatch Group AG 1,711,740 2,590,862

40,000 Xstrata PLC 650,073 769,788 14,542,146 16,498,172

U.K. (8.2%) 385,000 Diageo PLC 7,386,407 6,557,611 60,100 Rio Tinto PLC 3,802,434 3,617,580

194,000 Travis Perkins PLC 2,918,598 2,447,615 GBP 690,000 United Kingdom Gilt 4.75% 09/07/2015 1,568,669 1,165,358 GBP 650,000 United Kingdom, Treasury

Note 5% 03/07/2025 1,564,197 1,070,950 17,240,305 14,859,114

CANADA (7.8%) 20,000 Bank of Nova Scotia†† 925,052 1,015,800

225,000 Manulife Financial Corp. 4,353,450 4,493,250 50,000 Sun Life Financial Inc., 4.75% Preferred,

Series 1, Class A 967,500 950,000 50,000 Thomson Corp. 1,702,000 1,845,000 14,000 Toronto-Dominion Bank 890,366 1,059,380 65,000 Trican Well Service Ltd. 856,700 852,800

640,000 Yellow Pages Income Fund 5,280,572 3,936,000 14,975,640 14,152,230

AUSTRALIA (5.9%) AUD 8,400,000 Australia Government Bond

6.25% 04/15/2015 7,496,105 8,077,281 47,700 BHP Billiton Ltd. 976,480 1,937,478

150,000 Foster's Group Ltd. 768,330 736,603 9,240,915 10,751,362

FRANCE (4.4%) 36,000 Air Liquide* 4,068,117 4,386,474 30,000 Schneider Electric SA 3,200,872 3,573,496

7,268,989 7,959,970

TAIWAN (2.2%) 375,000 Taiwan Semiconductor Manufacturing Co.,

Ltd., ADR 3,681,549 3,990,901

JAPAN (2.2%) 95,000 Mitsubishi Corp. 1,730,620 2,527,119 4,000 Nintendo Co., Ltd.* 1,104,743 1,359,933

2,835,363 3,887,052GERMANY (1.9%)

EUR 70,000 Germany Government Bond 5% 07/04/2011 124,307 101,137 10,191 Puma AG 3,078,666 3,257,429

3,202,973 3,358,566NETHERLANDS (1.7%)

USD 2,750,000 Diageo Finance BV 5.5% 04/01/2013 3,215,765 3,045,515

IRELAND (1.7%) 180,000 Grafton Group PLC 719,490 783,017 250,000 Kingspan Group PLC 3,241,532 2,201,797

3,961,022 2,984,814SWEDEN (0.8%)

90,000 Atlas Copco AB, Series A 1,072,725 1,415,391

BRAZIL (0.6%) 25,000 Petroleo Brasileiro SA, ADR 1,013,312 1,129,485



Short Term Notes (19.4%) 35,064,707 35,075,946




Other Assets (net) (6.8%) 12,418,562

Net Assets (100.0%) 180,893,237

Principal amounts stated in:AUD Australian Dollar EUR Euro GBP British Pound USD U.S. Dollar





– 222 –




1 Bank of Nova Scotia†† A-1+ 28-May-10 0.93 (125,000) Australian $ 116,160 Canadian $ 459 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.95 (83,000) Australian $ 78,543 Canadian $ 1,456 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.93 (87,000) Australian $ 81,075 Canadian $ 547 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.73 (223,000) British Pound 384,872 Canadian $ 41,192 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.65 (766,000) British Pound 1,174,927 Canadian $ (5,215)1 Bank of Nova Scotia†† A-1+ 28-May-10 1.65 (517,000) British Pound 850,962 Canadian $ 54,305 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.63 (61,000) British Pound 99,313 Canadian $ 5,318 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.50 (87,000) Euro 130,276 Canadian $ 10,923 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 1.38 (3,259,000) Euro 4,498,088 Canadian $ 26,702 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.01 (17,921,000) Japanese Yen 204,931 Canadian $ 10,202 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.01 (23,105,000) Japanese Yen 275,638 Canadian $ 24,624 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.01 (83,460,000) Japanese Yen 929,743 Canadian $ 22,570 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.15 (107,000) Swedish Krona 15,534 Canadian $ 480 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 0.14 (1,183,000) Swedish Krona 168,181 Canadian $ 1,719 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 0.15 (5,382,000) Swedish Krona 786,111 Canadian $ 28,994 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.14 (598,000) Swedish Krona 85,669 Canadian $ 1,537 1 Bank of Nova Scotia†† A-1+ 30-Apr-10 1.02 (1,757,000) Swiss Franc 1,788,242 Canadian $ 95,315 1 Bank of Nova Scotia†† A-1+ 28-May-10 0.97 (821,000) Swiss Franc 799,172 Canadian $ 7,919 1 Bank of Nova Scotia†† A-1+ 28-May-10 1.05 (1,400,000) US $ 1,474,354 Canadian $ 52,641 1 Bank of Nova Scotia†† A-1+ 30-Jun-10 1.03 (7,118,000) US $ 7,331,896 Canadian $ 102,799 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.95 (126,000) Australian $ 119,076 Canadian $ 2,052 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.93 (130,000) Australian $ 120,905 Canadian $ 576 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.08 (121,000) Australian $ 111,535 Canadian $ (52)1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.93 (883,000) Australian $ 823,353 Canadian $ 6,039 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.72 (1,291,000) British Pound 2,225,619 Canadian $ 235,972 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.65 (555,000) British Pound 851,525 Canadian $ (3,538)1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.15 (260,089) Canadian $ 1,775,000 Swedish Krona (10,389)1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.50 (745,000) Euro 1,114,297 Canadian $ 92,251 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.38 (105,000) Euro 144,905 Canadian $ 844 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.42 (619,000) Euro 877,092 Canadian $ 27,892 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.01 (4,984,000) Japanese Yen 59,498 Canadian $ 5,351 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 0.15 (1,783,000) Swedish Krona 260,279 Canadian $ 9,454 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.14 (403,000) Swedish Krona 58,237 Canadian $ 1,539 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 0.97 (1,343,000) Swiss Franc 1,298,682 Canadian $ 3,859 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.02 (3,921,000) Swiss Franc 3,988,810 Canadian $ 210,798 1 Canadian Imperial Bank of Commerce A-1 28-May-10 0.97 (792,000) Swiss Franc 766,499 Canadian $ 3,198 1 Canadian Imperial Bank of Commerce A-1 30-Apr-10 1.05 (2,944,000) US $ 3,098,472 Canadian $ 108,893 1 Canadian Imperial Bank of Commerce A-1 30-Jun-10 1.03 (4,222,000) US $ 4,348,850 Canadian $ 60,954 1 Canadian Imperial Bank of Commerce A-1 28-May-10 1.05 (944,000) US $ 988,019 Canadian $ 29,383 1 Royal Bank of Canada A-1+ 30-Jun-10 1.08 (25,000) Australian $ 23,052 Canadian $ (3)1 Royal Bank of Canada A-1+ 28-May-10 0.93 (639,000) Australian $ 595,266 Canadian $ 3,801 1 Royal Bank of Canada A-1+ 30-Apr-10 1.72 (2,525,000) British Pound 4,346,630 Canadian $ 455,184 1 Royal Bank of Canada A-1+ 30-Jun-10 0.65 (55,000) British Pound 84,414 Canadian $ (322)1 Royal Bank of Canada A-1+ 30-Apr-10 1.48 (694,000) Euro 1,024,076 Canadian $ 72,001 1 Royal Bank of Canada A-1+ 28-May-10 1.41 (838,000) Euro 1,185,305 Canadian $ 35,663 1 Royal Bank of Canada A-1+ 28-May-10 1.42 (996,000) Euro 1,419,013 Canadian $ 52,604 1 Royal Bank of Canada A-1+ 30-Jun-10 1.38 (1,378,000) Euro 1,903,766 Canadian $ 13,132 1 Royal Bank of Canada A-1+ 30-Jun-10 0.01 (18,910,000) Japanese Yen 209,868 Canadian $ 4,326 1 Royal Bank of Canada A-1+ 28-May-10 0.01 (32,855,000) Japanese Yen 383,463 Canadian $ 26,457 1 Royal Bank of Canada A-1+ 30-Apr-10 0.01 (52,686,000) Japanese Yen 628,237 Canadian $ 55,854 1 Royal Bank of Canada A-1+ 30-Jun-10 0.01 (63,189,000) Japanese Yen 703,913 Canadian $ 17,077 1 Royal Bank of Canada A-1+ 30-Apr-10 0.15 (836,000) Swedish Krona 121,920 Canadian $ 4,315 1 Royal Bank of Canada A-1+ 30-Jun-10 0.14 (197,000) Swedish Krona 28,063 Canadian $ 343 1 Royal Bank of Canada A-1+ 28-May-10 0.15 (579,000) Swedish Krona 84,145 Canadian $ 2,685 1 Royal Bank of Canada A-1+ 30-Jun-10 0.97 (327,000) Swiss Franc 316,761 Canadian $ 1,491 1 Royal Bank of Canada A-1+ 28-May-10 0.97 (783,000) Swiss Franc 761,844 Canadian $ 7,214 1 Royal Bank of Canada A-1+ 28-May-10 1.05 (1,797,000) US $ 1,889,752 Canadian $ 64,884


– 223 –



Schedule A (cont’d)Foreign Currency Forward Contracts (2.2%)

Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty* Date Rate ($) Pay Receive Gain (Loss) ($)1 Royal Bank of Canada A-1+ 30-Jun-10 1.03 (2,555,000) US $ 2,631,280 Canadian $ 36,402

1 Royal Bank of Canada A-1+ 30-Apr-10 1.06 (3,747,000) US $ 3,986,283 Canadian $ 181,257 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.09 (119,000) Australian $ 109,540 Canadian $ (202)1 Toronto Dominion Bank A-1+ 30-Apr-10 0.95 (203,000) Australian $ 191,939 Canadian $ 3,399 1 Toronto Dominion Bank A-1+ 28-May-10 0.93 (86,000) Australian $ 80,148 Canadian $ 545 1 Toronto Dominion Bank A-1+ 28-May-10 1.62 (1,064,000) British Pound 1,727,005 Canadian $ 87,484 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.72 (1,667,000) British Pound 2,872,116 Canadian $ 302,990 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.55 (557,000) British Pound 862,013 Canadian $ 3,858 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.65 (97,000) British Pound 148,716 Canadian $ (728)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.01 (1,268,303) Canadian $ 1,256,000 Swiss Franc (58,109)1 Toronto Dominion Bank A-1+ 30-Apr-10 0.15 (654,402) Canadian $ 4,475,000 Swedish Krona (24,878)1 Toronto Dominion Bank A-1+ 28-May-10 1.42 (895,000) Euro 1,274,068 Canadian $ 46,222 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.50 (2,339,000) Euro 3,499,612 Canadian $ 290,801 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.38 (606,000) Euro 835,401 Canadian $ 3,964 1 Toronto Dominion Bank A-1+ 30-Jun-10 0.01 (14,788,000) Japanese Yen 164,585 Canadian $ 3,847 1 Toronto Dominion Bank A-1+ 28-May-10 0.01 (21,338,000) Japanese Yen 248,709 Canadian $ 16,848 1 Toronto Dominion Bank A-1+ 30-Apr-10 0.15 (4,475,000) Swedish Krona 653,285 Canadian $ 23,760 1 Toronto Dominion Bank A-1+ 30-Apr-10 1.02 (2,572,000) Swiss Franc 2,616,480 Canadian $ 138,274 1 Toronto Dominion Bank A-1+ 28-May-10 1.04 (778,000) Swiss Franc 748,401 Canadian $ (1,404)1 Toronto Dominion Bank A-1+ 30-Apr-10 1.07 (10,061,000) US $ 10,715,619 Canadian $ 498,808 1 Toronto Dominion Bank A-1+ 28-May-10 1.05 (5,675,000) US $ 5,967,972 Canadian $ 204,965 1 Toronto Dominion Bank A-1+ 30-Jun-10 1.03 (7,945,000) US $ 8,183,747 Canadian $ 114,743




Harbour Foreign Growth & Income Corporate ClassFinancial Statements

– 224 –






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





129,440 104,72811,871 21,23835,076 6,094

- -- -- -

4,064 151- -- -

347 210- -- -

580 728181,378 133,149

- -- -- -

105 2,168- -- -

221 229- -- -- -

159 66485 2,463

180,893 130,686

126,850 144,163- -

172,874 124,4632,554 2,3502,861 2,4321,162 714

86 651,356 598

- -- 64

12.04 8.7712.99 9.3610.34 7.357.91 6.038.67 6.457.20 5.65

- -- 5.78

14,356,648 14,198,043196,651 251,192276,606 330,710146,943 118,416

9,924 10,138188,214 105,832

- -- 11,012


2010 2009


2010 2009



– 225 –







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















2,027 3,1141,632 2,830

55 64- -- -- -

(355) (433)3,359 5,575

3,137 2,982348 332

- 193 49

174 1663,752 3,530(393) 2,045

- -(393) 2,045

1,565 (15,957)(245) 481(104) (214)

- -

47,916 (44,781)49,132 (60,471)48,739 (58,426)

46,395 (54,331)833 (1,162)925 (2,171)272 (412)27 (22)

261 (285)- (16)

26 (27)

3.27 (3.94)3.77 (4.00)3.12 (2.04)2.15 (3.17)2.60 (1.99)1.95 (2.76)

- (2.59)2.07 (2.44)

124,463 152,409

31,973 35,045- -

(26,911) (30,587)(3,046) 21,9272,016 26,385

- -- -- -- -

46,395 (54,331)172,874 124,463

2,350 4,372

247 610- -

(574) (1,509)(302) 39(629) (860)

- -- -- -- -

833 (1,162)2,554 2,350

2,432 21,825

132 10,858- -

(1,021) (1,661)393 (26,419)(496) (17,222)

- -- -- -- -

925 (2,171)2,861 2,432


2010 2009


2010 2009




– 226 –

























- 58

- -- -- (39)- -- (39)

- -- -- (3)- (3)- (16)- -

64 100

- 1- -

(2) (2)(82) -(84) (1)

- -- -

(6) (8)(6) (8)26 (27)

- 64

130,686 180,879

33,140 47,529- -

(28,770) (34,292)(2,779) (4,859)1,591 8,378

- -- -

(123) (145)(123) (145)

48,739 (58,426)180,893 130,686

714 1,012

345 531- -

(123) (334)(3) (25)

219 172

- -- -

(43) (58)(43) (58)272 (412)

1,162 714

65 263

- 100- -

(2) (2)- (269)

(2) (171)

- -- -

(4) (5)(4) (5)27 (22)86 65

598 840

443 384- -

(137) (158)261 (112)567 114

- -- -

(70) (71)(70) (71)261 (285)

1,356 598


2010 2009



2010 2009


Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules

– 227 –










2010 2009

14,198,043 12,118,2612,917,133 3,354,494

- -(2,469,018) (3,025,880)

(289,510) 1,751,16814,356,648 14,198,043

251,192 328,94721,852 53,234

- -(50,071) (138,284)(26,322) 7,295196,651 251,192

330,710 2,118,06914,476 1,035,068

- -(105,701) (171,052)

37,121 (2,651,375)276,606 330,710

118,416 110,19646,623 65,788

- -(17,190) (51,078)

(906) (6,490)146,943 118,416

10,138 27,428- 10,331- -

(214) (217)- (27,404)

9,924 10,138

105,832 94,14764,784 49,483

- -(20,187) (21,499)37,785 (16,299)

188,214 105,832

- 6,215- -- -- (6,215)- -- -



2010 2009

11,012 11,182- 76- -

(243) (246)(10,769) -

- 11,012


Harbour Foreign Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules

– 228 –



2010 2009


5,509 10,5595,620 11,253


2010 2009


96 2046 3

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

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

2.001.00




0.220.22

-0.22

-0.220.22

-


2010











2010 2009

12.04 8.7712.05 8.77

12.99 9.3613.00 9.36

10.34 7.3510.35 7.36

7.91 6.037.91 6.03

8.67 6.458.67 6.45

7.20 5.657.21 5.65

- -- -

- 5.78- 5.79

Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 229 –




U.S.A. ....................................................................................................................................... 26.9Other Assets ............................................................................................................................ 16.6U.K............................................................................................................................................ 10.4Switzerland .............................................................................................................................. 10.0Australia................................................................................................................................... 7.3France....................................................................................................................................... 6.9Short Term Investments........................................................................................................... 4.7Japan ....................................................................................................................................... 3.2Canada ..................................................................................................................................... 2.9Brazil ........................................................................................................................................ 2.9Netherlands ............................................................................................................................. 2.7Germany ................................................................................................................................... 2.1Ireland ...................................................................................................................................... 1.8Sweden .................................................................................................................................... 1.6Taiwan...................................................................................................................................... 1.5Foreign Currency Forward Contracts ....................................................................................... -1.5

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in foreign equities and therefore wassensitive 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.




Credit Rating^ (%)AAA/Aaa/A++ 27.0AA/Aa/A+ 0.4A 2.2B 0.9Total 30.5



Credit Rating^ (%)AAA/Aaa/A++ 13.1 AA/Aa/A+ 0.1 A 2.7Total 15.9





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Australian Dollar 10,975 (2,448) 8,527 4.7 US Dollar 54,256 (49,158) 5,098 2.8 British Pound 15,749 (14,456) 1,293 0.7 Euro 18,297 (17,232) 1,065 0.6 Swiss Franc 11,738 (11,403) 335 0.2 Japanese Yen 3,931 (3,620) 311 0.2 Swedish Krona 1,415 (1,307) 108 0.1Total 116,361 (99,624) 16,737 9.3


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Australian Dollar 9,752 (1,343) 8,409 6.4 British Pound 13,731 (12,631) 1,100 0.8 Euro 16,725 (15,784) 941 0.7 Swiss Franc 9,210 (8,869) 341 0.3 Swedish Krona 2,032 (1,951) 81 0.1 Japanese Yen 4,159 (4,201) (42) (0.1)US Dollar 46,131 (46,265) (134) (0.1) Total 101,740 (91,044) 10,696 8.1




Harbour Foreign Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 230 –






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $87,000 (March 31, 2009 - $61,000). In practice, actualresults may differ from this analysis and the difference may be material.




(in $000's) (in $000's) (in $000's) (in $000's)





46,947 101 3,046 11,924 62,018



27,332 127 3,583 10,939 41,981

Harbour Growth & Income Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 231 –


FUND (99.8%)* 34,886,403 Harbour Growth & Income Fund (Class I) 557,334,230 560,624,501



Net Assets (100.0%) 561,781,046

*The Fund invests in another CI mutual 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.


Harbour Growth & Income Corporate ClassFinancial Statements

– 232 –











560,625 361,3441,012 666

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

2,068 1,0509 -- -- -

563,714 363,060

- -- -- -- -- -

1,198 859735 672

- -- -- -- -

1,933 1,531561,781 361,529

557,334 449,587- -

431,291 283,41216,320 9,88532,765 21,08231,246 17,8761,373 9062,059 1,174

44,536 26,834705 352

1,486 8

10.70 8.7610.99 8.9110.83 8.678.46 7.259.01 7.649.23 7.737.77 6.868.27 7.228.38 7.22

40,301,549 32,348,5221,484,529 1,109,9573,024,607 2,432,4333,695,527 2,464,879

152,415 118,463223,109 151,890

5,734,460 3,913,27185,180 48,718

177,340 1,129


2010 2009


2010 2009



– 233 –





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

Capital gain distribution from investmentsChange in unrealized appreciation (depreciation)

















- -- 47- -- -

9,763 8,404- -- -

9,763 8,451

8,757 6,260890 637

- 1- -

482 34510,129 7,243

(366) 1,208- -

(366) 1,208

(1,707) (8,135)(27) 14

- -- 7,431

91,533 (83,632)89,799 (84,322)89,433 (83,114)

68,802 (64,037)2,557 (2,274)5,977 (3,371)4,696 (5,567)

243 (160)310 (299)

6,752 (7,211)95 (150)1 (45)

1.91 (2.36)2.08 (2.30)2.10 (1.96)1.50 (2.39)1.66 (2.32)2.21 (2.11)1.40 (2.14)1.55 (3.09)0.02 (8.57)

283,412 191,554

137,153 203,0802,343 -

(66,449) (68,860)8,402 21,675

81,449 155,895

- -(2,372) -

- -(2,372) -68,802 (64,037)

431,291 283,412

9,885 6,817

5,559 7,42883 -

(2,848) (4,250)1,167 2,1643,961 5,342

- -(83) -

- -(83) -

2,557 (2,274)16,320 9,885

21,082 9,283

9,582 15,521194 -

(2,190) (4,921)(1,686) 4,5705,900 15,170

- -(194) -

- -(194) -

5,977 (3,371)32,765 21,082


2010 2009


2010 2009

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



– 234 –

























26,834 17,261

16,429 23,991105 -

(4,471) (5,159)1,964 390

14,027 19,222

- -(237) -

(2,840) (2,438)(3,077) (2,438)6,752 (7,211)

44,536 26,834

352 154

198 7051 -

(130) (396)230 74299 383

- -(3) -

(38) (35)(41) (35)95 (150)

705 352

8 11

- 123- -

(3) (187)1,510 1111,507 47

- -- -

(30) (5)(30) (5)

1 (45)1,486 8

17,876 12,250

14,840 20,72993 -

(5,130) (5,746)269 (2,717)

10,072 12,266

- -(172) -

(1,226) (1,073)(1,398) (1,073)4,696 (5,567)

31,246 17,876

906 43

499 9352 -

(74) (111)(135) 232292 1,056

- -(8) -

(60) (33)(68) (33)243 (160)

1,373 906

1,174 892

600 1,0582 -

(20) (205)58 (203)

640 650

- -(6) -

(59) (69)(65) (69)310 (299)

2,059 1,174


2010 2009



2010 2009


– 235 –






361,529 238,265

184,860 273,5702,823 -

(81,315) (89,835)11,779 26,296

118,147 210,031

- -(3,075) -(4,253) (3,653)(7,328) (3,653)89,433 (83,114)

561,781 361,529


2010 2009



Harbour Growth & Income Corporate ClassFinancial Statements – Supplementary Schedules

– 236 –










2010 2009

32,348,522 17,590,84713,494,936 20,305,732

225,486 -(6,567,756) (7,590,152)

800,361 2,042,09540,301,549 32,348,522

1,109,957 622,453531,318 726,203

7,773 -(277,613) (453,401)113,094 214,702

1,484,529 1,109,957

2,432,433 881,767936,798 1,650,01618,526 -

(213,206) (556,858)(149,944) 457,508

3,024,607 2,432,433

2,464,879 1,287,3351,809,238 2,314,439

11,167 -(621,500) (746,159)

31,743 (390,736)3,695,527 2,464,879

118,463 4,32856,237 103,067

190 -(8,477) (13,867)

(13,998) 24,935152,415 118,463

151,890 89,99266,423 106,275

274 -(2,305) (25,786)6,827 (18,591)

223,109 151,890

3,913,271 1,852,9362,138,498 2,772,242

13,541 -(585,087) (694,011)254,237 (17,896)

5,734,460 3,913,271




2010 2009

48,718 15,91924,786 76,411

79 -(16,212) (50,642)27,809 7,03085,180 48,718

1,129 1,140- 12,743- -

(382) (24,845)176,593 12,091177,340 1,129




2.001.00




0.200.20

-0.200.20

-0.200.20

-


as at March 31 (%)

2010

Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 237 –

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



Financials ................................................................................................................................ 42.2 Industrials ............................................................................................................................... 15.3 Telecommunication Services .................................................................................................. 9.6 Energy ..................................................................................................................................... 6.3 Consumer Discretionary .......................................................................................................... 4.9 Materials ................................................................................................................................. 5.2 Health Care ............................................................................................................................. 3.6 Utilities .................................................................................................................................... 3.4 Information Technology .......................................................................................................... 2.1 Consumer Staples ................................................................................................................... 1.3 Funds ....................................................................................................................................... 1.1 Private Placements ................................................................................................................. 1.8 Foreign Currency Forward Contracts ...................................................................................... 2.2 Other Assets (net) ................................................................................................................... 1.0



Energy ...................................................................................................................................... 17.8Other Assets ............................................................................................................................ 17.0Materials.................................................................................................................................. 14.1Financials ................................................................................................................................. 13.0Information Technology ........................................................................................................... 8.9Consumer Discretionary........................................................................................................... 8.8Industrials ................................................................................................................................ 7.1Government Bonds................................................................................................................... 5.7Short Term Investments........................................................................................................... 5.1Consumer Staples.................................................................................................................... 3.1Foreign Currency Forward Contracts ....................................................................................... -0.6

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2010 and2009, the Underlying Fund was invested in Canadian equities and therefore was sensitive tochanges in general economic conditions in Canada, however some of the Underlying Fund’s assetswere invested in fixed income securities and their market risk exposure is described below.


Credit RiskAs at March 31, 2010 and 2009, the Fund had no significant direct credit risk exposure. As at March 31,2010 and 2009, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:


Credit Rating^ (%)AAA/Aaa/A++ 20.4AA/Aa/A+ 0.2Not Rated 4.0Total 24.6





Currency RiskAs at March 31, 2010 and 2009, the Fund had no significant direct currency risk exposure. As at March31, 2010 and 2009, the Fund indirectly bears the currency risk exposure of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 1,305,436 (1,100,935) 204,501 2.3 British Pound 302,716 (273,497) 29,219 0.3 Australian Dollar 284,326 (261,250) 23,076 0.3 Swiss Franc 77,954 (74,057) 3,897 0.1 Taiwan Dollar - (132,526) (132,526) (1.5) Total 1,970,432 (1,842,265) 128,167 1.5



– 238 –

Harbour Growth & Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)




Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 1,258,414 (1,156,320) 102,094 1.5 British Pound 231,310 (208,667) 22,643 0.3 Swiss Franc 63,932 (59,188) 4,744 0.1 Australian Dollar 195,757 (196,983) (1,226) (0.1)Taiwan Dollar - (99,760) (99,760) (1.5) Total 1,749,413 (1,720,918) 28,495 0.3

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $841,000 (March 31, 2009 - $36,000). In practice, actual results may differ from thisanalysis and the difference may be material.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund had no significant direct interest rate risk exposure. As at March31, 2010 and 2009, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.





As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $326,000 (March 31, 2009 - $156,000). 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)

Underlying Fund 560,625 - - 560,625 Total 560,625 - - 560,625



1,534,084 181,594 - 112,242 1,827,920




2,018,417 231,238 72,850 182,865 2,505,370

Signature Global Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 239 –


FUND (99.9%)* 3,630,350 Signature Global Income & Growth Fund

(Class I) 26,650,165 26,719,377



Net Assets (100.0%) 26,759,341

*The Fund invests in another CI mutual fund. The Fund and the underlying fund are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.


Signature Global Income & Growth Corporate ClassFinancial Statements

– 240 –






Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares



26,719 19,725124 67

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

21 1153 -

- -- -

26,917 19,803

- -1 331 4- -- -7 -

83 43- -- -- -

66 28158 108

26,759 19,695

26,650 26,595- -

22,080 16,6351,354 1,3381,784 705

408 233- 22

243 73890 689

9.06 6.839.47 7.069.89 7.289.01 7.11

- 7.069.59 7.408.09 6.59

2,437,802 2,435,835143,097 189,473180,447 96,71745,349 32,793

- 3,13125,348 9,814

109,960 104,615


2010 2009


2010 2009



– 241 –








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















- -- 5- -- -

530 882- -- -

530 887

432 43949 501 -

38 2224 24

544 535(14) 352

- -(14) 352

(510) (1,738)(16) 5

- -166 (352)

6,940 (4,544)6,580 (6,629)6,566 (6,277)

5,328 (5,164)381 (400)512 (302)92 (90)7 (9)

32 (20)214 (292)

2.22 (2.04)2.53 (2.04)2.51 (2.10)2.17 (2.63)1.95 (2.14)1.99 (2.13)2.08 (2.49)

16,635 22,510

4,162 4,336- -

(3,726) (4,575)(319) (472)117 (711)

- -- -- -- -

5,328 (5,164)22,080 16,635

1,338 1,724

109 565- -

(306) (603)(168) 52(365) 14

- -- -- -- -

381 (400)1,354 1,338

705 1,133

2,058 870- -

(1,720) (673)229 (323)567 (126)

- -- -- -- -

512 (302)1,784 705


2010 2009


2010 2009




– 242 –





















689 606

46 782- -

(45) (315)46 (4)47 463

- -- -

(60) (88)(60) (88)214 (292)890 689

19,695 26,262

6,711 6,871- -

(5,887) (6,356)(241) (694)583 (179)

- -- -

(85) (111)(85) (111)

6,566 (6,277)26,759 19,695

233 250

186 218- -

(57) (182)(29) 53100 89

- -- -

(17) (16)(17) (16)92 (90)

408 233

22 39

- -- -

(28) (6)- -

(28) (6)

- -- -

(1) (2)(1) (2)7 (9)- 22

73 -

150 100- -

(5) (2)- -

145 98

- -- -

(7) (5)(7) (5)32 (20)

243 73


2010 2009



2010 2009


Signature Global Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules

– 243 –









2010 2009

2,435,835 2,547,646495,720 557,859

- -(448,220) (605,176)(45,533) (64,494)

2,437,802 2,435,835

189,473 190,66613,086 66,659

- -(38,971) (74,051)(20,491) 6,199143,097 189,473

96,717 123,118227,410 102,833

- -(180,769) (92,798)

37,089 (36,436)180,447 96,717

32,793 25,69923,050 25,353

- -(7,192) (24,456)(3,302) 6,19745,349 32,793

3,131 4,064- -- -

(3,131) (933)- -- 3,131

9,814 -16,112 10,000

- -(578) (186)

- -25,348 9,814

104,615 64,7965,799 87,552

- -(6,238) (46,108)5,784 (1,625)

109,960 104,615



Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesIT5 SharesAT8 Shares

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

2.001.00



0.220.22

-0.220.22

-0.22


as at March 31 (%)

2010

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 244 –


as at March 31, 2010Percentage of

Categories Net Assets (%)

U.S.A. ...................................................................................................................................... 49.9Cash & Equivalents ................................................................................................................. 9.1U.K. .......................................................................................................................................... 8.0Japan ...................................................................................................................................... 4.8Switzerland ............................................................................................................................. 4.6Canada .................................................................................................................................... 4.0Australia .................................................................................................................................. 2.2France ...................................................................................................................................... 2.1Germany .................................................................................................................................. 1.9Singapore ................................................................................................................................ 1.8Spain ....................................................................................................................................... 1.7Brazil ....................................................................................................................................... 1.6Bermuda .................................................................................................................................. 1.3Netherlands ............................................................................................................................ 1.1Ireland ..................................................................................................................................... 0.8Hong Kong ............................................................................................................................... 0.7China ....................................................................................................................................... 0.5Belgium ................................................................................................................................... 0.5Mexico .................................................................................................................................... 0.3Portugal ................................................................................................................................... 0.3Taiwan ..................................................................................................................................... 0.2Philippines ............................................................................................................................... 0.2Marshall Islands ..................................................................................................................... 0.1Cayman Islands ....................................................................................................................... 0.1Other Assets ........................................................................................................................... 2.2

as at March 31, 2009Percentage of

Categories Net Assets (%)

U.S.A. ....................................................................................................................................... 47.6Short Term Investments........................................................................................................... 16.1Canada ..................................................................................................................................... 8.7U.K............................................................................................................................................ 5.0Other Assets ............................................................................................................................ 4.5Japan ....................................................................................................................................... 4.3Switzerland .............................................................................................................................. 2.7Germany ................................................................................................................................... 2.7Australia................................................................................................................................... 2.4France....................................................................................................................................... 1.6Mexico ..................................................................................................................................... 1.0China ........................................................................................................................................ 0.8Italy .......................................................................................................................................... 0.7Singapore ................................................................................................................................. 0.5Bermuda ................................................................................................................................... 0.5Netherlands ............................................................................................................................. 0.5Finland...................................................................................................................................... 0.3Brazil ........................................................................................................................................ 0.3Hong Kong................................................................................................................................ 0.1Foreign Currency Forward Contracts ....................................................................................... -0.3

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2010 and2009, the Underlying Fund was invested in global equities and therefore was sensitive to changesin general economic conditions across the world, however some of the Underlying Fund's assetswere invested in fixed income securities and their market risk exposure is described below.


Credit RiskAs at March 31, 2010 and 2009, the Fund had no significant direct credit risk exposure. As at March 31,2010 and 2009, the Fund indirectly bears the credit risk exposure of the Underlying Fund.



Credit Rating^ (%)AAA/Aaa/A++ 7.7AA/Aa/A+ 2.1A 2.1BBB/Baa/B++ 3.1BB/Ba/B+ 5.9B 6.9CCC/Caa/C++ 4.0CC/Ca/C+ 0.1Not Rated 2.7Total 34.6


Credit Rating^ (%)AAA/Aaa/A++ 11.4AA/Aa/A+ 9.2A 4.4BBB/Baa/B++ 3.5BB/Ba/B+ 7.4B 8.7CCC/Caa/C++ 1.7Not Rated 2.6Total 48.9





– 245 –

Signature Global Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11)

Currency RiskAs at March 31, 2010 and 2009, the Fund had no significant direct currency risk exposure. As atMarch 31, 2010 and 2009, Fund indirectly bears the currency risk exposure of the Underlying Fund.

The tables below summarize the Underlying Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 58,730 (36,182) 22,548 22.0 British Pound 8,355 (3,396) 4,959 4.8 Swiss Franc 3,989 (809) 3,180 3.1 Euro 8,238 (5,249) 2,989 2.9 Singapore Dollar 1,906 - 1,906 1.9 Japanese Yen 5,198 (3,358) 1,840 1.8 Australian Dollar 2,693 (1,223) 1,470 1.4 Hong Kong Dollar 1,375 - 1,375 1.3 Brazilian Real 1,261 - 1,261 1.2 Taiwan Dollar 405 - 405 0.4 Philippine Peso 247 - 247 0.2 Mexican Peso 198 - 198 0.2 Total 92,595 (50,217) 42,378 41.2


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 38,227 (26,831) 11,396 16.7 Japanese Yen 2,980 - 2,980 4.4 British Pound 3,060 (1,821) 1,239 1.8 Euro 3,726 (2,666) 1,060 1.5 Hong Kong Dollar 671 - 671 1.0 Australian Dollar 1,407 (926) 481 0.7 Taiwan Dollar 452 - 452 0.7 Swiss Franc 933 (771) 162 0.2 Mexican Peso 82 - 82 0.1 Brazilian Real 10 - 10 0.1 Total 51,548 (33,015) 18,533 27.2

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,101,000 (March 31, 2009 - $537,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund had no significant direct interest rate risk exposure. As at March31, 2010 and 2009, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $69,000 (March 31, 2009 - $52,000). In practice,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)




6,473 3,781 6,795 15,837 32,886



13,723 3,734 5,868 11,410 34,735



Signature Income & Growth Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 246 –


FINANCIALS (24.5%) 475,100 Aberdeen Asset Management PLC 1,157,103 952,031

USD 471,000 Ace Cash Express Inc., 10.25% 10/01/2014 424,610 396,988 57,279 Allied Properties REIT 997,876 1,162,764 40,900 Altus Group Income Fund 671,632 574,645

167,000 American Express Canada 4.7% 05/20/2011 164,924 172,185 17,267 Artis REIT 223,447 200,297

190,400 Banco Santander Brasil SA 2,579,956 2,373,598 87,900 Banco Santander Central Hispano SA 1,418,113 1,185,827

335,700 Bank of America Corp. 5,246,647 6,071,468 330,700 Bank of America Corp., Warrants (16Jan19) 2,845,691 3,186,976

USD 560,000 Bank of Ireland 2.75% 03/02/2012 590,239 568,430 204,000 Bank of Ireland 3.8% 09/22/2015 199,760 153,375 268,000 Bank of Montreal 5.18% 06/10/2015 267,172 290,162 245,000 Bank of Montreal Capital Trust II, Callable,

10.221% 12/31/2107 245,000 329,806 22,800 Bank of Nova Scotia†† 1,006,602 1,158,012

350,000 Bank of Nova Scotia 3.43% 07/16/2014†† 353,115 351,568 145,000 Bank of Nova Scotia 5.04% 04/08/2013†† 143,055 154,076 141,000 Bank of Nova Scotia 6% 10/03/2018†† 140,958 153,810

GBP 450,000 Barclays Bank PLC 14% 06/15/2019 849,910 900,971 245,000 Barclays PLC 1,332,902 1,360,482 250,000 Bear Stearns Co., Inc., 4.3% 01/12/2011 253,762 255,549

4,205 Boardwalk REIT 143,291 169,041 272,000 Boardwalk REIT, Callable, 5.61% 01/23/2012 271,823 281,005 225,000 Brookfield Asset Management Inc.,

8.95% 06/02/2014 224,554 259,614 69,810 Brookfield Asset Management Inc., Class A 1,462,755 1,801,796 22,120 Brookfield Properties Corp. (USD) 237,534 345,028

110,000 Calloway REIT 10.25% 04/14/2014 110,000 127,532 260,000 Canada Housing Trust No.1 4% 06/15/2012 276,502 270,852 355,000 Canada Housing Trust No.1 4.1% 12/15/2018 366,349 363,371 190,000 Canada Housing Trust No.1 4.55% 12/15/2012 204,064 200,949 35,200 Canadian Imperial Bank of Commerce 2,170,794 2,609,728 55,420 Canadian REIT 1,212,404 1,532,363

175,000 Canadian Western Bank 6.199% 12/31/2056 167,956 160,227 475,000 Canadian Western Bank 5.07% 03/22/2017 465,372 482,842 300,000 Canadian Western Bank 5.95% 06/27/2018 299,106 307,291

USD 561,000 CB Richard Ellis Service 11.625% 06/15/2017 636,902 638,057 74,430 Chartwell Seniors Housing REIT 462,289 539,618

1,037,800 China Construction Bank Corp., Class H 848,052 860,561 2,333 CIT Group Inc. 77,874 92,207

USD 27,106 CIT Group Inc., 7% 05/01/2013 31,497 26,769 USD 40,660 CIT Group Inc., 7% 05/01/2014 46,994 39,019 USD 40,660 CIT Group Inc., 7% 05/01/2015 45,360 38,503 USD 67,767 CIT Group Inc., 7% 05/01/2016 72,669 63,484 USD 94,874 CIT Group Inc., 7% 05/01/2017 100,856 88,878

460,000 Citigroup Financial Canada Inc., 4.9% 11/13/2012 459,466 469,735

66,739 Cominar REIT 1,120,418 1,281,389 158,000 Commerzbank AG, FRN 4.5% 12/15/2016 153,552 141,733 142,000 Co-operators Financial Services Ltd.,

5.07% 07/20/2012 140,964 146,388 USD 317,000 Couche-Tard Finance Corp.,

Callable, 7.5% 12/15/2013 336,716 326,741 26,700 Credit Suisse Group 1,252,929 1,396,586

FINANCIALS (24.5%) (cont’d)18,200 Davis & Henderson Income Fund 339,598 322,322 7,720 Digital Realty Trust Inc. 401,451 424,830

USD 367,000 DuPont Fabros Technology LP 8.5% 12/15/2017 393,586 383,868 250,000 ERAC Canada Finance Ltd., 5.38% 02/26/2016 245,543 251,390 400,000 European Investment Bank 4.6% 01/30/2037 370,148 365,444

2,700 Fairfax Financial Holdings Ltd., Sub-Voting Shares 998,897 1,025,946

7,400 FBR Capital Markets Corp. 46,718 34,192 24,589 First Capital Realty Inc. 450,045 542,433

299,000 First Capital Realty Inc., 144A, 5.5% 09/30/2017 282,168 298,252 126,000 First Capital Realty Inc., 5.34% 04/01/2013 125,269 129,865 175,000 First Capital Realty Inc., 5.95% 06/01/2015 183,512 181,600 142,000 First Captial Realty Inc., 5.49% 12/01/2011 142,917 146,895 145,000 First Captial Realty Inc., 5.85% 01/31/2017 145,336 147,529 60,288 Genworth MI Canada Inc. 1,184,566 1,650,685 32,600 Gluskin Sheff & Associates Inc. 666,344 720,786

335,000 Great-West Life Capital Trust5.995% 12/31/2052 356,964 358,871

45,410 H&R REIT 798,892 754,714 29,400 Hosted Data Transaction Solutions Inc. 23,091 14,700 75,000 HSBC Bank Canada 4.94% 03/16/2021 72,247 77,210 74,000 HSBC Holdings PLC 783,171 761,958

250,000 Inter-American Development Bank 4.4% 01/26/2026 238,735 236,924

USD 705,000 International Lease Finance Corp., 8.625% 09/15/2015 701,068 731,862

USD 2,120,000 International Lease Finance Corp., 8.75% 03/15/2017 2,088,145 2,202,433

7,330 Invesco Mortgage Capital Inc. 166,267 171,128 146,510 JPMorgan Chase & Co 1,920,951 2,286,755

USD 3,155,000 JPMorgan Chase & Co., FRN, Callable, 7.9% 04/30/2049 2,935,050 3,415,669

117,000 Kimco North Trust III 5.18% 08/16/2013 113,334 117,987 41,980 Kimco Realty Corp. 583,561 666,742 27,600 Lazard Ltd. 1,028,519 1,000,309

USD 294,000 Lender Processing Services Inc., 8.125% 07/01/2016 317,974 320,201

USD 690,000 Lincoln National Corp., Callable, 7% 05/17/2066 427,061 637,630 USD 535,000 Lincoln National Corp., 6.05% 04/20/2067 190,769 452,289

21,750 Macquarie Group Ltd. 963,094 956,605 209,000 Manulife Financial Capital Trust

6.7% 06/30/2012 224,608 225,967 163,000 Manulife Financial Corp. 3,220,773 3,255,110 410,000 Merrill Lynch & Co., Inc., 4.5% 01/30/2012 391,260 419,182 202,000 Merrill Lynch Canada Finance Co.,

5.8% 05/05/2011 201,972 208,772 23,900 MetLife Inc. 1,045,702 1,051,392 48,800 Moody's Corp. 1,421,795 1,474,298

180,000 Morgan Stanley, FRN, Floating Rate, 02/23/2012 179,681 176,465

USD 263,000 MU Finance PLC 8.375% 02/01/2017 272,724 263,403 11,100 National Bank of Canada 656,577 686,313 79,000 National Bank of Canada 4.456% 11/02/2016 78,226 81,784

USD 1,505,000 National Money Mart Co., 10.375% 12/15/2016 1,581,177 1,621,932




– 247 –



FINANCIALS (24.5%) (cont’d)USD 675,000 NII Capital Corp., 10% 08/15/2016 738,611 750,579

267,000 Nordea Bank AB 3.95% 08/05/2015 260,663 268,989 12,700 Primaris Retail REIT 184,559 213,360

111,400 Prudential PLC 792,125 937,563 209,000 RBC Capital Trust, Callable, 5.812% 12/29/2049 213,394 224,859 343,000 RioCan REIT 4.7% 06/15/2012 334,223 352,670 31,820 RioCan REIT* 543,101 588,034

142,900 Royal Bank of Canada 7,901,292 8,469,683 320,000 Royal Bank of Canada 3.27% 11/10/2014 319,955 320,095 455,000 Royal Bank of Canada 3.66% 01/25/2017 454,832 449,686 265,000 Royal Bank of Canada 5.06% 07/17/2013 265,149 283,374 289,000 Royal Bank of Scotland 1.23429% 03/30/2015 284,346 248,540 596,000 Royal Bank of Scotland, Callable,

5.37% 05/12/2049 538,618 429,120 149,205 Royal Office Finance LP 5.209% 11/12/2032 149,204 150,402 212,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 221,056 230,616 275,000 Scotiabank Capital Trust, Series 2002-1,

Callable, 6.626% 06/30/2052†† 281,123 297,316 320,000 SLM Corp., 4.625% 06/15/2011 275,000 312,965

USD 1,695,000 SLM Corp., 8% 03/25/2020 1,680,991 1,676,100 USD 1,373,000 SLM Corp., 8.45% 06/15/2018 1,421,631 1,410,116

579 Soverign REIT 722,826 670,289 11,300 Sun Life Financial Inc. 328,952 368,493

115,000 Sun Life Financial Inc., 7.9% 03/31/2019 114,846 131,201 370,000 TD Capital Trust 6.792% 12/31/2049 375,085 405,854 250,000 TD Capital Trust 7.243% 12/31/2018 253,979 286,765 17,000 TMX Group Inc. 502,071 506,770

169,800 Toronto-Dominion Bank 10,472,265 12,848,766 162,000 Toronto-Dominion Bank 4.854% 02/13/2013 161,852 171,714 270,000 Toronto-Dominion Bank 4.97% 10/30/2104 260,747 278,763

4,278 Unibail* 810,808 879,720 USD 322,000 Virgin Media Finance PLC 9.5% 08/15/2016 346,323 357,236

46,200 Wells Fargo & Co. 1,233,759 1,458,147 USD 2,365,000 Wells Fargo & Co., 7.98% 02/28/2049 1,563,776 2,509,723 USD 3,230,000 Wells Fargo Capital 7.7% 12/29/2049 2,812,948 3,386,655

175,000 Wells Fargo Financial Canada 3.97% 11/03/2014 174,993 177,683 49,100 Western Union Co. 859,494 845,640

148,100 Westfield Group 1,666,925 1,664,309 163,000 YPG Holdings Inc., 5.25% 02/15/2016 155,065 156,337

103,147,589 112,987,101 ENERGY (14.7%)

114,127 Alliance Pipeline LP 7.181% 06/30/2023 136,316 129,447 56,812 Alliance Pipeline LP 7.217% 12/31/2025 65,010 64,646 9,400 AltaGas Income Trust 230,117 172,960

205,000 AltaGas Income Trust 5.07% 01/19/2012 204,123 211,772 19,200 Apache Corp. 2,013,645 1,978,805 55,100 ARC Energy Trust 1,248,856 1,128,448

150,000 Baytex Energy Trust 9.15% 08/26/2016 150,000 163,512 32,800 Bonavista Energy Trust 976,697 765,880

USD 580,000 Calfrac Holdings LP 7.75% 02/15/2015 593,820 585,307 109,500 Canadian Natural Resources Ltd. 7,062,396 8,231,115 184,000 Canadian Natural Resources Ltd.,

4.5% 01/23/2013 182,268 192,767 53,800 Canadian Oil Sands Trust 1,659,284 1,637,672 58,200 Cenovus Energy Inc. 1,711,102 1,542,882

USD 895,000 Chesapeake Energy Corp., 9.5% 02/15/2015 1,062,695 988,395

ENERGY (14.7%) (cont’d)USD 136,000 Comstock Resources Inc., 8.375% 10/15/2017 142,053 141,905 USD 987,000 Connacher Oil and Gas Ltd., 10.25% 12/15/2015 987,709 1,019,835 USD 565,000 Consol Energy Inc., 8% 04/14/2017 578,982 589,534 USD 30,000 Continental Resources Inc., 7.375%10/01/2020 30,317 30,192 USD 203,000 Continental Resources Inc., 8.25% 10/01/2019 219,834 218,515 USD 477,485 Corral Finans AB, FRN, 144A,

1.75125% 04/15/2010 485,945 392,756 16,000 Crescent Point Energy Corp.* 382,938 623,520

USD 638,000 Denbury Resources Inc., Callable, 8.25% 02/15/2020 693,881 686,760

106,400 EnCana Corp. 3,525,183 3,351,600 18,300 Enerplus Resources Fund 784,739 439,566

USD 149,000 Gibson Energy Ltd., 10% 01/15/2018 150,487 148,661 USD 1,100,000 Gibson Energy ULC 11.75% 05/27/2014 1,217,903 1,225,958

73,200 Halliburton Co 2,337,682 2,237,464 59,100 Imperial Oil Ltd. 2,453,091 2,318,493

171,750 Inter Pipeline Fund LP 1,635,348 2,033,520 78,090 Nexen Inc. 1,999,890 1,960,059

525,000 North American Energy Partners Inc., 9.125% 04/07/2017 525,000 527,806

208,000 NOVA Gas Transmission Ltd., 8.9% 05/27/2025 275,952 271,804 43,400 Occidental Petroleum Corp. 3,409,363 3,725,893

USD 300,000 OPTI Canada Inc 9% 12/15/2012 304,661 313,788 USD 1,287,000 OPTI Canada Inc., Callable (USD),

8.25% 12/15/2014 1,336,454 1,228,527 USD 650,000 Pacific Rubiales Energy Corp., 8.75% 11/10/2016 686,497 716,179 USD 450,000 Pacific Rubiales Energy Corp., 8.75% 11/10/2016 483,894 495,816

48,000 Pembina Pipeline Income Fund 750,344 835,680 USD 183,000 PetroQuest Energy Inc., 10.375% 05/15/2012 201,113 187,694

13,187 Progress Energy Resources Corp. 215,859 154,552 USD 1,642,000 Sabine Pass LNG LP 7.5% 11/30/2016 1,556,787 1,471,520

18,500 Schlumberger Ltd. 1,201,275 1,192,203 33,900 Spectra Energy Corp. 763,499 775,603

279,672 Suncor Energy Inc. 9,231,946 9,226,379 135,000 Suncor Energy Inc. 5.8% 05/22/2018 116,215 144,952 387,000 Talisman Energy Inc. 6,714,690 6,710,580

USD 450,000 Teekay Corp., 8.5% 01/15/2020 467,820 477,537 175,000 Terasen Gas Vancouver Island Inc.,

6.05% 02/15/2038 174,879 186,261 52,600 TransCanada Corp.* 1,647,848 1,957,772

USD 231,576 Transmeridian Exploration Inc., Callable, 12% 12/15/2010 223,381 -

6,200 Transocean Ltd. 431,167 543,792 38,053 Vermilion Energy Trust* 1,285,898 1,343,271

66,926,853 67,699,555 INDUSTRIALS (8.2%)

86,685 Abertis Infraestructuras SA 1,907,944 1,694,576 212,000 Aeroports De Montreal 5.67% 10/16/2037 210,962 214,003 291,000 AltaLink Investments LP 5.249% 09/22/2036 284,313 285,047 164,000 AltaLink Investments LP 5.019% 11/21/2012 165,925 169,703 180,000 AltaLink Investments LP 5.207% 12/16/2016 180,000 181,087 49,900 Atlantia SpA 1,248,961 1,177,420 20,400 BE Aerospace Inc. 521,224 629,977

292,800 Bombardier Inc., Class B, Sub-Voting Shares 1,194,797 1,809,504 37,870 BR Malls Participacoes SA 483,507 453,719




– 248 –



INDUSTRIALS (8.2%) (cont’d)39,700 Canadian National Railway Co. 2,139,706 2,440,359 60,000 Ferrovial SA 739,266 591,810 77,900 Finning International Inc. 1,584,999 1,431,802

304,000 Finning International Inc., 5.16% 09/03/2013 311,652 320,119 130,000 FortisAlberta Inc., 5.33% 10/31/2014 136,389 140,731

USD 200,000 General Maritime Corp., 12% 11/15/2017 209,681 217,316 USD 1,200,000 Geokinetics Holdings Inc., 9.75% 12/15/2014 1,254,694 1,142,434

137,000 Greater Toronto Airports Authority, Callable, 6.98% 10/15/2032 156,585 162,612

322,000 Holcim Finance Canada Inc., 5.9% 06/21/2013 321,373 338,633 15,760 IESI-BFC Ltd. 403,277 274,697 52,400 Ingersoll-Rand PLC 1,559,249 1,853,907

389,000 Iron Mountain Inc., 7.5% 03/15/2017 379,601 381,286 USD 1,169,000 Jabil Circuit Inc., 8.25% 03/15/2018 1,182,889 1,282,085

14,900 Joy Global Inc. 858,424 856,409 USD 656,000 K Hovnanian Enterprises Inc.,

10.625% 10/15/2016 688,223 709,466 USD 287,000 Kansas City Southern de Mexico SA de

CV 9.375% 05/01/2012 301,328 298,734 USD 725,000 Kansas City Southern de Mexico SA de CV

8% 02/01/2018 739,587 754,641 USD 141,000 Kansas City Southern Railway 8% 06/01/2015 150,270 148,733

728,089 Macquarie Airports 1,969,941 2,096,401 98,000 MacQuarie Atlas Roads Group 71,052 85,383

866,600 Macquarie Infrastructure Group 1,259,781 900,378 USD 17,000 Manitowoc Company Inc., 9.5% 02/15/2018 17,851 17,997 USD 705,000 Navios Maritime Holdings/Finance US Inc.,

8.875% 11/01/2017 735,139 740,982 USD 400,000 Overseas Shipholding Group Inc.,

8.125% 03/30/2018 404,087 407,214 18,700 Parker-Hannifin Corp. 1,137,307 1,229,399 22,000 Randstad Holding NV 1,184,695 1,061,897 13,128 Schneider Electric SA 1,253,252 1,563,762 29,100 SNC-Lavalin Group Inc. 1,236,441 1,441,323 90,000 SNC-Lavalin Group Inc., 6.19% 07/03/2019 90,000 96,265

USD 312,000 Sotheby's Holdings Inc., 7.75% 06/15/2015 315,042 321,983 398,592 Strait Crossing Development Inc.,

6.17% 09/15/2031 393,887 382,378 608,000 Superior Plus Corp., 8.25% 10/27/2016 608,000 630,401

7,100 TransDigm Group Inc. 365,190 381,843 37,300 Union Pacific Corp. 2,155,280 2,776,459

USD 828,282 US Oncology Holdings Inc., FRN, 6.64344% 03/15/2012 817,705 796,959

81,200 Weir Group PLC 856,571 1,170,281 55,500 WestJet Airlines Ltd.* 663,764 755,910 10,400 WW Grainger Inc. 958,539 1,141,873

35,808,350 37,959,898 MATERIALS (7.2%)

21,700 Agrium Inc. 1,146,538 1,556,975 USD 470,000 Ashland Inc., 9.125% 06/01/2017 531,717 534,557

86,400 Barrick Gold Corp. 3,385,134 3,362,688 30,800 BHP Billiton PLC 785,111 1,072,956 49,800 Cameco Corp. 1,611,681 1,382,946

725,000 Cascades Inc., 7.75% 12/15/2016 715,358 729,495 USD 400,000 Cascades Inc., 7.75% 12/15/2017 419,026 409,245

MATERIALS (7.2%) (cont’d)USD 140,000 Domtar Corp., 10.75% 06/01/2017 149,193 172,736 USD 903,500 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,056,365 1,057,420 USD 446,000 FMG Finance Pty. Ltd., 10% 09/01/2013 525,671 487,446 USD 1,214,000 Freeport-McMoRan Copper & Gold Inc.,

8.25% 04/01/2015 1,305,109 1,342,225 32,100 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 2,748,008 2,721,234 66,100 Goldcorp Inc. 2,572,191 2,501,224

USD 450,000 Huntsman International LLC 5.5% 06/30/2016 399,482 414,703 USD 266,000 Innophos Inc., 8.875% 08/15/2014 297,666 278,226 USD 452,000 James River Coal Co., 9.375% 06/01/2012 467,287 467,037

6,700 Labrador Iron Ore Royalty Income Fund 231,390 358,450 USD 425,000 LBI Escrow Corp., 8% 11/01/2017 435,603 447,770

82,000 Noranda Operating Trust 6.529% 12/20/2010 75,750 78,356 25,000 NOVA Chemicals Corp., 7.85% 08/30/2010 24,250 25,260

USD 226,000 NOVA Chemicals Ltd., 6.5% 01/15/2012 234,207 235,240 USD 378,583 NOVA Chemicals Ltd., 8.625% 11/01/2019 392,668 395,983

302,100 Paladin Resources Ltd. 1,349,019 1,108,707 16,500 Potash Corp. of Saskatchewan Inc. 1,860,070 2,000,460

USD 428,000 Rathgibson Inc. 11.25% 02/15/2014 482,802 39,117 19,900 Rio Tinto PLC 1,029,265 1,197,834

USD 310,000 Severstal Columbus LLC 10.25% 02/15/2018 331,689 330,938 460,000 Sherritt International Corp., 7.875% 11/26/2012 472,782 478,745

1,558,000 Sherritt International Corp., 8.25% 10/24/2014 1,558,000 1,648,687 USD 125,000 Steel Dynamics Inc., 7.625% 03/15/2020 128,032 130,110 USD 584,000 Steel Dynamics Inc., Senior Notes,

6.75% 04/01/2015 442,832 597,498 USD 119,000 Teck Resources Ltd., 10.25% 05/15/2016 132,424 143,804 USD 1,794,000 Teck Resources Ltd., 10.75% 05/15/2019 2,087,569 2,231,706 USD 60,000 The Scotts Miracle-Gro Co., 7.25% 01/15/2018 61,538 62,148

12,000 United States Steel Corp.* 657,352 774,052 USD 725,000 United States Steel Corp., 7.375% 04/01/2020 729,184 738,076 AUD 473,000 Western Areas Ltd., 8% 07/02/2012 370,913 453,422

58,000 Xstrata PLC 1,179,256 1,116,193 32,382,132 33,083,669

TELECOMMUNICATION SERVICES (5.9%) 63,500 AT&T Inc. 1,796,638 1,666,267

219,700 BCE Inc. 6,091,448 6,542,666 29,600 Bell Aliant Regional Communications Income

Fund 796,217 752,136 115,000 Bell Aliant Regional Communications Income

Fund 6.17% 02/26/2037 107,458 108,458 130,000 Bell Aliant Regional Communications LP

5.41% 09/26/2016 130,884 135,658 125,000 Bell Canada 4.85% 06/30/2014 124,802 131,452 92,000 Bell Canada 5% 02/15/2017 82,401 95,546

USD 195,000 Digicel Group Ltd., 10.5% 04/15/2018 197,721 205,448 USD 650,000 Digicel Group Ltd., 12% 04/01/2014 762,929 747,532 USD 250,000 Digicel Group Ltd., 8.25% 09/01/2017 260,334 251,335

274,000 France Telecom SA 4.95% 06/23/2011 273,416 284,002 200,000 France Telecom SA 5.5% 06/23/2016 211,730 211,051

USD 1,326,000 Intelsat Bermuda Ltd., 11.25% 06/15/2016 1,544,725 1,457,639 USD 575,000 Intelsat Jackson Holdings 8.5% 11/01/2019 589,618 613,106 USD 65,000 Intelsat Subsidiary Holding Co., Ltd.,

8.875% 01/15/2015 70,972 68,153




– 249 –– 249 –– 249 –


– 249 –


TELECOMMUNICATION SERVICES (5.9%) (cont’d)82,718 Manitoba Telecom Services Inc.* 2,915,396 2,638,704

USD 513,000 MetroPCS Wireless Inc., 9.25% 11/01/2014 531,801 532,671 USD 389,000 NII Holdings Inc., 3.125% 06/15/2012 348,414 372,808

190,000 Northwest Connect Group 5.95% 04/30/2041 191,248 179,980 USD 30,000 Qwest Corp., 8.375% 01/05/2016 34,344 34,273

165,000 Rogers Communications Inc., 5.8% 05/26/2016 164,616 178,933 101,100 Rogers Communications Inc., Class B 3,134,679 3,499,071 358,000 Rogers Wireless Inc., 7.625% 12/15/2011 383,892 389,542 136,900 TELUS Corp., Non-Voting Shares 4,849,626 4,973,577

USD 1,025,000 Wind Acquisition Finance SA 11.75% 07/15/2017 1,212,199 1,150,177


USD 565,000 Baker & Taylor Inc., 11.5% 07/01/2013 598,124 304,090 USD 100,000 Belo Corp., 8% 11/15/2016 102,942 105,866 USD 661,460 Blockbuster Inc., 11.75% 10/01/2014 665,206 495,386

15,300 BorgWarner Inc. 496,889 593,206 40,600 Bridgestone Corp. 709,344 702,955

USD 113,663 CanWest MediaWorks Inc., 8% 09/15/2012 115,073 110,807 USD 150,000 CSC Holdings Inc., 8.5% 04/15/2014 175,343 162,226

22,200 DaimlerChrysler AG, Registered Shares 1,056,219 1,057,237 USD 120,000 Dollar General Corp., 2.875% 06/30/2027 81,619 112,415 USD 659,000 Dollarama Group LP, FRN 7.20575% 08/15/2012 691,273 670,149 USD 444,000 Foot Locker Inc., 8.5% 01/15/2022 475,583 417,064 USD 700,000 Goodyear Tire & Rubber Co., 10.5% 05/15/2016 814,152 767,715 USD 588,000 Great Canadian Gaming Corp.,

7.25% 02/15/2015 629,935 591,141 83,800 Groupe Aeroplan Inc. 913,173 892,470

USD 104,000 Grupo Posadas SAB de CV 9.25% 01/15/2015 107,548 110,100 USD 513,000 H&E Equipment Services Inc.,

8.375% 07/15/2016 558,298 504,019 USD 50,000 Hanesbrands Inc., 8% 12/15/2016 52,045 52,552

24,900 Honda Motor Co., Ltd. 839,948 891,185 USD 436,000 Host Hotels & Resorts Inc., 2.625% 04/15/2027 396,134 423,939 USD 40,000 Jarden Corp., 7.5% 01/15/2020 40,583 41,026

20,500 Johnson Controls Inc.* 541,046 686,775 USD 525,000 Lions Gate Entertainment Inc.,

Senior Secured Notes, 10.25% 11/01/2016 520,577 545,798 USD 459,000 MGM Mirage Inc., 144A 10.375% 05/15/2014 519,159 513,889 USD 1,240,000 MGM Mirage Inc., 5.875% 02/27/2014 1,100,330 1,060,889 USD 173,000 MGM Mirage Inc., 7.625% 01/15/2017 144,879 146,254 USD 900,000 MGM Mirage Inc., 9% 03/15/2020 936,994 941,365 USD 450,000 Mohegan Tribal Gaming Authority

11.5% 11/01/2017 457,916 486,677 USD 602,000 Mohegan Tribal Gaming Authority

6.125% 02/15/2013 545,303 522,686 USD 781,000 Neiman Marcus Group Inc.,

10.375% 10/15/2015 860,734 818,879 USD 432,000 Newell Rubbermaid Inc., 10.6% 04/15/2019 540,551 578,770 USD 38,000 QVC Inc., 7.125% 04/15/2017 38,399 38,830 USD 38,000 QVC Inc., 7.375% 10/15/2020 38,399 38,782

37,595 RONA Inc. 651,356 576,331 USD 150,000 Salem Communications Corp

9.625% 12/15/2016 157,373 159,179 USD 957,000 Scientific Games Corp., 7.875% 06/15/2016 968,513 983,978 USD 100,000 Scientific Games International Inc.,

9.25% 06/15/2019 108,331 107,770

CONSUMER DISCRETIONARY (5.6%) (cont’d)235,000 Shaw Communications Inc., 5.65% 10/01/2019 234,255 242,162 245,000 Shaw Communications Inc., 6.5% 02/06/2014 244,744 269,918 170,000 Shaw Communications Inc., 6.75% 11/09/2039 168,854 174,831 109,000 Shaw Communications Inc., 7.5% 11/20/2013 116,351 123,510

USD 375,000 Starwood Hotels & Resort Worldwide Inc., 7.15% 12/01/2019 389,937 385,571

153,840 Tesco PLC 1,137,013 1,032,121 USD 1,050,000 UPC Germany GmbH 8.125% 12/01/2017 1,098,470 1,099,592

3,150 Volkswagen AG, Preferred 282,134 280,883 15,900 Volkswagen AG, Rights (13Apr10) - 10,361

USD 389,000 Wynn Las Vegas LLC 6.625% 12/01/2014 361,369 394,041 761,500 Yellow Pages Income Fund 4,310,935 4,683,225

25,993,353 25,908,615 HEALTH CARE (5.6%)

48,800 Amylin Pharmaceuticals Inc. 804,476 1,108,573 USD 625,000 Amylin Pharmaceuticals Inc., 3% 06/15/2014 511,826 565,663 USD 740,000 Apria Healthcare Group Inc., 11.25% 11/01/2014 820,072 817,221 USD 150,000 Apria Healthcare Group Inc.,

12.375% 11/01/2014 161,846 166,795 USD 630,000 Axcan Intermediate Holdings Inc.,

9.25% 03/01/2015 647,948 690,944 USD 647,000 Biomet Inc., 10% 10/15/2017 654,687 724,371 USD 142,000 Bio-Rad Labs 8% 09/15/2016 161,336 153,574 USD 201,000 Boston Scientific Corp., 6.25% 11/15/2015 190,755 210,238 USD 372,000 Boston Scientific Corp., Senior Notes,

6.4% 06/15/2016 355,102 389,098 55,000 CML Healthcare Income Fund 744,540 696,300

USD 105,000 DJO Finance LLC / DJO Finance Corp., 10.875% 11/15/2014 115,870 115,824

USD 29,000 DJO Finance LLC / DJO Finance Corp., 10.875% 11/15/2014 31,162 31,989

112,700 Eli Lilly and Co. 4,629,031 4,145,251 USD 238,000 HCA Inc., 8.5% 04/15/2019 280,333 259,967 USD 1,233,000 HCA Inc., Callable, 9.125% 11/15/2014 1,383,567 1,325,668 USD 500,000 HealthSouth Corp., 10.75% 06/15/2016 574,136 549,003 USD 325,000 Inverness Medical Innovations Inc.,

9% 05/15/2016 361,964 336,637 57,800 Johnson & Johnson 3,958,508 3,826,959 66,100 Merck & Co., Ltd. 2,538,836 2,505,080

149,300 Patheon Inc. 686,290 373,250 USD 239,483 QHP Royalty Sub LLC 10.25% 03/15/2015 255,301 245,833

16,700 Roche Holding AG 2,877,788 2,749,256 USD 431,679 Skilled Healthcare Group Inc., 11% 01/15/2014 490,673 461,383

142,900 Smith & Nephew PLC 1,303,531 1,446,071 30,200 Talecris Biotherapeutics Holdiings 623,477 609,986

USD 750,000 Talecris Biotherapeutics Holdings Corp., Senior Unsecured Notes, 7.75% 11/15/2016 782,932 765,430

USD 599,000 United Surgical Partners International Inc., 8.875% 05/01/2017 585,189 631,093


60,900 Activision Inc. 773,532 744,599 270,500 Advanced Micro Devices Inc. 1,669,926 2,540,899

USD 502,000 Cie Gen Geophysique 9.5% 05/15/2016 549,816 545,464 80,300 EMC Corp. 1,297,186 1,471,060




– 250 –– 250 –– 250 –– 250 –


– 250 –


INFORMATION TECHNOLOGY (5.3%) (cont’d)67,100 Finisar Corp. 1,012,091 1,069,114

USD 472,000 First Data Corp., 9.875% 09/24/2015 428,400 413,409 32,200 FormFactor Inc. 783,753 580,734 1,700 Google Inc., Class A 755,268 977,680

USD 1,155,000 Hughes Network Systems LLC 9.5% 04/15/2014 1,242,031 1,205,153 89,600 Intel Corp.* 1,814,899 2,025,404

115,900 JDS Uniphase Corp. 1,022,796 1,473,554 26,200 Maxim Integrated Products Inc. 511,904 515,890

153,500 Micron Technology Inc. 1,147,169 1,614,903 71,500 Microsoft Corp. 1,809,126 2,124,510

USD 1,348,000 Nortel Networks Corp., 10.75% 07/15/2016 1,328,102 1,100,245 50,900 NVIDIA Corp. 647,708 898,351 51,600 Research In Motion Ltd. (USD) 3,728,869 3,875,476 61,400 Symantec Corp. 1,196,629 1,054,364

189,000 Thomson Reuters Corp., 5.7% 07/15/2015 188,708 207,688 21,907,913 24,438,497

CONSUMER STAPLES (4.6%) 12,300 Alimentation Couche-Tard Inc., Class B 259,262 227,058

USD 995,000 Alliance One International Inc., 10% 07/15/2016 1,098,832 1,055,888 USD 476,000 Beatrice Foods Canada Ltd., 1% 11/19/2026 140,420 141,702

14,810 British American Tobacco PLC 553,364 518,436 26,100 Bunge Ltd. 1,865,384 1,633,470

USD 200,000 Cott Beverages Inc., 8.375% 11/15/2017 210,576 209,700 58,081 CVS Corp. 2,106,309 2,156,347 45,512 Diageo PLC 829,308 775,195 11,894 Groupe Danone* 889,392 727,558

USD 344,000 Ingles Markets Inc., 8.875% 05/15/2017 383,139 365,051 140,000 Loblaw Cos. Ltd., 6.05% 06/09/2034 113,845 137,061 80,000 Loblaw Cos. Ltd., 6.15% 01/29/2035 56,733 79,267

145,000 Metro Inc., 5.97% 10/15/2035 120,696 141,764 319,000 Molson Coors Capital Finance Co.,

Senior Notes, 5% 09/22/2015 311,940 334,902 44,700 Nestle SA, Registered Shares 1,956,885 2,323,034 16,300 PepsiCo Inc. 1,016,984 1,095,120 21,845 Procter & Gamble Co. 1,502,575 1,403,773 40,558 Saputo Inc. 980,153 1,195,650 21,746 Shoppers Drug Mart Corp. 1,022,794 948,995

USD 706,000 The Mosaic Co., 7.375% 12/01/2014 797,990 767,284 45,400 Unilever NV* 1,418,342 1,394,791

150,400 Viterra Inc.* 1,359,439 1,436,320 150,000 Viterra Inc., 8% 04/08/2013 151,758 152,477 556,000 Viterra Inc., 8.5% 08/01/2017 554,270 590,055 82,900 Wal-Mart de Mexico SA de CV* 285,012 429,169 21,100 Wal-Mart Stores Inc. 1,215,262 1,191,340

21,200,664 21,431,407 GOVERNMENT BONDS (4.1%)

636,000 55 Ontario School Board Trust 5.9% 06/02/2033 704,927 688,454

320,000 Austria Government International Bond 5.375% 12/01/2034 346,526 321,310

160,000 Canadian Government Bond 2% 09/01/2012 161,504 159,891 1,100,000 Canadian Government Bond 2% 12/01/2014* 1,062,088 1,061,568

910,000 Canadian Government Bond 3% 06/01/2014 930,582 920,696 2,285,000 Canadian Government Bond 3.5% 06/01/2020 2,256,331 2,253,542

430,000 Canadian Government Bond 3.75% 09/01/2011* 449,202 444,315 125,000 Canadian Government Bond 4% 06/01/2016* 133,181 131,191

GOVERNMENT BONDS (4.1%) (cont’d)1,102,000 Canadian Government Bond 4.5% 06/01/2015* 1,205,848 1,186,459

430,000 Canadian Government Bond 5% 06/01/2014* 465,112 468,847 931,000 Canadian Government Bond, Series XW98,

5% 06/01/2037* 1,082,750 1,072,996 742,000 Canadian Government Bond, Series YF56,

4% 06/01/2017* 790,640 774,591 685,000 Canadian Government Bond, Series YL25,

4.25% 06/01/2018* 723,745 723,161 1,160,000 Canadian Government Bond, Series YN80,

3.5% 06/01/2013* 1,210,601 1,199,566 1,750,000 Canadian Government Bond, Series YR94,

3.75% 06/01/2019* 1,780,097 1,774,550 284,000 City of Montreal 6% 01/06/2043 320,974 317,081 451,000 City of Toronto 5.05% 07/18/2017 450,638 476,518 400,000 EUROFIMA 5.15% 12/13/2019 420,318 411,031 300,000 Instituto de Credito Oficial 4.53% 03/17/2016 307,574 301,486 225,000 Instituto de Credito Oficial 5% 03/31/2020 228,301 220,535 138,000 Municipal Finance Authority of British Columbia

8.75% 05/12/2013 169,877 162,301 300,000 Province of British Columbia 4.7% 06/18/2037 295,584 298,844 515,000 Province of Ontario 4.4% 06/02/2019 532,252 523,585 646,000 Province of Quebec 4.5% 12/01/2016 644,162 675,703 398,000 Province of Quebec 5% 12/01/2038 403,872 405,681 240,000 Province of Quebec 4.5% 12/01/2018 248,640 245,914 235,000 Province of Quebec 4.5% 12/01/2019 240,640 238,568 402,000 Province of Quebec 5.75% 12/01/2036 433,348 452,462 142,000 Queen's University 6.1% 11/19/2032 160,110 157,355 69,000 University of British Columbia 6.65% 12/01/2031 84,166 80,909

562,000 York University 6.48% 03/07/2042 687,495 660,151 18,931,085 18,809,261

UTILITIES (1.8%) USD 960,000 AES Corp., Callable 8.75% 05/15/2013 1,000,951 989,500

190,000 Brookfield Renewable Power 6.132% 11/30/2016 190,000 197,314

33,580 Brookfield Renewable Power Fund 514,269 704,844 155,000 Brookfield Renewable Power Inc.,

5.84% 05/11/2036 125,361 138,057 310,000 Canadian Hydro Developers Inc.,

5.334% 09/01/2015 300,032 295,231 295,000 Hamilton Utilities Corp., 6.25% 07/30/2012 320,745 318,310

USD 980,000 Intergen NV 9% 06/30/2017 1,047,472 1,025,042 49,630 Northland Power Income Fund 588,117 653,131

399,339 Prime Infrastructure Group 1,818,371 1,339,602 295,000 Reliance LP 7.3% 04/03/2013 294,802 300,346

9,800 Sempra Energy 616,455 496,598 297,000 Terasen Gas Inc., Callable, 6.5% 05/01/2034 328,298 341,954 62,600 TransAlta Corp.* 1,922,801 1,400,362

100,000 Union Gas Ltd., 6.05% 09/02/2038 99,808 108,268 9,167,482 8,308,559

PRIVATE PLACEMENTS (1.5%) USD 303,484 Aramark Corp., Term Loan, Private Placement

7.47% 01/27/2014^ 359,010 302,281 438,750 Bragg Communication Inc., Loan,

Private Placement 7.53% 08/31/2014^ 438,750 434,911 USD 423,000 CCS Inc., Private Placement 11% 11/15/2015^ 383,931 352,235 USD 624,000 Clarketerm, Private Placement

7.84% 06/30/2014^ 712,055 576,956




– 251 –– 251 –– 251 –– 251 –– 251 –


– 251 –


PRIVATE PLACEMENTS (1.5%) (cont’d)USD 778,000 Connacher Oil and Gas Ltd., Private Placement

11.75% 07/15/2014^ 856,044 867,948 USD 387,917 Dow Jones CDX HY, 144A Private Placement

6.75% 06/29/2012^ 416,736 405,746 USD 400,000 Goldcorp Inc., Private Placement

2% 08/01/2014^ 433,690 451,896 USD 129,161 Great Canadian Gaming Corp., Private Placement

4.30375% 02/12/2014^ 135,809 128,540 USD 75,909 HealthSouth Corp., Private Placement

8.15% 03/10/2013^ 89,285 75,722 USD 62,476 HealthSouth Corp., Term Loan, Private

Placement 8.15% 03/10/2013^ 62,642 63,818 USD 488,000 JBS USA LLC, 144A Private Placement

11.625% 05/01/2014^ 560,846 564,941 USD 280,000 Maple Leaf Foods Inc., Private Placement

5.21% 12/08/2011^ 269,219 280,074 USD 210,000 New Communications Holdings Inc.,

Private Placement 8.25% 04/15/2017^ 215,608 216,986 USD 210,000 New Communications Holdings Inc.,

Private Placement 8.5% 04/15/2020^ 215,608 214,854 USD 527,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 564,542 565,939 15,900 Volkswagen AG, Private Placement^ 1,504,498 1,467,088

7,218,273 6,969,935 FUND (0.1%)

205,542 International Public Partnership Ltd. 394,131 362,134

ASSET BACKED (0.1%) 100,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 92,129 80,717 300,000 CCIC 2006-WEM, MBS A2 4.934% 01/15/2022 285,220 260,691

377,349 341,408 WARRANTS (0.1%)

1,883 First Capital Realty Inc., Warrants (29Oct10) - 8,379



Short Term Notes (7.4%) 34,000,000 34,000,000





Net Assets (100.0%) 461,136,540

Principal amounts stated in:AUD Australian Dollar GBP British Pound USD U.S. Dollar





– 252 –




1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.02 (3,066,030) Canadian $ 3,000,000 US $ (19,391)1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.38 (804,000) Euro 1,107,978 Canadian $ 4,968 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.57 (913,000) Euro 1,429,316 Canadian $ 176,599 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.51 (1,642,000) Euro 2,472,374 Canadian $ 219,502 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (18,509,000) US $ 19,648,969 Canadian $ 851,379 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (2,772,000) US $ 2,927,731 Canadian $ 112,528 1 Credit Suisse Group A-1 17-Jun-10 1.06 (20,028,000) US $ 21,258,821 Canadian $ 918,549 1 Morgan Stanley A-1 08-Jun-10 1.50 (1,028,000) Euro 1,547,006 Canadian $ 136,561 1 Morgan Stanley A-1 08-Jun-10 1.56 (1,635,000) Euro 2,556,781 Canadian $ 313,419 1 Morgan Stanley A-1 17-Jun-10 1.06 (17,626,000) US $ 18,711,938 Canadian $ 811,115 1 Morgan Stanley A-1 17-Jun-10 1.07 (1,880,000) US $ 2,018,744 Canadian $ 109,405 1 Morgan Stanley A-1 17-Jun-10 1.07 (3,082,000) US $ 3,286,522 Canadian $ 156,450 1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (13,239,000) US $ 14,047,638 Canadian $ 602,225 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (1,423,000) US $ 1,458,618 Canadian $ 13,490 1 Royal Bank of Canada A-1+ 17-Jun-10 1.07 (2,800,000) US $ 3,004,092 Canadian $ 160,398 1 State Street Corporation A-1 17-Jun-10 1.02 (3,067,980) Canadian $ 3,000,000 US $ (21,339)1 State Street Corporation A-1 17-Jun-10 1.06 (17,851,000) US $ 18,949,372 Canadian $ 820,042 1 State Street Corporation A-1 17-Jun-10 1.07 (2,800,000) US $ 2,997,820 Canadian $ 154,133 1 State Street Corporation A-1 17-Jun-10 1.07 (3,082,000) US $ 3,290,728 Canadian $ 160,652 1 UBS AG A-1 08-Jun-10 1.08 (2,171,000) Australian $ 2,001,250 Canadian $ (5,744)1 UBS AG A-1 08-Jun-10 1.09 (2,195,000) Australian $ 2,015,932 Canadian $ (13,242)1 UBS AG A-1 08-Jun-10 1.74 (3,698,000) British Pound 6,433,559 Canadian $ 735,059 1 UBS AG A-1 08-Jun-10 1.04 (1,356,000) Swiss Franc 1,413,766 Canadian $ 106,645 1 UBS AG A-1 17-Jun-10 1.06 (17,951,000) US $ 19,056,782 Canadian $ 825,891 1 UBS AG A-1 17-Jun-10 1.07 (536,000) US $ 572,298 Canadian $ 27,937




Signature Income & Growth Corporate ClassFinancial Statements

– 253 –











411,430 237,5431,577 1,240

34,000 28,000- -

575 575- -

7,417 766- -- -

1,820 4454,233 2,249

- -3,488 2,741

464,540 273,559

- -- -- -

60 1,026- -

2,661 588430 747

- -- -- -

252 1243,403 2,485

461,137 271,074

396,465 272,216- -

361,603 224,32317,131 9,91538,699 16,76114,541 6,8542,054 620

904 60424,632 11,8011,196 196

377 -

13.19 10.0313.38 10.0712.52 9.318.89 7.089.63 7.599.62 7.488.24 6.758.77 7.107.98 -

27,417,379 22,365,0541,280,696 984,9423,089,791 1,800,8801,634,921 967,508

213,216 81,68693,891 80,754

2,990,051 1,749,074136,379 27,62947,244 -


2010 2009


2010 2009



– 254 –






















5,717 4,50510,098 10,432

50 82(97) 160

- -- -

(421) (356)15,347 14,823

6,669 5,655683 579

1 1128 92368 311

7,849 6,6387,498 8,185

- (13)7,498 8,172

30,914 (53,892)(556) (82)(662) (519)

- -

57,255 (24,561)86,951 (79,054)94,449 (70,882)

76,685 (59,201)3,513 (2,941)6,922 (3,264)2,409 (2,117)

284 (47)195 (158)

4,220 (3,017)178 (97)43 (40)

3.12 (2.64)3.29 (2.64)3.00 (2.21)2.06 (2.34)2.25 (1.22)3.13 (1.71)1.97 (2.10)1.95 (3.31)0.93 (2.26)

224,323 274,476

98,568 86,2471,715 -

(46,357) (68,361)8,423 (8,838)

62,349 9,048

- -(1,754) -

- -(1,754) -76,685 (59,201)

361,603 224,323

9,915 12,852

3,692 4,48173 -

(2,343) (4,709)2,355 2323,777 4

- -(74) -

- -(74) -

3,513 (2,941)17,131 9,915

16,761 13,822

14,456 9,634173 -

(2,505) (6,162)3,065 2,731

15,189 6,203

- -(173) -

- -(173) -

6,922 (3,264)38,699 16,761


2010 2009


2010 2009




– 255 –

























11,801 7,390

11,332 10,83744 -

(2,303) (2,061)935 (305)

10,008 8,471

- -(100) -

(1,297) (1,043)(1,397) (1,043)4,220 (3,017)

24,632 11,801

196 114

488 3642 -

(44) (166)440 2886 200

- -(5) -

(59) (21)(64) (21)178 (97)

1,196 196

- 105

357 1222 -(4) (195)- 16

355 (57)

- -(2) -

(19) (8)(21) (8)43 (40)

377 -

6,854 5,444

6,847 6,29936 -

(977) (2,717)(96) 368

5,810 3,950

- -(60) -

(472) (423)(532) (423)

2,409 (2,117)14,541 6,854

620 222

1,224 4633 -

(127) (146)112 147

1,212 464

- -(7) -

(55) (19)(62) (19)284 (47)

2,054 620

604 1,211

100 3222 -(7) (205)37 (522)

132 (405)

- -(2) -

(25) (44)(27) (44)195 (158)904 604


2010 2009



2010 2009


– 256 –






271,074 315,636

137,064 118,7692,050 -

(54,667) (84,722)15,271 (6,169)99,718 27,878

- -(2,177) -(1,927) (1,558)(4,104) (1,558)94,449 (70,882)

461,137 271,074


2010 2009



Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules

– 257 –










2010 2009

22,365,054 21,788,4928,016,717 7,589,757

134,322 -(3,812,692) (6,237,493)

713,978 (775,702)27,417,379 22,365,054

984,942 1,027,341292,271 387,982

5,628 -(191,097) (437,540)188,952 7,159

1,280,696 984,942

1,800,880 1,210,0731,237,981 939,263

14,371 -(218,766) (614,141)255,325 265,685

3,089,791 1,800,880

967,508 578,376794,279 714,714

4,152 -(115,646) (352,741)(15,372) 27,159

1,634,921 967,508

81,686 22,245131,831 56,418

334 -(13,226) (17,169)12,591 20,192

213,216 81,686

80,754 124,78210,941 32,756

219 -(794) (25,681)

2,771 (51,103)93,891 80,754

1,749,074 797,2241,411,272 1,275,242

5,320 -(288,652) (270,029)113,037 (53,363)

2,990,051 1,749,074




2010 2009

27,629 11,76458,451 38,421

212 -(5,062) (22,533)55,149 (23)

136,379 27,629

- 11,18847,558 13,119

252 -(566) (25,929)

- 1,62247,244 -


Signature Income & Growth Corporate ClassFinancial Statements – Supplementary Schedules

– 258 –



2010 2009


21,898 14,44922,449 15,399


2010 2009


653 51051 38



2.001.00




0.200.20

-0.200.20

-0.200.20

-


2010












2010 2009

13.19 10.0313.20 10.04

13.38 10.0713.39 10.08

12.52 9.3112.53 9.32

8.89 7.088.90 7.09

9.63 7.599.64 7.60

9.62 7.489.63 7.49

8.24 6.758.24 6.76

8.77 7.108.78 7.11

7.98 -7.99 -

Signature Income & Growth Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 259 –





Financials ................................................................................................................................. 23.7Materials.................................................................................................................................. 12.5Energy ...................................................................................................................................... 11.0Short Term Investments........................................................................................................... 10.3Industrials ................................................................................................................................ 7.6Government Bonds................................................................................................................... 6.0Consumer Staples.................................................................................................................... 5.5Telecommunication Services ................................................................................................... 4.8Information Technology ........................................................................................................... 4.7Health Care .............................................................................................................................. 4.0Consumer Discretionary........................................................................................................... 3.9Utilities..................................................................................................................................... 2.8Other Assets ............................................................................................................................ 2.1Private Placements .................................................................................................................. 1.0Asset Backed ........................................................................................................................... 0.1Warrants .................................................................................................................................. 0.1Foreign Currency Forward Contracts ....................................................................................... -0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities and therefore wassensitive to changes in general economic conditions in Canada, however some of the Fund's assetswere invested in fixed income securities and their market risk exposure is described below.

As at March 31, 2010, had the Canadian markets increased or decreased by 10% (March 31, 2009 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $27,176,000 (March 31, 2009 - $13,167,000). In practice, actual results maydiffer from this analysis and the difference may be material.






Credit Rating^ (%)AAA/Aaa/A++ 8.6 AA/Aa/A+ 4.1 A 6.1 BBB/Baa/B++ 6.3 BB/Ba/B+ 7.4 B 6.2 CCC/Caa/C++ 1.7 Not Rated 9.4Total 49.8





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 183,263 (119,401) 63,862 13.8 British Pound 14,245 (5,700) 8,545 1.9 Euro 13,747 (8,261) 5,486 1.2 Swiss Franc 6,768 (1,306) 5,462 1.2 Australian Dollar 7,862 (4,068) 3,794 0.8 Brazilian Real 2,837 - 2,837 0.6 Japanese Yen 1,676 - 1,676 0.4 Hong Kong Dollar 861 - 861 0.2 Mexican Peso 429 - 429 0.1 Total 231,688 (138,736) 92,952 20.2


– 260 –





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 109,013 (73,034) 35,979 13.3 British Pound 6,715 (3,855) 2,860 1.1 Euro 3,504 (1,829) 1,675 0.6 Australian Dollar 3,457 (2,193) 1,264 0.5 Hong Kong Dollar 769 - 769 0.3 Israeli Shekel 607 - 607 0.2 Swiss Franc 1,667 (1,380) 287 0.1 Mexican Peso 248 - 248 0.1 Brazilian Real 41 - 41 0.1 Japanese Yen 6 - 6 0.1 Total 126,027 (82,291) 43,736 16.4







As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $1,634,000 (March 31, 2009 - $929,000). In practice, actualresults may differ from this analysis and the difference may be material.



36,328 12,028 31,865 95,024 175,245



32,203 20,320 22,322 60,267 135,112



– 261 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 271,473 281 - 271,754 Bonds - 139,047 280 139,327 Mortgage backed securities - 341 - 341 Short-term notes - 34,000 - 34,000 Warrants 8 - - 8 Foreign currency forward contracts - 7,357 - 7,357 Total 271,481 181,026 280 452,787






Long Positions/Assets:Bonds 555 269 (180) (424) (9) 69 280 Total 555 269 (180) (424) (9) 69 280

*Change in unrealized gain (loss) related to investments held at March 31, 2010 was $10,855.

During 2009 fixed income investments with a net fair value of $424,000 were transfered from Level 3 into Level 2 as observable market inputs become available.



CI Global Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 262 –


FUND (99.0%)*1,174,213 CI Global Bond Fund (Class F) 9,169,094 8,877,053

694,439 CI Global Bond Fund (Class F) (USD) 5,309,940 5,246,688



Net Assets (100.0%) 14,260,305

*The Fund invests in another CI mutual funds. 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.


CI Global Bond Corporate ClassFinancial Statements

– 263 –





















14,124 16,21244 50

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

88 5098 37

- -- -

14,354 16,349

- -- 11- -- -- -

34 1911 29

- -- -- -

49 2994 88

14,260 16,261

14,479 14,576- -

13,155 15,478674 759431 24

10.23 11.3010.57 11.589.96 10.93

1,286,097 1,369,31863,770 65,52843,270 2,157

- -- 5- -- -

506 615- -- -

506 620

98 108- -- 1

20 215 5

123 135383 485

- -383 485

254 534(182) 5

- -- -

(1,991) 1,355(1,919) 1,894(1,536) 2,379

(1,456) 2,096(62) 206(18) 77

(1.19) 1.48(1.09) 1.58(0.52) 4.01


2010 2009


2010 2009


CI Global Bond Corporate ClassFinancial Statements

– 264 –

















15,478 15,128

5,760 8,056- -

(3,806) (8,902)(2,821) (900)

(867) (1,746)

- -- -- -- -

(1,456) 2,09613,155 15,478

759 1,820

180 185- -

(182) (921)(21) (531)(23) (1,267)

- -- -- -- -

(62) 206674 759

24 -

506 24- -

(81) (1)- (76)

425 (53)

- -- -- -- -

(18) 77431 24

16,261 16,948

6,446 8,265- -

(4,069) (9,824)(2,842) (1,507)

(465) (3,066)

- -- -- -- -

(1,536) 2,37914,260 16,261


2010 2009


2010 2009



CI Global Bond Corporate ClassFinancial Statements – Supplementary Schedules

– 265 –






2010 2009

1,369,318 1,557,425538,341 786,402

- -(358,359) (885,546)(263,203) (88,963)

1,286,097 1,369,318

65,528 184,18416,479 17,235

- -(16,549) (90,969)(1,688) (44,922)63,770 65,528

2,157 -49,028 2,166

- -(7,915) (117)

- 10843,270 2,157




1.751.00


0.180.18

-


as at March 31 (%)

2010

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

– 266 –





France ...................................................................................................................................... 14.5 U.S.A. ...................................................................................................................................... 14.0 Canada .................................................................................................................................... 11.6 Germany .................................................................................................................................. 8.9 Brazil ....................................................................................................................................... 7.7 Other Assets (net) .................................................................................................................... 6.1 Mexico .................................................................................................................................... 5.4 South Korea ............................................................................................................................ 5.1 Israel ....................................................................................................................................... 4.7 Luxembourg ............................................................................................................................. 4.4 Australia .................................................................................................................................. 4.3 U.K. .......................................................................................................................................... 2.7 Poland ..................................................................................................................................... 1.9 Sweden ................................................................................................................................... 1.9 New Zealand ........................................................................................................................... 1.8 Ireland ..................................................................................................................................... 1.3 Denmark .................................................................................................................................. 1.1 Iraq .......................................................................................................................................... 1.1 Malaysia ................................................................................................................................. 1.0 Russia ...................................................................................................................................... 0.8 Colombia ................................................................................................................................. 0.3 Futures Contracts .................................................................................................................... 0.1 Foreign Currency Forward Contracts ...................................................................................... -0.7



Other Assets ............................................................................................................................ 16.8France....................................................................................................................................... 15.5Germany ................................................................................................................................... 13.8U.S.A. ....................................................................................................................................... 12.9Canada ..................................................................................................................................... 8.8Brazil ........................................................................................................................................ 5.9U.K............................................................................................................................................ 5.4Israel ........................................................................................................................................ 5.0Mexico ..................................................................................................................................... 3.8Australia................................................................................................................................... 3.8Colombia .................................................................................................................................. 2.8Luxembourg.............................................................................................................................. 2.6New Zealand............................................................................................................................ 1.7Denmark ................................................................................................................................... 1.2Ireland ...................................................................................................................................... 1.2Iraq ........................................................................................................................................... 0.8Russia....................................................................................................................................... 0.7Future Contracts....................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... -2.8

Other Price RiskThe Fund bears the other price risk exposure of the Underlying Fund. As at March 31, 2010 and 2009, theUnderlying Fund did not have a significant exposure to other price risk as the Underlying Fund waspredominantly invested in fixed income securities and their market risk exposure is described below.

Credit RiskAs at March 31, 2010 and 2009, the Fund had no significant direct exposure to credit risk. As at March 31,2010 and 2009, the Fund indirectly bears the credit risk exposure of the Underlying Fund.












– 267 –






As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31,2009 - 10%) in relation to all other foreign currencies held in the Fund, with all other variablesheld constant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $522,000 (March 31, 2009 - $531,000). In practice, actual results may differ from thisanalysis and the difference may be material.

In addition to direct currency risk exposure, the Fund indirectly bears the currency risk exposure ofthe Underlying Fund.

The tables below summarize the Underlying Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 98,048 (39,178) 58,870 18.1 Japanese Yen - 48,260 48,260 14.9 US Dollar 57,641 (17,002) 40,639 12.5 Brazilian Real 26,455 - 26,455 8.1 Mexican Peso 17,212 - 17,212 5.3 Korean Won 16,697 - 16,697 5.1 Polish Zloty 6,600 - 6,600 2.0 Swiss Franc - 6,579 6,579 2.0 Australian Dollar 23,998 (17,556) 6,442 2.0 Swedish Krona 6,276 - 6,276 1.9 Israeli Shekel 15,337 (9,422) 5,915 1.8 Malaysian Ringgit 3,141 - 3,141 1.0 Colombian Peso 1,076 - 1,076 0.3 Norwegian Krone 358 294 652 0.2 Argentine Peso 194 - 194 0.1 New Zealand Dollar 20,884 (21,003) (119) (0.1)British Pound 6,195 (9,237) (3,042) (0.9) Total 300,112 (58,265) 241,847 74.3



Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Japanese Yen - 112,954 112,954 31.2 Euro 133,009 (25,267) 107,742 29.8 US Dollar 98,002 (20,732) 77,270 21.4 Brazilian Real 22,653 - 22,653 6.3 Swiss Franc - 10,954 10,954 3.0 British Pound 16,813 (6,029) 10,784 3.0 Colombian Peso 10,230 - 10,230 2.8 New Zealand Dollar 18,510 (11,828) 6,682 1.8 Israeli Shekel 17,613 (13,718) 3,895 1.1 Argentine Peso 272 - 272 0.1 Mexican Peso 13,165 (13,030) 135 0.1 Norwegian Krone 3 - 3 0.1 Australian Dollar 23,475 (23,697) (222) (0.1) Total 353,745 9,607 363,352 100.6

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 10%) in relation to all other foreign currencies held in the Underlying Fund, with all othervariables held constant, net assets of the Fund would have indirectly decreased or increased,respectively, by approximately $1,049,000 (March 31, 2009 - $1,621,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund had no significant exposure to interest rate risk. As at March31, 2010 and 2009, the Fund indirectly bears the interest rate risk exposure of the Underlying Fund.






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have indirectly decreasedor increased, respectively, by approximately $174,000 (March 31, 2009 - $243,000). In practice, actualresults may differ from this analysis and the difference may be material.



29,147 56,146 69,595 165,958 320,846



68,419 44,560 55,535 197,802 366,316


– 268 –





(in $000's) (in $000's) (in $000's) (in $000's)



CI Short-Term Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 269 –



BONDS (93.5%) 1,400,000 407 International Inc., 4.9% 10/04/2010 1,461,600 1,427,625 5,230,000 Bank of Montreal, FRN,

1.69667% 09/02/2010 5,234,029 5,250,446 2,730,000 Bank of Nova Scotia 4.58% 02/15/2011†† 2,865,416 2,810,392 1,600,000 Bank of Nova Scotia 5% 09/13/2010†† 1,644,661 1,629,454 7,900,000 Bank of Nova Scotia, FRN,

1.72429% 09/10/2010†† 7,940,314 7,925,159 6,200,000 Canada Housing Trust No.1,

0.43% 06/15/2013 6,151,640 6,176,268 11,500,000 Canada Housing Trust No.1, FRN,

Series 12, 0.435% 09/15/2010 11,546,989 11,503,419 15,130,000 Canada Housing Trust No.1, FRN,

Series 27, 0.845% 09/15/2014 15,130,000 15,318,520 5,200,000 Canadian Imperial Bank of Commerce,

1.45917% 06/15/2011 5,161,771 5,249,140 1,620,000 Canadian Imperial Bank of Commerce,

4.4% 03/07/2011 1,683,773 1,667,810 2,600,000 Canadian Imperial Bank of Commerce, FRN,

0.99429% 04/01/2010 2,580,359 2,599,792 3,170,000 Canadian Tire Corp., Ltd., 5.22% 10/01/2010 3,274,431 3,235,007

250,000 Greater Toronto Airports Authority, 6.7% 07/19/2010 256,702 254,280

3,600,000 HSBC Bank Canada 0.62357% 06/22/2011 3,600,000 3,600,000 5,500,000 HSBC Bank Canada FRN,

1.07929% 09/16/2011 5,500,000 5,503,960 4,150,000 International Bank for Reconstruction

and Development 1.12% 10/31/2012 4,150,000 4,022,595 380,000 Loblaw Cos. Ltd., 6.5% 01/19/2011 396,036 394,963

5,570,000 MetLife Global Funding I, 2.52357% 06/29/2011 5,570,000 5,664,968

2,400,000 National Bank of Canada, 0.52286% 03/08/2011 2,400,000 2,376,521

5,200,000 NAV Canada, Series 2007-1, FRN, 0.5% 05/03/2010 5,174,416 5,198,493

640,000 Nova Scotia Power Inc., 4.22% 05/17/2010 645,811 642,480 9,000,000 Province of Ontario 1.04286% 07/15/2011 9,004,230 8,996,670 4,100,000 Province of Ontario 2.5% 08/20/2010 4,171,750 4,130,912 5,900,000 Province of Ontario 2.5% 08/20/2010 6,010,681 5,944,483

14,020,000 Province of Ontario, FRN, 0.28929% 12/03/2010 13,995,497 14,001,160

4,090,000 Province of Ontario, FRN, 0.47% 09/17/2010 4,078,565 4,090,216 26,300,000 Province of Ontario, FRN,

1.43429% 04/02/2013 26,352,860 27,005,366 3,120,000 Province of Quebec, FRN,

0.515% 08/06/2011 3,122,558 3,120,413 7,110,000 Royal Bank of Canada 1.09% 05/11/2012 7,110,000 7,146,570 4,800,000 Royal Bank of Canada 5.13% 09/27/2010 5,064,000 4,900,763 7,800,000 Royal Bank of Canada, FRN,

0.92357% 09/27/2010 7,799,644 7,812,714 800,000 Schlumberger Canada Ltd.,

5.14% 07/12/2010 818,400 808,689 11,480,000 Toronto-Dominion Bank, FRN,

1.50917% 04/15/2011 11,373,278 11,556,780 1,590,000 Union Gas Ltd., 7.2% 06/01/2010 1,672,203 1,605,667

192,941,614 193,571,695

SHORT-TERM NOTES (5.8%) 1,940,000 Enbridge Inc. 0.43% 04/08/2010 1,939,340 1,939,765 4,000,000 Enbridge Inc. 0.46% 04/26/2010 3,998,640 3,998,432 3,200,000 Government of Canada T-Bill

0.27% 05/27/2010 3,195,776 3,198,784 1,600,000 Suncor Energy 0.45% 04/26/2010 1,599,376 1,599,442 1,200,000 Suncor Energy 0.47% 05/03/2010 1,199,472 1,199,468

11,932,604 11,935,891

Commission and other portfolio transaction costs -



Net Assets (100.0%) 206,885,450

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


CI Short-Term Corporate ClassFinancial Statements

– 270 –




















205,508 226,9742,172 122,940

- 65,727- -- -- -- -- -- -

30 508- -- -

418 990208,128 417,139

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

601 1,075- -- -- -

642 4631,243 1,538

206,885 415,601

204,874 227,621- -

119,382 199,55720,678 30,99766,825 185,047

10.30 10.2212.54 12.4411.49 11.31

11,589,416 19,533,7441,648,397 2,491,7745,818,152 16,367,258

- -4,803 17,892

2 20- -- -- -- -

4,805 17,912

1,736 2,9851 7- 7

180 31587 149

2,004 3,463(476) (41)

3,277 14,490

(499) (1,602)- (1)

(3) (7)- -

656 (1,159)154 (2,769)

3,431 11,721

1,383 4,042225 773

1,823 6,906

0.09 0.150.11 0.230.19 0.28


2010 2009


2010 2009


CI Short-Term Corporate ClassFinancial Statements

– 271 –

















199,557 327,909

16,927 90,241- -

(83,097) (186,904)(15,388) (35,731)(81,558) (132,394)

- -- -- -- -

1,383 4,042119,382 199,557

30,997 49,540

2,714 29,671- -

(11,941) (44,604)(1,317) (4,383)

(10,544) (19,316)

- -- -- -- -

225 77320,678 30,997

185,047 330,497

14,380 38,309- -

(95,614) (177,072)(38,811) (13,593)

(120,045) (152,356)

- -- -- -- -

1,823 6,90666,825 185,047

415,601 707,946

34,021 158,221- -

(190,652) (408,580)(55,516) (53,707)

(212,147) (304,066)

- -- -- -- -

3,431 11,721206,885 415,601


2010 2009


2010 2009



CI Short-Term Corporate ClassFinancial Statements – Supplementary Schedules

– 272 –






2010 2009

19,533,744 32,585,4221,649,456 8,932,445

- -(8,094,440) (18,449,836)(1,499,344) (3,534,287)11,589,416 19,533,744

2,491,774 4,052,642216,819 2,419,188

- -(955,185) (3,621,498)(105,011) (358,558)

1,648,397 2,491,774

16,367,258 29,983,5051,268,303 3,456,248

- -(8,403,026) (15,860,309)(3,414,383) (1,212,186)5,818,152 16,367,258




10.30 10.2210.30 10.22

12.54 12.4412.55 12.44

11.49 11.3111.49 11.31



2010 2009


2010 2009


- 2,152- 2,294


2010 2009


- -- -



1.000.75


---


2010

CI Short-Term Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 273 –





Bonds ....................................................................................................................................... 54.6Other Assets ............................................................................................................................ 29.6Short Term Investments........................................................................................................... 15.8

Other Price RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to other price risk asthe Fund was invested in fixed income securities and their market risk exposure is described below.



Credit Rating^ (%)AAA/Aaa/A++ 19.5AA/Aa/A+ 67.3A 9.7BBB/Baa/B++ 2.8Total 99.3


Credit Rating^ (%)AAA/Aaa/A++ 29.5AA/Aa/A+ 28.6A 10.4BBB/Baa/B++ 1.3Not Rated 0.6Total 70.4



Currency RiskAs at March 31, 2010 and 2009, the majority of the Fund’s assets were denominated in Canadiandollars, the functional currency of the Fund. As a result, the Fund did not have a significant exposureto currency risk.






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $104,000 (March 31, 2009 - $102,000). In practice, theactual results may differ from this analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)

Bonds - 193,572 - 193,572 Short-term notes - 11,936 - 11,936 Total - 205,508 - 205,508



104,318 54,862 48,500 - 207,680



286,653 113,636 8,444 6,908 415,641


CI Short-Term US$ Corporate ClassStatement of Investment Portfolio as at March 31, 2010 (Expressed in US$)

– 274 –


BONDS (19.9%) 350,000 Bear Stearns Co., Inc.,

FRN 0.47875% 01/31/2011 350,243 350,620 900,000 Province of Manitoba 0.09125% 02/22/2011 898,542 899,496

1,900,000 Province of Manitoba 4.45% 04/12/2010 1,922,743 1,901,228 3,171,528 3,151,344

SHORT-TERM NOTES (14.8%) 2,350,000 US Treasury Bill 0.2% 06/17/2010 2,347,781 2,348,830



Other Assets (net) (65.3%) 10,331,802

Net Assets (100.0%) 15,831,976



CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)

– 275 –







A Shares


A Shares








A Shares

5,500 8,65810,342 11,674

- -- -- -- -- -- -- -- 1- -- -

40 2715,882 20,360

- -- 10- -- -- -- -- 7- -- -- -

50 2750 44

15,832 20,316

5,519 8,729- -

11.36 11.37

1,394,257 1,787,236

- -83 701

- -- -- -- -- -

83 701

172 315- -- -

26 188 16

206 349(90) (33)(33) 385

(28) (55)- -- -- -

52 (65)24 (120)(9) 265

(0.01) 0.10


2010 2009


2010 2009


CI Short-Term US$ Corporate ClassFinancial Statements (Expressed in US$)

– 276 –

The FundNet assets, beginning of yearCapital transactions




20,316 41,020

8,910 18,310- -

(12,149) (35,220)(1,236) (4,059)(4,475) (20,969)

- -- -- -- -

(9) 26515,832 20,316


2010 2009



CI Short-Term US$ Corporate ClassFinancial Statements – Supplementary Schedules (Expressed in US$)

– 277 –




2010 2009

1,787,236 3,638,390830,041 1,505,648

- -(1,122,368) (3,030,904)

(100,652) (325,898)1,394,257 1,787,236


11.36 11.3711.36 11.37



2010 2009


2010 2009


- -- -


2010 2009


- -- -

Annual management fee rateA Shares

Annual fixed administration fee rateA Shares

1.00

-


2010

CI Short-Term US$ Corporate ClassFund Specific Financial Instruments Risks (Note 11) (Expressed in US$)

– 278 –





Other Assets ............................................................................................................................ 57.5Bonds ....................................................................................................................................... 30.1Short Term Investments........................................................................................................... 12.4

Other Price RiskAs at March 31, 2010 and 2009, the investments of this Fund had high credit ratings and short termsto maturity; as such, we did not expect the value of these investments to fluctuate dramatically. Asa result, the other price risk of this Fund was insignificant.



Credit Rating^ (%)AAA/Aaa/A++ 14.8AA/Aa/A+ 17.7A 2.2Total 34.7





Currency RiskAs at March 31, 2010, the Fund’s investments were denominated in U.S. dollars the functionalcurrency of the Fund. As a result, the Fund was not exposed to currency risk.

The table below summarizes the Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Canadian Dollars (41) - (41) (0.2) Total (41) - (41) (0.2)

As at March 31, 2009, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Fund, with all other variables held constant, net assets ofthe Fund would have decreased or increased, respectively, by approximately $4,000. In practice, theactual trading results may differ from the sensitivity analysis and the difference may be material.






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $– (March 31, 2009 - $1,000). In practice, the actual resultsmay differ. The difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)

Bonds - 3,151 - 3,151 Short-term notes - 2,349 - 2,349 Total - 5,500 - 5,500



15,842 - - - 15,842



19,999 333 - - 20,332


Signature Canadian Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 279 –



CORPORATE BONDS (50.5%) 1,035,000 407 International Inc., 5.1% 01/20/2014 1,040,148 1,103,799 1,490,000 407 International Inc., Callable,

5.96% 12/03/2035* 1,533,352 1,597,645 1,818,635 Access Health Abbotsford Ltd.,

6.032% 03/07/2038 1,874,669 1,849,600 2,538,843 Access Roads Edmonton Ltd.,

5.812% 09/30/2037 2,654,704 2,553,028 671,711 Alliance Pipeline LP 7.181% 06/30/2023 778,435 761,881

1,185,048 Alliance Pipeline LP 7.217% 12/31/2025 1,354,580 1,348,466 1,925,000 AltaGas Income Trust 4.41% 09/01/2010 1,894,758 1,948,727

400,000 AltaGas Income Trust 5.07% 01/19/2012 403,640 413,214 620,000 AltaLink 5.381% 03/26/2040 620,000 617,700

1,200,000 AltaLink Investments LP 5.019% 11/21/2012 1,208,160 1,241,730 1,275,000 AltaLink Investments LP 5.207% 12/16/2016 1,275,000 1,282,698

760,000 American Express Canada 4.7% 05/20/2011 747,432 783,597 USD 2,200,000 Bank of America Corp., Callable,

8% 01/30/2049 2,165,274 2,279,511 USD 4,265,000 Bank of Ireland 2.75% 03/02/2012 4,495,301 4,329,203

1,600,000 Bank of Ireland 3.8% 09/22/2015 1,532,427 1,202,939 2,025,000 Bank of Montreal 5.18% 06/10/2015* 2,040,437 2,192,454 2,585,000 Bank of Nova Scotia 3.43% 07/16/2014†† 2,608,006 2,596,578

975,000 Bank of Nova Scotia 5.04% 04/08/2013†† 961,876 1,036,031 2,345,000 Bank of Nova Scotia 6% 10/03/2018†† 2,354,492 2,558,042 1,700,000 Bear Stearns Co., Inc., 4.3% 01/12/2011 1,725,585 1,737,734

805,000 Bell Aliant Regional Communications Income Fund 6.17% 02/26/2037 662,229 759,209

1,200,000 Bell Aliant Regional Communications LP, 5.41% 09/26/2016 1,164,752 1,252,232

735,000 Bell Aliant Regional Communications LP, 6.29% 02/17/2015 736,917 802,967

550,000 Bell Canada 4.85% 06/30/2014 549,131 578,387 700,000 Bell Canada 5% 02/15/2017 656,360 726,980

1,125,000 BMW Canada Inc., 3.22% 03/28/2013 1,124,876 1,126,534 1,960,000 BNS Capital Trust, Callable,

7.31% 12/31/2049†† 2,026,477 2,042,167 2,125,000 Brookfield Asset Management Inc.,

8.95% 06/02/2014 2,154,411 2,451,908 1,475,000 Brookfield Renewable Power,

6.132% 11/30/2016 1,475,000 1,531,780 1,360,000 Brookfield Renewable Power Inc.,

5.84% 11/05/2036 1,001,024 1,211,338 975,000 Calloway REIT 10.25% 04/14/2014 982,058 1,130,401

2,300,000 Cameco Corp., 5.67% 09/02/2019 2,319,972 2,407,193 1,355,000 Canada Capital Auto Receivables Asset Trust,

2.002% 11/17/2012 1,355,000 1,356,355 2,175,000 Canada Housing Trust No.1 4% 06/15/2012 2,313,047 2,265,783 2,800,000 Canada Housing Trust No.1,

4.1% 12/15/2018 2,889,516 2,866,028 1,515,000 Canada Housing Trust No.1,

4.55% 12/15/2012 1,627,140 1,602,307 1,500,000 Canadian Hydro Developers Inc.,

5.334% 09/01/2015 1,431,396 1,428,536 2,050,000 Canadian Imperial Bank of Commerce,

3.05% 06/03/2013 2,048,914 2,059,321

CORPORATE BONDS (50.5%) (cont’d)1,700,000 Canadian Natural Resources Ltd.,

4.95% 06/01/2015 1,676,485 1,787,886 1,350,000 Canadian Western Bank,

6.199% 12/31/2056 1,288,903 1,236,040 2,375,000 Canadian Western Bank 5.07% 03/22/2017 2,363,554 2,414,210 1,000,000 CCIC, 2006-WEM, Class F,

5.248% 01/15/2022 832,544 807,170 3,250,000 CCIC, 2006-WEM, MBS A2,

4.934% 01/15/2022 3,013,196 2,824,154 USD 73,731 CIT Group Inc., 7% 05/01/2013 79,340 72,815 USD 110,596 CIT Group Inc., 7% 05/01/2014 118,378 106,133 USD 110,596 CIT Group Inc., 7% 05/01/2015 114,262 104,729 USD 184,327 CIT Group Inc., 7% 05/01/2016 183,053 172,677 USD 258,058 CIT Group Inc., 7% 05/01/2017 254,057 241,748

1,850,000 Citigroup Finance Canada Inc., 6.75% 09/22/2014 1,848,372 1,978,184

2,000,000 Commerzbank AG, FRN, 4.5% 12/15/2016 1,900,814 1,794,084 1,675,000 Co-operators Financial Services Ltd.,

5.07% 07/20/2012 1,633,189 1,726,762 1,615,000 Depfa ACS Bank 5.25% 03/31/2025 1,571,169 1,342,083 1,620,000 Deutsche Bank AG 4.9% 08/22/2016 1,516,939 1,494,206

855,000 Enbridge Gas Distribution Inc., 6.9% 11/15/2032 1,011,510 1,022,918

630,000 Enbridge Inc., 5.17% 05/19/2016 629,635 672,350 2,000,000 Export Development Canada,

5.1% 06/02/2014 2,132,000 2,168,308 1,900,000 Finning International Inc.,

5.16% 09/03/2013 1,947,118 2,000,744 1,500,000 First Capital Realty Inc., 5.34% 04/01/2013 1,446,896 1,546,007 1,090,000 First Capital Realty Inc., 5.95% 06/01/2015 1,112,411 1,131,111 1,000,000 First Captial Realty Inc., 5.49% 12/01/2011 990,816 1,034,469 1,580,000 Ford Motor Credit Co., 1.517% 10/15/2012 1,368,281 1,369,436

525,000 Fortis Inc., 6.51% 07/04/2039 524,654 565,265 1,000,000 FortisAlberta Inc., 5.33% 10/31/2014 1,033,708 1,082,546 3,000,000 France Telecom SA 4.95% 06/23/2011 3,025,303 3,109,508 1,700,000 France Telecom SA 5.5% 06/23/2016 1,776,620 1,793,930

650,000 George Weston Ltd., 7.1% 02/05/2032 630,914 702,693 1,480,000 Golden Credit Card Trust,

5.106% 04/15/2011 1,498,432 1,532,193 841,032 Greater Toronto Airports Authority,

6.45% 07/30/2029 866,630 927,446 775,000 Greater Toronto Airports Authority, Callable,

6.98% 10/15/2032 788,409 919,885 2,600,000 Great-West Life Capital Trust,

5.995% 12/31/2052 2,770,442 2,785,268 2,525,000 Holcim Finance Canada Inc.,

5.9% 06/21/2013 2,491,308 2,655,432 635,000 HSBC Bank Canada 4.94% 03/16/2021 583,618 653,710

2,160,000 Inter-American Development Bank, 4.4% 01/26/2026 1,960,654 2,047,027

USD 825,000 JPMorgan Chase & Co., FRN, Callable, 7.9% 04/30/2049 788,460 893,162

1,135,000 Kimco North Trust II 4.45% 04/21/2010 1,104,647 1,136,132 1,500,000 Kimco North Trust III 5.18% 08/16/2013 1,419,733 1,512,649




– 280 –

CORPORATE BONDS (50.5%) (cont’d)1,390,000 Loblaw Cos. Ltd., 6.05% 06/09/2034 1,172,981 1,360,823

675,000 Loblaw Cos. Ltd., 6.15% 01/29/2035 489,363 668,819 380,000 Loblaw Cos. Ltd., 6.5% 01/19/2011 384,004 394,963 830,000 Mansfield Trust 6.571% 11/15/2025 100,051 97,832

2,398,000 Manufacturers Investment Corp., 6.822% 05/31/2011 2,538,137 2,530,607

1,400,000 Manulife Financial Capital Trust, 6.7% 06/30/2012 1,431,360 1,513,656

3,045,000 Merrill Lynch & Co., Inc., 4.5% 01/30/2012 2,846,176 3,113,195 2,100,000 Merrill Lynch Canada Finance Co.,

5.8% 05/05/2011 2,116,130 2,170,406 2,600,000 Merrill Lynch Financial Assets Inc.,

4.678% 03/12/2039 2,575,817 2,631,616 2,030,000 Merrill Lynch Financial Assets Inc.,

6.79% 04/15/2033 2,104,646 2,093,324 1,120,000 MetLife Global Funding I 4.5% 02/10/2011 1,097,817 1,148,632 2,340,000 Metro Inc., 5.97% 10/15/2035 2,195,056 2,287,778 1,750,000 MI Developments Inc., 6.05% 12/22/2016 1,709,355 1,646,830 1,025,000 Molson Coors Capital Finance Co.,

Senior Notes, 5% 09/22/2015 1,034,855 1,076,095 150,000 Morgan Stanley, FRN Floating Rate,

02/23/2012 149,734 147,054 2,097,000 N-45 First CMBS Issuer Corp.,

4.636% 12/15/2019 1,286,277 1,312,777 690,000 National Bank of Canada,

4.456% 11/02/2016 708,248 714,317 424,000 Noranda Operating Trust 6.529% 12/20/2010 409,552 405,157

2,700,000 Nordea Bank AB 3.95% 08/05/2015 2,623,037 2,720,111 2,020,000 Northwest Connect Group,

5.95% 04/30/2041 1,975,667 1,913,473 1,090,000 Power Corp. of Canada 7.57% 04/22/2019 1,103,499 1,276,562 1,084,000 Queen's University 6.1% 11/19/2032 1,250,917 1,201,221 1,848,000 RBC Capital Trust 7.288% 12/31/2049 1,896,053 1,874,794 2,475,000 Reliance LP 7.3% 04/03/2013 2,459,205 2,519,856

825,000 RioCan REIT 5.7% 09/11/2012 815,277 866,527 1,350,000 Rogers Communications Inc.,

5.8% 05/26/2016 1,346,854 1,464,000 1,300,000 Rogers Communications Inc.,

6.68% 11/04/2039 1,328,426 1,383,589 2,615,000 Royal Bank of Canada 3.27% 11/10/2014 2,614,634 2,615,780 6,000,000 Royal Bank of Canada 3.66% 01/25/2017 5,997,780 5,929,919 1,525,000 Royal Bank of Canada 5.06% 07/17/2013 1,539,080 1,630,737

610,000 Royal Bank of Canada 5.2% 08/15/2012 622,761 649,192 2,620,000 Royal Bank of Scotland,

1.23429% 03/30/2015 2,481,730 2,253,200 6,080,000 Royal Bank of Scotland, Callable,

5.37% 05/12/2049 4,810,288 4,377,600 1,690,984 Royal Office Finance LP 5.209% 11/12/2032 1,635,518 1,704,555 1,830,000 Scotiabank Capital Trust, Series 2002-1,

Callable, 6.626% 06/30/2052†† 1,845,692 1,978,500 1,975,000 Shaw Communications Inc.,

5.65% 10/01/2019 1,977,154 2,035,189 1,850,000 Shaw Communications Inc.,

6.5% 06/02/2014 1,847,914 2,038,155 1,190,000 Shaw Communications Inc.,

6.75% 11/09/2039 1,181,979 1,223,815

CORPORATE BONDS (50.5%) (cont’d)1,545,000 Sherritt International Corp.,

7.75% 10/15/2015 1,547,874 1,606,677 830,000 SNC-Lavalin Group Inc., 6.19% 07/03/2019 830,000 887,773

3,659,670 Strait Crossing Development Inc., 6.17% 09/15/2031 3,655,903 3,510,795

2,000,000 Sun Life Financial Inc., 5% 07/11/2031 1,984,824 2,070,908 1,075,000 Sun Life Financial Inc., 7.9% 03/31/2019 1,096,614 1,226,445

795,000 TD Capital Trust 10% 06/30/2108 795,000 1,211,046 1,925,000 TD Capital Trust 6.792% 12/31/2049 1,936,508 2,111,539 2,080,000 TD Capital Trust 7.243% 12/31/2018 2,134,640 2,385,881

525,000 Terasen Gas Inc., 6% 10/02/2037 543,419 569,469 650,000 Terasen Gas Inc., Callable,

6.5% 05/01/2034 714,592 748,384 1,400,000 Terasen Gas Vancouver Island Inc.,

6.05% 02/15/2038 1,320,472 1,490,090 1,350,000 Thomson Reuters Corp., 5.7% 07/15/2015 1,376,730 1,483,489 1,500,000 Toronto-Dominion Bank,

4.854% 02/13/2013 1,530,369 1,589,944 745,000 Toronto-Dominion Bank,

4.97% 10/30/2104 724,468 769,181 1,550,000 Toronto-Dominion Bank,

5.141% 11/19/2012 1,566,923 1,652,533 700,000 Union Gas Ltd., 6.05% 09/02/2038 714,730 757,879 300,000 University of British Columbia,

6.65% 12/01/2031 365,940 351,778 1,375,000 University of Ottawa 6.28% 04/15/2043 1,537,314 1,557,523

USD 1,960,000 Wells Fargo & Co., 7.98% 02/28/2049 1,964,222 2,079,940 1,225,000 Wells Fargo Financial Canada,

3.97% 11/03/2014 1,224,951 1,243,783 1,100,000 Wells Fargo Financial Canada Corp.,

4.38% 06/30/2015 1,084,205 1,130,876 1,685,000 Wilfrid Laurier University,

5.429% 02/01/2045 1,608,070 1,678,327 655,000 Yellow Pages Income Fund,

7.75% 03/02/2020 655,000 687,473 1,000,000 YPG Holdings Inc., Callable,

5.71% 04/21/2014 964,160 1,006,797 207,662,902 213,178,259

GOVERNMENT BONDS (30.6%) 11,280,000 Canadian Government Bond,

1.25% 06/01/2011* 11,337,976 11,296,918 12,965,000 Canadian Government Bond,

2% 09/01/2012 13,049,477 12,956,202 10,265,000 Canadian Government Bond,

2% 12/01/2014* 9,902,508 9,906,356 8,415,000 Canadian Government Bond,


3.5% 06/01/2020 14,260,268 14,206,686 5,146,000 Canadian Government Bond,

3.75% 09/01/2011* 5,307,589 5,317,311 2,889,000 Canadian Government Bond,

4% 06/01/2016* 3,099,837 3,032,076 777,000 Canadian Government Bond,

4.5% 06/01/2015* 854,313 836,550





– 281 –






1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (4,108,000) US $ 4,358,917 Canadian $ 186,868



GOVERNMENT BONDS (30.6%) (cont’d)4,731,000 Canadian Government Bond,

5.75% 06/01/2029* 5,870,088 5,775,946 285,000 Canadian Government Bond,

8% 06/01/2023 409,421 405,004 2,467,000 Canadian Government Bond,


Series XW98, 5% 06/01/2037* 18,385,501 18,169,478 6,864,000 Canadian Government Bond,

Series YF56, 4% 06/01/2017* 7,226,338 7,165,487 4,885,000 Canadian Government Bond,

Series YL25, 4.25% 06/01/2018* 5,158,409 5,157,140 6,220,000 Canadian Government Bond,

Series YN80, 3.5% 06/01/2013* 6,502,210 6,432,158 16,116,000 Canadian Government Bond,

Series YR94, 3.75% 06/01/2019* 16,440,789 16,342,084 130,161,372 129,183,046

PROVINCIAL BONDS (9.6%) 6,939,000 55 Ontario School Board Trust,

5.9% 06/02/2033 7,573,921 7,511,297 1,200,000 City of Montreal 6% 06/01/2043 1,339,416 1,339,779 2,000,000 City of Toronto 5.05% 07/18/2017 1,994,560 2,113,160 3,425,736 New Brunswick F-M Project Co., Inc.,

Callable, 6.47% 11/30/2027 3,831,672 3,875,726 2,200,000 Province of British Columbia,

4.7% 06/18/2037 2,179,740 2,191,525 3,965,000 Province of Ontario 4.4% 06/02/2019 4,097,828 4,031,096 3,720,000 Province of Ontario 4.7% 06/02/2037 3,720,256 3,674,208 2,843,000 Province of Quebec 4.5% 12/01/2016 2,846,226 2,973,720 1,500,000 Province of Quebec 5% 12/01/2038 1,585,245 1,528,949 1,775,000 Province of Quebec 4.5% 12/01/2018 1,838,900 1,818,738 1,730,000 Province of Quebec 4.5% 12/01/2019 1,771,520 1,756,266

750,000 Province of Quebec 5.75% 12/01/2036 809,385 844,146 3,365,000 Province of Quebec 6% 10/01/2029 3,792,181 3,846,996 2,815,000 Province of Quebec, FRN, Floating Rate,

08/06/2011 2,817,308 2,815,373 40,198,158 40,320,979

FOREIGN GOVERNMENT BONDS (4.3%) 3,540,000 African Development Bank,

4.85% 07/24/2012 3,776,295 3,738,672 3,596,000 Austria Government International Bond,

5.375% 12/01/2034 3,795,362 3,610,722 2,750,000 EUROFIMA 5.15% 12/13/2019 2,870,938 2,825,841 2,650,000 European Investment Bank,

4.6% 01/30/2037 2,450,132 2,421,067 3,750,000 Instituto de Credito Oficial,

4.53% 03/17/2016 3,838,449 3,768,574 1,770,000 Instituto de Credito Oficial 5% 03/31/2020 1,795,966 1,734,874

18,527,142 18,099,750COMMON EQUITIES (0.1%)

6,346 CIT Group Inc. 196,164 250,814



Short Term Notes (3.8%) 16,000,000 16,000,000





Net Assets (100.0%) 422,047,430




Signature Canadian Bond Corporate ClassFinancial Statements

– 282 –




















401,033 281,151720 2,088

16,000 25,000- -- -- -

187 -- -- -

840 399- -- -

4,885 3,539423,665 312,177

- -- -- -- 8- -- -

1,081 1,938- -- -- -

537 2641,618 2,210

422,047 309,967

396,746 282,469- -

211,685 175,15112,020 7,826

198,342 126,990

13.18 12.5513.51 12.7912.36 11.58

16,059,162 13,961,802889,743 611,776

16,042,596 10,965,534

- -16,411 12,207

39 42- -- -- -- -

16,450 12,249

2,714 2,132348 274

- 3273 225153 120

3,488 2,75412,962 9,495

- -12,962 9,495

3,026 3,503(14) (54)(4) (3)- -

5,799 (4,739)8,807 (1,293)

21,769 8,202

9,607 3,653490 214

11,672 4,335

0.64 0.290.70 0.310.79 0.46


2010 2009


2010 2009


Signature Canadian Bond Corporate ClassFinancial Statements

– 283 –

















175,151 132,799

83,606 73,967- -

(48,861) (40,614)(7,818) 5,34626,927 38,699

- -- -- -- -

9,607 3,653211,685 175,151

7,826 8,267

5,726 2,792- -

(3,194) (3,246)1,172 (201)3,704 (655)

- -- -- -- -

490 21412,020 7,826

126,990 94,063

72,593 30,497- -

(31,791) (7,692)18,878 5,78759,680 28,592

- -- -- -- -

11,672 4,335198,342 126,990

309,967 235,129

161,925 107,256- -

(83,846) (51,552)12,232 10,93290,311 66,636

- -- -- -- -

21,769 8,202422,047 309,967


2010 2009


2010 2009



Signature Canadian Bond Corporate ClassFinancial Statements – Supplementary Schedules

– 284 –






2010 2009

13,961,802 10,815,2396,499,653 6,037,985

- -(3,801,912) (3,316,787)

(600,381) 425,36516,059,162 13,961,802

611,776 663,658432,674 225,209

- -(241,823) (260,636)

87,116 (16,455)889,743 611,776

10,965,534 8,431,0086,069,541 2,712,796

- -(2,645,819) (684,592)1,653,340 506,322

16,042,596 10,965,534




13.18 12.5513.19 12.55

13.51 12.7913.52 12.79

12.36 11.5812.37 11.58



2010 2009


2010 2009


75,129 85,28276,632 90,890


2010 2009


- -- -



1.350.85


0.170.17

-


2010

Signature Canadian Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 285 –




Corporate Bonds ...................................................................................................................... 45.9Government Bonds................................................................................................................... 30.9Provincial Bonds....................................................................................................................... 12.0Short Term Investments........................................................................................................... 8.1Foreign Government Bonds...................................................................................................... 2.0Other Assets ............................................................................................................................ 1.2Foreign Currency Forward Contracts ....................................................................................... -0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund did not have a significant exposure to other price risk asthe Fund was mostly invested in fixed income securities and their market risk exposure is describedbelow.





Credit Rating^ (%)AAA/Aaa/A++ 41.5AA/Aa/A+ 19.4A 20.8BBB/Baa/B++ 11.5BB/Ba/B+ 0.7CCC/Caa/C++ 0.1Not Rated 4.9Total 98.9







Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 70 - 70 0.1 Total 70 - 70 0.1

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 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$655,000 (March 31, 2009 - $7,000). In practice, actual results may differ from this analysis andthe difference may be material.






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31, 2009- 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $6,075,000 (March 31, 2009 - $3,832,000). In practice, actualresults may differ from this analysis and the difference may be material.



23,491 72,249 63,043 258,719 417,502



32,055 47,698 44,113 184,373 308,239



Signature Canadian Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 286 –



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 251 - - 251 Bonds - 388,289 - 388,289 Mortgage backed securities - 12,493 - 12,493 Short-term notes - 16,000 - 16,000 Foreign currency forward contracts - 187 - 187 Total 251 416,969 - 417,220



Signature Corporate Bond Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 287 –


††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in 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.



CORPORATE BONDS (88.5%) 1,200,000 407 International Inc., 4.5% 01/25/2011 1,235,340 1,231,837

USD 243,000 Ace Cash Express Inc., 10.25% 10/01/2014 138,951 204,815 500,000 Aeroports De Montreal 5.67% 10/16/2037 484,056 504,724 450,000 Aeroports De Montreal 6.55% 10/11/2033 477,712 506,175

USD 460,000 AES Corp., Callable 8.75% 05/15/2013 548,628 474,135 USD 1,406,000 Alliance One International Inc.,

10% 07/15/2016 1,548,277 1,492,039 USD 142,000 Alliance One International Inc., 144A,

10% 07/15/2016 150,942 150,690 373,690 Alliance Pipeline LP 6.765% 12/31/2025 417,421 414,232 629,054 Alliance Pipeline LP 7.181% 06/30/2023 684,363 713,498 340,000 AltaGas Income Trust 4.41% 09/01/2010 345,613 344,191 420,000 AltaGas Income Trust 5.07% 01/19/2012 425,770 433,875 110,000 Altalink Investments LP 5.249% 09/22/2036 103,010 107,750 935,000 AltaLink Investments LP 5.019% 11/21/2012 944,870 967,515 565,000 AltaLink Investments LP 5.207% 12/16/2016 565,000 568,411

1,310,000 American Express Canada 4.7% 05/20/2011 1,344,351 1,350,674 1,585,000 American Express Canada 4.853% 10/03/2014 1,598,689 1,639,495

USD 1,281,000 Amylin Pharmaceuticals Inc., 3% 06/15/2014 1,054,375 1,159,383 USD 1,354,000 Apria Healthcare Group Inc.,

11.25% 11/01/2014 1,529,113 1,495,293 USD 334,000 Apria Healthcare Group Inc.,

12.375% 11/01/2014 361,065 371,398 USD 827,000 Ashland Inc., 9.125% 06/01/2017 982,102 940,593 USD 693,000 Axcan Intermediate Holdings Inc.,

9.25% 03/01/2015 825,994 760,038 USD 576,000 Baker & Taylor Inc., 11.5% 07/01/2013 195,886 310,011 USD 1,270,000 Bank of America Corp., Callable,

8% 01/30/2049 1,250,059 1,315,900 1,100,000 Bank of Ireland 3.8% 09/22/2015 1,099,490 827,021 1,450,000 Bank of Montreal 5.18% 06/10/2015* 1,569,171 1,569,905

470,000 Bank of Montreal Capital Trust II, Callable, 10.221% 12/31/2107 605,270 632,689

900,000 Bank of Montreal, FX/FL Subordinated Debenture, 6.17% 03/28/2023 1,003,949 1,005,590

630,000 Bank of Nova Scotia 5.04% 04/08/2013†† 678,496 669,435 980,000 Bank of Nova Scotia 6% 10/03/2018†† 1,077,995 1,069,032

GBP 450,000 Barclays Bank PLC 14% 06/15/2019 952,890 900,971 353,000 Baytex Energy Trust 9.15% 08/26/2016 353,174 384,797 370,000 BC Gas Inc., Callable, 8% 04/19/2040 389,518 370,662 450,000 Bear Stearns Co., Inc., 4.3% 01/12/2011 457,871 459,988

USD 935,000 Beatrice Foods Canada Ltd., 1% 11/19/2026 275,824 278,343 1,100,000 Bell Aliant Regional Communications LP

5.41% 09/26/2016 1,112,742 1,147,879 800,000 Bell Canada 4.85% 06/30/2014* 831,512 841,290 140,000 Bell Canada 5% 02/15/2017 141,637 145,396

USD 130,000 Belo Corp., 8% 11/15/2016 133,825 137,625 USD 526,000 Biomet Inc., 10% 10/15/2017 628,324 588,902 USD 98,000 Bio-Rad Labs 8% 09/15/2016 113,972 105,987 USD 910,475 Blockbuster Inc., 11.75% 10/01/2014 915,301 681,881

600,000 BNS Capital Trust, Callable, 7.31% 12/31/2049†† 639,402 625,153 USD 105,000 Boston Scientific Corp., 6.25% 11/15/2015 115,426 109,826 USD 363,000 Boston Scientific Corp., Senior Notes,

6.4% 06/15/2016 397,740 379,684 1,310,000 Brookfield Asset Management Inc.,

8.95% 06/02/2014 1,442,718 1,511,529

CORPORATE BONDS (88.5%) (cont’d)625,000 Brookfield Renewable Power

6.132% 11/30/2016 625,000 649,059 USD 640,000 Calfrac Holdings LP 7.75% 02/15/2015 653,911 645,856

400,000 Calloway REIT 10.25% 04/14/2014 448,905 463,754 555,000 Calloway REIT, Callable 4.51% 09/22/2010 561,380 559,011

1,050,000 Cameco Corp., 5.67% 09/02/2019 1,065,674 1,098,936 460,000 Canadian Hydro Developers Inc.,

5.334% 09/01/2015 435,336 438,084 685,000 Canadian Natural Resources Ltd.,

4.5% 01/23/2013 718,632 717,637 960,000 Canadian Natural Resources Ltd.,

4.95% 06/01/2015 990,138 1,009,629 600,000 Canadian Western Bank

6.199% 12/31/2056 557,736 549,351 770,000 Canadian Western Bank 5.07% 03/22/2017 783,426 782,712

1,320,000 Canadian Western Bank 5.95% 06/27/2018 1,351,969 1,352,081 USD 81,114 CanWest MediaWorks Inc., 8% 09/15/2012 43,154 79,076

975,000 Cascades Inc., 7.75% 12/15/2016 962,032 981,044 USD 520,000 Cascades Inc., 7.75% 12/15/2017 544,734 532,019 USD 857,000 CB Richard Ellis Service 11.625% 06/15/2017 986,915 974,714

700,000 CCIC 2006-WEM Class F 5.248% 01/15/2022 476,927 565,019 760,000 CCIC 2006-WEM, MBS A2 4.934% 01/15/2022 614,700 660,418

USD 240,000 CCS Inc., Private Placement 11% 11/15/2015^ 170,991 199,850 USD 1,022,000 Chesapeake Energy Corp., 9.5% 02/15/2015 1,184,698 1,128,648 USD 200,000 Chesapeake Energy Corp., Senior Notes,

6.5% 08/15/2017 195,738 196,499 USD 889,000 Cie Gen Geophysique 9.5% 05/15/2016 1,009,729 965,971 USD 37,272 CIT Group Inc., 7% 05/01/2013 31,811 36,809 USD 55,908 CIT Group Inc., 7% 05/01/2014 47,463 53,652 USD 55,908 CIT Group Inc., 7% 05/01/2015 45,813 52,942 USD 93,180 CIT Group Inc., 7% 05/01/2016 73,395 87,291 USD 130,452 CIT Group Inc., 7% 05/01/2017 101,863 122,207

495,000 Citigroup Finance Canada Inc., 4.35% 03/08/2013 494,614 495,628

715,000 Citigroup Finance Canada Inc., 6.75% 09/22/2014 714,371 764,541

1,650,000 Citigroup Financial Canada Inc., 4.9% 11/13/2012 1,656,750 1,684,918

470,000 Commerzbank AG, FRN, 4.5% 12/15/2016 453,387 421,610 USD 200,000 Comstock Resources Inc., 8.375% 10/15/2017 208,901 208,685 USD 534,000 Connacher Oil and Gas Ltd., 10.25% 12/15/2015 368,759 551,765 USD 947,000 Connacher Oil and Gas Ltd.,

Private Placement 11.75% 07/15/2014^ 1,080,682 1,056,487 USD 765,000 Consol Energy Inc., 8% 04/01/2017 783,932 798,218 USD 60,000 Continental Resources Inc., 7.375% 10/01/2020 60,634 60,384 USD 241,000 Continental Resources Inc., 8.25% 10/01/2019 261,204 259,419

1,070,000 Co-operators Financial Services Ltd., 5.07% 07/20/2012 1,063,648 1,103,066

USD 284,012 Corral Finans AB, FRN, 144A, 1.75125% 04/15/2010 202,207 233,615

USD 312,000 Cott Beverages Inc., 8.375% 11/15/2017 328,499 327,132 USD 289,000 Couche-Tard Finance Corp., Callable,

7.5% 12/15/2013 328,156 297,881 USD 97,000 CSC Holdings Inc., 8.5% 04/15/2014 113,350 104,906 USD 1,559,000 Denbury Resources Inc., Callable,

8.25% 02/15/2020 1,696,470 1,678,149


– 288 –





CORPORATE BONDS (88.5%) (cont’d)920,000 Deutsche Bank AG 4.9% 08/22/2016 856,516 848,562

USD 250,000 Digicel Group Ltd., 10.5% 04/15/2018 253,488 263,394 USD 1,763,000 Digicel Group Ltd., 12% 04/01/2014 2,082,500 2,027,538 USD 333,000 Digicel Group Ltd., 8.25% 09/01/2017 346,765 334,779 USD 190,000 DJO Finance LLC / DJO Finance Corp.,

10.875% 11/15/2014 209,670 209,586 USD 57,000 DJO Finance LLC / DJO Finance Corp.,

10.875% 11/15/2014 61,250 62,876 USD 380,000 Dollar General Corp., 2.875% 06/30/2027 309,827 355,982 USD 111,000 Dollarama Group LP, FRN, 7.20575% 08/15/2012 115,624 112,878 USD 115,000 Domtar Corp., 10.75% 06/01/2017 129,691 141,890

1,000,000 ERAC Canada Finance Ltd., 5.38% 02/26/2016 928,921 1,005,561 1,000,000 Finning International Inc., 5.16% 09/03/2013 1,037,557 1,053,023

142,000 First Capital Realty Inc., 144A 5.5% 09/30/2017 124,832 141,645 260,000 First Capital Realty Inc., 5.34% 04/01/2013 239,309 267,975 625,000 First Capital Realty Inc., 5.95% 06/01/2015 644,551 648,573 350,000 First Captial Realty Inc., 5.49% 12/01/2011 342,922 362,064 450,000 First Captial Realty Inc., 5.85% 01/31/2017 451,044 457,848

USD 230,000 First Data Corp., 9.875% 09/24/2015 192,447 201,449 USD 1,596,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 1,867,014 1,867,894 USD 236,000 FMG Finance Pty. Ltd., 10% 09/01/2013 272,208 257,931 USD 163,000 Foot Locker Inc., 8.5% 01/15/2022 172,385 153,111

780,000 France Telecom SA 4.95% 06/23/2011 801,338 808,472 700,000 France Telecom SA 5.5% 06/23/2016 733,600 738,677

USD 1,015,000 Freeport-McMoRan Copper & Gold Inc., 8.25% 04/01/2015 1,212,012 1,122,206

USD 525,000 General Maritime Corp., 12% 11/15/2017 556,357 570,455 USD 1,620,000 Geokinetics Holdings Inc., 9.75% 12/15/2014 1,693,837 1,542,285

60,000 George Weston Ltd., 7.1% 02/05/2032 57,954 64,864 USD 333,000 Gibson Energy Ltd., 10% 01/15/2018 336,753 332,243 USD 945,000 Gibson Energy ULC 11.75% 05/27/2014 1,085,562 1,053,209 USD 515,000 Goldcorp Inc., Private Placement

2% 08/01/2014^ 580,832 581,816 USD 970,000 Goodyear Tire & Rubber Co.,

10.5% 05/15/2016 1,155,737 1,063,834 USD 598,000 Great Canadian Gaming Corp.,

7.25% 02/15/2015 632,753 601,194 320,000 Greater Toronto Airports Authority

5.96% 11/20/2019* 343,110 353,744 240,000 Greater Toronto Airports Authority, Callable,

6.98% 10/15/2032 272,916 284,868 1,450,000 Great-West Life Capital Trust

5.995% 12/31/2052 1,568,736 1,553,323 USD 227,000 Grupo Posadas SAB de CV 9.25% 01/15/2015 239,090 240,315 USD 759,000 H&E Equipment Services Inc.,

8.375% 07/15/2016 745,303 745,712 340,000 Hamilton Utilities Corp., 6.25% 07/30/2012 376,758 366,865

USD 65,000 Hanesbrands Inc., 8% 12/15/2016 67,658 68,318 USD 100,000 HCA Inc., 6.5% 02/15/2016 96,219 96,345 USD 200,000 HCA Inc., 7.875% 02/15/2020 214,332 212,621 USD 136,000 HCA Inc., 8.5% 04/15/2019 156,935 148,553 USD 1,533,000 HCA Inc., Callable, 9.125% 11/15/2014 1,740,945 1,648,216 USD 750,000 HealthSouth Corp., 10.75% 06/15/2016 857,719 823,504

1,300,000 Holcim Finance Canada Inc., 5.9% 06/21/2013 1,281,744 1,367,153 USD 236,000 Host Hotels & Resorts Inc., 2.625% 04/15/2027 229,415 229,472

445,000 HSBC Bank Canada 4.94% 03/16/2021 451,892 458,112

CORPORATE BONDS (88.5%) (cont’d)USD 1,494,000 Hughes Network Systems LLC

9.5% 04/15/2014 1,659,294 1,558,873 USD 1,163,000 Huntsman International LLC 5.5% 06/30/2016 1,036,429 1,071,778 USD 944,000 Ingles Markets Inc., 8.875% 05/15/2017 1,039,436 1,001,767 USD 448,000 Innophos Inc., 8.875% 08/15/2014 480,146 468,591 USD 1,500,000 Intelsat Bermuda Ltd., 11.25% 06/15/2016 1,724,708 1,648,912 USD 555,000 Intelsat Jackson Holdings 8.5% 11/01/2019 571,092 591,781 USD 250,000 Intelsat Subsidiary Holding Co., Ltd.,

8.875% 01/15/2015 273,310 262,125 USD 633,000 Intergen NV 9% 06/30/2017 700,558 662,094 USD 970,000 International Lease Finance Corp.,

8.625% 09/15/2015 964,589 1,006,958 USD 3,750,000 International Lease Finance Corp.,

8.75% 03/15/2017 3,734,163 3,895,813 USD 1,020,000 Inverness Medical Innovations Inc.,

9% 05/15/2016 1,115,007 1,056,523 562,000 Iron Mountain Inc., 7.5% 03/15/2017 529,093 550,855

USD 1,061,000 Jabil Circuit Inc., 8.25% 03/15/2018 1,165,407 1,163,637 USD 225,000 James River Coal Co., 9.375% 06/01/2012 236,047 232,485 USD 72,000 Jarden Corp., 7.5% 01/15/2020 73,050 73,847 USD 848,000 JBS USA LLC, 144A, Private Placement

11.625% 05/01/2014^ 950,666 981,701 USD 525,000 JPMorgan Chase & Co., FRN, Callable,

7.9% 04/30/2049 541,412 568,376 USD 980,000 K Hovnanian Enterprises Inc.,

10.625% 10/15/2016 1,027,911 1,059,874 USD 588,000 Kansas City Southern de Mexico SA de CV

9.375% 05/01/2012 643,719 612,040 USD 1,385,000 Kansas City Southern de Mexico SA de CV

8% 02/01/2018 1,416,207 1,441,624 USD 193,000 Kansas City Southern Railway 8% 06/01/2015 205,697 203,585

310,000 Kimco North Trust III 5.18% 08/16/2013 295,396 312,614 USD 570,000 LBI Escrow Corp., 8% 11/01/2017 584,220 600,539 USD 301,000 Lender Processing Services Inc.,

8.125% 07/01/2016 342,396 327,825 USD 1,780,000 Lincoln National Corp., Callable,

7% 05/17/2066 1,337,628 1,644,901 USD 547,000 Lincoln National Corp., Preferred

6.05% 04/20/2067 403,563 462,434 USD 650,000 Lions Gate Entertainment Inc.,

Senior Secured Notes, 10.25% 11/01/2016 642,617 675,749 970,000 Loblaw Cos. Ltd., 6% 03/03/2014 1,067,120 1,058,700 300,000 Loblaw Cos. Ltd., 6.05% 06/09/2034 287,648 293,703 250,000 Loblaw Cos. Ltd., 6.45% 002/09/2028 243,316 256,444 305,000 Loblaw Cos. Ltd., 6.54% 02/17/2033 306,531 317,122

USD 30,000 Manitowoc Company Inc., 9.5% 02/15/2018 31,502 31,760 700,000 Manulife Financial Capital Trust

6.7% 06/30/2012 739,491 756,828 USD 208,000 Maple Leaf Foods Inc., Private Placement

5.21% 12/08/2011^ 211,368 208,055 1,535,000 Merrill Lynch & Co., Inc., 4.5% 01/30/2012 1,529,170 1,569,377

660,000 Merrill Lynch Canada Finance Co., 5.8% 05/05/2011 675,589 682,128

290,000 Merrill Lynch Financial Assets Inc., 5.47% 06/12/2035 274,277 287,103

– 289 –

††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Investments in 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.


CORPORATE BONDS (88.5%) (cont’d)820,000 MetLife Global Funding I 4.5% 02/11/2011 846,255 840,963 830,000 Metro Inc., 5.97% 10/15/2035 755,842 811,477

USD 1,677,000 MetroPCS Wireless Inc., 9.25% 11/01/2014 1,865,287 1,741,305 USD 2,043,000 MGM Mirage Inc., 144A, 10.375% 05/15/2014 2,373,493 2,287,312 USD 514,000 MGM Mirage Inc., 5.875% 02/27/2014 395,112 439,756 USD 130,000 MGM Mirage Inc., 7.625% 01/15/2017 108,869 109,902 USD 540,000 MGM Mirage Inc., 9% 03/15/2020 562,197 564,819

750,000 MI Developments Inc., 6.05% 12/22/2016 570,773 705,784 USD 610,000 Mohegan Tribal Gaming Authority

11.5% 11/01/2017 620,965 659,717 USD 275,000 Mohegan Tribal Gaming Authority

6.125% 02/15/2013 243,460 238,769 845,000 Molson Coors Capital Finance Co., Senior Notes,

5% 09/22/2015 862,086 887,122 885,000 Morgan Stanley, FRN, Floating Rate,

02/23/2012 830,170 867,619 USD 616,000 MU Finance PLC 8.375% 02/01/2017 638,753 616,945 USD 2,725,000 National Money Mart Co., 10.375%

12/15/2016 2,918,179 2,936,721 USD 1,682,000 Navios Maritime Holdings/Finance US Inc.,

8.875% 11/01/2017 1,771,719 1,767,847 USD 1,226,000 Neiman Marcus Group Inc.,

10.375% 10/15/2015 1,100,569 1,285,461 USD 300,000 New Communications Holdings Inc.,


Private Placement 8.5% 04/15/2020^ 308,011 306,934 USD 283,000 Newell Rubbermaid Inc., 10.6% 04/15/2019 391,571 379,148 USD 1,303,000 NII Capital Corp., 10% 08/15/2016 1,418,864 1,448,895 USD 599,000 NII Holdings Inc., 3.125% 06/15/2012 554,804 574,066

660,000 Noranda Operating Trust 6.529% 12/20/2010 660,132 630,670 2,070,000 Nordea Bank AB 3.95% 08/05/2015 2,092,103 2,085,418

USD 740,000 Nortel Networks Corp., 10.75% 07/15/2016 295,754 603,992 1,120,000 North American Energy Partners Inc.,

9.125% 04/07/2017 1,120,000 1,125,986 94,000 NOVA Chemicals Corp., 7.85% 08/30/2010 96,698 94,976

USD 163,000 NOVA Chemicals Ltd., 6.5% 01/15/2012 183,967 169,664 450,000 NOVA Gas Transmission Ltd., 8.9% 05/27/2025 557,798 588,037

USD 450,000 OPTI Canada Inc 9% 12/15/2012 456,992 470,683 USD 798,000 OPTI Canada Inc., Callable (USD),

8.25% 12/15/2014 602,217 761,744 USD 1,005,000 Overseas Shipholding Group Inc.,

8.125% 03/30/2018 1,018,506 1,023,125 USD 1,400,000 Pacific Rubiales Energy Corp.,

8.75% 11/10/2016 1,478,608 1,542,539 USD 630,000 Pacific Rubiales Energy Corp., 8.75% 11/10/2016 677,451 694,143 USD 192,000 PetroQuest Energy Inc., 10.375% 05/15/2012 193,354 196,925

605,000 Power Corp. of Canada 8.57% 04/22/2039 763,013 799,869 USD 114,000 Province Healthcare Co., 7.5% 06/01/2013 127,412 111,252 USD 311,327 QHP Royalty Sub LLC 10.25% 03/15/2015 331,891 319,582 USD 68,000 QVC Inc., 7.125% 04/15/2017 68,714 69,485 USD 68,000 QVC Inc., 7.375% 10/15/2020 68,714 69,399 USD 20,000 Qwest Corp., 8.375% 05/01/2016 22,926 22,849 USD 476,000 Rathgibson Inc. 11.25% 02/15/2014 193,730 43,504

860,000 RBC Capital Trust, Callable, 5.812% 12/29/2049 909,651 925,257

CORPORATE BONDS (88.5%) (cont’d)USD 1,574,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 1,673,801 1,690,299 1,890,000 Reliance LP 7.3% 04/03/2013 1,884,851 1,924,254

640,000 RioCan REIT 4.7% 06/15/2012 637,181 658,043 520,000 RioCan REIT 5.7% 09/11/2012 531,015 546,175 590,000 Rogers Communications Inc., 5.8% 05/26/2016 618,984 639,822

1,850,000 Rogers Wireless Inc., 7.625% 12/15/2011 2,015,565 2,012,995 4,300,000 Royal Bank of Canada 3.66% 01/25/2017 4,298,409 4,249,775 1,210,000 Royal Bank of Canada 5.06% 07/17/2013 1,325,988 1,293,896

220,000 Royal Bank of Canada 5.2% 08/15/2012 240,303 234,135 210,000 Royal Bank of Canada, FRN,

0.92357% 09/27/2010 209,818 210,342 1,370,000 Royal Bank of Scotland 1.23429% 03/30/2015 1,203,681 1,178,200 1,660,000 Royal Bank of Scotland, Callable,

5.37% 05/12/2049 815,160 1,195,200 USD 824,000 Sabine Pass LNG LP 7.5% 11/30/2016 758,698 738,449 USD 195,000 Salem Communications Corp 9.625%

12/15/2016 204,584 206,933 USD 944,000 Scientific Games Corp., 7.875% 06/15/2016 1,023,480 970,612 USD 130,000 Scientific Games International Inc.,

9.25% 06/15/2019 140,831 140,100 690,000 Scotiabank Capital Trust 6.282% 12/29/2049†† 739,203 750,591

1,400,000 Scotiabank Capital Trust, Series 2002-1, Callable, 6.626% 06/30/2052†† 1,504,241 1,513,607

USD 700,000 Severstal Columbus LLC 10.25% 02/15/2018 749,629 747,278 1,250,000 Shaw Communications Inc.,

5.65% 10/01/2019* 1,255,855 1,288,094 760,000 Shaw Communications Inc., 6.5% 06/02/2014 826,046 837,296 500,000 Shaw Communications Inc., 6.75% 11/09/2039 496,630 514,208 157,000 Shaw Communications Inc., 7.5% 11/20/2013 176,164 177,900 600,000 Sherritt International Corp., 7.75% 10/15/2015 552,520 623,952 288,000 Sherritt International Corp., 7.875% 11/26/2012 263,073 299,736 528,000 Sherritt International Corp., 8.25% 10/24/2014 502,168 558,733

USD 202,000 Skilled Healthcare Group Inc., 11% 01/15/2014 247,391 215,900 188,000 SLM Corp., 4.625% 06/15/2011 162,378 183,867

USD 1,340,000 SLM Corp., 8% 03/25/2020 1,328,909 1,325,059 USD 1,567,000 SLM Corp., 8.45% 06/15/2018 1,617,943 1,609,360

280,000 SNC-Lavalin Group Inc., 6.19% 07/03/2019 293,142 299,490 USD 193,000 Sotheby's Holdings Inc., 7.75% 06/15/2015 169,292 199,176 USD 488,000 Starwood Hotels & Resort Worldwide Inc.,

7.15% 12/01/2019 507,437 501,757 USD 230,000 Steel Dynamics Inc., 7.625% 03/15/2020 235,578 239,403 USD 702,000 Steel Dynamics Inc., Senior Notes,

6.75% 04/01/2015 720,062 718,225 884,990 Strait Crossing Development Inc.,

6.17% 09/15/2031 877,170 848,989 260,000 Sun Life Financial Inc., 5% 07/11/2031 269,797 269,218 540,000 Sun Life Financial Inc., 7.9% 03/31/2019 623,410 616,075 410,000 Suncor Energy Inc. 5.8% 05/22/2018 430,319 440,223 801,000 Superior Plus Corp., 8.25% 10/27/2016 801,000 830,512

USD 1,020,000 Talecris Biotherapeutics Holdings Corp., Senior Unsecured Notes, 7.75% 11/15/2016 1,065,169 1,040,985

400,000 TD Capital Trust 10% 06/30/2108 560,067 609,331 1,400,000 TD Capital Trust 6.792% 12/31/2049 1,525,403 1,535,665 1,275,000 TD Capital Trust 7.243% 12/31/2018 1,365,937 1,462,499




– 290 –– 290 –



CORPORATE BONDS (88.5%) (cont’d)USD 165,000 Teck Resources Ltd., 10.25% 05/15/2016 204,943 199,393 USD 2,023,000 Teck Resources Ltd., 10.75% 05/15/2019 2,595,134 2,516,578 USD 1,950,000 Teekay Corp., 8.5% 01/15/2020 2,079,667 2,069,328

710,000 Terasen Gas Inc., 6% 10/02/2037 761,186 770,139 300,000 Terasen Gas Vancouver Island Inc.,

6.05% 02/15/2038 314,550 319,305 USD 287,000 The Mosaic Co., 7.375% 12/01/2014 350,775 311,913 USD 108,000 The Scotts Miracle-Gro Co., 7.25% 01/15/2018 110,769 111,867

470,000 Thomson Reuters Corp., 5.7% 07/15/2015 514,946 516,474 1,050,000 Toronto-Dominion Bank 4.854% 02/13/2013 1,133,915 1,112,961

440,000 Toronto-Dominion Bank 4.97% 10/30/2104 429,223 454,281 850,000 Toronto-Dominion Bank 5.141% 11/19/2012 918,573 906,228

USD 177,312 Transmeridian Exploration Inc., Callable, 12% 12/15/2010 19,819 -

USD 1,025,000 United States Steel Corp., 7.375% 04/01/2020 1,031,410 1,043,486 USD 432,000 United Surgical Partners International Inc.,

8.875% 05/01/2017 463,210 455,146 USD 1,418,000 UPC Germany GmbH 8.125% 12/01/2017 1,483,531 1,484,973 USD 573,226 US Oncology Holdings Inc., FRN,

6.64344% 03/15/2012 559,448 551,548 USD 87,000 US Oncology Inc., 9.125% 08/15/2017 99,456 92,324 USD 1,442,000 Virgin Media Finance PLC 9.5% 08/15/2016 1,638,443 1,599,798

127,000 Viterra Inc., 8% 04/08/2013 132,177 129,097 1,227,000 Viterra Inc., 8.5% 08/01/2017 1,233,823 1,302,154

USD 1,245,000 Wells Fargo & Co., 7.98% 02/28/2049 1,261,478 1,321,186 USD 240,000 Wells Fargo Capital 7.7% 12/29/2049 236,290 251,640

430,000 Wells Fargo Financial Canada Corp., 3.97% 11/03/2014 429,983 436,593

710,000 Wells Fargo Financial Canada Corp., 4.38% 06/30/2015 712,932 729,929

AUD 428,000 Western Areas Ltd., 8% 07/02/2012 354,042 410,284 USD 1,948,000 Wind Acquisition Finance SA

11.75% 07/15/2017 2,298,622 2,185,897 USD 558,000 Wynn Las Vegas LLC 6.625% 12/01/2014 561,043 565,230

300,000 Yellow Pages Income Fund 7.75% 03/02/2020 300,000 314,873 1,135,000 YPG Holdings Inc., 5.25% 02/15/2016 1,029,243 1,088,606

205,904,803 207,825,617 GOVERNMENT BONDS (1.9%)

565,000 Canadian Government Bond 2% 09/01/2012 570,311 564,617 525,000 Canadian Government Bond 3% 06/01/2014 540,120 531,171 570,000 Canadian Government Bond 3.5% 06/01/2020 571,272 562,153

1,595,000 Canadian Government Bond, Series XW98, 5% 06/01/2037* 1,839,694 1,838,269

885,000 Canadian Government Bond, Series YR94, 3.75% 06/01/2019* 899,071 897,415

4,420,468 4,393,625 REITS (0.5%)

USD 605,000 DuPont Fabros Technology LP 8.5% 12/15/2017 649,132 632,807 415 Soverign REIT 518,028 480,431

1,167,160 1,113,238 FOREIGN GOVERNMENT BONDS (0.4%)

1,020,000 Instituto de Credito Oficial 5% 03/31/2020 1,034,663 999,758

COMMON EQUITIES (0.2%) 3,208 CIT Group Inc. 78,651 126,790

182 First Capital Realty Inc. 3,493 4,015 USD 415,583 NOVA Chemicals Ltd., 8.625% 11/01/2019 431,221 434,684

513,365 565,489 PREFERRED SHARES (0.1%)

3,100 BCE Inc., 5.45% Preferred, Series AA 56,265 69,409 17,700 ION Media Networks Inc., 12% Preferred^ - -

600 Nortel Networks Corp., Preferred, Series F^ 75 - 56,340 69,409






Other Assets (net) (6.7%) 15,852,601

Net Assets (100.0%) 234,807,127





– 291 –– 291 –– 291 –






1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.02 (408,804) Canadian $ 400,000 US $ (2,586)1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (12,512,000) US $ 13,282,614 Canadian $ 575,528 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (3,109,000) US $ 3,283,664 Canadian $ 126,208 1 Credit Suisse Group A-1 17-Jun-10 1.06 (13,539,000) US $ 14,371,039 Canadian $ 620,943 1 Morgan Stanley A-1 17-Jun-10 1.06 (11,915,000) US $ 12,649,083 Canadian $ 548,305 1 Morgan Stanley A-1 17-Jun-10 1.07 (1,691,000) US $ 1,803,215 Canadian $ 85,840 1 Morgan Stanley A-1 17-Jun-10 1.07 (3,901,000) US $ 4,188,894 Canadian $ 227,015 1 Royal Bank of Canada A-1+ 17-Jun-10 1.07 (1,300,000) US $ 1,394,757 Canadian $ 74,471 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (1,678,000) US $ 1,720,000 Canadian $ 15,908 1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (8,950,000) US $ 9,496,666 Canadian $ 407,124 1 State Street Corporation A-1 17-Jun-10 1.02 (409,064) Canadian $ 400,000 US $ (2,845)1 State Street Corporation A-1 17-Jun-10 1.06 (12,067,000) US $ 12,809,483 Canadian $ 554,336 1 State Street Corporation A-1 17-Jun-10 1.07 (1,300,000) US $ 1,391,845 Canadian $ 71,562 1 State Street Corporation A-1 17-Jun-10 1.07 (1,691,000) US $ 1,805,523 Canadian $ 88,145 1 UBS AG A-1 08-Jun-10 1.08 (493,000) Australian $ 454,452 Canadian $ (1,304)1 UBS AG A-1 08-Jun-10 1.09 (506,000) Australian $ 464,721 Canadian $ (3,053)1 UBS AG A-1 08-Jun-10 1.74 (162,000) British Pound 281,838 Canadian $ 32,201 1 UBS AG A-1 08-Jun-10 1.09 (553,748) Canadian $ 601,000 Australian $ 1,850 1 UBS AG A-1 17-Jun-10 1.06 (12,135,000) US $ 12,882,516 Canadian $ 558,308 1 UBS AG A-1 17-Jun-10 1.07 (181,000) US $ 193,257 Canadian $ 9,434



Signature Corporate Bond Corporate ClassFinancial Statements

– 292 –






Net assets per classA SharesF SharesI SharesX Shares


A SharesF SharesI SharesX Shares









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



214,967 61,96014,949 384

- -- -- -- -

3,997 -- -- -

1,612 470151 -

- -4,015 -

239,691 62,814

- -- -- -

10 -- -

4,083 161677 75

- -- -- -

114 974,884 333

234,807 62,481

213,097 66,379- -

134,935 47,3699,155 1,330

77,919 13,78212,798 -

12.97 10.9212.95 10.8111.86 9.7810.86 -

10,404,349 4,339,150707,069 122,978

6,567,567 1,408,7531,178,489 -

6 -9,386 9

1 -- -

1,420 2,537- -- -

10,813 2,546

1,777 613223 62

- -17 85

100 342,117 7948,696 1,752

- -8,696 1,752

4,556 (435)(386) (13)

(1) -- -

10,276 (3,221)14,445 (3,669)23,141 (1,917)

14,838 (1,684)848 (51)

6,373 (182)1,082 -

1.86 (0.63)1.84 (0.58)1.77 (0.25)0.88 -


2010 2009


2010 2009


Signature Corporate Bond Corporate ClassFinancial Statements

– 293 –













X SharesNet assets, beginning of yearCapital transactions








47,369 26,086

89,387 24,615- -

(23,106) (7,249)6,447 5,601

- -72,728 22,967

- -- -- -- -

14,838 (1,684)134,935 47,369

1,330 1,104

8,519 559- -

(1,364) (296)(178) 14

- -6,977 277

- -- -- -- -

848 (51)9,155 1,330

13,782 3,637

46,852 8,180- -

(4,478) (1,074)15,390 3,221

- -57,764 10,327

- -- -- -- -

6,373 (182)77,919 13,782

- -

60 -- -

(1,359) -- -

13,015 -11,716 -

- -- -- -- -

1,082 -12,798 -

62,481 30,827

144,818 33,354- -

(30,307) (8,619)21,659 8,83613,015 -

149,185 33,571

- -- -- -- -

23,141 (1,917)234,807 62,481


2010 2009


2010 2009






X SharesBalance, beginning of yearShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Acquisition of assets from terminated Funds (Note 1)Balance, end of year

Signature Corporate Bond Corporate ClassFinancial Statements – Supplementary Schedules

– 294 –


2010 2009

4,339,150 2,224,5427,338,372 2,241,891

- -(1,868,756) (649,300)

595,583 522,017- -

10,404,349 4,339,150

122,978 95,573708,885 52,529

- -(111,109) (25,689)(13,685) 565

- -707,069 122,978

1,408,753 354,1764,192,008 843,864

- -(395,129) (107,955)

1,361,935 318,668- -

6,567,567 1,408,753

- -5,781 -

- -(128,828) -

- -1,301,536 -1,178,489 -




X SharesNet assets per shareNet asset value per share

12.97 10.9212.97 10.92

12.95 10.8112.95 10.81

11.86 9.7811.87 9.78

10.86 -10.86 -



2010 2009


2010 2009


4,938 -5,037 -


2010 2009


- -- -

Annual management fee rateA SharesF SharesI SharesX Shares

Annual fixed administration fee rateA SharesF SharesI SharesX Shares

1.700.85


0.200.20

--


2010


Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 295 –




Corporate Bonds ...................................................................................................................... 88.4Short Term Investments........................................................................................................... 7.6Government Bonds................................................................................................................... 2.2Other Assets ............................................................................................................................ 1.9Preferred Shares ...................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... -0.2

Other Price RiskAs at March 31, 2010, the Fund did not have a significant exposure to other price risk as the Fund waspredominantly invested in fixed income securities and their market exposure is described below.

As at March 31, 2009, the Fund was indirectly exposed to other price risk of the Underlying Fund. TheUnderlying Fund did not have a significant exposure to other price risk as the Underlying Fund waspredominantly invested in fixed income securities and their market risk exposure is described below.




Credit Risk (cont’d)As at March 31, 2009, the Fund was indirectly exposed to the credit risk of the Underlying Fund.



Credit Rating^ (%)AAA/Aaa/A++ 6.7AA/Aa/A+ 14.3A 28.2BBB/Baa/B++ 22.8BB/Ba/B+ 11.6B 8.3CCC/Caa/C++ 2.2Not Rated 4.2Total 98.3



Currency RiskThe table below summarizes the Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 114,761 (86,489) 28,272 12.0 British Pound 978 (250) 728 0.3 Australian Dollar 418 (371) 47 0.1 Total 116,157 (87,110) 29,047 12.4

As at March 31, 2009, the Fund was indirectly exposed to the currency risk of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 202,232 (164,729) 37,503 4.9 Australian Dollar 1,255 (1,061) 194 0.1 Total 203,487 (165,790) 37,697 5.0

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31, 2009- 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have indirectly decreased or increased, respectively, byapproximately $2,905,000 (March 31, 2009 - $310,000). In practice, actual results may differ fromthis analysis and the difference may be material.



– 296 –

Signature Corporate Bond Corporate ClassFund Specific Financial Instruments Risks (Note 11)

Interest Rate RiskThe table below summarizes the Fund's exposure to interest rate risk, categorized by the contractualmaturity date.



As at March 31, 2009, the Fund was indirectly exposed to the interest rate risk of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to interest rate risk, categorized by thecontractual maturity date.



As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have indirectlydecreased or increased, respectively, by approximately $2,378,000 (March 31, 2009 - $502,000). 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 - long 681 - - 681 Bonds - 212,565 208 212,773 Mortgage backed securities - 1,513 - 1,513 Foreign currency forward contracts - 3,987 - 3,987 Total 681 218,065 208 218,954



19,555 22,542 44,092 143,046 229,235




78,173 156,716 157,450 354,393 746,732






Long Positions/Assets:Bonds - 1,368 - (1,185) - 25 208Total - 1,368 - (1,185) - 25 208


During 2009 the fixed income investments with a net fair value of $1,185,000 were transfered out of Level 2 into Level 3 as observable market inputs become available for these investments.


Signature Diversified Yield Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 297 –


Purchase Forward Contract(2.0%) (see Schedule A) 2,661,736

Total Investments (2.0%) - 2,661,736

Other Assets (net) (98.0%) 131,485,314

Net Assets (100.0%) 134,147,050

Schedule APurchase Forward Contract (2.0%)

Forward Puchase Agreement Fair Value $

Cash subject to forward agreement (118,000,000)

Notional Shares Underlying Trust Fair Value $

11,692,029 Signature Diversified Yield Trust 120,661,736

Total Forward Contracts Value 2,661,736

Due date 09-Dec-14Credit Rating of the Counterparty* A-1




Signature Diversified Yield Corporate ClassFinancial Statements

– 298 –


AssetsInvestments at fair value*CashShort term investmentsRestricted cash (forward agreement)Margin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on purchase forward contractCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

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








- -8,521 -

- -118,000

- -- -- -

2,662 -- -- -

5,048 -- -- -4 -

134,235 -

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

53 -- -

314- -- -- -

88 -134,147 -

- -- -

92,834 -5,894 -

19,955 -8,303 -

626 -1,727 -4,354 -

152 -302 -

10.20 -10.24 -10.28 -10.03 -10.07 -10.14 -9.93 -

10.17 -10.06 -

9,103,803 -575,805 -

1,941,422 -828,123 -62,129 -

170,314 -438,712 -14,936 -29,983 -

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

2010

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

2010



– 299 –



Income (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 costsForward feesCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)





A SharesNet assets, beginning of periodCapital transactions



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




- -5 -- -- -- -- -- -5 -

382 -42 -

- -- -

21 -445 -(440) -

- -(440) -

3 -28 -

- -(78)

- -

2,662 -2,615 -2,175 -

1,530 -111 -287 -109 -13 -44 -74 -3 -4 -

0.33 -0.31 -0.35 -0.32 -0.43 -0.32 -0.25 -0.30 -0.13 -

- -

77,163 -- -

(4,587) -18,728 -91,304 -

- -- -- -- -

1,530 -92,834 -

- -

5,307 -- -

(255) -731 -

5,783 -

- -- -- -- -

111 -5,894 -

- -

8,226 -- -

(93) -11,535 -19,668 -

- -- -- -- -

287 -19,955 -

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

2010

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

2010




– 300 –

AT5 SharesNet assets, beginning of periodCapital transactions




FT5 SharesNet assets, beginning of periodCapital transactions




IT5 SharesNet assets, beginning of periodCapital transactions




AT8 SharesNet assets, beginning of periodCapital transactions




FT8 SharesNet assets, beginning of periodCapital transactions




IT8 SharesNet assets, beginning of periodCapital transactions




- -

4,026 -- -

(273) -622 -

4,375 -

- -- -

(95) -(95) -74 -

4,354 -

- -

130 -- -- -

20 -150 -

- -- -

(1) -(1) -3 -

152 -

- -

- -- -- -

300 -300 -

- -- -

(2) -(2) -4 -

302 -

- -

7,479 -- -

(124) -912 -

8,267 -

- -- -

(73) -(73) -109 -

8,303 -

- -

619 -- -- -- -

619 -

- -- -

(6) -(6) -

13 -626 -

- -

1,700 -- -

(3) -- -

1,697 -

- -- -

(14) -(14) -44 -

1,727 -

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

2010



2010


– 301 –


Total FundNet assets, beginning of periodCapital transactions




- -

104,650 -- -

(5,335) -32,848 -

132,163 -

- -- -

(191) -(191) -

2,175 -134,147 -


2010



Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules

– 302 –



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

AT5 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

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

IT5 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

Schedule of Fund Share Transactions for the period ended March 31

2010

- -7,691,564 -

- -(454,123) -

1,866,362 -9,103,803 -

- -528,514 -

- -(25,431) -72,722 -

575,805 -

- -813,216 -

- -(9,175) -

1,137,381 -1,941,422 -

- -749,229 -

- -(12,547) -91,441 -

828,123 -

- -62,129 -

- -- -- -

62,129 -

- -170,604 -

- -(290) -

- -170,314 -

- -403,766 -

- -(27,695) -62,641 -

438,712 -

FT8 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 (cont’d)for the period ended March 31

2010

- -12,911 -

- -- -

2,025 -14,936 -

- -- -- -

(17) -30,000 -29,983 -

Signature Diversified Yield Corporate ClassFinancial Statements – Supplementary Schedules

– 303 –



2010


--

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

2010


--












2010

10.2010.20

10.2410.24

10.2810.28

10.0310.03

10.0710.07

10.1410.14

9.939.93

10.1710.17

10.0610.06



1.900.90




0.200.20

-0.200.20

-0.200.20

-


as at March 31 (%)

2010

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



Financials ................................................................................................................................ 42.2 Industrials ............................................................................................................................... 15.3 Telecommunication Services .................................................................................................. 9.6 Energy ..................................................................................................................................... 6.3 Consumer Discretionary .......................................................................................................... 4.9 Materials ................................................................................................................................. 5.2 Health Care ............................................................................................................................. 3.6 Utilities .................................................................................................................................... 3.4 Information Technology .......................................................................................................... 2.1 Consumer Staples ................................................................................................................... 1.3 Funds ....................................................................................................................................... 1.1 Private Placements ................................................................................................................. 1.8 Foreign Currency Forward Contracts ...................................................................................... 2.2 Other Assets (net) ................................................................................................................... 1.0

Other Price RiskThe Fund was exposed to the financial instrument risks of the Signature Diversified Yield Trust (the“Underlying Trust”). The Fund was created to obtain exposure to an actively managed portfolio offixed income and high-yielding equity securities issued by issuers anywhere in the world. Byentering into the Forward Agreement, the Fund eliminated the credit risk to the Counterparty of theForward Agreement in respect of any positive amount of the Forward Contract value. For details ofthe credit rating of the Counterparty to the Forward Agreement please refer to Schedule A in the“Statement of Investment Portfolio”.

As at March 31, 2010, had global markets increased or decreased by 10%, with all other variablesheld constant, net assets of the Fund would have increased or decreased, respectively, byapproximately $5,647,000. In practice, actual results may differ from this analysis and thedifference may be material.

Signature Diversified Yield Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 304 –


Credit RiskAs at March 31, 2010 the Fund had no significant direct exposure to credit risk, except for credit riskrelated to the Counterparty to Forward Agreement. As at March 31, 2010, the Fund indirectly bears thecredit risk exposure of the Underlying Trust.

The Underlying Trust was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:





Currency RiskAs at March 31, 2010, the Fund had no significant direct exposure to currency risk. As at March 31,2010, the Fund indirectly bears the currency risk exposure of the Underlying Trust.

The table below summarizes the Underlying Trust's exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 169,449 (138,243) 31,206 9.6 Euro 40,694 (32,964) 7,730 2.4 Australian Dollar 36,758 (31,394) 5,364 1.7 British Pound 21,868 (18,918) 2,950 0.9 Mexican Peso 4,713 (3,835) 878 0.3 Singapore Dollar 5,468 (4,859) 609 0.2 Swiss Franc 3,260 (2,740) 520 0.2 Total 282,210 (232,953) 49,257 15.3

As at March 31, 2010, had the Canadian dollar strengthened or weakened by 10% in relation toall other foreign currencies held in the Underlying Trust, with all other variables held constant, netassets of the Fund would have indirectly decreased or increased, respectively, by approximately$1,846,000. In practice, actual results may differ from this analysis and the difference may bematerial.


– 305 –

Interest Rate RiskAs at March 31, 2010, Fund had no significant direct interest rate risk exposure. As at March 31,2010, the Fund indirectly bears the interest rate risk exposure of the Underlying Trust.

The table below summarizes the Underlying Trust's exposure to interest rate risk, categorized by thecontractual maturity date.



As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25%, with allother variables held constant, net assets of the Underlying Trust would have indirectly decreased orincreased, respectively, by approximately $637,000. In practice, the actual results may differ from thisanalysis and the difference may be material.

Signature Diversified Yield Corporate ClassFund Specific Financial Instruments Risks (Note 11)




(in $000's) (in $000's) (in $000's) (in $000's)

Purchase Forward Agreement - 2,661 - 2,661Total - 2,661 - 2,661




17,114 1,460 25,965 131,494 176,033

Signature Dividend Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 306 –


FINANCIALS (53.4%) 48,829 5Banc Split Inc., 4.75 % Preferred, Series B 483,598 499,521

304,800 Aberdeen Asset Management PLC 573,191 610,775 150,500 Banco Santander Brasil SA 2,016,393 1,899,704 65,600 Banco Santander Central Hispano SA 1,100,301 884,986

510,400 Bank of America Corp. 7,848,436 9,231,090 USD 1,313,000 Bank of America Corp., Callable,

8% 01/30/2049 883,461 1,360,454 57,500 Bank of Montreal 4.5% Preferred, Series 13 1,318,124 1,117,225 77,600 Bank of Montreal 5.2% Preferred, Series 16 1,939,282 2,037,000

102,300 Bank of Montreal 5.25% Preferred 2,398,557 2,228,094 53,000 Bank of Montreal 5.4% Preferred, Series 23* 1,346,245 1,437,360 81,800 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 2,477,075 2,147,298 20,300 Bank of Nova Scotia†† 891,639 1,031,037

108,000 Bank of Nova Scotia 4.5% Preferred, Series 14†† 2,467,830 2,089,800

51,800 Bank of Nova Scotia 5% Preferred, Series 20†† 1,282,172 1,347,318

97,700 Bank of Nova Scotia 5.25% Preferred†† 2,320,720 2,174,802 60,500 Bank of Nova Scotia 5.6% Preferred,

Series 17†† 1,470,302 1,453,210 35,000 Bank of Nova Scotia, 4.8% Preferred,

Series 13†† 821,093 710,500 230,900 Barclays PLC 1,259,913 1,282,185 65,300 Brookfield Asset Management Inc.,

4.75% Preferred 1,412,240 1,121,201 27,000 Brookfield Asset Management Inc.,

5.4% Preferred, Series 24 675,705 683,100 57,200 Brookfield Asset Management Inc., Class A 1,255,974 1,476,332 3,400 Brookfield Asset Management Inc., Preferred,

Series 11* 89,967 87,040 81,100 Brookfield Asset Management Inc.,

Preferred, Series 12 2,079,074 2,080,215 135,300 Brookfield Asset Management Inc.,

Preferred, Series 2 2,696,566 2,419,164 37,000 Brookfield Asset Management Inc.,

Preferred, Series 4 742,128 660,820 78,000 Brookfield Financial Corp., Preferred,

Series 13 1,547,633 1,390,740 37,080 Brookfield Properties Corp. (USD) 399,004 578,375 90,400 Brookfield Properties Corp., 5.2%

Preferred, Series I 2,256,357 2,291,640 80,100 Brookfield Properties Corp., 5.2%

Preferred, Series K 1,860,602 1,898,370 54,400 Brookfield Properties Corp., 5.25%

Preferred, Series G (USD) 1,489,539 1,358,978 103,200 Brookfield Properties Corp., 5.75%

Preferred, Series H 2,473,797 2,539,752 94,800 Brookfield Properties Corp., 6%

Preferred, Series F 2,403,763 2,398,440 13,800 Canada Life Financial Corp., 6.25%

Preferred, Series B 347,890 343,896 34,500 Canadian General Investment Ltd., 3.9%

Preferred, Series 3 848,734 876,300 30,900 Canadian Imperial Bank of Commerce 1,974,790 2,290,926

FINANCIALS (53.4%) (cont’d)103,400 Canadian Imperial Bank of Commerce, 4.7%

Preferred, Series 31 2,364,302 1,967,702 69,200 Canadian Imperial Bank of Commerce,

4.8% Preferred, Series 30, Class A 1,602,501 1,340,404 633,000 China Construction Bank Corp., Class H 517,263 524,894 17,900 Credit Suisse Group 847,661 936,288 51,000 E-L Financial Corp. Ltd., 4.75% Preferred,

Series 2, 10/17/2011 1,137,805 901,680 42,300 E-L Financial Corp., Ltd., 5.30% Preferred,

Series 1, 10/17/2009 992,808 825,696 59,387 Genworth MI Canada Inc. 1,173,466 1,626,016 27,800 Gluskin Sheff & Associates Inc. 568,232 614,658 33,500 Great-West Lifeco Inc., 4.5% Preferred,

Series I* 717,837 613,385 66,500 Great-West Lifeco Inc., 4.85% Preferred,

Series H 1,521,361 1,313,375 13,100 Great-West Lifeco Inc., 5.2% Preferred,

Series G* 312,815 275,886 49,000 HSBC Bank Canada, 5% Preferred, Series D 1,167,915 1,004,500

102,900 HSBC Bank Canada, 5.1% Preferred, Series 5 2,484,661 2,110,479 76,100 HSBC Holdings PLC 679,260 783,581 65,400 Industrial Alliance Insurance and Financial Inc.,

4.6% Preferred 1,482,920 1,233,444 59,500 JPMorgan Chase & Co. 2,511,645 2,703,282

USD 323,000 Lincoln National Corp., Callable, 7% 05/17/2066 290,866 298,485

USD 350,000 Lincoln National Corp., 6.05% 04/20/2067 286,841 295,890 13,500 Macquarie Group Ltd. 600,550 593,755

166,900 Manulife Financial Corp. 3,258,623 3,332,993 90,600 Manulife Financial Corp., 4.65% Preferred,

Series 2, Class A 2,051,763 1,692,408 19,200 MetLife Inc. 840,068 844,633

300,000 MI Developments Inc., 6.05% 12/22/2016 297,540 282,314 200,000 Morgan Stanley, FRN, Floating Rate,

02/23/2012 199,646 196,072 10,500 National Bank of Canada 621,213 649,215 37,400 National Bank of Canada, 4.85% Preferred,

Series 16 879,277 756,602 51,800 National Bank of Canada, 5.375% Preferred,

Series 21 1,290,362 1,388,240 13,600 Power Financial Corp., 4.7% Preferred,

Series J* 360,109 350,200 76,100 Power Financial Corp., 4.95% Preferred,

Series K 1,819,130 1,533,415 91,800 Power Financial Corp., 5.1% Preferred,

Series L 2,159,612 1,900,260 15,900 Power Financial Corp., 5.9% Preferred,

Series F 387,103 384,780 52,300 Power Financial Corp., 6% Preferred,

Series M* 1,328,957 1,448,710 55,500 Premium Income Corp., 5.75% Preferred 852,824 844,710

100,200 Prudential PLC 677,357 843,302 120,700 Royal Bank of Canada 6,691,462 7,153,889 67,500 Royal Bank of Canada 4.45% Preferred,

Series AA 1,545,654 1,274,400




– 307 –



FINANCIALS (53.4%) (cont’d)26,400 Royal Bank of Canada 4.5% Preferred,

Series AG 565,880 501,600 62,100 Royal Bank of Canada 4.6% Preferred,

Series AC 1,436,519 1,204,740 103,400 Royal Bank of Canada 4.7% Preferred,

Series AB 2,406,370 2,062,830 500,000 Royal Bank of Scotland, Callable,

5.37% 12/05/2049 470,195 360,000 9,700 Sun Life Financial Inc. 279,820 316,317

77,750 Sun Life Financial Inc., 4.45% Preferred, Series 4 1,696,922 1,393,280

70,800 Sun Life Financial Inc., 4.75% Preferred, Series 1, Class A* 1,604,157 1,345,200

17,500 TMX Group Inc. 516,300 521,675 146,800 Toronto-Dominion Bank 9,050,761 11,108,356 39,900 Toronto-Dominion Bank 5% Preferred, Series S 991,852 1,045,380

100,300 Toronto-Dominion Bank, 4.85% Preferred, Series O 2,382,051 2,096,270

47,400 Toronto-Dominion Bank, 5% Preferred., Series AA 1,179,405 1,241,880

31,400 Toronto-Dominion Bank, 5.25% Preferred, Series P* 730,788 712,780

12,200 Toronto-Dominion Bank, Class A, Preferred, Series R 295,939 289,140

57,600 Wells Fargo & Co. 1,540,737 1,817,950 USD 350,000 Wells Fargo Capital 7.7% 12/29/2049 332,975 366,975


63,400 AT&T Inc. 2,146,878 1,663,643 87,700 BCE Inc. 2,528,379 2,611,706

157,400 BCE Inc., 4.4% Preferred, Series AF 16 3,396,196 3,465,948 48,500 BCE Inc., 4.486% Preferred, Series 18,

Class H 1,057,386 1,043,235 9,800 BCE Inc., 5.45% Preferred, Series AA 218,720 219,422

139,700 BCE Inc., 5.55% Preferred, Series 19 3,097,826 3,031,490 151,500 BCE Inc., Preferred, Series AB 3,392,272 3,333,000 49,349 France Telecom SA* 1,230,853 1,199,283

123,525 Manitoba Telecom Services Inc.* 4,322,735 3,940,448 142,300 TELUS Corp., Non-Voting Shares 5,268,166 5,169,759 390,500 Vodafone Group PLC 1,125,477 914,929

27,784,888 26,592,863ENERGY (7.3%)

52,600 ARC Energy Trust* 1,167,469 1,077,248 33,400 Canadian Oil Sands Trust 966,807 1,016,696 43,600 Crescent Point Energy Corp.* 1,724,971 1,699,092 57,900 CU Inc., 4.6%, Preferred, Series 1 1,321,158 1,129,629 81,200 Imperial Oil Ltd. 3,322,460 3,185,476 16,870 Nexen Inc. 459,207 423,437 45,600 Spectra Energy Corp. 1,015,713 1,043,289 71,019 Suncor Energy Inc. 2,521,032 2,342,917 99,506 Talisman Energy Inc. 1,631,152 1,725,434 88,700 TransCanada Corp.* 3,058,292 3,301,414 28,000 TransCanada Corp., 4%, Preferred, Series 3 700,000 700,000

17,888,261 17,644,632

UTILITIES (5.3%) 41,000 Brookfield Renewable Power Fund,

Preferred,Series I 1,025,000 1,030,330 181,500 Energias de Portugal SA 722,807 732,772 64,300 Fortis Inc., 4.9% Preferred 1,505,964 1,324,580 41,100 Fortis Inc., 5.45% Preferred, Series C 1,109,756 1,073,943

104,400 Fortis Inc., Callable/Convertible, 4.9% Preferred, Series E 2,750,672 2,913,804

9,100 FPL Group Inc. 446,435 446,618 24,100 Gaz de France 1,033,935 945,387 81,500 Iberdrola SA 710,065 701,351 10,200 PG&E Corp. 448,273 439,389

305,226 Snam Rete Gas SpA 1,427,445 1,568,107 69,700 TransAlta Corp.* 2,153,590 1,559,189

13,333,942 12,735,470HEALTH CARE (4.7%)

98,900 Eli Lilly and Co. 3,947,535 3,637,669 58,700 Johnson & Johnson 3,975,931 3,886,549 47,000 Merck & Co., Ltd.* 1,805,653 1,781,221 12,000 Roche Holding AG 2,053,485 1,975,513


27,994 British American Tobacco PLC 960,344 979,952 44,266 Diageo PLC 906,566 753,972 38,900 Loblaw Cos. Ltd., 5.95% Preferred, Series A 899,472 1,065,860 50,160 Nestle SA, Registered Shares 2,038,060 2,606,787 9,400 PepsiCo Inc. 588,649 631,541

10,600 Procter & Gamble Co. 685,180 681,163 57,600 Unilever NV* 1,764,330 1,769,603

7,842,601 8,488,878INDUSTRIALS (3.4%)

18,800 Bombardier Inc., Preferred, Class B 311,548 299,860 33,600 Ingersoll-Rand PLC 1,160,095 1,188,765 28,300 Parker-Hannifin Corp. 1,725,824 1,860,534 15,578 Schneider Electric SA 1,747,267 1,855,597 25,400 Union Pacific Corp. 1,722,878 1,890,672 9,300 WW Grainger Inc. 905,430 1,021,098

7,573,042 8,116,526MATERIALS (1.6%)

35,000 BHP Billiton PLC 1,150,781 1,219,268 18,630 Cameco Corp. 614,575 517,355 35,200 CRH PLC (Dublin Listed) 978,288 887,545 14,300 Praxair Inc. 1,194,589 1,205,293

3,938,233 3,829,461





– 308 –

*Denotes all or part of securities on loan.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with 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.



1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.57 (786,000) Euro 1,230,496 Canadian $ 152,034 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.51 (1,456,000) Euro 2,192,312 Canadian $ 194,638 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.38 (3,597,000) Euro 4,956,961 Canadian $ 22,226 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (2,728,000) US $ 2,881,259 Canadian $ 110,741 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (5,729,000) US $ 6,081,849 Canadian $ 263,523 1 Credit Suisse Group A-1 17-Jun-10 1.06 (6,199,000) US $ 6,579,960 Canadian $ 284,306 1 Morgan Stanley A-1 08-Jun-10 1.56 (1,408,000) Euro 2,201,803 Canadian $ 269,905 1 Morgan Stanley A-1 17-Jun-10 1.06 (5,456,000) US $ 5,792,144 Canadian $ 251,075 1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (4,098,000) US $ 4,348,306 Canadian $ 186,413 1 Royal Bank of Canada A-1+ 17-Jun-10 1.07 (850,000) US $ 911,957 Canadian $ 48,692 1 State Street Corporation A-1 17-Jun-10 1.06 (5,525,000) US $ 5,864,953 Canadian $ 253,808 1 State Street Corporation A-1 17-Jun-10 1.07 (850,000) US $ 910,053 Canadian $ 46,791 1 UBS AG A-1 08-Jun-10 1.09 (132,000) Australian $ 121,231 Canadian $ (796)1 UBS AG A-1 08-Jun-10 1.08 (136,000) Australian $ 125,366 Canadian $ (360)1 UBS AG A-1 08-Jun-10 1.74 (2,811,000) British Pound 4,890,409 Canadian $ 558,748 1 UBS AG A-1 08-Jun-10 1.04 (1,479,000) Swiss Franc 1,542,006 Canadian $ 116,319 1 UBS AG A-1 17-Jun-10 1.06 (5,556,000) US $ 5,898,250 Canadian $ 255,621





INFORMATION TECHNOLOGY (1.3%) 108,800 Microsoft Corp. 2,853,639 3,232,821

CONSUMER DISCRETIONARY (1.3%) 72,800 Koninklijke Philips Electronics NV* 1,724,078 2,370,407

122,300 Tesco PLC 903,421 820,518 2,627,499 3,190,925



Short Term Notes (3.7%) 9,000,000 9,000,000





Net Assets (100.0%) 241,932,648


Signature Dividend Corporate ClassFinancial Statements

– 309 –






Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares


A SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares



224,374 120,993661 557

9,000 11,000- -

2,097 2,097- -

3,015 642- -- -

901 3711,739 744

- -704 454

242,491 136,858

- -- -- -1 744- -

148 -349 231

- -- -- -

60 33558 1,008

241,933 135,850

224,896 159,215- -

215,647 123,6477,840 4,683

10,100 5,0143,234 1,386

146 44,808 1,055

158 61

14.65 10.9115.30 11.3411.42 8.368.81 6.869.68 7.518.01 6.428.94 7.12

14,724,358 11,329,852512,282 412,902884,338 599,695367,206 201,96915,074 582

600,157 164,34617,731 8,535


2010 2009


2010 2009



– 310 –







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















8,003 6,989338 49229 44

- -- -- -

(234) (247)8,136 7,278

2,743 2,221370 300

- 157 29

156 1263,326 2,6774,810 4,601

- (47)4,810 4,554

10,391 (16,349)(77) (290)

(295) (212)- -

40,816 (23,850)50,835 (40,701)55,645 (36,147)

50,234 (33,636)1,925 (1,347)2,098 (527)

622 (297)8 (2)

730 (320)28 (18)

3.96 (2.98)4.26 (3.03)3.08 (1.41)2.34 (2.05)2.83 (2.10)1.94 (2.27)2.46 (2.02)

123,647 161,729

68,491 34,1546,016 -

(27,272) (30,652)636 (7,948)

47,871 (4,446)

- -(6,105) -

- -(6,105) -50,234 (33,636)

215,647 123,647

4,683 7,332

1,869 969206 -

(1,368) (2,142)740 (129)

1,447 (1,302)

- -(215) -

- -(215) -

1,925 (1,347)7,840 4,683

5,014 2,938

5,114 1,919262 -

(2,748) (307)622 991

3,250 2,603

- -(262) -

- -(262) -

2,098 (527)10,100 5,014


2010 2009


2010 2009




– 311 –





















61 85

95 -4 -

(31) -13 -81 -

- -(4) -(8) (6)

(12) (6)28 (18)

158 61

135,850 173,780

79,960 38,7656,623 -

(31,768) (33,919)2,736 (6,457)

57,551 (1,611)

- -(6,773) -

(340) (172)(7,113) (172)55,645 (36,147)

241,933 135,850

1,386 959

1,288 86752 -

(107) (480)174 403

1,407 790

- -(77) -

(104) (66)(181) (66)622 (297)

3,234 1,386

4 6

135 -- -- -- -

135 -

- -- -

(1) -(1) -8 (2)

146 4

1,055 731

2,968 85683 -

(242) (338)551 226

3,360 744

- -(110) -(227) (100)(337) (100)730 (320)

4,808 1,055


2010 2009



2010 2009


Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules

– 312 –











2010 2009

11,329,852 11,591,8354,919,825 2,899,091

427,306 -(2,003,125) (2,541,102)

50,500 (619,972)14,724,358 11,329,852

412,902 508,305128,813 77,47914,027 -(96,952) (167,154)53,492 (5,728)

512,282 412,902

599,695 279,753486,138 233,13824,006 -

(283,863) (33,933)58,362 120,737

884,338 599,695

201,969 103,398151,352 114,542

5,994 -(12,552) (67,274)20,443 51,303

367,206 201,969

582 59214,483 -

18 -(9) (10)- -

15,074 582

164,346 81,204386,790 107,47110,538 -(30,268) (50,457)68,751 26,128

600,157 164,346

8,535 8,53510,759 -

430 -(3,426) -1,433 -

17,731 8,535









2010 2009

14.65 10.9114.67 10.96

15.30 11.3415.33 11.39

11.42 8.3611.44 8.40

8.81 6.868.82 6.89

9.68 7.519.69 7.54

8.01 6.428.02 6.45

8.94 7.128.95 7.15

Signature Dividend Corporate ClassFinancial Statements – Supplementary Schedules

– 313 –




2010 2009


15,987 6,42316,411 6,845


2010 2009


291 20823 16

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

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

1.501.00


0.200.20

-0.200.200.200.20


2010

Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 314 –




Financials ................................................................................................................................. 57.5Telecommunication Services ................................................................................................... 9.3Short Term Investments........................................................................................................... 8.1Energy ...................................................................................................................................... 4.9Consumer Staples.................................................................................................................... 4.5Utilities..................................................................................................................................... 4.2Materials.................................................................................................................................. 3.6Other Assets ............................................................................................................................ 2.9Health Care .............................................................................................................................. 1.8Information Technology ........................................................................................................... 1.8Consumer Discretionary........................................................................................................... 0.8Industrials ................................................................................................................................ 0.7Foreign Currency Forward Contracts ....................................................................................... -0.1

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities and therefore wassensitive to changes in general economic conditions in Canada, however some of the Fund’s assetswere invested in fixed income securities and their market risk exposure is described below.




Credit Rating^ (%)AAA/Aaa/A++ 0.4AA/Aa/A+ 5.7A 20.5BBB/Baa/B++ 11.6BB/Ba/B+ 5.9B 0.1Not Rated 0.4Total 44.6



Credit Rating^ (%)AAA/Aaa/A++ 4.4 AA/Aa/A+ 2.2 A 29.6 BBB/Baa/B++ 10.8 BB/Ba/B+ 3.9 B 0.1 Not Rated 5.7Total 56.7





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 49,031 (37,564) 11,467 4.7 Swiss Franc 5,519 (1,425) 4,094 1.7 British Pound 8,249 (4,333) 3,916 1.6 Euro 13,088 (9,942) 3,146 1.3 Hong Kong Dollar 525 - 525 0.2 Australian Dollar 594 (250) 344 0.1 Total 77,006 (53,514) 23,492 9.6


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 16,048 (13,473) 2,575 1.9 British Pound 5,400 (2,840) 2,560 1.9 Australian Dollar 1,770 (1,095) 675 0.5 Euro 2,075 (1,499) 576 0.4 Swiss Franc 1,678 (1,319) 359 0.3 Total 26,971 (20,226) 6,745 5.0




– 315 –

Signature Dividend Corporate ClassFund Specific Financial Instruments Risks (Note 11)






As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $29,000 (March 31, 2009 - $8,000). In practice, actual resultsmay differ from this analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)




9,661 196 - 2,964 12,821



12,245 642 - 547 13,434



Signature High Income Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 316 –


CORPORATE BONDS (42.7%) USD 696,000 Ace Cash Express Inc., 10.25% 10/01/2014 692,129 586,632 USD 1,934,000 AES Corp., Callable 8.75% 05/15/2013 2,014,224 1,993,430 USD 2,165,000 Alliance One International Inc.,

10% 07/15/2016 2,390,273 2,297,485 USD 288,000 Alliance One International Inc., 144A,

10% 07/15/2016 305,579 305,624 USD 1,515,000 Amylin Pharmaceuticals Inc., 3% 06/15/2014 1,245,010 1,371,168 USD 1,929,000 Apria Healthcare Group Inc.,

11.25% 11/01/2014 2,142,447 2,130,296 USD 290,000 Apria Healthcare Group Inc.,

12.375% 11/01/2014 312,901 322,471 USD 1,016,233 Aramark Corp., Term Loan, Private Placement

7.47% 01/27/2014^ 1,202,164 1,012,203 USD 1,476,000 Ashland Inc., 9.125% 06/01/2017 1,670,902 1,678,738 USD 978,000 Axcan Intermediate Holdings Inc.,

9.25% 03/01/2015 1,014,296 1,072,608 USD 1,207,000 Baker & Taylor Inc., 11.5% 07/01/2013 1,231,441 649,623 GBP 1,130,000 Barclays Bank PLC 14% 06/15/2019 2,137,798 2,262,439

338,000 Baytex Energy Trust 9.15% 08/26/2016 338,000 368,446 USD 1,420,000 Beatrice Foods Canada Ltd., 1% 11/19/2026 418,893 422,724 USD 174,000 Belo Corp., 8% 11/15/2016 179,119 184,206 USD 1,552,000 Biomet Inc., 10% 10/15/2017 1,593,208 1,737,596 USD 272,000 Bio-Rad Labs 8% 09/15/2016 309,037 294,169 USD 1,211,705 Blockbuster Inc., 11.75% 10/01/2014 1,218,589 907,481 USD 481,000 Boston Scientific Corp., 6.25% 11/15/2015 454,808 503,107 USD 747,000 Boston Scientific Corp., Senior Notes,

6.4% 06/15/2016 713,813 781,333 1,267,500 Bragg Communication Inc., Loan,

Private Placement 7.53% 08/31/2014^ 1,267,500 1,256,409 USD 853,000 Calfrac Holdings LP 7.75% 02/15/2015 871,789 860,805

750,000 Calloway REIT 10.25% 04/14/2014 750,000 869,539 USD 430,214 CanWest MediaWorks Inc., 8% 09/15/2012 720,727 419,406

1,323,000 Cascades Inc., 7.75% 12/15/2016 1,305,404 1,331,202 USD 697,000 Cascades Inc., 7.75% 12/15/2017 730,153 713,110 USD 1,123,000 CB Richard Ellis Service 11.625% 06/15/2017 1,241,465 1,277,251 USD 918,000 CCS Inc., Private Placement 11% 11/15/2015^ 828,741 764,425 USD 996,000 Chesapeake Energy Corp., 9.5% 02/15/2015 1,179,470 1,099,935 USD 1,044,000 Cie Gen Geophysique 9.5% 05/15/2016 1,144,701 1,134,391 USD 48,792 CIT Group Inc., 7% 05/01/2013 60,409 48,186 USD 73,188 CIT Group Inc., 7% 05/01/2014 90,132 70,234 USD 73,188 CIT Group Inc., 7% 05/01/2015 86,999 69,305 USD 121,981 CIT Group Inc., 7% 05/01/2016 139,376 114,271 USD 170,774 CIT Group Inc., 7% 05/01/2017 193,438 159,980 USD 2,102,100 Clarketerm, Private Placement

7.84% 06/30/2014^ 2,398,735 1,943,622 USD 271,000 Comstock Resources Inc., 8.375% 10/15/2017 283,061 282,768 USD 1,531,000 Connacher Oil and Gas Ltd.,

10.25% 12/15/2015 1,523,388 1,581,933 USD 945,000 Connacher Oil and Gas Ltd., Private Placement

11.75% 07/15/2014^ 1,006,289 1,054,255 USD 1,070,000 Consol Energy Inc., 8% 04/01/2017 1,096,480 1,116,462 USD 90,000 Continental Resources Inc., 7.375% 10/01/2020 90,952 90,577 USD 413,000 Continental Resources Inc., 8.25% 10/01/2019 447,397 444,564 USD 1,094,430 Corral Finans AB, FRN 144A

1.75125% 04/15/2010 1,179,963 900,226 USD 313,000 Cott Beverages Inc., 8.375% 11/15/2017 329,552 328,181

CORPORATE BONDS (42.7%) (cont’d)USD 955,000 Couche-Tard Finance Corp., Callable,

7.5% 12/15/2013 1,124,513 984,346 USD 281,000 CSC Holdings Inc., 8.5% 04/15/2014 330,498 303,903 USD 2,304,000 Denbury Resources Inc., Callable,

8.25% 02/15/2020 2,508,037 2,480,086 USD 345,000 Digicel Group Ltd., 10.5% 04/15/2018 349,813 363,484 USD 1,466,000 Digicel Group Ltd., 12% 04/01/2014 1,716,405 1,685,973 USD 452,000 Digicel Group Ltd., 8.25% 09/01/2017 470,684 454,414 USD 305,000 DJO Finance LLC / DJO Finance Corp.,

10.875% 11/15/2014 336,575 336,440 USD 91,000 DJO Finance LLC / DJO Finance Corp.,

10.875% 11/15/2014 97,785 100,381 USD 467,000 Dollar General Corp., 2.875% 06/30/2027 316,801 437,484 USD 683,000 Dollarama Group LP, FRN,

7.20575% 08/15/2012 758,543 694,555 USD 269,000 Domtar Corp., 10.75% 06/01/2017 286,664 331,900 USD 1,216,250 Dow Jones CDX HY, 144A, Private Placement

6.75% 06/29/2012^ 1,321,520 1,272,151 788,000 First Capital Realty Inc., 144A,

5.5% 09/30/2017 783,264 786,030 USD 672,000 First Data Corp., 9.875% 09/24/2015 614,040 588,582 USD 1,669,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 2,008,685 1,953,330 USD 1,156,000 FMG Finance Pty. Ltd., 10% 09/01/2013 1,421,661 1,263,425 USD 638,000 Foot Locker Inc., 8.5% 01/15/2022 723,065 599,295 USD 1,800,000 Freeport-McMoRan Copper & Gold Inc.,

8.25% 04/01/2015 1,987,550 1,990,119 USD 807,000 General Maritime Corp., 12% 11/15/2017 854,237 876,871 USD 2,207,000 Geokinetics Holdings Inc., 9.75% 12/15/2014 2,307,591 2,101,126 USD 614,000 Gibson Energy Ltd., 10% 01/15/2018 621,335 612,603 USD 2,194,000 Gibson Energy ULC 11.75% 05/27/2014 2,429,590 2,445,229 USD 1,359,000 Goldcorp Inc., Private Placement

2% 08/01/2014^ 1,473,751 1,535,316 USD 1,713,000 Goodyear Tire & Rubber Co.,

10.5% 05/15/2016 1,993,181 1,878,709 USD 1,433,000 Great Canadian Gaming Corp.,

7.25% 02/15/2015 1,583,139 1,440,654 USD 413,099 Great Canadian Gaming Corp., Private

Placement 4.30375% 02/12/2014^ 441,370 411,111 USD 244,000 Grupo Posadas SAB de CV 9.25% 01/15/2015 255,001 258,312 USD 1,168,000 H&E Equipment Services Inc.,

8.375% 07/15/2016 1,291,776 1,147,552 USD 87,000 Hanesbrands Inc., 8% 12/15/2016 90,558 91,440 USD 1,350,000 HCA Inc., 7.25% 09/15/2020 1,386,677 1,389,770 USD 440,000 HCA Inc., 8.5% 04/15/2019 518,262 480,611 USD 1,491,000 HCA Inc., Callable 9.125% 11/15/2014 1,659,240 1,603,059 USD 1,346,000 HealthSouth Corp., 10.75% 06/15/2016 1,528,204 1,477,915 USD 254,092 HealthSouth Corp., Private Placement

8.15% 03/10/2013^ 318,357 253,468 USD 209,129 HealthSouth Corp., Term Loan, Private

Placement 8.15% 03/10/2013^ 209,683 213,622 USD 1,029,000 Host Hotels & Resorts Inc., 2.625% 04/15/2027 967,400 1,000,536 USD 2,030,000 Hughes Network Systems LLC

9.5% 04/15/2014 2,244,337 2,118,148 USD 1,337,000 Huntsman International LLC 5.5% 06/30/2016 1,191,744 1,232,130 USD 634,000 Ingles Markets Inc., 8.875% 05/15/2017 708,153 672,797 USD 465,000 Innophos Inc., 8.875% 08/15/2014 509,666 486,372




– 317 –



CORPORATE BONDS (42.7%) (cont’d)USD 2,425,000 Intelsat Bermuda Ltd., 11.25% 06/15/2016 2,918,361 2,665,742 USD 1,112,000 Intelsat Jackson Holdings 8.5% 11/01/2019 1,140,270 1,185,694 USD 1,812,000 Intergen NV 9% 06/30/2017 1,962,079 1,895,282 USD 1,365,000 International Lease Finance Corp.,

8.625% 09/15/2015 1,357,386 1,417,008 USD 5,320,000 International Lease Finance Corp.,

8.75% 03/15/2017 5,298,445 5,526,859 USD 1,113,000 Inverness Medical Innovations Inc.,

9% 05/15/2016 1,242,323 1,152,853 1,760,000 Iron Mountain Inc., 7.5% 03/15/2017 1,740,402 1,725,098

USD 2,250,000 Jabil Circuit Inc., 8.25% 03/15/2018 2,329,525 2,467,656 USD 716,000 James River Coal Co., 9.375% 06/01/2012 726,696 739,820 USD 116,000 Jarden Corp., 7.5% 01/15/2020 117,692 118,976 USD 1,026,000 JBS USA LLC, 144A, Private Placement

11.625% 05/01/2014^ 1,167,036 1,187,765 USD 5,335,000 JPMorgan Chase & Co., FRN, Callable,

7.9% 04/30/2049 4,932,676 5,775,782 USD 1,157,000 K Hovnanian Enterprises Inc.,

10.625% 10/15/2016 1,212,908 1,251,300 USD 695,000 Kansas City Southern de Mexico SA de CV

9.375% 05/01/2012 737,493 723,414 USD 1,905,000 Kansas City Southern de Mexico SA de CV

8% 02/01/2018 1,947,694 1,982,884 USD 288,000 Kansas City Southern Railway 8% 06/01/2015 306,930 303,796 USD 800,000 LBI Escrow Corp., 8% 11/01/2017 819,958 842,862 USD 232,000 Lender Processing Services Inc.,

8.125% 07/01/2016 259,105 252,676 USD 1,321,000 Lincoln National Corp., Callable

7% 05/17/2066 768,543 1,220,738 USD 1,088,000 Lincoln National Corp., Preferred

6.05% 04/20/2067 387,929 919,796 USD 871,000 Lions Gate Entertainment Inc., Senior

Secured Notes 10.25% 11/01/2016 861,107 905,504 USD 49,000 Manitowoc Company Inc., 9.5% 02/15/2018 51,453 51,874 USD 537,000 Maple Leaf Foods Inc., Private Placement

5.21% 12/08/2011^ 516,323 537,142 USD 919,000 MetroPCS Wireless Inc., 9.25% 11/01/2014 959,494 954,239 USD 1,083,000 MGM Mirage Inc., 144A

10.375% 05/15/2014 1,226,853 1,212,510 USD 1,499,000 MGM Mirage Inc., 5.875% 02/27/2014 1,338,627 1,282,478 USD 316,000 MGM Mirage Inc., 7.625% 01/15/2017 264,635 267,147 USD 720,000 MGM Mirage Inc., 9% 03/15/2020 749,595 753,092 USD 832,000 Mohegan Tribal Gaming Authority

11.5% 11/01/2017 847,089 899,811 USD 1,206,000 Mohegan Tribal Gaming Authority

6.125% 02/15/2013 1,095,664 1,047,109 460,000 Molson Coors Capital Finance Co.,

Senior Notes, 5% 09/22/2015 447,339 482,930 USD 1,031,000 MU Finance PLC 8.375% 02/01/2017 1,069,111 1,032,581 USD 3,188,000 National Money Mart Co.,

10.375% 12/15/2016 3,356,659 3,435,694 710,000 NAV Canada 4.428% 02/24/2011 711,932 730,512

USD 1,824,000 Navios Maritime Holdings/Finance US Inc., 8.875% 11/01/2017 1,915,797 1,917,095

USD 2,160,000 Neiman Marcus Group Inc., 10.375% 10/15/2015 2,299,898 2,264,760

CORPORATE BONDS (42.7%) (cont’d)USD 425,000 New Communications Holdings Inc.,


Private Placement 8.5% 04/15/2020^ 436,349 434,823 USD 775,000 Newell Rubbermaid Inc., 10.6% 04/15/2019 967,516 1,038,302 USD 1,876,000 NII Capital Corp., 10% 08/15/2016 2,038,385 2,086,053 USD 1,335,000 NII Holdings Inc., 3.125% 06/15/2012 1,192,316 1,279,430 USD 1,801,000 Nortel Networks Corp., 10.75% 07/15/2016 1,690,529 1,469,986

1,850,000 North American Energy Partners Inc., 9.125% 04/07/2017 1,850,000 1,859,887

97,000 NOVA Chemicals Corp., 7.85% 08/30/2010 94,090 98,007 USD 389,000 NOVA Chemicals Ltd., 6.5% 01/15/2012 403,064 404,904 USD 552,000 OPTI Canada Inc 9% 12/15/2012 560,576 577,371 USD 2,132,000 OPTI Canada Inc., Callable (USD),

8.25% 12/15/2014 2,316,260 2,035,136 USD 1,385,000 Overseas Shipholding Group Inc.,

8.125% 03/30/2018 1,403,575 1,409,979 USD 1,693,000 Pacific Rubiales Energy Corp.,

8.75% 11/10/2016 1,788,060 1,865,371 USD 871,000 Pacific Rubiales Energy Corp.,

8.75% 11/10/2016 936,603 959,680 USD 650,000 PetroQuest Energy Inc., 10.375% 05/15/2012 773,192 666,673 USD 338,000 Province Healthcare Co., 7.5% 06/01/2013 451,250 329,852 USD 416,700 QHP Royalty Sub LLC 10.25% 03/15/2015 444,224 427,749 USD 110,000 QVC Inc., 7.125% 04/15/2017 111,155 112,403 USD 110,000 QVC Inc., 7.375% 10/15/2020 111,155 112,263 USD 58,000 Qwest Corp., 8.375% 05/01/2016 66,399 66,261 USD 899,000 Rathgibson Inc. 11.25% 02/15/2014 960,685 82,164

300,000 RBC Capital Trust 4.87% 12/31/2050 299,304 309,093 USD 2,141,000 Reliance Intermediate Holdings LP, 144A,

Private Placement 9.5% 12/15/2019^ 2,235,384 2,299,193 1,465,000 Rogers Wireless Inc., 7.625% 12/15/2011 1,491,336 1,594,074 1,224,000 Royal Bank of Scotland

1.23429% 03/30/2015 1,081,710 1,052,640 600,000 Royal Bank of Scotland, Callable,

5.37% 05/12/2049 564,234 432,000 USD 2,142,000 Sabine Pass LNG LP 7.5% 11/30/2016 2,062,277 1,919,608 USD 261,000 Salem Communications Corp

9.625% 12/15/2016 273,828 276,972 USD 1,490,000 Scientific Games Corp., 7.875% 06/15/2016 1,528,685 1,532,003 USD 174,000 Scientific Games International Inc.,

9.25% 06/15/2019 188,497 187,519 USD 1,140,000 Severstal Columbus LLC 10.25% 02/15/2018 1,221,449 1,216,996

713,000 Shaw Communications Inc., 7.5% 11/20/2013 737,550 807,914 463,000 Sherritt International Corp., 7.875% 11/26/2012 467,516 481,867

2,083,000 Sherritt International Corp., 8.25% 10/24/2014 2,062,598 2,204,246

USD 508,034 Skilled Healthcare Group Inc., 11% 01/15/2014 620,142 542,992 468,000 SLM Corp., 4.625% 06/15/2011 405,180 457,711

USD 1,994,000 SLM Corp., 8% 03/25/2020 1,977,508 1,971,767 USD 2,545,000 SLM Corp., 8.45% 06/15/2018 2,633,105 2,613,798 USD 498,000 Sotheby's Holdings Inc., 7.75% 06/15/2015 500,154 513,935

138,000 Speciality Foods Corp., 7.25% 12/14/2011^ 499,800 138,000 USD 653,000 Starwood Hotels & Resort Worldwide Inc.,

7.15% 12/01/2019 679,009 671,408 USD 365,000 Steel Dynamics Inc., 7.625% 03/15/2020 373,853 379,923




– 318 –



CORPORATE BONDS (42.7%) (cont’d)USD 727,000 Steel Dynamics Inc., Senior Notes,

6.75% 04/01/2015 572,430 743,803 1,207,000 Superior Plus Corp., 8.25% 10/27/2016 1,207,000 1,251,470

USD 1,393,000 Talecris Biotherapeutics Holdings Corp., Senior Unsecured Notes, 7.75% 11/15/2016 1,454,904 1,421,660

USD 247,000 Teck Resources Ltd., 10.25% 05/15/2016 274,863 298,485 USD 3,771,000 Teck Resources Ltd., 10.75% 05/15/2019 4,393,419 4,691,061 USD 1,580,000 Teekay Corp., 8.5% 01/15/2020 1,647,319 1,676,686 USD 915,000 The Mosaic Co., 7.375% 12/01/2014 1,047,622 994,426 USD 174,000 The Scotts Miracle-Gro Co., 7.25% 01/15/2018 178,461 180,230 USD 554,101 Transmeridian Exploration Inc., Callable,

12% 12/15/2010 535,943 1 USD 1,470,000 United States Steel Corp.,

7.375% 04/01/2020 1,479,472 1,496,512 USD 1,174,000 United Surgical Partners International Inc.,

8.875% 05/01/2017 1,171,925 1,236,900 USD 1,935,000 UPC Germany GmbH 8.125% 12/01/2017 2,024,371 2,026,391 USD 1,792,301 US Oncology Holdings Inc., FRN

6.64344% 03/15/2012 1,811,052 1,724,521 USD 1,048,000 Virgin Media Finance PLC 9.5% 08/15/2016 1,134,351 1,162,683

720,000 Viterra Inc., 8% 04/08/2013 720,916 731,888 1,280,000 Viterra Inc., 8.5% 08/01/2017 1,278,587 1,358,400

USD 3,650,000 Wells Fargo & Co., 7.98% 02/28/2049 2,791,270 3,873,357 USD 4,250,000 Wells Fargo Capital 7.7% 12/29/2049 3,786,619 4,456,125 AUD 1,259,000 Western Areas Ltd., 8% 07/02/2012 1,022,041 1,206,888 USD 1,676,000 Wind Acquisition Finance SA

11.75% 07/15/2017 1,981,181 1,880,679 USD 1,355,000 Wynn Las Vegas LLC 6.625% 12/01/2014 1,265,478 1,372,558

330,000 YPG Holdings Inc., 5.25% 02/15/2016 296,974 316,511 440,000 YPG Holdings Inc., 6.5% 07/10/2013 438,904 457,484

204,825,087 204,214,355COMMON EQUITIES (27.3%)

219,205 Abertis Infraestructuras SA 4,790,268 4,285,165 171,100 Atlantia SpA 4,247,330 4,037,204 274,200 BCE Inc. 7,570,523 8,165,676 175,300 BR Malls Participacoes SA 2,190,538 2,100,264 286,530 Brookfield Asset Management Inc., Class A* 5,999,750 7,395,339 142,720 Brookfield Properties Corp. (USD) 1,564,587 2,226,150 179,780 Brookfield Renewable Power Fund 2,728,690 3,773,582 40,900 Canadian National Railway Co. 2,179,012 2,514,123 87,700 Capital Power Corp. 1,709,597 1,964,480 4,199 CIT Group Inc. 149,358 165,958

104,400 Crescent Point Energy Corp.* 2,201,088 4,068,468 53,800 Enbridge Inc.* 2,244,888 2,606,072

173,000 Ferrovial SA 2,139,522 1,706,386 153,991 First Capital Realty Inc. 2,839,736 3,397,041 98,733 France Telecom SA* 2,398,041 2,399,417

216,500 Groupe Aeroplan Inc. 2,359,279 2,305,725 99,480 IESI-BFC Ltd.* 2,100,860 1,733,936

928,390 Inter Pipeline Fund LP 8,267,276 10,992,138 505,145 International Public Partnership Ltd. 966,622 889,990 41,300 Invesco Mortgage Capital Inc. 940,366 964,201

229,290 Kimco Realty Corp. 3,184,767 3,641,667 1,573,158 Macquarie Airports 4,311,594 4,529,626

300,000 MacQuarie Atlas Roads Group 207,283 261,375 2,844,200 Macquarie Infrastructure Group 3,930,863 2,955,061

COMMON EQUITIES (27.3%) (cont’d)149,800 Manitoba Telecom Services Inc.* 4,900,444 4,778,620

USD 683,585 NOVA Chemicals Ltd., 8.625% 11/01/2019 709,094 715,004 132,000 Otelco Inc. 2,247,613 2,144,729 50,800 PG&E Corp. 2,243,175 2,188,330

1,000,366 Prime Infrastructure Group 4,495,438 3,355,776 67,331 Progress Energy Resources Corp. 983,529 789,119

641,550 Snam Rete Gas SpA 2,994,790 3,295,980 53,900 Spectra Energy Corp. 1,231,057 1,233,185

174,700 TELUS Corp., Non-Voting Shares 5,394,499 6,346,851 485,200 Terna SpA 2,074,984 2,131,965 137,800 TransAlta Corp.* 4,339,460 3,082,586 82,500 TransCanada Corp.* 2,917,945 3,070,650

971,150 Transurban Group* 4,893,591 4,506,580 21,665 Unibail* 4,077,776 4,455,153

814,300 Westfield Group 9,172,143 9,150,888 123,897,376 130,324,460

REITS (8.8%) 306,810 Allied Properties REIT 4,689,293 6,228,243 83,594 Artis REIT 971,808 969,690 20,028 Boardwalk REIT 684,645 805,126

295,530 Canadian REIT 6,490,526 8,171,404 390,190 Chartwell Seniors Housing REIT 2,409,629 2,828,878 362,062 Cominar REIT 5,285,543 6,951,590 25,060 Cypress Sharprigde Investments Inc., REIT 318,118 339,990 89,800 Digital Realty Trust Inc. 4,783,545 4,941,672

USD 847,000 DuPont Fabros Technology LP 8.5% 12/15/2017 909,710 885,929 254,100 H&R REIT 3,956,277 4,223,142 66,000 Primaris Retail REIT 633,258 1,108,800

163,738 RioCan REIT* 2,624,540 3,025,878 1,390 Soverign REIT 1,735,255 1,609,156

35,492,147 42,089,498INCOME TRUSTS (6.3%)

48,945 AltaGas Income Trust 980,357 900,588 212,550 Altus Group Income Fund 3,184,196 2,986,328 182,619 Bell Aliant Regional Communications

Income Fund 5,248,596 4,640,349 123,200 Canadian Oil Sands Trust 3,185,032 3,750,208 337,400 CML Healthcare Income Fund 4,396,603 4,271,484 91,000 Davis & Henderson Income Fund 1,617,968 1,611,610 35,400 Labrador Iron Ore Royalty Income Fund 951,198 1,893,900

249,120 Pembina Pipeline Income Fund 3,543,577 4,337,179 117,200 Pengrowth Energy Trust (CAD) 1,222,357 1,373,584 740,200 Yellow Pages Income Fund 4,181,316 4,552,230

28,511,200 30,317,460ROYALTY TRUSTS (4.8%)

305,200 ARC Energy Trust* 5,902,727 6,250,496 182,500 Bonavista Energy Trust 4,409,027 4,261,375 111,100 Enerplus Resources Fund 3,749,144 2,668,622 256,260 Northland Power Income Fund 3,000,438 3,372,382 186,347 Vermilion Energy Trust* 4,712,927 6,578,049

21,774,263 23,130,924





– 319 –




PREFERRED SHARES (0.1%) 38,400 ION Media Networks Inc., 12% Preferred^ 6,065 - 91,400 Nortel Networks Corp., Preferred,

Series 7, Class A^ 1,607,202 9 120,000 Nortel Networks Corp., Preferred, Series F^ 2,228,466 12

3,841,733 21 WARRANTS (0.1%)

10,090 First Capital Realty Inc., Warrants (29Oct10) - 44,900



Short Term Notes (6.5%) 31,000,000 31,000,000





Net Assets (100.0%) 478,066,123


– 320 –





1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.02 (1,379,714) Canadian $ 1,350,000 US $ (8,726)1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.38 (1,295,000) Euro 1,784,616 Canadian $ 8,002 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.57 (1,342,000) Euro 2,100,922 Canadian $ 259,580 1 Bank of Nova Scotia†† A-1+ 08-Jun-10 1.51 (3,119,000) Euro 4,696,306 Canadian $ 416,947 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (2,044,000) US $ 2,158,832 Canadian $ 82,975 1 Bank of Nova Scotia†† A-1+ 17-Jun-10 1.06 (23,855,000) US $ 25,324,229 Canadian $ 1,097,285 1 Credit Suisse Group A-1 17-Jun-10 1.06 (25,812,000) US $ 27,398,276 Canadian $ 1,183,822 1 Morgan Stanley A-1 08-Jun-10 1.50 (1,717,000) Euro 2,583,862 Canadian $ 228,089 1 Morgan Stanley A-1 08-Jun-10 1.56 (2,403,000) Euro 3,757,765 Canadian $ 460,640 1 Morgan Stanley A-1 17-Jun-10 1.06 (22,717,000) US $ 24,116,594 Canadian $ 1,045,393 1 Morgan Stanley A-1 17-Jun-10 1.07 (2,367,000) US $ 2,524,074 Canadian $ 120,155 1 Morgan Stanley A-1 17-Jun-10 1.07 (2,978,000) US $ 3,197,776 Canadian $ 173,302 1 Royal Bank of Canada A-1+ 17-Jun-10 1.06 (17,063,000) US $ 18,105,208 Canadian $ 776,173 1 Royal Bank of Canada A-1+ 17-Jun-10 1.07 (1,900,000) US $ 2,038,491 Canadian $ 108,842 1 Royal Bank of Canada A-1+ 17-Jun-10 1.03 (5,096,000) US $ 5,223,553 Canadian $ 48,311 1 State Street Corporation A-1 17-Jun-10 1.02 (1,380,591) Canadian $ 1,350,000 US $ (9,603)1 State Street Corporation A-1 17-Jun-10 1.07 (1,900,000) US $ 2,034,235 Canadian $ 104,591 1 State Street Corporation A-1 17-Jun-10 1.06 (23,007,000) US $ 24,422,621 Canadian $ 1,056,899 1 State Street Corporation A-1 17-Jun-10 1.07 (2,367,000) US $ 2,527,305 Canadian $ 123,382 1 UBS AG A-1 08-Jun-10 1.09 (6,026,000) Australian $ 5,534,399 Canadian $ (36,353)1 UBS AG A-1 08-Jun-10 1.08 (6,183,000) Australian $ 5,699,551 Canadian $ (16,360)1 UBS AG A-1 08-Jun-10 1.74 (1,155,000) British Pound 2,009,400 Canadian $ 229,582 1 UBS AG A-1 17-Jun-10 1.06 (23,136,000) US $ 24,561,178 Canadian $ 1,064,443 1 UBS AG A-1 17-Jun-10 1.07 (400,000) US $ 427,088 Canadian $ 20,848




Signature High Income Corporate ClassFinancial Statements

– 321 –






Net assets per classA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares





430,122 196,6775,267 22,398

31,000 51,000- -

883 883- -

8,609 123- -- -

3,390 1,3611,321 2,993

- -5,771 3,651

486,363 279,086

- -- -- -

71 1,244- -

6,890 1,491787 648

- -- -- -

549 3418,297 3,724

478,066 275,362

418,097 246,255- -

377,317 230,34430,758 14,54934,852 18,27012,386 5,0441,124 71

19,610 6,9272,019 157

18.69 14.0719.76 14.8011.69 8.679.26 7.299.69 7.608.42 6.839.34 7.54

20,190,103 16,369,7111,556,668 982,8892,980,803 2,106,2861,338,111 691,626

115,973 9,3612,328,835 1,014,302

216,044 20,868


2010 2009


2010 2009



– 322 –







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















4,488 2,45718,503 18,963

79 93- 204- -- -

(553) (250)22,517 21,467

4,251 3,530701 577

2 -478 194248 205

5,680 4,50616,837 16,961

- (20)16,837 16,941

13,314 (44,286)(557) 895(283) (213)

- -

71,262 (40,836)83,736 (84,440)

100,573 (67,499)

81,862 (59,132)6,430 (3,465)6,690 (2,864)2,172 (705)

130 (30)3,133 (1,298)

156 (5)

4.58 (3.62)4.75 (3.82)2.90 (1.87)2.20 (1.97)2.00 (2.94)1.99 (2.13)1.83 (1.42)

230,344 292,483

119,592 64,7371,038 -

(53,942) (59,362)(509) (8,382)

66,179 (3,007)

- -(1,068) -

- -(1,068) -81,862 (59,132)

377,317 230,344

14,549 16,306

12,728 5,74885 -

(4,008) (4,900)1,062 8609,867 1,708

- -(88) -

- -(88) -

6,430 (3,465)30,758 14,549

18,270 15,185

16,713 10,03581 -

(7,306) (4,989)493 903

9,981 5,949

- -(89) -

- -(89) -

6,690 (2,864)34,852 18,270


2010 2009


2010 2009




– 323 –





















157 13

405 1753 -

(128) (95)1,493 731,773 153

- -(6) -

(61) (4)(67) (4)156 (5)

2,019 157

275,362 327,505

168,517 92,4281,254 -

(67,939) (70,696)3,101 (5,757)

104,933 15,975

- -(1,334) -(1,468) (619)(2,802) (619)

100,573 (67,499)478,066 275,362

5,044 980

5,921 5,42318 -

(1,366) (724)1,032 2375,605 4,936

- -(31) -

(404) (167)(435) (167)

2,172 (705)12,386 5,044

71 81

1,109 1352 -

(154) (110)- -

957 25

- -(4) -

(30) (5)(34) (5)130 (30)

1,124 71

6,927 2,457

12,049 6,17527 -

(1,035) (516)(470) 552

10,571 6,211

- -(48) -

(973) (443)(1,021) (443)3,133 (1,298)

19,610 6,927


2010 2009



2010 2009


Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules

– 324 –










2010 2009

16,369,711 16,527,2986,943,386 4,131,429

57,670 -(3,148,318) (3,807,987)

(32,346) (481,029)20,190,103 16,369,711

982,889 880,668724,226 352,938

4,492 -(224,218) (299,138)

69,279 48,4211,556,668 982,889

2,106,286 1,413,5921,583,045 1,126,816

7,205 -(754,415) (550,675)

38,682 116,5532,980,803 2,106,286

691,626 101,281672,372 654,527

2,021 -(153,456) (91,361)125,548 27,179

1,338,111 691,626

9,361 8,104123,533 15,155

235 -(17,156) (13,898)

- -115,973 9,361

1,014,302 262,0901,512,045 750,926

3,277 -(128,801) (67,080)(71,988) 68,366

2,328,835 1,014,302

20,868 1,30845,085 22,577

351 -(14,547) (11,465)164,287 8,448216,044 20,868










2010 2009

18.69 14.0718.70 14.09

19.76 14.8019.77 14.83

11.69 8.6711.70 8.69

9.26 7.299.26 7.30

9.69 7.609.70 7.61

8.42 6.838.43 6.84

9.34 7.549.35 7.55

Signature High Income Corporate ClassFinancial Statements – Supplementary Schedules

– 325 –



2010 2009


41,006 5,30842,519 5,657


2010 2009


276 20721 16

Annual management fee rateA SharesF SharesI SharesAT5 SharesFT5 SharesAT8 SharesFT8 Shares

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

1.250.75


0.200.20

-0.200.200.200.20


2010


Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 326 –





Corporate Bonds ...................................................................................................................... 41.8Short Term Investments........................................................................................................... 18.5Other Assets ............................................................................................................................ 10.5Royalty Trusts........................................................................................................................... 9.4Common Equities ..................................................................................................................... 7.9REITs......................................................................................................................................... 6.2Income Trusts ........................................................................................................................... 5.8Government Bonds................................................................................................................... 0.2Preferred Shares ...................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... -0.4

Other Price RiskAs at March 31, 2010 and 2009, the Fund was invested in Canadian equities and therefore wassensitive to changes in general economic conditions in Canada, however some of the Fund's assetswere invested in fixed income securities and their market risk exposure is described below.







Credit Rating^ (%)AAA/Aaa/A++ 10.3 AA/Aa/A+ 1.4 A 2.8 BBB/Baa/B++ 6.9 BB/Ba/B+ 12.3 B 10.4 CCC/Caa/C++ 3.1 Not Rated 13.5Total 60.7





Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 202,532 (154,297) 48,235 10.1 Australian Dollar 25,989 (11,377) 14,612 3.1 Euro 22,311 (13,548) 8,763 1.8 Brazilian Real 2,100 - 2,100 0.4 British Pound 3,364 (1,780) 1,584 0.3 Uruguayan New Peso - - - 0.0 Total 256,296 (181,002) 75,294 15.7


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 115,541 (90,474) 25,067 9.1 Australian Dollar 6,347 (3,989) 2,358 0.9 Euro 1,815 (876) 939 0.3 Total 123,703 (95,339) 28,364 10.3



– 327 –

Signature High Income Corporate ClassFund Specific Financial Instruments Risks (Note 11)







As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Fund would have decreased orincreased, respectively, by approximately $2,161,000 (March 31, 2009 - $621,000). In practice, actualresults may differ from this analysis and the difference may be material.



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 224,261 - - 224,261 Bonds - 205,140 676 205,816 Short-term notes - 31,000 - 31,000 Warrants 45 - - 45 Foreign currency forward contracts - 8,538 - 8,538 Total 224,306 244,678 676 469,660



37,996 14,432 49,999 139,656 242,083



78,330 26,922 26,169 58,017 189,438






Long Positions/Assets:Bonds 1,857 542 (168) (1,725) (42) 212 676 Total 1,857 542 (168) (1,725) (42) 212 676


During 2009 fixed income securities with a net fair value of $1,725,000 were transfered from Level 3 into Level 2 as observable market inputs became available for these investments.


CI Short-Term Advantage Corporate ClassStatement of Investment Portfolio as at March 31, 2010

– 328 –




EQUITIES SUBJECT TO FORWARD AGREEMENT (187.9%) 1,588,010 Canfor Corp.* 9,992,218 14,974,934 1,778,687 Celestica Inc.* 9,989,932 19,743,426 1,096,083 CGI Group Inc.* 9,984,723 16,583,736

713,101 FirstService Corp.* 9,987,082 16,472,633 917,967 HudBay Minerals Inc.* 9,987,481 11,667,361 703,064 Ivanhoe Mines Ltd.* 5,572,016 12,423,141 511,861 MacDonald Dettwiler & Associates Ltd.* 9,987,675 19,210,143

1,794,323 Red Back Mining Inc.* 9,989,345 37,214,259 167,007 Research In Motion Ltd. (USD)* 9,975,567 12,543,896 828,967 RONA Inc.* 9,991,144 12,708,064 544,819 Sino-Forest Corp., Class A* 5,654,774 10,814,657

1,236,147 Teck Resources Ltd., Class B* 6,391,359 54,662,420 1,339,590 Viterra Inc.* 9,989,340 12,793,085

991,897 WestJet Airlines Ltd.* 10,019,465 13,509,637


Total Equities Subject to Forward Agreement (187.9%) 127,512,121 265,321,392


Forward Contract (-94.0%) (see Schedule A) (132,715,205)



Net Assets (100.0%) 141,178,236

Schedule AForward Agreement (-94.0%)

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

(1,588,010) Canfor Corp. (15,006,695)(1,778,687) Celestica Inc. (19,743,426)(1,096,083) CGI Group Inc. (16,660,462)

(713,101) FirstService Corp. (16,543,943)(917,967) HudBay Minerals Inc. (11,667,361)(703,064) Ivanhoe Mines Ltd. (12,479,386)(511,861) MacDonald Dettwiler & Associates Ltd. (19,322,753)

(1,794,323) Red Back Mining Inc. (37,232,202)(167,007) Research In Motion Ltd. (USD) (12,567,277)(828,967) RONA Inc. (12,716,354)(544,819) Sino-Forest Corp., Class A (10,841,898)

(1,236,147) Teck Resources Ltd., Class B (54,699,505)(1,339,590) Viterra Inc. (12,846,668)

(991,897) WestJet Airlines Ltd. (13,539,394)(265,867,324)

Notional Shares Underlying Trust Fair Value $

12,920,559 CI Short-Term Advantage Trust 133,152,119

Total Forward Contracts Value (132,715,205)

Settlement date May 22, 2013 Credit Rating of the Counterparty A-1


CI Short-Term Advantage Corporate ClassFinancial Statements

– 329 –


AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on forward contractCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for share subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on forward contractSwaps, 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












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





265,321 209,8086,750 3,877

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

2,424 479- -- -

37 26274,532 214,190

- -- -- -

132,715 4,860- -- -

575 469- -

64 92- -- -- -

133,354 5,421141,178 208,769

127,512 198,480- -

110,655 148,7654,971 6,698

25,552 53,306

10.09 10.0410.11 10.0610.26 10.13

10,963,619 14,813,238491,452 665,569

2,489,884 5,261,231

- -3 177

420 128- -- -

95 114- -

518 419

695 828- -- 3- -

30 36725 867

- (64)(207) (384)

4,032 (4,519)- -- -- -

(896) (743)

(1,374) 6,4681,762 1,2061,555 822

881 19741 38

633 587

0.06 0.020.06 0.050.17 0.11


2010 2009



2010 2009

CI Short-Term Advantage Corporate ClassFinancial Statements

– 330 –

















148,765 -

84,870 200,107- -

(108,898) (79,016)(14,963) 27,477(38,991) 148,568

- -- -- -- -

881 197110,655 148,765

6,698 -

4,562 11,647- -

(7,432) (7,197)1,102 2,210(1,768) 6,660

- -- -- -- -

41 384,971 6,698

53,306 -

55,729 128,629- -

(74,911) (76,566)(9,205) 656

(28,387) 52,719

- -- -- -- -

633 58725,552 53,306

208,769 -

145,161 340,383- -

(191,241) (162,779)(23,066) 30,343(69,146) 207,947

- -- -- -- -

1,555 822141,178 208,769


2010 2009


2010 2009



CI Short-Term Advantage Corporate ClassFinancial Statements – Supplementary Schedules

– 331 –






2010 2009

14,813,238 -8,420,220 19,933,189

- -(10,762,017) (7,848,992)(1,507,822) 2,729,04110,963,619 14,813,238

665,569 -449,821 1,159,111

- -(732,920) (713,980)108,982 220,438491,452 665,569

5,261,231 -5,433,440 12,749,212

- -(7,304,388) (7,555,283)

(900,399) 67,3022,489,884 5,261,231




10.09 10.0410.13 10.09

10.11 10.0610.15 10.11

10.26 10.1310.30 10.18



2010 2009


2010 2009


265,867 -264,377 -


2010 2009


- -- -



1.000.75


---


as at March 31 (%)

2010

CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11)

– 332 –

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



Corporate Bonds ...................................................................................................................... 61.7 Provincial Bonds....................................................................................................................... 31.5 Short Term Notes..................................................................................................................... 5.8 Other Assets (net) .................................................................................................................... 1.0



Other Assets (net) .................................................................................................................... 53.5Corporate Bonds ...................................................................................................................... 19.2Short-Term Notes..................................................................................................................... 13.9Provincial Bonds....................................................................................................................... 9.0Government Bonds................................................................................................................... 4.4

Other Price RiskThe Fund was exposed to the financial instrument risk of the CI Short-Term Advantage Trust (the“Underlying Fund”). The Fund was created to obtain exposure to an actively managed portfolio ofmoney market instruments issued in Canada and other developed countries by virtue of the ForwardAgreement. By entering into the Forward Agreement, the Fund eliminated the direct risk exposureto its common share portfolio and assumed the risk exposure of the CI Short-Term Advantage Trust,as well as credit risk to the Counterparty of the Forward Agreement in respect of any positiveamount of the Forward Contract value. For details of the credit rating of the Counterparty to theForward Agreement please refer to Schedule A in the “Statement of Investment Portfolio”.

Credit RiskAs at March 31, 2010 and 2009, the Fund had no significant direct exposure to credit risk, except for creditrisk related to the Counterparty to the Forward Agreement. As at March 31, 2010 and 2009, the Fund indirectly bears the credit risk exposure of the Underlying Trust.

The Underlying Trust was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:





Credit Rating^ (%)AAA/Aaa/A++ 20.5AA/Aa/A+ 22.2A 2.5BBB/Baa/B++ 0.7Not Rated 0.6Total 46.5



Currency RiskThe Fund indirectly bears the currency risk exposure of the Underlying Trust. As at March 31, 2010and 2009, the Underlying Trust's investments were denominated in Canadian dollars, the functionalcurrency of the Underlying Trust and the Fund. As a result, the Fund and Underlying Trust were notexposed to currency risk.

Interest Rate RiskAs at March 31, 2010 and 2009, the Fund had no significant direct exposure to interest rate risk. As atMarch 31, 2010 and 2009, the Fund indirectly bears interest rate risk exposure of the Underlying Trust.

The tables below summarize the Underlying Trust's exposure to interest rate risk, categorized by thecontractual maturity date.





As at March 31, 2010, had the prevailing interest rates increased or decreased by 0.25% (March 31,2009 - 0.25%), with all other variables held constant, net assets of the Underlying Trust would haveindirectly decreased or increased, respectively, by approximately $70,000 (March 31, 2009 - $50,000).In practice, the actual results may differ from this analysis and the difference may be material.



69,875 31,576 31,405 - 132,856



164,954 36,360 4,054 300 205,668



– 333 –

CI Short-Term Advantage Corporate ClassFund Specific Financial Instruments Risks (Note 11)



(in $000's) (in $000's) (in $000's) (in $000's)

Equities - long 265,321 - - 265,321 Forward agreement - (132,715) (132,715)Total 265,321 (132,715) - 132,606



1. THE FUNDS

CI Corporate Class Limited (formerly, CI Sector Fund Limited) (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario. The name change was effective May 2, 2005.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares. Each designated

class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class of shares of the Corporation.

Each class of shares is referred to as a “Fund”.

Due to the change in the name to CI Corporate Class Limited, all of the share classes within CI Corporate Class Limited will carry the designation “Corporate Class” instead of “Sector Fund”.

The following Funds are a class of shares of the Corporation.

Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares

CI Corporate Class

CI American Equity Corporate Class February 24, 2000 July 17, 2000 –

CI American Managers® Corporate Class July 17, 2000 July 17, 2000 August 31, 2001

CI American Small Companies Corporate Class February 24, 2000 July 17, 2000 July 06, 2009

CI American Value Corporate Class July 31, 2001 July 31, 2001 August 28, 2002

CI Canadian Investment Corporate Class July 15, 2003 July 15, 2003 January 24, 2006

CI Can-Am Small Cap Corporate Class November 28, 2005† November 28, 2005† November 28, 2005

CI Emerging Markets Corporate Class September 21, 1992 July 17, 2000 December 18, 2006

CI European Corporate Class September 21, 1992 July 31, 2001 –

CI Global Bond Corporate Class August 28, 2002 July 17, 2000 December 19, 2008

CI Global Corporate Class July 8, 1987 July 8, 1987 February 17, 2006

CI Global Health Sciences Corporate Class July 23, 1996 July 17, 2000 July 31, 2001

CI Global High Dividend Advantage Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

CI Global Managers® Corporate Class February 24, 2000 July 17, 2000 July 31, 2001

CI Global Science & Technology Corporate Class July 23, 1996 July 17, 2000 July 31, 2001

CI Global Small Companies Corporate Class February 24, 2000 July 17, 2000 –

CI Global Value Corporate Class July 23, 1996 July 17, 2000 August 11, 2006

CI International Balanced Corporate Class July 31, 2001 December 17, 2001 August 14, 2009

CI International Corporate Class July 31, 2001 July 31, 2001 November 20, 2008

CI International Value Corporate Class July 23, 1996 July 31, 2001 September 27, 2006

CI Japanese Corporate Class December 23, 1998 July 17, 2000 –

CI Pacific Corporate Class July 8, 1987 July 17, 2000 –

CI Short-Term Advantage Corporate Class May 12, 2008 May 12, 2008 May 13, 2008

CI Short-Term Corporate Class July 8, 1987 July 17, 2000 November 7, 2005

CI Short-Term US$ Corporate Class July 31, 2001 – –

CI Value Trust Corporate Class December 31, 2001 December 31, 2001 December 31, 2001

Harbour Corporate Class June 27, 1997 July 17, 2000 November 7, 2005

Harbour Foreign Equity Corporate Class December 31, 2001 December 31, 2001 February 7, 2006

Harbour Foreign Growth & Income Corporate Class December 23, 2002 December 23, 2002 December 23, 2002

Harbour Growth & Income Corporate Class August 1, 2006 August 1, 2006 July 31, 2006

Signature Canadian Bond Corporate Class August 28, 2002 August 28, 2002 February 7, 2006

Signature Canadian Resource Corporate Class July 31, 2001 July 31, 2001 –

Signature Corporate Bond Corporate Class July 15, 2003 July 15, 2003 December 18, 2006

Signature Diversified Yield Corporate Class November 30, 2009 November 10, 2009 December 31, 2009

Signature Dividend Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Global Energy Corporate Class June 11, 1998 July 31, 2001 –

Signature Global Income & Growth Corporate Class February 22, 2007 February 22, 2007 February 22, 2007

Signature High Income Corporate Class August 28, 2002 August 28, 2002 January 24, 2006

Signature Income & Growth Corporate Class March 30, 2005 March 30, 2005 March 30, 2005

Signature Select Canadian Corporate Class July 31, 2001 July 31, 2001 February 14, 2006

Synergy American Corporate Class September 21, 1992 July 17, 2000 September 8, 2008

Synergy Canadian Corporate Class November 28, 2005† November 28, 2005† November 28, 2005†

Synergy Global Corporate Class July 23, 2004 July 23, 2004 September 7, 2004

CI Corporate Class LimitedNotes to the Financial Statements as at March 31, 2010


Inception Date Inception Date Inception Date Inception Date

of A Shares of F Shares of I Shares of W Shares

Portfolio Select Series

Select Canadian Equity Managed Corporate Class November 7, 2005 November 7, 2005 July 5, 2006 November 7, 2005

Select Income Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select International Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select U.S. Equity Managed Corporate Class November 7, 2005 November 7, 2005 June 8, 2006 November 7, 2005

Select 100e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 100i Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006

Select 20i80e Managed Portfolio Corporate Class November 27, 2006 November 27, 2006 November 27, 2006 November 27, 2006







Inception date Inception date Inception date Inception date

of A Shares of F Shares of I Shares of W Shares

Cambridge Corporate Class

Cambridge Canadian Asset Allocation Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Canadian Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Cambridge Global Equity Corporate Class January 7, 2008 January 7, 2008 January 7, 2008 January 7, 2008

Inception date Inception date Inception date Inception date Inception date

of Class A of Class E of Class F of Class I of Class W

United Corporate Class

Canadian Equity Alpha Corporate Class August 14, 2008 August 11, 2008 August 27, 2009 September 8, 2008 June 1, 2009

Canadian Equity Growth Corporate Class October 22, 2007 November 10, 2008 May 22, 2008 October 31, 2008 October 22, 2007

Canadian Equity Small Cap Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

Canadian Equity Value Corporate Class October 22, 2007 August 11, 2008 July 3, 2008 September 8, 2008 October 22, 2007

Canadian Fixed Income Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

Emerging Markets Equity Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

Enhanced Income Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

Global Fixed Income Corporate Class October 22, 2007 August 11, 2008 August, 21, 2008 October 20, 2008 October 22, 2007

International Equity Alpha Corporate Class July, 31, 2008 August 11, 2008 August 27, 2009 September 8, 2008 June 1, 2009

International Equity Growth Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

International Equity Value Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

International Equity Value Currency Hedged Corporate Class August 19, 2008 August 11, 2008 July 31, 2008 September 8, 2008 July 31, 2008

Real Estate Investment Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

Short Term Income Corporate Class October 22, 2007 August 11, 2008 October 31, 2007 September 8, 2008 October 22, 2007

US Equity Alpha Corporate Class July, 31, 2008 August 11, 2008 September 9, 2009 September 5, 2008 June 1, 2009

US Equity Growth Corporate Class October 22, 2007 November 10, 2008 May 22, 2008 October 31, 2008 October 22, 2007

US Equity Small Cap Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

US Equity Value Corporate Class October 22, 2007 August 11, 2008 May 22, 2008 September 8, 2008 October 22, 2007

US Equity Value Currency Hedged Corporate Class August 19, 2008 August 11, 2008 July 31, 2008 September 8, 2008 July 31, 2008

†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.





CI Value Trust Corporate Class offered Class Y, Z and Insight shares to investors commencing on

April 7, 2004.

Synergy Canadian Corporate Class offered Insight shares to investors commencing on November 28, 2005.

Each Fund, offers Class A and F shares except for CI Short-Term US$ Corporate Class which offers

only Class A shares. Some funds also offer Class AT5, AT8, FT5, FT8, I, IT5, IT8, W, WT5, WT8, Y, Z or

Insight shares.

Shares of the Select Funds are available only to investors who participate in the PSS program.

Portfolio Select Series, or PSS, is a tax effective asset allocation program designed for investors who

see strategic asset allocation as providing the foundation for their investment plan. It is comprised of

nine core portfolios, each with different asset allocations that provide exposure in up to four different

asset classes, namely: Canadian equity, U.S. equity, international equity and income.

Class A shares of all other funds are available to all investors.

Class F, FT5, FT8, W, WT5 and WT8 shares are available to certain investors including those who

participate in fee-based programs through their financial advisers or who are members of certain groups.

CI Value Trust Corporate Class offered Class Y, Z and Insight shares to investors commencing on

April 7, 2004.

Synergy Canadian Corporate Class offered Insight shares to investors commencing on November 28, 2005.

Each Fund, offers Class A and F shares except for CI Short-Term US$ Corporate Class which offers

only Class A shares. Some funds also offer Class AT5, AT8, FT5, FT8, I, IT5, IT8, W, WT5, WT8, Y, Z or

Insight shares.

Shares of the Select Funds are available only to investors who participate in the PSS program.

Class A shares of all other funds are available to all investors.

Class F, FT5, FT8, W, WT5 and WT8 shares are available to certain investors including those who

participate in fee-based programs through their financial advisers or who are members of certain groups.

Insight shares are issued to investors of the Insight Program, for use in fee-based accounts.

Class Y and Z shares were issued to certain investors in connection with various mutual fund

reorganizations and are generally only available for purchase by those investors.

Class I, IT5, IT8 shares are only available to institutional clients and investors who have entered into

a Class I Account Agreement with CI Investments Inc.

Unlike other classes of shares offered by the Funds, holders of Class AT5, AT8, FT5, FT8, IT5, IT8, WT5

and WT8 shares (also called the T-Class Securities) receive regular monthly cash distributions.

On October 1, 2007 the Corporation issued the T-Class series of Funds which pay a monthly return

of capital (ROC) distribution to clients. Built on the tax-efficient CI Corporate Class structure,

the T-Class gives clients the choice of a 5% or 8% annual target ROC distribution. Monthly ROC

distributions from T-Class Funds are not taxable. The T-Classes are available in Class A, Class F,

Class I and Class W shares.

The following Funds had T-Class shares outstanding as at March 31, 2010.

CI American Equity Corporate Class - AT5, AT8, FT5

CI American Value Corporate Class - AT5, AT8, FT5, FT8

CI Canadian Investment Corporate Class - AT5, AT8, FT5, FT8, IT5

CI Global Corporate Class - AT5, AT8, FT5

CI Global High Dividend Advantage Corporate Class - AT5, AT8, FT8, IT5

CI Value Trust Corporate Class - AT5, AT8, FT5

Harbour Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Harbour Foreign Equity Corporate Class - AT5, AT8, FT5, FT8

Harbour Foreign Growth & Income Corporate Class - AT5, AT8, IT5, IT8

Harbour Growth & Income Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Dividend Corporate Class - AT5, AT8, FT5, FT8

Signature Global Income & Growth Corporate Class - AT5, AT8, FT5, IT5

Signature High Income Corporate Class - AT5, AT8, FT5, FT8

Signature Income & Growth Corporate Class - AT5, AT8, FT5, FT8, IT5, IT8

Signature Select Canadian Corporate Class - AT5, AT8, FT5, IT5, IT8

Synergy Global Corporate Class - AT5, AT8, FT5

Select 100e Managed Portfolio Corporate Class - AT8, IT5, IT8, WT8

Select 100i Managed Portfolio Corporate Class - AT5, AT8, FT5, IT5, IT8

Select 20i80e Managed Portfolio Corporate Class - AT5, AT8

Select 30i70e Managed Portfolio Corporate Class - AT5, AT8, WT5

Select 40i60e Managed Portfolio Corporate Class - AT5, AT8, FT5, WT5, WT8

Select 50i50e Managed Portfolio Corporate Class - AT5, AT8, WT5, WT8

Select 60i40e Managed Portfolio Corporate Class - AT5, AT8, WT5

Select 70i30e Managed Portfolio Corporate Class - AT5, AT8

Select 80i20e Managed Portfolio Corporate Class - AT5, AT8, FT5

Cambridge Canadian Asset Allocation Corporate Class - AT5, AT8, FT5, IT5

Cambridge Canadian Equity Corporate Class - AT5, AT8, FT5

Cambridge Global Equity Corporate Class - AT5, AT8, FT5, FT8

Signature Corporate Bond Corporate Class offered Class X shares to investors commencing August 14, 2009.

CI Global Health Sciences Corporate Class, Synergy Canadian Corporate Class and Synergy Global

Corporate Class offered Class Z and Y shares to investors commencing August 14, 2009.

Synergy Canadian Corporate Class offered Class H shares to investors commencing August 14, 2009.

Effective as of close of business on August 14, 2009 the following funds were merged:

Terminated Funds Continuing Funds

Blackmont Corporate Bond Fund Signature Corporate Bond Corporate Class

Knight Bain Small Cap Fund CI Can-Am Small Cap Corporate Class

CI Global Balanced Corporate Class CI International Balanced Corporate Class

CI Global Biotechnology Corporate Class CI Global Health Sciences Corporate Class

CI Global Consumer Products Corporate Class CI Global Value Corporate Class

CI Global Financial Services Corporate Class CI Global Value Corporate Class

Synergy Canadian Style Management Corporate Class Synergy Canadian Corporate Class

Synergy Focus Canadian Equity Fund Synergy Canadian Corporate Class

Synergy Focus Global Equity Fund Synergy Global Corporate Class

Synergy Global Style Management Corporate Class Synergy Global Corporate Class

The CI Global High Dividend Advantage Corporate Class through a forward agreement (the "Forward

Agreement") with National Bank of Canada provides shareholders with exposure to the performance

of one managed account ("Underlying Account") or equity basket managed by Epoch Investment

Partners Inc., in exchange for a Canadian equity portfolio. The Underlying Account consists of dividend-

paying common and preferred shares, debentures, income trusts, equity-related securities and

convertible securities issued by issuers anywhere in the world. However, neither the Fund nor the

shareholders will have any ownership interest in the Underlying Account.

The CI Short-Term Advantage Corporate Class through a forward agreement (the "Forward Agreement")

with Bank of Montreal provides shareholders with exposure to the performance of the CI Short-Term

Advantage Trust ("Underlying Trust"), in exchange for a Canadian equity portfolio. The Underlying Trust

consists of money market instruments issued in Canada and other developed countries. However,

neither the Fund nor the shareholders will have any ownership interest in the Underlying Trust.

The Signature Diversified Yield Corporate Class entered into forward purchase agreement (the

"Forward Purchase Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the

Fund agrees to buy securities from a Bank of Montreal in return for a purchase price of the Signature

Diversified Yield Trust (“Underlying Trust”). Through the forward agreement the Fund provides

shareholders with exposure to the performance of the Underlying Trust. The Underlying Trust consists

of fixed income and high-yielding equity securities issued by issuers anywhere in the world. However,

neither the Fund nor the shareholders will have any ownership interest in the Underlying Trust.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at March 31,

2010. The Statements of Net Assets, Schedule of Net Assets per share and Net Asset Value per share

and Schedule of Securities Lending are as at March 31, 2010 and 2009, where applicable. The

Statements of Operations, Statements of Changes in Net Assets, Schedule of Fund Share Transactions

and Schedule of Commissions are for the years ended March 31, 2010 and 2009, except for Funds

established during either period, in which case the information provided relates to the period from

inception to March 31, 2010 or March 31, 2009. The Fund Specific Financial Instruments Risks for each

of the Funds are as at March 31, 2010 and 2009, as applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“Canadian GAAP”). Certain prior period balances have been reclassified to

conform with the current period presentation.

The following is a summary of the significant accounting policies of the Funds:

(a) Adoption of Accounting Amendments

The Canadian Institute of Chartered Accountants (“CICA”) amended Section 3862 “Financial

Instruments – Disclosures” to require disclosures about the inputs to fair value measurements.

Amended Section 3862 became effective for annual financial statements relating to fiscal years

ending after September 30, 2009. Section 3862 establishes a three-tier hierarchy as a framework for

disclosing fair value based on inputs used to value the Funds’ investments.

The hierarchy of inputs is summarized as follows:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 – Inputs other than quoted prices included in Level 1 that are observable for the asset or

liability, either directly or indirectly; and

• Level 3 – Inputs for the asset or liability that are not based on observable market data (unobservable

inputs).



The Manager adopted the purchase method of accounting for the merger of the Funds. Under this method one of the Funds is identified as 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 August 14, 2009, the Continuing Funds acquired all of the assets of the corresponding Terminating Funds in exchange for shares/units in the Continuing Funds. The value of the shares/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 mergers was borne by the Manager.

Terminated Funds Continuing Funds Net Assets Acquired ($) Units Issued

Blackmont Corporate Bond Fund Signature Corporate Bond Corporate Class 13,015,355 1,301,536

Knight Bain Small Cap Fund CI Can-Am Small Cap Corporate Class 225,237 19,689

CI Global Balanced Corporate Class CI International Balanced Corporate Class 182,964,075 21,043,870

CI Global Biotechnology Corporate Class CI Global Health Sciences Corporate Class 37,233,016 3,723,370

CI Global Consumer Products Corporate Class CI Global Value Corporate Class 9,896,723 956,612

CI Global Financial Services Corporate Class CI Global Value Corporate Class 28,846,144 2,789,925

Synergy Canadian Style Management Corporate Class Synergy Canadian Corporate Class 183,528,408 18,352,841

Synergy Focus Canadian Equity Fund Synergy Canadian Corporate Class 47,478,625 4,113,070

Synergy Focus Global Equity Fund Synergy Global Corporate Class 42,932,425 11,243,556

Synergy Global Style Management Corporate Class Synergy Global Corporate Class 85,353,069 8,532,954

As a result of the merger, the Terminating Funds were deemed to have a taxation year-end on the merger date. In accordance with the Income Tax Act, all unrealized losses and certain elected unrealized gains of

the Funds' portfolio were deemed to be realized on the merger date.

The Terminated Funds’ results are not included in these financial statements.

The adoption of the new accounting amendment has no impact on the valuation policies of the Funds.

The Funds adopted the amendments to Section 3862 on March 31, 2010. The adoption of the amendments

is described in Note 11.

(b) 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).

For the purpose of processing shareholder transactions, net asset value is calculated based on the

closing market price of investments (referred to as “Net Asset Value”), while for financial statement

purposes net assets are calculated based on bid/ask price of investments (referred to as “Net Assets”).

In accordance with National Instrument 81-106, a comparison between the Net Asset Value per share

and the Net Assets per share is disclosed in the Schedule of Net Assets per Share and Net Asset Value

per Share.

At the financial reporting date, listed securities are valued based on the bid price for securities held

long and the ask price for securities held short. Unlisted securities are valued based on price

quotations from recognized investment dealers, or failing that, their fair value is determined by the

Manager on the basis of the latest reported information available. Fixed income securities,

debentures, money market investments and other debt instruments including short-term investments,

are valued at the bid quotation from recognized investment dealers. Underlying Funds are valued on

each business day at their net asset value as reported by the Underlying Funds’ manager.

The fair value of private placements is determined by using valuation models that are 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.

(c) Commissions and Other Portfolio Transaction Costs

Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities, are

included in “Commissions and other portfolio transaction costs” in the Statements of Operations.

(d) Cost of Investments

Cost of investments represents the amount paid for each security and is determined on an average cost

basis excluding commissions and transactions costs.

(e) Investment Transactions and Income Recognition

Investment transactions are accounted for on the trade date for financial reporting purposes and any

unrealized and realized gains and losses on such transactions are calculated on an average cost basis.

Dividend income and distributions from investments are recognized on the ex-dividend/ex-distribution

date and interest income is accounted for on the accrual basis.

Distributions received from income trust holdings are recorded as income, capital gains or a return of

capital, based on the best information available to the Manager. Due to the nature of these investments,

actual allocations could vary from this information. Distributions from income trusts that are treated

as a return of capital for income tax purposes reduce the average cost of the underlying investment trust.

(f) Foreign Exchange

Foreign currency amounts are translated into the functional currency of the Funds as follows: fair value

of investments, forward currency contracts, other assets and liabilities at the closing rate of exchange

on each business day; income and expenses, purchases, sales and settlements of investments at the

rate of exchange prevailing on the respective dates of such transactions. Foreign exchange gains

(losses) on completed transactions are included in “Foreign exchange gain (loss)” in the Statements

of Operations.

(g) Increase (Decrease) in Net Assets from Operations per Share

Increase (decrease) in net assets from operations per share of each class in the Statements of

Operations is calculated by dividing the increase (decrease) in net assets from operations of each class

of a Fund by the weighted average number of shares outstanding during the period of that class.

(h) Forward Contracts

The Fund may enter into forward contracts. Forward 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 contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized

gain (loss) on forward currency 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.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class and

Signature Diversified Yield Corporate Class enter into Forward Agreements with third parties and the

value of these forward contracts on the valuation date is equal to the gain or loss that would be

realized if the contract were closed out or expired. Investments sold forward as part of the Forward

Agreement are valued at the market close price, and the Underlying Fund is valued at its net asset

value as reported by the Underlying Fund’s manager on the valuation date for purposes of determining

the value of the forward contract. All gains (losses) arising from the forward agreement are recorded

as part of “Change in unrealized appreciation (depreciation) of investments” in the Statements of

Operations and “Unrealized gain (loss) on forward contract”/”Unrealized gain (loss) on purchase

forward contract” in the Statements of Net Assets until the contract is closed out or expires; at which

time the gains (losses) are realized and reported as “Realized gain (loss) on investments” in the

Statements of Operations.

(i) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related public

exchange. All gains or losses arising from futures contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations until the

contracts are closed out or expire, at which time the gains (losses) are realized and reported as

“Realized gain (loss) on investments” in the Statements of Operations.

(j) Short Selling

Certain Funds have obtained relief from the required regulators to engage in short selling. When a

Fund sells a security short, it will borrow that security from a broker to complete the sale. The Fund

will incur a loss as a result of a short sale if the price of the borrowed security increases between the

date of the short sale and the date on which the Fund closes out its short position by buying that



security. The Fund will realize a gain if the security declines in price between those dates. The gain or

loss that would be realized if 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.

(k) 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 gains or 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.

(l) Cash and Short-Term Investments

Cash is comprised of cash on deposit. Short-term investments are comprised of short-term debt

instruments with terms to maturity of less than one year at acquisition.

(m) Net Asset Value per Share

Net asset value per share of each class is calculated at the end of each day on which the Toronto Stock

Exchange is open for business by dividing the total net asset value of each class of a Fund by the

number of shares of that class outstanding.

(n) Use of Estimates

The preparation of financial statements in accordance with Canadian GAAP requires management to

make estimates and assumptions that affect the reported amounts of assets and liabilities at the

reporting date and the reported amounts of income and expenses during the reporting period. Actual

results could differ from those estimates.

3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of each Fund.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally the Funds have no restrictions or specific capital requirements, except for the minimum

subscription / redemption amounts. 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.

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutual

fund corporation. A mutual fund corporation is subject to a special 33 1/3% tax on taxable dividends

received from corporations’ resident in Canada and to tax at normal corporate rates applicable to

mutual fund corporations on other income and net taxable realized capital gains for the year.

The special 33 1/3% tax is refundable on payments of taxable dividends to shareholders at the rate of

$1 for each $3 of such dividend paid. All the tax on net taxable realized capital gains is refundable

when the gains are distributed to shareholders as capital gains dividends or through redemption of

shares at the request of shareholders, while the Corporation qualifies as a mutual fund corporation.

Income and capital taxes (if any) are allocated to each class on a reasonable basis.

Temporary differences between the carrying value of assets and liabilities for accounting and income

tax purposes give rise to future income tax assets and liabilities. When the market value of a security

in the Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes

payable by the Corporation are refundable under the provisions of the Income Tax Act (Canada), the

future tax liability is offset by these future refundable taxes. If the cost base exceeds the market value

of the security, a future income tax asset is generated. A full valuation allowance is taken to offset

this asset given the uncertainty that such future assets will ultimately be realized. Future income tax

liabilities or assets are calculated using substantively enacted tax rates expected to apply in the period

that the temporary differences are expected to reverse.

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.

The Corporate Class has the following tax losses carried forward as at March 31, 2010.

(in $000’s) ($)

Net capital loss 2,709,556

By year of expiration (in $000) ($)

2030

Non capital loss 2,262

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration for management fees

provides management services required in the day-to-day operations of the Funds including management

of the investment portfolios of the Funds.

The management fee is calculated based on the net asset values of each class of a Fund (other than

Class I, IT5 or IT8) at the end of each business day. Investors in Class I, IT5 or IT8 shares are charged

management fees directly as negotiated between the investor and the Manager.

Effective July 1, 2009 the Manager reduced the annual management fees of Signature Corporate Bond

Corporate Class to 1.70% from 2.0% for Class A, and to 0.85% from 1.50% for Class F.

During the year ended March 31, 2010, the Manager of the Fund absorbed a total of $476,000 (2009 -

$105,000) and US$90,000 (2009 - US$33,000) 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.

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 receive a management and/or administration fee rebates from an

Underlying Funds. The management fee rebates are included in “Management fee rebate receivable”

and in “Management fee rebate” as reflected in the Statements of Net Assets and Statements of

Operations of each Fund, as applicable.



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 the Fund (other than Class I, IT5 or IT8) at the end of each business day.

Refer to fund specific schedules in the financial statements for management fee and administration

fee rates applicable to each class of each Fund.

The CI Global High Dividend Advantage Corporate Class, CI Short Term Advantage Corporate Class and

Signature Diversified Yield Corporate Class will pay to the counterparty under the Forward Agreement

a fee of approximately 0.50% per annum of the market value of notional exposure to the Underlying

Fund/Account/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

Dexia Investor Services Trust ("RBC Dexia"). 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 Bank of Nova Scotia and/or CI Financial Corp.

The Funds paid the following broker commissions to Bank of Nova Scotia during the years ended

March 31:

2010 2009

Fund (in $) (in $)

Cambridge Canadian Asset Allocation Corporate Class 26,807 2,433

Cambridge Canadian Equity Corporate Class 32,855 9,406

CI Can-Am Small Cap Corporate Class 4,480 2,983

2010 2009

Fund (cont’d) (in $) (in $)

CI Canadian Investment Corporate Class 23,276 6,836

Signature Global Energy Corporate Class 13,963 21,950

Harbour Corporate Class 2,700 7,358

Select Canadian Equity Managed Corporate Class 5,462 5,266

Select Income Managed Corporate Class 426 645

Signature Canadian Resource Corporate Class 4,290 20,303

Signature Dividend Corporate Class 12,818 8,148

Signature High Income Corporate Class 4,527 5,452

Signature Income & Growth Corporate Class 19,738 23,782

Signature Select Canadian Corporate Class 45,015 26,172

Synergy Canadian Corporate Class 104,739 128,721

During the year ended March 31, 2010, Blackmont Capital Inc. was a subsidiary of CI Financial Corp.

As CI Financial Corp. is the parent company of CI Investments Inc., the Manager of the Funds,

Blackmont Capital Inc. was considered a related party to the Funds. On December 31, 2009,

CI Financial Corp. sold its interest in Blackmont Capital Inc. to unrelated parties.

The Funds paid the following brokerage commissions to Blackmont Capital Inc. during the years ended

March 31:

2010 2009

Fund (in $) (in $)

Cambridge Canadian Asset Allocation Corporate Class 40,829 7,383

Cambridge Canadian Equity Corporate Class 48,010 21,999

Cambridge Global Equity Corporate Class 2,593 8,938

CI Can-Am Small Cap Corporate Class - 708

CI Canadian Investment Corporate Class 5,098 3,366

Signature Global Energy Corporate Class 4,370 6,949

Harbour Corporate Class - 10,675

Select Canadian Equity Managed Corporate Class 1,189 1,151

Select Income Managed Corporate Class 592 221

Signature Canadian Resource Corporate Class 8,454 5,377

Signature Dividend Corporate Class 627 354

Signature High Income Corporate Class 4,139 1,948

Signature Income & Growth Corporate Class 2,546 1,946

Signature Select Canadian Corporate Class 5,626 2,527

Synergy Canadian Corporate Class 26,855 21,406

9. INTERNATIONAL FINANCIAL REPORTING STANDARDS

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required for all publicly accountable profit-

oriented enterprises for interim and annual financial statements relating to fiscal years beginning on

or after January 1, 2011. IFRS will replace Canadian GAAP.

Based on the Manager’s current evaluation of the differences between IFRS and Canadian GAAP, the

Manager currently does not expect any impact to net asset value or net asset value per share as a

result of the transition to IFRS, and expects that the main impact will be on the financial statements,

where additional disclosures or changes in presentation will be required. Further updates on the

progress in the implementation of the IFRS transition plan and any changes to reporting will be

provided during the implementation period leading up to the transition date.



10. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments and derivatives are classified as

held for trading and are stated at fair value. Receivable for share subscriptions, receivable for dividends

and accrued interest, receivable for securities sold, management fee rebate receivable and other

receivables are designated as loans and receivables. They are recorded at amortized cost which

approximates their fair value due to their short-term nature. Similarly, payable for share redemptions,

payable for securities purchased, management fees payable, accrued expenses and other payables are

designated as financial liabilities and are carried at their amortized cost which approximates their fair

value, due to their short-term nature. Financial liabilities are generally paid 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.

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.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest in

debt securities and/or income trusts will be affected by changes in applicable interest rates. If interest

rates fall, the fair value of existing debt securities may increase due to the increase in yield.

Alternatively, if interest rates rise, the yield of existing debt securities may decrease which may then

lead to a decrease in their fair value. The magnitude of the decline will generally be greater for long-

term debt securities than for short-term debt securities.

Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these

securities varies inversely with interest rates, similar to other debt securities. However, since they may

be converted into common shares, convertible securities are generally less affected by interest rate

fluctuations than other debt securities.

The Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to indirect

interest rate risk in the event that the underlying 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 Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to

indirect currency risk in the event that the underlying funds invest in financial instruments that are

denominated in a currency other than the functional currency of the Fund.

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 Portfolio Select Series Funds invest only in units of underlying funds and may be exposed to

indirect credit risk in the event that the underlying funds invest in debt instruments, preferred securities

and derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from

Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service,

Dominion Bond Rating Services and 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

Significant cash balances as disclosed in the Statements of Net Assets are maintained by the

custodian, RBC Dexia. 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.

The Portfolio Select Series Funds invests all of their assets in underlying funds which can be readily

disposed of.

Fair Value Hierarchy

The adoption of the amended Section 3862 requires the Funds 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 includes 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 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 instruments 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.

Details of each Fund’s exposure to financial instruments risks including fair value hierarchy classification

are available in the “Fund Specific Financial Instruments Risks” section of the financial statements of

each Fund.



– 343 –

Notice: Should you require additional copies of this Annual Report or have received more than one copy,

please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual 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_AR-06-10

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

Calgary 403-205-43961-800-776-9027

Montreal 514-875-00901-800-268-1602

Vancouver 604-681-33461-800-665-6994

Client Services English: 1-800-563-5181French: 1-800-668-3528

Documents

Annual Financial Statement– as at March 31, 2010CI American Equity Corporate Class Statement of Investment Portfolio as at March 31, 2010 – 4 – INFORMATION TECHNOLOGY (25.8%)