artisan commbk sa 10 e - ci investments · artisan portfolios’ auditors and the fees paid to...

ARTISAN PORTFOLIOSSEMI-ANNUAL REPORT – JUNE 30, 2010

Please find attached the financial statements for your United Financial holdings. These

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

If you have any questions about the information in this report, or your account, please contact

your Assante advisor or the United Financial Service Centre at 1-888-664-4784 or by e-mail at

[email protected].

Thank you for your continued confidence in our United Financial team.

TABLE OF CONTENTS

MESSAGE TO OUR INVESTORS . . . . . 1

ABOUT THE

BOARD OF GOVERNORS . . . . . . . . 2

LETTER FROM THE

BOARD OF GOVERNORS . . . . . . . . 2

Artisan Canadian T-Bill Portfolio . . . . . . 3

Artisan Most Conservative Portfolio . . . . 7

Artisan Conservative Portfolio . . . . . . . . 11

Artisan Moderate Portfolio . . . . . . . . . . 15

Artisan Growth Portfolio . . . . . . . . . . . . 19

Artisan High Growth Portfolio . . . . . . . . 23

Artisan Maximum Growth Portfolio . . . . 27

Artisan New Economy Portfolio . . . . . . . 31

NOTES TO THE

FINANCIAL STATEMENTS . . . . . . . . 35

LEGAL NOTICE . . . . . . . . . . . . . . . . . . 38

MESSAGE TO OUR INVESTORS

Semi-Annual Financial Statements as at June 30, 2010 1

CI Investments Inc., the Manager of the Artisan Portfolios, appoints independent auditors to

audit the Portfolios’ annual financial statements. Under Canadian securities laws (National

Instrument 81-106), if an auditor has not reviewed the semi-annual financial statements, this

must be disclosed in an accompanying notice.

The Portfolios' independent auditors have not performed a review of these semi-annual

financial statements in accordance with standards established by the Canadian Institute of

Chartered Accountants.

The Artisan Portfolios Board of Governors was voluntarily established in 2004.

The Board of Governors acts as an independent governance body of all Artisan Portfolios,

providing impartial judgment on conflicts of interest with a view to the best interests of the

Artisan Portfolios and Artisan Portfolios 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 United Financial takes into account its recommendation in accordance with its

fiduciary duty to the Artisan Portfolios. All of the members of the Board are independent of

United Financial.

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 Artisan Portfolios for the purpose

of reviewing the financial statements of the Artisan Portfolios with the auditors of the

Artisan Portfolios.

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

Artisan Portfolios with United Financial’s relevant policies and procedures, approval of the

Artisan Portfolios’ auditors and the fees paid to those auditors, and the performance of the

Board and its members.

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

in National Instrument 81-107 Independent Review Committee for Mutual Funds which

requires all mutual funds in Canada to have independent review committees.

Members of the Board of Governors are compensated as recommended by the Canadian

securities regulators and as set out in its mandate. These expenses are paid out of the assets

of the Artisan Portfolios.

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

Your Artisan Portfolios Board of Governors is pleased to report on its activities in respect

of the semi-annual period ended June 30, 2010 and to date. The Governors are appointed

pursuant to the Declaration of Trust governing the Artisan Portfolios.

The Governors have reviewed, commented on and approved the United Financial Code of

Ethics and Conduct, which establishes rules of conduct designed to ensure fair treatment of

the Artisan Portfolios’ securityholders and that, at all times, the interests of the Artisan

Portfolios and their securityholders are placed above personal interests of employees, officers

and directors of the Manager and each of its subsidiaries and affiliates, the subadvisors, and

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

business conduct. The 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 Artisan Portfolios.

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 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 subadvisors, 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 Artisan Portfolios. During 2010, the Governors also acted as the audit committee of the

Artisan Portfolios. The audit committee reviewed, with the Artisan Portfolios’ auditors, the

planning, scope and results of the audit of the financial statements of the Artisan Portfolios

for the year 2009. In March 2010, the Board of Governors received and accepted the 2009

Annual Financial Statements of the Artisan Portfolios.

Stuart P. Hensman

Chair, Artisan Portfolios Board of Governors

June, 2010

ABOUT THE ARTISAN PORTFOLIOS BOARD OF GOVERNORS

2

LETTER FROM THE ARTISAN PORTFOLIOS BOARD OF GOVERNORS

Semi-Annual Financial Statements as at June 30, 2010

3Semi-Annual Financial Statements as at June 30, 2010

Average Fair

Units Cost ($) Value ($)

FUND (99.0%)*

479,487 CI Money Market Fund (Class I) 4,794,871 4,794,871

Total Investments (99.0%) 4,794,871 4,794,871

Other Assets (net) (1.0%) 47,937

Net Assets (100.0%) 4,842,808

ARTISAN CANADIAN T-BILL PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)

*The Underlying Fund is managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets of the Portfolio. The accompanying notes and supplementary schedules are an integral part of these financial statements.

CIG - 6601


ARTISAN CANADIAN T-BILL PORTFOLIOFINANCIAL STATEMENTS (unaudited)

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

Assets

Investments at fair value*

Cash

Receivable for unit subscriptions

Receivable for securities sold

Management fee rebate receivable

Receivable for dividends and accrued interest

Liabilities

Bank overdraft

Management fees payable

Accrued expenses

Payable for securities purchased

Payable for unit redemptions

Distributions payable

Net assets and unitholders’ equity

*Investments at cost

Net assets per unit

Class A

Number of units outstanding

(see Schedule of Portfolio Unit Transactions)

Class A

Income

Dividends

Interest

Income distribution from investments

Management fee rebate

Expenses

Management fees (Note 4)

Administrative fees (Note 4)

Interest expense

Goods and services tax

Net investment income (loss) for the period

Realized and unrealized gain (loss) on investments†

Realized gain (loss) on investments

Capital gain distribution from investments

Change in unrealized appreciation (depreciation) of investments

Net gain (loss) on investments

Increase (decrease) in net assets from operations

Increase (decrease) in net assets from operations per unit

Class A

2010 2009

4,795 6,635

92 117

1 7

- -

- -

1 6

4,889 6,765

- -

- -

- -

43 68

3 10

- 1

46 79

4,843 6,686

4,795 6,635

5.00 5.00

968,571 1,337,210

2010 2009

- -

- -

26 39

- -

26 39

17 22

- -

- -

1 1

18 23

8 16

- -

- -

- -

- -

8 16

- 0.01

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

Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’s except for per unit amounts and units outstanding)


ARTISAN CANADIAN T-BILL PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)

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

Class A

Net assets, beginning of period

Capital transactions

Proceeds from units issued

Reinvested distributions

Amounts paid for units redeemed

Distributions to unitholders

From realized gains

From net income

From return of capital


Net assets, end of period

Schedule of Portfolio Unit Transactions for the periods ended June 30

2010 2009

6,686 6,906

1,832 2,827

8 16

(3,682) (2,374)

(1,842) 469

- -

(9) (16)

- -

(9) (16)

8 16

4,843 7,375

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

Class A

Balance, beginning of period

Units issued for cash

Units issued for reinvested distributions

Units redeemed

Balance, end of period

2010 2009

1,337,210 1,381,268

366,436 565,210

1,689 3,216

(736,764) (474,769)

968,571 1,474,925

Annual management fee rate

Class A

Annual fixed administration fee rate

Class A

2010

0.70

-

Schedule of Fees as at June 30(%)


ARTISAN CANADIAN T-BILL PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (Note 11) (unaudited)


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

as at June 30, 2010

Percentage of

Categories Net Assets (%)

Canada........................................................................................................................... 80.8

Cash & Equivalents ......................................................................................................... 9.8

Short Term Notes ............................................................................................................ 6.7

U.S.A. ............................................................................................................................. 2.3

Other Assets (net) ........................................................................................................... 0.4

as at December 31, 2009

Percentage of


Bonds ............................................................................................................................. 73.2

Cash ............................................................................................................................... 15.5

Short Term Investments ................................................................................................... 11.4

Other Assets ................................................................................................................... -0.1

During the six-month period the Portfolio’s exposure to credit risk change significantly as disclosed

in the section below. For details relating to other price risk, currency risk, interest rate risk and fair

value hierarchy, refer to the audited annual financial statements as at December 31, 2009, as the

Portfolio’s exposure to those risks remains unchanged.

Credit RiskThe Portfolio indirectly bears the credit risk of the Underlying Fund.

The Underlying Fund was invested in fixed income securities, preferred securities and derivative

instruments, as applicable, with the following credit ratings:

as at June 30, 2010*Net Assets

Credit Rating (%)

AAA/Aaa/A++ 19.0

AA/Aa/A+ 60.1

A 8.7

BBB/Baa/B++ 1.7

Not Rated 0.3

Total 89.8

as at December 31, 2009*Net Assets

Credit Rating (%)

AAA/Aaa/A++ 18.2

AA/Aa/A+ 56.7

A 7.7

BBB/Baa/B++ 1.2

Not Rated 0.3

Total 84.1

*Credit ratings are obtained from Standard & Poor's, where available, otherwise ratings are

obtained from: Moody's Investor Service, Dominion Bond Rating Services and Canadian Bond

Rating Services, respectively.


Average Fair


FUNDS (99.3%)*

68,878 Cambridge Canadian Equity Corporate Class

(A Shares) 631,712 615,079

15,586 Canadian Equity Value Pool (Class W) 616,052 655,096

44,959 CI American Equity Fund (Class I) 426,583 384,401

42,020 CI International Fund (Class I) 510,495 387,848

62,285 Global Fixed Income Pool (Class I) 740,536 748,667

33,627 International Equity Value Pool (Class W) 435,829 359,812

122,756 Real Estate Investment Pool (Class I) 1,141,458 1,086,387

336,269 Signature Canadian Bond Fund (Class I) 3,329,089 3,446,759

262,428 Signature High Income Fund (Class I) 3,020,579 2,983,812

38,078 US Equity Value Pool (Class W) 594,368 435,995



Net Assets (100.0%) 11,181,055

ARTISAN MOST CONSERVATIVE PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)

*These Underlying Funds are managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets of the Portfolio. The accompanying notes and supplementary schedules are an integral part of these financial statements.

CIG - 6602


ARTISAN MOST CONSERVATIVE PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses






Net assets per unit

Class A



Class A

Income

Dividends

Interest



Expenses



Interest expense










Class A

2010 2009

11,104 10,532

56 22

62 28

- -

- -

- -

11,222 10,582

- -

- -

- -

- 26

41 -

- -

41 26

11,181 10,556

11,447 10,705

9.78 9.91

1,143,238 1,065,651

2010 2009

- -

- -

156 148

- -

156 148

90 76

9 8

- -

5 4

104 88

52 60

(17) (324)

41 38

(169) 613

(145) 327

(93) 387

(0.08) 0.36




ARTISAN MOST CONSERVATIVE PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income





2010 2009

10,556 10,302

3,093 1,322

46 92

(2,374) (2,611)

765 (1,197)

- -

(47) (94)

- -

(47) (94)

(93) 387

11,181 9,398


Class A




Units redeemed


2010 2009

1,065,651 1,159,266

312,061 153,615

4,668 10,710

(239,142) (299,330)

1,143,238 1,024,261


Class A


Class A

2010

1.80

0.17



ARTISAN MOST CONSERVATIVE PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)


The Portfolio’s investments were concentrated in the following segments as at December 31, 2009.

Percentage ofCategories Net Assets (%)

Signature Canadian Bond Fund (Class I) ........................................................................ 29.4

Signature High Income Fund (Class I) ............................................................................ 26.2

Real Estate Investment Pool (Class I) ............................................................................ 10.2

Global Fixed Income Pool (Class I) ................................................................................ 6.6

Canadian Equity Value Pool (Class W) ........................................................................... 6.2

Cambridge Canadian Equity Corporate Class (A Shares) ................................................ 5.8

US Equity Value Pool (Class W) ...................................................................................... 4.2

CI American Equity Fund (Class I) .................................................................................. 3.8

CI International Fund (Class I) ....................................................................................... 3.8

International Equity Value Pool (Class W) ....................................................................... 3.5


For details relating to other price risk and fair value hierarchy, refer to the audited annual financialstatements as at December 31, 2009, as the Portfolio’s exposure to those risks remains unchanged.


Average Fair


FUNDS (100.1%)*


(A Shares) 1,182,622 1,129,981

134,104 Canadian Equity Alpha Corporate Class

(A Shares) 1,286,164 1,363,839

39,295 Canadian Equity Value Pool (Class W) 1,507,664 1,651,555

103,292 CI American Equity Fund (Class I) 1,002,441 883,145

93,844 CI International Fund (Class I) 1,250,995 866,177

119,375 Global Fixed Income Pool (Class I) 1,406,564 1,434,883

86,424 International Equity Alpha Corporate Class

(A Shares) 778,652 693,988

77,129 International Equity Value Pool (Class W) 1,349,680 825,278




108,417 US Equity Alpha Corporate Class (A Shares) 1,034,236 1,027,795

92,154 US Equity Value Pool (Class W) 1,533,643 1,055,160


Other Assets (net) (-0.1%) (25,645)

Net Assets (100.0%) 25,818,921

ARTISAN CONSERVATIVE PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6603


ARTISAN CONSERVATIVE PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses






Net assets per unit

Class A



Class A

Income

Dividends

Interest



Expenses



Interest expense










Class A

2010 2009

25,845 29,923

253 -

5 106

2 -

- -

- -

26,105 30,029

- 20

- -

- -

- 2

286 6

- -

286 28

25,819 30,001

27,426 31,056

9.74 9.94

2,651,116 3,017,357

2010 2009

- -

- -

320 383

- -

320 383

229 235

28 29

- -

13 13

270 277

50 106

(172) (713)

81 94

(449) 1,717

(540) 1,098

(490) 1,204

(0.18) 0.36




ARTISAN CONSERVATIVE PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income





2010 2009

30,001 30,739

3,770 3,369

33 196

(7,462) (5,445)

(3,659) (1,880)

- -

(33) (197)

- -

(33) (197)

(490) 1,204

25,819 29,866


Class A




Units redeemed


2010 2009

3,017,357 3,486,032

378,727 397,514

3,305 23,104

(748,273) (639,119)

2,651,116 3,267,531


Class A


Class A

2010

2.10

0.20



ARTISAN CONSERVATIVE PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of







Canadian Equity Alpha Corporate Class (A Shares) ........................................................ 5.2


US Equity Alpha Corporate Class (A Shares) .................................................................. 4.3





International Equity Alpha Corporate Class (A Shares) ................................................... 3.0

Other Assets (net) ........................................................................................................... 0.3

For details relating to other price risk and fair value hierarchy, refer to the audited annual financial

statements as at December 31, 2009, as the Portfolio’s exposure to those risks remains unchanged.


Average Fair


FUNDS (99.5%)*


(A Shares) 6,119,100 5,874,056


(A Shares) 5,211,237 5,513,020

287,271 Canadian Equity Small Cap Pool (Class I) 3,199,315 3,200,202


435,787 CI American Equity Fund (Class I) 4,229,778 3,725,979

276,976 CI American Small Companies Fund (Class I) 3,358,593 2,839,001

485,169 CI International Fund (Class I) 6,405,501 4,478,108

358,352 Global Fixed Income Pool (Class I) 4,185,586 4,307,395


(A Shares) 4,132,789 3,655,481

386,020 International Equity Value Pool (Class W) 6,574,729 4,130,417

1,137,576 Real Estate Investment Pool (Class I) 11,055,992 10,067,550

2,140,850 Signature Canadian Bond Fund (Class I) 21,073,711 21,943,714

1,410,216 Signature High Income Fund (Class I) 17,054,097 16,034,155





Net Assets (100.0%) 101,420,820

ARTISAN MODERATE PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6604


ARTISAN MODERATE PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses






Net assets per class

Class A

Class F

Net assets per unit

Class A

Class F

Number of units outstanding (see Schedule of Portfolio

Unit Transactions)

Class A

Class F

Income

Dividends

Interest



Expenses



Interest expense









Increase (decrease) in net assets from operations per class

Class A

Class F


Class A

Class F

2010 2009

100,953 112,231

336 597

156 160

138 -

- -

- -

101,583 112,988

- -

- -

- -

19 31

143 360

- 8

162 399

101,421 112,589

110,249 119,125

101,375 112,537

46 52

9.70 9.98

10.82 11.07

10,455,714 11,279,971

4,236 4,696

2010 2009

- -

- 2

959 1,081

- -

959 1,083

910 879

114 110

- -

51 49

1,075 1,038

(116) 45

(662) (1,663)

225 240

(2,402) 5,212

(2,839) 3,789

(2,955) 3,834

(2,954) 3,834

(1) -

(0.27) 0.31

(0.29) 0.42




ARTISAN MODERATE PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income




Class F







From realized gains

From net income




Total Portfolio







From realized gains

From net income





2010 2009

112,537 111,625

12,574 10,516

- -

(20,782) (15,694)

(8,208) (5,178)

- -

- -

- -

- -

(2,954) 3,834

101,375 110,281

52 7

11 -

- -

(16) -

(5) -

- -

- -

- -

- -

(1) -

46 7

112,589 111,632

12,585 10,516

- -

(20,798) (15,694)

(8,213) (5,178)

- -

- -

- -

- -

(2,955) 3,834

101,421 110,288


Class A




Units redeemed


Class F




Units redeemed


2010 2009

11,279,971 12,639,889

1,259,142 1,240,669

- 5

(2,083,399) (1,850,554)

10,455,714 12,030,009

4,696 695

975 1

- -

(1,435) -

4,236 696


Class A

Class F


Class A

Class F

2010

2.20

1.20

0.21

0.21



ARTISAN MODERATE PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of















Canadian Equity Small Cap Pool (Class I) ..................................................................... 3.1

CI American Small Companies Fund (Class I) ................................................................. 2.9


Other Assets (net) ........................................................................................................... -0.1




Average Fair


FUNDS (99.9%)*


(A Shares) 6,626,286 6,364,851


(A Shares) 5,582,195 5,897,480




299,897 CI American Small Companies Fund (Class I) 3,681,015 3,073,947



(A Shares) 4,683,036 4,130,882



1,431,447 Signature Canadian Bond Fund (Class I) 14,097,868 14,672,333






Net Assets (100.0%) 78,092,114

ARTISAN GROWTH PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6612


ARTISAN GROWTH PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses







Class A

Class F

Net assets per unit

Class A

Class F


Unit Transactions)

Class A

Class F

Income

Dividends

Interest



Expenses



Interest expense










Class A

Class F


Class A

Class F

2010 2009

78,033 87,866

94 253

41 97

149 -

- -

- -

78,317 88,216

- -

- -

- -

- 81

225 329

- -

225 410

78,092 87,806

88,206 95,753

78,092 87,798

- 8

9.72 10.12

- 11.06

8,033,822 8,673,548

- 719

2010 2009

- -

- -

510 563

- -

510 563

625 581

92 86

- -

36 33

753 700

(243) (137)

(826) (1,248)

86 90

(2,286) 4,261

(3,026) 3,103

(3,269) 2,966

(3,269) 2,966

- -

(0.39) 0.31

0.29 0.08




ARTISAN GROWTH PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income




Class F







From realized gains

From net income




Total Portfolio







From realized gains

From net income





2010 2009

87,798 81,929

8,772 8,800

- -

(15,209) (10,530)

(6,437) (1,730)

- -

- -

- -

- -

(3,269) 2,966

78,092 83,165

8 -

- 7

- -

(8) -

(8) 7

- -

- -

- -

- -

- -

- 7

87,806 81,929

8,772 8,807

- -

(15,217) (10,530)

(6,445) (1,723)

- -

- -

- -

- -

(3,269) 2,966

78,092 83,172


Class A




Units redeemed


Class F




Units redeemed


2010 2009

8,673,548 9,268,549

867,551 1,047,144

12 -

(1,507,289) (1,248,141)

8,033,822 9,067,552

719 -

- 702

- -

(719) -

- 702


Class A

Class F


Class A

Class F

2010

2.20

1.20

0.22

0.22



ARTISAN GROWTH PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of

















Other Assets (net) ........................................................................................................... -0.4

For details relating to other price risk and fair value hierarchy, refer to the audited annual financialstatements as at December 31, 2009, as the Portfolio’s exposure to those risks remains unchanged.


Average Fair


FUNDS (99.7%)*


(A Shares) 3,605,135 3,439,885


(A Shares) 3,235,717 3,427,853




153,136 CI American Small Companies Fund

(Class I) 1,919,496 1,569,645



(A Shares) 2,774,634 2,454,707









Net Assets (100.0%) 39,214,637

ARTISAN HIGH GROWTH PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6613


ARTISAN HIGH GROWTH PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses






Net assets per unit

Class A



Class A

Income

Dividends

Interest



Expenses



Interest expense










Class A

2010 2009

39,078 44,575

88 137

12 34

61 -

- -

- -

39,239 44,746

- -

- -

- -

- 23

24 15

- -

24 38

39,215 44,708

44,523 48,622

9.75 10.25

4,020,936 4,362,735

2010 2009

- -

- -

160 94

- -

160 94

298 272

46 43

- -

17 16

361 331

(201) (237)

(418) (706)

25 26

(1,397) 2,436

(1,790) 1,756

(1,991) 1,519

(0.47) 0.33




ARTISAN HIGH GROWTH PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income





2010 2009

44,708 40,818

4,497 4,416

- -

(7,999) (5,323)

(3,502) (907)

- -

- -

- -

- -

(1,991) 1,519

39,215 41,430


Class A




Units redeemed


2010 2009

4,362,735 4,643,382

440,793 531,010

- -

(782,592) (632,686)

4,020,936 4,541,706


Class A


Class A

2010

2.25

0.22



ARTISAN HIGH GROWTH PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of




















Average Fair


FUNDS (100.6%)*


(A Shares) 1,622,944 1,562,124


(A Shares) 2,128,183 2,269,295




78,047 CI American Small Companies Fund

(Class I) 949,696 799,982



(A Shares) 1,760,209 1,571,313





Other Assets (net) (-0.6%) (85,153)

Net Assets (100.0%) 15,384,138

ARTISAN MAXIMUM GROWTH PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6614


ARTISAN MAXIMUM GROWTH PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses







Class A

Class F

Net assets per unit

Class A

Class F


Unit Transactions)

Class A

Class F

Income

Dividends

Interest



Expenses



Interest expense










Class A

Class F


Class A

Class F

2010 2009

15,469 17,904

17 88

5 24

39 -

- -

- -

15,530 18,016

- -

- -

- -

- 12

146 98

- -

146 110

15,384 17,906

17,661 19,311

15,349 17,869

35 37

8.34 8.91

11.86 12.60

1,841,156 2,006,319

2,925 2,925

2010 2009

- -

- -

- -

- -

- -

87 82

19 18

- -

5 5

111 105

(111) (105)

(165) (430)

- -

(785) 1,335

(950) 905

(1,061) 800

(1,059) 796

(2) 4

(0.55) 0.36

(0.75) 1.07




ARTISAN MAXIMUM GROWTH PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income




Class F







From realized gains

From net income




Total Portfolio







From realized gains

From net income





2010 2009

17,869 16,612

1,933 2,251

- -

(3,394) (2,767)

(1,461) (516)

- -

- -

- -

- -

(1,059) 796

15,349 16,892

37 -

- 45

- -

- -

- 45

- -

- -

- -

- -

(2) 4

35 49

17,906 16,612

1,933 2,296

- -

(3,394) (2,767)

(1,461) (471)

- -

- -

- -

- -

(1,061) 800

15,384 16,941


Class A




Units redeemed


Class F




Units redeemed


2010 2009

2,006,319 2,210,302

218,881 317,467

- -

(384,044) (381,402)

1,841,156 2,146,367

2,925 -

- 4,455

- -

- (2)

2,925 4,453


Class A

Class F


Class A

Class F

2010

2.25

1.25

0.22

0.22



ARTISAN MAXIMUM GROWTH PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of














Other Assets (net) ........................................................................................................... -0.4




Average Fair


FUNDS (99.2%)*

40,599 CI Global Health Sciences Corporate Class

(A Shares) 765,850 783,150

77,500 CI Global Science & Technology

Corporate Class (A Shares) 797,254 857,925

42,748 CI International Balanced Fund

Corporate Class (A Shares) 402,063 362,075



Net Assets (100.0%) 2,018,882

ARTISAN NEW ECONOMY PORTFOLIOSTATEMENT OF INVESTMENT PORTFOLIO as at June 30, 2010 (unaudited)


CIG - 6615


ARTISAN NEW ECONOMY PORTFOLIOFINANCIAL STATEMENTS (unaudited)


Assets


Cash





Liabilities

Bank overdraft


Accrued expenses







Class A

Class F

Net assets per unit

Class A

Class F


Unit Transactions)

Class A

Class F

Income

Dividends

Interest



Expenses



Interest expense










Class A

Class F


Class A

Class F

2010 2009

2,003 2,285

15 20

1 1

- -

- -

- -

2,019 2,306

- -

- -

- -

- 2

- 5

- -

- 7

2,019 2,299

1,965 2,086

1,980 2,241

39 58

4.14 4.44

9.53 10.16

477,917 505,330

4,053 5,702

2010 2009

- -

- -

- -

3 2

3 2

- -

2 2

- -

- -

2 2

1 -

15 (40)

- -

(161) 384

(146) 344

(145) 344

(142) 335

(3) 9

(0.29) 0.61

(0.61) 1.44




ARTISAN NEW ECONOMY PORTFOLIOFINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES (unaudited)


Class A







From realized gains

From net income




Class F







From realized gains

From net income




Total Portfolio







From realized gains

From net income





2010 2009

2,241 1,884

316 191

- -

(435) (336)

(119) (145)

- -

- -

- -

- -

(142) 335

1,980 2,074

58 47

3 3

- -

(19) (4)

(16) (1)

- -

- -

- -

- -

(3) 9

39 55

2,299 1,931

319 194

- -

(454) (340)

(135) (146)

- -

- -

- -

- -

(145) 344

2,019 2,129


Class A




Units redeemed


Class F




Units redeemed


2010 2009

505,330 570,832

71,908 55,997

- -

(99,321) (97,552)

477,917 529,277

5,702 6,229

264 384

- -

(1,913) (490)

4,053 6,123


Class A

Class F


Class A

Class F

2010

2.00

1.00

0.22

0.22



ARTISAN NEW ECONOMY PORTFOLIOPORTFOLIO SPECIFIC FINANCIAL INSTRUMENTS RISKS (NOTE 11) (unaudited)



Percentage of


CI Global Science & Technology Corporate Class (A Shares) ........................................... 42.0

CI Global Health Sciences Corporate Class (A Shares) .................................................... 39.5

CI International Balanced Fund Corporate Class (A Shares) ............................................ 17.9


Other Assets (net) ........................................................................................................... -0.3



1. THE ARTISAN PORTFOLIOS

The Artisan Portfolios are open-end investment unit trusts established on the dates noted

below and governed by a Master Declaration of Trust dated July 26, 2004, as amended and

restated. Each is referred to individually as an “Artisan Portfolio” or a “Portfolio” and

collectively as the “Artisan Portfolios” or the “Portfolios”.

The Artisan Portfolios Date Established

Artisan Most Conservative Portfolio January 13, 1998

Artisan Conservative Portfolio January 13, 1998

Artisan Moderate Portfolio January 13, 1998

Artisan Growth Portfolio January 13, 1998

Artisan High Growth Portfolio January 13, 1998

Artisan Maximum Growth Portfolio January 13, 1998

Artisan Canadian T-Bill Portfolio January 13, 1998

Artisan New Economy Portfolio* August 4, 2000

*commenced operations on November 1, 2000

The manager and trustee of the Artisan Portfolios is CI Investments Inc. (the “Manager” and

the “Trustee”).

Each of the Artisan Portfolios offer Class A units and Class F units. Class A units are available

to all investors. Class F units are available only to investors who participate in certain

programs or are members of certain groups, which are described in the Portfolios’ simplified

prospectus. Class F units became available to investors on September 1, 2007.

The Artisan Portfolios are distributed by principal distributors who have the exclusive right

to distribute in the jurisdictions in which they are appropriately registered. These principal

distributors are affiliates of the Manager within the meaning of applicable securities

legislation. For further information, please refer to the Artisan Portfolios’ simplified prospectus.

The Artisan Portfolios invest in units of other prospectus-qualified mutual funds

(individually an “Underlying Fund” or collectively the “Underlying Funds”) as identified in

the Artisan Portfolios’ simplified prospectus.

The Statement of Investment Portfolio and Schedule of Fees for each of the Portfolios are as

at June 30, 2010 and the Statements of Net Assets are as at June 30, 2010 and December 31,

2009. The Statements of Operations, the Statements of Changes in Net Assets and Schedules

of Portfolio Unit Transactions for each Portfolio are for the periods ended June 30, 2010 and

2009. The Portfolio Specific Financial Instruments Risks for each of the Portfolios are as at

June 30, 2010 and December 31, 2009, where applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally

Accepted Accounting Principles (“Canadian GAAP”). Significant accounting policies used

in preparing the semi-annual financial statements are consistent with those used in

preparing the annual financial statements. The semi-annual financial statements should be

read in conjunction with the Portfolios’ December 31, 2009 annual financial statements.

Certain prior period balances have been reclassified to conform with current period

presentation.

(a) Valuation of Investments

Canadian GAAP requires the fair value of financial instruments traded in an active market

to be measured based on an investment’s bid/ask price depending on the investment

position (long/short).

For the purpose of processing unitholder 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”). The Portfolios invest only in units of Underlying Funds. The Underlying

Funds are valued at their net asset value as reported by the Underlying Funds’ manager on

the valuation date for the purpose of processing unitholder transactions and for financial

statement purposes; therefore a comparison between the Net Asset Value per unit and Net

Assets per unit is not required for the Portfolios.

Underlying Funds are valued on each business day at their Net Asset Value as reported by

the Underlying Funds’ manager.

3. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Portfolio.

Each Portfolio is authorized to issue an unlimited number of redeemable, transferable units

of each class. Generally the Portfolios have no restrictions or specific capital requirements,

except for the minimum subscription/redemption amounts. The relevant changes pertaining

to subscriptions and redemptions of Portfolio units are disclosed in the Statements of

Changes in Net Assets. In accordance with the objectives and risk management polices

outlined in Note 11, the Portfolios 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. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Portfolios and, in consideration for management

fees, provided management services required in the day-to-day operations of the Portfolios

including management of the investment portfolios of the Portfolios.

Management fees are calculated as an annual percentage of the total net asset value of

Class A and Class F units of the Portfolio at the end of each business day.

The Manager bears all of the operating expenses of the Portfolios (other than certain taxes,

borrowing costs and certain new governmental fees) in return for a fixed annual

administration fee. Expenses directly attributable to a class are charged to that class. Other

expenses are allocated to each class proportionately based upon the relative total net asset

value of each class.

Administration fees are calculated as a fixed annual percentage of the net asset value of each

class of a Portfolio at the end of each business day.

The management fees reported in the Statements of Operations of each Portfolio are net of

the management fees and operating expenses paid by its Underlying Funds, if any.

Refer to Portfolio specific schedules in the financial statements for management fee and

administration fee rates.

ARTISAN PORTFOLIOSNotes to the Financial Statements as at June 30, 2010 (unaudited)


5. MANAGEMENT FEE REBATES

During the reporting period the Manager received management fee rebates from the

Underlying Funds. The management fee rebates are included in “Management fee rebate

receivable” and in “Management fee rebate” as reflected in the Statements of Net Assets and

Statements of Operations of each Portfolio, respectively.

6. INCOME TAXES

The Portfolios qualify as mutual fund trusts under the provisions of the Income Tax Act

(Canada) and are not subject to tax on net income, including net realized capital gains for

the taxation year, which is paid or payable to unitholders at the end of the taxation year.

However, such part of each Portfolio’s taxable income and net realized capital gains that is

not so paid or payable to unitholders will be taxable to that Portfolio. Income tax on net

realized capital gains not paid or payable will generally be recoverable by virtue of refunding

provisions contained in the Income Tax Act (Canada) and provincial income tax legislation,

as redemptions occur. It is the intention of each Portfolio to distribute all net taxable income

and sufficient net realized capital gains so that the Portfolio will not be subject to income

tax. Occasionally, a Portfolio may distribute more than it earns. This excess distribution is a

return of capital and is not taxable to unitholders.

Net capital losses may be carried forward indefinitely to reduce future net realized capital gains.

Non capital losses arising in taxation years up to 2003 may be carried forward seven years.

Non capital losses arising in taxation years 2004 and 2005 may be carried forward ten years.

Non capital losses arising in taxation years after 2005 may be carried forward twenty years.

7. RELATED PARTY TRANSACTIONS

The Bank of Nova Scotia has a significant interest in CI Financial Corp., the parent company

of the Manager. The Portfolios may have indirect holdings in Bank of Nova Scotia and/or CI

Financial Corp.

The Portfolios invest in units of Underlying Funds, and these transactions are not subject to

transaction costs, thus the Portfolios did not pay brokerage commissions to Bank of

Nova Scotia during the periods ended June 30, 2010 and 2009.

8. REINVESTMENT OF DISTRIBUTIONS

When a Portfolio pays a distribution to a unitholder, it will be paid in the same currency in

which the units are held. Distributions are automatically reinvested without charge in the

same Portfolio unless written notice requesting cash payments is provided to the Manager.

The Manager may change the distribution policy at its discretion.

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 in 2011 for

all publicly accountable profit-oriented enterprises. IFRS will replace Canadian GAAP.

On June 30, 2010, the AcSB proposed deferral of the IFRS changeover date by one year.

Based on the proposed change the IFRS would become effective for interim and annual

financial statements relating to fiscal years beginning on or after January 1, 2012 instead of

January 1, 2011. The proposed change is expected to be finalized in September 2010.

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 unit, at this time, 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 are classified as held

for trading and are stated at fair value. Due from brokers, interest and dividends receivable,

subscriptions receivable and other receivables are designated as loans and receivables.

They are recorded at amortized cost which approximates their fair value due to their

short-term nature. Similarly, redemptions payable, due to brokers, accrued management

fees, accrued expenses and other payables are designated as 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 Portfolios invest in units of Underlying Funds and therefore they are indirectly exposed

to financial instruments risks noted below. To minimize the potential adverse effects of

those risks the Manager reviews on a regular basis, but not limited to, the Underlying Funds’

investment mandate, returns, assets, investment management process, and risk levels as well

as overall fit of the Underlying Funds within the Portfolios’ stated objectives. Based on the

results of the review the Manager may mitigate some of the risks by adjusting the weightings

of the Underlying Funds, or by removing or adding other Underlying Funds.

The Underlying Funds are exposed to a variety of financial instrument 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 Underlying Fund is exposed depends on the investment

objective and the type of investments the Underlying 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 Underlying Fund.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of

changes in market prices (other than those arising from interest rate risk or currency risk).

The value of each investment is influenced by the outlook of the issuer and by general

economic and political conditions, as well as industry and market trends. All securities,

including investments in Underlying Funds, 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.

ARTISAN PORTFOLIOSNotes to the Financial Statements as at June 30, 2010 (unaudited) (cont’d)


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. Each Portfolio may be exposed

to indirect interest rate risk if the Underlying Funds invest in debt securities and/or income

trusts as the Underlying Funds 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 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 may also apply to the Underlying 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.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other

than, Canadian dollars, the functional currency of the Portfolios or the Underlying Funds,

as the value of securities denominated in other currencies will fluctuate due to changes in

exchange rates.

The Portfolios’ direct exposure to currency risk is not significant as the units of the

Underlying Funds held are denominated in Canadian dollars, the functional currency of the

Portfolios. However, each Portfolio may be exposed to indirect currency risk if the

Underlying Funds invest in financial instruments that are denominated in currencies other

than Canadian dollars, the functional currency of the Underlying Funds.

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. Each Portfolio may be exposed to indirect credit

risk if the Underlying Funds invest in fixed income securities or derivative instruments.

The credit risk exposure of the other assets of each Portfolio are represented by their

carrying amount as disclosed in the Statements of Net Assets.

Significant cash balances may be maintained by the custodian RBC Dexia. The Manager

monitors the credit worthiness of the custodian on a regular basis. Please see the Statements

of Net Assets for each Portfolio’s cash balance.

All transactions executed by a Portfolio 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 Portfolio may not be able to settle or meet its obligations, on

time or at a reasonable price. The Portfolios are exposed to daily cash redemption of

redeemable units. Therefore, the Portfolios aim to invest the majority of their assets in

investments that are traded in active markets and can be readily disposed of. In addition, the

Portfolios aim to retain sufficient cash and cash equivalents positions to maintain liquidity.

Fair Value Hierarchy

Amended Section 3862 requires the Portfolios 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 Portfolios may use a variety of

valuation techniques to derive the fair value.

The Artisan Portfolios invest in other investment funds and these investments are generally

classified as level 1.

During the six-month period some Portfolios' exposure to financial instruments risks

including fair value hierarchy classification changed significantly as per details disclosed in

the "Portfolio Specific Financial Instruments Risks" section of the financial statements. For

details relating to financial instruments risks exposure including fair value hierarchy

classification for remaining Portfolios refer to the audited annual financial statements as at

December 31, 2009, as these Portfolios' exposure to financial instruments risks and fair value

hierarchy classification remained unchanged through the period.

12. RECENT DEVELOPMENTS

Subject to unitholder, regulatory and CI Board of Governors approval, CI Investments Inc.,

the Manager of the Artisan Portfolios, expects to merge the Portfolios into similar solutions

managed by CI Investments Inc. on or about September 17, 2010.

Under the proposal, Artisan Portfolios will be merged into Portfolio Series into Portfolio

Select Series, as described below:

Terminating fund Continuing fund

Artisan Most Conservative Portfolio Portfolio Series Conservative Fund

Artisan Conservative Portfolio Portfolio Series Conservative

Balanced Fund

Artisan Moderate Portfolio Portfolio Series Balanced Fund

Artisan Growth Portfolio Portfolio Series Balanced

Growth Fund

Artisan High Growth Portfolio Portfolio Series Growth Fund

Artisan Maximum Growth Portfolio Portfolio Series Maximum

Growth Fund

Artisan Canadian T-Bill Portfolio CI Money Market Fund

Artisan New Economy Portfolio Portfolio Series Maximum

Growth Fund

ARTISAN PORTFOLIOSNotes to the Financial Statements as at June 30, 2010 (unaudited) (cont’d)


Notice: Should you require additional copies of this Semi-Annual Report or have received more

than one copy, please contact United Financial c/o 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.

Simplified Prospectus: The Simplified Prospectus and Annual Information Form

of a Fund are renewed annually. The Manager would be pleased to provide, without charge, the

most recent Simplified Prospectus upon request to its Toronto office.

LEGAL NOTICE


ARTISAN PORTFOLIOS

Artisan Canadian T-Bill PortfolioArtisan Most Conservative PortfolioArtisan Conservative PortfolioArtisan Moderate PortfolioArtisan Growth PortfolioArtisan High Growth PortfolioArtisan Maximum Growth PortfolioArtisan New Economy Portfolio

For more information, or to learn more about Artisan Portfolios, please contact your advisor.

United Financial Corporation2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7Tel: 1-888-664-4784Fax: 1-866-645-4447E-mail: [email protected]

United Financial and/or United Financial and design is a trademark of United Financial Corporation. ARTISAN_SA_E (08/10)

artisan commbk sa 10 e - ci investments · artisan portfolios’ auditors and the fees paid to...

Documents