semi-annual financial statement– as at september 30, 2010 · 2010. 11. 24. · – 4 –...

Semi-Annual Financial Statement – as at September 30, 2010

A look inside - Signature

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

About the CI Funds Board of Governors and

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

Equity Funds

Signature Canadian Resource Fund ..............................................................................................3

Signature Select Canadian Fund ...................................................................................................9

Balanced Funds

Signature Canadian Balanced Fund ............................................................................................17

Signature Global Income & Growth Fund ...................................................................................28

Signature Income & Growth Fund ...............................................................................................39

Income Funds

Signature Canadian Bond Fund ...................................................................................................50

Signature Corporate Bond Fund...................................................................................................57

Signature Diversified Yield Fund .................................................................................................66

Signature Dividend Fund..............................................................................................................72

Signature High Income Fund........................................................................................................81

Signature Mortgage Fund............................................................................................................90

Signature Short-Term Bond Fund.................................................................................................95

Notes to the Financial Statements ....................................................................................101

Legal Notice..........................................................................................................................107

CI Investments Inc., the Manager of the Funds, appoints independent auditors to audit the

Funds’ 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 Funds’ 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.

– 1 –

Enclosed are the Financial Statements for your CI Investments

mutual funds for the period ending September 30, 2010. Inside is

important information about each fund, including its financial

statements for the period and a list of the top portfolio holdings of

the underlying fund 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 $64 billion on behalf of 1.7 million Canadians.

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

firm with $86 billion in fee-earning assets at September 30, 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 –

About the CI Funds Board of Governors

Semi-Annual Financial Statements as at September 30, 2010

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.

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

period ended September 30, 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 November 2010, the Board of Governors received and accepted the Semi-Annual

Financial Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

November, 2010

Letter from the CI Funds Board of Governors

– 3 –

Signature Canadian Resource FundStatement of Investment Portfolio as at September 30, 2010 (unaudited)

CIG - 611Semi-Annual Financial Statements as at September 30, 2010

*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.

MATERIALS (43.6%) (cont’d)21,653 HMZ Metals Inc., Restricted Shares 30,554 -

608,400 HudBay Minerals Inc. 8,035,129 8,900,892 739,800 IAMGOLD Corp. 11,249,754 13,456,962 150,400 Inmet Mining Corp. 7,750,425 8,572,800 509,600 Kinross Gold Corp.* 9,374,739 9,835,280

1,028,000 Lundin Mining Corp. 4,631,855 5,283,920 768,100 Paladin Resources Ltd.* 3,816,745 2,711,393

6,031,500 PanAust Ltd.* 2,644,079 3,899,612 44,504 Potash Corp. of Saskatchewan Inc. 4,982,594 6,563,450

542,375 Quadra FNX Mining Ltd. 6,549,304 8,173,591 124,800 Randgold Resources Ltd., ADR* 8,569,762 13,003,692 199,000 Silver Wheaton Corp. 3,779,030 5,440,660 175,800 Sino-Forest Corp., Class A 3,015,411 3,007,938 116,953 SPDR Gold Trust 14,279,088 15,392,036 251,700 Teck Resources Ltd., Class B 6,768,550 10,651,944 807,400 Torex Gold Resources Inc. 979,565 1,130,360

AUD 1,600,000 Western Areas Ltd., 8% 07/02/2012 705,000 1,667,081 653,600 Western Areas NL* 2,865,999 4,037,257 16,871 White Energy Co., Ltd. - 65,279 18,267 White Energy Co., Ltd., 2010 Performance Shares* - - 18,267 White Energy Co., Ltd., 2011 Performance Shares* - - 42,975 White Energy Co., Ltd., Rights (20Oct10) - 60,089

775,352 Xstrata PLC 11,360,112 15,267,375 235,749,949 290,321,101

CONSUMER STAPLES (1.0%) 52,500 Bunge Ltd. 3,283,835 3,195,962

369,800 Viterra Inc.* 3,025,352 3,317,106 6,309,187 6,513,068

FINANCIALS (0.8%) 296,991 Central Fund of Canada Ltd. 4,400,847 5,069,952

INDUSTRIALS (0.6%) 178,500 Finning International Inc. 3,221,835 4,267,935

PRIVATE PLACEMENTS (0.2%) 1,129,162 Petra Diamonds Ltd., Private Placement^ 1,184,382 1,510,577

Commission and other portfolio transaction costs (652,463)

Total Bonds & Equities (92.0%) 542,600,186 612,313,732

Short Term Notes (7.4%) 49,000,000 49,000,000

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (474,703)

Total Investments (99.3%) 591,600,186 660,839,029

Other Assets (net) (0.7%) 4,733,290

Net Assets (100.0%) 665,572,319

Principal amounts stated in:AUD Australian Dollar

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

ENERGY (45.8%) 113,576 Apache Corp. 11,316,986 11,416,970 482,300 ARC Energy Trust* 9,203,101 9,911,265 139,700 Arch Coal Inc. 3,201,060 3,839,587 250,100 Athabasca Oil Sands Corp. 3,001,938 2,588,535 186,100 Baytex Energy Trust* 5,308,036 6,935,947 545,600 Bonavista Energy Trust 11,292,496 13,034,384 480,360 Canadian Natural Resources Ltd. 16,004,267 17,096,012 212,900 Canadian Oil Sands Trust 6,329,900 5,420,434 532,746 Celtic Exploration Ltd. 4,025,553 6,883,078 387,901 Cenovus Energy Inc. 11,222,277 11,474,112 83,350 Chevron Corp. 7,311,155 6,951,408

2,286,500 Connacher Oil and Gas Ltd. 2,112,794 2,720,935 157,900 Continental Resources Inc.* 5,060,949 7,526,011 81,700 Cooper Cameron Corp. 3,383,809 3,611,607

162,800 Crescent Point Energy Corp.* 6,310,214 6,165,236 192,400 Crew Energy Inc. 3,134,782 3,503,604 95,600 Devon Energy Corp.* 7,441,258 6,368,611

591,901 EnCana Corp.* 19,699,870 18,402,202 30,500 EOG Resources Inc. 3,374,908 2,915,926

307,900 Halliburton Co 9,711,685 10,477,509 136,400 Helmerich & Payne Inc.* 5,362,361 5,671,754 338,735 Imperial Oil Ltd. 14,548,470 13,207,278 150,900 Legacy Oil & Gas Inc. 1,619,172 1,700,643 62,300 MEG Energy Corp.* 2,180,500 2,229,717

161,200 National Oilwell Varco Inc. 7,090,695 7,376,432 326,476 Nexen Inc. 7,889,162 6,758,053 163,500 Occidental Petroleum Corp. 12,317,686 13,171,590 68,600 Peabody Energy Corp.* 2,924,092 3,459,577

315,654 Pengrowth Energy Trust (CAD)* 3,201,971 3,579,516 58,700 Petrobank Energy & Resources Ltd. 3,144,180 2,447,790

172,300 Petroleo Brasileiro SA, ADR 4,998,127 5,817,089 56,500 Schlumberger Ltd. 3,906,876 3,581,322

226,200 Southwestern Energy Co. 9,465,632 7,769,501 658,300 Suncor Energy Inc. 21,307,339 22,046,467

1,378,194 Talisman Energy Inc. 23,718,168 24,807,492 421,000 Trican Well Service Ltd. 5,275,652 6,908,610 115,000 Ultra Petroleum Corp.* 4,998,964 4,957,039 186,400 Weatherford International Ltd., (Switzerland) 3,317,574 3,277,949 87,800 Whiting Petroleum Corp. 6,672,790 8,619,907

292,386,449 304,631,099 MATERIALS (43.6%)

135,400 Agnico-Eagle Mines Ltd.* 8,297,729 9,881,492 46,600 Agrium Inc. 2,755,548 3,590,530

361,500 Antofagasta PLC 5,092,076 7,223,454 518,602 Barrick Gold Corp. 21,961,095 24,654,339 544,218 BHP Billiton PLC 14,717,403 17,816,242 119,317 Cameco Corp. 3,486,996 3,406,500 84,900 CF Industries Holdings Inc. 6,469,663 8,343,057

124,800 Cliffs Natural Resources Inc.* 7,275,728 8,193,122 983,900 Consolidated Thompson Iron Mines Ltd.* 6,294,248 8,677,998 532,600 Eldorado Gold Corp.* 7,319,721 10,119,400

1,600,200 Equinox Minerals Ltd.* 5,986,399 9,233,154 231,700 Franco-Nevada Corp. 6,373,819 7,500,129 191,468 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 13,710,263 16,809,748 397,099 Goldcorp Inc. 14,621,566 17,750,325


– 4 –

Signature Canadian Resource FundStatement of Investment Portfolio as at September 30, 2010 (unaudited)


††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.

Schedule AForeign Currency Forward Contracts (-0.1%)

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

1 Bank of Nova Scotia†† A-1+ 18-Nov-10 1.03 (14,008,000) US $ 14,432,162 Canadian $ 2,318 1 Credit Suisse Group A-1 18-Nov-10 0.97 (37,967,000) US $ 39,095,000 Canadian $ (15,313)1 JP Morgan A-1 18-Nov-10 1.03 (3,073,187) Canadian $ 2,977,000 US $ (6,524)1 JP Morgan A-1 18-Nov-10 1.03 (13,340,000) US $ 13,757,142 Canadian $ 15,387 1 Royal Bank of Canada A-1+ 18-Nov-10 0.97 (14,315,000) US $ 14,740,728 Canadian $ (5,345)1 State Street Corporation A-1 18-Nov-10 0.97 (13,510,000) US $ 13,899,088 Canadian $ (17,718)1 UBS AG A-1 12-Jan-11 1.06 (2,452,000) Australian $ 2,311,648 Canadian $ (100,714)1 UBS AG A-1 12-Jan-11 1.05 (3,500,000) Australian $ 3,322,865 Canadian $ (120,654)1 UBS AG A-1 12-Jan-11 0.62 (15,454,000) British Pound 24,817,115 Canadian $ (210,356)1 UBS AG A-1 18-Nov-10 0.97 (13,586,000) US $ 13,979,315 Canadian $ (15,784)

Total Foreign Currency Forward Contracts Value (474,703)

*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.

– 5 –

Signature Canadian Resource FundFinancial Statements (unaudited)


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

AssetsInvestments at fair value*CashShort term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on futures and forward currency contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for unit 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 unit redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable

Net assets and unitholders' equity

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

Net assets per classClass AClass F

Net assets per unit (see Schedule of Net Assets per Unit and Net Asset Value per Unit)

Class AClass F

Number of units outstanding(see Schedule of Fund Unit Transactions)

Class AClass F

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 expenseGoods and services tax/Harmonized sales tax

Net investment income (loss) for the period

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

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

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

Increase (decrease) in net assets from operations per classClass AClass F

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

Class AClass F

612,314 596,3642,291 2,639

49,000 55,000- -- -- -

18 6,744- -- -

973 1,3652,928 8,256

- -523 886

668,047 671,254

- -- -- -

492 15- -- 5,154

1,983 908- -- -- -

2,475 6,077665,572 665,177

542,600 548,717- -

659,530 658,5086,042 6,669

20.22 19.6525.09 24.26

32,622,982 33,518,868240,784 274,962

3,129 3,7061,277 478

49 53- -- -- -

(164) (261)4,291 3,976

6,439 5,314647 534

1 -504 292

7,591 6,140(3,300) (2,164)

7,008 38,122201 146(811) (813)

- -

14,862 90,45921,260 127,91417,960 125,750

17,804 124,678156 1,072

0.53 4.030.58 4.95

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

2010 2009

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

as at as atSeptember 30, 2010 March 31, 2010

– 6 –

Signature Canadian Resource FundFinancial Statements (unaudited)



Class ANet assets, beginning of periodCapital transactions

Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed

Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital

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

Class FNet assets, beginning of periodCapital transactions




Total FundNet assets, beginning of periodCapital transactions




665,177 450,998

62,907 85,884- -

(80,472) (61,016)(17,565) 24,868

- -- -- -- -

17,960 125,750665,572 601,616

658,508 448,338

61,589 81,851- -

(78,371) (58,837)(16,782) 23,014

- -- -- -- -

17,804 124,678659,530 596,030

6,669 2,660

1,318 4,033- -

(2,101) (2,179)(783) 1,854

- -- -- -- -

156 1,0726,042 5,586

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

2010 2009

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

2010 2009

– 7 –

Signature Canadian Resource FundFinancial Statements – Supplementary Schedules (unaudited)


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

Class ABalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

Class FBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

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

2010 2009

LoanedCollateral (non-cash)

51,995 69,53953,523 71,223

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

2010 2009

Brokerage commissionsSoft Dollar commissions†

805 809121 36

Schedule of Fund Unit Transactions for the periods ended September 30

2010 2009

33,518,868 30,148,8413,192,928 4,823,883

- -(4,088,814) (3,454,125)32,622,982 31,518,599

274,962 146,32054,865 200,946

- -(89,043) (106,818)240,784 240,448

Annual management fee rateClass AClass F

Annual fixed administration fee rateClass AClass F

2.001.00

0.200.20

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

2010

Class ANet assets per unitNet asset value per unit

Class FNet assets per unitNet asset value per unit

20.22 18.9120.23 18.93

25.09 23.2325.11 23.25

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

2010 2009

– 8 –

Signature Canadian Resource FundFund Specific Financial Instruments Risks (Note 11) (unaudited)



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

as at March 31, 2010

Categories Net Assets (%)

Energy ...................................................................................................................................... 45.8 Materials.................................................................................................................................. 39.1 Short Term Notes..................................................................................................................... 8.3 Consumer Staples.................................................................................................................... 2.2 Foreign Currency Forward Contracts ....................................................................................... 1.0 Financials ................................................................................................................................. 1.0 Utilities..................................................................................................................................... 1.0 Other Assets (net) .................................................................................................................... 1.0 Industrials ................................................................................................................................ 0.6

During the six-month period the Fund's exposure to credit risk, currency risk and interest rate riskchanged significantly as disclosed in the section below. For details relating to other price risk andfair value hierarchy, refer to the audited annual financial statements as at March 31, 2010, as theFund's exposure to those risks remains unchanged.

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

as at September 30, 2010*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 0.1 AA/Aa/A+ 7.4 Not Rated 0.3 Total 7.8

as at March 31, 2010*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 8.4AA/Aa/A+ 0.8BB/Ba/B+ 0.4Not Rated 0.2Total 9.8

*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.

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

as at September 30, 2010Financial Instruments Derivatives Total Currency Net

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 187,484 (106,758) 80,726 12.1 British Pound 42,075 (24,984) 17,091 2.6 Australian Dollar 12,152 (5,920) 6,232 0.9 Total 241,711 (137,662) 104,049 15.6

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 199,941 (84,177) 115,764 17.4 British Pound 52,763 (23,716) 29,047 4.4 Australian Dollar 19,055 (2,285) 16,770 2.5 Total 271,759 (110,178) 161,581 24.3

As at September 30, 2010, had the Canadian dollar strengthened or weakened by 10% (March 31,2010 - 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$10,405,000 (March 31, 2010 - $16,158,000). 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 September 30, 2010Less 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)

Interest Rate Exposure 51,291 1,667 - - 52,958

as at March 31, 2010Less than 1 - 3 3 - 5 Greater


Interest Rate Exposure 57,639 1,534 - 2,944 62,117

As at September 30, 2010, had the prevailing interest rates increased or decreased by 0.25%(March 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund would haveindirectly decreased or increased, respectively, by approximately $7,000 (March 31, 2010 - $47,000).In practice, actual results may differ from this analysis and the difference may be material.

– 9 –

Signature Select Canadian FundStatement of Investment Portfolio as at September 30, 2010 (unaudited)


*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.

MATERIALS (9.9%) 259,500 Agrium Inc. 12,619,312 19,994,475

1,892,100 Barrick Gold Corp. 81,058,784 89,950,434 749,359 BHP Billiton PLC 19,893,325 24,532,009 622,790 Cameco Corp. 20,822,098 17,780,654 590,700 Freeport-McMoRan Copper & Gold Inc.,


4,261,500 Paladin Resources Ltd.* 20,964,912 15,043,095 256,996 Potash Corp. of Saskatchewan Inc. 28,995,225 37,901,770

1,086,000 Xstrata PLC 19,645,173 21,384,312 284,596,302 320,196,486

INDUSTRIALS (9.7%) 269,400 BE Aerospace Inc.* 6,880,690 8,399,518

3,826,900 Bombardier Inc., Class B, Sub-Voting Shares 15,495,484 19,287,576 524,800 Canadian National Railway Co. 27,888,552 34,531,840 188,600 FedEx Corp. 16,185,932 16,592,888

1,044,600 Finning International Inc. 19,131,255 24,976,386 290,500 Joy Global Inc.* 16,458,983 21,017,323 334,300 Parker-Hannifin Corp.* 21,200,490 24,100,202 366,300 Randstad Holding NV 19,303,403 17,124,867 171,778 Schneider Electric SA* 16,138,034 22,411,484 391,700 SNC-Lavalin Group Inc. 15,568,710 20,603,420 86,400 TransDigm Group Inc.* 4,447,181 5,508,576

566,700 Union Pacific Corp. 32,486,282 47,665,265 84,800 United Technologies Corp. 6,103,588 6,215,456

1,038,600 Weir Group PLC 11,216,265 23,876,248 426,800 WestJet Airlines Ltd.* 5,074,352 5,104,528 135,000 WW Grainger Inc.* 11,816,257 16,536,396

245,395,458 313,951,973 INFORMATION TECHNOLOGY (7.2%)

941,300 Activision Inc. 12,025,755 10,480,198 225,700 Adobe Systems Inc. 7,631,877 6,070,875 716,000 Cisco Systems Inc. 19,146,326 16,135,087 708,800 EMC Corp. 14,752,595 14,805,869 205,900 Equinix Inc.* 21,011,781 21,684,947 146,000 Fabrinet* 1,512,562 2,379,700

1,044,300 Finisar Corp.* 15,541,350 20,180,645 287,300 FormFactor Inc.* 7,071,235 2,539,469

1,132,100 Intel Corp. 23,160,357 22,378,260 1,002,600 JDS Uniphase Corp.* 9,269,872 12,772,106

359,000 Maxim Integrated Products Inc.* 6,985,849 6,834,084 1,182,300 Microsoft Corp. 29,901,997 29,769,794

317,500 Network Appliance Inc.* 15,477,586 16,256,920 667,500 NVIDIA Corp.* 8,223,098 8,022,473 432,500 Research In Motion Ltd. (USD) 28,009,689 21,660,158 661,900 Smart Technologies Inc.* 8,724,314 9,228,813 784,800 Symantec Corp.* 15,332,827 12,226,412

243,779,070 233,425,810 CONSUMER STAPLES (7.1%)

312,400 Alimentation Couche-Tard Inc., Class B 6,772,604 7,147,712 240,334 British American Tobacco PLC 8,248,132 9,225,832 350,900 Bunge Ltd.* 24,864,074 21,361,203 491,305 CVS Corp. 17,064,443 15,909,704

1,046,510 Diageo PLC 19,299,474 18,542,663 604,700 Nestle SA, Registered Shares 23,508,782 33,150,815


FINANCIALS (27.4%) 2,498,176 Aberdeen Asset Management PLC* 6,727,222 6,474,030 1,432,300 AMP Ltd. 6,758,579 7,265,858 4,027,000 Ascendas Real Estate Investment Trust 6,852,751 6,869,003

738,500 AXA SA 13,316,856 13,281,852 715,000 Banco Bilbao Vizcaya Argentaria SA 10,136,090 9,935,292

2,364,000 Banco Santander Brasil SA 31,065,053 32,747,157 4,075,600 Bank of America Corp. 62,299,743 54,938,528 4,614,900 Barclays PLC 24,717,393 22,344,842 1,246,900 Brookfield Asset Management Inc., Class A 28,283,860 36,222,445

891,600 Canadian Imperial Bank of Commerce 59,971,743 66,495,528 515,100 Credit Suisse Group 23,623,579 22,655,748 168,070 Credit Suisse Group AG, ADR* 7,825,904 7,360,477 241,448 Genworth MI Canada Inc. 5,028,444 6,190,727 616,500 Gluskin Sheff & Associates Inc.* 12,538,203 11,257,290 121,600 Great-West Lifeco Inc.* 3,086,303 3,088,640

1,735,811 Hosted Data Transaction Solutions Inc. 2,637,288 520,743 1,934,600 HSBC Holdings PLC 19,934,101 20,172,934

146,000 HSBC Holdings PLC, ADR 7,826,518 7,600,317 814,100 Itau Unibanco Banco Multiplo SA, ADR 14,998,499 20,238,991 588,000 JPMorgan Chase & Co. 25,188,124 23,016,114 388,300 Lazard Ltd.* 13,469,552 13,988,581

6,496,900 Lloyds Banking Group PLC 7,467,827 7,781,870 305,274 Macquarie Group Ltd. 12,991,572 11,010,330

7,642,300 Manulife Financial Corp.* 117,943,880 99,197,054 554,700 Moody's Corp.* 15,521,527 14,246,786

4,510,000 Morgan Stanley, FRN 1.28714% 02/23/2012 4,502,017 4,418,913 265,800 National Bank of Canada 15,563,709 17,247,762

1,369,900 Power Corp. of Canada 37,472,708 36,685,922 279,097 ProLogis 3,117,408 3,380,226 387,500 Royal Bank of Canada 21,180,952 20,766,125 940,200 Sun Hung Kai Properties Ltd. 16,086,368 16,707,906

1,767,600 Sun Life Financial Inc. 46,024,009 47,424,708 2,312,383 Toronto-Dominion Bank 145,292,007 171,810,057 1,325,100 Wells Fargo & Co. 35,689,302 34,224,455

596,100 Western Union Co.* 10,371,320 10,838,516 875,510,411 888,405,727

ENERGY (19.5%) 321,100 Apache Corp. 32,795,050 32,277,849

2,379,700 Canadian Natural Resources Ltd. 75,747,515 84,693,523 1,098,100 Cenovus Energy Inc. 31,738,546 32,481,798

203,400 Chevron Corp. 15,838,794 16,963,604 1,582,100 EnCana Corp. 51,093,309 49,187,489 1,007,100 Halliburton Co 31,626,964 34,270,541

950,735 Imperial Oil Ltd. 37,895,525 37,069,158 299,200 MEG Energy Corp.* 10,472,000 10,708,368 243,391 Nexen Inc. 6,027,058 5,038,194 400,000 Occidental Petroleum Corp. 30,950,743 32,224,074 265,300 Schlumberger Ltd. 17,556,468 16,816,365 533,900 Spectra Energy Corp.* 12,130,871 12,388,554

3,455,245 Suncor Energy Inc.* 111,327,926 115,716,155 5,251,900 Talisman Energy Inc. 84,629,501 94,534,200

706,300 TransCanada Corp.* 22,205,072 26,959,471 749,478 Trican Well Service Ltd. 8,858,119 12,298,934

1,070,500 Weatherford International Ltd., (Switzerland) 16,204,245 18,825,343 597,097,706 632,453,620


– 10 –




PRIVATE PLACEMENTS (0.7%) 192,953 Volkswagen AG, Private Placement^ 18,120,797 23,904,603

Commission and other portfolio transaction costs (4,054,589)

Total Bonds & Equities (96.8%) 3,001,387,192 3,137,953,328

Short Term Notes (2.8%) 90,000,000 90,000,000


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (4,004,394)

Total Investments (99.5%) 3,091,387,192 3,223,948,934

Other Assets (net) (0.5%) 21,738,905

Net Assets (100.0%) 3,245,687,839


CONSUMER STAPLES (7.1%) (cont’d)257,500 PepsiCo Inc. 16,073,229 17,601,742 342,708 Procter & Gamble Co.* 24,756,253 21,141,101 430,444 Saputo Inc.* 9,142,660 15,117,193 275,159 Shoppers Drug Mart Corp. 12,658,936 10,995,354 617,200 Unilever NV* 19,255,286 18,983,909

1,981,500 Viterra Inc.* 16,866,338 17,774,055 4,777,888 Wal-Mart de Mexico SA de CV 10,349,697 12,347,264

211,010 Wal-Mart Stores Inc. 12,124,560 11,620,727 220,984,468 230,919,274

HEALTH CARE (6.6%) 366,300 Allscripts Healthcare Solutions Inc.* 6,522,422 6,957,974 112,100 Amgen Inc. 6,480,732 6,356,970 776,100 Amylin Pharmaceuticals Inc.* 13,330,459 16,650,908

1,548,300 Eli Lilly and Co. 64,712,316 58,135,732 223,800 Johnson & Johnson 15,420,951 14,261,832

1,163,700 Merck & Co., Ltd. 44,590,705 44,065,938 315,200 Novartis AG, Registered Shares 18,674,358 18,600,203

2,841,700 Patheon Inc.* 19,606,740 6,564,327 214,500 Roche Holding AG 36,537,400 30,145,145 233,050 Talecris Biotherapeutics Holdings Corp.* 4,775,807 5,479,608 178,400 UCB SA* 5,985,446 6,360,703

236,637,336 213,579,340 TELECOMMUNICATION SERVICES (3.8%)

991,300 BCE Inc. 29,957,818 33,188,724 416,241 Manitoba Telecom Services Inc.* 14,472,161 11,746,321

1,295,400 Rogers Communications Inc., Class B* 37,228,689 49,808,130 667,980 TELUS Corp., Non-Voting Shares 25,666,230 29,130,608

107,324,898 123,873,783 CONSUMER DISCRETIONARY (2.1%)

140,000 DaimlerChrysler AG, Registered Shares 6,704,652 9,113,100 19,454,500 Hengdeli Holdings Ltd. 9,897,596 9,262,143

346,300 Honda Motor Co., Ltd.* 11,622,919 12,645,071 57,600 Magna International Inc., Class A 4,163,979 4,862,592

687,701 RONA Inc.* 12,848,496 9,146,423 207,700 Tiffany & Co.* 9,250,024 10,025,732

2,181,600 Yellow Pages Income Fund 12,531,850 12,064,248 67,019,516 67,119,309

WARRANTS (1.6%) 4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 26,782,413

248,005 Hosted Data, Warrants (27Apr12) - 242 2,085,453 JPMorgan Chase & Co., Warrants (28Oct18) 28,034,839 24,828,354

62,758,813 51,611,009 UTILITIES (1.2%)

829,000 Calpine Corp 11,481,728 10,611,801 1,312,100 International Power PLC* 7,962,070 8,228,201

155,300 Sempra Energy 10,711,840 8,597,415 504,325 TransAlta Corp.* 16,061,368 11,074,977

46,217,006 38,512,394


– 11 –






1 Bank of Nova Scotia†† A-1 18-Nov-10 0.97 (22,389,430) Canadian $ 21,776,000 US $ 42,249 1 Bank of Nova Scotia†† A-1 12-Jan-11 0.75 (11,527,000) Euro 15,367,681 Canadian $ (826,677)1 Bank of Nova Scotia†† A-1 12-Jan-11 0.74 (3,929,000) Euro 5,304,374 Canadian $ (215,785)1 Bank of Nova Scotia†† A-1 12-Jan-11 0.72 (860,000) Euro 1,192,058 Canadian $ (16,355)1 Bank of Nova Scotia†† A-1 18-Nov-10 1.03 (143,285,000) US $ 147,623,670 Canadian $ 23,713 1 Bank of Nova Scotia†† A-1 18-Nov-10 1.03 (6,160,000) US $ 6,365,313 Canadian $ 19,769 1 Credit Suisse Group A-1 18-Nov-10 0.97 (150,836,000) US $ 155,317,338 Canadian $ (60,837)1 JP Morgan A-1 18-Nov-10 1.03 (29,055,397) Canadian $ 28,146,000 US $ (61,676)1 JP Morgan A-1 12-Jan-11 0.75 (20,630,000) Euro 27,497,727 Canadian $ (1,485,470)1 JP Morgan A-1 18-Nov-10 1.03 (173,413,000) US $ 178,835,625 Canadian $ 200,023 1 Royal Bank of Canada A-1 18-Nov-10 0.97 (76,330,000) US $ 78,600,054 Canadian $ (28,501)1 State Street Corporation A-1 18-Nov-10 1.03 (11,152,248) Canadian $ 10,787,000 US $ (40,323)1 State Street Corporation A-1 18-Nov-10 0.97 (88,833,000) US $ 91,391,390 Canadian $ (116,500)1 UBS AG A-1 12-Jan-11 1.06 (2,653,000) Australian $ 2,501,142 Canadian $ (108,970)1 UBS AG A-1 12-Jan-11 1.05 (4,781,000) Australian $ 4,539,034 Canadian $ (164,813)1 UBS AG A-1 12-Jan-11 0.62 (43,264,000) British Pound 69,476,360 Canadian $ (588,900)1 UBS AG A-1 12-Jan-11 0.75 (3,341,000) Euro 4,453,740 Canadian $ (240,051)1 UBS AG A-1 12-Jan-11 0.96 (19,720,000) Swiss Franc 20,466,622 Canadian $ (258,901)1 UBS AG A-1 18-Nov-10 0.97 (65,753,000) US $ 67,656,549 Canadian $ (76,389)

Total Foreign Currency Forward Contracts Value (4,004,394)


– 12 –

Signature Select Canadian FundFinancial Statements (unaudited)






Net assets per classClass AClass FClass IInsight UnitsClass Z


Class AClass FClass IInsight UnitsClass Z









Increase (decrease) in net assets from operations per classClass AClass FClass IInsight UnitsClass Z



3,137,953 3,033,02721,291 2,25490,000 201,000

- -- -- -

286 50,509- -- -

3,367 6,84416,264 40,714

- -6,546 7,052

3,275,707 3,341,400

- -- -- -

4,290 801- -

20,816 2,2274,913 5,212

- -- -- -

30,019 8,2403,245,688 3,333,160

3,001,387 2,853,993- -

2,627,076 2,712,20837,709 35,800

538,236 540,0522,185 2,425

40,482 42,675

17.39 17.4812.59 12.5813.25 13.1612.47 12.469.62 9.66

151,042,217 155,205,0462,995,958 2,846,184

40,611,760 41,042,408175,263 194,688

4,206,311 4,419,161

37,831 44,9191,726 1,547

307 410(1,820) -

- -- -

(2,185) (3,204)35,859 43,672

26,673 24,1502,701 2,450

6 12,237 1,329

31,617 27,9304,242 15,742

83,291 190,795(1,022) (3,401)(3,303) (4,167)

- -

(96,180) 587,556(17,214) 770,783(12,972) 786,525

(15,172) 567,943162 6,148

2,234 202,467(2) 622

(194) 9,345

(0.10) 3.620.05 2.600.05 2.78(0.02) 2.64(0.05) 2.00


2010 2009




– 13 –

Signature Select Canadian FundFinancial Statements (unaudited)




Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemedAcquisition of assets from terminated Funds (Note 1)







Class INet assets, beginning of periodCapital transactions




Insight UnitsNet assets, beginning of periodCapital transactions




Class ZNet assets, beginning of periodCapital transactions








2,425 2,382

278 112- -

(516) (563)- -

(238) (451)

- -- -- -- -

(2) 6222,185 2,553

42,675 33,877

640 419- -

(2,639) (2,107)- 1,073

(1,999) (615)

- -- -- -- -

(194) 9,34540,482 42,607

3,333,160 2,791,254

277,402 248,447- -

(351,902) (264,447)- 39,232

(74,500) 23,232

- -- -- -- -

(12,972) 786,5253,245,688 3,601,011

2,712,208 2,055,523

217,041 192,003- -

(287,001) (228,426)- -

(69,960) (36,423)

- -- -- -- -

(15,172) 567,9432,627,076 2,587,043

35,800 21,002

8,592 5,374- -

(6,845) (2,839)- -

1,747 2,535

- -- -- -- -

162 6,14837,709 29,685

540,052 678,470

50,851 50,539- -

(54,901) (30,512)- 38,159

(4,050) 58,186

- -- -- -- -

2,234 202,467538,236 939,123


2010 2009


2010 2009

– 14 –

Signature Select Canadian FundFinancial Statements – Supplementary Schedules (unaudited)



Class ABalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedAcquisition of assets from terminated Funds (Note 1)Balance, end of period

Class FBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedAcquisition of assets from terminated Funds (Note 1)Balance, end of period

Class IBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedAcquisition of assets from terminated Funds (Note 1)Balance, end of period

Insight UnitsBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedAcquisition of assets from terminated Funds (Note 1)Balance, end of period

Class ZBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedAcquisition of assets from terminated Funds (Note 1)Balance, end of period

Schedule of Fund Unit Transactions for the periods ended September 30

2010 2009

155,205,046 158,401,68112,758,112 12,747,045

- -(16,920,941) (15,181,063)

- -151,042,217 155,967,663

2,846,184 2,271,296710,981 494,368

- -(561,207) (266,320)

- -2,995,958 2,499,344

41,042,408 71,037,6923,869,885 4,584,059

- -(4,300,533) (2,783,275)

- 3,209,36740,611,760 76,047,843

194,688 260,21122,714 10,976

- -(42,139) (54,119)

- -175,263 217,068

4,419,161 4,736,43768,635 49,000

- -(281,485) (252,464)

- 121,3574,206,311 4,654,330

Class ANet assets per unitNet asset value per unit

Class FNet assets per unitNet asset value per unit

Class INet assets per unitNet asset value per unit

Insight UnitsNet assets per unitNet asset value per unit

Class ZNet assets per unitNet asset value per unit

17.39 16.5917.40 16.60

12.59 11.8812.60 11.89

13.25 12.3513.26 12.36

12.47 11.7612.48 11.77

9.62 9.159.63 9.16

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

2010 2009

– 15 –

Signature Select Canadian FundFinancial Statements – Supplementary Schedules (unaudited)


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

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

2010 2009

LoanedCollateral (non-cash)

360,183 451,803368,097 461,507

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

2010 2009

Brokerage commissionsSoft Dollar commissions†

3,262 4,128492 182

Annual management fee rateClass AClass FClass IInsight UnitsClass Z

Annual fixed administration fee rateClass AClass FClass IInsight UnitsClass Z

2.001.00

Paid directly by investors0.951.75

0.200.20

-0.200.20

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

2010

– 16 –

Signature Select Canadian FundFund Specific Financial Instruments Risks (Note 11) (unaudited)



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

as at March 31, 2010

Categories Net Assets (%)

Financials ................................................................................................................................. 24.1 Energy ...................................................................................................................................... 18.9 Information Technology ........................................................................................................... 8.6 Industrials ................................................................................................................................ 8.2 Materials.................................................................................................................................. 7.5 Consumer Staples.................................................................................................................... 7.3 Health Care .............................................................................................................................. 6.5 Short Term Notes..................................................................................................................... 6.0 Telecommunication Services ................................................................................................... 5.8 Consumer Discretionary........................................................................................................... 3.3 Foreign Currency Forward Contracts ....................................................................................... 1.5 Other Assets (net) .................................................................................................................... 1.4 Utilities..................................................................................................................................... 0.9

During the six-month period the Fund's exposure to credit risk and interest rate risk changedsignificantly as disclosed in the section below. For details relating to other price risk, currency risk,and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2010, asthe Fund's exposure to those risks remains unchanged.

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

as at September 30, 2010*Net Assets

Credit Rating^ (%)AA/Aa/A+ 2.8 A 0.1 Total 2.9

as at March 31, 2010*Net Assets

Credit Rating^ (%)AAA/Aaa/A++ 1.9AA/Aa/A+ 5.7A 0.1Total 7.7

*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.

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

as at September 30, 2010Less than 1 - 3 3 - 5 Greater



as at March 31, 2010Less than 1 - 3 3 - 5 Greater



As at September 30, 2010, had the prevailing interest rates increased or decreased by 0.25%(March 31, 2010 - 0.25%), with all other variables held constant, net assets of the Fund would havedecreased or increased, respectively, by approximately $3,000 (March 31, 2010 - $5,000).In practice, the actual results may differ from this analysis and the difference may be material.

– 17 –

Signature Canadian Balanced FundStatement of Investment Portfolio as at September 30, 2010 (unaudited)


††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.

FINANCIALS (28.8%) (cont’d) 215,800 Gluskin Sheff & Associates Inc. 4,377,489 3,940,508

2,795,000 Great-West Life Capital Trust 5.995% 12/31/2052 2,978,738 2,989,299

51,300 Great-West Lifeco Inc.* 1,298,779 1,303,020 491,500 Hosted Data Transaction Solutions Inc. 588,601 147,450 810,000 HSBC Bank Canada 4.94% 03/16/2021 811,608 863,352

2,825,000 HSBC Canada Asset Trust Securities 5.149% 06/30/2015 2,828,148 2,967,350

815,800 HSBC Holdings PLC 8,404,003 8,506,709 61,700 HSBC Holdings PLC, ADR 3,310,268 3,211,915

338,300 Itau Unibanco Banco Multiplo SA, ADR 6,318,852 8,410,331 248,700 JPMorgan Chase & Co. 10,569,199 9,734,877

USD 11,841,000 JPMorgan Chase & Co., FRN, Callable, 7.9% 04/30/2049 11,396,754 13,057,120

1,950,000 Kimco North Trust III 5.18% 08/16/2013 1,910,286 2,030,130 850,000 Kimco North Trust III 5.99% 04/13/2018 851,232 904,667 164,700 Lazard Ltd. 5,654,003 5,933,349

USD 588,000 Lincoln National Corp., Callable, 7% 05/17/2066 260,492 568,747

2,762,500 Lloyds Banking Group PLC 3,175,341 3,308,873 128,850 Macquarie Group Ltd. 5,372,145 4,647,238

1,375,000 Manulife Financial Capital Trust 6.7% 06/30/2012 1,421,328 1,454,299

3,209,900 Manulife Financial Corp.* 49,323,132 41,664,502 2,950,000 Merrill Lynch & Co., Inc., 4.5% 01/30/2012 2,808,405 3,005,191 2,700,000 Merrill Lynch Canada Finance Co.,

5.8% 05/05/2011 2,713,378 2,750,893 1,000,000 MI Developments Inc., 6.05% 12/22/2016 927,221 994,634

234,200 Moody's Corp. 6,373,570 6,015,139 1,930,000 Morgan Stanley, FRN, 1.28714% 02/23/2012 1,915,518 1,891,020

112,900 National Bank of Canada 6,607,342 7,326,081 975,000 National Bank of Canada 4.456% 11/02/2016 984,367 999,423 575,900 Power Corp. of Canada 15,689,473 15,422,602

3,135,000 Power Corp. of Canada 7.57% 04/22/2019 3,729,082 3,792,085 118,000 ProLogis 1,319,831 1,429,133

2,000,000 RBC Capital Trust, Callable, 5.812% 12/29/2049 1,874,487 2,177,909

3,750,000 RioCan REIT 4.7% 06/15/2012 3,654,187 3,862,895 163,800 Royal Bank of Canada 8,927,808 8,778,042

2,940,000 Royal Bank of Canada 3.27% 11/10/2014 2,939,588 3,031,018 3,680,000 Royal Bank of Canada 3.66% 01/25/2017 3,678,638 3,789,850 1,930,000 Royal Bank of Canada 5.06% 07/17/2013 1,958,510 2,085,364 3,485,000 Royal Bank of Scotland 2.00857% 03/30/2015 3,400,173 2,967,373 6,415,000 Royal Bank of Scotland, Callable,

5.37% 05/12/2049 5,668,010 4,747,100 2,119,005 Royal Office Finance LP 5.209% 11/12/2032 2,101,098 2,306,923 1,960,000 Scotiabank Capital Trust, Series 2002-1,

Callable, 6.626% 06/30/2052†† 1,953,546 2,095,552 394,100 Sun Hung Kai Properties Ltd. 6,742,878 7,003,388 750,250 Sun Life Financial Inc. 19,541,250 20,129,208

3,000,000 Sun Life Financial Inc., 5% 07/11/2031 3,023,211 3,058,827 1,150,000 Sun Life Financial Inc., 7.9% 03/31/2019* 1,199,737 1,322,809 3,505,000 TD Capital Trust 6.792% 12/31/2049 3,609,105 3,816,398 2,420,000 TD Capital Trust 7.243% 12/31/2018 2,503,426 2,901,544


FINANCIALS (28.8%) 1,044,000 Aberdeen Asset Management PLC 2,585,616 2,705,529 1,610,000 American Express Canada 4.7% 05/20/2011 1,619,447 1,636,204

607,000 AMP Ltd. 2,864,235 3,079,226 1,688,000 Ascendas Real Estate Investment Trust 2,872,474 2,879,284

312,600 AXA SA 5,636,922 5,622,081 302,100 Banco Bilbao Vizcaya Argentaria SA 4,288,081 4,197,835

1,029,400 Banco Santander Brasil SA 13,420,743 14,259,697 1,733,100 Bank of America Corp. 26,894,596 23,361,950

USD 5,100,000 Bank of Ireland 2.75% 03/02/2012 5,375,389 5,150,800 1,771,250 Bank of Ireland 8.5% 09/22/2018 2,144,666 1,771,250 1,300,000 Bank of Montreal 3.103% 03/10/2016 1,300,000 1,314,103 2,525,000 Bank of Montreal Capital Trust II,

Callable 10.221% 12/31/2107 2,654,651 3,312,034 3,200,000 Bank of Nova Scotia 3.43% 07/16/2014†† 3,228,480 3,312,943 1,695,000 Bank of Nova Scotia 5.04% 04/08/2013†† 1,697,925 1,818,207 1,025,000 Bank of Nova Scotia 6% 10/03/2018†† 1,042,575 1,127,021 1,953,600 Barclays PLC 10,292,166 9,459,118 2,150,000 Bear Stearns Co., Inc., 4.3% 01/12/2011 2,184,405 2,164,933 2,055,000 Brookfield Asset Management Inc.,

8.95% 06/02/2014 2,086,106 2,413,894 500,100 Brookfield Asset Management Inc., Class A* 11,578,673 14,527,905 920,000 Calloway REIT 10.25% 04/14/2014 938,282 1,107,642 500,000 Canada Housing Trust No.1 3.15% 06/15/2014 506,595 521,758

1,565,000 Canada Housing Trust No.1 3.15% 06/15/2015 1,562,934 1,634,572 1,005,000 Canada Housing Trust No.1 4.1% 12/15/2018 1,037,130 1,095,736

365,400 Canadian Imperial Bank of Commerce 24,593,929 27,251,532 2,615,000 Canadian Imperial Bank of Commerce

3.95% 07/14/2017 2,609,456 2,717,511 2,450,000 Canadian Western Bank 6.199% 12/31/2056 2,353,999 2,371,892 2,925,000 Canadian Western Bank 5.07% 03/22/2017 2,925,000 2,964,912 5,000,000 Canadian Western Bank 5.95% 06/27/2018 4,990,034 5,216,820 2,625,000 Cards II Trust 3.048% 05/15/2013 2,625,000 2,689,480

9,916 CIT Group Inc. 324,463 416,406 USD 115,204 CIT Group Inc., 7% 05/01/2013 131,232 119,137 USD 172,807 CIT Group Inc., 7% 05/01/2014 195,802 177,373 USD 172,807 CIT Group Inc., 7% 05/01/2015 188,995 176,484 USD 288,011 CIT Group Inc., 7% 05/01/2016 302,778 291,917 USD 403,216 CIT Group Inc., 7% 05/01/2017 420,221 406,091

4,075,000 Citigroup Finance Canada Inc., 4.9% 11/13/2012 4,070,273 4,206,823

2,150,000 Commerzbank AG, FRN, 4.5% 12/15/2016 2,140,071 1,981,218 2,100,000 Co-operators Financial Services Ltd.,

5.07% 07/20/2012 2,103,306 2,158,537 217,200 Credit Suisse Group 9,915,960 9,553,152 76,300 Credit Suisse Group AG, ADR 3,559,659 3,341,491

2,150,000 Depfa ACS Bank 5.25% 03/31/2025 1,661,788 1,805,983 2,330,000 Deutsche Bank AG 4.9% 08/22/2016 2,285,497 2,210,237 1,675,000 ERAC Canada Finance Ltd., 5.38% 02/26/2016 1,697,144 1,775,864 3,205,000 European Investment Bank 4.6% 01/30/2037 2,965,811 3,269,715 2,350,000 First Capital Realty Inc., 5.34% 04/01/2013 2,295,528 2,466,943 1,475,000 First Capital Realty Inc., 5.95% 06/01/2015 1,546,744 1,602,462 1,065,000 First Captial Realty Inc., 5.49% 12/01/2011 1,066,343 1,096,175 1,185,000 First Captial Realty Inc., 5.85% 01/31/2017 1,187,749 1,274,253

102,203 Genworth MI Canada Inc.* 2,228,558 2,620,485


– 18 –




INDUSTRIALS (8.2%) (cont’d)2,775,000 Holcim Finance Canada Inc.,

5.9% 06/21/2013 2,756,716 2,960,561 108,600 Joy Global Inc. 6,135,960 7,857,078 151,280 Parker-Hannifin Corp. 9,640,206 10,906,008 151,300 Randstad Holding NV 7,800,137 7,073,416 70,664 Schneider Electric SA* 6,998,132 9,219,371

143,600 SNC-Lavalin Group Inc. 6,017,552 7,553,360 1,150,000 SNC-Lavalin Group Inc., 6.19% 07/03/2019 1,174,984 1,301,664 8,133,025 Strait Crossing Development Inc.,

6.17% 09/15/2031 7,907,142 8,224,603 35,800 TransDigm Group Inc. 1,864,842 2,282,489

247,000 Union Pacific Corp. 15,467,267 20,775,226 33,700 United Technologies Corp. 2,422,507 2,470,057

430,100 Weir Group PLC 5,135,071 9,887,516 176,700 WestJet Airlines Ltd. 2,121,991 2,113,332 56,600 WW Grainger Inc. 5,274,430 6,933,037

128,679,646 154,927,925 MATERIALS (8.0%)

111,900 Agrium Inc. 5,835,069 8,621,895 801,500 Barrick Gold Corp. 34,465,273 38,103,310 317,600 BHP Billiton PLC 8,739,845 10,397,375 263,840 Cameco Corp. 8,066,319 7,532,632 249,500 Freeport-McMoRan Copper & Gold Inc.,


6,000,000 Noranda Operating Trust 6.529% 12/20/2010 6,134,623 5,633,280 1,803,900 Paladin Resources Ltd. 7,826,582 6,367,767

108,800 Potash Corp. of Saskatchewan Inc. 12,014,262 16,045,824 2,650,000 Sherritt International Corp., 7.75% 10/15/2015 2,607,041 2,781,988

USD 5,100,000 Teck Resources Ltd., 10.75% 05/15/2019 6,460,843 6,608,662 451,700 Xstrata PLC 8,055,503 8,894,377

134,486,123 150,583,982 CANADIAN GOVERNMENT BONDS (6.0%)

2,140,000 Canadian Government Bond 1.25% 06/01/2011* 2,142,996 2,141,162

9,170,000 Canadian Government Bond 2% 09/01/2012* 9,229,038 9,279,123 7,920,000 Canadian Government Bond 2% 12/01/2014* 7,742,657 7,979,286 9,195,000 Canadian Government Bond 2.5% 06/01/2015* 9,219,384 9,436,995 8,500,000 Canadian Government Bond 3.5% 06/01/2020* 8,842,850 9,039,183

100,000 Canadian Government Bond 5.75% 06/01/2029 130,381 133,830 470,000 Canadian Government Bond 8% 06/01/2023 702,454 714,051

1,340,000 Canadian Government Bond, Residual Strip, 06/01/2025 711,460 813,164

12,905,000 Canadian Government Bond, Series XW98, 5% 06/01/2037 16,079,504 16,637,413

6,690,000 Canadian Government Bond, Series YF56, 4% 06/01/2017* 7,264,027 7,390,989

4,635,000 Canadian Government Bond, Series YN80, 3.5% 06/01/2013 4,821,411 4,876,055

885,000 Canadian Government Bond, Series YR94, 3.75% 06/01/2019* 909,080 959,508

2,065,000 City of Montreal 6% 06/01/2043 2,428,223 2,520,019 2,730,000 City of Toronto 5.05% 07/18/2017 2,736,616 3,040,898 3,000,000 Province of British Columbia 4.7% 06/18/2037 2,955,840 3,252,590


FINANCIALS (28.8%) (cont’d) 976,371 Toronto-Dominion Bank 63,480,962 72,544,365

2,350,000 Toronto-Dominion Bank 4.97% 10/30/2104 2,329,199 2,520,918 559,700 Wells Fargo & Co. 15,139,632 14,455,835

USD 9,615,000 Wells Fargo & Co., 7.98% 02/28/2049 6,894,974 10,413,232 USD 9,544,000 Wells Fargo Capital XIII 7.7% 12/29/2049 8,459,783 10,189,027

2,060,000 Wells Fargo Financial Canada Corp., 4.38% 06/30/2015 2,084,220 2,178,212

250,000 Western Union Co. 4,313,066 4,545,595 527,593,504 542,827,936

ENERGY (15.3%) 2,276,708 Alliance Pipeline LP 6.765% 12/31/2025 2,494,011 2,680,301 2,000,000 AltaGas Income Trust 5.07% 01/19/2012 1,999,300 2,058,367

136,000 Apache Corp. 13,765,325 13,671,091 1,007,800 Canadian Natural Resources Ltd. 33,121,783 35,867,602 3,500,000 Canadian Natural Resources Ltd.,

4.5% 01/23/2013 3,502,724 3,667,557 465,200 Cenovus Energy Inc. 13,237,515 13,760,616 85,900 Chevron Corp. 6,703,493 7,164,079

415,000 Enbridge Gas Distribution Inc.,6.9% 11/15/2032 500,237 537,371

689,600 EnCana Corp. 22,152,220 21,439,664 426,600 Halliburton Co 13,143,959 14,516,744 402,832 Imperial Oil Ltd. 16,325,943 15,706,420 130,200 MEG Energy Corp.* 4,558,132 4,659,858 103,390 Nexen Inc. 2,494,606 2,140,173

4,200,000 NOVA Gas Transmission Ltd.,8.9% 05/27/2025 5,352,500 5,939,837

172,100 Occidental Petroleum Corp. 13,619,898 13,864,408 117,300 Schlumberger Ltd. 7,688,610 7,435,204 223,600 Spectra Energy Corp. 4,915,640 5,188,389

1,461,880 Suncor Energy Inc. 48,038,623 48,958,361 1,605,000 Suncor Energy Inc. 5.8% 05/22/2018 1,434,663 1,804,266 2,222,700 Talisman Energy Inc. 37,766,890 40,008,600 2,000,000 Terasen Gas Vancouver Island Inc.,

6.05% 02/15/2038 2,016,150 2,318,469 294,700 TransCanada Corp.* 9,451,175 11,248,699 322,864 Trican Well Service Ltd. 3,909,752 5,298,198 453,600 Weatherford International Ltd., (Switzerland) 6,883,203 7,976,811

275,076,352 287,911,085 INDUSTRIALS (8.2%)

3,014,593 Access Roads Edmonton Ltd., 5.812% 09/30/2037 3,268,144 3,244,486

1,505,000 AltaLink Investments LP 5.019% 11/21/2012 1,499,401 1,570,720 1,550,000 AltaLink Investments LP 5.207% 12/16/2016 1,550,000 1,636,283 4,125,000 AltaLink LP 5.249% 09/22/2036 4,030,224 4,434,812

112,700 BE Aerospace Inc. 2,923,546 3,513,830 1,621,800 Bombardier Inc., Class B, Sub-Voting Shares 6,718,757 8,173,872

200,700 Canadian National Railway Co. 10,977,984 13,206,060 70,800 FedEx Corp. 6,081,694 6,228,931

385,300 Finning International Inc. 7,021,865 9,212,523 1,905,000 Finning International Inc., 5.16% 09/03/2013 1,912,593 2,042,245 1,000,000 FortisAlberta Inc., 5.33% 10/31/2014 1,052,778 1,109,092

861,922 Greater Toronto Airports Authority 6.45% 07/30/2029 925,723 997,353


– 19 –




HEALTH CARE (4.7%) 149,700 Allscripts Healthcare Solutions Inc. 2,665,593 2,843,594 47,500 Amgen Inc. 2,737,817 2,693,632

340,000 Amylin Pharmaceuticals Inc.* 5,919,254 7,294,561 641,500 Eli Lilly and Co.* 25,576,966 24,087,110 91,700 Johnson & Johnson 6,170,424 5,843,655

487,200 Merck & Co., Ltd. 18,240,653 18,448,849 135,400 Novartis AG, Registered Shares 8,021,934 7,990,062

1,139,300 Patheon Inc. 6,059,008 2,631,783 88,200 Roche Holding AG 14,743,821 12,395,346 89,000 Talecris Biotherapeutics Holdings Corp. 1,842,406 2,092,620 74,500 UCB SA 2,499,470 2,656,235

94,477,346 88,977,447 TELECOMMUNICATION SERVICES (3.3%)

418,900 BCE Inc. 12,267,958 14,024,772 1,220,000 Bell Aliant Regional Communications LP

4.37% 09/13/2017 1,221,484 1,238,115 280,000 Bell Canada 4.85% 06/30/2014 281,550 300,102

1,150,000 Bell Canada 5% 02/15/2017 1,060,712 1,239,359 1,800,000 France Telecom SA 5.5% 06/23/2016 1,894,346 1,988,619

231,226 Manitoba Telecom Services Inc. 7,592,662 6,525,198 2,440,000 Northwest Connect Group 5.95% 04/30/2041 2,445,484 2,517,128 2,825,000 Rogers Communications Inc.,

6.11% 08/25/2040 2,822,288 2,923,366 484,900 Rogers Communications Inc., Class B* 14,547,302 18,644,405

1,550,000 TELUS Corp., 5.05% 07/23/2020 1,546,032 1,605,128 257,900 TELUS Corp., Non-Voting Shares* 9,416,014 11,247,019

55,095,832 62,253,211 FOREIGN GOVERNMENT BONDS (2.6%)

8,385,000 55 Ontario School Board Trust 5.9% 06/02/2033 9,168,893 9,757,647

3,900,000 Austria Government International Bond 5.375% 12/01/2034 4,128,710 4,319,606

5,010,000 EUROFIMA 5.15% 12/13/2019 5,164,159 5,517,696 4,030,000 Instituto de Credito Oficial 4.53% 03/17/2016 4,067,132 3,828,315 1,985,000 Instituto de Credito Oficial 5% 03/31/2020 2,014,120 1,759,604 2,640,000 Inter-American Development Bank

4.4% 01/26/2026 2,448,012 2,693,154 6,060,147 New Brunswick F-M Project Co., Inc.,

Callable, 6.47% 11/30/2027 6,890,353 7,070,567 145,854 Ontario School Boards Financing Corp.,

7.2% 06/09/2025 164,312 178,977 1,925,000 Queen's University 6.1% 11/19/2032 2,208,617 2,262,151 1,100,000 Simcoe City 6.8% 06/19/2026 1,209,054 1,346,927 4,060,000 University of British Columbia

6.65% 12/01/2031 4,512,486 5,124,351 3,775,000 University of Ottawa 6.28% 04/15/2043 4,220,933 4,662,726

46,196,781 48,521,721


CANADIAN GOVERNMENT BONDS (6.0%) (cont’d)1,885,000 Province of British Columbia

4.3% 06/18/2042 1,872,917 1,943,236 7,395,000 Province of Ontario 4.2% 06/02/2020 7,329,672 7,780,020 4,790,000 Province of Ontario 4.4% 06/02/2019 4,950,465 5,146,315 1,410,000 Province of Ontario 4.65% 06/02/2041 1,399,904 1,521,180 2,150,000 Province of Ontario 4.7% 06/02/2037 2,150,563 2,307,164 3,490,000 Province of Quebec 4.5% 12/01/2017 3,621,817 3,819,612 3,930,000 Province of Quebec 4.5% 12/01/2020 3,994,960 4,208,693 3,710,000 Province of Quebec 5% 12/01/2041 3,795,738 4,165,010 2,890,000 Province of Quebec 5.75% 12/01/2036 3,255,590 3,523,146

108,287,547 112,628,642 CONSUMER STAPLES (5.7%)

131,000 Alimentation Couche-Tard Inc., Class B 2,681,588 2,997,280 97,363 British American Tobacco PLC 3,545,085 3,737,527

148,600 Bunge Ltd.* 10,016,856 9,046,095 205,959 CVS Corp. 7,167,661 6,669,476 438,651 Diageo PLC 7,798,193 7,772,269 480,000 George Weston Ltd., 7.1% 02/05/2032 543,802 543,401

1,300,000 Loblaw Cos. Ltd., 6.05% 06/09/2034 1,051,572 1,331,034 1,950,000 Loblaw Cos. Ltd., 6.5% 01/22/2029 2,025,493 2,089,603 2,100,000 Metro Inc., 5.97% 10/15/2035 2,017,706 2,146,533 3,450,000 Molson Coors Capital Finance Co.,

Senior Notes 5% 09/22/2015 3,404,481 3,714,725 249,800 Nestle SA, Registered Shares 10,449,690 13,694,516 108,700 PepsiCo Inc. 6,884,132 7,430,328 145,149 Procter & Gamble Co.* 9,797,863 8,954,006 180,586 Saputo Inc. 4,355,476 6,342,180 110,671 Shoppers Drug Mart Corp. 4,883,501 4,422,413 255,500 Unilever NV* 7,801,891 7,858,699 863,800 Viterra Inc.* 7,538,663 7,748,286

2,026,231 Wal-Mart de Mexico SA de CV 4,475,637 5,236,290 89,100 Wal-Mart Stores Inc. 5,036,644 4,906,909

101,475,934 106,641,570 INFORMATION TECHNOLOGY (5.2%)

390,200 Activision Inc. 4,984,004 4,344,389 94,700 Adobe Systems Inc. 3,202,210 2,547,239

302,000 Cisco Systems Inc. 7,980,301 6,805,581 297,300 EMC Corp. 6,187,851 6,210,193 87,000 Equinix Inc.* 8,770,654 9,162,654 74,100 Fabrinet 770,625 1,207,779

450,000 Finisar Corp.* 6,770,788 8,696,055 175,700 FormFactor Inc.* 3,909,891 1,553,027 476,700 Intel Corp. 9,857,980 9,422,946 421,900 JDS Uniphase Corp. 4,001,818 5,374,578 151,300 Maxim Integrated Products Inc. 2,951,616 2,880,214 495,800 Microsoft Corp. 12,937,503 12,484,026 133,200 Network Appliance Inc.* 6,493,227 6,820,226 276,800 NVIDIA Corp.* 3,513,890 3,326,772 181,900 Research In Motion Ltd. (USD) 11,544,997 9,109,787 275,500 Smart Technologies Inc. 3,631,331 3,841,272 326,400 Symantec Corp. 6,127,064 5,084,991

103,635,750 98,871,729


– 20 –




PRIVATE PLACEMENTS (0.4%) 67,789 Volkswagen AG, Private Placement^ 6,373,363 8,398,258

Commission and other portfolio transaction costs (1,573,195)

Total Bonds & Equities (93.3%) 1,681,834,894 1,759,994,457

Short Term Notes (6.0%) 113,000,000 113,000,000


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (1,709,986)

Total Investments (99.2%) 1,794,834,894 1,871,284,471

Other Assets (net) (0.8%) 14,832,937

Net Assets (100.0%) 1,886,117,408

Principal amounts stated in:USD U.S. Dollar


CONSUMER DISCRETIONARY (2.0%) 60,300 DaimlerChrysler AG, Registered Shares* 2,959,982 3,925,142

8,154,500 Hengdeli Holdings Ltd. 4,148,579 3,882,297 148,400 Honda Motor Co., Ltd.* 4,961,580 5,418,795 25,100 Magna International Inc., Class A 1,815,189 2,118,942

290,463 RONA Inc. 4,859,640 3,863,158 1,960,000 Shaw Communications Inc., 5.65% 10/01/2019 1,953,787 2,090,360 1,970,000 Shaw Communications Inc., 6.5% 06/02/2014 2,005,362 2,199,560 1,320,000 Shaw Communications Inc., 6.75% 11/09/2039 1,311,103 1,387,193

87,100 Tiffany & Co.* 3,879,267 4,204,339 9,500 Volkswagen AG, Preferred 951,224 1,176,938

1,327,200 Yellow Pages Income Fund 7,648,182 7,339,416 36,493,895 37,606,140

UTILITIES (1.4%) 1,815,000 Brookfield Renewable Power Inc.,

5.84% 11/05/2036 1,727,500 1,705,179 1,475,000 Brookfield Renewable Power Inc.,

6.132% 11/30/2016 1,475,000 1,622,096 348,500 Calpine Corp 4,827,724 4,461,052 564,700 International Power PLC 3,426,708 3,541,243

2,865,000 Reliance LP 7.3% 04/03/2013 2,864,975 2,961,250 65,000 Sempra Energy* 4,008,096 3,598,403

1,100,000 Terasen Gas Inc., Callable, 6.5% 05/01/2034 1,228,225 1,375,628 215,400 TransAlta Corp.* 5,955,399 4,730,184

2,100,000 Union Gas Ltd., 6.05% 09/02/2038 2,095,968 2,508,255 27,609,595 26,503,290

WARRANTS (1.1%) 1,702,900 Bank of America Corp., Warrants (16Jan19) 14,604,725 11,302,201

89,300 Hosted Data, Warrants (27Apr12) - 87 857,228 JPMorgan Chase & Co., Warrants (28Oct18) 11,629,885 10,205,725

26,234,610 21,508,013 ASSET BACKED SECURITIES (0.6%)

1,900,000 CCIC 2006-WEM, Class F, 5.248% 01/15/2022 1,716,593 1,633,772

3,700,000 CCIC 2006-WEM, MBS A2, 4.934% 01/15/2022 3,560,616 3,715,318

2,575,000 Ford Auto Securitization Trust1.926% 06/15/2013 2,575,000 2,575,000

1,935,000 Ford Motor Credit Co., 1.517% 10/15/2012 1,135,943 1,134,530 2,775,000 Merrill Lynch Financial Assets Inc.,

4.678% 03/12/2039 2,703,659 2,774,888 11,691,811 11,833,508


– 21 –






1 Bank of Nova Scotia†† A-1+ 18-Nov-10 0.97 (8,710,656) Canadian $ 8,472,000 US $ 16,437 1 Bank of Nova Scotia†† A-1+ 12-Jan-11 0.74 (1,634,000) Euro 2,205,993 Canadian $ (89,741)1 Bank of Nova Scotia†† A-1+ 12-Jan-11 0.72 (362,000) Euro 501,773 Canadian $ (6,884)1 Bank of Nova Scotia†† A-1+ 12-Jan-11 0.75 (5,982,000) Euro 7,975,143 Canadian $ (429,008)1 Bank of Nova Scotia†† A-1+ 18-Nov-10 1.03 (1,276,000) US $ 1,318,529 Canadian $ 4,095 1 Bank of Nova Scotia†† A-1+ 18-Nov-10 1.03 (60,726,000) US $ 62,564,783 Canadian $ 10,050 1 Credit Suisse Group A-1 18-Nov-10 0.97 (64,005,000) US $ 65,906,589 Canadian $ (25,815)1 JP Morgan A-1 18-Nov-10 1.03 (14,171,552) Canadian $ 13,728,000 US $ (30,082)1 JP Morgan A-1 12-Jan-11 0.75 (6,396,000) Euro 8,525,228 Canadian $ (460,546)1 JP Morgan A-1 18-Nov-10 1.03 (71,864,000) US $ 74,111,187 Canadian $ 82,891 1 Royal Bank of Canada A-1+ 18-Nov-10 0.97 (25,208,000) US $ 25,957,686 Canadian $ (9,412)1 State Street Corporation A-1 18-Nov-10 1.03 (3,334,199) Canadian $ 3,225,000 US $ (12,055)1 State Street Corporation A-1 18-Nov-10 0.97 (67,385,000) US $ 69,325,688 Canadian $ (88,372)1 UBS AG A-1 12-Jan-11 1.06 (1,044,000) Australian $ 984,241 Canadian $ (42,882)1 UBS AG A-1 12-Jan-11 1.05 (2,099,000) Australian $ 1,992,770 Canadian $ (72,358)1 UBS AG A-1 12-Jan-11 0.62 (18,157,000) British Pound 29,157,782 Canadian $ (247,149)1 UBS AG A-1 12-Jan-11 0.75 (2,297,000) Euro 3,062,030 Canadian $ (165,039)1 UBS AG A-1 12-Jan-11 0.96 (6,844,000) Swiss Franc 7,103,122 Canadian $ (89,854)1 UBS AG A-1 18-Nov-10 0.97 (46,707,000) US $ 48,059,168 Canadian $ (54,262)

Total Foreign Currency Forward Contracts Value (1,709,986)


– 22 –

Signature Canadian Balanced FundFinancial Statements (unaudited)






1,759,994 1,621,2588,961 1,137

113,000 110,000- -- -- -

113 19,657- -- -

2,264 3,1846,707 17,082

- -8,296 9,446

1,899,335 1,781,764

- -- -- -

1,823 228- -

8,762 8092,633 1,945

- -- -- -

13,218 2,9821,886,117 1,778,782

1,681,835 1,545,003- -




Net assets per classClass AClass FClass IClass UClass YClass Z


Class AClass FClass IClass UClass YClass Z



1,202,986 1,197,0006,498 5,617

316,879 201,876237,059 247,688

132 167122,563 126,434

14.94 14.769.85 9.688.99 8.78

10.79 10.6610.87 10.679.79 9.66

80,534,192 81,101,261659,520 580,105

35,253,278 22,997,58021,961,463 23,230,171

12,183 15,68712,517,736 13,086,328

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


– 23 –












Class INet assets, beginning of periodCapital transactions




1,197,000 931,338

107,575 82,413- 11,596

(115,790) (89,919)- -

(8,215) 4,090

- -- (5,827)- (5,845)- (11,672)

14,201 189,6021,202,986 1,113,358

5,617 2,818

1,661 788- 58

(891) (279)- -

770 567

- -- (27)- (31)- (58)

111 6096,498 3,936

201,876 109,416

126,084 12,565- 3,791

(18,360) (10,694)- 51,180

107,724 56,842

- -- (1,531)- (2,262)- (3,793)

7,279 25,956316,879 188,421


2010 2009







Increase (decrease) in net assets from operations per classClass AClass FClass IClass UClass YClass Z



14,881 12,37313,116 12,538

108 101(570) -

- -- -

(773) (878)26,762 24,134

15,240 12,0181,552 1,224

2 -1,257 662

18,051 13,9048,711 10,230

38,428 53,826(508) (902)

(1,513) (1,201)- -

(19,234) 184,38217,173 236,10525,884 246,335

14,201 189,602111 609

7,279 25,9562,743 7,819

2 61,548 22,343

0.18 2.440.18 1.620.27 1.510.12 0.320.13 0.340.12 1.60


2010 2009

– 24 –




Class ZNet assets, beginning of periodCapital transactions








126,434 110,019

2,058 1,530- 1,484

(7,477) (6,358)- -

(5,419) (3,344)

- -- (750)- (738)- (1,488)

1,548 22,343122,563 127,530

1,778,782 1,153,591

245,789 99,660- 18,251

(164,338) (113,167)- 300,391

81,451 305,135

- -- (8,135)- (10,207)- (18,342)

25,884 246,3351,886,117 1,686,719


2010 2009

Class UNet assets, beginning of periodCapital transactions




Class YNet assets, beginning of periodCapital transactions



semi-annual financial statement– as at september 30, 2010 · 2010. 11. 24. · – 4 –...

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