semi-annual financial statements– as at september 30, 2013 · 2013-11-28 · semi-annual...

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

A look inside

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

About the CI Funds Board of Governors

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

Equity Funds

Cambridge American Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Cambridge American Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Cambridge Canadian Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Cambridge Canadian Growth Companies Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31

Cambridge Global Dividend Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38

Cambridge Global Dividend Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47

Cambridge Global Equity Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53

Cambridge Pure Canadian Equity Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64

Balanced Fund

Cambridge Canadian Asset Allocation Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71

Income Fund

Cambridge High Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

Cambridge Income Corporate Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88

Cambridge Income Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

Notes to the Financial Statements (CI Mutual Funds) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101

Notes to the Financial Statements (CI Corporate Class) . . . . . . . . . . . . . . . . . . . . . . . . . 110

Legal Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121

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

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

– 1 –

Enclosed are the Financial Statements for your CI Investments

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

is important information about each fund, including its financial

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

of the period.

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

www.ci.com.

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

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

We believe investors are most successful when they follow an

investment plan developed with the assistance of a qualified advisor.

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

Thank you for investing with us.

CANADA’S INVESTMENT COMPANY

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

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

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

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

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

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

products and services and a strong lineup of leading portfolio

management teams. Our portfolio management expertise is offered

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

guaranteed solutions, alternative investments, and managed solutions.

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

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

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

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

such fund governance bodies in Canada.

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

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

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

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

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

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

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

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

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

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

of The Bank of Nova Scotia and CI Financial Corp.

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

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

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

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

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

mutual funds in Canada to have independent review committees.

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

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

as part of their administration fee.

The members of the Board of Governors are:

William Harding, Managing Partner, Alpine Asset Advisors AG

Governor since June 2005

Stuart P. Hensman, Corporate Director

Governor since December 2004

Christopher M. Hopper, President, KLQ Mechanical Ltd.

Governor since May 2007

Sharon M. Ranson, President, The Ranson Group

Governor since December 2004

James M. Werry, Corporate Director

Governor since September 2011

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

About the CI Funds Board of Governors

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

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

Declarations of Trust governing the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Financial Statements of the Funds.

Stuart P. Hensman

Chair, Board of Governors

November 2013

Letter from the CI Funds Board of Governors

Cambridge American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 3 –

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

INDUSTRIALS (25.1%) 75,000 3M Co. 6,546,690 9,227,156

125,000 Aceto Corp. 2,008,395 2,011,166 100,000 Alaska Air Group Inc. 4,554,213 6,450,151 20,000 Amerco Inc.* 3,497,054 3,793,249 75,000 BE Aerospace Inc.* 5,619,728 5,701,307

100,000 Deere & Co. 8,073,811 8,382,518 100,000 Fluor Corp. 7,349,595 7,308,180 100,000 GATX Corp. 4,829,802 4,894,781 50,000 HEICO Corp.* 1,742,641 3,489,282

125,000 Hexcel Corp.* 3,901,650 4,997,013 100,000 Huron Consulting Group Inc. 5,233,473 5,419,074 50,000 Kirby Corp.* 3,065,707 4,458,041 75,000 Moog Inc., Class A 3,274,478 4,525,509

300,000 Orbital Sciences Corp. 4,737,105 6,544,915 100,000 Ryder System Inc. 4,825,906 6,150,407 100,000 Simpson Manufacturing Co., Inc. 3,402,000 3,354,861 150,000 Spirit Aerosystems Holdings Inc., Class A 3,138,658 3,745,249 75,000 Teledyne Technologies Inc. 5,031,038 6,554,958 75,000 Teleflex Inc.* 5,223,298 6,352,554 60,000 Towers Watson & Co. 5,770,793 6,610,426

100,000 Trinity Industries Inc. 3,945,464 4,670,231 150,000 Triumph Group Inc. 9,620,972 10,852,569 100,000 United Rentals Inc.* 4,688,540 6,002,081

110,081,011 131,495,678HEALTH CARE (21.6%)

200,000 Abbott Laboratories Inc. 6,371,707 6,837,448 100,000 AbbVie Inc. 3,474,388 4,609,458 50,000 Allergan Inc. 5,080,999 4,659,930 40,000 Alnylam Pharmaceuticals Inc. 1,900,388 2,636,507 50,000 Becton, Dickinson & Co. 5,192,683 5,151,262

150,000 Cambrex Corp. 2,140,143 2,036,402 75,000 Catamaran Corp. (USD) 3,514,540 3,549,798 50,000 Celgene Corp. 6,420,388 7,871,615

200,000 Cempra Inc. 1,493,919 2,367,047 125,000 Cerner Corp. 5,123,681 6,766,118 125,000 Gilead Sciences Inc. 4,667,895 8,092,302 150,000 HCA Holdings Inc. 4,889,219 6,605,173 50,000 Henry Schein Inc.* 4,082,577 5,340,276 40,000 Illumina Inc.* 2,056,437 3,329,110 7,000 Intuitive Surgical Inc. 2,658,007 2,712,380

75,000 Johnson & Johnson 6,469,783 6,696,332 75,000 Mednax Inc. 5,554,708 7,752,387

150,000 Merck & Co., Inc. 5,719,119 7,354,532 50,000 MWI Veterinary Supply Inc. 4,710,115 7,683,632 50,000 Perrigo Co. 4,920,732 6,353,842

150,000 Zoetis Inc. 4,656,411 4,808,257 91,097,839 113,213,808

FINANCIALS (15.3%) 20,000 Affiliated Managers Group Inc. 3,712,912 3,762,348 75,000 Aon PLC 5,573,849 5,751,522

250,000 Bankunited Inc. 7,544,034 8,029,212 75,000 Evercore Partners Inc. 3,346,641 3,802,416

150,000 First Republic Bank 5,452,976 7,201,570

FINANCIALS (15.3%) (cont’d)100,000 Marsh & McLennan Co. Inc. 4,568,361 4,485,852 500,000 Och-Ziff Capital Management Group LLC,

Class A 5,250,769 5,660,105 100,000 PNC Financial Services Group Inc. 5,922,807 7,459,596 40,000 Prosperity Bancshares Inc.* 1,763,755 2,547,511 50,000 Signature Bank 4,676,257 4,712,978

100,000 State Street Corp. 4,166,253 6,774,616 200,000 SunTrust Banks Inc. 5,584,002 6,676,761 75,000 T. Rowe Price Group Inc. 5,565,559 5,555,298

250,000 The Bank of New York Mellon Corp. 7,847,461 7,771,700 70,975,636 80,191,485

CONSUMER DISCRETIONARY (11.3%) 200,000 Allison Transmission Holdings Inc.* 4,723,959 5,164,653 125,000 CBS Corp., Class B 6,271,197 7,103,458 40,000 Home Depot Inc. 2,092,179 3,125,161

200,000 Lions Gate Entertainment Corp.* 4,151,625 7,218,566 40,000 Lululemon Athletica Inc. (USD)* 2,736,237 3,011,444 44,000 Panera Bread Co., Class A 6,702,324 7,184,904 4,000 Priceline.com Inc. 3,668,776 4,165,467

40,000 Starbucks Corp. 2,013,255 3,172,131 100,000 Time Warner Inc. 5,064,214 6,780,796 100,000 TJX Co., Inc. 3,661,177 5,809,462 100,000 Walt Disney Co. 6,015,761 6,644,830

47,100,704 59,380,872ENERGY (8.7%)

200,000 Cabot Oil & Gas Corp. 6,635,476 7,688,267 25,000 Concho Resources Inc.* 2,453,791 2,802,241 85,000 Continental Resources Inc.* 6,501,307 9,391,912

100,000 Devon Energy Corp. 5,831,233 5,949,548 50,000 EOG Resources Inc. 8,015,731 8,721,403 40,000 Helmerich & Payne Inc.* 2,796,258 2,841,280 40,000 Oceaneering International Inc. 2,626,348 3,346,827 25,000 Pioneer Natural Resources Co. 4,546,025 4,864,909

39,406,169 45,606,387INFORMATION TECHNOLOGY (8.6%)

100,000 Accenture PLC 7,508,852 7,586,292 75,000 Akamai Technologies Inc. 2,646,031 3,993,233 50,000 ANSYS Inc. 2,965,425 4,455,981

200,000 CGI Group Inc. (USD) 5,674,690 7,228,866 400,000 Frequency Electronics Inc. 3,494,640 4,804,137 10,000 Google Inc., Class A 7,502,705 9,018,469

100,000 IPG Photonics Corp.* 6,186,496 5,800,192 150,000 Zygo Corp. 2,265,849 2,461,296

38,244,688 45,348,466MATERIALS (4.6%)

75,000 Balchem Corp.* 3,934,903 3,997,095 75,000 E.I. du Pont de Nemours & Co. 3,434,423 4,523,192 35,000 Monsanto Co. 3,201,587 3,763,429 50,000 PPG Industries Inc. 6,111,418 8,601,918 40,000 Sigma-Aldrich Corp. 3,541,638 3,514,518

20,223,969 24,400,152

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

CIG - 294Semi-Annual Financial Statements as at September 30, 2013


– 4 –

Cambridge American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.

Semi-Annual Financial Statements as at September 30, 2013

Schedule AForeign Currency Forward Contracts (0.6%)

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

1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (16,080,088) Canadian $ 15,500,000 US $ (108,317)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 0.97 (27,363,420) Canadian $ 26,600,000 US $ 46,071 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (2,845,243) Canadian $ 2,740,000 US $ (21,845)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (6,344,013) Canadian $ 6,110,000 US $ (48,041)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (9,199,442) Canadian $ 8,850,000 US $ (80,066)1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.97 (14,616,000) US $ 15,051,411 Canadian $ (15,363)1 Canadian Imperial Bank of Commerce A-1 5-Dec-13 1.06 (15,444,000) US $ 16,313,497 Canadian $ 378,073 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.05 (24,800,000) US $ 26,072,240 Canadian $ 517,215 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.06 (48,191,000) US $ 51,002,945 Canadian $ 1,344,603 1 Credit Suisse Group AG A-1 15-Oct-13 1.06 (19,826,000) US $ 20,983,640 Canadian $ 553,969 1 Royal Bank of Canada A-1+ 5-Dec-13 1.06 (16,353,000) US $ 17,262,963 Canadian $ 389,638 1 Royal Bank of Canada A-1+ 15-Oct-13 1.06 (5,101,000) US $ 5,398,898 Canadian $ 142,581 1 The Bank of Nova Scotia†† A-1 15-Oct-13 1.06 (4,537,000) US $ 4,801,779 Canadian $ 126,635 1 Toronto-Dominion Bank A-1+ 15-Oct-13 1.06 (2,202,000) US $ 2,330,487 Canadian $ 61,439 1 Toronto-Dominion Bank A-1+ 31-Oct-13 0.97 (4,703,000) US $ 4,843,972 Canadian $ (4,074) Total Foreign Currency Forward Contracts Value 3,282,518


CONSUMER STAPLES (3.6%) 25,000 Costco Wholesale Corp. 2,275,322 2,965,246

150,000 Kroger Co. 4,517,064 6,232,811 125,000 Susser Holdings Corp.* 6,632,605 6,836,933 50,000 Whole Foods Market Inc. 2,247,458 3,011,856

15,672,449 19,046,846

Commission and other portfolio transaction costs (292,016)

Total Equities (98.8%) 432,510,449 518,683,694

DERIVATIVE INSTRUMENTS

Foreign Currency Forward Contracts (0.6%)(see Schedule A) 3,282,518

Total Investments (99.4%) 432,510,449 521,966,212

Other Net Assets (Liabilities) (0.6%) 3,203,509

Net Assets (100.0%) 525,169,721

Cambridge American Equity Corporate ClassFinancial Statements (unaudited)

– 5 –

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

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

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

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and

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

Net assets and shareholders' equity

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

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

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

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

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


518,684 426,8623,552 35,488

- -- -

545 545- -

3,560 258- -- -

647 1,0785,929 8,862

- -211 287

533,128 473,380

- -- -- -

278 1,029- -

7,440 7,272240 288

- -- -- 5- -

7,958 8,594525,170 464,786

432,510 362,473- -

480,682 436,5622,950 1,0079,700 5,751

22,501 16,3945,796 3,8551,466 372

382 12139 12335 267815 30440 37

149 13670 65

145 12

5.70 5.0814.97 13.347.09 6.29

14.06 12.3915.66 13.819.68 8.81

12.40 11.289.54 8.64

12.69 11.426.26 5.77

12.00 11.0610.00 9.1712.35 11.2512.29 11.20

84,376,251 85,916,404196,986 75,456

1,368,469 914,9181,600,101 1,323,581

369,977 279,111151,522 42,24230,824 1,03714,541 1,36326,390 23,396

130,223 52,5933,362 3,326

14,912 14,8685,628 5,783

11,782 1,057

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

as at as atSeptember 30, 2013 March 31, 2013

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




– 6 –

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

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

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

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

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

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

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

2,432 1,05049 4335 26

- -- -- -

(406) (151)2,110 968

4,742 2,344511 247

- -- -

555 2575,808 2,848(3,698) (1,880)

- -(3,698) (1,880)

34,784 1,717348 (137)(691) (329)

- -

25,839 (4,890)60,280 (3,639)56,582 (5,519)

51,881 (5,594)182 7968 12

2,654 47624 14106 (2)28 -5 -

41 -53 (1)4 -

18 (3)9 19 -

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

2013 2012

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


0.60 (0.10)1.47 0.220.82 0.061.71 0.411.88 0.131.05 (0.10)1.25 0.220.85 (0.19)1.53 0.230.67 (0.01)1.32 0.221.15 (0.19)1.50 0.581.38 0.23

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

2013 2012



– 7 –


A SharesNet assets, beginning of periodCapital transactions

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

Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital

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

E SharesNet assets, beginning of periodCapital transactions




F SharesNet assets, beginning of periodCapital transactions




436,562 221,111

19,670 70,582- -

(30,750) (26,564)- 124,431

3,319 (10,498)(7,761) 157,951

- -- -- -- -

51,881 (5,594)480,682 373,468

1,007 86

1,477 186- -

(49) (66)- -

333 3431,761 463

- -- -- -- -

182 72,950 556

5,751 398

3,457 146- -

(584) (42)- 4,289

108 2642,981 4,657

- -- -- -- -

968 129,700 5,067

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

2013 2012



I SharesNet assets, beginning of periodCapital transactions




O SharesNet assets, beginning of periodCapital transactions




AT5 SharesNet assets, beginning of periodCapital transactions




16,394 178

6,575 194- -

(5,969) (52)- 8,409

2,847 3523,453 8,903

- -- -- -- -

2,654 4722,501 9,128

3,855 533

1,857 1,207- -

(934) (38)- -

394 4781,317 1,647

- -- -- -- -

624 145,796 2,194

372 54

695 39- -- -- 14

314 941,009 147

- -- -

(21) (4)(21) (4)106 (2)

1,466 195

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

2013 2012

– 8 –


ET5 SharesNet assets, beginning of periodCapital transactions




FT5 SharesNet assets, beginning of periodCapital transactions




OT5 SharesNet assets, beginning of periodCapital transactions




12 -

348 10- -- -- -- -

348 10

- -- -

(6) -(6) -28 -

382 10

12 15

92 -- -- (4)- 12

31 -123 8

- -- -

(1) -(1) -5 -

139 23

267 -

36 10- -

(2) -- -- -

34 10

- -- -

(7) -(7) -41 -

335 10

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

2013 2012















304 149

260 401- -

(7) (19)- 37

223 (188)476 231

- -- -

(18) (15)(18) (15)53 (1)

815 364

37 -

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

- -- -

(1) -(1) -4 -

40 10

136 120

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

- -- -

(5) (4)(5) (4)18 (3)

149 123


2013 2012

– 9 –


IT8 SharesNet assets, beginning of periodCapital transactions








Total FundNet assets, beginning of periodCapital transactions




65 -

- 101 -- -- 10

(3) -(2) 20

- -- -

(2) -(2) -9 1

70 21

12 -

127 101 -(1) -- -- -

127 10

- -- -

(3) -(3) -9 -

145 10

464,786 222,644

34,594 72,8052 -

(38,296) (26,785)- 137,212

7,566 (9,155)3,866 174,077

- -- -

(64) (23)(64) (23)

56,582 (5,519)525,170 391,179


2013 2012



– 10 –

Cambridge American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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

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

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

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



1,037 -29,765 1,000

22 8- -- -- -

30,824 1,008

1,363 1,9089,824 2

29 -- (475)- 1,543

3,325 -14,541 2,978

23,396 -3,169 1,000

22 8(197) -

- -- -

26,390 1,008

52,593 26,51642,748 77,094

3 -(1,135) (3,645)

- 7,02236,014 (37,707)

130,223 69,280

3,326 -- 1,000

36 13- -- -- -

3,362 1,013

14,868 13,567- 3

44 8- -- 1,240- -

14,912 14,818

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

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

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

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

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


Schedule of Fund Share Transactions for the periods ended September 30

2013 2012

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

2013 2012

85,916,404 48,318,9513,637,003 15,790,254

- -(5,782,760) (6,015,004)

- 28,024,956605,604 (2,290,365)

84,376,251 83,828,792

75,456 7,133102,586 16,014

- -(3,374) (5,621)

- -22,318 29,999

196,986 47,525

914,918 70,984524,988 26,937

- -(86,021) (7,592)

- 785,44114,584 48,691

1,368,469 924,461

1,323,581 16,362510,213 18,249

- -(457,846) (4,872)

- 787,378224,153 33,600

1,600,101 850,717

279,111 43,839127,597 102,342

- -(64,549) (3,302)

- -27,818 40,369

369,977 183,248

42,242 6,43575,538 4,888

- -- -- 1,825

33,742 11,518151,522 24,666

– 11 –



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



2013 2012

5,783 10- 989

73 34- -- 1,022

(228) -5,628 2,055

1,057 -10,667 1,000

100 13(42) -

- -- -

11,782 1,013

AT8 SharesNet assets per shareNet asset value per share

ET8 SharesNet assets per shareNet asset value per share

FT8 SharesNet assets per shareNet asset value per share

IT8 SharesNet assets per shareNet asset value per share

OT8 SharesNet assets per shareNet asset value per share

6.26 5.266.26 5.26

12.00 10.0712.00 10.08

10.00 8.3110.00 8.31

12.35 10.1312.36 10.13

12.29 10.0812.29 10.08

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

2013 2012

A SharesNet assets per shareNet asset value per share

E SharesNet assets per shareNet asset value per share

F SharesNet assets per shareNet asset value per share

I SharesNet assets per shareNet asset value per share

O SharesNet assets per shareNet asset value per share





5.70 4.465.70 4.46

14.97 11.7014.98 11.70

7.09 5.487.09 5.48

14.06 10.7314.07 10.73

15.66 11.9715.67 11.97

9.68 7.919.68 7.91

12.40 10.1312.40 10.13

9.54 7.709.54 7.70

12.69 10.1312.69 10.14

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

2013 2012

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

2013 2012LoanedCollateral (non-cash)

50,521 16,59653,047 17,426

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

2013 2012Brokerage commissionsSoft Dollar commissions†

689 328- 1

†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.


– 12 –



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

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

2.001.951.00

Paid directly by investorPaid directly by investor

2.001.951.00

Paid directly by investor2.001.951.00


0.210.150.21

-0.150.210.150.210.150.210.150.21

-0.15

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

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

– 13 –

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

as at March 31, 2013

Categories Net Assets (%)Industrials ................................................................................................................................ 20.0 Health Care .............................................................................................................................. 18.3 Information Technology ........................................................................................................... 14.1 Financials ................................................................................................................................. 11.5 Energy ...................................................................................................................................... 9.6 Other Net Assets (Liabilities) .................................................................................................. 8.4 Consumer Discretionary........................................................................................................... 7.6 Materials.................................................................................................................................. 6.9 Consumer Staples.................................................................................................................... 3.8 Foreign Currency Forward Contracts ....................................................................................... (0.2)

For details relating to other price risk, credit risk, currency risk, interest rate risk and fair valuehierarchy, refer to the audited annual financial statements as at March 31, 2013, as the Fund'sexposure to those risks remains unchanged



FINANCIALS (16.4%) 8,000 Affiliated Managers Group Inc. 1,500,511 1,504,939

23,000 Aon PLC 1,719,408 1,763,800 75,000 Bankunited Inc. 2,276,666 2,408,764 25,000 Century Bancorp Inc. 878,063 848,758 20,000 Evercore Partners Inc. 892,438 1,013,978 7,500 First Citizens BancShares Inc. 1,612,565 1,579,525

50,000 First Republic Bank 1,923,593 2,400,523 30,000 Marsh & McLennan Co. Inc. 1,370,375 1,345,756

100,000 Och-Ziff Capital Management Group LLC, Class A 1,043,174 1,132,021

20,000 PNC Financial Services Group Inc. 1,173,380 1,491,919 17,000 Prosperity Bancshares Inc.* 733,134 1,082,692 20,000 Signature Bank 1,900,140 1,885,191 35,000 State Street Corp. 1,945,120 2,371,115 50,000 SunTrust Banks Inc. 1,414,570 1,669,190 20,000 T. Rowe Price Group Inc. 1,484,529 1,481,413 75,000 The Bank of New York Mellon Corp. 2,382,158 2,331,510

24,249,824 26,311,094 CONSUMER DISCRETIONARY (9.5%)

30,000 CBS Corp., Class B 1,498,262 1,704,830 8,000 Home Depot Inc. 399,923 625,032

63,000 Lions Gate Entertainment Corp.* 1,662,394 2,273,848 12,000 Lululemon Athletica Inc. (USD) 820,863 903,433 12,000 Panera Bread Co., Class A 1,883,087 1,959,519 2,000 Priceline.com Inc. 1,833,967 2,082,733

10,000 Starbucks Corp. 508,363 793,033 30,000 Time Warner Inc. 1,684,368 2,034,239 20,000 TJX Co., Inc. 701,252 1,161,892 25,000 Walt Disney Co. 1,542,691 1,661,207

12,535,170 15,199,766 ENERGY (9.0%)

50,000 Cabot Oil & Gas Corp. 1,721,342 1,922,067 10,000 Concho Resources Inc. 981,516 1,120,897 25,000 Continental Resources Inc.* 2,038,598 2,762,327 35,000 Devon Energy Corp. 2,042,323 2,082,342 15,000 EOG Resources Inc. 2,399,654 2,616,421 15,000 Helmerich & Payne Inc. 1,045,460 1,065,480 10,000 Oceaneering International Inc. 656,587 836,707 10,000 Pioneer Natural Resources Co. 1,818,410 1,945,964

12,703,890 14,352,205 INFORMATION TECHNOLOGY (7.7%)

30,000 Accenture PLC 2,252,518 2,275,888 20,000 Akamai Technologies Inc. 694,408 1,064,862 7,500 ANSYS Inc. 381,270 668,397

60,000 CGI Group Inc. (USD) 1,732,949 2,168,660 75,000 Frequency Electronics Inc. 659,803 900,776 3,000 Google Inc., Class A 2,404,031 2,705,541

30,000 IPG Photonics Corp. 1,871,060 1,740,057 42 Nortel Networks Corp. - -

50,000 Zygo Corp. 704,412 820,432 10,700,451 12,344,613

Cambridge American Equity FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 14 – CIG - 212


HEALTH CARE (24.0%) 50,000 Abbott Laboratories Inc. 1,646,450 1,709,362 30,000 AbbVie Inc. 1,124,317 1,382,837 50,000 Akorn Inc.* 814,444 1,013,051 15,000 Allergan Inc. 1,521,711 1,397,979 12,000 Alnylam Pharmaceuticals Inc. 570,634 790,952 20,000 Baxter International Inc. 1,501,883 1,353,069 20,000 Becton, Dickinson & Co. 2,074,071 2,060,505 75,000 Cambrex Corp. 1,186,507 1,018,201 25,000 Catamaran Corp. (USD) 1,213,388 1,183,266 15,000 Celgene Corp. 1,942,472 2,361,484 75,000 Cempra Inc. 523,312 887,643 40,000 Cerner Corp.* 1,740,168 2,165,158 40,000 Gilead Sciences Inc. 1,713,001 2,589,537 55,000 HCA Holdings Inc. 2,012,374 2,421,897 10,000 Henry Schein Inc. 835,989 1,068,055 10,000 Illumina Inc.* 508,645 832,278 2,500 Intuitive Surgical Inc. 949,332 968,707

25,000 Johnson & Johnson 2,262,244 2,232,111 40,000 Mallinckrodt PLC 1,827,287 1,816,590 25,000 Mednax Inc. 2,201,903 2,584,129 50,000 Merck & Co., Inc. 2,127,552 2,451,511 12,500 MWI Veterinary Supply Inc. 1,240,557 1,920,908 7,500 Perrigo Co. 691,106 953,076

40,000 Zoetis Inc. 1,253,931 1,282,202 33,483,278 38,444,508

INDUSTRIALS (21.7%) 16,000 3M Co. 1,548,153 1,968,460 50,000 Aceto Corp. 810,293 804,466 25,000 Alaska Air Group Inc. 1,154,544 1,612,538 7,000 Amerco Inc. 1,224,804 1,327,637

20,000 BE Aerospace Inc. 1,498,440 1,520,349 23,000 Deere & Co. 1,920,919 1,927,979 25,000 Fluor Corp. 1,831,179 1,827,045 25,000 GATX Corp. 1,212,528 1,223,695 7,500 HEICO Corp.* 260,338 523,392

30,000 Hexcel Corp. 960,267 1,199,283 40,000 Huron Consulting Group Inc. 2,098,281 2,167,630 10,000 Kirby Corp.* 628,998 891,608 17,500 Moog Inc., Class A 769,417 1,055,952

100,000 Orbital Sciences Corp. 1,675,154 2,181,638 15,000 Ryder System Inc. 732,365 922,561 40,000 Simpson Manufacturing Co., Inc. 1,353,424 1,341,945 50,000 Spirit Aerosystems Holdings Inc., Class A 1,028,955 1,248,416 15,000 Teledyne Technologies Inc. 999,500 1,310,992 15,000 Teleflex Inc. 1,056,620 1,270,511 20,000 Towers Watson & Co. 1,915,760 2,203,475 40,000 Trinity Industries Inc. 1,582,825 1,868,092 40,000 Triumph Group Inc. 2,852,574 2,894,019 25,000 United Rentals Inc.* 1,206,443 1,500,520

30,321,781 34,792,203




– 15 –

Cambridge American Equity FundStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)

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

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




1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (1,325,909) Canadian $ 1,277,000 US $ (10,041)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (1,923,047) Canadian $ 1,850,000 US $ (16,737)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (3,319,760) Canadian $ 3,200,000 US $ (22,362)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (595,009) Canadian $ 573,000 US $ (4,568)1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 0.97 (8,332,470) Canadian $ 8,100,000 US $ 14,029 1 Canadian Imperial Bank of Commerce A-1 5-Dec-13 1.06 (9,882,000) US $ 10,438,357 Canadian $ 241,914 1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.06 (12,297,000) US $ 13,014,530 Canadian $ 343,105 1 Canadian Imperial Bank of Commerce A-1 31-Oct-13 0.97 (3,240,000) US $ 3,336,520 Canadian $ (3,406)1 Credit Suisse Group AG A-1 15-Oct-13 1.06 (1,870,000) US $ 1,979,189 Canadian $ 52,251 1 Credit Suisse Group AG A-1 5-Dec-13 1.06 (2,067,000) US $ 2,183,581 Canadian $ 50,809 1 Royal Bank of Canada A-1+ 5-Dec-13 1.06 (10,118,000) US $ 10,681,016 Canadian $ 241,079 1 Royal Bank of Canada A-1+ 15-Oct-13 1.06 (2,900,000) US $ 3,069,360 Canadian $ 81,059 1 The Bank of Nova Scotia†† A-1 15-Oct-13 1.06 (365,000) US $ 386,301 Canadian $ 10,188 Total Foreign Currency Forward Contracts Value 977,320


MATERIALS (5.6%) 15,000 Ashland Inc. 1,376,072 1,428,726 20,000 Balchem Corp. 1,053,725 1,065,892 20,000 E.I. du Pont de Nemours & Co. 901,871 1,206,184 17,500 Monsanto Co. 1,715,407 1,881,715 12,500 PPG Industries Inc. 1,495,972 2,150,479 14,000 Sigma-Aldrich Corp. 1,239,545 1,230,081

7,782,592 8,963,077 CONSUMER STAPLES (3.3%)

7,000 Costco Wholesale Corp. 605,316 830,269 40,000 Kroger Co. 1,305,808 1,662,083 35,000 Susser Holdings Corp. 1,756,009 1,914,341 15,000 Whole Foods Market Inc. 655,787 903,557

4,322,920 5,310,250


Total Equities (97.2%) 136,002,940 155,717,716


Foreign Currency Forward Contracts (0.6%)(see Schedule A) 977,320



Net Assets (100.0%) 160,128,429

Cambridge American Equity FundFinancial Statements (unaudited)

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


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


foreign currency forward 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


Net assets per classClass AClass FClass I

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

Class AClass FClass I

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


155,718 76,7044,239 8,099

- -- -- -- -

1,034 43- -- -

733 422881 1,462

- -70 45

162,675 86,775

- -- -- -

57 210- -

2,065 1,653425 182

- -- -- -

2,547 2,045160,128 84,730

136,003 64,844- -

110,139 68,42713,138 1,64536,851 14,658

8.27 7.426.67 5.95

13.63 12.08

13,312,862 9,218,9741,968,888 276,3322,703,756 1,213,698

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



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

ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseHarmonized sales tax

Net investment income (loss) for the period




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

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


599 25159 56 5- -- -- 7- -

(101) (34)563 234

950 452106 48

- -115 50

1,171 550(608) (316)

4,963 26461 7

(165) (81)- -

8,999 (818)13,858 (628)13,250 (944)

9,535 (985)1,211 (6)2,504 47

0.85 (0.14)0.84 (0.06)1.38 0.07

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

2013 2012

Cambridge American Equity FundFinancial Statements (unaudited)

– 17 –

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


Class FNet assets, beginning of periodCapital transactions




Class INet assets, beginning of periodCapital transactions




68,427 44,850

44,938 10,922- -

(12,761) (7,696)32,177 3,226

- -- -- -- -

9,535 (985)110,139 47,091

1,645 420

13,889 551- -

(3,607) (305)10,282 246

- -- -- -- -

1,211 (6)13,138 660

14,658 5,856

28,659 2,375- -

(8,970) (615)19,689 1,760

- -- -- -- -

2,504 4736,851 7,663


2013 2012







84,730 51,126

87,486 13,848- -

(25,338) (8,616)62,148 5,232

- -- -- -- -

13,250 (944)160,128 55,414


2013 2012

Cambridge American Equity FundFinancial Statements – Supplementary Schedules (unaudited)

– 18 –

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

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

Schedule of Fund Unit Transactions for the periods ended September 30

2013 2012

9,218,974 6,714,3425,713,700 1,702,055

- -(1,619,812) (1,207,725)13,312,862 7,208,672

276,332 79,3472,265,127 106,725

- -(572,571) (59,357)

1,968,888 126,715

1,213,698 552,0752,165,142 238,290

- -(675,084) (60,630)

2,703,756 729,735



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

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

2013 2012

8.27 6.538.28 6.53

6.67 5.216.68 5.21

13.63 10.5013.63 10.50



10,297 3,92710,812 4,123



164 80- -

Annual management fee rateClass AClass FClass I

Annual fixed administration fee rateClass AClass FClass I

2.001.00

Paid directly by investor

0.210.21

-


Cambridge American Equity FundFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Industrials ................................................................................................................................ 19.9 Health Care .............................................................................................................................. 16.4 Information Technology ........................................................................................................... 13.7 Financials ................................................................................................................................. 13.6 Other Net Assets (Liabilities) .................................................................................................. 9.7 Energy ...................................................................................................................................... 9.3 Consumer Discretionary........................................................................................................... 7.5 Materials.................................................................................................................................. 6.4 Consumer Staples.................................................................................................................... 3.7 Foreign Currency Forward Contracts ....................................................................................... (0.2)

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

Other Price RiskAs at September 30, 2013 and March 31, 2013, the Fund was predominantly invested in U.S. equitiesand therefore was sensitive to changes in general economic conditions in the United States.

As at September 30, 2013, had the U.S. markets increased or decreased by 10% (March 31, 2013 -10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $15,572,000 (March 31, 2013 - $7,670,000). In practice,actual results may differ from this analysis and the difference may be material.

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

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

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 156,507 (28,573) 127,934 79.9 Total 156,507 (28,573) 127,934 79.9

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

Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 76,890 (13,727) 63,163 74.5 Total 76,890 (13,727) 63,163 74.5

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$12,793,000 (March 31, 2013 - $6,316,000). In practice, actual results may differ from this analysisand the difference may be material.

– 19 –



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

– 20 –


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



CONSUMER STAPLES (19.2%) 1,750,000 Alimentation Couche-Tard Inc., Class B 80,874,983 112,105,000

375,000 Anheuser-Busch InBev N.V., ADR 35,368,245 38,325,453 1,485,900 George Weston Ltd. 110,457,626 120,135,015 2,000,000 Loblaw Co., Ltd.* 80,128,667 91,000,000 2,250,000 Shoppers Drug Mart Corp. 121,342,019 133,447,500

428,171,540 495,012,968INDUSTRIALS (14.6%)

450,000 Armstrong World Industries Inc. 24,392,071 25,475,109 700,000 Canadian National Railway Co. 66,308,811 73,059,000 350,000 Fluor Corp. 25,352,028 25,578,629 235,600 ISE Ltd.^ 1,287,780 - 200,000 Onex Corp. 7,568,284 10,820,000 900,000 Ryder System Inc. 55,455,090 55,353,666

2,450,000 TransForce Inc.* 43,579,369 53,018,000 425,000 Trinity Industries Inc.* 17,099,400 19,848,480 300,000 Triumph Group Inc. 23,610,656 21,705,139 350,000 Union Pacific Corp. 57,570,099 56,013,411 500,000 United Rentals Inc.* 27,063,405 30,010,403

50,000,000 Westaim Corp. 434,881 1,750,000 349,721,874 372,631,837

FINANCIALS (13.2%) 3,501,300 Banco BTG Pactual S.A. 54,789,627 44,740,578 1,300,000 BR Properties S.A. 10,355,031 11,900,060 2,000,000 Brookfield Asset Management Inc., Class A 69,318,837 77,080,000 2,450,000 Brookfield Property Partners L.P. 53,523,726 48,975,500 2,500,000 Intact Financial Corp. 149,042,887 154,425,000

337,030,108 337,121,138ENERGY (11.7%)

800,000 Delek US Holdings Inc.* 29,312,320 17,362,463 4,426,600 Kelt Exploration Ltd.* 31,117,134 37,094,908 1,225,000 Keyera Corp. 56,530,675 71,711,500 1,931,000 Mullen Group Ltd. 40,875,588 48,468,100

10,000,000 Perpetual Energy Inc. 16,157,110 9,600,000 200,000 Technip S.A. 23,972,075 24,188,289

2,200,000 Tourmaline Oil Corp.* 71,275,296 91,872,000 269,240,198 300,297,260

MATERIALS (8.5%) 500,000 Agrium Inc. 43,755,416 43,270,000 800,000 Ball Corp. 37,452,448 36,974,548 422,000 Franco-Nevada Corp. 19,266,717 19,669,420 350,000 Randgold Resources Ltd., ADR 27,336,818 25,758,887

1,500,000 Silver Wheaton Corp. 38,348,962 38,265,000 1,290,332 Yara International ASA* 57,743,089 54,793,092

223,903,450 218,730,947

CONSUMER DISCRETIONARY (7.5%) 115,000 AutoZone Inc. 45,970,815 50,024,876 150,000 Continental AG 20,157,702 26,190,742 300,000 Dollarama Inc. 18,741,481 25,083,000 400,000 Lions Gate Entertainment Corp. 14,338,166 14,437,131 500,000 PetSmart Inc. 35,426,910 39,275,671 150,000 Volkswagen AG, Preferred 36,550,925 36,223,907

171,185,999 191,235,327INFORMATION TECHNOLOGY (6.8%)

2,750,000 CGI Group Inc.* 68,758,527 99,357,500 35,000 Google Inc., Class A 31,908,247 31,564,641

1,250,000 Microsoft Corp. 43,548,505 42,875,684 144,215,279 173,797,825

UTILITIES (3.8%) 2,473,400 Brookfield Infrastructure Partners L.P. 93,228,967 96,883,078

HEALTH CARE (0.9%) 125,000 Novo Nordisk AS 20,031,850 21,835,876

PRIVATE PLACEMENTS (0.5%) 1,404,100 Kelt Exploration Ltd. (Restricted),

Private Placement 11,232,800 11,766,358

Commission and other portfolio transaction costs (2,036,276)

Total Equities (86.7%) 2,045,925,789 2,219,312,614

Foreign Currency Forward Contracts (0.0%)(see Schedule A) (911,199)

Total Investments (86.7%) 2,045,925,789 2,218,401,415


Net Assets (100.0%) 2,558,650,973



1 Credit Suisse Group AG A-1 10-Oct-13 1.04 (48,943,000) US $ 50,861,810 Canadian $ 435,409 1 The Bank of Nova Scotia†† A-1 10-Oct-13 1.04 (48,943,000) US $ 50,888,729 Canadian $ 462,317 1 Toronto-Dominion Bank A-1+ 10-Oct-13 2.24 (135,983,000) Brazilian Real 60,812,575 Canadian $ (2,278,218)1 Toronto-Dominion Bank A-1+ 10-Oct-13 0.47 (6,411,969) Canadian $ 13,762,650 Brazilian Real (26,537)1 Toronto-Dominion Bank A-1+ 10-Oct-13 1.04 (48,943,000) US $ 50,922,255 Canadian $ 495,830 Total Foreign Currency Forward Contracts Value (911,199)

Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)

– 21 –








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


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



2,219,313 1,683,892307,462 388,019

- -- -

3,721 1,329- -

1,394 -- -- -

8,778 7,04442,878 20,749

- -3,025 3,540

2,586,571 2,104,573

- -- -- -

2,305 -- -

24,022 6,6221,593 967

- -- -- 73- -

27,920 7,6622,558,651 2,096,911

2,045,926 1,463,485- -

1,674,622 1,398,4925,631 5,480

14,288 5,80659,142 37,571

710,358 618,56429,285 17,177

14 133,492 -

37,163 -6,501 3,477

851 2611,272 405

147 1381,782 553

363 48911,603 8,112

13 12599 87500 261

1,025 13

14.22 13.1512.53 11.5614.94 13.8015.48 14.2315.97 14.5815.62 14.2815.29 14.0610.16 -10.14 -10.95 10.3513.59 12.8411.60 10.9014.32 13.3714.26 13.3211.73 11.13

9.17 8.7912.82 12.2811.75 11.2011.91 11.2713.48 12.76

117,748,478 106,346,018449,356 473,914956,562 420,650

3,821,248 2,640,08244,487,597 42,419,7391,874,558 1,202,650

891 891343,729 -

3,665,526 -593,825 335,94762,626 20,320

109,619 37,16910,236 10,342

124,916 41,53830,940 43,928

1,265,089 923,3511,049 1,012

50,989 7,74942,007 23,15376,012 991







– 22 –


ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseCapital taxesDividend expense on securities sold shortHarmonized sales tax





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



15,823 11,3402,111 548

215 62- -- -9 -

(629) (315)17,529 11,635

16,601 7,4561,737 756

1 -- -- -

1,955 86320,294 9,075(2,765) 2,560

- -(2,765) 2,560

243,406 8,586(111) (837)

(3,896) (3,717)- -

(47,931) 43,543191,468 47,575188,703 50,135

120,104 30,123450 28738 28

3,838 90659,615 18,5791,963 155

1 157 -

524 -327 7240 187 813 5

112 139 2

708 2181 1

17 226 443 1

1.06 0.460.97 0.061.00 0.631.18 0.581.38 0.671.27 0.881.23 1.440.16 -0.14 -0.73 0.390.80 1.310.95 0.461.26 0.631.16 1.470.94 0.050.69 0.330.99 1.280.74 0.480.96 0.600.81 1.43


2013 2012


2013 2012



– 23 –






D SharesNet assets, beginning of periodCapital transactions













Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedAcquisition of assets from terminated funds (Note 1)Conversion of shares (net)







1,398,492 466,166

295,471 161,739- -

(112,359) (34,245)- 42,608

(27,086) 244,475156,026 414,577

- -- -- -- -

120,104 30,1231,674,622 910,866

5,480 -

60 1- -

(346) (223)- 5,471

(13) (23)(299) 5,226

- -- -- -- -

450 285,631 5,254

5,806 310

3,919 599- -

(255) (1)- -

4,080 2927,744 890

- -- -- -- -

738 2814,288 1,228

37,571 17,066

20,026 3,906- -

(4,869) (2,333)- 885

2,576 18517,733 2,643

- -- -- -- -

3,838 90659,142 20,615

618,564 327,548

42,289 12,589- -

(18,147) (17,019)1,401 9,2546,636 4,189

32,179 9,013

- -- -- -- -

59,615 18,579710,358 355,140

17,177 680

7,558 2,263- -

(2,073) (224)- -

4,660 1,91410,145 3,953

- -- -- -- -

1,963 15529,285 4,788


2013 2012

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

2013 2012




– 24 –

W SharesNet assets, beginning of periodCapital transactions




Y SharesNet assets, beginning of periodCapital transactions




Z SharesNet assets, beginning of periodCapital transactions
















3,477 1,602

2,356 224- -

(73) (108)- -

524 1002,807 216

- -- -

(110) (39)(110) (39)327 72

6,501 1,851

261 -

466 10- -

(13) -- -

113 -566 10

- -- -

(16) -(16) -40 1

851 11

405 157

357 10- -

(8) -- -

455 -804 10

- -- -

(24) (4)(24) (4)87 8

1,272 171

13 -

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

- -- -- -- -1 1

14 11

- -

50 -- -

(288) -3,673 -

- -3,435 -

- -- -- -- -

57 -3,492 -

- -

583 -- -

(2,692) -38,888 -

(140) -36,639 -

- -- -- -- -

524 -37,163 -


2013 2012



2013 2012


– 25 –


























8,112 4,912

2,574 3547 1

(270) (271)- -

818 4663,129 550

- -- -

(346) (200)(346) (200)708 218

11,603 5,480

12 -

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

- -- -- -- -1 1

13 11

87 54

477 -- -- -- -

29 -506 -

- -- -

(11) (2)(11) (2)17 2

599 54

138 102

- -- -

(1) (1)- -- -

(1) (1)

- -- -

(3) (2)(3) (2)13 5

147 104

553 -

1,152 104 -

(24) -- -

16 -1,148 10

- -- -

(31) -(31) -112 1

1,782 11

489 -

13 -5 1

(162) -- 458

(9) -(153) 459

- -- -

(12) (2)(12) (2)39 2

363 459


2013 2012



2013 2012


– 26 –














261 54

117 512 -(1) (41)- -

107 (2)225 8

- -- -

(12) (3)(12) (3)26 4

500 63

13 -

931 101 -

(20) -- -

85 -997 10

- -- -

(28) -(28) -43 1

1,025 11

2,096,911 818,651

378,399 181,78619 2

(141,601) (54,466)43,962 58,676(7,149) 251,596

273,630 437,594

- -- -

(593) (252)(593) (252)

188,703 50,1352,558,651 1,306,128


2013 2012



Cambridge Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 27 –


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

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

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

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

I SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedAcquisition of assets from terminated funds (Note 1)Shares issued (redeemed) on conversion (net)Balance, end of period

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


2013 2012

106,346,018 42,485,07621,445,694 14,567,479

9 -(8,095,823) (3,089,669)

- 3,737,568(1,947,420) 21,837,384

117,748,478 79,537,838

473,914 -4,856 96

- -(28,349) (22,222)

- 547,094(1,065) (2,269)

449,356 522,699

420,650 26,948271,174 50,502

- -(17,207) (24)

- -281,945 24,765956,562 102,191

2,640,082 1,452,7391,334,031 328,699

- -(324,081) (196,534)

- 72,197171,216 15,444

3,821,248 1,672,545

42,419,739 27,576,6842,720,587 1,047,541

- -(1,168,994) (1,405,168)

89,387 742,133426,878 346,479

44,487,597 28,307,669

1,202,650 58,362500,823 191,349

- -(135,883) (19,154)

- -306,968 158,731

1,874,558 389,288

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

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

Z SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedAcquisition of assets from terminated funds (Note 1)Shares issued (redeemed) on conversion (net)Balance, end of period




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

2013 2012

891 9- 874- -- -- -- -

891 883

- -4,879 -

- -(28,524) -367,374 -

- -343,729 -

- -58,046 -

- -(267,456) -

3,888,796 -(13,860) -

3,665,526 -

335,947 176,961217,026 24,849

7 11(6,816) (12,094)

- -47,661 10,924

593,825 200,651

20,320 1034,773 913

7 15(976) -

- -8,502 -

62,626 938

37,169 16,63031,486 1,032

- -(715) -

- -41,679 -

109,619 17,662


– 28 –











2013 2012


2013 2012

10,342 8,954- -- -

(106) (99)- -- -

10,236 8,855

41,538 1083,702 896

305 14(1,734) -

- -1,105 -

124,916 920

43,928 -1,102 -

468 115(13,764) -

- 45,788(794) -

30,940 45,903

923,351 620,546281,546 45,272

761 136(29,813) (34,057)

- -89,244 57,959

1,265,089 689,856

1,012 10- 931

37 25- -- -- -

1,049 966

7,749 5,37040,754 -

- -- -- -

2,486 -50,989 5,370

23,153 5,4119,835 5,189

150 38(89) (4,134)

- -8,958 (202)

42,007 6,302

991 1070,045 912

96 24(1,477) -

- -6,357 -

76,012 946



D SharesNet assets per shareNet asset value per share





W SharesNet assets per shareNet asset value per share

Y SharesNet assets per shareNet asset value per share

Z SharesNet assets per shareNet asset value per share


2013 2012

14.22 11.4514.23 11.47

12.53 10.0512.54 10.07

14.94 12.0214.95 12.04

15.48 12.3315.49 12.35

15.97 12.5515.98 12.57

15.62 12.3015.63 12.32

15.29 12.1815.30 12.20

10.16 -10.16 -

10.14 -10.14 -



– 29 –



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

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

2.001.651.951.00


1.000.951.952.001.951.00


2.002.001.951.00


0.200.200.150.20

-0.150.200.200.200.200.150.20

-0.150.200.200.150.20

-0.15




184,395 142,588193,614 149,718



3,881 3,712- 7













2013 2012

10.95 9.2310.95 9.24

13.59 11.4413.60 11.46

11.60 9.6611.61 9.68

14.32 11.7714.33 11.79

14.26 11.7414.27 11.76

11.73 10.0011.74 10.02

9.17 7.949.18 7.96

12.82 11.1012.83 11.12

11.75 10.0711.76 10.09

11.91 10.0611.92 10.08

13.48 11.4013.49 11.42

Cambridge Canadian Equity Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)

– 30 –



Categories Net Assets (%)Other Net Assets (Liabilities) .................................................................................................. 19.7 Consumer Staples.................................................................................................................... 17.7 Energy ...................................................................................................................................... 14.9 Industrials ................................................................................................................................ 14.3 Information Technology ........................................................................................................... 11.1 Financials ................................................................................................................................. 9.3 Consumer Discretionary........................................................................................................... 6.9 Materials.................................................................................................................................. 2.2 Health Care .............................................................................................................................. 2.1 Utilities..................................................................................................................................... 1.8

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

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

As at September 30, 2013, had the Canadian markets increased or decreased by 10% (March 31,2013 - 10%), with all other variables held constant, net assets of the Fund would have increasedor decreased, respectively, by approximately $221,931,000 (March 31, 2013 - $168,389,000). In practice, actual results may differ from this analysis and the difference may be material.



CONSUMER DISCRETIONARY (7.0%) 400,000 Allison Transmission Holdings Inc. 9,197,599 10,329,306 400,000 Bauer Performance Sports Ltd.* 4,375,189 5,116,000

2,506,200 DHX Media Ltd.* 4,152,506 8,696,514 1,895,400 Imvescor Restaurant Group Inc. 2,647,013 3,582,306

20,372,307 27,724,126 HEALTH CARE (4.0%)

100,000 Catamaran Corp.* 5,148,751 4,731,000 250,000 Nexus AG 3,057,703 3,309,551 80,000 William Demant Holding AS* 7,211,841 7,615,233

15,418,295 15,655,784MATERIALS (3.5%)

100,400 Franco-Nevada Corp. 4,377,110 4,679,644 725,000 Primero Mining Corp. 4,020,914 4,060,000 30,000 Randgold Resources Ltd., ADR 2,239,875 2,207,905

3,000,000 Sulliden Gold Corp., Ltd. 3,060,000 2,940,000 13,697,899 13,887,549

UTILITIES (3.5%) 350,000 Brookfield Infrastructure Partners L.P. 13,026,442 13,711,445

WARRANTS (0.3%) 800,000 Imvescor Restaurant Group Inc., Warrants

(29Dec16) 680,000 992,000

PRIVATE PLACEMENTS (0.2%) 115,000 Kelt Exploration Ltd. (Restricted),

Private Placement 920,000 963,700


Total Equities (88.5%) 316,037,105 349,316,566


Foreign Currency Forward Contracts (0.0%)(see Schedule A) (51,331)



Net Assets (100.0%) 394,924,642

Cambridge Canadian Growth Companies FundStatement of Investment Portfolio September 30, 2013 (unaudited)

– 31 – CIG - 11108


CONSUMER STAPLES (17.5%) 250,000 Alimentation Couche-Tard Inc., Class B 13,608,520 16,015,000

3,250,000 Brick Brewing Co., Ltd. 4,968,646 4,127,500 500,000 Loblaw Co., Ltd.* 23,408,705 22,750,000 248,700 Raia Drogasil S.A. 2,064,723 2,112,475 400,000 Shoppers Drug Mart Corp. 24,237,833 23,724,000

68,288,427 68,728,975 ENERGY (16.3%)

2,578,200 Artek Exploration Ltd. 8,322,635 9,049,482 1,490,000 CanElson Drilling Inc. 7,733,565 9,506,200

300,000 Delek US Holdings Inc. 9,861,734 6,510,924 1,880,700 Kelt Exploration Ltd.* 11,473,653 15,760,266 4,500,000 Perpetual Energy Inc. 4,477,491 4,320,000 1,240,200 Raging River Exploration Inc.* 4,204,860 6,709,482

300,000 Tourmaline Oil Corp. 12,332,651 12,528,000 58,406,589 64,384,354

INDUSTRIALS (14.2%) 175,000 Armstrong World Industries Inc. 9,063,002 9,906,987 200,000 ATS Automation Tooling Systems Inc.* 1,916,579 2,748,000 275,000 DSV AS 6,931,429 8,035,603 105,147 Graham Corp.* 2,733,779 3,917,439 180,900 Orbital Sciences Corp. 2,987,200 3,946,584 275,000 Swift Transporation Co.* 4,678,240 5,713,410 676,200 TransForce Inc. 13,889,008 14,632,968 75,000 Trinity Industries Inc. 3,027,670 3,502,673

750,000 Uranium Participation Corp.* 3,669,242 3,690,000 48,896,149 56,093,664

FINANCIALS (11.9%) 250,000 Bankunited Inc. 7,974,224 8,029,212 575,000 BR Properties S.A. 5,089,878 5,263,488 200,000 Gluskin Sheff + Associates Inc. 3,814,920 3,762,000 599,100 Huntingdon Capital Corp.* 7,468,618 7,255,101 325,000 Intact Financial Corp. 20,150,256 20,075,250 25,000 Morguard Corp. 2,676,144 2,775,000


350,000 CGI Group Inc.* 10,378,468 12,645,500 300,000 Enghouse Systems Ltd.* 6,022,579 7,818,000 115,000 Isra Vision AG 4,237,716 5,481,418

1,880,000 Sylogist Ltd. 7,155,623 12,220,000 500,000 ViXS Systems Inc.* 1,807,143 1,850,000

29,601,529 40,014,918

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.





1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 1.04 (18,361,000) US $ 19,083,322 Canadian $ 165,822 1 Toronto-Dominion Bank A-1+ 10-Oct-13 2.24 (15,390,000) Brazilian Real 6,882,519 Canadian $ (257,839)1 Toronto-Dominion Bank A-1+ 10-Oct-13 2.21 (1,699,234) Canadian $ 3,750,125 Brazilian Real 40,686 Total Foreign Currency Forward Contracts Value (51,331)

Cambridge Canadian Growth Companies FundFinancial Statements (unaudited)


AssetsInvestments at fair value*CashShort-term investmentsUnrealized gain on futures and

foreign currency forward contractsCash collateral received for securities on loan (Note 6)Receivable for unit subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest


foreign currency forward contractsPayable for securities purchasedPayable for unit redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable


*Investments at cost**Investments sold short at cost

Net assets per classClass AClass BClass EClass FClass OClass AT6Class BT6


Class AClass BClass EClass FClass OClass AT6Class BT6



IncomeDividendsInterest Fees rebateSecurities lending (Note 6)Derivative income (loss)Less: Foreign withholding taxes

ExpensesManagement fees (Note 5)Administration expenses (Note 5)Harmonized sales tax



Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classClass AClass BClass EClass FClass OClass AT6Class BT6



349,317 172,41851,040 46,805

- -

207 -- -

3,782 3,1322,088 11,959

- -397 126

406,831 234,440

- -- -- -

258 -11,428 8,211

220 435- -- -- 8

11,906 8,654394,925 225,786

316,037 155,520- -

335,058 115,056- 79,778

4,255 1,27343,525 22,35410,166 5,5951,921 35

- 1,695

17.71 15.60- 15.58

14.06 12.3817.75 15.5514.22 12.3822.90 20.68

- 20.70

18,918,498 7,374,753- 5,120,628

302,553 102,8432,451,681 1,437,680

714,981 451,99183,875 1,675

- 81,866

1,812 117223 75

1 -25 1

- -(55) -

2,006 193

2,903 239315 42394 34

3,612 315(1,606) (122)

24,607 1,595(238) (6)(973) (270)

16,331 2,26339,727 3,58238,121 3,460

26,040 1,3106,420 1,507

338 -4,027 5011,064 -

120 2112 140

1.89 1.751.24 1.661.57 0.282.13 1.511.79 0.182.31 2.121.37 2.14


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



2013 2012


– 33 –





Class BNet assets, beginning of periodCapital transactions




Class ENet assets, beginning of periodCapital transactions





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



Class ONet assets, beginning of periodCapital transactions




Class AT6Net assets, beginning of periodCapital transactions




22,354 3,141

20,516 3,790- -

(3,372) (2,012)17,144 1,778

- -- -- -- -

4,027 50143,525 5,420

5,595 -

4,323 89- -

(816) -3,507 89

- -- -- -- -

1,064 -10,166 89

35 14

1,815 -29 -(47) -

1,797 -

(31) -- -- -

(31) -120 2

1,921 16

115,056 1,800

223,356 17,991- -

(29,394) (1,509)193,962 16,482

- -- -- -- -

26,040 1,310335,058 19,592

79,778 4,161

20,049 16,103- -

(106,247) (763)(86,198) 15,340

- -- -- -- -

6,420 1,507- 21,008

1,273 -

2,947 10- -

(303) -2,644 10

- -- -- -- -

338 -4,255 10




2013 2012


2013 2012

– 34 –


Class BT6Net assets, beginning of periodCapital transactions








1,695 67

- 1,33314 27

(1,806) (81)(1,792) 1,279

(15) (29)- -- -

(15) (29)112 140

- 1,457

225,786 9,183

273,006 39,31643 27

(141,985) (4,365)131,064 34,978

(46) (29)- -- -

(46) (29)38,121 3,460

394,925 47,592




2013 2012

Cambridge Canadian Growth Companies FundFinancial Statements – Supplementary Schedules (unaudited)

– 35 –


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

Class EBalance, beginning of periodUnits issued for cash Units issued for reinvested distributions Units redeemedBalance, end of period


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

Class AT6Balance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

Class BT6Balance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

7,374,753 158,24413,291,633 1,481,927

- -(1,747,888) (123,086)18,918,498 1,517,085

5,120,628 366,6291,248,959 1,326,698

- -(6,369,587) (60,933)

- 1,632,394

102,843 -221,711 1,000

- -(22,001) -302,553 1,000

1,437,680 276,6031,212,064 312,653

- -(198,063) (170,826)

2,451,681 418,430

451,991 -323,797 8,662

- -(60,807) -714,981 8,662

1,675 89682,593 -1,296 24(1,689) -83,875 920

81,866 4,222- 81,815

660 1,649(82,526) (4,852)

- 82,834



Class BNet assets per unitNet asset value per unit

Class ENet assets per unitNet asset value per unit


Class ONet assets per unitNet asset value per unit

Class AT6Net assets per unitNet asset value per unit

Class BT6Net assets per unitNet asset value per unit

17.71 12.9117.73 12.96

- 12.87- 12.91

14.06 10.2714.08 10.30

17.75 12.9517.77 13.00

14.22 10.2814.23 10.32

22.90 17.6022.92 17.66

- 17.59- 17.65



2013 2012


2013 2012



26,787 1,64328,126 1,725



971 270- -

– 36 –

Cambridge Canadian Growth Companies FundFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateClass AClass BClass EClass FClass OClass AT6Class BT6

Annual fixed administration fee rateClass AClass BClass EClass FClass OClass AT6Class BT6

2.002.001.951.00

Paid directly by investor2.002.00

0.200.200.150.200.150.200.20


– 37 –

Cambridge Canadian Growth Companies FundFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)

Other Net Assets (Liabilities) .................................................................................................. 23.6 Energy ...................................................................................................................................... 20.1 Consumer Staples.................................................................................................................... 15.0 Information Technology ........................................................................................................... 13.9 Industrials ................................................................................................................................ 8.3 Financials ................................................................................................................................. 8.0 Consumer Discretionary........................................................................................................... 4.1 Private Placements .................................................................................................................. 3.4 Materials.................................................................................................................................. 2.0 Health Care .............................................................................................................................. 1.6

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


As at September 30, 2013, had the Canadian markets increased or decreased by 10% (March 31,2013 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $34,932,000 (March 31, 2013 - $16,751,000). In practice,actual results may differ from this analysis and the difference may be material.



Cambridge Global Dividend Corporate Class Statement of Investment Portfolio as at September 30, 2013 (unaudited)

– 38 – CIG - 2589


FUND (99.1%) 314,339 Cambridge Global Dividend Fund (Class I)† 3,207,690 3,240,838


Other Net Assets (Liabilities) (0.9%) 30,841

Net Assets (100.0%) 3,271,679

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


Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)









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

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



3,241109

----

---

83---

3,433

---

--

161-----

1613,272

3,208-

1,73610

34772

580791010

25713110101010

10.3610.3510.3710.4010.3910.2710.2710.2910.3110.2210.2210.2310.2610.26

167,2631,000

33,4876,943

55,8477,6481,0081,008

24,96412,7961,0131,0131,0131,013

Statement of Net Assets (cont’d) as at September 30(in $000’s except for per share amounts and shares outstanding)

2013

Statement of Net Assets as at September 30(in $000’s except for per share amounts and shares outstanding)

2013

– 40 –


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






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

Capital gain distribution from investmentsChange in unrealized appreciation (depreciation)


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



--------

2----2(2)-

(2)

1--

15

334947

26-7191--21----

0.390.350.750.370.510.370.350.370.330.170.350.370.390.39

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

2013

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

2013

– 41 –





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























-

767--

9431,710

----

261,736

-

10---

10

-----

10

-

176--

164340

----7

347

-

21--

5071

----1

72

-

110-

(2)463571

----9

580

-

25--

5378

----1

79

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

2013

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

2013


– 42 –



























-

10---

10

-----

10

-

10---

10

-----

10

-

10-

(1)247256

--

(1)(1)2

257

-

60--

71131

--

(1)(1)1

131

-

10---

10

-----

10

-

10---

10

-----

10


2013


2013

– 43 –
















-

10---

10

-----

10

-

10---

10

-----

10

-

1,239-

(3)1,9913,227

--

(2)(2)47

3,272


2013

Cambridge Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 44 –


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

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

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

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

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

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

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

Schedule of Fund Share Transactions for the period ended September 30

2013

-75,212

--

92,051167,263

-1,000

---

1,000

-17,287

-(1)

16,20133,487

-2,000

-(3)

4,9466,943

-10,901

-(206)

45,15255,847

-2,497

8-

5,1437,648

-1,000

8--

1,008

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

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




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


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

2013

-1,000

8--

1,008

-1,000

8(50)

24,00624,964

-5,880

13-

6,90312,796

-1,000

13--

1,013

-1,000

13--

1,013

-1,000

13--

1,013

-1,000

13--

1,013


Cambridge Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 45 –



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

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

2.000.951.00


2.000.951.00



0.220.150.22

-0.150.220.150.220.150.220.150.22

-0.15


The maximum management and fixed administration fee expressed as a percentage of the daily netasset value that can be charged to a class of shares is as follows:

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

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

as at September 30, 2013

Categories Net Assets (%)U.S.A. ....................................................................................................................................... 25.3Other Net Assets (Liabilities) .................................................................................................. 18.1Canada ..................................................................................................................................... 12.6U.K............................................................................................................................................ 12.6Germany ................................................................................................................................... 9.0Switzerland .............................................................................................................................. 4.1France....................................................................................................................................... 2.8Sweden .................................................................................................................................... 2.6Japan ....................................................................................................................................... 2.1Belgium .................................................................................................................................... 1.9Netherlands ............................................................................................................................. 1.8Bermuda ................................................................................................................................... 1.5Italy .......................................................................................................................................... 1.1Denmark ................................................................................................................................... 0.9Brazil ........................................................................................................................................ 0.9Norway..................................................................................................................................... 0.8Ireland ...................................................................................................................................... 0.7Jersey Island............................................................................................................................ 0.6Spain ........................................................................................................................................ 0.4Foreign Currency Forward Contracts ....................................................................................... 0.2

Other Price RiskAs at September 30, 2013, the Fund bears the other price risk exposure of the Underlying Fund. TheUnderlying Fund was predominantly invested in global equities and therefore was sensitive to changes ingeneral economic conditions across the world.

As at September 30, 2013, had global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $324,000. In practice, actual results may differ from this analysis and thedifference may be material.

Credit RiskAs at September 30, 2013, the Fund had no significant direct exposure to credit risk.

As at September 30, 2013, the Fund indirectly bears the credit risk exposure of the Underlying Fund.

The Underlying Fund was invested in fixed income securities, preferred securities and derivativeinstruments, as applicable, with the following credit ratings:

as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.2 Not Rated 3.6 Total 3.8

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

^Refer to Note 11 for Credit Rating cross reference.

– 46 –


Currency RiskAs at September 30, 2013, the Fund had no significant direct exposure to currency risk.

As at September 30, 2013, the Fund indirectly bears the currency risk exposure of the Underlying Fund.

The table below summarizes the Underlying Fund's exposure to currency risk.

as at September 30, 2013Currency Net Assets (%)US Dollar 21.7 Euro 14.6 British Pound 12.9 Swiss Franc 3.4 Swedish Krona 2.6 Japanese Yen 1.7 Danish Krone 0.9 Norwegian Krone 0.5 Total 58.3

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% in relationto all other foreign currencies held in the Underlying Fund, with all other variables held constant,net assets of the Fund would have decreased or increased, respectively, by approximately $189,000.In practice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at September 30, 2013, the Fund had no significant direct exposure to interest rate risk.

As at September 30, 2013, the Fund indirectly bears the interest rate risk exposure of the UnderlyingFund. The Underlying Fund did not have a significant exposure to interest rate risk as substantiallyall of its assets were invested in equities and derivatives.

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

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

(in $000's) (in $000's) (in $000's) (in $000's)Underlying Fund 3,241 - - 3,241 Total 3,241 - - 3,241


U.K. (12.6%) (cont’d)8,000 Reckitt Benckiser Group PLC 595,359 595,681

25,000 Schroders PLC 979,258 1,073,543 120,000 Smith & Nephew PLC 1,519,559 1,540,899 40,000 Standard Chartered PLC 1,009,045 987,910

9,891,792 10,120,800 GERMANY (9.0%)

7,000 Bayer AG 828,337 848,834 8,800 Bayerische Motoren Werke AG 987,354 973,540 3,000 Fuchs Petrolub S.E. 261,738 257,852 8,949 Hugo Boss AG 1,123,318 1,188,179

130,000 Infineon Technologies AG 1,239,708 1,336,195 11,000 Volkswagen AG, Preferred 2,650,008 2,656,420

7,090,463 7,261,020 SWITZERLAND (4.1%)

11,000 Nestle S.A., Registered Shares 775,672 791,827 7,000 Novartis AG, Registered Shares 555,400 553,721 7,000 Roche Holding AG 1,864,590 1,944,599

3,195,662 3,290,147 FRANCE (2.8%)

30,000 Cap Gemini S.A. 1,743,642 1,837,950 5,000 Danone S.A. 385,691 387,670

2,129,333 2,225,620 SWEDEN (2.6%)

21,000 Loomis AB 485,683 475,415 30,000 Modern Times Group AB 1,469,950 1,611,244

1,955,633 2,086,659 JAPAN (2.1%)

20,000 Japan Tobacco Inc. 730,528 738,854 15,000 Kirin Holdings Co., Ltd 222,617 224,643 10,000 Sawai Pharmaceutical Co., Ltd. 746,937 722,086

1,700,082 1,685,583 BELGIUM (1.9%)

15,000 Anheuser-Busch InBev N.V., ADR 1,491,191 1,533,018

NETHERLANDS (1.8%) 80,000 Koninklijke Ahold N.V. 1,375,116 1,427,496

BERMUDA (1.5%) 30,000 Brookfield Infrastructure Partners L.P. 1,160,206 1,175,100

ITALY (1.1%) 62,000 MARR SpA 857,880 863,535

DENMARK (0.9%) 25,000 DSV AS 697,550 730,509

BRAZIL (0.9%) 1,000 Cia Hering 16,050 15,631

18,000 Companhia de Bebidas das Americas, ADR 686,334 711,041 702,384 726,672

NORWAY (0.8%) 15,000 Yara International ASA 676,259 636,965

IRELAND (0.7%) 7,000 Accenture PLC 549,742 531,040

Cambridge Global Dividend Fund Statement of Investment Portfolio as at September 30, 2013 (unaudited)

– 47 – CIG - 2639


U.S.A. (25.3%) 8,000 3M Co. 956,538 984,230

35,000 Allison Transmission Holdings Inc. 810,952 903,814 35,000 American Capital Agency Corp. 859,783 813,685 25,000 Annaly Capital Management Inc. 315,977 297,941 20,000 Bankunited Inc. 637,635 642,337 19,000 Baxter International Inc. 1,366,621 1,285,416 14,000 Becton, Dickinson & Co. 1,436,627 1,442,353 15,000 Benefitfocus Inc. 406,384 733,908 30,000 Brinker International Inc. 1,287,811 1,252,124 20,000 Chevron Corp. 2,539,519 2,501,777 18,000 Comcast Corp., Class A 792,550 837,119 10,000 Duke Energy Corp. 690,976 687,968 18,000 EMC Corp. 492,453 473,904

300 FireEye Inc. 6,158 12,833 12,500 Genuine Parts Co. 1,031,438 1,040,991 15,000 Johnson & Johnson 1,365,834 1,339,266 3,000 KLA-Tencor Corp. 181,548 187,942 5,000 Maxim Integrated Products Inc. 147,427 153,528 8,000 Microchip Technology Inc.* 325,515 331,922

20,000 Microsoft Corp. 668,944 686,011 50,300 Och-Ziff Capital Management Group LLC,

Class A 561,618 569,407 14,000 PetSmart Inc. 1,067,904 1,099,719 15,000 RingCentral Inc. 200,898 279,040 3,827 Rocket Fuel Inc. 113,907 213,064 5,000 Simon Property Group Inc. 774,698 763,316

30,000 SunTrust Banks Inc. 1,064,650 1,001,514 20,104,365 20,535,129

CANADA (12.6%) 8,300 Agrium Inc. 742,433 718,282

37,000 Brookfield Office Properties Inc.* 635,773 727,790 46,000 CanElson Drilling Inc. 281,670 293,480 40,000 Canyon Services Group Inc. 496,111 467,600 70,000 Dundee International Real Estate

Investment Trust 628,029 657,300 2,500 Empire Co., Ltd., Private Placement 190,000 185,950

40,000 FAM Real Estate Investment Trust 346,485 344,400 18,000 Intact Financial Corp. 1,106,480 1,111,860 19,600 Keyera Corp. 1,138,526 1,147,384 8,000 Mullen Group Ltd. 198,980 200,800 1,000 Rogers Communications Inc., Class B 45,603 44,270

45,000 Silver Wheaton Corp. 1,187,748 1,147,950 123,800 Sylogist Ltd. 815,017 804,700 10,300 Toronto-Dominion Bank 924,011 954,604 61,100 TransForce Inc. 1,326,163 1,322,204

10 Velan Inc., Sub-Voting Shares 128 129 10,063,157 10,128,703

U.K. (12.6%) 20,000 AstraZeneca PLC 1,048,548 1,072,459 30,000 Bodycote PLC 332,066 325,190 50,000 British Sky Broadcasting Group PLC 726,602 725,423 45,000 Croda International PLC 1,908,995 1,992,412 20,000 Imperial Tobacco Group PLC 752,647 762,778 50,000 Jupiter Fund Management PLC 310,561 304,594

603,000 Lloyds Banking Group PLC 709,152 739,911




– 48 –

Cambridge Global Dividend FundStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)


JERSEY ISLAND (0.6%) 50,000 Kentz Co., Ltd. 410,196 398,316 1,310 Randgold Resources Ltd., ADR 100,191 96,412

510,387 494,728 SPAIN (0.4%)

50,000 Prosegur Cia de Seguridad S.A. 295,066 289,150


Total Equities (81.7%) 64,372,753 65,741,874





Net Assets (100.0%) 80,459,703






1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.62 (99,227) British Pound 161,272 Canadian $ (4,229)1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.73 (241,528) Euro 330,678 Canadian $ (5,981)1 Credit Suisse Group AG A-1 10-Oct-13 0.01 (33,350,000) Japanese Yen 354,434 Canadian $ 4,807 1 The Bank of Nova Scotia†† A-1 10-Oct-13 5.86 (1,323,000) Norwegian Krone 225,622 Canadian $ (968)1 The Bank of Nova Scotia†† A-1 10-Oct-13 1.04 (404,501) US $ 420,582 Canadian $ 3,821 1 Toronto-Dominion Bank A-1+ 10-Oct-13 1.05 (5,272,000) US $ 5,559,957 Canadian $ 128,137 Total Foreign Currency Forward Contracts Value 125,587

Cambridge Global Dividend FundFinancial Statements (unaudited)





foreign currency forward 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 per classClass AClass EClass FClass IClass O


Class AClass EClass FClass IClass O



65,74214,495

----

137--

776--

12081,270

-1-

11-

797---1

81080,460

64,373-

4,336346310

75,091377

10.3010.3110.3010.3010.30

420,75133,56330,117

7,288,97436,582








Increase (decrease) in net assets from operations per classClass AClass EClass FClass IClass O



20713

----

(20)200

51-17

193

292(60)(76)

-

1,4951,6511,844

40122

1,7891

0.290.730.190.410.09

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

2013

Statement of Net Assets as at September 30(in $000’s except for per unit amounts and units outstanding)

2013

Cambridge Global Dividend FundFinancial Statements (unaudited)

– 50 –













-

4,3317

(32)4,306

(10)--

(10)40

4,336

-

3341-

335

(1)--

(1)12

346

-

3081-

309

(1)--

(1)2

310

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

2013















-

73,305463

(3)73,765

(463)--

(463)1,789

75,091

-

6841

(308)377

(1)--

(1)1

377

-

78,962473(343)

79,092

(476)--

(476)1,844

80,460

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

2013

Cambridge Global Dividend FundFinancial Statements – Supplementary Schedules (unaudited)

– 51 –


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



Class 0Balance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

Schedule of Fund Unit Transactions for the period ended September 30

2013

-423,146

696(3,091)

420,751

-33,493

70-

33,563

-30,050

72(5)

30,117

-7,243,841

45,402(269)

7,288,974

-66,149

136(29,703)36,582


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

2013Brokerage commissionsSoft Dollar commissions†

76-


2013LoanedCollateral (non-cash)

367385






10.3010.32

10.3110.32

10.3010.32

10.3010.31

10.3010.31


Annual management fee rateClass AClass EClass FClass IClass O

Annual fixed administration fee rateClass AClass EClass FClass IClass O

2.001.951.00


0.220.150.22

-0.15



2013

Cambridge Global Dividend FundFund Specific Financial Instruments Risks (unaudited) (Note 11)

Other Price RiskAs at September 30, 2013, the Fund was predominantly invested in global equities and therefore wassensitive to changes in general economic conditions across the world.

As at September 30, 2013, had global markets increased or decreased by 10%, with all othervariables held constant, net assets of the Fund would have increased or decreased, respectively,by approximately $6,574,000. In practice, actual results may differ from this analysis and thedifference may be material.

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

as at September 30, 2013*Credit Rating^ Net Assets (%)AAA/Aaa/A++ 0.2 Not Rated 3.6 Total 3.8



Currency RiskThe table below summarizes the Fund’s exposure to currency risk.


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 23,275 (5,847) 17,428 21.7 Euro 12,067 (337) 11,730 14.6 British Pound 10,513 (165) 10,348 12.9 Swiss Franc 2,732 - 2,732 3.4 Swedish Krona 2,087 - 2,087 2.6 Japanese Yen 1,699 (350) 1,349 1.7 Danish Krone 731 - 731 0.9 Norwegian Krone 637 (227) 410 0.5 Brazilian Real 16 - 16 - Total 53,757 (6,926) 46,831 58.3

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% in relationto all nother foreign currencies held in the Fund, with all other variables held constant, net assetsof the Fund would have decreased or increased, respectively, by approximately $4,683,000. Inpractice, actual results may differ from this analysis and the difference may be material.

Interest Rate RiskAs at September 30, 2013, the Fund did not have a significant exposure to interest rate risk assubstantially all of its assets were invested in equities and derivatives.

– 52 –


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

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

(in $000's) (in $000's) (in $000's) (in $000's)Equities 65,742 - - 65,742 Foreign currency forward contracts, net - 126 - 126 Total 65,742 126 - 65,868

There were not transfers between Level 1, 2 and 3 during the period ended September 30, 2013.


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

– 53 –


U.S.A. (44.5%) 100,000 3M Co. 7,655,346 12,302,875 300,000 Abbott Laboratories Inc. 7,871,323 10,256,173 100,000 Akamai Technologies Inc.* 3,578,364 5,324,310 150,000 Alaska Air Group Inc. 6,721,302 9,675,226 75,000 Allergan Inc. 7,623,018 6,989,895 75,000 ANSYS Inc.* 4,387,626 6,683,971 75,000 Baxter International Inc. 5,621,581 5,074,009

500,000 Cabot Oil & Gas Corp. 17,456,834 19,220,667 75,000 Celgene Corp. 9,138,540 11,807,423

200,000 Cerner Corp.* 8,354,071 10,825,788 200,000 Continental Resources Inc.* 16,464,609 22,098,617 50,000 Costco Wholesale Corp. 4,239,729 5,930,492

200,000 Deere & Co.* 16,023,749 16,765,036 200,000 Devon Energy Corp. 11,686,268 11,899,097 100,000 EOG Resources Inc. 16,389,516 17,442,807 200,000 Facebook Inc. 6,866,125 10,349,907 250,000 First Republic Bank 10,266,988 12,002,616 200,000 Fluor Corp. 14,649,422 14,616,359 500,000 Frequency Electronics Inc. 4,279,290 6,005,171 200,000 Gilead Sciences Inc. 7,922,010 12,947,684 20,000 Google Inc., Class A 15,748,089 18,036,937

200,000 HCA Holdings Inc.* 5,802,477 8,806,897 150,000 Hexcel Corp.* 4,794,484 5,996,415 75,000 Home Depot Inc. 4,095,038 5,859,677 75,000 Illumina Inc.* 3,866,373 6,242,082

100,000 Johnson & Johnson 8,369,909 8,928,443 75,000 Kirby Corp.* 4,879,682 6,687,062 75,000 Lululemon Athletica Inc. (USD)* 5,003,636 5,646,457

200,000 Marsh & McLennan Co. Inc. 9,136,722 8,971,705 100,000 Mednax Inc. 6,569,148 10,336,516 250,000 Merck & Co., Inc. 9,275,948 12,257,553 100,000 Moog Inc., Class A 4,258,281 6,034,012 75,000 MWI Veterinary Supply Inc.* 6,790,071 11,525,447

500,000 Orbital Sciences Corp.* 8,054,826 10,908,192 65,000 Panera Bread Co., Class A 10,187,263 10,614,062 50,000 Perrigo Co. 4,609,411 6,353,842

100,000 Pioneer Natural Resources Co. 18,313,860 19,459,638 150,000 PNC Financial Services Group Inc. 8,891,249 11,189,395 100,000 PPG Industries Inc.* 10,432,532 17,203,836

7,500 Priceline.com Inc. 6,911,825 7,810,250 100,000 Ryder System Inc.* 4,718,852 6,150,407 100,000 Starbucks Corp. 5,107,789 7,930,328 200,000 State Street Corp. 9,821,674 13,549,231 350,000 SunTrust Banks Inc. 10,140,722 11,684,332 100,000 T. Rowe Price Group Inc. 7,480,080 7,407,064 100,000 Teledyne Technologies Inc. 6,959,214 8,739,944 400,000 The Bank of New York Mellon Corp. 12,558,514 12,434,721 100,000 Time Warner Inc. 4,457,550 6,780,796 150,000 Trinity Industries Inc. 5,837,099 7,005,346 200,000 Triumph Group Inc.* 11,507,245 14,470,093 150,000 United Rentals Inc.* 8,044,287 9,003,121 100,000 Walt Disney Co. 5,771,456 6,644,830 100,000 Whole Foods Market Inc. 4,457,855 6,023,712 200,000 Zygo Corp.* 2,974,284 3,281,728

443,023,156 548,192,194

GERMANY (8.8%) 150,000 Bayer AG 17,098,836 18,189,292 100,000 Bayerische Motoren Werke AG 10,058,900 11,062,958 90,000 Bertrandt AG 6,803,812 11,607,118 75,000 Continental AG 7,333,370 13,095,371 75,000 Fresenius S.E. & Co., KGaA 9,256,111 9,609,891 75,000 Henkel AG & Co., KGaA 6,349,953 6,831,958 50,000 Hugo Boss AG 5,745,465 6,638,611

100,000 Isra Vision AG* 3,684,527 4,766,450 50,000 MorphoSys AG 3,966,722 3,981,216

100,000 ProSiebenSat.1 Media AG 4,356,278 4,372,091 75,000 Volkswagen AG, Preferred* 12,559,969 18,111,953

87,213,943 108,266,909CANADA (7.7%)

100,000 Alimentation Couche-Tard Inc., Class B 4,954,016 6,406,000 100,000 Catamaran Corp. (USD) 4,750,205 4,733,063 350,000 CGI Group Inc. (USD) 10,305,289 12,650,516 300,000 Keyera Corp. 16,070,158 17,562,000 250,000 Lions Gate Entertainment Corp.* 5,431,329 9,023,207 600,000 Tourmaline Oil Corp.* 23,535,321 25,056,000 350,000 TransForce Inc. 7,263,009 7,574,000

2,000,000 UrtheCast Corp., Private Placement 3,611,287 4,080,000 75,000 Valeant Pharmaceuticals International Inc.

(USD) 7,902,544 8,060,629 83,823,158 95,145,415

JAPAN (6.6%) 50,000 Central Japan Railway Co.* 4,036,081 6,586,805 50,000 Digital Garage Inc. 1,554,931 1,613,951

2,000,000 Nomura Holdings Inc. 14,300,273 16,034,705 200,000 Santen Pharmaceutical Co., Ltd. 9,322,608 9,977,150 150,000 Sawai Pharmaceutical Co., Ltd.* 7,865,125 10,831,286 750,000 Senko Co., Ltd.* 3,583,644 3,875,054 400,000 Sumitomo Mitsui Financial Group Inc.* 19,029,994 19,891,419 100,000 Sysmex Corp. 6,829,926 6,550,125 250,000 Yamato Holdings Co., Ltd. 3,897,926 5,790,310

70,420,508 81,150,805U.K. (6.4%)

100,000 Aon PLC 7,431,799 7,668,696 500,000 Bodycote PLC 4,417,068 5,419,828 500,000 British Sky Broadcasting Group PLC 6,793,036 7,254,232 300,000 Croda International PLC 10,917,246 13,282,748 200,000 Genus PLC 4,461,674 4,772,784

2,500,000 GKN PLC 10,908,798 14,254,148 100,000 Intertek Group PLC 4,755,208 5,511,548

1,500,000 ITV PLC 4,401,731 4,385,058 3,000,000 Monitise PLC 2,887,019 2,839,156 3,000,000 Senior PLC 11,848,851 13,482,865

68,822,430 78,871,063FRANCE (4.1%)

150,000 Cap Gemini S.A. 6,674,338 9,189,752 60,000 ID Logistics Group 3,098,020 4,263,259 32,641 Korian 1,081,486 1,078,451 75,000 LISI* 7,937,581 10,920,473 35,000 LVMH Moet Hennessy Louis Vuitton S.A. 5,787,313 7,101,251

150,000 Medica S.A. 3,884,868 3,846,047 250,000 Vivendi S.A. 5,957,394 5,922,354 50,000 Zodiac Aerospace* 5,315,939 8,183,300

39,736,939 50,504,887




– 54 –

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


SWEDEN (3.5%) 75,000 Arcam AB* 4,972,224 7,729,257

150,000 Assa Abloy AB, Class B 6,214,418 7,087,356 400,000 Elekta AB* 3,976,725 6,628,970 124,749 Hexpol AB 9,394,273 9,067,340 100,000 Modern Times Group AB 4,932,135 5,370,812 670,615 Swedish Orphan Biovitrum AB 4,839,452 6,878,896

34,329,227 42,762,631DENMARK (3.2%)

150,000 Coloplast AS 6,252,719 8,794,136 200,000 DSV AS 4,984,322 5,844,075 100,000 Genmab AS 4,005,978 4,222,381 300,000 Matas AS 6,570,662 7,398,509 75,000 Novo Nordisk AS 8,540,962 13,101,526

30,354,643 39,360,627IRELAND (1.8%)

200,000 Accenture PLC 15,114,940 15,172,584 150,000 Mallinckrodt PLC 7,120,633 6,812,212

22,235,573 21,984,796JERSEY ISLAND (1.7%)

1,750,000 Kentz Co., Ltd. 12,520,920 13,941,049 300,000 Petrofac Ltd. 6,454,194 7,024,097

18,975,114 20,965,146SWITZERLAND (1.7%)

75,000 Roche Holding AG 14,234,305 20,834,994

BELGIUM (1.7%) 200,000 Anheuser-Busch InBev N.V., ADR 18,723,446 20,440,242

NEW ZEALAND (1.0%) 3,000,000 Air New Zealand Ltd. 3,675,432 3,887,805 1,000,000 Ebos Group Ltd. 8,278,364 8,554,027

11,953,796 12,441,832ITALY (0.4%)

500,000 Prada SpA 4,772,906 4,860,745

NORWAY (0.3%) 100,000 Norwegian Air Shuttle AS* 3,198,565 3,711,989

Commission and other portfolio transaction costs (1,089,925)

Total Equities (93.4%) 950,727,784 1,149,494,275


Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (802,534)

Total Investments (93.3%) 950,727,784 1,148,691,741


Net Assets (100.0%) 1,230,310,739

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.



Schedule AForeign Currency Forward Contracts (-0.1%)


1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.62 (6,442,689) British Pound 10,471,205 Canadian $ (274,589)1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.73 (11,062,069) Euro 15,145,189 Canadian $ (273,945)1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.90 (11,107,883) Swiss Franc 12,312,405 Canadian $ (343,510)1 Credit Suisse Group AG A-1 10-Oct-13 5.45 (2,625,000) Danish Krone 481,468 Canadian $ (9,137)1 Credit Suisse Group AG A-1 10-Oct-13 0.73 (21,808,893) Euro 29,832,704 Canadian $ (566,143)1 Credit Suisse Group AG A-1 10-Oct-13 5.87 (16,387,500) Norwegian Krone 2,792,791 Canadian $ (13,893)1 Credit Suisse Group AG A-1 10-Oct-13 6.40 (47,368,560) Swedish Krona 7,403,475 Canadian $ (188,413)1 Credit Suisse Group AG A-1 10-Oct-13 1.04 (90,868,189) US $ 94,430,676 Canadian $ 808,386 1 The Bank of Nova Scotia†† A-1 10-Oct-13 0.62 (3,469,000) British Pound 5,632,667 Canadian $ (153,294)1 The Bank of Nova Scotia†† A-1 10-Oct-13 5.45 (75,825,000) Danish Krone 13,911,323 Canadian $ (260,151)1 The Bank of Nova Scotia†† A-1 10-Oct-13 0.73 (8,080,000) Euro 11,057,028 Canadian $ (205,475)1 The Bank of Nova Scotia†† A-1 10-Oct-13 0.01 (7,574,663,500) Japanese Yen 79,619,485 Canadian $ 210,291 1 The Bank of Nova Scotia†† A-1 10-Oct-13 1.04 (2,860,000) US $ 2,973,699 Canadian $ 27,016 1 Toronto-Dominion Bank A-1+ 10-Oct-13 1.04 (43,464,000) US $ 45,221,684 Canadian $ 440,323 Total Foreign Currency Forward Contracts Value (802,534)

Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)

– 55 –








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


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



1,149,494 867,76472,253 49,149

- -5,752 8,089

751 751- -

1,486 7,754- -- -

5,642 3,5995,123 3,619

- -1,292 1,150

1,241,793 941,875

- -- -- 12

2,289 432- -

8,600 3,991593 873

- -- 7,958- 26- -

11,482 13,2921,230,311 928,583

950,728 732,246- 8,089

1,023,367 777,9779,380 4,749

32,969 19,470131,029 108,14425,162 12,855

22 193,694 2,327

107 99379 313

- -386 12

2,798 1,92176 12

296 233480 362166 90

13.41 12.1015.73 14.1714.76 13.2315.90 14.1616.43 14.6514.76 13.2310.42 9.6014.30 13.1810.82 9.91

- -15.03 13.698.72 8.15

13.54 12.649.34 8.668.69 8.01

14.22 13.13

76,297,274 64,312,320596,458 335,062

2,233,977 1,471,1018,239,368 7,634,9581,530,995 877,192

1,484 1,405354,508 242,326

7,513 7,48835,051 31,552

- -25,646 891

320,772 235,6905,593 948

31,713 26,92755,249 45,15811,661 6,863







– 56 –


ExpensesManagement fees (Note 5)Administrative fees (Note 5)Interest expenseDividend expense

on securities sold shortCapital taxesHarmonized sales tax





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



7,169 5,622303 137394 204

- -- -- -

(990) (734)6,876 5,229

9,358 5,5061,115 620

2 2

- -- -

1,108 63911,583 6,767(4,707) (1,538)

- -(4,707) (1,538)

66,365 13,292(898) (579)

(2,461) (1,223)- -

54,992 (18,827)117,998 (7,337)113,291 (8,875)

93,645 (8,736)738 5

2,708 (192)13,395 18

2,115 822 -

286 (25)10 -31 (3)

- 113 -

249 (19)5 -

30 (4)46 (2)18 -

1.33 (0.17)1.58 0.041.49 (0.16)1.71 0.011.79 0.261.53 (0.12)0.98 (0.14)1.43 0.821.15 (0.12)

- 1.261.37 0.970.87 (0.10)1.57 0.821.03 (0.10)0.95 (0.03)1.26 0.06

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

2013 2012

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

2013 2012



– 57 –


























777,977 534,523

173,130 73,035- -

(31,456) (23,321)10,071 10,658

151,745 60,372

- -- -- -- -

93,645 (8,736)1,023,367 586,159

4,749 944

3,042 708- -

(367) (227)1,218 5723,893 1,053

- -- -- -- -

738 59,380 2,002

19,470 15,305

11,728 1,264- -

(2,056) (1,624)1,119 (236)

10,791 (596)

- -- -- -- -

2,708 (192)32,969 14,517

108,144 70,980

20,283 13,934- -

(12,331) (2,803)1,538 5799,490 11,710

- -- -- -- -

13,395 18131,029 82,708

12,855 2,171

7,305 1,733- -

(1,344) (4)4,231 2,080

10,192 3,809

- -- -- -- -

2,115 8225,162 6,062

19 15

1 -- -- -- -1 -

- -- -- -- -2 -

22 15


2013 2012


2013 2012




– 58 –

























- -

- 10- -- (11)- -- (1)

- -- -- -- -- 1- -

12 -

365 11- -

(1) -- -

364 11

- -- -

(3) -(3) -13 -

386 11

1,921 1,534

485 1421 -

(158) (2)387 73715 213

- -- -

(87) (60)(87) (60)249 (19)

2,798 1,668

2,327 1,572

1,777 163- -

(352) (77)(279) 7

1,146 93

- -- -

(65) (36)(65) (36)286 (25)

3,694 1,604

99 -

- 10- -- -- -- 10

- -- -

(2) -(2) -10 -

107 10

313 209

27 10- -

(55) (17)69 -41 (7)

- -- -

(6) (5)(6) (5)31 (3)

379 194


2013 2012



2013 2012


– 59 –














OT8 Shares Net assets, beginning of periodCapital transactions








90 -

- 41- -

(2) -67 -65 41

- -- -

(7) (1)(7) (1)18 -

166 40

928,583 627,711

218,361 91,0711 -

(48,127) (28,088)18,396 13,778

188,631 76,761

- -- -

(194) (119)(194) (119)

113,291 (8,875)1,230,311 695,478

12 -

60 10- -- -- -

60 10

- -- -

(1) -(1) -5 -

76 10

233 222

43 -- -

(1) -- 44

42 44

- -- -

(9) (9)(9) (9)30 (4)

296 253

362 236

115 -- -

(4) (2)(25) 186 (1)

- -- -

(14) (8)(14) (8)46 (2)

480 225


2013 2012



2013 2012


Cambridge Global Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 60 –







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



2013 2012

64,312,320 49,756,37013,676,225 6,924,334

- 18(2,479,091) (2,238,272)

787,820 983,08876,297,274 55,425,538

335,062 75,056204,601 58,673

- -(23,957) (18,748)80,752 46,687

596,458 161,668

1,471,101 1,316,293828,352 111,845

- -(146,060) (145,261)

80,584 (21,273)2,233,977 1,261,604

7,634,958 5,781,4571,348,282 1,165,441

- -(843,513) (234,793)

99,641 48,4288,239,368 6,760,533

877,192 170,626471,807 139,329

- -(86,672) (131)268,668 168,687

1,530,995 478,511

1,405 1,30191 -

- -(12) (10)

- -1,484 1,291

242,326 176,037175,490 19,007

6 -(35,496) (8,907)(27,818) 587354,508 186,724









2013 2012

7,488 105 861

20 14- -- -

7,513 885

31,552 22,8652,510 1,087

- -(5,453) (1,947)6,442 -

35,051 22,005

- 10- 928- 11- (949)- -- -

891 1024,772 845

27 13(44) -

- -25,646 868

235,690 196,48757,861 19,249

73 -(18,618) (207)45,766 9,979

320,772 225,508

948 104,611 876

34 23- -- -

5,593 909

26,927 27,0294,870 -

- -(84) (34)

- 5,33431,713 32,329


– 61 –





2013 2012

45,158 31,61213,427 -

48 -(462) (336)

(2,922) 10655,249 31,382

6,863 101 3,406- -

(142) (26)4,939 -

11,661 3,390










2013 2012










13.41 10.5813.43 10.58

15.73 12.3815.74 12.39

14.76 11.5114.77 11.51

15.90 12.2315.92 12.24

16.43 12.6716.45 12.67

14.76 11.5014.77 11.50

10.42 8.5910.43 8.59

14.30 11.7914.32 11.79

10.82 8.8210.83 8.83


2013 2012

- -- -

15.03 12.1015.05 12.11

8.72 7.408.73 7.40

13.54 11.4713.55 11.48

9.34 7.829.35 7.82

8.69 7.178.69 7.17

14.22 11.7714.24 11.78



103,579 50,637108,758 53,168



2,439 1,212- 2



– 62 –



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

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

2.001.951.00


1.002.001.951.00


2.001.951.00


0.220.150.22

-0.150.220.220.150.22

-0.150.220.150.22

-0.15


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

– 63 –



Categories Net Assets (%)Long Positions:U.S.A. ....................................................................................................................................... 45.3 Japan ....................................................................................................................................... 12.3 Canada ..................................................................................................................................... 9.4 Other Net Assets (Liabilities) .................................................................................................. 6.6 Germany ................................................................................................................................... 6.5 U.K............................................................................................................................................ 3.9 Switzerland .............................................................................................................................. 3.8 Denmark ................................................................................................................................... 2.7 France....................................................................................................................................... 2.4 Sweden .................................................................................................................................... 2.3 Jersey Island............................................................................................................................ 1.6 Foreign Currency Forward Contracts ....................................................................................... 0.8 Panama .................................................................................................................................... 0.7 Norway..................................................................................................................................... 0.6 Austria...................................................................................................................................... 0.5 Netherlands ............................................................................................................................. 0.5 Italy .......................................................................................................................................... 0.4 Finland...................................................................................................................................... 0.4 Belgium .................................................................................................................................... 0.2 Total Long Positions............................................................................................................. 100.9

Short Positions:U.S.A. ....................................................................................................................................... (0.5)Netherlands ............................................................................................................................. (0.4)Total Short Positions............................................................................................................ (0.9)

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

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

As at September 30, 2013, had global markets increased or decreased by 10% (March 31, 2013 - 10%),with all other variables held constant, net assets of the Fund would have increased or decreased,respectively, by approximately $114,949,000 (March 31, 2013 - $85,981,000). In practice, actual resultsmay differ from this analysis and the difference may be material.

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


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 636,677 (141,315) 495,362 40.3 Euro 157,699 (57,065) 100,634 8.2 British Pound 92,313 (16,529) 75,784 6.2 Swedish Krona 41,256 (7,592) 33,664 2.7 Danish Krone 39,361 (14,657) 24,704 2.0 New Zealand Dollar 12,442 - 12,442 1.0 Swiss Franc 20,835 (12,652) 8,183 0.7 Hong Kong Dollar 4,861 - 4,861 0.4 Japanese Yen 81,700 (79,384) 2,316 0.2 Norwegian Krone 3,712 (2,807) 905 0.1 Brazilian Real 127 - 127 - Total 1,090,983 (332,001) 758,982 61.8


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 445,695 (139,380) 306,315 33.0 Euro 97,121 (53,326) 43,795 4.7 British Pound 50,773 (15,300) 35,473 3.8 Japanese Yen 112,818 (81,749) 31,069 3.3 Swiss Franc 35,132 (11,886) 23,246 2.5 Swedish Krona 20,694 (7,384) 13,310 1.4 Danish Krone 25,373 (13,702) 11,671 1.3 Norwegian Krone 5,518 (2,850) 2,668 0.3 Brazilian Real 137 - 137 - Total 793,261 (325,577) 467,684 50.3




WARRANTS (0.2%) 290,500 FAM Real Estate Investment Trust,

Warrants (28Dec15) 75,382 23,240 50,000 Imvescor Restaurant Group Inc.,

Warrants (29Dec16) 42,500 62,000 117,882 85,240




Net Assets (100.0%) 50,807,484

Cambridge Pure Canadian Equity FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 64 – CIG - 11109


CONSUMER STAPLES (19.1%) 35,000 Alimentation Couche-Tard Inc., Class B 1,958,001 2,242,100

900,000 Brick Brewing Co., Ltd. 1,342,939 1,143,000 25,000 George Weston Ltd. 1,905,399 2,021,250 30,000 Loblaw Co., Ltd.* 1,468,026 1,365,000 49,884 Shoppers Drug Mart Corp. 3,055,325 2,958,620

9,729,690 9,729,970 ENERGY (18.8%)

435,000 Artek Exploration Ltd. 1,380,609 1,526,850 152,500 CanElson Drilling Inc. 721,889 972,950 225,000 Kelt Exploration Ltd. 1,348,774 1,885,500 60,000 Logan International Inc.* 376,800 447,600

525,000 Perpetual Energy Inc. 556,430 504,000 220,000 Raging River Exploration Inc. 739,388 1,190,200 50,000 Tourmaline Oil Corp. 1,906,916 2,088,000

150,000 ZCL Composites Inc. 733,629 937,500 7,764,435 9,552,600

FINANCIALS (16.5%) 30,000 Brookfield Asset Management Inc., Class A 1,114,817 1,156,200

166,900 FAM Real Estate Investment Trust 1,572,431 1,437,009 50,000 Gluskin Sheff + Associates Inc. 953,750 940,500 81,300 Guardian Capital Group Ltd. 1,095,143 1,099,989

106,700 Huntingdon Capital Corp. 1,332,890 1,292,137 31,598 Intact Financial Corp. 1,873,393 1,951,808 4,604 Morguard Corp. 498,556 511,044


50,000 CGI Group Inc. 1,387,874 1,806,500 40,000 Enghouse Systems Ltd. 823,723 1,042,400 26,000 Isra Vision AG 1,065,410 1,239,277

400,000 Sylogist Ltd. 1,734,858 2,600,000 5,011,865 6,688,177

CONSUMER DISCRETIONARY (7.2%) 40,000 Allison Transmission Holdings Inc. 995,491 1,032,931 85,000 Bauer Performance Sports Ltd. 966,242 1,087,150

130,000 DHX Media Ltd. 239,413 451,100 578,400 Imvescor Restaurant Group Inc. 800,306 1,093,176

3,001,452 3,664,357 INDUSTRIALS (3.6%)

83,400 TransForce Inc. 1,647,136 1,804,776

MATERIALS (3.3%) 100,700 Canam Group Inc. 701,948 954,636 200,000 Storm Resources Ltd. 721,680 710,000

1,423,628 1,664,636 UTILITIES (2.3%)

30,000 Brookfield Infrastructure Partners L.P. 1,129,170 1,175,100

PRIVATE PLACEMENTS (1.3%) 80,900 Kelt Exploration Ltd. (Restricted),

Private Placement 647,200 677,942




Cambridge Pure Canadian Equity FundFinancial Statements (unaudited)


AssetsInvestments at fair value*CashShort-term investmentsUnrealized gain on futures and foreign currency forward contractsCash collateral received for securities on loan (Note 6)Receivable for unit subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on futures and foreign currency forward contractsPayable for securities purchasedPayable for unit redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable



Net assets per classClass AClass BClass EClass FClass IClass OClass AT6Class BT6


Class AClass BClass EClass FClass IClass OClass AT6Class BT6



IncomeDividendsInterest Fees rebateSecurities lending (Note 6)Derivative income (loss)Less: Foreign withholding taxes

ExpensesManagement fees (Note 5)Administration expenses (Note 5)Harmonized sales tax



Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classClass AClass BClass EClass FClass IClass OClass AT6Class BT6



43,431 17,5707,761 3,142

- -- -- -

608 946- 794- -

61 2351,861 22,475

- -- -- -- -

954 1,014100 162

- -- -- -

1,054 1,17650,807 21,299

38,830 15,940- -

42,499 8,158- 8,286

10 -5,579 2,7052,638 2,120

46 -35 15

- 15

17.00 14.80- 14.83

9.96 -17.09 14.8116.95 14.5810.00 -21.97 19.62

- 19.63

2,500,409 551,039- 559,008

1,000 -326,398 182,684155,604 145,370

4,610 -1,604 784

- 781

210 1562 6

- -1 -- -- -

273 21

327 1835 538 3

400 26(127) (5)

1,768 13811 -

(105) (15)

2,971 3094,645 4324,518 427

2,795 12823 113

- -528 300366 -

1 -3 12 1

1.70 1.681.44 1.75(0.04) -2.11 1.862.38 2.090.23 -2.44 2.271.71 2.25


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



2013 2012





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



Class BNet assets, beginning of periodCapital transactions








8,158 46

37,868 198- -

(6,322) (22)31,546 176

- -- -- -- -

2,795 1242,499 234

8,286 560

2,681 471- -

(11,790) (53)(9,109) 418

- -- -- -- -

823 113- 1,091

- -

10 -- -- -

10 -

- -- -- -- -- -

10 -


2013 2012













2,705 1,193

2,630 947- -

(284) -2,346 947

- -- -- -- -

528 3005,579 2,440

2,120 -

164 7- -

(12) -152 7

- -- -- -- -

366 -2,638 7

- -

45 -- -- -

45 -

- -- -- -- -1 -

46 -


2013 2012


– 67 –



Class AT6Net assets, beginning of periodCapital transactions




Class BT6Net assets, beginning of periodCapital transactions








15 11

17 -1 -- -

18 -

(1) -- -- -

(1) -3 1

35 12

15 11

- -- -

(17) -(17) -

- -- -- -- -2 1- 12

21,299 1,821

43,415 1,6231 -

(18,425) (75)24,991 1,548

(1) -- -- -

(1) -4,518 427

50,807 3,796


2013 2012

Cambridge Pure Canadian Equity FundFinancial Statements – Supplementary Schedules (unaudited)

– 68 –


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

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



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

Class AT6Balance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period

Class BT6Balance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period



105 15- -

551,039 4,2532,329,178 16,431

- -(379,808) (1,899)

2,500,409 18,785

559,008 52,042174,010 40,552

- -(733,018) (4,476)

- 88,118

- -1,000 -

- -- -

1,000 -

182,684 110,769160,806 85,079

- -(17,092) -326,398 195,848

145,370 1010,972 564

- -(738) -

155,604 574

- -4,612 -

- -(2) -

4,610 -

784 717787 -33 20

- -1,604 737

781 715- -7 20

(788) -- 735




Class BNet assets per unitNet asset value per unit





Class AT6Net assets per unitNet asset value per unit

Class BT6Net assets per unitNet asset value per unit

17.00 12.3817.02 12.44

- 12.38- 12.44

9.96 -9.98 -

17.09 12.4617.12 12.52

16.95 12.3916.95 12.45

10.00 -10.01 -

21.97 16.9022.00 16.98

- 16.88- 16.96


2013 2012


2013 2012



1,184 881,244 92

– 69 –

Cambridge Pure Canadian Equity FundFinancial Statements – Supplementary Schedules (unaudited)



Annual management fee rateClass AClass BClass EClass FClass IClass OClass AT6Class BT6

Annual fixed administration fee rateClass AClass BClass EClass FClass IClass OClass AT6Class BT6

2.002.001.951.00


2.002.00

0.200.200.150.20

-0.150.200.20


– 70 –

Cambridge Pure Canadian Equity FundFund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)

Energy ...................................................................................................................................... 20.6 Other Net Assets (Liabilities) .................................................................................................. 17.5 Consumer Staples.................................................................................................................... 14.1 Financials ................................................................................................................................. 13.0 Information Technology ........................................................................................................... 12.6 Consumer Discretionary........................................................................................................... 10.5 Industrials ................................................................................................................................ 5.7 Private Placements .................................................................................................................. 3.4 Materials.................................................................................................................................. 2.6

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


As at September 30, 2013, had the Canadian markets increased or decreased by 10% (March 31,2013 - 10%), with all other variables held constant, net assets of the Fund would have increased ordecreased, respectively, by approximately $4,343,000 (March 31, 2013 - $1,707,000). In practice,actual results may differ from this analysis and the difference may be material.

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


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 1,239 - 1,239 2.4 US Dollar 1,139 - 1,139 2.2 Total 2,378 - 2,378 4.6


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)Euro 1,055 - 1,055 5.0 US Dollar 774 - 774 3.6 Total 1,829 - 1,829 8.6

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables heldconstant, net assets of the Fund would have decreased or increased, respectively, by approximately$238,000 (March 31, 2013 - $183,000). In practice, actual results may differ from this analysis andthe difference may be material.



Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 71 –


FINANCIALS (20.2%) 202,217 American Capital Agency Corp.* 4,965,276 4,701,171 343,347 Annaly Capital Management Inc. 4,334,479 4,091,885

USD 5,516,000 Ares Capital Corp., 4.875% 03/15/2017 5,500,706 5,880,597 USD 6,000,000 Ares Capital Corp., 5.125% 06/01/2016 6,062,334 6,512,469

360,100 Barclays Bank PLC, Preferred, ADR 9,159,444 9,432,489 1,507,000 Brookfield Property Partners L.P. 32,852,739 30,124,930

500,000 Canadian Apartment Properties REIT 10,275,000 10,220,000 2,000,000 Choice Properties REIT 20,000,000 20,240,000

373,700 Cominar REIT 7,299,519 7,193,725 5,000,000 Dundee International Real Estate

Investment Trust 5.5% 07/31/2018 4,746,250 5,075,000 1,250,000 Dundee International Real Estate

Investment Trust* 12,067,470 11,737,500 USD 3,000,000 Fifth Street Finance Corp.,

5.375% 04/01/2016 2,947,890 3,267,822 333,330 HSBC Holdings PLC, Preferred 8.5% 9,233,574 9,294,360 302,074 ING Groep N.V., Preferred 8.5% 7,753,396 7,934,331 950,000 Intact Financial Corp. 56,687,397 58,681,500

USD 9,500,000 Prospect Capital Corp., 5.75% 03/15/2018 9,291,706 9,975,083 135,000 Simon Property Group Inc. 20,856,891 20,609,530 177,217 The Royal Bank of Scotland Group PLC,

Preferred 5.75% 4,012,371 3,616,152 275,000 US Bancorp 9,369,315 10,364,585 230,892 Wells Fargo & Co., Preferred 8%, Series J 6,747,856 6,747,223

244,163,613 245,700,352CONSUMER STAPLES (15.9%)

675,000 Alimentation Couche-Tard Inc., Class B 30,774,460 43,240,500 125,000 Anheuser-Busch InBev N.V., ADR 12,097,488 12,775,151 500,000 George Weston Ltd. 37,174,022 40,425,000

1,750,000 Koninklijke Ahold N.V. 27,135,234 31,226,485 1,100,000 Shoppers Drug Mart Corp. 60,694,597 65,241,000

167,875,801 192,908,136ENERGY (11.4%)

500,000 ARC Resources Ltd.* 13,188,468 13,120,000 550,000 Keyera Corp. 22,338,396 32,197,000 800,000 Mullen Group Ltd. 17,077,066 20,080,000

14,000,000 Paramount Resources Ltd.,7.625% 12/04/2019* 14,005,000 14,105,000

2,500,000 Perpetual Energy Inc., 7.25% 01/31/2015 2,144,754 2,378,750 425,000 Peyto Exploration & Development Corp. 11,409,145 12,907,250 400,000 Tourmaline Oil Corp.* 13,098,984 16,704,000

7,000,000 TransGlobe Energy Corp., 6% 03/31/2017 7,006,250 6,251,000 400,000 Trilogy Energy Corp.* 10,984,419 11,716,000

9,000,000 Trilogy Energy Corp., 7.25% 12/13/2019* 9,000,000 9,278,438 120,252,482 138,737,438

MATERIALS (6.8%) 225,000 Agrium Inc. 19,798,831 19,471,500 325,000 Ball Corp. 15,188,143 15,020,910 212,700 Franco-Nevada Corp. 9,686,717 9,913,947 650,000 Silver Wheaton Corp. 16,517,386 16,581,500 500,000 Yara International ASA 22,247,453 21,232,168

83,438,530 82,220,025CONSUMER DISCRETIONARY (6.7%)

50,000 AutoZone Inc. 20,811,273 21,749,946 275,000 Brinker International Inc. 10,714,982 11,477,808 50,000 Continental AG 6,258,164 8,730,247 64,500 General Motors Co., Preferred 4.75%, Series B 2,515,064 3,331,866

CONSUMER DISCRETIONARY (6.7%) (cont’d)USD 10,000,000 Lions Gate Entertainment Corp.,

5.25% 08/01/2018 10,414,497 10,171,709 200,000 PetSmart Inc. 14,136,219 15,710,269 45,000 Volkswagen AG, Preferred 11,040,350 10,867,172

75,890,549 82,039,017INDUSTRIALS (5.6%)

5,000,000 AG Growth International Inc.,7% 12/31/2014 5,148,750 5,076,500

5,000,000 Algoma Central Corp., 6% 03/31/2018 5,000,000 5,525,000 6,600,000 Cargojet Inc., 6.5% 04/30/2017 6,600,000 6,963,000

150,000 GATX Corp.* 7,358,887 7,342,171 USD 5,000,000 Navistar International Corp.,

3% 10/15/2014 4,823,434 5,217,855 1,000,000 TransForce Inc.* 17,956,105 21,640,000

100,000 Union Pacific Corp. 16,501,740 16,003,832 63,388,916 67,768,358

INFORMATION TECHNOLOGY (4.7%)1,000,000 CGI Group Inc.* 26,120,198 36,130,000

300,000 EMC Corp. 7,550,171 7,898,396 400,000 Microsoft Corp. 13,992,652 13,720,219

47,663,021 57,748,615UTILITIES (3.9%)

1,000,000 Brookfield Infrastructure Partners L.P. 31,572,036 39,173,242 5,209,000 Capstone Infrastructure Corp.,

6.5% 12/31/2016 5,235,916 5,224,627 50,000 Duke Energy Corp. 3,471,287 3,439,840

40,279,239 47,837,709HEALTH CARE (2.8%)

250,000 Abbott Laboratories Inc. 8,173,795 8,546,810 200,000 AbbVie Inc. 7,745,008 9,218,913 40,000 Novo Nordisk AS, ADR 6,681,956 6,975,475

325,000 Pfizer Inc. 8,257,059 9,611,106 30,857,818 34,352,304


Total Bonds & Equities (78.0%) 873,159,918 949,311,954



Long Option Contracts (0.0%)(see Schedule B) 334,766 6,695

Short Option Contracts (0.0%)(see Schedule C) (77,254) (120,516)



Net Assets (100.0%) 1,216,815,289

Principal amounts stated in:USD U.S. Dollar




– 72 –

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




1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.73 (6,473,500) Euro 8,862,934 Canadian $ (160,312)1 Credit Suisse Group AG A-1 10-Oct-13 1.04 (22,853,805) US $ 23,749,789 Canadian $ 203,313 1 The Bank of Nova Scotia†† A-1 10-Oct-13 1.04 (37,450,000) US $ 38,938,825 Canadian $ 353,754 1 Toronto-Dominion Bank A-1+ 10-Oct-13 1.04 (40,087,000) US $ 41,708,118 Canadian $ 406,112 Total Foreign Currency Forward Contracts Value 802,867

Schedule CShort Option Contracts (0.0%)

Contracts No. of underlying Underlying Expiry Date Strike Premium Paid Fair Value ($)interest Interest Price ($) Received ($)

(150) (15,000) Navistar International Corp. 18-Jan-14 30.00 (77,254) (120,516) Total Short Option Contracts Value (77,254) (120,516)

Schedule BLong Option Contracts (0.0%)

Contracts No. of underlying Underlying Expiry Date Strike Premium Paid Fair Value ($)interest Interest Price ($) Received ($)

650 65,000 Navistar International Corp. 18-Jan-14 20.00 334,766 6,695 Total Long Option Contracts Value 334,766 6,695



Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)

– 73 –








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





949,312 831,474257,779 106,693

- -- -

3,399 1,008- -

963 1,308- -7 76

9,923 2,8867,692 3,966

- -3,110 4,356

1,232,185 951,767

- -- -- -

160 -121 302

13,794 3,2901,294 1,606

- -- -1 184- -

15,370 5,3821,216,815 946,385

873,160 742,722- -

1,068,110 857,78720,796 12,53134,325 19,39513,107 8,95526,287 11,585

12 1125,226 16,382

899 1371,238 571

358 3782,068 524

17,981 13,744739 122

1,251 3611,161 1,2413,257 2,661

12.71 12.1012.16 11.5613.82 13.0915.03 14.1412.67 11.9311.92 11.299.77 9.52

10.98 10.6910.32 10.0010.83 10.4311.51 11.098.18 8.08

10.35 10.229.88 9.718.38 8.18

10.86 10.61

84,043,499 70,870,6151,710,742 1,083,5532,483,404 1,481,719

872,028 633,3912,074,968 971,333

1,004 1,0042,581,774 1,720,993

81,859 12,779119,876 57,12933,029 36,241

179,634 47,2462,198,882 1,700,472

71,341 11,912126,671 37,139138,484 151,775300,009 250,872







– 74 –







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



10,766 9,6554,349 3,661

124 100- (72)- -- -

(570) (684)14,669 12,660

10,263 8,2121,072 833

- 2- -

1,272 95512,607 10,0022,062 2,658

- -2,062 2,658

61,973 (19,967)(131) (398)

(1,167) (1,932)- -

(13,099) 3,46147,576 (18,836)49,638 (16,178)

44,218 (15,293)689 (99)

1,189 (214)612 (109)935 18

1 -879 (272)11 -39 (9)21 (5)32 4

720 (266)6 -

26 (4)79 10

181 61

0.58 (0.22)0.53 (0.12)0.65 (0.16)0.86 (0.16)0.64 0.030.63 0.500.44 (0.18)0.27 0.450.45 (0.25)0.64 (0.11)0.38 0.080.38 (0.16)0.17 0.160.39 (0.13)0.54 0.120.65 0.46


2013 2012


2013 2012



– 75 –


























857,787 749,408

208,042 126,798- -

(47,691) (47,320)5,754 184

166,105 79,662

- -- -- -- -

44,218 (15,293)1,068,110 813,777

12,531 5,875

7,635 3,775- -

(350) (922)291 4,893

7,576 7,746

- -- -- -- -

689 (99)20,796 13,522

19,395 14,633

12,966 3,351- -

(1,704) (1,116)2,479 (136)

13,741 2,099

- -- -- -- -

1,189 (214)34,325 16,518

8,955 9,289

3,402 340- -

(373) (324)511 (1,283)

3,540 (1,267)

- -- -- -- -

612 (109)13,107 7,913

11,585 4,066

9,717 3,023- -

(272) (187)4,322 1,372

13,767 4,208

- -- -- -- -

935 1826,287 8,292

11 -

- 10- -- -- -- 10

- -- -- -- -1 -

12 10


2013 2012


2013 2012




– 76 –

























378 479

- -- -

(33) (24)- -

(33) (24)

- -- -

(8) (11)(8) (11)21 (5)

358 439

524 223

1,421 5206 1(9) (173)

118 -1,536 348

- -- -

(24) (16)(24) (16)32 4

2,068 559

13,744 13,039

3,108 1,86412 5

(790) (423)1,767 (286)4,097 1,160

- -- -

(580) (542)(580) (542)720 (266)

17,981 13,391

16,382 13,324

8,450 2,5722 1

(1,627) (469)1,602 (534)8,427 1,570

- -- -

(462) (355)(462) (355)879 (272)

25,226 14,267

137 -

271 10- -

(12) -504 -763 10

- -- -

(12) -(12) -11 -

899 10

571 603

807 162- -

(250) (333)92 -

649 (171)

- -- -

(21) (9)(21) (9)39 (9)

1,238 414


2013 2012



2013 2012


– 77 –






















2,661 100

320 2,2623 -

(15) (5)220 -528 2,257

- -- -

(113) (61)(113) (61)181 61

3,257 2,357

946,385 811,564

256,841 144,78732 12

(53,285) (51,304)18,511 4,851

222,099 98,346

- -- -

(1,307) (1,029)(1,307) (1,029)49,638 (16,178)

1,216,815 892,703

122 -

85 81- -

(13) -554 -626 81

- -- -

(15) (1)(15) (1)

6 -739 80

361 190

617 19- -

(23) (3)297 -891 16

- -- -

(27) (8)(27) (8)26 (4)

1,251 194

1,241 335

- -9 5

(123) (5)- 641

(114) 641

- -- -

(45) (26)(45) (26)79 10

1,161 960


2013 2012



2013 2012


Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)

– 78 –







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



2013 2012

70,870,615 65,880,77616,536,051 11,448,535

- -(3,813,917) (4,271,058)

450,750 9,90184,043,499 73,068,154

1,083,553 541,628634,156 358,354

- -(28,983) (87,657)22,016 459,931

1,710,742 1,272,256

1,481,719 1,202,612945,041 281,571

- -(125,135) (93,484)181,779 (11,708)

2,483,404 1,378,991

633,391 715,775229,810 26,547

- -(25,097) (25,610)33,924 (101,087)

872,028 615,625

971,333 370,917777,547 281,452

- -(21,692) (17,279)347,780 129,013

2,074,968 764,103

1,004 10- 987- -- -- -

1,004 997

1,720,993 1,416,996863,491 283,403

174 111(166,841) (51,674)163,957 (59,592)

2,581,774 1,589,244









2013 2012

12,779 1024,671 993

16 17(1,070) -45,463 -81,859 1,020

57,129 61,68977,873 17,179

- -(24,032) (34,694)

8,906 -119,876 44,174

36,241 47,719- -- -

(3,212) (2,467)- -

33,029 45,252

47,246 20,800122,469 49,885

507 125(766) (16,682)

10,178 -179,634 54,128

1,700,472 1,582,136377,797 237,104

1,471 618(95,788) (53,581)214,930 (36,662)

2,198,882 1,729,615

11,912 108,075 8,191

35 29(1,244) -52,563 -71,341 8,230

37,139 19,38061,943 1,949

- -(2,336) (331)29,925 -

126,671 20,998


– 79 –





2013 2012

151,775 41,262- -

1,117 652(14,408) (596)

- 82,813138,484 124,131

250,872 9,49929,838 225,716

237 48(1,339) (503)20,401 -

300,009 234,760










2013 2012










12.71 11.1412.72 11.15

12.16 10.6312.16 10.64

13.82 11.9813.83 11.99

15.03 12.8515.04 12.87

12.67 10.8512.68 10.86

11.92 10.3311.93 10.35

9.77 8.989.78 8.99

10.98 10.0710.99 10.08

10.32 9.3810.33 9.39


2013 2012

10.83 9.7110.84 9.72

11.51 10.3411.52 10.35

8.18 7.748.18 7.75

10.35 9.7810.36 9.79

9.88 9.259.88 9.26

8.38 7.738.39 7.74

10.86 10.0410.86 10.05



65,493 41,23768,768 43,299



1,160 1,921- 4



– 80 –



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

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

2.001.851.00


1.002.001.851.00


2.001.851.00


0.200.150.20

-0.150.200.200.150.20

-0.150.200.150.20

-0.15


Cambridge Canadian Asset Allocation Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)

– 81 –



Categories Net Assets (%)Financials ................................................................................................................................. 23.7 Energy ...................................................................................................................................... 14.8 Consumer Staples.................................................................................................................... 14.6 Other Net Assets (Liabilities) .................................................................................................. 12.0 Industrials ................................................................................................................................ 9.8 Information Technology ........................................................................................................... 8.1 Consumer Discretionary........................................................................................................... 6.0 Utilities..................................................................................................................................... 5.0 Health Care .............................................................................................................................. 3.4 Materials.................................................................................................................................. 1.8 Exchange-Trade funds.............................................................................................................. 0.7 Foreign Currency Forward Contracts ....................................................................................... 0.1

During the six-month period the Fund's credit risk and interest rate risk exposure changedsignificantly as disclosed in the section below. For details relating to other price risk, currency riskand fair value hierarchy, refer to the audited annual financial statements as at March 31, 2013, 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, 2013*Credit Rating^ Net Assets (%)BBB/Baa/B++ 4.9 BB/Ba/B+ 0.3 B 2.8 CCC/Caa/C++ 0.4 Not Rated 4.2 Total 12.6

as at March 31, 2013*Credit Rating^ Net Assets (%)AA/Aa/A+ 0.1 A 0.9 BBB/Baa/B++ 7.4 BB/Ba/B+ 1.5 B 3.6 CCC/Caa/C++ 1.1 Not Rated 6.5 Total 21.1



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

as at September 30, 2013Less 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 257,779 22,453 55,066 23,384 358,682

as at March 31, 2013Less 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 107,336 32,765 67,488 36,449 244,038

As at September 30, 2013, had the prevailing interest rates increased or decreased by 0.25 (March 31,2013 - 0.25%), with all other variables held constant, net assets of the Fund would have decreasedor increased, respectively, by approximately $718,000 (March 31, 2013 - $952,000). In practice, actualresults may differ from this analysis and the difference may be material.

and 2010.



CONSUMER STAPLES (9.0%) 50,000 Anheuser-Busch InBev N.V., ADR 4,836,844 5,110,060

USD 6,276,000 Chiquita Brands International Inc., 4.25% 08/15/2016 6,435,474 6,331,272

60,000 Companhia de Bebidas das Americas, ADR 2,242,677 2,370,137 60,000 George Weston Ltd. 4,715,982 4,851,000 40,000 Imperial Tobacco Group PLC 1,529,422 1,525,557

550,000 Koninklijke Ahold N.V. 9,057,919 9,814,038 50,200 Metro Inc., Class A 3,331,272 3,232,880 20,000 Nestle S.A., Registered Shares 1,440,303 1,439,685

170,037 Shoppers Drug Mart Corp. 9,144,065 10,084,894 42,733,958 44,759,523

CONSUMER DISCRETIONARY (7.7%) 5,000 Bayerische Motoren Werke AG 562,592 553,148

70,000 Brinker International Inc. 2,828,654 2,921,624 30,000 British Sky Broadcasting Group PLC 433,908 435,254 5,000 Hugo Boss AG 670,718 663,861

USD 10,000,000 Lions Gate Entertainment Corp., 5.25% 08/01/2018 10,414,497 10,171,709

20,000 Magna International Inc., Class A 1,192,352 1,699,000 30,000 PetSmart Inc. 2,106,107 2,356,540

4,125,000 Quebecor Media Inc., 6.625% 01/15/2023 4,245,000 4,092,773 500,000 Tesco PLC 2,921,959 2,993,413 75,000 Vivendi S.A.* 1,642,021 1,776,706 45,000 Volkswagen AG, Preferred 10,630,994 10,867,172

37,648,802 38,531,200 HEALTH CARE (6.3%)

150,000 AbbVie Inc. 6,019,345 6,914,187 58,100 Baxter International Inc. 4,167,829 3,930,666 40,000 Johnson & Johnson 3,629,547 3,571,377 60,000 Medtronic Inc. 2,759,511 3,290,998

135,000 Pfizer Inc. 3,622,397 3,992,306 35,000 Roche Holding AG 9,202,816 9,722,997

29,401,445 31,422,531 INDUSTRIALS (5.3%)

40,000 3M Co. 4,542,347 4,921,150 4,000,000 GFL Environmental Corp., 7.5% 06/18/2018 4,000,000 4,007,500

20,000 L-3 Communications Holdings Inc. 1,545,592 1,946,788 USD 500,000 Navios Maritime Holdings Inc., 8.875%

11/01/2017 539,800 538,199 USD 2,000,000 Navistar International Corp., 3% 10/15/2014 2,009,876 2,087,142 USD 2,400,000 Tervita Corp., 9.75% 11/01/2019 2,354,136 2,261,982

122,500 TransForce Inc. 2,620,176 2,650,900 15,000 Union Pacific Corp. 2,138,631 2,400,575 20,000 United Parcel Service Inc., Class B 1,790,110 1,883,131 60,000 United Technologies Corp., Preferred 7.5%,

Convertible 3,998,808 4,005,439 25,539,476 26,702,806

UTILITIES (4.6%) 435,000 Brookfield Infrastructure Partners L.P. 16,762,426 17,038,950 30,000 Duke Energy Corp. 2,069,820 2,063,904

300,000 National Grid PLC 3,509,565 3,654,632 22,341,811 22,757,486

Cambridge High Income FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 82 – CIG - 6803


FINANCIALS (26.8%) 176,100 American Capital Agency Corp. 4,336,464 4,093,999 171,600 Annaly Capital Management Inc. 2,163,416 2,045,067 38,304 Asian Citrus Holdings Ltd., Preferred 1,076,995 1,058,970 75,000 Australia & New Zealand Banking Group Ltd. 2,269,848 2,218,304

150,000 Bank of America Corp. 1,480,959 2,132,196 107,481 Barclays Bank PLC, Preferred, ADR 2,718,052 2,815,366 200,000 Brookfield Office Properties Inc.* 3,489,399 3,934,000 425,000 Brookfield Property Partners L.P. 9,685,791 8,495,750 250,000 Canadian Apartment Properties REIT 5,137,500 5,110,000 889,700 Choice Properties REIT 8,897,000 9,003,764 849,400 Dundee International Real Estate

Investment Trust 9,026,350 7,975,866 5,655,000 Dundee International Real Estate

Investment Trust 5.5% 07/31/2018* 5,655,000 5,739,825 600,200 FAM Real Estate Investment Trust 5,904,550 5,167,722 168,800 Granite Real Estate Investment Trust 6,515,680 6,215,216 94,950 HSBC Holdings PLC, Preferred 8.5% 2,709,531 2,647,525

USD 3,000,000 Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 7.75% 01/15/2016 3,078,485 3,190,569

200,000 Intact Financial Corp. 12,082,377 12,354,000 24,896 MetLife Inc. 1,273,807 1,203,218 20,991 MetLife Inc., Preferred 5% 1,072,928 618,813 75,000 National Australia Bank Ltd. 2,552,138 2,473,430

USD 1,500,000 National Money Mart Co., 10.375% 12/15/2016 1,613,553 1,618,460

455,000 Och-Ziff Capital Management Group LLC, Class A* 4,685,190 5,150,696

850,000 Pure Industrial Real Estate Trust* 3,167,378 3,748,500 125,000 Schroders PLC 4,575,636 5,367,714 45,000 Simon Property Group Inc. 6,981,009 6,869,843

150,000 Sun Life Financial Inc. 4,305,604 4,935,000 30,000 T. Rowe Price Group Inc. 2,259,021 2,222,119

300,738 THL Credit Inc. 4,376,339 4,832,476 25,000 Toronto-Dominion Bank 2,257,762 2,317,000

1,189,000 Tricon Capital Group Inc.* 7,312,350 8,037,640 132,660,112 133,593,048

ENERGY (17.9%) 150,000 ARC Resources Ltd.* 3,592,154 3,936,000

4,950,000 Athabasca Oil Corp., Ristricted, 7.5% 11/19/2017 4,950,000 4,770,562

150,000 Canadian Natural Resources Ltd. 5,139,948 4,855,500 1,350,000 CanElson Drilling Inc. 6,514,970 8,613,000

75,000 Canyon Services Group Inc. 898,346 876,750 151,900 Gibson Energy Inc.* 2,682,897 3,726,107 156,650 Keyera Corp.* 7,152,309 9,170,291 415,300 Mullen Group Ltd. 9,199,213 10,424,030

11,800,000 Paramount Resources Ltd., 8.25% 12/13/2017 11,889,500 12,141,708 9,134,000 Perpetual Energy Inc., 8.75% 03/15/2018 8,993,620 8,662,077

210,000 Peyto Exploration & Development Corp. 4,810,749 6,377,700 215,000 The Williams Cos Inc. 8,138,224 8,050,071 660,000 Whitecap Resources Inc. 6,494,178 7,986,000

80,456,108 89,589,796




– 83 –

Cambridge High Income Fund Statement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)

‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.*Denotes all or part of securities on loan.





1 Canadian Imperial Bank of Commerce A-1 10-Oct-13 0.73 (1,228,000) Euro 1,681,267 Canadian $ (30,411)1 Toronto-Dominion Bank A-1+ 10-Oct-13 1.04 (38,989,000) US $ 40,565,715 Canadian $ 394,988 Total Foreign Currency Forward Contracts Value 364,577


MATERIALS (4.2%) USD 3,100,000 Detour Gold Corp., 5.5% 11/30/2017 3,216,082 2,833,915 USD 2,450,000 IAMGOLD Corp., 6.75% 10/01/2020 2,379,311 2,201,853 USD 8,000,000 Inmet Mining Corp., 8.75% 06/01/2020 7,977,952 8,755,395

4,580,000 Sherritt International Corp., 7.5% 09/24/2020 4,580,000 4,385,350 100,000 Silver Wheaton Corp. 2,692,080 2,551,000


125,000 Cap Gemini S.A. 6,979,922 7,658,127 250,000 Infineon Technologies AG 2,218,219 2,569,605 30,000 KLA-Tencor Corp. 1,644,537 1,879,423 51,000 Microchip Technology Inc.* 2,079,380 2,116,004

100,000 Microsoft Corp. 3,324,821 3,430,055 40,000 Xilinx Inc. 1,838,319 1,930,719

18,085,198 19,583,933 PRIVATE PLACEMENTS (0.7%)

50,000 Empire Co., Ltd., Private Placement 3,800,000 3,719,000

TELECOMMUNICATION SERVICES (0.5%) 105,332 US Cellular Corp., Preferred 6.95% 2,838,326 2,618,029


Total Bonds & Equities (86.9%) 416,012,942 434,004,865





Net Assets (100.0%) 499,355,106

Principal amounts stated in:USD U.S. Dollar

Cambridge High Income Fund Financial Statements (unaudited)





foreign currency forward contractsSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for unit redemptionsPayable for cash collateral under securities lending (Note 6)Performance fees payable (Note 5)Investments sold short at fair value**Distributions payable



Net assets per classClass AClass EClass FClass IClass O





434,005 412,41467,235 22,496

- -- -- -- -

395 435- -- -

2,594 607- 1,834- -

2,251 3,719506,480 441,505

- -- -- -

30 -- -

5,138 -1,952 3,848

- -- -- -5 -

7,125 3,848499,355 437,657

416,013 377,654- -

430,256 373,914976 -

57,244 53,12710,154 10,616

725 -

13.27 13.369.88 -

14.67 14.6517.69 17.519.88 -

32,411,896 27,977,64198,825 -

3,900,909 3,625,232574,015 606,41173,436 -




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






Increase (decrease) in net assets from operations per classClass AClass EClass FClass IClass O



7,833 8,5914,058 3,743

58 120- -- -- -- -

(384) (223)11,565 12,231

4,012 5,337470 611

1 1453 667

4,936 6,6166,629 5,615

20,684 (433)(37) (94)

(662) (645)- -

(16,838) 16,0573,147 14,8859,776 20,500

8,043 16,31311 -

1,402 3,390320 797

- -

0.27 0.420.24 -0.39 0.540.55 0.710.02 -


2013 2012

Cambridge High Income Fund Financial Statements (unaudited)

– 85 –

























10,616 18,708

41 3,348157 212(769) (3,786)(571) (226)

- (102)(142) (268)(69) (33)

(211) (403)320 797

10,154 18,876

- -

725 -4 -- -

729 -

- -- -

(4) -(4) -- -

725 -

437,657 610,938

154,131 113,0239,073 13,007

(99,115) (120,906)64,089 5,124

- (4,186)(7,823) (11,116)(4,344) (1,356)

(12,167) (16,658)9,776 20,500

499,355 619,904

373,914 504,514

132,985 90,1438,004 11,082

(82,062) (98,433)58,927 2,792

- (3,513)(6,826) (9,336)(3,802) (1,138)

(10,628) (13,987)8,043 16,313

430,256 509,632

- -

969 -3 -- -

972 -

- -- -

(7) -(7) -11 -

976 -

53,127 87,716

19,411 19,532905 1,713

(16,284) (18,687)4,032 2,558

- (571)(855) (1,512)(462) (185)

(1,317) (2,268)1,402 3,390

57,244 91,396


2013 2012



2013 2012


Cambridge High Income Fund Financial Statements – Supplementary Schedules (unaudited)

– 86 –







2013 2012

27,977,641 38,616,7149,990,225 6,939,494

603,330 849,895(6,159,300) (7,575,297)32,411,896 38,830,806

- -98,527 -

298 -- -

98,825 -

3,625,232 6,219,2131,319,011 1,383,670

61,917 121,204(1,105,251) (1,322,726)3,900,909 6,401,361

606,411 1,130,7522,299 203,4258,933 12,711

(43,628) (230,014)574,015 1,116,874

- -72,999 -

449 -(12) -

73,436 -








2013 2012

13.27 13.1213.28 13.14

9.88 -9.88 -

14.67 14.2814.68 14.29

17.69 16.9017.70 16.92


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

2013 2012

9.88 -9.89 -



21,409 108,62722,479 114,058



659 605- 9

Annual management fee rateClass AClass EClass FClass IClass O

Annual fixed administration fee rateClass AClass EClass FClass IClass O

1.901.850.90


0.200.150.20

-0.15


Cambridge High Income Fund Fund Specific Financial Instruments Risks (unaudited) (Note 11)



Categories Net Assets (%)Financials ................................................................................................................................. 32.8 Energy ...................................................................................................................................... 22.2 Materials.................................................................................................................................. 9.6 Industrials ................................................................................................................................ 6.9 Health Care .............................................................................................................................. 5.8 Other Net Assets (Liabilities) .................................................................................................. 5.7 Consumer Discretionary........................................................................................................... 5.3 Utilities..................................................................................................................................... 3.8 Consumer Staples.................................................................................................................... 3.3 Information Technology ........................................................................................................... 2.8 Telecommunication Services ................................................................................................... 1.7 Foreign Currency Forward Contracts ....................................................................................... 0.1

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

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


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 150,565 (40,161) 110,404 22.1 Euro 33,903 (1,711) 32,192 6.4 British Pound 13,977 - 13,977 2.8 Swiss Franc 11,163 - 11,163 2.2 Australian Dollar 4,692 - 4,692 0.9 Total 214,300 (41,872) 172,428 34.4


Exposure Exposure Exposure AssetsCurrency (in $000’s) (in $000’s) (in $000’s) (%)US Dollar 158,512 (39,611) 118,901 27.2 British Pound 5,308 - 5,308 1.2 Total 163,820 (39,611) 124,209 28.4


– 87 –



Cambridge Income Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 88 –

FairValue ($)

Purchase Forward Agreement (7.9%)(see Schedule A) 34,073,083


Net Assets (100.0%) 428,974,139

Schedule APurchase Forward Agreement (7.9%)

Purchase Forward Agreement Fair Value ($)Restricted cash subject to forward agreement^(cash deposit is held by the Bank of Montreal) (395,437,267)

Notional Units Underlying Trust Fair Value ($)35,438,148 Cambridge Income Trust (Class C)^ 429,510,350

Total Purchase Forward Agreement Value 34,073,083

Settlement Date 24-Jan-17Credit Rating of the Counterparty‡^ A-1

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


Cambridge Income Corporate ClassFinancial Statements (unaudited)

– 89 –


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

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



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

- -91 15,250

- -395,437 363,900

- -- -- -

34,073 38,243- -- -1 786- -- -- -

429,602 418,179

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

211 248- -

417 361- -- 73- -

628 682428,974 417,497

- -- -

398,668 388,4603,569 3,3302,317 2,234

10,701 9,4706,425 6,629

365 260294 26061 60

3,781 4,050402 408329 331

2,062 2,005




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


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

11.35 10.9711.37 10.9811.56 11.1111.76 11.2410.41 10.3010.41 10.3010.61 10.4410.80 10.589.85 9.909.89 9.93

10.05 10.0410.24 10.18

35,120,580 35,404,997313,811 303,186200,396 201,084910,340 842,733617,334 643,37935,022 25,27627,716 24,9395,669 5,690

383,740 408,94840,671 41,11732,737 32,931

201,320 197,042




– 90 –




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


Forward feesCapital gain distribution from investmentsChange in unrealized appreciation (depreciation) of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations

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


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

- -68 16

- -- -- -

596 426- -

664 442

3,984 2,449441 269

- -482 352

4,907 3,070(4,243) (2,628)

- -(4,243) (2,628)

25,549 31 10- -

(2,454) (1,542)- -

(4,170) 7,60318,926 6,07414,683 3,446

13,475 3,152127 17100 32479 76221 7214 -12 22 7

135 4215 113 1590 30

0.38 0.130.40 0.230.47 0.220.53 0.340.35 0.180.36 0.360.41 0.240.48 0.320.34 0.190.35 0.080.41 0.310.46 0.27


2013 2012


Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)











388,460 12,006

3,318 263,479- -

(5,139) (6,099)(1,446) 63,269(3,267) 320,649

- -- -- -- -

13,475 3,152398,668 335,807

3,330 247

106 440- -

(284) (26)290 761112 1,175

- -- -- -- -

127 173,569 1,439

2,234 918

48 1,001- -

(172) (362)107 737(17) 1,376

- -- -- -- -

100 322,317 2,326


2013 2012




– 91 –















9,470 103

634 3,468- -

(372) (18)490 23752 3,473

- -- -- -- -

479 7610,701 3,652

6,629 2,746

85 1,688- -

(237) (29)(118) 454(270) 2,113

- -- -

(155) (104)(155) (104)221 72

6,425 4,827

260 1

100 9- -- -- -

100 9

- -- -

(9) -(9) -14 -

365 10


2013 2012













260 26

- 72- -- -

29 -29 72

- -- -

(7) (2)(7) (2)12 2

294 98

60 1

- 259- -- (2)- 251- 508

- -- -

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

61 510

4,050 1,267

94 1,00514 5

(183) (52)(175) 668(250) 1,626

- -- -

(154) (93)(154) (93)135 42

3,781 2,842


2013 2012

– 92 –
















408 1

- 215- -

(5) -- -

(5) 215

- -- -

(16) (4)(16) (4)15 1

402 213

331 109

- 164- -

(2) (2)- 449

(2) 611

- -- -

(13) (21)(13) (21)13 15

329 714

2,005 879

- 31033 12

(116) (11)129 -46 311

- -- -

(79) (45)(79) (45)90 30

2,062 1,175


2013 2012





417,497 18,304

4,385 272,11047 17

(6,510) (6,601)(694) 66,612

(2,772) 332,138

- -- -

(434) (275)(434) (275)

14,683 3,446428,974 353,613


2013 2012

– 93 –

Cambridge Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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

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

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

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

AT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

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

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


2013 2012

35,404,997 1,182,144302,509 25,790,269

- -(460,850) (591,734)(126,076) 6,199,631

35,120,580 32,580,310

303,186 24,3439,569 43,024

- -(25,454) (2,551)26,510 74,701

313,811 139,517

201,084 90,2273,749 97,602

- -(14,685) (35,433)10,248 71,687

200,396 224,083

842,733 10,07256,027 338,752

- -(32,497) (1,719)44,077 2,362

910,340 349,467

643,379 273,8098,269 169,784

27 2(22,889) (2,876)(11,452) 45,778617,334 486,497

25,276 1019,721 912

25 18- -- -

35,022 1,031

24,939 2,5911 7,1917 7- -

2,769 -27,716 9,789

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

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

ET8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period

OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period


2013 2012

5,690 101- 25,679

25 18(46) (183)

- 25,0185,669 50,633

408,948 127,4419,588 102,6191,383 467

(18,447) (5,314)(17,732) 68,235383,740 293,448

41,117 10211 21,77443 30

(500) -- -

40,671 21,906

32,931 10,972- 16,7926 12

(200) (202)- 45,516

32,737 73,090

197,042 88,011- 31,262

3,270 1,236(11,441) (1,092)12,449 -

201,320 119,417

– 94 –

Cambridge Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)



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

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

1.901.850.90




0.200.150.200.150.200.150.200.150.200.150.200.15


The maximum management and fixed administration fee expressed as a percentage of the dailynet asset value that can be charged to a class of shares is as follows:

Cambridge Income Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)

– 95 –


The Underlying Trust’s investments were concentrated in the following segments:


Categories Net Assets (%)Canada ..................................................................................................................................... 40.3U.S.A. ....................................................................................................................................... 26.1Other Net Assets (Liabilities) .................................................................................................. 11.0Bermuda ................................................................................................................................... 5.5U.K............................................................................................................................................ 4.7Germany ................................................................................................................................... 3.0Netherlands ............................................................................................................................. 2.7Switzerland .............................................................................................................................. 2.3France....................................................................................................................................... 2.2Belgium .................................................................................................................................... 1.0Australia................................................................................................................................... 0.8Brazil ........................................................................................................................................ 0.2Marshall Islands ...................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... 0.1


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 45.8 Canada ..................................................................................................................................... 37.6 Other Net Assets (Liabilities) .................................................................................................. 4.6 U.K............................................................................................................................................ 4.3 Bermuda ................................................................................................................................... 2.1 Switzerland .............................................................................................................................. 2.0 Netherlands ............................................................................................................................. 1.9 Italy .......................................................................................................................................... 0.6 Germany ................................................................................................................................... 0.6 France....................................................................................................................................... 0.4 Foreign Currency Forward Contracts ....................................................................................... 0.1

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

Currency RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct exposure tocurrency risk.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposureof the Underlying Trust.

The tables below summarize the Underlying Trust’s exposure to currency risk.

as at September 30, 2013Currency Net Asset (%)US Dollar 21.8 European Currency 5.7 British Pound 2.7 Swiss Franc 2.3 Australian Dollar 0.8 Total 33.3

Currency Risk (cont’d)

as at March 31, 2013Currency Net Asset (%)US Dollar 38.0 European Currency 2.6 Swiss Franc 2.0 British Pound 1.8 Norwegian Krone 0.5 Total 44.9

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Underlying Trust, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $14,303,000 (March 31, 2013 - $18,056,000). In practice, actual results may differ fromthis analysis and the difference may be material.


Schedule APurchase Forward Agreement (6.8%)

Purchase Forward Agreement Fair Value ($)Restricted cash subject to forward agreement(cash deposit is held by the Bank of Montreal^) (156,618,575)

Notional Units Underlying Trust Fair Value ($)13,881,941 Signature High Yield Bond Trust (Class C)^ 168,249,130

Total Purchase Forward Agreement Value 11,630,555

Settlement date 24-Jan-17Credit Rating of the Counterparty‡^ A-1

Cambridge Income FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)

– 96 – CIG - 635

Purchase Forward Agreement (6.8%)(see Schedule A) 11,630,555


Net Assets (100.0%) 170,123,778

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


FairValue ($)

Cambridge Income FundFinancial Statements (unaudited)


AssetsInvestments at fair value*CashRestricted cash subject to forward agreementShort-term investmentsMargin for short salesIncome taxes recoverableDaily variation margin on derivative investmentsUnrealized gain on purchase forward agreementUnrealized gain on futures and foreign currency forward contractsCash collateral received for securities on loan (Note 6)Swaps, swaptions and options at fair valueReceivable for unit subscriptionsReceivable for securities soldFees rebate receivableReceivable for dividends and accrued interest

LiabilitiesBank overdraftManagement fees payableAccrued expensesUnrealized loss on purchase forward agreementUnrealized loss on futures and foreign currency forward contractsSwaps, swaptions and options at fair valuePayable for securities purchasedPayable for unit redemptionsForward fee payablePayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable



Net assets per classClass AClass EClass FClass O

Net assets per unit Class AClass EClass FClass O


Class AClass EClass FClass O






Forward feesChange in unrealized appreciation (depreciation)


Increase (decrease) in net assets from operations per classClass AClass EClass FClass O


Class AClass EClass FClass O

- -2,140 12,037

156,619 141,700- -- -- -- -

11,631 12,293- -- -- -- -

42 1,412- -- -

170,432 167,442

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

143 116165 135

- -- -- -

308 251170,124 167,191

- -- -

160,281 157,8545,442 5,0051,716 1,6902,685 2,642

10.66 10.5010.66 10.5010.66 10.4910.65 10.47

15,036,052 15,035,306510,491 476,762160,989 161,124252,043 252,294

- -61 5

- -- -- -

236 -- -

297 5

1,625 511177 65

- -195 59

1,997 635(1,700) (630)

8,919 3- -- -

(942) (362)

(662) 2,2217,315 1,8625,615 1,232

5,243 1,166185 2066 19

121 27

0.34 0.190.36 0.270.40 0.200.47 0.32


2013 2012




– 98 –

Cambridge Income FundFinancial Statements (unaudited)





















2,642 264

150 1,28463 26

(221) (324)(8) 986

- (26)- -

(70) -(70) (26)121 27

2,685 1,251

167,191 33,896

13,609 67,6662,570 1,074

(15,912) (5,275)267 63,465

- (26)- -

(2,949) (1,228)(2,949) (1,254)5,615 1,232

170,124 97,339

157,854 32,852

12,424 64,4082,406 1,016

(14,900) (4,718)(70) 60,706

- -- -

(2,746) (1,188)(2,746) (1,188)5,243 1,166

160,281 93,536

5,005 194

612 1,20773 16

(337) (1)348 1,222

- -- -

(96) (17)(96) (17)185 20

5,442 1,419

1,690 586

423 76728 16

(454) (232)(3) 551

- -- -

(37) (23)(37) (23)66 19

1,716 1,133


2013 2012



2013 2012


Cambridge Income FundFinancial Statements – Supplementary Schedules (unaudited)

– 99 –






2013 2012

15,035,306 3,254,4421,181,057 6,403,949

227,740 100,960(1,408,051) (469,176)15,036,052 9,290,175

476,762 19,20558,540 120,3596,939 1,541

(31,750) (116)510,491 140,989

161,124 58,05040,208 76,2462,645 1,560

(42,988) (23,233)160,989 112,623

252,294 26,18414,420 128,3706,006 2,550

(20,677) (32,565)252,043 124,539


Annual management fee rateClass AClass EClass FClass O

Annual fixed administration fee rateClass AClass EClass FClass O

1.901.850.90


0.200.150.200.15


The maximum management and fixed administration fee expressed as a percentage of the daily netasset value that can be charged to a class is as follows:


Cambridge Income FundFund Specific Financial Instruments Risks (unaudited) (Note 11)

The Underlying Trust’s investments were concentrated in the following segments:


Categories Net Assets (%)Canada ..................................................................................................................................... 40.3U.S.A. ....................................................................................................................................... 26.1Other Net Assets (Liabilities) .................................................................................................. 11.0Bermuda ................................................................................................................................... 5.5U.K............................................................................................................................................ 4.7Germany ................................................................................................................................... 3.0Netherlands ............................................................................................................................. 2.7Switzerland .............................................................................................................................. 2.3France....................................................................................................................................... 2.2Belgium .................................................................................................................................... 1.0Australia................................................................................................................................... 0.8Brazil ........................................................................................................................................ 0.2Marshall Islands ...................................................................................................................... 0.1Foreign Currency Forward Contracts ....................................................................................... 0.1


Categories Net Assets (%)U.S.A. ....................................................................................................................................... 45.8 Canada ..................................................................................................................................... 37.6 Other Net Assets (Liabilities) .................................................................................................. 4.6 U.K............................................................................................................................................ 4.3 Bermuda ................................................................................................................................... 2.1 Switzerland .............................................................................................................................. 2.0 Netherlands ............................................................................................................................. 1.9 Italy .......................................................................................................................................... 0.6 Germany ................................................................................................................................... 0.6 France....................................................................................................................................... 0.4 Foreign Currency Forward Contracts ....................................................................................... 0.1

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

Currency RiskAs at September 30, 2013 and March 31, 2013, the Fund had no significant direct exposure tocurrency risk.

As at September 30, 2013 and March 31, 2013, the Fund indirectly bears the currency risk exposureof the Underlying Trust.

The tables below summarize the Underlying Trust’s exposure to currency risk.

as at September 30, 2013Currency Net Assets (%)US Dollar 21.8 European Currency 5.7 British Pound 2.7 Swiss Franc 2.3 Australian Dollar 0.8 Total 33.3

– 100 –


Currency Risk (cont’d)

as at March 31, 2013Currency Net Assets (%)US Dollar 38.0 European Currency 2.6 Swiss Franc 2.0 British Pound 1.8 Norwegian Krone 0.5 Total 44.9

As at September 30, 2013, had the Canadian dollar strengthened or weakened by 10% (March 31,2013 - 10%) in relation to all other foreign currencies held in the Underlying Trust, with all othervariables held constant, net assets of the Fund would have decreased or increased, respectively, byapproximately $5,603,000 (March 31, 2013 - $6,914,000). In practice, actual results may differ from thisanalysis and the difference may be material.


– 101 –

CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited)


1. THE FUNDS

The following funds are open-ended mutual fund trusts created under the laws of Ontario by declarations of trust. “Inception Date” is the date upon which units of a class of a Fund were created under prospectus.

Inception Date:

Class A Class AT6 Class B Class C Class D Class E Class F Class I Insight

CI Funds

CI Alpine Growth Equity Fund May 1, 97 - - - - - Dec. 13, 99 - -

CI American Small Companies Fund Sep. 9, 86 - - - - - Jul. 17, 00 Jul. 31, 01 -

CI American Value Fund May 27, 57 - - - - Jul. 27, 11 Aug. 30, 00 Nov. 1, 96 Jul. 15, 03

CI Canadian Dividend Fund Feb. 01, 05 Jul. 07, 08 - - Sep. 1, 04 Jul. 26, 12 Jun. 13, 06 Jun. 13, 06 -

CI Canadian Dividend Growth Fund Feb. 01, 05 - Sep. 01, 04 - Sep. 1, 04 - Jun. 13, 06 Jun. 13, 06 -

CI Canadian Investment Fund Nov. 16, 32 - - - - Jul. 27, 11 Aug. 30, 00 Nov. 1, 96 Jul. 15, 03

CI Canadian Small/Mid Cap Fund Nov. 1, 92 - - - - - Dec. 13, 99 Jun. 20, 05 -

CI Global Fund Feb. 28, 86 - - - - - Jul. 17, 00 Jul. 31, 01 Jul. 15, 03

CI Global High Dividend Advantage Fund Jan. 23, 06* - - - - Jul. 27, 11* Feb. 23, 06* Feb. 23, 06* -

CI Global Small Companies Fund Apr. 7, 93 - - - - - Jul. 17, 00 Jul. 31, 01 Jul. 15, 03

CI Global Value Fund Jun. 12, 96 - - - - - Jul. 17, 00 Jul. 31, 01 -

CI Income Fund Sep. 17, 10 - - Sep. 17, 10 - - Sep. 17, 10 Jul. 13, 10 -

CI International Value Fund Jun. 12, 96 - - - - - Jul. 31, 01 Jul. 31, 01 Jul. 15, 03

CI Money Market Fund Oct. 1, 90 - - - - Jul. 27, 11 Jul. 31, 01 Jul. 31, 01 Jul. 15, 03

CI Pacific Fund Oct. 31, 81 - - - - - Jul. 17, 00 Jun. 20, 05 -

CI U.S. Dividend Growth Fund Jun. 13, 06 Jul. 07, 08 - - Jun. 13, 06 - Jun. 13, 06 Jun. 13, 06 -

CI U.S. Equity Plus Fund Feb. 01, 05 Jul. 07, 08 - - May 1, 00 Jul. 26, 12 Jun. 13, 06 Jun. 13, 06 -

CI US Money Market Fund Jan. 30, 95 - - - - - - - -

Lawrence Park Strategic Income Fund Jun. 20, 13 - - - - Jun. 20, 13 Jun. 20, 13 Jun. 20, 13 -

Class O Class Z

CI Funds (cont’d)

CI Alpine Growth Equity Fund - -

CI American Small Companies Fund - -

CI American Value Fund Jul. 27, 11 -

CI Canadian Dividend Fund Jul. 26, 12 -

CI Canadian Dividend Growth Fund - -

CI Canadian Investment Fund Jul. 27, 11 -

CI Canadian Small/Mid Cap Fund Jul. 26, 13 -

CI Global Fund Jul. 26, 13 -

CI Global High Dividend Advantage Fund Jul. 27, 11 -

CI Global Small Companies Fund Jul. 26, 13 -

CI Global Value Fund Jul. 26, 13 -

CI Income Fund Jul. 26, 13 -

CI International Value Fund Jul. 26, 13 -

CI Money Market Fund Jul. 27, 11 Jul. 14, 10

CI Pacific Fund Jul. 26, 13 -

CI U.S. Dividend Growth Fund Jul. 26, 13 -

CI U.S. Equity Plus Fund Jul. 26, 12 -

CI US Money Market Fund - -

Lawrence Park Strategic Income Fund Jun. 20, 13 -

Class A Class F Class I Class W

Portfolio Select Series

Select Canadian Equity Managed Fund - - Nov. 22, 06 -

Select International Equity Managed Fund - - Nov. 22, 06 -

Select Staging Fund Nov. 7, 05 Nov. 7, 05 Nov. 7, 05 Nov. 7, 05

Select U.S. Equity Managed Fund - - Nov. 22, 06 -

– 102 –

CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)


Inception Date:

Class A Class AT6 Class E Class F Class I Class O

Cambridge Funds

Cambridge American Equity Fund May 25, 89 - - Jul. 17, 00 Jul. 31, 01 -

Cambridge Canadian Growth Companies Fund Feb. 14, 11 Feb. 14, 11 Jul. 26, 12 Feb. 14, 11 - Jul. 26, 12

Cambridge Global Dividend Fund Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13

Cambridge High Income Fund Jul. 20, 07 - Jul. 26, 13 Jul. 20, 07 Jul. 20, 07 Jul. 26, 13

Cambridge Income Fund Dec. 29, 11* - Dec. 29, 11* Dec. 29, 11* - Dec. 29, 11*

Cambridge Pure Canadian Equity Fund Feb. 14, 11 Feb. 14, 11 - Feb. 14, 11 Jul. 28, 11 -

Class A Class E Class F Class I Class O Class Z

Harbour Funds

Harbour Fund Jun. 27, 97 Jul. 27, 11 Jul. 17, 00 Jul. 31, 01 Jul. 27, 11 -

Harbour Growth & Income Fund Jun. 27, 97 Jul. 27, 11 Jul. 31, 01 Jul. 31, 01 Jul. 27, 11 Jul. 15, 03

Class A Class AT6 Class D Class F Class I Class O

Black Creek Funds

Black Creek Global Leaders Fund Feb. 01, 05 Jul. 07, 08 May 01, 00 Jun. 13, 06 Jun. 13, 06 -

Black Creek Global Balanced Fund Jan. 31, 07 Jul. 07, 08 Jan. 31, 07 Jan. 31, 07 Jan. 31, 07 Jul. 26, 13

Black Creek International Equity Fund Sep. 25, 08 Sep. 25, 08 - Sep. 25, 08 Sep. 25, 08 -

Class A Class AT6 Class C Class D Class E Class F Class I Insight Class O Class U

Signature Funds

Signature Canadian Balanced Fund Jun. 25, 97 Jul. 26, 12 - Jul. 26, 12 - Jul. 17, 00 Jul. 15, 03 - Jul. 26, 13 Jul. 18, 09

Signature Canadian Bond Fund Jan. 20, 93 - - - Jul. 27, 11 Jul. 17, 00 Jul. 31, 01 Jul. 15, 03 Jul. 27, 11 -

Signature Cash Management Fund - - Apr. 2, 13 - - - - - - -

Signature Corporate Bond Fund Dec. 16, 01 - - - Jul. 27, 11 Jul. 15, 03 Jul. 15, 03 Jul. 15, 03 Jul. 27, 11 -

Signature Diversified Yield Fund Nov. 10, 09* - - - Jul. 27, 11* Nov. 10, 09* Nov. 10, 09* - Jul. 27, 11* -

Signature Diversified Yield II Fund Feb. 14, 11 - - - Jul. 26, 12 Feb. 14, 11 Jul. 28, 11 - Jul. 26, 12 -

Signature Dividend Fund Oct. 29, 96 - - - Jul. 27, 11 Jul. 31, 01 Jul. 15, 03 - Jul. 27, 11 -

Signature Emerging Markets Fund Sep. 10, 91 - - - - Jul. 17, 00 Jul. 31, 01 - Jul. 26, 13 -

Signature Global Bond Fund Aug. 31, 92 - - - Jul. 27, 11 Jul. 17, 00 Jul. 31, 01 Jul. 15, 03 Jul. 27, 11 -

Signature Global Dividend Fund Dec. 20, 12 - - - Dec. 20, 12 Dec. 20, 12 Jul. 26, 13 - Dec. 20, 12 -

Signature Global Income & Growth Fund Feb. 22, 07 - - - Jul. 27, 11 Feb. 22, 07 Feb. 22, 07 - Jul. 27, 11 -

Signature Global Resource Fund

(formerly Signature Canadian Resource Fund) Apr. 11, 97 - - - - Jul. 31, 01 - - - -

Signature High Income Fund Dec. 18, 96 - - - Jul. 27, 11 Jul. 31, 01 Aug. 28, 02 - Jul. 27, 11 -

Signature High Yield Bond Fund Dec. 29, 11* - - - Jul. 26, 12* Dec. 29, 11* Dec. 29, 11* - Jul. 26, 12* -

Signature High Yield Bond II Fund

(formerly Signature High Yield Bond Trust) Jul. 26, 13 - - Dec. 29, 11 - - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 -

Signature Income & Growth Fund Nov. 13, 00 Jul. 26, 12 - - Jul. 27, 11 Nov. 13, 00 Jun. 20, 05 - Jul. 27, 11 -

Signature International Fund Aug. 5, 99 - - - - Jul. 17, 00 Jul. 13, 03 Jul. 15, 03 Jul. 26, 13 -

Signature Select Canadian Fund May 13, 98 - - - Jul. 27, 11 Jul. 17, 00 Jul. 31, 01 Jul. 15, 03 Jul. 27, 11 -

Signature Select Global Fund Jul. 14, 10 - - - - Jul. 14, 10 Nov. 8, 06 - Jul. 26, 13 -

Signature Short-Term Bond Fund May 31, 76 - - - - Nov. 17, 00 Nov. 1, 96 - Jul. 26, 13 -

Class X Class Y Class Z

Signature Funds (cont’d)

Signature Canadian Balanced Fund - Jul. 18, 09 Jun. 20, 05

Signature Canadian Bond Fund - Jul. 26, 12 Jul. 26, 12

Signature Cash Management Fund - - -

Signature Corporate Bond Fund - - Jul. 26, 12

Signature Diversified Yield Fund - - -

Signature Diversified Yield II Fund - - -

Signature Dividend Fund Jul. 15, 03* Jul. 15, 03* Jul. 15, 03

Signature Emerging Markets Fund - - -

– 103 –



Inception Date:

Class X Class Y Class Z

Signature Funds (cont’d)

Signature Global Bond Fund - - -

Signature Global Dividend Fund - - -

Signature Global Income & Growth Fund - - -

Signature Global Resource Fund

(formerly Signature Canadian Resource Fund) - - -

Signature High Income Fund - - -

Signature High Yield Bond Fund - - -

Signature High Yield Bond II Fund

(formerly Signature High Yield Bond Trust) Jul. 26, 13 - -

Signature Income & Growth Fund - - -

Signature International Fund - - -

Signature Select Canadian Fund - - Jun. 20, 05

Signature Select Global Fund - - -

Signature Short-Term Bond Fund - - -

Class A Class F Class I

Synergy Funds

Synergy American Fund Aug. 31, 92 Jul. 17, 00 Jul. 31, 01

Synergy Tactical Asset Allocation Fund Sep. 18, 98 Nov. 13, 00 Aug. 22, 02

Class A Class AT5 Class AT6 Class AT8 Class F Class FT5 Class FT8 Class I Class U

Portfolio Series Funds

Portfolio Series Balanced Fund Nov. 9, 88 Sep. 17, 07 - Sep. 17, 07 Aug. 30, 00 Sep. 17, 07 Sep. 17, 07 Oct. 31, 96 -

Portfolio Series Balanced Growth Fund Dec. 17, 01 Sep. 17, 07 Jul. 26, 12 Sep. 17, 07 Dec. 17, 01 - Sep. 17, 07 Jun. 20, 05 -

Portfolio Series Conservative Balanced Fund Dec. 17, 01 - Jul. 26, 12 - Dec. 17, 01 - - Jun. 20, 05 -

Portfolio Series Conservative Fund Dec. 1, 97 - Aug. 10, 12 - Aug. 30, 00 - - Dec. 1, 97 Jul. 26, 12

Portfolio Series Growth Fund Dec. 17, 01 Sep. 17, 07 Jul. 26, 12 Sep. 17, 07 Dec. 17, 01 - Sep. 17, 07 Aug. 28, 02 -

Portfolio Series Income Fund Dec. 1, 97 - - - Aug. 30, 00 - - Dec. 1, 97 -

Portfolio Series Maximum Growth Fund Dec. 17, 01 Sep. 17, 07 - Sep. 17, 07 Dec. 17, 01 - Sep. 17, 07 Jun. 20, 05 -

Class UT6 Class Y Class Z

Portfolio Series Funds (cont’d)

Portfolio Series Balanced Fund - - -

Portfolio Series Balanced Growth Fund - - -

Portfolio Series Conservative Balanced Fund - - -

Portfolio Series Conservative Fund Jul. 26, 12 Jul. 14, 10 Jul. 14, 10

Portfolio Series Growth Fund - - -

Portfolio Series Income Fund - - -

Portfolio Series Maximum Growth Fund - - -

*These Classes are no longer available for purchase.

– 104 –



Effective as of close of business on July 26, 2013, the following Fund was merged:

Terminating Fund Continuing Fund

Cambridge Canadian Stock Fund Cambridge Canadian Equity Corporate Class

The Manager adopted the acquisition method of accounting for the merger of the Fund. Under this method one

of the Funds is identified as the acquiring Fund, and is referred to as the “Continuing Fund” and any other Fund

involved in the merger is referred to as the “Terminating Fund”. This identification is based on a comparison of

the relative net asset value of the Funds as well as consideration of the continuation of such aspects of the

Continuing Fund as: investment objectives and practices and type of portfolio securities.

Effective as of the close of business on July 26, 2013, the Continuing Fund acquired all of the assets of the

corresponding Terminating Fund in exchange for units in the Continuing Fund. The value of the units of the

Continuing Fund issued in connection with these merger, were equal to the net assets transferred from the

respective Terminating Fund. The cost associated with the merger was borne by the Manager.

Net Asset Units

Terminating Fund Continuing Fund Acquired ($) Issued

Cambridge Canadian Stock Fund Cambridge Canadian Equity

Corporate Class 43,963,290 401,296

The Terminating Fund’s results are not included in these financial statements.

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a Fund’s

return of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary

income rather than capital gains. The government refers to these as "character conversion transactions." The

Manager is assessing the impact and implications of these changes.

The following Funds currently use forward agreements and are impacted by changes in legislation:

CI Global High Dividend Advantage Fund

Cambridge Income Fund

Signature Diversified Yield Fund

Signature High Yield Bond Fund

The CI Income Fund entered into a forward purchase agreement (the "Forward Purchase Agreement") with the

Bank of Montreal. Under the Forward Purchase Agreement, the Fund agrees to buy securities from the Bank of

Montreal in return for a purchase price of the Select Income Advantage Managed Trust (“Underlying Trust”).

The Fund’s restricted cash subject to forward agreement was deposited with Bank of Montreal and pledged to

the counterparty as security for performance of the Fund of its obligation under the forward agreement. Through

the forward agreement the Fund provides unitholders with exposure to the performance of the Underlying Trust.

The Underlying Trust consists of investment grade fixed income securities, such as bonds, debentures of

governments and corporations issued by issuers anywhere in the world. However, neither the Fund nor the

unitholders will have any ownership interest in the Underlying Trust.

The CI Global High Dividend Advantage Fund entered into a forward purchase agreement (the "Forward

Purchase Agreement") with National Bank of Canada. Under the Forward Purchase Agreement, the Fund agrees

to buy securities from the National Bank of Canada in return for a purchase price of the National Bank of Canada

Global AA Units (“Underlying Account”). The Fund’s restricted cash subject to forward agreement was

deposited with National Bank of Canada and pledged to the counterparty as security for performance of the

Fund of its obligations under the forward agreement. Through the forward agreement the Fund provides

unitholders with exposure to the performance of the Underlying Account. The Underlying Account consists of

dividend paying common and preferred shares, debentures, income trusts, equity-related securities and

convertible securities issued by issuers anywhere in the world. However, neither the Fund nor the unitholders

will have any ownership interest in the Underlying Account.

The Cambridge Income Fund entered into a forward purchase agreement (the "Forward Purchase Agreement")

with the Bank of Montreal. Under the Forward Purchase Agreement, the Fund agrees to buy securities from the

Bank of Montreal in return for a purchase price of the Cambridge Income Trust (“Underlying Trust”). The Fund’s

restricted cash subject to forward agreement was deposited with Bank of Montreal and pledged to the

counterparty as security for performance of the Fund of its obligation under the forward agreement. Through

the forward agreement the Fund provides unitholders with exposure to the performance of the Underlying Trust.

The Underlying Trust consists of fixed income and high-yielding equity investments that may include common

shares, preferred shares, real estate investment trusts and royalty trust issued by issuers anywhere in the

world. However, neither the Fund nor the unitholders will have any ownership interest in the Underlying Trust.

The Signature Diversified Yield Fund entered into a forward purchase agreements (the "Forward Purchase

Agreements") with the Bank of Montreal and the National Bank of Canada. Under the Forward Purchase

Agreements, the Fund agrees to buy securities from the Bank of Montreal and the National Bank of Canada in

return for a purchase price of the Signature Diversified Yield Trust (“Underlying Trust”). The Fund’s restricted

cash subject to forward agreement was deposited with Bank of Montreal and the National Bank of Canada and

pledged to the counterparties as security for performance of the Fund of its obligation under the forward

agreements. Through the forward agreements the Fund provides unitholders with exposure to the performance

of the Underlying Trust. The Underlying Trust consists of fixed income and high-yielding equity securities issued

by issuers anywhere in the world. However, neither the Fund nor the unitholders will have any ownership

interest in the Underlying Trust.

The Signature High Yield Bond Fund entered into a forward purchase agreement (the "Forward Purchase

Agreement") with the Bank of Montreal. Under the Forward Purchase Agreement, the Fund agrees to buy

securities from the Bank of Montreal in return for a purchase price of the Signature High Yield Bond II Fund

(“Underlying Fund”). The Fund’s restricted cash subject to forward agreement was deposited with Bank of

Montreal and pledged to the counterparty as security for performance of the Fund of its obligation under the

forward agreement. Through the forward agreement the Fund provides unitholders with exposure to the

performance of the Underlying Fund. The Underlying Fund consists of high-yielding corporate bonds and debt

obligations that are rated BBB or below, bank loans, convertible bonds, floating rate debt instruments and

private placements issued by issuers anywhere in the world. However, neither the Fund nor the unitholders will

have any ownership interest in the Underlying Fund.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at September 30,

2013. The Statements of Net Assets are as at September 30, 2013 and March 31, 2013. The Schedule of Net

Assets per Unit and Net Asset Value per Unit and Schedule of Securities Lending are as at September 30, 2013

and 2012, as applicable. The Statements of Operations, Statements of Changes in Net Assets, Schedule of Fund

Unit Transactions and Schedule of Commissions are for the periods ended September 30, 2013 and 2012, except

for Funds established during either period, in which case the information provided relates to the period from

inception to September 30, 2013 and 2012 except for CI Canadian Dividend Fund, CI Canadian Dividend Growth

Fund, CI U.S. Dividend Growth Fund, CI U.S. Equity Plus Fund, Cambridge Canadian Growth Companies Fund,

Cambridge Pure Canadian Equity Fund, Black Creek Global Leaders Fund, Black Creek Global Balanced Fund,

Black Creek International Equity Fund and Signature Diversified Yield II Fund for which the information provided

is for the six-month period from April 1, 2012 to September 30, 2012. The Fund Specific Financial Instruments

Risks for each of the Funds are as at September 30, 2013 and March 31, 2013, as applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted Accounting

Principles (“Canadian GAAP”). Significant accounting policies used in preparing the semi-annual financial

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

financial statements should be read in conjunction with the Funds’ March 31, 2013 annual financial statements.

(a) Valuation of Investments

Canadian GAAP requires the fair value of financial instruments traded in an active market to be measured based

on an investment’s bid/ask price depending on the investment position (long/short).

– 105 –



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”).

In accordance with National Instrument 81-106, a comparison between the Net Asset Value per unit and the

Net Assets per unit is disclosed in the Schedule of Net Assets per Unit and Net Asset Value per Unit, as

applicable.

At the financial reporting date, listed securities are valued based on the bid price for securities held long and

the ask price for securities held short. Unlisted securities are valued based on price quotations from recognized

investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest

reported information available. Fixed income securities, debentures, mortgage-backed securities, asset-backed

securities, money market investments and other debt instruments including short-term investments, are valued

at the bid quotation from recognized investment dealers. Underlying Funds are valued on each business day at

their net asset value as reported by the Underlying Funds’ manager.

The fair value of private placements is determined by using valuation models that may be based, in part, on

assumptions that are not supported by observable market inputs. These methods and procedures may include,

but are not limited to, performing comparisons with prices of comparable or similar securities, obtaining

valuation related information from issuers and/or other analytical data relating to the investment and using

other available indications of value. These values are independently assessed by the Manager to ensure that

they are reasonable. However, because of the inherent uncertainty of valuation, the estimated fair values for

the aforementioned securities and interests may be materially different from the values that would have been

used had a ready market for the investment existed. The fair values of private placements are affected by the

perceived credit risks of the issuer, predictability of cash flows and the length of time to maturity.

Mortgages are valued according to the present value of cash flows at interest rates for mortgages that are

similar in nature and duration.

(b) Forward Contracts

A Fund may enter into forward currency contracts. Forward currency contracts are valued on each valuation day

based on the difference between the value of the contract on the date the contract originated and the value of

the contract on the valuation day.

All unrealized gains (losses) arising from forward currency contracts are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts

are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on

investments” in the Statements of Operations.

Some Funds entered into a forward purchase agreement (“Forward Purchase Agreement”) with counterparties

(“Counterparty”).

Pursuant to each Forward Purchase Agreement the Fund agreed to purchase from the relevant Counterparty on

a future date (“Forward Date”) a specified portfolio of Canadian securities. The amount paid by the

Counterparty on the Forward Date will be determined by reference to the returns of reference fund/trust.

During the term of the Forward Purchase Agreement, the Fund will pledge its assets to the relevant

Counterparty. The Fund’s assets will be comprised solely of its cash and its Forward Purchase Agreement. The

Fund’s cash will be deposited with and pledged to the Counterparty as security for performance by the Fund of

its obligations under the forward transaction.

CI Income Fund, CI Global High Dividend Advantage Fund, Cambridge Income Fund, Signature Diversified Yield

Fund and Signature High Yield Bond Fund entered into Forward Purchase Agreements with third parties and the

value of these forward contracts on the valuation date is equal to the gain or loss that would be realized if the

contracts were closed out or expired. Investments sold forward as part of such Forward Agreements, are valued

at the market close price, and the Underlying Account/Trusts are valued at their net asset value as reported by

the Underlying Account/Trusts manager on the valuation date for purposes of determining the value of the

forward contracts. All gains (losses) arising from the forward agreements are recorded as part of “Change in


(loss) on forward agreement”/”Unrealized gain (loss) on purchase forward agreement” in the Statements of

Net Assets until the contract is closed out or expires; at which time the gains (losses) are realized and reported

as “Realized gain (loss) on investments” in the Statements of Operations.

(c) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related public

exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change in





(d) Options Contracts

Option contracts are valued each valuation day according to the gain or loss that would be realized if the

contracts were closed out. All unrealized gains (losses) arising from option contracts are recorded as part of

“Change in unrealized appreciation (depreciation) of investments” in the Statements of Operations until the

contracts are closed out or expire, at which time the gains (losses) are realized and reflected in the Statements

of Operations in “Realized gain (loss) on investments”.

Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded options are

valued at bid/ask price taken from the exchange.

(e) Equity Swaps

The fair value of equity swaps are determined using indicative bid values obtained from third-party broker-

dealers. The broker-dealers determine the fair value using valuation models that are based on assumptions that

are supported by observable market inputs, including the interest rates for that day. The indicative bid values

are independently assessed by the Manager to ensure that they are reasonable.

Any income received for equity swaps contracts is recorded as “Derivative income (loss)” in the Statements of

Operations. When the equity swaps contracts are closed out, any gains (losses) are recorded as “Realized gain

(loss) on investments” in the Statements of Operations.

(f) Bullion

Gold and platinum bullion are valued based on North America closing price of the spot price of the underlying

commodity. All unrealized gains (losses) arising from bullion holdings are recorded as part of “Change in

unrealized appreciation (depreciation) of investments” in the Statements of Operations until the bullion

holdings are sold, at which time the gains (losses) are realized and reflected in the Statements of Operations

in “Realized gain (loss) on investments”.

(g) Short Selling

When a Fund sells a security short, it will borrow that security from a broker to complete the sale. The Fund

will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of

the short sale and the date on which the Fund closes out its short position by buying that security. The Fund

will realize a gain if the security declines in price between those dates. The gains or losses arising from short

positions are reflected in the Statements of Operations as part of “Change in unrealized appreciation

(depreciation) of investments” and fair value of short positions is reflected in the Statements of Net Assets in

“Investments sold short at fair value”. When the short position is closed out, gains or losses are realized and

included in “Realized gain (loss) on investments” in the Statements of Operations.

3. UNITHOLDERS’ EQUITY

Units issued and outstanding represent the capital of each Fund.

– 106 –



Each Fund is authorized to issue an unlimited number of redeemable, transferable units of each class. Generally

the Funds have no restrictions or specific capital requirements, except for the minimum subscription/

redemption amounts and as noted below. The relevant changes pertaining to subscription and redemption of

each Fund’s units are disclosed in the Statements of Changes in Net Assets and the Schedule of Fund Unit

Transactions.

In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeavor to

invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions through utilizing a short-term borrowing facility or disposal of investments when necessary.

In order to establish individual classes the Manager has made the initial investments in the following Funds.

As at September 30, CI Investments Inc. held investments in the Funds as follows:

2013 2012

Funds (in $) (in $)

CI American Value Fund - 114

CI Canadian Dividend Fund 11,641 20,378

CI Canadian Dividend Growth Fund 20,925 -

CI Canadian Small/Mid Cap Fund 10,200 -

CI Global Fund 10,030 -

CI Global High Dividend Advantage Fund - 226

CI Global Small Companies Fund 10,210 -

CI Global Value Fund 10,110 -

CI Income Fund 10,050 -

CI International Value Fund 10,400 -

CI Pacific Fund 10,360 -

CI U.S. Dividend Growth Fund 21,868 -

CI U.S. Equity Plus Fund 26,000 20,130

Lawrence Park Strategic Income Fund 1,141,746 -

Select Staging Fund 22,000 20,000

Cambridge Canadian Growth Companies Fund - 34,010

Cambridge Global Dividend Fund 145,463 -

Cambridge High Income Fund 19,983 -

Cambridge Pure Canadian Equity Fund 2,041,242 1,424,442

Black Creek Global Balanced Fund 23,593 9,934

Signature Canadian Balanced Fund 10,100 2,240

Signature Diversified Yield II Fund - 1,266,869

Signature Dividend Fund - 3,496

Signature Emerging Markets Fund 10,280 -

Signature Global Bond Fund 103 202

Signature Global Dividend Fund 9,949 -

Signature Global Income & Growth Fund - 112

Signature High Yield Bond Fund 21,582 21,271

Signature High Yield Bond II Fund (formerly Signature High Yield Bond Trust) 50,270 -

Signature Income & Growth Fund - 1,168,572

Signature International Fund 10,280 -

Signature Select Global Fund 10,001 -

Signature Short-Term Bond Fund 10,043 -

Synergy American Fund 10,000 -

Portfolio Series Balanced Fund 16,278 5,440

Portfolio Series Balanced Growth Fund 22,222 10,461

Portfolio Series Conservative Balanced Fund 10,080 -

Portfolio Series Conservative Fund 21,422 10,340

Portfolio Series Growth Fund 22,530 10,510

Portfolio Series Income Fund 10,059 -

Portfolio Series Maximum Growth Fund 22,924 10,565

In light of the 2013 budget announcement the following Funds were closed to new purchases as of the close

of business on April 15, 2013. The Manager may re-open these Funds to new purchases at a later date.

CI Global High Dividend Advantage Fund

Cambridge Income Fund

Signature Diversified Yield Fund

Signature High Yield Bond Fund

4. INCOME TAXES

The Funds 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 taxable 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 Fund’s taxable income and net

realized capital gains that is not so paid or payable will be taxable to that Fund. 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 Fund to distribute all net income and sufficient net realized capital gains so that the Fund will not

generally be liable for income tax thereon. Occasionally, a Fund 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 2004 and 2005 may be carried forward ten years. Non-capital losses arising in

taxation years after 2005 may be carried forward twenty years. Non-capital losses carried forward may reduce

future net investment income.

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of each Fund and in consideration for management fees provides

management services required in the day-to-day operations of the Funds, including management of the

investment portfolios of the Funds.

The management fee is calculated based on the net asset values of each class of a Fund (other than Class I

and Class O) at the end of each business day. Investors in Class I and Class O units are charged management

fees directly as negotiated between the investor and the Manager.

During the period ended September 30, 2013, the Manager of the Funds absorbed a total of $968,000

(2012 - $1,225,000) and US$111,000 (2012 – US$141,000) in management fees due to the declining yields

generated by the following funds: CI Money Market Fund and CI US Money Market Fund, respectively.

A Fund that invests in units of Underlying Funds will not pay a duplicate management and administration fee

on the portion of assets that are invested in units of Underlying Funds. During the reporting period, a Fund may

have received a management and/or administration fee rebates from an Underlying Funds. The management

and/or administration fee rebates are included in “Fees rebate receivable” and in “Fees rebate” as reflected in

the Statements of Net Assets and Statements of Operations of each Fund, as applicable.

The management fees and the fees rebate reported in the Statements of Operations of each Fund are each

presented on a gross basis. In the prior period, the management fees reported in the Statements of Operations

are net of the management fees and operating expenses paid by its Underlying Fund, if any. This change in

accounting policy has been applied prospectively since it is impracticable to apply this policy to the prior period.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs and

new governmental fees) in return for fixed annual administration fees (“Administration Fees”). Administration

Fees are calculated as a fixed annual percentage of the net asset value of each class of a Fund (other than

Class I, M, E or O) at the end of each business day.

Refer to Fund specific schedules in the financial statements for management fee and administration fee rates

applicable to each class.

– 107 –



The CI Income Fund, CI Global High Dividend Advantage Fund, Cambridge Income Fund, Signature Diversified

Yield Fund and Signature High Yield Bond Fund will pay to the counterparties under Forward Purchase

Agreement a fee of no more than 0.50% per annum of the market value of notional exposure to the Underlying

Account/Trusts under the Forward Agreements calculated and paid monthly.

6. SECURITIES LENDING

Certain Funds, except for CI Global High Dividend Advantage Fund, have entered into a securities lending

program with their custodian, RBC Investor Services Trust (“RBC IS”). The CI Global High Dividend Advantage

Fund has entered into a securities lending program with National Bank of Canada. The aggregate market value

of all securities loaned by a Fund cannot exceed 50% of the assets of the Fund, except for CI Global High

Dividend Advantage Fund as this Fund received permission from the Canadian securities regulatory authorities

to deviate from National Instrument 81-102 in order to lend up to 100% of its portfolio securities pursuant to

securities lending arrangements. The permission also allows the Fund to appoint a person, other than the

Fund’s custodian, as the agent of the Fund for arranging securities loans, and allows the Fund to pledge the

collateral it receives for each such loan. A Fund will receive collateral of at least 102% of the value of securities

on loan. Collateral will generally be comprised of cash and obligations of or guaranteed by the Government of

Canada or a province thereof, or by the United States government or its agencies, but may include obligations

of other governments with appropriate credit ratings. For those Funds participating in the program, amounts for

securities loaned and the collateral received, appear on the Fund specific schedules in the financial statements

and income from securities lending is included in "Securities lending" in the Statements of Operations and any

cash collateral received or cash collateral payable is included in the Statements of Net Assets in “Cash

collateral received for securities on loan“ or ”Payable for cash collateral under securities lending”.

7. REINVESTMENT OF DISTRIBUTIONS

When a Fund 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 Fund or paid out in cash to the

Unitholder. The Manager may change the distribution policy at its discretion.

8. RELATED PARTY TRANSACTIONS

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

The Funds may have direct or indirect holdings in or transactions with The Bank of Nova Scotia and/or

CI Financial Corp. as identified in the Statement of Investment Portfolio of each Fund, if applicable.

The Funds paid the following broker commissions to The Bank of Nova Scotia during the periods ended

September 30:

2013 2012

Funds (in $) (in $)

CI Alpine Growth Equity Fund 2,519 2,345

CI Canadian Dividend Fund 6,621 -

CI Canadian Dividend Growth Fund 21,635 17,282

CI Canadian Investment Fund 88,840 40,204

CI Canadian Small/Mid Cap Fund 75,973 42,834

CI Global Fund 1,537 2,582

CI U.S. Equity Plus Fund 184 303

Select Canadian Equity Managed Fund 25,321 29,568

Select International Equity Managed Fund 4,467 492

Select U.S. Equity Managed Fund 575 1,218

Cambridge American Equity Fund 2,170 138

Cambridge Canadian Growth Companies Fund 49,843 58,237

Cambridge Global Dividend Fund 3,310 -

Cambridge High Income Fund 112,161 -

Cambridge Pure Canadian Equity Fund 7,970 4,477

Harbour Fund 74,932 -

Harbour Growth & Income Fund 30,874 -

Signature Canadian Balanced Fund 9,307 11,563

Signature Diversified Yield II Fund 1,984 -

Signature Dividend Fund 6,060 5,024

2013 2012

Funds (cont’d) (in $) (in $)

Signature Emerging Markets Fund 5,432 1,607

Signature Global Dividend Fund 416 -

Signature Global Income & Growth Fund 2,792 1,387

Signature Global Resource Fund (formerly Signature Canadian Resource Fund) 23,419 20,869

Signature High Income Fund 79,565 39,842

Signature Income & Growth Fund 19,997 33,802

Signature International Fund 1,699 332

Signature Select Canadian Fund 33,880 32,294

Signature Select Global Fund 564 436

Synergy American Fund 356 2,411

Synergy Tactical Asset Allocation Fund 3,739 2,217

9. INTERNATIONAL FINANCIAL REPORTING STANDARDS

As previously confirmed by the Canadian Accounting Standards Board (“AcSB”), most Canadian publicly

accountable entities adopted International Financial Reporting Standards (“IFRS”), as published by the

International Accounting Standards Board, on January 1, 2011. However, the AcSB has allowed

investment funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 2014.

Accordingly, the Funds will adopt IFRS for their fiscal period beginning April 1, 2014, and will issue their

initial financial statements in accordance with IFRS, including comparative information, for the interim

period ending September 30, 2014.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments and derivatives are classified as

held for trading and are stated at fair value. Receivable for unit subscriptions, receivable for dividends

and accrued interest, receivable for securities sold, fees rebate receivable and other receivables are

designated as loans and receivables. They are recorded at amortized cost which approximates their

fair value due to their short-term nature. Similarly, payable for unit redemptions, payable for securities

purchased, management fees payable, accrued expenses and other payables are designated as

financial liabilities and are carried at their amortized cost which approximates their fair value, due to

their short-term nature. Financial liabilities are generally paid within three months.

11. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk

(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is

exposed depends on the investment objective and the type of investments the Fund holds. The value of

investments within a portfolio can fluctuate daily as a result of changes in prevailing interest rates,

economic and market conditions and company specific news related to investments held by the Fund. The

Manager of the Funds may minimize potential adverse effects of these risks on the Funds’ performance

by, but not limited to, regular monitoring of the Funds’ positions and market events, diversification of the

investment portfolio by asset type, country, sector, term to maturity within the constraints of the stated

objectives, and through the usage of derivatives to hedge certain risk exposures.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration for the credit

worthiness of the debt issuer. The carrying amount of debt instruments as shown on the Statement of

Investment Portfolio represents the credit risk exposure of each Fund. Credit risk exposure for

derivative instruments is based on each Fund’s unrealized gain on the contractual obligations with the

counterparty as at the reporting date. The credit rating of counterparty to a derivative instrument is

disclosed in the Statement of Investment Portfolio or in Fund Specific Financial Instruments Risks

section of the financial statements of each Fund, if applicable. The credit risk exposure of the Fund’s

other assets are represented by their carrying amount as disclosed in the Statements of Net Assets.

– 108 –



The Portfolio Series Funds invest only in units of underlying funds may be exposed to indirect credit risk

in the event that the underlying fund invests in debt instruments, preferred securities and derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from

Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service,

Dominion Bond Rating Services or Canadian Bond Rating Services.

Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned

to those obligations and derivative instruments considered short-term in nature. The table below

provides a cross-reference between the long-term credit ratings disclosed in the Credit Rating table

inclusive of the short-term credit ratings disclosed in the Derivatives Schedules in the Statement of

Investment Portfolio.

Credit Rating as per Credit Risk table Credit Rating as per Derivative Schedules

AAA/Aaa/A++ A-1+

AA/Aa/A+ A-1, A-2, A-3

A B, B-1

BBB/Baa/B++ B-2

BB/Ba/B+ B-3

B C

CCC/Caa/C++ -

CC/Ca/C+ -

C and Lower D

Not Rated WR

Cash balances as disclosed in the Statements of Net Assets are maintained by the custodian, RBC IS.

The Manager monitors the credit worthiness of the custodian on a regular basis.

All transactions executed by a Fund in listed securities are settled / paid for upon delivery using

approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made

once the broker has received payment. Payment is made on a purchase once the securities have been

received by the broker. The trade will fail if either party fails to meet its obligation.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a

reasonable price. The Funds are exposed to daily cash redemption of redeemable units. Therefore, the

Funds invest the majority of their assets in investments that are traded in active markets and can be

readily disposed of. In addition, the Funds retain sufficient cash and cash equivalents positions to

maintain liquidity. From time to time, the Funds may enter into derivative contracts or invest in unlisted

securities that may not trade in an organized market and may be illiquid. Illiquid securities are

identified in the Statement of Investment Portfolio of each Fund, where applicable.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the Funds that invest in

debt securities and/or income trusts will be affected by changes in applicable interest rates. If interest

rates fall, the fair value of existing debt securities may increase due to the increase in yield.

Alternatively, if interest rates rise, the yield of existing debt securities may decrease which may then

lead to a decrease in their fair value. The magnitude of the decline will generally be greater for long-

term debt securities than for short-term debt securities.

Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these

securities varies inversely with interest rates, similar to other debt securities. However, since they

may be converted into common shares, convertible securities are generally less affected by interest

rate fluctuations than other debt securities.

The Portfolio Series Funds invest only in units of underlying funds may be exposed to indirect interest

rate risk in the event that the underlying fund invests in interest bearing financial instruments.

Currency Risk

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

functional currency of the Funds. As a result, the Funds may be exposed to the risk that the value of

securities denominated in other currencies will fluctuate due to changes in exchange rates. The

Statement of Investment Portfolio identifies all bonds and derivative instruments denominated in

foreign currencies. Equities traded in foreign markets are also exposed to currency risk as the prices

denominated in foreign currencies are converted to the Funds’ functional currency to determine their

fair value.

The Portfolio Series Funds invest only in units of underlying funds may be exposed to indirect currency

risk in the event that the underlying fund invests in financial instruments that are denominated in a

currency other than the functional currency of the Fund.

Other Price Risk

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

in market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

Fair Value Hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value

hierarchy. Investments whose values are based on quoted market prices in active markets are

classified as Level 1. This level may include publicly traded equities, exchange traded and retail

mutual funds, exchange traded warrants, futures contracts, traded options, American depositary

receipts (“ADRs”) and Global depositary receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These may include fixed income securities, mortgage backed

securities (“MBS”), short-term instruments, non-traded warrants, over-the-counter options, structured

notes of indexed securities, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments may

include private equities, private term loans, private equity funds and certain derivatives. As observable

prices are not available for these securities, the Funds may use a variety of valuation techniques to

derive the fair value.

During the six-month period some Funds’ exposure to financial statements risks including fair value

hierarchy classification changed significantly as per details disclosed in the “Fund Specific Financial

Instruments Risks” section of the financial statements. For details relating to financial instruments risk

exposure including fair value hierarchy classification for remaining Funds refer to the audited annual

financial statements as at March 31, 2013, as these Funds’ exposure to financial investments risks

and fair value hierarchy classification remained unchanged through the period.

12. COMMITMENTS

Investments in unfunded bridge financing commitments are restricted for the duration of the

commitment term. Upon expiry of the commitment term, the original investment may be allocated to

the new bond issue.

– 109 –



As at September 30, 2013 and 2012, the following Fund’s hold the following unfunded bridge commitment.

2013 2012

Fund Name in ($000's) in ($000's)

Signature Corporate Bond Fund - 1,587

Signature Global Income & Growth Fund - 106

Signature High Income Fund - 4,546

Signature High Yield Bond II Fund - 250

Signature Income & Growth Fund - 690

13. SUBSEQUENT EVENTS

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a return

of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary income

rather than capital gains. The government refers to these as "character conversion transactions." Based on the

legislative changes tabled in the House of Commons on October 18, 2013, the taxation of the forward

agreements will be subject to transitional relief. The new tax rules will begin to apply starting in January 2015

for those forward agreements expiring prior to the end of December 31, 2014. For the forward agreements with

a settlement date after December 31, 2014, the transitional relief will allow for them to continue under the old

taxation rules, subject to growth limits, until the lesser of their final settlement period after December 31, 2014

and March 21, 2018.

– 110 –

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited)


1. THE FUNDS

CI Corporate Class Limited (the “Corporation”) was incorporated on July 8, 1987 under the laws of the Province of Ontario.

The Corporation is authorized to issue an unlimited number of non-cumulative, redeemable, restricted voting, convertible special shares of various designated classes and an unlimited number of common shares. Each designated

class of shares holds a separate proprietary right in the investments and net assets acquired specifically for that class of shares. Each class of shares has a right of conversion to any other class of shares of the Corporation.

Each class of shares is referred to as a “Fund”.

The following Funds are a class of shares of the Corporation. “Inception Date” is the date upon which shares of a class of a Fund were first created under prospectus.

Inception Date:

A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares

CI CORPORATE CLASS

CI American Managers® Corporate Class Jul. 17, 00 - - Jan. 31, 12 - - - - Jul. 17, 00 -

CI American Small Companies Corporate Class Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 -

CI American Value Corporate Class Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 31, 01 Sep. 17, 07

CI Canadian Investment Corporate Class Jul. 15, 03 Sep. 17, 07 Jul. 26, 12 Sep. 17, 07 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 15, 03 Sep. 17, 07

CI Can-Am Small Cap Corporate Class Sep. 29, 05† - - Jan. 31, 12 - Jul. 27, 11 - - Sep. 29, 05† -

CI Global Corporate Class Jul. 8, 87 Sep. 17, 07 - Sep. 17, 07 - - - - Jul. 17, 00 Sep. 17, 07

CI Global Health Sciences Corporate Class Jul. 23, 96 - - - - - - - Jul. 17, 00 -

CI Global High Dividend Advantage Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07

CI Global Managers® Corporate Class Feb. 24, 00 - - Jan. 31, 12 - - - - Jul. 17, 00 -

CI Global Small Companies Corporate Class Feb. 24, 00 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 -

CI Global Value Corporate Class Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - Jul. 17, 00 -

CI International Value Corporate Class Jul. 23, 96 Jul. 18, 08 - Jul. 18, 08 - - - - Jul. 31, 01 -

CI Pacific Corporate Class Oct. 30, 81 - - - - - - - Jul. 17, 00 -

CI Short-Term Advantage Corporate Class May 6, 08 - - Jan. 31, 12 - Jul. 27, 11 - - May 06, 08 -

CI Short-Term Corporate Class Jul. 8, 87 - - - - Jul. 26, 13 - - Jul. 17, 00 -

CI Short-Term US$ Corporate Class Jul. 31, 01 - - - - Jul. 26, 12 - - - -

Harbour Corporate Class Jun. 27, 97 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 17, 00 Sep. 17, 07

Harbour Global Equity Corporate Class

(formerly Harbour Foreign Equity Corporate Class) Dec. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 31, 01 Sep. 17, 07

Harbour Global Growth & Income Corporate Class

(formerly Harbour Foreign Growth &

Income Corporate Class) Dec. 23, 02 Sep. 17, 07 - Sep. 17, 07 - - - - Dec. 23, 02 Sep. 17, 07

Harbour Growth & Income Corporate Class Jul. 28, 06 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 28, 06 Sep. 17, 07

Harbour Voyageur Corporate Class Jul. 27, 11 Jul. 27, 11 - Jul. 27, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11

Red Sky Canadian Equity Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

Signature Canadian Bond Corporate Class Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Jul. 26, 12 - Aug. 28, 02 -

Signature Corporate Bond Corporate Class Jul. 15, 03 Jul. 17, 08 - Jul. 17, 08 - Jul. 27, 11 Jul. 26, 12 - Jul. 15, 03 -

Signature Diversified Yield Corporate Class Nov. 10, 09 Nov. 10, 09 - Nov. 10, 09 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Nov. 10, 09 Nov. 10, 09

Signature Dividend Corporate Class Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 28, 02 Sep. 17, 07

Signature Emerging Markets Corporate Class Sep. 21, 92 - - Jan. 31, 12 - Jul. 27, 11 - - Jul. 17, 00 -

Signature Global Bond Corporate Class Aug. 28, 02 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 Jul. 26, 12 - Aug. 28, 02 -

Signature Global Dividend Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 Dec. 20, 12

Signature Global Energy Corporate Class Jun. 11, 98 - - - - - - - Jul. 31, 01 -

Signature Global Income & Growth Corporate Class Feb. 22, 07 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Feb. 22, 07 Sep. 17, 07

Signature Global Resource Corporate Class

(formerly Signature Canadian Resource Corporate Class) Jul. 31, 01 - - - - Jul. 27, 11 - - Jul. 31, 01 -

Signature Global Science & Technology Corporate Class Jul. 23, 96 - - - - - - - Jul. 17, 00 -

Signature Gold Corporate Class Dec. 13, 10 - - - - Jul. 27, 11 - - Dec. 13, 10 -

Signature High Income Corporate Class Aug. 28, 02 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Aug. 28, 02 Sep. 17, 07

Signature High Yield Bond Corporate Class Dec. 29, 11 Dec. 29, 11 - Dec. 29, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 Dec. 29, 11 Dec. 29, 11

Signature Income & Growth Corporate Class Mar. 30, 05 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Mar. 30, 05 Sep. 17, 07

Signature International Corporate Class Jul. 31, 01 Jul. 18, 08 - Jul. 18, 08 - Jul. 27, 11 - - Jul. 31, 01 -

Signature Select Canadian Corporate Class Jul. 31, 01 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 31, 01 Sep. 17, 07

– 111 –

CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)


Inception Date: (cont’d)


CI CORPORATE CLASS (cont’d)

Signature Select Global Corporate Class Jul. 14, 10 Jul. 14, 10 - Jul. 14, 10 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 14, 10 Jul. 14, 10

Synergy American Corporate Class Sep. 21, 92 - - Jan. 31, 12 - - - - Jul. 17, 00 -

Synergy Canadian Corporate Class Sep. 26, 05† - - Jan. 31, 12 - Jul. 27, 11 - - Sep. 26, 05† -

Synergy Global Corporate Class Jul. 23, 04 Sep. 17, 07 - Sep. 17, 07 - - - - Jul. 23, 04 -

Insight

FT8 Shares I Shares IT5 Shares IT8 Shares Shares O Shares OT5 Shares OT8 Shares X Shares Y Shares


CI American Managers® Corporate Class - Aug. 28, 02 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI American Small Companies Corporate Class - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 - - - -

CI American Value Corporate Class Sep. 17, 07 Aug. 28, 02 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 - -

CI Canadian Investment Corporate Class Sep. 17, 07 Jun. 20, 05 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

CI Can-Am Small Cap Corporate Class - Sep. 29, 05† - Jan. 31, 12 - Jul. 27, 11 - - - -

CI Global Corporate Class Sep. 17, 07 Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI Global Health Sciences Corporate Class - Jul. 31, 01 - - - Jul. 26, 13 - - - Jun. 11, 09

CI Global High Dividend Advantage Corporate Class Sep. 17, 07 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

CI Global Managers® Corporate Class - Jul. 31, 01 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI Global Small Companies Corporate Class - Jul. 27, 11 - Jan. 31, 12 - Jul. 27, 11 - - - -

CI Global Value Corporate Class - Jun. 28, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI International Value Corporate Class - Jun. 20, 05 - Jan. 31, 12 - Jul. 26, 13 - - - -

CI Pacific Corporate Class - - - - - - - - - -

CI Short-Term Advantage Corporate Class - May 06, 08 - Jan. 31, 12 - Jul. 27, 11 - - - -

CI Short-Term Corporate Class - Jun. 20, 05 - - - Jul. 26, 13 - - - -

CI Short-Term US$ Corporate Class - - - - - Jul. 26, 12 - - - -

Harbour Corporate Class Sep. 17, 07 Jun. 20, 05 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -


(formerly Harbour Foreign Equity Corporate Class) Sep. 17, 07 Dec. 31, 01 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -


(formerly Harbour Foreign Growth &

Income Corporate Class) Sep. 17, 07 Dec. 23, 02 Jul. 26, 12 Jul. 26, 12 - Jul. 26, 13 Jul. 26, 13 - - -

Harbour Growth & Income Corporate Class Sep. 17, 07 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Harbour Voyageur Corporate Class Jul. 27, 11 Aug. 5, 11 - Dec. 7, 11 - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 - -

Red Sky Canadian Equity Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - -

Signature Canadian Bond Corporate Class - Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - -

Signature Corporate Bond Corporate Class - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - Jun. 11, 09* -

Signature Diversified Yield Corporate Class Nov. 10, 09 Nov. 10, 09 Nov. 10, 09 Nov. 10, 09 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature Dividend Corporate Class Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature Emerging Markets Corporate Class - Jul. 20, 07 - Jan. 31, 12 - Jul. 27, 11 - - - -

Signature Global Bond Corporate Class - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 Jul. 26, 12 - - -

Signature Global Dividend Corporate Class Dec. 20, 12 Dec. 20, 12 - Dec. 20, 12 - Dec. 20, 12 Dec. 20, 12 Dec. 20, 12 - -

Signature Global Energy Corporate Class - - - - - - - - - -

Signature Global Income & Growth Corporate Class Sep. 17, 07 Feb. 22, 07 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -


(formerly Signature Canadian Resource Corporate Class) - Jul. 18, 09 - - - Jul. 27, 11 - - - -

Signature Global Science & Technology Corporate Class - Jul. 31, 01 - - - Jul. 26, 13 - - - -

Signature Gold Corporate Class - Dec. 13, 10 - - - Jul. 27, 11 - - - -

Signature High Income Corporate Class Sep. 17, 07 Jun. 20, 05 - Jan. 31, 12 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature High Yield Bond Corporate Class Dec. 29, 11 - - - - Jul. 26, 12 Jul. 26, 12 Jul. 26, 12 - -

Signature Income & Growth Corporate Class Sep. 17, 07 Jul. 28, 06 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature International Corporate Class - Jul. 18, 08 - Jan. 31, 12 - Jul. 27, 11 - - - -

Signature Select Canadian Corporate Class Sep. 17, 07 Jun. 20, 05 Sep. 17, 07 Sep. 17, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Signature Select Global Corporate Class Jul. 14, 10 Jul. 14, 10 - Dec. 7, 11 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - -

Synergy American Corporate Class - Jul. 18, 08 - Jan. 31, 12 - - - - - -

Synergy Canadian Corporate Class - Sep. 26, 05† - Jan. 31, 12 Sep. 26, 05 Jul. 27, 11 - - - Jun. 11, 09

Synergy Global Corporate Class - Sep. 2 , 04 - Jan. 31, 12 - Jul. 26, 13 - - - Jun. 11, 09

– 112 –




Z Shares


CI American Managers® Corporate Class -

CI American Small Companies Corporate Class -

CI American Value Corporate Class -

CI Canadian Investment Corporate Class -

CI Can-Am Small Cap Corporate Class -

CI Global Corporate Class -

CI Global Health Sciences Corporate Class Jun. 11, 09

CI Global High Dividend Advantage Corporate Class -

CI Global Managers® Corporate Class -

CI Global Small Companies Corporate Class -

CI Global Value Corporate Class -

CI International Value Corporate Class -

CI Pacific Corporate Class -

CI Short-Term Advantage Corporate Class -

CI Short-Term Corporate Class -

CI Short-Term US$ Corporate Class -

Harbour Corporate Class -


(formerly Harbour Foreign Equity Corporate Class) -


(formerly Harbour Foreign Growth & Income Corporate Class)

Harbour Growth & Income Corporate Class -

Harbour Voyageur Corporate Class -

Red Sky Canadian Equity Corporate Class -

Signature Canadian Bond Corporate Class -

Signature Corporate Bond Corporate Class -

Signature Diversified Yield Corporate Class -

Signature Dividend Corporate Class -

Signature Emerging Markets Corporate Class -

Signature Global Bond Corporate Class -

Signature Global Dividend Corporate Class -

Signature Global Energy Corporate Class -

Signature Global Income & Growth Corporate Class -


(formerly Signature Canadian Resource Corporate Class) -

Signature Global Science & Technology Corporate Class -

Signature Gold Corporate Class -

Signature High Income Corporate Class -

Signature High Yield Bond Corporate Class -

Signature Income & Growth Corporate Class -

Signature International Corporate Class -

Signature Select Canadian Corporate Class -

Signature Select Global Corporate Class -

Synergy American Corporate Class -

Synergy Canadian Corporate Class Jun. 11, 09

Synergy Global Corporate Class Jun. 11, 09

– 113 –




A Shares AT5 Shares AT8 Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares I Shares

PORTFOLIO SELECT SERIES

Select Canadian Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05

Select Income Managed Corporate Class Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05

Select U.S. Equity Managed Corporate Class Nov. 7, 05 - - Jul. 27, 11 - - Nov. 7, 05 - - Nov. 7, 05

Select 100e Managed Portfolio Corporate Class Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 - Jul. 27, 11 Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Nov. 27, 06

Select 20i80e Managed Portfolio Corporate Class Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 - Jul. 27, 11 Nov. 27, 06 Sep. 17, 07 Sep. 17, 07 Nov. 27, 06







IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares U Shares V Shares W Shares WT5 Shares WT8 Shares

PORTFOLIO SELECT SERIES (cont’d)

Select Canadian Equity Managed Corporate Class - - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - -

Select Income Managed Corporate Class Jul. 14, 10 Jul. 14, 10 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class - - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - -

Select U.S. Equity Managed Corporate Class - - Jul. 27, 11 - - - Jul. 14, 10 Nov. 7, 05 - -

Select 100e Managed Portfolio Corporate Class Sep. 17, 07 Sep. 17, 07 Jul. 27, 11 Jul. 26, 13 Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07

Select 20i80e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07







Y Shares Z Shares

PORTFOLIO SELECT SERIES (cont’d)

Select Canadian Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select Income Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select International Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select U.S. Equity Managed Corporate Class Jul. 14, 10 Jul. 14, 10

Select 100e Managed Portfolio Corporate Class - -

Select 20i80e Managed Portfolio Corporate Class - -








CAMBRIDGE CORPORATE CLASS

Cambridge American Equity Corporate Class Feb. 24, 00 Sep. 17, 07 - Sep. 17, 07 - Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 Jul. 17, 00 Sep. 17, 07

Cambridge Canadian Asset Allocation Corporate Class Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07

Cambridge Canadian Equity Corporate Class Dec. 27, 07 Dec. 27, 07 Jul. 26, 12 Dec. 27, 07 Jul. 26, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07

Cambridge Global Dividend Corporate Class Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13

Cambridge Global Equity Corporate Class Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Dec. 27, 07

Cambridge Income Corporate Class Dec. 29, 11 Dec. 29, 11 - Dec. 29, 11 - Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 Dec. 29, 11

– 114 –




FT8 Shares I Shares IT5 Shares IT8 Shares O Shares OT5 Shares OT8 Shares W Shares Y Shares Z Shares

CAMBRIDGE CORPORATE CLASS (cont’d)

Cambridge American Equity Corporate Class Sep. 17, 07 Dec. 7, 11 - Dec. 7, 11 Jul. 27, 11 Jul. 26, 12 Jul. 26, 12 - - -

Cambridge Canadian Asset Allocation Corporate Class Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 - -

Cambridge Canadian Equity Corporate Class Dec. 27, 07 Dec. 27, 07 Jan. 31, 12 Jan. 31, 12 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 Jul. 26, 23 Jul. 26, 23

Cambridge Global Dividend Corporate Class Jul. 26, 13 Jul. 26, 13 - Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 Jul. 26, 13 - - -

Cambridge Global Equity Corporate Class Dec. 27, 07 Dec. 27, 07 - Dec. 27, 07 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Dec. 27, 07 - -

Cambridge Income Corporate Class Dec. 29, 11 - - - Dec. 29, 11 Dec. 29, 11 Dec. 29, 11 - - -

A Shares E Shares ET8 Shares F Shares I Shares IT8 Shares W Shares WT8 Shares

UNITED CORPORATE CLASS

Canadian Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

Canadian Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Equity Small Cap Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Canadian Fixed Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Emerging Markets Equity Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

Enhanced Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Global Fixed Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

International Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

International Equity Value Currency Hedged Corporate Class - Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -

Real Estate Investment Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

Short Term Income Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Alpha Corporate Class Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08 Jul. 25, 08

US Equity Growth Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Small Cap Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Value Corporate Class Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08 Jul. 25, 08 Oct. 1, 07 Jul. 25, 08

US Equity Value Currency Hedged Corporate Class - Jul. 25, 08 Jul. 25, 08 - Jul. 25, 08 Jul. 25, 08 - -

A Shares AT5 Shares AT8 Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares FT8 Shares I Shares

BLACK CREEK CORPORATE CLASS

Black Creek Global Balanced Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek Global Leaders Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek International Equity Corporate Class Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 - - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

IT8 Shares O Shares OT5 Shares OT8 Shares

BLACK CREEK CORPORATE CLASS (cont’d)

Black Creek Global Balanced Corporate Class - Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek Global Leaders Corporate Class Dec. 7, 11 Jul. 27, 11 Jul. 27, 11 Jul. 27, 11

Black Creek International Equity Corporate Class Dec. 7, 11 Jul. 27, 11 - -

*Classes of shares are no longer available for purchase.†Inception dates as a result of amalgamation and becoming a share class within CI Corporate Class Limited.

– 115 –



Effective as of close of business on July 26, 2013, the following Funds were merged:

Terminating Funds Continuing Funds

CI Japanese Corporate Class CI Pacific Corporate Class

Cambridge Canadian Stock Fund Cambridge Canadian Equity Corporate Class

The Manager adopted the acquisition method of accounting for the merger of the Funds. Under this method

one of the Funds is identified as the acquiring Fund, and is referred to as the “Continuing Fund” and any other

Fund involved in the merger is referred to as the “Terminating Fund”. This identification is based on a

comparison of the relative net asset value of the Funds as well as consideration of the continuation of such

aspects of the Continuing Fund as: investment objectives and practices and type of portfolio securities.

Effective as of the close of business on July 26, 2013, the Continuing Funds acquired all of the assets of the

corresponding Terminating Funds in exchange for units in the Continuing Funds. The value of the units of the

Continuing Funds issued in connection with these mergers, were equal to the net assets transferred from the

respective Terminating Funds. The cost associated with the merger was borne by the Manager.

Net Asset Units

Terminating Funds Continuing Funds Acquired ($) Issued

CI Japanese Corporate Class CI Pacific Corporate Class 3,295,567 401,296

Cambridge Canadian Stock Fund Cambridge Canadian Equity Corporate Class 43,963,290 4,345,557

The Terminating Funds’ results are not included in these financial statements.

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a Fund’s

return of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary

income rather than capital gains. The government refers to these as "character conversion transactions." The

Manager is assessing the impact and implications of these changes.

The following Funds currently use forward agreements and may be impacted by changes in legislation:

CI Global High Dividend Advantage Corporate Class

CI Short-Term Advantage Corporate Class

Signature Diversified Yield Corporate Class

Signature High Yield Bond Corporate Class

Select Income Managed Corporate Class

Cambridge Income Corporate Class

The CI Global High Dividend Advantage Corporate Class entered into a forward purchase agreement (the

"Forward Purchase Agreement") with National Bank of Canada. Under the Forward Purchase Agreement the

Fund agrees to buy securities from the National Bank of Canada in return for a purchase price of the National

Bank of Canada Global BB Units (“Underlying Account”). The Fund’s restricted cash subject to forward

agreement was deposited with National Bank of Canada and pledged to the counterparty as security for

performance of the Fund of its obligations under the forward agreement. Through the forward agreement the

Fund provides shareholders with exposure to the performance of the Underlying Account. The Underlying

Account consists of dividend-paying common and preferred shares, debentures, income trusts, equity-related

securities and convertible securities issued by issuers anywhere in the world. However, neither the Fund nor

the shareholders will have any ownership interest in the Underlying Account.

The CI Short-Term Advantage Corporate Class through a forward agreement (the "Forward Agreement") with

Bank of Montreal provides shareholders with exposure to the performance of the CI Short-Term Advantage

Trust ("Underlying Trust"), in exchange for a Canadian equity portfolio. The Underlying Trust consists of money

market instruments issued in Canada and other developed countries. However, neither the Fund nor the

shareholders will have any ownership interest in the Underlying Trust.

The Signature Diversified Yield Corporate Class entered into a forward purchase agreements (the "Forward

Purchase Agreements") with Bank of Montreal and National Bank of Canada. Under the Forward Purchase

Agreements the Fund agrees to buy securities from the Bank of Montreal and National Bank of Canada in return

for a purchase price of the Signature Diversified Yield Trust (“Underlying Trust”). The Fund’s restricted cash

subject to forward agreements was deposited with Bank of Montreal and National Bank of Canada and

pledged to the counterparties as security for performance of the Fund of its obligations under the forward

agreements. Through the forward agreements the Fund provides shareholders with exposure to the

performance of the Underlying Trust. The Underlying Trust consists of fixed income and high-yielding equity

securities issued by issuers anywhere in the world. However, neither the Fund nor the shareholders will have

any ownership interest in the Underlying Trust.

The Signature High Yield Bond Corporate Class entered into a forward purchase agreement (the "Forward

Purchase Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the Fund agrees to buy

securities from the Bank of Montreal in return for a purchase price of the Signature High Yield Bond II Fund

(“Underlying Fund”). The Fund’s restricted cash subject to forward agreement was deposited with Bank of

Montreal and pledged to the counterparty as security for performance of the Fund of its obligations under the

forward agreement. Through the forward agreement the Fund provides shareholders with exposure to the

performance of the Underlying Fund. The Underlying Fund consists of high-yielding corporate bonds and debt

obligations that are rated BBB or below, bank loans, convertible bonds, floating rate debt instruments and

private placements issued by issuers anywhere in the world. However, neither the Fund nor the shareholders

will have any ownership interest in the Underlying Fund.

The Cambridge Income Corporate Class entered into a forward purchase agreement (the "Forward Purchase

Agreement") with Bank of Montreal. Under the Forward Purchase Agreement the Fund agrees to buy securities

from the Bank of Montreal in return for a purchase price of the Cambridge Income Trust (“Underlying Trust”).

The Fund’s restricted cash subject to forward agreement was deposited with Bank of Montreal and pledged to

the counterparty as security for performance of the Fund of its obligations under the forward agreement.

Through the forward agreement the Fund provides shareholders with exposure to the performance of the

Underlying Trust. The Underlying Trust consists of fixed income and high-yielding equity investments that may

include common shares, preferred shares, real estate investment trusts and royalty trust issued by issuers

anywhere in the world. However, neither the Fund nor the shareholders will have any ownership interest in the

Underlying Trust.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class, Signature

Diversified Yield Corporate Class, Signature High Yield Bond Corporate Class and Cambridge Income Corporate

Class may partially settle the Forward Agreements prior to the Settlement Date in order to fund their daily

distributions, redemptions of shares, payment for purchases of shares in the market and expenses of each Fund.

The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are as at September 30,

2013. The Statements of Net Assets are as at September 30, 2013 and March 31, 2013. The Schedule of Net

Assets per Share and Net Asset Value per Share and Schedule of Securities Lending are as at September 30,

2013 and 2012, where applicable. The Statements of Operations, Statements of Changes in Net Assets,

Schedule of Fund Share Transactions and Schedule of Commissions are for the periods ended September 30,

2013 and 2012, except for Funds established during either period, in which case the information provided

relates to the period from inception to September 30, 2013 and 2012. The Fund Specific Financial Instruments

Risks for each of the Funds are as at September 30, 2013 and March 31, 2013, where applicable.

2. SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted Accounting

Principles (“Canadian GAAP”). Significant accounting policies used in preparing the semi-annual financial

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

financial statements should be read in conjunction with the Funds’ March 31, 2013 annual financial

statements.

(a) Valuation of Investments

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

based on an investment’s bid/ask price depending on the investment position (long/short).

– 116 –



For the purpose of processing shareholder transactions, net asset value is calculated based on the closing

market price of investments (referred to as “Net Asset Value”), while for financial statement purposes net

assets are calculated based on bid/ask price of investments (referred to as “Net Assets”).

In accordance with National Instrument 81-106, a comparison between the Net Asset Value per share and the

Net Assets per share is disclosed in the Schedule of Net Assets per Share and Net Asset Value per Share,

as applicable.

At the financial reporting date, listed securities are valued based on the bid price for securities held long and

the ask price for securities held short. Unlisted securities are valued based on price quotations from recognized

investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest

reported information available. Fixed income securities, debentures, money market investments and other debt

instruments including short-term investments, are valued at the bid quotation from recognized investment

dealers. Underlying Funds are valued on each business day at their net asset value as reported by the

Underlying Funds’ manager.

The fair value of private placements is determined by using valuation models that may be based, in part, on

assumptions that are not supported by observable market inputs. These methods and procedures may include,

but are not limited to, performing comparisons with prices of comparable or similar securities, obtaining

valuation related information from issuers and/or other analytical data relating to the investment and using

other available indications of value. These values are independently assessed by the Manager to ensure that

they are reasonable. However, because of the inherent uncertainty of valuation, the estimated fair values for

the aforementioned securities and interests may be materially different from the values that would have been

used had a ready market for the investment existed. The fair values of private placements are affected by the

perceived credit risks of the issuer, predictability of cash flows and the length of time to maturity.

(b) Forward Contracts

A Fund may enter into forward currency contracts. Forward currency contracts are valued on each valuation day

based on the difference between the value of the contract on the date the contract originated and the value of

the contract on the valuation day.

All unrealized gains (losses) arising from forward currency contracts are recorded as part of “Change in





Some Funds entered into a forward purchase agreement (“Forward Purchase Agreement”) or forward sale

agreements (“Forward Agreement”) with counterparties (“Counterparty”).

Pursuant to each Forward Purchase Agreement the Fund agreed to purchase from the relevant Counterparty

on a future date (“Forward Date”) a specified portfolio of Canadian securities. The amount paid by the

Counterparty on the Forward Date will be determined by reference to the returns of reference fund. During the

term of the Forward Purchase Agreement, the Fund will pledge its assets to the relevant Counterparty. The

Fund’s assets will be comprised solely of its cash and its Forward Purchase Agreement. The Fund’s cash will

be deposited with and pledged to the Counterparty as security for performance by the Fund of its obligations

under the forward transaction.

Pursuant to each Forward Agreement the Fund agreed to sell to the relevant Counterparty on a future date

(“Forward Date”) a specified portfolio of Canadian securities. The amount delivered by the Counterparty on the

Forward Date will be determined by reference to the returns of to the reference fund.

CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class, Signature


Class entered into Forward Purchase Agreements or Forward Agreements with third parties and the value of

these forward contracts on the valuation date is equal to the gain or loss that would be realized if the contracts

were closed out or expired. Investments sold forward as part of such Forward Agreements, are valued at the

market close price, and the Underlying Account/Fund/Trusts are valued at their net asset value as reported by

the Underlying Account/Fund/Trusts manager on the valuation date for purposes of determining the value of

the forward contracts. All gains (losses) arising from the forward agreements are recorded as part of “Change

in unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain

(loss) on forward agreement”/”Unrealized gain (loss) on purchase forward agreement” in the Statements of

Net Assets until the contract is closed out or expires; at which time the gains (losses) are realized and reported

as “Realized gain (loss) on investments” in the Statements of Operations.

(c) Futures Contracts

Futures contracts are valued on each valuation day using the bid/ask price posted on the related public

exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change in





(d) Short Selling

Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund sells

a security short, it will borrow that security from a broker to complete the sale. The Fund will incur a loss as a

result of a short sale if the price of the borrowed security increases between the date of the short sale and the

date on which the Fund closes out its short position by buying that security. The Fund will realize a gain if the

security declines in price between those dates. The gain or loss that would be realized if the position was to

be closed out on the valuation date is reflected in the Statements of Operations as part of “Change in

unrealized appreciation (depreciation) of investments” and in the Statements of Net Assets in “Investments

sold short at fair value”. When the short position is closed out, gains and losses are realized and included in

“Realized gain (loss) on investments” in the Statements of Operations.

(e) Options Contracts

Option contracts are valued each valuation day according to the gain or loss that would be realized if the

contracts were closed out. All unrealized gains (losses) arising from option contracts are recorded as part of

“Change in unrealized appreciation (depreciation) of investments” until the contracts are closed out or expire,

at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain

(loss) on investments”.

Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded options are

valued at bid/ask price taken from the exchange.

(f) Bullion

Gold and silver bullion are valued based on North America closing spot price of the underlying commodity.

All unrealized gains (losses) arising from bullion holdings are recorded as part of “Change in unrealized

appreciation (depreciation) of investments” in the Statements of Operations until the bullion holdings are sold,

at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain

(loss) on investments”.

3. SHAREHOLDERS’ EQUITY

Shares issued and outstanding represent the capital of the Corporation.

Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.

Generally the Funds have no restrictions or specific capital requirements, except for the minimum subscription /

redemption amounts and as noted below. Shareholders at any time can transfer their shares from one Corporate

Class to another Corporate Class, which is called a conversion. The relevant changes pertaining to subscription,

redemption and conversion of each Fund’s shares are disclosed in the Statements of Changes in Net Assets and

the Schedule of Fund Share Transactions.

In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeavor to

invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions through utilizing a short-term borrowing facility or disposal of investments when necessary.

– 117 –



In order to establish individual classes the Manager has made the initial investments in the following Funds.

As at September 30, 2013 and 2012, the Manager held investments in the Funds as follows:

2013 2012

Fund (in $) (in $)

CI American Managers® Corporate Class 36,850 20,853

CI American Small Companies Corporate Class 28,300 20,778

CI American Value Corporate Class 50,924 40,381

CI Canadian Investment Corporate Class 74,245 43,961

CI Can-Am Small Cap Corporate Class 26,954 21,108

CI Global Corporate Class 48,038 21,218

CI Global Health Sciences Corporate Class 10,800 -

CI Global High Dividend Advantage Corporate Class 33,611 21,089

CI Global Managers® Corporate Class 35,706 21,173

CI Global Small Companies Corporate Class 27,840 31,672

CI Global Value Corporate Class 49,613 32,000

CI International Value Corporate Class 49,770 31,980

CI Short-Term Advantage Corporate Class 20,121 20,027

CI Short-Term Corporate Class 10,021 -

CI Short-Term US$ Corporate Class - 19,666

Harbour Corporate Class 34,577 32,128


(formerly Harbour Foreign Equity Corporate Class) 51,016 53,296


(formerly Harbour Foreign Growth & Income Corporate Class) 33,132 10,700

Harbour Growth & Income Corporate Class 33,579 42,070

Harbour Voyageur Corporate Class 108,011 96,573

Red Sky Canadian Equity Corporate Class 137,831 -

Signature Canadian Bond Corporate Class 40,028 50,610

Signature Corporate Bond Corporate Class 21,396 30,727

Signature Diversified Yield Corporate Class - 116

Signature Dividend Corporate Class 47,941 42,541

Signature Emerging Markets Corporate Class 11,400 10,585

Signature Global Bond Corporate Class 40,201 50,331

Signature Global Dividend Corporate Class 46,508 -

Signature Global Income & Growth Corporate Class 48,680 62,562


(formerly Signature Canadian Resource Corporate Class) - 107

Signature Global Science & Technology Corporate Class 10,470 -

Signature Gold Corporate Class 71 100

Signature High Income Corporate Class - 116

Signature High Yield Bond Corporate Class 56,455 73,177

Signature Income & Growth Corporate Class 125 230

Signature International Corporate Class 63,729 53,285

Signature Select Canadian Corporate Class 36,510 32,188

Signature Select Global Corporate Class 115,769 95,104

Synergy American Corporate Class 13,112 10,438

Synergy Canadian Corporate Class 37,368 32,121

Synergy Global Corporate Class 23,988 10,621

Select Canadian Equity Managed Corporate Class - 116

Select Income Managed Corporate Class 10,692 20,600

Select International Equity Managed Corporate Class 137 111

Select U.S. Equity Managed Corporate Class - 116

Select 100e Managed Portfolio Corporate Class 75,216 63,030

Select 20i80e Managed Portfolio Corporate Class 87,969 73,425

2013 2012

Fund (cont’d) (in $) (in $)







Cambridge American Equity Corporate Class 107,188 72,263

Cambridge Canadian Asset Allocation Corporate Class 11,974 30,999

Cambridge Canadian Equity Corporate Class 27,384 54,117

Cambridge Global Dividend Corporate Class 155,627 -

Cambridge Global Equity Corporate Class 40,527 31,523

Cambridge Income Corporate Class 36,466 32,846

Canadian Equity Growth Corporate Class 45,532 33,025

Canadian Equity Small Cap Corporate Class 13,278 10,573

Canadian Equity Value Corporate Class 11,194 7,631

Canadian Fixed Income Corporate Class 10,122 10,173

Emerging Markets Equity Corporate Class 10,352 9,528

Enhanced Income Corporate Class 11,356 20,638

Global Fixed Income Corporate Class 9,996 9,984

International Equity Growth Corporate Class 14,424 10,825

International Equity Value Corporate Class 17,630 12,031

International Equity Value Currency Hedged Corporate Class 139 108

Real Estate Investment Corporate Class 10,279 8,845

Short Term Income Corporate Class 40,435 40,245

US Equity Growth Corporate Class 39,983 31,307

US Equity Small Cap Corporate Class 32,915 24,650

US Equity Value Corporate Class 24,982 15,531

US Equity Value Currency Hedged Corporate Class 140 112

Black Creek Global Balanced Corporate Class 67,994 220,306

Black Creek Global Leaders Corporate Class 89,071 75,801

Black Creek International Equity Corporate Class 62,165 55,064

In light of the 2013 budget announcement the following funds were closed to new purchases as of the close

of business on April 15, 2013. The Manager may re-open these Funds to new purchases at a later date.

CI Global High Dividend Advantage Corporate Class

CI Short-Term Advantage Corporate Class

Signature Diversified Yield Corporate Class

Signature High Yield Bond Corporate Class

Select Income Managed Corporate Class

Cambridge Income Corporate Class

4. INCOME TAXES

The Corporation complies with the requirements of the Income Tax Act (Canada) to qualify as a mutual fund

corporation. A mutual fund corporation is subject to a special 33 1/3% tax on taxable dividends received from

corporations’ resident in Canada and to tax at normal corporate rates applicable to mutual fund corporations

on other income and net taxable realized capital gains for the year. The special 33 1/3% tax is refundable on

payments of taxable dividends to shareholders at the rate of $1 for each $3 of such dividend paid. All the tax

on net taxable realized capital gains is refundable when the gains are distributed to shareholders as capital

gains dividends or through redemption of shares at the request of shareholders, while the Corporation qualifies

as a mutual fund corporation. Income taxes (if any) are allocated to each class on a reasonable basis.

– 118 –



Temporary differences between the carrying value of assets and liabilities for accounting and income tax

purposes give rise to future income tax assets and liabilities. When the market value of a security in the

Corporation exceeds its cost base, a future income tax liability arises. As capital gains taxes payable by the

Corporation are refundable under the provisions of the Income Tax Act (Canada), the future tax liability is offset

by these future refundable taxes. If the cost base exceeds the market value of the security, a future income tax

asset is generated. A full valuation allowance is taken to offset this asset given the uncertainty that such future

assets will ultimately be realized. Future income tax liabilities or assets are calculated using substantively

enacted tax rates expected to apply in the period that the temporary differences are expected to reverse.

Unused capital and non-capital losses represent future tax assets to the Corporation for which a full valuation

allowance has been established for the reasons noted above. Tax losses apply to the Corporation, not the

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

Non-capital losses may be applied against future taxable income.

5. MANAGEMENT FEES AND OTHER EXPENSES

CI Investments Inc. is the Manager of the Corporation and in consideration for management fees provides

management services required in the day-to-day operations of the Funds including management of the

investment portfolios of the Funds.

The management fee is calculated based on the net asset values of each class of a Fund (other than, it offered,

Class I, IT5, IT8, O, OT5 or OT8 and Class W, WT5 and WT8 of United Corporate Classes) at the end of each business

day. Investors in Class I, IT5, IT8, O, OT5 or OT8 shares and Class W, WT5 and WT8 shares of United Corporate

Classes are charged management fees directly as negotiated between the investor and the Manager.

For each Class W share of a United Corporate Class, management fees are paid directly by investors on a

quarterly basis (or monthly at the discretion of the Manager) and are not charged to the Funds. The maximum

annual rate for a particular Fund is reduced for investors who elect to use the Asset Management Services

offered by the Manager. Investors who qualify for and have elected to use the Asset Management Service pay

a fee of up to 1.00% of the aggregate net asset value of shares managed through the service. Further, the

Manager may, in its sole discretion, offer to qualified investors a management fee reduction program of up to

0.50% in certain circumstances. For complete information regarding management fees, and the circumstances

in which fee reductions apply, refer to the Funds’ simplified prospectus.

During the period ended September 30, 2013, the Manager of the Funds absorbed $173,000 (2012 - $237,000) and

US $33,000 (2012 - US$8,000) in management fees due to the declining yields generated by the following funds:

CI Short-Term Corporate Class, CI Short-Term Advantage Corporate Class and CI Short-Term US$ Corporate Class,

respectively.

A Fund that invests in units of Underlying Funds will not pay a duplicate management and administration fee

on the portion of assets that are invested in units of Underlying Funds. During the reporting period, a Fund may

have received a management and/or administration fee rebate from an Underlying Fund. The management

and/or administration fee rebates, if applicable, are included in “Fees rebate receivable” and in “Fees rebate”

as reflected in the Statements of Net Assets and Statements of Operations of each Fund, if applicable.

The management fees and the fees rebate reported in the Statements of Operations of each Fund are each

presented on a gross basis. In the prior year, the management fees reported in the Statements of Operations

are net of the management fees and operating expenses paid by its Underlying Fund, if any. This change in

accounting policy has been applied prospectively since it is impracticable to apply this policy to the prior period.

The Manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs and

new governmental fees) in return for fixed annual administration fees (“Administration Fees”). Administration

Fees are calculated as a fixed annual percentage of the net asset value of each class of a Fund (other than

Class I, IT5, IT8, E, ET5, ET8, O, OT5, or OT8) at the end of each business day.

Refer to fund specific schedules in the financial statements for management fee and administration fee rates

applicable to each class of each Fund.

The CI Global High Dividend Advantage Corporate Class, CI Short Term Advantage Corporate Class, Signature


Class will pay to the counterparty under the Forward Agreement or Forward Purchase Agreement a fee of no

more than 0.50% per annum of the market value of notional exposure to the Underlying Account/Fund/Trust

under the Forward Agreement, calculated and paid monthly.

6. SECURITIES LENDING

Certain Funds, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class, have entered into a securities lending program with their custodian, RBC Investor Services

Trust (“RBC IS”). The CI Global High Dividend Advantage Corporate Class and CI Short-Term Advantage

Corporate Class entered into a securities lending program with National Bank of Canada and the Bank of

Montreal, respectively. The aggregate market value of all securities loaned by a Fund cannot exceed 50% of

the assets of the Fund, except for CI Global High Dividend Advantage Corporate Class and CI Short-Term

Advantage Corporate Class as these funds received permission from the Canadian securities regulatory

authorities to deviate from National Instrument 81-102 in order to lend up to 100% of their portfolio securities

pursuant to securities lending arrangements. The permission also allows the funds to appoint a person, other

than the fund’s custodian, as the agent of the Fund for arranging securities loans, and allows each Fund to

pledge the collateral it receives for each such loan. A Fund will receive collateral of at least 102% of the value

of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed by the

Government of Canada or a province thereof, or by the United States government or its agencies, but may

include obligations of other governments with appropriate credit ratings. For those Funds participating in the

program, amounts for securities loaned and the collateral received, appear on the Fund specific schedules in

the financial statements and income from securities lending is included in "Securities lending" in the

Statements of Operations and any cash collateral received or cash collateral payable is included in the

Statements of Net Assets in “Cash collateral received for securities on loan” or “Payable for cash collateral

under securities lending”.

7. REINVESTMENT OF DIVIDENDS

When a Fund pays a dividend to a shareholder, it will be paid in the same currency in which the shares are

held. Dividends are automatically reinvested without charge in the same Fund or paid out in cash to the

shareholder. The Manager may change the dividend policy at its discretion.

8. RELATED PARTY TRANSACTIONS

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

The Funds may have direct or indirect holdings in or transactions with The Bank of Nova Scotia and/or

CI Financial Corp. as identified in the Statement of Investment Portfolio of each Fund, if applicable.

The Funds paid the following broker commissions to The Bank of Nova Scotia during the periods ended

September 30:

2013 2012

Fund (in $) (in $)

CI American Managers® Corporate Class 3,558 1,651

CI Canadian Investment Corporate Class 35,000 23,575

CI Can-Am Small Cap Corporate Class 4,352 2,713

CI Global Corporate Class 329 525

CI Global Managers® Corporate Class - 154

Harbour Corporate Class 30,644 -

Harbour Voyageur Corporate Class 180 4,204

Red Sky Canadian Equity Corporate Class 2,826 -

Signature Dividend Corporate Class 2,906 2,436

Signature Emerging Markets Corporate Class 7,218 1,074

Signature Global Energy Corporate Class 4,624 3,731


(formerly Signature Canadian Resource Corporate Class) 8,162 7,635

Signature Global Science & Technology Corporate Class 444 -

Signature Gold Corporate Class - 2,782

Signature International Corporate Class 11,501 2,379

– 119 –



2013 2012

Fund (cont’d) (in $) (in $)

Signature Select Canadian Corporate Class 22,631 20,195

Synergy American Corporate Class 726 4,226

Synergy Canadian Corporate Class 76,458 66,053

Synergy Global Corporate Class 3,436 3,621

Select Canadian Equity Managed Corporate Class 16,537 27,002

Select International Equity Managed Corporate Class 2,621 338

Select U.S. Equity Managed Corporate Class 456 1,404

Cambridge American Equity Corporate Class 12,988 785

Cambridge Canadian Asset Allocation Corporate Class 116,579 113,766

Cambridge Canadian Equity Corporate Class 383,455 176,835

Cambridge Global Equity Corporate Class 18,235 5,011

Canadian Equity Alpha Corporate Class 16,104 5,317

Canadian Equity Small Cap Corporate Class 6,179 1,012

Canadian Equity Value Corporate Class 9,563 3,733

Emerging Markets Equity Corporate Class 4,237 1,047

International Equity Alpha Corporate Class 10,181 170

International Equity Growth Corporate Class 1,024 364

Real Estate Investment Corporate Class 818 -

US Equity Alpha Corporate Class 2,054 1,439

9. INTERNATIONAL FINANCIAL REPORTING STANDARDS

As previously confirmed by the Canadian Accounting Standards Board (“AcSB”), most Canadian publicly

accountable entities adopted International Financial Reporting Standards (“IFRS”), as published by the

International Accounting Standards Board, on January 1, 2011. However, the AcSB has allowed investment

funds to defer adoption of IFRS until fiscal years beginning on or after January 1, 2014. Accordingly, the Funds

will adopt IFRS for their fiscal period beginning April 1, 2014, and will issue their initial financial statements

in accordance with IFRS, including comparative information, for the interim period ending September 30, 2014.

10. FINANCIAL INSTRUMENTS

The categorization of financial instruments is as follows: investments and derivatives are classified as held for

trading and are stated at fair value. Receivable for share subscriptions, receivable for dividends and accrued

interest, receivable for securities sold, fees rebate receivable and other receivables are designated as loans

and receivables. They are recorded at amortized cost which approximates their fair value due to their short-

term nature. Similarly, payable for share redemptions, payable for securities purchased, management fees

payable, accrued expenses and other payables are designated as financial liabilities and are carried at their

amortized cost which approximates their fair value, due to their short-term nature. Financial liabilities are

generally payable within three months.

11. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market risk

(including interest rate risk, currency risk and other price risk). The level of risk to which each Fund is exposed

depends on the investment objective and the type of investments the Fund holds. The value of investments

within a portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market

conditions and company specific news related to investments held by the Fund. The Manager of the Funds may

minimize potential adverse effects of these risks on the Funds’ performance by, but not limited to, regular

monitoring of the Funds’ positions and market events, diversification of the investment portfolio by asset type,

country, sector, term to maturity within the constraints of the stated objectives, and through the usage of

derivatives to hedge certain risk exposures.

Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet its financial

obligations. The fair value of a debt instrument includes consideration for the credit worthiness of the debt

issuer. The carrying amount of debt instruments as shown on the Statement of Investment Portfolio represents

the credit risk exposure of each Fund. Credit risk exposure for derivative instruments is based on each Fund’s

unrealized gain on the contractual obligations with the counterparty as at the reporting date. The credit rating

of counterparty to a derivative instrument is disclosed in the Statement of Investment Portfolio or in Fund

Specific Financial Instruments Risks section of the financial statements of each Fund, if applicable. The credit

risk exposure of the Fund’s other assets are represented by their carrying amount as disclosed in the

Statements of Net Assets.

The Funds that invest only in units of underlying funds may be exposed to indirect credit risk in the event that

the underlying funds invest in debt instruments, preferred securities or derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from Standard

& Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond

Rating Services or Canadian Bond Rating Services.

Credit ratings can be either long-term or short-term. Short-term credit ratings are generally assigned to those

obligations and derivative instruments considered short-term in nature. The table below provides a cross-

reference between the long-term credit ratings disclosed in the Credit Rating table inclusive of the short-term

credit ratings disclosed in the Derivatives Schedules in the Statement of Investment Portfolio.

Credit Rating as per Credit Risk table Credit Rating as per Derivative Schedules

AAA/Aaa/A++ A-1+

AA/Aa/A+ A-1, A-2, A-3

A B, B-1

BBB/Baa/B++ B-2

BB/Ba/B+ B-3

B C

CCC/Caa/C++ -

CC/Ca/C+ -

C and Lower D

Not Rated WR

Cash balances as disclosed in the Statements of Net Assets are maintained by the custodian, RBC IS. The

Manager monitors the credit worthiness of the custodian on a regular basis.

All transactions executed by a Fund in listed securities are settled / paid for upon delivery using approved

brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker

has received payment. Payment is made on a purchase once the securities have been received by the broker.

The trade will fail if either party fails to meet its obligation.

Liquidity Risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at a reasonable

price. The Funds are exposed to daily cash redemption of redeemable shares. Therefore, the Funds invest the

majority of their assets in investments that are traded in active markets and can be readily disposed of. In

addition, the Funds retain sufficient cash and cash equivalents positions to maintain liquidity. From time to

time, the Funds may enter into derivative contracts or invest in unlisted securities that may not trade in an

organized market and may be illiquid. Illiquid securities are identified in the Statement of Investment Portfolio

of each Fund, where applicable.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to changes in

prevailing levels of market interest rates. As a result, the value of the Funds that invest in debt securities and/or

income trusts will be affected by changes in applicable interest rates. If interest rates fall, the fair value of

existing debt securities may increase due to the increase in yield. Alternatively, if interest rates rise, the yield of

existing debt securities may decrease which may then lead to a decrease in their fair value. The magnitude of

the decline will generally be greater for long-term debt securities than for short-term debt securities.

– 120 –



Interest rate risk also applies to Funds that invest in convertible securities. The fair value of these securities

varies inversely with interest rates, similar to other debt securities. However, since they may be converted into

common shares, convertible securities are generally less affected by interest rate fluctuations than other debt

securities.

The Funds that invest only in units of underlying funds may be exposed to indirect interest rate risk in the event

that the underlying funds invest in interest bearing financial instruments.

Currency Risk

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

currency of the Funds. As a result, the Funds may be exposed to the risk that the value of securities

denominated in other currencies will fluctuate due to changes in exchange rates. The Statement of Investment

Portfolio identifies all bonds and derivative instruments denominated in foreign currencies. Equities traded in

foreign markets are also exposed to currency risk as the prices denominated in foreign currencies are converted

to the Funds’ functional currency to determine their fair value.

The Funds that invest only in units of underlying funds may be exposed to indirect currency risk in the event

that the underlying funds invest in financial instruments that are denominated in a currency other than the

functional currency of the Fund.

Other Price Risk

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

prices (other than those arising from interest rate risk or currency risk). The value of each investment is

influenced by the outlook of the issuer and by general economic and political conditions, as well as industry

and market trends. All securities present a risk of loss of capital.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not subject to

significant other price risk.

Fair Value Hierarchy

The Funds are required to classify financial instruments measured at fair value using a fair value hierarchy.

Investments whose values are based on quoted market prices in active markets are classified as Level 1.

This level may include publicly traded equities, exchange traded and retail mutual funds, exchange traded

warrants, futures contracts, traded options, American depositary receipts (“ADRs”) and Global depositary

receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted

market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified as

Level 2. These may include fixed income securities, mortgage backed securities (“MBS”), short-term instruments,

non-traded warrants, over-the-counter options, structured notes of indexed securities, foreign currency forward

contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instrument may include private

equities, private term loans, private equity funds and certain derivatives. As observable prices are not available

for these securities, the Funds may use a variety of valuation techniques to derive the fair value.

During the six-month period some Funds' exposure to financial instruments risks including fair value hierarchy

classification changed significantly as per details disclosed in the "Fund Specific Financial Instruments Risks"

section of the financial statements. For details relating to financial instruments risks exposure including fair

value hierarchy classification for remaining Funds refer to the audited annual financial statements as at March 31,

2013, as these Funds’ exposure to financial instruments risks and fair value hierarchy classification remained

unchanged through the period.

12. SUBSEQUENT EVENTS

The federal budget announced on March 21, 2013 by the Federal Minister of Finance proposes to treat a return

of a Reference Fund through the use of a derivative instrument such as a forward agreement as ordinary income

rather than capital gains. The government refers to these as “character conversion transactions.” Based on the

legislative changes tabled in the House of Commons on October 18, 2013, the taxation of the forward

agreements will be subject to transitional relief. The new tax rules will begin to apply starting in January 2015

for those forward agreements expiring prior to the end of December 31, 2014. For the forward agreements with

a settlement date after December 31, 2014, the transitional relief will allow for them to continue under the old

taxation rules, subject to growth limits, until the lesser of their final settlement period after December 31, 2014

and March 21, 2018.


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

one copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.

Commissions, trailing commissions, management fees and expenses all maybe associated with mutual

fund investments. Please read the prospectus before investing. Unless otherwise indicated and

except for returns for periods less than one year, the indicated rates of return are the historical annual

compounded total returns including changes in security value. All performance data assume

reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution

or optional charges or income taxes payable by any securityholder that would have reduced returns.

Mutual funds are not guaranteed, their values change frequently and past performance may not be

repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by

any other government deposit insurer.

The commentaries contained herein are provided as a general source of information and should not be

considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort

has been made to ensure that the material contained in these commentaries is accurate at the time

of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no

responsibility for any loss arising from any use of or reliance on the information contained herein.

®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American

Managers are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.

Legal Notice

CAMBRIDGE_SA_11/13E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

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