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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 4 –
Cambridge American Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Schedule AForeign Currency Forward Contracts (0.6%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) 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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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)
A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
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)
as at as atSeptember 30, 2013 March 31, 2013
Semi-Annual Financial Statements as at September 30, 2013
Cambridge American Equity Corporate ClassFinancial Statements (unaudited)
– 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)
A SharesE SharesF SharesI SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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Cambridge American Equity Corporate ClassFinancial Statements (unaudited)
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
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
F 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
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
I 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
O 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
AT5 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
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 –
Cambridge American Equity Corporate ClassFinancial Statements (unaudited)
ET5 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
FT5 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
OT5 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
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
AT8 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
ET8 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
FT8 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
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
– 9 –
Cambridge American Equity Corporate ClassFinancial Statements (unaudited)
IT8 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
OT8 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
Total FundNet 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
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
Statements of Changes in Net Assets (cont’d) for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
– 10 –
Cambridge American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
ET8 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
FT8 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
AT5 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 –
Cambridge American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
Semi-Annual Financial Statements as at September 30, 2013
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
OT8 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 (cont’d)for the periods ended September 30
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
AT5 SharesNet assets per shareNet asset value per share
ET5 SharesNet assets per shareNet asset value per share
FT5 SharesNet assets per shareNet asset value per share
OT5 SharesNet assets per shareNet asset value per share
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.
Cambridge American Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 12 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
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
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
*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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 15 –
Cambridge American Equity FundStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.
Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Schedule AForeign Currency Forward Contracts (0.6%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
1 Canadian Imperial Bank of Commerce A-1 15-Oct-13 1.04 (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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
Commission and other portfolio transaction costs (96,966)
Total Equities (97.2%) 136,002,940 155,717,716
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.6%)(see Schedule A) 977,320
Total Investments (97.8%) 136,002,940 156,695,036
Other Net Assets (Liabilities) (2.2%) 3,433,393
Net Assets (100.0%) 160,128,429
Cambridge American Equity FundFinancial Statements (unaudited)
– 16 –Semi-Annual Financial Statements as at September 30, 2013
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 unit 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 unit redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable
Net assets and unitholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classClass AClass 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)
Class AClass FClass I
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)
as at as atSeptember 30, 2013 March 31, 2013
The accompanying notes are an integral part of these financial statements.
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
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass FClass I
Increase (decrease) in net assets from operationsper unit (Note 2)
Class AClass FClass I
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
Increase (decrease) in net assets from operationsNet assets, end of period
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class INet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
84,730 51,126
87,486 13,848- -
(25,338) (8,616)62,148 5,232
- -- -- -- -
13,250 (944)160,128 55,414
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
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
†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.
Semi-Annual Financial Statements as at September 30, 2013
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
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
10,297 3,92710,812 4,123
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
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
-
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Cambridge American Equity FundFund Specific Financial Instruments Risks (unaudited) (Note 11)
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
Categories Net Assets (%)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 - $6,316,000). In practice, actual results may differ from this analysisand the difference may be material.
– 19 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 20 –
No. of Shares/ Average FairPar Value Cost ($) Value ($)
‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.*Denotes all or part of securities on loan.
^Denotes illiquid securities.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
CIG - 2321Semi-Annual Financial Statements as at September 30, 2013
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
Other Net Assets (Liabilities) (13.3%) 340,249,558
Net Assets (100.0%) 2,558,650,973
Schedule AForeign Currency Forward Contracts (0.0%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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 –
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 SharesD SharesE SharesF SharesI SharesO SharesW SharesY SharesZ SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Net assets per share (see Schedule of Net Assets per Share and Net Asset Value per Share)
A SharesD SharesE SharesF SharesI SharesO SharesW SharesY SharesZ SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
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
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)
as at as atSeptember 30, 2013 March 31, 2013
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)
– 22 –
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 taxesDividend expense on securities sold shortHarmonized 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 SharesD SharesE SharesF SharesI SharesO SharesW SharesY SharesZ SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT6 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A 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
Statements of Operations (cont’d) for the periods ended September 30(in $000’s except for per share amounts)
2013 2012
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
– 23 –
Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)
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
D 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
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
F 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
I 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)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
O 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
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
Statements of Changes in Net Assets (cont’d) for the periods ended September 30 (in $000’s)
2013 2012
Statements of Changes in Net Assets ffor the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)
– 24 –
W 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
Y 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)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Z 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)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 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
ET5 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
FT5 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
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 -
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
– 25 –
Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)
IT5 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
OT5 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
AT6 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
AT8 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
ET8 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
FT8 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
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
– 26 –
Cambridge Canadian Equity Corporate ClassFinancial Statements (unaudited)
IT8 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
OT8 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
Total FundNet 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)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 27 –
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares 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
Schedule of Fund Share Transactions for the periods ended September 30
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
AT5 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
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
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
Semi-Annual Financial Statements as at September 30, 2013
– 28 –
Cambridge Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
IT5 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
AT6 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
ET8 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
FT8 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
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
OT8 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 (cont’d)for the periods ended September 30
2013 2012
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
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
Semi-Annual Financial Statements as at September 30, 2013
A SharesNet assets per shareNet asset value per share
D 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
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
Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) as at September 30 (in $)
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 -
The accompanying notes are an integral part of these financial statements.
Cambridge Canadian Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 29 –
†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.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
1.000.951.952.001.951.00
Paid directly by investorPaid directly by investor
2.002.001.951.00
Paid directly by investorPaid directly by investor
0.200.200.150.20
-0.150.200.200.200.200.150.20
-0.150.200.200.150.20
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
184,395 142,588193,614 149,718
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
3,881 3,712- 7
AT5 SharesNet assets per shareNet asset value per share
ET5 SharesNet assets per shareNet asset value per share
FT5 SharesNet assets per shareNet asset value per share
IT5 SharesNet assets per shareNet asset value per share
OT5 SharesNet assets per shareNet asset value per share
AT6 SharesNet assets per shareNet asset value per share
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
Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) (cont’d) as at September 30 (in $)
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 –
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
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 - $168,389,000). In practice, actual results may differ from this analysis and the difference may be material.
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
CONSUMER DISCRETIONARY (7.0%) 400,000 Allison Transmission Holdings Inc. 9,197,599 10,329,306 400,000 Bauer Performance Sports Ltd.* 4,375,189 5,116,000
2,506,200 DHX Media Ltd.* 4,152,506 8,696,514 1,895,400 Imvescor Restaurant Group Inc. 2,647,013 3,582,306
20,372,307 27,724,126 HEALTH CARE (4.0%)
100,000 Catamaran Corp.* 5,148,751 4,731,000 250,000 Nexus AG 3,057,703 3,309,551 80,000 William Demant Holding AS* 7,211,841 7,615,233
15,418,295 15,655,784MATERIALS (3.5%)
100,400 Franco-Nevada Corp. 4,377,110 4,679,644 725,000 Primero Mining Corp. 4,020,914 4,060,000 30,000 Randgold Resources Ltd., ADR 2,239,875 2,207,905
3,000,000 Sulliden Gold Corp., Ltd. 3,060,000 2,940,000 13,697,899 13,887,549
UTILITIES (3.5%) 350,000 Brookfield Infrastructure Partners L.P. 13,026,442 13,711,445
WARRANTS (0.3%) 800,000 Imvescor Restaurant Group Inc., Warrants
(29Dec16) 680,000 992,000
PRIVATE PLACEMENTS (0.2%) 115,000 Kelt Exploration Ltd. (Restricted),
Private Placement 920,000 963,700
Commission and other portfolio transaction costs (444,572)
Total Equities (88.5%) 316,037,105 349,316,566
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.0%)(see Schedule A) (51,331)
Total Investments (88.5%) 316,037,105 349,265,235
Other Net Assets (Liabilities) (11.5%) 45,659,407
Net Assets (100.0%) 394,924,642
Cambridge Canadian Growth Companies FundStatement of Investment Portfolio September 30, 2013 (unaudited)
– 31 – CIG - 11108
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
47,174,040 47,160,051 INFORMATION TECHNOLOGY (10.1%)
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.
Semi-Annual Financial Statements as at September 30, 2013
No. of Shares/ Average FairPar Value Cost ($) Value ($)
Schedule AForeign Currency Forward Contracts (0.0%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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)
– 32 –Semi-Annual Financial Statements as at September 30, 2013
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 and unitholders' equity
*Investments at cost**Investments sold short at cost
Net assets per classClass AClass BClass EClass FClass OClass AT6Class BT6
Net assets per unit (see Schedule of Net Assets per Unit and Net Asset Value per Unit)
Class AClass BClass EClass FClass OClass AT6Class BT6
Number of units outstanding(see Schedule of Fund Unit Transactions)
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
Net investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass BClass EClass FClass OClass AT6Class BT6
Increase (decrease) in net assets from operationsper unit (Note 2)
Class 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
The accompanying notes are an integral part of these financial statements.
Statements of Net Assets (in $000’s except for per unit amounts and units outstanding)
as at as atSeptember 30, 2013 March 31, 2013
Statements of Operations for the periods ended September 30(in $000’s except for per unit amounts)
2013 2012
Cambridge Canadian Growth Companies FundFinancial Statements (unaudited)
– 33 –
Class ANet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class BNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ENet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7) Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ONet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class AT6Net assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
– 34 –
Cambridge Canadian Growth Companies FundFinancial Statements (unaudited)
Class BT6Net assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Cambridge Canadian Growth Companies FundFinancial Statements – Supplementary Schedules (unaudited)
– 35 –
Class ABalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period
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 FBalance, 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
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
†A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund.The accompanying notes are an integral part of these financial statements.
Class ANet assets per unitNet asset value per unit
Class BNet assets per unitNet asset value per unit
Class ENet assets per unitNet asset value per unit
Class FNet 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
Semi-Annual Financial Statements as at September 30, 2013
Schedule of Net Assets per Unit and Net Asset Value per Unit(Note 2) as at September 30 (in $)
2013 2012
Schedule of Fund Unit Transactions for the periods ended September 30
2013 2012
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
26,787 1,64328,126 1,725
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
971 270- -
– 36 –
Cambridge Canadian Growth Companies FundFinancial Statements – Supplementary Schedules (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Schedule of Fees (Note 5)as at September 30, 2013 (%)
– 37 –
Cambridge Canadian Growth Companies FundFund Specific Financial Instruments Risks (unaudited) (Note 11)
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
Categories Net Assets (%)
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.
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 increased ordecreased, respectively, by approximately $34,932,000 (March 31, 2013 - $16,751,000). In practice,actual results may differ from this analysis and the difference may be material.
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
Cambridge Global Dividend Corporate Class Statement of Investment Portfolio as at September 30, 2013 (unaudited)
– 38 – CIG - 2589
No. of Shares/ Average FairPar Value Cost ($) Value ($)
FUND (99.1%) 314,339 Cambridge Global Dividend Fund (Class I)† 3,207,690 3,240,838
Total Investments (99.1%) 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.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)
– 39 –Semi-Annual Financial Statements as at September 30, 2013
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 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)
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 –
Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)
†Investment transactions of the Fund are not subject to commissions or transaction costs.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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 costs†
Capital 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
Increase (decrease) in net assets from operationsper share (Note 2)
A 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 –
Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
E SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
O SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
-
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
Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)
– 42 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
ET5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
ET8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
-
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
Statement of Changes in Net Assets (cont’d) for the period ended September 30 (in $000’s)
2013
Statement of Changes in Net Assets (cont’d) for the period ended September 30 (in $000’s)
2013
– 43 –
Cambridge Global Dividend Corporate ClassFinancial Statements (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
-
10---
10
-----
10
-
10---
10
-----
10
-
1,239-
(3)1,9913,227
--
(2)(2)47
3,272
Statement of Changes in Net Assets (cont’d) for the period ended September 30 (in $000’s)
2013
Cambridge Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 44 –
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
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
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
ET8 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
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
OT8 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
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Dividend Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 45 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
2.000.951.00
Paid directly by investor2.000.951.00
Paid directly by investorPaid directly by investor
0.220.150.22
-0.150.220.150.220.150.220.150.22
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
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 –
The accompanying notes are an integral part of these financial statements.
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 $000's)Underlying Fund 3,241 - - 3,241 Total 3,241 - - 3,241
Semi-Annual Financial Statements as at September 30, 2013
U.K. (12.6%) (cont’d)8,000 Reckitt Benckiser Group PLC 595,359 595,681
25,000 Schroders PLC 979,258 1,073,543 120,000 Smith & Nephew PLC 1,519,559 1,540,899 40,000 Standard Chartered PLC 1,009,045 987,910
9,891,792 10,120,800 GERMANY (9.0%)
7,000 Bayer AG 828,337 848,834 8,800 Bayerische Motoren Werke AG 987,354 973,540 3,000 Fuchs Petrolub S.E. 261,738 257,852 8,949 Hugo Boss AG 1,123,318 1,188,179
130,000 Infineon Technologies AG 1,239,708 1,336,195 11,000 Volkswagen AG, Preferred 2,650,008 2,656,420
7,090,463 7,261,020 SWITZERLAND (4.1%)
11,000 Nestle S.A., Registered Shares 775,672 791,827 7,000 Novartis AG, Registered Shares 555,400 553,721 7,000 Roche Holding AG 1,864,590 1,944,599
3,195,662 3,290,147 FRANCE (2.8%)
30,000 Cap Gemini S.A. 1,743,642 1,837,950 5,000 Danone S.A. 385,691 387,670
2,129,333 2,225,620 SWEDEN (2.6%)
21,000 Loomis AB 485,683 475,415 30,000 Modern Times Group AB 1,469,950 1,611,244
1,955,633 2,086,659 JAPAN (2.1%)
20,000 Japan Tobacco Inc. 730,528 738,854 15,000 Kirin Holdings Co., Ltd 222,617 224,643 10,000 Sawai Pharmaceutical Co., Ltd. 746,937 722,086
1,700,082 1,685,583 BELGIUM (1.9%)
15,000 Anheuser-Busch InBev N.V., ADR 1,491,191 1,533,018
NETHERLANDS (1.8%) 80,000 Koninklijke Ahold N.V. 1,375,116 1,427,496
BERMUDA (1.5%) 30,000 Brookfield Infrastructure Partners L.P. 1,160,206 1,175,100
ITALY (1.1%) 62,000 MARR SpA 857,880 863,535
DENMARK (0.9%) 25,000 DSV AS 697,550 730,509
BRAZIL (0.9%) 1,000 Cia Hering 16,050 15,631
18,000 Companhia de Bebidas das Americas, ADR 686,334 711,041 702,384 726,672
NORWAY (0.8%) 15,000 Yara International ASA 676,259 636,965
IRELAND (0.7%) 7,000 Accenture PLC 549,742 531,040
Cambridge Global Dividend Fund Statement of Investment Portfolio as at September 30, 2013 (unaudited)
– 47 – CIG - 2639
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
*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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 48 –
Cambridge Global Dividend FundStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
No. of Shares/ Average FairPar Value Cost ($) Value ($)
JERSEY ISLAND (0.6%) 50,000 Kentz Co., Ltd. 410,196 398,316 1,310 Randgold Resources Ltd., ADR 100,191 96,412
510,387 494,728 SPAIN (0.4%)
50,000 Prosegur Cia de Seguridad S.A. 295,066 289,150
Commission and other portfolio transaction costs (73,515)
Total Equities (81.7%) 64,372,753 65,741,874
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.2%)(see Schedule A) 125,587
Total Investments (81.9%) 64,372,753 65,867,461
Other Net Assets (Liabilities) (18.1%) 14,592,242
Net Assets (100.0%) 80,459,703
‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.††CI Investments Inc., the Manager, is a corporation controlled by CI Financial Corp. The Bank of Nova Scotia has a significant interest in CI Financial Corp. Transactions with The Bank of Nova Scotia are identified above.
Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Schedule AForeign Currency Forward Contracts (0.2%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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)
– 49 –Semi-Annual Financial Statements as at September 30, 2013
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 unit 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 unit redemptionsPayable for cash collateral under securities lending (Note 6)Investments sold short at fair value**Distributions payable
Net assets and unitholders' equity
*Investments at cost**Investments sold short at cost
Net assets per classClass AClass EClass FClass IClass O
Net assets per unit (see Schedule of Net Assets per Unit and Net Asset Value per Unit)
Class AClass EClass FClass IClass O
Number of units outstanding(see Schedule of Fund Unit Transactions)
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
The accompanying notes are an integral part of these financial statements.
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 expenseHarmonized sales tax
Net investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass EClass FClass IClass O
Increase (decrease) in net assets from operationsper unit (Note 2)
Class 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 –
Class ANet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ENet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
-
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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Class INet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ONet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
-
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 ABalance, 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 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
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
Semi-Annual Financial Statements as at September 30, 2013
Schedule of Commissionsfor the period ended September 30 (in $000’s)
2013Brokerage commissionsSoft Dollar commissions†
76-
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013LoanedCollateral (non-cash)
367385
Class ANet assets per unitNet asset value per unit
Class ENet 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
Class ONet assets per unitNet asset value per unit
10.3010.32
10.3110.32
10.3010.32
10.3010.31
10.3010.31
†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.
Annual management fee rateClass AClass EClass FClass IClass O
Annual fixed administration fee rateClass AClass EClass FClass IClass O
2.001.951.00
Paid directly by investorPaid directly by investor
0.220.150.22
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Schedule of Net Assets per Unit and Net Asset Value per Unit(Note 2) as at September 30 (in $)
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
*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.
Currency RiskThe table below summarizes 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 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 –
The accompanying notes are an integral part of these financial statements.
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 $000's)Equities 65,742 - - 65,742 Foreign currency forward contracts, net - 126 - 126 Total 65,742 126 - 65,868
There were not transfers between Level 1, 2 and 3 during the period ended September 30, 2013.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 53 –
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
*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 - 2323Semi-Annual Financial Statements as at September 30, 2013
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 54 –
Cambridge Global Equity Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (-0.1%)(see Schedule A) (802,534)
Total Investments (93.3%) 950,727,784 1,148,691,741
Other Net Assets (Liabilities) (6.7%) 81,618,998
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.
Semi-Annual Financial Statements as at September 30, 2013
No. of Shares/ Average FairPar Value Cost ($) Value ($)
Schedule AForeign Currency Forward Contracts (-0.1%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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 –
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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
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
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)
as at as atSeptember 30, 2013 March 31, 2013
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)
– 56 –
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 expenseDividend expense
on securities sold shortCapital 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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A 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
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
– 57 –
Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
E SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
O SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
W SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d) for the periods ended September 30 (in $000’s)
2013 2012
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)
– 58 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
ET5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
- -
- 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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
– 59 –
Cambridge Global Equity Corporate ClassFinancial Statements (unaudited)
ET8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT8 Shares Net assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Global Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 60 –
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
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
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
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
Schedule of Fund Share Transactions for the periods ended September 30
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
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
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
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
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
ET8 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
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d) for the periods ended September 30
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
Semi-Annual Financial Statements as at September 30, 2013
– 61 –
Cambridge Global Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
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
OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2013 2012
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
Semi-Annual Financial Statements as at September 30, 2013
IT5 SharesNet assets per shareNet asset value per share
OT5 SharesNet assets per shareNet asset value per share
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
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
W SharesNet assets per shareNet asset value per share
AT5 SharesNet assets per shareNet asset value per share
ET5 SharesNet assets per shareNet asset value per share
FT5 SharesNet assets per shareNet asset value per share
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
Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) as at September 30 (in $)
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
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
103,579 50,637108,758 53,168
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
2,439 1,212- 2
†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.
Cambridge Global Equity Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 62 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
1.002.001.951.00
Paid directly by investorPaid directly by investor
2.001.951.00
Paid directly by investorPaid directly by investor
0.220.150.22
-0.150.220.220.150.22
-0.150.220.150.22
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Cambridge Global Equity Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)
– 63 –
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
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.
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 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
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 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
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$75,898,000 (March 31, 2013 - $46,768,000). In practice, actual results may differ from this analysisand the difference may be material.
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
WARRANTS (0.2%) 290,500 FAM Real Estate Investment Trust,
Warrants (28Dec15) 75,382 23,240 50,000 Imvescor Restaurant Group Inc.,
Warrants (29Dec16) 42,500 62,000 117,882 85,240
Commission and other portfolio transaction costs (83,193)
Total Investments (85.5%) 38,830,245 43,431,485
Other Net Assets (Liabilities) (14.5%) 7,375,999
Net Assets (100.0%) 50,807,484
Cambridge Pure Canadian Equity FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 64 – CIG - 11109
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
8,440,980 8,388,687 INFORMATION TECHNOLOGY (13.2%)
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
*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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
Cambridge Pure Canadian Equity FundFinancial Statements (unaudited)
– 65 –Semi-Annual Financial Statements as at September 30, 2013
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 and unitholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classClass AClass BClass EClass FClass IClass OClass AT6Class BT6
Net assets per unit (see Schedule of Net Assets per Unit and Net Asset Value per Unit)
Class AClass BClass EClass FClass IClass OClass AT6Class BT6
Number of units outstanding(see Schedule of Fund Unit Transactions)
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
Net investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass BClass EClass FClass IClass OClass AT6Class BT6
Increase (decrease) in net assets from operationsper unit (Note 2)
Class 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
The accompanying notes are an integral part of these financial statements.
Statements of Net Assets (in $000’s except for per unit amounts and units outstanding)
as at as atSeptember 30, 2013 March 31, 2013
Statements of Operations for the periods ended September 30(in $000’s except for per unit amounts)
2013 2012
Cambridge Pure Canadian Equity FundFinancial Statements (unaudited)
– 66 –Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
Class ANet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7) Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class BNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ENet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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 -
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class INet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ONet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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 -
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Cambridge Pure Canadian Equity FundFinancial Statements (unaudited)
– 67 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Class AT6Net assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class BT6Net assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Cambridge Pure Canadian Equity FundFinancial Statements – Supplementary Schedules (unaudited)
– 68 –
Class ABalance, beginning of periodUnits issued for cash Units issued for reinvested distributions (Note 7)Units redeemedBalance, end of period
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 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
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
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
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
†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.
Semi-Annual Financial Statements as at September 30, 2013
Class ANet assets per unitNet asset value per unit
Class BNet assets per unitNet asset value per unit
Class ENet 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
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
17.00 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
Schedule of Net Assets per Unit and Net Asset Value per Unit(Note 2) as at September 30 (in $)
2013 2012
Schedule of Fund Unit Transactions for the periods ended September 30
2013 2012
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
1,184 881,244 92
– 69 –
Cambridge Pure Canadian Equity FundFinancial Statements – Supplementary Schedules (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
2.002.00
0.200.200.150.20
-0.150.200.20
Schedule of Fees (Note 5)as at September 30, 2013 (%)
– 70 –
Cambridge Pure Canadian Equity FundFund Specific Financial Instruments Risks (unaudited) (Note 11)
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
Categories Net Assets (%)
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.
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 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.
as at September 30, 2013Financial Instruments Derivatives Total Currency Net
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
as at March 31, 2013Financial Instruments Derivatives Total Currency Net
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 - $183,000). In practice, actual results may differ from this analysis andthe difference may be material.
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 71 –
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
Commission and other portfolio transaction costs (650,051)
Total Bonds & Equities (78.0%) 873,159,918 949,311,954
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%)(see Schedule A) 802,867
Long Option Contracts (0.0%)(see Schedule B) 334,766 6,695
Short Option Contracts (0.0%)(see Schedule C) (77,254) (120,516)
Total Investments (78.1%) 873,417,430 950,001,000
Other Net Assets (Liabilities) (21.9%) 266,814,289
Net Assets (100.0%) 1,216,815,289
Principal amounts stated in:USD U.S. Dollar
*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 - 2322Semi-Annual Financial Statements as at September 30, 2013
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 72 –
Cambridge Canadian Asset Allocation Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
Schedule AForeign Currency Forward Contracts (0.1%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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
‡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.
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)
– 73 –
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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
A 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
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)
as at as atSeptember 30, 2013 March 31, 2013
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)
– 74 –
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 SharesW SharesAT5 SharesET5 SharesFT5 SharesIT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesIT8 SharesOT8 Shares
Increase (decrease) in net assets from operationsper share (Note 2)
A 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
Statements of Operations (cont’d) for the periods ended September 30(in $000’s except for per share amounts)
2013 2012
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
– 75 –
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
E SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
I SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
O SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
W SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d) for the periods ended September 30 (in $000’s)
2013 2012
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)
– 76 –
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
ET5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
– 77 –
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements (unaudited)
ET8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
IT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividends (Note 7)Amounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 78 –
The accompanying notes are an integral part of these financial statements.
A SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
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
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
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
Schedule of Fund Share Transactions for the periods ended September 30
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
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
FT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
IT5 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
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
AT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
ET8 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
FT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d) for the periods ended September 30
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
Semi-Annual Financial Statements as at September 30, 2013
– 79 –
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
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
OT8 SharesBalance, beginning of periodShares issued for cash Shares issued for reinvested dividends (Note 7)Shares redeemedShares issued (redeemed) on conversion (net)Balance, end of period
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
2013 2012
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
Semi-Annual Financial Statements as at September 30, 2013
IT5 SharesNet assets per shareNet asset value per share
OT5 SharesNet assets per shareNet asset value per share
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
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
W SharesNet assets per shareNet asset value per share
AT5 SharesNet assets per shareNet asset value per share
ET5 SharesNet assets per shareNet asset value per share
FT5 SharesNet assets per shareNet asset value per share
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
Schedule of Net Assets per Share and Net Asset Value per Share(Note 2) as at September 30 (in $)
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
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
65,493 41,23768,768 43,299
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
1,160 1,921- 4
†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.
Cambridge Canadian Asset Allocation Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
– 80 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investorPaid directly by investor
1.002.001.851.00
Paid directly by investorPaid directly by investor
2.001.851.00
Paid directly by investorPaid directly by investor
0.200.150.20
-0.150.200.200.150.20
-0.150.200.150.20
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Cambridge Canadian Asset Allocation Corporate ClassFund Specific Financial Instruments Risks (unaudited) (Note 11)
– 81 –
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
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
*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.
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.
Semi-Annual Financial Statements as at September 30, 2013
The accompanying notes are an integral part of these financial statements.
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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
*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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
– 83 –
Cambridge High Income Fund Statement of Investment Portfolio as at September 30, 2013 (unaudited) (cont’d)
‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.*Denotes all or part of securities on loan.
Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Schedule AForeign Currency Forward Contracts (0.1%)
Credit Rating Settlement Contract UnrealizedContracts Counterparty of the Counterparty‡ Date Rate ($) Pay Receive Gain (Loss) ($)
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
No. of Shares/ Average FairPar Value Cost ($) Value ($)
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
20,845,425 20,727,513 INFORMATION TECHNOLOGY (3.9%)
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
Commission and other portfolio transaction costs (337,719)
Total Bonds & Equities (86.9%) 416,012,942 434,004,865
DERIVATIVE INSTRUMENTS
Foreign Currency Forward Contracts (0.1%)(see Schedule A) 364,577
Total Investments (87.0%) 416,012,942 434,369,442
Other Net Assets (Liabilities) (13.0%) 64,985,664
Net Assets (100.0%) 499,355,106
Principal amounts stated in:USD U.S. Dollar
Cambridge High Income Fund Financial Statements (unaudited)
– 84 –Semi-Annual Financial Statements as at September 30, 2013
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 unit 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 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 and unitholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classClass AClass EClass FClass IClass O
Net assets per unit (see Schedule of Net Assets per Unit and Net Asset Value per Unit)
Class AClass EClass FClass IClass O
Number of units outstanding(see Schedule of Fund Unit Transactions)
Class 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 -
Statements of Net Assets(in $000’s except for per unit amounts and units outstanding)
as at as atSeptember 30, 2013 March 31, 2013
The accompanying notes are an integral part of these financial statements.
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
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costsCapital gain distribution from investmentsChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass EClass FClass IClass O
Increase (decrease) in net assets from operationsper unit (Note 2)
Class 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 -
Statements of Operations for the periods ended September 30(in $000’s except for per unit amounts)
2013 2012
Cambridge High Income Fund Financial Statements (unaudited)
– 85 –
Class ANet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ENet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class INet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ONet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
Cambridge High Income Fund Financial Statements – Supplementary Schedules (unaudited)
– 86 –
Class ABalance, 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 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
Class OBalance, 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
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 -
†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.
Semi-Annual Financial Statements as at September 30, 2013
Class ANet assets per unitNet asset value per unit
Class ENet 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
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
Class ONet assets per unitNet asset value per unit
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 -
Schedule of Securities Lending (Note 6)as at September 30 (in $000’s)
2013 2012LoanedCollateral (non-cash)
21,409 108,62722,479 114,058
Schedule of Commissionsfor the periods ended September 30 (in $000’s)
2013 2012Brokerage commissionsSoft Dollar commissions†
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
Paid directly by investorPaid directly by investor
0.200.150.20
-0.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
Cambridge High Income Fund Fund Specific Financial Instruments Risks (unaudited) (Note 11)
The Fund’s investments were concentrated in the following segments:
as at March 31, 2013
Categories Net Assets (%)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.
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 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
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 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
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$17,243,000 (March 31, 2013 - $12,421,000). In practice, actual results may differ from this analysisand the difference may be material.
– 87 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Income Corporate ClassStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 88 –
FairValue ($)
Purchase Forward Agreement (7.9%)(see Schedule A) 34,073,083
Other Net Assets (Liabilities) (92.1%) 394,901,056
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.
CIG - 2261Semi-Annual Financial Statements as at September 30, 2013
Cambridge Income Corporate ClassFinancial Statements (unaudited)
– 89 –
The accompanying notes are an integral part of these financial statements.
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 and shareholders' equity
*Investments at cost**Investments sold short at cost
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
Statements of Net Assets(in $000’s except for per share amounts and shares outstanding)
as at as atSeptember 30, 2013 March 31, 2013
Semi-Annual Financial Statements as at September 30, 2013
Net assets per share A SharesE SharesF SharesO SharesAT5 SharesET5 SharesFT5 SharesOT5 SharesAT8 SharesET8 SharesFT8 SharesOT8 Shares
Number of shares outstanding(see Schedule of Fund Share Transactions)
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
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
Cambridge Income Corporate ClassFinancial Statements (unaudited)
– 90 –
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 expenseHarmonized sales tax
Income (loss) before taxesProvision for income taxesNet investment income (loss) for the period
Realized and unrealized gain (loss) on investmentsand commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)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
Increase (decrease) in net assets from operationsper share (Note 2)
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
Statements of Operations for the periods ended September 30(in $000’s except for per share amounts)
2013 2012
A SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
E SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
F SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
†Investment transactions of the Fund are not subject to commissions or transaction costs.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Income Corporate ClassFinancial Statements (unaudited)
– 91 –
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
O SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
ET5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
FT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT5 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
AT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
– 92 –
Cambridge Income Corporate ClassFinancial Statements (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
ET8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
FT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
OT8 SharesNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Total FundNet assets, beginning of periodCapital transactions
Proceeds from shares issued Reinvested dividendsAmounts paid for shares redeemedConversion of shares (net)
Dividends to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
– 93 –
Cambridge Income Corporate ClassFinancial Statements – Supplementary Schedules (unaudited)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Schedule of Fund Share Transactions for the periods ended September 30
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
Schedule of Fund Share Transactions (cont’d)for the periods ended September 30
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)
The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
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
Paid directly by investor1.901.850.90
Paid directly by investor1.901.850.90
Paid directly by investor
0.200.150.200.150.200.150.200.150.200.150.200.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
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 accompanying notes are an integral part of these financial statements.
The Underlying Trust’s investments were concentrated in the following segments:
as at September 30, 2013
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
as at March 31, 2013
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 - $18,056,000). In practice, actual results may differ fromthis analysis and the difference may be material.
Semi-Annual Financial Statements as at September 30, 2013
Schedule APurchase Forward Agreement (6.8%)
Purchase Forward Agreement Fair Value ($)Restricted cash subject to forward agreement(cash deposit is held by the Bank of Montreal^) (156,618,575)
Notional Units Underlying Trust Fair Value ($)13,881,941 Signature High Yield Bond Trust (Class C)^ 168,249,130
Total Purchase Forward Agreement Value 11,630,555
Settlement date 24-Jan-17Credit Rating of the Counterparty‡^ A-1
Cambridge Income FundStatement of Investment Portfolio as at September 30, 2013 (unaudited)
– 96 – CIG - 635
Purchase Forward Agreement (6.8%)(see Schedule A) 11,630,555
Other Net Assets (Liabilities) (93.2%) 158,493,223
Net Assets (100.0%) 170,123,778
^The counterparty to forward agreement is Bank of Montreal.‡Credit ratings are obtained from Standard & Poor’s, where available, otherwise ratings are obtained from: Moody's Investors Service, Dominion Bond Rating Services or Canadian Bond Rating Services.Percentages shown in brackets relate investments at fair value to net assets of the Fund.The accompanying notes are an integral part of these financial statements.
Semi-Annual Financial Statements as at September 30, 2013
FairValue ($)
Cambridge Income FundFinancial Statements (unaudited)
– 97 –Semi-Annual Financial Statements as at September 30, 2013
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 and unitholders' equity
**Investments at cost**Investments sold short at cost
Net assets per classClass AClass EClass FClass O
Net assets per unit Class AClass EClass FClass O
Number of units outstanding(see Schedule of Fund Unit Transactions)
Class AClass EClass FClass O
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 expenseHarmonized sales tax
Net investment income (loss) for the period
Realized and unrealized gain (loss) on investments and commissions and other portfolio transaction costs
Realized gain (loss) on investmentsForeign exchange gain (loss)Commissions and other portfolio transaction costs†
Forward feesChange in unrealized appreciation (depreciation)
of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets from operations
Increase (decrease) in net assets from operations per classClass AClass EClass FClass O
Increase (decrease) in net assets from operationsper unit (Note 2)
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
Statements of Operations for the periods ended September 30(in $000’s except for per unit amounts)
2013 2012
Statements of Net Assets(in $000’s except for per unit amounts and units outstanding)
as at as atSeptember 30, 2013 March 31, 2013
†Investment transactions of the Fund are not subject to commissions or transaction costs.The accompanying notes are an integral part of these financial statements.
– 98 –
Cambridge Income FundFinancial Statements (unaudited)
Class ANet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ENet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class FNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Class ONet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
Total FundNet assets, beginning of periodCapital transactions
Proceeds from units issued Reinvested distributions (Note 7)Amounts paid for units redeemed
Distributions to investorsFrom realized gainsFrom net incomeFrom return of capital
Increase (decrease) in net assets from operationsNet assets, end of period
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
Statements of Changes in Net Assets for the periods ended September 30 (in $000’s)
2013 2012
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets (cont’d)for the periods ended September 30 (in $000’s)
2013 2012
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Income FundFinancial Statements – Supplementary Schedules (unaudited)
– 99 –
Class ABalance, 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 FBalance, 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
Schedule of Fund Unit Transactions for the periods ended September 30
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
The accompanying notes are an integral part of these financial statements.
Annual management fee rateClass AClass EClass FClass O
Annual fixed administration fee rateClass AClass EClass FClass O
1.901.850.90
Paid directly by investor
0.200.150.200.15
Schedule of Fees (Note 5)as at September 30, 2013 (%)
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:
Semi-Annual Financial Statements as at September 30, 2013
Cambridge Income FundFund Specific Financial Instruments Risks (unaudited) (Note 11)
The Underlying Trust’s investments were concentrated in the following segments:
as at September 30, 2013
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
as at March 31, 2013
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 –
The accompanying notes are an integral part of these financial statements.
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.
Semi-Annual Financial Statements as at September 30, 2013
– 101 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited)
Semi-Annual Financial Statements as at September 30, 2013
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)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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
unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on forward agreement”/”Unrealized gain (loss) on purchase forward agreement” in the Statements of
Net Assets until the contract is closed out or expires; at which time the gains (losses) are realized and reported
as “Realized gain (loss) on investments” in the Statements of Operations.
(c) Futures Contracts
Futures contracts are valued on each valuation day using the bid/ask price posted on the related public
exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change in
unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts
are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on
investments” in the Statements of Operations.
(d) 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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Mutual FundsNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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)
Semi-Annual Financial Statements as at September 30, 2013
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)
Semi-Annual Financial Statements as at September 30, 2013
Inception Date: (cont’d)
A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares
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 CORPORATE CLASS (cont’d)
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 - -
Harbour Global Equity Corporate Class
(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 - -
Harbour Global Growth & Income Corporate Class
(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 - -
Signature Global Resource Corporate Class
(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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
Inception Date: (cont’d)
Z Shares
CI CORPORATE CLASS (cont’d)
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 -
Harbour Global Equity Corporate Class
(formerly Harbour Foreign Equity Corporate Class) -
Harbour Global Growth & Income 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 -
Signature Global Resource 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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
Inception Date: (cont’d)
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
Select 30i70e 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 40i60e 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 50i50e 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 60i40e 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 70i30e 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 80i20e 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
Select 30i70e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07
Select 40i60e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07
Select 50i50e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07
Select 60i40e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07
Select 70i30e Managed Portfolio Corporate Class - Jul. 17, 11 Jul. 27, 11 - Jul. 27, 11 - - Nov. 27, 06 Sep. 17, 07 Sep. 17, 07
Select 80i20e 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 - -
Select 30i70e Managed Portfolio Corporate Class - -
Select 40i60e Managed Portfolio Corporate Class - -
Select 50i50e Managed Portfolio Corporate Class - -
Select 60i40e Managed Portfolio Corporate Class - -
Select 70i30e Managed Portfolio Corporate Class - -
Select 80i20e Managed Portfolio Corporate Class - -
A Shares AT5 Shares AT6 Shares AT8 Shares D Shares E Shares ET5 Shares ET8 Shares F Shares FT5 Shares
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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
Inception Date: (cont’d)
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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
For the purpose of processing shareholder transactions, net asset value is calculated based on the closing
market price of investments (referred to as “Net Asset Value”), while for financial statement purposes net
assets are calculated based on bid/ask price of investments (referred to as “Net Assets”).
In accordance with National Instrument 81-106, a comparison between the Net Asset Value per share and the
Net Assets per share is disclosed in the Schedule of Net Assets per Share and Net Asset Value per Share,
as applicable.
At the financial reporting date, listed securities are valued based on the bid price for securities held long and
the ask price for securities held short. Unlisted securities are valued based on price quotations from recognized
investment dealers, or failing that, their fair value is determined by the Manager on the basis of the latest
reported information available. Fixed income securities, debentures, money market investments and other debt
instruments including short-term investments, are valued at the bid quotation from recognized investment
dealers. Underlying Funds are valued on each business day at their net asset value as reported by the
Underlying Funds’ manager.
The fair value of private placements is determined by using valuation models that may be based, in part, on
assumptions that are not supported by observable market inputs. These methods and procedures may include,
but are not limited to, performing comparisons with prices of comparable or similar securities, obtaining
valuation related information from issuers and/or other analytical data relating to the investment and using
other available indications of value. These values are independently assessed by the Manager to ensure that
they are reasonable. However, because of the inherent uncertainty of valuation, the estimated fair values for
the aforementioned securities and interests may be materially different from the values that would have been
used had a ready market for the investment existed. The fair values of private placements are affected by the
perceived credit risks of the issuer, predictability of cash flows and the length of time to maturity.
(b) Forward Contracts
A Fund may enter into forward currency contracts. Forward currency contracts are valued on each valuation day
based on the difference between the value of the contract on the date the contract originated and the value of
the contract on the valuation day.
All unrealized gains (losses) arising from forward currency contracts are recorded as part of “Change in
unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts
are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on
investments” in the Statements of Operations.
Some Funds entered into a forward purchase agreement (“Forward Purchase Agreement”) or forward sale
agreements (“Forward Agreement”) with counterparties (“Counterparty”).
Pursuant to each Forward Purchase Agreement the Fund agreed to purchase from the relevant Counterparty
on a future date (“Forward Date”) a specified portfolio of Canadian securities. The amount paid by the
Counterparty on the Forward Date will be determined by reference to the returns of reference fund. During the
term of the Forward Purchase Agreement, the Fund will pledge its assets to the relevant Counterparty. The
Fund’s assets will be comprised solely of its cash and its Forward Purchase Agreement. The Fund’s cash will
be deposited with and pledged to the Counterparty as security for performance by the Fund of its obligations
under the forward transaction.
Pursuant to each Forward Agreement the Fund agreed to sell to the relevant Counterparty on a future date
(“Forward Date”) a specified portfolio of Canadian securities. The amount delivered by the Counterparty on the
Forward Date will be determined by reference to the returns of to the reference fund.
CI Global High Dividend Advantage Corporate Class, CI Short-Term Advantage Corporate Class, Signature
Diversified Yield Corporate Class, Signature High Yield Bond Corporate Class and Cambridge Income Corporate
Class entered into Forward Purchase Agreements or Forward Agreements with third parties and the value of
these forward contracts on the valuation date is equal to the gain or loss that would be realized if the contracts
were closed out or expired. Investments sold forward as part of such Forward Agreements, are valued at the
market close price, and the Underlying Account/Fund/Trusts are valued at their net asset value as reported by
the Underlying Account/Fund/Trusts manager on the valuation date for purposes of determining the value of
the forward contracts. All gains (losses) arising from the forward agreements are recorded as part of “Change
in unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on forward agreement”/”Unrealized gain (loss) on purchase forward agreement” in the Statements of
Net Assets until the contract is closed out or expires; at which time the gains (losses) are realized and reported
as “Realized gain (loss) on investments” in the Statements of Operations.
(c) Futures Contracts
Futures contracts are valued on each valuation day using the bid/ask price posted on the related public
exchange. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change in
unrealized appreciation (depreciation) of investments” in the Statements of Operations and “Unrealized gain
(loss) on futures and foreign currency forward contracts” in the Statements of Net Assets until the contracts
are closed out or expire, at which time the gains (losses) are realized and reported as “Realized gain (loss) on
investments” in the Statements of Operations.
(d) Short Selling
Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund sells
a security short, it will borrow that security from a broker to complete the sale. The Fund will incur a loss as a
result of a short sale if the price of the borrowed security increases between the date of the short sale and the
date on which the Fund closes out its short position by buying that security. The Fund will realize a gain if the
security declines in price between those dates. The gain or loss that would be realized if the position was to
be closed out on the valuation date is reflected in the Statements of Operations as part of “Change in
unrealized appreciation (depreciation) of investments” and in the Statements of Net Assets in “Investments
sold short at fair value”. When the short position is closed out, gains and losses are realized and included in
“Realized gain (loss) on investments” in the Statements of Operations.
(e) Options Contracts
Option contracts are valued each valuation day according to the gain or loss that would be realized if the
contracts were closed out. All unrealized gains (losses) arising from option contracts are recorded as part of
“Change in unrealized appreciation (depreciation) of investments” until the contracts are closed out or expire,
at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain
(loss) on investments”.
Over-the-counter options are valued using the Black Scholes model, whereas, exchange traded options are
valued at bid/ask price taken from the exchange.
(f) Bullion
Gold and silver bullion are valued based on North America closing spot price of the underlying commodity.
All unrealized gains (losses) arising from bullion holdings are recorded as part of “Change in unrealized
appreciation (depreciation) of investments” in the Statements of Operations until the bullion holdings are sold,
at which time the gains (losses) are realized and reflected in the Statements of Operations in “Realized gain
(loss) on investments”.
3. SHAREHOLDERS’ EQUITY
Shares issued and outstanding represent the capital of the Corporation.
Each Fund is authorized to issue an unlimited number of redeemable, transferable shares of each class.
Generally the Funds have no restrictions or specific capital requirements, except for the minimum subscription /
redemption amounts and as noted below. Shareholders at any time can transfer their shares from one Corporate
Class to another Corporate Class, which is called a conversion. The relevant changes pertaining to subscription,
redemption and conversion of each Fund’s shares are disclosed in the Statements of Changes in Net Assets and
the Schedule of Fund Share Transactions.
In accordance with the objectives and risk management polices outlined in Note 11, the Funds endeavor to
invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet
redemptions through utilizing a short-term borrowing facility or disposal of investments when necessary.
– 117 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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
Harbour Global Equity Corporate Class
(formerly Harbour Foreign Equity Corporate Class) 51,016 53,296
Harbour Global Growth & Income Corporate Class
(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
Signature Global Resource Corporate Class
(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 $)
Select 30i70e Managed Portfolio Corporate Class 73,937 62,760
Select 40i60e Managed Portfolio Corporate Class 23,967 20,805
Select 50i50e Managed Portfolio Corporate Class 35,532 41,612
Select 60i40e Managed Portfolio Corporate Class 46,583 41,697
Select 70i30e Managed Portfolio Corporate Class 45,651 51,645
Select 80i20e Managed Portfolio Corporate Class 33,737 31,018
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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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
Diversified Yield Corporate Class, Signature High Yield Bond Corporate Class and Cambridge Income Corporate
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
Signature Global Resource Corporate Class
(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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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 –
CI Corporate Class LimitedNotes to the Financial Statements as at September 30, 2013 (unaudited) (cont’d)
Semi-Annual Financial Statements as at September 30, 2013
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.
– 121 –Semi-Annual Financial Statements as at September 30, 2013
Notice: Should you require additional copies of this Semi-Annual Report or have received more than
one copy, please contact CI Investments Inc. (the “Manager”) or your financial advisor.
Commissions, trailing commissions, management fees and expenses all maybe associated with mutual
fund investments. Please read the prospectus before investing. Unless otherwise indicated and
except for returns for periods less than one year, the indicated rates of return are the historical annual
compounded total returns including changes in security value. All performance data assume
reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution
or optional charges or income taxes payable by any securityholder that would have reduced returns.
Mutual funds are not guaranteed, their values change frequently and past performance may not be
repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by
any other government deposit insurer.
The commentaries contained herein are provided as a general source of information and should not be
considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort
has been made to ensure that the material contained in these commentaries is accurate at the time
of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no
responsibility for any loss arising from any use of or reliance on the information contained herein.
®CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American
Managers are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc.
Legal Notice
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