Semi-Annual Financial Statements - September 30, 2017

Table of Contents


Portfolio(s)

Portfolio Series Balanced Fund ................................................................................................... 1

Portfolio Series Balanced Growth Fund ...................................................................................... 19

Portfolio Series Conservative Balanced Fund ............................................................................. 35

Portfolio Series Conservative Fund ............................................................................................. 49

Portfolio Series Growth Fund ...................................................................................................... 64

Portfolio Series Income Fund ....................................................................................................... 80

Portfolio Series Maximum Growth Fund ..................................................................................... 93

Notes to the Financial Statements ...................................................................................... 109

Legal Notice ............................................................................................................................. 127

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

Annual Financial Statements. Under Canadian securities laws (National Instrument 81-106), if

an auditor has not reviewed the Semi-Annual Financial Statements, this must be disclosed in an

accompanying notice.

The Funds’ independent auditors have not performed a review of these Semi-Annual Financial

Statements in accordance with standards established by the Canadian Institute of Chartered

Accountants.

Portfolio Series Balanced Fund

– 1 –Semi-Annual Financial Statements - September 30, 2017

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

as at as at Sept. 30, 2017 Mar. 31, 2017

3,745,015 3,598,111 48,729 55,737

925 - - -

- - - - 85 88 - - 833 839 - - - 73,200 - - - 12,995 16,619 5,093 3,812,206 3,746,063

- - - -

928 190 - - - - - -

- - - - - 7,364 14,777 4,637 - 1 - - - - - - 15,705 12,192

3,796,501 3,733,871

3,343,946 3,169,612 - -

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

Net assets attributable to holders of redeemable units

per class (Note 4):

Net assets attributable to holders of redeemable

units per unit: Number of redeemable

units outstanding:

as at Sept. 30, 2017

as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 1,999,252 2,229,291 28.82 28.55 69,371,243 78,074,952Class A1 145,824 - 9.87 - 14,771,884 -Class A2 31,250 - 9.87 - 3,166,582 -Class A3 8,934 - 9.87 - 905,161 -Class A4 3,352 - 9.88 - 339,296 -Class A5 1,433 - 9.89 - 144,990 -Class AT5 5,125 5,667 7.46 7.57 687,349 748,409Class A1T5 206 - 9.66 - 21,363 -Class A2T5 10 - 9.66 - 1,022 -Class A3T5 10 - 9.67 - 1,022 -Class AT8 3,846 4,341 5.42 5.59 709,207 776,208Class A1T8 177 - 9.54 - 18,559 -Class A2T8 10 - 9.54 - 1,035 -Class A3T8 32 - 9.54 - 3,301 -Class E 128,183 84,013 9.31 9.21 13,773,305 9,121,791Class EF 12,071 8,983 9.29 9.15 1,298,793 982,036Class EFT5 984 500 8.30 8.37 118,579 59,705Class EFT8 11 11 7.73 7.92 1,400 1,344Class ET5 1,304 687 8.31 8.42 156,924 81,503Class ET8 11 10 7.73 7.97 1,365 1,311Class F 38,194 39,601 14.29 14.07 2,672,731 2,814,065Class F1 6,183 - 9.92 - 623,611 -Class F2 1,565 - 9.92 - 157,791 -Class F3 98 - 9.92 - 9,833 -Class F4 85 - 9.93 - 8,550 -Class F5 10 - 9.93 - 1,000 -Class FT5 1,224 1,252 9.13 9.22 134,050 135,797Class F1T5 10 - 9.71 - 1,022 -Class FT8 424 606 8.68 8.90 48,889 68,064Class F1T8 152 - 9.58 - 15,852 -Class F2T8 10 - 9.58 - 1,035 -Class F3T8 10 - 9.59 - 1,035 -Class I 1,278,376 1,265,241 30.77 30.12 41,546,666 42,011,297Class O 125,692 92,794 11.37 11.14 11,052,641 8,329,827Class OT5 584 590 8.29 8.32 70,405 70,878Class OT8 277 284 7.73 7.88 35,800 36,027Class P 1,562 - 9.96 - 156,914 -Class PT5 10 - 9.75 - 1,021 -Class PT8 10 - 9.62 - 1,035 -

AssetsCurrent assetsInvestments*CashUnrealized gain on futures and foreign currency forward contractsSwaps, swaptions and optionsCash collateral received for securities on loan (Note 6)Daily variation margin on derivative instrumentsFees rebate receivableMargin for short salesDividends receivableInterest receivableReceivable for distribution from investmentsSecurities lending revenue receivable (Note 6)Receivable for investments soldReceivable for unit subscriptions

LiabilitiesCurrent liabilitiesInvestments sold short**Bank overdraftUnrealized loss on futures and foreign currency forward contractsSwaps, swaptions and options Dividends payable on investments sold shortInterest payable on investments sold shortPayable for cash collateral under securities lending (Note 6)Daily variation margin on derivative instrumentsPayable for investments purchasedPayable for unit redemptionsDistributions payable to holders of redeemable units Management fees payableAdministration fees payableAccrued liabilities


*Investments at cost**Investments sold short at cost

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

Financial Statements (unaudited)

CIG - 7710



Statements of Comprehensive Incomefor the periods ended September 30(in $000’s except for per unit amounts and number of units)

2017 2016

1,692 - 118 189 26,836 26,429 6,768 3,870 - - - -

- - - -

54,978 53,962

(27,243) 156,122 63,149 240,572 (426) 68 - - - - 17,913 24,994 17,487 25,062 80,636 265,634

23,470 24,190 2,446 2,477 1 5 - - - - - - - - 2,718 2,809 28,635 29,481

52,001 236,153



Statements of Comprehensive Income (cont’d)for the periods ended September 30(in $000’s except for per unit amounts and number of units)

Increase (decrease) in net assets attributable to

holders of redeemable units per class:


holders of redeemable units per unit:

Weighted average number of units:

2017 2016 2017 2016 2017 2016Class A 20,508 149,015 0.27 1.86 74,640,242 80,785,366Class A1 4 - 0.01 - 7,899,245 -Class A2 59 - 0.04 - 1,432,277 -Class A3 (26) - (0.05) - 494,055 -Class A4 (11) - (0.06) - 196,935 -Class A5 2 - 0.02 - 54,135 -Class AT5 58 373 0.08 0.51 704,692 737,406Class A1T5 1 - 0.14 - 7,113 -Class A2T5 - - (0.13) - 1,009 -Class A3T5 - - (0.13) - 1,009 -Class AT8 37 314 0.05 0.39 747,156 811,505Class A1T8 2 - 0.15 - 8,627 -Class A2T8 - - (0.13) - 1,015 -Class A3T8 1 - (0.05) - 2,341 -Class E 1,114 2,542 0.11 0.63 10,279,624 4,077,750Class EF 112 172 0.09 0.67 1,239,535 256,475Class EFT5 9 14 0.11 0.77 80,274 18,602Class EFT8 - - 0.13 0.62 1,368 1,127Class ET5 (1) 45 - 0.58 137,700 76,409Class ET8 1 1 0.08 0.57 1,334 1,113Class F 626 1,974 0.22 1.00 2,774,986 1,976,753Class F1 (3) - (0.01) - 364,950 -Class F2 7 - 0.18 - 39,205 -Class F3 1 - 0.24 - 2,299 -Class F4 - - 0.05 - 4,366 -Class F5 - - (0.07) - 1,000 -Class FT5 19 59 0.15 0.69 136,479 85,460Class F1T5 - - (0.09) - 1,009 -Class FT8 6 27 0.11 0.67 62,990 40,248Class F1T8 3 - 0.42 - 4,588 -Class F2T8 - - (0.09) - 1,015 -Class F3T8 - - (0.08) - 1,015 -Class I 27,289 76,764 0.66 2.30 41,740,510 33,346,490Class O 2,163 4,810 0.23 0.88 9,254,769 5,463,310Class OT5 12 42 0.16 0.67 70,729 63,743Class OT8 6 1 0.17 0.57 35,962 1,459Class P 2 - 0.03 - 70,523 -Class PT5 - - (0.05) - 1,009 -Class PT8 - - (0.05) - 1,015 -

Income Net gain (loss) on investments and derivatives Dividends Interest for distribution purposes Income distributions from investments Capital gain distributions from investments Derivative income (loss) Interest expense on swaps Dividends expense on financial assets (liabilities) sold

short Interest expense on financial assets (liabilities) sold short Net realized gain (loss) on sale of investments and

derivatives Change in unrealized appreciation (depreciation) in value

of investments and derivativesTotal net gain (loss) on investments and derivativesOther income Foreign exchange gain (loss) on cash Commitment fee income Securities lending revenue (Note 6) Fees rebateTotal other incomeTotal incomeExpensesManagement fees (Note 5)Administration fees (Note 5)Commissions and other portfolio transaction costsSecurities borrowing fees (Note 2)Margin feesInterest expenseWithholding taxesHarmonized sales taxTotal expensesIncrease (decrease) in net assets attributable to holders of redeemable units



Statements of Changes in Net Assets Attributable to Holders of Redeemable Unitsfor the periods ended September 30 (in $000’s)

Net assets attributable to holders of redeemable units at the beginning of periodIncrease (decrease) in net assets attributable to holders of redeemable unitsDistributions to holders of redeemable units From net investment income From net realized gains Return of capitalTotal distributions to holders of redeemable units

Redeemable unit transactions Proceeds from redeemable units issued Reinvestment of distributions to holders of redeemable units Redemption of redeemable unitsNet increase (decrease) from redeemable unit transactionsNet increase (decrease) in net assets attributable to holders of redeemable unitsNet assets attributable to holders of redeemable units at the end of period







Class A 2017 2016 2,229,291 2,298,803 20,508 149,015

- - - - - - - -

256,630 209,927 - - (507,177) (232,402) (250,547) (22,475) (230,039) 126,540 1,999,252 2,425,343

Class A1 2017 2016 - - 4 -

- - - - - - - -

171,495 - - - (25,675) - 145,820 - 145,824 - 145,824 -

Class A2 2017 2016 - - 59 -

- - - - - - - -

35,455 - - - (4,264) - 31,191 - 31,250 - 31,250 -

Class A3 2017 2016 - - (26) -

- - - - - - - -

9,747 - - - (787) - 8,960 - 8,934 - 8,934 -

Class A4 2017 2016 - - (11) -

- - - - - - - -

3,576 - - - (213) - 3,363 - 3,352 - 3,352 -

Class A5 2017 2016 - - 2 -

- - - - - - - -

1,496 - - - (65) - 1,431 - 1,433 - 1,433 -

Class AT5 2017 2016 5,667 6,148 58 373

- - (128) (152) (3) - (131) (152)

459 814 5 4 (933) (1,458) (469) (640) (542) (419) 5,125 5,729

Class A1T5 2017 2016 - - 1 -

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

207 - - - - - 207 - 206 - 206 -

Class A2T5 2017 2016 - - - -

- - - - - - - -

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

Class A3T5 2017 2016 - - - -

- - - - - - - -

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

Class AT8 2017 2016 4,341 4,905 37 314

- - (161) (206) (4) - (165) (206)

873 480 14 17 (1,254) (588) (367) (91) (495) 17 3,846 4,922

Class A1T8 2017 2016 - - 2 -

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

246 - - - (68) - 178 - 177 - 177 -





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







Class A2T8 2017 2016 - - - -

- - - - - - - -

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

Class A3T8 2017 2016 - - 1 -

- - (1) - - - (1) -

32 - - - - - 32 - 32 - 32 -

Class E 2017 2016 84,013 27,805 1,114 2,542

- - - - - - - -

51,697 22,315 - - (8,641) (2,611) 43,056 19,704 44,170 22,246 128,183 50,051

Class EF 2017 2016 8,983 1,823 112 172

- - - - - - - -

4,706 2,042 - - (1,730) (133) 2,976 1,909 3,088 2,081 12,071 3,904

Class EFT5 2017 2016 500 10 9 14

- - (17) (5) - - (17) (5)

506 265 - - (14) - 492 265 484 274 984 284

Class EFT8 2017 2016 11 10 - -

- - - - - - - -

- - - - - - - - - - 11 10

Class ET5 2017 2016 687 678 (1) 45

- - (28) (18) (1) - (29) (18)

647 - - - - (12) 647 (12) 617 15 1,304 693

Class ET8 2017 2016 10 9 1 1

- - - - - - - -

- - - - - - - - 1 1 11 10

Class F 2017 2016 39,601 26,630 626 1,974

- - - - - - - -

13,409 8,567 - - (15,442) (5,879) (2,033) 2,688 (1,407) 4,662 38,194 31,292

Class F1 2017 2016 - - (3) -

- - - - - - - -

6,984 - - - (798) - 6,186 - 6,183 - 6,183 -

Class F2 2017 2016 - - 7 -

- - - - - - - -

1,562 - - - (4) - 1,558 - 1,565 - 1,565 -

Class F3 2017 2016 - - 1 -

- - - - - - - -

97 - - - - - 97 - 98 - 98 -












Class F4 2017 2016 - - - -

- - - - - - - -

85 - - - - - 85 - 85 - 85 -

Class F5 2017 2016 - - - -

- - - - - - - -

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

Class FT5 2017 2016 1,252 665 19 59

- - (30) (22) (1) - (31) (22)

186 430 1 1 (203) (54) (16) 377 (28) 414 1,224 1,079

Class F1T5 2017 2016 - - - -

- - - - - - - -

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

Class FT8 2017 2016 606 371 6 27

- - (22) (17) - - (22) (17)

175 131 - - (341) (19) (166) 112 (182) 122 424 493

Class F1T8 2017 2016 - - 3 -

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

154 - - - (3) - 151 - 152 - 152 -

Class F2T8 2017 2016 - - - -

- - - - - - - -

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

Class F3T8 2017 2016 - - - -

- - - - - - - -

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

Class I 2017 2016 1,265,241 1,121,342 27,289 76,764

- - - - - - - -

78,434 48,473 - - (92,588) (193,863) (14,154) (145,390) 13,135 (68,626) 1,278,376 1,052,716

Class O 2017 2016 92,794 49,120 2,163 4,810

- - - - - - - -

39,216 26,102 - - (8,481) (5,733) 30,735 20,369 32,898 25,179 125,692 74,299

Class OT5 2017 2016 590 559 12 42

- - (14) (14) - - (14) (14)

- - - - (4) (4) (4) (4) (6) 24 584 583

Class OT8 2017 2016 284 10 6 1

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

- 10 - - (2) - (2) 10 (7) 10 277 20








Class P 2017 2016 - - 2 -

- - - - - - - -

1,585 - - - (25) - 1,560 - 1,562 - 1,562 -

Class PT5 2017 2016 - - - -

- - - - - - - -

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

Class PT8 2017 2016 - - - -

- - - - - - - -

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

Total Fund 2017 2016 3,733,871 3,538,888 52,001 236,153

- - (419) (435) (9) - (428) (435)

679,749 319,556 20 22 (668,712) (442,756) 11,057 (123,178) 62,630 112,540 3,796,501 3,651,428



Statements of Cash Flowsfor the periods ended September 30 (in $000’s)

2017 2016

52,001 236,153

(54,978) (53,962) 410 (99) 1 5

27,243 (156,122) 302,165 362,638 (309,087) (262,474) - - (33,604) (30,299) - - 6 - - - - - - - - - 3 - (15,840) 95,840

(409) (830) 668,223 319,482 (658,572) (441,824) 9,242 (123,172)

(410) 99 (6,598) (27,332) 55,737 90,629 48,729 63,396

1,698 - 110 188 - - - -

*Dividends and interest received as well as dividends and interest paid relate to operating activities of the Fund. The accompanying notes are an integral part of these financial statements.


Cash flows from (used in) operating activitiesIncrease (decrease) in net assets attributable to holders of redeemable unitsAdjustments for: Net realized (gain) loss on sale of investments and derivatives Unrealized foreign exchange (gain) loss on cash Commissions and other portfolio transaction costs Change in unrealized (appreciation) depreciation in value of

investments and derivatives Proceeds from sale and maturity of investments and derivatives Purchase of investments and derivatives (Increase) decrease in margin for short sales Non-cash distributions from investments Change in daily variation margin (Increase) decrease in dividends receivable (Increase) decrease in interest receivable (Increase) decrease in securities lending revenue receivable Increase (decrease) in management fees payable Increase (decrease) in administration fees payable Change in other accounts receivable and payableNet cash from (used in) operating activities

Cash flows from (used in) financing activitiesDistributions paid to holders of redeemable units, net of reinvested distributionsProceeds from issuance of redeemable unitsAmounts paid on redemption of redeemable unitsNet cash from (used in) financing activities Unrealized foreign exchange gain (loss) on cashNet increase (decrease) in cashCash (bank overdraft), beginning of periodCash (bank overdraft), end of period

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*



FUND(S) (93.9%) 3,152,881 Black Creek International Equity Fund (Class I)† 65,886,129 75,752,058 10,193,948 Cambridge Canadian Dividend Fund (Class I)† 204,957,617 213,519,376 13,261,895 Cambridge Canadian Equity Corporate Class (A Shares)† 163,629,395 231,451,893 10,057,969 Cambridge Global Equity Corporate Class (A Shares)† 122,410,902 166,160,659 9,609,479 CI American Managers® Corporate Class (A Shares)† 116,417,548 184,166,627 10,229,932 CI American Small Companies Corporate Class (A Shares)† 76,620,113 123,430,262 3,183,946 CI American Value Corporate Class (A Shares)† 35,127,731 59,306,731 4,290,753 CI Canadian Investment Fund (Class I)† 158,696,196 160,135,615 19,815,506 CI Income Fund (Class I)† 183,784,625 178,934,019 11,532,757 CI International Value Corporate Class (A Shares)† 140,647,577 181,240,739 2,915,665 CI U.S. Income US$ Pool (Class I)† 38,518,504 36,536,936 5,723,989 Harbour Fund (Class I)† 113,468,889 120,330,848 45,443,948 Signature Canadian Bond Fund (Class I)† 463,292,483 467,909,064 29,175,878 Signature Corporate Bond Fund (Class I)† 303,641,498 315,598,392 6,805,723 Signature Diversified Yield II Fund (Class I)† 69,272,559 75,421,020 5,424,637 Signature Emerging Markets Corporate Class (A Shares)† 84,793,585 99,927,234 48,999,774 Signature Global Bond Fund (Class I)† 405,647,013 405,345,731 7,137,184 Signature Select Canadian Fund (Class I)† 150,533,366 159,795,127 6,592,258 Signature Tactical Bond Pool (Class I)† 65,914,770 63,662,091 14,105,055 Synergy Canadian Corporate Class (A Shares)† 203,217,804 247,309,578 3,166,478,304 3,565,934,000 EXCHANGE-TRADED FUND(S) (4.7%) 6,158,208 First Asset MSCI World Low Risk Weighted ETF††* 177,529,204 179,080,689 Commissions and other portfolio transaction costs (61,582)

Total Fund(s) (98.6%) 3,343,945,926 3,745,014,689

Foreign Currency Forward Contracts (0.0%) (see Schedule A) (2,551)

Total Investments (98.6%) 3,343,945,926 3,745,012,138 Other Net Assets (Liabilities) (1.4%) 51,489,291 Net Assets Attributable to Holders of Redeemable Units (100.0%) 3,796,501,429

†The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc.††The Fund invests in Underlying Fund that is managed by First Asset Investment Management Inc. CI Investments Inc., the Manager of the Fund, and First Asset Investment Management Inc. are both controlled by CI Financial Corp.*Denotes all or part of securities on loan.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund.

Schedule of Investment Portfolio as at September 30, 2017 (unaudited)

No. of Shares/Units Description

AverageCost ($)

FairValue ($)



‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund.

Schedule of Investment Portfolio as at September 30, 2017 (unaudited) (cont’d)

Schedule AForeign Currency Forward Contracts (0.0%)

Contracts CounterpartyCredit Rating of

the Counterparty‡Settlement

DateContracts

Rate Pay ReceiveUnrealized

Gain (Loss) ($)1 Bank of Montreal A-1 20-Oct-17 1.25 (26,144,109) US $ 32,788,504 Canadian $ 176,002 1 Canadian Imperial Bank of Commerce A-1 20-Oct-17 1.25 (22,493,702) US $ 28,122,863 Canadian $ 63,999 1 Citigroup Inc. A-2 08-Dec-17 0.81 (18,397,115) US $ 22,667,085 Canadian $ (273,509)1 HSBC Holdings PLC A-1 20-Oct-17 0.82 (15,241,725) Canadian $ 12,500,000 US $ 350,578 1 JPMorgan Chase & Co. A-2 08-Dec-17 0.81 (20,006,863) US $ 24,620,446 Canadian $ (327,369)1 JPMorgan Chase & Co. A-2 20-Oct-17 1.25 (25,707,088) US $ 32,235,377 Canadian $ 168,026 1 Morgan Stanley A-2 08-Dec-17 0.81 (20,096,022) US $ 24,731,873 Canadian $ (327,124)1 Royal Bank of Canada A-1+ 20-Oct-17 1.25 (19,309,115) US $ 24,147,033 Canadian $ 60,649 1 The Bank of Nova Scotia A-1 20-Oct-17 1.25 (20,565,670) US $ 25,710,070 Canadian $ 56,253 1 Toronto-Dominion Bank A-1+ 20-Oct-17 1.25 (19,280,316) US $ 24,100,395 Canadian $ 49,944 Total Foreign Currency Forward Contracts Value (2,551)



Financial Instruments by Category (Note 2)

The following tables present the carrying amounts of the Fund’s financial instruments by category:

as at September 30, 2017

Held forTrading

Financial Assets/Liabilities as FVTPL

Designated at Inception Total

Financial Assets/Liabilities at

Amortized Cost Total

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

AssetsInvestments - 3,745,015 3,745,015 - 3,745,015Cash - - - 48,729 48,729Unrealized gain on futures and foreign currency forward contracts 925 - 925 - 925Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 85 85Margin for short sales - - - - -Dividends receivable - - - 833 833Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 16,619 16,619 925 3,745,015 3,745,940 66,266 3,812,206LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 928 - 928 - 928Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 14,777 14,777Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 928 - 928 14,777 15,705

Fund Specific Notes to Financial Statements (unaudited)






Financial Instruments by Category (Note 2) (cont’d)

as at March 31, 2017

Held forTrading






AssetsInvestments - 3,598,111 3,598,111 - 3,598,111Cash - - - 55,737 55,737Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 88 88Margin for short sales - - - - -Dividends receivable - - - 839 839Interest receivable - - - - -Receivable for distribution from investments - - - 73,200 73,200Securities lending revenue receivable - - - - -Receivable for investments sold - - - 12,995 12,995Receivable for unit subscriptions - - - 5,093 5,093 - 3,598,111 3,598,111 147,952 3,746,063LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 190 - 190 - 190Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 7,364 7,364Payable for unit redemptions - - - 4,637 4,637Distributions payable to holders of redeemable units - - - 1 1Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 190 - 190 12,002 12,192





Net Gain (Loss) on Financial Instruments (Note 2)for the periods ended September 30 (in $000’s)

The following table presents the net gain (loss) on financial instruments at FVTPL by category.

2017 2016Financial Instruments at FVTPLHeld for trading 25,030 -Designated at fair value through profit or loss 38,119 240,572Total 63,149 240,572

Offsetting of Financial Instruments (Note 2)

The following tables show the net impact on the Fund’s Statements of Financial Position if all rights to offset were exercised.

as at September 30, 2017Amounts Eligible for Offset

Gross Assets/(Liabilities)

FinancialInstruments

CollateralReceived/(Paid)

NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 925 (168) - 757Derivative assets - Swaps and swaptions - - - -Total 925 (168) - 757Derivative liabilities - Foreign currency forward contracts (928) 168 - (760)Derivative liabilities - Swaps and swaptions - - - -Total (928) 168 - (760)

as at March 31, 2017Amounts Eligible for Offset




NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts - - - -Derivative assets - Swaps and swaptions - - - -Total - - - -Derivative liabilities - Foreign currency forward contracts (190) - - (190)Derivative liabilities - Swaps and swaptions - - - -Total (190) - - (190)



Interest in Non-Consolidated Structured Entities (Note 2)

The following tables present the Fund’s interest in Non-Consolidated Structured Entities.

as at September 30, 2017 Fair Value of

the Underlying Funds / ETFsFair Value of the Fund’s Investment

in the Underlying Funds / ETFsOwnership in the

Underlying Funds / ETFs

Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI American Small Companies Corporate Class 341,469 123,430 36.1CI American Managers® Corporate Class 528,341 184,167 34.9CI International Value Corporate Class 526,971 181,241 34.4First Asset MSCI World Low Risk Weighted ETF 553,916 179,081 32.3Signature Emerging Markets Corporate Class 354,267 99,927 28.2Signature Global Bond Fund 1,820,142 405,346 22.3Synergy Canadian Corporate Class 1,219,433 247,310 20.3CI U.S. Income US$ Pool 189,914 36,537 19.2Signature Tactical Bond Pool 339,748 63,662 18.7Cambridge Canadian Dividend Fund 1,251,986 213,519 17.1Signature Canadian Bond Fund 3,339,777 467,908 14.0CI American Value Corporate Class 513,816 59,307 11.5Signature Corporate Bond Fund 3,107,554 315,598 10.2Cambridge Global Equity Corporate Class 2,015,695 166,161 8.2CI Canadian Investment Fund 1,971,485 160,136 8.1Harbour Fund 1,667,906 120,331 7.2Signature Select Canadian Fund 2,586,262 159,795 6.2Black Creek International Equity Fund 1,372,226 75,752 5.5Cambridge Canadian Equity Corporate Class 4,975,814 231,452 4.7Signature Diversified Yield II Fund 3,180,206 75,421 2.4CI Income Fund 8,292,095 178,934 2.2

as at March 31, 2017 Fair Value of




Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI American Managers® Corporate Class 521,373 178,362 34.2First Asset MSCI World Low Risk Weighted ETF 537,778 183,053 34.0CI American Small Companies Corporate Class 354,483 118,118 33.3CI International Value Corporate Class 509,359 163,355 32.1Signature Emerging Markets Corporate Class 351,430 97,227 27.7Cambridge Income Corporate Class 445,391 118,179 26.5CI U.S. Income US$ Pool 175,492 37,830 21.6Signature Global Bond Fund 1,743,410 374,990 21.5Signature Tactical Bond Pool 343,421 65,967 19.2Synergy Canadian Corporate Class 1,226,382 228,739 18.7Cambridge Canadian Dividend Fund 1,143,124 200,097 17.5Signature Canadian Bond Fund 3,220,644 386,206 12.0CI American Value Corporate Class 523,343 56,519 10.8Signature Corporate Bond Fund 3,233,462 325,200 10.1Cambridge Global Equity Corporate Class 2,005,007 152,586 7.6CI Canadian Investment Fund 2,075,922 156,269 7.5Harbour Fund 1,807,952 109,916 6.1Black Creek International Equity Fund 1,166,966 67,280 5.8Signature Diversified Yield II Fund 3,596,494 177,500 4.9Cambridge Canadian Equity Corporate Class 4,831,217 208,609 4.3Signature Select Canadian Fund 2,465,617 106,080 4.3CI Income Fund 7,972,306 86,029 1.1





Redeemable Unit Transactions (Note 4)for the periods ended September 30

Number of redeemable units at the beginning of periodRedeemable units issued for cashRedeemable units issued for reinvested distributionsRedeemable units redeemedNumber of redeemable units at the end of period






†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.

Commissions (Note 2)for the periods ended September 30 (in $000’s)

2017 2016Brokerage commissions - 4Soft dollar commissions† - -

Class A 2017 2016 78,074,952 81,027,281 8,900,940 7,202,901 - - (17,604,649) (7,963,672) 69,371,243 80,266,510

Class A1 2017 2016 - - 17,385,271 - - - (2,613,387) - 14,771,884 -

Class A2 2017 2016 - - 3,601,061 - - - (434,479) - 3,166,582 -

Class A3 2017 2016 - - 985,252 - - - (80,091) - 905,161 -

Class A4 2017 2016 - - 360,939 - - - (21,643) - 339,296 -

Class A5 2017 2016 - - 151,563 - - - (6,573) - 144,990 -

Class AT5 2017 2016 748,409 774,515 61,127 101,161 665 491 (122,852) (180,873) 687,349 695,294

Class A1T5 2017 2016 - - 21,318 - 45 - - - 21,363 -

Class A2T5 2017 2016 - - 1,005 - 17 - - - 1,022 -

Class A3T5 2017 2016 - - 1,005 - 17 - - - 1,022 -

Class AT8 2017 2016 776,208 809,275 158,429 78,460 2,505 2,864 (227,935) (95,757) 709,207 794,842

Class A1T8 2017 2016 - - 25,621 - 28 - (7,090) - 18,559 -

Class A2T8 2017 2016 - - 1,007 - 28 - - - 1,035 -

Class A3T8 2017 2016 - - 3,273 - 28 - - - 3,301 -

Class E 2017 2016 9,121,791 3,038,065 5,578,971 2,369,738 - - (927,457) (279,223) 13,773,305 5,128,580

Class EF 2017 2016 982,036 200,202 503,920 214,075 - - (187,163) (14,274) 1,298,793 400,003

Class EFT5 2017 2016 59,705 1,083 60,506 29,862 16 - (1,648) - 118,579 30,945

Class EFT8 2017 2016 1,344 1,107 28 40 28 - - - 1,400 1,147

Class ET5 2017 2016 81,503 76,869 75,409 - 12 14 - (1,286) 156,924 75,597

Class ET8 2017 2016 1,311 1,093 - - 54 47 - - 1,365 1,140



Redeemable Unit Transactions (Note 4) (cont’d)for the periods ended September 30








Class F 2017 2016 2,814,065 1,902,497 939,239 592,822 - - (1,080,573) (408,990) 2,672,731 2,086,329

Class F1 2017 2016 - - 705,220 - - - (81,609) - 623,611 -

Class F2 2017 2016 - - 158,212 - - - (421) - 157,791 -

Class F3 2017 2016 - - 9,833 - - - - - 9,833 -

Class F4 2017 2016 - - 8,550 - - - - - 8,550 -

Class F5 2017 2016 - - 1,000 - - - - - 1,000 -

Class FT5 2017 2016 135,797 68,755 20,437 43,519 107 75 (22,291) (5,633) 134,050 106,716

Class F1T5 2017 2016 - - 1,005 - 17 - - - 1,022 -

Class FT8 2017 2016 68,064 38,400 19,935 13,166 - 33 (39,110) (1,937) 48,889 49,662

Class F1T8 2017 2016 - - 16,141 - 28 - (317) - 15,852 -

Class F2T8 2017 2016 - - 1,007 - 28 - - - 1,035 -

Class F3T8 2017 2016 - - 1,007 - 28 - - - 1,035 -

Class I 2017 2016 42,011,297 37,370,379 2,570,813 1,573,315 - - (3,035,444) (6,402,468) 41,546,666 32,541,226

Class O 2017 2016 8,329,827 4,427,470 3,472,156 2,289,341 - - (749,342) (499,810) 11,052,641 6,217,001

Class OT5 2017 2016 70,878 63,877 - - - - (473) (424) 70,405 63,453

Class OT8 2017 2016 36,027 1,117 - 1,091 55 47 (282) (2) 35,800 2,253

Class P 2017 2016 - - 159,451 - - - (2,537) - 156,914 -

Class PT5 2017 2016 - - 1,008 - 13 - - - 1,021 -

Class PT8 2017 2016 - - 1,014 - 21 - - - 1,035 -





Management and Administration Fees (Note 5) as at September 30, 2017 (%)

Annual management

fee rate:

Annual fixed administration

fee rate:

Class A 2.000 0.20Class A1 1.850 0.20Class A2 1.800 0.19Class A3 1.750 0.15Class A4 1.700 0.12Class A5 1.600 0.10Class AT5 2.000 0.20Class A1T5 1.850 0.20Class A2T5 1.800 0.19Class A3T5 1.750 0.15Class AT8 2.000 0.20Class A1T8 1.850 0.20Class A2T8 1.800 0.19Class A3T8 1.750 0.15Class E 1.850 0.15Class EF 0.850 0.15Class EFT5 0.850 0.15Class EFT8 0.850 0.15Class ET5 1.850 0.15Class ET8 1.850 0.15Class F 0.900 0.20Class F1 0.850 0.20Class F2 0.800 0.19Class F3 0.750 0.15Class F4 0.700 0.12Class F5 0.600 0.10Class FT5 0.900 0.20Class F1T5 0.850 0.20Class FT8 0.900 0.20Class F1T8 0.850 0.20Class F2T8 0.800 0.19Class F3T8 0.750 0.15Class I Paid directly by investor -Class O Paid directly by investor 0.15Class OT5 Paid directly by investor 0.15Class OT8 Paid directly by investor 0.15Class P Paid directly by investor 0.20Class PT5 Paid directly by investor 0.20Class PT8 Paid directly by investor 0.20

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

2017 2016Loaned 551 -Collateral (non-cash) 562 -

Securities Lending Revenue Reconciliation (Note 6)for the periods ended September 30 (in $000’s)

2017 2016Gross securities lending revenue - -Charges - -Securities lending revenue - -% of gross securities lending revenue - -



Related Party Investments (Note 9)as at September 30 (in $000’s)

Investments 2017Black Creek International Equity Fund (Class I) 75,752Cambridge Canadian Dividend Fund (Class I) 213,519Cambridge Canadian Equity Corporate Class (A Shares) 231,452Cambridge Global Equity Corporate Class (A Shares) 166,161CI American Managers® Corporate Class (A Shares) 184,167CI American Small Companies Corporate Class (A Shares) 123,430CI American Value Corporate Class (A Shares) 59,307CI Canadian Investment Fund (Class I) 160,136CI Income Fund (Class I) 178,934CI International Value Corporate Class (A Shares) 181,241CI U.S. Income US$ Pool (Class I) 36,537First Asset MSCI World Low Risk Weighted ETF 179,081Harbour Fund (Class I) 120,331Signature Canadian Bond Fund (Class I) 467,908Signature Corporate Bond Fund (Class I) 315,598Signature Diversified Yield II Fund (Class I) 75,421Signature Emerging Markets Corporate Class (A Shares) 99,927Signature Global Bond Fund (Class I) 405,346Signature Select Canadian Fund (Class I) 159,795Signature Tactical Bond Pool (Class I) 63,662Synergy Canadian Corporate Class (A Shares) 247,310

Investments 2016Black Creek International Equity Corporate Class (A Shares) 36,764Cambridge American Equity Corporate Class (A Shares) 88,042Cambridge Canadian Dividend Corporate Class (A Shares) 96,297Cambridge Canadian Equity Corporate Class (A Shares) 208,730Cambridge Global Equity Corporate Class (A Shares) 152,896Cambridge Income Corporate Class (A Shares) 122,653CI American Managers® Corporate Class (A Shares) 182,731CI American Small Companies Corporate Class (A Shares) 121,253CI American Value Corporate Class (A Shares) 129,672CI Canadian Investment Corporate Class (A Shares) 149,101CI Income Fund (Class I) 66,047CI International Value Corporate Class (A Shares) 168,340CI U.S. Income US$ Pool (Class I) 37,072First Asset MSCI World Low Risk Weighted ETF 3,999Harbour Corporate Class (A Shares) 103,967Signature Canadian Bond Fund (Class I) 393,138Signature Corporate Bond Fund (Class I) 324,397Signature Diversified Yield II Fund (Class I) 175,229Signature Emerging Markets Corporate Class (A Shares) 98,531Signature Global Bond Fund (Class I) 397,239Signature International Corporate Class (A Shares) 147,145Signature Select Canadian Corporate Class (A Shares) 95,413Signature Tactical Bond Pool (Class I) 57,252Synergy American Corporate Class (A Shares) 80,324Synergy Canadian Corporate Class (A Shares) 146,348






During the six-month period ended September 30, 2017, the Fund’s currency risk exposure changed significantly as disclosed in the section below. For details relating to credit risk, other price risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2017, 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, 2017~

Currency

Financial InstrumentsExposure Derivatives

Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 42,996 (223,944) (180,948) (4.8)Total 42,996 (223,944) (180,948) (4.8)

as at March 31, 2017~

Currency


Net Exposure

NetAssets


~Includes monetary and non-monetary instruments.

As at September 30, 2017, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have indirectly decreased or increased, respectively, by approximately $18,095,000 (March 31, 2017 - $3,162,000). In practice, actual results may differ from this analysis and the difference may be material.

Financial Instruments Risks (Note 10)

Concentration RiskThe Fund’s investments were concentrated in the following Underlying Funds:

as at September 30, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 12.2 Signature Global Bond Fund (Class I) 10.6 Signature Corporate Bond Fund (Class I) 8.3 Synergy Canadian Corporate Class (A Shares) 6.5 Cambridge Canadian Equity Corporate Class (A Shares) 6.1 Cambridge Canadian Dividend Fund (Class I) 5.6 CI American Managers® Corporate Class (A Shares) 4.9 CI International Value Corporate Class (A Shares) 4.8 CI Income Fund (Class I) 4.7 First Asset MSCI World Low Risk Weighted ETF 4.7 Cambridge Global Equity Corporate Class (A Shares) 4.4 CI Canadian Investment Fund (Class I) 4.2 Signature Select Canadian Fund (Class I) 4.2 CI American Small Companies Corporate Class (A Shares) 3.3 Harbour Fund (Class I) 3.2 Signature Emerging Markets Corporate Class (A Shares) 2.6 Black Creek International Equity Fund (Class I) 2.0 Signature Diversified Yield II Fund (Class I) 2.0 Signature Tactical Bond Pool (Class I) 1.7 CI American Value Corporate Class (A Shares) 1.6 Other Net Assets (Liabilities) 1.4 CI U.S. Income US$ Pool (Class I) 1.0 Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 10.3 Signature Global Bond Fund (Class I) 10.0 Signature Corporate Bond Fund (Class I) 8.7 Synergy Canadian Corporate Class (A Shares) 6.1 Cambridge Canadian Equity Corporate Class (A Shares) 5.6 Cambridge Canadian Dividend Fund (Class I) 5.4 First Asset MSCI World Low Risk Weighted ETF 4.9 CI American Managers® Corporate Class (A Shares) 4.8 Signature Diversified Yield II Fund (Class I) 4.8 CI International Value Corporate Class (A Shares) 4.4 CI Canadian Investment Fund (Class I) 4.2 Cambridge Global Equity Corporate Class (A Shares) 4.1 Other Net Assets (Liabilities) 3.6 Cambridge Income Corporate Class (A Shares) 3.2 CI American Small Companies Corporate Class (A Shares) 3.2 Harbour Fund (Class I) 2.9 Signature Select Canadian Fund (Class I) 2.8 Signature Emerging Markets Corporate Class (A Shares) 2.6 CI Income Fund (Class I) 2.3 Black Creek International Equity Fund (Class I) 1.8 Signature Tactical Bond Pool (Class I) 1.8 CI American Value Corporate Class (A Shares) 1.5 CI U.S. Income US$ Pool (Class I) 1.0


Portfolio Series Balanced Growth Fund




1,977,180 1,910,958 31,562 25,403

422 - - -

- - - - 49 45 - - 429 428 - - - 40,486 - - - 15,601 5,038 1,305 2,014,680 1,994,226

- - - -

1,066 89 - - - - - -

- - - - - 11,809 4,660 1,826 - - - - - - - - 5,726 13,724

2,008,954 1,980,502

1,720,050 1,654,423 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 1,024,147 1,146,305 16.59 16.33 61,737,267 70,179,649Class A1 76,696 - 9.90 - 7,748,980 -Class A2 13,544 - 9.93 - 1,364,331 -Class A3 7,289 - 9.93 - 734,087 -Class A4 1,663 - 9.93 - 167,418 -Class A5 1,281 - 9.94 - 128,911 -Class AT5 5,187 5,339 8.02 8.09 646,711 659,736Class A1T5 239 - 9.72 - 24,646 -Class A2T5 1 - 9.70 - 102 -Class AT6 1,079 1,131 9.87 10.01 109,310 113,010Class AT8 382 422 5.85 5.99 65,346 70,382Class A1T8 10 - 9.59 - 1,042 -Class E 55,913 31,307 9.52 9.36 5,875,501 3,345,188Class EF 4,555 2,696 9.51 9.30 478,876 289,779Class EFT5 192 192 8.49 8.50 22,635 22,603Class EFT8 189 11 7.91 8.04 23,848 1,340Class ET5 11 11 8.48 8.55 1,269 1,237Class ET8 11 11 7.91 8.09 1,361 1,307Class F 21,872 23,075 16.06 15.73 1,362,274 1,467,295Class F1 3,123 - 9.97 - 313,276 -Class F2 1,747 - 9.97 - 175,236 -Class F3 24 - 9.98 - 2,393 -Class F4 73 - 9.99 - 7,278 -Class F5 10 - 9.98 - 1,000 -Class FT8 232 228 6.69 6.82 34,602 33,426Class F1T8 10 - 9.63 - 1,035 -Class I 733,602 726,524 13.70 13.33 53,535,309 54,507,862Class O 55,286 43,228 11.81 11.50 4,680,816 3,759,406Class OT5 11 11 8.48 8.45 1,323 1,291Class OT8 11 11 7.90 8.00 1,421 1,366Class P 554 - 10.01 - 55,302 -Class PT8 10 - 9.67 - 1,035 -







CIG - 2601




2017 2016

872 - 62 115 10,064 10,236 1,516 1,369 - - - -

- - - -

32,582 14,879

40 103,991 45,136 130,590 (43) 3 - - - - 10,139 14,871 10,096 14,874 55,232 145,464

11,956 13,167 1,360 1,479 1 2 - - - - - - - - 1,363 1,493 14,680 16,141

40,552 129,323









2017 2016 2017 2016 2017 2016Class A 17,298 85,709 0.26 1.08 66,592,580 79,005,327Class A1 344 - 0.08 - 4,083,563 -Class A2 63 - 0.08 - 665,776 -Class A3 (13) - (0.03) - 473,920 -Class A4 2 - 0.03 - 95,033 -Class A5 7 - 0.12 - 56,834 -Class AT5 79 396 0.13 0.55 653,663 707,550Class A1T5 3 - 0.24 - 13,755 -Class A2T5 - - (0.09) - 101 -Class AT6 18 87 0.15 0.67 111,639 127,637Class AT8 6 35 0.09 0.43 68,697 81,865Class A1T8 - - (0.07) - 1,020 -Class E 678 1,021 0.16 0.67 4,171,351 1,517,073Class EF 75 115 0.17 0.75 437,054 151,932Class EFT5 5 6 0.19 0.65 22,616 7,878Class EFT8 (2) 1 (0.15) 0.64 15,302 1,132Class ET5 - 1 0.15 0.61 1,251 1,087Class ET8 - 1 0.14 0.59 1,330 1,119Class F 470 1,186 0.32 1.14 1,430,119 1,043,698Class F1 20 - 0.13 - 149,114 -Class F2 16 - 0.27 - 58,942 -Class F3 - - (0.05) - 2,121 -Class F4 1 - 0.08 - 5,144 -Class F5 (1) - (0.09) - 1,213 -Class FT8 4 34 0.14 0.56 32,226 61,884Class F1T8 - - (0.03) - 1,015 -Class I 20,190 38,425 0.37 1.03 53,919,039 37,235,488Class O 1,282 2,306 0.31 0.92 4,087,618 2,518,611Class OT5 - - 0.23 0.69 1,305 1,110Class OT8 - - 0.22 0.67 1,389 1,143Class P 7 - 0.32 - 19,471 -Class PT8 - - 0.01 - 1,014 -
















Class A 2017 2016 1,146,305 1,259,108 17,298 85,709

- - - - - - - -

133,164 101,167 - - (272,620) (124,203) (139,456) (23,036) (122,158) 62,673 1,024,147 1,321,781

Class A1 2017 2016 - - 344 -

- - - - - - - -

85,532 - - - (9,180) - 76,352 - 76,696 - 76,696 -

Class A2 2017 2016 - - 63 -

- - - - - - - -

15,588 - - - (2,107) - 13,481 - 13,544 - 13,544 -

Class A3 2017 2016 - - (13) -

- - - - - - - -

8,202 - - - (900) - 7,302 - 7,289 - 7,289 -

Class A4 2017 2016 - - 2 -

- - - - - - - -

1,871 - - - (210) - 1,661 - 1,663 - 1,663 -

Class A5 2017 2016 - - 7 -

- - - - - - - -

1,315 - - - (41) - 1,274 - 1,281 - 1,281 -

Class AT5 2017 2016 5,339 5,620 79 396

- - (129) (154) - - (129) (154)

475 662 9 16 (586) (459) (102) 219 (152) 461 5,187 6,081

Class A1T5 2017 2016 - - 3 -

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

239 - - - - - 239 - 239 - 239 -

Class A2T5 2017 2016 - - - -

- - - - - - - -

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

Class AT6 2017 2016 1,131 1,484 18 87

- - (33) (41) - - (33) (41)

72 251 6 6 (115) (483) (37) (226) (52) (180) 1,079 1,304

Class AT8 2017 2016 422 534 6 35

- - (16) (22) - - (16) (22)

3 - - - (33) (25) (30) (25) (40) (12) 382 522

Class A1T8 2017 2016 - - - -

- - - - - - - -

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












Class E 2017 2016 31,307 10,303 678 1,021

- - - - - - - -

27,114 9,073 - - (3,186) (189) 23,928 8,884 24,606 9,905 55,913 20,208

Class EF 2017 2016 2,696 1,024 75 115

- - - - - - - -

2,178 729 - - (394) (77) 1,784 652 1,859 767 4,555 1,791

Class EFT5 2017 2016 192 68 5 6

- - (5) (2) - - (5) (2)

- - - - - - - - - 4 192 72

Class EFT8 2017 2016 11 9 (2) 1

- - (5) - - - (5) -

185 - - - - - 185 - 178 1 189 10

Class ET5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class ET8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class F 2017 2016 23,075 15,089 470 1,186

- - - - - - - -

7,050 4,516 - - (8,723) (3,040) (1,673) 1,476 (1,203) 2,662 21,872 17,751

Class F1 2017 2016 - - 20 -

- - - - - - - -

3,776 - - - (673) - 3,103 - 3,123 - 3,123 -

Class F2 2017 2016 - - 16 -

- - - - - - - -

2,237 - - - (506) - 1,731 - 1,747 - 1,747 -

Class F3 2017 2016 - - - -

- - - - - - - -

24 - - - - - 24 - 24 - 24 -

Class F4 2017 2016 - - 1 -

- - - - - - - -

72 - - - - - 72 - 73 - 73 -

Class F5 2017 2016 - - (1) -

- - - - - - - -

16 - - - (5) - 11 - 10 - 10 -












Class FT8 2017 2016 228 152 4 34

- - (9) (20) - - (9) (20)

65 487 3 2 (59) (6) 9 483 4 497 232 649

Class F1T8 2017 2016 - - - -

- - - - - - - -

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

Class I 2017 2016 726,524 565,543 20,190 38,425

- - - - - - - -

39,714 10,114 - - (52,826) (117,231) (13,112) (107,117) 7,078 (68,692) 733,602 496,851

Class O 2017 2016 43,228 25,152 1,282 2,306

- - - - - - - -

14,641 7,018 - - (3,865) (1,597) 10,776 5,421 12,058 7,727 55,286 32,879

Class OT5 2017 2016 11 10 - -

- - - - - - - -

- - - - - - - - - - 11 10

Class OT8 2017 2016 11 10 - -

- - - - - - - -

- - - - - - - - - - 11 10

Class P 2017 2016 - - 7 -

- - - - - - - -

551 - - - (4) - 547 - 554 - 554 -

Class PT8 2017 2016 - - - -

- - - - - - - -

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

Total Fund 2017 2016 1,980,502 1,884,124 40,552 129,323

- - (200) (239) - - (200) (239)

344,115 134,017 18 24 (356,033) (247,310) (11,900) (113,269) 28,452 15,815 2,008,954 1,899,939




2017 2016

40,552 129,323

(32,582) (14,879) (7) (32) 1 2

(40) (103,991) 122,815 116,024 (100,003) (62,929) - - (11,580) (11,605) - - (1) - - - - - - - - - (4) - 19,151 51,913

(182) (201) 340,382 134,673 (353,199) (247,138) (12,999) (112,666)

7 32 6,152 (60,753) 25,403 77,028 31,562 16,307

871 - 60 115 - - - -









FUND(S) (93.8%) 5,314,268 Black Creek International Equity Fund (Class I)† 108,608,718 127,682,208 11,570,337 Cambridge Canadian Equity Corporate Class (A Shares)† 160,820,286 201,930,155 6,227,599 Cambridge Global Equity Corporate Class (A Shares)† 74,260,987 102,881,806 6,015,465 CI American Managers® Corporate Class (A Shares)† 70,895,345 115,286,992 5,751,756 CI American Small Companies Corporate Class (A Shares)† 44,938,163 69,398,388 1,857,963 CI American Value Corporate Class (A Shares)† 21,677,439 34,607,910 2,406,910 CI Canadian Investment Fund (Class I)† 89,021,071 89,828,518 4,582,691 CI Canadian Small/Mid Cap Fund (Class I)† 52,372,877 65,845,481 6,608,252 CI Income Fund (Class I)† 62,415,918 59,672,519 5,126,573 CI International Value Corporate Class (A Shares)† 62,334,921 80,565,639 4,640,416 Harbour Fund (Class I)† 91,601,818 97,551,760 23,338,274 Signature Canadian Bond Fund (Class I)† 237,964,690 240,300,204 9,282,018 Signature Corporate Bond Fund (Class I)† 97,277,016 100,404,518 3,424,185 Signature Diversified Yield II Fund (Class I)† 33,999,860 37,946,823 3,985,341 Signature Emerging Markets Corporate Class (A Shares)† 61,600,497 73,413,958 16,910,088 Signature Global Bond Fund (Class I)† 140,296,431 139,887,011 5,767,663 Signature Select Canadian Fund (Class I)† 119,083,052 129,132,789 6,760,655 Synergy Canadian Corporate Class (A Shares)† 99,373,008 118,537,270 1,628,542,097 1,884,873,949 EXCHANGE-TRADED FUND(S) (4.6%) 3,174,213 First Asset MSCI World Low Risk Weighted ETF†† 91,539,202 92,306,114 Commissions and other portfolio transaction costs (31,742)

Total Fund(s) (98.4%) 1,720,049,557 1,977,180,063



†The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc.††The Fund invests in Underlying Fund that is managed by First Asset Investment Management Inc. CI Investments Inc., the Manager of the Fund, and First Asset Investment Management Inc. are both controlled by CI Financial Corp.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund.



AverageCost ($)

FairValue ($)








DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 20-Oct-17 1.25 (8,362,198) US $ 10,487,409 Canadian $ 56,294 1 Canadian Imperial Bank of Commerce A-1 20-Oct-17 1.25 (7,194,615) US $ 8,995,103 Canadian $ 20,470 1 Citigroup Inc. A-2 08-Dec-17 0.81 (21,133,097) US $ 26,038,089 Canadian $ (314,185)1 HSBC Holdings PLC A-1 20-Oct-17 0.82 (10,364,373) Canadian $ 8,500,000 US $ 238,393 1 JPMorgan Chase & Co. A-2 20-Oct-17 1.25 (8,222,417) US $ 10,310,492 Canadian $ 53,743 1 JPMorgan Chase & Co. A-2 08-Dec-17 0.81 (22,982,242) US $ 28,281,947 Canadian $ (376,054)1 Morgan Stanley A-2 08-Dec-17 0.81 (23,084,661) US $ 28,409,946 Canadian $ (375,773)1 Royal Bank of Canada A-1+ 20-Oct-17 1.25 (6,176,024) US $ 7,723,433 Canadian $ 19,399 1 The Bank of Nova Scotia A-1 20-Oct-17 1.25 (6,577,933) US $ 8,223,370 Canadian $ 17,993 1 Toronto-Dominion Bank A-1+ 20-Oct-17 1.25 (6,166,813) US $ 7,708,516 Canadian $ 15,975 Total Foreign Currency Forward Contracts Value (643,745)






Held forTrading






AssetsInvestments - 1,977,180 1,977,180 - 1,977,180Cash - - - 31,562 31,562Unrealized gain on futures and foreign currency forward contracts 422 - 422 - 422Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 49 49Margin for short sales - - - - -Dividends receivable - - - 429 429Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 5,038 5,038 422 1,977,180 1,977,602 37,078 2,014,680LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 1,066 - 1,066 - 1,066Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 4,660 4,660Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 1,066 - 1,066 4,660 5,726









Held forTrading






AssetsInvestments - 1,910,958 1,910,958 - 1,910,958Cash - - - 25,403 25,403Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 45 45Margin for short sales - - - - -Dividends receivable - - - 428 428Interest receivable - - - - -Receivable for distribution from investments - - - 40,486 40,486Securities lending revenue receivable - - - - -Receivable for investments sold - - - 15,601 15,601Receivable for unit subscriptions - - - 1,305 1,305 - 1,910,958 1,910,958 83,268 1,994,226LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 89 - 89 - 89Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 11,809 11,809Payable for unit redemptions - - - 1,826 1,826Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 89 - 89 13,635 13,724














NetExposure

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Derivative assets - Foreign currency forward contracts 422 (54) - 368Derivative assets - Swaps and swaptions - - - -Total 422 (54) - 368Derivative liabilities - Foreign currency forward contracts (1,066) 54 - (1,012)Derivative liabilities - Swaps and swaptions - - - -Total (1,066) 54 - (1,012)





NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI American Managers® Corporate Class 528,341 115,287 21.8Signature Emerging Markets Corporate Class 354,267 73,414 20.7CI American Small Companies Corporate Class 341,469 69,398 20.3First Asset MSCI World Low Risk Weighted ETF 553,916 92,306 16.7CI International Value Corporate Class 526,971 80,566 15.3CI Canadian Small/Mid Cap Fund 448,272 65,845 14.7Synergy Canadian Corporate Class 1,219,433 118,537 9.7Black Creek International Equity Fund 1,372,226 127,682 9.3Signature Global Bond Fund 1,820,142 139,887 7.7Signature Canadian Bond Fund 3,339,777 240,299 7.2CI American Value Corporate Class 513,816 34,608 6.7Harbour Fund 1,667,906 97,552 5.8Cambridge Global Equity Corporate Class 2,015,695 102,882 5.1Signature Select Canadian Fund 2,586,262 129,133 5.0CI Canadian Investment Fund 1,971,485 89,829 4.6Cambridge Canadian Equity Corporate Class 4,975,814 201,930 4.1Signature Corporate Bond Fund 3,107,554 100,405 3.2Signature Diversified Yield II Fund 3,180,206 37,947 1.2CI Income Fund 8,292,095 59,673 0.7





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Emerging Markets Corporate Class 351,430 74,752 21.3CI American Managers® Corporate Class 521,373 106,737 20.5CI American Small Companies Corporate Class 354,483 69,558 19.6First Asset MSCI World Low Risk Weighted ETF 537,778 94,353 17.5CI International Value Corporate Class 509,359 75,259 14.8CI Canadian Small/Mid Cap Fund 463,392 59,188 12.8Black Creek International Equity Fund 1,166,966 124,150 10.6Synergy Canadian Corporate Class 1,226,382 112,229 9.2Signature Global Bond Fund 1,743,410 126,489 7.3Signature Canadian Bond Fund 3,220,644 217,020 6.7CI American Value Corporate Class 523,343 32,835 6.3Harbour Fund 1,807,952 97,319 5.4Cambridge Global Equity Corporate Class 2,005,007 104,424 5.2Signature Select Canadian Fund 2,465,617 124,395 5.0CI Canadian Investment Fund 2,075,922 90,392 4.4Cambridge Canadian Equity Corporate Class 4,831,217 187,429 3.9Signature Corporate Bond Fund 3,233,462 106,253 3.3Signature Diversified Yield II Fund 3,596,494 69,078 1.9CI Income Fund 7,972,306 39,098 0.5















Class A 2017 2016 70,179,649 79,520,073 8,054,253 6,221,869 - - (16,496,635) (7,620,956) 61,737,267 78,120,986

Class A1 2017 2016 - - 8,685,182 - - - (936,202) - 7,748,980 -

Class A2 2017 2016 - - 1,576,884 - - - (212,553) - 1,364,331 -

Class A3 2017 2016 - - 825,637 - - - (91,550) - 734,087 -

Class A4 2017 2016 - - 188,698 - - - (21,280) - 167,418 -

Class A5 2017 2016 - - 133,053 - - - (4,142) - 128,911 -

Class AT5 2017 2016 659,736 679,233 58,417 78,939 1,095 1,926 (72,537) (54,360) 646,711 705,738

Class A1T5 2017 2016 - - 24,629 - 17 - - - 24,646 -

Class A2T5 2017 2016 - - 100 - 2 - - - 102 -

Class AT6 2017 2016 113,010 143,507 7,323 23,658 633 586 (11,656) (46,057) 109,310 121,694

Class AT8 2017 2016 70,382 84,324 498 - 10 53 (5,544) (3,961) 65,346 80,416

Class A1T8 2017 2016 - - 1,014 - 28 - - - 1,042 -

Class E 2017 2016 3,345,188 1,135,459 2,865,828 966,697 - - (335,515) (20,127) 5,875,501 2,082,029

Class EF 2017 2016 289,779 113,479 230,846 79,126 - - (41,749) (8,115) 478,876 184,490

Class EFT5 2017 2016 22,603 7,866 16 25 16 - - - 22,635 7,891

Class EFT8 2017 2016 1,340 1,112 22,480 40 28 - - - 23,848 1,152

Class ET5 2017 2016 1,237 1,075 1 - 31 29 - - 1,269 1,104

Class ET8 2017 2016 1,307 1,098 - - 54 48 - - 1,361 1,146

Class F 2017 2016 1,467,295 988,808 441,818 286,293 - - (546,839) (192,477) 1,362,274 1,082,624

Class F1 2017 2016 - - 381,901 - - - (68,625) - 313,276 -









Class F2 2017 2016 - - 226,515 - - - (51,279) - 175,236 -

Class F3 2017 2016 - - 2,393 - - - - - 2,393 -

Class F4 2017 2016 - - 7,278 - - - - - 7,278 -

Class F5 2017 2016 - - 1,558 - - - (558) - 1,000 -

Class FT8 2017 2016 33,426 21,153 9,338 66,768 378 233 (8,540) (852) 34,602 87,302

Class F1T8 2017 2016 - - 1,007 - 28 - - - 1,035 -

Class I 2017 2016 54,507,862 43,663,017 2,934,995 756,467 - - (3,907,548) (8,959,547) 53,535,309 35,459,937

Class O 2017 2016 3,759,406 2,251,578 1,251,000 611,218 - - (329,590) (139,813) 4,680,816 2,722,983

Class OT5 2017 2016 1,291 1,098 1 - 31 28 - - 1,323 1,126

Class OT8 2017 2016 1,366 1,123 1 - 54 47 - - 1,421 1,170

Class P 2017 2016 - - 55,678 - - - (376) - 55,302 -

Class PT8 2017 2016 - - 1,014 - 21 - - - 1,035 -






Annual management

fee rate:


fee rate:

Class A 2.000 0.22Class A1 1.850 0.22Class A2 1.800 0.21Class A3 1.750 0.15Class A4 1.700 0.12Class A5 1.600 0.10Class AT5 2.000 0.22Class A1T5 1.850 0.22Class A2T5 1.800 0.21Class AT6 2.000 0.22Class AT8 2.000 0.22Class A1T8 1.850 0.22Class E 1.850 0.15Class EF 0.850 0.15Class EFT5 0.850 0.15Class EFT8 0.850 0.15Class ET5 1.850 0.15Class ET8 1.850 0.15Class F 1.000 0.22Class F1 0.850 0.22Class F2 0.800 0.21Class F3 0.750 0.15Class F4 0.700 0.12Class F5 0.600 0.10Class FT8 1.000 0.22Class F1T8 0.850 0.22Class I Paid directly by investor -Class O Paid directly by investor 0.15Class OT5 Paid directly by investor 0.15Class OT8 Paid directly by investor 0.15Class P Paid directly by investor 0.22Class PT8 Paid directly by investor 0.22


2017 2016Loaned - -Collateral (non-cash) - -




Investments 2017Black Creek International Equity Fund (Class I) 127,682Cambridge Canadian Equity Corporate Class (A Shares) 201,930Cambridge Global Equity Corporate Class (A Shares) 102,882CI American Managers® Corporate Class (A Shares) 115,287CI American Small Companies Corporate Class (A Shares) 69,398CI American Value Corporate Class (A Shares) 34,608CI Canadian Investment Fund (Class I) 89,829CI Canadian Small/Mid Cap Fund (Class I) 65,845CI Income Fund (Class I) 59,673CI International Value Corporate Class (A Shares) 80,566First Asset MSCI World Low Risk Weighted ETF 92,306Harbour Fund (Class I) 97,552Signature Canadian Bond Fund (Class I) 240,299Signature Corporate Bond Fund (Class I) 100,405Signature Diversified Yield II Fund (Class I) 37,947Signature Emerging Markets Corporate Class (A Shares) 73,414Signature Global Bond Fund (Class I) 139,887Signature Select Canadian Fund (Class I) 129,133Synergy Canadian Corporate Class (A Shares) 118,537

Investments 2016Black Creek International Equity Corporate Class (A Shares) 104,194Cambridge American Equity Corporate Class (A Shares) 57,753Cambridge Canadian Equity Corporate Class (A Shares) 134,663Cambridge Global Equity Corporate Class (A Shares) 102,905CI American Managers® Corporate Class (A Shares) 109,132CI American Small Companies Corporate Class (A Shares) 67,939CI American Value Corporate Class (A Shares) 74,041CI Canadian Investment Corporate Class (A Shares) 84,123CI Canadian Small/Mid Cap Fund (Class I) 56,362CI Income Fund (Class I) 30,583CI International Value Corporate Class (A Shares) 74,614First Asset MSCI World Low Risk Weighted ETF 2,024Harbour Corporate Class (A Shares) 92,052Signature Canadian Bond Fund (Class I) 220,916Signature Corporate Bond Fund (Class I) 102,200Signature Diversified Yield II Fund (Class I) 66,729Signature Emerging Markets Corporate Class (A Shares) 71,369Signature Global Bond Fund (Class I) 133,995Signature International Corporate Class (A Shares) 67,830Signature Select Canadian Corporate Class (A Shares) 118,609Synergy American Corporate Class (A Shares) 40,620Synergy Canadian Corporate Class (A Shares) 70,219






Currency


Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 677 (126,507) (125,830) 6.3 Total 677 (126,507) (125,830) 6.3


Currency


Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 725 (35,641) (34,916) (1.8)Total 725 (35,641) (34,916) (1.8)





as at September 30, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 11.9 Cambridge Canadian Equity Corporate Class (A Shares) 10.0 Signature Global Bond Fund (Class I) 6.9 Black Creek International Equity Fund (Class I) 6.4 Signature Select Canadian Fund (Class I) 6.4 Synergy Canadian Corporate Class (A Shares) 5.9 CI American Managers® Corporate Class (A Shares) 5.7 Cambridge Global Equity Corporate Class (A Shares) 5.1 Signature Corporate Bond Fund (Class I) 5.0 Harbour Fund (Class I) 4.9 First Asset MSCI World Low Risk Weighted ETF 4.6 CI Canadian Investment Fund (Class I) 4.5 CI International Value Corporate Class (A Shares) 4.0 Signature Emerging Markets Corporate Class (A Shares) 3.7 CI American Small Companies Corporate Class (A Shares) 3.5 CI Canadian Small/Mid Cap Fund (Class I) 3.3 CI Income Fund (Class I) 3.0 Signature Diversified Yield II Fund (Class I) 1.9 CI American Value Corporate Class (A Shares) 1.7 Other Net Assets (Liabilities) 1.6 Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 10.8 Cambridge Canadian Equity Corporate Class (A Shares) 9.3 Signature Global Bond Fund (Class I) 6.4 Signature Select Canadian Fund (Class I) 6.3 Black Creek International Equity Fund (Class I) 6.3 Synergy Canadian Corporate Class (A Shares) 5.7 CI American Managers® Corporate Class (A Shares) 5.4 Signature Corporate Bond Fund (Class I) 5.4 Cambridge Global Equity Corporate Class (A Shares) 5.3 Harbour Fund (Class I) 4.9 First Asset MSCI World Low Risk Weighted ETF 4.8 CI Canadian Investment Fund (Class I) 4.6 CI International Value Corporate Class (A Shares) 3.8 Signature Emerging Markets Corporate Class (A Shares) 3.8 CI American Small Companies Corporate Class (A Shares) 3.5 Signature Diversified Yield II Fund (Class I) 3.5 Other Net Assets (Liabilities) 3.5 CI Canadian Small/Mid Cap Fund (Class I) 3.0 CI Income Fund (Class I) 2.0 CI American Value Corporate Class (A Shares) 1.7 Foreign Currency Forward Contracts 0.0



Portfolio Series Conservative Balanced Fund




1,051,916 1,034,953 14,077 12,564

194 - - -

- - - - 26 24 - - 228 226 - - - 18,515 - - - 4,211 4,051 1,004 1,070,492 1,071,497

- - - -

100 45 - - - - - -

- - - - - 2,593 3,715 1,710 - - - - - - - - 3,815 4,348

1,066,677 1,067,149

985,399 956,250 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 583,617 658,589 15.60 15.53 37,403,486 42,405,624Class A1 43,218 - 9.83 - 4,394,610 -Class A2 10,363 - 9.84 - 1,053,342 -Class A3 2,398 - 9.84 - 243,604 -Class A4 470 - 9.85 - 47,720 -Class A5 589 - 9.85 - 59,760 -Class AT6 1,022 1,160 9.08 9.31 112,615 124,609Class E 41,792 28,438 9.36 9.31 4,463,336 3,055,256Class EF 2,037 2,030 9.38 9.27 217,233 219,002Class F 17,701 16,543 14.20 14.05 1,246,730 1,177,080Class F1 2,338 - 9.88 - 236,650 -Class F2 201 - 9.88 - 20,321 -Class F3 131 - 9.88 - 13,266 -Class F4 90 - 9.89 - 9,066 -Class F5 10 - 9.90 - 1,000 -Class I 316,030 325,222 12.88 12.66 24,541,964 25,688,011Class O 44,144 35,167 11.27 11.09 3,916,553 3,170,814Class P 526 - 9.92 - 53,073 -







CIG - 2600




2017 2016

462 - 28 42 9,444 9,339 2,078 1,281 - - - -

- - - -

15,380 8,232

(12,047) 47,842 15,345 66,736 (144) 17 - - - - 3,110 6,077 2,966 6,094 18,311 72,830

6,930 7,983 797 900 - 1 - - - - - - - - 837 958 8,564 9,842

9,747 62,988









2017 2016 2017 2016 2017 2016Class A 3,278 46,229 0.09 0.94 40,396,139 48,884,309Class A1 (97) - (0.04) - 2,232,039 -Class A2 (22) - (0.05) - 475,612 -Class A3 (26) - (0.15) - 166,210 -Class A4 (7) - (0.18) - 37,183 -Class A5 (2) - (0.12) - 22,183 -Class AT6 4 105 0.04 0.60 121,796 177,094Class E 245 964 0.07 0.60 3,338,927 1,598,680Class EF 27 102 0.12 0.86 225,078 118,268Class F 176 768 0.14 0.95 1,186,007 805,536Class F1 (4) - (0.03) - 132,864 -Class F2 (4) - (0.25) - 14,956 -Class F3 - - - - 6,258 -Class F4 1 - 0.08 - 4,507 -Class F5 - - (0.11) - 1,000 -Class I 5,553 13,073 0.23 0.94 25,028,315 13,959,966Class O 622 1,747 0.18 0.83 3,481,639 2,111,307Class P 3 - 0.73 - 5,236 -
















Class A 2017 2016 658,589 764,146 3,278 46,229

- - - - - - - -

80,533 70,145 - - (158,783) (85,372) (78,250) (15,227) (74,972) 31,002 583,617 795,148

Class A1 2017 2016 - - (97) -

- - - - - - - -

49,984 - - - (6,669) - 43,315 - 43,218 - 43,218 -

Class A2 2017 2016 - - (22) -

- - - - - - - -

10,847 - - - (462) - 10,385 - 10,363 - 10,363 -

Class A3 2017 2016 - - (26) -

- - - - - - - -

2,625 - - - (201) - 2,424 - 2,398 - 2,398 -

Class A4 2017 2016 - - (7) -

- - - - - - - -

751 - - - (274) - 477 - 470 - 470 -

Class A5 2017 2016 - - (2) -

- - - - - - - -

592 - - - (1) - 591 - 589 - 589 -

Class AT6 2017 2016 1,160 1,953 4 105

- - (32) (54) (1) - (33) (54)

209 264 2 6 (320) (623) (109) (353) (138) (302) 1,022 1,651

Class E 2017 2016 28,438 9,648 245 964

- - - - - - - -

16,295 9,947 - - (3,186) (1,122) 13,109 8,825 13,354 9,789 41,792 19,437

Class EF 2017 2016 2,030 540 27 102

- - - - - - - -

658 1,723 - - (678) (1,425) (20) 298 7 400 2,037 940

Class F 2017 2016 16,543 10,478 176 768

- - - - - - - -

6,587 3,735 - - (5,605) (1,967) 982 1,768 1,158 2,536 17,701 13,014

Class F1 2017 2016 - - (4) -

- - - - - - - -

2,574 - - - (232) - 2,342 - 2,338 - 2,338 -

Class F2 2017 2016 - - (4) -

- - - - - - - -

205 - - - - - 205 - 201 - 201 -










Class F3 2017 2016 - - - -

- - - - - - - -

134 - - - (3) - 131 - 131 - 131 -

Class F4 2017 2016 - - 1 -

- - - - - - - -

89 - - - - - 89 - 90 - 90 -

Class F5 2017 2016 - - - -

- - - - - - - -

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

Class I 2017 2016 325,222 181,750 5,553 13,073

- - - - - - - -

19,067 2,675 - - (33,812) (13,271) (14,745) (10,596) (9,192) 2,477 316,030 184,227

Class O 2017 2016 35,167 19,503 622 1,747

- - - - - - - -

11,986 7,625 - - (3,631) (2,157) 8,355 5,468 8,977 7,215 44,144 26,718

Class P 2017 2016 - - 3 -

- - - - - - - -

523 - - - - - 523 - 526 - 526 -

Total Fund 2017 2016 1,067,149 988,018 9,747 62,988

- - (32) (54) (1) - (33) (54)

203,669 96,114 2 6 (213,857) (105,937) (10,186) (9,817) (472) 53,117 1,066,677 1,041,135




2017 2016

9,747 62,988

(15,380) (8,232) 6 (60) - 1

12,047 (47,842) 107,690 60,187 (89,804) (58,828) - - (11,522) (10,620) - - (2) - - - - - - - - - (2) - 12,780 (2,406)

(31) (40) 200,622 97,812 (211,852) (106,228) (11,261) (8,456)

(6) 60 1,519 (10,862) 12,564 20,761 14,077 9,959

460 - 26 42 - - - -









FUND(S) (94.0%) 412,605 Black Creek International Equity Fund (Class I)† 8,683,116 9,913,362 2,613,584 Cambridge Canadian Dividend Fund (Class I)† 52,533,987 54,743,351 3,396,213 Cambridge Canadian Equity Corporate Class (A Shares)† 40,900,661 59,272,061 2,389,350 Cambridge Global Equity Corporate Class (A Shares)† 27,562,950 39,472,775 1,648,168 CI American Managers® Corporate Class (I Shares)† 44,455,241 45,418,882 949,527 CI American Value Corporate Class (A Shares)† 10,781,413 17,686,643 1,069,976 CI Canadian Investment Fund (Class I)† 39,573,743 39,932,688 6,448,587 CI Income Fund (Class I)† 59,767,316 58,230,742 2,712,258 CI International Value Corporate Class (I Shares)† 41,460,541 44,341,351 1,211,429 CI U.S. Income US$ Pool (Class I)† 16,160,403 15,180,717 1,428,542 Harbour Fund (Class I)† 28,199,416 30,031,092 15,429,153 Signature Canadian Bond Fund (Class I)† 157,562,623 158,864,729 11,639,195 Signature Corporate Bond Fund (Class I)† 121,133,739 125,902,336 2,055,912 Signature Diversified Yield II Fund (Class I)† 21,378,426 22,783,619 524,401 Signature Emerging Markets Corporate Class (A Shares)† 9,060,294 9,659,982 16,021,227 Signature Global Bond Fund (Class I)† 130,745,190 132,534,001 1,906,417 Signature Select Canadian Fund (Class I)† 40,451,016 42,682,960 2,572,473 Signature Tactical Bond Pool (Class I)† 25,633,360 24,842,627 4,077,469 Synergy Canadian Corporate Class (A Shares)† 60,863,779 71,491,898 936,907,214 1,002,985,816 EXCHANGE-TRADED FUND(S) (4.6%) 1,682,602 First Asset MSCI World Low Risk Weighted ETF†† 48,508,118 48,930,066

Commissions and other portfolio transaction costs (16,826)

Total Fund(s) (98.6%) 985,398,506 1,051,915,882

Foreign Currency Forward Contracts (0.0%) (see Schedule A) 94,008

Total Investments (98.6%) 985,398,506 1,052,009,890 Other Net Assets (Liabilities) (1.4%) 14,667,305 Net Assets Attributable to Holders of Redeemable Units (100.0%) 1,066,677,195




AverageCost ($)

FairValue ($)








DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 20-Oct-17 1.25 (4,993,818) US $ 6,262,972 Canadian $ 33,618 1 Canadian Imperial Bank of Commerce A-1 20-Oct-17 1.25 (4,296,550) US $ 5,371,783 Canadian $ 12,225 1 Citigroup Inc. A-2 08-Dec-17 0.81 (1,981,228) US $ 2,441,071 Canadian $ (29,455)1 HSBC Holdings PLC A-1 20-Oct-17 0.82 (3,658,014) Canadian $ 3,000,000 US $ 84,139 1 JPMorgan Chase & Co. A-2 08-Dec-17 0.81 (2,154,585) US $ 2,651,432 Canadian $ (35,255)1 JPMorgan Chase & Co. A-2 20-Oct-17 1.25 (4,910,343) US $ 6,157,320 Canadian $ 32,095 1 Morgan Stanley A-2 08-Dec-17 0.81 (2,164,187) US $ 2,663,432 Canadian $ (35,229)1 Royal Bank of Canada A-1+ 20-Oct-17 1.25 (3,688,258) US $ 4,612,355 Canadian $ 11,585 1 The Bank of Nova Scotia A-1 20-Oct-17 1.25 (3,928,274) US $ 4,910,912 Canadian $ 10,745 1 Toronto-Dominion Bank A-1+ 20-Oct-17 1.25 (3,682,757) US $ 4,603,446 Canadian $ 9,540 Total Foreign Currency Forward Contracts Value 94,008






Held forTrading






















NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)First Asset MSCI World Low Risk Weighted ETF 553,916 48,930 8.8CI American Managers® Corporate Class 528,341 45,418 8.6CI International Value Corporate Class 526,971 44,341 8.4CI U.S. Income US$ Pool 189,914 15,181 8.0Signature Global Bond Fund 1,820,142 132,534 7.3Signature Tactical Bond Pool 339,748 24,843 7.3Synergy Canadian Corporate Class 1,219,433 71,492 5.9Signature Canadian Bond Fund 3,339,777 158,865 4.8Cambridge Canadian Dividend Fund 1,251,986 54,743 4.4Signature Corporate Bond Fund 3,107,554 125,902 4.1CI American Value Corporate Class 513,816 17,687 3.4Signature Emerging Markets Corporate Class 354,267 9,660 2.7CI Canadian Investment Fund 1,971,485 39,933 2.0Cambridge Global Equity Corporate Class 2,015,695 39,473 2.0Harbour Fund 1,667,906 30,031 1.8Signature Select Canadian Fund 2,586,262 42,683 1.7Cambridge Canadian Equity Corporate Class 4,975,814 59,272 1.2CI Income Fund 8,292,095 58,231 0.7Signature Diversified Yield II Fund 3,180,206 22,784 0.7Black Creek International Equity Fund 1,372,226 9,913 0.7





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Cambridge Income Corporate Class 445,391 41,904 9.4First Asset MSCI World Low Risk Weighted ETF 537,778 50,015 9.3CI U.S. Income US$ Pool 175,492 15,718 9.0CI American Managers® Corporate Class 521,373 43,572 8.4CI International Value Corporate Class 509,359 41,206 8.1Signature Tactical Bond Pool 343,421 24,886 7.2Signature Global Bond Fund 1,743,410 124,642 7.1Synergy Canadian Corporate Class 1,226,382 68,021 5.5Cambridge Canadian Dividend Fund 1,143,124 53,048 4.6Signature Canadian Bond Fund 3,220,644 139,149 4.3Signature Corporate Bond Fund 3,233,462 124,528 3.9CI American Value Corporate Class 523,343 17,850 3.4Signature Emerging Markets Corporate Class 351,430 9,592 2.7CI Canadian Investment Fund 2,075,922 40,049 1.9Cambridge Global Equity Corporate Class 2,005,007 37,756 1.9Signature Diversified Yield II Fund 3,596,494 59,422 1.7Harbour Fund 1,807,952 30,603 1.7Cambridge Canadian Equity Corporate Class 4,831,217 56,742 1.2Signature Select Canadian Fund 2,465,617 26,701 1.1Black Creek International Equity Fund 1,166,966 10,562 0.9CI Income Fund 7,972,306 18,987 0.2















Class A 2017 2016 42,405,624 49,449,270 5,146,954 4,420,617 - - (10,149,092) (5,385,337) 37,403,486 48,484,550

Class A1 2017 2016 - - 5,073,566 - - - (678,956) - 4,394,610 -

Class A2 2017 2016 - - 1,100,563 - - - (47,221) - 1,053,342 -

Class A3 2017 2016 - - 264,052 - - - (20,448) - 243,604 -

Class A4 2017 2016 - - 75,571 - - - (27,851) - 47,720 -

Class A5 2017 2016 - - 59,870 - - - (110) - 59,760 -

Class AT6 2017 2016 124,609 197,847 22,214 26,882 173 627 (34,381) (62,866) 112,615 162,490

Class E 2017 2016 3,055,256 1,041,272 1,746,209 1,050,757 - - (338,129) (117,877) 4,463,336 1,974,152

Class EF 2017 2016 219,002 58,578 69,398 182,708 - - (71,167) (145,918) 217,233 95,368

Class F 2017 2016 1,177,080 748,718 463,588 258,477 - - (393,938) (135,793) 1,246,730 871,402

Class F1 2017 2016 - - 259,905 - - - (23,255) - 236,650 -

Class F2 2017 2016 - - 20,321 - - - - - 20,321 -

Class F3 2017 2016 - - 13,527 - - - (261) - 13,266 -

Class F4 2017 2016 - - 9,067 - - - (1) - 9,066 -

Class F5 2017 2016 - - 1,000 - - - - - 1,000 -

Class I 2017 2016 25,688,011 14,390,314 1,497,813 203,049 - - (2,643,860) (1,017,572) 24,541,964 13,575,791

Class O 2017 2016 3,170,814 1,763,612 1,068,931 677,727 - - (323,192) (190,734) 3,916,553 2,250,605

Class P 2017 2016 - - 53,105 - - - (32) - 53,073 -






Annual management

fee rate:


fee rate:

Class A 2.000 0.22Class A1 1.850 0.22Class A2 1.800 0.21Class A3 1.750 0.15Class A4 1.700 0.12Class A5 1.600 0.10Class AT6 2.000 0.22Class E 1.850 0.15Class EF 0.850 0.15Class F 1.000 0.22Class F1 0.850 0.22Class F2 0.800 0.21Class F3 0.750 0.15Class F4 0.700 0.12Class F5 0.600 0.10Class I Paid directly by investor -Class O Paid directly by investor 0.15Class P Paid directly by investor 0.22






Investments 2017Black Creek International Equity Fund (Class I) 9,913Cambridge Canadian Dividend Fund (Class I) 54,743Cambridge Canadian Equity Corporate Class (A Shares) 59,272Cambridge Global Equity Corporate Class (A Shares) 39,473CI American Managers® Corporate Class (I Shares) 45,418CI American Value Corporate Class (A Shares) 17,687CI Canadian Investment Fund (Class I) 39,933CI Income Fund (Class I) 58,231CI International Value Corporate Class (I Shares) 44,341CI U.S. Income US$ Pool (Class I) 15,181First Asset MSCI World Low Risk Weighted ETF 48,930Harbour Fund (Class I) 30,031Signature Canadian Bond Fund (Class I) 158,865Signature Corporate Bond Fund (Class I) 125,902Signature Diversified Yield II Fund (Class I) 22,784Signature Emerging Markets Corporate Class (A Shares) 9,660Signature Global Bond Fund (Class I) 132,534Signature Select Canadian Fund (Class I) 42,683Signature Tactical Bond Pool (Class I) 24,843Synergy Canadian Corporate Class (A Shares) 71,492

Investments 2016Black Creek International Equity Corporate Class (A Shares) 2,316Cambridge American Equity Corporate Class (A Shares) 24,651Cambridge Canadian Dividend Corporate Class (A Shares) 24,226Cambridge Canadian Equity Corporate Class (A Shares) 56,774Cambridge Global Equity Corporate Class (A Shares) 37,475Cambridge Income Corporate Class (A Shares) 43,490CI American Managers® Corporate Class (A Shares) 43,449CI American Value Corporate Class (A Shares) 41,100CI Canadian Investment Corporate Class (A Shares) 37,904CI Income Fund (Class I) 18,963CI International Value Corporate Class (A Shares) 40,496CI U.S. Income US$ Pool (Class I) 15,403First Asset MSCI World Low Risk Weighted ETF 1,089Harbour Corporate Class (A Shares) 31,353Signature Canadian Bond Fund (Class I) 141,647Signature Corporate Bond Fund (Class I) 119,779Signature Diversified Yield II Fund (Class I) 57,401Signature Emerging Markets Corporate Class (A Shares) 9,158Signature Global Bond Fund (Class I) 132,038Signature International Corporate Class (A Shares) 35,888Signature Select Canadian Corporate Class (A Shares) 24,004Signature Tactical Bond Pool (Class I) 23,245Synergy American Corporate Class (A Shares) 30,016Synergy Canadian Corporate Class (A Shares) 37,083





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


Currency


Net Exposure

NetAssets



As at September 30, 2017, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have indirectly decreased or increased, respectively, by approximately $1,853,000 (March 31, 2017 - a nominal amount). In practice, actual results may differ from this analysis and the difference may be material.

As at March 31, 2017, the Fund’s exposure to currency risk was insignificant.



as at September 30, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.9Signature Global Bond Fund (Class I) 12.4Signature Corporate Bond Fund (Class I) 11.8Synergy Canadian Corporate Class (A Shares) 6.7Cambridge Canadian Equity Corporate Class (A Shares) 5.6CI Income Fund (Class I) 5.5Cambridge Canadian Dividend Fund (Class I) 5.1First Asset MSCI World Low Risk Weighted ETF 4.6CI American Managers® Corporate Class (I Shares) 4.3CI International Value Corporate Class (I Shares) 4.2Signature Select Canadian Fund (Class I) 4.0Cambridge Global Equity Corporate Class (A Shares) 3.7CI Canadian Investment Fund (Class I) 3.7Harbour Fund (Class I) 2.8Signature Tactical Bond Pool (Class I) 2.3Signature Diversified Yield II Fund (Class I) 2.1CI American Value Corporate Class (A Shares) 1.7CI U.S. Income US$ Pool (Class I) 1.4Other Net Assets (Liabilities) 1.4Black Creek International Equity Fund (Class I) 0.9Signature Emerging Markets Corporate Class (A Shares) 0.9Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 12.9 Signature Global Bond Fund (Class I) 11.7 Signature Corporate Bond Fund (Class I) 11.6 Synergy Canadian Corporate Class (A Shares) 6.4 Signature Diversified Yield II Fund (Class I) 5.6 Cambridge Canadian Equity Corporate Class (A Shares) 5.3 Cambridge Canadian Dividend Fund (Class I) 5.0 First Asset MSCI World Low Risk Weighted ETF 4.7 CI American Managers® Corporate Class (I Shares) 4.1 Cambridge Income Corporate Class (A Shares) 3.9 CI International Value Corporate Class (I Shares) 3.9 CI Canadian Investment Fund (Class I) 3.8 Cambridge Global Equity Corporate Class (A Shares) 3.5 Other Net Assets (Liabilities) 3.0 Harbour Fund (Class I) 2.9 Signature Select Canadian Fund (Class I) 2.5 Signature Tactical Bond Pool (Class I) 2.3 CI Income Fund (Class I) 1.8 CI American Value Corporate Class (A Shares) 1.7 CI U.S. Income US$ Pool (Class I) 1.5 Black Creek International Equity Fund (Class I) 1.0 Signature Emerging Markets Corporate Class (A Shares) 0.9


Portfolio Series Conservative Fund




1,266,373 1,273,485 10,366 4,877

161 - - -

- - - - 29 27 - - 257 260 - - - 17,144 - - - 5,938 5,224 1,639 1,282,410 1,303,370

- - - -

133 30 - - - - - -

- - - - - 1,970 5,824 2,681 - - - - - - - - 5,957 4,681

1,276,453 1,298,689

1,193,098 1,175,226 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 628,624 730,987 15.37 15.39 40,894,344 47,491,975Class A1 50,163 - 9.77 - 5,131,850 -Class A2 10,778 - 9.78 - 1,101,824 -Class A3 2,263 - 9.78 - 231,318 -Class A4 619 - 9.79 - 63,204 -Class A5 271 - 9.79 - 27,712 -Class AT6 1,084 1,210 8.43 8.70 128,607 139,151Class E 36,450 20,643 9.14 9.14 3,988,973 2,257,625Class EF 5,479 4,985 9.13 9.08 600,347 548,932Class F 21,884 26,625 14.35 14.29 1,525,222 1,863,561Class F1 6,988 - 9.82 - 711,546 -Class F2 2,931 - 9.82 - 298,444 -Class F3 364 - 9.82 - 37,020 -Class F4 10 - 9.83 - 1,000 -Class F5 10 - 9.84 - 1,000 -Class I 460,425 475,008 15.31 15.15 30,068,761 31,343,480Class O 38,177 29,327 10.79 10.69 3,538,679 2,744,279Class P 414 - 9.86 - 42,050 -Class U 1,568 1,753 11.52 11.53 136,148 152,059Class UT6 200 207 8.45 8.71 23,713 23,713Class Z 7,751 7,944 12.04 12.05 643,723 659,213







CIG - 7770




2017 2016

522 - 24 64 13,609 14,454 2,749 1,946 - - - -

- - - -

17,932 21,841

(24,926) 42,259 9,910 80,564 32 80 - - - - 3,702 6,064 3,734 6,144 13,644 86,708

7,306 8,367 806 910 - 2 - - - - 1 1 - - 861 984 8,974 10,264

4,670 76,444









2017 2016 2017 2016 2017 2016Class A (399) 46,935 (0.01) 0.88 44,870,108 52,792,843Class A1 (298) - (0.12) - 2,606,718 -Class A2 (48) - (0.10) - 474,927 -Class A3 (14) - (0.11) - 119,073 -Class A4 (3) - (0.09) - 31,264 -Class A5 (1) - (0.11) - 11,502 -Class AT6 (1) 78 - 0.52 132,441 150,292Class E 16 707 0.01 0.55 2,566,187 1,277,405Class EF 28 143 0.05 0.58 598,047 246,054Class F 239 1,082 0.14 0.93 1,632,494 1,172,308Class F1 (77) - (0.17) - 486,946 -Class F2 (52) - (0.29) - 178,970 -Class F3 (12) - (0.32) - 40,749 -Class F4 - - (0.17) - 1,000 -Class F5 - - (0.16) - 1,000 -Class I 4,976 25,430 0.16 1.04 30,643,891 24,496,567Class O 324 1,496 0.11 0.75 2,980,939 1,993,781Class P 1 - 0.08 - 11,639 -Class U (2) 111 (0.01) 0.67 148,515 166,822Class UT6 (1) 13 (0.01) 0.52 23,713 23,315Class Z (6) 449 (0.01) 0.70 659,494 640,444
















Class A 2017 2016 730,987 832,535 (399) 46,935

- - - - - - - -

83,628 93,543 - - (185,592) (107,760) (101,964) (14,217) (102,363) 32,718 628,624 865,253

Class A1 2017 2016 - - (298) -

- - - - - - - -

58,660 - - - (8,199) - 50,461 - 50,163 - 50,163 -

Class A2 2017 2016 - - (48) -

- - - - - - - -

12,702 - - - (1,876) - 10,826 - 10,778 - 10,778 -

Class A3 2017 2016 - - (14) -

- - - - - - - -

2,839 - - - (562) - 2,277 - 2,263 - 2,263 -

Class A4 2017 2016 - - (3) -

- - - - - - - -

624 - - - (2) - 622 - 619 - 619 -

Class A5 2017 2016 - - (1) -

- - - - - - - -

291 - - - (19) - 272 - 271 - 271 -

Class AT6 2017 2016 1,210 1,513 (1) 78

- - (33) (44) (1) - (34) (44)

87 - 15 10 (193) (200) (91) (190) (126) (156) 1,084 1,357

Class E 2017 2016 20,643 8,360 16 707

- - - - - - - -

19,381 8,409 - - (3,590) (1,071) 15,791 7,338 15,807 8,045 36,450 16,405

Class EF 2017 2016 4,985 1,920 28 143

- - - - - - - -

1,084 1,335 - - (618) (613) 466 722 494 865 5,479 2,785

Class F 2017 2016 26,625 14,398 239 1,082

- - - - - - - -

9,398 7,814 - - (14,378) (3,069) (4,980) 4,745 (4,741) 5,827 21,884 20,225

Class F1 2017 2016 - - (77) -

- - - - - - - -

9,018 - - - (1,953) - 7,065 - 6,988 - 6,988 -

Class F2 2017 2016 - - (52) -

- - - - - - - -

3,027 - - - (44) - 2,983 - 2,931 - 2,931 -












Class F3 2017 2016 - - (12) -

- - - - - - - -

584 - - - (208) - 376 - 364 - 364 -

Class F4 2017 2016 - - - -

- - - - - - - -

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

Class F5 2017 2016 - - - -

- - - - - - - -

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

Class I 2017 2016 475,008 439,793 4,976 25,430

- - - - - - - -

26,062 14,884 - - (45,621) (90,060) (19,559) (75,176) (14,583) (49,746) 460,425 390,047

Class O 2017 2016 29,327 19,669 324 1,496

- - - - - - - -

14,529 8,318 - - (6,003) (4,776) 8,526 3,542 8,850 5,038 38,177 24,707

Class P 2017 2016 - - 1 -

- - - - - - - -

414 - - - (1) - 413 - 414 - 414 -

Class U 2017 2016 1,753 2,110 (2) 111

- - - - - - - -

4 14 - - (187) (245) (183) (231) (185) (120) 1,568 1,990

Class UT6 2017 2016 207 220 (1) 13

- - (6) (7) - - (6) (7)

- - - - - - - - (7) 6 200 226

Class Z 2017 2016 7,944 7,986 (6) 449

- - - - - - - -

750 261 - - (937) (511) (187) (250) (193) 199 7,751 8,185

Total Fund 2017 2016 1,298,689 1,328,504 4,670 76,444

- - (39) (51) (1) - (40) (51)

243,102 134,578 15 10 (269,983) (208,305) (26,866) (73,717) (22,236) 2,676 1,276,453 1,331,180




2017 2016

4,670 76,444

(17,932) (21,841) 103 (92) - 2

24,926 (42,259) 158,411 158,311 (120,881) (105,051) - - (16,358) (16,400) - - 3 - - - - - - - - - (2) - 32,940 49,114

(25) (341) 239,517 135,268 (266,840) (207,409) (27,348) (72,482)

(103) 92 5,592 (23,368) 4,877 41,601 10,366 18,325

525 - 24 64 - - 1 1









FUND(S) (94.9%) 431,882 Black Creek International Equity Fund (Class I)† 9,187,299 10,376,527 2,882,407 Cambridge Canadian Dividend Fund (Class I)† 57,935,993 60,374,024 2,504,895 Cambridge Global Equity Corporate Class (A Shares)† 27,870,542 41,381,614 1,339,994 CI American Value Corporate Class (A Shares)† 15,007,372 24,959,791 848,488 CI Canadian Investment Fund (Class I)† 31,381,878 31,666,520 8,274,201 CI Income Fund (Class I)† 76,506,611 74,716,038 3,296,041 CI International Value Corporate Class (A Shares)† 38,750,062 51,798,268 2,650,532 CI U.S. Income US$ Pool (Class I)† 35,357,754 33,214,490 1,513,412 Harbour Fund (Class I)† 29,967,853 31,815,239 25,179,757 Signature Canadian Bond Fund (Class I)† 256,955,686 259,260,846 15,107,271 Signature Corporate Bond Fund (Class I)† 156,816,994 163,416,861 2,546,128 Signature Diversified Yield II Fund (Class I)† 26,272,158 28,216,192 626,527 Signature Emerging Markets Corporate Class (A Shares)† 10,847,494 11,541,257 24,179,339 Signature Global Bond Fund (Class I)† 195,461,023 200,021,163 2,252,722 Signature Select Canadian Fund (Class I)† 48,151,386 50,436,421 4,514,846 Signature Tactical Bond Pool (Class I)† 44,847,623 43,600,318 5,377,937 Synergy Canadian Corporate Class (A Shares)† 77,037,938 94,293,521 1,138,355,666 1,211,089,090 EXCHANGE-TRADED FUND(S) (4.3%) 1,901,086 First Asset MSCI World Low Risk Weighted ETF†† 54,761,117 55,283,581


Total Fund(s) (99.2%) 1,193,097,772 1,266,372,671






AverageCost ($)

FairValue ($)








DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 20-Oct-17 1.25 (3,897,137) US $ 4,887,575 Canadian $ 26,236 1 Canadian Imperial Bank of Commerce A-1 20-Oct-17 1.25 (3,352,994) US $ 4,192,098 Canadian $ 9,540 1 HSBC Holdings PLC A-1 20-Oct-17 0.82 (3,292,213) Canadian $ 2,700,000 US $ 75,725 1 JPMorgan Chase & Co. A-2 20-Oct-17 1.25 (3,831,993) US $ 4,805,124 Canadian $ 25,047 1 Royal Bank of Canada A-1+ 20-Oct-17 1.26 (16,599,317) Canadian $ 13,200,000 US $ (133,428)1 Royal Bank of Canada A-1+ 20-Oct-17 1.25 (2,878,287) US $ 3,599,445 Canadian $ 9,041 1 The Bank of Nova Scotia A-1 20-Oct-17 1.25 (3,065,594) US $ 3,832,437 Canadian $ 8,385 1 Toronto-Dominion Bank A-1+ 20-Oct-17 1.25 (2,873,995) US $ 3,592,494 Canadian $ 7,445 Total Foreign Currency Forward Contracts Value 27,991






Held forTrading






















NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI U.S. Income US$ Pool 189,914 33,214 17.5Signature Tactical Bond Pool 339,748 43,600 12.8Signature Global Bond Fund 1,820,142 200,021 11.0First Asset MSCI World Low Risk Weighted ETF 553,916 55,284 10.0CI International Value Corporate Class 526,971 51,798 9.8Signature Canadian Bond Fund 3,339,777 259,261 7.8Synergy Canadian Corporate Class 1,219,433 94,294 7.7Signature Corporate Bond Fund 3,107,554 163,417 5.3CI American Value Corporate Class 513,816 24,960 4.9Cambridge Canadian Dividend Fund 1,251,986 60,374 4.8Signature Emerging Markets Corporate Class 354,267 11,541 3.3Cambridge Global Equity Corporate Class 2,015,695 41,382 2.1Signature Select Canadian Fund 2,586,262 50,436 2.0Harbour Fund 1,667,906 31,815 1.9CI Canadian Investment Fund 1,971,485 31,667 1.6CI Income Fund 8,292,095 74,716 0.9Signature Diversified Yield II Fund 3,180,206 28,216 0.9Black Creek International Equity Fund 1,372,226 10,377 0.8





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI U.S. Income US$ Pool 175,492 34,390 19.6Cambridge Income Corporate Class 445,391 64,367 14.5Signature Tactical Bond Pool 343,421 46,006 13.4Signature Global Bond Fund 1,743,410 191,148 11.0First Asset MSCI World Low Risk Weighted ETF 537,778 56,510 10.5CI International Value Corporate Class 509,359 48,157 9.5Signature Canadian Bond Fund 3,220,644 233,658 7.3Synergy Canadian Corporate Class 1,226,382 86,979 7.1Signature Corporate Bond Fund 3,233,462 175,405 5.4Cambridge Canadian Dividend Fund 1,143,124 57,983 5.1CI American Value Corporate Class 523,343 24,390 4.7Signature Emerging Markets Corporate Class 351,430 10,431 3.0Signature Diversified Yield II Fund 3,596,494 79,029 2.2Cambridge Global Equity Corporate Class 2,005,007 38,630 1.9Harbour Fund 1,807,952 30,185 1.7CI Canadian Investment Fund 2,075,922 31,557 1.5Signature Select Canadian Fund 2,465,617 26,278 1.1Black Creek International Equity Fund 1,166,966 9,849 0.8CI Income Fund 7,972,306 28,533 0.4















Class A 2017 2016 47,491,975 53,155,864 5,405,860 5,830,169 - - (12,003,491) (6,708,922) 40,894,344 52,277,111

Class A1 2017 2016 - - 5,970,829 - - - (838,979) - 5,131,850 -

Class A2 2017 2016 - - 1,294,036 - - - (192,212) - 1,101,824 -

Class A3 2017 2016 - - 287,986 - - - (56,668) - 231,318 -

Class A4 2017 2016 - - 63,427 - - - (223) - 63,204 -

Class A5 2017 2016 - - 29,630 - - - (1,918) - 27,712 -

Class AT6 2017 2016 139,151 160,324 10,230 - 1,687 1,051 (22,461) (21,117) 128,607 140,258

Class E 2017 2016 2,257,625 898,441 2,121,927 880,981 - - (390,579) (112,177) 3,988,973 1,667,245

Class EF 2017 2016 548,932 207,449 118,614 140,362 - - (67,199) (64,821) 600,347 282,990

Class F 2017 2016 1,863,561 989,203 652,457 521,544 - - (990,796) (203,151) 1,525,222 1,307,596

Class F1 2017 2016 - - 907,146 - - - (195,600) - 711,546 -

Class F2 2017 2016 - - 302,940 - - - (4,496) - 298,444 -

Class F3 2017 2016 - - 58,175 - - - (21,155) - 37,020 -

Class F4 2017 2016 - - 1,000 - - - - - 1,000 -

Class F5 2017 2016 - - 1,000 - - - - - 1,000 -

Class I 2017 2016 31,343,480 28,446,100 1,708,035 937,596 - - (2,982,754) (5,786,363) 30,068,761 23,597,333

Class O 2017 2016 2,744,279 1,804,942 1,347,286 743,449 - - (552,886) (426,049) 3,538,679 2,122,342

Class P 2017 2016 - - 42,132 - - - (82) - 42,050 -

Class U 2017 2016 152,059 179,962 309 1,198 - - (16,220) (20,660) 136,148 160,500

Class UT6 2017 2016 23,713 23,315 - - - - - - 23,713 23,315







Class Z 2017 2016 659,213 651,359 62,178 20,421 - - (77,668) (40,352) 643,723 631,428






Annual management

fee rate:


fee rate:

Class A 1.900 0.20Class A1 1.850 0.20Class A2 1.800 0.19Class A3 1.750 0.15Class A4 1.700 0.12Class A5 1.600 0.10Class AT6 1.900 0.20Class E 1.850 0.15Class EF 0.850 0.15Class F 0.900 0.20Class F1 0.850 0.20Class F2 0.800 0.19Class F3 0.750 0.15Class F4 0.700 0.12Class F5 0.600 0.10Class I Paid directly by investor -Class O Paid directly by investor 0.15Class P Paid directly by investor 0.20Class U 1.750 0.20Class UT6 1.750 0.20Class Z 1.800 0.20






Investments 2017Black Creek International Equity Fund (Class I) 10,377Cambridge Canadian Dividend Fund (Class I) 60,374Cambridge Global Equity Corporate Class (A Shares) 41,382CI American Value Corporate Class (A Shares) 24,960CI Canadian Investment Fund (Class I) 31,667CI Income Fund (Class I) 74,716CI International Value Corporate Class (A Shares) 51,798CI U.S. Income US$ Pool (Class I) 33,214First Asset MSCI World Low Risk Weighted ETF 55,284Harbour Fund (Class I) 31,815Signature Canadian Bond Fund (Class I) 259,261Signature Corporate Bond Fund (Class I) 163,417Signature Diversified Yield II Fund (Class I) 28,216Signature Emerging Markets Corporate Class (A Shares) 11,541Signature Global Bond Fund (Class I) 200,021Signature Select Canadian Fund (Class I) 50,436Signature Tactical Bond Pool (Class I) 43,600Synergy Canadian Corporate Class (A Shares) 94,294

Investments 2016Black Creek International Equity Corporate Class (A Shares) 2,214Cambridge American Equity Corporate Class (A Shares) 30,113Cambridge Canadian Dividend Corporate Class (A Shares) 28,032Cambridge Global Equity Corporate Class (A Shares) 41,410Cambridge Income Corporate Class (A Shares) 67,528CI American Value Corporate Class (A Shares) 58,910CI Canadian Investment Corporate Class (A Shares) 33,615CI Income Fund (Class I) 28,497CI International Value Corporate Class (A Shares) 51,657CI U.S. Income US$ Pool (Class I) 33,701First Asset MSCI World Low Risk Weighted ETF 1,292Harbour Corporate Class (A Shares) 32,531Signature Canadian Bond Fund (Class I) 237,852Signature Corporate Bond Fund (Class I) 172,565Signature Diversified Yield II Fund (Class I) 80,938Signature Emerging Markets Corporate Class (A Shares) 11,671Signature Global Bond Fund (Class I) 202,490Signature International Corporate Class (A Shares) 34,326Signature Select Canadian Corporate Class (A Shares) 27,774Signature Tactical Bond Pool (Class I) 40,239Synergy American Corporate Class (A Shares) 33,217Synergy Canadian Corporate Class (A Shares) 60,632






as at September 30, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 20.2 Signature Global Bond Fund (Class I) 15.7 Signature Corporate Bond Fund (Class I) 12.8 Synergy Canadian Corporate Class (A Shares) 7.4 CI Income Fund (Class I) 5.9 Cambridge Canadian Dividend Fund (Class I) 4.7 First Asset MSCI World Low Risk Weighted ETF 4.3 CI International Value Corporate Class (A Shares) 4.1 Signature Select Canadian Fund (Class I) 4.0 Signature Tactical Bond Pool (Class I) 3.4 Cambridge Global Equity Corporate Class (A Shares) 3.2 CI U.S. Income US$ Pool (Class I) 2.6 CI Canadian Investment Fund (Class I) 2.5 Harbour Fund (Class I) 2.5 Signature Diversified Yield II Fund (Class I) 2.2 CI American Value Corporate Class (A Shares) 2.0 Signature Emerging Markets Corporate Class (A Shares) 0.9 Black Creek International Equity Fund (Class I) 0.8 Other Net Assets (Liabilities) 0.8 Foreign Curency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 18.0 Signature Global Bond Fund (Class I) 14.7 Signature Corporate Bond Fund (Class I) 13.5 Synergy Canadian Corporate Class (A Shares) 6.7 Signature Diversified Yield II Fund (Class I) 6.1 Cambridge Income Corporate Class (A Shares) 5.0 Cambridge Canadian Dividend Fund (Class I) 4.5 First Asset MSCI World Low Risk Weighted ETF 4.4 CI International Value Corporate Class (A Shares) 3.7 Signature Tactical Bond Pool (Class I) 3.5 Cambridge Global Equity Corporate Class (A Shares) 3.0 CI U.S. Income US$ Pool (Class I) 2.6 CI Canadian Investment Fund (Class I) 2.4 Harbour Fund (Class I) 2.3 CI Income Fund (Class I) 2.2 Signature Select Canadian Fund (Class I) 2.0 CI American Value Corporate Class (A Shares) 1.9 Other Net Assets (Liabilities) 1.9 Black Creek International Equity Fund (Class I) 0.8 Signature Emerging Markets Corporate Class (A Shares) 0.8

For details relating to credit risk, other price risk, currency risk, interest rate risk and fair value hierarchy, refer to the audited annual financial statements as at March 31, 2017, as the Fund’s exposure to those risks remains unchanged.


Portfolio Series Growth Fund




845,943 794,181 14,535 24,714

321 - - -

- - - - 21 21 - - 204 201 - - - 19,938 - - - 7,277 3,203 1,789 864,227 848,121

- - - -

110 25 - - - - - -

- - - - - 16,327 2,198 1,185 - - - - - - - - 2,308 17,537

861,919 830,584

725,770 683,908 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 514,445 559,220 16.73 16.44 30,754,102 34,009,537Class A1 31,550 - 9.94 - 3,173,697 -Class A2 6,809 - 9.94 - 684,977 -Class A3 4,892 - 9.95 - 491,892 -Class A4 1,525 - 9.95 - 153,215 -Class A5 1,183 - 9.96 - 118,810 -Class AT5 2,029 2,402 9.55 9.62 212,402 249,645Class A1T5 56 - 9.73 - 5,737 -Class A2T5 10 - 9.73 - 1,022 -Class A3T5 373 - 9.74 - 38,334 -Class AT6 156 155 10.45 10.58 14,968 14,613Class AT8 1,045 1,079 6.01 6.15 173,927 175,474Class A1T8 10 - 9.60 - 1,035 -Class E 18,272 11,779 9.61 9.44 1,900,440 1,247,261Class EF 1,384 1,264 9.62 9.40 143,899 134,526Class EFT5 11 11 8.58 8.59 1,287 1,255Class EFT8 11 11 8.00 8.13 1,380 1,326Class ET5 11 11 8.58 8.64 1,255 1,224Class ET8 11 11 8.00 8.18 1,346 1,293Class F 14,793 15,620 16.49 16.12 897,007 968,753Class F1 3,021 - 9.99 - 302,438 -Class F2 478 - 9.99 - 47,842 -Class F3 68 - 9.99 - 6,775 -Class F4 24 - 10.00 - 2,383 -Class F5 13 - 10.00 - 1,288 -Class FT8 39 39 9.46 9.62 4,092 4,020Class I 230,926 219,093 20.23 19.65 11,412,543 11,150,609Class O 28,252 19,588 12.18 11.84 2,319,392 1,654,582Class OT5 11 11 8.58 8.54 1,312 1,281Class OT8 285 290 7.99 8.08 35,727 35,960Class P 216 - 10.03 - 21,504 -Class PT8 10 - 9.69 - 1,028 -







CIG - 2602




2017 2016

414 - 31 42 2,960 2,976 20 - - - - -

- - - -

5,997 4,195

10,136 45,654 19,558 52,867 (9) 2 - - - - 5,273 6,725 5,264 6,727 24,822 59,594

5,856 5,504 667 618 - 1 - - - - - - - - 646 604 7,169 6,727

17,653 52,867









2017 2016 2017 2016 2017 2016Class A 9,438 36,079 0.30 1.09 32,495,325 32,882,648Class A1 167 - 0.09 - 1,801,887 -Class A2 39 - 0.10 - 372,290 -Class A3 8 - 0.02 - 325,868 -Class A4 - - (0.01) - 105,225 -Class A5 - - - - 71,756 -Class AT5 35 172 0.16 0.67 245,458 256,358Class A1T5 - - (0.19) - 4,454 -Class A2T5 - - (0.06) - 1,009 -Class A3T5 7 - 1.80 - 3,987 -Class AT6 2 17 0.18 0.74 14,767 22,350Class AT8 18 85 0.10 0.44 175,810 201,337Class A1T8 - - (0.06) - 1,015 -Class E 271 415 0.19 0.66 1,434,867 628,692Class EF 32 11 0.23 0.70 136,194 15,908Class EFT5 - 1 0.20 0.66 1,268 1,090Class EFT8 - 1 0.20 0.65 1,349 1,122Class ET5 - 1 0.15 0.61 1,237 1,077Class ET8 - 1 0.15 0.60 1,316 1,108Class F 372 838 0.40 1.18 933,809 713,317Class F1 10 - 0.05 - 178,044 -Class F2 4 - 0.11 - 29,741 -Class F3 3 - 0.66 - 4,202 -Class F4 - - 0.01 - 1,852 -Class F5 - - (0.01) - 1,241 -Class FT8 1 1 0.22 0.76 4,053 1,518Class I 6,560 14,316 0.58 1.56 11,293,868 9,238,569Class O 675 927 0.34 0.96 1,964,923 964,920Class OT5 - 1 0.24 0.71 1,294 1,101Class OT8 8 1 0.23 0.68 35,893 1,133Class P 3 - 0.40 - 7,870 -Class PT8 - - 0.03 - 1,010 -
















Class A 2017 2016 559,220 523,427 9,438 36,079

- - - - - - - -

65,784 43,711 - - (119,997) (52,716) (54,213) (9,005) (44,775) 27,074 514,445 550,501

Class A1 2017 2016 - - 167 -

- - - - - - - -

36,116 - - - (4,733) - 31,383 - 31,550 - 31,550 -

Class A2 2017 2016 - - 39 -

- - - - - - - -

7,067 - - - (297) - 6,770 - 6,809 - 6,809 -

Class A3 2017 2016 - - 8 -

- - - - - - - -

5,860 - - - (976) - 4,884 - 4,892 - 4,892 -

Class A4 2017 2016 - - - -

- - - - - - - -

1,973 - - - (448) - 1,525 - 1,525 - 1,525 -

Class A5 2017 2016 - - - -

- - - - - - - -

1,316 - - - (133) - 1,183 - 1,183 - 1,183 -

Class AT5 2017 2016 2,402 2,507 35 172

- - (57) (66) - - (57) (66)

540 41 2 2 (893) (147) (351) (104) (373) 2 2,029 2,509

Class A1T5 2017 2016 - - - -

- - (1) - - - (1) -

64 - - - (7) - 57 - 56 - 56 -

Class A2T5 2017 2016 - - - -

- - - - - - - -

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

Class A3T5 2017 2016 - - 7 -

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

368 - - - - - 368 - 373 - 373 -

Class AT6 2017 2016 155 337 2 17

- - (5) (7) - - (5) (7)

2 14 4 5 (2) (204) 4 (185) 1 (175) 156 162

Class AT8 2017 2016 1,079 1,202 18 85

- - (43) (55) - - (43) (55)

32 244 4 2 (45) (182) (9) 64 (34) 94 1,045 1,296












Class A1T8 2017 2016 - - - -

- - - - - - - -

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

Class E 2017 2016 11,779 4,534 271 415

- - - - - - - -

6,554 3,426 - - (332) (549) 6,222 2,877 6,493 3,292 18,272 7,826

Class EF 2017 2016 1,264 134 32 11

- - - - - - - -

241 11 - - (153) - 88 11 120 22 1,384 156

Class EFT5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class EFT8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class ET5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class ET8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class F 2017 2016 15,620 10,915 372 838

- - - - - - - -

4,660 2,289 - - (5,859) (1,349) (1,199) 940 (827) 1,778 14,793 12,693

Class F1 2017 2016 - - 10 -

- - - - - - - -

3,489 - - - (478) - 3,011 - 3,021 - 3,021 -

Class F2 2017 2016 - - 4 -

- - - - - - - -

475 - - - (1) - 474 - 478 - 478 -

Class F3 2017 2016 - - 3 -

- - - - - - - -

65 - - - - - 65 - 68 - 68 -

Class F4 2017 2016 - - - -

- - - - - - - -

24 - - - - - 24 - 24 - 24 -












Class F5 2017 2016 - - - -

- - - - - - - -

13 - - - - - 13 - 13 - 13 -

Class FT8 2017 2016 39 15 1 1

- - (2) (1) - - (2) (1)

- - 1 1 - - 1 1 - 1 39 16

Class I 2017 2016 219,093 194,647 6,560 14,316

- - - - - - - -

20,487 13,262 - - (15,214) (37,699) 5,273 (24,437) 11,833 (10,121) 230,926 184,526

Class O 2017 2016 19,588 9,521 675 927

- - - - - - - -

8,748 3,592 - - (759) (1,438) 7,989 2,154 8,664 3,081 28,252 12,602

Class OT5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class OT8 2017 2016 290 9 8 1

- - (11) - - - (11) -

- - - - (2) - (2) - (5) 1 285 10

Class P 2017 2016 - - 3 -

- - - - - - - -

213 - - - - - 213 - 216 - 216 -

Class PT8 2017 2016 - - - -

- - - - - - - -

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

Total Fund 2017 2016 830,584 747,293 17,653 52,867

- - (121) (129) - - (121) (129)

164,121 66,590 11 10 (150,329) (94,284) 13,803 (27,684) 31,335 25,054 861,919 772,347




2017 2016

17,653 52,867

(5,997) (4,195) 1 (5) - 1

(10,136) (45,654) 15,717 23,034 (37,714) (4,982) - - (2,980) (2,976) - - (3) - - - - - - - - - - - (23,459) 18,090

(110) (115) 162,707 66,213 (149,316) (94,078) 13,281 (27,980)

(1) 5 (10,178) (9,890) 24,714 18,130 14,535 8,245

411 - 31 42 - - - -









FUND(S) (93.0%) 2,392,675 Black Creek International Equity Fund (Class I)† 48,900,429 57,487,139 6,350,319 Cambridge Canadian Equity Corporate Class (A Shares)† 90,280,048 110,828,306 3,067,971 Cambridge Global Equity Corporate Class (A Shares)† 34,605,461 50,683,808 2,596,784 CI American Managers® Corporate Class (A Shares)† 32,307,490 49,767,618 2,436,925 CI American Small Companies Corporate Class (A Shares)† 19,884,400 29,402,959 979,990 CI American Value Corporate Class (A Shares)† 11,423,118 18,254,077 916,714 CI Canadian Investment Fund (Class I)† 33,905,234 34,212,765 2,430,782 CI Canadian Small/Mid Cap Fund (Class I)† 27,412,055 34,926,212 2,667,331 CI International Value Corporate Class (A Shares)† 32,584,345 41,917,912 1,194,700 Harbour Fund (Class I)† 23,606,388 25,115,218 2,201,847 Harbour Voyageur Corporate Class (A Shares)† 25,897,240 29,505,411 2,355,797 Marret High Yield Bond Fund (Class I)† 21,243,178 21,872,866 4,246,498 Marret Short Duration High Yield Fund (Class I)† 41,040,262 40,430,488 8,783,002 Signature Canadian Bond Fund (Class I)† 90,224,925 90,433,298 1,971,044 Signature Emerging Markets Corporate Class (A Shares)† 30,574,785 36,308,599 1,948,690 Signature Global Bond Fund (Class I)† 17,828,599 16,120,340 2,689,039 Signature Select Canadian Fund (Class I)† 55,544,912 60,205,166 3,116,989 Synergy Canadian Corporate Class (A Shares)† 45,042,810 54,651,418 682,305,679 802,123,600 EXCHANGE-TRADED FUND(S) (5.1%) 1,506,849 First Asset MSCI World Low Risk Weighted ETF†† 43,479,434 43,819,169


Total Fund(s) (98.1%) 725,770,045 845,942,769


Total Investments (98.1%) 725,770,045 846,153,845 Other Net Assets (Liabilities) (1.9%) 15,764,805 Net Assets Attributable to Holders of Redeemable Units (100.0%) 861,918,650




AverageCost ($)

FairValue ($)








DateContracts








Held forTrading






AssetsInvestments - 845,943 845,943 - 845,943Cash - - - 14,535 14,535Unrealized gain on futures and foreign currency forward contracts 321 - 321 - 321Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 21 21Margin for short sales - - - - -Dividends receivable - - - 204 204Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 3,203 3,203 321 845,943 846,264 17,963 864,227LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 110 - 110 - 110Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 2,198 2,198Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 110 - 110 2,198 2,308









Held forTrading






AssetsInvestments - 794,181 794,181 - 794,181Cash - - - 24,714 24,714Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 21 21Margin for short sales - - - - -Dividends receivable - - - 201 201Interest receivable - - - - -Receivable for distribution from investments - - - 19,938 19,938Securities lending revenue receivable - - - - -Receivable for investments sold - - - 7,277 7,277Receivable for unit subscriptions - - - 1,789 1,789 - 794,181 794,181 53,940 848,121LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 25 - 25 - 25Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 16,327 16,327Payable for unit redemptions - - - 1,185 1,185Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 25 - 25 17,512 17,537














NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Marret Short Duration High Yield Fund 61,978 40,431 65.2Marret High Yield Bond Fund 35,029 21,873 62.4Harbour Voyageur Corporate Class 69,828 29,505 42.3Signature Emerging Markets Corporate Class 354,267 36,309 10.2CI American Managers® Corporate Class 528,341 49,768 9.4CI American Small Companies Corporate Class 341,469 29,403 8.6CI International Value Corporate Class 526,971 41,918 8.0First Asset MSCI World Low Risk Weighted ETF 553,916 43,819 7.9CI Canadian Small/Mid Cap Fund 448,272 34,926 7.8Synergy Canadian Corporate Class 1,219,433 54,652 4.5Black Creek International Equity Fund 1,372,226 57,487 4.2CI American Value Corporate Class 513,816 18,254 3.6Signature Canadian Bond Fund 3,339,777 90,433 2.7Cambridge Global Equity Corporate Class 2,015,695 50,684 2.5Signature Select Canadian Fund 2,586,262 60,205 2.3Cambridge Canadian Equity Corporate Class 4,975,814 110,828 2.2CI Canadian Investment Fund 1,971,485 34,213 1.7Harbour Fund 1,667,906 25,115 1.5Signature Global Bond Fund 1,820,142 16,120 0.9





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Marret Short Duration High Yield Fund 60,665 39,538 65.2Marret High Yield Bond Fund 34,057 21,260 62.4Harbour Voyageur Corporate Class 68,930 28,054 40.7Signature Emerging Markets Corporate Class 351,430 34,839 9.9CI American Managers® Corporate Class 521,373 46,609 8.9CI American Small Companies Corporate Class 354,483 29,264 8.3First Asset MSCI World Low Risk Weighted ETF 537,778 44,791 8.3CI International Value Corporate Class 509,359 38,483 7.6CI Canadian Small/Mid Cap Fund 463,392 34,393 7.4Black Creek International Equity Fund 1,166,966 55,295 4.7Synergy Canadian Corporate Class 1,226,382 49,960 4.1CI American Value Corporate Class 523,343 16,706 3.2Signature Canadian Bond Fund 3,220,644 79,178 2.5Signature Select Canadian Fund 2,465,617 55,657 2.3Cambridge Global Equity Corporate Class 2,005,007 47,042 2.3Cambridge Canadian Equity Corporate Class 4,831,217 101,171 2.1CI Canadian Investment Fund 2,075,922 33,387 1.6Harbour Fund 1,807,952 24,262 1.3Signature Global Bond Fund 1,743,410 14,292 0.8















Class A 2017 2016 34,009,537 33,103,730 3,960,296 2,691,932 - - (7,215,731) (3,243,122) 30,754,102 32,552,540

Class A1 2017 2016 - - 3,652,866 - - - (479,169) - 3,173,697 -

Class A2 2017 2016 - - 715,230 - - - (30,253) - 684,977 -

Class A3 2017 2016 - - 591,211 - - - (99,319) - 491,892 -

Class A4 2017 2016 - - 198,679 - - - (45,464) - 153,215 -

Class A5 2017 2016 - - 132,351 - - - (13,541) - 118,810 -

Class AT5 2017 2016 249,645 256,835 57,096 4,086 165 215 (94,504) (14,573) 212,402 246,563

Class A1T5 2017 2016 - - 6,420 - 17 - (700) - 5,737 -

Class A2T5 2017 2016 - - 1,005 - 17 - - - 1,022 -

Class A3T5 2017 2016 - - 38,317 - 17 - - - 38,334 -

Class AT6 2017 2016 14,613 31,048 168 1,305 384 464 (197) (18,396) 14,968 14,421

Class AT8 2017 2016 175,474 186,468 5,161 37,634 583 306 (7,291) (28,305) 173,927 196,103

Class A1T8 2017 2016 - - 1,010 - 28 - (3) - 1,035 -

Class E 2017 2016 1,247,261 499,403 688,122 365,112 - - (34,943) (58,930) 1,900,440 805,585

Class EF 2017 2016 134,526 14,862 25,434 1,216 - - (16,061) (1) 143,899 16,077

Class EFT5 2017 2016 1,255 1,078 16 24 16 - - - 1,287 1,102

Class EFT8 2017 2016 1,326 1,102 27 40 27 - - - 1,380 1,142

Class ET5 2017 2016 1,224 1,065 - - 31 28 - - 1,255 1,093

Class ET8 2017 2016 1,293 1,088 - - 53 47 - - 1,346 1,135

Class F 2017 2016 968,753 703,392 285,198 141,205 - - (356,944) (83,986) 897,007 760,611









Class F1 2017 2016 - - 350,901 - - - (48,463) - 302,438 -

Class F2 2017 2016 - - 47,897 - - - (55) - 47,842 -

Class F3 2017 2016 - - 6,775 - - - - - 6,775 -

Class F4 2017 2016 - - 2,383 - - - - - 2,383 -

Class F5 2017 2016 - - 1,288 - - - - - 1,288 -

Class FT8 2017 2016 4,020 1,490 - - 72 63 - - 4,092 1,553

Class I 2017 2016 11,150,609 10,278,948 1,023,795 685,768 - - (761,861) (1,964,974) 11,412,543 8,999,742

Class O 2017 2016 1,654,582 834,310 728,008 304,567 - - (63,198) (117,960) 2,319,392 1,020,917

Class OT5 2017 2016 1,281 1,089 - - 31 28 - - 1,312 1,117

Class OT8 2017 2016 35,960 1,113 - - 54 47 (287) - 35,727 1,160

Class P 2017 2016 - - 21,542 - - - (38) - 21,504 -

Class PT8 2017 2016 - - 1,007 - 21 - - - 1,028 -






Annual management

fee rate:


fee rate:

Class A 2.000 0.22Class A1 1.925 0.22Class A2 1.900 0.21Class A3 1.850 0.15Class A4 1.800 0.12Class A5 1.700 0.10Class AT5 2.000 0.22Class A1T5 1.925 0.22Class A2T5 1.900 0.21Class A3T5 1.850 0.15Class AT6 2.000 0.22Class AT8 2.000 0.22Class A1T8 1.925 0.22Class E 1.950 0.15Class EF 0.950 0.15Class EFT5 0.950 0.15Class EFT8 0.950 0.15Class ET5 1.950 0.15Class ET8 1.950 0.15Class F 1.000 0.22Class F1 0.925 0.22Class F2 0.900 0.21Class F3 0.850 0.15Class F4 0.800 0.12Class F5 0.700 0.10Class FT8 1.000 0.22Class I Paid directly by investor -Class O Paid directly by investor 0.15Class OT5 Paid directly by investor 0.15Class OT8 Paid directly by investor 0.15Class P Paid directly by investor 0.22Class PT8 Paid directly by investor 0.22






Investments 2017Black Creek International Equity Fund (Class I) 57,487Cambridge Canadian Equity Corporate Class (A Shares) 110,828Cambridge Global Equity Corporate Class (A Shares) 50,684CI American Managers® Corporate Class (A Shares) 49,768CI American Small Companies Corporate Class (A Shares) 29,403CI American Value Corporate Class (A Shares) 18,254CI Canadian Investment Fund (Class I) 34,213CI Canadian Small/Mid Cap Fund (Class I) 34,926CI International Value Corporate Class (A Shares) 41,918First Asset MSCI World Low Risk Weighted ETF 43,819Harbour Fund (Class I) 25,115Harbour Voyageur Corporate Class (A Shares) 29,505Marret High Yield Bond Fund (Class I) 21,873Marret Short Duration High Yield Fund (Class I) 40,431Signature Canadian Bond Fund (Class I) 90,433Signature Emerging Markets Corporate Class (A Shares) 36,309Signature Global Bond Fund (Class I) 16,120Signature Select Canadian Fund (Class I) 60,205Synergy Canadian Corporate Class (A Shares) 54,652

Investments 2016Black Creek International Equity Corporate Class (A Shares) 46,002Cambridge American Equity Corporate Class (A Shares) 33,276Cambridge Canadian Equity Corporate Class (A Shares) 66,762Cambridge Global Equity Corporate Class (A Shares) 45,766CI American Managers® Corporate Class (A Shares) 42,405CI American Small Companies Corporate Class (A Shares) 24,323CI American Value Corporate Class (A Shares) 36,293CI Canadian Investment Corporate Class (A Shares) 30,862CI Canadian Small/Mid Cap Fund (Class I) 31,596CI International Value Corporate Class (A Shares) 38,154First Asset MSCI World Low Risk Weighted ETF 968Harbour Corporate Class (A Shares) 22,949Harbour Voyageur Corporate Class (A Shares) 28,330Marret High Yield Bond Fund (Class I) 20,454Marret Short Duration High Yield Fund (Class I) 38,582Signature Canadian Bond Fund (Class I) 80,600Signature Emerging Markets Corporate Class (A Shares) 33,262Signature Global Bond Fund (Class I) 15,140Signature International Corporate Class (A Shares) 29,061Signature Select Canadian Corporate Class (A Shares) 50,060Synergy American Corporate Class (A Shares) 15,032Synergy Canadian Corporate Class (A Shares) 33,388






Currency


Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 1 (41,046) (41,045) (4.8) Total 1 (41,046) (41,045) (4.8)


Currency


Net Exposure

NetAssets






as at September 30, 2017 Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 12.8 Signature Canadian Bond Fund (Class I) 10.4 Signature Select Canadian Fund (Class I) 7.0 Black Creek International Equity Fund (Class I) 6.7 Synergy Canadian Corporate Class (A Shares) 6.3 Cambridge Global Equity Corporate Class (A Shares) 5.9 CI American Managers® Corporate Class (A Shares) 5.8 First Asset MSCI World Low Risk Weighted ETF 5.1 CI International Value Corporate Class (A Shares) 4.9 Marret Short Duration High Yield Fund (Class I) 4.7 Signature Emerging Markets Corporate Class (A Shares) 4.2 CI Canadian Small/Mid Cap Fund (Class I) 4.1 CI Canadian Investment Fund (Class I) 4.0 CI American Small Companies Corporate Class (A Shares) 3.4 Harbour Voyageur Corporate Class (A Shares) 3.4 Harbour Fund (Class I) 2.9 Marret High Yield Bond Fund (Class I) 2.5 CI American Value Corporate Class (A Shares) 2.1 Signature Global Bond Fund (Class I) 1.9 Other Net Assets (Liabilities) 1.9 Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 12.2 Signature Canadian Bond Fund (Class I) 9.5 Black Creek International Equity Fund (Class I) 6.7 Signature Select Canadian Fund (Class I) 6.7 Synergy Canadian Corporate Class (A Shares) 6.0 Cambridge Global Equity Corporate Class (A Shares) 5.7 CI American Managers® Corporate Class (A Shares) 5.6 First Asset MSCI World Low Risk Weighted ETF 5.4 Marret Short Duration High Yield Fund (Class I) 4.8 CI International Value Corporate Class (A Shares) 4.6 Other Net Assets (Liabilities) 4.4 Signature Emerging Markets Corporate Class (A Shares) 4.2 CI Canadian Small/Mid Cap Fund (Class I) 4.1 CI Canadian Investment Fund (Class I) 4.0 CI American Small Companies Corporate Class (A Shares) 3.5 Harbour Voyageur Corporate Class (A Shares) 3.4 Harbour Fund (Class I) 2.9 Marret High Yield Bond Fund (Class I) 2.6 CI American Value Corporate Class (A Shares) 2.0 Signature Global Bond Fund (Class I) 1.7



Portfolio Series Income Fund




2,571,626 2,527,645 29,500 27,579

253 - - -

- - - - - - - - - - - - - 24,337 - - - - 12,607 4,602 2,613,986 2,584,163

- - - -

701 47 - - - - - -

- - - - - - 12,773 4,616 2 267 - - - - - - 13,476 4,930

2,600,510 2,579,233

2,472,981 2,356,784 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 1,540,644 1,695,199 11.65 11.92 132,253,211 142,263,523Class A1 103,246 - 9.62 - 10,737,293 -Class A2 21,985 - 9.62 - 2,285,774 -Class A3 2,747 - 9.62 - 285,611 -Class A4 542 - 9.62 - 56,367 -Class A5 776 - 9.61 - 80,678 -Class E 112,719 88,350 9.37 9.59 12,027,477 9,214,446Class EF 11,578 10,697 9.39 9.60 1,233,033 1,114,192Class F 60,219 60,195 11.62 11.88 5,181,785 5,066,604Class F1 9,386 - 9.62 - 975,845 -Class F2 1,931 - 9.62 - 200,744 -Class F3 166 - 9.62 - 17,270 -Class F4 10 - 9.62 - 1,022 -Class F5 10 - 9.62 - 1,023 -Class I 568,393 589,435 11.13 11.37 51,082,729 51,847,667Class O 165,704 135,357 9.81 10.10 16,884,771 13,405,188Class P 454 - 9.62 - 47,157 -







CIG - 7740




2017 2016

- - 78 144 39,961 34,132 11,004 11,057 - - - -

- - - -

37,900 13,809

(72,617) 80,001 16,326 139,143 (237) 289 - - - - 3,544 6,556 3,307 6,845 19,633 145,988

15,195 15,974 1,694 1,722 - - - - - - - - - - 1,771 1,870 18,660 19,566

973 126,422









2017 2016 2017 2016 2017 2016Class A (3,938) 93,462 (0.02) 0.60 139,413,562 155,636,200Class A1 (224) - (0.05) - 4,552,865 -Class A2 (25) - (0.02) - 886,395 -Class A3 (17) - (0.14) - 123,152 -Class A4 (6) - (0.19) - 34,213 -Class A5 (11) - (0.24) - 46,907 -Class E (286) 2,737 (0.02) 0.49 10,286,739 5,571,274Class EF 6 229 - 0.52 1,174,864 439,112Class F 79 2,646 0.02 0.66 5,220,063 4,043,417Class F1 (16) - (0.03) - 450,100 -Class F2 (14) - (0.16) - 89,101 -Class F3 (1) - (0.04) - 8,249 -Class F4 - - (0.16) - 1,009 -Class F5 - - (0.16) - 1,010 -Class I 4,583 21,955 0.09 0.66 51,401,884 32,906,052Class O 844 5,393 0.06 0.61 14,979,998 8,826,307Class P (1) - (0.05) - 17,893 -
















Class A 2017 2016 1,695,199 1,791,501 (3,938) 93,462

(12,217) (12,961) (15,756) (24,436) (5,349) - (33,322) (37,397)

231,588 249,499 32,364 36,407 (381,247) (216,435) (117,295) 69,471 (154,555) 125,536 1,540,644 1,917,037

Class A1 2017 2016 - - (224) -

(238) - (511) - (174) - (923) -

119,303 - 901 - (15,811) - 104,393 - 103,246 - 103,246 -

Class A2 2017 2016 - - (25) -

(42) - (95) - (32) - (169) -

23,283 - 166 - (1,270) - 22,179 - 21,985 - 21,985 -

Class A3 2017 2016 - - (17) -

(6) - (13) - (5) - (24) -

3,056 - 22 - (290) - 2,788 - 2,747 - 2,747 -

Class A4 2017 2016 - - (6) -

(2) - (4) - (1) - (7) -

657 - 7 - (109) - 555 - 542 - 542 -

Class A5 2017 2016 - - (11) -

(2) - (6) - (2) - (10) -

851 - 10 - (64) - 797 - 776 - 776 -

Class E 2017 2016 88,350 40,721 (286) 2,737

(620) (314) (981) (753) (333) - (1,934) (1,067)

34,106 26,857 1,900 1,049 (9,417) (4,199) 26,589 23,707 24,369 25,377 112,719 66,098

Class EF 2017 2016 10,697 2,840 6 229

(126) (50) (112) (59) (38) - (276) (109)

3,461 3,449 202 62 (2,512) (244) 1,151 3,267 881 3,387 11,578 6,227

Class F 2017 2016 60,195 43,112 79 2,646

(693) (542) (582) (610) (198) - (1,473) (1,152)

23,474 15,010 1,147 958 (23,203) (8,751) 1,418 7,217 24 8,711 60,219 51,823

Class F1 2017 2016 - - (16) -

(24) - (58) - (20) - (102) -

11,302 - 98 - (1,896) - 9,504 - 9,386 - 9,386 -

Class F2 2017 2016 - - (14) -

(4) - (11) - (4) - (19) -

2,086 - 17 - (139) - 1,964 - 1,931 - 1,931 -

Class F3 2017 2016 - - (1) -

- - (1) - - - (1) -

262 - 1 - (95) - 168 - 166 - 166 -










Class F4 2017 2016 - - - -

- - - - - - - -

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

Class F5 2017 2016 - - - -

- - - - - - - -

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

Class I 2017 2016 589,435 413,688 4,583 21,955

(9,671) (6,108) (5,402) (4,519) (1,834) - (16,907) (10,627)

35,493 27,661 16,798 10,423 (61,009) (92,301) (8,718) (54,217) (21,042) (42,889) 568,393 370,799

Class O 2017 2016 135,357 72,052 844 5,393

(2,343) (1,468) (2,239) (1,736) (760) - (5,342) (3,204)

47,090 42,483 5,228 3,096 (17,473) (11,936) 34,845 33,643 30,347 35,832 165,704 107,884

Class P 2017 2016 - - (1) -

(1) - (3) - (1) - (5) -

461 - 5 - (6) - 460 - 454 - 454 -

Total Fund 2017 2016 2,579,233 2,363,914 973 126,422

(25,989) (21,443) (25,774) (32,113) (8,751) - (60,514) (53,556)

536,493 364,959 58,866 51,995 (514,541) (333,866) 80,818 83,088 21,277 155,954 2,600,510 2,519,868




2017 2016

973 126,422

(37,900) (13,809) 214 (300) - -

72,617 (80,001) 264,135 116,910 (267,130) (126,576) - - (50,965) (45,189) - - - - - - - - - - - - - - (18,056) (22,543)

(1,913) (1,689) 528,488 365,365 (506,384) (333,503) 20,191 30,173

(214) 300 2,135 7,630 27,579 72,171 29,500 80,101

- - 78 144 - - - -









FUND(S) (98.9%) 12,116,828 Cambridge Global Dividend Fund (Class I)† 132,235,860 154,965,744 22,936,593 CI Global High Dividend Advantage Fund (Class I)† 200,275,760 205,050,850 18,009,013 CI Income Fund (Class I)† 166,718,264 162,621,386 12,258,227 CI Investment Grade Bond Fund (Class I)† 128,542,103 128,781,254 7,608,394 CI U.S. Income US$ Pool (Class I)† 101,613,742 95,342,704 8,543,334 Lawrence Park Strategic Income Fund (Class I)† 82,119,520 82,482,473 31,588,787 Signature Canadian Bond Fund (Class I)† 326,809,327 325,250,786 40,569,394 Signature Corporate Bond Fund (Class I)† 425,390,883 438,843,190 5,264,464 Signature Diversified Yield II Fund (Class I)† 54,505,008 58,340,792 5,945,456 Signature Dividend Corporate Class (A Shares)† 108,590,486 122,149,978 54,444,092 Signature Global Bond Fund (Class I)† 443,221,252 450,383,307 6,083,327 Signature Global Dividend Corporate Class (A Shares)† 68,113,211 94,313,462 12,107,226 Signature Income & Growth Fund (Class I)† 96,217,883 118,787,626 13,908,109 Signature Tactical Bond Pool (Class I)† 138,627,500 134,312,001 2,472,980,799 2,571,625,553

Commissions and other portfolio transaction costs -

Total Fund(s) (98.9%) 2,472,980,799 2,571,625,553



†The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc.‡Credit ratings are obtained from S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service or Dominion Bond Rating Service.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund.



AverageCost ($)

FairValue ($)




DateContracts


Gain (Loss) ($)1 Bank of Montreal A-1 08-Dec-17 0.81 (25,000,000) US $ 30,932,750 Canadian $ (241,785)1 Bank of Montreal A-1 20-Oct-17 1.25 (3,857,970) US $ 4,838,454 Canadian $ 25,972 1 Canadian Imperial Bank of Commerce A-1 20-Oct-17 1.25 (3,319,296) US $ 4,149,966 Canadian $ 9,444 1 Citigroup Inc. A-2 08-Dec-17 0.81 (5,440,514) US $ 6,703,257 Canadian $ (80,884)1 HSBC Holdings PLC A-1 20-Oct-17 0.82 (7,316,028) Canadian $ 6,000,000 US $ 168,277 1 JPMorgan Chase & Co. A-2 20-Oct-17 1.25 (3,793,480) US $ 4,756,830 Canadian $ 24,795 1 JPMorgan Chase & Co. A-2 08-Dec-17 0.81 (5,916,560) US $ 7,280,919 Canadian $ (96,812)1 Morgan Stanley A-2 08-Dec-17 0.81 (5,942,926) US $ 7,313,870 Canadian $ (96,739)1 Royal Bank of Canada A-1+ 20-Oct-17 1.25 (2,849,360) US $ 3,563,270 Canadian $ 8,950 1 The Bank of Nova Scotia A-1 08-Dec-17 0.81 (30,000,000) US $ 37,224,750 Canadian $ (184,984)1 The Bank of Nova Scotia A-1 20-Oct-17 1.25 (3,034,784) US $ 3,793,920 Canadian $ 8,301 1 Toronto-Dominion Bank A-1+ 20-Oct-17 1.25 (2,845,110) US $ 3,556,388 Canadian $ 7,370 Total Foreign Currency Forward Contracts Value (448,095)






Held forTrading






AssetsInvestments - 2,571,626 2,571,626 - 2,571,626Cash - - - 29,500 29,500Unrealized gain on futures and foreign currency forward contracts 253 - 253 - 253Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 12,607 12,607 253 2,571,626 2,571,879 42,107 2,613,986LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 701 - 701 - 701Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 12,773 12,773Distributions payable to holders of redeemable units - - - 2 2Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 701 - 701 12,775 13,476









Held forTrading






AssetsInvestments - 2,527,645 2,527,645 - 2,527,645Cash - - - 27,579 27,579Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - - -Margin for short sales - - - - -Dividends receivable - - - - -Interest receivable - - - - -Receivable for distribution from investments - - - 24,337 24,337Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 4,602 4,602 - 2,527,645 2,527,645 56,518 2,584,163LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 47 - 47 - 47Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 4,616 4,616Distributions payable to holders of redeemable units - - - 267 267Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 47 - 47 4,883 4,930














NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Lawrence Park Strategic Income Fund 83,962 82,482 98.2CI U.S. Income US$ Pool 189,914 95,343 50.2CI Global High Dividend Advantage Fund 425,557 205,051 48.2Signature Tactical Bond Pool 339,748 134,312 39.5CI Investment Grade Bond Fund 356,373 128,781 36.1Signature Global Bond Fund 1,820,142 450,384 24.7Signature Global Dividend Corporate Class 428,149 94,313 22.0Cambridge Global Dividend Fund 744,567 154,966 20.8Signature Dividend Corporate Class 653,775 122,150 18.7Signature Corporate Bond Fund 3,107,554 438,843 14.1Signature Canadian Bond Fund 3,339,777 325,251 9.7Signature Income & Growth Fund 4,964,619 118,788 2.4CI Income Fund 8,292,095 162,621 2.0Signature Diversified Yield II Fund 3,180,206 58,341 1.8





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Lawrence Park Strategic Income Fund 82,659 80,799 97.7CI U.S. Income US$ Pool 175,492 98,718 56.3CI Investment Grade Bond Fund 236,427 126,616 53.6CI Global High Dividend Advantage Fund 441,894 200,014 45.3Signature Tactical Bond Pool 343,421 134,548 39.2Cambridge Income Corporate Class 445,391 136,313 30.6Signature Global Bond Fund 1,743,410 420,651 24.1Cambridge Global Dividend Fund 693,930 163,639 23.6Signature Global Dividend Corporate Class 435,097 90,088 20.7Signature Corporate Bond Fund 3,233,462 428,289 13.2Signature Dividend Corporate Class 618,670 72,267 11.7Signature Canadian Bond Fund 3,220,644 253,054 7.9Signature Diversified Yield II Fund 3,596,494 152,135 4.2Signature Income & Growth Fund 5,024,097 114,128 2.3CI Income Fund 7,972,306 56,386 0.7














2017 2016Brokerage commissions - -Soft dollar commissions† - -

Class A 2017 2016 142,263,523 153,228,622 19,489,644 21,016,394 2,729,947 3,067,857 (32,229,903) (18,243,202) 132,253,211 159,069,671

Class A1 2017 2016 - - 12,277,401 - 93,346 - (1,633,454) - 10,737,293 -

Class A2 2017 2016 - - 2,400,129 - 17,258 - (131,613) - 2,285,774 -

Class A3 2017 2016 - - 312,856 - 2,323 - (29,568) - 285,611 -

Class A4 2017 2016 - - 66,702 - 721 - (11,056) - 56,367 -

Class A5 2017 2016 - - 86,151 - 1,064 - (6,537) - 80,678 -

Class E 2017 2016 9,214,446 4,326,881 3,596,861 2,819,037 199,593 109,663 (983,423) (440,104) 12,027,477 6,815,477

Class EF 2017 2016 1,114,192 301,611 359,119 358,988 21,154 6,439 (261,432) (25,460) 1,233,033 641,578

Class F 2017 2016 5,066,604 3,701,957 1,983,352 1,270,151 97,066 81,034 (1,965,237) (738,470) 5,181,785 4,314,672

Class F1 2017 2016 - - 1,159,898 - 10,113 - (194,166) - 975,845 -

Class F2 2017 2016 - - 212,871 - 1,767 - (13,894) - 200,744 -

Class F3 2017 2016 - - 26,697 - 170 - (9,597) - 17,270 -

Class F4 2017 2016 - - 1,000 - 22 - - - 1,022 -

Class F5 2017 2016 - - 1,000 - 23 - - - 1,023 -

Class I 2017 2016 51,847,667 37,159,241 3,160,244 2,438,499 1,485,245 921,939 (5,410,427) (8,244,269) 51,082,729 32,275,410

Class O 2017 2016 13,405,188 7,199,888 4,697,495 4,190,151 523,253 305,452 (1,741,165) (1,180,294) 16,884,771 10,515,197

Class P 2017 2016 - - 47,267 - 499 - (609) - 47,157 -






Annual management

fee rate:


fee rate:

Class A 1.650 0.17Class A1 1.350 0.17Class A2 1.300 0.16Class A3 1.250 0.12Class A4 1.150 0.10Class A5 1.000 0.08Class E 1.850 0.15Class EF 0.850 0.15Class F 0.900 0.17Class F1 0.850 0.17Class F2 0.800 0.16Class F3 0.750 0.12Class F4 0.650 0.10Class F5 0.500 0.08Class I Paid directly by investor -Class O Paid directly by investor 0.15Class P Paid directly by investor 0.17






Investments 2017Cambridge Global Dividend Fund (Class I) 154,966CI Global High Dividend Advantage Fund (Class I) 205,051CI Income Fund (Class I) 162,621CI Investment Grade Bond Fund (Class I) 128,781CI U.S. Income US$ Pool (Class I) 95,343Lawrence Park Strategic Income Fund (Class I) 82,482Signature Canadian Bond Fund (Class I) 325,251Signature Corporate Bond Fund (Class I) 438,843Signature Diversified Yield II Fund (Class I) 58,341Signature Dividend Corporate Class (A Shares) 122,150Signature Global Bond Fund (Class I) 450,384Signature Global Dividend Corporate Class (A Shares) 94,313Signature Income & Growth Fund (Class I) 118,788Signature Tactical Bond Pool (Class I) 134,312

Investments 2016Cambridge Global Dividend Fund (Class I) 151,535Cambridge Income Corporate Class (A Shares) 141,474CI Global High Dividend Advantage (Class A) 189,682CI Income Fund (Class I) 56,314CI Investment Grade Bond Fund (Class A) 98,339CI U.S. Income US$ Pool (Class I) 80,054Lawrence Park Strategic Income Fund (Class I) 78,610Signature Canadian Bond Fund (Class I) 244,782Signature Corporate Bond Fund (Class I) 423,576Signature Diversified Yield II Fund (Class I) 150,503Signature Dividend Corporate Class (A Shares) 72,308Signature Global Bond Fund (Class I) 445,612Signature Global Dividend Corporate Class (A Shares) 89,616Signature Income & Growth Fund (Class I) 109,814Signature Tactical Bond Pool (Class I) 98,285






Currency


Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 98,935 (107,294) (8,359) (0.3) Total 98,935 (107,294) (8,359) (0.3)


Currency


Net Exposure

NetAssets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 102,547 (18,885) 83,662 3.2 Total 102,547 (18,885) 83,662 3.2


As at September 30, 2017, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have indirectly decreased or increased, respectively, by approximately $836,000 (March 31, 2017 - $8,366,000). In practice, actual results may differ from this analysis and the difference may be material.



as at September 30, 2017 Funds Net Assets (%)Signature Global Bond Fund (Class I) 17.1 Signature Corporate Bond Fund (Class I) 16.9 Signature Canadian Bond Fund (Class I) 12.5 CI Global High Dividend Advantage Fund (Class I) 7.9 CI Income Fund (Class I) 6.3 Cambridge Global Dividend Fund (Class I) 6.0 Signature Tactical Bond Pool (Class I) 5.2 CI Investment Grade Bond Fund (Class I) 5.0 Signature Dividend Corporate Class (A Shares) 4.7 Signature Income & Growth Fund (Class I) 4.6 CI U.S. Income US$ Pool (Class I) 3.7 Signature Global Dividend Corporate Class (A Shares) 3.6 Lawrence Park Strategic Income Fund (Class I) 3.2 Signature Diversified Yield II Fund (Class I) 2.2 Other Net Assets (Liabilities) 1.1 Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Signature Corporate Bond Fund (Class I) 16.7 Signature Global Bond Fund (Class I) 16.3 Signature Canadian Bond Fund (Class I) 9.8 CI Global High Dividend Advantage Fund (Class I) 7.8 Cambridge Global Dividend Fund (Class I) 6.3 Signature Diversified Yield II Fund (Class I) 5.9 Cambridge Income Corporate Class (A Shares) 5.3 Signature Tactical Bond Pool (Class I) 5.2 CI Investment Grade Bond Fund (Class I) 4.9 Signature Income & Growth Fund (Class I) 4.4 CI U.S. Income US$ Pool (Class I) 3.8 Signature Global Dividend Corporate Class (A Shares) 3.5 Lawrence Park Strategic Income Fund (Class I) 3.1 Signature Dividend Corporate Class (A Shares) 2.8 CI Income Fund (Class I) 2.2 Other Net Assets (Liabilities) 2.0



Portfolio Series Maximum Growth Fund




350,409 325,712 7,783 8,532

160 - - -

- - - - 11 10 - - 94 94 - - - 9,864 - - - 3,719 898 384 359,355 348,315

- - - -

25 22 - - - - - -

- - - - - 4,789 617 457 - - - - - - - - 642 5,268

358,713 343,047

289,744 271,083 - -



per class (Note 4):



units outstanding:


as at Mar. 31, 2017


as at Mar. 31, 2017


as at Mar. 31, 2017

Class A 172,413 189,924 17.20 16.80 10,021,756 11,306,340Class A1 10,470 - 9.99 - 1,048,149 -Class A2 2,098 - 9.99 - 210,067 -Class A3 1,432 - 9.99 - 143,284 -Class A4 221 - 10.00 - 22,106 -Class A5 328 - 10.01 - 32,802 -Class AT5 71 101 8.12 8.13 8,733 12,384Class AT8 348 483 6.30 6.40 55,243 75,421Class A1T8 118 - 9.65 - 12,183 -Class E 6,635 3,330 9.91 9.67 669,300 344,296Class EF 447 337 9.90 9.61 45,113 35,094Class EFT5 11 11 8.86 8.81 1,265 1,234Class EFT8 11 11 8.26 8.34 1,358 1,305Class ET5 11 11 8.86 8.86 1,234 1,204Class ET8 11 11 8.26 8.39 1,325 1,273Class F 4,286 5,548 21.67 21.04 197,776 263,631Class F1 1,012 - 10.04 - 100,827 -Class F2 349 - 10.04 - 34,778 -Class F3 248 - 10.04 - 24,724 -Class F4 16 - 10.05 - 1,623 -Class F5 10 - 10.05 - 1,000 -Class FT8 164 167 9.40 9.50 17,476 17,611Class I 147,285 135,171 15.97 15.41 9,220,420 8,772,695Class O 10,642 7,920 12.99 12.54 819,019 631,395Class OT5 11 11 8.86 8.76 1,291 1,260Class OT8 11 11 8.25 8.29 1,385 1,332Class P 44 - 10.08 - 4,402 -Class PT8 10 - 9.74 - 1,035 -







CIG - 2603




2017 2016

192 - 17 22 440 420 7 - - - - -

- - - -

3,010 2,104

6,193 20,828 9,859 23,374 (1) - - - - - 2,688 3,306 2,687 3,306 12,546 26,680

1,968 1,942 225 220 - 1 - - - - - - - - 211 208 2,404 2,371

10,142 24,309









2017 2016 2017 2016 2017 2016Class A 4,321 14,085 0.40 1.22 10,768,322 11,585,689Class A1 131 - 0.25 - 511,135 -Class A2 13 - 0.12 - 114,470 -Class A3 15 - 0.19 - 75,339 -Class A4 2 - 0.13 - 15,103 -Class A5 (1) - (0.03) - 22,803 -Class AT5 1 8 0.18 0.68 11,208 11,764Class AT8 9 39 0.13 0.49 69,248 79,895Class A1T8 3 - 0.57 - 4,295 -Class E 120 133 0.25 0.71 470,169 186,207Class EF 12 21 0.26 0.76 40,944 27,432Class EFT5 - 1 0.27 0.73 1,248 1,067Class EFT8 - 1 0.26 0.72 1,328 1,098Class ET5 - 1 0.22 0.68 1,217 1,055Class ET8 - 1 0.21 0.67 1,295 1,085Class F 148 316 0.64 1.65 231,935 191,860Class F1 8 - 0.12 - 66,607 -Class F2 4 - 0.15 - 23,707 -Class F3 2 - 0.13 - 16,159 -Class F4 - - 0.17 - 1,107 -Class F5 - - 0.05 - 1,000 -Class FT8 5 11 0.27 0.79 17,551 14,333Class I 5,037 9,185 0.56 1.29 8,977,530 7,116,965Class O 312 505 0.44 1.10 702,752 457,539Class OT5 - 1 0.32 0.77 1,274 1,078Class OT8 - 1 0.29 0.75 1,355 1,110Class P - - 0.03 - 3,400 -Class PT8 - - 0.08 - 1,015 -
















Class A 2017 2016 189,924 185,385 4,321 14,085

- - - - - - - -

21,311 13,553 - - (43,143) (17,332) (21,832) (3,779) (17,511) 10,306 172,413 195,691

Class A1 2017 2016 - - 131 -

- - - - - - - -

11,831 - - - (1,492) - 10,339 - 10,470 - 10,470 -

Class A2 2017 2016 - - 13 -

- - - - - - - -

3,148 - - - (1,063) - 2,085 - 2,098 - 2,098 -

Class A3 2017 2016 - - 15 -

- - - - - - - -

1,691 - - - (274) - 1,417 - 1,432 - 1,432 -

Class A4 2017 2016 - - 2 -

- - - - - - - -

246 - - - (27) - 219 - 221 - 221 -

Class A5 2017 2016 - - (1) -

- - - - - - - -

335 - - - (6) - 329 - 328 - 328 -

Class AT5 2017 2016 101 74 1 8

- (3) (2) - - - (2) (3)

- 43 1 - (30) - (29) 43 (30) 48 71 122

Class AT8 2017 2016 483 526 9 39

- (22) (17) - - - (17) (22)

79 - 2 3 (208) - (127) 3 (135) 20 348 546

Class A1T8 2017 2016 - - 3 -

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

117 - - - - - 117 - 118 - 118 -

Class E 2017 2016 3,330 1,496 120 133

- - - - - - - -

3,202 655 - - (17) (52) 3,185 603 3,305 736 6,635 2,232

Class EF 2017 2016 337 250 12 21

- - - - - - - -

99 - - - (1) - 98 - 110 21 447 271

Class EFT5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10












Class EFT8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class ET5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class ET8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class F 2017 2016 5,548 3,768 148 316

- - - - - - - -

1,065 670 - - (2,475) (766) (1,410) (96) (1,262) 220 4,286 3,988

Class F1 2017 2016 - - 8 -

- - - - - - - -

1,005 - - - (1) - 1,004 - 1,012 - 1,012 -

Class F2 2017 2016 - - 4 -

- - - - - - - -

346 - - - (1) - 345 - 349 - 349 -

Class F3 2017 2016 - - 2 -

- - - - - - - -

246 - - - - - 246 - 248 - 248 -

Class F4 2017 2016 - - - -

- - - - - - - -

16 - - - - - 16 - 16 - 16 -

Class F5 2017 2016 - - - -

- - - - - - - -

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

Class FT8 2017 2016 167 142 5 11

- (6) (7) - - - (7) (6)

- - 1 1 (2) (3) (1) (2) (3) 3 164 145

Class I 2017 2016 135,171 119,162 5,037 9,185

- - - - - - - -

13,085 6,706 - - (6,008) (27,036) 7,077 (20,330) 12,114 (11,145) 147,285 108,017

Class O 2017 2016 7,920 5,069 312 505

- - - - - - - -

2,844 1,274 - - (434) (991) 2,410 283 2,722 788 10,642 5,857










Class OT5 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class OT8 2017 2016 11 9 - 1

- - - - - - - -

- - - - - - - - - 1 11 10

Class P 2017 2016 - - - -

- - - - - - - -

44 - - - - - 44 - 44 - 44 -

Class PT8 2017 2016 - - - -

- - - - - - - -

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

Total Fund 2017 2016 343,047 315,926 10,142 24,309

- (31) (28) - - - (28) (31)

60,730 22,901 4 4 (55,182) (46,180) 5,552 (23,275) 15,666 1,003 358,713 316,929




2017 2016

10,142 24,309

(3,010) (2,104) 1 - - 1

(6,193) (20,828) 8,057 10,751 (14,467) (2,234) - - (447) (420) - - - - - - - - - - - - (1) - (5,918) 9,475

(24) (50) 60,216 23,049 (55,022) (46,222) 5,170 (23,223)

(1) - (748) (13,748) 8,532 14,555 7,783 807

192 - 17 22 - - - -









FUND(S) (92.0%) 1,128,001 Black Creek International Equity Fund (Class I)† 23,128,434 27,101,692 3,109,886 Cambridge Canadian Equity Corporate Class (A Shares)† 45,080,017 54,274,970 1,824,163 Cambridge Global Equity Corporate Class (A Shares)† 20,405,324 30,135,714 1,292,295 CI American Managers® Corporate Class (A Shares)† 15,647,675 24,766,964 1,263,613 CI American Small Companies Corporate Class (A Shares)† 10,235,861 15,246,244 462,446 CI American Value Corporate Class (A Shares)† 5,420,633 8,613,893 398,859 CI Canadian Investment Fund (Class I)† 14,752,038 14,885,843 1,272,216 CI Canadian Small/Mid Cap Fund (Class I)† 14,527,354 18,279,584 1,071,206 CI International Value Corporate Class (A Shares)† 13,560,648 16,834,326 504,976 Harbour Fund (Class I)† 10,000,950 10,615,712 1,189,985 Harbour Voyageur Corporate Class (A Shares)† 13,865,717 15,946,160 790,045 Marret High Yield Bond Fund (Class I)† 7,243,187 7,335,327 1,068,776 Marret Short Duration High Yield Fund (Class I)† 10,277,654 10,175,708 1,069,850 Signature Emerging Markets Corporate Class (A Shares)† 16,473,790 19,707,711 1,066,682 Signature Select Canadian Fund (Class I)† 22,030,262 23,882,058 1,842,848 Synergy Canadian Corporate Class (A Shares)† 26,963,259 32,311,393 269,612,803 330,113,299 EXCHANGE-TRADED FUND(S) (5.7%) 697,932 First Asset MSCI World Low Risk Weighted ETF†† 20,138,293 20,295,863 Commissions and other portfolio transaction costs (6,979)

Total Fund(s) (97.7%) 289,744,117 350,409,162


Total Investments (97.7%) 289,744,117 350,544,403 Other Net Assets (Liabilities) (2.3%) 8,168,331 Net Assets Attributable to Holders of Redeemable Units (100.0%) 358,712,734




AverageCost ($)

FairValue ($)








DateContracts








Held forTrading






AssetsInvestments - 350,409 350,409 - 350,409Cash - - - 7,783 7,783Unrealized gain on futures and foreign currency forward contracts 160 - 160 - 160Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 11 11Margin for short sales - - - - -Dividends receivable - - - 94 94Interest receivable - - - - -Receivable for distribution from investments - - - - -Securities lending revenue receivable - - - - -Receivable for investments sold - - - - -Receivable for unit subscriptions - - - 898 898 160 350,409 350,569 8,786 359,355LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 25 - 25 - 25Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - - -Payable for unit redemptions - - - 617 617Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 25 - 25 617 642









Held forTrading






AssetsInvestments - 325,712 325,712 - 325,712Cash - - - 8,532 8,532Unrealized gain on futures and foreign currency forward contracts - - - - -Swaps, swaptions and options - - - - -Cash collateral received for securities on loan - - - - -Daily variation margin on derivative instruments - - - - -Fees rebate receivable - - - 10 10Margin for short sales - - - - -Dividends receivable - - - 94 94Interest receivable - - - - -Receivable for distribution from investments - - - 9,864 9,864Securities lending revenue receivable - - - - -Receivable for investments sold - - - 3,719 3,719Receivable for unit subscriptions - - - 384 384 - 325,712 325,712 22,603 348,315LiabilitiesInvestments sold short - - - - -Bank overdraft - - - - -Unrealized loss on futures and foreign currency forward contracts 22 - 22 - 22Swaps, swaptions and options - - - - -Dividends payable on investments sold short - - - - -Interest payable on investments sold short - - - - -Payable for cash collateral under securities lending - - - - -Daily variation margin on derivative instruments - - - - -Payable for investments purchased - - - 4,789 4,789Payable for unit redemptions - - - 457 457Distributions payable to holders of redeemable units - - - - -Management fees payable - - - - -Administration fees payable - - - - -Accrued liabilities - - - - - 22 - 22 5,246 5,268














NetExposure






NetExposure










Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Harbour Voyageur Corporate Class 69,828 15,946 22.8Marret High Yield Bond Fund 35,029 7,335 20.9Marret Short Duration High Yield Fund 61,978 10,176 16.4Signature Emerging Markets Corporate Class 354,267 19,708 5.6CI American Managers® Corporate Class 528,341 24,767 4.7CI American Small Companies Corporate Class 341,469 15,246 4.5CI Canadian Small/Mid Cap Fund 448,272 18,280 4.1First Asset MSCI World Low Risk Weighted ETF 553,916 20,296 3.7CI International Value Corporate Class 526,971 16,834 3.2Synergy Canadian Corporate Class 1,219,433 32,311 2.6Black Creek International Equity Fund 1,372,226 27,102 2.0CI American Value Corporate Class 513,816 8,614 1.7Cambridge Global Equity Corporate Class 2,015,695 30,136 1.5Cambridge Canadian Equity Corporate Class 4,975,814 54,274 1.1Signature Select Canadian Fund 2,586,262 23,882 0.9CI Canadian Investment Fund 1,971,485 14,886 0.8Harbour Fund 1,667,906 10,616 0.6





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Harbour Voyageur Corporate Class 68,930 15,161 22.0Marret High Yield Bond Fund 34,057 7,130 20.9Marret Short Duration High Yield Fund 60,665 9,951 16.4Signature Emerging Markets Corporate Class 351,430 18,671 5.3CI American Managers® Corporate Class 521,373 22,470 4.3First Asset MSCI World Low Risk Weighted ETF 537,778 20,746 3.9CI American Small Companies Corporate Class 354,483 13,979 3.9CI Canadian Small/Mid Cap Fund 463,392 17,194 3.7CI International Value Corporate Class 509,359 15,102 3.0Synergy Canadian Corporate Class 1,226,382 28,801 2.3Black Creek International Equity Fund 1,166,966 25,683 2.2CI American Value Corporate Class 523,343 7,763 1.5Cambridge Global Equity Corporate Class 2,005,007 27,289 1.4Cambridge Canadian Equity Corporate Class 4,831,217 49,315 1.0Signature Select Canadian Fund 2,465,617 22,177 0.9CI Canadian Investment Fund 2,075,922 14,526 0.7Harbour Fund 1,807,952 9,754 0.5














2017 2016Brokerage commissions - -Soft dollar commissions† - -

Class A 2017 2016 11,306,340 11,670,655 1,253,046 831,955 - - (2,537,630) (1,060,923) 10,021,756 11,441,687

Class A1 2017 2016 - - 1,199,907 - - - (151,758) - 1,048,149 -

Class A2 2017 2016 - - 318,831 - - - (108,764) - 210,067 -

Class A3 2017 2016 - - 170,861 - - - (27,577) - 143,284 -

Class A4 2017 2016 - - 24,899 - - - (2,793) - 22,106 -

Class A5 2017 2016 - - 33,398 - - - (596) - 32,802 -

Class AT5 2017 2016 12,384 9,082 - 5,289 82 28 (3,733) - 8,733 14,399

Class AT8 2017 2016 75,421 79,714 12,545 - 350 428 (33,073) - 55,243 80,142

Class A1T8 2017 2016 - - 12,155 - 28 - - - 12,183 -

Class E 2017 2016 344,296 163,431 326,688 68,564 - - (1,684) (5,704) 669,300 226,291

Class EF 2017 2016 35,094 27,431 10,111 - - - (92) - 45,113 27,431

Class EFT5 2017 2016 1,234 1,055 16 24 15 - - - 1,265 1,079

Class EFT8 2017 2016 1,305 1,079 26 39 27 - - - 1,358 1,118

Class ET5 2017 2016 1,204 1,043 - - 30 28 - - 1,234 1,071

Class ET8 2017 2016 1,273 1,066 - 1 52 46 - - 1,325 1,113

Class F 2017 2016 263,631 189,212 49,675 32,593 - - (115,530) (36,813) 197,776 184,992

Class F1 2017 2016 - - 100,974 - - - (147) - 100,827 -

Class F2 2017 2016 - - 34,835 - - - (57) - 34,778 -

Class F3 2017 2016 - - 24,745 - - - (21) - 24,724 -

Class F4 2017 2016 - - 1,623 - - - - - 1,623 -








Class F5 2017 2016 - - 1,000 - - - - - 1,000 -

Class FT8 2017 2016 17,611 14,489 - - 78 69 (213) (344) 17,476 14,214

Class I 2017 2016 8,772,695 8,159,233 830,945 447,269 - - (383,220) (1,821,400) 9,220,420 6,785,102

Class O 2017 2016 631,395 426,472 221,629 105,853 - - (34,005) (79,927) 819,019 452,398

Class OT5 2017 2016 1,260 1,066 - - 31 28 - - 1,291 1,094

Class OT8 2017 2016 1,332 1,090 - - 53 46 - - 1,385 1,136

Class P 2017 2016 - - 4,416 - - - (14) - 4,402 -

Class PT8 2017 2016 - - 1,014 - 21 - - - 1,035 -






Annual management

fee rate:


fee rate:

Class A 2.000 0.22Class A1 1.925 0.22Class A2 1.900 0.21Class A3 1.850 0.15Class A4 1.800 0.12Class A5 1.700 0.10Class AT5 2.000 0.22Class AT8 2.000 0.22Class A1T8 1.925 0.22Class E 1.950 0.15Class EF 0.950 0.15Class EFT5 0.950 0.15Class EFT8 0.950 0.15Class ET5 1.950 0.15Class ET8 1.950 0.15Class F 1.000 0.22Class F1 0.925 0.22Class F2 0.900 0.21Class F3 0.850 0.15Class F4 0.800 0.12Class F5 0.700 0.10Class FT8 1.000 0.22Class I Paid directly by investor -Class O Paid directly by investor 0.15Class OT5 Paid directly by investor 0.15Class OT8 Paid directly by investor 0.15Class P Paid directly by investor 0.22Class PT8 Paid directly by investor 0.22






Investments 2017Black Creek International Equity Fund (Class I) 27,102Cambridge Canadian Equity Corporate Class (A Shares) 54,274Cambridge Global Equity Corporate Class (A Shares) 30,136CI American Managers® Corporate Class (A Shares) 24,767CI American Small Companies Corporate Class (A Shares) 15,246CI American Value Corporate Class (A Shares) 8,614CI Canadian Investment Fund (Class I) 14,886CI Canadian Small/Mid Cap Fund (Class I) 18,280CI International Value Corporate Class (A Shares) 16,834First Asset MSCI World Low Risk Weighted ETF 20,296Harbour Fund (Class I) 10,616Harbour Voyageur Corporate Class (A Shares) 15,946Marret High Yield Bond Fund (Class I) 7,335Marret Short Duration High Yield Fund (Class I) 10,176Signature Emerging Markets Corporate Class (A Shares) 19,708Signature Select Canadian Fund (Class I) 23,882Synergy Canadian Corporate Class (A Shares) 32,311

Investments 2016Black Creek International Equity Corporate Class (A Shares) 21,570Cambridge American Equity Corporate Class (A Shares) 17,593Cambridge Canadian Equity Corporate Class (A Shares) 30,742Cambridge Global Equity Corporate Class (A Shares) 27,165CI American Managers® Corporate Class (A Shares) 21,740CI American Small Companies Corporate Class (A Shares) 13,157CI American Value Corporate Class (A Shares) 16,718CI Canadian Investment Corporate Class (A Shares) 13,846CI Canadian Small/Mid Cap Fund (Class I) 16,373CI International Value Corporate Class (A Shares) 14,972First Asset MSCI World Low Risk Weighted ETF 428Harbour Corporate Class (A Shares) 9,432Harbour Voyageur Corporate Class (A Shares) 15,614Marret High Yield Bond Fund (Class I) 6,860Marret Short Duration High Yield Fund (Class I) 9,710Signature Emerging Markets Corporate Class (A Shares) 17,826Signature International Corporate Class (A Shares) 13,301Signature Select Canadian Corporate Class (A Shares) 20,478Synergy American Corporate Class (A Shares) 8,663Synergy Canadian Corporate Class (A Shares) 19,782






Currency


Net Exposure

NetAssets



Currency


Net Exposure

NetAssets



As at September 30, 2017, had the Canadian dollar strengthened or weakened by 10% (March 31, 2017 - 10%) in relation to all other foreign currencies held in the Fund, with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have indirectly decreased or increased, respectively, by approximately $2,557,000 (March 31, 2017 - $863,000). In practice, actual results may differ from this analysis and the difference may be material.



as at September 30, 2017 Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 15.1Synergy Canadian Corporate Class (A Shares) 9.0Cambridge Global Equity Corporate Class (A Shares) 8.4Black Creek International Equity Fund (Class I) 7.6CI American Managers® Corporate Class (A Shares) 6.9Signature Select Canadian Fund (Class I) 6.7First Asset MSCI World Low Risk Weighted ETF 5.7Signature Emerging Markets Corporate Class (A Shares) 5.5CI Canadian Small/Mid Cap Fund (Class I) 5.1CI International Value Corporate Class (A Shares) 4.7Harbour Voyageur Corporate Class (A Shares) 4.4CI American Small Companies Corporate Class (A Shares) 4.3CI Canadian Investment Fund (Class I) 4.1Harbour Fund (Class I) 3.0Marret Short Duration High Yield Fund (Class I) 2.8CI American Value Corporate Class (A Shares) 2.4Other Net Assets (Liabilities) 2.3Marret High Yield Bond Fund (Class I) 2.0Foreign Currency Forward Contracts 0.0

as at March 31, 2017 Funds Net Assets (%)Cambridge Canadian Equity Corporate Class (A Shares) 14.3 Synergy Canadian Corporate Class (A Shares) 8.4 Cambridge Global Equity Corporate Class (A Shares) 8.0 Black Creek International Equity Fund (Class I) 7.5 CI American Managers® Corporate Class (A Shares) 6.6 Signature Select Canadian Fund (Class I) 6.5 First Asset MSCI World Low Risk Weighted ETF 6.0 Signature Emerging Markets Corporate Class (A Shares) 5.4 Other Net Assets (Liabilities) 5.1 CI Canadian Small/Mid Cap Fund (Class I) 5.0 CI International Value Corporate Class (A Shares) 4.4 Harbour Voyageur Corporate Class (A Shares) 4.4 CI Canadian Investment Fund (Class I) 4.2 CI American Small Companies Corporate Class (A Shares) 4.1 Marret Short Duration High Yield Fund (Class I) 2.9 Harbour Fund (Class I) 2.8 CI American Value Corporate Class (A Shares) 2.3 Marret High Yield Bond Fund (Class I) 2.1



– 109 –

CI Mutual Funds


Notes to the Financial Statements (unaudited)

1. THE FUNDS

The following Funds are open-ended mutual fund trusts created under the laws of Ontario by declarations of trust. The address of the Funds’ registered office is 2 Queen Street East, Twentieth Floor, Toronto, Ontario,

M5C 3G7. CI Investment Inc. is the manager and the trustee (the “Manager” and the “Trustee”) to the Funds.

These financial statements were authorized for issue by the Manager on November 13, 2017. CI Investments Inc. is a subsidiary of CI Financial Corp. RBC Investor Services Trust is the custodian (the “Custodian”)

of the Funds.

The “Inception Date” is the date upon which units of a class of a Fund were created under prospectus.

CI FUNDS

CI American Small Companies Fund

CI American Value Fund

CI Canadian Dividend Fund

CI Canadian Investment Fund

CI Canadian Small/Mid Cap Fund

CI Global High Dividend Advantage Fund

CI Global Small Companies Fund

CI Global Value Fund

CI Income Fund

CI International Fund (formerly Signature International Fund)

CI International Value Fund

CI Investment Grade Bond Fund

CI Money Market Fund

CI Pacific Fund

CI U.S. Income US$ Pool

CI US Money Market Fund

Lawrence Park Strategic Income Fund

Marret High Yield Bond Fund

Marret Short Duration High Yield Fund

Marret Strategic Yield Fund

CI FUNDS (cont’d)









CI Income Fund





CI Pacific Fund







Inception Date:

Class A Class A1 Class A2 Class A3 Class A4 Class A5 Class AT6

Apr. 29, 91 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Feb. 1, 77 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Feb. 01, 05 May 1, 17 May 1, 17 May 1, 17 - - Jul. 07, 08*

Jan. 29, 77 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Nov. 27, 92 May 1, 17 May 1, 17 May 1, 17 - - -

Feb. 28, 06* May 1, 17* May 1, 17* May 1, 17* May 1, 17* May 1, 17* -

Apr. 07, 93 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Jun. 12, 96 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Oct. 5, 10 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Aug. 05, 99 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -


Dec. 24, 14 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Oct. 01, 90 May 1, 17 - May 1, 17 May 1, 17 May 1, 17 -

Oct. 30, 81 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -


Jan. 30, 95 May 1, 17 - May 1, 17 May 1, 17 May 1, 17 -

Jun. 24, 13 May 1, 17 - - - - -

Feb. 14, 14 May 1, 17 May 1, 17 May 1, 17 - - -

Feb. 14, 14 May 1, 17 May 1, 17 May 1, 17 - - -

Feb. 14, 14 May 1, 17 May 1, 17 May 1, 17 - - -

Class C Class D Class E Class EF Class F Class F1 Class F2

- - Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17

- - Jul. 27, 11 Aug. 4, 15 Nov. 17, 00 May 1, 17 May 1, 17

- Aug. 31, 04* Aug. 29, 12 Aug. 4, 15 Jun. 12, 06 May 1, 17 May 1, 17

- - Jul. 27, 11 Aug. 4, 15 Nov. 17, 00 May 1, 17 May 1, 17

- - Aug. 4, 15 Aug. 4, 15 Jun. 29, 05 May 1, 17 May 1, 17

- - Jul. 27, 11* - Feb. 28, 06* May 1, 17* May 1, 17*



Jul. 13, 10* - Aug. 4, 15 Nov. 27, 14 Oct. 5, 10 May 1, 17 May 1, 17


- - Aug. 4, 15 Aug. 4, 15 Dec. 18, 01 May 1, 17 May 1, 17

- - Dec. 24, 14 Aug. 4, 15 Dec. 24, 14 May 1, 17 May 1, 17

- - Jul. 27, 11 Aug. 4, 15 Dec. 18, 01 May 1, 17 -

- - Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 -


- - - - May 1, 17 May 1, 17 -

- - Jun. 24, 13 Aug. 4, 15 Jun. 24, 13 May 1, 17 -

- - Feb. 14, 14 Aug. 4, 15 Feb. 14, 14 May 1, 17 May 1, 17



*These Classes are no longer available for new purchases.

– 110 –

CI Mutual Funds


Notes to the Financial Statements (unaudited) (cont’d)

CI FUNDS (cont’d)









CI Income Fund





CI Pacific Fund







CI FUNDS (cont’d)









CI Income Fund





CI Pacific Fund







PORTFOLIO SELECT SERIES

Select Canadian Equity Managed Fund

Select International Equity Managed Fund

Select Staging Fund

Select U.S. Equity Managed Fund

Inception Date: (cont’d)

Class F3 Class F4 Class F5 Class I Class Insight Class O Class P

May 1, 17 May 1, 17 May 1, 17 Dec. 17, 01 - Aug. 4, 15 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Oct. 31, 96 Aug. 29, 03 Jul. 27, 11 May 1, 17

May 1, 17 - - Jun. 7, 06 - Aug. 29, 12 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Nov. 16, 32 Aug. 29, 03 Jul. 27, 11 May 1, 17

May 1, 17 - - Jun. 29, 05 - Jul. 30, 13 May 1, 17

May 1, 17* May 1, 17* May 1, 17* Feb. 28, 06* - Jul. 27, 11* -

May 1, 17 - - Dec. 17, 01 Aug. 29, 03 Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Dec. 17, 01 - Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Oct. 5, 10 - Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Jul. 15, 03 Aug. 29, 03 Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Dec. 17, 01 Aug. 29, 03 Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Dec. 24, 14 - Dec. 24, 14 May 1, 17


- - - Dec. 17, 01 - Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Aug. 4, 15 - Aug. 4, 15 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Jul. 04, 16 - - May 1, 17

- - - Jun. 24, 13 - Jun. 24, 13 May 1, 17

May 1, 17 - - Feb. 14, 14 - Feb. 14, 14 May 1, 17

- - - Feb. 14, 14 - Feb. 14, 14 May 1, 17

- - - Feb. 14, 14 - Feb. 14, 14 May 1, 17

Class W Class Z

Jul. 27, 17 -

Jul. 27, 17 -

- -

- -

- -

- -

- -

Jul. 27, 17 -

Jul. 27, 17 -

- -

Jul. 27, 17 -

Jul. 27, 17 -

Jul. 27, 17 Sept. 17, 10*

- -

Jul. 27, 17 -

- -

- -

- -

- -

- -

Class A Class F Class I Class W

- - Nov. 22, 06 -

- - Nov. 22, 06 -

Nov. 07, 05 Dec. 30, 05 Mar. 22, 06 Dec. 30, 05

- - Nov. 22, 06 -


– 111 –

CI Mutual Funds



CAMBRIDGE FUNDS

Cambridge American Equity Fund

Cambridge Asset Allocation Fund

Cambridge Balanced Yield Pool

Cambridge Bond Fund

Cambridge Canadian Dividend Fund

Cambridge Canadian Equity Fund

Cambridge Canadian Growth Companies Fund

Cambridge Canadian Short-Term Bond Pool

Cambridge Global Dividend Fund

Cambridge Global Equity Fund

Cambridge Global High Income Fund

Cambridge Growth Companies Fund

Cambridge Monthly Income Fund (formerly Cambridge Income Fund)

Cambridge Premium Yield Pool

Cambridge Pure Canadian Equity Fund

Cambridge Stock Selection Fund

Cambridge U.S. Dividend Fund

Cambridge U.S. Dividend Registered Fund

Cambridge U.S. Dividend US$ Fund

CAMBRIDGE FUNDS (cont’d)




Cambridge Bond Fund


















May 25, 89 May 1, 17 May 1, 17 May 1, 17 - - -

Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 -

- - - - - - -

- - - - - - -

Feb. 01, 05 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -


Feb. 14, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Oct. 12, 16

- - - - - - -

Jul. 30, 13 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -


Jul. 2, 04 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -


Jan. 9, 12 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

- - - - - - -


- - - - - - -

Jun. 13, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Dec. 24, 14 May 1, 17 May 1, 17 May 1, 17 - - -

Mar. 27, 15 May 1, 17 May 1, 17 May 1, 17 - - -

Class AT6 Class AT8 Class A1T8 Class A2T8 Class A3T8 Class C Class D

Oct. 12, 16* - - - - - Oct. 12, 16*

- - - - - - -

- - - - - - -

- - - - - Mar. 27, 15* -

- - - - - - Aug. 31, 04*

- - - - - - -

Feb. 14, 11* - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

- - - - - - -

Feb. 9, 11* - - - - - -

- - - - - - -

Jul. 07, 08* - - - - - Jun. 13, 06*

- - - - - - -

- Jun. 28, 17 Jun. 28, 17 Jun. 28, 17 Jun. 28, 17 - -


– 112 –

CI Mutual Funds







Cambridge Bond Fund




















Cambridge Bond Fund

















Class E Class EF Class F Class F1 Class F2 Class F3 Class F4

Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17

Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17

- - - - - - -

- - - - - - -

Jan. 7, 14 Nov. 27, 14 Jun. 12, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17


Aug. 29, 12 Jul. 29, 16 Feb. 14, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- - - - - - -

Jul. 30, 13 Aug. 4, 15 Jul. 30, 13 May 1, 17 May 1, 17 May 1, 17 May 1, 17


Jul. 30, 13 Nov. 27, 14 Jul. 20, 04 May 1, 17 May 1, 17 May 1, 17 May 1, 17


Jan. 9, 12 - Jan. 9, 12 May 1, 17 May 1, 17 - -

- - - - - - -

Jul. 30, 13 Aug. 4, 15 Feb. 14, 11 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- - - - - - -

Jan. 7, 14 Nov. 27, 14 Jun. 13, 06 May 1, 17 May 1, 17 May 1, 17 May 1, 17

Dec. 24, 14 Aug. 4, 15 Dec. 24, 14 May 1, 17 - - -

Mar. 27, 15 Mar. 27, 15 Mar. 27, 15 May 1, 17 May 1, 17 May 1, 17 -

Class F5 Class FT8 Class F1T8 Class F2T8 Class F3T8 Class I Class IT8

- - - - - Sept. 26, 01 -

- - - - - Jul. 28, 17 -

- - - - - Jun. 7, 17* -

- - - - - - -

May 1, 17 - - - - Jun. 7, 06 -

Jul. 28, 17 - - - - Jul. 28, 17 -

- - - - - - -

- - - - - Jun. 7, 17* -

May 1, 17 - - - - Jul. 30, 13 -

Jul. 28, 17 - - - - Jul. 28, 17 -

- - - - - Sept. 3 , 04 -

Jul. 28, 17 - - - - Jul. 28, 17 -

- - - - - - -

- - - - - Jun. 7, 17* -

- - - - - Jan. 5, 12 -

- - - - - Dec. 21, 15 -

May 1, 17 - - - - Jun. 13, 06 -

- - - - - Dec. 24, 14 -

- Jun. 28, 17 Jun. 28, 17 Jun. 28, 17 Jun. 28, 17 Mar. 27, 15 Jun. 28, 17


– 113 –

CI Mutual Funds







Cambridge Bond Fund
















HARBOUR FUNDS

Harbour Fund

Harbour Global Analyst Fund

Harbour Global Equity Fund

Harbour Global Growth & Income Fund

Harbour Growth & Income Fund

HARBOUR FUNDS (cont’d)

Harbour Fund





HARBOUR FUNDS (cont’d)

Harbour Fund






Class O Class P Class W

Aug. 4, 15 May 1, 17 -

Jul. 28, 17 Jul. 28, 17 -

- - -

- - -

Jul. 30, 13 May 1, 17 -

Jul. 28, 17 Jul. 28, 17 -

Aug. 29, 12 May 1, 17 -

- - -

Jul. 30, 13 May 1, 17 Jul. 27, 17

Jul. 28, 17 Jul. 28, 17 -

Jul. 30, 13 May 1, 17 -

Jul. 28, 17 Jul. 28, 17 -

Jan. 9, 12 - -

- - -

Jul. 30, 13 May 1, 17 -

- - -

Jul. 30, 13 May 1, 17 -

Dec. 24, 14 May 1, 17 -

Mar. 27, 15 May 1, 17 -

Class A Class A1 Class A2 Class A3 Class A4 Class A5 Class E

Jun. 27, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11

- - - - - - -


Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 - Jul. 28, 17

Jun. 27, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 27, 11

Class EF Class F Class F1 Class F2 Class F3 Class F4 Class F5

Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17

- - - - - - -


Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 - -

Aug. 4, 15 Dec. 17, 01 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Class I Class O Class P Class W Class Z

Sept. 26, 01 Jul. 27, 11 May 1, 17 Jul. 27, 17 -

Jun. 7, 17* - - - -

Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 - -

Jul. 28, 17 Jul. 28, 17 Jul. 28, 17 - -

Sept. 26, 01 Jul. 27, 11 May 1, 17 - Aug. 29, 03*


– 114 –

CI Mutual Funds



BLACK CREEK FUNDS

Black Creek Global Balanced Fund

Black Creek Global Leaders Fund

Black Creek International Equity Fund

BLACK CREEK FUNDS (cont’d)




BLACK CREEK FUNDS (cont’d)




SIGNATURE FUNDS

Signature Canadian Balanced Fund

Signature Canadian Bond Fund

Signature Cash Management Fund

Signature Corporate Bond Fund

Signature Diversified Yield II Fund

Signature Dividend Fund

Signature Emerging Markets Fund

Signature Floating Rate Income Pool

Signature Global Bond Fund

Signature Global Dividend Fund

Signature Global Equity Fund

Signature Global Income & Growth Fund

Signature Global Resource Fund

Signature High Income Fund

Signature High Yield Bond Fund

Signature High Yield Bond II Fund

Signature Income & Growth Fund

Signature Preferred Share Pool

Signature Real Estate Pool

Signature Select Canadian Fund

Signature Short-Term Bond Fund

Signature Tactical Bond Pool



Jan. 29, 07 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 07, 08*

Feb. 01, 05 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - Jul. 07, 08*

Sept. 30, 08 May 1, 17 May 1, 17 May 1, 17 - - Sept. 25, 08*

Class D Class E Class EF Class F Class F1 Class F2 Class F3

Jan. 29, 07* Aug. 4, 15 Aug. 4, 15 Jan. 29, 07 May 1, 17 May 1, 17 May 1, 17

May 1, 00* Aug. 4, 15 Aug. 4, 15 Jun. 12, 06 May 1, 17 May 1, 17 May 1, 17

- Aug. 4, 15 Aug. 4, 15 Sept. 30, 08 May 1, 17 May 1, 17 May 1, 17

Class F4 Class F5 Class I Class O Class P

- - Jan. 29, 07 Jul. 30, 13 May 1, 17

- - Jun. 7, 06 Aug. 4, 15 May 1, 17

May 1, 17 May 1, 17 Sept. 25, 08 Aug. 4, 15 May 1, 17


Jun. 25, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - Jul. 26, 12*

Jan. 20, 93 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

- - - - - - -



Oct. 29, 96 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -

Sept. 10, 91 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -



Dec. 20, 12 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -



Apr. 11, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -


Jan. 9, 12* May 1, 17* May 1, 17* May 1, 17* - - -

Jul. 30, 13 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - -

Nov. 13, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Jul. 26, 12*


Aug. 4, 15 May 1, 17 May 1, 17 - - - -

May 19, 98 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -




– 115 –

CI Mutual Funds



SIGNATURE FUNDS (cont’d)















































Class C Class D Class E Class EF Class F Class F1 Class F2

- Jul. 26, 12* Aug. 4, 15 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17

- - Jul. 27, 11 Dec. 5, 14 Aug. 8, 00 May 1, 17 May 1, 17

Apr. 02, 13* - - - - - -

- - Jul. 27, 11 Dec. 5, 14 Jul. 15, 03 May 1, 17 May 1, 17

- - Aug. 29, 12 Dec. 5, 14 Feb. 14, 11 May 1, 17 May 1, 17

- - Jul. 27, 11 Aug. 4, 15 Sept. 28, 01 May 1, 17 May 1, 17


- - Jul. 7, 17 Jul. 7, 17 Jul. 7, 17 Jul. 7, 17 Jul. 7, 17

- - Jul. 27, 11 Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17

- - Dec. 20, 12 Aug. 4, 15 Dec. 20, 12 May 1, 17 May 1, 17


- - Jul. 27, 11 Dec. 5, 14 Feb. 26, 07 May 1, 17 May 1, 17

- - Aug. 4, 15 Aug. 4, 15 Dec. 18, 01 May 1, 17 May 1, 17

- - Jul. 27, 11 Dec. 5, 14 Dec. 18, 01 May 1, 17 May 1, 17

- - Aug. 29, 12* - Jan. 9, 12* May 1, 17* May 1, 17*

Dec. 29, 11* - Jul. 30, 13 Aug. 4, 15 Jul. 30, 13 May 1, 17 May 1, 17

- - Jul. 27, 11 Dec. 5, 14 Nov. 30, 00 May 1, 17 May 1, 17

- - Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 May 1, 17 May 1, 17

- - Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 May 1, 17 -

- - Jul. 27, 11 Jul. 29, 15 Aug. 8, 00 May 1, 17 May 1, 17

- - Aug. 4, 15 Aug. 4, 15 Nov. 17, 00 May 1, 17 May 1, 17

- - Dec. 21, 15 Dec. 21, 15 Dec. 21, 15 May 1, 17 May 1, 17

Class F3 Class F4 Class F5 Class I Class Insight Class O Class P

May 1, 17 May 1, 17 - Jul. 15, 03 - Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Nov. 1, 01 Aug. 29, 03 Jul. 27, 11 May 1, 17

- - - - - - -

May 1, 17 May 1, 17 May 1, 17 Jul. 15, 03 Aug. 29, 03 Jul. 27, 11 May 1, 17

May 1, 17 May 1, 17 - Jun. 15, 11 - Aug. 29, 12 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Jul. 15, 03 - Jul. 27, 11 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Oct. 1, 01 - Jul. 30, 13 May 1, 17

Jul. 7, 17 Jul. 7, 17 Jul. 7, 17 Jul. 7, 17 - Jul. 7, 17 Jul. 7, 17

May 1, 17 May 1, 17 May 1, 17 Sept. 26, 01 Aug. 29, 03 Jul. 27, 11 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Jul. 30, 13 - Dec. 20, 12 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Sept. 26, 01 Aug. 29, 03 Jul. 30, 13 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Feb. 26, 07 - Jul. 27, 11 May 1, 17

May 1, 17 May 1, 17 - - - Aug. 4, 15 May 1, 17

May 1, 17 May 1, 17 May 1, 17 Nov. 8, 02 - Jul. 27, 11 May 1, 17

- - - Jan. 9, 12* - Aug. 29, 12* -

May 1, 17 - - Jul. 30, 13 - Jul. 30, 13 May 1, 17

May 1, 17 - - Mar. 1, 05 - Jul. 27, 11 May 1, 17


- - - Aug. 4, 15 - Aug. 4, 15 May 1, 17


- - - Oct. 31, 96 - Jul. 30, 13 May 1, 17



– 116 –

CI Mutual Funds


























SYNERGY FUNDS

Synergy American Fund

Synergy Tactical Asset Allocation Fund

SYNERGY FUNDS (cont’d)



SYNERGY FUNDS (cont’d)



PORTFOLIO SERIES FUNDS









Class U Class X Class Y Class W Class Z

Aug. 14, 09* - Aug. 14, 09* - Jun. 29, 05*

- - Jul. 26, 12* Jul. 27, 17 Jul. 26, 12*

- - - - -

- - - - Jul. 26, 12*

- - - - -

- Aug. 29, 03* - Jul. 27, 17 Aug. 29, 03*

- - - - -

- - - - -

- - - Jul. 27, 17 -

- - - - -

- - - Jul. 27, 17 -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - Jul. 27, 17 Jun. 29, 05*

- - - - -

- - - - -

Class A Class A1 Class A2 Class A3 Class A4 Class A5 Class E

Aug. 31, 92 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Aug. 4, 15

Sept. 18, 98 May 1, 17 May 1, 17 May 1, 17 May 1, 17 - Aug. 4, 15

Class EF Class F Class F1 Class F2 Class F3 Class F4 Class F5

Aug. 4, 15 Aug. 8, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17

Aug. 4, 15 Nov. 30, 00 May 1, 17 May 1, 17 May 1, 17 - -

Class I Class O Class P Class W

Dec. 17, 01 Jul. 30, 13 May 1, 17 Jul. 27, 17

Jun. 23, 05 Aug. 4, 15 May 1, 17* -


Nov. 09, 88 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07

Dec. 17, 01 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07


Nov. 17, 97 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 -





– 117 –

CI Mutual Funds



PORTFOLIO SERIES FUNDS (cont’d)









































Class A1T5 Class A2T5 Class A3T5 Class AT6 Class AT8 Class A1T8 Class A2T8

May 1, 17 May 1, 17 May 1, 17 - Sept. 28, 07 May 1, 17 May 1, 17

May 1, 17 May 1, 17 - Jul. 26, 12* Sept. 28, 07 May 1, 17 -

- - - Jul. 26, 12* - - -

- - - Aug. 10, 12* - - -

May 1, 17 May 1, 17 May 1, 17 Jul. 26, 12* Sept. 28, 07 May 1, 17 -

- - - - - - -

- - - - Sept. 28, 07 May 1, 17 -

Class A3T8 Class E Class ET5 Class ET8 Class EF Class EFT5 Class EFT8

May 1, 17 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15

- Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15 Aug. 4, 15

- Aug. 4, 15 - - Aug. 4, 15 - -

- Aug. 4, 15 - - Aug. 4, 15 - -


- Aug. 4, 15 - - Aug. 4, 15 - -


Class F Class F1 Class F2 Class F3 Class F4 Class F5 Class FT5

Nov. 17, 00 May 1, 17 May 1, 17 May 1, 17 May 1, 17 May 1, 17 Sept. 28, 07







Class F1T5 Class FT8 Class F1T8 Class F2T8 Class F3T8 Class I Class O

May 1, 17 Sept. 28, 07 May 1, 17 May 1, 17 May 1, 17 Oct. 31, 96 Jul. 30, 13

- Sept. 28, 07 May 1, 17 - - Jun. 29, 05 Jul. 30, 13

- - - - - Jun. 29, 05 Jul. 30, 13

- - - - - Nov. 17, 97 Jul. 30, 13

- Sept. 28, 07 - - - Oct. 9, 02 Jul. 30, 13

- - - - - Nov. 17, 97 Jul. 30, 13

- Sept. 28, 07 - - - Jun. 29, 05 Jul. 30, 13

Class OT5 Class OT8 Class P Class PT5 Class PT8 Class U Class UT6

Aug. 4, 15 Aug. 4, 15 May 1, 17 May 1, 17 May 1, 17 - -

Aug. 4, 15 Aug. 4, 15 May 1, 17 - May 1, 17 - -

- - May 1, 17 - - - -

- - May 1, 17 - - Jul. 26, 12* Jul. 26, 12*

Aug. 4, 15 Aug. 4, 15 May 1, 17 - May 1, 17 - -

- - May 1, 17 - - - -

Aug. 4, 15 Aug. 4, 15 May 1, 17 - May 1, 17 - -


– 118 –

CI Mutual Funds












Class Z

-

-

-

Sept. 17, 10*

-

-

-

The objective of each Fund is to pool and manage money contributed by investors (“Unitholders”)

with similar investment goals. The Funds may invest in equities, fixed income securities, derivatives,

underlying funds or some combination thereof according to their specific investment objectives and

strategies. Investments may be held for income or capital appreciation or both. Unitholders share a

Fund’s income, expenses and any gains or losses the Fund makes on its investments generally in

proportion to the value of the securities they own.

Effective as of close of business on December 2, 2016, the following Funds merged:

Terminating Funds Continuing Funds

CI U.S. Equity Plus Fund Cambridge American Equity Fund

Signature Diversified Yield Fund Signature Diversified Yield II Fund

Signature Select Global Fund Signature Global Equity Fund

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 the 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 December 2, 2016, the Continuing Fund acquired all of the

assets of the Terminating Fund in exchange for units in the Continuing Fund. The value of the units of

the Continuing Fund issued in connection with this merger, were equal to the net assets transferred

from the Terminating Fund. The cost associated with the merger was borne by the Manager.

Net Asset Shares

Terminating Funds Continuing Funds Acquired ($) Issued

CI U.S. Equity Plus Fund Cambridge American Equity Fund 18,819,819 1,555,724

Signature Diversified Yield Fund Signature Diversified Yield II Fund 1,209,936,445 122,790,727

Signature Select Global Fund Signature Global Equity Fund 111,200,866 5,648,456

The Terminating Funds’ results are not included in these financial statements.

Prior to January 16, 2017, the Cambridge Monthly Income Fund (formerly Cambridge Income Fund) had

a forward purchase agreement (“Forward Purchase Agreement”) with Bank of Montreal. Under the

Forward Purchase Agreement, the Fund agreed 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. On January 16,

2017, the Cambridge Monthly Income Fund settled the forward purchase agreement.

Prior to January 12, 2017, the Signature High Yield Bond Fund had a forward purchase agreement

(“Forward Purchase Agreement”) with Bank of Montreal. Under the Forward Purchase Agreement, the

Fund agreed 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. On January 12, 2017, the Signature High Yield

Bond Fund settled the forward purchase agreement.

The Statements of Financial Position are as at September 30, 2017 and March 31, 2017. The

Statements of Comprehensive Income, Statements of Changes in Net Assets Attributable to Holders

of Redeemable Units and Statements of Cash Flows are for the periods ended September 30, 2017

and 2016, except for Funds established during current period, in which case the information provided

relates to the period from inception to September 30, 2017, as applicable.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in compliance with International Financial Reporting

Standards (“IFRS”) as published by the International Accounting Standards Board (“IASB”). The

following is a summary of the significant accounting policies of the Funds:

a. Classification and recognition of financial instruments

The Funds recognize financial instruments at fair value upon initial recognition, inclusive of transaction

costs in the case of financial instruments not measured at fair value. Purchases and sales of

financial assets are recognized at their trade date. The Funds’ investments and derivative assets and

liabilities are measured at fair value through profit or loss (“FVTPL”). The Funds’ obligations for net

assets attributable to holders of redeemable units are presented at the redemption amount, which

approximates their fair value. All other financial assets and liabilities are measured at amortized cost,

which approximates their fair value. Under this method, financial assets and liabilities reflect the

amount required to be received or paid, discounted, when appropriate, at the effective rate of interest.


– 119 –

CI Mutual Funds



Financial assets and liabilities are offset and the net amounts are presented in the Statements of

Financial Position when, and only when, the Funds have a legal right to offset the amounts and

intend either to settle on a net basis or to realize the asset and settle the liability simultaneously.

In the normal course of business, the Funds enter into various master netting agreements or similar

agreements that do not meet the criteria for offsetting in the Statements of Financial Position, but still

allow for the related amounts to be offset in certain circumstances, such as bankruptcy or termination

of the contracts.

b. Fair valuation of financial investments

At the financial reporting date, listed securities are valued based on the last traded market price

for financial assets and financial liabilities where the last traded price falls within the day’s bid-ask

spread. In circumstances where the last traded price is not within the bid-ask spread, the Manager

determines the point within the bid-ask spread that is most representative of fair value based on the

existing market conditions. 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. Unlisted warrants, if any, are valued based on a pricing model

which considers factors such as the market value of the underlying security, strike price and terms

of the warrant. Fixed income securities, debentures and other debt instruments including short-term

investments, are valued at the quotation from recognized investment dealers. Underlying funds are

valued on each business day at their net asset value as reported by the underlying funds’ managers.

The fair value of securities where no market price exists 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 these securities may be materially

different from the values that would have been used had a ready market for the investment existed.

The fair values of securities where no market price exists are affected by the perceived credit risks of

the issuer, predictability of cash flows and the length of time to maturity.

c. Financial assets and liabilities at fair value

The Funds classify their investments in equity, fixed income securities and derivatives as financial

assets or financial liabilities at FVTPL.

This category has two sub-categories: financial assets or financial liabilities held for trading (“HFT”);

and those designated at FVTPL at inception.

Financial assets or financial liabilities held for trading

A financial asset or financial liability is classified as HFT if it is acquired or incurred principally

for the purpose of selling or repurchasing in the near term or if on initial recognition it is part of a

portfolio of identifiable financial investments that are managed together and for which there is an

evidence of a recent actual pattern of short-term profit taking. The Funds’ derivative instruments,

warrants and securities sold short are categorized as HFT.

Financial assets or financial liabilities designated at fair value through profit or loss at

inception

Financial assets and financial liabilities designated at FVTPL at inception are financial instruments

that are not classified as HFT, but are managed and their performance is evaluated on a fair value

basis in accordance with the Funds’ documented investment strategy. The Funds’ investments

excluding derivative instruments, warrants and securities sold short are designated as FVTPL.

d. Cash

Cash is comprised of cash on deposit.

e. Cost of investments

Cost of investments represents the amount paid for each security and is determined on an average

cost basis excluding commissions and transactions costs. Average cost does not include amortization

of premiums or discounts on fixed income securities with the exception of zero coupon bonds.

f. Investment transactions and income recognition

Investment transactions are recorded on the trade date – the date on which a Fund commits to

purchase or sell the investment. The interest for distribution purposes disclosed in the Statements of

Comprehensive Income, represents the coupon interest received by the Funds and is accounted for on

an accrual basis. The Funds do not amortize premiums paid or discounts received on the purchase of

fixed income securities, except for zero coupon bonds which are amortized on a straight line basis.

Dividends and distributions from investments are recognized on the ex-dividend/ex-distribution date.

Distributions received from income trusts and underlying funds holdings are recorded as income,

capital gains or a return of capital based on the best information available to the Manager. Due to the

nature of these investments, actual allocations could vary from this information. Distributions from

income trusts and underlying funds that are treated as a return of capital for income tax purposes

reduce the average cost of the income trusts and underlying funds.

Commitment fee income is accounted for on an accrual basis based on the term of the commitment.

g. Functional and presentation currency

The Funds’ functional and presentation currency is Canadian dollar, except for CI US Money Market

Fund, CI U.S. Income US$ Pool and Cambridge U.S. Dividend US$ Fund as those Funds’ functional and

presentation currency is U.S. dollar.

h. Foreign exchange

Foreign currency amounts are translated into the functional currency as follows: fair value of

investments, foreign currency forward contracts and other assets and liabilities at the closing rate

of exchange on each business day; income and expenses, purchases and sales and settlements of

investments at the rate of exchange prevailing on the respective dates of such transactions. Foreign

exchange gains (losses) relating to cash are presented as “Foreign exchange gain (loss) on cash” and

those relating to other financial assets and liabilities are presented within “Net realized gain (loss) on

sale of investments and derivatives” and “Change in unrealized appreciation (depreciation) in value of

investments and derivatives” in the Statements of Comprehensive Income.

i. Unit valuation

Net asset value (“NAV”) per unit of each class is calculated at the end of each day on which the

Toronto Stock Exchange is open for business by dividing the total NAV of each class of a Fund by the

number of units of that class outstanding.

The NAV of each class is computed by calculating the value of that class’ proportionate share of the

Fund’s assets less that class’ proportionate share of the Fund’s common liabilities and less class

specific liabilities. Expenses directly attributable to a class are charged to that class. Other income

and expenses and gains and losses, are allocated to each class proportionately based upon the relative

total NAV of each class.

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As at September 30, 2017 and March 31, 2017 and September 30, 2016, there were no differences

between the NAV used for transactions with unitholders and the net assets attributable to holders of

redeemable units used for reporting purposes under IFRS.

j. Classification of units

The units of each of the Funds, except for Select Canadian Equity Managed Fund, Select International

Equity Managed Fund, Select U.S. Equity Managed Fund, Cambridge Bond Fund, Cambridge Stock

Selection Fund and Signature Cash Management Fund, do not meet the “identical features” criteria

under IAS 32.16A(c) to be classified as equity and therefore, have been classified as liabilities. The

units of Select Canadian Equity Managed Fund, Select International Equity Managed Fund, Select

U.S. Equity Managed Fund, Cambridge Bond Fund, Cambridge Stock Selection Fund and Signature

Cash Management Fund have been classified as liabilities, because each of those Funds has a fixed

termination date.

k. Commissions and other portfolio transaction costs

Transaction costs, such as brokerage commissions, incurred in the purchase and sale of securities, are

included in “Commissions and other portfolio transaction costs” in the Statements of Comprehensive

Income.

l. Increase (decrease) in net assets attributable to holders of redeemable units per unit

Increase (decrease) in net assets attributable to holders of redeemable units per unit in the Statements

of Comprehensive Income is calculated by dividing the increase (decrease) in net assets attributable to

holders of redeemable units of each class of a Fund by the weighted average number of units of that

class outstanding during the period.

m. Foreign currency forward contracts

A Fund may, from time to time, enter into foreign currency forward contracts. Foreign currency forward

contracts are valued on each valuation day based on the difference between the contract rate and the

current forward rate at the measurement date applied to the contract’s notional amount and adjusted

for counterparty risk.

All unrealized gains (losses) arising from foreign currency forward contracts are recorded as part of

“Change in unrealized appreciation (depreciation) in value of investments and derivatives” in the

Statements of Comprehensive Income and “Unrealized gain (loss) on futures and foreign currency

forward contracts” in the Statements of Financial Position until the contracts are closed out or expire,

at which time the gains (losses) are realized and reported as “Net realized gain (loss) on sale of


n. Forward purchase agreement

A Fund may enter into forward purchase agreement (“Forward Purchase Agreement”) with

counterparty (“Counterparty”). Pursuant to Forward Purchase Agreement, a Fund agrees to purchase

from the Counterparty on a future date (“Forward Date”) a specified portfolio of Canadian securities.

The amount paid by the Counterparty on the Forward Date is determined by reference to the returns

of the reference trust/fund. During the term of the Forward Purchase Agreement, the Fund pledges

its assets to the Counterparty. The Fund’s assets are comprised solely of its cash and its Forward

Purchase Agreement. The Fund’s cash is deposited with and pledged to the Counterparty as security

for performance by the Fund of its obligations under the forward transaction.

The value of 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 Trust/Fund are valued at

their net asset value as reported by the Underlying Trust/Fund managers 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) in value of

investments and derivatives” in the Statements of Comprehensive Income and “Unrealized gain (loss)

on purchase forward agreement” in the Statements of Financial Position until the contracts are closed

out or expire; at which time the gains (losses) are realized and reported as “Net realized gain (loss) on

sale of investments and derivatives” in the Statements of Comprehensive Income.

o. Futures contracts

Futures contracts are valued on each valuation day using the closing price posted on the relevant

public exchange. Cash and cash equivalents are held as margin against futures contracts which are

reflected in the “Daily variation margin on derivative instruments” in the Statements of Financial

Position. All unrealized gains (losses) arising from futures contracts are recorded as part of “Change

in unrealized appreciation (depreciation) in value of investments and derivatives” in the Statements of

Comprehensive Income and “Unrealized gain (loss) on futures and foreign currency forward contracts”

in the Statements of Financial Position until the contracts are closed out or expire, at which time

the gains (losses) are realized and reported as “Net realized gain (loss) on sale of investments and

derivatives” in the Statements of Comprehensive Income.

p. Options contracts

Over-the-counter (“OTC”) options are valued using the Black Scholes model, whereas, exchange

traded options are valued at last traded price taken from the exchange. Options 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) in value of investments and derivatives” in the Statements of

Comprehensive Income until the contracts are closed out or expire, at which time the gains (losses)

are realized and reflected in the Statements of Comprehensive Income in “Net realized gain (loss) on

sale of investments and derivatives”.

q. Interest rate swaps

The fair value of interest rate swaps is determined using indicative closing market 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 closing market values are independently assessed internally to

ensure that they are reasonable.

Any income (expense) received (incurred) for interest rate swaps contracts is recorded as “Derivative

income (loss)” in the Statements of Comprehensive Income. The unrealized gain or loss on interest

rate swaps is reflected in the Statements of Comprehensive Income as part of “Change in unrealized

appreciation (depreciation) in value of investments and derivatives”. When the interest rate swaps

contracts are closed out, any gains (losses) are recorded as “Net realized gain (loss) on sale of


r. Credit default swaps

Credit default swaps are agreements that help to mitigate credit risk exposure to certain issuing

entities (“Referenced Entity”) or to increase credit risk exposure to the Referenced Entity by creating a

notional investment position. When a notional investment position is created, the credit risk exposure

is comparable to the exposure that would have resulted had a Fund invested directly in the Referenced

Entity. Under a credit default swap agreement, the protection buyer, whose intention is to reduce its

credit risk exposure to the Referenced Entity, pays a premium to the protection seller, who assumes

the credit risk of a default of the bond of a Referenced Entity. This premium is paid at regular intervals

over the term of the credit default swap agreement. In return for the premium paid, the protection buyer

is entitled to receive from the protection seller full payment for a loss arising from a credit default

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event of the Referenced Entity. A credit default event may be triggered by bankruptcy, failure to pay or

restructuring of the Referenced Entity. If a credit default event occurs, the credit default swap may be

settled by either the physical delivery of the bond for proceeds equal to par value or a cash payment equal

to the loss amount. Credit default swaps are valued based on dealer-supplied valuations.

Changes in value of credit default swap agreements are recorded as part of “Change in unrealized

appreciation (depreciation) in value of investments and derivatives” in the Statements of Comprehensive

Income. Premiums paid or received from credit default swap agreements are included in “Derivative

income (loss)” in the Statements of Comprehensive Income. When credit default swap agreements expire

or are closed out, gains or losses are included in “Net realized gain (loss) on sale of investments and

derivatives” in the Statements of Comprehensive Income.

s. Mortgage-backed and asset-backed securities

Certain Funds invest in mortgage-related and other asset-backed securities. These securities may

include: mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-

backed securities, asset-backed securities, collateralized debt obligations and other securities that

directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans

on real property. The debt and equity securities issued by these securities may include tranches with

varying levels of subordination. These securities may provide a monthly payment which consists of

both interest and principal payments.

Mortgage-related securities are created from pools of residential or commercial mortgage loans,

including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks

and others. Asset-backed securities are created from many types of assets, including auto loans, credit

card receivables, home equity loans and student loans.

Mortgage-related and asset-backed securities are issued as separate tranches, or classes, of securities

within each deal. The securities are also normally valued by pricing service providers that use broker-

dealer quotations or valuation estimates from their internal pricing models. The pricing models for

these securities usually consider tranche-level attributes, current market data, estimated cash-flows,

and market-based yield spreads for each tranche and incorporate deal collateral performance, as

available. The carrying values of mortgage-related and other asset-backed securities are included in

“Investments” in the Statements of Financial Position. The change in fair values of mortgage-related

and other asset-backed securities are included in the Statements of Comprehensive Income in

“Change in unrealized appreciation (depreciation) in value of investments and derivatives”.

t. Bullion

Gold and platinum bullion are carried at FVTPL 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) in value of investments and derivatives” in the

Statements of Comprehensive Income until the bullion holdings are sold, at which time the gains

(losses) are realized and reflected in the Statements of Comprehensive Income in “Net realized gain

(loss) on sale of investments and derivatives”.

u. Short selling

When a Fund sells a security short, it will borrow that security from a broker to complete the sale. As

the Fund borrows a security from the broker, the Fund is required to maintain a margin account with

the broker containing cash or liquid securities. The cash held on margin in respect of short sale activity

is included in the “Margin for short sales” in the Statements of Financial Position. The maximum loss

on securities sold short can be unlimited. 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 Comprehensive Income as

part of “Change in unrealized appreciation (depreciation) in value of investments and derivatives”

and in the Statements of Financial Position in “Investments sold short”. When the short position is

closed out, gains and losses are realized and included in “Net realized gain (loss) on sale investments

and derivatives” in the Statements of Comprehensive Income. Fees paid to a broker for borrowing a

security are included in “Securities borrowing fees” in the Statements of Comprehensive Income.

v. Offsetting of financial instruments

The disclosures set out in the Offsetting of Financial Instruments tables in the Fund Specific Notes

to Financial Statements of each Fund, where applicable, include foreign currency forward contracts

assets and liabilities that are subject to an enforceable master netting arrangement. Transactions

with individual Counterparties are governed by separate master netting agreements. Each agreement

allows for net settlement of certain open contracts where the Funds and respective counterparty both

elect to settle on a net basis. In the absence of such an election, contracts will be settled on a gross

basis. However, each party to the master netting agreement will have the option to settle all open

contracts on a net basis in the event of default of the other party.

International Swaps and Derivatives Association Inc. Master Agreements (“ISDA Master Agreements”)

govern OTC financial derivative transactions entered into by the Funds and select counterparties. The

ISDA Master Agreements maintain provisions for general obligations, representations, agreements,

collateral and events of default or termination. Events of termination include conditions that may

entitle counterparties to elect to terminate early and cause settlement of all outstanding transactions

under the applicable ISDA Master Agreement. Any election to terminate early could be material to the

financial statements. The fair value of OTC financial derivative transactions net of collateral received

in or pledged by counterparty is disclosed in the Fund Specific Notes to Financial Statements.

Funds may be subject to various master agreements or netting arrangements with select counterparties.

These master agreements reduce the counterparty risk associated with relevant transactions by

specifying credit protection mechanisms and providing standardization that improves legal certainty.

Since different types of transactions have different mechanics and are sometimes traded out of

different legal entities of a particular counterparty organization, each type of transaction may be

covered by a different master agreement resulting in the need for multiple agreements with a single

counterparty. As the master agreements are specific to unique operations of different asset types, they

allow the Funds to close out and net their total exposure to a counterparty in the event of a default

with respect to the transactions governed under a single agreement with a counterparty.

w. Investments in associates, joint ventures, subsidiaries and structured entities

Subsidiaries are entities, including investments in other investment entities, over which a Fund has

control. A Fund controls an entity when it is exposed to, or has rights to, variable returns from its

involvement with the entity, and has the ability to affect those returns through its power over the entity.

Associates and joint ventures are investments over which a Fund has significant influence or joint control.

A structured entity is an entity that has been designed so that voting or similar rights are not the dominant

factors in deciding, who controls the entity, or when voting rights relate to administrative tasks only and

the relevant activities are directed by means of contractual arrangements.

The Manager has determined that underlying funds or exchange-traded funds (“ETFs”) held typically

by the Funds meet the definition of structured entities. Mortgage-backed securities or asset-backed

securities are also considered to be unconsolidated structured entities. The Funds account for their

investments in non-consolidated structured entities at FVTPL.

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The Funds that invest in underlying funds are subject to the terms and conditions of the respective

underlying fund’s offering documents and are susceptible to market price risk arising from uncertainties

about future values of those underlying funds. All of the underlying funds in the investment portfolio

are managed by portfolio managers who are compensated by the respective underlying fund for their

services. Such compensation generally consists of an asset-based fee and is reflected in the valuation

of each of the underlying funds, except when the Funds invest in certain classes of the underlying

funds where the compensation to portfolio managers is negotiated and paid outside of respective

underlying fund. The underlying funds finance their operations by issuing redeemable units that entitle

the holders to an equal beneficial interest in a respective underlying fund. The Funds can redeem their

investments in the underlying funds on daily basis.

Certain Funds invest in ETFs. The ETFs finance their operations by issuing redeemable shares which

are puttable at the holder’s option and entitle the holder to a proportional stake in each ETF’s net asset

value. The ETFs are domiciled in Canada, the U.S. and Japan and listed on recognized public stock

exchanges. The Funds’ maximum exposure to loss from their interest in ETFs is equal to the total fair

value of their investments in ETFs.

The Funds’ investments in underlying funds or ETFs are accounted for at FVTPL and included in

“Investments” in the Statements of Financial Position. All unrealized gains (losses) arising from these

investments are recorded as part of “Change in unrealized appreciation (depreciation) in value of

investments and derivatives” in the Statements of Comprehensive Income until these investments are

sold, at which time the gains (losses) are realized and reflected in the Statements of Comprehensive

Income in “Net realized gain (loss) on sale of investments and derivatives”.

The Funds’ maximum exposure to loss from their interest in ETFs, underlying funds and mortgage/

asset-backed securities is equal to the total fair value of their investments in these non-consolidated

structured entities.

Additional information related to Interest in Non-Consolidated Structured Entities for each of the Funds

appears under the Fund Specific Notes to Financial Statements, where applicable.

x. Withholding taxes

A Fund may, from time to time, incur withholding taxes imposed by certain countries on investment

income and capital gains. Such income and gains are recorded on a gross basis and the related

withholding taxes are shown separately in the Statements of Comprehensive Income.

y. Harmonized sales tax

Certain provinces including Ontario, Prince Edward Island, Nova Scotia, New Brunswick and

Newfoundland and Labrador (each a Participating Tax Jurisdiction) have harmonized their provincial

sales tax (“PST”) with the federal goods and services tax (“GST”). The Harmonized Sales Tax (“HST”)

combines the federal GST rate of 5% with the PST rate of the participating province. The province of

Quebec also applies the Quebec sales tax (“QST”) of 9.975%. The Provincial HST liability or refund is

calculated using the residency of unitholders and the value of their interest in the Fund as at specific

times, rather than the physical location of the Fund. The effective sales tax rate charged to each class

of the Fund is based on the unitholders’ proportionate investments by province, using each province’s

HST rate, GST rate in the case of non-participating provinces and/or QST rate. All amounts are

presented as “Harmonized sales tax” in the Statements of Comprehensive Income.

z. Accounting standards issued but not yet adopted

IFRS 9, Financial Instruments

The final version of IFRS 9, Financial Instruments, was issued by the IASB in July 2014 and will

replace IAS 39 Financial Instruments – Recognition and Measurement. IFRS 9 introduces a model

for classification and measurement, a single, forward-looking ‘expected loss’ impairment model and

a substantially reformed approach to hedge accounting. The new single, principle based approach

for determining the classification of financial assets is driven by cash flow characteristics and the

business model in which an asset is held. The new model also results in a single impairment model

being applied to all financial instruments, which will require more timely recognition of expected

credit losses. It also includes changes in respect of the entity’s own credit risk in measuring liabilities

elected to be measured at fair value, so that gains caused by the deterioration of an entity’s own credit

risk on such liabilities are no longer recognized in profit or loss. IFRS 9 is effective for annual periods

beginning on or after January 1, 2018. The Manager of the Funds’ is in the process of assessing the

impact of IFRS 9.

3. CRITICAL ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements in accordance with IFRS requires management to make

judgments, estimates and assumptions that affect the application of accounting policies and

reported amounts of assets and liabilities at the reporting date and the reported amounts of income

and expenses during the reporting period. The following discusses the most significant accounting

judgments and estimates that the Funds have made in preparing their financial statements:

Fair value measurement of investments and derivatives not quoted in active market

The Funds may, from time to time, hold financial instruments that are not quoted in active

markets, such as unlisted securities, private securities or derivatives. 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.

The fair value of private securities 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 these securities 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 securities are affected by the perceived credit risks

of the issuer, predictability of cash flows and the length of time to maturity.

Valuation models use observable data, to the extent practicable. However, areas such as credit

risk (both own and counterparty); volatilities and correlations require the Manager to make

estimates. Changes in assumptions about these factors could affect the reported fair values of

financial instruments.

The Funds consider observable data to be market data that is readily available, regularly

distributed and updated, reliable and verifiable, not proprietary, and provided by independent

sources that are actively involved in the relevant market.

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Classification and measurement of investments and application of the fair value option

In classifying and measuring financial instruments held by the Funds, the Manager is required

to make significant judgments about whether or not the business of the Funds is to invest on a

total return basis for the purpose of applying the fair value option for the financial assets under

IAS 39, Financial Instruments – Recognition and Measurement. The most significant judgment

made includes the determination that the fair value option can be applied to those investments

that are not HFT.

4. REDEEMABLE UNITS

Redeemable units issued and outstanding represent the capital of each Fund.

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. The relevant changes pertaining to subscription and redemption of

each Fund’s units are disclosed in the Statements of Changes in Net Assets Attributable to Holders

of Redeemable Units. In accordance with the objectives and risk management policies outlined in

Notes 1 and 10, 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.

Redeemable unit transactions information appears in the Fund Specific Notes to Financial Statements

of each of the Funds.

In order to establish each individual class the Manager has made initial investments in certain Funds.

As at September 30, the Manager held investments in the following Funds:

2017 2016

Fund (in $) (in $)

CI American Small Companies Fund 98,957 19,912

CI American Value Fund 81,649 9,997

CI Canadian Dividend Fund 75,325 10,683

CI Canadian Investment Fund 65,818 -

CI Canadian Small/Mid Cap Fund 54,101 10,829

CI Global High Dividend Advantage Fund 72,241 -

CI Global Small Companies Fund 62,452 19,702

CI Global Value Fund 93,171 20,105

CI Income Fund 82,819 -

CI International Fund 112,985 18,245

CI International Value Fund 113,365 19,829

CI Investment Grade Bond Fund 119,808 159,337

CI Money Market Fund 82,179 10,032

CI Pacific Fund 72,591 19,931

CI U.S. Income US$ Pool 106,236 13,792

CI US Money Market Fund 113,871 13,141

Lawrence Park Strategic Income Fund 74,859 43,098

Marret High Yield Bond Fund 104,456 31,761

Marret Short Duration High Yield Fund 95,493 42,466

Marret Strategic Yield Fund 1,255,731 1,116,925

Select Staging Fund 22,149 22,034

Cambridge American Equity Fund 33,328 10,298

2017 2016

Fund (cont’d) (in $) (in $)

Cambridge Asset Allocation Fund 162,627 n/a

Cambridge Balanced Yield Pool 142,971 n/a

Cambridge Canadian Dividend Fund 73,788 -

Cambridge Canadian Equity Fund 175,217 n/a

Cambridge Canadian Growth Companies Fund 78,742 -

Cambridge Canadian Short-Term Bond Pool 147,590 n/a

Cambridge Global Dividend Fund 90,019 10,713

Cambridge Global Equity Fund 175,543 n/a

Cambridge Global High Income Fund 71,279 -

Cambridge Growth Companies Fund 175,691 n/a

Cambridge Income Fund 49,553 -

Cambridge Premium Yield Pool 144,050 n/a

Cambridge Pure Canadian Equity Fund 45,027 -

Cambridge Stock Selection Fund 2,235,485 1,988,261

Cambridge U.S. Dividend Fund 90,835 20,567

Cambridge U.S. Dividend Registered Fund 168,459 2,499,694

Cambridge U.S. Dividend US$ Fund 180,852 -

Harbour Analyst Fund 987,190 n/a

Harbour Fund 93,020 -

Harbour Global Equity Fund 170,945 n/a

Harbour Global Growth & Income Fund 153,328 n/a

Harbour Growth & Income Fund 62,834 10,508

Black Creek Global Balanced Fund 52,510 18,285

Black Creek Global Leaders Fund 54,782 -

Black Creek International Equity Fund 70,247 -

Signature Canadian Balanced Fund 54,811 -

Signature Canadian Bond Fund 73,282 -

Signature Corporate Bond Fund 82,967 -

Signature Diversified Yield II Fund 71,818 -

Signature Dividend Fund 75,907 -

Signature Emerging Markets Fund 87,154 9,757

Signature Floating Rate Income Pool 1,003,098 n/a

Signature Global Bond Fund 88,374 -

Signature Global Dividend Fund 54,206 -

Signature Global Equity Fund 85,714 9,454

Signature Global Income & Growth Fund 73,404 -

Signature Global Resource Fund 64,575 11,450

Signature High Income Fund 63,885 -

Signature High Yield Bond Fund 70,004 26,691

Signature High Yield Bond II Fund 73,873 10,649

Signature Income & Growth Fund 45,818 -

Signature Preferred Share Pool 112,584 141,278

Signature Real Estate Pool 49,861 125,984

Signature Select Canadian Fund 88,291 -

Signature Short-Term Bond Fund 60,293 10,117

Signature Tactical Bond Pool 98,819 -

Synergy American Fund 122,451 35,782

Synergy Tactical Asset Allocation Fund 73,550 10,080

Portfolio Series Balanced Fund 226,479 48,641

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2017 2016

Fund (cont’d) (in $) (in $)

Portfolio Series Balanced Growth Fund 197,562 76,597

Portfolio Series Conservative Balanced Fund 81,973 -

Portfolio Series Conservative Fund 81,463 -

Portfolio Series Growth Fund 216,314 86,818

Portfolio Series Income Fund 81,526 -

Portfolio Series Maximum Growth Fund 209,696 87,341

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager of each Fund 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 and provision of key management personnel.

The management fee is calculated based on a percentage of the net asset values of each class of a

Fund (other than Class I, IT8, O, OT5, OT8, P, PT5 and PT8) at the end of each business day.

Investors in Class I, IT8 O, OT5, OT8, P, PT5 and PT8 units are charged management fees directly as

negotiated between the investor and the Manager.

During the period ended September 30, 2017, the Manager of the Funds absorbed a total of $712,000

(2016 - $904,000) and U.S.$8,000 (2016 – U.S.$48,000) in management fees due to the declining yields

generated by the following funds: CI Money Market Fund and CI US Money Market Fund, respectively.

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

costs and new governmental fees) in return for a fixed annual 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) at the end of each business day.

Investors in Class I and IT8 units are charged administration fees directly as negotiated between the

investor and the Manager.

A Fund that invests in units/shares of underlying funds will not pay a duplicate management and

administration fees on the portion of assets that are invested in units/shares of underlying funds.

During the reporting period, a Fund may have received a management and/or administration fee

rebates from the underlying funds’ Manager relating to its investment in the 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 Financial Position and Statements of Comprehensive Income

of each Fund, as applicable.

Refer to the Management and Administration Fees in the Fund Specific Notes to the Financial

Statements for the management and administrative fee rates applicable to each class.

Prior to settlement of forward purchase agreements Cambridge Monthly Income Fund and Signature

High Yield Bond Fund paid 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 Trust/Fund under the Forward

Agreements calculated and paid monthly. Forward fees paid to the counterparties are included in

“Forward fees” in the Statements of Comprehensive Income.

6. SECURITIES LENDING

Certain Funds have entered into a securities lending program with their Custodian. The aggregate

market value of all securities loaned by a Fund cannot exceed 50% of the assets of the Fund. 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 as well as reconciliation between gross securities lending

revenue and securities lending revenue received by each Fund appear on the Fund Specific Notes to

the Financial Statements. Revenue from securities lending is included in “Securities lending revenue”

in the Statements of Comprehensive Income and any cash collateral received or cash collateral

payable is included in the Statements of Financial Position in “Cash collateral received for securities

on loan” or “Payable for cash collateral under securities lending”.

7. INCOME TAXES

The Funds, except for CI U.S. Income US$ Pool, Marret Short Duration High Yield Fund, Marret

High Yield Bond Fund, Marret Strategic Yield Fund, Select Canadian Equity Managed Fund, Select

International Equity Managed Fund, Select Staging Fund, Select U.S. Equity Managed Fund, Cambridge

Balanced Yield Pool, Cambridge Bond Fund, Cambridge Canadian Short Term Pool, Cambridge Premium

Yield Pool, Cambridge Stock Selection Fund, Harbour Analyst Fund and Signature Cash Management

Fund, qualify as a mutual fund trust under the Income Tax Act (Canada). All of the Funds’ net income

for tax purposes and sufficient net capital gains realized in any period are required to be distributed

to unitholders such that no income tax is payable by each of the Funds. As a result, the Funds do

not record income taxes. Since the Funds do not record income taxes, the tax benefit of capital and

non-capital losses has not been reflected in the Statements of Financial Position as a deferred income

tax asset. 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. Occasionally, the Funds may distribute more than it earns. This

excess distribution is a return of capital and is not taxable to unitholders.

CI Canadian Dividend Fund under distributed net realizable capital gains during the year ended

December 31, 2011, which resulted in a tax payable. Under the terms of an agreement dated

March 12, 2012, a third party administrator has acknowledged its responsibility and unconditionally

assumed the tax liability, and the Fund has agreed to undertake all commercially reasonable and

legally permissible measures, not to the detriment of unitholders, to recover tax payments and remit

such recovered amounts, if any, to the third party administrator as they occur. In 2012, the taxes

were paid in accordance with the agreement. The under distribution of realized capital gains did not

adversely impact the unitholders of the Fund as the balance was paid by the 3rd party administrator.

The remaining tax payable and tax recoverable amounts are included in “Other” in the Statements

of Financial Position.

The CI U.S. Income US$ Pool, Marret Short Duration High Yield Fund, Marret High Yield Bond Fund,

Marret Strategic Yield Fund, Select Canadian Equity Managed Fund, Select International Equity

Managed Fund, Select Staging Fund, Select U.S. Equity Managed Fund, Cambridge Balanced Yield

Pool, Cambridge Bond Fund, Cambridge Canadian Short Term Pool, Cambridge Premium Yield Pool,

Cambridge Stock Selection Fund, Harbour Analyst Fund and Signature Cash Management Fund, qualify

as a unit trust under the Income Tax Act (Canada) and are not subject to tax on their net income,

including net realized capital gains for the taxation year, which is paid or payable to their 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 to its unitholders will be taxable to that Fund. It is the

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CI Mutual Funds



intention of each Fund to distribute all net taxable income and sufficient net realized capital gains so

that the Funds will not be subject to income tax. As a result, the Funds do not record income taxes. As

a result, the Funds do not record income taxes. Since the Funds do not record income taxes, the tax

benefit of capital and non-capital losses has not been reflected in the Statements of Financial Position

as a deferred income tax asset. Occasionally, a Fund may distribute more than it earns. This excess

distribution is a return of capital and is not taxable to unitholders.

8. 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.

9. RELATED PARTY TRANSACTIONS

The Funds may have direct or indirect holdings in CI Financial Corp. or its affiliates or other funds

managed by the Manager as identified in the Schedule of Investment Portfolio and the Fund Specific

Notes to the Financial Statements, where applicable.

The Manager of the Funds may, from time to time, make initial investments in certain classes of

certain Funds to help establish a class or a Fund. Details of the investments made by the Manager

are disclosed in Note 4.

For certain Funds, the “Proceeds from redeemable units issued” include amounts related to

accumulated interest from previous periods that have been distributed to unitholders through the

issuance of new units as well as amounts contributed by the Manager related thereto.

Inter-fund trading

Inter-fund trading occurs when a Fund purchases or sells a security of any issuer from or to another

Fund managed by the Manager. These transactions are executed through market intermediaries and

under prevailing market terms and conditions. The Independent Review Committee reviews such

transactions during scheduled meetings. During the period ended September 30, 2017, certain Funds

executed inter-fund trades.

10. FINANCIAL INSTRUMENTS RISK

Risk management

The Funds are exposed to a variety of financial instruments risks: credit risk, liquidity risk and market

risk (including other price risk, currency risk and interest rate risk). The level of risk to which each

Fund is exposed to 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.

Concentration risk

Concentration risk arises as a result of the concentration of exposures within the same category,

whether it is a geographical allocation, asset type, industry sector or counterparty.

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 Schedule 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 a counterparty to a derivative instrument is disclosed in Schedule

of Investment Portfolio or in Fund Specific Notes to the Financial Statements section of the financial

statements of each Fund, if applicable. The credit risk exposure of the Fund’s other assets is represented

by their carrying amount as disclosed in the Statements of Financial Position.

The Portfolio Series Funds invest only in units/shares of underlying funds and may be exposed

to indirect credit risk in the event that the underlying funds invest in debt instruments, preferred

securities and derivatives.

Credit ratings for debt securities, preferred securities and derivative instruments are obtained from

S&P Global Ratings, where available, otherwise ratings are obtained from: Moody’s Investors Service

or Dominion Bond Rating Service, respectively.

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 Schedule 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, with exception of restricted cash balances and margin accounts, as disclosed in the

Statements of Financial Position are maintained by the Custodian. The Manager monitors the credit

worthiness of the Custodian on a regular basis. As at September 30, 2017, the credit rating of the

Custodian was AA- (March 31, 2017 – AA-).

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.

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CI Mutual Funds



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. All financial liabilities are

due within three months.

Market risk

The Funds’ investments are subject to market risk which is the risk that the fair value of future cash

flows of a financial instrument will fluctuate due to changes in market conditions.

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 currency risk or interest rate 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. Except for options written, future contracts sold short and investments sold short, the

maximum risk resulting from financial instruments is equivalent to their fair value. On written call

options, short future positions and on equity and debt sold short, the maximum loss of capital can

be unlimited.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to significant other price risk.

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 Schedule 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/shares of underlying funds and may be exposed to

indirect currency risk in the event that the underlying funds invest in financial instruments that are

denominated in a currency other than the functional currency of the Fund.

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 units, convertible securities are generally less affected by interest

rate fluctuations than other debt securities.

The Portfolio Series Funds invest only in units/shares of underlying funds and may be exposed to

indirect interest rate risk in the event that the underlying funds invest in interest bearing financial

instruments.

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 includes publicly traded equities, exchange-traded and retail mutual

funds, exchange-traded warrants, futures contracts, traded options, American depositary receipts

(“ADRs”) and Global depositary receipts (“GDRs”).

Financial instruments that trade in markets that are not considered to be active but are valued based

on quoted market prices, dealer quotations or alternative pricing sources supported by observable

inputs are classified as Level 2. These include fixed income securities, mortgage-backed securities

(“MBS”), short-term instruments, non-traded warrants, over-the-counter options, structured notes of

indexed securities, foreign currency forward contracts and swap instruments.

Investments classified as Level 3 have significant unobservable inputs. Level 3 instruments include

private equities, private term-loans, private equity funds and certain derivatives. As observable prices

are not available for these securities, the Funds may use a variety of valuation techniques to derive

the fair value.

The Funds’ policy is to recognize transfers into and out of the fair value hierarchy levels as of the date

of the event or change in circumstances giving rise to the transfer.

During the six-month period the exposure to financial instruments risks including fair value hierarchy

classification changed significantly for some of the Funds as per details disclosed in the Fund Specific

Notes to Financial Statements of each of those Funds. 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, 2017, as these Funds’ exposure remained the same throughout

the period.

11. SUBSEQUENT EVENTS

On August 23, 2017, CI Investments Inc. announced Fund mergers. The mergers, subject to receiving

all necessary unitholder and regulatory approvals, will take effect no later than November 3, 2017.

Terminating Funds Continuing Funds

CI International Fund CI International Value Fund

Signature High Yield Bond Fund Signature High Yield Bond II Fund

Synergy Tactical Asset Allocation Fund Signature Income & Growth Fund

Marret Strategic Yield Fund Signature Diversified Yield II Fund

Effective November 6, 2017, CI Canadian Dividend Fund will change its name to Harbour Canadian

Dividend Fund.

– 127 –

Legal Notice


You can get additional copies of these Financial Statements at your request, and at no cost, by calling

1-800-792-9374, by emailing [email protected], or by asking your representative.

Certain names, words, phrases, graphics or designs in this document may constitute trade names,

registered or unregistered trademarks or service marks of CI Investments Inc. ®CI Funds, CI Financial,

CI Investments, CI Investments design, Cambridge, Harbour Funds, Global Managers, American Managers

and G5|20 Series are registered trademarks of CI Investments Inc. ™The Portfolio Select Series and

Signature Funds are trademarks of CI Investments Inc.

This document, and other information about the funds, is available at www.ci.com, or at

www.sedar.com.

PS_SA_11/17E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-11451-800-268-9374

Calgary403-205-43961-800-776-9027

Montreal514-875-0090 1-800-268-1602

Vancouver604-681-3346 1-800-665-6994

Client ServicesEnglish: 1-800-563-5181French: 1-800-668-3528

Semi-Annual Financial Statements - September 30, 2017 · oroio eries aaced d emi- a l iacia aeme s...

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