Annual Financial Statements - March 31, 2019 · 2019-06-27 · CI ieCce 2015 oroio a i acia aemes - arc 31, 2019 – 4 – Statements of Financial Position as at March 31 (in $000’s

CI LifeCycle Portfolios

Annual Financial Statements - March 31, 2019

Table of Contents


Independent Auditor’s Report .............................................................................................. 1

CI LifeCycle 2015 Portfolio ......................................................................................................... 4









CI LifeCycle Income Portfolio ...................................................................................................... 89

Notes to the Financial Statements ...................................................................................... 99

Legal Notice ............................................................................................................................. 104

– 1 –Annual Financial Statements - March 31, 2019

PricewaterhouseCoopers LLP PwC Tower, 18 York Street, Suite 2600, Toronto, Ontario, Canada M5J oB2 T: +1 416 863 1133, F: +1 416 365 8215

“PwC” refers to PricewaterhouseCoopers LLP, an Ontario limited liability partnership.

Independent auditor’s report

To the Unitholders and Trustee of

CI LifeCycle 2015 Portfolio CI LifeCycle 2020 Portfolio CI LifeCycle 2025 Portfolio CI LifeCycle 2030 Portfolio CI LifeCycle 2035 Portfolio CI LifeCycle 2040 Portfolio CI LifeCycle 2045 Portfolio CI LifeCycle 2050 Portfolio CI LifeCycle 2055 Portfolio CI LifeCycle Income Portfolio

(collectively, the Funds, individually the Fund)

Our opinion

In our opinion, the accompanying financial statements of each of the Funds present fairly, in all material respects, the financial position of each Fund as at March 31, 2019 and 2018 and its financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board (IFRS).

What we have audited The financial statements of each of the Funds comprise:

the statements of financial position as at March 31, 2019 and 2018;

the statements of comprehensive income for the years then ended;

the statements of changes in net assets attributable to holders of redeemable units for the years then ended;

the statements of cash flows for the years then ended; and

the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Independence We are independent of each of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethical responsibilities in accordance with these requirements.

Responsibilities of management and those charged with governance for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements of each of the Funds in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the ability of each of the Funds to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate any of the Funds or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the financial reporting process of each of the Funds.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each of the Funds.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements of each of the Funds, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control of each of the Funds.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.


Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of each of the Funds to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each of the Funds or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause any of the Funds to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements of each of the Funds, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, Ontario June 24, 2019

CI LifeCycle 2015 Portfolio


Statements of Financial Position as at March 31(in $000’s except for per unit amounts and units outstanding)

2019 2018

5,913 6,717 60 66

- - - -

- - - - - - - - 1 1 - - - - - - - - - 2 5,974 6,786

- - - -

- - - - - - - -

- - - - - - - - - - - - - - - - - -

5,974 6,786

5,817 6,660 - -

Statements of Financial Position (cont’d)as at March 31(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:

2019 2018 2019 2018 2019 2018Class I 5,974 6,786 10.64 10.65 561,741 637,048Assets

Current 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

CIG - 5553



Statements of Comprehensive Incomefor the years ended March 31(in $000’s except for per unit amounts and number of units)

2019 2018

28 20 14 21 116 92 58 76 - - - -

- - - -

(7) 24

39 (6) 248 227 (1) - - - - 1 - - (1) 1 247 228

- - - - - - - - - - - - 3 3 - - 3 3

244 225



Statements of Comprehensive Income (cont’d)for the years ended March 31(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:

2019 2018 2019 2018 2019 2018Class I 244 225 0.40 0.38 605,318 611,367Income

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 years ended March 31 (in $000’s)

Net assets attributable to holders of redeemable units at the beginning of yearIncrease (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 year



Class I 2019 2018 6,786 6,354 244 225

(154) (132) (113) (120) - - (267) (252)

120 382 267 252 (1,176) (175) (789) 459 (812) 432 5,974 6,786



Statements of Cash Flowsfor the years ended March 31 (in $000’s)

2019 2018

244 225

7 (24) - - - -

(39) 6 1,493 1,528 (483) (1,813) - - (174) (168) - - - - - - - - - - - - - - 1,048 (246)

- - 122 380 (1,176) (175) (1,054) 205

- - (6) (41) 66 107 60 66

25 17 14 21 - - - - - -

*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 yearCash (bank overdraft), end of year

Supplementary Information:Dividends received, net of withholding tax*Interest received, net of withholding tax*Dividends paid*Interest paid*Tax recoverable (paid)



FUND(S) (77.7%) 6,333 Black Creek International Equity Fund (Class I)† 141,298 128,178 6,446 Cambridge American Equity Corporate Class (I Shares)† 123,407 137,596 13,300 Cambridge Pure Canadian Equity Fund (Class I)† 283,985 282,669 4,626 CI American Value Corporate Class (I Shares)† 134,484 154,112 2,680 CI Can-Am Small Cap Corporate Class (I Shares)† 61,902 58,905 4,372 CI Global Small Companies Corporate Class (I Shares)† 88,024 89,544 75,118 CI Income Fund (Class I)† 652,158 650,744 6,725 CI International Value Corporate Class (I Shares)† 107,489 112,039 11,925 Harbour Corporate Class (I Shares)† 221,294 224,611 72,616 Signature Canadian Bond Fund (Class I)† 780,053 766,837 3,369 Signature Emerging Markets Corporate Class (I Shares)† 47,704 56,330 55,299 Signature Global Bond Fund (Class I)† 478,086 471,688 20,053 Signature High Yield Bond II Fund (Class I)† 211,365 208,066 12,226 Signature Select Canadian Corporate Class (I Shares)† 245,403 262,073 159,009 Signature Short-Term Bond Fund (Class I)† 826,472 813,408 12,235 Synergy Canadian Corporate Class (I Shares)† 216,837 224,964 4,619,961 4,641,764 EXCHANGE-TRADED FUND(S) (21.3%) 5,662 BMO MSCI EAFE Index ETF (CAD-Hedged)* 112,381 118,732 1,640 First Asset Long Duration Fixed Income ETF†† 32,181 32,980 19,102 iShares Canadian Real Return Bond Index ETF 474,172 470,482 1,354 iShares Core Canadian Long Term Bond Index ETF 32,153 33,363 5,707 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 197,619 205,191 4,429 SPDR Dow Jones Global Real Estate ETF 262,403 296,056 2,341 Vanguard S&P 500 Index ETF (CAD-Hedged) 86,860 114,569 1,197,769 1,271,373 Commissions and other portfolio transaction costs (328)

Total Investment Portfolio (99.0%) 5,817,402 5,913,137 Other Net Assets (Liabilities) (1.0%) 61,003 Net Assets Attributable to Holders of Redeemable Units (100.0%) 5,974,140

*Denotes all or part of securities on loan.†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. Cl Investments Inc., the Manager of the Fund, and First Asset Investment Management Inc. are both controlled by Cl Financial Corp. 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 March 31, 2019

No. of Shares/Units Description

AverageCost ($)

FairValue ($)




Fund Specific Notes to Financial Statements

Interest in Non-Consolidated Structured Entities (Note 2)

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

as at March 31, 2019 Fair Value of

the Underlying Fund(s) / ETFsFair Value of the Fund’s Investment

in the Underlying Fund(s) / ETFsOwnership in the

Underlying Fund(s) / ETFs

Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Short-Term Bond Fund 65,136 813 1.2Signature High Yield Bond II Fund 97,278 208 0.2CI Global Small Companies Corporate Class 50,723 90 0.2iShares Canadian Real Return Bond Index ETF 399,330 470 0.1Cambridge Pure Canadian Equity Fund 330,312 283 0.1First Asset Long Duration Fixed Income ETF 56,218 33 0.1Signature Canadian Bond Fund 3,365,746 767 -CI Income Fund 6,674,165 651 -Signature Global Bond Fund 1,686,165 471 -SPDR Dow Jones Global Real Estate ETF 3,068,649 296 -Signature Select Canadian Corporate Class 940,349 262 -Harbour Corporate Class 485,600 225 -Synergy Canadian Corporate Class 1,063,136 225 -SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 999,683 205 -CI American Value Corporate Class 549,957 154 -Cambridge American Equity Corporate Class 344,405 138 -Black Creek International Equity Fund 1,448,749 128 -BMO MSCI EAFE Index ETF (CAD-Hedged) 620,523 119 -Vanguard S&P 500 Index ETF (CAD-Hedged) 826,782 115 -CI International Value Corporate Class 437,081 112 -CI Can-Am Small Cap Corporate Class 157,955 59 -Signature Emerging Markets Corporate Class 604,249 56 -iShares Core Canadian Long Term Bond Index ETF 581,504 33 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Short-Term Bond Fund 75,644 621 0.8Signature High Yield Bond II Fund 136,068 233 0.2CI Global Small Companies Corporate Class 52,204 109 0.2iShares Canadian Real Return Bond Index ETF 428,871 530 0.1Cambridge Pure Canadian Equity Fund 380,814 344 0.1First Asset Long Duration Fixed Income ETF 54,989 54 0.1Signature Canadian Bond Fund 3,273,244 955 -CI Income Fund 7,807,392 733 -Signature Global Bond Fund 1,894,448 530 -SPDR Dow Jones Global Real Estate ETF 3,340,990 341 -Signature Select Canadian Corporate Class 1,060,576 332 -Synergy Canadian Corporate Class 1,194,777 286 -Harbour Corporate Class 596,794 281 -SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 936,210 234 -CI American Value Corporate Class 523,739 197 -Cambridge American Equity Corporate Class 384,176 182 -Black Creek International Equity Fund 1,617,985 149 -Vanguard S&P 500 Index ETF (CAD-Hedged) 645,007 136 -CI International Value Corporate Class 593,680 134 -BMO MSCI EAFE (Hedged to CAD) Index ETF 666,710 133 -Signature Emerging Markets Corporate Class 382,014 77 -CI Can-Am Small Cap Corporate Class 211,829 71 -iShares Core Canadian Long Term Bond Index ETF 395,744 55 -



Redeemable Unit Transactions (Note 4)for the years ended March 31

Number of redeemable units at the beginning of yearRedeemable units issued for cashRedeemable units issued for reinvested distributionsRedeemable units redeemedNumber of redeemable units at the end of year


†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 years ended March 31 (in $000’s)

2019 2018Brokerage commissions - -Soft dollar commissions† - -

Class I 2019 2018 637,048 594,927 11,286 34,860 26,682 23,664 (113,275) (16,403) 561,741 637,048





Management and Administration Fees (Note 5) as at March 31, 2019 (%)

Annual management

fee rate:

Annual fixed administration

fee rate: Class I Paid directly by investor -

Securities Lending (Note 6)as at March 31 (in $000’s)

2019 2018Loaned 118 6Collateral (non-cash) 121 6

Securities Lending Revenue Reconciliation (Note 6)for the years ended March 31 (in $000’s)

2019 2018Gross securities lending revenue - 1Charges - -Securities lending revenue - 1% of gross securities lending revenue - -

Related Party Investments (Note 9)as at March 31 (in $000’s)

Investments 2019Black Creek International Equity Fund (Class I) 128Cambridge American Equity Corporate Class (I Shares) 138Cambridge Pure Canadian Equity Fund (Class I) 283CI American Value Corporate Class (I Shares) 154CI Can-Am Small Cap Corporate Class (I Shares) 59CI Global Small Companies Corporate Class (I Shares) 90CI Income Fund (Class I) 651CI International Value Corporate Class (I Shares) 112First Asset Long Duration Fixed Income ETF 33Harbour Corporate Class (I Shares) 225Signature Canadian Bond Fund (Class I) 767Signature Emerging Markets Corporate Class (I Shares) 56Signature Global Bond Fund (Class I) 471Signature High Yield Bond II Fund (Class I) 208Signature Select Canadian Corporate Class (I Shares) 262Signature Short-Term Bond Fund (Class I) 813Synergy Canadian Corporate Class (I Shares) 225

Investments 2018Black Creek International Equity Fund (Class I) 149Cambridge American Equity Corporate Class (I Shares) 182Cambridge Pure Canadian Equity Fund (Class I) 344CI American Value Corporate Class (I Shares) 197CI Can-Am Small Cap Corporate Class (I Shares) 71CI Global Small Companies Corporate Class (I Shares) 109CI Income Fund (Class I) 733CI International Value Corporate Class (I Shares) 134First Asset Long Duration Fixed Income ETF 54Harbour Corporate Class (I Shares) 281Signature Canadian Bond Fund (Class I) 955Signature Emerging Markets Corporate Class (I Shares) 77Signature Global Bond Fund (Class I) 530Signature High Yield Bond II Fund (Class I) 233Signature Select Canadian Corporate Class (I Shares) 332Signature Short-Term Bond Fund (Class I) 621Synergy Canadian Corporate Class (I Shares) 286

Loss Carry Forwards (Note 7)as at March 31 (in $000’s)

2019Net capital loss carried forward: -Non-capital losses expiring:2028 -2029 -2030 -2031 -2032 -2033 -2034 -2035 -2036 -2037 -2038 -Total -




Other Price RiskAs at March 31, 2019 and 2018, the Fund indirectly bears the other price risk exposure of the Underlying Funds.

As at March 31, 2019, had the equities in the investment portfolios of the Underlying Funds increased or decreased by 10% (March 31, 2018 - 10%), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $591,000 (March 31, 2018 - $672,000). In practice, actual results may differ from this analysis and the difference may be material.

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

as at March 31, 2019~

Currency

Financial Instruments Exposure Derivatives

Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 501 - 501 8.4 Total 501 - 501 8.4


Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 575 - 575 8.5 Total 575 - 575 8.5

~Includes monetary and non-monetary instruments.

As at March 31, 2019, had the Canadian dollar strengthened or weakened by 10% (March 31, 2018 - 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 decreased or increased, respectively, by approximately $50,000 (March 31, 2018 - $58,000). In practice, actual results may differ from this analysis and the difference may be material.

Refer to Note 11 for discussion of other financial instrument risks.

Fair Value Hierarchy

The tables below summarize the inputs used by the Fund in valuing the Fund’s investments and derivatives carried at fair value.

Long Positions at fair value as at March 31, 2019Level 1 Level 2 Level 3 Total

(in $000’s) (in $000’s) (in $000’s) (in $000’s)Fund(s) 4,642 - - 4,642 Exchange-Traded Fund(s) 1,271 - - 1,271 Total 5,913 - - 5,913

Financial Instruments Risks (Note 11)

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

as at March 31, 2019 Funds Net Assets (%)Signature Short-Term Bond Fund (Class I) 13.5 Signature Canadian Bond Fund (Class I) 12.8 CI Income Fund (Class I) 10.9 Signature Global Bond Fund (Class I) 7.9 iShares Canadian Real Return Bond Index ETF 7.9 SPDR Dow Jones Global Real Estate ETF 5.0 Cambridge Pure Canadian Equity Fund (Class I) 4.7 Signature Select Canadian Corporate Class (I Shares) 4.4 Harbour Corporate Class (I Shares) 3.8 Synergy Canadian Corporate Class (I Shares) 3.8 Signature High Yield Bond II Fund (Class I) 3.5 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.4 CI American Value Corporate Class (I Shares) 2.6 Cambridge American Equity Corporate Class (I Shares) 2.3 Black Creek International Equity Fund (Class I) 2.1 BMO MSCI EAFE Index ETF (CAD-Hedged) 2.0 CI International Value Corporate Class (I Shares) 1.9 Vanguard S&P 500 Index ETF (CAD-Hedged) 1.9 CI Global Small Companies Corporate Class (I Shares) 1.5 CI Can-Am Small Cap Corporate Class (I Shares) 1.0 Other Net Assets (Liabilities) 1.0 Signature Emerging Markets Corporate Class (I Shares) 0.9 First Asset Long Duration Fixed Income ETF 0.6 iShares Core Canadian Long Term Bond Index ETF 0.6

as at March 31, 2018 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 14.1 CI Income Fund (Class I) 10.8 Signature Short-Term Bond Fund (Class I) 9.2 Signature Global Bond Fund (Class I) 7.8 iShares Canadian Real Return Bond Index ETF 7.8 Cambridge Pure Canadian Equity Fund (Class I) 5.1 SPDR Dow Jones Global Real Estate ETF 5.0 Signature Select Canadian Corporate Class (I Shares) 4.9 Synergy Canadian Corporate Class (I Shares) 4.2 Harbour Corporate Class (I Shares) 4.1 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.5 Signature High Yield Bond II Fund (Class I) 3.4 CI American Value Corporate Class (I Shares) 2.9 Cambridge American Equity Corporate Class (I Shares) 2.7 Black Creek International Equity Fund (Class I) 2.2 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.0 CI International Value Corporate Class (I Shares) 2.0 BMO MSCI EAFE (Hedged to CAD) Index ETF 2.0 CI Global Small Companies Corporate Class (I Shares) 1.6 Signature Emerging Markets Corporate Class (I Shares) 1.1 CI Can-Am Small Cap Corporate Class (I Shares) 1.0 Other Net Assets (Liabilities) 1.0 iShares Core Canadian Long Term Bond Index ETF 0.8 First Asset Long Duration Fixed Income ETF 0.8





Fair Value Hierarchy (cont’d)



There were no transfers between Level 1, 2 and 3 during the years ended March 31, 2019 and 2018.





2019 2018

57,649 56,303 649 565

- - - -

- - - - - - - - 9 13 - - - - - - - - 14 70 58,321 56,951

- - - -

- - - - - - - -

- - - - - - 219 19 - - - - - - - - 219 19

58,102 56,932

56,337 55,355 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 58,102 56,932 14.45 14.63 4,020,364 3,892,493Assets







CIG - 5554




2019 2018

231 158 151 253 843 603 591 875 - - - -

- - - -

237 707

364 71 2,417 2,667 (1) 2 - - 4 21 1 - 4 23 2,421 2,690

- - - - 1 5 - - - - - - 26 19 - - 27 24

2,394 2,666









2019 2018 2019 2018 2019 2018Class I 2,394 2,666 0.61 0.66 3,903,466 4,067,226Income












Class I 2019 2018 56,932 52,458 2,394 2,666

(1,154) (1,017) (1,695) (1,548) - - (2,849) (2,565)

5,164 14,645 2,848 2,565 (6,387) (12,837) 1,625 4,373 1,170 4,474 58,102 56,932




2019 2018

2,394 2,666

(237) (707) - - 1 5

(364) (71) 5,682 25,712 (4,994) (27,840) - - (1,434) (1,478) - - 4 - - - - - - - - - - - 1,052 (1,713)

(1) - 5,220 14,575 (6,187) (12,832) (968) 1,743

- - 84 30 565 535 649 565

209 139 151 253 - - - - - -









FUND(S) (75.8%) 78,203 Black Creek International Equity Fund (Class I)† 1,737,548 1,582,823 102,285 Cambridge American Equity Corporate Class (I Shares)† 1,969,870 2,183,330 170,248 Cambridge Pure Canadian Equity Fund (Class I)† 3,589,279 3,618,336 64,419 CI American Value Corporate Class (I Shares)† 1,888,725 2,146,269 37,571 CI Can-Am Small Cap Corporate Class (I Shares)† 881,257 825,789 87,721 CI Global Small Companies Corporate Class (I Shares)† 1,756,007 1,796,745 731,726 CI Income Fund (Class I)† 6,356,346 6,338,941 82,739 CI International Value Corporate Class (I Shares)† 1,323,501 1,378,344 161,361 Harbour Corporate Class (I Shares)† 2,993,568 3,039,274 701,283 Signature Canadian Bond Fund (Class I)† 7,503,421 7,405,621 63,684 Signature Emerging Markets Corporate Class (I Shares)† 930,377 1,064,824 479,941 Signature Global Bond Fund (Class I)† 4,155,247 4,093,802 195,009 Signature High Yield Bond II Fund (Class I)† 2,040,284 2,023,413 162,478 Signature Select Canadian Corporate Class (I Shares)† 3,284,611 3,482,818 165,610 Synergy Canadian Corporate Class (I Shares)† 2,910,308 3,045,143 43,320,349 44,025,472 EXCHANGE-TRADED FUND(S) (23.4%) 56,314 BMO MSCI EAFE Index ETF (CAD-Hedged)* 1,126,612 1,180,905 51,700 First Asset Long Duration Fixed Income ETF†† 1,011,975 1,039,687 180,336 iShares Canadian Real Return Bond Index ETF 4,468,719 4,441,676 42,159 iShares Core Canadian Long Term Bond Index ETF* 1,019,710 1,038,798 55,664 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 1,965,387 2,001,360 37,722 SPDR Dow Jones Global Real Estate ETF* 2,333,303 2,521,520 28,604 Vanguard S&P 500 Index ETF (CAD-Hedged) 1,095,971 1,399,880 13,021,677 13,623,826 Commissions and other portfolio transaction costs (5,504)





AverageCost ($)

FairValue ($)

TO BE PROVIDED











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 1,797 3.5Signature High Yield Bond II Fund 97,278 2,023 2.1First Asset Long Duration Fixed Income ETF 56,218 1,040 1.8iShares Canadian Real Return Bond Index ETF 399,330 4,442 1.1Cambridge Pure Canadian Equity Fund 330,312 3,618 1.1Harbour Corporate Class 485,600 3,039 0.6Cambridge American Equity Corporate Class 344,405 2,183 0.6CI Can-Am Small Cap Corporate Class 157,955 826 0.5Signature Select Canadian Corporate Class 940,349 3,483 0.4CI American Value Corporate Class 549,957 2,146 0.4Synergy Canadian Corporate Class 1,063,136 3,045 0.3CI International Value Corporate Class 437,081 1,378 0.3Signature Canadian Bond Fund 3,365,746 7,406 0.2Signature Global Bond Fund 1,686,165 4,094 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 999,683 2,001 0.2Vanguard S&P 500 Index ETF (CAD-Hedged) 826,782 1,400 0.2BMO MSCI EAFE Index ETF (CAD-Hedged) 620,523 1,181 0.2Signature Emerging Markets Corporate Class 604,249 1,065 0.2iShares Core Canadian Long Term Bond Index ETF 581,504 1,039 0.2CI Income Fund 6,674,165 6,338 0.1SPDR Dow Jones Global Real Estate ETF 3,068,649 2,522 0.1Black Creek International Equity Fund 1,448,749 1,583 0.1





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 2,023 3.9First Asset Long Duration Fixed Income ETF 54,989 1,146 2.1Signature High Yield Bond II Fund 136,068 1,942 1.4Cambridge Pure Canadian Equity Fund 380,814 3,646 1.0iShares Canadian Real Return Bond Index ETF 428,871 3,800 0.9Cambridge American Equity Corporate Class 384,176 2,334 0.6Harbour Corporate Class 596,794 3,124 0.5CI American Value Corporate Class 523,739 2,281 0.4CI Can-Am Small Cap Corporate Class 211,829 879 0.4Signature Select Canadian Corporate Class 1,060,576 3,641 0.3Synergy Canadian Corporate Class 1,194,777 3,189 0.3CI International Value Corporate Class 593,680 1,516 0.3iShares Core Canadian Long Term Bond Index ETF 395,744 1,146 0.3Signature Emerging Markets Corporate Class 382,014 1,130 0.3Signature Canadian Bond Fund 3,273,244 6,863 0.2Signature Global Bond Fund 1,894,448 3,179 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 936,210 1,957 0.2Vanguard S&P 500 Index ETF (CAD-Hedged) 645,007 1,404 0.2BMO MSCI EAFE (Hedged to CAD) Index ETF 666,710 1,236 0.2CI Income Fund 7,807,392 5,981 0.1SPDR Dow Jones Global Real Estate ETF 3,340,990 2,206 0.1Black Creek International Equity Fund 1,617,985 1,680 0.1








2019 2018Brokerage commissions 1 5Soft dollar commissions† - -

Class I 2019 2018 3,892,493 3,606,430 353,878 981,269 211,314 174,969 (437,321) (870,175) 4,020,364 3,892,493






Annual management

fee rate:




2019 2018Loaned 1,963 274Collateral (non-cash) 2,002 280


2019 2018Gross securities lending revenue 5 25Charges (1) (4)Securities lending revenue 4 21% of gross securities lending revenue 20.0 16.0


Investments 2019Black Creek International Equity Fund (Class I) 1,583Cambridge American Equity Corporate Class (I Shares) 2,183Cambridge Pure Canadian Equity Fund (Class I) 3,618CI American Value Corporate Class (I Shares) 2,146CI Can-Am Small Cap Corporate Class (I Shares) 826CI Global Small Companies Corporate Class (I Shares) 1,797CI Income Fund (Class I) 6,339CI International Value Corporate Class (I Shares) 1,378First Asset Long Duration Fixed Income ETF 1,040Harbour Corporate Class (I Shares) 3,039Signature Canadian Bond Fund (Class I) 7,406Signature Emerging Markets Corporate Class (I Shares) 1,065Signature Global Bond Fund (Class I) 4,094Signature High Yield Bond II Fund (Class I) 2,023Signature Select Canadian Corporate Class (I Shares) 3,483Synergy Canadian Corporate Class (I Shares) 3,045

Investments 2018Black Creek International Equity Fund (Class I) 1,680Cambridge American Equity Corporate Class (I Shares) 2,334Cambridge Pure Canadian Equity Fund (Class I) 3,646CI American Value Corporate Class (I Shares) 2,281CI Can-Am Small Cap Corporate Class (I Shares) 879CI Global Small Companies Corporate Class (I Shares) 2,023CI Income Fund (Class I) 5,981CI International Value Corporate Class (I Shares) 1,516First Asset Long Duration Fixed Income ETF 1,146Harbour Corporate Class (I Shares) 3,124Signature Canadian Bond Fund (Class I) 6,863Signature Emerging Markets Corporate Class (I Shares) 1,130Signature Global Bond Fund (Class I) 3,179Signature High Yield Bond II Fund (Class I) 1,942Signature Select Canadian Corporate Class (I Shares) 3,641Synergy Canadian Corporate Class (I Shares) 3,189







As at March 31, 2019, had the equities in the investment portfolios of the Underlying Funds increased or decreased by 10% (March 31, 2018 - 10%), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $5,765,000 (March 31, 2018 - $5,630,000). In practice, actual results may differ from this analysis and the difference may be material.



Currency


Net Exposure

Net Assets

(%)(in $000’s) (in $000’s) (in $000’s)U.S. Dollar 4,528 - 4,528 7.8 Total 4,528 - 4,528 7.8


Currency


Net Exposure

Net Assets











as at March 31, 2019 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 12.9 CI Income Fund (Class I) 10.9 iShares Canadian Real Return Bond Index ETF 7.7 Signature Global Bond Fund (Class I) 7.0 Cambridge Pure Canadian Equity Fund (Class I) 6.2 Signature Select Canadian Corporate Class (I Shares) 6.0 Harbour Corporate Class (I Shares) 5.2 Synergy Canadian Corporate Class (I Shares) 5.2 SPDR Dow Jones Global Real Estate ETF 4.3 Cambridge American Equity Corporate Class (I Shares) 3.8 CI American Value Corporate Class (I Shares) 3.7 Signature High Yield Bond II Fund (Class I) 3.5 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.4 CI Global Small Companies Corporate Class (I Shares) 3.1 Black Creek International Equity Fund (Class I) 2.7 CI International Value Corporate Class (I Shares) 2.4 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.4 BMO MSCI EAFE Index ETF (CAD-Hedged) 2.0 Signature Emerging Markets Corporate Class (I Shares) 1.8 First Asset Long Duration Fixed Income ETF 1.8 iShares Core Canadian Long Term Bond Index ETF 1.8 CI Can-Am Small Cap Corporate Class (I Shares) 1.4 Other Net Assets (Liabilities) 0.8

as at March 31, 2018 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 12.0 CI Income Fund (Class I) 10.4 iShares Canadian Real Return Bond Index ETF 6.7 Cambridge Pure Canadian Equity Fund (Class I) 6.4 Signature Select Canadian Corporate Class (I Shares) 6.4 Synergy Canadian Corporate Class (I Shares) 5.6 Signature Global Bond Fund (Class I) 5.6 Harbour Corporate Class (I Shares) 5.5 Cambridge American Equity Corporate Class (I Shares) 4.1 CI American Value Corporate Class (I Shares) 4.0 SPDR Dow Jones Global Real Estate ETF 3.9 CI Global Small Companies Corporate Class (I Shares) 3.6 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.4 Signature High Yield Bond II Fund (Class I) 3.4 Black Creek International Equity Fund (Class I) 3.0 CI International Value Corporate Class (I Shares) 2.7 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.5 BMO MSCI EAFE (Hedged to CAD) Index ETF 2.2 First Asset Long Duration Fixed Income ETF 2.0 iShares Core Canadian Long Term Bond Index ETF 2.0 Signature Emerging Markets Corporate Class (I Shares) 2.0 CI Can-Am Small Cap Corporate Class (I Shares) 1.5 Other Net Assets (Liabilities) 1.1













2019 2018

82,020 79,744 1,167 784

- - - -

- - - - - - - - 17 25 - - - - - - - - 18 77 83,222 80,630

- - - -

- - - - - - - -

- - - - - - 86 38 - - - - - - - - 86 38

83,136 80,592

79,785 77,667 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 83,136 80,592 15.11 15.41 5,500,513 5,230,571Assets







CIG - 5555




2019 2018

253 160 244 354 985 659 1,128 1,423 - - - -

- - - -

465 1,380

158 531 3,233 4,507 (2) (1) - - 9 33 4 1 11 33 3,244 4,540

- - - - 1 7 - - - - - - 22 13 - - 23 20

3,221 4,520









2019 2018 2019 2018 2019 2018Class I 3,221 4,520 0.61 0.86 5,280,393 5,305,199Income












Class I 2019 2018 80,592 72,445 3,221 4,520

(1,388) (1,164) (2,975) (2,552) - - (4,363) (3,716)

8,678 20,199 4,363 3,716 (9,355) (16,572) 3,686 7,343 2,544 8,147 83,136 80,592




2019 2018

3,221 4,520

(465) (1,380) - - 1 7

(158) (531) 9,060 32,633 (8,601) (36,756) - - (2,113) (2,082) - - 8 (3) - - - - - - - - - - 953 (3,592)

- - 8,737 20,122 (9,307) (16,541) (570) 3,581

- - 383 (11) 784 795 1,167 784

239 144 244 354 - - - - - -









FUND(S) (77.4%) 173,520 Black Creek International Equity Fund (Class I)† 3,860,754 3,512,011 198,202 Cambridge American Equity Corporate Class (I Shares)† 3,827,256 4,230,726 296,547 Cambridge Pure Canadian Equity Fund (Class I)† 6,239,066 6,302,605 117,580 CI American Value Corporate Class (I Shares)† 3,460,217 3,917,450 72,096 CI Can-Am Small Cap Corporate Class (I Shares)† 1,689,923 1,584,620 192,254 CI Global Small Companies Corporate Class (I Shares)† 3,867,801 3,937,857 638,296 CI Income Fund (Class I)† 5,541,788 5,529,556 177,014 CI International Value Corporate Class (I Shares)† 2,836,029 2,948,878 289,180 Harbour Corporate Class (I Shares)† 5,363,742 5,446,759 754,928 Signature Canadian Bond Fund (Class I)† 8,072,667 7,972,116 126,673 Signature Emerging Markets Corporate Class (I Shares)† 1,853,379 2,118,036 323,244 Signature Global Bond Fund (Class I)† 2,813,796 2,757,204 232,691 Signature High Yield Bond II Fund (Class I)† 2,430,981 2,414,402 288,807 Signature Select Canadian Corporate Class (I Shares)† 5,849,871 6,190,761 296,743 Synergy Canadian Corporate Class (I Shares)† 5,221,956 5,456,336 62,929,226 64,319,317 EXCHANGE-TRADED FUND(S) (21.3%) 110,163 BMO MSCI EAFE Index ETF (CAD-Hedged)* 2,181,585 2,310,118 127,138 First Asset Long Duration Fixed Income ETF†† 2,487,489 2,556,745 161,255 iShares Canadian Real Return Bond Index ETF 4,003,496 3,971,711 103,066 iShares Core Canadian Long Term Bond Index ETF* 2,501,257 2,539,546 66,457 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 2,363,252 2,389,415 23,035 SPDR Dow Jones Global Real Estate ETF* 1,431,483 1,539,770 48,899 Vanguard S&P 500 Index ETF (CAD-Hedged)* 1,894,347 2,393,117 16,862,909 17,700,422

Commissions and other portfolio transaction costs (7,325)

Total Investment Portfolio (98.7%) 79,784,810 82,019,739 Other Net Assets (Liabilities) (1.3%) 1,116,588 Net Assets Attributable to Holders of Redeemable Units (100.0%) 83,136,327




AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 3,938 7.8First Asset Long Duration Fixed Income ETF 56,218 2,557 4.5Signature High Yield Bond II Fund 97,278 2,414 2.5Cambridge Pure Canadian Equity Fund 330,312 6,303 1.9Cambridge American Equity Corporate Class 344,405 4,231 1.2Harbour Corporate Class 485,600 5,447 1.1iShares Canadian Real Return Bond Index ETF 399,330 3,972 1.0CI Can-Am Small Cap Corporate Class 157,955 1,585 1.0Signature Select Canadian Corporate Class 940,349 6,191 0.7CI American Value Corporate Class 549,957 3,917 0.7CI International Value Corporate Class 437,081 2,949 0.7Synergy Canadian Corporate Class 1,063,136 5,456 0.5iShares Core Canadian Long Term Bond Index ETF 581,504 2,540 0.4BMO MSCI EAFE Index ETF (CAD-Hedged) 620,523 2,310 0.4Signature Emerging Markets Corporate Class 604,249 2,118 0.4Vanguard S&P 500 Index ETF (CAD-Hedged) 826,782 2,393 0.3Signature Canadian Bond Fund 3,365,746 7,972 0.2Black Creek International Equity Fund 1,448,749 3,512 0.2Signature Global Bond Fund 1,686,165 2,757 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 999,683 2,389 0.2CI Income Fund 6,674,165 5,530 0.1SPDR Dow Jones Global Real Estate ETF 3,068,649 1,539 0.1





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 4,117 7.9First Asset Long Duration Fixed Income ETF 54,989 2,851 5.2Cambridge Pure Canadian Equity Fund 380,814 6,228 1.6Signature High Yield Bond II Fund 136,068 2,105 1.5Cambridge American Equity Corporate Class 384,176 4,404 1.1Harbour Corporate Class 596,794 5,493 0.9CI American Value Corporate Class 523,739 4,055 0.8iShares Canadian Real Return Bond Index ETF 428,871 3,415 0.8CI Can-Am Small Cap Corporate Class 211,829 1,656 0.8iShares Core Canadian Long Term Bond Index ETF 395,744 2,835 0.7Signature Select Canadian Corporate Class 1,060,576 6,348 0.6Signature Emerging Markets Corporate Class 382,014 2,184 0.6Synergy Canadian Corporate Class 1,194,777 5,608 0.5CI International Value Corporate Class 593,680 3,071 0.5BMO MSCI EAFE (Hedged to CAD) Index ETF 666,710 2,368 0.4Vanguard S&P 500 Index ETF (CAD-Hedged) 645,007 2,353 0.4Signature Canadian Bond Fund 3,273,244 7,045 0.2Black Creek International Equity Fund 1,617,985 3,622 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 936,210 2,121 0.2CI Income Fund 7,807,392 4,514 0.1Signature Global Bond Fund 1,894,448 2,244 0.1SPDR Dow Jones Global Real Estate ETF 3,340,990 1,107 -









Class I 2019 2018 5,230,571 4,759,017 565,635 1,288,640 312,698 240,014 (608,391) (1,057,100) 5,500,513 5,230,571






Annual management

fee rate:




2019 2018Loaned 5,034 2,034Collateral (non-cash) 5,135 2,075




Investments 2019Black Creek International Equity Fund (Class I) 3,512Cambridge American Equity Corporate Class (I Shares) 4,231Cambridge Pure Canadian Equity Fund (Class I) 6,303CI American Value Corporate Class (I Shares) 3,917CI Can-Am Small Cap Corporate Class (I Shares) 1,585CI Global Small Companies Corporate Class (I Shares) 3,938CI Income Fund (Class I) 5,530CI International Value Corporate Class (I Shares) 2,949First Asset Long Duration Fixed Income ETF 2,557Harbour Corporate Class (I Shares) 5,447Signature Canadian Bond Fund (Class I) 7,972Signature Emerging Markets Corporate Class (I Shares) 2,118Signature Global Bond Fund (Class I) 2,757Signature High Yield Bond II Fund (Class I) 2,414Signature Select Canadian Corporate Class (I Shares) 6,191Synergy Canadian Corporate Class (I Shares) 5,455

Investments 2018Black Creek International Equity Fund (Class I) 3,622Cambridge American Equity Corporate Class (I Shares) 4,404Cambridge Pure Canadian Equity Fund (Class I) 6,228CI American Value Corporate Class (I Shares) 4,055CI Can-Am Small Cap Corporate Class (I Shares) 1,656CI Global Small Companies Corporate Class (I Shares) 4,117CI Income Fund (Class I) 4,514CI International Value Corporate Class (I Shares) 3,071First Asset Long Duration Fixed Income ETF 2,851Harbour Corporate Class (I Shares) 5,493Signature Canadian Bond Fund (Class I) 7,045Signature Emerging Markets Corporate Class (I Shares) 2,184Signature Global Bond Fund (Class I) 2,244Signature High Yield Bond II Fund (Class I) 2,105Signature Select Canadian Corporate Class (I Shares) 6,348Synergy Canadian Corporate Class (I Shares) 5,608










Currency


Net Exposure

Net Assets



Currency


Net Exposure

Net Assets











as at March 31, 2019 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 9.5 Cambridge Pure Canadian Equity Fund (Class I) 7.6 Signature Select Canadian Corporate Class (I Shares) 7.4 CI Income Fund (Class I) 6.7 Harbour Corporate Class (I Shares) 6.6 Synergy Canadian Corporate Class (I Shares) 6.6 Cambridge American Equity Corporate Class (I Shares) 5.1 iShares Canadian Real Return Bond Index ETF 4.8 CI American Value Corporate Class (I Shares) 4.7 CI Global Small Companies Corporate Class (I Shares) 4.7 Black Creek International Equity Fund (Class I) 4.2 CI International Value Corporate Class (I Shares) 3.5 Signature Global Bond Fund (Class I) 3.3 First Asset Long Duration Fixed Income ETF 3.1 iShares Core Canadian Long Term Bond Index ETF 3.1 Signature High Yield Bond II Fund (Class I) 2.9 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 2.9 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.9 BMO MSCI EAFE Index ETF (CAD-Hedged) 2.8 Signature Emerging Markets Corporate Class (I Shares) 2.5 CI Can-Am Small Cap Corporate Class (I Shares) 1.9 SPDR Dow Jones Global Real Estate ETF 1.9 Other Net Assets (Liabilities) 1.3

as at March 31, 2018 Funds Net Assets (%)Signature Canadian Bond Fund (Class I) 8.8 Signature Select Canadian Corporate Class (I Shares) 7.9 Cambridge Pure Canadian Equity Fund (Class I) 7.7 Synergy Canadian Corporate Class (I Shares) 7.0 Harbour Corporate Class (I Shares) 6.8 CI Income Fund (Class I) 5.6 Cambridge American Equity Corporate Class (I Shares) 5.5 CI Global Small Companies Corporate Class (I Shares) 5.1 CI American Value Corporate Class (I Shares) 5.0 Black Creek International Equity Fund (Class I) 4.5 iShares Canadian Real Return Bond Index ETF 4.2 CI International Value Corporate Class (I Shares) 3.8 First Asset Long Duration Fixed Income ETF 3.5 iShares Core Canadian Long Term Bond Index ETF 3.5 BMO MSCI EAFE (Hedged to CAD) Index ETF 2.9 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.9 Signature Global Bond Fund (Class I) 2.8 Signature Emerging Markets Corporate Class (I Shares) 2.7 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 2.6 Signature High Yield Bond II Fund (Class I) 2.6 CI Can-Am Small Cap Corporate Class (I Shares) 2.1 SPDR Dow Jones Global Real Estate ETF 1.4 Other Net Assets (Liabilities) 1.1













2019 2018

85,173 79,334 708 721

- - - -

- - - - - - - - 13 19 - - - - - - - - 12 28 85,906 80,102

- - - -

- - - - - - - -

- - - - - - 55 1 - - - - - - - - 55 1

85,851 80,101

82,808 77,032 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 85,851 80,101 15.88 16.25 5,407,198 4,930,832Assets







CIG - 5556




2019 2018

152 67 275 424 888 492 1,412 1,618 - - - -

- - - -

185 1,428

63 705 2,975 4,734 1 - - - 7 19 5 1 13 20 2,988 4,754

- - - - 1 8 - - - - - - 9 4 - - 10 12

2,978 4,742









2019 2018 2019 2018 2019 2018Class I 2,978 4,742 0.58 0.96 5,087,184 4,895,460Income












Class I 2019 2018 80,101 68,391 2,978 4,742

(1,207) (949) (3,213) (2,729) - - (4,420) (3,678)

9,321 20,060 4,420 3,678 (6,549) (13,092) 7,192 10,646 5,750 11,710 85,851 80,101




2019 2018

2,978 4,742

(185) (1,428) - - 1 8

(63) (705) 6,021 35,493 (9,313) (42,968) - - (2,300) (2,110) - - 6 (5) - - - - - - - - - - (2,855) (6,973)

- - 9,337 20,032 (6,495) (13,091) 2,842 6,941

- - (13) (32) 721 753 708 721

149 58 275 424 - - - - - -









FUND(S) (80.9%) 244,330 Black Creek International Equity Fund (Class I)† 5,421,358 4,945,191 259,764 Cambridge American Equity Corporate Class (I Shares)† 5,028,849 5,544,784 348,839 Cambridge Pure Canadian Equity Fund (Class I)† 7,407,597 7,413,989 136,426 CI American Value Corporate Class (I Shares)† 4,031,548 4,545,345 93,841 CI Can-Am Small Cap Corporate Class (I Shares)† 2,209,435 2,062,549 244,161 CI Global Small Companies Corporate Class (I Shares)† 4,933,605 5,001,056 392,613 CI Income Fund (Class I)† 3,407,097 3,401,205 229,515 CI International Value Corporate Class (I Shares)† 3,696,941 3,823,496 347,664 Harbour Corporate Class (I Shares)† 6,476,122 6,548,322 683,181 Signature Canadian Bond Fund (Class I)† 7,181,896 7,214,462 170,502 Signature Emerging Markets Corporate Class (I Shares)† 2,518,203 2,850,887 74,533 Signature Global Bond Fund (Class I)† 622,649 635,751 138,740 Signature High Yield Bond II Fund (Class I)† 1,450,595 1,439,569 345,922 Signature Select Canadian Corporate Class (I Shares)† 7,045,941 7,415,043 358,180 Synergy Canadian Corporate Class (I Shares)† 6,336,403 6,585,993 67,768,239 69,427,642 EXCHANGE-TRADED FUND(S) (18.3%) 90,867 BMO MSCI EAFE Index ETF (CAD-Hedged)* 1,809,146 1,905,481 210,750 First Asset Long Duration Fixed Income ETF†† 4,116,767 4,238,182 68,687 iShares Canadian Real Return Bond Index ETF 1,690,686 1,691,761 171,434 iShares Core Canadian Long Term Bond Index ETF* 4,156,172 4,224,134 39,602 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 1,413,388 1,423,862 46,226 Vanguard S&P 500 Index ETF (CAD-Hedged)* 1,860,261 2,262,300 15,046,420 15,745,720






AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 5,001 9.9First Asset Long Duration Fixed Income ETF 56,218 4,238 7.5Cambridge Pure Canadian Equity Fund 330,312 7,415 2.2Cambridge American Equity Corporate Class 344,405 5,545 1.6Signature High Yield Bond II Fund 97,278 1,440 1.5Harbour Corporate Class 485,600 6,548 1.3CI Can-Am Small Cap Corporate Class 157,955 2,063 1.3CI International Value Corporate Class 437,081 3,823 0.9Signature Select Canadian Corporate Class 940,349 7,415 0.8CI American Value Corporate Class 549,957 4,545 0.8iShares Core Canadian Long Term Bond Index ETF 581,504 4,224 0.7Synergy Canadian Corporate Class 1,063,136 6,586 0.6Signature Emerging Markets Corporate Class 604,249 2,851 0.5iShares Canadian Real Return Bond Index ETF 399,330 1,692 0.4Black Creek International Equity Fund 1,448,749 4,945 0.3Vanguard S&P 500 Index ETF (CAD-Hedged) 826,782 2,262 0.3BMO MSCI EAFE Index ETF (CAD-Hedged) 620,523 1,905 0.3Signature Canadian Bond Fund 3,365,746 7,214 0.2CI Income Fund 6,674,165 3,401 0.1SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 999,683 1,424 0.1Signature Global Bond Fund 1,686,165 636 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 4,895 9.4First Asset Long Duration Fixed Income ETF 54,989 3,898 7.1Cambridge Pure Canadian Equity Fund 380,814 7,223 1.9Cambridge American Equity Corporate Class 384,176 5,483 1.4Harbour Corporate Class 596,794 6,287 1.1iShares Core Canadian Long Term Bond Index ETF 395,744 3,886 1.0CI Can-Am Small Cap Corporate Class 211,829 2,019 1.0Signature High Yield Bond II Fund 136,068 1,140 0.8Signature Select Canadian Corporate Class 1,060,576 7,136 0.7CI American Value Corporate Class 523,739 3,785 0.7Signature Emerging Markets Corporate Class 382,014 2,790 0.7CI International Value Corporate Class 593,680 3,616 0.6Synergy Canadian Corporate Class 1,194,777 6,365 0.5Black Creek International Equity Fund 1,617,985 4,923 0.3Vanguard S&P 500 Index ETF (CAD-Hedged) 645,007 2,013 0.3BMO MSCI EAFE (Hedged to CAD) Index ETF 666,710 1,675 0.3iShares Canadian Real Return Bond Index ETF 428,871 1,356 0.3Signature Canadian Bond Fund 3,273,244 6,602 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 936,210 1,125 0.1CI Income Fund 7,807,392 3,117 -









Class I 2019 2018 4,930,832 4,279,415 575,028 1,214,688 303,221 224,881 (401,883) (788,152) 5,407,198 4,930,832






Annual management

fee rate:




2019 2018Loaned 4,296 -Collateral (non-cash) 4,382 -




Investments 2019Black Creek International Equity Fund (Class I) 4,945Cambridge American Equity Corporate Class (I Shares) 5,545Cambridge Pure Canadian Equity Fund (Class I) 7,414CI American Value Corporate Class (I Shares) 4,545CI Can-Am Small Cap Corporate Class (I Shares) 2,063CI Global Small Companies Corporate Class (I Shares) 5,001CI Income Fund (Class I) 3,401CI International Value Corporate Class (I Shares) 3,823First Asset Long Duration Fixed Income ETF 4,238Harbour Corporate Class (I Shares) 6,548Signature Canadian Bond Fund (Class I) 7,214Signature Emerging Markets Corporate Class (I Shares) 2,851Signature Global Bond Fund (Class I) 636Signature High Yield Bond II Fund (Class I) 1,440Signature Select Canadian Corporate Class (I Shares) 7,416Synergy Canadian Corporate Class (I Shares) 6,586

Investments 2018Black Creek International Equity Fund (Class I) 4,923Cambridge American Equity Corporate Class (I Shares) 5,483Cambridge Pure Canadian Equity Fund (Class I) 7,223CI American Value Corporate Class (I Shares) 3,785CI Can-Am Small Cap Corporate Class (I Shares) 2,019CI Global Small Companies Corporate Class (I Shares) 4,895CI Income Fund (Class I) 3,117CI International Value Corporate Class (I Shares) 3,616First Asset Long Duration Fixed Income ETF 3,898Harbour Corporate Class (I Shares) 6,287Signature Canadian Bond Fund (Class I) 6,602Signature Emerging Markets Corporate Class (I Shares) 2,790Signature High Yield Bond II Fund (Class I) 1,140Signature Select Canadian Corporate Class (I Shares) 7,136Synergy Canadian Corporate Class (I Shares) 6,365










Currency


Net Exposure

Net Assets



Currency


Net Exposure

Net Assets











as at March 31, 2019Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 8.6 Signature Select Canadian Corporate Class (I Shares) 8.6 Signature Canadian Bond Fund (Class I) 8.4 Synergy Canadian Corporate Class (I Shares) 7.7 Harbour Corporate Class (I Shares) 7.6 Cambridge American Equity Corporate Class (I Shares) 6.5 Black Creek International Equity Fund (Class I) 5.8 CI Global Small Companies Corporate Class (I Shares) 5.8 CI American Value Corporate Class (I Shares) 5.3 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 CI International Value Corporate Class (I Shares) 4.5 CI Income Fund (Class I) 4.0 Signature Emerging Markets Corporate Class (I Shares) 3.3 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.6 CI Can-Am Small Cap Corporate Class (I Shares) 2.4 BMO MSCI EAFE Index ETF (CAD-Hedged) 2.2 iShares Canadian Real Return Bond Index ETF 2.0 Signature High Yield Bond II Fund (Class I) 1.7 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 1.7 Other Net Assets (Liabilities) 0.8 Signature Global Bond Fund (Class I) 0.7

as at March 31, 2018Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 9.1 Signature Select Canadian Corporate Class (I Shares) 9.0 Signature Canadian Bond Fund (Class I) 8.2 Synergy Canadian Corporate Class (I Shares) 7.9 Harbour Corporate Class (I Shares) 7.8 Cambridge American Equity Corporate Class (I Shares) 6.8 Black Creek International Equity Fund (Class I) 6.1 CI Global Small Companies Corporate Class (I Shares) 6.1 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 CI American Value Corporate Class (I Shares) 4.7 CI International Value Corporate Class (I Shares) 4.5 CI Income Fund (Class I) 3.9 Signature Emerging Markets Corporate Class (I Shares) 3.5 CI Can-Am Small Cap Corporate Class (I Shares) 2.5 Vanguard S&P 500 Index ETF (CAD-Hedged) 2.5 BMO MSCI EAFE (Hedged to CAD) Index ETF 2.1 iShares Canadian Real Return Bond Index ETF 1.7 Signature High Yield Bond II Fund (Class I) 1.4 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 1.4 Other Net Assets (Liabilities) 1.0













2019 2018

69,660 64,707 765 639

- - - -

- - - - - - - - - - - - - - - - - - 21 79 70,446 65,425

- - - -

- - - - - - - -

- - - - - - 2 4 - - - - - - - - 2 4

70,444 65,421

67,621 62,732 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 70,444 65,421 16.22 16.64 4,344,124 3,932,048Assets







CIG - 5557




2019 2018

6 - 200 343 683 300 1,362 1,519 - - - -

- - - -

172 1,466

64 500 2,487 4,128 - - - - 1 1 4 1 5 2 2,492 4,130

- - - - 1 7 - - - - - - - - - - 1 7

2,491 4,123









2019 2018 2019 2018 2019 2018Class I 2,491 4,123 0.62 1.07 4,076,056 3,890,131Income












Class I 2019 2018 65,421 56,466 2,491 4,123

(783) (622) (3,005) (2,733) - - (3,788) (3,355)

8,842 17,983 3,788 3,355 (6,310) (13,151) 6,320 8,187 5,023 8,955 70,444 65,421




2019 2018

2,491 4,123

(172) (1,466) - - 1 7

(64) (500) 5,234 32,332 (7,907) (37,284) - - (2,045) (1,819) - - - - - - - - - - - - - - (2,462) (4,607)

- - 8,900 17,904 (6,312) (13,147) 2,588 4,757

- - 126 150 639 489 765 639

6 - 200 343 - - - - - -









FUND(S) (89.1%) 236,164 Black Creek International Equity Fund (Class I)† 5,224,358 4,779,915 272,930 Cambridge American Equity Corporate Class (I Shares)† 5,294,763 5,825,833 308,771 Cambridge Pure Canadian Equity Fund (Class I)† 6,536,494 6,562,408 155,859 CI American Value Corporate Class (I Shares)† 4,612,225 5,192,820 92,538 CI Can-Am Small Cap Corporate Class (I Shares)† 2,172,221 2,033,914 233,757 CI Global Small Companies Corporate Class (I Shares)† 4,711,940 4,787,943 270,884 CI Income Fund (Class I)† 2,347,235 2,346,669 284,575 CI International Value Corporate Class (I Shares)† 4,552,722 4,740,740 326,057 Harbour Corporate Class (I Shares)† 6,053,204 6,141,346 509,222 Signature Canadian Bond Fund (Class I)† 5,274,749 5,377,436 167,134 Signature Emerging Markets Corporate Class (I Shares)† 2,498,185 2,794,563 292,561 Signature Select Canadian Corporate Class (I Shares)† 5,951,695 6,271,220 320,175 Synergy Canadian Corporate Class (I Shares)† 5,650,219 5,887,193 60,880,010 62,742,000 EXCHANGE-TRADED FUND(S) (9.8%) 172,290 First Asset Long Duration Fixed Income ETF†† 3,362,656 3,464,752 140,139 iShares Core Canadian Long Term Bond Index ETF* 3,381,876 3,453,025 6,744,532 6,917,777






AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 4,788 9.4First Asset Long Duration Fixed Income ETF 56,218 3,465 6.2Cambridge Pure Canadian Equity Fund 330,312 6,562 2.0Cambridge American Equity Corporate Class 344,405 5,826 1.7Harbour Corporate Class 485,600 6,141 1.3CI Can-Am Small Cap Corporate Class 157,955 2,034 1.3CI International Value Corporate Class 437,081 4,741 1.1CI American Value Corporate Class 549,957 5,193 0.9Signature Select Canadian Corporate Class 940,349 6,271 0.7Synergy Canadian Corporate Class 1,063,136 5,887 0.6iShares Core Canadian Long Term Bond Index ETF 581,504 3,453 0.6Signature Emerging Markets Corporate Class 604,249 2,795 0.5Black Creek International Equity Fund 1,448,749 4,780 0.3Signature Canadian Bond Fund 3,365,746 5,377 0.2CI Income Fund 6,674,165 2,347 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 4,550 8.7First Asset Long Duration Fixed Income ETF 54,989 3,168 5.8Cambridge Pure Canadian Equity Fund 380,814 6,379 1.7Cambridge American Equity Corporate Class 384,176 5,655 1.5Harbour Corporate Class 596,794 5,878 1.0CI American Value Corporate Class 523,739 4,484 0.9CI Can-Am Small Cap Corporate Class 211,829 1,947 0.9CI International Value Corporate Class 593,680 4,479 0.8iShares Core Canadian Long Term Bond Index ETF 395,744 3,159 0.8Signature Emerging Markets Corporate Class 382,014 2,770 0.7Signature Select Canadian Corporate Class 1,060,576 5,758 0.5Synergy Canadian Corporate Class 1,194,777 5,593 0.5Black Creek International Equity Fund 1,617,985 4,609 0.3Signature Canadian Bond Fund 3,273,244 4,574 0.1CI Income Fund 7,807,392 1,704 -









Class I 2019 2018 3,932,048 3,442,082 534,147 1,059,369 255,338 200,374 (377,409) (769,777) 4,344,124 3,932,048






Annual management

fee rate:




2019 2018Loaned 636 -Collateral (non-cash) 648 -


2019 2018Gross securities lending revenue 1 2Charges - -Securities lending revenue 1 2% of gross securities lending revenue - -


Investments 2019Black Creek International Equity Fund (Class I) 4,780Cambridge American Equity Corporate Class (I Shares) 5,826Cambridge Pure Canadian Equity Fund (Class I) 6,562CI American Value Corporate Class (I Shares) 5,193CI Can-Am Small Cap Corporate Class (I Shares) 2,034CI Global Small Companies Corporate Class (I Shares) 4,788CI Income Fund (Class I) 2,347CI International Value Corporate Class (I Shares) 4,741First Asset Long Duration Fixed Income ETF 3,465Harbour Corporate Class (I Shares) 6,141Signature Canadian Bond Fund (Class I) 5,377Signature Emerging Markets Corporate Class (I Shares) 2,795Signature Select Canadian Corporate Class (I Shares) 6,271Synergy Canadian Corporate Class (I Shares) 5,887

Investments 2018Black Creek International Equity Fund (Class I) 4,609Cambridge American Equity Corporate Class (I Shares) 5,655Cambridge Pure Canadian Equity Fund (Class I) 6,379CI American Value Corporate Class (I Shares) 4,484CI Can-Am Small Cap Corporate Class (I Shares) 1,947CI Global Small Companies Corporate Class (I Shares) 4,550CI Income Fund (Class I) 1,704CI International Value Corporate Class (I Shares) 4,479First Asset Long Duration Fixed Income ETF 3,168Harbour Corporate Class (I Shares) 5,878Signature Canadian Bond Fund (Class I) 4,574Signature Emerging Markets Corporate Class (I Shares) 2,770Signature Select Canadian Corporate Class (I Shares) 5,758Synergy Canadian Corporate Class (I Shares) 5,593















as at March 31, 2019 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 9.3 Signature Select Canadian Corporate Class (I Shares) 8.9 Harbour Corporate Class (I Shares) 8.7 Synergy Canadian Corporate Class (I Shares) 8.4 Cambridge American Equity Corporate Class (I Shares) 8.3 Signature Canadian Bond Fund (Class I) 7.6 CI American Value Corporate Class (I Shares) 7.4 Black Creek International Equity Fund (Class I) 6.8 CI Global Small Companies Corporate Class (I Shares) 6.8 CI International Value Corporate Class (I Shares) 6.7 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 Signature Emerging Markets Corporate Class (I Shares) 4.0 CI Income Fund (Class I) 3.3 CI Can-Am Small Cap Corporate Class (I Shares) 2.9 Other Net Assets (Liabilities) 1.1

as at March 31, 2018 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 9.8 Harbour Corporate Class (I Shares) 9.0 Signature Select Canadian Corporate Class (I Shares) 8.8 Cambridge American Equity Corporate Class (I Shares) 8.6 Synergy Canadian Corporate Class (I Shares) 8.5 Black Creek International Equity Fund (Class I) 7.0 Signature Canadian Bond Fund (Class I) 7.0 CI Global Small Companies Corporate Class (I Shares) 7.0 CI American Value Corporate Class (I Shares) 6.9 CI International Value Corporate Class (I Shares) 6.8 First Asset Long Duration Fixed Income ETF 4.8 iShares Core Canadian Long Term Bond Index ETF 4.8 Signature Emerging Markets Corporate Class (I Shares) 4.2 CI Can-Am Small Cap Corporate Class (I Shares) 3.0 CI Income Fund (Class I) 2.6 Other Net Assets (Liabilities) 1.1








2019 2018

50,291 44,943 573 459

- - - -

- - - - - - - - - - - - - - - - - - 21 149 50,885 45,551

- - - -

- - - - - - - -

- - - - - - 5 2 - - - - - - - - 5 2

50,880 45,549

48,980 43,559 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 50,880 45,549 16.68 17.14 3,050,149 2,657,652Assets







CIG - 5558




2019 2018

5 186 144 - 431 206 1,022 1,113 - - - -

- - - -

97 1,086

(73) 188 1,626 2,779 - - - - - - 3 1 3 1 1,629 2,780

- - - - 1 4 - - - - - - - - - - 1 4

1,628 2,776









2019 2018 2019 2018 2019 2018Class I 1,628 2,776 0.58 1.07 2,820,974 2,578,503Income












Class I 2019 2018 45,549 36,646 1,628 2,776

(494) (354) (2,189) (1,953) - - (2,683) (2,307)

8,014 15,470 2,683 2,306 (4,311) (9,342) 6,386 8,434 5,331 8,903 50,880 45,549




2019 2018

1,628 2,776

(97) (1,086) - - 1 4

73 (188) 3,480 21,132 (7,352) (27,233) - - (1,453) (1,319) - - - - - - - - - - - - - - (3,720) (5,914)

- (1) 8,142 15,321 (4,308) (9,347) 3,834 5,973

- - 114 59 459 400 573 459

5 186 144 - - - - - - -









FUND(S) (89.0%) 182,725 Black Creek International Equity Fund (Class I)† 4,047,852 3,698,313 218,733 Cambridge American Equity Corporate Class (I Shares)† 4,252,523 4,668,958 247,716 Cambridge Pure Canadian Equity Fund (Class I)† 5,281,494 5,264,776 114,918 CI American Value Corporate Class (I Shares)† 3,408,501 3,828,756 78,251 CI Can-Am Small Cap Corporate Class (I Shares)† 1,844,176 1,719,894 182,996 CI Global Small Companies Corporate Class (I Shares)† 3,719,931 3,748,230 83,304 CI Income Fund (Class I)† 722,020 721,661 223,681 CI International Value Corporate Class (I Shares)† 3,600,724 3,726,296 251,902 Harbour Corporate Class (I Shares)† 4,686,044 4,744,618 204,504 Signature Canadian Bond Fund (Class I)† 2,117,177 2,159,583 134,572 Signature Emerging Markets Corporate Class (I Shares)† 2,021,365 2,250,110 211,174 Signature Select Canadian Corporate Class (I Shares)† 4,340,560 4,526,637 230,541 Synergy Canadian Corporate Class (I Shares)† 4,087,387 4,239,057 44,129,754 45,296,889 EXCHANGE-TRADED FUND(S) (9.8%) 124,370 First Asset Long Duration Fixed Income ETF†† 2,423,430 2,501,081 101,163 iShares Core Canadian Long Term Bond Index ETF 2,429,681 2,492,656 4,853,111 4,993,737 Commissions and other portfolio transaction costs (2,517)


†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. Cl Investments Inc., the Manager of the Fund, and First Asset Investment Management Inc. are both controlled by Cl 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 ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 3,748 7.4First Asset Long Duration Fixed Income ETF 56,218 2,501 4.4Cambridge Pure Canadian Equity Fund 330,312 5,264 1.6Cambridge American Equity Corporate Class 344,405 4,669 1.4CI Can-Am Small Cap Corporate Class 157,955 1,720 1.1Harbour Corporate Class 485,600 4,745 1.0CI International Value Corporate Class 437,081 3,726 0.9CI American Value Corporate Class 549,957 3,829 0.7Signature Select Canadian Corporate Class 940,349 4,527 0.5Synergy Canadian Corporate Class 1,063,136 4,239 0.4iShares Core Canadian Long Term Bond Index ETF 581,504 2,493 0.4Signature Emerging Markets Corporate Class 604,249 2,250 0.4Black Creek International Equity Fund 1,448,749 3,698 0.3Signature Canadian Bond Fund 3,365,746 2,160 0.1CI Income Fund 6,674,165 722 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 3,387 6.5First Asset Long Duration Fixed Income ETF 54,989 2,197 4.0Cambridge Pure Canadian Equity Fund 380,814 4,982 1.3Cambridge American Equity Corporate Class 384,176 4,347 1.1CI Can-Am Small Cap Corporate Class 211,829 1,603 0.8Harbour Corporate Class 596,794 4,338 0.7CI International Value Corporate Class 593,680 3,345 0.6CI American Value Corporate Class 523,739 3,026 0.6iShares Core Canadian Long Term Bond Index ETF 395,744 2,191 0.6Signature Emerging Markets Corporate Class 382,014 2,068 0.5Signature Select Canadian Corporate Class 1,060,576 3,967 0.4Synergy Canadian Corporate Class 1,194,777 3,859 0.3Black Creek International Equity Fund 1,617,985 3,490 0.2Signature Canadian Bond Fund 3,273,244 1,627 -CI Income Fund 7,807,392 516 -









Class I 2019 2018 2,657,652 2,169,356 468,380 885,948 176,269 133,590 (252,152) (531,242) 3,050,149 2,657,652






Annual management

fee rate:




2019 2018Loaned - -Collateral (non-cash) - -


2019 2018Gross securities lending revenue - -Charges - -Securities lending revenue - -% of gross securities lending revenue - -


Investments 2019Black Creek International Equity Fund (Class I) 3,698Cambridge American Equity Corporate Class (I Shares) 4,669Cambridge Pure Canadian Equity Fund (Class I) 5,264CI American Value Corporate Class (I Shares) 3,829CI Can-Am Small Cap Corporate Class (I Shares) 1,720CI Global Small Companies Corporate Class (I Shares) 3,748CI Income Fund (Class I) 722CI International Value Corporate Class (I Shares) 3,726First Asset Long Duration Fixed Income ETF 2,501Harbour Corporate Class (I Shares) 4,745Signature Canadian Bond Fund (Class I) 2,160Signature Emerging Markets Corporate Class (I Shares) 2,250Signature Select Canadian Corporate Class (I Shares) 4,527Synergy Canadian Corporate Class (I Shares) 4,239

Investments 2018Black Creek International Equity Fund (Class I) 3,490Cambridge American Equity Corporate Class (I Shares) 4,347Cambridge Pure Canadian Equity Fund (Class I) 4,982CI American Value Corporate Class (I Shares) 3,026CI Can-Am Small Cap Corporate Class (I Shares) 1,603CI Global Small Companies Corporate Class (I Shares) 3,387CI Income Fund (Class I) 516CI International Value Corporate Class (I Shares) 3,345First Asset Long Duration Fixed Income ETF 2,197Harbour Corporate Class (I Shares) 4,338Signature Canadian Bond Fund (Class I) 1,627Signature Emerging Markets Corporate Class (I Shares) 2,068Signature Select Canadian Corporate Class (I Shares) 3,967Synergy Canadian Corporate Class (I Shares) 3,859















as at March 31, 2019 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 10.4 Harbour Corporate Class (I Shares) 9.3 Cambridge American Equity Corporate Class (I Shares) 9.2 Signature Select Canadian Corporate Class (I Shares) 8.9 Synergy Canadian Corporate Class (I Shares) 8.3 CI American Value Corporate Class (I Shares) 7.5 CI Global Small Companies Corporate Class (I Shares) 7.4 Black Creek International Equity Fund (Class I) 7.3 CI International Value Corporate Class (I Shares) 7.3 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 Signature Emerging Markets Corporate Class (I Shares) 4.4 Signature Canadian Bond Fund (Class I) 4.2 CI Can-Am Small Cap Corporate Class (I Shares) 3.4 CI Income Fund (Class I) 1.4 Other Net Assets (Liabilities) 1.2

as at March 31, 2018 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 11.0 Cambridge American Equity Corporate Class (I Shares) 9.6 Harbour Corporate Class (I Shares) 9.6 Signature Select Canadian Corporate Class (I Shares) 8.7 Synergy Canadian Corporate Class (I Shares) 8.5 Black Creek International Equity Fund (Class I) 7.7 CI Global Small Companies Corporate Class (I Shares) 7.4 CI International Value Corporate Class (I Shares) 7.3 CI American Value Corporate Class (I Shares) 6.6 First Asset Long Duration Fixed Income ETF 4.8 iShares Core Canadian Long Term Bond Index ETF 4.8 Signature Emerging Markets Corporate Class (I Shares) 4.5 Signature Canadian Bond Fund (Class I) 3.6 CI Can-Am Small Cap Corporate Class (I Shares) 3.5 Other Net Assets (Liabilities) 1.3 CI Income Fund (Class I) 1.1








2019 2018

33,704 30,377 370 241

- - - -

- - - - - - - - - - - - - - - - - - 12 55 34,086 30,673

- - - -

- - - - - - - -

- - - - - - 26 18 - - - - - - - - 26 18

34,060 30,655

32,890 29,426 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 34,060 30,655 16.66 17.12 2,044,333 1,790,399Assets







CIG - 5559




2019 2018

4 4 97 93 253 135 725 776 - - - -

- - - -

56 731

(137) 43 998 1,782 - - - - - - 2 1 2 1 1,000 1,783

- - - - - 2 - - - - - - - - - - - 2

1,000 1,781









2019 2018 2019 2018 2019 2018Class I 1,000 1,781 0.53 1.07 1,907,094 1,674,384Income












Class I 2019 2018 30,655 23,329 1,000 1,781

(296) (198) (1,454) (1,395) - - (1,750) (1,593)

6,078 11,256 1,750 1,592 (3,673) (5,710) 4,155 7,138 3,405 7,326 34,060 30,655




2019 2018

1,000 1,781

(56) (731) - - - 2

137 (43) 2,111 11,989 (4,541) (17,620) - - (978) (911) - - - - - - - - - - - - - - (2,327) (5,533)

- (1) 6,121 11,201 (3,665) (5,697) 2,456 5,503

- - 129 (30) 241 271 370 241

4 4 97 93 - - - - - -









FUND(S) (89.2%) 134,238 Black Creek International Equity Fund (Class I)† 2,978,306 2,716,943 165,351 Cambridge American Equity Corporate Class (I Shares)† 3,238,638 3,529,506 185,382 Cambridge Pure Canadian Equity Fund (Class I)† 3,941,819 3,939,981 75,584 CI American Value Corporate Class (I Shares)† 2,274,661 2,518,251 60,090 CI Can-Am Small Cap Corporate Class (I Shares)† 1,420,478 1,320,745 130,866 CI Global Small Companies Corporate Class (I Shares)† 2,671,371 2,680,482 159,130 CI International Value Corporate Class (I Shares)† 2,571,573 2,650,949 178,092 Harbour Corporate Class (I Shares)† 3,302,382 3,354,398 23,781 Signature Canadian Bond Fund (Class I)† 244,972 251,130 98,092 Signature Emerging Markets Corporate Class (I Shares)† 1,475,508 1,640,146 141,493 Signature Select Canadian Corporate Class (I Shares)† 2,911,220 3,032,996 148,060 Synergy Canadian Corporate Class (I Shares)† 2,618,142 2,722,442 29,649,070 30,357,969 EXCHANGE-TRADED FUND(S) (9.8%) 83,340 First Asset Long Duration Fixed Income ETF†† 1,622,016 1,675,967 67,771 iShares Core Canadian Long Term Bond Index ETF* 1,620,473 1,669,877 3,242,489 3,345,844 Commissions and other portfolio transaction costs (1,544)





AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 2,680 5.3First Asset Long Duration Fixed Income ETF 56,218 1,676 3.0Cambridge Pure Canadian Equity Fund 330,312 3,941 1.2Cambridge American Equity Corporate Class 344,405 3,530 1.0CI Can-Am Small Cap Corporate Class 157,955 1,321 0.8Harbour Corporate Class 485,600 3,354 0.7CI International Value Corporate Class 437,081 2,651 0.6CI American Value Corporate Class 549,957 2,518 0.5Signature Select Canadian Corporate Class 940,349 3,033 0.3Synergy Canadian Corporate Class 1,063,136 2,722 0.3iShares Core Canadian Long Term Bond Index ETF 581,504 1,670 0.3Signature Emerging Markets Corporate Class 604,249 1,640 0.3Black Creek International Equity Fund 1,448,749 2,717 0.2Signature Canadian Bond Fund 3,365,746 251 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 2,431 4.7First Asset Long Duration Fixed Income ETF 54,989 1,484 2.7Cambridge Pure Canadian Equity Fund 380,814 3,768 1.0Cambridge American Equity Corporate Class 384,176 3,377 0.9CI Can-Am Small Cap Corporate Class 211,829 1,256 0.6Harbour Corporate Class 596,794 3,044 0.5CI International Value Corporate Class 593,680 2,258 0.4CI American Value Corporate Class 523,739 1,879 0.4Signature Emerging Markets Corporate Class 382,014 1,497 0.4iShares Core Canadian Long Term Bond Index ETF 395,744 1,480 0.4Signature Select Canadian Corporate Class 1,060,576 2,685 0.3Black Creek International Equity Fund 1,617,985 2,714 0.2Synergy Canadian Corporate Class 1,194,777 2,504 0.2








2019 2018Brokerage commissions - 2Soft dollar commissions† - -

Class I 2019 2018 1,790,399 1,377,876 355,662 644,206 115,410 92,231 (217,138) (323,914) 2,044,333 1,790,399






Annual management

fee rate:




2019 2018Loaned 666 -Collateral (non-cash) 679 -




Investments 2019Black Creek International Equity Fund (Class I) 2,717Cambridge American Equity Corporate Class (I Shares) 3,530Cambridge Pure Canadian Equity Fund (Class I) 3,941CI American Value Corporate Class (I Shares) 2,518CI Can-Am Small Cap Corporate Class (I Shares) 1,321CI Global Small Companies Corporate Class (I Shares) 2,680CI International Value Corporate Class (I Shares) 2,651First Asset Long Duration Fixed Income ETF 1,676Harbour Corporate Class (I Shares) 3,354Signature Canadian Bond Fund (Class I) 251Signature Emerging Markets Corporate Class (I Shares) 1,640Signature Select Canadian Corporate Class (I Shares) 3,033Synergy Canadian Corporate Class (I Shares) 2,722

Investments 2018Black Creek International Equity Fund (Class I) 2,714Cambridge American Equity Corporate Class (I Shares) 3,377Cambridge Pure Canadian Equity Fund (Class I) 3,768CI American Value Corporate Class (I Shares) 1,879CI Can-Am Small Cap Corporate Class (I Shares) 1,256CI Global Small Companies Corporate Class (I Shares) 2,431CI International Value Corporate Class (I Shares) 2,258First Asset Long Duration Fixed Income ETF 1,484Harbour Corporate Class (I Shares) 3,044Signature Emerging Markets Corporate Class (I Shares) 1,497Signature Select Canadian Corporate Class (I Shares) 2,685Synergy Canadian Corporate Class (I Shares) 2,504Loss Carry Forwards (Note 7)

as at March 31 (in $000’s)














as at March 31, 2019 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 11.6 Cambridge American Equity Corporate Class (I Shares) 10.4 Harbour Corporate Class (I Shares) 9.8 Signature Select Canadian Corporate Class (I Shares) 8.9 Black Creek International Equity Fund (Class I) 8.0 Synergy Canadian Corporate Class (I Shares) 8.0 CI Global Small Companies Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.8 CI American Value Corporate Class (I Shares) 7.4 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 Signature Emerging Markets Corporate Class (I Shares) 4.8 CI Can-Am Small Cap Corporate Class (I Shares) 3.9 Other Net Assets (Liabilities) 1.0 Signature Canadian Bond Fund (Class I) 0.7

as at March 31, 2018 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 12.3 Cambridge American Equity Corporate Class (I Shares) 11.0 Harbour Corporate Class (I Shares) 9.9 Black Creek International Equity Fund (Class I) 8.9 Signature Select Canadian Corporate Class (I Shares) 8.8 Synergy Canadian Corporate Class (I Shares) 8.2 CI Global Small Companies Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.4 CI American Value Corporate Class (I Shares) 6.1 Signature Emerging Markets Corporate Class (I Shares) 4.9 First Asset Long Duration Fixed Income ETF 4.8 iShares Core Canadian Long Term Bond Index ETF 4.8 CI Can-Am Small Cap Corporate Class (I Shares) 4.1 Other Net Assets (Liabilities) 0.9

Other Price RiskAs at March 31, 2019 and 2018, the the Fund indirectly bears the other price risk exposure of the Underlying Funds.







2019 2018

17,671 13,484 221 135

- - - -

- - - - - - - - - - - - - - - - - - 10 10 17,902 13,629

- - - -

- - - - - - - -

- - - - - - 25 7 - - - - - - - - 25 7

17,877 13,622

17,410 13,196 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 17,877 13,622 11.32 11.46 1,578,894 1,188,727Assets







CIG - 5561




2019 2018

4 3 45 34 129 60 362 336 - - - -

- - - -

9 153

(27) 36 522 622 - - - - - - 1 - 1 - 523 622

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

523 621









2019 2018 2019 2018 2019 2018Class I 523 621 0.38 0.64 1,375,283 970,806Income












Class I 2019 2018 13,622 8,143 523 621

(136) (70) (532) (495) - - (668) (565)

6,137 6,117 667 565 (2,404) (1,259) 4,400 5,423 4,255 5,479 17,877 13,622




2019 2018

523 621

(9) (153) - - - 1

27 (36) 491 3,667 (4,205) (8,593) - - (491) (396) - - - - - - - - - - - - - - (3,664) (4,889)

(1) - 6,137 6,107 (2,386) (1,252) 3,750 4,855

- - 86 (34) 135 169 221 135

4 3 45 34 - - - - - -









FUND(S) (89.0%) 74,897 Black Creek International Equity Fund (Class I)† 1,638,856 1,515,903 91,265 Cambridge American Equity Corporate Class (I Shares)† 1,828,004 1,948,088 99,864 Cambridge Pure Canadian Equity Fund (Class I)† 2,142,616 2,122,432 37,556 CI American Value Corporate Class (I Shares)† 1,150,957 1,251,255 32,151 CI Can-Am Small Cap Corporate Class (I Shares)† 757,404 706,652 69,215 CI Global Small Companies Corporate Class (I Shares)† 1,445,490 1,417,696 79,839 CI International Value Corporate Class (I Shares)† 1,302,315 1,330,039 92,896 Harbour Corporate Class (I Shares)† 1,720,646 1,749,717 51,943 Signature Emerging Markets Corporate Class (I Shares)† 799,571 868,510 74,202 Signature Select Canadian Corporate Class (I Shares)† 1,557,223 1,590,567 77,024 Synergy Canadian Corporate Class (I Shares)† 1,372,736 1,416,280 15,715,818 15,917,139 EXCHANGE-TRADED FUND(S) (9.8%) 43,710 First Asset Long Duration Fixed Income ETF†† 847,524 879,008 35,524 iShares Core Canadian Long Term Bond Index ETF 847,632 875,311 1,695,156 1,754,319

Commissions and other portfolio transaction costs (773)





AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 1,418 2.8First Asset Long Duration Fixed Income ETF 56,218 879 1.6Cambridge Pure Canadian Equity Fund 330,312 2,122 0.6Cambridge American Equity Corporate Class 344,405 1,948 0.6Harbour Corporate Class 485,600 1,750 0.4CI Can-Am Small Cap Corporate Class 157,955 707 0.4CI International Value Corporate Class 437,081 1,330 0.3Signature Select Canadian Corporate Class 940,349 1,590 0.2CI American Value Corporate Class 549,957 1,251 0.2iShares Core Canadian Long Term Bond Index ETF 581,504 875 0.2Black Creek International Equity Fund 1,448,749 1,516 0.1Synergy Canadian Corporate Class 1,063,136 1,416 0.1Signature Emerging Markets Corporate Class 604,249 869 0.1





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 1,080 2.1First Asset Long Duration Fixed Income ETF 54,989 659 1.2Cambridge Pure Canadian Equity Fund 380,814 1,675 0.4Cambridge American Equity Corporate Class 384,176 1,500 0.4CI Can-Am Small Cap Corporate Class 211,829 556 0.3Harbour Corporate Class 596,794 1,353 0.2CI International Value Corporate Class 593,680 1,002 0.2CI American Value Corporate Class 523,739 833 0.2Signature Emerging Markets Corporate Class 382,014 663 0.2iShares Core Canadian Long Term Bond Index ETF 395,744 657 0.2Black Creek International Equity Fund 1,617,985 1,204 0.1Signature Select Canadian Corporate Class 1,060,576 1,191 0.1Synergy Canadian Corporate Class 1,194,777 1,111 0.1








2019 2018Brokerage commissions - 1Soft dollar commissions† - -

Class I 2019 2018 1,188,727 722,712 535,292 525,971 64,817 48,892 (209,942) (108,848) 1,578,894 1,188,727






Annual management

fee rate:








Investments 2019Black Creek International Equity Fund (Class I) 1,516Cambridge American Equity Corporate Class (I Shares) 1,948Cambridge Pure Canadian Equity Fund (Class I) 2,122CI American Value Corporate Class (I Shares) 1,251CI Can-Am Small Cap Corporate Class (I Shares) 707CI Global Small Companies Corporate Class (I Shares) 1,418CI International Value Corporate Class (I Shares) 1,330First Asset Long Duration Fixed Income ETF 879Harbour Corporate Class (I Shares) 1,750Signature Emerging Markets Corporate Class (I Shares) 869Signature Select Canadian Corporate Class (I Shares) 1,590Synergy Canadian Corporate Class (I Shares) 1,416

Investments 2018Black Creek International Equity Fund (Class I) 1,204Cambridge American Equity Corporate Class (I Shares) 1,500Cambridge Pure Canadian Equity Fund (Class I) 1,675CI American Value Corporate Class (I Shares) 833CI Can-Am Small Cap Corporate Class (I Shares) 556CI Global Small Companies Corporate Class (I Shares) 1,080CI International Value Corporate Class (I Shares) 1,002First Asset Long Duration Fixed Income ETF 659Harbour Corporate Class (I Shares) 1,353Signature Emerging Markets Corporate Class (I Shares) 663Signature Select Canadian Corporate Class (I Shares) 1,191Synergy Canadian Corporate Class (I Shares) 1,111











(in $000’s) (in $000’s) (in $000’s) (in $000’s)Fund(s) 12,168 - - 12,168Exchange-Traded Fund(s) 1,316 - - 1,316Total 13,484 - - 13,484




as at March 31, 2019 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 11.8 Cambridge American Equity Corporate Class (I Shares) 10.9 Harbour Corporate Class (I Shares) 9.8 Signature Select Canadian Corporate Class (I Shares) 8.9 Black Creek International Equity Fund (Class I) 8.5 CI Global Small Companies Corporate Class (I Shares) 7.9 Synergy Canadian Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.4 CI American Value Corporate Class (I Shares) 7.0 Signature Emerging Markets Corporate Class (I Shares) 4.9 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 CI Can-Am Small Cap Corporate Class (I Shares) 4.0 Other Net Assets (Liabilities) 1.2









2019 2018

5,817 3,405 80 34

- - - -

- - - - - - - - - - - - - - - - - - 10 26 5,907 3,465

- - - -

- - - - - - - -

- - - - - - 8 - - - - - - - - - 8 -

5,899 3,465

5,831 3,416 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 5,899 3,465 11.34 11.47 520,050 301,983Assets







CIG - 5562




2019 2018

2 2 12 5 42 15 110 81 - - - -

- - - -

(12) 25

(3) (33) 151 95 - - - - - - - - - - 151 95

- - - - - - - - - - - - - - - - - -

151 95









2019 2018 2019 2018 2019 2018Class I 151 95 0.37 0.52 402,577 182,052Income












Class I 2019 2018 3,465 667 151 95

(37) (8) (156) (56) - - (193) (64)

3,278 3,175 192 64 (994) (472) 2,476 2,767 2,434 2,798 5,899 3,465




2019 2018

151 95

12 (25) - - - -

3 33 366 955 (2,641) (3,618) - - (152) (96) - - - - - - - - - - - - - - (2,261) (2,656)

(1) - 3,294 3,149 (986) (475) 2,307 2,674

- - 46 18 34 16 80 34

2 2 12 5 - - - - - -









FUND(S) (88.8%) 24,656 Black Creek International Equity Fund (Class I)† 531,039 499,030 30,042 Cambridge American Equity Corporate Class (I Shares)† 617,562 641,251 32,864 Cambridge Pure Canadian Equity Fund (Class I)† 709,212 698,477 12,360 CI American Value Corporate Class (I Shares)† 396,774 411,799 10,581 CI Can-Am Small Cap Corporate Class (I Shares)† 249,573 232,562 22,784 CI Global Small Companies Corporate Class (I Shares)† 491,223 466,667 26,284 CI International Value Corporate Class (I Shares)† 437,018 437,857 30,579 Harbour Corporate Class (I Shares)† 571,339 575,958 17,102 Signature Emerging Markets Corporate Class (I Shares)† 279,719 285,956 24,416 Signature Select Canadian Corporate Class (I Shares)† 532,738 523,375 25,356 Synergy Canadian Corporate Class (I Shares)† 460,593 466,239 5,276,790 5,239,171 EXCHANGE-TRADED FUND(S) (9.8%) 14,380 First Asset Long Duration Fixed Income ETF†† 276,192 289,182 11,698 iShares Core Canadian Long Term Bond Index ETF 277,883 288,239 554,075 577,421 Commissions and other portfolio transaction costs (254)





AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 50,723 467 0.9First Asset Long Duration Fixed Income ETF 56,218 289 0.5Cambridge Pure Canadian Equity Fund 330,312 698 0.2Cambridge American Equity Corporate Class 344,405 641 0.2Harbour Corporate Class 485,600 577 0.1Signature Select Canadian Corporate Class 940,349 523 0.1CI International Value Corporate Class 437,081 438 0.1CI American Value Corporate Class 549,957 412 0.1CI Can-Am Small Cap Corporate Class 157,955 233 0.1Black Creek International Equity Fund 1,448,749 499 -Synergy Canadian Corporate Class 1,063,136 466 -iShares Core Canadian Long Term Bond Index ETF 581,504 288 -Signature Emerging Markets Corporate Class 604,249 286 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)CI Global Small Companies Corporate Class 52,204 272 0.5First Asset Long Duration Fixed Income ETF 54,989 166 0.3Cambridge Pure Canadian Equity Fund 380,814 422 0.1Cambridge American Equity Corporate Class 384,176 379 0.1Harbour Corporate Class 596,794 341 0.1CI Can-Am Small Cap Corporate Class 211,829 141 0.1Black Creek International Equity Fund 1,617,985 304 -Signature Select Canadian Corporate Class 1,060,576 301 -Synergy Canadian Corporate Class 1,194,777 281 -CI International Value Corporate Class 593,680 253 -CI American Value Corporate Class 523,739 211 -Signature Emerging Markets Corporate Class 382,014 168 -iShares Core Canadian Long Term Bond Index ETF 395,744 166 -








2019 2018Brokerage commissions - -Soft dollar commissions† - -

Class I 2019 2018 301,983 60,349 286,276 277,019 18,687 5,579 (86,896) (40,964) 520,050 301,983






Annual management

fee rate:








Investments 2019Black Creek International Equity Fund (Class I) 499Cambridge American Equity Corporate Class (I Shares) 641Cambridge Pure Canadian Equity Fund (Class I) 698CI American Value Corporate Class (I Shares) 412CI Can-Am Small Cap Corporate Class (I Shares) 233CI Global Small Companies Corporate Class (I Shares) 467CI International Value Corporate Class (I Shares) 438First Asset Long Duration Fixed Income ETF 289Harbour Corporate Class (I Shares) 576Signature Emerging Markets Corporate Class (I Shares) 286Signature Select Canadian Corporate Class (I Shares) 523Synergy Canadian Corporate Class (I Shares) 466

Investments 2018Black Creek International Equity Fund (Class I) 304Cambridge American Equity Corporate Class (I Shares) 379Cambridge Pure Canadian Equity Fund (Class I) 422CI American Value Corporate Class (I Shares) 211CI Can-Am Small Cap Corporate Class (I Shares) 141CI Global Small Companies Corporate Class (I Shares) 272CI International Value Corporate Class (I Shares) 253First Asset Long Duration Fixed Income ETF 166Harbour Corporate Class (I Shares) 341Signature Emerging Markets Corporate Class (I Shares) 168Signature Select Canadian Corporate Class (I Shares) 301Synergy Canadian Corporate Class (I Shares) 281








as at March 31, 2019 Funds Net Assets (%)Cambridge Pure Canadian Equity Fund (Class I) 11.8 Cambridge American Equity Corporate Class (I Shares) 10.9 Harbour Corporate Class (I Shares) 9.8 Signature Select Canadian Corporate Class (I Shares) 8.9 Black Creek International Equity Fund (Class I) 8.5 CI Global Small Companies Corporate Class (I Shares) 7.9 Synergy Canadian Corporate Class (I Shares) 7.9 CI International Value Corporate Class (I Shares) 7.4 CI American Value Corporate Class (I Shares) 7.0 First Asset Long Duration Fixed Income ETF 4.9 iShares Core Canadian Long Term Bond Index ETF 4.9 Signature Emerging Markets Corporate Class (I Shares) 4.8 CI Can-Am Small Cap Corporate Class (I Shares) 3.9 Other Net Assets (Liabilities) 1.4



As at March 31, 2019, had the equities in the investment portfolios of the Underlying Funds increased or decreased by 10% (March 31, 2018 - 10%), with all other variables held constant, net assets attributable to holders of redeemable units of the Fund would have increased or decreased, respectively, by approximately $582,000 (March 31, 2018 - $341,000). In practice, actual results may differ from this analysis and the difference may be material.






(in $000’s) (in $000’s) (in $000’s) (in $000’s)Fund(s) 5,240 - - 5,240 Exchange-Traded Fund(s) 577 - - 577 Total 5,817 - - 5,817


(in $000’s) (in $000’s) (in $000’s) (in $000’s)Fund(s) 3,073 - - 3,073 Exchange-Traded Fund(s) 332 - - 332 Total 3,405 - - 3,405


CI LifeCycle Income Portfolio



2019 2018

42,595 44,434 245 436

- - - -

- - - - - - - - 6 9 - - - - - - - - 5 21 42,851 44,900

- - - -

- - - - - - - -

- - - - - - - - - - - - - - - - - -

42,851 44,900

42,365 44,645 - -



per class (Note 4):



units outstanding:

2019 2018 2019 2018 2019 2018Class I 42,851 44,900 12.04 12.04 3,559,754 3,728,581Assets







CIG - 5560




2019 2018

192 157 72 74 880 824 360 438 - - - -

- - - -

(79) 78

441 (173) 1,866 1,398 (1) (2) - - 3 15 - - 2 13 1,868 1,411

- - - - 1 1 - - - - - - 23 18 - - 24 19

1,844 1,392









2019 2018 2019 2018 2019 2018Class I 1,844 1,392 0.51 0.36 3,682,309 3,930,248Income












Class I 2019 2018 44,900 48,232 1,844 1,392

(1,114) (1,094) (635) (639) - - (1,749) (1,733)

3,305 4,455 1,749 1,733 (7,198) (9,179) (2,144) (2,991) (2,049) (3,332) 42,851 44,900




2019 2018

1,844 1,392

79 (78) - - 1 1

(441) 173 6,954 15,427 (3,514) (11,052) - - (1,240) (1,262) - - 3 1 - - - - - - - - - - 3,686 4,602

- - 3,321 4,434 (7,198) (9,180) (3,877) (4,746)

- - (191) (144) 436 580 245 436

172 140 72 74 - - - - - -









FUND(S) (79.2%) 41,904 Black Creek International Equity Fund (Class I)† 925,761 848,121 42,099 Cambridge American Equity Corporate Class (I Shares)† 815,081 898,624 90,489 Cambridge Pure Canadian Equity Fund (Class I)† 1,896,337 1,923,191 31,539 CI American Value Corporate Class (I Shares)† 928,412 1,050,793 31,365 CI Global Small Companies Corporate Class (I Shares)† 635,165 642,443 540,884 CI Income Fund (Class I)† 4,691,687 4,685,680 46,892 CI International Value Corporate Class (I Shares)† 747,870 781,168 79,352 Harbour Corporate Class (I Shares)† 1,465,784 1,494,619 442,848 Signature Canadian Bond Fund (Class I)† 4,769,754 4,676,518 15,932 Signature Emerging Markets Corporate Class (I Shares)† 241,052 266,389 398,503 Signature Global Bond Fund (Class I)† 3,482,897 3,399,154 144,159 Signature High Yield Bond II Fund (Class I)† 1,513,550 1,495,795 81,657 Signature Select Canadian Corporate Class (I Shares)† 1,639,219 1,750,363 1,665,644 Signature Short-Term Bond Fund (Class I)† 8,895,228 8,520,599 81,442 Synergy Canadian Corporate Class (I Shares)† 1,433,436 1,497,500 34,081,233 33,930,957 EXCHANGE-TRADED FUND(S) (20.2%) 40,602 BMO MSCI EAFE Index ETF (CAD-Hedged)* 806,752 851,424 137,604 iShares Canadian Real Return Bond Index ETF* 3,439,692 3,389,187 41,144 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF* 1,444,369 1,479,304 31,844 SPDR Dow Jones Global Real Estate ETF 1,958,955 2,128,606 16,669 Vanguard S&P 500 Index ETF (CAD-Hedged) 636,714 815,781 8,286,482 8,664,302



*Denotes all or part of securities on loan.†The Fund invests in Underlying Funds. The Fund and the Underlying Funds are commonly managed by CI Investments Inc.Percentages shown in brackets relate investments at fair value to net assets attributable to holders of redeemable units of the Fund.



AverageCost ($)

FairValue ($)











Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Short-Term Bond Fund 65,136 8,520 13.1Signature High Yield Bond II Fund 97,278 1,496 1.5CI Global Small Companies Corporate Class 50,723 642 1.3iShares Canadian Real Return Bond Index ETF 399,330 3,389 0.8Cambridge Pure Canadian Equity Fund 330,312 1,923 0.6Harbour Corporate Class 485,600 1,495 0.3Cambridge American Equity Corporate Class 344,405 899 0.3Signature Global Bond Fund 1,686,165 3,399 0.2Signature Select Canadian Corporate Class 940,349 1,750 0.2CI American Value Corporate Class 549,957 1,051 0.2CI International Value Corporate Class 437,081 781 0.2CI Income Fund 6,674,165 4,686 0.1Signature Canadian Bond Fund 3,365,746 4,677 0.1SPDR Dow Jones Global Real Estate ETF 3,068,649 2,129 0.1Synergy Canadian Corporate Class 1,063,136 1,498 0.1SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 999,683 1,479 0.1BMO MSCI EAFE Index ETF (CAD-Hedged) 620,523 851 0.1Black Creek International Equity Fund 1,448,749 848 0.1Vanguard S&P 500 Index ETF (CAD-Hedged) 826,782 816 0.1Signature Emerging Markets Corporate Class 604,249 266 -





Non-Consolidated Structured Entities (in $000’s) (in $000’s) (%)Signature Short-Term Bond Fund 75,644 9,027 11.9CI Global Small Companies Corporate Class 52,204 728 1.4Signature High Yield Bond II Fund 136,068 1,523 1.1iShares Canadian Real Return Bond Index ETF 428,871 3,513 0.8Cambridge Pure Canadian Equity Fund 380,814 1,943 0.5Harbour Corporate Class 596,794 1,571 0.3Signature Global Bond Fund 1,894,448 3,487 0.2Signature Select Canadian Corporate Class 1,060,576 1,828 0.2SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 936,210 1,554 0.2CI American Value Corporate Class 523,739 1,036 0.2Cambridge American Equity Corporate Class 384,176 924 0.2CI Income Fund 7,807,392 4,847 0.1Signature Canadian Bond Fund 3,273,244 4,789 0.1SPDR Dow Jones Global Real Estate ETF 3,340,990 2,258 0.1Synergy Canadian Corporate Class 1,194,777 1,572 0.1Black Creek International Equity Fund 1,617,985 916 0.1BMO MSCI EAFE (Hedged to CAD) Index ETF 666,710 901 0.1Vanguard S&P 500 Index ETF (CAD-Hedged) 645,007 844 0.1CI International Value Corporate Class 593,680 827 0.1Signature Emerging Markets Corporate Class 382,014 346 0.1









Class I 2019 2018 3,728,581 3,975,402 275,973 361,271 153,587 144,030 (598,387) (752,122) 3,559,754 3,728,581






Annual management

fee rate:




2019 2018Loaned 1,962 1,438Collateral (non-cash) 2,001 1,467




Investments 2019Black Creek International Equity Fund (Class I) 848Cambridge American Equity Corporate Class (I Shares) 899Cambridge Pure Canadian Equity Fund (Class I) 1,923CI American Value Corporate Class (I Shares) 1,051CI Global Small Companies Corporate Class (I Shares) 642CI Income Fund (Class I) 4,686CI International Value Corporate Class (I Shares) 781Harbour Corporate Class (I Shares) 1,495Signature Canadian Bond Fund (Class I) 4,677Signature Emerging Markets Corporate Class (I Shares) 266Signature Global Bond Fund (Class I) 3,399Signature High Yield Bond II Fund (Class I) 1,496Signature Select Canadian Corporate Class (I Shares) 1,750Signature Short-Term Bond Fund (Class I) 8,520Synergy Canadian Corporate Class (I Shares) 1,498

Investments 2018Black Creek International Equity Fund (Class I) 916Cambridge American Equity Corporate Class (I Shares) 924Cambridge Pure Canadian Equity Fund (Class I) 1,943CI American Value Corporate Class (I Shares) 1,036CI Global Small Companies Corporate Class (I Shares) 728CI Income Fund (Class I) 4,847CI International Value Corporate Class (I Shares) 827Harbour Corporate Class (I Shares) 1,571Signature Canadian Bond Fund (Class I) 4,789Signature Emerging Markets Corporate Class (I Shares) 346Signature Global Bond Fund (Class I) 3,487Signature High Yield Bond II Fund (Class I) 1,523Signature Select Canadian Corporate Class (I Shares) 1,828Signature Short-Term Bond Fund (Class I) 9,027Synergy Canadian Corporate Class (I Shares) 1,572










Currency


Net Exposure

Net Assets



Currency


Net Exposure

Net Assets











as at March 31, 2019 Funds Net Assets (%)Signature Short-Term Bond Fund (Class I) 19.8 CI Income Fund (Class I) 10.9 Signature Canadian Bond Fund (Class I) 10.9 Signature Global Bond Fund (Class I) 7.9 iShares Canadian Real Return Bond Index ETF 7.9 SPDR Dow Jones Global Real Estate ETF 5.0 Cambridge Pure Canadian Equity Fund (Class I) 4.5 Signature Select Canadian Corporate Class (I Shares) 4.1 Harbour Corporate Class (I Shares) 3.5 Signature High Yield Bond II Fund (Class I) 3.5 Synergy Canadian Corporate Class (I Shares) 3.5 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.5 CI American Value Corporate Class (I Shares) 2.5 Cambridge American Equity Corporate Class (I Shares) 2.1 Black Creek International Equity Fund (Class I) 2.0 BMO MSCI EAFE Index ETF (CAD-Hedged) 2.0 Vanguard S&P 500 Index ETF (CAD-Hedged) 1.9 CI International Value Corporate Class (I Shares) 1.8 CI Global Small Companies Corporate Class (I Shares) 1.5 Signature Emerging Markets Corporate Class (I Shares) 0.6 Other Net Assets (Liabilities) 0.6

as at March 31, 2018 Funds Net Assets (%)Signature Short-Term Bond Fund (Class I) 20.1 CI Income Fund (Class I) 10.8 Signature Canadian Bond Fund (Class I) 10.7 iShares Canadian Real Return Bond Index ETF 7.8 Signature Global Bond Fund (Class I) 7.8 SPDR Dow Jones Global Real Estate ETF 5.0 Cambridge Pure Canadian Equity Fund (Class I) 4.3 Signature Select Canadian Corporate Class (I Shares) 4.1 Synergy Canadian Corporate Class (I Shares) 3.5 Harbour Corporate Class (I Shares) 3.5 SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 3.5 Signature High Yield Bond II Fund (Class I) 3.4 CI American Value Corporate Class (I Shares) 2.3 Cambridge American Equity Corporate Class (I Shares) 2.1 Black Creek International Equity Fund (Class I) 2.0 BMO MSCI EAFE (Hedged to CAD) Index ETF 2.0 Vanguard S&P 500 Index ETF (CAD-Hedged) 1.9 CI International Value Corporate Class (I Shares) 1.8 CI Global Small Companies Corporate Class (I Shares) 1.6 Other Net Assets (Liabilities) 1.0 Signature Emerging Markets Corporate Class (I Shares) 0.8










– 99 –

LifeCycle Portfolios


Notes to the Financial Statements

1. THE FUNDS

The following funds are unincorporated open-end trusts created under the laws of the Province of

Ontario. The address of the Funds’ registered office is 2 Queen Street East, Twentieth Floor, Toronto,

Ontario, M5C 3G7. CI Investments Inc. is the manager and the trustee (the “Manager” and the

“Trustee”) of the Funds. RBC Investor Services Trust is the custodian (the “Custodian”) of the Funds.

These financial statements were authorized for issue by the Manager on June 24, 2019. CI Investments

Inc. is a subsidiary of CI Financial Corp.

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

document.

Fund Inception Date

CI LifeCycle 2015 Portfolio January 2, 2015

CI LifeCycle 2020 Portfolio July 31, 2012






CI LifeCycle 2050 Portfolio January 2, 2015

CI LifeCycle 2055 Portfolio October 30, 2015

CI LifeCycle Income Portfolio July 31, 2012

(collectively the “Funds”, individually a “Fund”)

The objective of each Fund is to pool and manage money contributed by investors (the “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.

Each Fund offers Class I units. Class I units are only available to institutional investors who have

been approved by the Manager and have entered into a Class I account agreement with the Manager.

The Statements of Financial Position are as at March 31, 2019 and 2018. 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 years ended March 31, 2019 and 2018.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in compliance with International Financial Reporting

Standards as published by the International Accounting Standards Board (“IFRS”).

Transition to IFRS 9

Effective April 1, 2018, the Funds retrospectively without restatement adopted IFRS 9, Financial

Instruments (“IFRS 9”). The new standard requires financial assets to be either carried at amortized

cost, or at fair value, with changes in fair value recognized in profit and loss (“FVTPL”) or in other

comprehensive income (“FVOCI”) based on the Funds’ business model for managing financial assets

and the contractual cash flow characteristics of the financial assets.

The Funds manage their investments in financial assets with the objective of realizing cash flows

through both the sale of the assets and income generated from those assets. The Portfolio Managers

make decisions based on the assets’ fair values and manage the assets to realize those fair values.

Upon transition to IFRS 9, the Funds’ financial assets and financial liabilities previously designated

as FVTPL or classified as held for trading under IAS 39, Financial Instruments: Recognition and

Measurement (“IAS 39”) continue to be classified as FVTPL under IFRS 9. There were no changes

in the measurement attributes for any of the Funds’ financial assets and financial liabilities upon

transition to IFRS 9.

The following is a summary of the significant accounting policies of the Funds:

a. Classification and recognition of financial instruments

The Funds’ classify and measure their investments (such as fixed-income securities, equity securities,

investment funds, exchange-traded funds and derivatives) based on both the Funds’ business model

for managing those financial assets and the contractual cash flow characteristics of the financial

assets. The Funds’ portfolios of financial assets is managed and performance is evaluated on a fair

value basis. The Funds are primarily focused on fair value information and use that information to

assess the assets’ performance and to make decisions. The contractual cash flows of the Funds’

debt securities are solely principal and interest, however, these securities are neither held for the

purpose of collecting contractual cash flows nor held both for collecting contractual cash flows and

for sale. The collection of contractual cash flows is only incidental to achieving the Funds’ business

model’s objective. Consequently, all investments and derivatives are measured at FVTPL. Short sales

are classified as financial liabilities at FVTPL. Derivative contracts that have a negative fair value are

presented as liabilities at FVTPL.

The Funds’ obligations for net assets attributable to holders of redeemable units are presented at

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

contract’s effective rate of interest.

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 value of financial instruments

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. Underlying funds are valued on each business day at their net asset value

as reported by the underlying funds’ managers.

c. Cash

Cash is comprised of cash on deposit and bank overdraft.

– 100 –



Notes to the Financial Statements (cont’d)

d. 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.

e. 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.

f. Functional and presentation currency

The Funds’ functional and presentation currency is Canadian dollar.

g. Foreign exchange

Foreign currency amounts are translated into the functional currency as follows: fair value of

investments 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.

h. Units valuation

Net asset value (“NAV”) per unit of each Fund 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 Fund by the number

of units outstanding.

As at March 31, 2019 and 2018, 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.

i. Classification of units

The units of each Fund have been classified as liabilities, because each Fund has a fixed termination

date.

j. 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.

k. 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 Fund by the weighted average number of units outstanding

during the year.

l. 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. The Funds account for their investments in

non-consolidated structured entities at FVTPL.

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. The Funds’ maximum exposure to loss from their

interest in underlying funds is equal to the total fair value of their investments in underlying funds.

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 the 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”.

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.

m. 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.

– 101 –




n. 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 provinces. 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 or 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.

o. Non-cash transactions

Non-cash transactions included in the Statements of Cash Flows include reinvested distributions from

the underlying mutual funds and stock dividends from equity investments. These amounts represent

non-cash income recognized in the Statements of Comprehensive Income.

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 year. 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 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.

IFRS 10

In accordance with IFRS 10: Consolidated Financial Statements, the Manager has determined that the

Funds meet the definition of an Investment Entity which requires that the Funds obtain funds from

one or more investors for the purpose of providing investment management services, commit to their

investors that their business purpose is to invest funds solely for returns from capital appreciation,

investment income, or both; and measure and evaluate the performance of their investments on a fair

value basis. Consequently, the Funds do not consolidate their investment in subsidiaries, if any, but

instead measure these at FVTPL, as required by the accounting standard.

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. Generally, the

Funds have no restrictions or specific capital requirements, except for the minimum initial investment

which is determined when an investor enters into Class I account agreement with the Manager. 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 Note 1 and 11, the Funds endeavor to

invest subscriptions received in appropriate investments while maintaining sufficient liquidity to meet

redemptions through utilizing a short-term borrowing facility or disposal of investments when necessary.

Redeemable unit transactions information appears in the Fund Specific Notes to Financial Statements

of each of the Funds.

5. MANAGEMENT FEES AND OTHER EXPENSES

The Manager of the Funds in consideration of management fees, provides management services

required in the day-to-day operations of the Funds including management of the investment portfolio

of the Funds and provision of key management personnel. These management fees are negotiated and

paid directly by each unitholder, to the Manager.

During the reporting year, the Funds may receive management fee rebates from the underlying funds’

Manager relating to their investment in the underlying funds. The management 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 Fees in the Fund Specific Notes to Financial Statements for the management

fee rates applicable to each Fund.

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 net asset value 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

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 qualify as a unit trust under the provisions of the Income Tax Act (Canada) and are not

subject to tax on net income, including net realized taxable capital gains for the taxation year, which

is paid or payable to unitholders at the end of the taxation year. However, such part of each Fund’s

taxable income and net realized capital gains that is not so paid or payable to its unitholders will be

taxable to that Fund. It is the 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. 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 declares/pays a distribution to a unitholder, it will be 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.

– 102 –




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 Financial Statements of each Fund, as applicable.

The Manager of the Funds may, from time to time, make initial investments in certain Funds to help

establish a Fund. Details of the investments made by the Manager are disclosed in Note 4.

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 years ended March 31, 2019 and 2018, certain

Funds executed inter-fund trades.

10. NOTICE OF FILING EXEMPTION

On behalf of each Fund, the Funds’ Manager has advised the Ontario Securities Commission (“OSC”)

that each Fund is relying on the filing exemption in accordance with Part 2.11 of National Instrument

81-106. Consequently, these financial statements will not be filed with the OSC.

11. FINANCIAL INSTRUMENTS RISK

Risk management

The Funds invest in units of underlying funds and ETFs and 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 held by the underlying funds or ETFs. The value of investments

within an underlying fund or ETF portfolio can fluctuate daily as a result of changes in prevailing

interest rates, economic and market conditions and company specific news related to investments

held by the underlying fund or ETF and this will affect the value of each Fund. The Manager of the

underlying fund may minimize potential adverse effects of these risks by, but not limited to, regular

monitoring of the underlying fund’s 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 of the credit

worthiness of the debt issuer. The carrying amount of debt instruments represents the credit risk

exposure of each underlying fund. Credit risk exposure for derivative instruments is based on each

underlying funds’ unrealized gain on the contractual obligations with the counterparty as at the

reporting date. The credit risk exposure of the Funds’ other assets is represented by their carrying

amount as disclosed in the Statements of Financial Position.

The Funds invest in units of underlying funds and ETFs and may be exposed to indirect credit risk in the

event that the underlying funds or ETFs invest in debt instruments, preferred securities and derivatives.

Cash balances 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 March 31,

2019, the credit rating of the Custodian was A-1- (March 31, 2018 – A-1-).

All transactions executed by a Fund in listed securities are settled/paid for upon delivery using

approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made

once the broker has received payment. Payment is made on a purchase once the securities have been

received by the broker. The trade will fail if either party fails to meet its obligation.

Liquidity risk

Liquidity risk is the risk that a Fund may not be able to settle or meet its obligations, on time or at

a reasonable price. The Funds are exposed to daily cash redemption of redeemable units. The Funds

invest all of their assets in underlying funds and ETFs which can be readily disposed of. 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.

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,

Canadian dollars, the functional currency of the Funds and the underlying funds. As a result, the

underlying funds or ETFs may be exposed to the risk that the value of securities denominated in

other currencies will fluctuate due to changes in exchange rates. Equities traded in foreign markets

are also exposed to currency risk as the prices denominated in foreign currencies are converted to

underlying funds’ or ETFs’ functional currency to determine their fair value.

The Funds invest in units of underlying funds and ETFs and may be exposed to indirect currency risk

in the event that the underlying funds or ETFs 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 underlying

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 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 convertible securities. The fair value of these securities varies

inversely with interest rates, similar to other debt securities. However, since they may be converted

into common shares, convertible securities are generally less affected by interest rate fluctuations

than other debt securities.

The Funds invest in units of underlying funds and ETFs and may be exposed to indirect interest rate

risk in the event that the underlying funds or ETFs invest in interest bearing financial instruments.

– 103 –




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.

Details of each Fund’s exposure to financial instruments risks including concentration risk and fair

value hierarchy classification are available in the Fund Specific Notes to Financial Statements of

each Fund.


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. CI Mosaic ETF Portfolios,

CI Private Pools, The Portfolio Select Series, Signature Funds, Sentry Investment Management, the

Sentry Investment Management logo, Signature Global Asset Management and Trusted Partner in

Wealth are trademarks of CI Investments Inc.

Each of Sentry Investment Management, Cambridge Global Asset Management, Harbour Advisors

and Signature Global Asset Management is a division of CI Investments Inc.

This document, and other information about the funds, is available at www.ci.com, or at

www.sedar.com.

LC_AR_06/19E

CI Institutional Asset Management

2 Queen Street East, 19th Floor, Toronto, Ontario M5C 3G7 I www.ciinstitutional.com1-866-760-5274

Documents

Annual Financial Statements - March 31, 2019 · 2019-06-27 · CI ieCce 2015 oroio a i acia aemes - arc 31, 2019 – 4 – Statements of Financial Position as at March 31 (in $000’s