Clarica MVP Segregated Funds

Transcription

1 Clarica MVP Segregated Funds 2008 Semi-Annual Financial Statements as at June 30, 2008 managed by CI Investments Inc. issued by Sun Life Assurance Company of Canada

2 A look inside Overview...1 Equity Funds Clarica MVP Asian Pacific Non-RSP Equity Fund...2 Clarica MVP Asian Pacific RSP Equity Fund...7 Clarica MVP Equity Fund...12 Clarica MVP European Growth Fund...17 Clarica MVP Global Equity Fund...22 Clarica MVP Growth Fund...27 Clarica MVP Small Cap American Fund...32 Clarica MVP U.S. Equity Fund...37 Balanced Funds Clarica MVP Balanced Fund...42 Income Funds Clarica MVP Bond Fund...47 Clarica MVP Dividend Fund...52 Clarica MVP Money Market Fund...57 Notes to the Financial Statements...62 Legal Notice...64

3 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Telephone: Toll Free: Facsimile: CI Investments is pleased to present the 2008 Semi-Annual Financial ABOUT CI INVESTMENTS Statements for your segregated fund holdings. Inside is important information about each fund, including its financial statements for the period and a list of the top portfolio holdings of the underlying fund as at June 30, Experience. Strength. Diversity. CI Investments has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest fund companies, managing about $56 billion in assets. Two million Canadians have If you would prefer to receive future annual and semi-annual financial statements and other important documents electronically, you may sign up at InvestorOnline at This service gives you easy online access to up-to-date information about your policy, and allows you to view and print documents such as this report and your placed their trust in CI to help them achieve their financial goals. CI is a corporation controlled by CI Financial Income Fund, a diversified wealth management firm listed on the Toronto Stock Exchange. CI Financial had $103 billion in fee-earning assets at June 30, account statements, trade confirmations and tax receipts. CI Investments is known for providing the industry s widest selection If you have any questions about this report or CI s funds, please contact your advisor or CI Client Services at of investment products and leading portfolio managers. Our portfolio management expertise is available through several different platforms including mutual and segregated funds, managed solutions and Thank you for investing with us. alternative investments. Our products are supported by a complete suite of investment services. CI is proud to partner with financial advisors across Canada who offer our funds to their clients. We believe investors are most successful when they follow a sound financial plan developed with the assistance of a qualified advisor. For more information on CI, please visit us online at 1

4 Clarica MVP Asian Pacific Non-RSP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 6,300 Nintendo Co. Ltd. 1,200,930 3,623,332 1,695,500 China Oilfield Services Ltd., Series H 690,100 3,103,176 57,278 China Life Insurance Co. Ltd., ADR 705,642 3,046, ,000 PTT Exploration & Production, Foreign Registered Shares 405,121 2,659, Osaka Securities Exchange Co. Ltd. 1,171,314 2,480,711 74,050 Asahi Pretec Corp. 1,886,594 2,353, ,000 Sumitomo Realty & Development Co. Ltd. 1,025,622 2,329, ,446 Shinko Plantech Co. Ltd. 1,543,068 2,229,999 66,924 Daiseki Co. Ltd. 1,073,779 2,171,898 32,600 Woodside Petroleum Ltd. 377,138 2,150,669 62,300 Mitsubishi Corp. 767,127 2,093,615 89,000 Mitsui & Co. Ltd. 775,830 2,003,889 1,112,645 CNOOC Ltd. 581,125 1,952, East Japan Railway Co. 1,737,799 1,910,226 75,000 Shiseido Co. Ltd. 1,697,566 1,749,880 81,800 Aeon Delight Co. Ltd. 1,422,908 1,704, West Japan Railway Co. 1,718,784 1,675,804 38,850 BHP Billiton Ltd. 1,653,647 1,659,299 25,600 Lonmin PLC 1,485,704 1,658, ,000 Singapore Technologies Engineering Ltd. 1,610,682 1,625,671 49,000 Toyota Industries Corp. 1,574,976 1,599,616 67,648 Mitsubishi Estate Co. Ltd. 979,992 1,578,345 1,764,640 Zijin Mining Group Co. Ltd. 790,735 1,529,503 14,800 Fanuc Ltd. 986,273 1,473, ,900 Air Water Inc. 1,254,837 1,379,021 2 CIG

5 Clarica MVP Asian Pacific Non-RSP Equity Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 13,869 CI Pacific Fund (Class A) 151, ,167 Total Investments (99.1%) 151, ,167 Other (net) (0.9%) 1,629 Total Net (100.0%) 190,796 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period (10) (8) 4 3 (28) *Investments at cost Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) ,623 14,319 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) 2 3 (30) (2) (28) 1 (28) 1 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 3

6 Clarica MVP Asian Pacific Non-RSP Equity Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 14,319 15,133 1, (747) (578) 14,623 15,378 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (1.97) - 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 4

7 Clarica MVP Asian Pacific Non-RSP Equity Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions across Asia-Pacific region. The Underlying Fund is fully invested in stocks; as a result, an overall downturn in economic conditions across Asia-Pacific region may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $2,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 5

8 Clarica MVP Asian Pacific Non-RSP Equity Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has medium liquidity risk while the majority of the stocks needs are frequently traded in active markets, the demand for small cap stocks tend to be more volatile. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 66

9 Clarica MVP Asian Pacific RSP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 6,300 Nintendo Co. Ltd. 1,200,930 3,623,332 1,695,500 China Oilfield Services Ltd., Series H 690,100 3,103,176 57,278 China Life Insurance Co. Ltd., ADR 705,642 3,046, ,000 PTT Exploration & Production, Foreign Registered Shares 405,121 2,659, Osaka Securities Exchange Co. Ltd. 1,171,314 2,480,711 74,050 Asahi Pretec Corp. 1,886,594 2,353, ,000 Sumitomo Realty & Development Co. Ltd. 1,025,622 2,329, ,446 Shinko Plantech Co. Ltd. 1,543,068 2,229,999 66,924 Daiseki Co. Ltd. 1,073,779 2,171,898 32,600 Woodside Petroleum Ltd. 377,138 2,150,669 62,300 Mitsubishi Corp. 767,127 2,093,615 89,000 Mitsui & Co. Ltd. 775,830 2,003,889 1,112,645 CNOOC Ltd. 581,125 1,952, East Japan Railway Co. 1,737,799 1,910,226 75,000 Shiseido Co. Ltd. 1,697,566 1,749,880 81,800 Aeon Delight Co. Ltd. 1,422,908 1,704, West Japan Railway Co. 1,718,784 1,675,804 38,850 BHP Billiton Ltd. 1,653,647 1,659,299 25,600 Lonmin PLC 1,485,704 1,658, ,000 Singapore Technologies Engineering Ltd. 1,610,682 1,625,671 49,000 Toyota Industries Corp. 1,574,976 1,599,616 67,648 Mitsubishi Estate Co. Ltd. 979,992 1,578,345 1,764,640 Zijin Mining Group Co. Ltd. 790,735 1,529,503 14,800 Fanuc Ltd. 986,273 1,473, ,900 Air Water Inc. 1,254,837 1,379,021 7 CIG

10 Clarica MVP Asian Pacific RSP Equity Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 172,268 CI Pacific Fund (Class A) 1,773,864 2,349,738 Total Investments (99.7%) 1,773,864 2,349,738 Other (net) (0.3%) 7,240 Total Net (100.0%) 2,356,978 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 2,350 3, ,358 3, ,357 3,121 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (4) (4) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 3,121 3, (484) (452) (373) (206) (391) 7 2,357 2,994 *Investments at cost 1,774 2,017 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,259 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (521) (149) (387) 11 (391) 7 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,017 1, ,091 2,167 1,774 1, Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 8

11 Clarica MVP Asian Pacific RSP Equity Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 193, ,555 7,598 15,352 (32,382) (28,399) 168, ,508 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (2.18) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 9

12 Clarica MVP Asian Pacific RSP Equity Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 2,358-2,358 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions across Asia-Pacific region. The Underlying Fund is fully invested in stocks; as a result, an overall downturn in economic conditions across the Asia-Pacific region may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 2, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $24,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 8-2,350 2, ,350 2,358 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 10

13 Clarica MVP Asian Pacific RSP Equity Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 8 2,350 (1) - 2, ,350 (1) - 2, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 11

14 Clarica MVP Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 865,500 EnCana Corp. 53,484,264 80,803, ,000 Toronto-Dominion Bank 54,083,685 52,620, ,400 Potash Corp. of Saskatchewan 21,796,350 47,408, ,700 Suncor Energy Inc. 34,408,812 44,145,440 1,147,000 Manulife Financial Corp. 41,251,409 40,902,020 1,004,600 Nexen Inc. 32,949,401 40,847, ,500 Research In Motion Ltd. 20,164,595 38,001, ,300 Bank of Nova Scotia 38,134,375 36,649, ,600 Royal Bank of Canada 31,945,362 30,779, ,250 Rogers Communications Inc., Class B 19,979,604 27,227, ,800 Baytex Energy Trust 17,237,870 26,781, ,300 Agrium Inc. 13,044,201 26,420, ,000 Shoppers Drug Mart Corp. 20,865,175 25,709,400 3,250,600 Bombardier Inc., Class B, Sub-Voting Shares 20,283,720 24,086, ,600 Goldcorp Inc. 19,445,877 23,486, ,800 Canadian National Railway Co. 23,447,668 23,010, ,800 Thomson Corp. 25,982,676 20,950, ,800 TransCanada Corp. 17,479,529 18,162, ,050 Addax Petroleum Corp. 10,067,369 17,334, ,500 Kinross Gold Corp. 12,334,005 16,857, ,500 Agnico-Eagle Mines Ltd. 6,954,130 15,412,735 1,335,100 CGI Group Inc. 14,503,602 13,564, ,600 Teck Cominco Ltd., Class B 12,859,183 13,305, ,600 SNC-Lavalin Group Inc. 10,430,909 13,254, ,300 Saputo Inc. 12,361,464 12,917, CIG

15 Clarica MVP Equity Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 3,466,948 Synergy Canadian Corporate Class (A Shares) 33,877,765 53,945,710 Total Investments (99.5%) 33,877,765 53,945,710 Other (net) (0.5%) 290,649 Total Net (100.0%) 54,236,359 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 53,946 58, ,282 58, ,236 58,938 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (63) (74) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 58,938 62,619 1, (5,330) (5,456) (4,236) (4,499) (466) 3,770 54,236 61,890 *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 33,878 36, ,292,551 1,396,359 Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) 1,570 - (1,973) (403) (466) 1,788-2,056 3,844 3,770 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 4,395 4,874 36,603 40, ,703 41,182 33,878 38,096 2,825 3,086 1,570 1,788 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 13

16 Clarica MVP Equity Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 1,396,359 1,564,742 27,002 22,999 (130,810) (131,467) 1,292,551 1,456,274 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (0.35) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 14

17 Clarica MVP Equity Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 54, ,282 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic in Canada. The Underlying Fund is fully invested in Canadian stocks; as a result, an overall downturn in the Canadian economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 54, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $539,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total ,946 54, ,946 54,282 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 15

18 Clarica MVP Equity Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund s investments are denominated predominantly in Canadian dollar; as a result, the Underlying Fund has insignificant exposure to currency risk. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) ,946 (13) - 54, ,946 (13) - 54, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks

19 Clarica MVP European Growth Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 28,164 Alstom 3,007,814 6,628,924 43,140 RWE AG, Class A 5,280,169 5,554, ,400 GEA Group AG 3,437,558 5,127,908 56,800 Fresenius AG 4,786,679 5,001, ,300 Smith & Nephew PLC 5,488,301 4,986, ,000 Elekta AB, B Shares 4,412,902 4,868, ,000 Commerzbank AG 5,530,457 4,837, ,181 Acergy SA 4,859,148 4,749, ,960 Nestle SA, Registered Shares 3,916,329 4,695,861 89,900 Fortum OYJ 4,009,833 4,654, ,400 Imperial Tobacco Group PLC 5,210,901 4,612,061 52,689 Bayer AG 3,789,163 4,520, ,000 Lottomatica SpA 4,930,754 4,297,994 89,700 Saipem SpA 4,124,019 4,293,912 11,840 Vallourec SA 3,069,751 4,235, ,600 Nokia OYJ 6,152,628 4,166,130 60,471 Julius Baer Holding Ltd. 3,431,654 4,163, ,936 Koninklijke Philips Electronics NV 5,136,140 4,159, ,600 Telefonica SA 4,678,028 4,106, ,231 Prudential PLC 5,023,222 4,028,490 19,967 Roche Holding AG 4,161,705 3,665, ,900 Bank of Cyprus Public Co. Ltd. 4,097,496 3,638,042 53,100 Bouygues SA 4,446,031 3,592,548 47,835 Lonmin PLC 3,838,392 3,099,382 37,613 Xstrata PLC 2,043,198 3,073, CIG

20 Clarica MVP European Growth Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 353,310 CI European Fund (Class A) 3,129,592 3,225,724 Total Investments (99.6%) 3,129,592 3,225,724 Other (net) (0.4%) 11,831 Total Net (100.0%) 3,237,555 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 3,226 3, ,241 3, ,238 3,912 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (14) (15) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 3,912 3, (390) (375) (239) 473 (435) 107 3,238 4,210 *Investments at cost 3,130 3,360 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,724 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (442) 23 (421) 122 (435) 107 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,360 2, ,466 3,369 3,130 3, Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 18

21 Clarica MVP European Growth Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 275, ,304 11,911 56,935 (30,134) (25,172) 257, ,067 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (1.62) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 19

22 Clarica MVP European Growth Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 3,241-3,241 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions across Europe. The Underlying Fund is fully invested in European stocks; as a result, an overall downturn in the European economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 3, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $32,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 15-3,226 3, ,226 3,241 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 20

23 Clarica MVP European Growth Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 15 3,226 (3) - 3, ,226 (3) - 3, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 21

24 Clarica MVP Global Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 780,100 Microsoft Corp. 28,504,402 21,875,753 1,920,100 Hutchison Whampoa Ltd. 21,384,336 19,729,995 64,400 Samsung Electronics Co. Ltd., GDR 16,519,362 19,349, ,700 St. Jude Medical Inc. 17,825,004 16,530, ,800 Procter & Gamble Co. 17,720,940 16,228, ,800 Commerzbank AG 16,340,465 15,080, ,500 Toyota Motor Corp. 19,314,359 14,936, ,200 Forest Oil Corp. 6,725,288 14,444,048 61,116 Alstom 5,532,464 14,384, ,400 Bayer AG 11,330,084 13,589, ,600 Abbott Laboratories Inc. 13,417,950 13,315, ,600 Walt Disney Co. 13,135,048 12,772, ,000 El Paso Corp. 9,985,928 12,720,189 34,740 Vallourec SA 9,024,368 12,427, ,400 American International Group Inc. 28,072,442 12,067,240 1,113,400 Prudential PLC 14,775,241 12,049, ,600 Annaly Mortgage Management Inc., Class A 11,677,106 11,898, ,022 Nokia OYJ 16,520,119 11,807,897 90,648 RWE AG, Class A 11,161,150 11,670, ,200 Polo Ralph Lauren Corp., Class A 11,378,862 11,467, ,000 Janus Capital Group Inc. 10,229,793 11,386, ,800 Celgene Corp. 9,303,451 11,380,477 2,372 Mizuho Financial Group Inc. 15,106,624 11,296, ,700 Acergy SA 11,882,125 11,263, ,600 Imperial Tobacco Group PLC 12,380,287 10,812, CIG

25 Clarica MVP Global Equity Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 279,951 CI Global Fund (Class A) 3,049,425 3,323,015 Total Investments (99.6%) 3,049,425 3,323,015 Other (net) (0.4%) 12,996 Total Net (100.0%) 3,336,011 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 3,323 3, ,340 3, ,336 3,897 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (5) (6) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 3,897 4, (321) (550) (236) (150) (325) (77) 3,336 4,565 *Investments at cost 3,049 3,260 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,716 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (350) (183) (320) (71) (325) (77) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,260 3, ,304 3,666 3,049 3, Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 23

26 Clarica MVP Global Equity Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 281, ,120 6,494 24,771 (24,671) (34,189) 263, ,702 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (1.19) (0.26) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 24

27 Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 3, ,340 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions across the world. The Underlying Fund is fully invested in stocks; as a result, an overall downturn in world economic conditions may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 3, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $33,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 14-3,323 3, ,323 3,340 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 25

28 Clarica MVP Global Equity Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 14 3,323 (1) - 3, ,323 (1) - 3, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 26

29 Clarica MVP Growth Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 255,500 Arbitron Inc. 12,442,237 12,371, ,450 DaVita Inc. 12,040,893 11,668, ,300 Ventas Inc. 9,859,365 10,731, ,930 IHS Inc., Class A 5,704,418 9,289, ,300 Sybase Inc. 6,562,083 8,585, ,680 Wabco Holdings Inc. 8,825,320 8,414, ,550 Southern Union Co. 8,861,476 8,167, ,673 Silgan Holdings Inc. 9,173,241 8,155,112 98,150 Everest Re Group Ltd. 10,611,020 7,974,900 85,610 Foundation Coal Holdings Inc. 3,645,321 7,730, ,050 DTS Inc. 5,215,485 7,536, ,350 NSTAR 7,247,139 7,217, ,150 Vectren Corp. 6,452,044 7,131,069 64,850 Bunge Ltd. 6,458,298 7,118, ,000 Janus Capital Group Inc. 6,830,033 6,853, ,050 International Flavors & Fragrances Inc. 8,995,112 6,810, ,600 People s United Financial Inc. 7,312,195 6,656, ,220 Signature Bank 7,639,356 6,649, ,001 Silicon Image Inc. 8,902,962 6,614, ,400 Westar Energy Inc. 7,747,872 6,433, ,121 Helix Energy Solutions Group 6,298,114 6,329,533 60,200 Alliant Techsystems Inc. 5,231,280 6,239, ,900 Bio-Reference Labs Inc. 7,614,656 6,228, ,950 SonoSite Inc. 7,042,436 6,165,786 76,650 DRS Technologies Inc. 3,977,508 6,150, CIG

30 Clarica MVP Growth Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 2,677,049 CI American Small Companies Fund (Class A) 75,248,563 67,301,000 Total Investments (99.3%) 75,248,563 67,301,000 Other (net) (0.7%) 465,213 Total Net (100.0%) 67,766,213 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 67,301 82, ,829 82, ,766 82,521 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (83) (123) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 82, , ,010 (9,809) (9,871) (9,215) (8,861) (5,540) 1,265 67,766 98,794 *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 75,249 85, ,606,178 1,826,470 Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (1,196) - (4,261) (5,457) (5,540) 1, ,388 1,265 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 9,273 9,004 85,709 91, ,718 91,552 75,249 83,916 10,469 7,636 (1,196) 1,368 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 28

31 Clarica MVP Growth Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 1,826,470 2,112,523 14,229 19,713 (234,521) (192,368) 1,606,178 1,939,868 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (3.24) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 29

32 Clarica MVP Growth Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 67, ,829 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions in the United States. The Underlying Fund is fully invested in U.S. stocks; as a result, an overall downturn in American economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 67, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $673,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total ,301 67, ,301 67,829 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 30

33 Clarica MVP Growth Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has medium liquidity risk. While the majority of the stocks held are frequently traded in active markets, the demand for small cap stocks tend to be more volatile. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) ,301 (45) - 67, ,301 (45) - 67, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 31

34 Clarica MVP Small Cap American Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 255,500 Arbitron Inc. 12,442,237 12,371, ,450 DaVita Inc. 12,040,893 11,668, ,300 Ventas Inc. 9,859,365 10,731, ,930 IHS Inc., Class A 5,704,418 9,289, ,300 Sybase Inc. 6,562,083 8,585, ,680 Wabco Holdings Inc. 8,825,320 8,414, ,550 Southern Union Co. 8,861,476 8,167, ,673 Silgan Holdings Inc. 9,173,241 8,155,112 98,150 Everest Re Group Ltd. 10,611,020 7,974,900 85,610 Foundation Coal Holdings Inc. 3,645,321 7,730, ,050 DTS Inc. 5,215,485 7,536, ,350 NSTAR 7,247,139 7,217, ,150 Vectren Corp. 6,452,044 7,131,069 64,850 Bunge Ltd. 6,458,298 7,118, ,000 Janus Capital Group Inc. 6,830,033 6,853, ,050 International Flavors & Fragrances Inc. 8,995,112 6,810, ,600 People s United Financial Inc. 7,312,195 6,656, ,220 Signature Bank 7,639,356 6,649, ,001 Silicon Image Inc. 8,902,962 6,614, ,400 Westar Energy Inc. 7,747,872 6,433, ,121 Helix Energy Solutions Group 6,298,114 6,329,533 60,200 Alliant Techsystems Inc. 5,231,280 6,239, ,900 Bio-Reference Labs Inc. 7,614,656 6,228, ,950 SonoSite Inc. 7,042,436 6,165,786 76,650 DRS Technologies Inc. 3,977,508 6,150, CIG

35 Clarica MVP Small Cap American Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 93,749 CI American Small Companies Fund (Class A) 2,424,233 2,356,853 Total Investments (99.5%) 2,424,233 2,356,853 Other (net) (0.5%) 12,285 Total Net (100.0%) 2,369,138 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 2,357 3, ,371 3, ,369 3,122 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (10) (16) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 3,122 4, (559) (646) (528) (558) (225) 43 2,369 3,765 *Investments at cost 2,424 2,989 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,515 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (27) 137 (188) (78) (215) 59 (225) 43 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,989 3, ,999 3,365 2,424 2, (27) 137 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 33

36 Clarica MVP Small Cap American Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 161, ,597 1,745 3,986 (31,668) (29,243) 131, ,340 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (1.56) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 34

37 Clarica MVP Small Cap American Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 2,371-2,371 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions in the United States. The Underlying Fund is fully invested in U.S. stocks; as a result, an overall downturn in the American economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 2, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $24,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 14-2,357 2, ,357 2,371 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 35

38 Clarica MVP Small Cap American Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has medium liquidity risk. While the majority of the stocks held are frequently traded in active markets, the demand for small cap stocks tend to be more volatile. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 14 2,357 (2) - 2, ,357 (2) - 2, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 36

39 Clarica MVP U.S. Equity Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 3,307,700 AES Corp. 41,105,284 64,770, ,845 Amazon.com Inc. 39,064,303 53,508, ,000 Aetna Inc. 36,118,582 41,107,572 1,252,100 ebay Inc. 50,442,817 34,881,952 59,700 Google Inc., Class A 13,349,705 32,035,304 1,155,929 UnitedHealth Group Inc. 45,642,170 30,930, ,000 JP Morgan Chase & Co. 39,791,185 29,797,680 1,054,030 General Electric Co. 39,859,370 28,676, ,100 Hewlett-Packard Co. 23,999,259 27,945,017 1,620,300 Citigroup Inc. 62,330,579 27,681,625 1,270,400 Yahoo! Inc. 45,983,450 26,754, ,300 International Business Machines Corp. 25,736,157 26,496, ,000 Sears Holdings Corp. 48,610,158 25,979,450 1,693,900 Time Warner Inc. 34,449,573 25,554,749 5,825,000 Qwest Communications International Inc. 32,206,829 23,335,151 1,316,070 Freddie Mac 39,055,120 22,001,129 1,484,600 Eastman Kodak Co. 47,421,581 21,837, ,500 Cisco Systems Inc. 19,364,720 19,548, ,850 American International Group Inc. 42,962,102 18,822, ,400 Amgen Inc. 19,445,532 17,517, ,862 CA Inc. 20,966,572 17,178, ,400 Electronic Arts Inc. 22,606,402 16,820, ,900 Texas Instruments Inc. 20,002,732 16,444, ,077 Merrill Lynch & Co. Inc. 23,786,860 15,291, ,100 Capital One Financial Corp. 25,550,609 14,184, CIG

40 Clarica MVP U.S. Equity Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 598,280 CI Value Trust Corporate Class (A Shares) 6,322,328 4,379,409 Total Investments (99.4%) 6,322,328 4,379,409 Other (net) (0.6%) 24,385 Total Net (100.0%) 4,403,794 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 4,379 6, ,409 6, ,404 6,900 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (5) (11) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 6,900 10, (832) (1,118) (738) (850) (1,758) (498) 4,404 9,095 *Investments at cost 6,322 7,203 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,884 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (169) 159 (1,584) (646) (1,753) (487) (1,758) (498) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,203 8, ,252 8,682 6,322 7, (169) 159 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 38

41 Clarica MVP U.S. Equity Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 357, ,720 5,836 10,890 (50,290) (45,958) 313, ,652 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (5.27) (1.22) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 39

42 Clarica MVP U.S. Equity Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 4, ,409 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions in the United States. The Underlying Fund is fully invested in U.S. stocks; as a result, an overall downturn in the American economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 4, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $44,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 29-4,379 4, ,379 4,409 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 40

43 Clarica MVP U.S. Equity Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund is exposed to high currency risk as it invests predominantly in stocks that are denominated in currencies other than Canadian dollars, the functional currency of the Underlying Fund. As a result, the Underlying Fund will be affected by fluctuations in the value of such currencies relative to the Canadian dollar. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars US Dollar Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 28 4,379 (4) - 4, ,379 (4) - 4, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 41

44 Clarica MVP Balanced Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 480,700 Toronto-Dominion Bank 27,947,708 30,884, ,800 Canadian Imperial Bank of Commerce 42,333,061 30,731, ,600 Royal Bank of Canada 25,726,847 26,150, ,600 Bank of Nova Scotia 21,439,613 21,636, ,126 EnCana Corp. 11,841,267 19,990, ,500 BCE Inc. 19,407,567 18,859,275 18,135,000 Canada Housing Trust No % 12/15/ ,134,456 18,599, ,100 Peabody Energy Corp. 13,845,699 18,587, ,500 Talisman Energy Inc. 13,293,506 17,872, ,100 Nexen Inc. 10,943,010 16,634, ,040 Cameco Corp. 14,453,904 15,331,752 13,250, Ontario School Board Trust 5.9% 06/02/ ,582,478 14,977, ,526 Suncor Energy Inc. 11,068,339 14,771, ,259 BHP Billiton PLC 11,739,545 14,317, ,381 BNP Paribas SA 17,497,068 14,070, ,600 Lincoln National Corp. 14,815,878 12,177, ,400 Bank of Montreal 10,991,456 10,939, ,300 TELUS Corp., Non-Voting Shares 11,786,685 10,882, ,000 ING Groep NV 14,038,646 10,466, ,600 ICL-Israel Chemicals Ltd. 2,687,960 10,429, ,300 Imperial Oil Ltd. 7,062,376 10,350,288 9,989,000 Canada Housing Trust No % 09/15/ ,181,209 10,228,137 10,000,000 Canadian Western Bank 5.96% 10/24/ ,188,301 10,079,855 9,910,000 United States Treasury Note/Bond 3.125% 04/30/ ,125,540 10,017,280 84,800 Schlumberger Ltd. 8,223,908 9,286, CIG

45 Clarica MVP Balanced Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 4,964,751 Signature Canadian Balanced Fund (Class A) 63,514,127 73,279,724 Total Investments (99.2%) 63,514,127 73,279,724 Other (net) (0.8%) 622,302 Total Net (100.0%) 73,902,026 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 73,280 78, ,984 79, ,902 79,364 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period (92) Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 79,364 83,263 3,000 2,513 (8,658) (6,027) (5,658) (3,514) 196 3,050 73,902 82,799 *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 63,514 67, ,792,115 1,931,992 Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (1,282) (92) 196 1, ,381 3,142 3,050 (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 6,356 4,207 67,656 63,868 1,402 1,085 69,058 64,953 63,514 61,758 5,544 3, ,012 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 43

46 Clarica MVP Balanced Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 1,931,992 2,072,690 73,737 61,404 (213,614) (146,844) 1,792,115 1,987,250 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 44

47 Clarica MVP Balanced Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 73, ,984 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is medium. The Underlying Fund s holdings are sensitive to changes in general economic conditions in Canada. The Underlying Fund portfolio consists of stocks and fixed-income securities, thus an overall downturn in the Canadian economy may lead to widening in credit spreads and decrease in equity prices which would then lead to decreases in the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Fair value Net (%) Investments held for trading Derivative assets Derivative liabilities Investments sold short 73, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $733,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has medium interest rate risk as a significant portion of its assets is invested in bonds that mature in five or more years. The rest of the Underlying Fund s assets are invested in stocks that possess no interest rate risk. Generally, debt securities will increase in value when interest rates decline and decrease in value when interest rates rise. How sensitive the Underlying Fund is to changes in prevailing interest rates depends also on other factors like the credit rating of the issuers and the term to maturity of the Underlying Fund s investments. The higher the credit rating of the issuers and the longer the term to maturity, the more sensitive the Underlying Fund is to changes in prevailing interest rates, thus the higher the interest rate risk. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total ,280 73, ,280 73,984 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 45

48 Clarica MVP Balanced Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has medium liquidity risk as a significant portion of its assets is invested in fixed income securities that have a long term to maturity. However, the majority of the securities held are traded in active markets and can be efficiently disposed of prior to the maturity date. The rest of the Underlying Fund s assets are invested in income trusts and stocks that trade frequently in the markets. They possess little liquidity risk. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund s investments are denominated predominantly in Canadian dollar; as a result, the Underlying Fund has insignificant exposure to currency risk. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) ,280 (51) - 73, ,280 (51) - 73, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund is exposed to low credit risk as the majority of its assets are invested in fixed-income securities that bear investment grade rating. The rest of the Underlying Fund s assets are invested in stocks that possess no credit risk. The Underlying Fund manager may mitigate the credit risk exposure of the Underlying Fund by diversifying the fixed-income portion of Underlying Fund s investments by company, industry, credit ratings and maturity. 46

49 Clarica MVP Bond Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 66,035,000 Canada Housing Trust No % 12/15/ ,033,019 67,724,836 52,650,000 Canadian Government Bond 3.75% 09/01/ ,796,484 53,192,822 46,826,000 Canadian Government Bond, Series YF 56 4% 06/01/ ,586,732 47,733,020 33,705,000 Canadian Government Bond, Series XW 98 5% 06/01/ ,616,882 38,911,748 34,895,000 United States Treasury Note/Bond 3.125% 04/30/ ,655,593 35,272,755 30,666,000 Canada Housing Trust No % 09/15/ ,236,201 31,400,144 27,560,000 Canadian Government Bond 3.75% 06/01/ ,757,119 27,816,584 24,146, Ontario School Board Trust 5.9% 06/02/ ,695,537 27,294,638 26,550,000 Canadian Government Bond 3.75% 06/01/ ,902,985 26,853,201 22,690,000 Province of Quebec 6% 10/01/ ,652,825 26,062,415 24,550,000 Province of Ontario 4.3% 03/08/ ,752,640 24,448,854 21,500,000 Province of Quebec 4.5% 12/01/ ,150,335 21,676,730 20,600,000 KFW Bankengruppe 5.15% 12/15/ ,071,982 21,664,814 17,101,000 Canadian Government Bond 5.75% 06/01/ ,364,974 21,443,799 20,719,000 Canadian Government Bond 4% 06/01/ ,002,989 21,186,835 19,280,000 Canadian Government Bond 5% 06/01/ ,680,869 20,782,876 19,990,000 Province of Ontario 4.5% 12/02/ ,234,994 20,384,203 22,600,000 Royal Bank of Scotland 5.37% 05/12/ ,862,219 20,336,836 13,473,000 Canadian Government Bond 8% 06/01/ ,874,116 20,250,997 18,350,000 Canadian Government Bond 4.5% 06/01/ ,665,110 19,364,388 17,710,000 Canada Housing Trust No % 06/15/ ,705,573 18,306,119 15,639,051 New Brunswick F-M Project Co. Inc., Callable 6.47% 11/30/ ,438,155 18,099,699 16,459,000 Austria Government International Bond 5.375% 12/01/ ,989,943 17,877,437 12,395,000 Canadian Government Bond 8% 06/01/ ,052,037 17,852,147 16,350,000 Eurofima 5.15% 12/13/ ,817,284 17,073, CIG

50 Clarica MVP Bond Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 2,338,528 CI Canadian Bond Fund (Class A) 12,934,856 12,932,062 Total Investments (99.8%) 12,934,856 12,932,062 Other (net) (0.2%) 25,137 Total Net (100.0%) 12,957,199 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 12,932 14, ,981 14, ,957 14,060 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 14,060 17, (1,635) (2,088) (1,291) (1,704) 188 (217) 12,957 15,175 *Investments at cost 12,935 13,967 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,436 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (54) (500) (37) (488) 188 (217) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 1,464 1,936 13,967 16, ,382 17,262 12,935 15,338 1,447 1, Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 48

51 Clarica MVP Bond Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 429, ,699 10,397 11,950 (49,216) (65,089) 390, ,560 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) 0.46 (0.43) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 49

52 Clarica MVP Bond Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 12,981-12,981 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is low. The Underlying Fund s holdings are sensitive to changes in general economic conditions in Canada. The Underlying Fund is fully invested in Canadian fixed-income securities, thus an expansion in Canadian economy may increase the value of Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 12, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $129,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund is exposed to high interest rate risk as it invests predominantly in interest bearing investments that bear investment grade rating with an average overall term to maturity of over 5 years. Generally, debt securities will increase in value when interest rates decline and decrease in value when interest rates rise. How sensitive the Underlying Fund is to changes in prevailing interest rates depends on other factors like the credit rating of the issuers and the term to maturity of the Underlying Fund s investments. The higher the credit rating of the issuers and the longer the term to maturity, the more sensitive Underlying Fund is to changes in prevailing interest rates, thus the higher the interest rate risk. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 49-12,932 12, ,932 12,981 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 50

53 Clarica MVP Bond Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has medium liquidity risk as the overall average term to maturity of its investments is between three to five years. However, the securities held are traded in active markets and can be efficiently disposed of prior to the maturity date. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund s investments are denominated predominantly in Canadian dollar; as a result, the Underlying Fund has insignificant exposure to currency risk. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 49 12,932 (24) - 12, ,932 (24) - 12, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund is exposed to some credit risk as it invests predominantly in fixed-income securities that bear investment grade rating. 51

54 Clarica MVP Dividend Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 1,031,300 Canadian Imperial Bank of Commerce 80,639,107 57,855, ,900 Toronto-Dominion Bank 39,197,807 42,591, ,200 Royal Bank of Canada 32,534,974 32,135, ,000 Peabody Energy Corp. 22,528,354 30,246, ,261 BNP Paribas SA 37,828,769 28,463, ,900 Bank of Nova Scotia 25,594,252 25,757,173 1,038,400 BCE Inc., Preferred, Series AB 27,206,979 25,051,400 1,079,000 BCE Inc., 4.4% Preferred, Series AF 16 27,223,170 24,827, ,900 Power Corp. of Canada 24,705,736 24,161, ,400 ING Groep NV 31,486,997 23,513, ,900 BCE Inc., 5.55% Preferred, Series 19 24,907,975 23,314, ,200 Imperial Oil Ltd. 14,223,952 22,812, ,400 George Weston Ltd., 5.15% Preferred, Series 2 23,455,495 21,891, ,200 TransCanada Corp. 18,918,168 21,851,400 2,105,800 Enel SpA 21,567,735 20,407, ,500 BCE Inc. 20,504,982 19,925, ,800 Bank of Montreal 19,802,396 19,881, ,500 Lincoln National Corp. 23,314,891 19,702, ,277 TELUS Corp., Non-Voting Shares 21,513,282 19,179, ,900 Fortis Inc., Preferred, Series E, Callable/Convertible 17,689,221 18,568, ,600 Toronto-Dominion Bank 4.85% Preferred, Series O 21,721,027 18,415, ,300 Brookfield Asset Management Inc., Preferred, Series 2 18,692,520 18,326, ,600 Enbridge Inc. 14,102,780 18,135, ,000 Bank of Nova Scotia 5% Preferred., Series 18 17,600,000 17,811, ,321 Diageo PLC 20,733,663 17,041, CIG -9257

55 Clarica MVP Dividend Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 436,037 Signature Dividend Fund (Class A) 5,445,669 5,184,480 Total Investments (99.6%) 5,445,669 5,184,480 Other (net) (0.4%) 18,836 Total Net (100.0%) 5,203,316 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 5,184 6, ,210 6, ,203 6,241 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 6,241 7, (885) (582) (765) (181) (273) (47) 5,203 7,126 *Investments at cost 5,446 6,127 Realized and unrealized gain (loss) on investments Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) , ,026 Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (8) (352) (213) (322) (80) (273) (47) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments ,127 6, ,279 6,556 5,446 6, (8) 73 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 53

56 Clarica MVP Dividend Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 445, ,013 8,750 26,700 (64,352) (38,829) 389, ,884 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) (0.66) (0.09) 1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 54

57 Clarica MVP Dividend Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Fair value 5,210-5,210 Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. The price risk of the Underlying Fund is high. The Underlying Fund s holdings are sensitive to changes in general economic conditions in Canada. The Underlying Fund is fully invested in Canadian stocks; as a result, an overall downturn in the Canadian economy may have a negative impact on the value of the Underlying Fund s holdings. All securities investments present a risk of loss of capital; the maximum risk resulting from those investments is determined by their fair value. The table below summarizes the Fund s overall market exposure to market price risk. Total as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 5, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $52,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund has low exposure to interest rate risk as nearly all its assets are invested in stocks. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 26-5,184 5, ,184 5,210 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 55

58 Clarica MVP Dividend Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as it invests predominantly in stocks that trade frequently in the markets. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund s investments are denominated predominantly in Canadian dollar; as a result, the Underlying Fund has insignificant exposure to currency risk. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 26 5,184 (7) - 5, ,184 (7) - 5, *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund has insignificant exposure to credit risk as it invests predominantly in stocks. 56

59 Clarica MVP Money Market Fund Top 25 Holdings of Underlying Fund (unaudited) No. of Shares/ Average Fair Face Amount Investment Cost ($) Value ($) 90,800,000 Government of Canada T-Bill 2.37% 01/22/ ,614,868 89,614,868 57,100,000 Canada Housing Trust No % 12/15/ ,726,958 57,490,107 55,600,000 Province of Ontario FRN % 12/03/ ,509,824 55,600,000 43,600,000 Government of Canada T-Bill 2.84% 09/18/ ,334,303 43,334,303 43,200,000 Government of Canada T-Bill 2.54% 07/24/ ,131,294 43,131,294 43,600,000 Government of Canada T-Bill 2.68% 02/19/ ,869,484 42,869,484 43,600,000 Government of Canada T-Bill 2.69% 03/19/ ,780,381 42,780,381 41,900,000 Canada Housing Trust No. 1, FRN Series % 09/15/ ,112,433 41,900,000 34,900,000 Bank of Nova Scotia 3.5% 05/08/ ,900,000 34,900,000 34,100,000 Canada Housing Trust. 3.55% 03/15/ ,203,323 34,199,098 33,700,000 Canadian Mortgage and Housing FRN % 12/01/ ,811,345 33,700,000 31,400,000 General Electric Capital Corp % 08/27/ ,445,129 31,400,000 28,800,000 Government of Canada T-Bill 2.55% 07/24/ ,754,038 28,754,038 26,500,000 Greater Toronto Airports Authority, FRN % 10/24/ ,501,707 26,500,000 26,100,000 Government of Canada T-Bill 3.72% 08/07/ ,002,543 26,002,543 25,900,000 Canada Housing Trust No % 09/15/ ,975,110 25,946,268 25,690,000 Honda Canada Finance Inc % 08/25/ ,690,203 25,690,000 25,100,000 Royal Bank of Canada FRN % 09/27/ ,100,000 25,100,000 23,000,000 Potash Corp. of Saskatchewan 3.28% 08/22/ ,893,171 22,893,171 22,400,000 Bear Stearns Co. Inc. 3.74% 10/02/ ,400,000 22,400,000 19,700,000 Bank of Montreal FRN % 02/01/ ,700,000 19,700,000 15,700,000 HSBC Bank Canada FRN % 11/21/ ,700,000 15,700,000 14,450,000 HBOS Treasury Services PLC 3.22% 09/29/ ,450,000 14,450,000 14,300,000 Government of Canada T-Bill 2.55% 03/19/ ,045,601 14,045,601 13,900,000 Suncor Energy 3.7% 07/09/ ,888,831 13,888, CIG -9260

60 Clarica MVP Money Market Fund Financial Statements Statement of Investment Portfolio as at June 30, 2008 (unaudited) No. of Average Fair Units/Shares Investment Cost ($) Value ($) 590,313 CI Money Market Fund (Class A) 5,903,134 5,903,134 Total Investments (99.0%) 5,903,134 5,903,134 Other (net) (1.0%) 61,037 Total Net (100.0%) 5,964,171 Statements of Net as at June 30, 2008 (unaudited) and December 31, 2007 (audited) (in $000 s except for per unit amounts and units outstanding) Statements of Operations for the periods ended June 30 (unaudited) Statements of Changes in Net for the periods ended June 30 (unaudited) Investments at fair value* Cash Receivable for unit subscriptions Receivable for securities sold Management fee rebate receivable Receivable for dividends and accrued interest Management fees payable Administration fees payable Insurance fees payable Payable for securities purchased Payable for unit redemptions Net assets and unitholders equity 5,903 3, ,968 4, ,964 4,034 Income Income distribution from investments Interest Management fee rebate Expenses (Management expense ratios Schedule 3) Management fees Administrative fees Insurance fees Custody fees Legal fees Audit fees Goods and services tax Net investment income (loss) for the period Net assets, beginning of period Capital transactions Proceeds from units issued Payments for units redeemed from operations Net assets, end of period 4,034 4,489 6,238 3,338 (4,377) (3,555) 1,861 (217) ,964 4,340 *Investments at cost Net asset value per unit Schedule 1 Number of units outstanding (Unit transactions Schedule 2) 5,903 3, ,760,104 3,260,736 Realized and unrealized gain (loss) on investments Realized gain (loss) on investments (a) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments from operations ( from operations per unit Schedule 4) (a) Realized gain (loss) on investments Proceeds from sale of investments Investments at cost, beginning of period Investments purchased Investments at cost, end of period Cost of investments sold Realized gain (loss) on investments 1,929 2,212 3,994 4,450 3,838 2,200 7,832 6,650 5,903 4,438 1,929 2,212 Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. 58

61 Clarica MVP Money Market Fund Financial Statements Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited) Schedule Net asset value per unit, end of period ($) Schedule 2 Unit transactions Balance, beginning of period Units issued for cash Units redeemed Balance, end of period 3,260,736 3,752,167 5,013,448 2,769,301 (3,514,080) (2,949,330) 4,760,104 3,572,138 Schedule 3 Management expense ratios 1, 2 (%) Management and operating expenses Goods and services tax expenses Total management expense ratio Schedule 4 from operations per unit 3 ($) Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on the percentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net assets for the periods shown. For 2008, the management expense information is calculated as above for the six months ended June 30, 2008 and is expressed as an annualized percentage of average net asset for six-month period. 2 Effective fiscal 2005, the fiscal period end of the underlying mutual fund changed from December 31 to March 31, As a result, the MER of the underlying mutual fund was based on the most recent available MER at December 31, It is expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior period MER due to a decline in fees that occurred in September For fiscal 2007 and 2006, the MER of the underlying mutual fund was based on the estimated MER at December 31, 2007 and 2006, respectively. 3 from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the Fund by the weighted average number of units outstanding during the period. 59

62 Clarica MVP Money Market Fund Fund Specific Financial Instruments Risks (unaudited) Financial Instruments (Note 2) as at June 30, 2008 (unaudited) Financial assets at fair value held for trading Operating and financing receivables Total Total Fair value 5, , Market Price Risk (Note 2) The Fund bears the price risk exposure of the Underlying Fund. Given the investments of the Underlying Fund have high credit rating and short term to maturity; we do not expect the value of those investments to fluctuate dramatically. Price risk of the Underlying Fund is expected to be very low. The table below summarizes the Fund s overall market exposure to market price risk. as at June 30, 2008 (unaudited)* Investments held for trading Derivative assets Derivative liabilities Investments sold short Fair value Net (%) 5, , * Excludes all operating and financing receivables and payables. As at June 30, 2008 had the prices of the investments held in this Fund increased or decreased by 1%, with all other variables held constant, net asset would have increased or decreased, respectively, by approximately $59,000. In practice, the actual trading results may differ from this analysis. The difference may be material. Interest Rate Risk (Note 2) The Fund bears the interest rate risk exposure of the Underlying Fund. The Underlying Fund is exposed to low interest rate risk due to the overall average term to maturity of its investments is less than a year. The table below summarizes the Fund s exposure to interest rate risk. It includes the Fund s assets and trading liabilities at fair values, categorized by the contractual maturity date. as at June 30, 2008 (unaudited)** Financial assets at fair value held for trading Operating and financing receivables Derivative instruments receivables Total Less than Greater Non-interest 1 Year Years Years than 5 Years bearing Total 40-5,903 5, ,903 5,968 Derivative instruments payables Total ** Total assets and liabilities presented in table above are not intended to match total assets and liabilities disclosed in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. 60

63 Clarica MVP Money Market Fund Fund Specific Financial Instruments Risks (unaudited) (cont d) Liquidity Risk (Note 2) The Fund bears the liquidity risk exposure of the Underlying Fund. The Underlying Fund has low liquidity risk as the overall average term to maturity of its investments is less than a year. The securities held are traded in active markets and can be efficiently disposed of prior to the maturity date. To meet potential redemptions from the unit-holders, the Fund may hold some cash balance. It also has a borrowing facility if additional cash is needed for emergency purpose. The table below analyses the Fund s financial liabilities and net settled derivative financial liabilities into relevant maturity categories based on the remaining period at the balance sheet date to the contractual maturity date. as at June 30, 2008 (unaudited)*** : Derivative instruments payables Total Due on demand months months Years > 5 Years Total ***Total liabilities presented in table above are not intended to match total liabilities presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Currency Risk (Note 2) The Fund bears the currency risk exposure of the Underlying Fund. The Underlying Fund s investments are denominated predominantly in Canadian dollar; as a result, the Underlying Fund has insignificant exposure to currency risk. The table below summarizes the Fund s exposure to currency risk. as at June 30, 2008 (unaudited)* Currency Canadian Dollars Total Cash and Short Financial Term Notes assets/liabilities Other assets at fair value at fair value and liabilities Derivatives Total Net (%) 40 5, , , , *The ending total presented in table above is not intended to match the net assets presented in Statements of Net, due to differences in presentation of derivative instruments held at the end of reporting period, if applicable. Credit Risk (Note 2) The Fund bears the credit risk exposure of the Underlying Fund. The Underlying Fund is exposed to low credit risk as it invests predominantly in fixed income securities that bear investment-grade rating. 61

64 Notes to the Financial Statements - Clarica MVP Segregated Funds As at June 30, 2008 (unaudited) 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian generally accepted accounting principles. Significant accounting policies used in preparing the semiannual financial statements are consistent with those used in preparing the annual financial statements except for the adoption of new accounting standards as described below. The semi-annual financial statements should be read in conjunction with the Funds December 31, 2007 annual financial statements. The Statement of Investment Portfolio for each of the Funds is as at June 30, 2008 and the Statements of Net are as at June 30, 2008 and December 31, The Statements of Operations and the Statements of Changes in Net for each Fund are for the periods ended June 30, 2008 and 2007.The Supplementary Schedules to the Financial Statements for each Fund are for six months ended June 30, 2008 and for each of the most recent five periods ended June 30 for schedule 1 and December 31 for schedule 3, and for periods ended June 30, 2008 and 2007 for schedule 2 and 4. The Fund s Specific Financial Instruments Risks for each of the Funds is as at and for the period ended June 30, Adoption of New Accounting Standards The Canadian Institute of Chartered Accountants ( CICA ) issued Section 3862 Financial Instruments Disclosures and Section 3863 Financial Instruments Presentation in place of Section 3861 Financial Instruments Disclosure and Presentation, Section 3862 and 3863 become effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, These sections establish standards for disclosure of financial instruments and the nature and extent of risks arising from financial instruments to which the Funds are exposed to during the reporting period. Adoption of the new accounting standards has no impact on valuation polices, nor the way the Fund s Net are calculated. Valuation of Investments The Canadian Institute of Chartered Accountants ( CICA ) issued Section 3855, Financial Instruments: Recognition and Measurement that was adopted by the Funds on January 1, This section established standards for the fair valuation of investments and the way transaction costs are recorded for financial reporting purposes. The Canadian Securities Administrators ("CSA") issued National Instrument , section 14.2 in 2005 which requires net asset value of an investment fund be calculated in accordance with Canadian Generally Accepted Accounting Principles ("GAAP"). The adoption of Section 3855 results in a different valuation method for calculating Net Asset Value. As a result the CSA has granted temporary relief to investments funds, for the purposes of calculating and reporting net asset value other than for financial reporting purposes, from complying with Section 3855 until September 30, In accordance with this decision made by the CSA, reconciliation between the net asset value calculated in accordance with GAAP (referred to as "Net ") and the price used for subscriptions and redemptions (referred to as "Net Asset Value") is required to be disclosed in the financial statements. On January 1, 2007, the Funds adopted Section 3855 on a retrospective basis without restatement of prior periods. assets and net asset value is not required. Additionally, the Funds investment transactions are not subject to transaction costs. Investment Transactions Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation or depreciation in value of investments are calculated on an average cost basis. Section 3855 requires transaction costs incurred by the Funds in the purchase and sale of investment securities be charged to operations. Accordingly, transaction costs are expensed as incurred and reported separately in the Statement of Operations. Prior to the adoption of Section 3855, transaction costs were capitalized and included in the cost of purchases or deducted from the proceeds of sale. There is no impact on net assets or results of operations as a result of this change in accounting policy. 2. FINANCIAL INSTRUMENTS RISKS Financial Instruments The categorization in accordance with CICA 3862, Financial Instruments Disclosures ( CICA 3862 ) are as follows: financial assets held for trading are stated at fair value; operating and financing receivables are recorded at cost or amortized cost; financial liabilities are stated at fair value held for trading; operating and financing liabilities are reported at cost or amortized cost. Financial Instruments Risks The Funds activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Manager of the Funds may minimize potential adverse effects of these risks on the Funds performance by, but not limited to, regular monitoring of the Funds positions and market events, diversification of the investment portfolio within the constrains of the stated objectives, and through the usage of derivatives to hedge certain risk exposures. Market Price Risk The value of the Funds that invest in any type of securities will be affected by changes to the market price of those securities. The price of each security is influenced by the outlook of the issuer and by general economic and political conditions, as well as industry and market trends. A positive economic outlook combined with favourable market conditions may result in an increase in share price. On the other hand, share prices may decline with a general economic or industry downturn. Interest Rate Risk The value of the Funds that invest in debt securities and/or income trusts will be affected by changes in applicable interest rates. If interest rates fall, the fair value of existing debt securities may increase due to the increase in yield. On the other hand, if interest rates rise, the yield of existing debt securities decrease which will lead to a decrease in fair value. The magnitude of the decline will generally be greater for long-term debt securities than shortterm debt securities. Interest Rate risk also applies to Funds that invest in convertible securities. The fair value of these securities varies inversely with interest rates, similar to other debt securities. However, since they may be converted into common shares, convertible securities are generally less affected by interest rates fluctuations than other debt securities. The Funds invest in units of the Underlying Funds. As a result, the new standards do not impact the Fund s valuation policies. The Underlying Funds will continue to be valued at their net asset value as reported by the fund manager on the valuation date thus reconciliation between net 62

65 Notes to the Financial Statements - Clarica MVP Segregated Funds As at June 30, 2008 (unaudited) (cont d) Currency Risk Investments denominated in a foreign currency generally involve additional risks to those in Canadian currency. Increases and decreases in the exchange rate between the Canadian currency and the foreign currency may increase or decrease the value of the foreign currency denominated investment within the Funds. Credit Risk Credit risk is the risk that a debt security issue cannot meet its financial obligations, such as making interest payments or principal repayments. Issuers that have suffered adverse changes in financial conditions may receive a low credit rating and generally have a high credit risk. A change in the credit rating of the debt security can affect its liquidity and may result in an impairment of its fair value. Liquidity Risk Liquidity is defined by the ability of an investment to be sold for cash without significant loss at a point in time. Fair value of investments with low liquidity may have significant variances or impairments. Risks management In accordance with Funds investment policies, the portfolio advisors and sub-advisors monitor the Funds overall interest sensitivity, credit position, liquidity position and currency position on a regular basis, this is in addition to the monitoring activities performed regularly by the Funds manager. Detail disclosures of the exposures to financial instruments risks by each individual Fund are available in the schedules to the financial statements of each Fund. 63

66 Legal Notice LEGAL NOTICE Notice: Should you require additional copies of this Semi-annual Report or have received more than one copy, please contact CI Investments Inc. (the Manager ) or your financial advisor. Commissions, trailing commissions, management fees and expenses all maybe associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The commentaries contained herein are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in these commentaries is accurate at the time of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American Managers are registered trademarks of CI Investments Inc. The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc. 64

67 Sun Life Assurance Company of Canada 227 King Street South P.O. Box 1601 STN Waterloo Waterloo, Ontario N2J 4C5 2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I Head Office / Toronto Calgary Montreal Vancouver Client Services English: French: CLAMVP-SA-09/08E